The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
*-lJ&
BUS. ADM*
& i
(#•8,
mw:
LIBRARY
Tt)f
|
ommprria'l
RCSi Uo
COPYRIGHTED IN 1939 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 149.
lssuedW«a°eYtraCopy_
brooklyn
S.^^^
PAT. OFFICE
ENTERED AS SECON D-CIASS MATTER JUNE 23, 1879, AT THE
POST OFFICE AT NEW YORK, NEW YORK,
UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, AUGUST 19,1939
NO. 3869.
THE
trust
BANK
company
CHASE
NATIONAL
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
'
President
NEW YORK
BROOKLYN
NEW
Maintaining effective correspondent bank service
i
is
traditional
a
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
.
service with
Chase
cor¬
respondent facilities.
Hallgarten & Go
Member Federal
Deposit Insurance
Corporation
Established
NEW
1850
United States
YORK
Government
Chicago
London
Securities
Underwriters
and
dealers
of
in
capital issues
United
States
Government, State, County and
Municipal bonds and in Public
Utility, Railroad, Industrial
and other investment securities.
the
FUNDAMENTAL
FIRST BOSTON
CORPORATION
INVESTORS
INC.
•'
Prospectus
authorized
cipal
cities
or
63 Wall
CHICAGO
AND OTHER
SAN FRANCISCO
PRINCIPAL CITIES
Ripley & Co.
Incorporated
BOSTON
PHILADELPHIA
*
from
Harriman
•
NEW YORK
Boston
Street, New York
Philadelphia
Chicago
Representatives in other leading Cities
on request
dealers
in
all
Fundamental
prin¬
Group
Corporation, Jersey City, N. J,
The
New York Trust
*
.
•
City of
Philadelphia
Commonwealth of
Company
Pennsylvania
HOMER & CO., Inc.
40
IOO
BROADWAY
Bonds
Exchange Plac<e, New York
MADISON AVENUE
Moncure Biddle & Co.
PHILADELPHIA
AND 40TH
BEAR, STEARNS
&
CO.
STREET
ONE EAST
57TH STREET
ONE WALL STREET
James Talcott, Inc.
Founded 1854
NEW YORK
factors
General
European
Representative
KING WILLIAM ST.
CarlM.Loeb,Rhoades&Co.
LONDON. E. C. 4
Offices:
225 FOURTH AVE., NEW YORK CITY
}
James Talcott of
61
'■/
•
Correspondent Companies:
BROADWAY
Canada, Ltd.
1470 Peel St., Montreal
NEW YORK
James
London
Paris
Amsterdam
1889-1939
Fiftieth Anniversary
Talcott, Ltd.
6-8, Sackville St., London, W. I.
si
The Commercial &
I
II
Interest exempt
Aug.
Financial Chronicle
from all -present Federal and
New York State Income
19,
1939
Taxation
$2,700,000
County, New York
Nassau
Bonds
2.20%
Due
serially September 1, 1940 to
Legal Investment, in our
These Bonds, to
will constitute
to rate or
opinion, for Savings Banks and Trust
Funds in New York State
refunding purposes, in the opinion of counsel
obligations of the County, payable from
all the taxable property therein without limitation
be issued for relief and
valid and legally binding
levied against
ad valorem taxes
as
1959, inclusive
amount.
Prices
These Bonds are
to
yield 0.35% to 2.30%
offered when, as and if issued and received by us and subject to
Washburn & Clay, whose .opinion will be furnished
Messrs. Iieed, Iloyt,
HALSEY, STUART &, CO.
Dated September
SCHWABACHER &. CO.
"
Principal and semi-annual interest,
STROUD & COMPANY
INCORPORATED
March 1 and September 1, payable in Mineola,
N. Y. Coupon Bonds
principal and interest. The information contained herein has been carefully
reliable, and while not guaranteed as to completeness or accuracy, we believe it.to be correct as of
$1,000 denomination, registerable as to
in
considered
from sources
August 19,
1,1939.
OTIS & CO.
(INCORPORATED)
INCORPORATED
MURPHY & CO.
G. M.-P.
GOLDMAN, SACHS &. CO.
INC.
STRANAHAN, HARRIS & CO.
INGEN &. CO. INC.
B. J. VAN
approval of legality by
upon delivery.
compiled
this date.
1939.
Leading Out-of-Town
Investment Bankers
Offer to Holders
of Certain
Hungarian Municipal, Ecclesiastical and
Private Long-Term Bonded Debts
hereby announces
July 23, 1937, it will
hereinbelow specified,
during the period stated, at the rate of $8.75 per coupon detached from a $1,000
bond.
Such payment will be made through its Central Paying Agents in New York,
SCHRODER TRUST COMPANY, 46 William Street, New York, N. Y.
This Offer does not apply to coupons attached to the security below mentioned
which shall have been stamped and registered as being in Hungarian ownership
under the Decree of the Hungarian Cabinet Council, No. 300/1936 M. E. and is
made only to persons resident outside of the Kingdom of Hungary or firms or cor¬
porations situated outside Hungary, excluding branches thereof in Hungary.
Coupons
presented in acceptance of this
Offer must be transmitted to
SCHRODER TRUST COMPANY, as Central Paying Agents of the Cash Office of
Foreign Credits, together with a form of letter of transmittal which is obtainable
The
that
Cash
pursuant
redeem
of Foreign Credits at
Office
Budapest, Hungary,
to the Offer bf the Cash Office, published on
of the maturity, and with respect to the issue,
coupons
from such
Offer Expires
Coupon Date
CO., LTD. BUDA¬
PEST,
7%
Twenty-Five
Year Sinking
Fund Secured Gold Bonds
"Series A of
BANK
SAVINGS
19^8"
DETROIT
Members of Detroit Stock Exchange
PENOBSCOT BUILDING,
DETROIT, MICH.
HARTFORD
Specialists in Connecticut
Securities
PUTNAM & CO.
Members New York
6
CENTRAL
Tel. 5-0151.
August 15, 1939
Issue
Dohar
REAL ESTATE BONDS
Charles A. Parcells & Co.
Paying Agents.
Name of Issue
CITY
&\Brokers
DETROIT
Stock Exchange
ROW,HARTFORD
A.T. T. Teletype—Hartford
564
February 14, 1940 \
MILWAUKEE
August 15, 1939.
WISCONSIN
Leading Out-of-Town
Investment Bankers & Brokers
Dividends
The United Gas and
Electric
One
Jersey
,
The
Board
of
Directors this
207 East
day
New
A. McKENNA,
Treasurer.
Milwaukee, Wia.
BIRMINGHAM
Co.
SttK
SAINT LOUIS
Spencer Itellogg anU g>ous,Jnc.
A
1939, to stockholders of
MARX
& CO.
BIRMINGHAM, ALABAMA
payable September 11,
record as of the close of
Members St. Louis
Stock Exchange
SOUTHERN
business August 25, 1939.
JAMES
S09 OUYE ST
of $.30 per share has
quarterly dividend
been declared on the stock,
CO.
Michigan St.,
declared a
quarterly dividend of one and three-quarters
percent (1%%) on the Preferred Stock of the
Corporation,
payable September
15, 1939 to
stockholders or record September 1, 1939.
J.
EDGAR, RICKER
Jersey
August 16, 1939
City,
SECURITIES
Teletype—Milwaukee 92
ST. LOUIS
Corporation
Exchange Place,
CORPORATION
L.
WICKSTEAD,
Treasurer.
MUNICIPALS and
CORPORATION
BONDS
TV
onimtrrifl
Vol.
149
AUGUST 19, 1939
No. 3869.
CONTENTS
Editorials
page
The Financial Situation
1067
Present Labor Difficulties Do Not Spring from Usual
Employer-Employee Differences
Mexico and
_
Expropriation
_
_
1080
_
1081
.
Comment and Review
Gross and Net
Earnings of United States Railroads for
Six Months Ended June 30
Week
on
the
_1082
European Stock Exchanges
1072
Foreign Political and Economic Situation..
1073
Foreign Exchange Rates and Comment..
1077 &
Course of the Bond Market
Indications of Business
Activity
Week
on
the New York Stock
Week
on
the New York Curb
1124
..1086
1087"
Exchange..
1070
Exchange.
1123
News'
Current Events and Discussions
Bank and Trust
General
..1101
...
Company Items
1123
Corporation and Investment News
.1167
Dry Goods Trade
State and
1206
Municipal Department
..1207
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
.1131 & 1133
Sinking Fund Notices
1127
Dividends Declared..
-.1127
Auction Sales
1127
New York Stock
New York Stock
J..1134
Exchange—Stock Quotations
Exchange—Bond Quotations..1134 & 1144
New York Curb
Exchange—Stock Quotations
1150
New York Curb
Exchange—Bond Quotations
1154
Other
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond
..1156
Quotations
1160
Over-the-Counter Securities—Stock & Bond Quotations. 1163
Reports
Foreign Bank Statements
Course of Bank
-
Clearings
1124
Federal Reserve Bank Statements.
General
--1076
1101 & 1131
Corporation and Investment News
1167
Commodities
The Commercial Markets and the
Crops
Cotton
1196
.1198
Breadstuff s
1204
Published Every Saturday Morning by the William B. Dana
Company, 25 Spruce Street, New York City.
Herbert D. Selbert, Chairman of the Board and
Editor; William Dana Seibert. President and Treasurer;
Manager.
Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 South
State 0613).
London—Edwards & Smith, 1
William. D. Riggs, Business
La Salle Street (Telephone
Drapers* Gardens, London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the
post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $18.00
per year, $10.00 for 6 months; In Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50
per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 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 Commercial & Financial
VIII
This is not
an
Chronicle
offering prospectus. The ojffer of these securities is made only by the offering prospectus which, <however, does'
securities in any state to any person to whom it is unlawfulfor such underwriter to make such
underwriter to sell these
This issue, though
registered, is not approved
which does not
pass on
or
disapproved by the
the merits of
any
Aug.
19, 1939
offer in such state.
by ^
Securities and Exchange Commission,
registered securities.
yT,. V
$30,000,000
Union Oil
Company of California
3% Debentures, due August 1,1959
The following
and in the
ir a brief outline of certain information contained In the offering prospectus and Is subject to the more detailed statements In such prospectus
registration statement, which also include important information not outlined or indicated herein. The offering prospectus, which must be furnished
to each purchaser, should be read
prior to any purchase of the Debentures.
THE COMPANY: Union Oil Company of California, incorporated in 1890 under
the laws of California, is engaged in substantially all branches of the oil business,
including the acquisition and development of prospective and proven oil lands; the
production, purchase, transportation and sale of crude oil and natural gasoline; the
refining of crude oil; the production, treatment and sale of natural gas; and the
manufacture, transportation, and wholesale and retail marketing of petroleum
products. Its business is conducted chiefly on the Pacific Coast, particularly in
California. To a small extent operations are carried on through subsidiaries. The
Company intends to continue in business of the general character outlined above,
except that it has recently decided to increase its exploration and production
payable by the Company, estimated at $155,978), has been or is intended to be
initially to become a part of the Company's general funds,
as such may be used for such purposes as the management may from time to
time determine. The Company intends to make capital expenditures of substantial
amounts in accordance with a general program to extend and modernize its produc¬
tion, refining, marine transportation and marketing facilities; such expenditures
may involve the acquisition or development of patent rights. The Company makes
no representation that any particular expenditures will be made and may determine
to apply such balance to other corporate purposes deemed in the interest of the
Company, depending on developments which are not now predictable.
made. Such balance is
and
activities outside of California.
The Company owns or leases properties, mostly located in California, consisting
chiefly of oil lands and oil wells, pipe lines and storage systems, tankships, tank cars
refineries and natural gasoline plants, and wholesale and retail
marketing stations,
and marine terminals,
EARNINGS: The following tabulation
pany
relating to the income account of the Com¬
and its subsidiaries consolidated, prepared by Messrs. Price, Waterhouse &
Co., independent public accountants, is condensed from the income account which
is
financial statements included in the offering prospectus. Such
part of the
a
financial
the notes appended thereto, and the certificate of such
statements,
thereto, all appearing in the offering prospectus, should
with the following tabulation, to all of which such tabula-
accountants with respect
be read in conjunction
tion is subject:
Five Months
ended
1936
1937
1938
$67,568,100
51,870,934
$85,340,726
62,044,383
$78,091,465
60,884,367
depreciation..........
8,802,286
9,672,782
9,427,030
4,172,910
Income from operations.,
$ 6,894,880
$13,623,561
$ 7,780,068
$2,176,157
345,059
15,000
Sales and
other
;
$29,995,750
23,646,683
Provision for depletion and '
465,841
303,290
Other income
Provision for income taxes
391,312
138,662
1,135,224
467,390
$ 7,059,508
$12,954,178
$ 7,703,990
926,110
Income before interest...
892,846
-841,232
$ 2,506,216
357,282
$ 6,133,398
$12,061,332
$ 6,862,758
$ 2,148,934
Interest
Net income.............
CAPITALIZATION: The amounts of funded debt gnd capital stock of the Com¬
pany,
outstanding
as
of May 31, 1939,
were as
follows;
Twenty Year Six Per Cent Bonds, Series A, due May 1, 1942.. .....$ 8,018,500
Fifteen-Year 3 f£% Debentures, due January 1, 1952
10,000,000
Capital Stock,
*
par
value $25
per
share
.
.4,666,270 shs.*
.....
300,000 additional shares are reserved for issuance upon exercise, prior
to
are to be issued under a Trust Agreement
National Bank of Los Angeles, as Trustee.
August 1,1939 and are to be due August 1,1959;
interest is to be payable on February 1 and August 1; principal and interest are to
be payable in Los Angeles and New York. The Trust Agreement is not to authorise
the issuance of any additional securities thereunder, but is not to restrict the
creation, assumption or guarantee of unsecured indebtedness by the Company;
the Debentures are not to be secured, but the Company is to covenant that it will
not create any secured indebtedness (with certain exceptions) without providing
that the Debentures shall be secured equally and ratably therewith, and that it
will not permit any Controlled Company (as defined) to create any secured in¬
debtedness (with certain exceptions), unless the instrument evidencing such in¬
debtedness is owned by the Company or a Controlled Company; all as to be more
fully provided in the Trust Agreement.
between the Company and Security-First
The Debentures
are to
be dated
May 31, 1939
operating
revenues.............
Cost of sales and expenses
3% DEBENTURES: The Debentures
January 1,1940, of the conversion privileges of the 3J£% Debentures.
PURPOSE OF ISSUE: A portion
($20,066,553) of the net proceeds from the sale
applied to the redemption on January 1,1940, at 105%%
outstanding 3%% Debentures and to the payment of
principal of, and interest to maturity on, the Six Per Cent Bonds, due May 1,1942
(which are not redeemable prior to maturity). In order to provide for such redemp¬
tion or payment, cash or short term obligations of the United States Government
will be deposited with the Trustees for the 3J$% Debentures and the Six Per Cent
Bonds, respectively.
No specific allocation of the balance of the net proceeds, amounting to approxi¬
mately $10,077,469, exclusive of accrued interest (after deduction of expenses
SINKING FUND AND REDEMPTION PROVISIONS: The Company is to
covenant in the Trust Agreement that it will pay to the Trustee cash in an amount
sufficient to redeem on August 1, 1942 and each August 1 thereafter, $1,100,000
principal amount of Debentures, provided, however, that the Company shall be
credited with any Debentures not previously credited thereon which the Company
shall have deposited with the Trustee for cancellation.
The Debentures are to be redeemable at the option of the Company, as a whole,
or in
part by lot, at any time, on thirty days' published notice, at the following
percentages of the principal amount thereof: on or before August 1,1942, at 105%;
thereafter and on or before August 1,1945,at 104%; thereafter and on or before
August 1,1948, at 103%%; thereafter and on or before August 1,1951, at 102j^%;
thereafter and on or before August 1,1954, at 101%%; thereafter and on or before
August 1,1957, at 100%%; thereafter and before maturity, at the principal amount
thereof; together in each case with interest accrued to the date of redemption; in
addition the Debentures are to be redeemable by lot for sinking fund purposes
only on August 1, 1942 or any Interest date thereafter, on thirty days' published
notice, at the following percentages of the principal amount thereof: on August 1,
1942 or thereafter and on or before August 1,1945, at 103%; thereafter and on or
before August 1,1948, at 102%%; thereafter and on or before August 1,1951, at
101%%', thereafter and on or before August 1, 1954, at 101%; thereafter and on
or before
August 1, 1957, at 100%%; thereafter and on or before February 1,
1959, at the principal amount thereof; together in each case with interest accrued
to the date of redemption.
of the Debentures is to be
and accrued interest, of all
UNDERWRITING: Subject to certain terms and conditions, the principal under¬
writers, including the undersigned, named in the offering prospectus have agreed
severally to purchase the Debentures from the Company, not later than August
25, 1939, at 101%, or a total of $30,300,000, plus accrued interest. The offering
price of the Debentures to the public is 103%, or a total of $30,900,000, plus
accrued interest. The underwriting discount is 2%, or a total of $600,000 (not
including $10,000 to be paid by the Company to the principal underwriters in
partial reimbursement of fee of their counsel).
Price 103%
plus accrued Interest from August 1,1939 to the date of delivery
The offer of these Debentures is made only
by the offering prospectus and is subject to the terms of offering set forth therein, and to approval of legal proceedings
by Messrs. Dunnington, Bartholow e3 Jliller, counsel for the principal underwriters. It is expected that the Debentures in temporary form will be ready
for delivery on or about August 16,1919, at the office of Dillon, Read <2 Co., New York, against payment therefor in New York funds.
TO FACILITATE THE OFFERING, IT IS INTENDED TO STABILIZE THE
PRICE OF THE 3% DEBENTURES, DUE AUGUST 1, 1959. THIS STATEMENT IS
NOT AN ASSURANCE THAT THE PRICE OF THE ABOVE SECURITY WILL BE STABILIZED OR THAT THE STABILIZING,
IF
COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.
Further Information, in particularfinancial statements, U contained in the
and in the
registration statement on file with the Securities and Exchange Commission,
offering prospectus which must be furnished to each purchaser and is obtainable from the undersigned.
Dillon, Read & Co.
August 15, 1939.
„
The Financial Situation
Politically speaking, this
EVER since Congress shelved the itPresident's
latest spending-lending
has been
much
program,
asserted
and
reasserted
"challenge" had
indtistry
and
been
trade
in
to
"business,"
forthwith
must
its
or
improvement and
proceed
seek
work, and of idle boastfulness in repeatedly
the past that if given an opportunity
provide
with
a
plans
demagogue
a
with
with
which
true
Administration
has
practically
no
during
six
its
office.
or
An
the
made
New
should
find
spring,
business
the
I
of
this
employment not
greatly different from what
of
has
reasoning
have
will
alternative
no
policy of
to
of the
a
the
continuing
spending
past
to
where
none
is
a
only
approve
a
action.
:>'y-
are
but
of
■
V1'.;;
Hardly had the House of
consider
the
spending-leanding
before
the
New
Deal
some
nervous
our
aside
in
this
in
of
wherever
and
at
six
President
in
was
such
an
provided,
of the current prob¬
of
relief,
ment
soon
unemploy¬
and the
vanish.
ward
like
would
That
looking
industry
for¬
leaders
of
and trade
were
convinced
are
that
spending-lending
would
do
harm than
more
also be
fact
be
that
degree
much
good must
conceded,
likewise
must
as
the
further
considerable
a
of hope
has
been
engendered in the business
community by
what
has
at times at least
appeared
to be the trend in
the utter
there can be
be that the law is
against
ago,
Congress
and elsewhere
from
away
New Deal ideas
and pro-
grams.
than
that
A
offered
It is,
the whole it is getting it.
has been furnished
on
this
have
undertake
during the
his
once
and
have
again been
over
given that
would
things.
may
and
over
Equally true
assurances
the latest
outbreaks
been
a
have
number
occurred,
of
them
else
mass
the
tasks
property
a
fully
nor
livelihood
protected
violence
at
that
still
those
lie
Cry
a
far cry
this, and anything
that
in
might
in favor of the
be
said
"challenge"
idea, to what is often being
ahead.
desirous
Far
however,
from all
fact
States, during the past half year.
We should feel encouraged by all this to
are
months.
as
several
earning
next
supineness
direction
labor
there
talking about what busi¬
do
States
have labor difficul¬
years
It
1937, and that
Neither
must
still
sternly
two
this
Evidence
the first to begin
ness
of
question.
effort
least for the present, were
among
face
it is that
program
and
better
stride again.
many
years ago.
we
opportunity for private
enterprise to get into its
country, but there can be no doubt
that the public expects a much more vigorous
proposal for further
laid
other
an
community
the
of
fiscal affairs and thus
profligacy
timidity
in
repeatedly demanded
lems
imperfectly enforced, that public of¬
ficials, local and otherwise, are not ready or
willing to go the full way toward protecting
the rights, property and life of the citizens
about the state of
latest
authorities
course,
spokesmen for
business
it
were
experiences
still
quite
see
utterance,
case
public has become aroused and
its
set
little
supporters,
willing to
its
the
unfortunate
many
to
the
lawlessness
began.
quite
back
has
measure
of them grown
of
be
that
opportunity
policies in these matters has
been thoroughly
undone, but it is clear
enough that throughout the Nation we have
in adopting a different attitude toward con¬
tempt for law and the orderly processes of
society at least made a beginning on the
That
latest
chorus
local
New Deal
road
Representatives declined
to
need
would
ammunition
It is, of
have
in
enough confronting us, and worse yet
likely to continue to have until the harm
from
an
course
the
for
the
is
such
policy of
ties
demand such
least
Heaven knows
available, and further, the
event not
assertion
have been two
otherwise
public would in such
the sheriffs,
upon
appropriate
six
provide work
years
strike
during the past few years under the labornursing policies of the New Deal.
Certainly
the
most
encouraging
thing
about it is, first, that it was
made, and made
with every indication of
sincerity and de¬
termination, and, second, that it is as much
in
keeping with the present attitudes of
the
Government
Federal
it,
insist
at
not
this type
are now, so
milk
York
will
or
they
so-called
protected."
Perhaps the most remarkable thing about
activity and the
volume of
the
in
police
and district attorneys and State
police per¬
forming their duties so that law and order
may
be maintained and life and property
next
rate
land
State,
Governor
Lehman
on
Thursday declared that "as Chief Executive
Should next winter,
certainly
the
of
substantial
a
the
vigorous demands that local of¬
preserve
order and enforce the law
ficials
in
years
Encouraging Beginning
Making
headway
Certainly
up.
political
aplenty.
and would solve the prob¬
like
set
markedly greater disposition to
involving capital outlays of
could
lems of unemployment and
or
a* substantial
proportions during the remainder of this year would
saying in
the
argument,
have
the part of business to show
on
inability to provide employment to those who
enterprise
of
type
not
may
analysis of the* claims thus
failure
capital in¬
ness,
private
may
upon
else stand self-convicted of ineffective¬
or
it,
degree of validity, depending, we should suppose,
the degree of care exercised by the public in
a
that
expand their
operations, particularly in the field of
vestment,
that
quarters
many
issued
of
said these days about the
of
relation of business to any¬
the terms offered
merely by preventing
upon
thing and everything that
the site of labor disputes.
The
did
Congress
do
widely
or
did not
during the recent
ses¬
publicized "gambling" statement strongly intimated
this same view.
Others, some of them far removed
sion.
from the New Deal
and, for that matter, from politics
as such in
any form, have taken up the song.
Even
practical business men with considerable financial
expectation that it will respond as it is warned to
and other experience have
upon occasion had
what the same comment to make.
The
which
Secretary of the Treasury,
a man
industrial
reported to
background, is
with
rom
and
improvements
and
the Government the burden of
Acting
substantial
a
be
urging business to proceed vigorously,
expansion
some¬
thus
actively
with plant
take
over
unemployment.
In the first
ness"
do,
thus
can
place, the very notion that "busi¬
be
particularly in
absurd.
It
either
the matter
put
so
could
be
have
not
on
trial with the slightest
short
period of time, is
a
entertained
taken
through carefully
the
only
else have
or
by
trouble
minds
think
to
no
under¬
standing of the forces which drive business enterprise
forward under
moreover,
which
course
a
system such as
implies there is such
collectively
decides
to
a
ours.
thing
adopt
as
This idea,
"business"
this
or
that
in the circumstances* in which it finds itself.
The Commercial & Financial
1068
Of course,
"Business" and
there is no such entity.
Aug. 19, 1939
Chronicle
forthwith to enlarge his
operations, tear down his
with this barns, as it were, and build greater, and in general
connotation, are but loose terms applied to a vast
to act not as his business judgment dictates, but as
aggregate of individuals or small groups of indi- < the political situation seems to suggest. If it
viduals each proceeding his own way according to
jected that what js^ intended is not a warning so
his judgment of what the policy to pursue is at,
much as a remjnder that "business" has now obcommunity", when used
business
"the
is ob-
given moment.
V
KLet us look into the question a little more closely,
any
who
Those
"business" to take on
warn
to suppose
seem
life
months or be prepared to take
during the next six
the consequences
new
when 'Congress is agaih in
session
policies of retrenchment or of ex-
pansion are decided for all individual enterprises,
or at the very least a controlling proportion of them,
in some "smoke-filled"'room, or its counterpart, as
policies of political parties, are often alleged to
• Were it not for the evident tenacity
the
be formulated.
constantly displayed by the notion that
of life
families"
wealthy individuals dominate the
ican
business,
simply
destiny of Amer-
would be obliged to suppose that
now warning business to do this or
one
those who are
that
"sixty
immensely
other small number of
or some
were
speaking before they had thought,
is more than the ap-
but it is to be feared that there
pearance
of reality in the implied assumption that
can almost over night formulate a course
"business"
of action and
adopt it.
A
Questions
few
Should "business" act in any such
questions.
long would it be before the now
quite active Department of Justice would file a long
list of
group—if it existed—order a general
a
in, say, the steel industry in the
indications that the goods
forward movement
of
absence
reasonable
endangering
produced would be in demand without
the
How
complaints under the anti-trust laws?
could such
solvency of the entire industry
and thus run
bringing to pass a long and painful
serious risk of
period of bankruptcy, interruption of work and added
a
unemployment?
order
group
in
a
not in hand
were
capacity
even
any one so
a new
not the
or
sufficient
orders in
in sight to
keep existing
Is there
moderately well occupied?
naive
to believe that "sixty families"
as
decide when he shall
shoes,
Least of all, how could such
large expansion of plant capacity
industry when
given
any
volume
buy
automobile,
consumer
these matters?
a new
suit of clothes, new
or more
no
one
Is it
roast beef?
who in the final
Let
analysis decides
repeat the glib phrase
that, if this small group—which, of course, does not
exist—were
only to order all industry ahead at full
speed, purchasing
would promptly be gen-
power
erated sufficient to absorb all
in
doing
would
to
so
he would
cease
If
by
succeeded, whatever else
be thought of them, in amassing great wealth,
we
group
at
than is possessed
acumen
these individuals who have
may
goods produced, for
to be a mere exhorter and
place himself in the position of laying claim
greater business
must admit that
no
"inside"
or
other small
could possibly do what is asked of "business"
present unless their dominance extended to prac-
tically
every
quence
must concede that
citizen of the land, and
no group
of
a
as
any
conse-
sort with
the
requisite control of industry and trade exists,
the
warning
now
that each business
issued
man
comes
in the
down to
a
demand
country, be he big or
little, in view of the probable evil political
sequences
of his failure
^
profit prospects.
loosely think in this way answer
concerted way, how
^
long as a business man,
Few
Let those who
a
tained what it Ranted, or enough of what it wanted
proceeding apace, the obvious reply
ppportunity actually lies before mdustry and trade as a result of what has been done
or is in prospect, neither warnings nor reminders
are needed. They would prove but a waste of time
and effort. They would be much like suggesting to
a hungry tiger that it seize its prey while the opportunity offered. If such conditions are not presont both warnings and demands will be as futile as
the pleas for "business as usual" in 1930. The notion that the course of business can be material y
controlled or influenced by warnings, threats or
cajoling is absurd in its very essence.
*
An Opportunity?
^ us now examine
nature o
e opportunity" that has been afforded business wi a view
to determining to what extent it is Pr°ba e a
e
individual business man will consider it su lcien
to Persuade him to proceed as desired. In doing so,
*t be borne in mind that the business man, if he
continues
to warrant it iii
is that if a real
so
con-
to act must proceed
is activated by
Whatever his impulses may
be,
other course will bring
swift insolvency and a termination of his operations as a business man. As to capital expenditures,
there is a further observation which must be noted,
Costly additions or improvements to plants can as
a rule be undertaken with prudence only when there
is reasonable ground to believe that future profits
over a very considerable period of time resulting
the fact remains that any
from such additions or such improvements will be
sufficient to pay the wages of the capital invested
including, of course, a return of the funds invested
before the end of the useful life of the improvements
or additions.
Decision to proceed in this case requires a long look ahead.
Now what has been done to alter in any fundamental way the situation as it has existed for years
past? First let it be carefully noted that "business" is currently being given six months to a year
"to show what it can do," particularly in the way
of capital investments. The opportunity provided
consists of a refusal of Congress, for the time being
at least, to be a party to another enormous pumppriming program. Perhaps failure to enact some of
the other destructive measures floating about in
the Congressional calendar ought also to be ineluded. The fiscal position of the Government is,
however, still as much out of order as it has ever
been. There is every reason to believe that expenditures during the current fiscal year will be as
great as they were last year, if not greater—certainly if extra-budgetary expenditures are included
as, of course, they must be.
There has been no ob-
servable disposition to cease tinkering with money,
credit and banking. At any rate all the vicious
laws under which such tinkering may at any time
be undertaken are still valid. The National Labor
Relations Act, the Holding Company Act, the wageshours law, the securities Acts all remain unaltered
upon the statute book.
The so-called farm problem is as far from solution as it ever was, while a
mass of wholly indefensible provisions of agrarian
Volume
The Commercial & Financial Chronicle
149
legislation remain in force.
which
has
The
ent to the welfare of business
its
Administration,
repeatedly shown itself either indifferor
utterly ignorant of
needs, still has unprecedented
time
who three
effect
months ago was
clined "to
into the
dubious about the outlook and in-
play his cards close to his chest," to drop
vernacular, should
ferent frame of mind
while
formerly it
or
was
prudent the time has
not
now
be in
have been
It
would
wholly dif-
convinced
he
the President
do
can
within
respecting capi-
difficult to comprehend,
man
is being
namely
year,
so
can
six
next
months
or
even
a
get the wheels of industry going de-
spite existing handicaps that the President and the
fanatical
spending, economic planners and
man-
with which he has surrounded himself will
agers
lose caste and be unable to
with the result that
will return
proceed
as
in the past,
capital investments made
reasonable
a
profit in the
now
years to come.
We have been at pains to look into this
question
at
some
length, not because
we
feel particularly dis-
couraged at the moment, and certainly not with the
idea of
ness
dampening
community
result of the
On the
has
turif
contrary,
enthusiasm wThich the busi-
any
have been able to develop
may
that politics
we are
appears to
as a
be taking,
hopeful that the pendelum
begun to swing back from the absurd extremes
of the past
few years, and that it will presently be
possible to begin the long, uncomfortable, but necessary
march back to
We do
common
whatever it
it
are
not
the
in public
policy.
campaign
of
propaganda
or
is, and that if the notions underlying
plainly characterized as wanting
now
validity the
The
sense
feel, however, that real danger lurks in this
"business-on-trial"
consequences next year may
business
be serious.
community cannot afford to permit
impression to become general that its virility
effectiveness is in any sense "on
next six months
to appear on a
or
year or
or
trial" during the
that failure of recovery
wide front during that time would
"discredit business."
In
all
this
apparently have
all-
idle
of
immediate
little
on
to which they dropped several years
tive accommodation demand
ness
and effec-
ago,
remains modest.
loans of the New York
teral
advanced
parently
Busi-
City reporting member
purposely omitted reference
Federal Reserve Bank Statement
security colla-
on
$525,000,000,
ap-
The Treasury in the last statement week reversed
its recent
policy of utilizing its free gold through
deposits of
gold certificates than
more
in theTorm of metal.
received
was
On this occasion the Treasury
deposited $54,001,000 gold certificates with the 12
Federal Reserve banks, raising the holdings of the
institutions
to
$13,968,221,000.
somewhat, but total
nevertheless
786,000.
moved
advanced
Other
cash
fell
of the regional banks
reserves
$47,053,000
$14,318,-
to
Federal Reserve notes in actual circulation
up
deposits
$13,133,000
with
the
Total
$4,563,822,000.
to
banks
regional
increased
$24,-
632,000 to $11,974,438,000, with the account variations
a
of
consisting
increase
an
member
of
bank
balances by $124,446,000 to $10,633,449,000;
reserve
decline of the Treasury general account balance by
$68,529,000 to
bank
$775,739,000;
a
decline of foreign
deposits by $26,633,000 to $280,665,000, and
a
drop of other deposits by $4,652,000 to $284,585,000.
The
reserve
ratio increased to
86.6% from 86.5%.
Discounts by the regional institutions fell $366,000
to
Industrial advances
$4,552,000.
lower by
were
$50,000 at $11,615,000, while commitments to make
such advances fell
$76,000 to $11,261,000.
market holdings of bankers bills
The
$545,000.
States
open
market
were
Open
unchanged at
holdings
Treasury securities again show
of
a
United
reduction,
however, in accordance with the policy of reducing
Treasury bill holdings because of technical conditions
in the
now
The decline of Treasury bills
bill market.
noted is
holdings
$20,175,000, which makes the total
since
of all
$2,422,739,000,
late
in
June
$141,276,000.
Treasury securities
divided
into
Total
stand
now
$911,090,000
at
bonds,
$1,176,109,000 notes and $335,540,000 bills.
stances, since the fallacy of the whole idea is easily
demonstrated without the aid of outside influence
of any sort.
to
the "carrying" of bonds by investment
on
to the
foreign situation which obviously must act
strongly as a deterring factor in existing circum-
Brokers loans
$41,000,000
bankers and preparations by dealers for the September financing of the United States Treasury.
reduction
have
we
advances
the situation, for money rates merely continue from week to week at the extremely low levels
do
evidently does not believe that
the
steady
$60,-
another
banks increased $7,000,000 in the statement week,
That anything that has
more
resources
The
is
to $1,471,000,000.
asked to wager that he and his associates
what
that
forge ahead is
that the business
appear
high record.
which
excess
up
to be exceedingly
come
occurred should alter the situation
tal investment is still
a
$4,590,000,000,
The
moved
requirements
to
necessary
now
to understand.
easy
man
legal
over
000,000 to
credit
business
average
balances by $124,446,000.
reserve
and is ob-
power
viously unregenerate.
Precisely why the
bank
reserves
1069
Buginegg FaUureg in Jul
r
,
,
.
_
<,
THE failure figures for July compiled by Dun &
1
Bradstreet present a slightly more favorable
comparison with a
year ago
than did June, and the
OFFICIAL of those statistics this week reflect best since last a seasonal naturedeclineinfrom June
another banking
advances
the
July
of February. The
and
about the
monotonous
idle
credit
of
resources
the
in
United
was
usual proportion.
After dropping in February 16%
States,
based
already overlarge
mone-
from the same month of 1938, insolvencies in March,
For the week to Aug. 16 the gold
Treasury funds from the general account with the
April and May showed only slight reductions from
those months of 1938, and in progressively smaller
degree (March, 3.8%; April, 2.7%; May, 0.1%).
It was encouraging, therefore, when June dropped
to 11.2% below last year, and more so now to have
July show a continuation of the trend, if in only
slightly greater degree. Another significant aspect
Hes l'1 U'e Iact
business generally was cornmencing to throw off the 1937-38 depression in the
12 Federal
summer
largely
on
additions to
tary gold stocks.
stocks advanced
no
our
less than
$65,000,000, and the
total increased to another record at
TogetherTwith
other
$16,335,000,000.
indications
of the banking
figures, this large gold addition plainly suggests an
englarged flow of frightened capital from Europe
to
the
with
a
United States.
substantial
Reserve
It
was
outpouring
instrumental, along
of
United
States
banks, in increases of member
of .1938, which must have been reflected to
in that
period.
July's failures numbered 917 and involved $14,-
150,000 of current liabilities as compared with 1,038
All
last.
the
same
1938, and 952, with $11,609,000 in June
of
month
liabilities in
$14,761,000
with
failures
into which the
commercial groups
the
figures are divided had substantially fewer insol¬
July than in that month of last year,
vencies in
divisions, the retail, construc¬
and three of the five
commercial service, were smaller than in
tion
and
the
month
the
In
preceding.
manufacturing
an
with
for
210
numerous
$5,957,000 in
retail group
July, 1938.
The
hgd 574 bankruptcies involv¬
ing $4,686,000 as compared with 620 with $5,385,000
a
Wholesale failures dropped to 92 with
year ago.
$2,069,000 liabilities from 103 with $2,426,000 a year
ago.
There were 37 failures ih
group
for the 10 years, 1928-1937, of 560,160,000
192,792,000 bushels average for the 10
and
years.
•,
average
Com¬
V-'
■.
but below 1938.
Corn
estimated at 2,459,888,000
2,542,238,000 bushels in
is
production
with
compared
bushels
2,309,674,000 bushels.
1938, and a 10-year average of
'T,he indicated per acre
yield of 27.1 bushels for this
1938 and
year's crop compares with 27.7 bushels in
an average of only 23.0 bushels.
the construction
involving $376,000 liabilities in July, 1938.
,
yield of winter wheat is placed at
14.3 bushels, 0.5 bushel above last year 0.2 bushel
below the average.
The spring yield is higher than
The per acre
with $362,000 liabilities in comparison with
45
of 244,164,000 bushels in
bushels, and a spring crop
division 188 firms failed for $6,702,000 in compari¬
son
1938 and
harvest of 686,637,000 bushels in
average
1938
wheat is esti¬
These estimates compare with a
722,000 bushels.
winter
1939
550,710,000 bushels and spring at 180,-
at
mated
Aug. 19,
wheat crop, winter
total
the
Of
of commercial disasters
extent in the volume
some
Chronicle
The Commercial & Financial
1070
r-r:
The New York Stock Market
mercial service disasters and liabilities were about
FINANCIAL markets in New York reflected a
pattern this week that has become rather
halved, amounting to only 26 with $331,000 liabili¬
familiar in recent months and years.
ties
month
last
with
compared
as
51
involving
$617,000 in the corresponding month of last
The
trend
not
was
of failures
break-down
a
in
occurred
creases
districts,
the
had fewer
seven
while five had
year ago,
In¬
more.
Cleveland,
Philadelphia,
of mild business improvement, but
indications
to
by sections of the country.
Of the 12 Federal Reserve
failures than
year.
definitely defined in the
so
thereafter,
European tension once again produced appre¬
when
hensions of
were
downward
sharply
turned
trend
the
Small gains
stock market, owing
the rule for a time in the
were
general
a
The
war.
war
fears naturally
potent than the domestic incidents, and
more
close yesterday, in com¬
losses were recorded at the
Minneapolis, Kansas City and Dallas districts, but
parison with figures current a week earlier.
only in the last-named was the rise sharp.
losses
districts
other
fairly substantial
In the
reductions
were
shown, particularly in the Boston, Richmond and
Net
leading issues range, however, only from
in
fractions to three
Motor stocks were buoy¬
points.
ant
for a time, as a good earnings statement by
Chrysler Corp. produced a good impression, but
this group finally tumbled with the rest of the mar¬
ket.
Airplane issues did well, relatively speaking.
^
Atlanta districts.
Government
Crop Report
PROSPECTS for the important grain crops un¬
great revision during July, in
derwent
the
country
no
as
very
whole, according to the Aug. 1
a
report of the Department of Agriculture.
duction in the
estimate of
corn
The
re¬
110,907,000 bushels,
The utilities issues advanced
week,
in
stocks
wheat
were
of
and
,
other
important
slightly upward.
need
be
not
made
officials
of the
grain
until
ventured
forecasts
crop
properties
an average
reduction is
next
the
month, but Govern¬
opinion,
the basis
on
is
now
placed at 731,432,000
in
for the 10 years, 1928-1937, of
while
Thus,
anticipated from
a
considerable
a year ago,
exceptionally large, the current
when the
crop
will
At the same time
the International Institute of
Agriculture has
dicted
second only to 1938,
world crop
this
year
pre¬
more
recession yesterday.
Although
modest improvement in business re¬
a
ports stimulated the financial markets to a degree,
the
were
uncertainties
that
nouncements
ended
July 31
of
thusiasm.
A
statement
from
further
sizable
cerned.
And Canada is
however,
crop
one
of
our
at about
States.
the
same
time
as
in
chief
crop
com¬
there
the United
the largest in history.
This
of uncertainty was
cause
Amsterdam
but
well
regarding
collateraled
the
a
sus¬
the collateral
so
far
as
of
that
was
its way
liquidated
toward termi¬
the American markets are con¬
Overshadowing
were
quickly
on
loans
The impression is
outstanding here.
and the incident thus well
nation,
a
petitors in the world markets, since the
matures
were
nearly 30% larger than
more
for five years.
house
than 80% greater than the average
prospect this year
last, and
season
pended firm of Mendelssohn & Co., which indicated
that most of
Our neighbor Canada is said to have in
for the
plete failure in all respects tended to dampen en¬
hand, presents
marketing problem of serious pro¬
exports
at the lowest level in 60 years,
agricultural policy that is a com¬
an
that
a
cotton
were
while the carryover was
reflection
throughout, even during
Especially perturbing were an¬
early sessions.
period since the World War, and this, to¬
gether with the tremendous world surpluses on
the
portions.
than 500,000 shared in the full
sessions, with the dealings most active during the
not be much under the
average.
a
York Stock Exchange aver¬
aged hardly
with 930,801,000 bushels
compared
752,952,000 bushels.
in
the New
on
marketing quotas
there
as
Railroad
corporation.
the
_
The total wheat crop
crop was
Turnover
of
quiet throughout and not much changed.
recent enactment
August estimate, that none would be required
1938, and
were
a
this year.
bushels
& Southern Corp. a
on corn
Under
Congress, the decision
ment
Changes in the
to Commonwealth
over
nessee
crop.
Authority officials
huge check representing the agreed price for Ten¬
although considerable in volume represents only 4%
proportion to the total
little, early in the
Valley
Tennessee
when
turned
a
all
such
considerations,
the ominous indications from Berlin
that Chancellor Hitler demands
of the
Danzig problem
sibly
will
provoke
on
his
an
own
resistance
early settlement
terms, which pos¬
by
Poland,
Great
'
'
1
I
"
'
•
Volume
•'
'
■
\
Britain and
•
'
■
France, thus precipitating general
fare.
In
the
listed
to
States
particular,
war-
here.
bond
those
of
market
the
the
movements
firm in the early
were
thereafter.
Bankers
corporate
bond
offerings.
tions
dropped
gains of
one
ously for rearmament purposes, and
number
a
transfers
United
touched
A
New
also
copper
shares;
new
session
year
the
37
stocks
tion.
while 46 stocks
York
New
in
Curb
low levels.
Call loans
remained
Saturday
on
658,330
on
the
last
shares;
on
last
were
36,235
on
Tuesday,
shares;
90,000
a
of
Curb
shares;
shares;
Thursday,
on
was
unable to
overreac-
were
Electric
closed
yesterday at 34% against
Friday of last week; Consolidated Edison
N. Y. at 30% against
32%; Columbia Gas &
on
against 163%. Western
Union closed yesterday at 21% against 25% on Friday of last week; Allied Chemical & Dye at 158
on
against 161;
on
81,525
against
the
E.
157%;
I.
du
Pont
National
de
Cash
Nemours
Register
158
at
at
17%
has
against 17%; National Dairy Products at 16%
against 17%; National Biscuit at 26 against 26;
Texas Gulf Sulphur at 27% against 27%; Conti-
Fractional changes on the
nental Can at 39% against 38%; Eastman Kodak
prices pointed Vslightly
high side marked the opening,
tendency
to
trend
50% against 51%; Sears, Roebuck & Co. at 75%
76%; Montgomery Ward & Co. at 48%
against 49%; Woolworth at 48 against 47%, and
Monday,
on
118,410
higher
Saturday last, with trading dull and quiet,
in
one
downward
against
Friday,
Exchange the sales
shares;
been the custom of late.
weakness
the
at 40% against 40%; International Harvester at
on
Friday, 126,239 shares.
on
to
American Tel. & Tel. at 164
Saturday
level
Resistance
Electric at 7% against 7%; Public Service of N. J.
Wednesday, 640,310
on
York
The
former losses
to any appreciable extent the forces of
General
257,880
were
546,060 shares;
were
New
shares, and
of
Sales turnover for the day was the
largest
period of two weeks.
36%
unchanged
Thursday, 442,900 shares, and
Wednesday,
recessions
points the first quarter
closing on Friday of last
week, closing prices yesterday reflect a lower trend,
Exchange the sales at the
the
102,270
reflected
As compared with the
836,090 shares.
On
trading
and one-half
stiffened later on, but stocks
high levels and 28
new
Exchange
Monday they
on
one
about noon, and prices tumbled from
Co. of
Tuesday,
Initial
four points.
the most
was
Exchange
On
levels.
Stock
on
lacking
were
1%.
shares;
was
By the end of the first hour
come
Stock
On the New York Stock
half-day
one-
one
on was to
from Europe to the
larger gold flow
York
low
touched
York
and
An effort at firmness
noted.
largely eradicated, and the tendency from then
were
pointed to increasing
money,
Exchange 48 stocks touched
at
hour.
time, obvi-
The foreign exchanges
high levels for the
new
one
ness
nervous
new
touched
stocks
abroad.
sign of this trend.
the
home, and losses of
indicators
of
States.
obvious
On
of
circles
by the various official controls,
maintained
were
trading
equities abroad in-
back and fill until the finish, when
they
fractionally lower.
Yesterday, after early
firmness, the market experienced a spell of weak-
good buying.
some
were
fractions to
session offset by losses of the
a
in
a
rally. Patterning its actions after foreign marts, the Stock
Exchange on Thursday followed price movements
In commodity
in keen demand for
was
American
the market closed without benefit of
the European tension increased,
important food staples fluctuated idly,
Rubber
uneasiness
in
made later in the
day, but with incentive
new
Speculative domestic issues of the corporate section
reflected
"
'■
•
.
first
hour.
as
followed by
From
then
on
at 165% against 170%;
Standard Brands at 6%
against 6%; Westinghouse Elec. & Mfg. at 101%
against 103%; Lorillard at 23% against 23%;
some
on
the
to advance, equities making their best
the close.
The steel shares received
Motors
Canada Dry at 17% against 18%;
Schenley Distillers at 11% against 12%, and National Distillers
at 23% against 23%.
better pro-
In the rubber group, Goodyear Tire & Rubber
showing and pther relative factors. A conservative market obtained on
Monday, but prices
managed to extend their range in an upward direc-
closed yesterday at 25% against 27% on Friday of
last week; B. F. Goodrich at 19 against 19%, and
United States Rubber at 40% against 43.
progress near
the most favorable attention
estimate for steel
ran
a
as
a
result of
output the present week.
close second
on
the
strength of
a
higher
a
duction
tion.
An
firmness
easier tone
soon
set
attended
early dealings, but
The
in, and by the third hour stocks
to
two
points above former prices.
A
prices shaded
a
trifle.
on
lower
this
week,
13 against 14; Union
Pacific at 94% against 95;
12% against 13%; Southern
Railway at 14% against 16, and Northern Pacific at
Broad trad-
ing and higher prices featured the opening
dipped
Santa Fe at 25 against 26%; New York Central at
subse-
quent falling off in volume in the last half of the
final hour found
shares
Pennsylvania RR. closed yesterday at 16% against
16% on Friday of last week; Atchison Topeka &
displayed much enthusiasm, reaching their peak at
one
railroad
Southern
Tues-
Pacific
at
day, resulting in equities showing their best gains
8% against 9%.
in three
The steel stocks made further recessions the present week. United States Steel closed
yesterday at
45% against 47% on Friday of last week; Crucible
days.
Trading turned slack after the first
hour, followed by
a narrow range
until
effort to sustain the forward movement
taken wdth
some
success,
and closed for the most
Traders' attention
events
lack
of
at
on
noon.
was
An
but prices eventually eased
Steel at 29% against 30%; Bethlehem Steel
part with negative changes,
Wednesday
was
focused
against 58%, and Youngstown
present transpiring in Europe and their
Sheet
&
at
56%
Tube
at
36% against 39%.
upon
comprehension of the Danzig situation, in
*
;
under-
In the motor group, Auburn Auto closed
yester.
'
!
1071
caused
Weakness
half points
Foreign dollar bonds of all descripas
followed the pattern of the market.
with the
•
tinued at the opening, and declines of
able to report good prog-
were
however, toward distribution of available
next.
.
to four points marked the extent of the
day's dedine.
Reaction in the previous session was con-
sessions, but dipped
ress,
markets the
:
duced much
liquidation at
were
United
equities section.
Treasury bonds and best grade
issues
New
"
•
similar
but
'
The Commercial & Financial Chronicle
149
day at 1% bid against 1%
on
Friday of last week;
i
1
T/ze Commercial & Financial
1072
against 46%; Chrysler at 79%
General Motors at 45
against 79%; Packard at
3% against 3%, and Hupp
% against %.
Motors at
Among the oil stocks,
Sandard Oil of N. J. closed
yesterday at 39% against
40% on Friday of last
Oil at 10% against 10%, and
Atlantic Refining at 19% ex-div. against 19%.
In the copper group, Anaconda Copper closed
week; Shell Union
last
-yesterday at 24% against 25% on Friday of
week; American Smelting & Refining at
42%
against 43%, and Phelps Dodge at 37% against 37.
industrial reports suggest a small ad-
Trade and
Steel
business levels current recently.
over
vance
ending today were estiby American Iron and Steel Institute at
of capacity against 60.1% a week ago, 56.4%
operations for the week
mated
62.1%
Pro-
and 40.4% at this time last year.
month ago,
a
for the week to Aug. 12
duction of electric power
reported by Edison Electric Institute at 2,333,-
is
403,000 kwh. against 2,325,085,000 kwh. in the pre-
in the correCar loadings of revenue freight for the
week ended Aug. 12 totaled
665,197 cars, according to the Association of Amerceding week and 2,133,641,000 kwh.
sponding week of last year.
This
ican Railroads.
was a
gain of 4,061 cars over
previous week, and of 75,629 cars over the simi-
the
lar week of 1938.
indicating the course of the commodity mar-
As
kets, the September option for wheat in
of
week.
last
Chicago
66%c. against 64%c. the close on Friday
closed at
September
at Chicago closed
corn
yesterday at 43c. against 43c. the close on Friday
September oats at Chicago closed
week.
last
of
yesterday at 29%c. against 28%c. the close on
Fri-
day of last week.
The spot
price for cotton here in New York closed
yesterday at 8.92c. against 9.39c. the close on Fri-
The spot price for rubber yester-
day of last week.
day was 16.75c. against 16.58c. the close on
Domestic copper closed
of last week.
10%c., the close
on
Friday
yesterday at
Friday of last week.
In London
price of bar silver closed yesterday at 17 1/16
the
the close
against 17 1/16 pence per ounce
ounce
per
pence
on
Friday of last week, and spot silver in
New York closed
the close
yesterday at 35%c. against 35%c.
Friday of last week.
on
In the matter of
fers
London
on
.
foreign exchanges, cable trans-
closed
yesterday
at
transfers
closed
Paris
1/16
|4.68
against $4.68% the close on Friday of last
week,
and
cable
2.64
15/16c. against 2.65c. the close on Friday of
on
yesterday at
suspension of Mendelssohn &
war or peace, and the financial markets moved almost entirely on that pivot.
In quiet trading on Monday, gilt-edged issues
slowly improved on the London Stock Exchange,
on the apparent assumption that the decline oc^
casioned by the prospect of huge armaments flotations had been overdone. British industrial stocks
were irregular, and both precious and base metal
mining shares eased. Little interest was taken in
foreign issues. The hope prevailed on Tuesday that
the Danzig issue would be settled by negotiation,
and the market had a firm tone. Gilt-edged stocks
did not vary much, but advances were common in
British industrial issues and the mining groups,
Anglo-American favorites led the international section to improved levels. Little business was done
on Wednesday, and the advances of the previous
day were modified in a general downturn. The giltedged group held close to former figures, but industrial, mining and commodity stocks drifted
lower. International issues were neglected and un¬
certain. With news of the international developments ever more ominous, prices lost ground on
Thursday, although trading still was on a modest
basis. Gilt-edged issues led the movement, and
losses also were common-in the industrial, mining
and international departments.
Small declines
were the rule yesterday, both in gilt-edged and industrial stocks.
International issues were neglected.
Dealings on the Paris Bourse were suspended until Wednesday, for Assumption Day occurred on
Tuesday and the session on Monday also was suspended. When trading was resumed in the midweek
period only a small amount of business was reported, notwithstanding a mid-month carryover rate
of only %%, as against %% at the end of July,
The tone was uncertain in rentes and French equities, with gains more numerous than losses. International issues slowly drifted downward, owing to
the dubious reports of the Danzig developments,
The session on Thursday was dull, with the main
trend reversed. The small losses just about canceled
and
European Stock Markets
VV
pean
scares
to
Co., largest of the Con-
tinental European underwriting houses, soon after
the death in Paris of the managing diiector, Fritz
Mannheimer. But it soon appeared that this incident would not involve others, and whatever temporary influence may have been exerted on the
markets by the suspension thus was overcome. The
principal problem throughout the week was that of
the gains of the preceding session,
last week.
VV7AR
Aug. 19, 1939
Chronicle
were
holidays combined
and midsummer
keep the stock exchanges in leading Euro-
The turnover
financial centers idle, this week.
to
French
concerned.
drift lower.
yesterday, in
The
far
so
as
rentes
bank, industrial and electrical stocks
Price
an
Berlin
The international group
changes
continued
unimportant
were
extremely dull session,
Boerse
was
affected
adversely,
on
in
the
London, Paris and Berlin markets was on
Monday, by the visit of the Italian Foreign Minister,
an
extremely small scale, and price variations were
Count Galeazzo Ciano, which indicated that serious
A firm undertone early in the
similarly modest.
week gave way
as
fears of
tion
of
an
to
a
slow downward drift later on,
over
the qufes-
again became acute.
London
international outbreak
Danzig
once
remained calm in the face of the
threats, for even
Cabinet Ministers refused to curtail their holidays
and
remain
elosed
vance
in
London.
The
Paris
Bourse
was
Monday and Tuesday, owing to the obserof
Assumption Day, while Berlin remained
quiet and not much changed.
markets faced the added
For
concern
a
brief period the
of the Amsterdam
international
were
doings
were
Small declines
afoot.
registered in German equities, and fixed-in-
terest obligations
After
also lost ground.
a
firm
start, Tuesday, the German market turned listless
and early gains
liquidation.
and net
were
The
sacrificed in
close,
changes for the day
were
ular, with gains predominating.
nesday
was
new press
issue.
light,
as
a
however,
all attention
modest
again
wave
was
of
firm
small and irreg-
Business
was
on
focused
Wedon a
campaign against Poland, on the Danzig
Only small changes in either direction
were
Volume
The Commercial & Financial Chronicle
149
1073
reported, both in equities and fixed-income obliga¬
zig and the Polish corridor.
tions.
lined in behalf of the Reich
represent a stiffening
of the terms offered while the German-Polish
The
produced
with
all
threatening tone of international affairs
modest decline
a
firm, but
the Boerse,
on
again affected.
groups
Thursday,
The opening was
the intervention of the Berlin banks
even
failed to hold levels in later
A firm tone
dealings.
prevailed yesterday, in a quiet session.
with
crisis
issue
the
gent upon
of
over
Avar
or
apparently contin¬
peace
prompt return of the Free City of Danzig to the
Reich.
The
situation carried
artificiality which
incidents of the
of the
through
permit
no recurrence
regarded
The
position
sovereignty, and
soon
will be returned to Reich
dictator of Hitler's type
no
that belittles him.
a reverse
and Poland have set their faces
repetition of the Austrian
can
Britain, France
sternly against any
Czech incidents.
of the
gested to
most
Mussolini
has
entertained
to whether
as
granted his fellow-dictator
but
all
armed
are
Although
claimed
to be engaged in
appear
far from
are
"corridor through the corridor" sug¬
"friendly" Poland, it
the
Avas
indicated.
assumed that these
was
preliminary steps toward
moves
In
rep¬
German
a
reoccupation of Danzig in advance of the Nurem¬
berg party palaver of the Nazis.
that
over
Italy takes
It appears, more¬
view of the problem,
a grave
for the Italian
press Avarned Poland on
Wednesday
that resistance is futile in the face of the immense
armed
strength of the Reich, and the distance of
British aid.
The matter did not improve on Thurs¬
day, when Nazi troops in great numbers were ob¬
served
in
from Polish border
points, deeply occupied
stringing barbed Avire and setting up field tele¬
phones.
not
On the Polish side, German sympathizers
arrested
were
economic
at
by the hundreds, which naturally did
improve matters.
Oddly enough, Polish-German
conversations
terminated favorably
Warsaw, Thursday, in arrangements for enlarged
were
trade between the two countries.
campaign
press
and
is
Polish
accompanied
matter
a
of
:
as
inten¬
by intimations that "ac¬
days.
preparations for
tinued.
But the German
reported yesterday
was
any
British, French "and
eventualities
were con¬
:r-
.
the teeth
to
confer
the
prospects
as
axis
has
been
pro¬
indissoluble and inflexibly
it
was necessary
for the
Foreign Minister, Count Galeazzo Ciano, to
over
the last week-end with German
Minister Joachim
Foreign
Ribbentrop at Salzburg, and
von
OWING tension,bearing on the increasing of Far
to its the important question Europ¬
ean
Rome-Berlin
the
interminably
Italian
and
Far East
of nerves,
a war
encouraging.
linked in aim and purpose,
Eastern
affairs
currently relates to Japanese ad¬
herence
to
Rome-Berlin
tions
are
join in
a
the
anti-Comintern
retreat
herence
The conversations
surprise, for it had been rather well
established that Mussolini had
-price of his support of Hitler
liminary information
and
seizures.
,
The
as
to the German
pre¬
maneuvers
between
the
two
Statements
issued
which
Herr
for
the
Hitler
press
took
the
lead.
after these
terse and colorless.
con¬
Some hope of a
peaceful settlement folloAved early this week, how¬
the
for reports from
numerous centers
suggested
possibility of parleys and compromises.
It de¬
week
have
was
of
peaceable solution of the Danzig matter.
Pope
was
reported
as
ready to call
Unfortunately, however, nothing
rumors,
moves
which
and
suddenly,
cation
were
Avarnings.
on
came
of
a
campaign of vilifi¬
against Poland, and at the
same
spokesman outlined rigor¬
terms for settlement of the conflict
these
The German press launched
time the Wilhelmstrasse
ous
conference.
quickly succeeded by ominous
Wednesday, into
directed
a
The
as
to Dan¬
British-French fleet
a
Avere
their
Avay.
that
the
Tokio
navy-civil
groups
Avould
dispatches of Wednesday
reported to have at least the tentative approval
army spokesmen.
The significance of
Japanese
ever,
propose
a
It is understood that the
stated that the "Inner
this
urged the democracies to
fighting
one.
Cabinet" Avas
formulating a
policy with respect to Europe which would keep
Japan neutral in a European Avar, and this program
Dr. Karl J.
The Italian press
attractive
regime in Japan also prefers aloofness from
veloped that the League Commissioner to Danzig,
Burckhardt, had conferred Avith Hitler.
an
military tie Avhich might plunge the country
any European struggle, and the indications
this
in
ever,
civil
full
into
was
in the
Japanese
the Rome-Berlin
since the prospect of
is not
inconclusive, for
discussions
Avere
least,
The
combination, but the
Japanese navy authorities take a different view,
promptly, last Saturday, by long
followed
ferences
stipulated that the
was, at the
consultation
Foreign Ministers apparently
was
oc¬
declaration.
army
knoAvn to favor immediate and full ad¬
to
Berchtesgaden.
indica¬
Powers, although it is linked with them
ean
are
near
Latest
Japan will not, for the time being,
full military alliance with the two Europ¬
leaders
casioned little
axis.
that
finally with Herr Hitler at the latter's mountain
a
assurances
gain free port privileges at the
really free hand. For the time being the European
antagonists
it
demanded, with
was
distinctly in Germany's favor than by
quarters it
tion"
are
:
a
resented
The unconditional
The problem of the corridor must be
more
sified
or
Danzig
City.
To
doubts
some
of
in effect.
was
that Poland would
Italy is aligned with Germany, al¬
all appearances
a
only be
can
ominous, for Hitler has assured his
as
Premier
is prepared
now
in order to gain his ends
war
seen.
people that Danzig
though
of such
ruthless disregard of all other considera¬
a
tions remains to be
afford
unfortunate endings of
Czechoslovakia, and the resolute deter¬
European
a
of
preceding
many
Whether Chancellor Hitler
to chance
earmarks
sort, but it is impossible to
same
mination of Britain to
affairs.
the
characterized
disregard in view
Austria and
all
return
means
solution of the German demands for
some
friendship still
Free
BEARING the clear legend, "Made in Germany,"
swept
Europe this week,
another
pact
of
settled
Another Danzig Crisis
The demands thus out¬
and
the
eA^er
development might easily be overrated, how¬
for it is plain that expediency rules in Japan
probably will provoke further controversy on
question of joining the Rome-Berlin axis Avhendifficulties press too
British
greatly.
prestige suffered another blow in
the Far
East, late last week, Avhen arrangements Avere made
in the Anglo-Japanese
negotiations at Tokio for the
surrender
by the British concession authorities
Tientsin of four Chinese who took
cession
when
refuge in the
at
con¬
they Avere charged by the Japanese
spokesmen Avith "terroristic activities." It Avas thf
alleged terrorists which the
Japanese used as the pretext for their blockade of
the Anglo-French concessions at Tientsin, and sub¬
sequent precipitation of the general question of Brit¬
ish policy in China.
On the matter of surrendering
to Japan the large stocks of silver held in the con¬
question of these four
account the British negotiators
cession for Chinese
much to the displeasure of the
remained adamant,
The Chinese Nationalist regime was in¬
censed against Britain for agreeing to surrender
the four alleged terrorists and lodged a protest at
London on the point.
Anti-British campaigns thus
were stimulated both in Japan and China, and all
Japanese.
"foreign devils" naturally are
other
affected to some
by
The war of aggression being waged
degree.
continued, meanwhile, without
important changes in the military outlook.
The
armies of 1,000,000 men maintained by Japan in
Japan against China
China
seem
to control
to find their
the border of the
on
the
Hongkong leased territory
mainland, which curtailed the Chinese supply
Crown Colony.
from the British
lines
tered and minor incidents
been
up" opera¬
Wednesday suddenly closed
tions, the Japanese on
on
In the course
they continue to call "mopping
of what
in
hands full in the endeavor
Chinese guerilla activities.
Only scat¬
affecting Americans have
Barcelona re¬
ports on Tuesday indicated that Dr. Helmuth Wohlthat, German economic expert, will head a Nazi del¬
egation in Spanish conferences, late this month,
the Rome-Berlin axis.
ing closer to
which will
be designed to augment
der
observers were able to note the rapid
fortifications on the Span¬
points,
construction of modern
frontier.
ish side of the
IN clarification, the the issuesexpropriation of some
THE sense that Mexican are receiving belated
1450,000,000 American and other foreign-owned oil
lands moved a small distance toward solution, this
week, despite a complete breakdown of negotiations
Mexican Government and the oil inter¬
between the
The State Department in Wash¬
concerned.
ests
ington, it finally appears, is inclined to take a stand
on
the matter which Mexico hardly can ignore.
declaration, Monday, which urged "prompt,
formal
a
properties which have been taken, if the expro¬
warned
commercial relations between Mexico
States, with great economic losses to
countries, but, more important still, it
constitute
friendly understanding between Mex¬
ico and the United
Cabinet
consists
principally
of
States which both governments
in the best interests of the two peoples."
American oil interests were urged at the same
regard
The
as
give "most ample and attentive considera¬
military associates of General Franco, during the
time to
long civil war which ended last March in the com¬
tion to all constructive
plete defeat of the duly elected republican regime.
to
But the
way
tical
personnel of the ruling junta is of no prac¬
importance, since the fascist leader has re¬
served to himself the right to
issue decrees without
reference to the Cabinet and to conduct every
tion
of
government without intermediaries.
eral Franco himself is now sole
of the destinies of
York
New
General
crees
Spain,"
"Times" said.
a
func¬
"Gen¬
undisputed master
Burgos dispatch to the
"For by a series of de¬
Franco, already head of the
State,
overcome
of
the
many
months of a solution of the Mexican oil prop¬
erty
expropriation
the Cabinet
issued
for
was
tightened his
appointed
an
control of both
machinery."
When
appeal promptly
was
loyalty and the "moral unity" of the
Whether
unify Spain
there
in
are
among
seems
really will be able to
somewhat
open
to dispute, for
persistent reports of disaffection, not only
ranks
the
Franco
General
of the defeated
Republicans but also
former supporters of the revolt.
Gibraltar
accordance with all
the
months
be made up
can now
theless
is
proper
resuming
The
foreign policy of the
new
re¬
in
an
The issue
companies had broken down.
Castillo Najera
the
"intransigeant
It is
still
the
impression that General Franco,
of his most
soon
to return the visit
paid to Spain by the Italian
Foreign Minister, Count Galeazzo Ciano.
nomic matters, as
or
important deputies, will visit Italy
well, Spain
appears to
In
eco¬
be draw¬
States
manner
its
was
raised in acute
Mexican Ambassa¬
stated, on Aug. 11,
attitude" of the oil com¬
posals and drop its consideration of proposals made
of the oil properties.
Najera based his comments
one
active
panies left Mexico free to withdraw its own pro¬
less is
in Paris and London.
but it never¬
the Mexican Government and the
gime is subject to varying interpretations and doubt¬
concern
seen,
by intimations, late last week, that the nego¬
tiations between
by the
causing much
unre¬
role of protecting American interests south
that
other acts.
remains to be
satisfactory to find the United
of the Rio Grande.
form
most
Whether the ground thus lost
mitting attention.
in
for
permitted to go by with¬
that deserved the closest and
situation
oil
were
apparent State Department intervention in a
dor Francisco
abrupt dismissal of General Quiepo de Llano, and
principles of international law,
start, as Mr. Welles indicates in his statement.
dispatches tell of the "quiet execution" of Spaniards
nearby towns who criticized the regime for its
upon
represented the attitude of the United States from
Government
country.
Insistence
problem.
"prompt, adequate and effective compensation," in
out
the party
standing in the
by the United States Government is
of the
the Government and
now
hopeful indication that has appeared in
the most
But too many
Falange Espanola, has made himself Prime
proposals that are advanced
difficulties
fair settlement of the controversy."
a
This stand
Commander-in-Chief of the armed forces and head
Minister and further
will
material barrier to the maintenance of
a
that close and
The
Mexico was
"continuance
dispute not only will dislocate still further
by the Under-Secretary that
Saturday when a new Cabinet was inducted and a
series of decrees announced which leave no room
doubt.
valid."
priation is to be regarded as
ship along typical fascist lines, it was supplied last
for
compensation for the petro¬
adequate and effective
leum
both
cisco
Sumner Welles made a
Acting Secretary of State
and the United
IF any evidence intendsneeded that General Fran¬
were to make Spain dictator¬
Franco
Expropriation
Mexican
the beneficial
Franco's Spain
the commercial
From French bor¬
nations.
accord between the two
of the
reported lately.
Aug., 19, 1939
Chronicle
The Commercial & Financial
1074
owners
companies
saw no
said to have been
tive
of
the
basis for agreement in proposals
owners,
corrected
Dr. Castillo
reports that the oil
presented Aug. 2 to the representa¬
Donald
impression that Mexico
was
on
may
by Mr. Welles.
Richberg.
Any false
have received promptly
"■ 1
Volume
149
In
declaration
the
The Commercial & Financial Chronicle
indicated that
recently
was
made
by Mr. Welles it
was
serious obstacle to final agreement
a
encountered, and it is
fair surmise
a
that the attitude of the Mexican authorities is the
obstacle
mentioned.
In this
situation, Mr. Welles
said, the United States Government, without prior
consultation
with
an
a
its
with
either
party and in accordance
repeatedly demonstrated desire to further
agreement, informally laid before both parties
suggested solution
questing
side.
"The
follows:
trol
of
receiving
or
this
obstacle, without
any commitment from
re-
either
proposal," Mr. Welles added, "was as
party had claimed that it must con¬
the
management
and
operation
of
new
endeavor to
In
deadlock, this Govern¬
informally offered the suggestion that the
of
directors, as a temporary arrangement
pending
final agreement, be composed of nine
^persons, three appointed by the Mexican Govern¬
a
ment, three appointed by the petroleum companies,
and three selected
by the two parties from a panel
of nine drawn
up
States."
assured, it
was
Mr. Welles
interest in
no
a
proposal,
temporary mid¬
companies could have met, with the balance
resting in the hands of impartial and
competent persons."
He expressed regret that the
proposal should have been discarded bv either
party
.+£
,,
n
without the fullest
exploration of its
x
n
,
.
x-
n
.,
«t»x*
possibilities,
and
appended to this his warnings to both
parties
concerned.
This
eminently fair and
United
from
for
in
States
attitude
proper
of the
Government
apparently was found
by the Mexican Government,
Ambassador Castillo
Najera issued a statement
far
convenient
Washington, Wednesday, which
issue
and
than
more
a
Such
tain
press
three
neutral
drawn from
a
had
members
attitude
United
is, of course,
made
for
it
each
clear
board
only after finding its
acceptable to the oil companies.
declaration
that
the
would
contrasts
network of
Secretary of State Cordell
achievements, and along with the
program others have
unpleasantly with Mr.
lame
Hull's proudest
benefits of that
been extended
by- the United
States Government to various
republics south of the
Rio Grande.
The Good
Neighbor
policy has been
pursued at
with the
of
some
Washington with scrupulous
and
care,
apparent support of all elements in this
It has sometimes been pointed out that
Good
our
consider
the
Neighbors in Latin America
policy
a
seem
affair, designed
exclusively for their benefit, but there have
lately
been some
signs of a growing realization that a lack
one-way
reciprocity might jeopardize all the gains
made
Foremost among these indications
reports that defaults by Brazil and Colombia on
in recent
years.
are
their
dollar
These
bonds
are
receiving consideration.
timely and welcome signposts toward nor¬
are
mal
economic relations between
and
its southern
r,.
,
,
...
cannot be
until
international
are
the United
and
unless
adjusted.
States
neighbors, for it is evident
political relations
,
,
that
'
.
completely harmonious
J
financial
problems
:
A great deal remains to be
done toward the
reguof the Latin American
debt
larization
either
position,
through resumption of payments
ing dollar bonds,
annual
or
on
outstand¬
composition of the debts.
survey of the
The
Foreign Bondholders
protective Council, issued last
Monday, makes this
a
glance, for there is no area on earth with
so
poor a payment record as the vast
region
clear at
repre¬
sented
by the 20 Latin American republics.
all of this
for there
area
are
deserves
a
Not
shading in heavy black,
debtless regions and others which
have
maintained debt service
ther
mem¬
This
is
of
be
panel which the United States Gov¬
ernment would
approve
bers
an
the
confession of
accounts"
MOST of Latin reciprocalnow is embracedwhich
America trade treaties in that
evaded the real
culpability. In a
conference, Dr. Castillo Najera said that "cer¬
press
Latin American Defaults
newest
impugned the good faith of
States Government.
little
capital
profit," he
sup-
of
This
which the Mexican Government and
on
between them
,
reasonable
a
port for President Lazaro Cardenas in his
"unyield¬
ing attitude."
Com¬
of nine
panel
companies involved.
said, "seemed to offer
ground
gov¬
indicated, through nomina¬
tion of nationals from countries
with
the petroleum
the oil
obtain
From Mexico City came reports, at the same
time,
of a wave of intransigeance in Mexico, and of
to
impartiality in selecting the
would be
dle
also
fair compensation after
appraisal has been made."
a
country.
in mutual agreement by the
ernments of Mexico and the United
plete
and
added.
"Finally, should the companies consider
the above proposals not feasible, the Government
of Mexico insists upon making
payment in cash of
one
the
overcome
properties seized.
boards
and
invested
com¬
panies, which it had been agreed in principle might
ment
count that will enable them to amortize the
Each
be established to
operate the
an
1075
of investments made by the Government
prior to
the expropriation, granting the companies a dis-
unfailingly, while still fur¬
countries negotiated settlements of defaulted
obligations without too
lombia
and
Peru
Wel-
much
delay.
Brazil, Co¬
represent the largest
of the
re¬
les's assurance that the
panel would be drawn up
in mutual
agreement by the two governments.
Dr.
maining problems, and it is noteworthy that two
Castillo
with
the
Najera said in his formal statement
Mexican
Government
never
broached
which
he
the
"heart
declared to
rights and
the Mexican
reserve
as
a
indicated.
the
such
was
Under
a
companies
the
to
The Colombian debt talks have been in
progress
time in New
some
sions
were
Dr.
Mexican
American
resources
to
for
sus¬
be
by Mex¬
settlement, he
Mexican
plan, according to
long-term contract would deter¬
started in Rio de Janeiro last
Dana
G.
Munro
protective council.
a
willing,
should the companies
prefer, to deliver to them the
oil for
export, including the oil produced
as a result
Tuesday,
attendance
There
is
no
for
the
reason
good
omen
that the matter has reached
stage of official conversations.
Discount Rates of
the
proportion of earnings to be received
by
both parties.
"The Mexican Government is
in
optimistic forecasts of the payments that
may
proferred by Brazil and Colombia, but it still
remains
the
for
York, while the Brazilian discus¬
subsoil
The recent
a
now are
discussing their obligations
Foreign Bondholders Protective Council.
with
for
not considered
closing of all doors
the
that
controversy,"
rights and
people, he pointed out.
the Ambassador,
mine
of
oil
Provisions of the
pension of negotiations
ico
the
be compensation
resources.
Constitution
and
of these debtors
Foreign Central Banks
THEREdiscount no changes during the week in
have been
of the foreign central
the
banks."' Present
rates of any
rates
at
the
leading
shown in the table which follow
:
centers
are
Date
Effect
Date
vious
Established
Rate
for Week
Country
vious
Established
Changes
Aug 18
Effect
Aug 18
Rate
Country
Holland
2
Dec.
2 1936
6 1939
3
India
3
Aug. 29 1935
Nov. 28 1935
434
334
Aug. 15 1935
Mar. 11 1935
7
Italy
414
May 18 1936
334
Mar.
1 1936
Batavla
4
July
1 1935
Belgium
234
July
Bulgaria...
6
Canada
234
Apr.
6 1936
Dec.
16 1936
4
Java
Jan.
14 1937
4
3
3
Chile
b Bills bought
July
18 1933
6
Lithuania..
7
4
6
Colombia..
Adv. against secure.
Morocco...
634
434
Note circulation
1 1936
21937
4
Credit.current accts.
'•
3
Jan.
4
Jan.
334
Norway...
334
5
Poland
434
Dec. 17 1937
5
Aug. 11 1937
May
5 1938
434
May 15 1933
434
Feb. 23 1939
4
Portugal...
4
3
June 30
334
Rumania
England...
2
June
Estonia
434
Oct.
France
2
Germany..
4
Greece
6
Sept. 22 1932
Jan.
4 1937
SouthAtrlca
1 1935
5
Spain
5
Dec.
3 1934
434
Sweden
Jan.
Finland
234
334
334
21939
2)4
Switzerland
234
134
15 1935
Dec.
1 1933
Nov. 25 1936
5
Yugoslavia.
5
Feb.
1932
30 1932
16,025,956
6,937,000,000
6,097,000.000
8,546,905,272
*706.805,702
743,000,000
898,478,082
—f3~67ooo~666
abr'd
22,681.852
3,502,000,000
3,588,388,800
3,966,710,126
5
3)4
Eire..
,.
Francs
97,266,039,154 55,808,328.520 55,716,766,210
—541,000,000
discounted—
bills
Aug. 12,1937
Francs
♦14,708,249
Credit bals. abroad.
a French
comraerc'l
5
Aug. 11, 1938
10. 1939
Francs
No change
Gold holdings
3.65
July 15 1939
May 28 1935
Jan.
51938
■»
vakia
Dauzig
Denmark
3.29
Japan
A ug.
Francs
234
Hungary...
4
4**
Argentina..
Czechoslo¬
STATEMENT
FRANCE'S COMPARATIVE
BANK OF
19, 1939
Pre¬
Rate in
Pre¬
Rate in
Aug.
Financial Chronicle
The Commercial &
1076
.
.
July
1 1935
c
434
17,503,081,942 16,666,273,155
+ 700,000,000 25,939,000,000
with¬
Temp, ad vs.
out Int. to
100224 020,040 88,904,533,080
—719,000,000 123732 000.000
No change
State-.
Propor'n of gold on
hand to sight llab.
20,576,820,960 40,133,974,773 23.878,126.645
52.78%
47.40%
64.99%
+0.01%
27, 1939.
a Includes bills
purchased In France, b Includes bills discounted abroad, c In
the process of revaluing the Bank's gold under the decree of Nov. 13, 1938, the
three entries on the Bank's books representing temporary advances to the State
♦
3
2
634
7
Figures as of July
unsatisfied balance of such loans was
wiped out and tte
were
transferred to a new
non-interest-bearing loans to the 8tate.
Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
of Nov. 13, 1938, was effected In the statement of Nov. 17, 1938; prior to
entry of
Foreign Money Rates
Revaluation of the
decree
that date and from
IN LONDON open market discount rates for short
Friday
%% as against %% on
bills
per
was
were
on
June
20,1937, valuation had been at the rate of 43 mg. gold 0.9
that time and subsequent to Sept. 26, 1936, the value
franc; previous to
fine
49 mg. per franc,
and before Sept. 26,
1936, there were 65.5 mg. of
gold to
the franc.
week, and 11-16@%% for three11-16% on Friday of last
Money on call at London on Friday was
At Paris the open market rate remains at
Friday of last
Bank of Germany
Statement
months' bills, as against
week.
2M% and in Switzerland at
THE quarterly statementcirculation, this15time of
showed
loss in note
dated Aug. again
a
which brought the total out¬
8,704,900,000 marks. Notes in
circulation a year
ago aggregated 6,290,400,000
marks and the year before 4,756,228,000 marks.
The Bank's gold holdings, bills of exchange and
checks, silver and other coin, advances, and other
liabilities recorded increases, namely 239,000 marks,
1%.
standing down to
England Statement
Bank of
THE statement of thecontraction of £9,488,000 in
Bank for the week ended
Aug. 16 showed a
circulation,
note
which, together with a gain of
brought about an increase
Notes in circulation at
£521,877,000 reported last week was the highest on
record.
The gold price in London on the statement
date was 148s. 6d., as compared with 148s. 6d. a week
earlier.
Public deposits fell off £4,389,000 and other
deposits rose £12,861,171.
The latter includes bank¬
ers' accounts, which increased £13,073,837, and other
accounts, which declined £212,666.
The reserve
proportion rose to 22.1% from 16.8% a week ago; a
£236,612 in gold holdings,
£9,724,000 in reserves.
of
securities
resented
934
different items
sons
now
with comparisons
Changes
Reichsmarks
Assets—
for previous years:
Aug. 17,
1938
Aug. 18,
1937
Of which depos. abr'd
£
£
1935
Bills of exch. & checks-
Sliver and other coin...
Advances
Investments
—337,^19*666
Other assets
Liabilities—
512,389
27.457
130,444
Other deposits
94,728
Bankers' accounts35,716
Other accounts.
deposits
__
Other securities
Discounts & advances
Securities
Reserve notes &
coin
*
36,531, 124
,655 34,066 ,811
487
111,636 ,164 104,641 ,164 107,137,
704
29.458 ,346 28,453 884 27,815,
86,408,310
30,958,985
36,899,953
83,489,999
27,953,636
12,951,832
15,001,804
23,549 486 21,991, 808
60,322,394 53,468,951
34,951, 000 44,973, 532
867 327,775, 880 244,862,378 193,909,311
084 327,596,
6,187, 053
9,677,449
21,281,536
6,462 076
22.1%
liabilities
Gold val. per
39,957,774
21,628, 651
36,801, 106
5,908 ,860
fine oz.
37.80%
23.9%
28.1%
2%
2%
2%
1134d. 84s. 1134d. 84s. 1134d.
'
2%
Bank rate....
a
1.21%
0.88%
+0.01%
148s. 7d. 84s.
36.44%
2%
84s. ll^dP
1.58%
Gold
Market
in
were
unchanged in all departments.
and commercial paper were
supplies
small.
of
further issue
on
on an
the New
Bankers' bills
turned over idly, with
The Treasury sold on Monday a
$100,060,000 discount bills due in
0.032% average, com¬
days, and awards were at
puted
THE statement for the week ended Aug. 10 showed
contraction in note circulation of 719,000,000
abroad" are included in
MONEY market dealings in Newand rates again
York remained
the doldrums this week,
91
Bank of France Statement
currencies" and "Deposits
Figures as of July 31,1939.
New York Money
130,797,834
,795 139,789 ,668 125,030, 695 135,923,599
95,965,825 93,897,881
88,499, 571
,140 105,722 ,857
Proportion of reserve
to
1,062,409,000
"Reserves in foreign
400,440,360
,000 482,623 ,335 490,974, 774 444,539,984
15,902,035
28,540, 330 23,561,648
,000 20,107 ,445
247,340,
Coin and bullion
Reichsmarks
70,773,000
10,601,000
£
Circulation
Govt, securities
Reichsmarks
76,810,000
4,756,228,000
—93,600,000 8,704,900,000 6,290,400,000
625,059,000
863,041,000
al293698,000
250,907,000
+7,554*000 439,528,000 300,321,000
oblig-
coin and bullion,
Public
Reichsmarks
♦
Res've In for'n corrency
Propor'n of gold & for'n
curr. to note circul'n.
Aug. 21,
1936
Aug. 14.1937
Aug. 15, 1939 Aug. 15, 1938
*
Other liabilities
Aug. 19,
?
STATEMENT
69,312,000
19,497,000
5,981,000
5,724,000
5,826,252,000 4,871,665,000
+ 196,800,000 8,384,800,000
185,282,000
176,764,000
155,298,000
+ 30,784,000
30,184,000
33,264,000
31,500,000
+ 6,600,000
403,400,000
847,381,000
a924,951,000
709,347,000
1,158,152,000
+ 239,000
Gold and bullion
Oth. daily matur.
COMPARATIVE STATEMENT
1939
COMPARATIVE
for Week
Notes in circulation
Aug. 16,
for previous years:
REICHSBANK'S
Below we show the
for the current period with compari¬
BANK OF ENGLAND'S
The proportion of
gold to note circulation is now 0.88%; last year it
was
1.21%. Below we furnish the different items
Of the latter amount £46,355 rep¬
loss in discounts and advances and £2,016,-
a
7,554,000
70,773,000 marks a year ago.
increase in securities.
an
and
holdings
£1,970,879.
rose
30,784,000 marks, 6,600,000
marks respectively.
Gold
total 76,810,000 marks, compared with
marks,
196,800,000
marks
the proportion was 28.1%. Government
decreased £3,195,000, while other securities
year ago
marks,
93,600,000
annual bank discount basis. Call loans
York Stock Exchange held to 1% for all
a
lowered the total outstanding to 123,732,000,000 francs.
A year ago notes in circulation
francs, which
aggregated 100,224,020,040 francs and the year be¬
fore 88,904,533,080 francs.
A loss was also shown in
French commercial bills discounted of 541,000,000
francs and in advances against
securities of 136,000,-
and the
item of temporary advances to State remained un¬
changed, the former at 97,266,039,154 francs and the
latter at 20,576,820,960 francs.
The proportion of
000 francs.
gold
a
on
The Bank's total gold holdings
hand to sight liabilities stands at 64.99%;
it was only 47.40%. Following we furnish
year ago
the
various
items
years:
with comparisons for previous
a
again were 1%%
1%% for four to
transactions, while time loans
maturities to
months'
90
days, and
for
six
datings.
New York Money
Rates
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Exchange
Stock
through the week for both new
The market for time money
continues quiet.
Rates continued nominal at 1M%
up to 90 days and 1K% f°r f°ur
six months'
maturities.
The market for prime commercial paper
has shown a little improvement this week.
The
volume of business has been somewhat better but
ruling quotation all
loans
and renewals.
Volume 149
the
The Commercial &
supply of high class paper is
rates
for all maturities.
are
Bankers'
T
HE
market
for
shown little
of business is
been
Dealers' rates
to and including 90 days
asked;
for
bid and
bills
running
There has
reported
as
of New York for bills
%% bid and 7-16%
are
for
four
9-16%
months
%% asked; for five and six months, %%
9-16% asked.
The bill buying rate of the
bid and
New York Reserve
from
The volume
all-time low.
by the Federal Reserve Bank
up
The British stabilization fund
prime bankers' acceptances has
an
1
90
to
Bank is
days.
The
met, it is believed,Twill fall short of these
by several hundred million pounds.
sums
activity this week.
down to
1077
must be
Acceptances
change in rates.
no
Ruling
scarce.
Financial Chronicle
%% for bills running
Federal Reserve
Bank's
holdings of acceptances remain unchanged at $545,000
weeks has had to buy dollars constantly in order to
support the sterling spot rate.
European interests
have been
clamoring for gold in the London market,
where demand has been far in excess of
day-to-day
offerings.
The stabilization fund has been extremely
reluctant to make any part of its gold available in
the
market.
open
and
Hoarding demand is excessive
apparently incapable of satisfaction.
one reason
why
to 148s.
rose
Monday last the
on
7%d.
This is
market price
open
It is thought likely also that the
financial difficulties of the Amsterdam
banking house
of Mendelssohn & Co.
may have affected the market.
The
hoarding demand has been in
1931, with increasing force.
Discount Rates of the Federal Reserve Banks
during the past few
progress
throughout the world in the first half of this
THERE have been
rediscount
no changes this week in the
rates of the Federal Reserve banks.
The
following is the schedule of
for
the
various
classes
of
at
now
in effect
world
different
fine
Reserve banks:
RATES OF FEDERAL
RESERVE BANKS
Effect
fine
Date
Boston
Rate
IX
11. 1935
2
Aug. 27. 1937
Aug. 21. 1937
2
l
Cleveland
*
Richmond
Atlanta
.
X
IX
„
Chicago
!'
■
2, 1937
IX
Minneapolis
2,1937
2
IX
IX
San Francisco
..
Sept.
Aug. 24, 1937
3.1937
2
Aug. 31, 1937
2
IX
...
Sept.
2
3
2
1037
an
extraordinary extent the gold takings of the
gone into the currency of Canada,
Argentina and South Africa, while the gold stocks
2
Sept.
IX
Kansas City
Dallas
in the central banks of most countries have
the
Exchange
stocks
been
pressure,
demand, which is reflected in the high trans¬
atlantic traffic
flow of
figures, has been unable to offset the
foreign funds to this side.
The dollar is at
premium, while sterling futures
which
a
discount,
had
closed.
intervene
to
The range
between
a
been
$4,68 3-16
a
a
range
homeward
bankers'
sight,
$4.67%
$4.68 3-16,
between
a^d
com¬
$4.68 1-16
and
of
trade
and
exchange
against sterling does not develop
August, when tourist traffic starts the
sterling is
which
September.
a
is
completed
The
current
around
pressure
the
on
result of the prevailing political tension.
and the flow of funds from London is also
misgivings
over
due to
the future fiscal position of
As rearmament
proceeds and the
headway in Great Britain,
threats of inflation.
for the current year,
arms
by
London
there and elsewhere
Total British capital
nation
"Economist"
from
needs
including those of the Govern¬
to
£800,000,000 and £1,000,000,000.
of the
boom gathers
and other purposes, are believed
ment for
the
many
arms
which these
range
likely
between
The net savings
Government needs
16,335,000,000 fine
:
v'-v.'
holding
are
more
than $2,000,-
$1,300,000,000 of earmarked gold belonging to for¬
eign banks.
There is
no
way
of ascertaining how
great a proportion of the funds which have
have
or
gone
Canada since
into
1931
come
here
have been
placed in permanent investments.
It is
the
side
this
great accumulation of foreign funds on
which
establishment of
has
about
the
foreign banking agencies here.
recently
In
New York these agencies
deposit banking.
act
or
as
a
Each
nucleus for
a
would
receive
are
brought
not allowed to enter
agency so
group
investment trusts or
and
established would
of other foreign banks
foreign insurance companies
custody of
the
securities
and
attend to the servicing of them.
from the pound
was
noted
a
few
days ago when it was reported from London that the
insurance syndicates of Lloyd's had decided, in view
°f ^heir huge foreign liabilities, to convert one-half
^e*r Premium income, estimated at around
$50,000,000, into United States dollar bonds. RePorts said that the 240 syndicates which make up
Lloyd's had agreed to take this safety measure. It
*s sa^
British authorities approved the de-
cision in order to
Great Britain.
see
:%/-:.>■■■ h":
The trend away
r
conditions
trend
of
certain
were
pressure
until the end of
middle
of
week ago.
normal
the
for cable transfers
range
between $4.68 1-16 and
with
seasonal
The
for
between
of
range
$4.68% last week.
Under
maintain
for sterling this week has been
$4.67% and $4.68%
compared with
pared
constantly to
On Saturday the New York banks
United States Treasury gold
16 reached
000,000 of short term banking funds and more than
days. The British exchange equalization fund
spot rate.
has
at
are
a
has, however, narrowed fractionally within the
last few
has
Even the marked
Aug.
American banks
as
week, this trend is contra-seasonal.
tourist
of
as
ounces.
under
STERLING exchange for and pastnoted weeks last
the
few here has
increased,
only exceptions being the central bank stocks of
Germany and Italy.
Course of Sterling
steadily, until be¬
rose
gold has also
2
Aug. 21, 1937
IX
...
production
year
January and June, 1939, it reached 16,427,000
world have been turned into currency, chiefly into
United States dollars, though a large part of the
2
IX
St. Louis..
10,730,000
During the first six months of each
ounces.
To
2
May
IX
Philadelphia
Aug. 27, 1937
Sept. 4, 1937
IX
New York.
Sept.
1
.
on
Previous
Established
on
Aug, 18
year
similar previous period
production of gold amounted to
ounces.
tween
Rate in
Federal Reserve Bant,
any
During the first six months of 1933 the
Succeeding
DISCOUNT
■
record.
the
rates
paper
the largest for
was
since
The production of gold
some
prevent a strain on the pound at
future time.
According to
an
-
analysis of the British Board of
Trade
monthly trade figures British exports to the
United States during July and during the first seven
months of 1939 increased considerably over those of
the corresponding period of 1938, while British im¬
ports from the United States showed little change for
July and a considerable drop for the seven-month
period.
period.
compared with £70,497,310 in the 1938
transfers $4.68
Bank of England declined
banking
cable
Commercial sight bills
the
until
tion
demand.
grain bills at $4.67 7-16.
ment closed at $4.67%.
;
drafts"7 on Bank of
to the recent J heavy
Owing
-
finished at $4.67%; 60-day
days) at $4.66%, and seven-day
Cotton and grain for pay¬
payment (60
for
approach of the Christmas holiday
were
$4.66%; 90-day bills at $4.66%; documents
bills at
steady contraction in the national circula¬
a
Friday
demand and $4.68 1-16 for cable transfers.
$4.68 for
hoarding due to some new European crisis, there
should be
Closing quotations on
cable transfers.
Unless
resources.
bankers'
spot rates steady. The range was $4.67%@$4.68 1-16
for bankers' sight and $4.68 1-16@$4.68 3-16 for
unexpected resumption of bank note
an
The range was $4.67 15-16@$4.68 1-16
sight and $4.68 1-16@$4.68 3-16 for
transfers. On Friday the sterling control held
operations.
for
level since the end of March,
nearly as low at the end
of last May.
The heavy holiday demand for cur¬
rency and the large tax payments were important
is
continued steady under exchange control
sterling
factors in the decline in
sight was
Bankers'
1937, although they were
there
at a premium in limited trading.
$4.67 15-16@$4.68 1-16; cable
1-16@$4.68 3-16. On Thursday spot
day the dollar was
The
£13,265,275 for 1938.
Bankers' balances in the
$4.67 15-16@S4.68 1-16; cable
On Wednes¬
$4.68 1-16@$4.68 3-16.
transfers were
respective seven months' figures of British exports to
the United States were £19,325,705 for 1939 and
last week to the lowest
sight was
Bankers'
imported American goods and products
during the seven months totaling £60,159,018, as
Britain
19, 1939
Aug.
Chronicle
The Commercial & Financial
1078
England note circulation short-term money rates in
Continental and Other Foreign Exchange
London firmed up
RENCH francs are firm in terms
on
call continued at
tinued at
market
£493,000,
Tuesday £481,000,
on
on
on
the week ended Aug. 16, as
Reserve Bank of New
GOLD MOVEMENT AT NEW YORK, AUG. 10-AUG. 16.
part of borrowers,
INCLUSIVE
on
2,305,000 from India
.
f;
v.
29,000 from Nicaragua
consideration
was
what
repercussion
caused
The chief
market.
disturbance in the Paris
some
None
bank's
the
'
difficulty might have on quotations of French
$43,267,000 total
Account
Net Change in Gold Earmarked for Foreign
Increase:
ernment securities.
$23,236,000
The above
figures
for the week ended
are
ceived from Canada.
There
was
re¬
FridT $3>700,000 was received of which
-S;
Mexico.
^
There
reported
on
:
exports"hf the metal. It
were no
Friday that $384,000 of gold
was
was
re¬
ceived at San Francisco from Australia.
Canadian
funds
exchange
placing several French loans in Holland.
Minister announced
Thji following tables show the
rate
on
Montreal
discount of
a
premium of 1-64%.
a
Paris, the London
and the price
mean
London check
market gold price,
open
LONDON CHECK RATE
MEAN
...176.70
Tuesday, Aug. 15
___176.71
LONDON
Saturday, Aug. 12
OPEN
ON
..176.70
Thursday,
Aug. 17.
..176.70
Friday.
Aug. 18
MARKET GOLD
Aug. 14_____148s. 7J^d.
Tuesday,
Aug. 15
148s. 7d.
GOLD
BY THE
.176.70
bank's
feared
were
that
A Paris
dispatch
were
definitely placed and that the
thereby locked
their
securities
Therefore
The
up.
placed in
decline.
on
Aug. 14 said that the French
following closely the situation
created
Official French interest is based upon the large amount of the French
100,000,000 guilder 3%% six-year loan known to be
held as collatral
by Mendelssohn's creditors in
London, Paris, Amsterdam and Switzerland. A small
by the suspension of payments.
is
amount
also
held
in
New
York.
Government, Paris dispatches state,
The French
undoubtedly will
provide such assistance as may be required to insure
orderly and gradual liquidation of the
guilder
bond collateral.
Wednesday, Aug. 16
$35.00
assets
Netherlands might
STATES
UNITED
(FEDERAL RESERVE BANK)
Saturday, Aug. 12
creditor
precipitated by the fact that large amounts of
the loan had not been
an
PRICE PAID FOR
a
°f ^^rSlieved in Paris that the bank's difficulties
were
PRICE
Wednesday, Aug. 16
148s. 7<i.
Thursday,
Aug. 17
148s. 7d.
Friday,
Aug. 18-_-_^148s. 7d.
148s. 6^d.
Monday,
PARIS
Wednesday. Aug. 16
176.70
longer
that the French Government was no
authorities
paid for gold by the United States:
Saturday, Aug. 12
Monday, Aug. 14__„_.
Last week the French Finance
Paris
firm.
continues
ranged during the week between
1-32% and
Gov¬
participated in recent
exports of the
no
were
Wed¬
on
gold
On Thursday $1,780,000 of
nesday.
The bank
.
months in
<
the
suspension of payments by
Mendelssohn & Co. of Amsterdam on Aug. 11
15,094,000 from Holland
2,286,000 from Canada
the
lenders of all types are unrespon¬
Announcement of the
$23,553,000from England
good demand
?:i';:'
sive.
Exports
Imports
holding
are
Despite
market.
firmness, and while there is a
follows:
was as
Capitalists
limited.
investment
repatriation of French funds during the past few
months the money market shows a tendency to
gold movement for
reported by the Federal
York,
the
from
aloof
Friday £315,000.
At the Port of New York the
ever
against the legal minimum
markets there are
Thursday | £374,000, and
Paris
deviated from 176.70 francs to the pound,
of 179.
Exchange trading in Paris is dull and all financial
hardly
as
generally in favor
This week the London check rate on
of Paris.
con¬
on
follows:
as
was
Monday
and the dollar, with the rate
23-32%, four-
bills to
of both sterling
'
offer in the London open
On Saturday last £211,000,
Gold
1%%.
Wednesday £348,000,
on
Two-inonths bills went
25-32%, and s'x-months bills
bills to
months
on
1-2%.
21-32%, three-months
to
Money
fractionally this week.
$35.00
Monday,
Aug. 14
35.00
Thursday,
Aug. 17
Aug. 15.
35.00
Friday
Aug. 18.
35.00
Thus far it has not been
determined what form this
35.00
Tuesday,
,
Referring to day-to-day rates sterling exchange
Saturday last
were
sure
was
closed.
On
in limited
@$4.68%
$4.68 3-16
market
.
nominal
trading.
for
cable
The
bankers'
limited
under
was
range was
sight
and
transfers.
On
with
on
New York City banks
Monday sterling
for
was
as
pres-
$4.67 15-16
$4.68 1-16@
Tuesday
sterling under
the
pressure,
aid
will
even
if
take.
no
Paris
financial circles
believe that
Government aid is given, no
experience serious difficulty as the
holder will
bonds provide an
interesting yield and are free from exchange risk since
they
are
guaranteed in dollars and guilders.
The
bonds would normally find their way into the port-
Meanwhile facilities are
available for 90-day advances in unlimited quantities
folios of large institutions.
Volume
The Commercial & Financial Chronicle
149
against the bonds at the
rate of interest as
same
the
bonds themselves carry.
Belgian currency continues steady.
On Aug. 16
Washington authorities formally announced the intention to replace the
present trade agreement with
Belgium with
in
treaty which is expected to result
a new
important
tariff
the
between
concessions
two
countries.
The
which
exchange commitments and the necessity for banks
and exchange dealers having relations with the firm
to cover their requirements in the open market
created unusual activity in the guilder.
the
present one,
Belgo-Luxemburg economic union and to the
Belgian Congo
well
as
as to
Belgium
on
spot and
4 points.
Aug. 16 the discount had narrowed to
Belgian business leaders
are
special Bel-
gian trade mission has recently been negotiating in
Argentina, Chile, Uruguay and Brazil and a
new
mission is
tions
now
being organized to carry on neg'otiaMexico, Cuba, Colombia, Venezuela and
in
The discount
from 20 points
was
6 points under
90-day guilders decreased
on
Aug. 8 to 10 points
on
Aug. 16.
on
Apparently the improvement in the Cabinet situation in The Netherlands has also contributed
also making a trade
A
on
30-day guilders
materi-
ally to the firming of the guilder.
proper.
drive for business in South America.
On Aug. 8
the discount
negotiated in May, 1935, will apply to
was
treaty, like the
new
1079
Bankers' sight
Amsterdam finished
on
at 53.68, against 53.56
on
Friday
Friday of last week; cable
on
transfers at 53.69, against
53.56; and commercial
sight bills at 53.64, against 53.51. Swiss francs closed
at 22.58% for checks and at 22.58% for cable trans-
fers,
against
22.57%
and
22.57%.
Copenhagen
Peru.
checks finished at 20.90 and cable transfers at 20.90
Owing to the fact that the last traces of the AprilMay crisis in Belgium have been wiped out through
against 20.90 and 20.90.
the inflow of
and 24.13%; while checks
capital, the Belgium Government has
decided upon a moderate policy of credit expansion.
The limit on the amount of
Treasury bills which the
Central Bank
discount has been increased from
can
1,500,000,000 Belgian francs to 5,000,000,000.
The
following table
shows
the
relation
the
of
leading European currencies to the United States
oid Dollar
b cFrance
New Dollar
Range
Parity
Parity a
nis Week
v
(franc)..
;'
Belgium (beiga)
3.92
6.63
13.90
swtertad^fmne')-;:::::;::
,SS
40.20
2.64% to
2.65
(guilder)
New dollar
parity
or
aski-mark, will
-n
-v
Paris closed
on
Friday
^ *'^.70, against 176.70 on Friday of last week. In
New York
sight bills
on
the French center finished
on
2.64
at 16.99 for
2.65.^ Antwerp belgas closed
bankers'sight bills and at 16.99 for cable
transfers, against 16.99 and 16.99.
for Berlin marks
and 40.08 for
were
cable
Final quotations
40.08 for bankers'
sight bills
transfers, in comparison
with
40.13 and 40.13%.
Italian lire closed at 5.26% for
sight bills and at 5.26% for cable transfers,
against 5.26% and 5.26%.
Exchange on Czechobankers
Slovakia is
nominally quoted, but most banks refuse
to make commitments in Czech
currency.
on
at
Exchange
Bucharest closed at 0.72, against 0.72; on Poland
18.83,
18.83; and
against
against 2.06%.
on
vary
with dollar fluctuations in
i_
•
tt
x
xi_
/•
Heretofore the
compen-
money
United States diplo-
matic sources said 4hat the Brazilian Order in effect
Jf
n
,
ties
.
J
the
which
cjes
.
compensated
■
i
..
mark to
the
United
pt
States
Finland at
2.07,
Greek exchange closed at 0.85%,
against 0.85%.
Germany had enjoyed there since the
were
admitted to free
curren-
dealings
exchange
on
April 10.
Friday at 2.64 13-16, against 2.65; cable transfers
at
15-16, against
r
dollar in Brazil and eliminates the trading advantage
^
on
.
thereafter German marks, the so-called compensated
2HtHZ
4eregardless, of IH
mark, tash how other foreign
gold and allowed to "float" on June 20, 1937.
1938 the franc was devalued on a de facto basis.of 179
francs to the pound, or 2.79 cents a franc.
.
,
+
fluctuated, remained constant.
On May 5,
The London check rate
•
Aug. 11. the Bank of Brazil announced that
53.63M to 53.81
before devaluation of the European currencies.
as
*
Brazilian foreign exchange.
b Franc cut from
c
""TT^TT
T-ivmTAATnn
16.98.^ 10 16.99^
68.06
a
Norway finished at
on
CXCHANGE on the South Amencan countries is
q"iet an*™tes are held fady ln ^T3 of the
d°"ar hr°Uf!
f °han{f controls
a®:"
Holland
-
16.95
Sweden closed
23.52.
^
«
on
23.52 and cable transfers at 23.52, against 23.52 and
dollar*
_
Checks
at 24.13 and cable transfers at 24.13, against 24.13%
Argentine
paper
pesos
closed
on
Friday at 31.20
for bankers' sight bills, against 31.20
jas^
on
Friday of
week; cable transfers at 31.20, against 31.20.
q^e unofficial
or
free market rate
against 23.20@23.25.
5.08, against 5.08.
5 ^9
(official),
was
23.22@23.25,
Brazilian milreis
are
quoted
Chilean exchange is quoted at
against
Peru
5.19.
is
nominally
quoted at 19.00, against 19.00.
—•
CXCHANGE on the Far Eastern countries presents no new features from those of recent
weeks. The Shanghai dollar quotation is largely
nominal and ranged this week between 7.65 and 6.65.
This compares with the rate of 29 cents which prevailed for a long time prior to the last few months.
•
A recent
London dispatch
said that it is under-
EXCHANGE on the countries neutral during the stood that therein China. The British Government
presents
features from those of
question is no change with regard to the curwar
recent
franc
no
weeks.
are
The
reney
new
Scandinavians
and
the
Swiss
steady, moving in close sympathy with
is still in consultation with the governments of the
United States and France
sterling.
Closing
The Holland
guilder fluctuated rather widely dur-
ing the week but
firm.
In
on the whole has been extremely
Monday's trading the guilder reached a
quotations
for
on
this matter,
yen
checks
were
27.30,
against 27.30 on Friday of last week.
Hongkong
closed at 28.57@28%, against 28 9-16@28%; Shang-
hai at 7.00 (nominal), against 7.00; Manila at 49.80,
high of 53.81 but gradually receded a few days later
to 53.64%.
At the present juncture anything above
against 49.80; Singapore at 54.90, against 54.90;
53.65 is considered
35.00, against 34.99.
a
strong quotation for the guilder.
Bombay at 35.00, against 34.99; and Calcutta at
According to opinion in foreign exchange circles the
Gold Bullion in European Banks
continuing strength in The Netherlands rate is due
'T'HE following table indicates the amounts of gold
in
part to the difficulties of the banking house of
Mendelssohn & Co.
as
the
closing out of its foreign
1
bullion (converted into pounds sterling at the
British statutory rate, 84s. ll%d.
per
fine ounce)
The Commercial & Financial
1080
principal European banks as of respective
dates of most recent statements, reported to us by
in
the
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
4939
banks of—
1938
1937
£
£
£
,
Prance
....
Germany
327,596,867
293,728,209
3,008,600
63,667,000
25,232,000
123,403,000
84,919,000
113,041,000
193,909,311
438,783,001
573,289,944
2,497,650
2,394,350
3.225.300
88,092,000
42,575,000
54,900,000
90,774,000
25,232,000
105,490,000
103,513,000
106,542,000
100,534,000
83,452,000
49,832,000
45,480,000
25,895,000
24,072,000
19,813,000
6,500,000
29,234,000
6,539,000
6,549,000
6,553, (MX)
7,394,000
6,666,000
7,442.000
6,602,000
6,604,000
6,602,000
Netherlands
c63,667,00<)
a23,400,000
96,117.000
Nat. Belg..
98,800,000
Switzerland
98,442,000
34,500,000
Italy..
Sweden....
Denmark..
...
59,741,000
49,161,000
1,149,923,555
901,958,097 1,077,810,676 1,067,575,668 1,065,209,729
1,146.942.731
899,472,9301 1.075,496.151 1,039,380.465 1.065:011,759
Total week.
Prev. week.
*
£
244,862,378
327,775,880
293,246,138
87,323,000
b3,840,500
..
Spain
Norway
1935
1936
£
*141,424,113
328,601,484
England...
1939, the Bank of England
holdings of the Bank
Currency and Bank Notes Act,
to the
Pursuant
1, 1939 and since have carried the gold
statements for March
value current as of the statement date, instead of the statutory price,
formerly the basis of value.
On the market price basis (148s. 7d.
at the market
which
was
fine ounce), the Bank reported holdings of
only about £141,424,113 at the statutory rate
per
to
£247,340,084 equivalent, however,
(84s. 11 Md- per fine ounce), accord¬
comparable with former
with the figures for other countries In the tabulation, we show
In order to make the current figure
ing to our calculations.
periods as well as
English holdings In the above In statutory pounds.
a Amount held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany Includes "deposits held abroad" and "reserves In foreign cur¬
rencies."
c As of April 30, 1938, latest figure available.
Also first report sub¬
sequent to Aug. 1,1936.
The value of gold held by the Bank
rapid evaporation of business
taxes; labor's previous
and working conditions went through
the latest depression unscathed.
, ■
Current strikes and strike thigats arise primarily
out of the struggle for power between the American
Federation of Labor and John Lewis' Committee for
Industrial Organization.
For example, the United
Mine Workers were called out in the spring for the
steady increase -in business
gains in wages
.
sole
0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg. gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936, 65.5 mg. gold 0.9 fine equaled ohe franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7,9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France Is now Just about £l; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1; when 65.5 mg., about 125 francs equaled £1.
that John Lewis could call strategic
individual mines to combat growth of the
so
strikes in
Workers' Lhrion. No
change in wrages, working hours, or working con¬
ditions was involved.
The recent General Motors'
tool and die workers' strike was an outgrowth of the
from Usual
Not Spring
Employer-Employee Dif¬
ferences
split of the United Automobile Workers' Union
C. I. O. branch and an A. F. of L. branch.
become
popular among Administration sympathisers
"Now it's up to
to the effect that
One
why it is not
reason
business."
strike
The
"up to business" is
epidemic of labor troubles
coal industry was shut down
The
in recent months.
Then the coastwise oil
eight weeks this spring.
business
tanker
automobile
was
industry
troubles
now
and the
up,
disturbed by
was
Labor
conflicts.
labor
temporarily tied
series of
a
threaten
to
the
precipitate a strike of unknown proportions in
A strike is
the packing industry.
On Sept. 30 agreements expire between American
shipowners on the East and West coasts and seagoing
motion
and stage industry.
picture
threatened by Labor Day in
dockside
and
labor
whether
and
averted is still to be determined.
Union has called
a
a
during
current
higher
its
against
due
hands is
commands
toward
crop
the
wages,
within the
smooth out its
jurisdictional troubles in the building
its house
this A. F. of
L. industrial stronghold.
And the milk strike is
being engineered by an allegedly Communist-con¬
trolled and definitely C. I. O.-dominated union of
farmers which is the only organization not a member
of the recognized bargaining agency for farmers in
ready to meet John Lewis's threat to raid
the New York milk shed.
clearly to
is to the
advantage of American labor leaders. For power
politics such as this are bound to grow and expand
unless checked, and this growth and expansion in¬
swelling tide of such trouble is as
The
the
disadvantage of American labor as it
volves
of
and
more
irresponsible use
sympathetic strikes, jurisdictional
sary,
strikes, boy¬
To finance these strikes money
is neces¬
shut down.
leaders are bound
the American public and precipitate
and to win them plants must be
antagonize
But the
prosperity.
These
of higher
wages
almost
or
entirely
better
power
for satisfaction
over
their gains
In the last decade the purchasing
The protection of a paternal government
has been thrown round labor conditions in
reckless and
more
to
of organized labor's hourly wages has risen by
25 to 40%.
The 40-hour week has become
different ways.
plants. The recent
of Labor to
American Federation
industry is largely a Federation effort to get
retaliation—the
drastic
borne
a
dozen
During the 1937-38 business decline
burden
of
which will
be
and not by the
him for their political ad¬
by the American workingman
leaders
who
are
using
vantage.
An
example of this is the recent Apex Hosiery case,
union members participating in a sit-
in which the
strike
Anti-Trust Act.
cause
Armour
I. O.'s packing house affiliate as
bargaining agency for all its
down
of recent years.
standard.
working conditions, but to force
the part of labor officials.
Workmen have
from
sole
for
opportune moment
an
shorter hours, or something
are
joisting
threatened strike in the
accept the C.
with
position. The
packing industry is neither
command
continuing these quarrels labor
present from striking for its traditional objectives.
power
high
only fair that labor should refrain at
on
seems
each
In
threats, instead of being directed
objectives
in shipping is a
independent unions and affiliations,
of
cotts, &c.
of labor trouble is different.
conditions,
working
struggles
milk
quarts
1,000,000
shipping industry will
primarily because labor organization
to
affiliates.
arise
raid each others'
of labor to
Possible trouble in the
period of rising business.
of reviving
share
strikes and strike
It
a
naturally considers this
to demand
as
off
somewhat traditional that strikes
course
should increase
else
cut
be
day from New York.
/It is of
Labor
can
strike in the New York City
shed which threatens to
of milk
strike
a
The Dairy Farmers'
The
Packard and the threatened
Chrysler involve the same controversy.
trouble among the actors and stage
to the efforts of the two major high
current
move
indicated by the growing
into a
impending trouble at
for wages nor
adjournment of Congress, a cliche has
Since the
Progressive Mine
A. F. of L.'s
maze
Present Labor Difficulties Do
with the
of amending the agreement
purpose
operators
accordance
of France Is presently calculated, In
13, 1938, at the rate of 27.5 mg. gold,
with the decree of Nov.
blank despite
earnings and the
cuts was almost a
the record of wage
the
19, 1939
,
■■'vA'
I
y
Aug.
Chronicle
were
trous backfire on
fined triple
under the
for this disas¬
is that under the National
the union
Labor Relations Act lawless
ties under the
damages
The primary reason
and irresponsible activi¬
aegis of labor leaders have
been
en¬
and
employers
couraged by the Federal Government while easy
tempered
forms
of
self-protection
by
off.
,
which labor
their private fight in the
through the courts have been largely shut
In fact blame for the
leaders
are
present ease with
carrying on
Volume
The Commercial & Financial Chronicle
149
middle of the American economy,
of everyone
and at the expense
1081
ments, and so conspicuously deprived employers of
their rights of free speech as to rouse the ire even of
concerned but themselves, must be laid
primarily to the National Labor Relations Act. That
the pro-labor American Civil Liberties .Union.
Act
plausible
has required employers to reinstate workers guilty of
powers of the workman
inherently less than those of his employer. The
.insubordination,.or who had reported for,.work under
the influence of liquor, damaged property, or ruined
was
and is
written
defended
the
on
ground that the bargaining
are
American people are the most tolerant and
earth,
kindly
work.
on
and beginning with the organization of the
National La:bor Board under Section 7
1^ permits outside labor leaders to represent
shop but has forbidden employers to bargain
through outsiders or to join an employers' associa-.
men in a
(a) of the
National Labor Relations Act, were inclined to give
tion.
the benefit "of the doubt to those who
limited, regardless of the_use of violence, illegal
inemialitv
inequality
should
should
rie-hted
righted.
be
be
much
Relations
Act,
even
individual
and the
employer
,
,
it sets
as
ticed government
so
,T
#
That
,
:
.■
.
inequality already existed before the Act
passed, in the
was
shops and few employees, wholly incapable
standing out against the power of national labor
It
organizations.
happens
so
that
panies of which this cannot be said
employers paying the highest
best
working conditions.
the
are
slants
the
the scales in
employer
usually the
tripled it.
charged.
practices"
the
employer
such right.
no
so.
to
invoke
the
Act
men
It
can
do
so
because it
in
applying the Act, in interpreting it,
determining the appropriate bargaining unit, in
holding
are
lands
im-
are
untraveled
of
living
is
people claiming to be
of the population is
or more,
so
of
standard
common
prevalent that travelers
frankly advised by standard
are
might be contaminated.
high officers of the
relatives.
Mexico
About the
army,
and their near
Many military and political leaders of
died
have
before
firing squads, by
assas-
sination, or from sudden and inexplicable accidents,
but
has discretion in
conception
the
century of revolution, are the politicians, most of
heavily aggravated these in-
equalities by its rulings.
the nation and its people
The
whom
hands," but not the employer.
The Board itself has
re-
a
Although it is richly endowed with
beyond
other
been
never
beyond the principal
only well-to-do Mexicans left, after a quarter of a
"clean
proving
that went much
an foods that
organization to strike
without
something
guide-books and reputable local physicians to avoid
offering to bargain, but gives the employer
comparable power of lockout.
It permits a labor
union
areas.
from
without
no
census
civilized; two-thirds,
spread false tales against the employer but curbs
the employer's power to tell even the truth about
It permits a labor
Trt
doubtful and probably
very
illiterate; and disease is
to
the union.
dic+.
.
miles,
square
about the lowest among any
election but gives
It permits labor
a
Americans.
are
lectively" but does not require the union to do
an
a
States, the population is claimed to be
17,000,000,
poverished
It requires the employer to "bargain colthe union to call for
„
reality
density of population is about half that
urban
It gives
where
It permits
Itg
natural resources,
The Act itself
labor
m
,,
exaggerated total since there has
against strikes called by
"unfair
,
,
one-quarter of the land area of the United
United
around
heavily in-
outsiders
no
,
v.
.
,
republic but
a
,.„
small and shifting group, largely mili-
a
liable
multitude of ways.
a
no recourse
t»y
than
0£
bargaining inequality and the National
Labor Relations Board has
,
gtates>
com-
■
„
The National Labor Relations Act has
creased this
big
more
and giving the
wages
Expropriation
„
taristic, occupies 751,743
of small
of
.
,
,
chosen
that most employers are men
sense
.
tatorship autocratically ruled by the representative
■
■
.
Mexico, nominally
the labor leader.
means
Mexico and
union—which
labor
em-
*
'
j
,
It has
by injunction-against
another
up
un-
occu-
pi0yerSt
serious—largely between the
more
It has insisted that the right to strike is
Pation Of property, or other illegal purposes.
National
the
But
administered, does not
as
right this alleged inequality
inequality
argued that this
But^the JNational
^
Labor
It
poor
.
has
none
ever
completed his term of office
a
man.
The Government itself is
impoverished, despite the
uncompensated appropriations of private property
totaling
an
immense value while under the
manage-
denying elections, in timing elections, in
applying the rules of evidence, in granting of deny-
ment of competent owners.
ing subpoenas, and in granting remedies.
foreign debt
Fortunately, in the teeth of the strongest Administration pressure, the present
Congress has voted
24, 1937.
$50,000 for
termittent, with long intervals between partial pay-
Labor
or
an
investigation this fall of the National
Relations
committee is
Board,
not
and
the
Smith-five-man
likely to give the Board
a
white-
wash.
Though this appropriation is incongruously
small compared with the $100,000 for the Dies Com-
dollars, approximates
gan
on
Mexico's public debt, in
$483,000,000, including the
the railroads expropriated
June
on
Since the continuous revolution that be-
in the year 1914, the debt service has been in-
ments, and accrued and unpaid interest now exceeds the
principal of the debt, standing at the last
account at about $493,000,000. Dispossessed foreign
land-owners have
long gone without redress and, al-
mittee, the $150,000 for the LaFollette Committee,
and the $600,000 granted the
Anti-Monopoly Com-
though our State Department, under Cordell Hull,
mittee, the Smith committee starts out with
wealth
notes, the high phrases appear to have tapered down
hearings this spring before the
in practice to acceptance of an appeasement policy
of material from the
Senate Committee
on
Education and Labor
a
on
pro-
took
a
strong position in
a
series of diplomatic
involving doubtful appraisals of the expropriated
posed amendments to the Wagner (National Labor
lands and payments certain, if they
Relations) Act.
to be spread over so many future years that the
of evidence
to
These hearings brought forth
a mass
show that the Board has abused its
discretion and been
highly partial to national labor
organizations against employers, and among national
labor organizations, to
It
has
those affiliated with the C.I.O.
protected sit-down strikers,
compelled
ployers to bargain with violators of collective
em-
agree-
final
instalments
will
probably
are ever
have
lected by the heirs of the dispossessed
Mexico remains
an
to
made,
be
col-
owners,
independent nation by virtue
of the Monroe Doctrine, under which it is strongly
protected by the United States, which is envied and
despised by the Mexican people.
Porfirio Diaz, the
The Commercial & Financial Chronicle
1082
wise dictator whose control
replied
once
Mexico has
to
a
navy
Josephus Daniels was appointed Ambas-
In 1933
He
sador to Mexico.
in
the
course
from the first to have
seems
of President-dictator
Plutarco
Secretary of State Sumner
statement by Acting
Welles, the discussion was dropped, although it was
understood that notes and diplomatic communica-
Direct negotiations
exchanged.
tions were being
kindly maintains one for our benefit."
States
seen
lasted for three decades,
inquirer who asked whether
by saying, "No! But the United
an
Aug. 19, 1939
between the Government of Mexico and the ousted
owners have, however, taken place and the revelations made this
week show that our State Depart-
By and large, there is a great deal to be said in sup-
ment was informed of their developments and at
some stage evolved and urged the adoption of a plan
which the oil companies, sensibly it would seem,
have rejected. It involved the control by an equal
number of representatives of the Mexican Govern-
The Mexican scene is a caricature
shapings less
ment and the owners, with the balance of power
vested in disinterested strangers.
Meanwhile the
Calles, and his successor Lazaro Cardenas, only an
application to Mexican conditions of the principles
practices of the New Deal and to have regarded
and
step as sincere flattery deserving his approval,
every
port of this view.
of the
American, its lines bolder, its
and
frequent
delusive,
less
its
regimentations
Mexican Government is largely supported by rev-
that would cease if the United States stopped
plainer and more relentless, its confiscations more
enues
direct and less
the liberal purchase of Mexican silver
not want and merely hoards unused,
blances
adroitly concealed; but the
there and
are
a
resem-
acute mind than that
more
which it does
will come to an
Constitution of
evidence is convincing that President Cardenas conMexico he will be ineligible for re-election.
Since
templated expropriation of the American and Britthe overthrow of the puppet empire of Maximilian,
ish oil properties, valued at more than $400,000,000,
when the United States persuaded Napoleon the
with a timid anxiety as to the official American atLittle to recognize the Monroe Doctrine and withtitude and a clear determination not to proceed undraw the French batallions Avhich kept him in preless satisfied beforehand that any opposition from
carious control, Mexico has never been for more
Washington would be tentative and perfunctory,
than a few months ruled in conflict with any purAnd until the final act of actual confiscation, alpose steadily pressed by the authorities in Washingthough it is called expropriation, there was not a
ton.
Power fully to protect legitimate American
public word from Washington that even tended to
interests in Mexico undeniably rests with our Fedconvey disapproval or to indicate that the Mexican
eral Government. Such protection does not involve
interests of American citizens would receive any
war, it requires merely steadfast resolution, firm
genuine protection at the hands of the American
and persistent pressure, and it must be based upon
Government.
Since the event, Cordell Hull, as Sec-1 definite conviction that rights of property lawfully
retary of State, has publicly made strong and suitacquired when American capital is invested in the
able representations, admitting that with adequate
development of foreign resources are entitled to reand prompt compensation any sovereign Governspectful recognition and honest treatment at all
ment may assume control of any property privately
times. That is the doctrine of every civilized 11aowned and within its boundaries, but asserting the
tion on earth, with respect to its citizens or subtime-honored and universally recognized principle
jects; it has been repeatedly enforced on behalf of
that expropriation without such compensation is
citizens of the United States; it must be re-asserted
bald confiscation and contrary to the Law of Naand supported by any Administration in this counof the American Ambassador
the
same
tions.
it is
might trace them to
single human weakness, that of envy.
Mexico's response was
The
five-fold: first, that
when and
cated
second,
it
as
out of the
can
that it
(in the
would like to pay"
case
of oil, obviously,
proceeds of the operation of the confis-
properties); third, that it has taken the prop-
erty of its
of their
citizens with
own
no more
consideration
that it has the
dropped
as
as
public
Gross and Net
was
And there,
advised prior to the recent
cial
States
progress,
were
for
unable
business
to
in
make
any
noteworthy finan¬
general held
approximately
at the levels attained in the autumn of 1938 and the
financial statistics naturally reflect this situation.
carrier
In com¬
parison with the similar period of 1938, the first half
the current year was somewhat
general business.
since business
money
do so without
pressure or limitation by their own
Government. The sufficiency of compensation not
in cash is never a matter for official determination,
either in domestic or foreign expropriations.
Earnings of United States Railroads for the Six Months Ended June 30
During the first six months of 1939 the railroads of the
United
in foreign lands and are tendered anything other
than the prompt and adequate compensation in
they will accept such modified compensation and to
com-
tending to create antipathies between
the
deprived of their lawfully acquired properties
are
properties and intends to keep them;
peoples of the respective countries.
far
it is necessary to add that when American citizens
required by international law, it is their undoubted right to determine for themselves whether
more
and, fifth, that anyway the discussion ought to be
for
In view of certain remarkable suggestions in this
week's public statement by the Acting Secretary,
than citizens; fourth,
rights and that outsiders cannot justly
plain unless they suffer
so
try worthy of the respect of American voters,
completely unable to meet such conditions of
compensation;
the
The t^rm of President Cardenas
end in December, 1940, and by the
of
better, for the railroads as
This is saying very little, however,
prostration early last
year was
exceptionally
half of 1939,
many
and it is indicative that Congress considered
remedial
Unfortunately,
laws
in
session
the
Congress
saw
fit
ures
The
modified
carriers to
ure
was
Railroad
in
a
a
Unemployment
manner
degree.
that
will
precarious
condition
throughout
the
first
seems
Insurance
reduce
charges
Act
upon
was
the
passed, as well, and will make possible adjustments
railroad
in
financial
difficulties
ments of the carriers and their
a
5.
The Chandler rail bankruptcy meas¬
1933.
in
Aug.
set aside
being enacted which will prove only moderately bene¬
ficial.
of
remained
ended
again to
virtually all the proposals for railroad aid, only two meas¬
acute, and at times rivaled the worst periods of 1932 and
The fact is that the railroad transportation business
which
once
the
best
interests
of
through
voluntary agree¬
debtors, where such action
all
concerned.
It
is to be
The Commercial & Financial Chronicle
Volume 149
noted that the
with the
promptly for
Baltimore & Ohio RR. moved
times, if indeed they were ever behind them, and
adjustment of its financial burdens, immediately after the
betterment
Chandler Act
on
approved
was
July 28, 1939.
on
It appears that the railroads will have to
under
their
adversities,
many
currently is the
one
is the inability
of the country to climb out of the depths
of
It is
depression.
were
anxious
its worst and longest depression.
into
difficulties,
but
managed
nearing its
end.
hitherto unfailing buoyancy of American
surmounted the
crisis
and
staged
levels prevalent in 1929.
trade level here
Not
has approached since
never
all
in
they are
cases
equipment
now
coming
:
questions of considerable finan¬
some
remain
necessarily
light of such actions
no
Simple
abeyance.
in
longer seems necessary, in
those taken by the Lehigh Yalley
as
service adjustments which are the alternative to
surely should be held .to
the United States, for the
so
and
modern
RR., the Baltimore & Ohio RR., and others, but the debt
that lifted business in the United Kingdom far over
covery
outlays,
the
to
importance
the
re¬
a
general upturn, if their revenues
a
bankruptcy under Section 77
business, England
the late 1920's
of
It is obvious, moreover,
use.
cial
and
Notwithstanding the traditional
add
to
As matters stand,
greater
make much
to
States in the decade which now
progress than the United
is
Other countries also faced
case to
maintenance
collapse occurred and precipitated the United States into
similar
plainly depends only
status
adequate, for in some cases they still are de¬
more
ferring
10 years since the 1929
nearly
now
their financial
of
the state of general business.
that the carriers would be able to contribute far more than
struggle along
the primary
of which
1083
their way more clearly, it is
see
1929 the figures
bankruptcy
Until the railroads
minimum.
a
hardly to be supposed that
The Administration in Washington
much
rightly is held responsible for this situation by the business
many
community,
steps.toward adjustment of the financial affairs of bank¬
current for that year.
the
as
business-baiting
have
Federal
take
last
by
matters
session, and
the
But the
scale
went
before
ever
detriment
of
as
reversal
would
be
operations everywhere
been
found
those
Mr.
pay wage scales
than
Roosevelt
set
difficulties prevail
as
carriers had
to
The
up.
higher than the 1929 levels, and this
even
offset
March, 1938.
the freight
rate advances
established
2%c.
this,
mile, but there appears to be
a
special
as
effected in
in
Railroads in the East may have gained some
advantage from the rise in passenger fares to
of
and
the subdued scale that has
on
appropriate while such
which
more
were
the Administration,
by
round-trip
reductions
order to attract traffic.
again
So far
as
have
been
the internal
aspects of railroading are concerned, the first half of this
but
the
1939.
financial
Gross
iast
year,
results
in
revenues
$1,800,532,143,
against
only
were
the
first
moderately
half
$1,632,876,801
increase
an
of
this
of
in
of the
gain, so that net
569,136
in
534,136,
or
$167,655,342,
revenues
the
similar
period
better
the
turn
to
now
a
year
make
better
showings
1938,
of
a
small
was
rather
a
wide and finally was
tion.
nounced
Pocahontas
the
in
considerably
better
speaking, the net
make
far
better
But
this
The
gain
of
1938
234,727
—1,121
$
$
•—0.47
%
,+ 167,655,342 + 10.26
1,800,532,143 1,632,876,801
1,397,428,352 1,328,307,665 / +69,120,687
177.61)
304.569.136
+ 5.20
181.34)
403,103.791
._
as
the
spring
+98.534,655 + 32.35
As will be noted from the table supplied later in this
1920's and
the
deep depression years, such
in other
words, need
more
under
are
as
1931
or
even
1936.
some
tion and some relief from the
and also less regula¬
staggering tax burdens of the
Federal, State and municipal regimes.
The competition of
special problem, but the effects
a
of the
The railroads,
business by far than was offered
to them in the first half of this year,
motor trucks is
are
being
mitigated by the
Interstate Commerce Commission control
of
and
those carriers
ing.
by substantial advances in
railroad¬
It may be mentioned, indeed, that the railroads
longer
can
ments,
for
changes
be
in
can
many new
charged
recent
be noted.
devices
ous
improvements
for
the
comfort
accommodation
now
as
of
of
with
years
disregard of
an
modem
extraordinary
no
require¬
array
of
Heavier rails, impregnated ties and
are
common,
along with such obvi¬
stream-lined and air-conditioned trains
passengers,
shippers.
the
strike in the
revenues
Federal media¬
through
Net
was most pro¬
revenues
last.
also
were
Comparatively
for the early months of
against those of the
1939
as
general business during
to any change in the
during the first half of 1939.
In the following
tables.we show the comparisons of the totals for each of
of
last
and
year,
not
situation
different
months
of
the
Gross Earnings
semi-annual
January
March......
May
281,513,409
301,992,820
320.991,913
....
...
Mm
Mileage
Year
Preceding
Amount
$305,232,033 $278,600,985 +$26,631,048
276,341,856 250,510,207
+25,831,649
314,460,087 282,514,278
+31,945,809
April..
June.
periods:
Increase (+) or
Decrease (—)
Year
Year
Given
267,685,764
272,017,483
281,547,886
Percent
Year
Given
Preced'gl
+29,975,337
+ 11.01
233,824
233,708
233,659
233,565
233,545
+ 39,444,027
+ 14.00
233,404
+ 13,827,645
Net Earnings
and
fast
freights for the
The railroads have caught
up
-
February
March........
April
+ 9.55
+ 10.31
+ 11.30
+ 5.17
234,853
234,789
234,761
234,739
234,694
234,527
Inc. (+) or Dec. (—)
Year
Preceding
;
$72,811,019
56,242,842
74,688,342
54,422,823
65,168,331
May..
June....
improvement thus shown must be considered in the
those of
in
Amount
Percent
Inc. (+) or Dec. (—)
survey, the figures for the first half of 1939 compare poorly
with
a
naturally
than
year
showings
$98,-
light of the stagnation of business in the early part of last
year.
area.
this is due to the slow recovery of
February...
233,606
Net earnlnes.
owing to
than
however, the
1938
April, May and June,
against the figures for the similar months of 1938.
But
of
good part
a
$
expenses
one,
surmounted
Year
Mileage of 135 roads
Operating
revenues
For April,
The curtailment of revenues
Given
Ratio of expenses to earnings
In all the months from
gross
on
advance
January............
_
systems to
Month
1939
earnings
various
Appalachian coal fields which threatened to become nation¬
-
Jan. 1 to June 30
Oross
1938.
1938.
of
were
half
1939 against $304,-
of
the
month-by-month comparison of rail¬
Month
10.26%.
or
of
status
earnings for the first six months of this year with
in
before taxes totaled only
the first six months
32.35%. '
of
of 1938,
first
the
operating expenses also advanced and absorbed
$403,103,791 in
to
the
is quite comparable with the similar period
year
When
months than do the net revenues for
basic rate
a
question about
some
and probably will
business upturn.
adjusted, moreover, proper attention once
are
those of the similar period of
to
lacking even in the hope that
was
general and concerted
needed,
pronounced
corresponding months
suffered
is
January to June, inclusive, the carriers were able this year
the
of
bhsiness.
The first half of 1939
a
to the future will contihue,
history
peace-time
a
upon
more
a
other.
We
lavish
on a more
the
wait
clarification
road
defeats.
in
Nation, and uncertainty
the
resounding
to
down
Congress appropriated funds
same
than
and
each
of the dangerous proposals advanced
some
President then
direction
tentative
Some
reorganization.
again can be paid to the question of railroad consolidations
hands toward the end of the
own
to
the courts will be made by the
reported, but
that
such matters
Fortunately, Congress finally began
into its
are
in
have
private business have combined
management to destroy that confidence which is necessary
to
undergoing
rupt roads
tinkering, labor-coddling and budgetary mis¬
if business is to thrive.
roads
movement
of his associates
some
Over-taxation, over-regulation and direct
competition with
with monetary
such
witnessed
before
never
Mr. Roosevelt and
as
displayed.
country
real progress out of
—
79,770.820
$46,609,996
35,711,887
54,100,286
48,717,237
55,486,333
63,937,412
+$26,201,023
+20,530,955
+56.21
+20,588,056
+ 5,705,586
+ 9,681,998
+ 15.833.408
+38.05
+57.49
+ 11.71
+ 17.44
+ 24.76
Weather conditions remain a highly important factor in
railroad operations and the
financial returns of the carriers.
part of 1939 the weather was kind to the rail¬
In the first
hardly any of the floods and other
make emergency outlays imperative,
often on a large scale.
In this sense the comparison of
earnings favors 1939 over 1938, for in the earlier year a
tremendous flood occurred during March in southern Cali¬
fornia, reducing the traffic of the region and making heavy
expenditures necessary. Agricultural conditions were fairly
good through the first half of 1939, especially in the West¬
roads,
as
there were
catastrophes
ern
which
"Dust Bowl," where moisture was
adequate to insure
drought developed in the north¬
eastern part of the country, but it did not affect rail earn¬
ings of the period under consideration.
We turn now to our customary consideration of leading
trade and other statistics, and their effect upon railroad
revenues.
In order to do this in a simplified form we have
brought together in the table we present below the figures
indicative of activity in the more important industries of
the country, together with those pertaining to grain, cotton
and livesock receipts and revenue freight car loadings, for
good crops.
During July
a
the first six months of 1939, as compared with the same
period of 1938,1937,1932 and 1929. On examination it will
be readily seen that the output of all the industries men¬
tioned was
on
a
greatly increased scale
as
compared with"
The Commercial &
1084
this being particularly true in the
production. It follows, as a matter of course,
that the number of cars of revenue freight moved by the
railroads was also very much larger than in the first six
months of last year.
On the other hand, receipts of cotton
at the Southern outports were much smaller; livestock re¬
PRINCIPAL
the various cattle markets were less (due to
Chicago and Kansas City), and receipts
the Western primary markets of the various farm prod¬
at
Increase
New York Central
Southern Pacific (2
. .. -
6,934,30/
Erie
4,389,875
4,154,976
4,132,634
f,971,019
New York N H & Hart..
Norfolk & Western
at
Louisville &
(taking them collectively)
were on a
greatly reduced
...".'
-
1929
1932
1937
1938
1939
6 Mos. Ended June 30
Automobiles (cars):
Production
cars,
(passenger
1,953,533
trucks, &c,).a__
1,203,343
871,448
2,788,298
Building ($000):
3,225,443
$667,079 $3,667,983
b $1,699,364 $1,294,272 $1,493,236
Coal (net tons):
Bltumlnous.c
161257000 151796 000 224559 000 144588000 257847000
Pa. anthracite.d
26,596,000 24,861,000 28,256,000 24,162,000 35,517,000
Freight Traffic:
25,516,953
Car loadings, all (cars).e 15,343,122 14,230,632 19,040,175 14,107,820
South¬
ports (bales) Jf
Cotton
ern
receipts,
1,546,471
621,059
1,214,779
3,394,799
1,929,832
43,781
42,092
27,798
10,744
32,352
76,467
41,640
11,298
25,173
106,072
51,006
39,153
9,963
10,123
69,191
64,245
26,339
22,057
7,184
Livestock receipts g:
38,126
Chicago (cars)
Kansas City (cars)
"
26,634
—
11,730
Omaha
(cars).
Western flour and grain
-
receipts h:
(000 barrels)...
Wheat (000 bushels)..
12,025
128,385
Flour
(000 bushels)...
Oats (000 bushels) —
bushels)..
77,977
167,619
29,851
35,048
5,197
89,703
33,569
Corn
Barley (000
Rye (000
Iron & Steel
Boston & Maine—
Northern Pacific-.—-Western Pacific..-----New York Chic & St L-.
Chic R Isl & Pac (2 rds).
Chic & North Western—
Grand Trunk Western..
35,615
7,617
bushels)
(gross tons):
Pig Iron production_k._ 12,522,369
7,873,026 19,706,593
28,758,960
Steel Ingot production.!. 18,590,780 10,788,583
30,275
11,441
11,899
133,779
142,537
57,179
21,690
3,501
6,200
9,519
100,155
59,982
5,168,814 21,640,960
7,697,210 29,036,247
Shipments.m
5,212,975
5,514,471
Orders received.m
5,565,064
Productlon.m
4,289,219
4,689,004
4,689,840
6,234,282
6,574,853
6,124,319
2,806,164
3,563,013
3,413,186
a
of
Rocky
Mountains),
c
In all the foregoing we
a
Turning
whole.
have been dealing with the roads
attention now to the separate
our
the exhibits in consonance with
the results shown in the general totals.
In the half-year
under review £1 roads and systems report increases in gross
earnings in excess of $500,000, while only one road (the
Florida East Coast, with a loss of $530,240) shows a de¬
crease above that amount, and in the case of the net earn¬
roads and systems, we find
ings, 42 roads record increases of more than $500,000, and
not a single road a decrease.
Both the great trunk lines,
it will be noted, show substantial increases in both gross
and net, the Pennsylvania BR.
(which heads the list in
the case of gross earnings) reporting a gain of $22,098,752
in gross and of $6,934,302 in net, and, the New York Central
System showing an increase of $17,028,281 in gross and
heading the list in the case of the net with $9,689,759 (these
figures cover the operations of the New York Central and
its leased lines; when, however, the Pittsburgh & Lake Erie
is included, the result is an increase in gross of $18,587,873
and of $10,107,161 in net).
Other roads reporting large
gains are the Southern Pacific System, with $6,751,021 in
gross and $8,642,024 in net; the Baltimore & Ohio, with
$8,189,026 in gross and $4,971,019 in net; the Norfolk &
Western, $5,313,290 gross and $4,132,634 net; the Erie,
$5,190,994 gross and $4,389,875 net, and the New York New
Haven & Hartford, $4,863,543 gross and $4,154,976 net.
In
the table which follows we show all changes for the sepa¬
rate
roads and
systems for amounts in excess of
whether increases
PRINCIPAL
or
CHANGES
IN
MONTHS
GROSS
ENDED
EARNINGS
JUNE
30,
THE
FOR
SIX
1939
$1,742,119
1,657,283
Seaboard Air Line
Delaware & Hudson.
Union Pacific
Pittsburgh & Lake Erie.
Southern Pacific (2 rds.)
Norfolk & Western
_
.
1,523,037
Bessemer & Lake Erie
1,485,853
1,470,353
Wheeling & Lake Erie
Central of New Jersey
Chesapeake & Ohio
5.190 994
New YorkNH& Hart..
Southern Ry
Northern Pacific
Louisville & Nashville—
4,863,543 Atlantic Coast Line
4,737,481 Long Lsland
3,744,723 Western Pacific
3,566,860 Missouri Pacific
3,528,926 Minn St P & S S Marie.
2,880,855 St L-San Francisco (2rds)
2,778 617 Denver & Rio G Western
2,771,395 Detroit Toledo & Ironton
2,761 431 Nash Chattanooga St L.
2,733',421 Western Maryland
2,657,127 Chicago Great Western.
....
New York Chic & St L._
Chicago Burl & Quincy..
Elgin Joliet & Eastern
Delaware Lack & West..
Reading....
Atchison Top & Santa Fe
Pere Marquette
Grand Trunk Western_
Duluth Miss & Ir Range.
_
Wabash
Lehigh Valley
Chic & North Western..
■
.
_
Illinois Central.
1,559,592
Cin N Orl & Tex Pacific.
Erie
Chic MUw St P & Pacific
Boston & Maine
1,389,383
1,379,450
1,265,855
1,107,677
1,060,160
1,048,337
991,405
945,656
785,317
756,983
699,117
661,228
611,092
Alabama Great Southern
601,604
515,974
2,480,523 Clinchfield
506,133
2,346,391 Missouri Illinois
2,171,282
Total (51 roads).....$159,658,878
2,070,626
2,018,158
Doctcclss
2,005,110
1,974,511 I Florida East Coast
$530,240
2,503,076
cover the operations of the New York Central and the
$89,564,419
Total (42roads)
result is an increase of $10,107,161.
arranged in groups, or
the roads are
When
geographical
according to their location, the very
of the returns is most strongly brought
divisions,
favorable
out, in as
much as all the three great districts—the New England, the
Southern and the Western—together with all the various
regions comprising these districts, without a single excep¬
tion, show increases in both gross earnings and net earnings
alike.
It will be observed, also, that the percentage of in¬
crease reported by practically all the regions is very high
in the case of the net, reaching 43.87% in the New England
region;-54.06% in the Great Lakes region, and 61.40% in
the Northwestern region.
Our summary by groups is as
below.
As previously explained, we group the roads to con¬
character
Commission.
Commerce
different groups and
indicated in the footnote to the table;
of the Interstate
classification
the
with
form
The boundaries of the
SUMMARY BY GROUPS—SIX
MONTHS ENDED JUNE 30
Gross Earnings
1938
1939
District and Region
Inc. (+) or Dec.
[—)
%
$
$
$
Eastern District—
79,158,908
339,311,177
362,381,885
70,668,537
298,311,417
317,759,625
+ 8,490,371
+ 12.01
+ 40,999,760
+ 13.74
780,851,970
686,739,579
+ 94,112.391
+ 13.70
247,737,249
99,701,117
229.764,336
92,203,246
+ 17,972,913
+7.82
+7,497,871
+8.13
347,438,366
321,967,582
+25,470,784
+7.91
Northwestern region (15
195,790,083
Central Western region (16
333,410,291
174,439,297
309,435,053
143,041,433
140,295,290
+21,350,786 + 12.23
+7.74
+23,975,238
+ 1.95
+2,746,143
Total (52 roads).—
672,241,807
624,169,640
+48,072,167
+7.70
Total all districts (135 roads).. 1,800,532,143 1,632,876,801
+ 167,655,342
+ 10.26
(10 roads).
roads)..
region (18 rds.)
New England region
Great Lakes region (23
Central Eastern
+44,622,260 + 14.04
Southern District—
Southern region (28
roads)
roads)
Pocahontas region (4
—
Total (32 roads).....
Western District—
roads).
rds.)
Southwestern region (21 roads).
Net Earnings
1939
1939
Eastern District-
1938
1938
$
Mileage
District & Region
Inc.
$
(+) or Dec. (•—)
%
$
+ 60.29
24,603
24,732
+ 7,347,263
12,186,321
49,195,912 +26,600,652
69,316,209 + 18,549,585
57,602
57,972 183,195,942 130,698,442 + 52,497,500
+40.16
Southern region...
38,433
38,678
6,057
6,042
61,129,383
35,406.452
50,047,097 + 11,082,286
Pocahontas region.
29,896,272
+ 5,510,180
+22.14
+ 18.43
44,490
44,720
96,535,835
79,943,369 + 16.592,466
+20.75
North west'n region
45,807
Southwest'n region
29,348
29,411
64,440,431
29,978,551
17,938,414 + 11.014,618
49,466,538 + 14,973,893
+ 3,456,178
26,522,373
+61.40
56,359
45,883
56,741
28,953,032
Cent. West, region
131,514 132,035 123,372,014
93,927,325 +29,444,689
+31.34
233.606 234.727 403,103,791 304,569,136 + 98.534,655
+32.35
New Engl, region.
6,778
Great Lakes region
26,221
6,940
26,300
Cent. East, region.
Total
Southern
Total.
Western
19,533,584
75,796.564
87,865,794
+ 54.07
+26.76
Dist.—
Dist.'
Total.
+ 30.27
+ 13.03
conforms to the classification of the Interstate
Commerce Commissions, and the following Indicates the confines of the different
NOTE—Our grouping of the roads
groups
and regions:
EASTERN DISTRICT
the New England States.
the section on the Canadian boundary between
shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago througn Peoria to St. Iuuls and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg. W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomao
New England and the westerly
River to its mouth.
SOUTHERN
DISTRICT
section east of the Mississippi River and south
of the Ohio River to a point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to tne Atlantic.
Pocahontas Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg. W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
Southern Region—Comprises the
WESTERN
DISTRICT
section adjoining Canada lying west of the
of a line from Chicago to Omaha and thence to Portland,
ana by the Columbia River to the Pacific.
Central Western Region-—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Northwestern Region—Comprises the
Great Lakes Region, north
to
the Pacific.
We
now
add
our
detailed statement for the
It shows the results for each
leased hnes—CleveJand Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute
In¬
districts
cluding Pittsburgh & Lake Erie, the result is an increase of $18 587,873
mary:
Minn St P & S
Great Lakes Region—Comprises
Pennsylvania
$22,098,752
New York Central._.___al7,028,281
9,707,583
8,189,026
7,022,267
6,751,021
5,313,290
Southern
S Marie.Chesapeake & Ohio..—-
Alabama Great
1,686,675
1,669,223
984,814
943,082
831,905
746,239
718,267
695,197
589,049
572,586
558,099
525,432
New England Region—Comprises
Increase
Baltimore & Ohio
Great Northern
Wheeling & Lake Erie—
Seaboard Air Line
Detroit Toledo & Ironton
1 .§22,976
Pittsburgh & Lake Erie, the
cluding
$500,000,
decreases, and in both gross and net:
-
Chicago Great Western. .
Bessemer & Lake Erie—
2,166,389
L§35,428
1.840,373
1.839,805
Total (51 roads).
years).
reporting mills varies in the different
as
National Bituminous
£.761,577
the operations of the New York Central and the
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
37
Coal Commission,
d United States Bureau of Mines,
e Association of American Railroads,
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age." 1 American Iron
and Steel Institute,
m National Lumber Manufacturers Association (number of
east
Francisco(2 rds)
St L-San
Chicago Burl & Quincy.
Atlantic Coast Line
These figures cover
9,302,096
9,486,965
9,515,817
b F, W. Dodge Corp. (figures for
United States Bureau of the Census,
Missouri Pacific
leased
Note—figures in above table issued by:
States
1,381,086
1,202,174
1,146,724
1,054,457
1,037,821
Pacific-
^gVa.Uef:::::::::: i:™
regions are
Lumber (000 feet):
Cin N Orl & Tex
?ereMa^quefti-."!-B!: Bos'.w
a
Constr. contr. awarded
Nashville-.-
1,483,850
Wabash
3,513,360
3,494,975
Southern Ry
$1,514,368
1,510,969
Elgin Joliet & Eastern—
Delaware & Hudson
§»§42,024
Great Northern.
scale:
Delaware Lack & West—
Union Pacific
a$9,689,759
rds).
Pennsylvania
Baltimore & Ohio
smaller receipts at
ucts
1939
ENDED JUNE 30,
of steel
ceipts
EARNINGS FOR THE SIX MONTHS
CHANGES IN NET
half of 1938,
first
the
case
19, 1939
Aug.
Financial Chronicle
and
regions,
the
six months.
road separately, classified
same
as
in
in the foregoing sum¬
Volume
The.Commercial & Financial Chronicle
149
1085
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO JUNE 30
Western District
-Gross-
Eastern District
New England,
1939
1938
1939
Region—■
%
¥
S
Bangor & Aroostook
Boston &
3,235,770
22,218,831
Maine
Northwestern—
-Net-
-Gross-
3,658,612
$
$
1,179,868
5,709,635
19,337,976
Inc. or Dec.
1938
1,372,590
-—192,722
3,543,246 +2,166,389
Can Nat System—
Can Nat
Lines in
New England..
640,351
606,340
Central Vermont.
2,700,457
2,343,237
-94,914
+ 3,875
29,732
—91,039
372,831
+ 343,099
1,329,735
1,419,112
474,874
Lines
Dul Winn & Pac.
391,635
+47,940
267,333
315,273
+102,200
—258,349
—156,149
Dul So Sh & Atl—See Northwestern region
Minn St. P & S S M—See Northwestern region
34,702,358
1,299,795
5,473,543
9,628,519
+ 356,733
+4,154,976
N Y Ont & Western—See Great Lakes region
N
Y
+ 146,855
1,631,255
1,399,498
891,284
26,834
744,429
-191,084
70,668,537
19,533,584
12,186,321
614,657
52,373
555,552
11,766,868
363,075
38,335,760
7,777,696
8,493,162
47,998,992
4,923,681
36,969,356
10,775,463
335,081
36,361,249
7,537,217
816,544
697,828
4,077,789
Northern Pacific... 27,989,798
Spokane Portl & S—
4,024,339
4,001,869
24,245,075
3,583,764
(15roads)..195,790,083 174,439,297
-23,188
+75,561
—44,625
620,206
29,432
1,534,777
783,718
1,146,417
6,348,438
28,953,032
ChicStPM&O.
Chic Great Western.
Chic Mil St P & Pac
Green Bay & West.
Lake Sup & Ishpem.
341,907
Minn & St Louis
+ 217,918
Total(10roads).. 79,158,908
¥
7,882,070
44,470,066
2,853,055
29,947,089
707,947
Chic & North West.
Dul MLssabe & Ir R_
Great Northern.
Spokane International—See Northwestern region
Maine Central
6,068,668
5,715,637
1,656,528
Inc. or Dec.
$
1,178,305
57,851
3,221,452
524,513
1,978,322
6,629,352
1,094,976
8,728,455
242,662
229,749
676,085
3,466,606
885,646
__
New Haven System—
N Y N H & Hartf 39,565,901
1938
$
Can Pac Lines In Vermont—See New England region
Dul So Sho & Atl.
940,538
841,893
—13,315
MStP&SSM—
in
Vermont
1939
$
Grand Trunk Western—See Great Lakes region
Can Pac System—
Can Pac Lines in Maine—See New England region
Spokane Internat.
Maine
Can Pac
1938
$
Can Nat System—
Can Nat Lines in N E—See New England region
Central Vermont—See New England region
Dul Winn & Pac—See Northwestern region
Grand Trunk Western—See Great Lakes region
Can Pac System—
Can Pac Lines in
-Net-
1939
Region—
+ 31,310
+ 558,099
+ 28,419
+ 1,686,675
—259,205
+ 831,905
+280,914
+ 1,611,501
5,233,480 + 3,494,975
162,775
+ 79,887
—163,653
+393,402
+ 94,187
581,898
1,531,178 + 1,935,428
714,086
+ 171,560
17,938,414 +11014,618
—516,525
+7,347,263
Connecting—
Rutland
1,293,066
-
1,094,132
Great Lakes
1939
Region—
:
Central Western
1938
1939
1938
Inc. or Dec.
$
S
%
S
$
Cambria & Indiana.
605,813
543,370
122,438
225,125
+102,687
Can Nat System—
Can Nat Lines in N E—See New England region
Central Vermont—See New England region
Dul Winn & Pac—See Northwestern region
Grand Trunk W— 10,396,734
8,225,452
Del & Hudson
11,827,144
Del Lack & Western 24,333,519
Detroit & Mackinac
361,759
353,866
2,043.263
37,106,404
1,566,950
31,915,410
1,551,451
686,962
1,705,559
19,997,882
+1,514,368
+9,446
+170,479
4,608,678
509,473
187,361
399,660
4,245,249
873,964
161,152
+ 4,389,875
117,545
+295,294
—13,586
8,998,553
Lehigh & Hud River
765,696
Lehigh & New Engl.
2,015,064
Lehigh Valley—
22,002,992
Monongahela
1.605,419
+1,669,223
+1,381,086
3,925,222
46,423
473,625
644,104
243,520
703,944
5,871,410
882,612
214,655
Erie System—
-
Susq & West-
Montour
New Haven System—
N Y N H & Hartford-See
N Y Ont & West.
578,535
1,511,333
674,173
726,3*
...
+ 69,062
+ 56,159
+ 304,284
+ 1,626,161
3,097,596
N Y Central——155,970,720
+ 8,648
138,942,439
Pitts & Lake Erie.
7,347,361
19,469,490
13,723,490
33,421,193
5,787,769
16,690,873
11,377,099
242,590
Wabash System—
Ann Arbor
23,731,434 +9,689,759
282,516
433,034
Pitts &WVa
421,691
1,325,921
—134,886
3,869,812
345,356
1,812,472
1,635,143
18,669,947
Quincy 42,999,897
2,920,288
2,748,124
10,612,088
Denver & Salt Lake
942,149
Nevada Northern..
322,728
161,612
1938
1939
$
$
+70,270
S
741,554
Staten Isl Rap Tr
1938
Pacific.
4,070,834
Chic & East Illinois.
7,250,649
Chic & 111 Midland.
1,721,077
Chic Ind & Loulsv—
Det Tol & Ironton..
4,295,954
3,203,026
Elgin Joliet & East.
7,872,867
Illinois Terminal
114,158
15,022,548
41,423
679,824
1,273,841
2,696,798
2,493,263
497,947
.1,391,173
1,964,213
793,550
Pennsylvania System—
Long Island
11,949,864
2,291,882
15,584,535
Reading..
Maryland.
26,189,349
7,084,121
Wheeling & L Erie.
444,070
84,016
Total
(16roads)..333,410,291 309,435,053
64,440,431
Southwestern
+360,054
1,597,502
—481,580
+35,114
3,709,728
—111,415
5,491,410 +1,618,271
1,776,225
+298,583
879,235
+718,267
87,865,794
6,422,893
4,526,150
Island.
St L-San Fran.
1939
Charles & W Caro
1,206,196
3,300,198
1,744,809
40,384,613
Nash Chatt & St L
7,320,385
Georgia
Loulsv & Nash v..
1,658,166
775,937
24,853,503
1,099,709
2,784,224
1,659,138
36,817,753
6,621,268
823,380
771,358
1938
$
271,074
96,953
1,596,979
268,327
9,587,304
1,540,855
104,695
688,917
561,296
5,799,256
503,583
3,258,808
6.329.496
497,354
1,008,563
7,309,881
52,370
64,822
—1,018
3,225,393
Illinois Central System—
Central of Georgia
7,671,298
911,435
44,823
9,936,357
1,715,478
Yazoo & Miss Vail
45,472,157
6,621,353
Norfolk & Southern.
393,381
2,274,813
Seaboard Air Line..
22,834,000
21,091,881
or
Dec.
$
164,708
1,984,490
2,480,609
—13,541
901,011
+ 52,325
+99,886
—496,119
+12,523
+107,552
20,401
438,984
4,401,685
i
689,719
41,987
9,779,936
1,872,400
45,583
470,102
3,706,488
Cin N O & Tex P.
Ga South & Ha..
3,610,423
8,641,826
3,008,819
7,118,789
1,021,787
N O & Northeast.
1,214,738
5,708,384
1,434,146
Alabama-.
304,865
266.702
46,031,869
41,294,388
1,028,823
Mobile & Ohio...
North
Southern
Tennessee Central-_
1,122,951
5,609,048
1.460.497
Total (28 roads)—247,737,249 229,764,336
1,061,874
3,207,572
244,691
1,115,545
486,829
116,245
12,961,304
223,723
61,129.383
-GrossPocahontas
_
21,231,584
1938
8
%
Chesapeake & Ohio.
48,152,834
Norfolk & Western. 37,652,237
+ 1,044,882
—7,061
512,872
2,390,988
518,069
943,898
52,881
210,693
31,464
13,017,435
2,295,782
1,798,925
—116,155
+ 166,736
+ 31,437
+37,498
+ 61,067
+ 62,649
+ 496,857
1,491,745
5,582,148
1,566,933
5,954,723
648,999
592,591
701,915
—52,916
628,496
—35,905
6,864,109
418,308
1,845,835
5,809,652
+1,054,457
-73,473
+ 199,423
+ 139,051
—289,170
+ 2,879
626,002
.
Beaum S L & W—
Internat Gt Nor..
Missouri Illinois—See Central Eastern region
Missouri Pacific—
38,125,587
NOTex&Mex—
1,301,235
37,077,250
1,334,231
4,181,846
St L Brownsv & M
4,308,562
714,201
Texas & Pacific— 12,549,087
Okla City-Ada-Atoka
193,487
S A Uvalde & Gulf
595,504
12,566,624
3,312,728
67,428
213,294
9,316,656
St L Southwestern
8,894,208
1,863,460
2,182,130
—318,670
554,872
4,924,498
124,804
3,835,016
96,819
+1,089,482
+27,985
140,295,290
29,978,551
26,522,373
+3,456,178
Southern Pacific—See Central Western region
20,832,128
Texas Mexican.....
507,956
20,328,362
Total (21 roads).-143,041,433
Total Western Digtrict (52
all
roads).672,241,807 624,169,640 123,372,014
C135 roads)
to
1800532143 1632876801 403,103,791
the
cotton
traffic
over
304,569,136 +98534,655
Southern
was
very
roads,
much smaller than last year both
as
this, too,
regards the
overland movement of the stai>le and the receipts of cotton
at the Southern
outports.
six
of
Gross shipments overland in the
3939
reached only 541,190 bales as
(the largest quantity for the period
all recent years), and 776,500 bales in 1937.
In the corre¬
first
months
against 795,294 bales
in
sponding period of 1932 and 1929, the cotton traffic reached
bales and 475,570 bales, respectively.
In the
following table we give full details of the port movement
of the staple for the past six years:
only 218,907
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JAN. 1 TO JUNE 30,
+2,836
+156,421
—156,922
—25,182
—31,118
+695,197
489,288
+572,586
2,060,848 +1,146,724
86,650
+158,041
1,158,055
—42,510
431,151
+55,678
81,399
+34,846
9,447,944 +3,513,360
195,174
+28,549
50,047,097 +11082,286
1939
164,811
166,151
1938
1937
1936
192,955
155,373
288,521
19,354
413,643
389,230
13,859
4,438
16,304
220"049
2,312
584,245
28,931
54,690
Pensacola
780
Savannah
9,700
1,991
18,304
11,065
608,805
139,385
1,150
41,963
6,783
472,272
67,333
20,270
34,363
""601
27*393
26,654
22,027
Galveston
—
Houston, &c—
Corpus Christ!
Beaumont
New Orleans
Mobile
....
372,263
1935
1934
172,587
173,565
9,353
608,060
396,864
15,300
95
679
298,179
556,416
23,089
66,707
14,814
40,247
15,593
38,701
14,483
32,811
12,954
Brunswick...
Charleston.
30,288
309
4,727
2,303
Wilmington.........
3,522
6,447
2,733
5,046
6,414
18,342
17,609
9,899
Norfolk
19,912
17,323
14,418
437
126
877
162
613
Lake Charles....
....
Jacksonville
738
46,773,384
32,338,947
■>
1939
$
1938
8
Inc. or Dec.
6,842
14,287
2,515
621,059 1,546,471 1,214,779 1,324,806
Total
760,373 1,806,866
$
8,924,823
4.603.576
99,701,117
92,203,246
35,406,452
29,896,272 + 5,510,180
due
(32roads).347,438,366 321,967,582
96,535,835
79,943,369 +16592,466
but the movement of all the other items
The grain
whole)
traffic
over
Western roads
(taking them
as
a
in the first six months of 1939 fell far below that
in the same period last year, the decrease
to
the
drastic
being practically
receipts.
The
considerably smaller than in 1938,
falling off in
barley receipts, too, were
Dis¬
93,927,325 +29444,689
districts
4,166,092
South
—64,804
3,601,898
64,549
Southern Pacific System—
4,571,720
9,324,326
Total (4 roads)...
491,781
1,646,412
74,247
15,471,433
+ 525,432
9,455,102 +4,132.634
829,894
+388.381
4,139,843
+463,733
Virginian.
trict
1,393,745
143,226
1,111,053
2,894,644
571,240
590,764
460,417
2,438,627
136,165
2,274,833
684,805
975,335
90,379
271,760
94,113
6,630,145
15,996,865
13,587,736
1,218,275
Richm Fred & Po—
Total
20,262,907
797,922
13,321,448
.
Net
1939
Region—
Dec.
—64,875
+221,716
Southern System—
Ala Gt Southern.
or
44,620
1939, 1938, 1937, 1936, 1935, AND 1934
645,906
42,969.081
6,628,205
378,314
2,277,620
Mississippi Central.
Inc.
105,966
+165,108
16,299
+80,654
6,283,994
+943,082
248,772
+143,659
1,108,271
+488,708
187,704
+80,623
6,825,727 +2,761,577
1,228,369
+312,486
7,227,076
392,431
Columbus & Greenv
600,809
Inc.
—20,255
Mo Pac System—
As
$
Florida East Coast.
Gulf& Ship Island
Illinois Central...
1938
690,916
Midland Valley
130,698,442 + 52497,500
1939
'
$
Clinchfield
Gulf Mobile & Nor.
$
Net
1938
Southern Region—
$
Atl Coast Line System—
Georgia & Florida._
1939
$
593,489
St L San Fr & Tex
Southern District
-Gross-
"West Ry of Ala..
1938
$
Frisco Lines—
69,316,209 +18549,685
3,598,313
7,109,681
2,074,808
780,851,970 686,739,579 183,195,942
1,801,849
848,884
Atl Coast Line... 26,119,358
49,466,538 +14973,893
-Net-
1939
Region—
553,652
+144,796
*—1,125,379
-Gross-
Total
Atlanta &W Point
+21,622
+1,510,969
+46,282
+1,840,373
292,857
16,386,139
38,477
714,994
La Ark & Texas-
Total Eastern Dis¬
Atl Birm& Coast.
271,235
14,875,170
—7,805
272,185
5,938,245
Western Pacific
2,102,500
+241,071
41,826,071 +6,934,302
—446,466
Total (18roads)—362,381,885 317,759,625
trict (51 roads).
+429,986
+7,552,542
1,026,641
Louisiana & Ark
+ 589,049
802,124
480,363 + 1,483,850
+ 147,038
646,512
2,343,571
48,760,373
2,147,114
14,195,152
23,532,222
5,996,503
Western
—554,495
10,831,326
62,300,119
Texas & New Orl.
Central of N J
+ 64,670
+29,035
+1,793,941
—124,509
337,035
6,998,405
Kansas Okla & Gulf
Reading System—
Penn Read SSL.
125,003
91,262
Northwestern Pac—See Central Western region
10,842,187
189,623,404 167,524,652
Pennsylvania
+ 170,114
556,034
18,383,868
69,376,875
1,018,030
$
10,051,529 +4,971,019
17,137
+24,286
+ 746,239
—66,415
+ 180,890
1,092,951
+ 31,664
428,805
+ 136,507
361,440
4*50,469
Missouri Pac System—See Southwestern region
Missouri Illinois—
1,005,376
499,243
568,637
3,569,345
72,007,702
Union Pacific
Mo-Kansas-Texas.
6,801,595
1,649,657
3,875,948
2,446,043
5,111,436
597,672
5,363,286
1,269,293
75,624,130
Inc. or Dec.
$
258,954
753,394
2,584,981
—261,466
+459,768
—42,645
St L Southwestern—See Southwestern region
Southern
Missouri & Arkansas
800,164
+ 984,814
805,803
2,279,855
34,110,153
774,901
6,281,830
1,334,319
2,888,544
Bait & Ohio System—
Alton—See Central Western region
Baltimore & Ohio. 69,801,167
61,612,141
8,754,288
555,874
544,337
1,015,802
82,358
155,932
7,769,474
385,760
9,826,771
862,484
256,466
2,377,561
Chic R I & Pac— 34,495,992
Southern Pacific System—
Northwest Pac
1,489,362
+1,202.174
-Net
1939
40,228,502
Chic R I & Gulf..
49,195,912 +26600,652
-Gross-
Bessemer & L Erie..
+312,865
Rock Island System—
Kansas City South.
944,315
1,181,276
2,874,003
+100,959
2,780,076
75,796,564
Akron Canton & Y.
1,494,141
3,174,807
+ 417,402
244,397
3,982,250
298,311,41?
Region—
7,133,084
Chi Burl &
+1,839,805
813,716 +1,566,997
—37,692
+31,998
66,976
+31,013
231,882
20,688.105
Total (23 roads)-339,311,177
Central Eastern
+61,023
Colo & Southern.
Burl—Rock
Wabash
$
10,123,892
Texas & N O—See Southwestern region
5,709,617
2,380,713
—5,694
97,989
255,023
Pitts Shawm & Nor.
$
10,184,915
Ft Worth & D C.
Den & Rio Gr West
Utah
1,426,644
Pere Marquette—.
Pitts & Shawmut—_
Inc. or Dec.
1938
68,505,570
7,530,707
Tol Peoria & West—
412,839
N Y Central Lines—
N Y Chic & St Louis
$
Atch Top & S Fe—. 70,986,093
Bait & Ohio System—
+ 53,503
England region
ew
3,335,783
1939
$
Burlington Route—
1,184,932
N Y
1938
$
Bait & Ohio—See Central Eastern region.
Staten Isl Rap Tran—See Central Eastern region.
1,655,637
3,424,349
10,169,861
21,600,098
1,535,176
Erie..
Net
1939
Region—
Alton
5,439,590
55,869
Det & Tol Sh Line..
Total
-Gross-
-Net
-Gross-
the
corn
(especially wheat,
The Commercial &
1086
I28,38o,000 bushels as against
77,977,000 bushels) was considerably larger than a year ago.
Altogether, the receipts at the Western primary markets
of the five cereals, wheat, corn, oats, barleyand rye, in
the first half of 1939, aggregated only 294,889,000 bushels
as against 315,692,000 bushels in 1938, but comparing with
189,016,000 bushels and 1937 and 205,354,000 bushels in
the same period of 1932.
Back in 1929 the grain movement
in the corresponding period totaled 361,385,000 bushels.
De¬
tails of the Western grain traffic, in our usual form, are
receipts of which were
the
subjoined table:
out in the
set
WESTERN FLOUR AND
Six Months
GRAIN RECEIPTS
Year
;; ; v
Wheat
Corn
Oats
Rye
Barley
(Bbls.)
(Bush.)
(.Bush.)
(Bush.)
(Bush.)
(Bush.)
6,282
6,931
36,030
11,885
13,921
7.418
33,534
64,953
11,691
5,473
533
8,624
6,349
4,564
921
4,371
1,985
1,619
1,160
83
3,229
4,818
2,674
3,192
15,122
12,598
2,415
5,166
7,802
10,100
5,465
5,203
1939
Chicago.
.....
1938
M inueapoiis
1,161
1939
.....
1938
Duluth..
—
1939
......
1938
1939
449
1938
Indianapolis and
~"~3
1939
Omaha..j
1938
1939
........
Peoria
3",247
1938
2,848
1939
St. Louis....
1,186
1,158
1938
119902874356087
1939
St. Joseph..
|
Wichita
503
1938
Kansas City
305
1939
j
-mum mm
1938
1938
154
361
32
92
90
1,643
2,513
1,369
1,901
1,112
44
199
5
108
1,097
125
922
98
1,306
1,487
453
~
460
>
~
*
-
994
923
1
period, medium grades lost ground, Indiana Service
1960, Nebraska Power 6s, 2022, and Western Union
Telegraph 5s, 1960, being outstanding.
Holding company
debentures and New York traction issues have also been
in
the forefront
of selling.
Birmingham Electric 4%s,
5s,
1968, were particularly weak, the result of special develop¬
than general conditions.
Despite the general
ments rather
tone
an
offering of $17,000,000 Oklahoma Natural Gas 1st
3%s, 1955, was well received.
Following the downward trend of the share market, most
sections of the industrial group weakened in the middle of
the
week
confined to tractions,
'mmmm
'
a
47
2
271
278
71
95
116
60
12,025 128,385
89,703
35,615
33,569
77,977 167,619
29,851
35,048
7,617
5,197
mm**'
including 1909:
high-grade issue, lost 1%
and the R. K. O. 6s, 1941, in the lowergrade classification, lost about 4 points at 69.
Exceptions
may be found in a few of the meat packing company issues,
gains.
scored fractional
Foreign bonds have continued weak, but losses have been
Better-grade European
Danish
bonds
declined
have
issues such as Belgian and
in contrast to Nor¬
further
wegian obligations, which have held their own.
There has
been some improvement in Italian issues, while German
and Polish bonds suffered fractional losses.
South Amer¬
ican
EARNINGS
GROSS
however,
points at 127%,
small.
and
close.
al¬
and continued a declining tendency to the
losses have been
mm mm
mrnrnm
1,579
1,444
9,963
Wednesday fol¬
weak
which
1938
bonds displayed some weakness
lowing the lead set by the stock market, but otherwise fluc¬
tuations have not been particularly marked.
During the
though the Lorillard 5s, 1951,
'.-'■I*
2
furnish a sum¬
mary of the six months' comparisons of the gross and net
earnings of the railroads of the country for each year back
Jan.
4s, 1995,
Most
Finally, in the table we now present we
to
bonds have moved lower. Atchison
dropped 2% points to 109, while Oregon-Wash¬
ington Bit. & Navigation 4s, 1961, were off % at 106.
Medium-grade and speculative railroad bonds have revealed
a mixed trend.
Great Northern H 4s, 1946, declined 2 to
86%, while Kansas City Southern 5s, 1950, rose % to 6714,
and" Illinois Central 4s, 1955, gained 1 at 53%. A $7,000,000
issue of Terminal Railroad Association of St. Louis 3%s,
1974, was offered during the week at 102.60%, proceeds of
the financing to be used to pay off a similar amount of
High-grade railroad
gen.
~
837
1,598
650
■
close.
dav's
44
242
1939
1939
Total all...
165
"
4,903
3,186
5,517
5,671
930
'
....—j
Sioux City...
161
16,361
8,812
1938
1939
3,018
1,603
2,916
2,192
2,654
1,981
8.263 '14,235
16,432
5,581
4,565
5,536
5,196 21,711
673
10,277
704
14,100
4,789
35,745
6,228
26,105
893
2,187
1939
J
Toledo.....
*460
1938
-J
Milwaukee...
6,647
15,004
7,280
18,092
but closed slightly below last Fri-
culminating on Tuesday,
Utility
Flour
(000 Omitted)
1939
19,
4%s due in October.
/.-" v-
Ended July 1
Aug.
Financial Chronicle
issues
general
the
followed
trend,
but
a
late
rally
brought the various Antioquian 7s close to the year's high.
Increase
Year
Year
Given
1 to June 30
Preceding
(+) or
(—)
Decrease
Per
Cent
Japanese bonds have been fractionally lower.
BONDS
1909
1910
1911
1912
»
m
1913
1914
1915
1916
*m
$1,051,853,195
1,172,481,315
1,339,539,563
1,309,006,353
1,366,304,199
1,486,043,706
$1,172,185,403
1,351,570,837
1,310,580,765
1,365,355,859
1,502,472,942
1,401,010,280
1,407,465,982
1,731,460,912
1,447,464,542
1.403,448.334
1,741,329,277
1,889,489,295
2,074,114,256
1,946,395,684
1917........
1918
m
1919,...—
1920...
m
+ $120,332,208
+ 15.27
—28,958,798
—2.16
USED
IN
MOODY'S
+ 11.44
+ 179,089,522
+ 56,349,506
+4.30
+ 136,168,743
+ 9.97
—85,033,426
—39,998,560
+ 328.012,578
+ 205,066,407
—5.72
—2.76
BOND YIELD AVERAGES
RAILROADS
.
'
" '
.
Chesapeake & Ohio 4 Ms, 1992
Cincinnati Union Term. 3Ms, 1969
Hocking Valley 4 Ms, 1999
Norfolk & Western 4s, 1996
Atch. Topeka & S. Fe R. M. dlv. 4s, 1965
Union Pacific 4s, 2008
N. Y. Connecting RR. 4Mb, 1953
Chicago & Western Indiana 4s, 1952
Great Northern 4 Ms, 1961
Lexington & Eastern 5s, 1965
+ 23.37
Northern Central Ry. 4Ms, 1974
+ 11.78
Pennsylvania 4 Ms. 1984
2,684,672,507
2,671,369,048
2,602,347,511
+ 181,848,682
+ 9.62
+265,635,870
+ 12.81
Pgh. Cln. Chic. & St. L. 5s, 1975
2,326,657,150
2,071,337,977
2,339,750,126
;
Aaa
+ 358,015,357
Texas & Pacific 1st 5s, 2000
—67,476,090
+ 15.39
—2.46
1927
3,011,796,048
2,738,845,138
2,665,747,212
2,605,203,228
3,091,934,815
2,864,512,167
2,890,965,666
3,020,928,478
1928.
2,901,379,728
3,018,008,234
—116,628,506
1929
3,057,560,980
2,905,912,090
3,062,220,645
+ 151,648,890
+ 5.22
2,688,007,639
—324,823,450
—503,786,279
—10.61
2,183,918,659
—584,780,093
—26.78
1,599,191,879
1,413,361,745
1,627,736,490
1,632,939,310
1,869,614,084
—168,965,008
—10.57
+ 214,374,745
+ 15.17
2,082,853,003
1,632,876,801
Piedmont & Northern 3 Ms, 1966
1921
1922
•
m
1923
3,086,129,793
1924.......
2,865,947,474
2,887,608,623
3,022,413,801
1925
m
1926
1930..
1931
pm
1932...............
1933
1934
1935
....
4»
1936
2,737,397,195
2,184,221,360
1,599,138,566
1,430,226,871
1,627,736,490
1,632,996,080
1,870,196,058
2,083,250,357
1,633,218,256
1,800.532,143
—63,399,701
+480,926,565
—225,987,341
+ 23,096,456
—2.38
+ 18.46
—7.31
+0.81
+ 131,448,135
+4.55
—9,132,430
—0.30
—3.86
—18.74
+ 5,259,590
+ 11.42
—449,634,747
—21.68
+ 167,655,342
+ 10.26
Atlantic Coast Line 4s, 1952
Chesapeake & Ohio "D" 3 Ms, 1996
Chicago Lake Shore & Eastern 4 Ms, 1969
Chicago Union Station 3 Ms, 1963
Duluth Mlssabe & Iron Range 3 Ms, 1962
Chicago Burl. & Quincy 4Ms, 1977
Great Northern 4Mb, 1976
Monongahela Ry. 4s,
Northern Pacific 4s, 1997
1960
Louisiana & Arkansas 5s, 1969
Louisville & Nashville 3 Ms, 2003
Oregon-Wash. RR. & Nav. 4s, 1961
Pennsylvania 4 Ms, 1970
Pennsylvania 4Mb, 1960
Union Pacific 3 Ms, 1971
Reading "A" 4 Ms, 1997
Texas & Pacific 5s, 1980
Western
Virginian Ry. 3Ms, 1966
Maryland 4s,
1952
PUBLIC UTILITIES
+ 14.53
+ 213,636,273
Baa
'4
'
....
+0.32
+ 237,256,748
Aa
Atch. Topeka & Santa Fe gen. 4s, 1995
1938
m
A
1939
NET
EARNINGS
Central Illinois Pub. Serv. 3Ms, 1968
Cincinnati Gas & Elec. 3Ms, 1966
Cons. Gas E. L. <fc P., Balto., 3s, 1969
Central Maine Power 3 Ms, 1966
Indianapolis Pr. <fe Lt. 3Ms. 1968
Year
Year
Increase (+) or
Per
Preceding
Decrease (—)
Cent
$371,591,341
$294,951,102
371,562,668
+ $76 ,640,239
+ 36 ,817,815
+25.98
404,569,430
375.407,648
—25 ,717,377
0.54
Montana Power
Pacific Tel. & Tel. "B" 3 Ms,
Ohio Edison 3 Ms, 1972
378,852,053
373,370,171
400,242,544
343,835,677
1912...
1913
1914...
373,442.875
394,495.885
+ 26 ,799,669
+ 7.18
—50 ,660,208
—12.84
347,068,207
+ 47 ,61o,341
+ 13.72
393,225,507
+ 166 ,151,387
+ 42.25
562,838,773
—7 ,155,748
—1.27
540,911,505
265,324,144
—275 ,205,583
265,007,159
■316,985
—0.12
195,582,649
263,029,233
—67, ,446,584
—25.64
310,890,365
530,420,651
169,082,335
312,088,627
531,566,924
+ 141 ,808,030
+ 218 ,332,024
+ 83.87
+ 117 ,564,641
—54 ,000,364
—8.28
+ 58 ,807,728
+ 9.83
+ 71 ,056,875
+ 10.82
711,888,565
—16 ,035,003
—2.20
700,846,779
713,906,228
—13 ,059,449
Wisconsin Pub. Serv. 4s, 1961
727,905,072
—50.88
Baa
Aa
American Tel. & Tel. 3Ms,
Atlantic City Electric 3Ms,
Detroit Edison 3Ms, 1966
Louisville Gas & Elec. 3Ms,
Ohio Power 3Ms, 1968
Pacific Gas <fe Elec. 3Ms,
Illinois Pr. & Lt. 5s, 1956
Iowa-Nebraska Lt. & Pr. 5s, 1957
Minnesota Pr. & Lt. 4Ms,
1978
New Orleans Pub. Serv. 5s, 1955
1966
Penn Central Lt. & Pr. 4 M8, 1977
1961
Southern Calif. Edison ret. 3 Ms,
Virginia El. & Pr. 3 Ms, 1968
i960
Peoples Gas Light & Coke 4s, 1981
Wisconsin Pr. & Lt. 4s, 1966
INDUSTRIALS
+ 69.96
Aaa
Liggett & Myers 5s, 1951
Socony-Vacuum 3s, 1964
Bethlehem Steel 3 Ms, 1966
Standard Oil N. J. 3s, 1961
Texas Corp. 3s, 1959
Fairbanks, Morse 4s, 1956
Inland Steel 3 Ms, 1961
*
702,553,020
+ 114 ,947,201
+ 16.36
618,567,281
818,154,445
—199 ,587,164
—24.39
471,189,438
618,597,371
—147 ,407,933
—23.83
Lorillard Co. 5s, 1951
Shell Union Oil 2Ms, 1954
321,450,701
w
1956
Carolina Pr. & Lt. 5s, 1956
Northern Indiana Pub. Serv. 4 Ms, 1970
817,500,221
1931.
Arkansas Pr. & Lt. 5s,
1961
1964
Commonwealth Edison 3 Ms, 1968
Consolidated Edison, N. Y., 3Ms, 1956
—1.83
597,828,199
656,663,561
1928.
Sioux City Gas & Elec. 4s, 1966
West Penn Power 3 Ms, 1966
+ 22.12
651,828,563
597,855,833
656,848,197
727,923,568
649,131,565
3Ms, 1966
Pennsylvania Pr. & Lt. 3 Ms, 1969
Southwestern Bell Tel. 3s, 1968
555,683,025
265,705,922
-
y
+ 9.91
394,683,548
559,376,894
1915
Lake Superior Dist. Pr. 3 Ms, 1966
1966
Philadelphia Electric 3 Ms, 1967
—6.36
—2 ,037,477
408,380,483
Gulf States Utilities 3Ms, 1969
Illinois Bell Tel. 3Ms, 1970
New York Edison 3Ms, 1965
Given
Jan. 1 to June 30
1916....
Brooklyn Edison 3 Ms, 1966
Duquesne Light 3 Ms, 1965
■
1937
471,340,361
—149 ,889,660
—31.80
Swift & Co.
Aa
Crane Co. 3 Ms, 1951
Koppers Co. 4s, 1951
National Steel 3s, 1965
Tide Water Assoc. Oil 3 Ms,
352,131,926
321,452,887
+ 30 ,679,039
+ 9.54
417,993,205
346,640,179
+ 71 ,353,026
+ 20.58
376,399,748
417,993,205
375,859,793
—41 ,593,457
—9.95
+ 75 ,765,722
+20.16
Crown Cork & Seal 4s,
1950
528,201,763
304,542,359
451,648,720
+ 76, ,553,043
+ 16.94
Goodrich (B. F.) 4 Ms.
1956
528,152,626
—223, ,610,267
—42.33
Jones & Laughlin 4M8,
403,103,791
304,569,136
+ 98, ,534,655
+32.35
451,625,515
1936...
........
1952
Youngstown Sheet & Tube 4s, 1961
3Ms, 1950
Baa
Anaconda Copper 4 Ms, 1950
Armour & Co. of Delaware 4s,
1955
1961
McCrory Stores 5s, 1951
Republic Steel 4 Ms, 1961
Revere Copper & Brass
4Ms, 1956
Wheeling Steel 4Ms, 1966
The Course of the Bond Market
Bonds declined
on
Friday
disturbances became more marked.
pronounced
apparent.
of coming European
Earlier in the week no
as rumors
trend had prevailed but softness had been
United States Governments had a mild rally,
Wilson & Co. 4s, 1955
Note—Because of the limited number of suitable issues, certain groups consist
temporarily of the following number of bonds: Aaa Railroad, 5; Aaa Industrial, 4;
Aa Industrial, 3; A Industrial, 8.
Proper adjustments have been made in the
averages, however, so that they remain comparable throughout.
Moody's computed bond prices and bond yield
are
given in tlie following tables:
averages
Volume
The Commercial & Financial Chronicle
149
MOODY'S BOND PRICES
(Based on Average Yields)
U.
S.
AU
120
1939
Govt.
Bonds
MOODY'S
120 Domestic
by Ratings
Corporate by Groups *
All
tic
Averages
Aaa
Aa f
120 Domes ic Corporate
87.07
95.13
111.43
115.57
87.21
93.53
111.43
115.78
16
3.65
2.92
93.85
111.64
116.00
15—......
3.64
2.92
87.21
93.69
111.64
116.00
14
3.65
2.91
87.21
.93.69
111.43
116.00
12.
3.65
111.43
116.00
11
10
117.50
103.93
106.36
121.49
117.72
103.93
15.. 116.99
106.54
121.49
117.94
104.11
87.35
14.. 116.82
106.36
121.72
118.16
103.93
12.. 116.80
106.36
121.49
118.16
103.74
10- 116.86
106.54
121.72
9- 116.91
106.'/3
121.94
8- 117.00
106.73
f
115.35
16__ 116.86
103.56
118.16
Ind.
111.43
121.49
121.49
U.
Corporate by Groups
„
RR.
106.17
106.54
P.
120 Domestic
by Ratings
tic
93.21
121.49
AVERAGES
Individual Closing Prices)
Domes-
Baa
105.98
117.29
on
86.78
A
Aug. 18— 116.63
17
116.74
11— 116.79
120
1939
Daily
Averages
.
Corp.*
BOND YIELD
([Based
120 Domestic Corporate *
Domes¬
Daily
.
1087
Aaa
Baa
RR.
3.11
3.80
4.84
4.41
3.39
3.20
3.10
3.78
4.82
4.39
3.39
3.19
3.09
3.78
4.81
4.39
3.39
3.18
3.08
3.77
4.80
4.37
3.38
3.17
3.07
3.78
4.81
4.38
3.38
2.92
3.07
3.79
4.81
4.38
3.39
3.17
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
3.64
2.91
3.08
3.80
4.81
4.38
3.39
3.18
3.17
Corp
Aug. 18
3.67
17—
Aa
2.92
3.66
2.92
A
t
P.
U.
Ind.
f
3.17
103.74
87.21
93.69
117.94
103.56
87.21
93.69
111.43
115.78
118.16
103.74
87.49
94.01
111.64
116.00
9
3.63
2.90
3.07
3.79
4.79
4.36
3.38
121.72
118.16
103.74
87.49
94.01
111.43
116.00
8
3.63
2.91
3.07
3.79
4.79
4.36
3.39
3.17
7.. 117.01
-
106.73
121.72
118.16
103.74
87.64
94.01
111.64
116.00
7
3.63
2.91
3.07
3.79
4.78
4.36
3.38
3.17
5- 117.16
:
,
106.73
121.72
118.16
103.93
87.64
94.17
111.64
115.78
5
3.63
2.91
3.07
3.78
4.78
4.35
3.38
3.18
4.. 117.12
106.73
103.93
87.49
94.17
111.64
115.78
4
3.63
3.07
3.78
4.79
4.35
3.38
3.18
3.. 117.34
106.92
122.17
118.38
103.93
87.78
94.33
111.64
116.21
3.
3.62
2.89
3.06
3.78
4.77
4.34
3.38
3.16
2„ 117.39
106.92
122.17
118.38
103.93
87.78
94.17
111.64
116.21
2
3.62
2.89
3.06
3.78
4.77
4.35
3.38
1
3.16
106.92
121.94
118.38
104.11
87.64
94.17
111.64
116.21
3.62
2.90
3.06
3.77
4.78
4.35
3.38
3.16
117.38
—
121.72
118.16
1
Weekly—
J
—
.
2.91
Weekly—
July 28.. 117.47
106.73
121.72
118.38
103.93
87.64
94.01
111.64
116.00
28
3.63
2.91
3.06
3.78
4.78
4.36
3.38
3.17
21.. 117.07
106.54
121.94
118.38
103.38
87.35
93.69
111.64
116.00
21
3.64
2.90
3.06
3.81
4.80
4.38
3.38
3.17
14.. 116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
7„ 116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
7
3.69
2.88
3.09
3.88
4.90
4.48
3.40
June 30.. 116.43
105.04
121.72
117.29
101.76
85.24
91.51
110-63
115.14
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
23- 117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
16.. 116.80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
July
June 30-
3.18
9.. 117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
9
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
2.. 117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94
3.14
3.84
4.93
4.49
3.40
3.25
May 26.. 116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
19.. 116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3:30
12.. 116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
113.48
12
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
3.28
5.. 115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
Apr. 28.. 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
Apr. 28
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
21.. 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.58
3.51
14.. 114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
3.53
3.37
6„ 114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
3.84
3.02
3.23
3.96
5.14
4.66
3.52
3.34
Mar.31.. 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24—
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
17„ 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10„ 114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.46
3.28
3- 113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
Feb. 24.. 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
3.81
3.00
3.25
3.94
5.03
4.61
3.51
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10.. 113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3__ 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
3
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.29
87.93
Jan. 27.. 112.59
6—
Mar
31
—
...
24
Feb.
_
....
3.35
3.30
101.94
119.03
113.07
99.83
82.00
107.88
113.86
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
20- 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
13.. 112.93
102.66
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
3.30
6
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
Jan.
6— 112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
High 1939 117.72
106.92
122.40
118.60
104.11
87.78
94.33
111.84
116.21
High 1939..
3.89
3.05
3.37
4.01
5.26
4.76
3.60
3.38
Low
1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low 1939
3.62
2.88
3.05
3.77
4.77
4.34
3.37
3.16
High 1938 112.81
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
Low 1938 109.58
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
4.11
3.18
3.58
4.13
5.53
5.11
3.76
3.44
3.87
3.24
3.40
3.92
4.90
4.26
3.87
3.47
1
Yr. Ago
Year Ago—
98.11
115.78
107.49
97.78
77.72
83.06
104.30
110.43
Aug.18,1938...
102.30
114.51
111.23
101.41
85.93
95.62
102.30
109.84
Aug. 18, 1937—
2 Yrs.Ago
2
Aug.18'37 109.12
*
1938
1
Aug.18'38 112.39
-
These prices are computed from average yields on the basis of one "typical" bond
Years
(4%
Ago—
In 30 years), and do not purport to show either the average
comprehensive way the relative levels and the relative movement of
coupon, maturing
level
or the average movement of actual price quotations.
They merely serve to illustrate In
yield averages, the latter being the truer picture of the bond market,
f Revised.
a more
Indications of Business
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 18, 1939.
week reached a new high for
Trade reports generally are of such a character
optimism runs high in many quarters.
However, the
the year.
securities market has
not been
week,
reflecting
latest
European crisis.
that
is
war
crises.
it
as
nearer
does
than
acting at all well the past
dramatic gravity of the
the
There
not
are
it has been
in
few
a
who
the many
think
previous
The political situation in Europe today is gradually
assuming the
same
pattern that marked events leading up
to the Munich
pact.
The question uppermost in the minds
political observers at home and abroad is whether we
of
will
have
repetition
a
of
the
humiliating occurrences of
Munich, or whether the great European Powers will at last
come
to grips.
The domestic trade picture is indeed a
bright one at the present time, but a large-scale European
could have widespread repercussions and cause
unsettlement in the business and financial world.
war
The
weekly
Commerce"
business
rose
index
figures
of
much
of
figure
of 88.6 for the
week
ing
activity
previous week and 77.6 for the correspond¬
1938.
According to this source, automotive
of
average
and
tric
power
9.9%
production for the like 1938 week.
Rocky Moun¬
and New England districts showed the largest increases
tain
in
latest
the
improved steel situation is marked by a closing up
of weak spots in prices for products, "Iron Age"
reports
in its current summary, which estimates ingot
output of
the industry at midweek at 62.50% of
capacity, equaling
the
1938
high
recorded
the magazine reports,
in
November.
still
has
is
is
on
operations,
have been accompanied by
strengthening of scrap prices to
the year.
Higher
a
new
a
further
composite high for
this
a
books, the current situation is the firmest it
been since
1937," the review observes.
"An indication
increasing amount of sheet and strip business that
being booked at full published prices.
Since Aug. 10 the
the
reinforcing
bar
strengthened.
A
prices
situation
four-point
rise in
has
been
week
considerably
the steel rate for the
against a year ago, the former 12.8%
12.7%. The central industrial area reported
with the corresponding period of
general decline in prices, was disclosed in
Commerce Department report made public by Secretary
year,
compared
as
a
Automobile sales were a big factor,
In another encour¬
aging report, made public by Mr. Hopkins, it was estimated
Harry
L.
Hopkins.
gains in this group being placed at 40%.
that the national lumber consumption of the
volume, Secretary Hopkins said that volume of retail
during the first half of this year amounted to $17,-
900,000,000,
according
sales
nation-wide
on
a
to
research of the division
preliminary
basis
production of 1940 models has
of
retail
marketing
of the Bureau of Foreign and Do¬
retail
trade
of 1938.
During the week ended last Saturday carloadings of rev¬
freight totaled 665,197 cars, a slight increase over the
enue
loadings of the preceding week.
4,061
of
cars, or
75,629
cars,
decrease of
Traffic for the week
6%, ahead of the preceding week,
or
an
was
increase
12.8%, compared with a year ago, and
or 14%, compared with 1937.
a
108,585 cars,
construction
awards for the week,
$60,37% above the corresponding week in 1938, but
Engineering
"Engineering News-Record" yesterday.
of business for initial
the
This represented a gain of 6% over the
volume of $16,900,000,000 for the first half
from
ume
by
mestic Commerce.
851,000,
increasing, the full vol¬
estimates
compiled
Pittsburgh area to 57% establishes the highest level since
October, 1937, according to the magazine.
While orders
the automobile industrty are
United States
will be between 10% and 15% greater than last
In making his announcement of the rise in retail
year
trade
"Despite the large amount'of low-priced business
mill
increase of
an
increase
trade
The
2,325,085,000 kwh,
output 11.1% ahead of the like week last year.
of $1,000,000,000 in
the total volume of
retail trade in the United States during the first half of
An
year.
production
moderate increases in activity.
was
power
runs-to-stills, lumber cut and bituminous
coal
output
over
and the latter
this
more
survey
Output of electricity by the power and light industry in
the United States totaled 2,333,403,000 kwh. in the week
ended Aug. 12, compared with 2,133,641,000 in the compar¬
able week of 1938, an increase of 9.4%, the Edison Electric
Institute announced yesterday.
In the preceding week elec¬
steel operations led the advance with sub¬
stantial gains, while car loadings, electric output,
petroleum
showed
the
makers?"
car
1938, despite
"Journal
the
to 90.3 and compared with a revised
continues.
"It is expected
November will be above August
because of the larger volume of rollings for motor¬
yet developed,"
that steel operating rates in
Business activity the past
that
not
Activity
are
are
18% below
the
high volume of
a
week
ago, reported
This is the second
successive week that 1939 awards have topped
their respec-
The Commercial &
1088
1939 to date,
the initial 33-week
period a year ago.
Private construction for the week is
the fourth highest of the year and tops the 1938 week by
176%, and is 42% above the preceding week.
The high
industrial building volume is responsible.
Public construc¬
The construction total for
1938 values.
tive
$1,921,456,000, is 16% higher than in
6% above
tion is
but 34% under last week.
Aug. 16 rose sharply
a year ago,
clearings in the week ended
Bank
preceding period, and for the fourth straight week
gain over the 1938 comparatives.
Transactions
in the 22 leading cities totaled $5,033,164,000, up 7.7% from
the like 1938 figure of $4,674,850,000, according to Dun &
Bradstreet, Inc.
Clearings for the latest period advanced
the
over
showed
a
the volume of the week ended Aug. 9.
contrasts with an advance of $525,794,000 between the
similar weeks in 1938.
New York clearings rose to
$364,939,000 from
This
two
$2,979,421,000 in the period under consideration from $2,765,232,000 last year, a gain of 7.7%. The 21 outside cities
showed an increase of 7.5% to $2,053,743,000 from $1,909,618,000 a year ago.
Vice-President of the Cleveland
pump-priming
expenditures, due to the defeat of the lending-spending bill,
might be disquieting temporarily to business conditions.
Co., warned that sudden stoppage of
"requires a steady inflow
funds in order to sustain its functions of supplying
that
said
of
statistician, in his regular business review,
Cleveland
The
new
economic system
our
and services and providing employment."
Colonel
said, however, the long-term implications of the
defeat of the bill "were constructive and probably would
goods
Ayres
to be the most important development of the year."
"The flow of pump-priming expenditures has provided an
prove
inefficient supplement to the reduced con¬
from business," Colonel Ayres said, "but under
expensive and
tributions
conditions it has been a highly im¬
Colonel Ayres cited the decline of
one of the most important reasons for
the abnormal prevailing
Saturday.
1
•
Reached 665,197 Cars
12.8% above the corresponding week in 1938 but a de¬
of 108,585 cars or 14.0% below the same week in 1937.
or
crease
preceding week.
as
volume of new constructions.
the
Orders for electrical goods during the current
year
will
than 25%, but will still fall about 15%
according to current calculations.
Orders
more
totaling $400,000,000 in the first half-year, as reported
to
Department of Commerce by 78 manufacturers, should
duplicated in the second half-year, it is believed.
The
seasonal decline in refrigerators is likely to be offset by
some
increases in industrial and miscellaneous domestic
be
above the preceding
carload lot freight totaled 153,117
below the preceding week, but an increase of
corresponding week in 1938.
Coal loading amounted to 117,947 cars, an increase of 2,396 cars above
the preceding week, and an increase of 26,430 cars above the corresponding
Ward's
Automotive
automobiles
mated at
Reports, Inc.,
for
trucks
and
12,955 units,
Production
said today.
current week
the
decrease of 1,540 cars
a
4,580 cars above the
week in 1938.
Grain and
cars
was
their
to
to the fact that
the report said,
due,
seasonal
operations advanced
than this.
Unusually hot, sultry weather in many parts of the
country slowed down sales of fall merchandise this week,
plane earlier
but total retail trade,
showed
in
their
stimulated by August clearance sales,
fouhd
efforts
the
the
high
clear
to
merchandise,"
summer
with
year
slight expansion, according to Dun & Bradstreet,
"Merchants
Inc.
aid
a
last
the
the
temperatures
odds
last
said.
agency
In
distinct
a
ends
and
of
comparison
week a year ago, the volume of
retail trade was estimated higher by 5% to 14%.
Major
lines of retail merchandise were fairly consistent in show¬
In the Western Districts alone, grain and grain
week of Aug. 12 totaled 26,573 cars, a decrease of
1,163 cars below the preceding week, and a decrease of 8,227 cars below the
corresponding week in 1938.
Live stock loading amounted to 11,234 cars, an increase of 76 cars above
responding week in 1938.
products loading for the
711 cars below the corresponding week
loading of Uve stock for the week
of Aug. 12, totaled 8,431 cars an increase of 96 cars above the preceding week,
but a decrease of 464 cars below the corresponding week in 1938.
Forest products loading totaled 31,222 cars, a decrease of 711 cars below
the preceding week, but a increase of 1,500 cars above the corresponding
preceding week, but a decrease of
In the Western Districts alone,
week in 1938.
Ore
week in 1938.
Coke loading
corresponding
1938.
corresponding week in
All districts reported
1938 except the Centralwestern and Southwestern.
All districts reported
decreases compared with the corresponding week in 1937 except the Poca¬
hontas.
/
reported increases compared with the
1938 except the
Centralwestern and Southwestern.
a
1938
2,256,717
2,155,536
2,763,457
2,986,166
2,649,960
3,712,906
2,185,822
2,170,778
3,098,632
3,794,249
766,182
665,197
2,861,821
584,062
589,568
19,218.481
17,677.203
23,572,042
4 weeks in March
5 weeks in April
4 weeks in May
4 weeks in June
5 weeks In July
i
661,136
5
Week ended Aug. 12.
Week ended Aug.
Total
-
The first 18
weather
for
the
River
season
and
prevailed,
major railroads to report for
Mountains cool
the weekly mean
with
in the northeastern and far northwestern
was
Further
773,782
the week ended
Aug. 12, 1939 loaded a total of 308,378 cars of revenue
freight on their own lines, compared with 307,082 cars in
the preceding week and 280,153 cars in the seven days ended
Aug. 13, 1938.
A comparative table follows:
REVENUE FREIGHT LOADED
AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
Received from Connections
Loaded on Own Lines
Weeks Ended—
4
degrees
6
to
Aug. 12 Aug. 5
1939
1939
degrees
States, where the
warmer
normal.
than
widespread showers east of the Rocky Mountains
Atchison ToDeka & Santa Fe
17,871
29,364
24,750
14,010
Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington A Qulncy RR
19,570
14,765
2,646
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
Gull Coast Lines
1,803
3,795
12,541
35,334
5,450
International Great Northern RR
Missourl-Kansas-Texas
improved conditions in many places where rain was needed,
RR
Missouri Pacific RR
and
New York Central Lines
the
moisture
situation
is
now
favorable
rather
gen¬
N. Y.
erally from
the central
the Northeast.
again
Great
Plains eastward,
In the dry northeastern area
except in
showers were
spotted,
needed
from
mostly light, and a general rain is still
Maryland northward and northeastward.
In
England
moisture
where
rainfall
is needed
droughty
continue
Island.
There
Maryland,
and
flooded
hot
the
in all
in
general
sections,
lower
was
City
and
is
area
and
especially in the south,
Severe
droughty
Valley
rain
badly
inadequate,
was
Hudson
little
very
moisture
In the New York
tionally
in
conditions persist.
ditions
and
New
in
needed
the week
was
in
on
Jersey
these
con¬
Today
Chicago <fc St. Louis Ry
23,508
58,811
4,666
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
5,106
29,482
4,906
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Weeks Ended—
TOTAL
AND
LOADINGS
Aug. 13
1938
18,357
29,199
24,248
14,435
20,108
15,483
2,486
16,026
5,014
16,376
13,063
10,236
11,028
8,269
15,304
6,666
6,938
6,794
19,683
7,250
9,265
7,666
7,135
9,313
8,966
1,392
1,345
1,364
1,560
1,823
2,341
2,37C
4,755
1,588
4.035
14,572
2,375
1,970
3,822
12,563
35,119
5,265
13,046
31,002
4,495
24,090
18,699
4,206
4,493
3,670
51,007
3,948
39,615
40,045
33,309
4,281
4,588
3,730
4,526
56,644
4,716
5,286
28,424
5.036
RECEIPTS
States.
2,159
1,825
7,620
7,371
6,749
36,353
36,131
30,376
8,909
9,485
8,152
6,427
5,160
3,992
28,250
7,595
7,794
5,142
6,733
7,326
7,233
6,524
FROM
184,237 158,217
CONNECTIONS
Weeks Ended—
featured by excep¬
weather, and a cloudburst that
Avenue subway and did considerable
4,696
18,989
23,884
19,439
(Number of Cars)
Aug. 12, 1939
humid
Eighth
Aug. 13 Aug. 12 Aug. 5
1939
1939
1938
308,378 307,082 280,153 181,048
Total.
Long
and
Aug. 5, 1939
Aug. 13, 1938
Not available
it
and
cloudy, temperatures
74 degrees to 87 degrees.
Warm and humid
was
warm
Chicago Rock Island & Pacific Ry.
Illinois Central System
27,089
27,460
26,646
St. Louis-San Francisco Ry
damage.
from
2,962,219
Rocky
temperatures ranging mostly from 3 degrees to 6 degrees
below normal.
The relatively warmest weather occurred
New
2,714,449
2,222,939
4 weeks in February..
and eastward, while the more Western
warmer than normal week.
However, between
Mississippi
upper
week
1937
1939
2,302,464
2,297,388
2,390,412
2,832,248
2,371,893
2,483,189
3,214,554
4 weeks in January
northward
States had
the
above the
of 2,506 cars above the corresponding
amounted to 6,734 cars, an increase of 9 cars
preceding week, and an increase
Relatively high temperatures prevailed during the week
most of the South and rather generally from the Ohio
Valley
increase of 4,187 cars above the
of 24,279 cars above the corresponding
loading amounted to 49,077 cars an
preceding week, and an increase
ing increase, but the amount of improvement varied widely.
in
40,103 cars a decrease of 2,167
7,787 cars below the cor¬
preceding week, and a decrease of
esti¬
the corresponding
lower than
units
grain products loading totaled
below the
drop of 11,920 units from a week
a
week
of 1938.
The current week's output is under last year's
comparative figure for the first time this year.
This is
10,985
and
ago
of merchandise less than
Loading
cars,
All districts
production reached the low point for 1939
this week, but the output for plants in the United States
and Canada next week should show a decided rise, the
Automobile
24,832 cars above the
week, and an incrase of
corresponding week in 1938.
week in
equipment, observers state.
totaled 255,763 cars an increase of 1,811
Miscellaneous freight loading
cars
the
of
freight for the week of Aug. 12 was an
six tenths of one per cent above the
The Assocation further reported:
Loading of revenue
in 1938.
the
Freight in Week Ended Aug. 12
Loading of revenue freight for the week ended Aug. 12
totaled 665,197 cars, the Association of American Railroads
announced on Aug. 17.
This was an increase of 75,629 cars
building
short
♦
Loadings of Revenue
costs of
by
of 1937,
_
66 to 80 degrees; Baltimore,
74 to 91; Pittsburgh, 68 to 88; Portland, Me., 63 to 71;
Chicago, 71 to 80; Cincinnati, 69 to 92; Cleveland, 63 to 88;
Detroit, 61 to 83; Milwaukee, 63 to 77; Charleston, 72 to 91 ;
Savannah, 74 to 89; Dallas, 73 to 98; Kansas City, Mo.,
69 to 82; Springfield, 111., 65 to 88; Oklahoma. City, 68 to 88;
Salt Lake City, 56 to 96; Seattle, 50 to 74; Montreal, 56 to
79, and Winnipeg, 61 to 79.
Overnight at Boston it was
supplement."
exceed 1938
this evening and
accompanied by showers is forecast for
portant
the increase in
19, 1939
Aug.
increase of 4,061 cars or
Colonel Leonard P. Ayres,
Trust
Financial Chronicle
11,433
11,996
11,390
38.522
39,456
38,036
ranging
weather
Total
\j
Volume
In the
The Commercial & Financial Chronicle
149
following
undertake to show also the loadings
separate roads and systems for the week ended Aug. 5,
tor
j
we
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
from Connections
1937
1938
574
1,132
6,521
1,567
1939
Central Indiana
Mobile A Ohio
218
221
Nashville Chattanooga A St. L_
1,626
2,635
1,682
2,238
7,851
1,701
Norfolk Southern
1,121
418
285
400
8,157
20,941
7,747
18,344
8,281
22,151
4,024
2,681
3,604
14,002
12,092
348
377
493
569
513
156
136
175
819
683
94,212
85,365
99,995
61,027
52,391
19,379
2,531
19,616
3,948
13,023
16,826
2,475
19,522
3,826
6,956
20,650
2,722
21,114
4,027
9,313
2,635
8,897
2,541
7,666
4,046
7,326
3,793
22,809
193
787
606
359
4,925
1,123
9,126
495
6,419
4,372
3,665
58
1,503
3,243
7,544
4,438
8,096
6,037
Seaboard Air Line
Southern System
5,137
Tennessee Central
476
413
141
109
1,053
1,536
210
168
346
12,388
3,158
10,793
3,285
13,319
5,283
210
136
205
1,533
1,146
6,423
1,145
7,735
2,508
2,988
1,379
2,171
10,854
5,819
1.930
1,293
5,041
1,656
2,834
1,552
30,119
8,344
3,862
2,512
42,242
10,672
Lehigh Valley
8,055
2,545
3,758
2,078
Maine Central
Monongaheia..
Montour..
New York Central Lines
35,119
9,316
N. Y. N. H. A Hartford
New York Ontario A Western.
Pere Marquette...
1,699
Chicago
Chicago
Chicago
Chicago
764
5,964
1,542
37
36,134
10,729
31,371
9,150
1,507
7,956
4,188
3,978
25
998
5,639
6,323
4,716
6,148
1,798
9,485
5,099
4,588
334
177
307
37
*
277
291
332
210
198
1,010
785
1,158
1,425
1,160
652
595
667
813
782
5,036
4,308
5,195
3,182
5,569
4,745
7,326
2,692
6,549
2,475
133,751
114,509
149,792
138,593
119,970
378
381
585
820
602
29,199
4,580
23,995
2,804
33,729
16,376
2,268
13,964
Rutland.
Wabash.......
Wheeling A Lake Erie
Total.
.....
;
Allegheny District—
A North Western
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha.
Duluth Missabe A I. R
Duluth South Shore A Atlantlc.
Elgin Jollet A Eastern
Ft. Dodge Des Moines A SouthGreat Northern
Green Bay A Western
Lake Superior A Ishpeming
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
7,294
1,387
255
254
1,252
5,413
904
1,213
14
14
5,075
5,671
10,416
9,772
527
569
583
23
47
228
...
Central RR. of New Jersey
Cornwall
205
Cumberland A Pennsylvania
4
216
216
7
52
27
77
80
121
29
39
603
532
764
2,350
1,339
2,138
Ligonler
Valley
Long Island
...
872
863
154
506
514
534
168
185
20,228
16,044
25,658
31,181
2,862
598
514
540
535
537
3,192
2,101
7,375
10,912
2,447
3,658
...
2,236
995
Minneapolis A St. Louis
2,182
2,115
Minn. St. Paul A S. S. M—...
Northern Pacific
6,803
5,534
9,630
9,519
..
Spokane International
Spokane Portland A Seattle...
108
59
1,617
1,782
2,234
2,997
306
332
267
227
2,036
1,734
1,032
1,841
109,995
Central Western District—
Atch. Top. A Santa Fe System
337
1,803
Total.
92,744
133,949
41,733
39,459
4,826
18,357
2,912
19,941
3,256
24,278
5,014
Garfield...I..Ill
3,625
2,426
308
230
601
58
45
Burlington A Quincy.
14,435
1,505
10,711
2,306
15,996
17,071
6,938
6,830
1,726
11,576
2,273
513
678
13,889
2,597
7,275
6,356
2,229
682
819
823
2,283
1,225
Denver A Rio Grande Western
Denver A Salt Lake
2,396
2,315
2,961
2,748
331
2,028
1,229
2,324
247
534
19
Fort Worth A Denver City
Illinois Terminal
1,100
1,722
1,002
1,728
1,200
2,048
1,064
872
1,550
1,042
246
j
Alton
Akron Canton A Youngstown
Baltimore A Ohio
1,823
2,080
Northwestern District—
...
784
,
...II
Southbound
Total
148
4,494
4,293
4,167
Pittsburgh A Shawmut
Pittsburgh Shawmut A NorthPittsburgh A West Virginia....
....
2,093
2,227
1,135
1,151
3,044
660
69
946
Pittsburgh A Lake Erie
Winston-Salem
1,633
9,570
5,071
176
.5,265
5,347
N. Y. Chicago A St. Louis
Bingham A
Chicago
Chicago
Chicago
Chicago
A Illinois Midland.._
Rock Island A Pacific
A Eastern Illinois
Colorado A Southern
1,865
24
916
907
231
675
296
40,045
1,146
30,902
1,508
49,545
Nevada
1,496
1,151
14,998
82
13,347
North Western Pacific
901
877
10,688
633
4,972
1,974
1,096
76
11,457
1,290
71,622
13,787
Missouri-Illinois
56,644
11,907
16,973
4,280
527
2,576
38
42
176
21
8
0
34
0
0
0
24,147
3,152
2,611
3,331
22,632
5,192
23,803
4,854
276
295
13,433
13,596
14,528
4,262
1,185
7,747
3,983
245
Penn-Reading Seashore Lines..
System
Co
....
(Pittsburgh)
...
West Virginia Northern*
Western
367
322
101
1,747
6,905
5.929
Lehigh A Hudson River
Lehigh A New England
Union
430
Richmond Fred. A Potomac...
36
1,479
1,562
Grand Trunk Western..,.
Reading
1,904
2,912
1,158
394
Erie
Pennsylvania
957
20
Detroit Toledo «fe Ironton
Detroit A Toledo Shore Line...
1938
1,028
1,208
Detroit <fc Mackinac
1939
Piedmont Northern
14
Delaware Lackawanna & West.
from Connections
1937
Southern District
t—{Concl.)
1,225
4,354
9,417
Central Vermont
Delaware & Hudson
Total Loads Received
1938
921
801
8,411
1,844
7,225
1,863
Total Revenue
Freight Loaded
8,934
1,876
543
841
_
Chicago Indianapolis <fc Louisv.
week last year.
OF CARS)—WEEK ENDED AUG. 5
1938
1939
595
Boston & Maine
same
Railroads
Eastern District—
Bangor & Aroostook
compared with the
Total Loads Received
1939
Ann Arbor
1089
Diring this period 88 roads showed increases when
CONNECTIONS (NUMBER
Freight Loaded
Railroads
1939.
Maryland
Total
125,840
104,299
157,429
98,206
80,822
Northern
Peoria A Pekin Union
Southern Pacific
(Pacific)
Toledo Peoria A Western
Union Pacific System
Utah
24,248
Norfolk A Western......
24,090
Virginian
18,893
16,914
4,463
4,627
23,125
24,181
4,442
11,028
4,493
132
231
5
8
1,732
1,685
2,142
2,089
100,443
101,734
116,363
47,459
43,766
3,801
969
984
8,068
Total.
Southwestern District—
Burlington-Rock Island
Total
52,965
40,270
51,748
16,490
12,853
90
Fort Smith A Western z
226
176
230
340
174
217
0
195
2,486
2,291
1,822
3,185
2,169
1,345
1,823
1,571
1,588
....
International-Great Northern.
Alabama Tennessee A Northern
101
0
Gulf Coast Lines
Southern District—
7,644
185
1,725
Western Pacific
Pocahontas District—
Chesapeake A Ohio...
1,068
2,134
175
334
128
130
Atl. A W. P.-W. RR. of Ala-
737
644
852
1,259
1,253
Atlanta Birmingham A Coast..
763
730
844
647
604
Louisiana A Arkansas
8,278
3,648
7,029
7,748
3,466
4,404
Litchfield A Madison
420
462
1,351
1,161
1,555
4,728
2,552
1,125
1,806
4,152
2,126
426
309
254
299
358
339
Mlssouri-Kansas-Texas
149
164
164
363
549
Missouri Pacific
402
457
533
Quanah Acme A Pacific
109
140
139
106
64
87
St. Louis-San Francisco
6,703
6,540
2,185
5,731
8,733
2,445
7,603
4,020
St. Louis
3,348
1,765
2,936
2,741
3,001
3,388
Atlantic
Coast Line...
Central of Georgia
Charleston A
Western Carolina
Clinchfield
Columbus A
Greenville
Durham A Southern
Florida East Coast
:
;
Gainsville Midland
409
1,378
512
35
31
39
67
880
Georgia
872
943
1,123
1,539
,
1,326
Kansas Oklahoma A Gulf
378
187
240
826
982
1,757
1,622
Kansas City Southern
1,776
1,607
1,975
1,772
1,790
1,262
1,490
Louisiana Arkansas A Texas..
Midland
y
115
y
y
1,244
^
296
223
137
818
586
637
827
226
190
Valley.
196
216
289
239
4,035
12,599
4,019
13,584
5,116
16,832
2,341
7,371
2,225
....
Missouri A Arkansas
Lines.
Southwestern
775
245
6,816
750
721
629
477
392
Texas A New Orleans
2,144
5,617
1,405
1,740
20,137
21,015
1,118
9,559
4,967
821
Texas A Pacific
3,556
3,741
4,662
7,888
4,234
154
167
305
68
77
20,539
1,340
18,285
17,146
20
Macon Dublin A Savannah
20
42
109
162
43
154
32
447
201
Mississippi Central...........
122
104
195
321
295
43,930
45,141
56,906
30,298
29,671
Georgia A Florida
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note
18,442
Previous year's figures revised.
* Previous figures,
Regarding Defeat of Lending-Spending Bill as
Important Business Development, Colonel Ayres
of Cleveland Trust Co., Urges Tapering Off of
Government
Spending Along with Removal of
Barriers Against Prospects for Profits
be
to
prove
the
defeat
year,"
of
the
Its
•
important
will
probably
development of
Ayres,
long-term
Trust Co. of Cleveland, in the company's
issued Aug. 15.
Colonel Ayres goes
implications
are
constructive,
the control'
decided
relinquished.
Its short-term implications
of
flow
by
to
reassert
pump-priming
the
early
are
expenditures
months
of next
deficit expenditures have been
Our
economic
its
sustain
employment.
its
because
that
means
probably
So
over
it
the
spending that it had
disquieting, for it means that
will
year.
running at
recent
years
Under
its
tions
an
from
been
a
far
in
be
considerably
1939
$10,000,000
the
Federal
day, including
a
conditions
it
and
gets
new
meager,
and
funds
services
these
and
funds
savings and from the sale of securities
new
business, but under the abnormal
private
and
decreases
developed
of
into
important factors
in
bringing about the
1937-38.
prospects for profits.
At present business activity is making good progress.
advanced
sharply from May to June, and advanced
The profits of 365 corporations in the first half of 1939
in July.
again
were
production
twice
as
large
as
those of the first half of 1938.
Moody's Commodity Index Advances
Moody's Daily Commodity Index declined from 139.1 a
week ago to 138.4 this Tuesday, which was a new low for
1939.
its sales
to
of
in
order
providing
largely from
investors.
In
securities have
#
net
Then it advanced to 140.2 this Friday, showing
gain of 1.1 points from
a
week
ago.
a
The principal indi¬
vidual changes were the advances in hogs and
wheat, and the
decline in hides.
The movement of the index is
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
*
Aug. 11
Aug. 12
Aug. 14
Aug. 15
Aug. 16
Aug. 17
Aug. 18
...139.1
*
138.6
138.4
138.8
139.4
140.2
as
follows:
Two weeks ago, Aug. 4
Month ago, July 18
Year ago,
141 2
Il41.7
Aug. 18
1938 High, Jan. 10
143.1
Low, June 1.
130 l
....
152.9
1939 High, March 6
145.8
Low, Aug. 15
138.4
No Index.
money.
capital
will
largely
but there do not
important
before
normal
goods
The flow of pump-priming expenditures has
expensive and inefficient supplement to the reduced contribu¬
promptly
prise,
steady inflow of
a
supplying
prevailing conditions it has
highly important supplement.
Possibly
will
of
savings have been
brought in little
provided
requires
system
functions
business
own
slump
spending by Government should be tapered off, but that process
should be accompanied by effective measures for
increasing the expenditures
of private enterprise through the removal of
existing barriers against the
over
Sundays and holidays.
to
spending
Deficit
Vice-President
say:
reduced
deficit
business
Bulletin"
Congress has
the
Included in Louisiana A Arkansas, effective July 1, 1939.
y
Industrial
bill
business
Colonel Leonard P.
says
"Business
to
lending-spending
most
of the Cleveland
on
the
Total....
Discontinued Jan. 24. 1939.
x
While
"The
Wichita Falls A Southern
Wetherford M. W. A N. W...
1,803
in
now
increase
seem
Year
gain such
its
renewed
investments
in
to be convincing reasons
Federal
private enterprise steps
spending
up
develop
in
confidence
why it should.
the
business activity will be adversely affected.
downturn
began two
coming
its expenditures sufficiently to
for them,
ness
ago
that
it
risk-taking enter¬
sate
years
Wholesale
A
If
months
compen¬
serious busi¬
this month when sudden reductions
in
Commodity
Low
Annalist '
in
Week
Prices
Reached
Ended Aug.
12,
a
New
Five-
According
to
Index
Wholesale
commodity prices reached a new five-year low
closing at 75.3 (1926==
100) on Aug. 12, the lowest since June 5, 1934, and almost
four points under a year ago.
The week before (Aug. 5)
the index was 75.7, and a year ago it was
79.3, according
last week with the "Annalist" index
The Commercial & Financial
1090
Hogs
on
oil were weak in
"Annalist"
on
Aug. 14,
last
1939
PUBLICATIONS RETAIL PRICE INDEX (JAN. 3, 1931=100)
weak with prices falling to the lowest level in
1933
Aug. 1,
1938
May 1,
cottonseed
1939
1939
1939
Aug. 1,
1929
The grains
Cotton prices
69.4
prospects for very liberal supplies.
Lard and
sympathy.
All pork products moved lower.
week although
May 1,
boosted to the highest level
since late last year.
WEEKLY INDEX OF
1,
July 1,
89.1
89.1
89.1
89.3
84.8
84.1
84.1
84.0
84.1
88.9
88.4
88.4
88.4
88.4
71.8
89.0
88.8
88.8
88.9
88.9
76.4
96.8
96.0
95.9
95.9
95.9
70.2
Women's apparel
89.0
70.7
91.5
90.5
90.5
90.6
90.6
Piece goods:
64.2
63.8
63.7
63.6
64.0
Bilks
57.4
Woolens
69.2
85.5
84.6
84.6
84.6
Cotton wash goods
WHOLESALE COMMODITY PRICES
(1926=100)
,
June
65.1
dropped sharply, reflecting
"ANNALIST"
19,
Copyright 1939, Falrchtld News Service
wheat was a slow mover.
improved crop conditions.
Industrial commodities were mixed.
Silk advanced but wool declined.
Copper and bides were firm but rubber lost ground.
Zinc prices were
advanced
FAIRCHILD
Aug.
to say:
on
especially
were
years
many
the
announcement issued by
to the
which went
Chronicle
68.6
104.8
104.0
104.0
103.5
84.5
103.5
■
Domestics:
Farm products—
62.8
83.3
91.5
91.2
91.4
91.4
102.5
102.5
102.8
102.8
apparel:
Hosiery
85.8
96.5
95.7
93.5
105.0
59.2
74.0
73.8
73,8
74.0
74.0
Aprons & house dresses
Corsets and brassieres.
58.8
83.1
Sheets-———Women's
70.7
63.0
products —
Textile
74.8
64.1
63.7
Food products
Aug. 13, 1938
68.5
67.6
65.0
72.9
Aug. 5, 1939
Aug. 12, 1939
75.5
104.4
105.4
105.4
105.4
105.4
83.6
92.5
92.5
92.5
92.5
92.5
70.9
89.8
68.9
69.0
71.4
75.3
-----
75.7
All commodities-.
79.3
July Business Activity Shown
Increase in
"Annalist"
90.4
90.0
90.4
90.4
69.2
85.6
84.4
84.4
84.0
84.0
76.5
87.2
86.6
86.9
87.2
87.2
64.9
87.8
87.6
87.6
87.6
87.6
Underwear
87.1
66.8
Hosiery——.
69.1
85.2
-
Miscellaneous
Slight
71.0
85.1
Furs
69.6
91.1
91.5
91.3
91.3
74.3
86.0
86.2
86.2
86.2
86.2
69.7
81.7
82.5
82.5
82.5
82.5
Clothing, incl. overalls-.
95.7
——
-
-
Shoes...-
Hats and caps
-
Underwear—
Shirts and neckwear
Metals-
Building materials
70.1
90.7
89.5
89.5
89.4
89.5
Shoes
76.3
96.2
93.1
93.1
93.1
93.1
74.0
100.6
100.4
100.4
100.8
100.8
94.1
94.0
Men's
by
Index
apparel:
during July,
economic indicators, advanced, but much
more
slowly than during June.
The gain recorded was
due chiefly to the expansion of iron and steel output.
The
combined index stands at 92.7 (preliminary), compared with
91.4 (revised) for June, 86.3 for May, and 95.2 for last
November, the 1938 high mark.
The "Annalist" further
reported:
•.
V,.
"Annalist" index of business activity
like most other
chief factor in the
The
increase
was
the expansion of iron and steel
93.9
94.0
80.9
95.8
93.5
93.5
93.0
69.4
94.8
95.0
94.9
95.3
95.4
Floor coverings
79.9
112.0
114.0
114.0
113.9
113.9
during the rest of the year.
"ANNALIST"
I—THE
TABLE
March, only to fall again in the next two months,
resumed, and may be expected to
July the rising trend was
In June and
continue to do so
INDEX
OF BUSINESS ACTIVITY
AND
COMPONENT GROUPS
July, 1939
Miscellaneous
May, 1939
June, 1939
81.5
-
80.9
75.3
55.4
55.5
57.3
92.8
55.0
55.0
50.6
60.1
75.5
73.9
73.9
73.9
74.0
72.5
83.0
81.0
81.0
82.0
82.0
China..-....-..
81.5
94.5
94.1
94.1
94.1
94.0
.....
Labor Index of Wholesale
United States Department of
Commodity Prices Declines 0.4% During the Week
Ended
12—Figures for Week Ended Aug. 5
Aug.
The Bureau of Labor Statistics' index of wholesale com¬
modity prices dropped 0.4% during the week ended Aug. 12
largely because of weakening prices for farm products and
foods, Commissioner Lubin announced on Aug. 17.
"The
I decline offset the gain of the preceding week," Mr. Lubin
said, "and placed the all-commodity index at the level of
July 29, 74.8% of the 1926 average.
The Commissioner
added:
77.8
75.0
Freight car loadings..-
.
Musical instruments
After declining in January and February, the
rather erratic.
been
has
--
Luggage.
dec. household appliances
The index came to 92.5 last month, as compared with 91.4 in
and 79.0 in July, 1938.
The course of this barometer during 1939
June
94.0
74.3
Underwear
Shoes
Furniture
output.
index rose slightly in
'
Infants' wear:
Socks
The
91.3
74.8
The farm products group
declined 1.8%, foods decreased 0.7%, the textile
94.6
92.2
83.8
*101.5
alOl.O
97.5
products and chemicals and drugs groups both fell 0.3%, and hides and
*93.7
a90.9
81.1
leather
84.3
73.8
61.0
and metal products groups
87.1
77.2
56.8
*114.0
118.4
112.8
119.8
124.3
121.8
Other
production
Electric power
-.
Manufacturing
-
production
Pig iron production
Steel ingot
Textiles
Cotton consumption—
The fuel and lightihg materials and metals
products dropped 0.2%.
Building materials, house-
advanced 0.1%.
furnishing goods, and miscellaneous commodities remained unchanged at
■;'V
last week's level.
Largely
agricultural commodities,
hides,
silk, and raw jute the raw materials group index fell
1.2%.
prices
of lower
because
131.1
120.6
57.5
59.2
55.7
Rayon consumption
Boot and shoe production..
124.1
129.6
106.6
120.7
114.3
Automobile production
*62.0
a77.4
70.5
other than farm products"
77.1
75.7
76.0
other than farm products and
62.4
77.2
79.7
for
60.1
Wool consumption...
.....
Silk consumption.,
Lumber
Cement
production
production
....
Mining
73.8
a91.4
*
Subject to revision,
a
a86.3
Revised.
1933
87.2
79.6
67.5
86.7
83.2
66.1
89.5
84.4
84.6
94.1
82.8
85.9
69.2
January
92.3
79.5
104.3
92.3
February
89.7
78.5
105.7
89.0
March
a 90.1
77.5
106.9
April
a86.6
74.1
107.1
eggs,
pepper, raw sugar,
a
decline of
of 0.3%
crease
silk, yarns, cotton yarn, burlap, and raw jute re¬
0.3% In the textile products group index.
86.3
73.8
109.0
95.9
81.8
86.4
77.3
74.3
107.8
97.6
82.0
83.8
87.5
lower prices for cow and steer
*92.7
79.0
108.9
102.4
82.7
78.0
94.0
82.9
In the hides and leather products group,
falling prices for fats and oils.
a91.4
102.5
84.9
75.1
87.5
-
85.2
106.5
102
86.1
71.4
82.0
-
mm
88.9
98.5
103.3
89.1
74.6
78.5
—
m
95.2
87.8
107.1
92.0
a76.0
75.3
---
95.0
81.3
110.5
96.7
82.4
77.5
«.
-
'
November
m
December.
*
111.2
-
*
-
Subject to revision,
a
Revised.
counterbalanced
an
hides, sheep skins and goatskins more than
increase in prices of calfskins and caused the group
,)
index to drop 0.2%.
of higher prices for
bituminous coal.
index up 0.1 %.
Wholesale Prices for
Prices
Gained
Fractionally
The
During
1926
The gain in the index was due to the fractional increase in price goods,
particularly silk.
The other major subdivisions remained unchanged.
As
Week Ended Aug.
12, 1939
of the
building materials group index remained steady at 90.1%
average.
Higher prices for yellow pine lath and flooring,
lead pipe, and copper sheets and
remaining unchanged for five consecutive months,
the Fairchild Publications retail price index averaged frac¬
tionally higher in July compared with June.
The gain was
0.2% as compared with June. For the first time in over a
year, the index also showed an increase above a year ago.
However, the increase was largely the result of the fact that
prices last year were beginning to turn steadily downward.
The current index at. 89.3 (Jan. 3, 1931=100) shows a
decline of 7.5% as compared with the 1937 high.
It only
shows an increase of 1.6% above the 1936 low.
The an¬
nouncement
issued Aug.
14 by Fairchild Publications,
New York, went on to say:
After
advanced 0.1% be¬
Anthracite declined slightly.
Higher prices for non-ferrous metals brought the metals and metal products
group
July,
According to Fairchiled Publications Index
Retail
'
The index for the fuel and lighting materials group
cause
The de¬
in the chemicals and drugs group index was the result of
July
September
Quotations were higher
The decline of 0.7%
and vegetable oils.
Lower prices for raw
sulted in
May
August
wool.
index was caused by decreases of 2.2% for fruits and
June
October
and potatoes, were responsible for the
vegetables, 1.1% for meats, 0.4% for cereal products, and lower prices for
62.5
1937
livestock and poultry and 0.6% for grains, together
in the farm products group index.
in the foods group
1934
1935
1936
1938
The index for "all commodities
foods" remained unchanged at 80.5.
for corn, oranges, timothy seed, onions, and
INDEX SINCE JANUARY, 1933
1939
decreased 0.1 %.
with lower prices for cotton,
decrease of 1.8 %
II—THE COMBINED
TABLE
products and "all commodities
on Aug. 17 by the Department
Commissioner Lubin as above, also stated;
of Labor granting
Declines of 2.9% for
*92.7
Combined index.
finished
The announcement issued
93.0
Lead production
raw
Semi-manufactured commodities,
73.1
84.1
74.7
Zinc production
skins,
wire
were
gravel,
offset by lower prices for common
brick, linseed oil, rosin, and turpentine.
Average wholesale prices of cattle feed declined 2.0% during the week.
Crude rubber advanced 0.3% and paper and pulp rose
The following table
0.1%.
shows index numbers for the main groups of com¬
modities for the past five
weeks and for Aug. 13, 1938, Aug. 14, 1937,
Aug. 15, 1936, and Aug. 17, 1935.
(1926=100)
Aug.
12
Commodity Groups
Aug.
July
29
5
1939
1939
July
22
1939
1939
July
Aug.
Aug.
14
Aug.
15
Aug.
17
15
13
1939
1938
1937
1936
1935
80.5
74.8
75.1
74.8
75.2
75.5
77.9
87.5
81.1
Farm products
61.4
62.5
61.4
62.2
63.3
67.0
87.5
83.6
80.3
Foods
66.7
67.2
66.7
67.5
67.6
72.2
86.5
82.6
85.4
Hides and leather products._
93.5
93.7
93.7
83.2
92.8
92.5 108.6
94.2
90.1
67.4
67.1
65.5
70.6
70.5
All commodities
76.9
Textile products
67.2
67.5
67.4
compared with the 1937 high, home furnishings and piece goods still show
Fuel and lighting materials—
73.5
73.4
73.3
73.3
73.4
78.0
78.9
76.9
75.4
the
Metals and metal products._
93.5
93.4
93.4
93.3
93.3
95.5
95.5
86.3
85.8
Building materials..
90.1
90.1
89.4
89.5
89.8
89.3
96.7
86.9
85.1
greatest
declines.
Despite the fractional increase in prices, there
actually showed changes during the month.
men's
gain
were
only a few items that
These included silks, woolens,
clothing, infants' shoes, furniture, luggage and china.
was
recorded in silks.
On the other hand,
The greatest
full-fashioned
According to A. W. Zelomek, Economist, under whose supervision the
compliled, the fractional gain in the index is not
a
74.3
74.5
74.6
74.6
74.7
77.2
82.0
79.2
78.7
Housefurnlshing goods
87.0
87.0
87.0
87.0
87.0
87.8
92.7
82.5
81.7
Miscellaneous
73.0
73.0
72.9
73.3
73.3
72.3
77.4
71.1
67.2
forerunner of a
Raw materials
66.8
67.6
66.9
67.4
68.0
71.1
85.2
81.1
*
Semi-manufactured articles-
women's
hosiery still remained unchanged despite the higher prices.
index is
Chemicals and drugs
74.4
74.5
74.5
74.2
74.2
74.3
86.5
75.5
*
Finished products
79.1
79.2
79.1
79.4
79.6
82.0
89.1
82.2
*
78.0
78.1
80.3
87.5
80.6
80.5
80.4
80.4
81.8
86 0
79.6
78.0
All
commodities
other
than
other
than
77.8
farm products
77.9
77.8
80.5
,80.5|
80.4
-
steady upward trend in prices.
He points out that the steadily declining
trend in wholesale prices will preclude higher retail quotations.
ency
The tend¬
in distribution is to avoid raising prices at this stage of the cycle.
All
commodities
farm products and foods,.
♦
Not computed.
!'
Volume
In
The
149
Commercial & Financial Chronicle
advancing prices for
the previous week ended Aug. 5
building materials
caused the
Bureau of Labor Statistics' index of wholesale
commodity
farm
foods, and
products,
prices to rise 0.4% Commissioner Lubin reported on Aug. 10.
"The advance," Mr. Lubin said, "represents the first up¬
ward movement in the general wholesale commodity price
level since early in July.
The all-commodity index is at
75.1 % of the 1926 average.
Commissioner Lubin on Aug. 10
continued:
in the price of sugar.
showed
or
budding
materials, and 0.7% for foods, the fuel and lighting materials and miscel¬
laneous commodities groups rose 0.1%.
Textile products and chemicals
and drugs declined 0.1% and hides and leather products, metals and metal
products, and housefurnishing goods remained unchanged at last week's
addition to increases of 1.8%
for farm products, 0.8% for
Prices of oth,er items in this group
either decreased
change.
no
The increase of 0-3% in food costs the country over was
of increases in 25 cities and decreases in 26.
was
1.8% for the South Atlantic
advance
in this
are
These items which showed the
products.
greatest average decrease for the country as a
in these cities.
North Central
decreased
cities
cities, the reduction in the
5 times greater than for all
fruits and vegetables was about
combined.
decreased
Omaha, Salt Lake City and St. Paul, food costs
than in other cities, and in these
more
cost of fresh
whole, showed marked in¬
decrease, 2.2%, was in in the West
The greatest
In
area.
more
Richmond, the
vegetables showed a marked increase, contrary to
change for these
average
the net result
The greatest regional increase
The cities which showed the greatest
area.
Jacksonville, Savannah and
In
area.
cost of fresh fruits and
the
creases
In
1091
The cost of sugar and sweets increased 01% due to an advance of 0.2%
Potatoes, which showed an average decline of
1.9%,
than 20 in each of these cities.
level.
The
materials group index increased 1.0%,
raw
largely because of higher
prices for agricultural commodities, coffee, and crude
for the finished
was
products" and
products and foods" advanced 0.1%
Regional Area
xl939
other
than
farm
12. July
15, July
15,
1938
1939
1932
1929
New England.
Middle Atlantic
76.0
74.8
74.5
79.2
68.9
106.4
77.6
77.0
77.5
80.9
70.1
106.2
75.5
76.4
76.6
80.8
68.7
109.2
Department at the same time (Aug. 10)
108.3
in grains and 2.2% for "other farm products," includ¬
Advances of 7.6%
ing cotton, apples, lemons, milk, and potatoes contributed largely to the
increase
of
livestock and poultry
index
group
for cereal
was
The advance of 0.7% in the foods
declined 0.3%.
West North Central
80.7
82.5
66.3
76.9
75.6
76.1
77.9
67.0
70.6
a70.2
70.3
73.7
62.3
104.7
West South Central
75.3
74.2
74.7
77.6
62.5
103.4
Mountain
79.3
80.9
79.9
83.8
67.3
108.2
Pacific.
75.1
74.9
74.7
77.0
66.0
102.5
76.5
76.3
76.5
80.0
68.3
1.6%
the result of increases of 5.6% for dairy products and
106.5
United States
x
Preliminary,
wholesale
of building materials
prices
because of
0.8%
rose
Higher prices for coal and natural gasoline caused the fuel and lighting
Average wholesale prices of cattle
index to rise 0.1%.
advanced 3.0%
during the week and crude rubber increased 0.6%.
burlap, raw jute, and men's clothing
Weakening prices for raw silk,
and oils.
caused by lower prices for fats
In the hides and leather products group
hides and kipskins offset lower prices for steer
for
higher prices for cow
hides and goatskins and the
18,1939,
and in
It was unchanged
index.
at 93.4.
0.3% in Retail Costs of Food Between June
July 18, Reports United States Department
of Labor
The average
retail cost of food rose 0.3 % between June 13
July 18, Commissioner Lubin of the Bureau of Labor
Statistics, United States Department of Labor, reported on
Aug. 15.
"This advance was due entirely to higher costs
for meats, dairy products and eggs," Mr. Lubin said.
He
and
added:
■
Food costs
eau's index.
were
'■oiv'.V'
■;
'
higher in 25 and lower in 26 of the 51
Prices
rose
^
cities in the Bur¬
for 32 of the 84 foods; decreased for 46; and
were
The general index for all foods
4.4% lower than
76.5% of the 1923-25
was
July, 1929, when the index
was
13 and July 18.
Meats increased
much
It is 28.2%below the level of
No other price change for items
Continuing the downward trend of the previous week, the
commodity price index of the National Fertilizer
Association in the week ended Aug. 12 dropped to 70.3%—
the lowest point reached in more than five years—from 70.9 %
in the preceding week.
Based on the 1926-28 average of
100%, a month ago the index stood at 71.6%; a year ago
at 73.1%, and two years ago at 87.5%.
The high point
reached for the current year was 73.3% and the highest
point recorded in the recovery period was 88.8%.
The
Association's announcement, under date of Aug. 14, con¬
tinued:
Declines
pork
pork items.
The
All other
largest
(—2.9%) and salt pork (—4.7%).
common
were
new low was
Other group indexes which moved
those representing the prices of fuels,
building
materials
commodities.
miscellaneous
and
The only
Thirty price series included in the index declined during the
15 advanced; in the preceding week there were
decreases
beef.
shown
were
for
preceding week there were 20 declines and 31 advances.
Latest
Per Cent
a
Week
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
Aug.
Group
Bears to the
25.3
15, July
1939
1939
1938
1932
1929
85.0
85.0
84.9
91.4
75.6
Ago
Year
Ago
July 15, Aug. 13,
1939
1939
1938
67.6
69.1
72.0
44.9
45.2
59.3
51.6
53.5
50.8
77.1
56.2
Farm Products..
97.9
23.0
Month
Week
Aug. 5,
43.3
Cottonseed Oil
15,
X1939
Preced'g
66.7
Foods
Fats and oils
12, July
12,
1939
Total Index
Three-Year Average 1923-25=100
18, July
(1926-1928=100)
bacon
The average price of lamb showed
18. June 13, May
PRICE INDEX
Compiled by The National Fertilizer Association.
Prices of
week and
21 declines and 25 advances;
WEEKLY WHOLESALE COMMODITY
Each Group
July
A
silver tin, lead and zinc.
scrap,
beef items showed price
1.8%.
Commodity Group
advancing.
by the farm product average, with the principal decline in the
downward during the week included
textiles,
most commodity groups.
to
receded to a new low for recent years, with 14 items
being in livestock quotations.
group
0.4% due primarily to higher prices for sirloin steak,
declined.
week
the
during
The food price average
included in the group declining and only two
in the second
declines ranging from 1.0% for rib roast to 3-0% for plate
decline of
between June
1 %.
as
Five Years According to National Fer¬
than
tilizer Association
The price of flour declined 0.5% and white bread remained
round steak and the fresh
with the prices near the middle of June, 1939, May, 1939,
index to advance was the metal average, reflecting slight increases in steel
Corn flakes declined 1.1%.
in the group amounted to as
cured
The current
106.5.
The cost of cereals and bakery products decreased 0.1%
unchanged.
It
average.
when the index was 80.0.
a year ago,
higher than in July. 1932.
12.0%
compare
also made
unchanged for 6.
index is
shown
wholesale
#
13 and
are
July, 1938, 1932 and 1929.
More
index remained unchanged at 93.7% of the 1926 average.
Increase of
Comparisons for "all foods"
Wholesale Commodity Prices Further Declined During
Week Ended Aug, 12 Reaching Lowest Level in
Slightly higher prices for electrolytic copper and pig lead were not re¬
flected in the metals and metal products group
and for 51 individual cities.
July, 1939 and July, 1938.
Table 2 indicates how the average prices of individual food items on July
The decrease of 0.1 %
brought the textile products group index down 0.1 %.
in the chemicals and drugs group index was
13, 1939, and July 18,
1939, by groups of foods for all reporting cities combined, for 9 regional
areas,
higher prices for lumber, paint materials, and lead pipe.
materials group
104.9
Revised.
a
Table 1 gives percentage changes between June
0.8%.
group
78.2
Fruits and vegetables declined 2.3% and meats dropped
products.
Average
r
Average prices for
in the farm products group index.
1.8%
79.9
South Atlantic
East South Central
Advices from the
said:
all
1939
East North Central
commodities
during the week.
was
16, July
18, June 13, May
July
"all commodities other than farm
The level of prices for
feed
1923-25=100
Three-Year Average
The index
rubber.
and the index for semi¬
unchanged from 1st week.
products group advanced 0.1%
manufactured commodities
"all
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
57.7
59.0
63.7
Cotton.......
Cereals & bakery products.
51.1
52.4
52.8
47.2
Grains
49.6
49.7
51.0
50.5
57.5
59.5
61.2
71.0
78.9
.........
Livestock....
93.5
93.1
94.2
99.3
79.3
125.9
72.5
71.2
71.2
76.2
63.8
101.6
17.3
Fuels
77.1
77.4
77 A
Eggs
61.4
55.8
55.3
68.0
49.3
91.3
10.8
Miscellaneous commodities..
77.2
77.4
77 A
77.5
Fruits and vegetables
63.4
a65.5
65.7
61.7
62.4
107.2
8.2
Textiles
63.0
63.2
63.1
59.0
62.7
a65.1
65.3
60.3
62.4
108.3
Metals
88.6
88.4
88.0
89.1
73.9
73.8
73.8
78.0
70.5
98.5
7.1
6.1
82.8
82.7
78.8
56.6
56.5
59.2
55.1
103.5
1.3
Building materials
Chemicals and drugs
82.7
56.6
91.9
91.9
91.9
94.2
68.7
68.7
67.5
69.9
77.2
77.2
77.2
77.1
94.9
94.9
94.9
97.9
70.3
70.9
71.6
73.1
Meats
Dairy
products.........
Fresh
Canned
_
Dried..
Beverages and chocolate..
65.3
65.4
65.5
66.7
74.2
110.6
.3
Fertilizer materials...
Fats and oils
61.6
62.1
62.4
67.7
49.9
93.3
.3
Fertilizers
-s
Farm Machinery...
62.4
All foods
x
Preliminary,
The cost of
a
62.3
62.1
63.3
56.5
72.6
76.5
Sugar and sweets........
76.3
76.5
80.0
68.3
106.5
dairy products
rose
1.9%.
This advance
cities and amounted to 1.0 cent a quart in
York
City.
Cream showed
part
as
was
almost entirely
Buffalo and 1.6 cents
a
increase of 3.2%.
a
quart.
items
were
cabbage,
4.8% and
onions,
oranges,
vegetables declined 3.6%.
0-7%;
7.7%.
of
Apples declined
and
carrots,
10.6%.
Lemons
Canned fruits and vegetables
being slightly higher for 6 of the
Prices of staple
12 0%; potatoes,
10 items in the group.
rose
1.9%;
advanced
to
The cost of
beverages and chocolate declined slightly.
changed.
0.6%.
.
Fats and oils decreased 0.8%.
announcement issued Aug. 8 the Board of Governors
Federal Reserve System states that "department
sales showed the usual decline from June to July,
and the Board's
seasonally adjusted index remained at 86%."
the last three months and for
The index is shown below for
July, 1938:
INDEX
OF DEPARTMENT
0.2%. prices
Coffee
was
July, 1939
June,
1939 May, 1939
July, 1938
0.1%
Lard declined 1.9%, a continuation of
in about a year.
Adjusted for seasonal variation
86
86
85
83
Without seasonal adjustment—
un¬
'
ing in cartons and mayonnaise decreased by 1.2% each.
STORE SALES
1923-1925 Average=100
The dried items
Cocoa and chocolate prices remained
decline which has amounted to 20.8%
Store Sales Noted from
of Governors of Federal
an
decreased 01%, with an advance reported for 1 item, only, dried peaches.
lo ver and tea decreased
Board
the
store
materially reduced:
9.4%;
in
This advance reflects in large
Butter showed little price change,
seasonally 10.1%, with higher prices reported from every city.
The cost of fresh fruits and
July by
Reserve System
June
quart in
did other items in the group.
rose
—
All groups combined
Seasonal Decline in Department
3.1% for the 51
Los Angeles reported an increase of 0.8 cent
an average
the increase in prices of fresh milk.
Eggs
.■
100.0
Revised.
due to increases in the price of fresh milk, which averaged
New
?
60
83
87
58
a
Prices of shorten¬
Sales in July were
3% larger than in July, 1938, and the
the year was 4% above
total for the first seven months of
last
Chronicle
The Commercial & Financial
1092
which presented the
according to the Board,
year,
REPORT BY
The following
Number
Number
of
Stores
of
Cities
July*
7 Months
Reporting
Included
+6
4-2
49
for these three
table gives the Conference Board indexes
classes of commodity holdings at the end|of
30
since January,
1933:
INDEXES OF MANUFACTURING
BOARD
CONFERENCE
THE
INVENTORIES.
1933-1939
+2
Philadelphia
-
.
Richmond
29
Adjusted lor Seasonal Variation; 1936=100
30
12
Raw Materials, Including Cotton at Mills
4-6
31
12
4-1
4-3
53
25
4-10
4-8
25
16
— -
-
-
59
4-5
4-7
—
0
+2
New York
Cleveland
the comparable monthly figures
J
June, 1939, together with
Federal Reserve districts:
Boston
1939
variation.
FEDERAL RESERVE DISTRICTS
Percentage Change from
a Year Ago
19,
end of June, for the preceding month, and for June,
These indexes (1936=100) are adjusted for seasonal
at the
1938.
following compilation:
Aug.
1937
1938
99.9
110.9
100.6
101.1
99.7
113.2
100.6
100.0
100.2
114.4
1933
1934
1935
1936
4-4
+6
91
—
31
St. Louis------.-——
4" 6
4*5
33
16
January.—
110.2
114.0
110.4
101.4
Minneapolis-
4-1
4-3
40
20
February..
111.2
114.6
109.9
4-2
4-1
27
15
March
112.5
115.3
110.5
Atlanta——
Chicago.
»*»--
*
* -
-—
Kansas City.-Dallas
-
-
-
98.3
4-1
19
9
April...—.
114.5
116.6
110.4
99.3
99.3
116.7
96.6
4-3
106
34
May......
116.5
116.8
109.2
99.8
102.7
115.9
96.4
a94.7
4-3
-
0
4-3
-
«—-
-
San Francisco-
4-4
563
249
113.7
118.2
108.3
104.2
113.7
July
114.4
119.5
108.0
98.8
104.7
111.6
August——
September-
116.1
119.0
107.3
98.1
105.8
109.6
October
June
Total.
99.9
July figures
preliminary; in most cities the month had the same number of
and last year.
business days this year
+,
98.2
107.0
108.7
115.0
114.6
105.2
99.5
107.6
105.9
November.
114.6
113.4
104.2
100.2
108.3
103.5
December.
*
1939
114.0
111.3
102.6
100.8
109.7
101.4
106.8
118.2
117.6
—
.
July Chain Store Sales Score Wide Gains
The business of the chain stores
improvement all along the line as
Semi-Finished Goods*
in July showed substantial
compared with both June
as
1934
1935
1936
January-
composite index of chain store sales in July advanced
to 112.0 of the 1929-1931 average for the month taken as
100, from 111.0 in June.
The index in July, 1938, was 108.0.
Weather conditions generally were favorable to store
trading, and sales of apparel and shoe chains, which respond
quickly and fully to this factor, were especially brisk.
The" July index figures by groups compare with previous
The
months
122.8
109.2
102.4
87.8
February
follows:
July, 1939
Grocery„
121.7
108.6
102.5
86.7
131.5
120.8
107.5
105.0
87.3
120.8
113.3
April
130.3
120.0
107.5
103.1
86.3
121.9
113.7
May
126$
118.0
107.8
103.1
87.7
122.6
113.7
June
122.0
115.9
108.3
103.3
88.4
121.5
0112.6
July
118.5
116.0
108.6
98.7
91.4
118.1
114.7
93.5
August——
September.
118.5
115.7
108.0
100.4
120.6
116.5
107.1
98.3
95.6
111.1
October
120.9
114.6
104.2
96.8
101.4
109.2
122.3
113.4
102.3
92.9
107.7
110.0
126.4
112.1
101.6
89.4
113.7
.
..
November
.
December.
,/•^
Finished Goods
110.8
'
•.
■
'.'v'
1933
1936
1937
1938
January...
85.9
91.6
94.7
97.0
107.3
119.9
84.3
91.8
95.0
98.3
107.6
118.0
109.5
March
130
123.4
127
122
129
1935
February..
129
—
1934
83.3
92.1
95.4
97.8
107.9
116.5
100.0
81.8
93.0
95.3
98.6
107.4
114.9
110.9
112.2
130
—
112.3
April
118
Drug
— — .
111.4
130.9
119.0
..
99.5
100.5
119
Shoe
—
1939
116.5
July, 1938
June, 1939
101
——
--—-
Apparel
1937
March....
''•
Variety
1938
1933
128.7
reports the current review by
this year and July a year ago,
"Chain Store Age."
120
118
1939
110.0
82.2
92.3
96.8
98.1
108.8
115.5
109.6
June
82.3
93.2
97.4
98.0
109.5
113.4
0109.4
July
85.5
95.4
96.6
98.8
109.0
112.6
May
Dodge Corp. Reports Residential Contracts 25% Higher
August....
September.
The dollar volume of total construction contracts awarded
States during the first seven months
the 37 Eastern
in
1939
the
amounted
same
to
of
according to statistics compiled
$1,999,247,000,
period last year,
by the F. W. Dodge Corp.
Non-residential building, with
for
July,
last year,
which is 30%
of
a
ahead
valuation of $88,501,000,
22% increase
July of
which is better than the 19% increase that existed
1939, has shown
at the end of the first half.
a
over
Included in this non-residential
figure for July is $17,404,000 for manufacturing buildings,
which is 10% ahead of June this year and 80% above
July
of 1938.
The
residential
$2,560,000,
year.
ever,
contracts
2%, below June,
awarded
for
July,
while
25% ahead of July last
Considering just one- and two-family houses, how¬
July equaled June of this year.
or
:
Manufacturers'
to
New
are
89.8
95.6
95.4
98.4
111.3
111.8
93.2
96.0
96.6
100.8
114.2
112.2
October...
96.0
95.4
95.6
103.7
118.0
112.4
November.
Than Last Year
96.7
93.8
94.7
104.4
118.5
111.4
December
93.8
94.7
95.1
106.1
1188
110.1
*
.
Stocks of copper estimated for
1933.
a
Preliminary.
Electric Output for Week Ended Aug.
Above a Year Ago
12, 1939, 9.4%
The Edison Electric Institute in its current weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Aug. 12, 1939, was 2,333,403,000 kwh.
The current week's
output is 9.4% above the output of the corresponding week
of 1938, when production totaled 2,133,641,000 kwh.
The
output for the week ended Aug. 5, 1939, was estimated to
be 2,325,085,000 kwh., an increase of 9.9% over the like
week
a
year ago.
PERCENTAGE
INCREASE
FROM
PREVIOUS YEAR
♦
Orders
Advance—New Orders
and
up
Shipments Continue
5%, Shipments 4%—
Volume of Inventories Declines
Regions
12, 1939
Aug.
Aug. 5, 1939
July
Week Ended
1939 July
29,
22,
14.1
14.5
10.0
8.7
10.6
12.1
13.7
13.1
1.4
2.8
3.3
12.7
Middle Atlantic
Central Industrial
West Central
9.2
7.0
6.8
8.5
11.6
9.9
12.8
9.8
16.9
15.2
8.3
7.3
8.8
7.1
9.4
9.9
11.8
10.1
Southern States
Rocky Mountain
1939
6.2
11.1
New England.
New orders, shipments and unfilled orders advanced
during June for the second consecutive month, according to
reports received from 152 large and small manufacturing
concerns
by the Division of Industrial Economics of the
Week Ended
Week Ended
Week Ended
Major Geographic
Pacific Coast
Conference Board.
A summary of the reports reveals that 78 companies showed
gain of 5% in the value of new orders during June as com¬
pared with May, and 37% compared with June, 1938. Com¬
bined reports of 81 companies for May showed a gain of 13%
over the preceding month.
Shipments reported by 143 companies advanced 4% in
June and were 29% greater than a year ago.
A similar group
of companies reported a gain in shipments of 5% in May as
compared with the preceding month.
Unfilled orders,
reported by 67 companies, rose 3% and were 18% higher than
a
a
FOR
DATA
inventories, which was given by 144 concerns,
declined 1% in June compared with an advance of 1% in
May, and was 14% lower than a year ago. At the end of
June, stocks were equivalent to three months' shipments,
compared with 3% months' shipments in May. A year ago,
stocks were equivalent to 4% months' shipments at the rate
of business prevailing at that time.
RECENT
OF
(THOUSANDS
WEEKS
KILOWATT-HOURS)
Percent
i»
Week Ended
1939
Change
"
1938
1939
1937
1932
1929
from
1938
June
3_.
June
2,113,887
10
June
17
2.256,823
~'
June 24——
July
1
July
year ago.
The value of
.
Total United States.
8
July
July
15
22
July
29
Aug.
•
2.285,083
2,300,268
2,077,956
2.324,181
M.
2,294.588
Sept.
2
9
+ 12.5
2,214,166
1,381,452
1,435,471
1,615.085
+ 13.3
1,991,115
2,019,036
2,014,702
1,881,298
2,084,457
2,084,763
+ 13.7
1,441,532
1,699,227
1,440,541
1,702,501
1,723,428
+ 11.5
2,213,783
2,238,332
2.238,268
2,096,266
2,298,005
+ 10.1
2,258.776
1,440,386
1,723,031
+ 13.2
+ 14.2
+ 10.5
2*256,335
1,456,961
1,689,925
1,341,730
1,592,075
1,415,704
1,711,625
1,433,993
1,727,225
2,093,907
+ 11.8
2,115,847
+ 9.9
2,261,725
1,426.986
1,724,728
2,333,403
2,133,641
+ 9.4
2,300,547
2,304,032
2,294,713
2,320,982
2,154,276
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,729,667
1,733,110
2,341,822
--
2,138,517
—
2,134,057
2,148,954
2,048,360
2,214,775
Aug. 26
Sept.
2,131,092
1,878,851
1,991,787
2,325,085
5
Aug. 12
Aug. 19
2,264,719
—
Sept.16
2,280,792
1,750,056
1,761,594
1,674,588
1,806,259
The Board's indexes of the physical volume of inventories
in manufacturers' hands moved
Holdings of
raw
slightly downward in June.
materials declined 1.8% from May to June.
This is the third consecutive month in which the
terials index has reached a new low
raw
ma¬
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Rise
in
Industrial
Production
Bringing
It
Close
point for the six-year
period covered.
Stocks of semi-finished goods have shown
only minor changes since September, 1938, and the decline
of 1% from May to June is not
necessarily indicative of any
basic trend.
Finished goods stocks declined
slightly, twotenths of 1%, during June despite the fact that industrial
production rose by nearly 7%.
The following table gives the Conference Board's indexes
"In July industrial activity, seasonally adjusted, rose
sharply and was close to the level reached last December,"
it is stated by the Board of Governors of the Federal Reserve
System, in its monthly summary of general business and
for the volume of stocks of the three classes of commodities
"prices
to
December Level
financial conditions in the United States, based upon statistics
for July and the first half of August. The Board reports that
of
some
industrial
materials
increased
in
recent
Volume
weeks
The
149
agricultural products continued to
issued Aug. 18, the Board con¬
those for
while
In its summary,
decline."
tinues:
Production
.
of industrial production,
index
according to
preliminary
in July as compared
with 98 in June and 92 in April and May.
The advance in July reflected
chiefly a considerable further increase in output of iron and steel, which
usually declines at this season. Steel ingot production rose from an average
rate of 52% of capacity in June to 57 % in July and in the first three weeks
of August was maintained around 60% which for the month would represent
about the usual seasonal increase. Lumber production showed little change
advanced to 102% of the 1923-25 average
returns,
curtailment
during July and the first half of August, reflecting preparations for the shift
to new model production which will be made about a month earlier this
year than in other recent years.
Retail sales of new cars continued in excess
of production and dealers' stocks were greatly reduced.
Plate glass pro¬
duction declined sharply in July, following a substantial increase in June.
Changes in output of non-durable manufactures in July were largely of a
seasonal nature.
At cotton textile mills and meat packing establishments
activity showed somewhat less than the usual declines and at sugar re¬
fineries output increased from the low level reached in June.
Flour pro¬
In the automobile industry output
substantial volume.
duction continued in
Mineral production
continued
sharply.
Railroad Commission
beginning Aug. 15,
ordered in several other important
On Aug. 14 the Texas
shutdown of most Texas oil
wells for 15 days,
subsequently similar shutdowns were
and
oil
a
expanded further in July as output of bituminous
and petroleum production, which had been
increase
to
reduced in June, rose
ordered
showed a sharp seasonal
producing States.
Value of construction contracts, as
increased somewhat in July, owing
for
reported by the F. W.
Awards for residential work, both
public projects.
practically unchanged, from the June
were
Factory employment, which usually
exception
decrease, according to reports
from a
The
the
tomary seasonal decline.
increased.
In the
I
steam
Interstate
between
railroads,
Commerce
There
was
34,000
in
workers
.
Weekly
June.
/
.
employment gain of 0.7%, or 44,000
payments
wage
2.1%,
rose
by
or
usually show declines of
0.6% and 0.8%, respectively, at this time of the year.
The gains were
quite general, 51 of the 87 manufacturing industries covered reporting
more workers
in June than in May, and 57 showing larger payrolls.
The
June employment index for all manufacturing industries combined (90.7%
of the 1923-25 average) was 11.2% above the level of last year at this
time, and the June payroll index (86.2% of the 1923-25 average) was
21.8% higher than the-June, 1938, figure.
The durable goods group of industries employed 1.0% more workers
than in May and 16.2% more than in June of last year.
In the non¬
durable
goods group there were corresponding employment increases of
0.2% and 7.3%, respectively.
Payrolls in the durable goods group were
3.0% higher than in May and 32.7% above June of last year, while in
the non-durable goods group the gains were 1.2% and 12.5%.
Many of the employment gains in the separate industries were greater
$3,400,000.
Factory
In
seasonal.
employment
payrolls
and
instances they were contrary to the usual
some
seasonal
Among the industries showing such increases were the following:
DURABLE
P' C.
Industry—
Gain
20.4
900
7.9
2,700
7.6
P. C.
Gain
Locomotives
GOODS
Aggregate
4,100
3,900
1,600
1,000
....
Mill work..
6.9
Shipbuilding
2.5
Machine tools
2.5
Aggreoate
Gain
Gain
Industry—
Glass..
2.3
1,400
Furniture
2.0
2,600
Steel..
1.1
4,100
.7
2,000
.5
1,600
Foundries and machine
'V
shops
Automobiles
-
continued to
showed little change.
metals, and textile fabrics, showed
non-ferrous
period, while crude petroleum
beginning of
/;v:'
Agriculture
about the same as a month
earlier, according to the Department of Agriculture.
The first official
estimate on cotton indicated a crop of 11,400,000 bales, somewhat smaller
than last year's crop and 2,400,000 bales less than the 1928-37 average.
World carryover of American cotton, however, was estimated to have been
somewhat larger on Aug. 1 than the record volume of a year ago.
Bank Credit
banks in 101 leading cities
Aug. 9, reflecting
chiefly increases in holdings of United States Government obligations and
the purchase by New York banks of a large share of a new issue of New York
State short-term notes.
Commercial loans continued to increase at New
York banks, but declined at banks in 100 other leading cities as corn and
cotton loans that
were approaching maturity were taken over by the
Commodity Credit Corporation in accordance with a standing agreement.
Deposits at reporting banks remained at high levels.
Excess reserves of member banks increased further to new high levels
in the latter part of July and the first half of August, owing principally to
gold imports and net Treasury disbursements, partly offset by a reeuction
In Federal Reserve bank holdings of Treasury bills.
and
investments of member
during the four weeks ended
increased substantially
2.3
,1,800
1.500
1.5
2,800
Men's clothing.
1.4
2,400
Baking
3,100
1.0
2,500
proportions were reported
about seasonal
of
in canning
workers), radios and phonographs (9.3%, or 2,700
(7.7%, or 5,300 workers), and sawmills (1.4%,
23,000
beverages
1 prospects for major crops were
Total loans
Petroleum refining—
Gains
Gain
1.9
Shoes
8,900
or
Aggregate
Gain
Industry—
Cigars & cigarettes...
6.6
2.6
principally steel
advances in this
prices were reduced.
-
On Aug.
Gain
Meat packing-...a..
and foods declined from the
P. C.
Aggregate
Gain
worsted
and
goods
Some industrial materials,
July to the middle of August.
P. C.
Industry—
Woolen
Commodity Prices
Prices of most farm products
GOODS
NON-DURABLE
from June to July. Loadings of
expand and shipments of miscellaneous freight, which
usually decline at this season,
scrap,
of
Factory Employment
contra-seasonal factory
a
earners,
gain
a
:
v,
wage
showed
compiled by
figures
to preliminary
according
Commission,
May and June.
Freight-car loadings increased further
coal
Perkins's remarks are taken, also had
following to say:
Class
Brick..
about the cus¬
first half of August department store sales
With
by the Department of Labor,
issued
announcement
Aircraft
and variety stores in July showed
both private and public
in
employment gains
mining,
anthracite
of
this
showed a less than seasonal
number of leading industrial States.
reported
were
mining industries, bituminous coal mines
pattern.
Distribution
Sales at department
other
than
declines in July, was maintained
gains
Utility companies also added workers to their staffs.
from which Secretary
June level and payrolls
about the
at
public and private,
total.
Employment
■
year
Dodge Corp.,
principally to a small rise in contracts
employment
were recorded in
reporting a particularly
sharp gain, which reflected more normal operations following the recent
shut-down.
Seasonal
gains in employment were shown in the laundry
and dyeing and cleaning industries.
Year-round hotels and brokerage and
insurance offices reported fewer employees than in the preceding month.
the
the
decline is usual.
in July, although a
coal
Further
construction.
all
Board's
The
1093
Commercial & Financial Chronicle
(29.6%,
workers),
or 3,300
workers).
losses, larger than seasonal
manufacturing cottonseed
oil, cake and meal (28.1%, or 2,600 workers), millinery (16.1%, or
3,600 workers), hardware (10.9%, or 4,300 workers), lighting equipment
(7.0%, or 1,300 workers), dyeing and finishing textiles (5.7%, or 4,200
workers), wirework (5.5%, or 1,500 workers), shirts and collars (3.4%,
or
2,300 workers), and carpets and rugs (2.6%, or 800 workers).
Cotton goods mills reported
1.3%, or 5,300 fewer employees, which
Among the industries reporting employment
in
declines
by
shown
were
firms
Silk and rayon goods mills showed a
reduction.
than seasonal
less
a
was
employment
women's clothing firms a
contra-seasonal loss of 3.8%, or 2,800 workers;
decline of 5.2%, or 10,400 workers, and fertilizer plants
less than seasonal
a
7,700 workers.
unbroken series of monthly employment gains which began in
seasonal
The
36.8%,
October
in
factories
craft
of
reduction
of
or
last
in
continued
year
The
June.
air¬
June
1,277% of the 1923-25 average, and was nearly
The June employment index for shipbuilding
of the 1923-25 average, gains having been reported each
employment index stood at
times the 1929 figure.
2%
120.9%
was
index
is
of any month
above the level
Employment in machine tool factories has also risen
month since August, 1938, the June, 1939, index being 137.0% of
1923.
April,
since
each
1923-25
the
The
August.
last
since
month
the highest level since February, 1938.
average,
Money Rates
issues of 90-day Treasury bills has increased
and on Aug. 10 was 0.032%. Prices of Treasury
little change from the middle of July to the middle of August.
Non-Manufacturing
The average rate on new
slightly in recent weeks
bonds showed
trade employment showed
Retail
a
Employment
slight percentage increase, 0.3%, or
The employment gain, while not
payrolls rose 1.3%.
11,000 employees, and
pronounced, is significant in that gains in June have been shown in only
of the 10 preceding years.
Employment was 2.9% above the level
four
Secretary of
About
Labor Perkins Reports
Further Gain of
Non-Agri¬
400,000 in June Employment in
WPA Projects
Fourth Successive Month
1938, and payrolls were 4.2% higher.
of June,
cultural Industries—Employment on
general
merchandising
Declined for
number
of
Employment in non-agricultural industries registered a
further gain of approximately 400,000 in June, Seccretary
of Labor
Frances Perkins reported on
July 26.
"Approxi¬
increase is accounted for by the
settlement arrived at in the bituminous coal industry," she
said, "but even with this eliminated, the current gain of
234,000 workers is larger than any rise in employment
reported for the month of June during the past 10 years,
with the exception of the years 1929 and 1936.
Over
1,200,000 more workers were employed in private nonagricultural activities this June than a year ago.
These
figures do not include employees on Work Projects Admin¬
istration and National Youth Administration projects nor
enrollees in the Civilian Conservation Corps."
Secretary
mately
162,000
of
workers
over
in
dealing
firms
this
to
June
were
nificant.
from May to June,
reported
an
expansion in forces instead of the small curtailment customary in June.
Employment in retail trade establishments also increased slightly, the
increase being noteworthy
in that gains in June have been shown in
Factory
showed
only
a
four
employment,
preceding
customarily declines
which
contra-seasonal gain,
of the
Month
Month
Automotive
+0.5
*
Cigars.—/v.
Drugs.
Jewelry
- —
increase
m
employment
seasonal and indicated the return
ing lines of
in
the
.
—
Furniture......
—0.2
I
Hardware
.
...
and wholesale trade establishments
10
years.
0.2
one-tenth of one percent.
xLess than
The
Apparel.......
+J.7
+1.3
+1.2
—
—0.2
Food
in wholesale trade, 0.6%, was contrato work of 8,000 employees. The follow¬
wholesale trade, employing large numbers of
workers, shared
employment gain:
P. C.
P. C. Change
Change
Over the
Over the
Month
Month
reported in virtually all lines of
private industrial and business activity.
The gains in manufacturing and
wholesale and retail trade, while not pronounced, were particularly sig¬
May
Over the
Over the
.
from
P. C. Change
P. C. Change
Perkins continued:
Increases
cut their forces seasonally by
trade the changes in employment
supplies
farmers'
Among the other lines of retail
the month interval were as follows:
4.4%.
over
department, variety,
establishments, gained 0.2% in
mail-order
and
the month.
Dealers in lumber and buiulding
and in coal-wood-ice increased employment seasonally by 2.4%,
material
while
The general merchandising
which is of major importance and includes
group,
+1.8
Food products
+0.7
Groceries
Machinery,
supplies..
equipment
+0.6
+ 0.4
Automotive
Lumber
and
+ 0.6
Petroleum & its products
terials
and
building
ma¬
+ 2.6
reduced employment over the month inter¬
val, the most important of which were farm products (0.4%), and dry
goods and apparel and furniture and housefurnishings (0.1 of 1%).
A
contra-seasonaL employment increases in bituminous coal mining of
73.8%, accompanied by a payroll gain of 264.2%, indicated the return
to work of 162,400 wage earners between mid-May and mid-June, and an
Only
a
few lines reported
The Commercial & Financial Chronicle
1094
in
payrolls of nearly
weekly
but
less
A
indicated
this
loss of
than seasonal
The
mines.
a
2.6% in workers
decline of 36.7% between mid-May and mid-June
slackening of activity, following the unusual payroll gains in
turing
payroll
years
and
seasonal
the
and
workers
also
were
adjusted
not
are
1,700
wage
earners,
4%,
or
the
of
non-manufac¬
for seasonal variation:
was
Employment
in
the
of
excess
10-year
June averages.
The
Index
Industry
rose
increases
Employment
and the 12-month average for 1929
the index numbers
computing
in
Information for the non-manufacturing industries for
prior fco 1929 is not available from the Bureau's records.
These
June increase of 1.5% for the last 10 years.
by 1.6%, or by 1,600 employees.
in public utilities represented a gain of 8,000
in oil wells
Employment
base
a
from
changes
percentage
industries.
indexes
pick-up in quarries of
the average
than
greater
as
and
1939
gain of 1,100 workers, or 1.6%, was contra-seasonal,
mines the
metal
used
is
reported in anthracite
was
industry in April and May.
In
1939,
industries and Class I steam railroads,
general resumption of operations.
a
available,
19,
June, 1938, are shown below.
The three-year average,
as a base in computing the indexes for the manufacturing
and
1923-25, is used
May,
where
industries,
manufacturing
$6,000,000.
Many firms had only
idle during the May 15 period,
following the signing of contracts the gains reported in June reflected
increase
partially resumed operations or were still
Aug.
June
%
Change from—
June,
1939
May,
June,
1939
May,
June,
1939
1938
*
1939
1938
*
per¬
follows: Telephone and telegraph, 0.8%; light
and power, 1.4%; electric railroad operation and maintenance, 0.4%.
Employment in year-round hotels declined seasonally by 1.2%.
Laun¬
dries and dyeing and cleaning plants reported a better than average June
Payrolls
Index
Change from—
%
centage increases were as
8,700 workers.
Personnel in brokerage houses
was reduced by 2% and by 0.7%, respectively.
gain of
firms
Employment
0.6%
May
from
employing
June
combined
6.1%.
+ 11.2
+3.6
+ 8.4
(1929=100)
12,182
showed
further
a
Middle Atlantic
showed
area
and
New
England
the
in
past
months
two
a
decrease
of
continued,
were
Mountain
States,
while employment in the East South
dropped 3.0%, and in the Pacific States, 3.8%.
Atlantic
region
rose
increases
except
Delaware,
decrease of
1.0%,
all
and
the
8.4% in the District of Columbia
difficulties.
The
reports
which
on
these
Atlantic
District
due
was
figures
States
of
Electric
'
do
not
cover
72.4
+ 1.3
+ 4.2
+ 5.5
87.7
+ 1.1
+ 4.1
+ 4.1
+0.6
+0.5
83.1
+ 0.4
+2.0
69.2
+ 1.3
+ 0.8
+ 1.8
93.0
—0.7
and
light
+ 2.4
92.3
+ 1.4
+ 0.1
100.4
+ 1.6
+ 1.8
power
Electric railroad & motor69.8
maintenance
+ 0.4
—0.8
70.6
+ 0.7
+ 1.4
51.2
bus oper. &
—2.6
—8.5
36.1
—36.7
—27.4
Mining:
Anthracite
'83.3
+ 73.8
+3.9
74.4
+264.2
+ 30.5
Metalliferous
62.9
+ 1.6
+ 12.4
55.5
•<
+2.6
+20.4
Quarrying <fc non-metallic
mining...... .........
47.4
+ 4.0
+ 8.9
41.4
+ 4.4
+ 11.0
Crude petroleum producing
67.1
+ 1.6
—7.8
62.4
+ 2.0
—7.6
92.8
—1.2
+0.7
c81.8
—0.8
+2.8
Bituminous coal
Services:
Hotels (year-round)
Laundries.......
98.5
+3.1
+2.0
86.7
+ 3.3
+5.9
110.1
Dyeing and cleaning
+2.9
—-0.6
84.4
—2.3
the
Brokerage
b
—2.0
—3.5
b
+ 1.7
—3.4
Administration, and the Reconstruction Finance Corporation,
by regular appropriations of the Federal, State or local governments.
Insurance
b
—0.7
—0.1
b
—0.6
+ 1.2
b
+0.6
+ 4.7
b
—1.4
+ 10.5
construction
projects
financed
by the
Work
Projects
Administration,
•+
Public Works
or
+2.2
+2.9
+ 0.2
76.1
_
and manufactured gas..
primarily to labor
based
are
+0.7
+ 0.3
97.0
chandising..*
reporting
The
75.4
86.0
Telephone and telegraph.
States
Columbia.
b
Other than general mer¬
Employment in the South
South
the
of
Maryland
Central
b
Public utilities:
with
4.4%, and 4.1%, respectively.
Increases
reported from the West South Central States and
were
87.7
merchandising.
General
8.3%.
of
+21.8
+ 2.1
b
*
Retail
contractors
decrease
86.2
Trade:
of
moderate increases of 6.8%,
4.0% and 9.8%
the
from
increase
an
Payrolls decreased 1.4%.
The
retarded to some extent by the recession
was
the
+0.7
55.5
Wholesale
showed
reports
90.7
Class I steam railroads.a—
June.
in
State, which
for
report
to
insurance
Manufacturing—
The substantial gains reported in the East and West North Central
States
more
of
workers
New York
in
construction
according
June,
to
115,038
expansion in employment
reported
The
building
private
in
in
and
(1923-25=100)
Indexes
turing
of
employment
industries
and
combined,
payrolls
Class
I
for
June,
steam
1939,
railroads,
for
and
all
Building construction.
manufac-
selected
non-
*
c
Preliminary,
INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS IN
Adjusted to Census Totals for 1935.
Employment
a
Source: Interstate Commerce Commission,
Cash payr e^ts only value of
board,
room, and tips cannot be
b Nqt available
computed*
MANUFACTURING INDUSTRIES
(Three-year Average 1923-25=100.0)
Employment
Payrolls
-
+ 1.3
Manufacturing Industries
Payrolls
Manufacturing Industries
*June,
May,
June,
*June,
May,
June.
*June,
May,
June,
*June,
May,
June,
1939
1939
1938
1939
1939
1938
1939
1939
1938
1939
1939
1938
Durable Goods
Iron and steel and their
not
Non-durable Goods
products,
87.4
including machinery
87.3
77.8
80.7
59.1
78.5
94.7
Carpets and rugs
92.3
rolling mills
91.3
96.1
—
87.7
88.4
77.2
74.5
74.3
61.2
.....
78.9
81.0
48.0
63.0
65.0
35.5
Textiles and their products
Fabrics
82.3
83.7
80.2
58.1
Cotton goods
88.3
89.0
77.3
82.1
81.8
61.1
Cotton small
68.2
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery (not including silver
and plated cutlery), and edge
67.9
63.5
62.6
63.6
51.1
Dyeing & finishing textiles..
84.0
84.6
77.5
62.4
77.8
85.2
76.0
72.2
58.5
79.1
—...
wares
82.3
68.3
73.5
74.8
59.9
106.4
112.9
98.0
88.4
94.4
76.8
70.9
79.5
76.6
61.3
72.9
64.3
48.5
112.6
Hats fur-felt
Knit goods
114.1
103.9
109.3
169.3
99.9
138.8
79.7
80.2
75.4
74.1
72.0
61.5
Hosiery
141.2
145.4
132.5
144.0
146.6
Forgings, Iron and steel
48.1
48.4
40.2
45.6
46.5
29.3
Knitted outerwear
74.8
73.0
68.6
67.2
66.7
Hardware
67.8
76.1
61.3
70.3
75.1
52.4
Knitted underwear
74.7
74.3
65.7
67.9
65.6
52.7
Plumbers' supplies
Stamped and enameled ware..
Steam and hot-water heating
74.7
73.9
72.5
67.6
67.2
57.6
153.7
144.1
134.7
126.1
110.8
99.5
134.5
132.8
112.5
130.3
128.2
99.7
56.5
58.7
53.5
45.5
46.5
40.8
apparatus and steam fittings
69.0
68.6
64.9
58.8
56.7
51.0
82.8
82.3
71.4
69.9
68.4
55.4
tools
'
Stoves..
•
Knit cloth
Silk and rayon goods
Woolen and worsted goods..
Structural & ornamental metal
-.-.
80.0
75.0
61.0
67.1
60.9
112.2
99.7
80.7
82.0
62.6
96.7
78.2
71.7
66.6
43.2
151.5
159.7
148.0
102.8
110.4
47.4
89.5
67.9
67.2
58.3
60.5
59.1
46.7
Corsets and allied garments.
107.2
106.8
97.1
107.7
109.5
85.9
93.4
work
Tin cans and other tinware—.
89.1
88.9
102.0
96.8
92.6
Men's furnishings
127.7
127.3
123.8
113.8
104.9
100.8
Tools (not Including edge tools,
Machinery,
not
Agricultural
73.0
81.4
80.9
Implements
60.0
40.7
52.5
113.4
99.4
102.2
87.0
81.8
69.4
64.2
57.5
87.7
86.4
82.5
63.4
57.9
52.8
Leather
83.6
82.0
72.2
84.5
81.0
69.2
60.9
115.5
154.0
153.3
99.8
95.6
....
94.9
86.1
96.6
94.9
Shirts and collars
Leather and its manufactures
76.4
113.7
117.5
125.2
118.8
126.0
124.1
(incl
tractors)
70.2
118.0
88.4
Boots and shoes
84.1
154.7
including trans¬
portation equipment...
58.9
114.0
Millinery....
84.0
146.2
machine tools, files, & saws)
Wirework
.
Food and kindred products
,.
122.9
116.8
119.4
125.7
'
44.5
83.1
121.7
120.9
Baking
146.9
145.4
144.2
145.2
143.4
141.9
Beverages
265.4
2-rOA
251.9
330.5
301.3
305.7
Butter
107.6
101.4
110.1
93.1
87.0
94.5
Canning and preserving
Confectionery
Cash registers, adding machines
120.4
92.9
113.9
100.6
85.6
100.7
69.0
70.6
69.7
68.8
69.6
67.9
75.3
130.5
Electrical machinery, apparatus
and supplies
,129.5
137.3
123.8
121.4
121.4
86.3
85.9
75.3
88.5
87.0
66.6
Flour
78.4
77.0
99.7
and calculating machines
98.0
85.5
117.2
117.2
89.4
Ice
94.5
87.1
91.6
85.1
80.0
75.2
77.5
84.6
77.4
82.7
80.4
65.7
97.9
95.4
93.5
137.0
110.1
107.7
104.7
138.6
115.8
153.0
149.3
99.0
Slaughtering and meat packing.
Sugar, beet...
50.4
48.2
47.4
55.1
52.1
51.5
81.4
Engines, turbines, water wh'ls
and windmills
Foundry & machine-shop prods.
'
...
109.1
98.0
Wearing apparel
Clothing, men's
Clothing, women's...—
57.9
Machine tools
.....
Radios and phonographs
Textile machinery and parts...
Typewriters and parts
105.3
96.4
81.6
94.7
cream
.......
77.1
75.6
75.0
81.6
81.0
90.5
75.8
70.2
72.7
Sugar refining, cane
84.5
72.9
54.2
75.2
71.8
47.2
Tobacco manufactures
63.8
62.8
124.0
64.8
58.9
55.8
59.4
126.0
115.0
114.3
128.5
93.7
59.2
59.5
60.6
65.6
65.6
70.4
84.1
Chewing and smoking tobacco
and snuff
91.6
90.3
62.4
92.9
87.6
57.4
1277.0
1183.9
813.6
1245.5
1165.2
764.3
Automobiles
93.7
93.3
61.5
93.8
88.0
54.4
Cars, electric & Steam railroad.
Locomotives..
34.5
33.7
25.3
34.2
33.5
24.0
27.0
Boxes, paper
Paper and pulp
22.4
25.1
24.4
19.6
19.6
120.9
118.0
Printing and publishing:
98.2
131.4
127.6
104.7
Transportation equipment
Aircraft.
Shipbuilding
Aluminum manufactures
Clocks
and watches
recording devices
Jewelry
92.4
79.8
86.4
86.8
66.3
152.2
121.5
158.4
156.8
99.3
99.4
99.1
85.7
79.3
82.2
75.2
86.1
*
and time-
..........
78.7
77.6
72.7
81.8
69.3
Chemicals
and
59.6
137.8
46.6
64.9
57.8
40.5
52.0
48.0
107.0
106.8
107.6
119.4
118.5
114.4
86.4
82.0
80.2
96.8
91.2
66.6
60.4
Paints and varnishes
66.8
65.3
60.7
60.1
58.2
51.2
78.5
77.0
Rayon and allied products.
70.8
64.7
63.1
52.4
Mill work
57.6
53.9
49.7
48.9
45.0
40.3
Sawmills
54.4
53.7
50.1
51.4
50.3
45.4
Soap
56.4
65.1
66.5
108.2
65.0
126.9
127.3
115.6
308.5
265.4
303.4
298.3
242.1
87.7
85.0
93.7
90.3
79.7
81.2
70.6
84.1
82.1
63 5
56.4
60.2
53.9
55.0
56.5
45.2
66.3
67.2
60.4
76.9
73.5
57.5
127.6
128.7
106.3
125.1
124.4
93.4
85.9
36.0
63.6
69.0
113.0
89.8
...
Rubber products
Rubber boots and shoes
Rubber tires and inner tubes..
113.2
118.4
304.0
.
...
40.4
86.4
71.6
119.3
Fertilizers
63.7
112.8
118.1
66 4
69.6
119.7
128.9
64.5
46.2
104.3
120.5
129.2
71.3
66.2
109.2
120.4
109.7
71.0
68.1
106.6
105.2
114.5
Smelting and refining—Copper,
65.8
104.7
111.6
114.8
Explosives.
48.3
106.8
105.1
Cottonseed—Oil, cake & meal
Druggists' preparations
72.5
105.8
116.9
50.6
66.8
84.0
132.1
60.4
53.6
90.9
135.5
44.6
70.9
88.7
115.8
70.9
57.6
96.6
101.4
59.8
74.8
94.9
99.8
121.1
66.2
cotta
105.5
117.0
58.6
Brick, tile, and terra
104.1
110.3
63.7
Stone, clay, and glass products..
90.9
101.9
106.8
58.4
Lumber:
96.0
106.7
Petroleum refining
Other than petroleum refining.
Chemicals
72.5
66.2
Lumber and allied products
Furniture
58.0
104.2
109.3
81.2
lead and zinc
54.5
103.9
106.8
products,
and petroleum refining
75.5
ware
58.0
102.1
92.2
97.5
65.4
Lighting equipment
Silverware and plated
65.3
101.9
100.1
105.8
allied
63.2
106.0
101.0
Book and Job
109.4
98.6
87.8
Brass, bronze & copper products
64.4
104.9
Newspapers and periodicals.
91.2
151.9
Non-ferrous metals & their prods.
Cigars and cigarettes
Paper and printing..
Rubber
goods, other
Cement
Glass.....
93.6
91.5
79.3
94.6
91.7
77.6
46.1
47.5
43.7
36.6
40.4
33.8
Durable goods
79.3
80.7
73.0
65.6
70.4
61.0
Non-durable goods
Summary
All Industries
90.7
90.1
81.6
86.2
84.4
70.8
84.1
83.3
72.4
81.9
79.5
61.7
96.9
96.7
90.3
91.0
89.9
80.9
Marble, granite, slate & other
products
Pottery
*
June,
Employment
on
relief
Federal and Other Public Programs
projects.
Payrolls
$3,088,000 less than
Employment
declined
May to
for
on
the
2,438,000
much
more
1938.
In
.
1939, indexes preliminary; subject to revision.
projects
fourth
in
consecutive
June.
pronounced
June,
operated by the Work
1938,
when
there
The
month,
decline
compared
were
Projects Administration
decreasing from
in
with
2,767,000
work
the
relief
2,468,000
employment
corresponding
persons
employed
period
on
in
was
of
work
June,
1938.
increase
on
in
On
in
in
the
Federal
June,
amounting
projects under
employment of 36,000.
$137,000,000,
to
preceding month and
the Works
$9,076,000 less
Program there
Decreases in employment
work projects of the National Youth Administration and
A
gain of
largely
18,000
responsible
in
for
the number of
the
increased
men
engaged in
employment
on
on
were
were
than in
was
an
reported
Student Aid.
road building was
projects
financed
Volume
from
Federal
regular
the
month
The
149
Employment
appropriations.
June
ending
15
and
243,000,
was
Commercial & Financial Chronicle
on these projects for
payroll disbursements,
feet,
The
projects continued to
workers on
projects brought the number at work to 142,000.
Payrolls for
level
of
employment
State-financed roud
on
An increase of 10,000
during the month ending June 15.
State
the
road
month
was
Employment in
For
the
June 30.
ending June 15 the value of material orders placed on
projects financed from Public Works Administration funds
eral
302,000 employees on
leaving
month
construction
totaled
off 34,000
of the Civilian Conservation Corps fell
camps
during the month,
$38,843,000.
were
from regular Fed¬
$41,037,000 of materials and
projects financed
On construction
orders
appropriations,
placed for
the Works Program the total was $1,182,000.
Federal projects under
on
13,000 in the number of persons
financed from funds provided by the
projects
52% above production.
9,702,000 feet,
34%
or
Last week's
give
Shipments
week
same
business
Production
10,997,000 feet,
as
reported for the
as
above production.
same
week
were
7,239,000 feet.
was
of 425 identical softwood mills was
production
246,073,000
were
230,104,000 feet.
waB
new
229,787,000
a year ago it was 210,650,000 feet; shipments were, respectively,
245,746,000 feet and 213,766,000 feet, and orders received, 254,774,000 feet
and
216,796,000 feet.
case
of hardwoods, 80 identical mills reported
year
In the
ago
production
last
week
and
a
shipments,
7,296,000
feet
and
and
feet and 3,395,000 feet;
5,654,000
6*182,000
feet,
8,337,000
and orders,
feet
4,760,000 feet.
Wheat Export Program is
went
to say:
on
Since its
ON ROADS FINANCED
AND
PARTIALLY" FROM FEDERAL FUNDS
been
FROM STATE FUNDS. JUNE, 1939
inauguration in August, 1938, the wheat export program has
operated through
purchases by
at
method of operation
will be based
to United States exporters
Change from—
Change from—
June,
June,
May,
June,
1939
1938
$
$
1938
1939
will be used
Financed
by
regular
approprlatlons.a
WPA
$
287
;
26,264
+ 3,509 + 16,226
25,609
+ 3,797
+ 26
.
...
under
projects
+ 4,246
the
Works Program .a
184
■/.
—120
+ 36
2,438
30
—
—
329
—132
+23
N. Y. A. work projects.b
217
—7
+8
Civilian Conservation
302
—34
+8
142
+ 10
—38
Student ald.b
243
...
Corp.c.
State roads.a
c
Figures
8,590
137,000
1,600
4,125
14,132
10,743
—7,269
+ 1,430
—3,088
—9,076
+ 44
—825
method
carried
program,
out
of
through
employment
on
+ 977
—1,317
Under the flour export
payments.
will accept rates of payments for each
These offers to export will be received through agents of the
Secretary
FSCC.
.
export
be
in that both programs
exportation, on the basis of competitive individual offers from
exporters.
+ 540
+ 626
31 and
for the last day of the month, pay rolls for the
are
export program will
Under the wheat export program, the Secretary
of Agriculture or his authorized agent
—891
b Figures are for the calendar months ended May
entire month.
the wheat
operation for
however, general rates of export payments are announced for all
individual
—146
Employment figures are maximum number for the months ended
a
May 15 and June 15.
June 30.
be
exporters on a daily basis.
Projects operated by WPA.b
Preliminary,
will
Federal
Program—
Federal
new
similar to that followed in the flour export program,
+166
+21
+ 13
243
_
buy and resell wheat will be continued, however,
immediately in handling loan wheat taken over by the
FSCC from the Commodity Credit Corporation.
The
Construction Projects—
Financed by PWA.a..
The
export payments, made directly
on
who sell abroad.
The existing authority to
and
1939*
June,
May,
Commodities
prices which would enable the exporters to sell in world markets.
new
Payrolls
Employment
1939*
Federal Surplus
the
Corporation in United States markets, and resale to United States exporters
(All Figures In Thousands)
Class
Changed to Payment Basis
Secretary of Agriculture Henry A. Wallace announced on
Aug. 11 that under the continuing wheat export program,
and beginning at 12:01 a. m., EST, on Saturday, Aug. 19,
payments would be made on exports of wheat produced in
the United States. The announcement of Secretary Wallace
EMPLOYMENT AND PAYROLLS ON PROJECTS FINANCED WHOLLY OR
*
the
Production
mills
$26,264,000.
were
'
increase of
an
construction
or
for
reported
as
7% above production.
or
feet, and
$10,743,000.
were
employed on
Public Works
Administration, making a total of 287,000 for the month ending June 15.
As compared with the same month in 1938, there was a gain of 166,000
on
these projects.
Payroll disbursements for the month ending June 15
There
Shipments
1095
Reports from 97 hardwood
$25,609,000.
rise
mills.
same
designated
for that
purpose
at
Washington office of the
the
Exporters will be required to file bond to assure compliance with
their agreements to exoprt the wheat.
1
The determination of export payments to
be accepted will be based on the
differentials existing between the price of wheat
in domestic markets and in
and the cost of transportation to the world markets.
world markets,
In
addition, other factors such as the class of wheat, the port of exportation,
and
Eight Percent Increase Noted in Bank Debits
Debits
individual accounts, as reported by banks in
to
ocean
freight differentials will be considered in determining payments.
The program
will operate entirely in cash wheat.
4.
;
The payment method
of assisting the exportation of wheat will move the
wheat into export more
completely through the normal channels of trade.
leading cities for the week ended Aug. 9, aggregated $6,821,000,000, or 22% below the total reported for the preceding
week and 8% above the total for the corresponding week of
program,
last
payments will be made,
under individual agreements, on wheat sold for
export through June 30,
1940.
year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted
to $6,223,000,000, compared with $8,042,000,000 the pre¬
ceding week and $5,775,000,000 the week ended Aug. 10 of
last
year.
In making formal
program on
These figures are as
reported
SUMMARY BY FEDERAL
made under the program must
No.
Aug. 14, 1939, by the
on
United
export
Week Ending—
of
Aug. 2, 1939
2,807,915,000
$452,352,000
3,922,857,000
$357,498,000
2,649,259,000
320,232,000
500,540,000
6—Atlanta
26
370,472,000
437,077,000
266,313,000
215,965,000
7—Chicago
41
961,659,000
16
205,389,000
4—Cleveland...
25
5—Richmond
24
...
8—St. Louis.
526,442,000
305,826,000
385,355,000
237,114,000
1,268,106,000
231,985,000
202,580,000
17
153,526,000
28
243,174,000
18
168,084,000
856,617,000
195,041,000
135,512,000
258.506,000
11—Dallas
246,419,000
161,186,000
10—Kansas City
184,471,000
9—Minneapolis
245,041,000
165,761,000
29
Total
Report
592,097,000
640,566,000
566,100,000
274
12—San Francisco
$6,820,760,000
$8,689,951,000
$6,325,415,000
Movement—Week
Lumber
of
has
taken over
Ended
Aug. 5, 1939
The lumber industry during the week ended Aug. 5,
1939,
Dr. Elbert C.
ments in
of
ship¬
1929, according to reports to the National
Association from regional associa¬
hardwood
of important softwood and
Reported new orders in the week ended
the operations
covering
mills.
5, 1939, were 32%
average
average
Manufacturers
Lumber
Aug.
weekly
seasonal
1929, and 82% of the seasonal weekly average of
business in
tions
the
of
in excess of the seasonal weekly
The Association further reported:
of 1938 orders.
Reported production was 17% above the seasonal weekly average of 1938
production, and shipments
Aug.
5,
week's
3%
by
reported
as
the
output; shipments
above the
softwoods)
year
12%
to date
16%
were
above
During
feet
above
production
of
the week
shipments
were:
Mills,
orders,
Lumber
wood
mills
512;
orders
production,
shipments
were
8%
above
and
new
orders
were
1938;
ship¬
14%
Peoria Laboratory
Dr. Elbert C.
Lathrop,
feet;
shipments,
feet,
or
authority
on
the commercial
Regional Research Laboratory of the Bureau of Agricultural
Chemistry and Engineering, Dr. Henry G. Knight, Chief of
the Bureau, announced on Aug. 16.
Dr. Lathrop's work is
intended to develop new and improved methods for the
production
of cellulose products from such materials as
stalks, straw, hulls and cobs.
In announcing the appoint¬
ment, Dr. Knight called attention to the fact that Dr.
Lathrop most recently has been Vice-President in Charge of
Technical Activities of a large corporation, manufacturing
cellulose products
from farm wastes.
+
Curtice, Retired Federal Scientist
for Researches on Cattle Tick Fever
Death of Dr. Cooper
—Known
Dr. Cooper
Curtice, widely known for his researches on
being the father of
home in Beltsville,
Md. He was 83 years old and was born in Stamford, Conn.;
he retired from the Bureau of Animal Industry, U. S. De¬
partment of Agriculture, in 1930. Aside from a few years
spent chiefly in the service of several eastern States, Dr.
Curtice devoted most of his life to Federal research work.
His activities included numerous branches of veterinary
science and studies of - the manner in which the knowledge
thus acquired could best be applied.
Although best known
for his successful fundamental research on the life history
of the cattle-tick fever and methods of eradicating this pest.
Dr. Curtice was a fruitful investigator in other fields.
cattle-tick fever and often credited with
tick eradication, died on Aug. 8, at his
Seventh Edition of Lamborn'g Vest Pocket Sugar Data
Revised figures for the preceding week
245,403,000
an
production of cellulose products, is to head the work on the
industrial utilization of agricultural wastes at the Northern
was
1939, 512 mills produced 237,343,000
combined; shipped 255,775,000 feet;
5,
for the week ended Aug.
255,200,000
sold for export,
above
239,847,000
feet.
reported
totaled
and
5% above output.
were
hardwoods
258,736,000
orders were
New business (hardwoods and
New business for the 31 weeks of 1939
ended Aug.
and
softwoods
3% below that
new
Reported production for the 31 weeks
5.
above the shipments,
output;
was
above corresponding weeks of
21%
was
booked orders of 266,197,000 feet.
feet;
of 1938 seasonal weekly ship¬
of mills,
7% above shipments, and
were
the orders of the 1938 period.
7%
excess
number
business of that week.
new
was
in
the
same
the week ended Aug.
output
of
ments
23% in
were
Compared with the preceding week, production of the week ended
ments.
13,000,000 bushels of loan
Lathrop to Head Farm Waste Studies at
stood at 66% of the seasonal weekly average of production
75%
complete data on the wheat situation.
approximately
Some of this wheat has already been
Aug. 10, 1938
$399,089,000
18
_
FSCC
and these sales will be continued.
Aug. 9, 1939
Incl.
•'
•
3—Philadelphia
new
*
that the wheat export program is
world wheat market for the
States.
They are not in position to determine any definite wheat
"goal" for the year, in view of the pending world wheat conference
wheat from the CCC.
15
•'
1
2—New York.
1929;
claim for payment not later than
furnish the necessary proof of exportation.
Officials of the Department point out
-
17
" ■V;'
1—Boston
in
All wheat on which payments are to be
actually be exported not later than July 31,
and the need for later and more
RESERVE DI8TRICTS
Centers
Federal Reserve District
Weekly
terminate the
Unless the program is terminated, however,
The exporter will have to present
1940.
Dec. 31, 1940, and will have to
The
.V' "
five days notice.
designed to assist in holding a fair share of the
Board of Governors of the Federal Reserve System.
,
announcement of provisions of the export payment
the Secretary of Agriculture will reserve the right to
5, 1939, by
429 soft¬
11% above the production of the
Issued
The seventh edition
of Lamborn's Vest Pocket Sugar Data,
concise but complete history of the United
tariff, is being distributed by Lamborn & Co.
This issue provides a ready reference to the various rates of
duty on both raw and refined sugar entering the United
containing
a
States sugar
The Commercial & Financial Chronicle
1096
In the announcement
States from 1789 down to date.
garding the chart it
was
Tariff Act of July 4, 1789, and
passed during Washington's administration.
cent per
1 lA
pound
cents
tariff
on
sugar was
It assessed duties of 1
brown sugar, 3 cents per pound on white loaf sugar, and
The latest change in the
pound on all other sugars.
per
on
Sept. 3,
At that time the duty
1934.
on
Cuban
was
raw
reduced from 1.50 cents per pound to .90 cents and the duty
Cuban refined from 1.59 cents per pound to .954 cents per pound.
changes
sugar
proclaimed by 3'resident Roosevelt on Aug. 24, 1934, and
was
made effective
were
on
These
made in accordance with the Cuban Reciprocal Trade Treaty.
The full duty rate remained unchanged at
1.9875 cents
on
refined sugar.
1.875 cents
on raw sugar,
and
,
+
Refined Sugar Exports from the United States
First Six Months of 1939
Refined sugar exports by
During
the United States during the
first six months of 1939, totaled 39,622 long tons as con¬
trasted with 23,583 tons during the similar period last year,
increase of 16,039 tons or a little
an
to Lamborn & Co.
19,
1939
Jerry Sadler, member of the Texas Railroad Commission*
(N. J.)
on the day of the shutdown of the Texas wells, asking that
he either rescind the price cut posted by Humble Oil & Re¬
fining Co. or cut the price of gasolioe 5 cents a gallon. In
his reply, made public in New York, Mr. Farish pointed out
that Standard does not operate in Texas and has never
attempted to exercise any control or direction of the policy
of Humble Oil, which it controls.
;
'
"The recent action by Humble in reducing crude oil prices
was initiated by it and was based on its own judgment un¬
influenced by Standard Oil Co. of New Jersey," Mr. Farish's
statement said.
"Upon posting new prices, Humble advised
us that it estimated more than 500,000 barrels of crude oil
were moving to market daily in competition with Humble's
purchases at prices below a parity with Humble's own posted
wired W. S. Farish, President of Standard Oil Co.
The first tariff act in this country was the
was
re¬
observed:
Aug.
68%, according
over
The exports for the six months of 1939
.
prices."
In appearing before the Texas Railroad Commission to
plead for increased allowables for the Humble's East Texas
wells in accordance with the precedent set in the Rowans
tons, being followed by Belgium and Labrador with 5,703 tons and 2,829
andNicholcase, President Weiss said that the company was
forced to cut its crude oil postings 20 cents a barrel in the
mid-continent area because too much oil was being sold
below the market price in Texas, Louisiana and Arkansas.
In Texas alone, he claimed, more than 90,000 barrels of
crude oil are moving to market daily at a figure below the
tons
posted Humble price.
are
the largest since the six month period of 1935 when the
shipments amounted
to
40,310
tons,
says
the
company,
which also states:
The refined sugar exports during the January-June period of 1939 went
to more than 50 different countries.
In the previous
respectively.
tons also headed the list, while
The United Kingdom leads with 15,349
season,
the United Kingdom with 14,039
Panama and Honduras with 2,275 tons and
1,493 tons, respectively, followed.
to
Less
Rigid Classification of Preferential Coffees
Adopted by the National Coffee Department
""
The
following cable
York Coffee & Sugar
The
National
Coffee
was
received
on
Department
Aug. 15 by the New
after
making
necessary
up-country
been damaged in the State of Sao Paulo from abnormal
rains, resolved a
less rigid classification of preferential coffees and
acceptances of rain-
damaged coffees in equilibrium quotas.
The New York Coffee &
Sugar Exchange, Inc., in making
public the text of the cablegram also added the following
note:
.
,
Sao Paulo
.
to call a meeting of the
to
study the
which it
in
was
crop
,
"continuous inclement rains"
by 30%
The equilibrium quotas, mentioned in
the above cable, are the portion of the crop
on
.
Brazil
National Coffee Department's Consultative Council
situation resulting from
claimed had damaged the crop now being prepared
quantity and 80% in quality.
15%
„.
planters, several weeks ago, petitioned the President of
(30%
preferential coffee) required to be given
on
up to
ordinary coffee and
the
National Coffee
Department for destruction.
If rain damaged coffees are accepted the
planters position will be ameliorated somewhat, but the amount of "high
quality" Brazilian coffee will depend on the extent of the rain damage
and cannot be altered.
Also, the loss/of "quantity" from berries washed
away will naturally, eventually,
bring
an
alteration of the crop estimates.
Petroleum and Its Product#—Texa# Leads Way in Well
Shutdown—Six States in Protest Against Price
;
Cut—W.
Humble
S.
Farish
Denies
Cut—Humble
Responsibility
President
Weiss
Says
for
Cut
Due
to
Price-Shading—Bell Oil Restores Price
Slash—Secretary Ickes Says New Laws Needed—
_^Crude Output Sharply Lower
A "shutdown" strike
on
was
The Texas Railroad
Commission, which had first wanted a
30-day shutdown, voted to close all wells except strippers
on Aug. 15 for a
15-day period.
Oklahoma was quick to
follow, shutting its wells down for 15 days, effective Aug. 16.
Kansas
Commission
the
on
increased
allowable question, pointed
11% of the total area of the East
Texas field and is thus entitled to
that percentage of the
field's total allowable production.
Jerry Sadler, member of the Railroad Commission, charged
Jersey was operating in Texas in
violation of State anti-trust laws, and asked Attorney Gen¬
eral Ferald C. Mann to institute an investigation.
Mr.
Sadler turned over to the Attorney General a purported
copy of a contract between Standard of New Jersey and
Humble covering the sale of crude.
"It is, of course, an
open secret that the Humble is a subsidiary of the Standard
Oil Co. of New Jersey, and it occurs to me that the enclosed
document is proof of that fact," Mr. Sadler wrote the
Attorney General.
'■■■
In commenting upon the shutdown order, which
may be
that Standard Oil of New
<
tested in court since the Railroad Commission is empowered
to fix production totals "only to prevent waste," Railroad
Commissioner
E.
O.
Thompson described the present
"supreme test" to see if proration can be
made the tool of monopoly.
"When proration is used to
put the kttle fellow out of business, it isn't wortu a damn,"
he said.
"Texas has a particular interest.
Its university
situation
as
the
and its schools have extensive oil lands.
The State has
a
right to demand that its interests be protected."
Mr.
Thompson, incidentally, is Chairman of the Interstate
Compact Commission and was responsible in large part for
the quick cooperation of the other oil-producing States
in
shutting down production.
scale without
precedent in the
precipitated during
the week when Texas led five other States into a
complete
15-day shutdown of their producing wells, affecting 65%
of the Nation's crude
output, in bitter protest against the
general reduction of 20 cents a barrel in the Mid-Continent
price of crude oil.
a
history of the domestic oil industry
prices Under such circumstances and when
Sinclair cut prices, it was forced to follow immediately in
order to protect itself.
Mr. Weiss, in appearing before the
out that Humble owned
certain amount of the coffee crop had
a
maintain its
v
Exchange, Inc. from Rio de Janeiro:
investigations and admitting that
A total of more than 300,000 barrels of new crude oil pro¬
duction is being sold at cut prices in competition with the
Humble postings, he continued.
The company was unable
The
Texas
nounced that
Railroad
Commission
late
in
the
week
an¬
special state-wide oil hearing would be held
Aug. 28, which is a few days before the shutdown ends.
This meeting, which would take the place of the Sept. 17
meeting planned .by the Commission, would consider the
situation as of that day and decide further action, if
any,
to be taken by the Commission.
It is likely that other oilproducing States will continue to follow the lead of the
a
Texas Railroad Commission.
Friday (yesterday) was marked by a surprise announce¬
by the Sinclair-Prairie Oil Marketing Co., which initi¬
ment
in line and New Mexico, Arkansas and
Louisiana followed.
Illinois and Michigan had taken no
action at press-time
ated the price cuts
(Friday night) but they displayed
sympathy for the affected States and unofficially promised
originally, that it was temporarily with¬
drawing its posted prices in Texas, Oklahoma, New Mexico
and Kansas, effective 7 a.m. Aug. 18. Another price
change
was that
made by Bell Oil & Gas and Danciger Refining,
cooperation.
both of which moved to restore the 20-cent
next
was
Based
on
recent
production figures, the 15-day shutdown
approximately 35,000,000 barrels of oil will be kept off the
market.
crude
A quick drain upon stocks of domestic and
foreign
oil, which on Aug. 5 totaled 268,982,000 barrels, is
seen
necessary if refiners are to maintain operations during
the period when
supplies will be drastically reduced.
This,
however,
may well be a blessing in disguise as oil men for
months have blamed
overproduction by refiners as one of
the reasons for
unsteady gasoline prices.
Various crude prices ruled in the Mid-Continent
result
of the
action
as
the
of many
of the companies in meeting
reductions initiated by Sinclair in some fields and not in
others.
Humble and Stanolind followed the lead of Sinclair
price schedule conflicts with those posted' by
Texas Co., Gulf Oil, Magnolia
Petroleum, Continental and
but
their
Sun Oil, all of whom did not follow the cuts of the former
posted for Texas and New Mexico.
In Oklahoma and
Kansas, the Sinclair cut has not yet been followed by other
major unites with Carter Oil (Standard of Jersey subsidiary)
the
chief
holdout.
a
barrel crude
price cut posted last week.
for the six States involved in the dramatic
protest will mean
in
A bitter attack upon the crude oil
price cuts was voiced
a letter sent to C. F.
Roeser, President of the Independent
Petroleum Association of America, by R. B. Brown, general
counsel for the group,
from Washington. Pointing out that
imports of oil during the last quarter were the highest in
six years, Mr. Brown argued "that the principal danger of
unregulated imports is that whenever the importing com¬
panies desire to reduce the price they pay the domestic oil
industry for its production, they can increase the amount of
cheap oil they bring in from abroad."
It was just eight years ago that the "shutdown strike" was
first used as a weapon in the producers' never-ending fight
to bolster crude oil
prices. In the early days of the gigantic
East Texas field, -which was discovered in October, 1930,
production rose to more than 1,000,000 barrels daily with
prices down a few cents a barrel.
In mid-August of that
year, the Governor of Texas ordered the field closed and did
not reopen it until
Sept. 5 when it resumed operations
under some restraint despite definite improvement in the
price situation.
In 1931, Governor Murray, of Oklahoma,
Volume
The
149
Commercial & Financial Chrohicle
Aug. 4 to October,
in raising prices saw the wells reopen.
As was to be expected, Secretary of the Interior Ickes
issued a statement in Washington pointing out that the oil
situation is a striking illustration of the need for legislation
calling for Federal-State cooperation in handling oil matters.
Asked at his conference, whether the Federal Government
planned to intervene in the present situation, Mr. Ickes
pointed out that the Federal Government's only legal weapon,
the Conally hot-oil bill, was powerless because no oil was
moving in inter-State commerce. He pointed out, however,
that if the planned legislation covering oil goes through the
next Congress, such an occurrence could not happen again
as the Federal Government would have the
power to aid
shut down all wells except strippers from
when
partial
success
the States to limit
production and keep
prices.
up
developed in the Mexican oil situation and a
general collapse of negotiations was indicated as the result
of intervention by the Department of State into the dis¬
cussions.
Under-Secretary of State Sumner Welles issued a
statement in Washington indicating that unless
"rapid,
equitable and just" compensation is made to the American
companies affected by the 1938 expropriation move, direct
intervention by the U.S. Government with the corresponding
diplomatic and economic pressure is a possibility.
As the week closed. Ambassador Najera issued a statement
A near-crisis
Washington holding that the American companies in¬
move toward settlement." He
in
volved "must make the next
said that his Government's position had been clearly outlined
by two proposals, which have been submitted to the com¬
panies, both of which provide for joint operation of the fields.
The proposals were:
1. Establishment of a corporation to collaborate in "ex¬
ploitation of the expropriated fields," and provision for a
long-term contract to fix the amount of earnings and profit
of both parties.
r>-j-."-"--'*v!V-.-,^
2. Deliverance to the companies by the Mexican Govern¬
ment of all oil for export, "including the oil produced as a
result of investments made by the Government prior to the
expropriation; granting the companies discount that will
enable them to amortize the capital invested and obtain a
reasonable profit."
"
"Should the companies consider the above proposals not
feasible," Mr. Najera continued,
"the Government of
Mexico insists on making payment in cash for a fair com¬
pensation after appraisal has been made."
It was indi¬
cated that while the companies have not yet replied to the
proposals, they would refuse them on the ground that the
would
Government
Mexican
retain
control.
■
American
enforced drain upon holdings will probably bring
the industry's economists.
Although demand thus far this year is at an all-time high
level, stocks have failed to reflect the increased consumption
due to the consistent high rate of refinery operations.
The enforced curtailment of refinery operations caused by
the "shutdown strike" of States producing more than 65%
of the Nation's total daily supplies of crude oil will do some¬
thing that last week was only a mirage, oil men pointed out.
With refiners unable to obtain supplies, they will have to
curtail operations and thus bring about sharp reductions in
supplies available which will force heavy drains upon in¬
ventories.
The Department of Justice announced in Washington on
Aug. 18 that it is considering legal proceedings "which will
raise the issue of the basing point system in the distribution
of gasoline."
Thurman Arnold, Assistant Attorney General
and head of the Anti-trust division of the Department, made
a letter to E. T. Kerr, Attorney General
Wyoming, who recently asked the department's aid in
"breaking a gasoline trust," in his state.
Holdings of finished and unfinished gasoline were off more
than 550,000 barrels during the week ended Aug. 12, the
American
Petroleum Institute reported.
At 75,859,000
barrels, inventories showed a decline of 572,000 barrels as
compared with the previous week.
Further sharp reductions
in inventory figures may be expected as a result of the oil-
the statement in
in
well shutdown order.
the year.
#
Representative price changes follow:
Aug. 15—Mid-continent prices of gasoline rose M to H cent a
U. S. Gasoline (Above 65 Octane), Tank
Socony-Vac
T. Wat.Oil.
and foreign crude oil gained 469,000
during the initial week of August, according to the
The Aug. 5 total was set
268,982,000 barrels.
Domestic stocks gained 257,000
barrels during the period, foreign inventories rising 212,000
barrels
United States Bureau of Mines.
at
barrels.
ports...
.06^- 07
.0514
■
MJ4-Q5X
Tulsa
RichOil(Cal) .08X-.08H
Warner-Q..
.07^-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
INorth Texas-......$.04
iNew Orleans.$.05M-.05J4
New York—
(Bayonne)——$.04H
I
Lo3 Angeles—
.0314-.05
Fuel Oil, F.O.B. Refinery or
i
Y.
N.
27
I
Tulsa..--..-..
.04
-.04ii
Terminal
t New Orleans C
.$0.90
Phlla., Bunker C— 1.45
(Bayonne)-*
I California 24 plus D
Bunker O.
—$1.05
$1.00-1.25
Diesel
1.651
Y.
N.
I
/ Gas Oil, F.O.B. Refinery or Terminal
IChicago—
(Bayonne)—
I
plus———.$.04
■
$.053
28-30 D
$.0214-03
|Tulsa
I
Gasoline, Service Station, Tax Included
Brooklyn
a
Not including
Crude
$.1591 Buffalo
$.1641 Newark
New York
.168 | Boston....
2% city sales tax.
i
—-$.17
....175
...
.1851 Chicago
...
Petroleum and Petroleum Products, June
The United States Bureau of Mines in its current
1939
monthly
petroleum statement reported that the production of crude
oil declined in June, following seven successive monthly
increases.
The daily average in June was 3,486,900 barrels,
78,900 less than in May.
Most of the decline in crude oil
The Bureau further reported:
production in June was in Texas; in fact,
June decline in Texas' average
fact that the fields were shut down eight
days, two more than in May. Illinois and Michigan continued to establish
new records.
The average for Illinois rose from 220,900 barrels in May to
236,100 barrels in June, but the number of oil wells brought in declined
slightly. California and Oklahoma registered small declines, Louisiana and
(90,000 barrels) was due to the
Kansas small gains, in
stills,
initiated by Sinclair
Aug. 12—Stanolind followed the crude oil price cuts
daily average output in June.
was
taken in
cumulation.
Prices of Typical Crude per Barrel at
Bradford, Pa
$2.00
1.25
1.02
-
(Ohio OU Co.)
Corning, Pa—
-
Illinois
—
.95
1.20
Western Kentucky...
Mid-Cont't, Okla.,40 and above.83-1.03
Rodessa, Ark.. 40 and above———
Smackover. Ark.. 24 and over
REFINED
1.25
.75
GAS
Rusk, Texas, 40 and over
_
$1.05
.83
Darst Creek
1.02
Michigan crude
.78
1.22
1.22
Sunburst, Mont.
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over
SHUTDOWN
PRICES—EFFECT
OF
■;
"
Refined Products
*
HEAVY
STOCKS
OF
—INVENTORIES
SHUTDOWN
LIFTS
...
1.24
MID-CON¬
CURTAILMENT
MOTOR
OFF
FUEL,
WOULD
OIL
MEN
PARE
SEEN
POINT
HALF-MILLION BARRELS
TOPOUT
IN WEEK
"The six-State shutdown of producing oil wells introduced
striking
new
and
cracking.
The
indicated domestic demand for motor fuel in June
bringing
up,
as
it did, the question of sharp reductions in
forced to curtail operations
stocks to supply their customers.
and draw upon
refiners
are
did not bear out
being only 3% above a
year ago.
Exports of motor fuel continued to meet expectations, the total
for June being 4,459,000 barrels. The decline in finished Inventories (about
4,000,000 barrels) was much less than in June 1938, with the result that the
total on hand June 30, 1939 (74,395,000 barrels) exceeded the comparable
the promise
of May, the total of 49,812,000 barrels
total of the preceding year.
last year,
lower on
and
the three classes of fuel oil continued to run well
ahead of
and despite the increase in crude throughout, stocks were generally
June 30, 1939 than a year ago. Terminal stocks of both distillates
heavy fuels
increased materially In June, probably in anticipation of
the coming heating season.
a
note into the national markets for gasoline,
stocks of gasoline as
•
yield of gasoline in June was 44.5%, compared with 44.4 in May
44.3 in June 1938.
Both of the gains indicated were due to increased
The demand for
BULLISH—SUSTAINED
~
'
The
Eldorado, Ark., 40
PRODUCTS—CRUDE
TINENT
barrels were
withdrawal in May.* Total crude
virtually at the lowest point since the initial ac¬
Welli
(All gravities where A. P. I. degrees are not Bhown)
coupled with a material gain in crude runs to
reflected in stocks, from which nearly 5,000,000
June, compared with a small
stocks on June 30 were
Refining Co. of 20 cents a barrel in the mid-continent area.
v
Orleans.
Gulf
The decline in production,
Representative price changes follo-w:
Lima
New
.08tf-.08J*
■; Shell East'n .0714-08
-.0514
$.05
Chicago
Gulf
.06
-.06)4
.08K-.08«
production outside that State increased. The
Stocks of domestic
-
Other Cities—
Texas.....$.0714-.08
Std.Oil N.J.$.06 )4-.07
a
barrels.
,
Car Lots, F.O.B. Refinery
New York-
New York—
a
production was off 381,000 barrels from the previous
week when a six-day production period ruled, dropping to
1,361,700 barrels.
Louisiana production showed a decline
of 25,000 barrels at a daily figure of 250,000 barrels while
Kansas's decline of 5,000 barrels pared the daily average total
to 171,000 barrels.
Sharpest expansion was shown by Okla¬
homa where production climbed 27,800 barrels to hit a daily
total of 440,700 barrels.
Illinois firmly cemented its new¬
found place as fourth largest oil-producing State with a gain
of 16,000 barrels in its daily total which was 296,000 barrels.
California production of 616,000 barrels was up 13,600
Texas
gallon in
the bulk market, with kerosene prices also rising.
production and the indicated
the narrowest margin between
demand for some time.
■
Refinery operations showed a fractional gain during the
week, rising one-tenth of a point to 84.7% of capacity.
Daily average runs of crude oil to stills were up 15,000
barrels to 3,460,000 barrels which is far above the figure
recommended by the industry's economists for this time of
.
the August domestic market demand estimate of the United
States Bureau of Mines of 3,521,900 barrels of crude oil daily,
inventories
down to the levels held practical by
This total compared with
Institute.
Petroleum
In addition to gasoline, kerosene also moved into higher
price brackets although here too, buyers were holding their
products.
For months, stocks of gasoline have been too high and the
Ambassador
Najera pointed out that the Cardenas Administration was
adamant on the question of retaining control of the properties.
With Texas returning to its normal five-day production
week in the week ended Aug. 12, daily average crude oil
production slumped approximately 360,000 barrels to 3,550,100 barrels, according to the mid-week report of the
1097
At week-end, prices in the mid-continent area were up }4
to Y cent a gallon in the bulk gasoline market, although
holders were chary of selling even at the increased price.
According to the Bureau of Labor Statistics, the price
products in June, 1939 was 52.5, compared
index for petroleum
with 52.5 in May and 56 3 in
June, 1938.
The crude oil capacity represented
by the data in this report was 4,093,000
barrels, hence the operating ratio was
and 77% in June,
1938.
85%, compared with 83% in May,
The Commercial & Financial Chronicle
1098
SUPPLY AND DEMAND OF ALL OILS
Aug.
barrels for the week ended Aug.
(Thousand* of Barrels)
5 and
19, 1939
178,464 barrels daily for the four
weeks ended Aug. 12.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
Jan. to
Jan. to
June,
May,
June,
June,
June,
1939
1939
1938
1939
1938
ended
Aug.
12 totaled
barrels,
23,000
daily average of 3,286
a
barrels
compared with a daily average of 30,000 barrels for the week ended Aug. 5
and 23,500 barrels daily for the four weeks ended Aug.
12.
Reports received from refining companies owning 85.8% of the 4,283,000
New Su-pplV—
'
Domestic production;
Crude petroleum
Dally average
'•
104,607
3,487
............
Natural gasoline..........1....
•
Benzol, a...
94,277
623,391
602,846
3,143
3,444
3,331
4,001
4,280
4,095
130
105
24,850
1,013
24,919
174
108,876
114,951
3,629
3,708
98,383
3,279
649,254
3,587
628,537
3,473
...............
Total production
Dally
110,541
3,566
average........
772
Imports b:
barrel
estimated
daily potential refining capacity of the United
basis, 3,460,000 barrels of crude oil daily during the week, and that all
companies had
pipe lines
in storage at refineries, bulk terminals, in transit and in
of the end of the week, 75,859,000 barrels of finished and
as
finished gasoline.
Receipts In bond
Receipts for domestic use....
468
494
269
2,299
1,492
3,196
.
3,434
1,923
13,321
11,155
DAILY AVERAGE
<
Receipts In bond
.......
1,859
1,866
2,130
9,249
9,612
750
529
693
3,567
3,374
115,149
3,838
Receipts for domestic use..
121,538
3,921
103,134
3,438
677,690
654,170
3,744
3,614
—
all oils....
Dally average
CRUDE OIL PRODUCTION
(Figures in Barrels)
Refined products;
a
B. of M.
Four
c2,425
all oils.........
245
,,
c6,962
2,089
Calcu¬
19,521
Slate
Week
lated
Increase in stocks,
Allowable
Ended
Require¬
1
Aug.
1939
Week
Ended
Ended
Aug. 12,
Aug.
1939
Week
13,
1938
(August)
Total demand...................
117,574
121,293
3,913
110,096
3,670
675,601
3,919
3,733
3,506
5,831
8,643
7,424
10,798
12,128
10.338
34,949
58,847
40,177
57,243
49,812
49,547
258,218
244,754
3,570
4,368
30,062
7,198
24,783
1,902
7,357
25,646
2,132
48,293
3,257
d5,59l
26,754
55,315
70
102
Daily average
634,649
Oklahoma
440,700 + 27,800
170,850 —5,150
435,100
176,100
Panhandle Texas—
64,000 —14,050
69,600
87,000
—7,100
90,400
75,400
West Central Texas.
32,700
+ 100
32,4.50
29,300
248,950 —70,150
262,850
218,950
97,750 —14,450
373,000 -149,300
226,300 —70,750
100,600
97,550
410,300
440,500
236,850
--
Kansas
Crude petroleum.........
Refined products...............
Domestic demand;
Motor fuel........
Kerosene
-----
Gas oil and distillate fuels.......
Residual fuel oils....
Lubricants.
448,100
168,700
North Texas
Exports bt
.......
.............—
Wax
d22,177
1,606
—
West Texas
428,000
164,000
—
66,345
156,804
141,976
East Texas........
11,053
9,904
Southwest Texas—
85
468
565
—
578
587
573
3,340
2,834
2,714
2,675
10,551
2,753
9,936
165,200
71,850
242,950
242,900
2,525
30,268
Fast Central Texas.
439,600
2,567
Asphalt.......................
Coke...
...........
Road oil.....
Still gas
1,210
695
5,768
5,798
1,274
5,387
32,038
205
214
157
1,113
872
3,015
.....
1,362
1,259
9,060
100,945
3,365
100,522
92,334
3,078
581,805
2,968
232,000 —56,100
.......
Losses.....
North Louisiana....
Coastal Louisiana
66,850 —1,150
183,600 —23,400
Dally
average...
;
3,243
Illinois
Stocks—
273,314
278,087
292,634
273,314
292,634
14,207
14,492
14,207
17,425
6,749
6,212
260,193
6,749
262,289
17,425
6,951
266,497
262,289
6,951
266,497
556,559
558,984
583,507
556,559
583,507
142
143
159
149
166
Heavy In California.......
Natural gasoline...........
Refined products.....
Total all oils
Days'«upply
From Coal Economics Division,
b
Imports of crude
Mines; all other Imports and exports from Bureau of Foreign and Domestic Com¬
c Decrease,
d Revised.
PRODUCTION
CRUDE
OF
PETROLEUM
BY
STATES
AND
PRINCIPAL FIELDS
June, 1939
Total
..
Rest of State
Total Arkansas
California—Kettleman Hills.
—
Long Beach
1939
1938
198
816
55.2
1,596
1,719
1,648
1,074
1,272
8,948
1,353
6,955
9,764
9,988
Illinois
Indiana
Kansas
1,756
8,749
2,795
15,414
13,142
19,074
13,588
20,170
77,525
111,676
4.1
132
135
653
6,849
1,462
33,715
77
84
402
104,150
—4,950
108,050
13,700
3,600
106,650
111,000
111,000
c598,300
3,521,900
48,950
2,934,600 -372,400 3,036,700 2,690,700
615,500 + 13,100
608,900
669,200
3,550,100 -359,300 3,645,600 3.359,900
173.9
5,359
4,702
are ordered for all Saturdays and Sundays
during August,
Recommendation of Central Committee of California Oil Producers.
Note—The figures indicated above do not include any estimate of any
oil which
might have been surreptitiously produced.
CRUDE
RUNS
TO
STILLS
AND
ENDED
'++,-■
PRODUCTION
AUG.
12,
OF
GASOLINE,
WEEK
1939
v (Figures in Thousands of Barrels of 42 Gallons Each)
444
Daily Refining
Crude Runs
Capacity
to Stills
86,887
at
Potential
Rale
30,468
30,322
East Coast
16.8
494
487
2,752
5,415
1,137
1,264
7,816
1,639
34,629
4,980
2,652
32,149
Appalachian
6,029
26.0
800
45.9
1,438
8,286
47,895
10,625
7,394
7,026
Gasoline
Production
District
195.9
Percent
Reporting
615
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
100.0
559
90.9
149
85.9
118
92.2
413
Indiana, Illinois, Kentucky.
574
89.5
461
89.7
1,999
Oklahoma, Kansas, Missouri
419
81.6
261
76.3
....
-
Inland Texas
1,595
++•'
z978
316
50.3
124
78.0
478
1,000
89.5
858
95.9
2,632
9,608
Louisiana Gulf
164
97.6
147
91.9
290
2,762
2,442
North Louisiana «fc Arkansas
100
55.0
48
18,747
17,740
Rocky Mountain
118
54.2
60
93.8
220
California
828
90.0
479
64.3
1,379
85.8
3,115
84.7
10,119
8,035
267.8
8,267
1,962
65.4
1,935
Montana
505
16.8
508
441
3,204
106.8
3,318
2,606
435
14.5
439
418
2,463
New Mexico
.+ —200
7,856
3.0
Michigan
New York
3,800
743
236.1
780
Total Louisiana..
61,950
3,900
16,350
3,900
a These are Bureau of Mines' calculations of the
requirements of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
Aug.
As requirements may be supplied either from stocks or from new production,
128,221
1,378
Rest of State
64,350
595,100
503
Rodessa
+ 250
—100
Total east of Calif.. 2,926,800
5,877
Kentucky
Louisiana—Gulf coast
+ 1,050
61,950
16,450
16,879
607.4
5,218
Colorado
1,498
2,786
90
Total California.
68,900
California
14,012
10,443
45.8
80.5
7,083
Rest of State
428.6
122
Wilmington
151,400
16,400
New Mexico
8,308
2,031
52.5
55,800
283,750 1
96,350
68,300
—1,850
.......
Colorado
c
123
58.8
95,650
77,100
Montana..
1938
3,6
1,656
1,764
1,576
1,372
2,415
12,858
18,221
296,000 + 16,500
......
Wyoming
June,
1939
Avye.
108
63,200
+ 600
Shutdowns
January-June
May,
Arkansas—Rodessa..
256,000
68,500
contemplated withdrawals from crude oil inventories must be deducted from the
Bureau's estimated requirements to determine the amount of new crude to be
produced.
bNet daily average basic allowable for the 31-day period
beginning Aug. 1.
(Thouaanda of Barrels)
Daily
269,200
64,000
106,200
54,200
(not incl. 111.),
as reported to Bureau of
merce.
82,200
173,800
64,991
Michigan
Reflnable In United States
a
241,602
51,900
201,900
—...
Eastern
Crude petroleum:
259,300
Arkansas
200,700
2.50,450 —24,550
-.
Total Louisiana..
Total domestic demand.......
217,450
1,428,100 bl393225 1,361,700 -381,800 1,452,050 1,378,850
Total Texas.
537,229
3,214
Coastal Texas
11,793
—
.........
Miscellaneous
46,569
272
9.1
288
286
1,577
2,602
1,648
3,325
3,834
110.8
3,402
4,125
22,645
Rest of State
21,262
7,082
236.1
7,284
6,762
14,241
1,432
12,919
1,432
42,398
85,114
—
135
87.3
.
47,976
474.7
Texas Gulf
21,898
127.8
3,054
3,103
20,071
Seminole
Ohio
Oklahoma—Oklahoma City
Total Oklahoma.....
9,849
Texas—Gulf coast
West Texas..
East Texas
...
Panhandle
Rodessa
328.3
14,811
1,553
10,807
8,690
8,424
61,608
6,361
212.0
6,883
5,628
38,994
11,712
1,964
Pennsylvania
390.4
13,447
65.5
2,227
11,376
1,857
73,842
12,119
47.7
831
West Virginia
990
5,263
9,236
52,784
1,312.7
43,484
7,819
36,360
10.3
309
Wyoming—Salt Creek
Rest of State
884
288.8
39,381
Total Texas
27.7
8,664
Rest of State
«.
Weeks
Change
from
Aug. 12, Previous
ments
Demand—
1
un¬
The total amount of gasoline produced by all companies
is estimated to have been 11,499,000 barrels during the week.
Crude petroleum:
Total new supply,
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
326
1,380
3,460
11,499
♦Estimated total U. S.:
/ Aug. 12, 1939
54,739
76,830
11,596
5,785
49,178
232,585
1,886
14.2
497
470
4,283
4,268
5,1939.....
Aug.
3,445
11,708
*3,269
46.6
1,411
1,247
2,736
7,182
60.8
1,908
1,717
9,918
6
5
36
yl0,988
94,277
623,391
Estimated Bureau of Mines' basis,
week's production based
dally average,
STOCKS
OF
z
on
x
the United
August, 1938, dally average,
y This Is
States Bureau of Mines' August, 1938,
12 7o reporting capacity did not report gasoline production.
FINISHED
602,846
AND
UNFINISHED
GASOLINE
AND
GAS
AND
33
3,486.9 110,541
♦
a
8,920
.2
*U. S. B. of M. Aug. 12, *38
2,850
1,398
1,823
7
......
Total United States
345
34,457
425
.........
Total Wyoming
Other.a
320
244,610
1,790
91,136
9,131
Reported
Estimated unreported
104,607
FUEL
6,070
OIL,
WEEK ENDED AUG.
12.
1939
(Figures in Thousands of Barrels of 42 Gallons Each)
Slocks of Finished &
Stocks of Gas Oil
and Distillates
Unfinished Gasoline
Stocks of Residual
Fuel OU
District
Total
At Terms,
At Terms,
Total
Daily Average Crude Oil Production for Week Ended
Aug. 12 Off 359,300 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily average gross crude oil production for the week ended
Aug. 12, 1939, was 3,550,100 barrels.
This was a decline of
359,300 barrels from the output of the previous week, but
the current week's
figure was above
calculated by the United States
the 3,521,900 barrels
Department of the Interior
to
Imports of petroleum for domestic
use
and receipts in bond at
principal
United States ports for the week ended Aug.
a
12 totaled
daily average of 157,143 barrels, compared with
a
daily
1,100,000 barrels,
average of
194,571
At
in Transit
At
and
Refineries
and in
Refineries
Unfin'd
East Coast
19,530
7,179
1,736
Ind., 111., Ky
Okla., Kan., Mo...
Inland Texas
Texas Gulf
Louisiana Gulf
No. La. & Arkansas
Rocky
Mountain..
3,332
11,896
6,394
1,613
8,769
2,042
353
Pipe Lines
20,887
3,072
Appalachian
514
11,095
6,080
1,388
1,116
6,061
in Transit
and in
Pipe Lines
5,295
6,001
242
59
757
2,863
1,592
45
2,823
4,881
*348
1,095
24
1,890
7,158
1,653
286
11
4,115
398
3,645
375
"*36
*272
282
648
:
12,936
1,199
14,143
8,115
l",812
60,666
23*262
64,485
70,789
26,402
9,057
27,967
4,970
5,070
780
83,962
2,380
Aug. 12, 1939...
69,455
75,859
a27,182
9,057
a86,342
27,967
Aug.
70,142
76,431
a26,727
8.874
a86.427
28,085
68,046
74,498
California
be the total of the restrictions
imposed
by the various
oil-producing States during August.
Daily average produc¬
tion for the four weeks ended
Aug. 12, 1939, is estimated at
3,645,600 barrels.
The daily average output for the week
ended Aug. 13, 1938, totaled
3,359,900 barrels.
Further
details, as reported by the Institute, follow:
Finished
Finished
Reported
Est. unreported
110
568
•Est. total U. S.:
U.
S.
5, 1939...
B.
•Aug.
♦
of
Mines
12. 1938.
.
Estimated Bureau of Mines'
basis,
27,480
a
117,395
For comparability with last year thes
figures must be increased by stocks "At Terminals. &c.," in California district.
Volume
Commercial & Financial Chronicle
The
149
ESTIMATED
June
Production for Month of
Natural Gasoline
The production
of natural gasoline decreased in June,
with 291,942,000
gallons
hand
on
AND
Calendar Year to Date
Week Ended
Aug. 5, July 29, Aug. 6,
1938
1939
1939
1929c
•
1938c
1939
Penna. Anthracite—
Total, Including colliery
fuel
766,000 748,000 547,000 30,115,000 27,932,000 41,044,O0C
153,900
226,100
165,900
127,700 124,700 91,200
a
Daily
average.
...
Commercial productlonb 728,000 711,000 520,000 28,610,000 26,535,000 38,089,000
Beehive Coke—
United States total
Daily
1,500
367,200
555,200
1,985
11,700
1,950
9,600
1,600
9,000
average
3,001
Includes washery and dredge coal, and coal shipped
operations, b Excludes colliery fuel, c Adjusted to make
a
4,094,200
22,131
by truck from authorized
comparable the number of
working days In the three years.
a year ago.
ESTIMATED
GASOLINE
PRODUCTION AND STOCKS OF NATURAL
ANTHRACITE
COKE
1939,
report prepared by the Bureau
a
PENNSYLVANIA
OF
PRODUCTION
BEEHIVE
of Mines for
Harold L. Ickes, Secretary of the Interior. The daily average
in June was 5,733,000 gallons compared with 5,799,000 in
May and 5,601,000 gallons in June, 1938. The chief decreases
occurred in Kansas and the Appalachian and Kettleman Hills
districts.
Total production for the first six months of 1939
was 1,043,700,000 gallons, or 0.3% less than that produced
during the same period in 1938.
Stocks continued to in¬
crease, particularly at the plants, and the total on hand at
the end of the month was 283,458,000 gallons, compared
according to
1099
PRODUCTION
WEEKLY
BY
COAL
OF
STATES
(In Thousands of Net Tons)
(In Thousands of Gallons)
(The current weekly estimates are based on railroad carloadlngs and river ship¬
and State sources
May 31,
1939
June 30,
revision on receipt of monthly tonnage reports from district
ments and are subject to
1
Stocks
'
Production
or
of final annual returns from the operators.)
1939
Week Ended—
Jan. to
June
June
May,
At
At
Jan. to
June,
& Ter¬
Refin¬
& Ter¬
eries
minals
eries
minals
2
Appalachian
Kansas
4,272
58,422
Louisiana
7,572
Arkansas
Colorado
71
California
1
Georgia and North Carolina
84
586
562
591
705
914
1,268
3,780
2,615
81,413
Illinois
97,068
Indiana
226
197
219
228
273
451
1,118
84
959
Iowa
34
34
40
34
57
Kansas
83
70
78
93
98
134
776
738
650
750
906
735
106
252
263
378
1,926
1,974
1,886
3,208
96,852
2,696
and Missouri
Kentucky—Eastern
...
93
118
133
217
202
22
24
30
44
42
4
4
2
3
14
17
Montana
44
43
42
44
51
41
18
24
25
31
47
52
4,095
4,280
24,850
24,919
137
138
138
3,376
First
Six Months
manufactured and natural
utilities totaled 16,154,100 on June 30, an increase
the number reported on the same date a year
over
Aug. 11
announced on
it was
of
Statistician
of
460
854
2,762
3,680
96
86
100
96
113
17
16
18
22
26
27
26
47
53
87
283
266
252
241
230
239
23
24
25
32
33
37
1,852
1,790
1,334
1,898
2,052
1,519
530
Virginia—Southern
a
541
355
478
704
866
79
115
Revenues of manufactured and natural gas
utilities aggre¬
*
*
*
98
77
74
84
Wyoming
*
s4
9,654
,
748
758
5,917
1,003
8,126
7,842
6,920
7,378
Pennsylvania anthracite d
Total, all coal
7,084
23
s4
■
c
Total bituminous coal..
a
'
24
.......
Other Western States
Association.
Gas
American
the
*814
385
2,035
Washington
Paul Ryan, Chief
by
■
326
1,323
Northern b
Domestic customers served by
.
387
1,731
96
bituminous
Virginia
West
•810
393
1,804
Ohio
Pennsylvania
Utility Revenues Show Marked Increase in
13
12
17
17
North and South Dakota.......
2,836
3,903
2,846
Utah
ago,
87
24
Western
Texas.
317,400
s
s
Michigan
Tennessee
gas
*
*
New Mexico
5,782
5,766
Total (thousands
Gas
74
165
42,664
3,192
95,298
136
389
2,646
11,030
5,799
Daily avge.
122
42
5,733
of barrels)
87
4,788
Maryland
Dally avge.
68
s
582
171,990 179,760 1043700 1046598 119,532 163,926 119,112 141,792
Total
80
s
84
44,306
8,029
322
61
^
49,359
3,084
5,040
3,570
37,080
52,499 308,845 331,131
12,868
2,177
7,897
49,153
3
263
60
1
2
13
578
221
2,025
Rocky Mountain
8",760
42
252
19
Alabama
630
7JU8
4,578
39,292 225,597 239,041
4,872 29,379 27,150
59,667 337,621 316,641
7,142 42,187 43,091
37,946
Texas
840
6,038
6,932
1,069
1,039
111., Mich., Ky._
Oklahoma
35~965 35",396
5",013
3", 664
^*82
2
261
Arkansas and Oklahoma
Alaska..
7,896
6,636
East coast
Avge.
I923e
July 29, July 22, July 30, July 31, July 27,
1929
1938
1937
1939p
I939p
Plants
Refin¬
1938
1939
1939
1939
July
State
At
Plants
At
7,814
611
1,242
11,208
1,950
8.425
10,896
13,158
N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.'
& O. in Kanawha, Mason, and Clay counties, b Rest of State, Includ¬
Includes operations on the
and on the B.
Mineral and Tucker counties,
c Includes
Nevada, and Oregon,
d Data for Pennsylvania an¬
of the Bureau of Mines, e Average weekly rate for
entire month,
p Preliminary.
8 Alaska, Georgia, North Carolina, and South
Dakota included with "Other Western States." * Less than 1,000 tons.
ing the Panhandle District and Grant,
This
from the corresponding period
gated $444,541,100 for the first six
was
an
of
increase
5.8%
months of 1939.
of 1938.
,
a
Revenues from industrial and commercial users
8.3%, while
Manufactured
for the first six
4.7%.
industry revenues totaled $190,849,000
gas
months, an increase of 2.6% from a year
Revenues from industrial users of manufactured gas
increased 10.9%, while commercial revenues gained 1.5%.
Revenues from domestic uses, such as cooking, water heat¬
ago.
ing,
refrigeration, &c., were substantially unchanged from
1938.
the corresponding period of
Revenues
months
of
natural
the
amounted
to
gas
industry
$253,692,100,
a
for
the first six
Shipments Total 2,611,299 Net Tons
July Anthracite
Shipments of Anthracite for the month of July 1939, as
reported to the Anthracite Institute, amounted to 2,611,299
net tons.
This is a decrease, as compared with shipments
during the preceding month of June, of 348,004 net tons,
or 11.76%, and when compared with July, 1938, shows
an
increase of 250,535 net tons, or 10.61%.
: ;
July, 1939
ago.
The
of natural
quantity
gas
used in generating electric
during the six months ending June 30 amounted to
87,002,000,000 cubic feet.
This represented an increase of
15.8% from the corresponding period of 1938.
power
Lehigh
Valley
383,892
719,590
479,510
501,892
611,476
734,674
249,801
261,282
167,556
Western RR
318,714
352,145
300,130
568,127
Corp. ......
228,940
274,487
205,716
318,718
334,868
353,418
262,490
372,441
329,138
250,613
RR
Delaware Lackawanna &
Delaware & Hudson RR.
Pennsylvania RR.. ...
.
i...... -
... - -
240,516
Erie RRN. Y. Ontario &
1938 June, 1938
609,217
Central RR. of New Jersey
319,280
351,727
44,353
75,622
90,030
160,770
136,354
202,102
88,861
323,240
2,611.290
Western Railway....
Total........
,
June, 1939 July,
578,235
Reading Company
Lehigh & New England RR
Weekly Coal Production Statistics
(in net tons), are as
Shipments by originating carriers
follows:
gain of 8.3% from a
Revenues from industrial uses increased 11.2%,
while revenues from domestic uses increased 7.3%.
year
Idaho,
increased
from domestic customers gained
revenues
California,
Arizona,
thracite from published records
2,959.303
2.360.764
3,868.567
The Bituminous Coal Division of the U. S. Department
the interior
of
its
in
current
weekly report
stated
that
Buying
ended Aug. 5.
net tons, a
the
in
Tne total output is estimated at 7,300,000
slight decrease—78,000 tons,
week of 1938
was
or
1.1%—from that
Production in the corresponding
preceding week.
estimated at 5,853,000 tons.
The U. S. Bureau of Mines
reported that there has been
little change in the production of anthracite during the
past four weeks.
The total for the week ended Aug. 5 is
estimated at 766,000 tons, 18,000 more than that of July 29,
but 219,000 tons (40%) above the output reported for the
week of Aug. 6, 1938.
very
ESTIMATED
UNITED
COMPARABLE
STATES
ON
DATA
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
COAL, WITH
PETROLEUM
of
Major Non-Ferrous Metals
"Metal and Mineral Markets," in
Copper
the last week was the news
increased production from 95%
This will add about 6,000
tons to foreign production monthly.
The news served to offset rather bull¬
ish statistics for July, released on the following day.
The London market eased moderately early in the week and dropped
The outstanding
Cal.
Week Ended
--V
Bituminous Coal
v:.
Year to Date d
Daily average
el939
1938
1929
1,217
7,378
1,230
5,853 196,532 179,805 305,148
982
981
1,076
1,663
6,262
5.669
5,315 170,901 164.815 134,401
7,300
....
Coal equivalent of weekly output.
Includes for purposes of historical
comparison and statistical convenience the
production of lignite, b Total barrels produced during the week converted to equiva¬
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of
coal,
t Revised,
d Sum of 31 full weeks enclng Aug. 5, 1939, and corresponding
lent coal assuming
31 weeks of 1938 and 1929.
Aug. 10 that the Cartel had
slightly
105%. effective Aug. 16.
below domestic
parity.
abroad immediately, and sales for
Crude Petroleum b c—
a
from London on
development in copper during
of basic tonnages to
a—
Total, including mine fuel...
i
Aug. 5, July 29, Aug. 6,
1938
1939c
1939
e
its issue of Aug. 17,
reported that the London market turned irregular early in
the week, and buyers of major non-ferrous metals in this
country consequently showed little interest in accumulating
additional supplies.
The heavy buying over the last three
weeks has placed most consumers in a comfortable position,
and a decline in activity was generally expected.
In general,
however, the undertone remains firm.
A flurry in silver in
London attracted wide interest and caused the price on
foreign metal here to move above the Treasury's quotation.
The uplift was due to short covering and buying for Poland
in a temporarily poorly supplied market.
The publication
further reported:
(In Thousands of Net Tons)
..
Drops to Low
Level—Silver Firmer
production of soft coal showed little change in the week
Subject to current adjustment.
to
Buying here reflected this uncertainty
domestic account for the week amounted
against 22,929 tons in the preceding seven-day period.
for the month to date total 27,383 tons.
The unsettlement
only 2,774 tons,
Sales
here
abroad brought out a little "outside" copper at
to
10.375c.,
market
I
as
Valley.
prices ranging from 10.30c,
Producers held to 10Hc., Valley, and regarded the
steady to firm.
The Commercial & Financial Chronicle
1100
The June and July statistics of the Copper Institute, in short; tons, com¬
June
July
June
Deliveries, refined:
U. 8, domestic......
Production, crude:
Foreign mine
47,833
11,839
89,449
45,510
9,022
89,477
Foreign scrap
13,115
-
U. 8. scrap, &c.....
Foreign
116,571
61,719
111,486
......180,433
...173,205
Totals...
United States
158,236
490,419
Totals.....
consumers
in line
was
Sales for the week totaled 2,366 tons,
11,174 tons two weeks
ago.
reported experiencing a continuance of good business
are
statistics for July to show the first substantial improve¬
ment in several months.
Prices abroad for spot metal
declined slightly during the week, due to
let-up in demand for near-by metal on the part of Continental
here continued firm at 5 05c., New York, which
The quotation
of the American
basis
settling
Smelting
&
was
also the
Refining Co., and
traders were
Ingot Production at 62J^% Equals High Point
The improved stet.1 situation is also
in steel
spots
still
mill
on
1937.
price held at 4.75c.,
or
change during the last
no
Louis, with the undertone steady.
St.
Steel operations are
Toe Pittsburgh
there since
the
preceding week.
The question of the status of the import tariff on zinc will be discussed in
Washington on Sept. 18.
V
■'
.'TV1''.h[.
Tin
VV'V
•
L
/•;"
\
believed well covered for third-quarter requirements; there¬
show little
they
interest
in
acquiring metal.
believe the recent return of tension
create
over
Some
the European
cautious attitude among consumers in
a
in
the
district
steel
three
of business
It is
for initial
tions
the
average
for
by
12, 46.950c.; Aug.
DAILY
PRICES OF METALS
O'E.
15, 47.000c.; Aug.
some
;V
J."
lack
Straits
Electrolytic Copper
Tin
Lead
Zinc
There have also been gains in southern
as
The
much
a
are
foundation
registering at least moderate
the
for
months
when
will be added to those already apparent.
The
buying is still the
coming
important
most
St. Louis
St. Louis
4.90
4.75
10.200
48.700
5.05
4.90
4.75
spending-lending program, Government expenditures will be
10.175
48.700
5.05
4.90
4.75
element
10.275
10.200
48.750
5.05
4.90
4.75
10.275
10.200
48.750
5.05
4.90
4.75
10.275
Aug. 12
10.275
Aug. 14
Aug. 15
Aug. 16._.__
10.275
10.175
48.750
5.05
4.90
10.275
10.192
48.729
5.05
4.90
4.75
Despite the
in
Average prices for calendar week ended Aug. 12 are:
Domestic copper, f.o.b*
10.2750c.; export copper, 10.250c. ;8tralts tin, 48.721c.; New York lead,
5.050c.; St. Louis lead, 4.900c.; St. Louis zinc, 4.738c.; and silver, 34.925c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
refinery,
markets,
based
the basis
sales
on
of cash,
reported by producers and agencies.
They are reduced
or St. Louis, as noted.
All prices are in cents
New York
demand
steel
be
be
only
expended,
70%
Co
,
The
a
3M
(Bid)
3M
Spot
3M
Spot
3M
Spot
pipe for
a
44 %
44%
Aug. 11
44 %
Aug. 14
44%
Aug. 15
44%
44%
44%
44*18
Aug. 16
445i#
44%
49%
49%
49%
50%
50%
229%
229%
229%
229%
229%
to
Gas
250-mile line
the
Fabricated structural steel awards
a
of
tin
THE
"IRON AGE"
15, 1939, 2.236c.
One year ago..
■''■
Supply,
Long
151316
15%
14*16
14%
1937
2.512c.
Mar.
225
15%
16»u
14%
14%
1936........
225%
15%
15%
14*16
14%
Long
Tons
Tons
Tons
2.236c.
May 16
2.211c.
Oct.
9
2.249c.
Mar.
2.249c.
Dec. 28
2.016c.
Mar. 10
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
24
1.945c.
March.
April..
35,855
May...
32,885
11,146
14,240
14,261
10,938
*»
49,512
50,885
50,116
July,
Iron and
Total
Smelters'
Visible
Stocks
Stocks
Supply,
43,823
June...
July...
Long
2.118c.
Apr.
Jan.
2
1933
1.953c.
Oct.
3
1.792c.
May
2
1.915c.
Sept.
6
1.870c.
1930.
2.192c.
Jan.
7
1.962c.
Mar. 15
Oct. 29
2.402c.
Jan.
4
2.212c.
Nov.
Tons
Co. excluded),
July
1
1939, $20.61
a
1
Gross Ton
(Based on average for basic Iron at Valley
$20.61-!
furnace and foundry iron at Chicago.
Valley
20.61
Philadelphia,
19.61 [
Southern iron at Cincinnati.
Buffalo,
and
Low
High
1938
$23.25
$19.61
July
6
1937
23.25
Mar.
9
20.25
Feb.
16
1936
19.73
Nov. 24
18.73
Aug. 11
1935
18.84
June 21
Nov.
17.83
5
May 14
1934
17.90
May
16.90
Jan.
1933
16.90
Dec.
13.56
Jan.
1932
14.81
Jan.
13.56
Dec.
6
1930
18.21
Jan.
15.90
Dec.
16
19.71
Jan.
17.54
Nov.
1927
Steel
15.
1939. $15.46
One week ago
One month ago
One year ago
a
Gross Ton
..$15.42
....
15.04
27
3
1
Scrap
Based
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and
Chicago.
14.41
Low
High
$15.46
Aug. 15
$14.08
15.00
Nov. 22
11.00
June
1937
21.92
Mar. 30
12.92
Nov. 10
39,387
1936
17.75
Dec.
21
12.67
June
39,512
1935
13.42
Dec.
10
10.33
Apr. 29
1934
13.00
Mar. 13
9.50
Sept. 25
52,503
1933
12.25
6.75
Jan.
3
\r>riMBU
1932
8.50
Jan.
12
6.43
July
5
1930
15.00
Feb.
18
11.25
Dec.
9
1927
15.25
Jan.
17
13.08
Nov. f 5
1939.
1938
28,831
28,391
10,556
11,121
37,487
umijuYuoumia
15,016
auu
b Smelters' stocks of tin, tin In
Jcjuruyc
ore
mediate products (Including carryover British Tin Smelting Co.).
15,
One week ago..
One month ago..
One year ago
Long
Tons
Tons
1938-
b
Smelting
2
Pig Iron
1939-
38,366
36,645
..
8
1932
Aug.
World's b
Long
1939-
Low
3
17
Aug.
Long
High
May
a
PRICES
products represent
85% of the United States output.
1
Jan.
Total
27,000
Minneapolis.
rolled strips. These
2.300c.
2.512c.
Stocks
ordered
beams, tank plates,
wire, rails, black pipe, sheets and hot
2.286c.
,<
Stocks
cribs.
has
2.236c.
1938
Development Council, The Hague,
During July a total of 5,275 long tons of tin
exported from Malaya and 1,698 long tons were
exported from Netherlands Indies.
The statistical position of the tin stocks at the end of
July, as compared with previous periods, is shown in the
following table made available by the Council, through the
Institute, on Aug. 11:
Smelters'
corn
Based on steel bars,
Lb.
1939
Holland.
World's b
12,000 tons of galvanized
2.236c.
a
14%
during
boats
Steel
14%
were
Visible
COMPOSITE
145i8
tons
will
completion
A.
14%
125
and
part
light this week at less than 11,000
15%
Steel Institute from the Statistical Office of the International
Tin
Research
and
a
are
15%
increased
large
The Navy has awarded
Neb.,
15»i6
cable received by the American
least,
New work in the market totals almost 17,000 tons.
1927...
stocks
new
program
100%
from Sioux City, Iowa, to
to run
Increase in World Stocks of Tin During July
World
Omaha,
Co.,
15%
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'
All are in pounds sterling per long ton (2,240 lb.).
a
important
Shipbuilding & Engineering
225%
225%
225%
prices.
according to
Tampa
Three pipe makers shared nhe business.
tons.
'•
Aug. 10
still in
Administration
Steel Corp. will furnish
Natural
One week ago
One month ago
Zinc
at
year
are
Kansas City fabricator for Government
Northern
Aug.
Spot
Works
Finished
Lead
an
1940.
Prices
Tin, Std.
Copper
billion dollars,
Tampa. Fla., requiring 13,250 tons of steel.
refinery quotation.
Electro.
this
approve
8,500 tons of plates to the Inland Steel Co.
tons of
Copper, Std.
of
to
An addition to the shipbuilding program is the award of five cargo
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices In New England average 0.225c. per pound above the refinery basis.
Dally London
remainder
Public
by the Martimie Commission
sheets to
per pound above f.o.b.
refusing
The appropriations for national defense at the
the
while
in
completed by the end of the year, with
scheduled for June 30,
Copper, lead and zlno quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign
business In copper sellers usually name a c.l.f. price—
Hamburg, Havre, and Liverpool.
The c.l.f. basis commands a premium of 0.325c.
Congress
the
over
1940.
The Carnegie, Illinois
per pound.
of
action
recent
session, totaling nearly two
to
._
and locomotives.
cars
possibly well into
recent
4.57
Average
the market for
but
builders
loadings would bring some of the railroads into
car
5.05
Aug. 11
factor,
negative
growing belief among steel companies and equipment
rising trend of
a
received
Business is coming from such widely scattered
solid
a
requirements
railroad
is
being
those in the comparable July period.
over
New York
10.200
Tin
of sheet specifications
volume
20%
as
48.725
10.275
.
September will be above the
larger volume of rollings for motor car markers.
a
New York
Dom.,Refy. Exp., Refy.
Aug. 10
Feb
A slight loss has occurred
operating rates is the insistence of the mills that specifica¬
indicate
to
as
of
there
that
to
has jumped from
production of 1940 models has not yet developed.
because of
buyers.
mills is
automotive
QUOTATIONS)
Wheeling-Weirton
district
^y:,'"'v.
increases over last month.
sources
& M.
points to 81%, the
and the? Detroit
,
Virtually all steel products except places
10, 46.975c.; Aug. 11,
14, 47.000c.; Aug.
v;
■
.
57%, the highest rate
to
low-priced sheet and strip tonnage be submitted by the end of
automotive
Chinese tin, 99%, was nominally as follows: Aug.
more
month, the Sept. 30 deadline for such shipments applying to all but
ested in the tin situation of that country.
16, 47.000c.
80%
to
expected that steel operating rates in
meeting in Washington, presumably with United States authorities inter¬
46.950c.; Aug.
are
further gain in prospect for next week when the Ford
-a;
68% of capacity.
the week-end and recently had a
district four
Youngstown.
A factor in current
over
a
Plates
points.
sharply in some districts than in others.
more
plant will be running full.
August
The tin trade is following with interest the visit of Bolivian Government
up
1937, while Chicago has gained two points to 58%,
points
The rate of tin-plate operations is estimated to be running between 65 and
officials who arrived in New York
business
been since
While orders from the automobile industry are increasing, the full volume
trade
political situation
hope of lower prices.
of low-priced
Since Aug. 10 the reinforcing
pound, basing
Ohio, in eastern Pennsylvania, and at St. Louis.
at
closing up of the weak
a
amount
district has gained four points
October,
Cleveland-Lorain
65% to 79%, with
Sellers of tin experienced a quiet week, similar to other metal markets.
fore,
marked by
large
been considerably strengthened.
price situation has
generally quoted at 2.10 cents a
Sales of the common grades for the last calendar week amounted to 4,531
will
Despite the
prices.
books, the current situation is the firmest it has
An indication is the increasing amount of sheet and strip business
tons, which compares with 4,260 tons in the
are
1938
Aug. 17 issue of the "Iron Age" reported that steel
ingot production at 623^% this week equals the high point
of 1938, in November.
Higher operating rates in a number
of centers are accompanied by a further strengthening of
scrap prices, raising the "Iron Age" scrap composite price
to a new high of $15.46, or 17 cents above the spring peak
of $15.29.
The "Iron Age" further stated:
bar
little nervous about the action of the foreign
a
here underwent little
market, the situation
Consumers
Through that office.
that is being booked at full published prices.
Zinc
The
Steel
a
consumers.
4.90c., St. Louis.
some
International
released In the
were
The
against 7,523 tons in the previous week and
and producers expect
week.
Development Council, such data
of
expectations of the trade.
Though
States
New York office of the
of the
closing
b Duty-free copper.
Following the heavy buying of lead in the latter part of July and early
contract
The first of these releases is attached.
recent
Research and
United
August, the last seven days witnessed a lull in activity, which
Lead
the
173,876
Lead.
with
Until
316,543
513,670
Statistical Office of the Council
receipt of cabled advice from the
upon
In The Hague.
181,487
335,012
.....178,658
Foreign
by the American Iron and Steel Institute
be released in the United States
Tin
57,339
100,897
States-b
Corrected,
105,679
Stocks at end, refined:
Foreign
a
16,127
164,151
al62,236
Production, refined:
United
59,681
10,289
—
Totals.
Totals.,..
53,573
U, 8, exports.b
data cn world stocks of tin will hereafter
and Development Council, certain
20,142
U. 8. mine
says:
the Statistical Office of the International Tin Research
At the request of
July
1939
making public the above figures the Institute
In
follows:
pare as
Aug. 19,
and in
inter¬
Aug.
8
May 16
7
9
The Commercial &
Volume 149
The American Iron and Steel
Institute
Financial Chronicle
nounced
that telegraphic reports which it had received
indicated that the operating rate of steel companies having
97% of the steel capacity of the industry will be 62.1% of
capacity for the week beginning Aug. 14, compared with
60.1% one week ago, 56.4% one month ago, and 40.4% one
year ago.
This represents an increase of 2.0 points or 3.3%,
from the estimate for the week ended Aug. 7, 1939. Weekly
indicated rates of steel operations since Aug. 1,1938, follow:
f Q1«
1938—
1939—
1939—
1T
39.8% Nov. 14
62.6%
Feb.
20
53.7%
June
5
Aug.
8
39.4% Nov. 21
40.4% Nov. 28
61.9%
Feb.
27
55.8%
June
12
60.7%
Mar.
6
55.1%
June
19
54.2%
53.1%
-.55.0%
Aug. 22
42.8% Dec.
5
59.9%
Mar. 13
55.7%
June 26
.54.3%
Aug. 29
44.0% Dec. 12
39.9% Dec. 19
57.6%
Mar. 20
55.4%
July
51.7%
Mar.
27_.t..56.1%
July
45.3% Dec. 26
38.8%
Apr.
3
10
3
10
17
24
31
38.5%
49.7%
56.4%
60.6%
59.3%
Sept.
6
Sept. 12
7---- 60.1%
14...-.62.1%
May
8
47.0%
15
45.4%
to
May 22
48.5%
52.2%
49.4% Jan.
23
51.2%
24
31
53.7% Jan. 30
6
56.8% Feb.
61.0% Feb. 13.
52.8%
53.4%
54.8%
May 29
a
large number of con¬
The trend of business is tending to flatten, but ingot production
and
by labor disturbances.
leading to
of sustained
lend
they
demand,
bullish
a
steel shipments
at
aspect
strength from ex¬
some
outlook.
steelmaking
the
to
"Steel's" scrap composite is up 37 cents to $15.33, highest since Oct., 1937.
Good business from
a
wide variety of miscellaneous users still comprises
the foundation of steel demand.
directions
well.
as
loans
Sizable tonnages are appearing from other
Five cargo
made.
were
mission will take 16,000 tons
The navy is inquiring
vessels
placed by the maritime com¬
have
been
of plates, shapes and other products.
Los
awarded.
Angeles
water
2,600 tons of plates for large diameter pipe.
involving
large
manufacturers,
tonnages,
with
are
intimations
approaching
shapes and
Deductions for
Aircraft
bidding stage.
the
26 points
57 at
to
Cincinnati,
points to 54at St. Louis.
week.
backlogs swelled by recent government orders,
ing at 79 and 70, respectively.
For the week ended
Aug. 14 the industry recorded a gain
point according to the "Wall Street Journal" of Aug. 17.
due to an increase of nearly
23^ points by units of the U. S. Steel Corp., as leading inde¬
pendents are credited with having only maintained their
activities of the previous week.
The "Journal" further
reported:
of
a
The industry as a whole for last week is
60%
in the previous
estimated at
weeks
two
unchanged
from
Leading
ago.
the
and
comparing
The following table gives a
the
nearest
week
of
previous
1936.
7014
—2
6614
recovery
week, output being off 3,375 units to
a year ago
marked
is indicated this season.
All others curtailed
The Week with the Federal Reserve Banks
increased
16 member bank
58
$124,000,000.
from increases of
arose
of member banks
Aug. 16 were estimated to be
approximately $4,590,000,000, an increase of $60,000,000
on
week.
\/
—1
74
-1
as
follows:
Increase
1
(+)
or Decrease
Since
Aug. 16. 1939
Auy. 9, 1939
(—)
'
1935.
49
41
+1
55
1934........
2214
—314
22
—3 1 *
2214
+314
1933
5114
—314
49
-2
1414
15
+514
1931
+2
1314
14
—
+
....
Bills bought.:.--U. S. Government securities
(not
5,000,000
1.000,000
2,423,000,000
Aug. 17. 1938
—2,000,000
-20,000,000
—141,000,000
+ 11.000,000
+ 13,000,000
including
$11,000,000 commltm'ts—Aug 16)
+1
35
5414
—114
62
90
—3
95
75
78
—2
66
6814
+214
31
—2
1928
14
—
1929..
—
:+i
+1
49
—2
8614
—314
7214
14
+
14
63
14
Chicago member banks for the current
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday,
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
V
:
:
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Aug. 16
Loans and investments—total..
1938
Aug. 9
1939
$
Assets—
-Chicago—
Aug. 17 Aug. 16
1939
Aug. 9
1939
$
1939
$
s
$
Aug. 17
1938
$
2,117
2,112
2,807
7,542
2,942
539
538
527
1,464
1,470
352
355
347
8,386
8,332
Loans—total......—2,846
Commercial,
industrial
and
agricultural loans...
1,471
1,848
117
114
133
18
18
20
525
484
508
37
33
28
184
186
196
68
68
68
118
50
116
14
14
12
381
379
52
Other loans for
purchasing or
carrying securities
Real estate loans
Loans to banks
Other loans
...
Treasury notes..
United States bonds
—
Obligations fully guaranteed by
United States Government.
Other securities........
banks...
118
J
89
64
;
835
2,171
4,'
50
50
f206
205
2,781
(243
242
[653
651
2,176
1,136
1,179
5,145
60
„
428
;
206
220
834
Treasury bills
1,133
149
.
149
127
327
319
923
1,046
3,339
327
773
1,175
5,005
875
922
856
50
38
38
32
73
70
226
221
212
374
377
483
47
48
51
7,791
6,224
1,686
1,682
1,526
653
660
497
496
464
deposits.._
7,875
644
50
52
104
63
63
52
Domestic banks—..—-—
3,074
2,983
2,453
815
810
686
Cash in vault
Balances with domestic banks—
Other assets—net
_
76
62
Liabilities—
Demand
—4,000,000
12,000,000
13,000,000
Other Reserve bank credit
33
1930....
Reserve with Fed. Res.
8
Bills discounted...
+3
Open market paper.
principal change in holdings of bills and securities
was a reduction of $20,000,000 in United
States Treasury
bills. +++:.■■•'','-Vv
'V+
■
The statement in full for the week ended Aug. 16 will be
found on pages 1,132 and 1,133.
Changes in the amount of Reserve bank credit outstanding
were
6314
8314
—1
•
50
—1
2914
Loans to brokers and dealers..
'
The
and related items
Independents
+214
—214
banks and also for the
reserve
Additions to member
$65,000,000 in gold
stock and $3,000,000 in Treasury currency and decreases of
$68,000,000 in Treasury deposits with Federal Reserve banks
and $32,000,000 in non-member deposits and other Federal
Reserve accounts, offset in part by a decrease of $9,000,000
in Reserve bank credit and increases of $21,000,000 in money
in circulation and $12,000,000 in Treasury cash.
Excess
advances
61
1927
andfChrysler was practically unchanged at 2,140.
from 5.090 to 4,705.
reserves
with
1932
Output of 13,790 units
During the week ended Aug.
together
years,
U. S. Steel
82
last
63^%,
66two
comparison of the percentage of production
corresponding
—1
sag
woth
the approximate Ganges, in points, ftom the week immediately preceding:
40
to
Steel is
S.
with
weeks ago.
with
83
new
credited
are
1937
on
17,000 units last week, while General Motors dropped from 3,530 to 1,030
Industrial
week,
preceding
U.
weeks ago.
55}4% in the week before and
independents
are
Ford lately has been the chief support to automobile assemblies, holding
for the
placed at 61%, compared with
two
1938
Preliminary work
24,875, smallest for 1939 to date.
reserves
6l}4%
week and
fraction under 58%, against
a
Industry
more
the low for 1938, but a sustained upturn did not start until six weeks later.
balances
point to 55 at Youngstown and 7
models is being pushed,
continued
bank
1
Detroit, unchanged at 64, will spurt sharply
weeks must elapse before volume production is attained.
Assemblies
at
Gains included 2 points
Chicago held at 56, with "Wheeling and Birmingham continu¬
1939
more
steel
quantity purchases replace old discounts
peaceful situation
but several
finished
regarding
52% at Pittsburgh, 2 points to 43 in eastern Pennsylvania, 2 points to
land,
requires
department
Several proposed pipe lines,
small steel releases ha ve followed the
in automotive labor.
Prompter
heard
are
being reduced to place it more in line with the
outlets for larger lots of special steels.
So far only
also
Principal revision lately was on reinforcing bars,
jobbers.
55%
for 6,770 tons of battleship steel, mainly plates.
For Grand Coulee dam, 4,200 tons of plates and 2,600 tons of
castings
to
Department of agriculture has ordered steel bins, in¬
volving 24,000 tons of galvanized sheets, for storage of corn on which govern¬
ment
Few
The entire improvement was
••
■.
Scrap prices are strong, and, although deriving
port
by
Needs of the motor industry will
expectations
least into' next quarter.
lacking.
quotations next period.
the former nominal base
this
activity has made a highly favorable showing for a number of
weeks, considering that automotive demand has been restricted both
season
but indications
steady,
are
70 in New England, 2^ points to 60 H at Buffalo, 7 points to 80 at Cleve¬
from
advanced 2 points to 62% last week, a new high for the year to date.
expand shortly,
Prices
operations.
change next quarter when books are opened, probably within two weeks,
Steelmaking expanded in most districts last week to boost the national
of the iron and stee
Aug. 14 stated:
Steel demand is receiving strong support
the
a
are
average to 22 points above the rate a year ago.
"Steel" of Cleveland in its summary
being
last week's rate of 68%
Specifications are marked for a sea¬
heavier than a month ago, reflecting diversified
are
foundry
actual market.
May
17
Oct.
Market
of
Aug.
Oct.
sumers.
Pig iron shipments
improvement in
Aug.
Oct.
than 8,021 brought a year
sonal recession in coming weeks.
July
May
awards of only 110 brought
car
Tin plate operations are slow to decline,
only 2 points below the year's peak.
50.9%
Apr.
52.7%
July
months to 9,642, or 20% more
seven
The corresponding 1937 period saw 47,015 cars placed.
48.6%
47.8%
Apr.
51.7%
16
on
the total for
1,500 new freight cars are on inquiry but some larger
under consideration.
1
50.7%
9
61.4% Jan.
markets,
are
railroad steel demand for equipment re¬
appearing in
are
Less than
purchases
17
2
47.9% Jan.
7
Small gains
pairs.
24
..46.7% Jan.
3
10
Nov.
being offset by heavier requirements elsewhere.
July
Oct.
A taperin g
inquiries for major types of public works is pot expected to
July
Apr.
Prospective business in the latter still
good number of private projects.
a
be reflected in steel shipments generally before fall and has possibilities of
54.7%
Oct.
1939—
number of weeks.
a
substantial, including
in structural
52.1%
Sept. 19
Sept. 26
47.3%
indicated for
is
1101
heavy movement of structural shapes and concrete reinforcing bars is
ago.
Aug.
Aug. 15
A
Aug. 14 an¬
on
deposits—adjusted
Time deposits
-
United States Govt,
-
Inter-bank deposits:
—9,000.000
—134.000,000
+ 65,000,000
+ 3,283,000,000
2,900.000,000
Gold stock...
Treasury currency.—
2,453,000.000
16,335,000,000
Total Reserve bank credit
+ 3,000,000
+176.000,000
575
Foreign banks
----
O ther liabilities
Member bank reserve balances
10.633,000,000 +124,000,000
+ 2,548,000,000
+ 21,000,000
+12,000.000
—68,000,000
341
Capital account
1+82
+ 216,000,000
7,091.000,000
Treasury cash
2,366,000.000
Treasury deposits with F. R. banks.
776,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
821,000,000
Money in circulation..............
—20.000,000
—26,000,000
Complete
of Member Banks in
New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
Reserve
System for the New York City member
Returns of
Reserve
As
Returns
279
12
11
6
"282
~""l3
13
~~15
1,483
1,482
265
266
250
+ 606,000,000
—32,000,000
550
"337
"
Borrowings..,
Member
System for the
Banks of
the
Federal
Preceding Week
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics cover
The Commercial & Financial Chronicle
1102
ing the entire body of reporting member banks in 101 cities
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 Aug. 9:
An
shows
the
increase
and
loans,
a
securities;
Reserve
changes for the
following principal
of
$30,000,000
commercial,
in
of $24,000,000 in loans
decrease
Increase of $107,000,000
an
banks; and
an
week ended
industrial
to
and
Aug.
9:
agricultural
Federal
by the Council said, in part:
-
bonds
declined
New
$13,000,000 in
reporting member banks.
of
York
and
City and
have
at
of
at
the
Demand
deposits-adjusted
increased
$76,000,000
in
New
York
The
Time
and
$23,000,000 in the Chicago
A summary
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Aug. 9, 1939, follows:
Aug. 9,
Assets—
1939
Aug. 2,
$
Loans and investments—total
Loans—total
or
Decrease
Sinews
1939
$
22,274,000,000
8,156,000,000
+ 30,000,000
+1,663,000,000
—10,000,000
-43,000,000
+ 30,000,000
+28,000,000
—20,000,000
Commercial, industrial and agri¬
cultural loans
Open-market
Loans
to
paper.
brokers
securities..
and
dealers
—3,000,000
in
631,000,000
-24,000,000
+9,000,000
522,000,000
1,170,000,000
_________
—4,000,000
—52,000,000
+ 11,000,000
—32,000,000
+ 19,000,000
...
Other
loans for purchasing
carrying securities
or
Real estate loans
+ 2,000,000
Loans to banks
74,000,000
Gther loans...
1,532,000,000
—li,boo",000
480,000,000
+ 7,000,000
Treasury bills.
Treasury notes
2,155,000,000
United States bonds
Obligations
United
fully
States
....
guaranteed
which
275
in
f
+ 23,000,000-'
5,895,000,000
—15,000,0001
+ 861,000,000
40.6%
the
Government.... 2,259,000,000
tees
+412,000,000
served
+ 89,000,000
—1,000,000
+2,542,000,000
+58,000,000
+118,000,000
7,051,000,000
+ 39,000,000
+1,162,000,000
629,000,000
+ 6,000,000
+315,000,000
to
10,000,000
...
of
+ 1,000,000
+10,000,000
of
Condition
of
Settlements
as
Bank
of
for
International
1935).
July 31
of
1938,
the
at
July 31
July 31
Gold
1939
1938
States,
1937.
and
34.9
143.8
144.5
140.8
84.3
80.9
81.4
33.0
Sundry investments..
38.7
37.0
54.4
26.0
32.6
59.1
81.6
28.7
23.9
35.5
27.5
27.5
31.8
1.3
1.6
0.9
125.0
125.0
125.0
1938
issues,
where
default.
in
were
Of
the
$1,872,370,351
Canadian
issues
all
on
and
for
default
on
due
token
three
for
(1934-
4%
at
was,
30%
at
on
are
the
on
unilateral
a
payments
during that period, and payment
Brazil
coupons
Rica
1939
are
sinking
issues, offer¬
only
Co6ta
but early in
and
two
paying
and
all
on
1938
Argentina
Bolivia
1934.
cash
of
interest
default
in
issues,
in
with
years
to
as
payment
due
issues,
bonds
issues.
is
all
on
interest
all
both
Chile
a
default
in
national
municipal
issues.
issued
the
defaults
are
the year
is
American dollar bonds at the end of
the
plan
of
the
past due interest
1%
1937.
In
Full
the Council in
default.
Partial
with
full
interest in
only
default
full,
small
all
on
1934.
Ecuador
payments
service
but
were
the
on
in lieu
token
service
with
the railways which
Panama is in default,
were
and
made
El
of
of
made
the
bonds
regular
instead.
the
National
Government
Peru
is
in
complete
the
in
1938
City of Lima.
1937
is
Uruguay
making
of
by
and
full
payments
bonds.
.1
default
conversion
are
v;"
to
payments
being
of
its
one
but
rate
bonds,
readjust
its
the
made
on
pay¬
as
the service
the
of
the
on
those
of Peru,
readjustment
bonds
in
issue
not
also
in
the
that government
by the Government
on
railway.
fund
continues
on
in
Guate¬
Government,
contract
on
of
the
sinking
National
the
guaranteed
undertook
full
Uruguay undertook the
Montevideo
version
and
are
at
bonds
continue
issues
Mexico
expropriated
made
were
the
on
Salvador
two
on
adjustment
payments
bonds—those
was
definitive adjustment plan
a
on
its
bonds.
City
Uruguayan
of
con¬
'
30.9
57.8
there
55.8
24.4
of
both.
or
the national
among
although payments for interest
bonds
16.5
41.0
of
and
While
provincial
in
due dates.
27.4
42.1
sinking fund,
or
637
were'
outstanding, of
$2,028,753,017 (or 36.7%)
of
amount
there
in
of the Province of Callao which
22.4
Treasury bills..
an
$5,527,947,838
and
the
23.2
,
follows:
covering
made
complete
62.6
Time funds at interest not exceeding three months
35.3
Sundry bills and investments—Maturing in three months:
of
interest
default,
during
of
bonds
paid
ments
17.2
________
1938
amount
were
including June 30,
complete
17.6
and bankers acceptances
and
issues
...
of
to the Latin
full,
interest
rate
and
55.8
Treasury bills...
clearing
situations,
end
the Dominican Republic in accordance
Sight funds at interest...
^Commercial bills
its general
bonds,
per annum.
During 193'8 Cuba offered holders of its
public works bonds, in default since 1933, new 4^% bonds due
1977, dollar for dollar.
In addition each $1,000 bond was offered
$100 of the same new bonds in satisfaction of
unpaid back interest due
Cash.......
Redlscountable bills and acceptances:
the
and
committees
5%%
the
June 30
1939
its
in
of
(Flgures in Nearest Millions of Swiss Francs)
Assets-
as
was
offered
Haiti
monthly statement of condition of the Bank for
International Settlements, Basle, Switzerland, as of July 31
compared as follows with the previous month and a year ago,
according to the "Wall Street Journal" of Aug. 8:
the
lists
origin
part
of
default
general
outstanding at the end of
in
as
Colombia
scrip which
malan
The
first
explains
default; of the municipal issues 37.9%
anjd of the corporate Issues carrying government guaran¬
in
negotiated by
Statement
and
default.
however,
contract
Domestic banks
the
covered
Hungary,
bondholders'
to
repatriation
1938.
year
at
either
33.6%
certain
on
was
Foreign banks
The
pages.
the Council,
debts,
principal
a
to
complete default
—16,000,000
Borrowings..
of
were
in
be stated
fund
end
+ 8,000,000
Poland,
in default.
were
0.4%
being
+ 53,000,000
Inter-bank deposits:
that
bonds
default,
were
may
+22,000,000
17,551,000,000
Time deposits
5,251,000,000
United States Government deposits
548,000,000
1,152
percentage of defaults is
The situation
+ 609,000,000
Liabilities—
Aires,
the
4.7%
+ 2,241,000,000
Demand deposits—adjusted.
Buenos
plans
temporary
policy relating
principal
as
issues
27%
bonds
+ 18,000,000
+ 7,000,000
+ 236,000,000
of
$1,600,530,070 outstanding Latin American dollar bonds 77.1%
were
in default; of the $1,544,223,086 outstanding
European dollar bonds
45.7% were in default; of the $510,824,331 Far East and African dollar
+ 107,000,000
3,329,000,000
8,791,000,000
Cash in vault.
440,000,000
.Balances with domestic banks..... 2,777,000,000
face
(Public Works), China,
Germany,
settlements,
the
for
a
issues
of the
in
ing,
Other securities...
Reserve with Fed. Res. banks.....
of
default
State
were
in
by
Province
Cuba
seven
Haiti,
of
permanent
shows
The greatest
Of
3,917,000,000
310,000,000
_
contains
matters
work
bonds
were
.
$
$240,000,000
to
The 10 permanent plans covered
Republic,
The
Rica,
intergovernmental
the
report
dollar
(—)
Aug. 10, 1938
regard
registration of bonds with the Council, and sets forth
of
The
(+)
Silesia.
1938
for
regarding
outline
.
Increase
existence permanent adjustments
with
Montevideo,
Costa
outlines
agreements,
Borrowings of weekly reporting member banks amounted to $10,000,000
Aug. 9.
'
v
.
the
views
district and $39,000,000 at all reporting member banks.
on
Uruguay,
committees and directors of
functions,
to domestic banks increased
Council
Dominican
the
and
Brazil,
report
officers,
deposits increased $8,000,000.
Deposits credited
of
Mandoza,
Warsaw,
of
European
Rumania,
Alberta.
the
by
The
discussions regarding the
were
Yugoslavia.
City,
Kansas City district and $89,000,000 at all reporting
$11,000,000 in the Cleveland district.
a
and temporary plans have been negotiated covering bonds
bonds
of
Poland,
Holdings of "Other securities" increased
negotiated
dollar
Province
bonds
member banks, and declined
or
Poland,
Peru.
and
Danzig, Germany,
principal amount of $1,581,500,000.
a
all
$7,000,000.
$10,000,000 in the
of
defaults
of bonds,
Government
$15,000,000
Panama,
Austria, Carlsbad,
In addition to these there
bond
been
amount
Holdings of obligations guaranteed by the United
reporting member banks.
included
Yugoslavia.
During the five years of the Council's
Holdings of
States
(Uruguay),
Montevideo
(Argentina),
Canadian
United
countries in the principal amount of $492,000,000,
European
Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Haiti, Mendoza
tina),
States Government increased $6,000,000 in New York City and $18,000,000
at all
of
situations
$17,000,000 in New York
Treasury notes increased $17,000,000 in New York City and $23,000,000
Holdings
undertook explora¬
principal amount of $1,452,800,000.
The Latin American situations
covered were those of Bolivia, Brazil,
Chile, Colombia, Cordoba (Argen¬
$30,000,000 at all reporting member
City and $7,000,000 at all reporting member banks.
banks.
/
During the year the Council carried on negotiations,
Holdings of United States Treasury bills increased $12,000,000 in New
member
1938, showed that during the
year
the percentage of defaults dropped from 39.7% to
36.7%, as a result of the total amount of foreign dollar
bonds outstanding.
In analyzing the report, a statement
total
City and $24,000,000 at all reporting member banks.
reporting
as
report,
The
and
with
banks, and declined $4,000,000 each in the St. Louis and Dallas districts.
all
both.
or
balances
in reserve
New York City, $6,000,000 in the Boston district, $4,000,000 each in the
York
aggregating
in default
were
tory conversations, and made representations in respect of defaulted dollar
bonds of Latin American countries in a principal amount of $960,800,000
increase of $89,000,000 in demand deposits-adjusted.
Loans to brokers and dealers in securities declined
issues
1939
brokers and dealers in
Commercial, industrial and agricultural loans increased $26,000,000 in
Cleveland and Chicago districts and
the calendar
covering
fund,
sinking
or
19,
year
The condition statement of weekly reporting member banks in 101 leading
cities
or
interest
either
275
issues,
36.7% of the total,
$2,028,753,017,
to
037
comprising
standing,
cannot be
Aug.
Between three and six months:
Treasury bills
Sundry investments
Over six months:
Treasury bills..
Sundry investments.
Other assets
The Council's annual
report for the previous year
referred to in these columns June
18, 1938, page 3880.
Redemption of Coupons Due Aug. 15 on the
City
Savings Bank Co. Ltd., Budapest, 7% 25-Year
Sinking Fund Secured Gold Bonds "Series of
A 1928" Dollar Issue
Liabilities—
Capital paid up
Reserves
25.1
25.1
24.3
255.1
...
Long-term deposits
255.1
256.5
Short-term and sight deposits:
Central banks for their own account:
Not
over
three months
79.1
87.6
124.8
35.7
34.4
34.1
2,0
Sight
1.7
2.4
2.6
Central banks for account of others:
Sight
Other deposits
1.5
2.8
14.4
13.3
38.3
Sight deposits, gold.
36.5
Profits allocated for distribution
Miscellaneous items
9.2
7.8
.....
37.6
Foreign Bondholders' Protective Council Report Shows
275
Foreign
Issues, Totaling $2,028,753,017, in
Default
at
End
of
1938—Amount
Constitutes
36.7% of Dollar Loans
The
Foreign Bondholders Protective Council, in its fifth
estimated that, as of Jan. 1,
of the $5,527,947,838 principal amount of dollar
bonds out¬
annual report, issued Aug. 11,
was
The Cash Office of
Foreign Credits, at Budapest, Hungary,
Aug. 15 announced through its Central Paying
Agents in
New York, Schroder Trust
Co., that it will redeem cpupons
due Aug. 15, 1939 on the
City Savings Bank Co., Ltd.
Budapest, 7% 25-year sinking fund secured gold bonds
"Series A of 1928" dollar
issue, at the rate of $8.75 per
coupon detached from a $1,000 bond.
Coupons presented in
on
acceptance of this offer, which expires Feb. 14,
1940, and is
made only to persons resident outside of
Hungary, must be
transmitted to Schroder Trust
Co., 46 William St.
Odd-Lot
Trading
on
New York Stock Exchange
Week Ended Aug 5.
During
The Securities and
Exchange Commission on Aug. 11
made public a
summary for the week ended Aug. 5,
1939,
of comprehensive figures
showing the daily volume of stock
transactions for the odd-lot account of all
odd-lot dealer
The
Volume 149
Commercial & Financial Chronicle
and specialists who handle odd lots on the New
York Stock
Exchange-, continuing a series of current figures being pub¬
lished by the Commission.
Figures for the previous week
ended July 29 appeared in our Aug. 12 issue, page 950.
The figures are based upon reports filed with, the Commission
by the odd-lot dealers and specialists.
STOCK
TRANSACTIONS
FOR
THE
ODD-LOT
ACCOUNT
ODD-LOT
OF
of the tabulation
Total
v
705,000,
brought
or
(customers' purchases):
20,582
.
559,625
Number of shares
bond
21,071,936
.
37
industrial
23,519
Customers' short sales
570,253
a
Customers' total sales
582,851
.....
20,648,544
Dollar value
Round-lot sales by dealers:
Number of shares:
0
Short sales
137,800
Other sales.b
137,800
Total sales........................................
Round-lot purchases by dealers:
100,110
—
Sales marked "short exempt"
are
reported with "other sales."
and sales to liquidate a long position
reported with "other sales."
odd-lot orders,
offset customers'
which is less than a round lot are
Changes in Amounts of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
Stock
York
Exchange issued on Aug. 15 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of July 15,
page 334.
The following is the list made available by the
Exchange on Aug. 15.
The following companies have reported changes in the
amount of stock held as heretofore reported by the Com¬
mittee
on
securities
Stock List:
Previously
Reported
Company and Class of Stock
American Woolen Co., 7%
DOLLAR
ACCEPTANCES
2.
New York
3.
Philadelphia
Bucyrus-Erie Co., 7% preferred
——_ j——
Collins & Aikman Corp., 5% cumulative preferred
30,032
cum.
4.
Cleveland
8,090.776
2,412,581
5.
Richmond
6.
Atlanta
1,474,679
7.
Chicago
8.
St. Louis
-
Edison Brothers Stores, Inc., common
4,168
3,993
•
10,002
■
Minneapolis
333,379
974,835
2,047,162
Kansas City
11.
Dallas
12.
San Francisco
212,122
16,287,604
124,440
275", 364
Y 16,870,422
20,729,720
$236,010 050
$244,530,440
$264,748,032
—
Decrease for month,
Decrease for year, $28,737,982.
$8,520,390.
173,100
9,927
Exports
40,757,850
Domestic warehouse credits
30,822,499
Dollar exchange
19,274,711
61.065,374
conv.
on
BILLS
HELD
Own bills
63 005,803
1,041,366
ACCEPTING BANKS
BY
-
$118,820,601
69,183,180
-
—
...$188,003,781
3,300,753
Total
Decrease for month
-
PRIME
ON
RATES
MARKET
CURRENT
ACCEPTANCES
BANKERS
JULY 31. 1939
.
Dealers'
Dealers'
Dealers'
:
YY'Yc
7-16
150
7-16
9-16
120
7-16
90
180
500
26,924
M
%
;.
9-16
%
—
9-16
900
44,700
-
Dealers'
Buying Rates Selling Rales
Days—
Buying Rates Selling Rates
Days—
30
3,564
.2,603
2,424
c9,618
3
......
9,984,762
50,034,857
.
Bills of others
60—
Standard Oil Co. (Indiana), capital
Swift & Co., capital—
62,776,804
goods stored in or shipped
between foreign countries
3,563
19,280
preferred
$77,904,440
59,538,474
Based
3,556
4,003
2,400
Co., common
July 30, 1938
8,398,946
30,201.205
19,613,380
8,603,643
Domestic shipments
12,638
.
4,010
preferred
Outboard, Marine & Manufacturing Co., common
1939
$81,427,298
45,351,137
$75,485,973
3.020
26,524
...
capital
June 30,
July 31, 1939
175,700
44,200
Mission Corporation, common
OF CREDIT
Imports
3,562
Plymouth Oil Co., common
following table, compiled by us, furnishes a record
volume of bankers' acceptances outstanding at the
close of each month since March 31, 1937:
The
of the
79.673
Mar. 31
Apr. 30
,
report,
1939.
1938—
1938—
1937—
4
79,660
■-v
b Decrease due to retirement of 870 shares on July 15,
Decrease due to retirement of 9,662 shares on July 20, 1939.
a
8,191,846
461,936
378
3,691
5H% cum.
1,422.817
4,406,906
455,545
12,989
Inc., 5% preference
2,572,058
771,374
1,317,896
hi,130
324
common
>
'
9.
200
.
2,000
2.520
—.....—
Corp., common
Petroleum Corp. of America,
c
a2,998
'
332
7% preferred
Kaufmann Department Stores,
Shell Union Oil Corp.,
«*
^
Household Finance Corp. common
W. A. Sheaffer Pen
—
9,902
Hecker Products Corp., common
The Pure Oil Co., 6%
12,215
10,415
Corp., $6 preferred.
Corporation of America, 63^ % preferred
8,945,050
279,227
4,070,453
10.
308,043
The Glidden Co., common
—
o;:\
500
3,689
314,542
preferred
.
$27,824,718
191,634,544
181,609,731
7,870,570
1,798,661
1,114,349.
f-
53,298
■
—
M. A. Hanna Co.,'$5 preferred
i-
336,614
165,251
100
4,296
preferred
The Firestone Tire & Rubber Co., common
Lone Star Cement
1,880
158,951
conv.
The Detroit ?:dison Co., common
General Realty & Utilities
7,978
•
1,710
53,368
preferred
Davega Stores Corp., 5%
18,579
7,957
—.
Commercial Investment Trust Corp., common
Initial
1,424
14,490
28,432
18,679
Bristol-Myers Co., common.
STATES
July 30, 1938
$28,815,816
ACCORDING TO NATURE
13,558
Beldlng Heminway Co., common
$236,-
at
June 30, 1939
$28,667,672
172.887.655
5,200
1,418
Jewel Tea Co., Inc
and
DISTRICTS
July 31, 1939
:
Boston
2,347
283,887
6% preferred
International Silver Co.,
prices
Latest
5,100
—
Barnsdall Oil Co., common
Hamilton Watch Co., 6%
call
issue,
OUTSTANDING—UNITED
FEDERAL RESERVE
Federal Reserve District—
1.
Report
260,822
preferred
Atlas Corporation, common.
Hat
per
1,847
5% preferred
Curtis Publishing Co., $7
each
New York Reserve Bank:
BANKERS
Grand total
Shares
Shares
'
Allied Stores Corp.,
of
1939-
The volume of outstanding bankers dollar acceptances on
July 31, 1939 amounted to $236,010,050, a decrease of
$8,520,390 as compared with the June 30 figure of $244,530,440, it was announced on Aug. 16 by the Acceptance
Analysis Unit of the Federal Reserve Bank of New York.
The decrease in the volume of acceptances outstanding on
July 31 from June 30 was due to losses in credits drawn for
imports and exports and dollar exchange, while in the yearto-year comparison all branches of credit declined except
dollar exchange.
The following is the report for July 31, as issued by the
—BY
New
held
dates of issue, amounts outstanding,
maturities,
holding
During July—Total July 31 Reported
010,030—$28,737,982 Below a Year Ago
V12,598
...
Customers' other sales,
The
institutions
$1,200,847,000,
Bankers Acceptances Outstanding Decreased $8,520,390
Number of shares:
to
totalling
22,974
...
Customers' total sales
a
gives
,
Institutions held
'
,
institutions
$2,765,743,000, $1,451,206,000
545
Customers* other sales.a
Number of shares
of
companies
.
issues
28.3%.
i
and gas
power
r
approximate market prices of Aug. 2,
Customers' short sales
b Sales
or
tabulation
number
Odd-lot purchases by dealers (customers' sales):
Number of orders:
•
or $2,092,-
.•.■'< '
aggregating $556,194,000,
issues
54-3%..
or
46.3%
including insurance
...
electric
1935 and amounting to
10 telephone
Of the
of the
issues
note
held by Institutions.
were
$301,907,000
The
and
out since
52.5%
''; Y
■■
$339,592,000
Dollar value
follows:
as
held by an average of 36.9 institutions,
were
Of the
...
are
Of the total of all these outstanding, $4,522,784,000,
Of 87
'
;
for Week
Number of orders
Securities."
1939
-
Odd-lot sales by dealers
the 1939 edition of Poor's "Institutional Holdings of
One hundred thirty-four issues were chosen
from the three groups, 87 electric power and gas issues, 10
telephone issues, and 37 industrial issues. Some of the results
upon
companies.
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
Week Ended Aug. 5,
1103
$396,471,668
Jan.
Feb.
28
May 29
June 30
364,203,843
July 31
Aug. 31
Sept. 30
351,556,950
343,881,754
344,419,113
Oct.
$325,804,395
307,115,312
292,742,315
31
395,031,279
385,795,967
-
Mar. 31
Apr. 30
May 31..
Nov. 30
$273,327,135
31
269,605,461
Dec.
1939—
Jan.
Feb.
28
Mar. 31
255,402,175
31
264,222,590
— .
June 30.
278,707,940
268,098,573
248,096,184
—
...
245,016,075
on
Frank, Chairman of the SEC, Not Insistent
Bank—Agreeable to Substitute
Brokerage
237,831,575
30
264,748,032
Apr. 29
30
346,246,657
Aug.31
258,319,612
May 31
246,574,727
Nov. 30
348,026,993
Sept. 30-..—
261,430,941
June 30—.—
244,530,440
Dec. 31
Jerome N.
343.065,947
Oct.
269,561,958
July
31
236,010,050
July
31
Jerome N. Frank,
Chairman of the Securities Exchange
Commission, it became known on Aug. 16, has addressed a
letter to leading brokerage houses in New York which dis¬
Trustees Named for Mendelssohn
bank.
1
In his letter Mr. Frank said:
SEC is definitely not holding to the brokerage
bank plan as the one way out
and will be delighted with any other plan
which will solve the basic problem, because
sive
use
customer
of its
SEC wants to avoid
any exten¬
quite considerable statutory powers in the field of added
protection against possible brokerage insolvencies.
Institutional
Holdings of Bond Issues
Brought Out Since 1935 Prepared by
Merrill, Lynch & Co.
Tabulation
and
*
Mendelssohn & Co.,
hereby authorize you—and ask you—to say to every one interested,
including the press, that
of
Notes
Interesting figures on institutional holdings of public
utility, telephone and industrial issues of bonds and notes
brought out since 1935 are given in a tabulation prepared
by the statistical department of Merrill, Lynch & Co.,
investment bankers of New York.
The selections
are
based
& Co. of Amsterdam—
Liquidation
Company Obtains Provisional
Further Hearing Nov. 30
pelled the idea that the SEC would insist on a brokerage
of Amsterdam,
one
with
of the leading
Netherlands banking firms, with international connections,
suspended payments on Aug. 11, following the death
Aug. 10 of Fritz Mannheimer, its director, filed on
Aug. 14 a petition with the Amsterdam Court Justice for an
official moratorium, and the Court granted a provisional
moratorium and appointed the following trustees: Solicitor
Ivan Rejteren Altena, Allard Pierson of Pierson & Co.,
bankers, and A. W. S. Meyer of Hope & Co., bankers. The
which
on
Court will decide
can
be
on
Nov. 30 whether
a
definite moratorium
granted. Approximately $15,000,000
were
outstanding
in loans in the United States for the account of Mendelssohn
&
Co., it is stated, but it
was
revealed this week that
a
great part of this amount had been liquidated by the sale
of stock collateral held
against the loans.
An item bearing
The
1104
Commercial & Financial Chronicle
Bank to correspond with such
be authorized.
of the concent's assets and liabilities follows in
A condensed statement
...
A
guilders:
217,000
Cash, gold, coupons........
26,860,000
Debtors—
Creditors
64,578,000
98,830,000
13,355,000
Securities to be delivered...
not
Creditors In foreign currencies 57,516,000
30,051,000 Syndicate creditors
bills....... 20,051,000 Unpaid cheeks...*..
Total
of
95,743,000
17,000
Debtors in foreign currencies.
Foreign treasury
Securities
While
7,033,000
14,612,000
etc...—..——-1.151.000
The statement bears out
liabilities—with
total
The
.
.
.
capital
6,200,000—are
only
have had accommodation
While the funds available have been small
with those available to nationals of some other countries
when compared
for the promotion
and maintenance of their foreign trade (e. g., the British
Export Guaranty Fund of £85,000,000), the Bank, nevertheless, has per¬
guilders entered much too heavily in foreign exchange and other commit¬
ments and that it had to absorb enormous quantities of bonds and treasury
bills.
cooperation with, commercial banks.
is a small percentage of the total number who might
have availed of its facilities.
that the firm with a capital of only 6,200,000
to the
Wherever possible, the loans made by the Bank
hundred American exporters
several
position to finance
outside assistance have therefore resorted
Bank.
from the Bank, this
assets...........--..212,174,000
Total
without some
have been either through, or in close
................
Participation in other companies..........
Syndicate accounts.......—
Premises,
agricultural and manufactured goods who were not in a
business
facilities of the
liabilities.217,854,000
5,680,000
Deficit
Field Outside Commercial Banking
of the Bank have covered a field in which financing could
be obtained through the commercial banks.
Many American producers
The operations
Mobilities
A. sscts
Necessarily this will curtail the operations of the
available amounts, until additional funds mjiy
mitments are cancelled.
the suspension appeared in our issue of Aug, 12, page 952.
Said Amsterdam advices, dated Aug. 14, to the *'Times":
on
A»g. 19, 1939
formed
a necessary
..trade.
and useful function in connection with American foreign
-y
,
'
Loans for Movement
of Farm and Factory Products
approximately equal to the total liabilities, for instance, of the Rottercapital seven and a half times as large. There¬
fore it seems that Fritz Mannheimar's personal wealth must have farmed
available have been largely used for the movement of American agricultural
the firm's backbone.
and manufactured commodities, thereby creating employment and assisting
damsche Bank, which has a
Negotiations meanwhile have been started between the Dutch banks
granted loans to Mendelssohn & Co. on collateral of French
preventing the throwing of this collateral on the
These negotiations are still in a preliminary stage, but seemingly
is the formation of a holding syndicate.
It is believed that the
had
which
bonds with the view of
market.
he aim
French Government's
Many of the loans have been In large amounts, but the facilities made
in
increased business turnover.
an
dered
on a
Furthermore, assistance has been
ren¬
considerable number of smaller accounts, involving credits rang¬
$20,000 direct to American exporters and importers.
ing from $2,000 to
Good Credit Record
The credit record on loans made has been good in that the only overdue
collatoration will be sought.
item
the books consists of some $46,000, representing a balance of
now on
between 6 and 7% of a loan for financing tobacco shipments to Spain in
Employees of National Banks Held Subject to National
Labor Relations Act—Labor Board's Ruling
Affect¬
ing Bank of America National Trust & Savings As¬
sociation of San Francisco Expected to Be Appealed
to United States Supreme Court
The National Labor Relations Board, it was made known
(Sunday), issued a ruling holding that National
banks are not agencies of the Federal Government, and
therefore are subject to the National Labor Relations Act.
on
Aug. 6
16,000 bank em¬
ployees under jurisdiction of the NLRB, although it is
anticipated that it will be contested through the United
States Supreme Court.
The Board held that the Bank of
The
would
ruling
approximately
place
America National Trust & Savings Association of San Fran¬
cisco, which is one of the largest hanks in the country, must
trust department clerk who, the Board is re¬
reinstate a
ported to have alleged, was dismissed for union activities.
The case was referred to in our issue of Sept. 17, 1938,
In Associated Press advices from Washington,
1714.
page
Aug. 6, it was stated:
The
"discouraging membership in the United Office and Pro¬
of America
(Congress of Industrial Organizations) or
other labor organization of its employees."
to
The
said
"National banks
that
as
the
trust
and
association
cited
savings
association
contended
its
are
synonymous
with the 'United
this
organized and
do business."
Ruling on what it said was a further contention of the bank that it was
engaged in commerce and that its operations did not affect commerce
within the meaning of the provisions of the Labor Act, the Board stated:
is
matter
a
the
of
common
respondent is
an
knowledge that
from
the life
one
blood
the
commercial
bank,
of
outstanding example, is the primary medium
the commercial system of the United States
credits
$5,305,000.
Of the six countries to
have been financed, the loans
shipments
cotton
on
Italy, Poland and Yugoslavia—is still partially open.
cotton
shipments
to
The balance
The credit for
shipments to Spain is an additional facility to aid American agri¬
'
■
V
culture.
.
.
.
-
When additional funds
should be in
a
made available,
are
the
Export-Import Bank
position to render further valuable assistance in the
financing;
of American foreign trade, particularly in respect to intermediate and longwhich could not
term credits
be handled through the
commercial banks
and which would represent increased exports , and consequently increased
production, of both agricultural and manufactured goods
producers.
to the
.v.-:
.
The Council, in cooperation
■
■
by American
.
with the Export-Import Advisory Committee
Bank, will continue to advocate that additional funds be provided
for the Bank during the next session of the Congress.
appropriation for the Export-Import Bank had been
as noted in our
issue of Aug. 5 (page 810) was killed by the House on Aug. 1.
carried in the spending-lending bill which,
for the transfer of money
portion of the country to another.
.
.
.
Banking is
of commerce."
District Chief National
Transfers of
Bank Examiners
Announced by Comptroller of Currency Delano in
Accordance with Rotation System
Comptroller of the Currency Preston Delano in announc¬
ing on Aug. 17 transfers of five District Chief National Bank
Examiners, effective Oct. 1,1939, stated that "these changes
are being made in accordance with the established
policy of
the Comptroller of the Currency of rotating the District
Chief
National
from
the
/'v.'
1
not
which
—to
States* Within
In support of this, the Board sai<?, the
membership in the Federal Reserve System and the
Deposit Insurance Corporation.
contention the Board replied that "the United States did not
create the respondent
(the association), as it has many other agencies,
for the purpose of carrying on its governmental functions," but that it
"merely provided a permissive means by which the respondents could be
in
which
that
Federal
"It
commitments for shipments totaling
over
balance of outstanding available
Czechoslovakia, Latvia and Germany have been fully repaid.
agencies and instrumentalities of the Federal Govern¬
are
such they
the meaning" of the Wagner Act.
To
$10,000,000 of credits have been made
Of this amount $6,877,000 in loans have been extended and
half of this amount already repaid; the
Workers
Board
ment;
Of cotton shipments alone, over
available.
cease
fessional
any
'Financing of Cotton Shipments
An
Board, in addition to ordering reemployment of Edward C. Washer,
formerly employed in the Los Angeles office of the bank, ordered the com¬
pany
1934, where the dollar payment is awaiting exchange transfer.
Bank
Examiners."
The
announcement
Comptroller's office continued:
This rotation will broaden the experience ofthe individual Chief National
Bank Examiner
and
contribute
wiU
Bank Examiners for the Tenth
Federal
Reserve
to
During the past
throughout the service.
Districts
greater
year
have
been
rotated,
and
National Bank Examiners appointed for the Fifth
(Minneapolis]
uniformity
of
practice
the District Chief National
[Kansas City] and Twelfth {San Francisco]
new
District
Chief
{Richmond] and Ninth
Federal Reserve Districts.
Each of the
Chief National
change has had at least 18
years
Bank Examiners affected by this present
of experience
on
the national bank examining
In the San Francisco "Chronicle" of Aug. 7 it was stated:
force.
Announcing their intention of fighting the order, officials pf the bank
position of Chief National Bank Examiner in at least one other Federal
Reserve District prior to holding their present positions and one of them
here
issued
"The
order
the
a
next
of
statement
move
is
declaring
up
enforcement.
to the
,
:
NLRB,
If necessary, we
which must go to court for
was
an
will contest the reinstatement to
highest court in the land.'*
Deputy Comptroller of the Currency for
a
period of five years.
The changes just announced, are as follows:
F. D. Williams, now Chief National Bank Examiner for the First Federal
The Board's decision was signed by J. Warren Madden,
Chairman, and Edwin S. Smith, a member.
William M.
Leiserson, newest Board member, did not participate be¬
cause the case was
Three of the examiners affected by the present change have held the
argued before he became
a
member.
Reserve
National
District,
Bank
with
headquarters
Examiner
for
the
Boston,
at
Federal
Sixth
will
become the
Reserve
Chief
District, with
headquarters at Atlanta.
L.
K.
Roberts,
now
Chief National
Bank
Examiner for the
Second
Federal Reserve District, with headquarters at New York, will become the
Chief National Bank Examiner for the First Federal Reserve District, with
Additional $100,000,000 for
Export-Import Bank Urged
headquarters at Boston.
S.
L.
Newnham,
now
Chief National
Bank Examiner for the
Third
by National Foreign Trade Council—-Statement
Says Appropriation Is Needed to Furnish Credit to
the Chief National Bank Examiner for the Fourth Federal Reserve District,
Finance Orders
with headquarters at Cleveland.
The National Foreign Trade
Countil, in
statement issued
Aug. 11, said that additional funds of at least $100,000,000
are necessary to enable the
Export-Import Bank effectively
to aid in the financing of American
exports as regards in¬
termediate and long-term credits which could not bo bandied
a
through commercial banks. The Council expressed its
regret that Congress had adjourned "without making this
reasonable and necessary provision" and advocated "that
these additional funds be provided
by Congress during the
next session."
The Council's statement said, in
part:
Ofthe
$100,000,000 of outstanding commitments which
Congress has
authorized, the total of loans outstanding as of July 8, 1939 amounted to
$53,553,000, and active available commitments have absorbed the re¬
maining amount.
The Bank can undertake further commitments only as
payments are received on the outstanding loans,
or, as
outstanding com¬
Federal Reserve District, with headquarters at Philadelphia, will become
A.
P.
Leyburn,
now
Chief National
Bank Examiner for the
Fourth
Federal Reserve District, with headquarters at Cleveland, will become the
Chief National Bank Examiner for the
Third Federal
Reserve
District,
with headquarters at Philadelphia.
Gibbs Lyons, now Chief National Bank Examiner for the Sixth Federal
Reserve
National
District, with
headquarters at Atlanta,
Bank Examiner for the
Second
Federal
will
become the Chief
Reserve
District with
headquarters at New York.
Tenders of
$242,224,000 Received to Offering of $100,000,000 of 91-Day Treasury Bills—r-$100,104,000 Ac¬
cepted at Average Rate of 0,032%
The Secretary of the Treasury announced on Monday
Aug. 14 that the tenders for $100,000,000, or thereabouts, of
91-day Treasury bills, to be dated Aug. 16 and to mature
Nov. 15, 1939, which were offered on Aug. 11, were opened
Volume
Federal Reserve
the
at
The Commercial & Financial Chronicle
149
this issue
are
banks
Having
The details of
Aug. 14.
on
will
follows:
as
Total applied for,
$242,224,000
$100,104,000
Total accepted,
of
Range of accepted bids:
100.
Low
r_
The
Tenders
Bills—To
Dated
be
invited to
Aug.
on
since
chapters
Seven
last
their
its
to
fronts.
last
work
as
first
Its
Sum¬
report,
worth-while.
very
National
and
back
way
actual
all
on
the
of
hundred
birthday
themselves
find
achieve.
can
attack
thought
first
my
who
who, too, with the help
fight
starting
heartening and
our
my
those
January
is
which
Foundation,
thousand
seven
being
dollars
held
in
is
of the
for
trust
presentation to the chapters, as soon as they are chartered by the National
Foundation.
I hope that by the end of September all of the counties will
1939
23,
is
must
they
as
nation-wide
a
organize
raised
money
science
power
Foundation,
published,
must
paralysis,
of
care
mysterious malady and
medical
physical
being undertaken.
now
Treasury
be
to
We
immediate
dread,
and
National
about
New Offering of $100,000,000 or Thereabouts of 91-Day
this
and
infantile
of
ravages
the
has organized
mer,
99.992 equivalent rate approximately 0.032%
(35% of the amount bid for at the low price was accepted)
the
for
hands
health
99.991 equivalent rate approximately 0.036%
...
Average price
be
with
loving
much
High
suffered
always
stricken
1105
offering of Treasury bills
thereabouts on Aug. 18
by the Treasury Department.
They will be 91-day bills;
and will be sold on a discount basis to the highest bidders.
your
Tenders will
possible.
were
to the amount of
new
a
$100,000,000,
received at the
be
Banks,
Federal Reserve
the branches thereof, up to 2 p. m., E. S. T., on
Monday,
21.
the face amount will be payable without
a maturity of a similar issue of bills on
Aug. 23 in amount of $101,001,000.
In their announcement
of the offering, the Treasury also said:
The new bills will be issued in bearer form only, and in
maturity
Let
,
chapters.
This
friends
This
♦
thank you
me
fight
direct
I
year
the
writing
am
celebration
I
process,
splendid
do
make
to
want
of
the
to know
you
No tender for
an amount
less than $1,000 will be considered.
multiples of $1,000.
on
basis of 100, with not more than three decimal places, e. g., 99.125.
the
and trust companies
ment securities.
of 10%
are
accompanied by an express guaranty of payment by
bank
an
incorporated
trust company.
or
Immediately after the closing hour for receipt of tenders on Aug. 21, 1939,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour
will be opened and public announcement of the acceptable
prices will follow
reject
any or
all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final.
mitting
Those sub¬
be advised of the acceptance or rejection thereof.
tenders will
how much I,
sincerely
citizens
our
machinery
helped
who
personally, appreciate
by
your
yours,
D.
ROOSEVELT.
issues of
our
Labor
Convention Stresses Desirability of Unity—
William Green Opposes Plea
Another appeal for unity within the labor movement was
issued
on
Aug.
to
State
in
15
Federation
New
York
by
President
Convention
the
of
Roosevelt,
Committee
in
of
message
a
the
New
York
Labor, which held its annual sessions
City from Aug. 15 to 17.
Report of the pro-;,'
ceedings at these meetings is given elsewhere in this issue.
The President
vention
in
his
"leave
to
asked delegates to the
message
open
possible
every
door
of
con¬
to
access
and progress in the affairs of organized labor."
peace
added
"if
that
leaders
of
keep
the
within
between
peace
the
labor
it
will
and
vastly
He
make
can
opinions
various
itself,
group
labor
organized
possible thereafter, probably on the following
as soon as
The Secretary of the Treasury expressly reserves the right to
morning.
family and
its
Roosevelt Again Asks Peace in Labor Move¬
ment—Message to New York State Federation of
Tenders.from others must be accompanied by a deposit
of the face amount of Treasury bills applied for, unless the tenders
is
President
,
and from responsible and recognized dealers in invest¬
of
15,000
FRANKLIN
Frac¬
Tenders will be accepted without cash deposit from incorporated banks
goal
efforts.
addressed
tions must not be used.
fight and
"Birthday Balls" were referred to in
Jan. 28, page 524, and Feb. 4,
page 673.
Each tender
The price offered must be expressed
work which you, your
The
branches upon application therefor.
must be in
the
(Signed)
special envelopes which will be supplied by the Federal Reserve
or
and
earnest,
birthday, and, while this letter is signed
my
Always
It is urged that tenders be made on the printed forms and forwarded
in
Banks
is
it
nation-wide
this
almost
to
There is
amounts
or
denominations of $1,000, $10,000, $100,000,
$500,000, and $1,000,000 (maturity value).
The Treasury
Department in its announcement further said:
real,
is
for the wonderful
have done
date
interest.
these
victory.
or
Tenders will not be received at the Treasury
Department, Washington.
The Treasury bills will be dated
Aug. 23, 1939, and will mature on Nov. 22, 1939, and on the
Aug.
have
or
and
factions
increase
the
prestige of labor with the country and prevent the reaction
Payment at the price offered for Treasury bills allotted must be made at the
which otherwise is bound to injure the workers themselves."
Federal
The text of President Roosevelt's message follows:
Reserve Banks in
cash or other
immediately available funds
on
Aug. 23,1939.
New
The Treasury bills will be exempt, as to principal
and interest, and
any
gain from the sale or other disposition thereof will also be exempt, from all
taxation,
estate and
except
inheritance taxes.
(Attention is invited to
No loss from the sale or other disposition of the Treasury bills
of
as a
any tax now or
huffier imposed by the United atatts «r any of its
V:
sessions.
prescribe the
their
'
•
v
issue.
terms
Copies
Reserve Bank
or
of the Treasury bills and
govern
the conditions of
any
Federal
the
Collective
of Government Securities
Purchased
Treasury Department During July
Market transactions in Government securities for
by-
Treasury
investment accounts in July, 1939, resulted in net purchases
of
$3,000,000, Acting Secretary Hanes announced on Aug. 15.
This compares with net purchases of $1,114,100 during June.
1938—
1937—
June
July...
.
4,812,050
12,510,000
8,900,000
3,716,000
.
September
October-:
November
December.-
August
purchased
3,905,650 sold
purchased
September
purchased
October
purchased
November.
38,481,000 purchased
1,044,000 purchased
360,000 purchased
December
2,000,050 purchased
15,351,100 sold
-
6,469,750 purchased
1939—
January
1938—
January--.
....
Februaru....
12,033,500 sold
3,001,000 sold
1,648,000 purchased
72,500 purchased
12,500,000 sold
February
March
23,348,500 purchased
April
2,480,250 purchased
4,899,250 sold
$783,500 purchased
March
April.....
May
-
May
June
In
-
37,064,700 sold
40,367,200 sold
annual
1,114,100 purchased
July
plan
for
If
pay
the
leaders
of
I
of
will
a
year
in
Expresses Thanks to Those Con¬
Fund for National Foundation
Paralysis—"Birthday Balls" Last
January Resulted in Raising of $1,329,100
Infantile
Appreciation of what had been done by those contributing
toward the sum of $1,329,100 raised throughout the comtry for the benefit of the National
tile
Foundation for Infan¬
his 57th birthday last January, was ex¬
pressed by President Roosevelt in letters addressed to the
Paralysis,
15,000
the
for
on
managers
and
leaders
of
the
campaign
conducted
raising
of the funds through the country-wide
Balls."
In his letter, made public at Hyde
N, Y., on Aug. 11 the President said:
leave
with
to
Today at Hyde Park there has been presented
sum
raised
This
that
monly
must
as
the
committee
testimonial
me
American
for
on
people
are
so
which
my
tremendously, and I
shows
that
the
that
con¬
worker
a
the economic
for
earns
life
of the
a
Americans
of
who suffer
both.
or
century
the
of
I
have
New
had
York
State
possible
every
group
itself,
and
country
the
workers
will
you
and
net
total
filled with deep gratification
determined that the
Even
disease
more
known
com¬
than this,
it
with
In
Mr.
so
express
door
of
many
Federa¬
the hop~e~~
to
access
States.
it will vastly increase
the
prevent
reaction
ever
which
themselves.
keep
before
economical
highly
a
suc¬
American
the
you
security.
yours,
this
In
of
his
June 22,
of
Labor
D.
communication,
ROOSEVELT.
New
York
after William
Green,
the
Aug. 10 said, in part:
was
made
public
soon
President, charged
John L.
Organizations President, with "vetoing"
spite of
Green
sentative
dated
Federation
of Industrial
the recommendation
peace
Lewis, Congress
negotiations.
for peace made by President
opposed modification of the Federation's position
of
labor
the
in
as
Roosevelt,
sole
repre¬
State.
speech to the 800 delegates, Mr.
the prevailing wage on
Green also demanded restoration
Government relief projects begun before July 1,
1939, and asserted that the Federation, despite the loss of
1,000,000 mem¬
left the Federation to join the C. I. O., now had
bers through unions which
members
said,
the
President's
57th birthday is $1,329,100.36.
am
infantile paralysis must be controlled.
be destroyed.
to me by Keith Morgan,
the celebration of the
report
throughout the country
delights
the
of
inscribed
letter,
American
he
an
always
am
make and keep the peace between various
the
injure
social
greater
connection
The
Park,
Chairman
I
unions, I venture to
open
can
"Journal of Commerce" of
more
National
and
occupatidhs which fall under the
of
quarter
what
is
millions
are
within the labor
and
convention
of
In
"Birthday
birthday,
fair
industrial
to conduct their
3,000,000 purchased*
tributing Toward
for
the
in
hope the New York State Federation of Labor will have
ideals
done.
for
which is important, not only
but for
many
there
which
FRANKLIN
Roosevelt
be
to
of the
through
employment of labor and
Very sincerely
President
largely
the affairs of organized labor in the United
labor
bound
is
of
with officers
organized labor
prestige
otherwise
conditions
parts
devices
bargaining
It
power.
international
in
progress
opinions and factions
the
a
friendships
and
convention
and
remains
useful
steady
overlong hours,
than
more
and
Labor
the
still
matter
for
his life,
sections and
many
the
to
course
for
or
peace
about
come
most
collective
ways
purchasing
family in the
inadequate
cessful
June
finding
from
that
has
the
in
most
organization of employees
of labor,
of
greetings to those who
New York State Fed¬
improvement
much
the
of
give attention
economic
own
Because
This
and
general classification
tion
the
occupations in
many
But
one
kind of
namely,
increasing the
associations
1,151,600 purchased
July
.$24,370,400 purchased
is
vast
a
in
relations,
some
will
about,
Nation.
of
bargaining.
hope you
his
Committee:
warm
my
convention
mine
labor
organized labor.
himself and his
for
and
of
bargaining
part of such
branch thereof.
extend
brought about.
human
presupposes
cerned
August..-
been
of
constructive
field
Labor Convention
to
annual
lifetime
the pay
has
efforts
I
$3,000,000
seventy-sixth
and
country
amended, and this notice
circular may be obtained from
of the
posj|
'-v_
Department Circular No. 418, as
Treasury
labor
of
enough
Labor?
During your
of
Federation
be good
the
eration
deduction, or otherwise recognized, for the purposes of
shall be allowed
State
you
attend
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
York
Will
with
than
an
ever
before.
additional
Paid-up members now totaled 4,000,000,
1,000,000 affiliated but not paid-up owing to
unemployment.
Describing the split between the A. F. of L. and the 0.7. 0., Mr. Green
responsibility for the dispute and for the failure of subsequent efforts
effect a reconsiliation solely on the
"consuming ambition of one man
laid
"to
who
wants
affairs
of
of
to
this
control
and
Nation."
democracy and stands
when
they
are
rule
The
the
labor
Federation,
ready to accept
movement
he said,
in
America
represents
the return
of
C.
I.
the
O.
willing to take their place in the ranks of labor.
and
the
methods
members
The Commercial &
1106
the
in
office
of
out
opinions, the
lending program.
President's
the
sidetracked
1245.
LaGuardia of New York and
among those who viewed a Fifth Avenue
Federation members on Aug. 12. { ::
President Roosevelt made
the change, generally praised the President's action, because they believe
it will stimulate business by lengthening the Christmas shopping season.
Among those who protested the action were college and school athletic
directors who have arranged football schedules with games scheduled for
Nov. 30, and manufacturers of calendars.
The calendar manufacturers are
not so much concerned with the change this year, but fear for next year,
because almost all the 1940 calendars have been printed showing Thanks¬
giving as the last Thursday in November. . . .
1
,
Mr. Green were
parade by 90,000
'•
t
Roosevelt to Set Nov. 23 as Thanksgiving
Day—Ignores Precedent of Last Thursday in
November—Says Action Is Taken at Request of
Retail Merchants—Some Governors and Makers of
that he would
In so doing
existed since the Civil
War, as in every year since that time the President has
proclaimed Thanksgiving Day on the last Thursday of
Aug. 14 announced
Nov. 23.
proclaim Thanksgiving this year on
he shattered a precedent which had
advances
(to the New York "Times" of Aug. 17, an in¬
formal poll of 38 of the 48 Governors shows that 22 were
disposed to accept the decision of President Roosevelt to
move up Thanksgiving Day a week earlier .this year.
The
holidays.
announcement was generally approved by
retail merchants throughout the Nation, who believed that
the Christmas
would
a
would be "tremendously
disturbing" and that he would "hesitate
making a change.
long time" before
of pro¬
•
Gov. William H. Vanderbilt of
that Thanksgiving Day would be
On Aug. 17
Nov. 30.
A dispatch of Aug. 14 from Campobello, N. B., to the New
York "Herald Tribune" announced the President's decision
claiming Thanksgiving this year on
indicated
Rhode Island
observed on
Nov. 23, as proposed by the
Nov. 30, and not on
President.
follows:
as
for the last six years,
earlier. Thus Thanks¬
quests which have been made to him continually
he had decided to proclaim the celebration a week
giving will come on Nov. 23 rather than Nov. 30.
The requests, Mr. Roosevelt said, had been made
by stores, by retailers
by other business men. They have argued that Thanksgiving has come
to Christmas—that there is no other break between Labor Day,
and
too
Security Act,
announced
Roosevelt
President
War.
been
which has
custom
—a
close
12, which
early in September, and Christmas, except Columbus Day, Oct.
celebrated in some States.
This year, because Thanksgiving
ordinarily
is
would
the President decided to grant the requests.
late,
so
come
said,
he
Thanksgiving,
It
not set nationally.
the • only holiday
was
by the President, and then by the Governors of various
States, but no definite date ever has been set.
Formerly Thanksgiving
was celebrated
in October.
A little later November was the month, but
proclaimed
War has the last Thursday become the generally
there is no law to cover it.
/
:
The feast, under these circumstances, the President said, was a movable
one, and he had decided to move it.
only
Civil
the
since
Even
day.
accepted
Commenting
Tribune"
the announcement, the "Herald
added, in part:
Thursday
the last
of
tradition
The
established
in
proclaimed
the first
words:
Oct.
On
Thanksgiving was
year he
in the following
of that
3
annual Thanksgiving Day
national
;
November for
in
Lincoln.
by Abraham
1863
;
therefore, invite my fello'" citizens to set apart and observe the last Thurs¬
"I do.
beneficent Father,
day of November next as a day of Thanksgiving and Praise to our
who dwelleth in the Heavens."
His
Although
associated with the Pilgrims, it was not
proclamation that the Nation as a whole began celebrating
example
Lincoln's
until
usually
Day
Thanksgiving
by
followed
been
has
President
every
since.
is
In recent years Thanksgiving, besides
being a day of gratitude, family reunions and turkey dinners, also has
become an important day in the Nation's football calendar.
Thanksgiving as it is known today.
Thanksgiving is the most native of American holidays and is
else in
the world as an annual festival, it did not
Although
observed
The early Christians observed such days, named
this country.
by the bishops and it was a well established custom in the Roman Empire.
Thence
other
the
custome
countries
harvest
in
introduced
was
In
Europe.
into
England
and,
Thanksgiving
England
lesser extent,
to a
was
primarily
of
observed
first
was
Plymouth,
Mass.,
in
became
Connecticut
ularly,
making it
tently from
The
1644
a
the
in
New
Netherland
or
more
such
named
days
the Governors
tion,
all
same
day each
States
the
left
been
reg¬
it intermit¬
appointed
The
day for
a
Revolutionary
each
with
giving
War
thanks
found
in
Thanks¬
days
the
a
and
the Continental Congress
except
in
1777.
President
of
25
States
and
two
Since Lincoln's
territories
have
territories
first
celebrated
were
national
the
issuing
proclania-
festival
on
the
A few States have fixed the date by statute, but most
year.
date
year
thanksgiving in 1789 and 1795, and Presi¬
Thanksgiving Day at the close of the War of 1812.
Thanksgiving1 Day proclomations.
have
Thanksgiving
after observing
for
one
dent Madison appointed a
1858
celebrate
to
in 1647
fairly well established institution,
Washington
never
colony
festival
occasionally thereafter.
designating
By
first
annual
an
1639.
Dutch
and
giving
I
time
and
to
be
Federal law
settled by a yearly
setting the date.
proclamation.
There
has
A
preliminary survey this week indicated that most Gov¬
will probably follow the President's proclamation on
ago
the fourteenth day of this
on
month
on
represented in the Social Security
the light of additional experience
and understanding.
These amendments to the Act represent another tre¬
mendous step forward in providing greater security for the people of this
country.
This is especially true in the case of the Federal old age insur¬
ance
system which has now been converted into a system of old age and
/survivors' insurance providing life-time family security instead of only
individual old age security to the workers
in insured occupations.
In
addition to the worker himself, millions of widows and orphans will now
be afforded some degree of protection in the event of his death, whether
of social legislation such as is
to
be
improved and strengthened in
before
or
after
Act
The size
tionship
This
than
most
a
Payment
Jan.
1,
under
be paid
to
during the early years will
the present law.
be far
However, a reasonable rela¬
between wage loss sustained and benefits recived.
distinguishing characteristic of social insurance
important
with
any
old
of flat pensions.
age
of
system
benefits will begin on Jan. 1, 1940, instead of
in payroll taxes, scheduled to take place in
deferred.
Benefit payments in the early years are
Increase
1942.
is
1940,
January,
benefits
retained
is
is
contrasted
aw
retirement.
his
the
of
adequate
more
substantially increased.
I
have been extended to coverpreviously not been covered. How¬
workers in other occupations have been excluded.
In my opinion,
imperative that these insurance benefits be extended to workers in
am
ever,
is
it
all
glad
in
the
that
some
insurance
benefits
occupations that have
occupations.
The
Federal-State
system
of
providing
assistance
to the needy aged,
dependent children, has also been strengthened by
increasing the Federal aid.
I am particularly gratified that the Federal
matching ratio to States for aid to dependent children has been increased
from one-third to one-half of the aid granted.
I am also deeply happy
needy blind, and
that greater
Federal contributions will be
made for public health, maternal
and vocational rehabilitation.
These
changes will make still more effective the Federal-State cooperative rela¬
tionship upon which the Social Security Act is based and which constitutes
its great strength.
It is important to note in this connection that the
increased assistance the States will now be able to give will continue to
be furnished on the basis of individual need, thus affording the greatest
and
child
welfare,
crippled children,
degree of protection
within reasonable financial bounds.
Social
change that has
administering any part of the
Security Act coming within the jurisdiction of the Social Security
Board
and
regards administration, probably the most important
As
been
made
employees.
ernors
four years
original Social Security Act.
As I indicated at that
various occasions since that time, we must expect a great
signed the
program
the
colony.
be exactly
will
It
that
workers
in the United States in 1621 in the
celebration of the pioneers' first harvest.
The Massachusetts Bay Colony repeated the celebration in 1630 and fre¬
quently thereafter until about 1680, when it became an annual festival in
that
1% for the next three years to effect a
a
celebration.
Thanksgiving
colony
payroll taxes
$905,000,000 tax
saving for business and employees, was signed on Aug. 11
by President Roosevelt, who issued a statement in which
he described the amending measure as a "tremendous step
forward," and said that it is imperative that insurance
benefits incorporated in the social security program "be
extended to workers in all occupations."
The fact that the
measure
was signed
by the President was noted in the
"Chronicle" of Aug. 12, page 955.
The President's state¬
ment, issued at the time of the signing, follows in full:
Security Revision Act, freezing
Social
The
at
nowhere
originate in
Continues 1%
ployees in all Occupations—Law
Salary Levy for Three Years
so,
on
Signing Amendments to Social
Urges Extension of Benefits to Em¬
President Roosevelt, in
last Thursday of November this year
followed closely since the close of the Civil
today that, in accordance with re¬
Thanksgiving will not fall on the
is
England States,
New
the change
Govern¬
by Governors of several States.
Some Republican
ors said that they Would follow the usual custom
to the President's decision was shown in the
with Maine, Vermont and New Hampshire def¬
initely opposed to any change and the other three doubting the wisdom of
the move.
In the home State of the Pilgrims, Governor Saltonstall said
opposition
solid
Almost
six
by manufacturers of calendars, who said that it would cost
them several million dollars to correct notations already
made in 1940 calendars, and disapproval was also voiced
said:
also
"Times"
■/
It is opposed, however,
Autumn sales.
increase
more
augment
According
The President's
it
obtain
will
trade
who
thousands
the
that
alone, the longer Christmas season will mean
regular forces to handle the holiday
work this yeari"
'
In retail stores
enhanced.
the current year, would have been
Nov. 30.
Mr. Roosevelt said that he was taking his action
at the request of retailers who had urged him to shift the
annual celebration to an earlier date, since they had con¬
tended that Thanksgiving Day came too close to Christmas
and
in almost every consumers' goods line.
With a four-week shop¬
period before Christmas instead of three, the prospects for strong
in business activity during the balance of 1939 are considerably
ployees,
ping
which, in
November,
representing most of the
merchants in New York City, praised the change. Lew Hahn,
Secretary of the Association, who, ten days ago, urged the change on
Harry Hopkins, Secretary of Commerce, issued the following statement:
"The President's
decision to proclaim Thanksgiving on Nov. 23 will
have a reassuring effect on manufacturers and distributors, and their em¬
large retail
Calendars Protest
President Roosevelt on
Approve
Goods Association,
Dry
Retail
National
Retailers
York
New
President
The
at whose behest
other business men,
and
tailers
March 4, page
Mayor
Re¬
reactions.
brought widely divergent
President's announcement
The
by President Roose¬
velt for peace between the two labor organizations ap¬
peared in these < columns Oct. 8, 1938, page 2175, and
the overtures
reference to
Earlier
adhere to
prevailing
"Herald Tribune" of Aug. 16 said, in part:
England States, in particular, were inclined to
the
original custom.
In summarizing the
Y.) urged the delegates to turn
next national election members of the House who
(Dem., N.
Wagner
1939
23, although many Governors of New
Thanksgiving on Nov.
Scores Lending Foes
Robert F.
Senator
19,
Aug.
Financial Chronicle
shall
be
pclitical
is
require that State agencies
to
the
An
Children's
essential
selected
basis.
on
a
Bureau
element
shall
of
non-political
set
up
a
merit
system
for
their
merit system is that employees
basis and shall function on a non-
any
Volume
In
1934
I
appointed
Security, made
economic
and
still
in
of Government
up
In
and
order
the
called
has
Committee
Economic
on
officials, to study the whole problem of
and to develop
law is the result of
existence
amendments.
its
considered
for the
legislative program
a
That committee
deliberations.
the
recommended
and
present
to
give reality and coordination to the study of
further developments that appear necessary I am asking the committee
any
to
committee
a
social security
The present
same.
is
The Commercial & Financial Chronicle
149
continue
its
life and
to
make
be made for amendments
may
The
present
members
committee
Social
second referendum
a
mai-keting
then
referendum
a
with
current,
even
though
signature of
growers
previously may have
said
or
Maryland tobacco and
tobacco.
This
cents per pound for all
two cents per
pound in the case of other kinds of
is intended to
amendment
prevent attempted violation of
the law through purchase of low-priced tobacco and resale in its
place o
high-priced tobacco
upon which a penalty otherwise would have been paidf
Also, it will simplify determination of the amount of penalty on any exces.
bill,
this
which
continue assessments
ployer and employee for three
under
the
annual
terms
of
maximum
the
legislation,
limit,
were
He
of
1% against both
of
maintain
which
and
the
and
improvement
the
also expressed great pleasure at
endeavor
now
were
$3,000
strengthening
included
the fact
the
in
Act,
although he said that all occupations ultimately should be included.
The President's opposition to
disproportionate Federal contributions
was
voiced when he
put up $2 for each
the
on
$1 spent by
State.
a
It represented, he said, an effort
part of poor States to gain
greatly increased benefits, and was the
wedge for even more extensive fund seeking.
time, he said, someone would ask that the Federal Government put
$15 for each $5 expended by a State, and finally someone else would
opening
In
up
have the
happy thought of placing the ratio at $25 to $5.
Government to take
have
to
invade
such
over
State
For the Federal
responsibility, he 6aid, would
taxation
it would
mean
Mr.
step
based
has
on
A
velt
sales
a
from
transaction
or
because it
hit
way
out
of
line
little
tax
the
fellow,
Administration
the citizen
Application
of
aside from
the
the
in
system
or
not
States than the rich
for health,
to
States
reminded
him
that
eight
rest
the
of
deep
the
country.
10
or
to the
He
aged—pay¬
said
that
South, and he mentioned
advocating
lopsided
matched
States
he
Georgia
payments,
he
the
Government should
In
ones.
education and
contribute
more
to
the
time, he said, lopsided payments would
other
State
Provisions—Changes
Were
compared with domestic production and
bacco Farmers
by To¬
United States
ported in the principal markets of the United States.
made to the Senate not later than
Sends
Last
or
that im¬
Such report to be
April 15, 1940.
Section
of
Report
Investment
on
Companies
to Congress—Deals with the Abuses
Deficiencies in the Organization and Opera¬
and
tion
of
Management
Securities
and
Exchange
Commission
Aug.
on
10
transmitted to the Congress the last section of Chapter II
of Part Three of its over-all report on the study of invest¬
ment
investment
and
trusts
companies which it has
ducted pursuant to Section 30 of the Public
con¬
Utility Holding
Company Act of 1935. A previous section of the report was
given in the July 1 issue, page 40. Part three deals primarily
with the abuses and deficiencies in the organization and
operation of management investment companies, according
to the Commission's announcement of Aug. 10 which added:
This section of Chapter
Recommended
under authority
directed to investigate
other facts showing the differences in, or which affect competition, between,
functions.
Signs Amendments to AAA, In¬
Simplify
Tobacco
Marketing Quota
Tariff Commission,
the production of wood pulp or pulpwood in the
not
Roosevelt
tended
United
ing the volume of importations
was
President
That the
the conditions, causes, and effects relating to foreign competition, and all
always
who could
federalizing the entire idea, would lead ultimately to the
problem of whether
be sought
it
ridiculously low pensions
or
with
frankly, to States
specifically.
poor
Resolved,
conferred by section 332 of the Tariff Act of 1930, is
and report to the Senate all facts relating to wood pulp or pulpwood, show¬
SEC
looking into the Connally amendment, Mr. Roose¬
was
referred,
said,
under Section 332 of the Tariff Act of 1930, was ordered with
respect to wood pulp and pulpwood.
The resolution reads
as follows:
The
paying either nothing
ments
tax—a
the
said, and he explained that
were
The Tariff Commission announced on Aug. 10 that on
Aug. 9, in accordance with Senate Resolution 160, Seventysixth Congress, adopted Aug. 1, 1939, an investigation
to pay.
committee still
by United States Tariff Commission Under
Senate Resolution
.Roosevelt said he did not consider the
proposed Connally amendment
in the direction of the Townsend plan.
The latter, he said, was
shied
afford
Pulp and Pulpwood Investigation to be Under¬
fields.
Compares Townsend Plan
a
Wood
was asked what he
thought of the proposed Connally amend¬
bill, which would have called for the Federal Government to
the
to
•
♦
em¬
instead of boosting them to Wz% as
years
1935
taxable
that the law needed, he said.
that workers in more fields
ment
;
Hyde
a
:
amendments,
un¬
The original Act provided for a penalty of 50% of the market
taken
The
voted
price, or, if larger, three cents per pound in the case of flue-cured, Burley,
Park, N. Y., dispatch of Aug. 11 to the New York "Herald
Tribune"
a
for that marketing year.
on quotas
other kinds.
v
the
.be
marketing quotas for the marketing
on
flue-cured, Burley, and IVfaryland tobacco, and 5
«
Security Board.
connection
cannot
The Act originally required the Secretary,
year.
marketings.
In
marketing
on
Burley and dark tobacco reached certain levels, to proclaim
quota and conduct
year
that
of the quota from a
percentage basis to a flat rate of 10 cents per pound of
Henry A. Wallace, Secretary of Agriculture.
Harry L. Hopkins, Secretary of Commerce.
I am adding to the committee at this time Arthur J.
Altmeyer, Chair¬
the
if supplies of
favorably
provides
Burley, and fire-cured and dark air-cured tobacco
same
Security Act.
are:
Perkins, Secretary of Labor, Chairman.
Henry Morgenthau Jr., Secretary of the Treasury.
Frank Murphy,
Attorney General.
of
amendment
for
A fourth amendment changes the basis of
penalty for marketings in excess
Frances
man
third
held in the
which
various proposals
study of
developments to the Social
or
the
of
active
A
quotas
1107
prepared under
assisted
II, transmitted to the Congress today, which
the supervision
by Philip R.
Friend
of Carlile
sylvania
Electric Corp.),
Bolton-Smhh
as
counsel,
financial analyst, sets forth in detail the
as
history of Ejistern Utilities Investing Corp.
(formerly known
an investment company
as
the Penn¬
controlled by the Asso¬
ciated Gas & Electric System, and the activities of II. C. Hopson and his
associates
with
that
investment
company.
The
Agritulcutral Administration announced on Aug. 9
that President Roosevelt had
signed four tobacco amend¬
ments, designed to simplify and make more effective the
operation of tobacco marketing quota provisions of the
Agricultural Adjustment Act of 1938.
The amendments,
sponsored by tobacco farmers, change the date for
proclaiming
tobacco marketing quotas,
provide quotas equivalent to
actual production on the farm
acreage allotment, avoid the
necessity for a second referendum on Burley and dark to¬
bacco in the
same
marketing
and alter the penalty for
excess marketings from a
percentage of the gross price to a
flat rate per pound.
The AAA, in summarizing the new
provisions, said:
year,
One amendment provides for the
proclamation of
of Agriculture any time from the
a quota
by the Secretary
beginning of the marketing year to Dec. 1,
if the total supply of any kind of tobacco
exceeds the quota level defined in
the Act.
The marketing year begins on
on
Oct. 1 for all other kinds of tobacco.
the quota was between Nov.
July 1 for Hue-cured tobacco, and
Originally the date for proclaiming
15 and Dec.
I.
This
amendment is of particular interest to flue-cured
growers because
many feel that a favorable vote on quotas for the
1940 crop would tend to
improve any extremely unfavorable market situation that
might
in the marketing of a large
crop such as the 1939 crop.
In the
same
amendment, the Secretary is authorized
develop
to increase the
na¬
tional quota by as much as 10% not later than
Dec. 31 if additional tobacco
is needed to meet market demand.
This upward adjustment in the
amount
of the national quota would be based
upon information which became a vail¬
able from revised statistics or from the trade
after the proclamation of the
quota.
A second amendment provides that the
marketing quota for any farm will
be the actual production on the
acreage allotment established for the farm
rather than a fixed number of pounds.
This means that a farmer can
sell,
without penalty, the actual production on the
tobacco acreage allotment for
his farm.
In fixing the acreage
allotments, the amendment provides for a
uniform increase in allotments determined for
small farms.
Th is small-farm
provision will give more uniform and
equitable treatment to small farms
than was possible under the
original Act.
In effect, this provision means
that a small farm, on which the normal
production is less than
of flue-cured and
receive
an
does not
3,200 pounds
less
than
2,400 pounds for other kinds of
tobacco, will
increase equal to 20% of its
allotment, provided this increase
bring the total allotment
cured and 2,400 pounds in the
a
over
case
3,200 pounds in the
case
of flue-
of other kinds of tobacco.
The same amendment also includes a
provision whereby the allotment for
farm in any year will be reduced
by an amount equivalent to any tobacco
marketed in violation of the law in the
preceding year.
This provision is
intended to prevent marketing of tobacco
grown on one farm under the allotfor another farm and would
apply to each farm involved in such
violation.
"ment
Southern Roads Granted 25% Differential
Eastern
A
on
Through
Shipments
majority report of the Interstate Commerce Commis¬
sion
on
Aug. 17 described as "unjust, unreasonable and in¬
equitable" divisions of joint class and commodity rates be¬
tween official and
ern
railroads
between
a
Southern territories and awarded South¬
25% differential in the division of
Northern
Southern
and
roads
on
revenues
through
ship¬
ments between the two territories.
Southwestern
railroads
will
mile, than Northern carriers,
Southwestern and
Eastern
receive 35%
on
more, mile for
through shipments between
territory.
The Commission's awards
will have no effect upon rates
charged ior transportation, since they affect only division
of
revenues
between the carriers in the different territories.
The Commission's report excepted rate divisions
on
lum¬
ber, citrus fruits, coal and coke.
The report prescribed
"just, reasonable and equitable" divisions for the future,
which, in
a
dissenting opinion, Commissioner Mahaffie said
would have the
generally in
effect
of
a
25% inflation
on commodities
Southern territory.
"While," he said, "I am convinced that higher operating
higher divisions for the Southern than for
costs warrant
the
Northern
modities
lines, I consider the 25% inflation on com¬
generally, appro veil by the majority, too great.
Twenty per cent would, in
ure.
as
On
Florida
I view it, even
Commissioner
my opinion, be a maximum fig¬
vegetables the much higher inflation is,
less capable of justification."
Porter supported
Commissioner Mahaffie's
opinion and Commissioners Caskie and .Alldredge dissented
in
part
-
Financial, Statement
of
Association
as
Federal
of June
National
Mortgage
30, 1939
Jesse Jones, Federal Loan Administrator, Federal Loan
Agency, made public on Aug. 11 the financial statement of
the Federal National Mortgage Association as of the close
of business June 30,
1939.
The Association, the entire
capital stock of which is owned by the Reconstruction Finance
Corporation, reports on June 30, mortgages issued under the
National Housing Act of $125,064,472; this figure
compares
with $80,210,948 on Dec. 31, 1938.
The total assets of the
others'
the last named date as
June 30.
The figures for
made available on Aug. 11, follow:
938,260
on
six
♦
82,095,926-23
Finance Corporation
Act:
Mortgages Insured under National Housing
Insured under Section 203-.——-,—--
.
125,004.471.89
Insurance fund debentures-.
*
Real
foreclosure
by deed in lieu of
173,099.07
30,423.40
r
t-,^
Total
. — -
- - - -.—
——
$ 127.938,260.30
^
Liabilities and Capital—
mnn
16,1943-.—--
.Series A, 2% notes, due May
-
Reconstruction Finance Corporation
Notes payable to
$29,748,000.00
^-^.OOO.OO
^--
due Jan. 3, 1944
Series B, 1%% notes,
- --
Accrued interest payable
^.101,482.39
214,^68.82
89,737.00
Deposits for taxes, insurance, &c
Accounts payable-x?
------Commitment fees-/to be refunded upon delivery of mortgages
50,546.06
Suspended credits
Earned surplus and reserve, Including
Reserve from earnings.---——
:
Earned surplus
483,625.12
-
,
.....
•
—
—■
elaborate ceremony
mortgages having
Interest income....
_w-
-
The? high
United
$2,708,355.55
-
$1,059,371.14
Net income.....
and
the
Increased
Fiscal
During
$42,178,000
FHLBS
Year Ended
Members of
by
Construction
June 30
of
the
of the
covering
ending June 30 was reported Aug. 5 by officials
Federal
Home
Loan Bank Board.
This advance
year
from
$177,543,000 to $219,720,000 during the 12-month period, as
estimated by the Board's Division of Research and Statis¬
tics, reflects, it is stated, a parallel rise in residential con¬
struction and in the volume of savings available for home-
The FIILBB likewise said:
financing purposes.
The
bank
the
of
assets
system
member savings
3,897
greater
$236,000,000
were
than
June 30
on
the
associations of
loan
and
earlier,
year
a
the fiscal,year-end report continued.
Federal Home Loan banks to member institutions
totaling about $3,936,000,000,
the
of
Advances
12
totaled $76,659,075 as against a June, 1938, figure of
the decline being largely due to the increasing flow of
private savings funds into member savings
and loan associations.
On
June 30, outstanding advances were $168,961,563, a decrease of $27,263,374
the
during
year
$105,382,158,
041,913
in short-term obligations.
June
On
the banks
30
1939
which
had
total
a
$58,137,468
ments, an expansion of
The
$35-
in long-term and
of $133,919,650
These consisted
during the year.
figure represented
$126,907,960 in cash
of
over
the $68,770,492
and invest¬
June 30, 1938.
on
42.8% of consolidated assets of $296,629,852,
on June 30, 1938.
$30,859,048 greater than the $365,770,804
were
borrowers
from
Home Owners' Loan
and
sales
Corporation set
an
of
all-time record dur¬
six months of 1939 and closed a fiscal year
which showed the Corporation making decisive progress in
its dual functions of rehabilitating distressed home owners
ing the first
and
liquidating the properties it has been forced to acquire,
according to
Bank Board
Collections
six-month
first
on
in
six months
were
1937 and
of
the
monthly
97%—far above the
nearly
were
of
100.3%
89.3% for the
93.8%
figure
for the
for
first six months of 1938,
topping the previous high figure of the last six months of 1937, which
96
and
was
5%, according to Charles A. Jones, General Manager of the Corporation,
of homes
The sale
conditions
record
and
sale
of
Corporation to
was
recovery
4,638
a
still
1938.
as
20,700
as
a
market,
estate
June
in
figure of 55,303.
Approximately
significant
more
in the real
homes
disposed of 37,771 properties,
of
the
brought
barometer of business
Mr.
reported.
Jones
cumulative
the
During the fiscal
year
sales
the
with
the Corporation
compared to 17,532 sold prior- to June 30,
sales
made
were
in
the
last
six
months
tions
^
in
In
in
their piincipal indebtedness.
satisfactory condition
a
bills
liquidating class, which
and
About
making
726,000
their homes
a
More than
-current
or
means
less
84% of
than
such borrowers
regular monthly payments
of
our
borrowers
few years ago—now
all of
are
on
which
clearly
our
three
on
active accounts
months
are
their
were
in
arrears,
are
meeting all current
facing
the
their way to home own¬
cooperatives had presented checks
towns and
cities,
the
be purchased,
Tennessee Utilities
the
to
National
Bank,
Corp.
then,
and
released
in
the
made
turn,
necessary
interest.
L.
Wendell
closing,
the
after
Government had acquired,
properties the Federal
E.
of its real value,
David
at about 80%
of the "best electrical services in the world," and
one
Lilienthal,
director of the TVA, forecast that the
.power
TVA "will be self-supporting
by 1946 and 1947."
Mr. Willkie's statement was
I
follows:
as
:
,
the State of Tennessee
will continue to enjoy the benefits which the Tennessee Electric Power Co.
originally made possible.
Whether or not the quality of service is main¬
tained, these customers will, of course, enjoy the lower rates made possible
sincerely hope that
in
customers
former
our
by Government subsidy—but they and all the people in the United States
will
the higher taxes
pay
ernment
sell
these
properties
could
we
which
heavily subsidized Gov¬
and
exempt
tax
inevitably require.
operations
not
with
been
have
We
regret.
forced
do
to
eo
this subsidized Government
stay in business against
competition.
Electric
Co.
Power
started
was
85 years
ago
by
Chat¬
a
tanooga engineer who refused to believe that the Tennessee River could not
tie
dammed.
investors
Since
from
thousands
then
different
States
Federal
10
The
from
or
municipalities.
the
It has
and
now
not
local
this
on
business
enough
is
the
stocks.
The
wealth
Southern
Corp.,
&
any
hands
the
gifts from the United
$25,000,000
American
people
looking
to
both
which
of
the
this
of
governmental
rolls.
tax
investment,
to
payment
of
private investment
the
from
value
full
the
stockholders,
common
But the loss of these
in the
owners
While
I
of
have
bonds and
the
the
principally
invasion
Government
plead
the
with
of
Government
Common¬
jto arouse
business.
their
for
In
principles,
two
essential if the system of free economic
are
sale
we
least
at
properties will not be in vain if it serves
future,
is at an
this
taking all of the loss.
are
against
agencies.
enterprise is to
preserved.
ask
that
vital
first,
a
I
as
its
It
has its
other
areas
contribution
I
ask
have
asked
competition
now
in
Second,
on
in
is
removed
true
make
to
preferred
so
of
Works
governments amounting to over
business
represent
received
the
thousands
many
years.
Another
does
be
received
never
Public
the
participation of private management and
end.
and
employees
participated in the remarkable devel¬
Administration or from the
On the contrary, it has made substantial tax payments to
Treasury
last
of
have
States
opment of this project.
from
loss of
private
the
declared that by the purchase of the
or
arrearages.
by
future
statements
Valley.
Borrowers of the Corporation have paid back approximately $615,000,000
presented a check for '
company's facilities to be
the Chattanooga Power Board in conjunction
of
part
property at par and accrued
discontinue
of
for
finally
"mighty glad the deal
Chattanooga,
of
Mayor
the
the 35
First
the
of
I
said:
aggre¬
check
a
over
Willkie, President of the Commonwealth & Southern Corp.,
1939.
Mr. Jones also
turned
deposits with trustees for the redemption of the outstanding senior obliga¬
A
by the
municipalities
the
Nashville,
of
Commonwealth & Southern
(legally created for the
of effecting the transfer), endorsed them and deposited the funds
From
hillings and
paid by
sums
Mayor
Bass,
facilities
the
purpose
Aug. 12, which further said:
June
period
the Federal Home Loan
announcement by
an
the
of
The Tennessee
the
by
homes
electric
and
towns
TVA.
through
Corp.,
Homes in Six Months of 1939
and Sales of
Collections
I).
covering
all
When
We
Collection from Borrawers
Tennessee
cities,
various
with the remark that he was
in
the
with
because
New Record Set by HOLC in
The
contract.
Cummings,
Edward
operated
of
increase
the
from
TVA
the
terminated."
been
Next,
$42,178,000 in loans for new home con¬
building and loan associations
Federal Home Loan Bank System during the fiscal
An
C.
$10,850,000
struction by member savings,
of
$34,321,700.
$14,311,200
has
the
of
terms
Thomas
New
the
by
representatives
cooperatives in Tennessee then filed forward one by one to make payment
for the distribution facilities of the Tennessee utility being acquired ipider
gated
for
acquired
properties
Co.
Power
867,824.20
handed
trans¬
Electric
deeds and mortgages covering the generating and
director
Officials
Interest charges....
Loans
Mr. Lilienthal of a check for $44,728,360 drawn
Treasury to Mr. Willkie.
In return Mr. Willkie
781,160.21
$1,927,195.34
hours, was the
on the
which lasted 3%
transaction,
the
of
point
by
States
TVA
the
17.335.90
Expenses (other than interest).
set
to
bank had
the
entire upper floor
presentation
30, 1939
mission
V.
them—that
of
in its main offices at 2 Wall
Street so that all interested parties might be present at the
official closing.
V:Y\ v./ 'h:r-''*/[.
$2,091,019.65
-—-------t'¬
....&+. -
....... .........
other income..
250
than
ent—more
aside an
—
•
and Expense for the 6 Months Ended June
Condensed Statement of Income
So many participants to the deal were pres¬
of New York.
an
mortgages.
First National Bank of the City
banking institutions—the
$10,570,398.93.
aggregate unpaid principal balance of $231,161.31
were delinquent
90 days with respect to matured instalments and 79 mortgages
having an aggregate unpaid principal balance of $342,816.£6 were delinquent more
than 90 days with respect to matured instalments.
*
The mortgages in connection with which this real estate was acquired were
insured by the Federal Housing Administrator and therefore the Association is
entitled to receive U. 8. Government guaranteed debentures In the amount of the
by FHA, not yet disbursed,
Sixty
releases, took place Aug. 15 at an
in one of New York's oldest and richest
mortgage
and
deeds
and make mortgage loans,
Notes—Commitments to purchase mortgages
with all necessary documents,
Transfer of the properties,
..........-$127,938,260.30
insured
Total.
and by its terms converts the
into the No. 1 "public power test
Nation.
tube" of the
1,m>732.38
1»090^90.00
10,000,000 -00
Paid-in surplus...........
Capital stock_
Southeast
the
entire State of Tennessee
53,736.12
—
in
utilities
undivided profits:
$ 1,059,371.14
Undivided profits.
and light business on a
power
—w-—-—
Other assets.
Authority, entered the electric
large scale Aug. 15, when
the TVA, in conjunction with allied cities, towns and cooper¬
atives in the State of Tennessee, took possession of the
Tennessee Electric Power Go. (subsidiary of Commonwealth
& Southern Corp.), for the agreed price of $78,GOO.090.
Made possible by recent congressional legislation, the deal,
transferring the Tennessee Electric Power Co. from private
to public
ownership, is the largest of its nature in the
history of utilities in this country.
It terminates more than
six years of controversy between the New Deal and private
568,039.65
—------—-
acquired through foreclosure or
estate
the Tennessee Valley
agency,
6.300.00
—-V
—
Accrued Interest receivables.^
through its vast public power
Federal Government,
The
—
Mutual mortgage
Transfer
600,COO
$123,432,872.11
1.526,140.20
105,153,58
Insured under Section 207
Insured under Section 210
to Tennessee Electric PropertiesCompleted Aug. 15—Deal Involved $78,-
Title
Takes
TV A
deposit with Reconstruction
on
and
years
Close of Business June 30, 1939
Condensed, Statement of Condition as at
Cash
period ranging from three to
the great majority will "come through,"
their accounts open for a
kept
have
More than 125,000
in full.
already have paid up their accounts
ership, or
$81,623,214 on Dec. 31 to $127,-
Association increased from
1939
19,
Aug.
Chronicle
The Commercial & Financial
1108
to
that
with
of
this
American
these
agencies
these
times
Nation
the
business
commissions
observe the rules laid
so
as
get
down
the Government
outside
the
Tennessee
utility
industry
make
may
its
recovery.
agencies
not
their
hv
that
It should be content with that,
area.
Government
before,
business
private
"yardstick"
completely honest basis,
whom
many
to
mislead
power.
the
should keep
their hooks
the American
Not
o.dv
Government
fcr
people,
should
the
themselves, but they should make due allowance for such things
as
these
utilities
the tax
Volume
The Commercial & Financial Chronicle
149
income loss to the Federal and local
governments whenever a
prise
is
destroyed.
Mr. Lilienthal's statement
By this transaction
preferred
kept faith with the investors.
full
face
stockholders
its
equity.
TVA
has
have
schedules.
very
the
revenue
less
at
low
Federal
tion
The
the
cents
has
with
dollar
the
on
Corp.
fair figure
a
taxpayers
increases
made
that
the
to
third
a
of
million
a
obtain
better
private
investment
confirmed
by
bid
on
have
houses
its
on
project
is
Congress
to
and
Today's
operations
power
than
more
2.32% interest.
as
self-liquidating.
from
revenues
low
as
assurances
by
the
transac¬
not
high enough
make
$12,000,000, and puts TVA
on
it
no
longer require appropriations of
total
sales
will
reach
The completion
tion
as
to be
a
institution,
from
is
Ultimate
that
concern.
be
TVA.
beyond
now
There
is
ques¬
whether
should
there
a
This
longer
no
would
any
therefore
seem
good time for the utilities and the TVA both to devote all of their
energies to the considerable work we each have to do.
The TVA now will
be
able
great
to
concentrate
Tennessee
With
the
its
upon
main
The
purpose:
development
the
of
Valley region.
growing
demand
low
for the
benefits
of
is
that
need
for
bright for both
very
private and
Internal
internal
on
taxation.
revenue
Mr. Hanes is assembl-
ing the information in order to have a record of "public
tax opinion" for the subcommittee of
the Ways and Means
Committee when it assembles on Nov. 1 to
begin the recess
study assigned to it at the recent session of Congress. Mr.
Hanes' letter follows:
ment,
of
The subcommittee of rhe
Ways and Means Committee of the House of
been instructed (H. Res. 277) to make a
thorough
taxation
revenue
during the
-7.
Congress..
The chairman of this
all
pertinent
the
material
Congress.
aid
of
V\.
for presentation early in
With the approval of his
committee,
produce
the
I
session
with
'••:./ ' •'
•
•
which you are connected—should
be
hearing before the Treasury staff assigned to compile a record of
present
public tax opinion.
Your views will receive
every consideration and J
shall appreciate your help.
problem and
common
questions that confront
a
successful effort toward its solution
mutual and
on our
sympathetic understanding of the
both the Government
and the taxpayer.
the
is
life
by
proposed study
Aug. 12,
referred
954 and 959.
on pages
Housing
need
it
in
to
was
these
columns
Housing Program—Says Main Concern Is
Employment Under Conditions Protecting
and
Extending Gains Made Through Years
is
decisive
a
in
On
Authority,
ing
said
Aug. 9 in an address before the
meeting of the- Massachusetts Federation of Labor
annual
of
on
effects of the New Deal
labor's
conditions
through
that
will
of
years
toward
first
is
In
Act
just
a
hand
one
it
it
addition
to
and
Under
the
In
USHA
housing work.
which
concern,
"employment
protect
struggle
program
determining
housing authorities
are
building trades unions
made
it
condition
a
and
and
at
extend
Mr. Vinton
is
reflected
and
wages
the
sacrifice."
employees of
a
bargaining;
that
hours
be
made;
that
in
In
that
work
that
every
complaints
way
the
means
authorities,
gains
He
made
added,
building site.
that
many
In
puts
rates
wage
USHA
to
the
and
is
local
rates your
We have
the
a
local
authority that all
rights of organization and collec¬
safety shall
the
loan
contracts
8,000
probably
now
for
pays
program,
With the
slum
will
people
to
the
work
jobs
in
man-years
the
nature
three
provided
the
necessary
is
one
or
some
of
four
of
effect
work
will
all
solve
to
way
that
heavy
at
the
with
be
local
created
as
to
Without
whole.
a
wealth is
site,
the
time—
of
power
families
wages,
low
of
and
the
on
income
by
for
the
fa.
low-income
For every
families,
the
\
Housing
dwelling built under the
down, boarded up or
slum shack must be torn
a
Instead
of
that our slums are beginning to disappear.
the high disease and death rates, the crime and
means
go
areas
labor is the general well-being of the Nation
healthy and
a
meaningless,
nor,
prosperous
redistribution
economy,
have learned during the last decade,
we
as
of
can
standards be maintained.
It
helps
us
become the $80,000,000,000 country that our President
want to see.
us
Secretary Wallace Opposed to Export Subsidy on Lard
and Oils—Indicates
Proposals for Dealing With
Situation Resulting From Low Prices
Secretary of Agriculture Henry A. Wallace, in making
public on Aug. 15 an analysis of the fats and oils situation
prepared by economist of the Department of Agriculture,
said that in view of the situation
he did not feel that
revealed
as
by the analysis,
on lard or
export subsidy program
an
other fats and oils is warranted.
The
Secretary said other proposals for dealing with the
conditions brought about by comparatively low prices for
lard, cottonseed oil and other fats and oils were still under
Among those proposals
Domestic diversion of
1.
A;"
are:
of the surplus fats and oils from edible
some
channels to the soap trade.
The purchase of lard and pessibly other pork products for distribution
the needy.
This
if it
program,
becomes necessary to
undertake it,
probably will begin some time late this fall.
Additional
3.
of
underwriting
increases
sound
in
of Jard
exports
credit
and
Such
transactions.
soybeans
a
through
program
the
would
be
undertaken by the Export-Import Bank and its possibilities are being dis¬
cussed with Bank officials.
The announcement by
Secretary Wallace also said:
Lard and cottonseed oil shortening will shortly be made available through
the
stamp
to those receiving public assistance.
plan
Late this fall
con¬
sideration will be given to including other pork products in the stamp plan.
Under the recently announced corn resealing program, the Department,
cooperation
with farmers, will store for another year.the 257,000,000
The withholding from feeding of
loan.
257,000,000 bushels of corn in 1940 will mean 300,000,000 less pounds of
lard than would otherwise be produced.
Announces
AAA
many,
public
Emergency
will
be
housing
materials
and
Reseeding
Program
for
Northeastern Drought Areas
program
emergency
for the Northeast drought
area
designed to help farmers make special midsummer seedings
to
replace spring
hay and pasture seedings killed by
the
announced Aug. 7 by A. W. Manchester,
Director of the Northeast Division of the Agricultural Ad¬
July drought
justment
we
Under
Administration.
the plan
Northeast
spring.
plan
to
Any
seeding.
will
From
of assistance which
representatives,
request to
upon
this
was
the
AAA
announcement
also quote:
which
producing
of
one
our
Public housing serves to increase the national income and adds constantly
the improvement of physical standards and the total wealth of the
times
building
Public housing is thus
the country.
over
the
stage of the various construc¬
industries
disposal of those who
their benefit.
The third major concern of
building operations, this
as
the
at
power
juvenile delinquency and the fatalities that result from fires in these
farmers in
was
legume
drought
the AAA will
repair
farmer
and
areas
Seeds will be distributed
developed jointly by State and
grass
who
through
furnish the seed and
seeds
have
local
the
will
lost
seed
farmer
be furnished
seedings
dealers.
made
Under
the labor
with
this part of the drought damage.
within
seedings of legumes
to
the
within the housing standards set by the Act.
come
growing even larger, this
AAA
in
jobs.
addition
deprive millions
have
we
employment at fair
more
purchasing
manda¬
the
wage
contract with
employed during the next few years at
tion
the
lengthened;
Because of
more,
is,
equitably,
providing homes
in
through collective bargaining.
have
be
than
more
that
in
possible labor may be protected.
under
under-nourish-
working
be observed on all work;
that overtime payment shall
shall be investigated and handled
promptly, so
not
factors
That
requires the elimination of slums.
repaired to
An
prevailing
rates,
consideration
every
won
standards of
shall
Massachusetts,
housing
at
of
giving
wage
of every loan
contractor shall
tive
of
payment
prevailing
have
and
equitable distribution of the national income.
provides
the
which
public housing
part:
tory.
of
in solving this basic economic problem of
bushels of corn now under federal
that
to
This
pay
available for purchasing the fundamental require¬
in
Labor's proposals for a public
bousing program,
helped crystallize the experiences of the early
asserted
to
method of improving American economic
as a
more
he
housing programs,
disease because
same
consume.
in Boston.
said,
the
purchasing
more
weapons
augments
subsidies
factor
in the development of
public
States, Warren Jay Vinton, Chief
Planning Officer of the United States Hous¬
Economist and
from
family—a decent home.
securing
the
United
the
can
income
aid puts
potent
other
ment
Labor
homes.
afford
can
afford.
can
suffer
to
Public housing,
every
of
2.
W. J. Vinton of USHA Defines Role of Labor in Govern¬
housing
subsidy
a
decent
in
family
and machines, but we have not yet solved the distribu¬
most, making it
of
that
to
r
families
result
we
distributing
consideration.
I shall await your answer with interest.
The
provided
and
live
to
the
In
of
writing to ask
.
any organization
our
what
to
life.
of
of having
interested in having your views placed before the
committee in full. I shall
be glad to arrange, at a time convenient to
yon before Nov. 1, a piivate
This is
this
families
addition
necessities
supplying decent housing for low-income families
same
underlying social and economic conditions which
than
more
and all of
,
next
am
.
will depend largely
other
in
resources, man-power
Seventy-sixth
further improve the laws
relating to individual and corporation taxes, the
regulations derived therefrom and the administrative
procedure in their
If you—or
sanitary dwelling in
and
recognized
between
children
It
tion problem.
.;
of the
recess
your cooperation in this effort to work out a tax revision
program which will
collection.
sur¬
people of adequate medical care, even where there is an over-supply of
physicians and despite the amazing strides in the science of medicine.
Now, for the first time in the history of civilization, we are able to
Nation.
subcommittee, Jere Cooper, is desirous
ready
healthful
in
afford.
can
despite the tremendous technological improvements in the production
foodstuffs.
wage
Repiesentatives had
study of internal
and
care
low-income
gap
of the
millions
ment
.
Acting Secretary Hanes of the Treasury Department
made public on
Aug. 17 the text of a letter hs is sending to
organizations and leaders in industry, labor, commerce,
banking, agriculture and the professions to request their
views
safe
a
medical
low-income
for
the result
cause
electricity the future of
Revenue Taxation Sought by
Acting
Secretary of Treasury Hanes From Leaders in
Industry, Labor and Agriculture Incident to Pro¬
posed Study by House Committee of Tax Revision
on
for
pay
Congress
possible
rents
The
most
Views
of labor to
problem.
electricity supply in this country looks
publicly-operated agencies.
1
to
clothing,
Act,
a
to
families
your
you
also raise
you
concern
of
means
going
a
Congress.
TVA
year.
of this transaction
established
an
issue
$25,000,000
capital
new
second major
a
raise
can
what it costs to operate dwellings built under the
program.
Contributed
by both the Federal Government and the locality, this subsidy results in
a
profit-making basis.
With the completion of the system of dams already
provided for, by 1946 and 1947 TVA will be
self-supporting, and will then
food,
Housing
subsidy bridges the
than
more
for your rent payments,
therefore,
you
Low-income workers today cannot afford to live in a decent home, and
yet this is a fundamental necessity for a happy family life.
Wages are
the
been
has
rates
It is,
homes where
roundings, and above all at rents that
adequate
TVA
large block
a
total of
a
than
get better value
living standards.
these
of
good
the
TVA's
year,
More
purchasing cities, most of the bonds being sold
3% interest and
a
accrued interest.
with
time you
same
your
today forward receive electricity at TVA
which
rates
of
TVA has
$4,500,000
100
Southern
consumers.
from
soundness
interest
bonds
than
Finally,
paid
bonds
:
kept its word to
the
been
The Commonwealth &
homes, farms and businesses
rate
their
of
The bond¬
1109
equipment, in shipping, in offices, and in drafting rooms.
For every two
men
employed at the site, three get jobs in these other fields of work.
By increasing wages you raise your standard of living, true.
But, if at
the
has
accrued dividends.
for
follows:
as
was
TVA
paid the
holders have been
The
private enter¬
or
a
designated
pasture
is
drought county who has lost spring
eligible to request seed for midsummer
Mr. Manchester stated that participation in the drought program
regular 1939 conservation payments to cooperating farmers.
not affect
I
The Commercial & Financial Chronicle
1110
the
representing
farmer-committeemen
AAA
suffering
areas
greatest
the draught have recommended assistance in reseeding
hay and pasture seedings as the most important step toward restoring
lost
the
In many sections recent
damage from
winter
a
to
cover
particularly valuable in meeting the present emergency.
Farmers in
drought counties wishing to avail themselves of the
and
by State AAA offices placed greatest damage
York and New Jersey, particularly
ii
dairy regions.
Areas in northeastern Pennsylvania were extensively
damaged, with small areas spotted throughout lower New England up to
Reports from surveys made
to
Officers of the Young
Hampshire
New
southern
in serious
also
Democrats convention have said the Hatch LawState delegations and that most
many
connections.
Despite that statement, the Department of Justice reported today it
was receiving inquiries from club members here whether they should go
Pittsburgh.
to
''You
go
can
onlookers if you've got the car fare, but do not act as
as
delegates," was the advice given them.
said
Hatch
Mr.
which called the act the "most un-American piece
"If this law is un-American, then
Maner calls un-American has been preached
The thing Mr.
Plan
Plan—To Extend
on
Federal officeholders, he
"It might
National Basis
order
food
plan
stamp
for
through normal channels of trade will be inaugurated was
announced on July 24 by Secretary of Agriculture Henry
A.
the 1940 convention."
Moines followed conferences there
last week between representatives of the Federal Surplus
Commodities Corporation and representatives of local wel¬
fare agencies, public officials, and members of the whole¬
sale and retail food trades.
The Department's announce¬
try out the plan in Des
of
ment
Des
reported
in
leading farm section, is
a
unusually well adapted for experimental test of the food stamp
as
10,700 relief cases in Des Moines, representing
about 30,000 individuals.
The total population of Des Moines is given
as
142,500 (1930 census).
•
Variations of the stamp plan to be tried out in Des Moines will be
quite similar to those already being tested in Dayton, Ohio.
One group
of about 2,500 families at present receiving general relief, part of which
is in the form of grocery orders,
will be eligible to receive free blue
surplus food order stamps to provide for additional food purchases.
This
group
will not be required
to buy the orange colored
food stamps
plan.
There
which
of
will
provided
are
blue
the
be
about
are
the
of
old-age assistance,
the
opportunity
blue
free
a
the
of
Work
4,500
on
eligible family.
The remainder
about
other
stamps
determined
member
forms of the stamp plan.
The value
which will be given families in this group
basis of approximately 50c. per week for each
in
surplus
buy
to
surplus
Administration workers, and those receiving
and mothers' pensions will be given
and
the
food
free
blue
commodities
Participation
where is
is
Actual
about
a
stamps with
ratio
of
cash
dollar's
one
and
receive
to
worth
of
The
worth of orange stamps bought.
used
are
additions
the
to
plan
stamp
secure
specially designated
the family's
to
in
Dea
food
Moines,
as
other
cities
in
From funds
use
start within
Press accounts
from Washington
on
July 22
where
100 cities during
These advices further said :
appropriated by Congress for disposal of surpluses, officials
the
being distributed
plan
is
citrus fruits,
be added
that
between $75,000,000 and $100,000,000 under the stamp plan.
Commodities
Frazier Jr., at Chattanooga,
James B.
in
not
pears
under the
operated
stamp
include
plan
butter,
and fresh vegetables.
and
in
communi¬
cereal
Cotton goods and lard
eggs,
flour,
the fall.
House of Representatives,
the
in
while holding Federal
Aug. 8 that the food stamp
a national basis in a few months.
He said that expansion will be gradual and that the number
of cities in which the plan will be put into operation will
depend upon the program's continued successful operation.
The food stamp system now is operating in six cities.
The Department recently extended the plan to privately
employed low-income families in Potawatomie County,
Okla., including Shawnee.
on
office.
resigning to campaign for
Mr. Ray is a candidate for the Beaver
the Somerset County judgeship.
County District Attorneyship.
"With
an
eye to
the new ban against political activity while holding any
Federal jobs, a number of workers on the Federal pay¬
have quit either their Government
but policy-making
roll in different sections of the country
jobs
or
their political posts.
Kelly, City Chairman of the Democratic organization, announced that
B.
Federal posts
about 50 persons holding minor
run
were
quitting their jobs to
for State offices.
At Denver, a half-dozen Federal workers, including
United
States
dropped
Attorney,
District
political organizations.
Some States considered the
Federal statute by
the
holders.
that
James
Governor
,
possibility of enacting State laws to supple¬
banning political activity among State job¬
Price of Virginia said
he was
Justice
and
Civil
Service
Commission
Issue
Explanatory Rulings
All Federal District
Attorneys were notified on Aug. 4
by Attorney General Murphy that they cannot continue to
hold office if they become candidates for
political posts.
This ruling was made under the
newly-enacted Hatch Law,
the enactment of which was noted in our issue of
Aug. 5,
page 808.
Mr. Murphy's order was sent specifically to
two United States Attorneys and one Assistant
Attorney,
but the Justice Department said that he had sent similar
instructions to all Federal District Attorneys.
Meanwhile, Pitt T. Maner, President of the Young
Democrats of America, criticized the Hatch Law as unAmerican.
This criticism was met on Aug. 9
by Senator
Hatch, author of the law, with the comment that Mr. Maner
had shown complete ignorance or a total lack of sympathy
with the principles of the Democratic party.
Associated
"looking into"
A similar bill was introduced in the New Jersey Legis¬
possibility.
lature today.,
.
(
Jennie
Mrs.
Thomas J. Morrissey,
with local
connections
their
.
Kirby,
Democratic National Committeewoman for New
Mexico, resigned that post because, she said, it conflicted with her
job as
director of the State's Department of Welfare.
Deputy United States Marshal withdrew as candidate
In Cleveland, one
for the City Council.
Henry I. Kyle, new Assistant Attorney General in charge of
Indian
certain
legislation in
his post as
Washington, said he would resign
western
Chairman of the King County (Seattle)
Democratic
organization.
Attorney Horace Frierson Jr. expressed the opinion
he might have to quit his post on
the State Democratic executive committee,
Murphy on Aug. 10 issued a statement which, he
said, was designed to remove doubts and difficulties regard¬
ing the administration of the Hatch Law.
He promised a
series of similar statements.
On Aug. 12 the Civil Service
Commission ruled that Federal Civil Service employees are
Mr.
prohibited from becoming candidates for municipal office.
In connection with that ruling, a Washington dispatch of
Aug. 12 to the "Herald Tribune" said:
living in the Maryland
Under the terms of
an
modifying the
1936,
the thousands of Federal employees
and Virginia environs of the District of Columbia.
executive order signed by President Roosevelt in
civil service regulations
against
The
Commission
announced
that
also
Frank Murphy for an opinion on
the
it
would ask Attorney
"It
is
authority granted prior
of the Hatch Act.
clear," said
an
announcement of the Commission,
situation arises under the Hatch Act.
Under the
same
civil service rules,
express
The only exceptions
of the Congress itself."
which sponsors of the Hatch Act in¬
outside the civil service,
right to
prohibited from political activity but retain their
"privately" their opinions on all political subjects.
Although the phraseology of the Hatch Act follows
tions closely,
upon
"that a new
As it is an Act of Congress, excep¬
tended to apply to some 300,000 Federal employees
employees are
General
procedure to be followed by employees
in civil service who now hold municipal office under
to the passage
political activities,
local elections.
such residents have been permitted to take part in
which could be made would be by action
of
political
There John
Although reports from most sections indicated a tendency to quit
life to retain Federal jobs, Philadelphia proved an exception.
tion to it cannot be made under an executive order.
Attorney General Murphy Says Hatch Law Prevents
Federal Attorneys Running for Political Office—
Senator Hatch Defends Measure Designed to Bar
Political Activity by Federal Officials—Department
Sam D. Reynolds
that he could not enter that campaign
The ruling is of particular interest to
Secretary Wallace said
plan will be expanded on
Tenn., who had said he was con¬
templating becoming a candidate to fill the seat of the late
In Tennessee, District
they intend to extend the stamp plan to
expect to
and retain their Federal jobs.
tomorrow
Des Moines is expected to
Assistant
for State offices
He likewise telegraphed District Attorney
District Attorney John B. Ray that they could not campaign
At Seattle,
in
month.
the current fiscal year.
may
surplus
being tried out, will be entirely voluntary.
operation of the plan
Associated
products,
orange
supplies.
reported that Administration farm officials disclosed
ties
blue
continuance of normal food purchases by the family,
stamps
as
in
the
in
stamps for each two dollars'
a
colored
orange
stamps
stamps provide for
including
the blind,
to
;
Uhl, District Attorney at Pittsburgh, and
He told Charles F.
ment
approximately 10,700 eligible families,
Projects
aid
■'
said:
District Attorney Uhl announced that he was
trading area
concentrated
a
York "Herald Tribune"
ington dispatch of Aug. 4 to the New
July 24 continued:
Moines,
General Murphy's order, a Wash¬
In referring to Attorney
According to the Department, the decision to
Wallace.
1936 were
will not be 800 Federal
make a world of difference that there
Selection of Des Moines, Iowa, as tlie
the
Contending that about
•
to the Philadelphia convention in
observed:
officeholders as delegates to
fifth city in which
distributing surpluses
Convention in 1940, Mr. Hatch said the
marked change in its personnel.
1,000 delegates
800 of the
by
than 50 years.''
As for the National Democratic
law would bring a
Distribution
Food Stamp
25 years."
George Washington was un-American,"
"because he followed its principles in making appoint¬
Senator Hatch said,
ments.
the Maner statement, issued in
greatly deplored
he
that has been passed in the last
of legislation
the Democratic party for more
plight.
Des Moines, Iowa, Named Fifth City for
of Farm Surplus Commodities Under
District of
been replaced because of their Federal Government
Columbia delegates had
spring seedings in southern New
new
inroads on
made
has
Pittsburgh yesterday,
designated local dealers.
a
Hatch
follows:
still
seed
offer should file requests at once with their community or county AAA
committeemen as seedings must be made very soon if they are to be
successful.
The request will be passed upon by the county AAA committee.
When the loss is certified, the farmer will be given an order for seed
obtainable at
1939
19,
Washington advices of Aug. 9 quoted Senator
Press
as
practiced in Northeastern States, are practicable
not widely
while
ings,
The new growth will also provide
help prevent soil erosion and losses.
Midsummer seed¬
reseeding practical.
made
have
rains
normal conditions.
to
farms
drought-damaged
Aug.
the word "privately" was left out.
civil service regula¬
This omission was seized
by Attorney General Murphy in his first ruling applying the
the side of the law"
Hatch Act made it possible for Federal
conference explained that while he intended
he found that this "omission" in the
"to
err on
employees outside the civil service to give expression to
and preferences, either orally,
an
their political views
by radio or in writing, "provided only that
they are not participating in an organized political
nition of
Hatch
The Attorney General at a recent press
Act to non-civil service employees.
campaign." No defi¬
the Murphy
"organized political campaign" was set forth in
ruling.
Another Washington
dated
Aug. 10, quoted
Murphy's statement:
In
dispatch to the "Herald Tribune,"
as follows from Attorney General
the first statement, known as
Department of Justice "Circular No.
3285," the Attorney General dealt with the implications of Sections 2 and
9 of the Act and emphasized their
similarity to the rules issued by the Civil
Service Commission in 1936, applicable to
eral Government.
the classified service of the Fed¬
Volume
The
149
Commercial & Financial Chronicle
Section 2 of the Hatch Act makes it unlawful for an
ployee of the Federal Government "to
Federal election.
on
Federal officers
his official
or
employees in
ban
"political manage¬
are
not
necessarily controlling as to non-
civil service employees, you will see they will be
with many of the
Attorney General, adding that, where
by the rules,
found instructive in dealing
problems that will arise under the Hatch Law/' said the
a
particular situation is not
determination may be obtained from the Justice
a
covered
Department
decree of
pensation and stated its
companies
Hearing Set for August 24 and 25
This
one
Marketing and Marketing Agreements of
Department of Agriculture announced on Aug. 17 that
public hearings to consider amendments proposed for increas¬
ing producer prices under the Federal-state orders regulating
the handling of milk in the New York metropolitan market
will be held at Syracuse, New York, Aug. 24 and at New
York City, Aug. 25.
The announcement further stated:
will
Another hearing, at some time after the hearing on price increases,
be called to consider additional proposed amendments concerning
and other problems under the existing Federal
of the
operating
order, according to officials
parties,
including
handlers, and others,
producers,
will
have opportunity to present evidence at both sessions of the hearing on
proposed amendments to the Federal order.
The hearing
was
the Metropolitan Cooperative Milk Producers' Bargaining
claims
membership of 78 cooperatives having
a
over
the
requested by
Agency, which
46,000 members under
there
time
Government
has
to some
come
and consistently sought to
continuously
For
an
agreement for the future
be determined,
encountered.
but recently
further
operation of the industry, were believed
serious obstacle to final agreement was
a
In this situation this Government,
with either party, and in accordance
to
the scope of which there might
an
before both parties a suggested
solution of this obstacle, without requesting or receiving any commitment
or
obligation
on
the part of either party to accept it.
This proposal was as follows: Each party had claimed that it must
the management and operation of new
in
endeavor to
overcome
final agreement, be composed of nine persons,
a
mutual agreement
by the two parties from a panel of nine drawn up in
by the Governments of Mexico and of the United States.
In order to attain
be
to
Secretary of State Welles Urges Early Settlement
Mexico
of
Oil-Fields
Expropriations—Issues
Following Conference with Mexican
Envoy and Donald R. Richberg—Mexico Indicates
Readiness to Negotiate
complete impartiality on this panel of nine, no persons
included
who
from
came
any
country
finance, or in the
commerce,
This proposal seemed to offer a temporary
the Mexican
Government
and
The United States Government expects "prompt and
adequate payment" for expropriated American oil fields in
Mexico and a quick settlement of the dispute between the
two countries, Sumner Welles, Acting Secretary of State,
indicated in
formal statement issued
Aug. 14.
The con¬
troversy over expropriation of the American oil properties
was last referred to in our issue of March 25
(page 1734) and
July 22 (page 487).
Mr. Welles issued his statement after
conferring privately with Donald R. Richberg, who represents
the American companies whose properties have been ex¬
propriated, and Dr. Castillo Najera, the Mexican Am¬
bassador to Washington.
Mr. Richberg recently conferred
a
series of occasions with President Cardenas of Mexico,
and it was understood that negotiations were at a deadlock.
a
The announcement by Mr. Welles was regarded as throwing
the entire backing of the United States Government into the
dispute for the first time since the seizure of the properties
in March 1938.
Mr. Welles in his statement said that
continuance of the
"a
dispute not only will dislocate still further
beneficial commercial relations between Mexico and the
United States, with great economic losses to both countries,
important still, it will constitute a material barrier
friendly understanding
more
to the maintenance of that close and
between Mexico and the United States which both govern¬
regard
as
in the best interests of the two peoples.
He adds:
•
The discontinuance of the present discussions can of course in no sense
relieve the Mexican Government of its obligation to make prompt, adequate,
and effective compensation for the petroleum properties which have
taken, if the expropriation is to be regarded
At the
as
now
standing in the way of
a
than to reconcile
breakdown in the
either
when
party
that
are
advanced to
at¬
over-
fair settlement of the
con-
Y.
■
has
course
evident that
invariably insisted at
solution of this controversy must be
every step
1938, the Mexican Government by decree undertook to
similar in nature, although involving investments of far
expropriate farm and other properties belonging to American citizens
With regard to the seizure of these agrarian properties, this
Government
had consistently pointed out that in the exercise of the admitted right of all
but
in accordance with the recognized principles of interna¬
of the
Government of Mexico
adequate, effective, and prompt payment for the properties seized.
for
This
latter problem was. largely settled when on Nov. 9-12,1938, the two Govern¬
exchanged communications agreeing upon
a
satisfactory procedure
for the determination of the fair compensation to be given American citizens
whose lands have been taken
subsequent to Aug. 30, 1927, and in
of which agreement the Mexican
Immediately
following the
action
conse
Government will provide
com¬
Y
pensation in cash for such properties.
taken to
expropriate the
properties belonging to American citizens, this
petroleum
Government informed the
Mexican Government of its expectation that prompt compensation
would
be made in the form of just and effective payment to the extent of the fair
and equitable valuation of such
is
firmly
the
based
elemental
govern
not
on
considerations
the relations
perties taken.
only
properties.
well recognized
of justice
This Government's position
rules
of international
law;
and of fair dealing which should
between nations demand such payment for the pro¬
The attitude of applying the principles of established in¬
ternational law in the solution of this problem has been consistently main¬
peoples.
The discontinuance of the present discussions can
the petroleum properties which have been
taken, if the expropriation is to be regarded as valid.
interest
consideration
to all constructive proposals that are advanced to overcome the difficulties
now standing in the way of a fair settlement of the controversy which exists.
In the rapid fair, and equitable solution of this controversy, the interests
in this
will give the most ample and attentive
controversy
of their
Government
are
directly concerned.
On
Aug. 17 Mr. Welles expressed the hope that the negotia¬
tions between the Mexican Government and American oil
companies whose properties have been taken over by Mexico
will be resumed and an agreement satisfactory to both sides
reached.
We quote from a Washington account Aug. 17
to the New York "Journal of Commerce" which added:
The
expressed his
Secretary
evaded
all
desires at
questions concerning
the next
situation since the negotiations became
Welles said in response to
press
step
conference today but
the
to be anticipated in
deadlocked over the question
of
questions that "the State Department
the occasion presents
our
itself.
hope that negotiations whl continue and will have a
As to the precise form they will take,
One of the questions
understanding
which
this
the part of both Governments that their
successful
that is a matter for either
determine."
asked at the conference was whether the oil
situation
States Government is
actually considering direct responsibility for further negotiations.
Mr.
WeUes* reply to this inquiry, however, was that the Government's position
has
developed now to a point where the United
today was the same as that of a few days ago when
he issued a statement
deploring the rejection of the Department's suggestion that
control of the
properties be lodged in a tripartite board of nine.
question of the next probable step, Mr. Welles
In reply to the
probably one for the companies to decide.
ment
to
continue
indicated
"The Mexican Am¬
desire of the Mexican Govern¬
the negotiations."
Eduardo Hay, Mexican Secretary of State, replied to Mr.
Welles' statement on Aug. 15 by an announcement that
Mexico is willing to resume negotiations concerning the ex¬
propriated oil properties. After a conference with President
Cardenas, Mr. Hay issued a statement saying that Mexico
would negotiate on the basis already proposed "or others
equally constructive."
United Press advices of Aug. 15
from Mexico City quoted from the Hay announcement as
follows:
Mr. Hay said that the Mexican Government
ment
had examined Welles' state¬
"most attentively."
"The position the
Mexican Government assumed on this occasion (ex¬
propriation of farm and oU lands) coincides with the viewpoint of the
American Government, as in the fulfillment of the mandates of its in¬
ternal law it has always been disposed to take the necessary steps to pro¬
It has, therefore, invited representatives of American
steps the Government has taken in
Government desires to continue to maintain with the Government of Mexico
possible way to
What further steps we will take will be decided as
cussion.
on
a
intends to continue as it has from the beginning, in every
further negotiations.
tions to both parties to the controversy throughout the period of the dis¬
requires the reciprocal assurance
At the same time,
however, this Government expects that its own citizens with direct
ceed with payment.
friendly
of course in no sense
adequate,
relieve the Mexican Government of its obligation to make prompt,
and effective compensation for
interests to reach
close and
economic
understanding
between Mexico and the United States which both Governments regard as
in the best interests of the two
tained by every official of the United States Government in its representa¬
Furthermore, the
A con¬
important still, it will constitute a ma¬
more
bassador has indicated," he said, "it is the
part
found in
this Government
mercial relations between Mexico and the United States, with great
losses to both countries,
that it was
the
as
terial barrier to the maintenance of that close and friendly
be accompanied,
on
by
dislocate still further beneficial com¬
sovereign nations to expropriate private property, such expropriation must
by provision
law,
of the present negotiations.
the Mexican Government or the oil companies to
greater magnitude, to the steps taken by the Mexican Government in recent
law,
been discarded
•
a
tinuance of the dispute not only will
"It is
expropriate the properties in Mexico of certain foreign owned, including
American owned, oil companies operating there.
was
present negotiations should have
accordance with the basic principles of international
own citizens
most ample and
Mr. Welles' statement follows in full:
This action
that a proposal suggested for no other
major difference of approach which threatened
fully comprehended the purpose for which it was put
forward.
It is of
a
hands of impartial and com¬
Y
without the fullest exploration of its possibilities, especially
both parties
outcome.
18,
.
This Government naturally regrets
purpose
a
Mr.
troversey which exists.
On March
'
persons.
petroleum industry
middle ground on which
control of the expropriated properties.
in this controversy will give the
tentive consideration to all constructive proposals
the difficulties
been
valid.
time, however, this government expects that its
same
with direct interest
quence
involved.
and of
petroleum companies could have met
the
petent
ments
whose citizens had a
direct and important interest in any of the petroleum companies
with the balance between them resting in the
tional
three appointed by
Government, three appointed by the petroleum companies,
and three selected
were
In an
offered the
temporary arrangement, and
the deadlock, this Government informally
suggestion that the Boards of Directors, as a
pending
control
companies, which it had been agreed
principle might be established to operate the properties seized.
by
years to
without prior consultation
with its repeatedly demonstrated desire
agreement, informally laid
Statement
com
facilitate
between both
t me the conversatons
a
A set of bases of discussion, within
practical experience in
ments
petroleum
fair and equitable agreement.
parties proceeded satisfactorily, appearing to hold promise of an eventual
itself.
Under
but,
petroleum
been discussions be¬
These persons were all to be of demonstrated integrity and standing,
contract.
on
have
negotiations by conferring with both sides, first with
and then with the other.
the Mexican
Marketing Division.
All interested
willingness to discuss terms with the
Since that
endeavor to
an
and to further these
to
the
concerned.
companies in
be found
New York Milk
occasions sub¬
numerous
on
representatives of the Mexican Government and of the
solution.
The Division of
expropriation itself and
sequently, the Mexican Government recognized its liability to make com¬
tween
political campaigns."
"While the civil service rules
In the
administrative em¬
capacity" to affect a
prohibition and adds a further
Section 9 repeats this
participation by
ment or in
use
1111
agreement on the value of the property but so
far
the
this respect have been met with the
companies' recalcitrant opposition.
"Nevertheless,
my
Government, moved by an ample spirit
of concilia¬
relations will in fact be governed by such principles of justice and of fair
tion, agreed to negotiate with representative of all firms, Donald Richberg,
dealing.
assuring him of its willingness to carry out just, equitative evaluations of the
The Commercial &
1112
indemnification after
properties and of the Government's disposition to pay
the amount
The statement said that
companies
sales of oil if they desired to apply it
percentage of export
a
Mr. Ilay continued:
joint operation of the properties.
The companies in
for
Mexico also considered formation of a society
toward indemnification.
properties for
the
Government offer would have given
one
insisted on return of the
form or another have
one
period of time during which undoubtedly the wells would
by the Government not to levy new taxes
a
be exhausted and on a promise
on industry in the future as well as establishing a special system for reg¬
ulating conditions of work which are distinct from those stipulated in the
laws, thus failing to recognize the rights of the .laborers and paralyzing
the Government's fiscal action, expecting that it would agree to unacceptable
sovereignty.
created,! the Government of the United States,
abdication of its
In view of the situation
maintaining its amicable attitude, suggested creation of a mixed council
which would have control of administration, with neutral elements to
decide disagreements.
Just at the moment when my Government was
studying this suggestion, the companies rejected it, attributing its origin
to the Mexican Government.
This obliged our Ambassador to make the
necessary corrections and suspend negotiations."
The statement then said that Mexico was willing to resume negotiations
Return
Greater
and
Producers Seen
Primary
to
Income
National
Expanding
Steadily
seek to do so separately.'•
with those companies which
'either jointly or
Foremost
as
Need by Chester C. Davis—Member of Board of Gov¬
ernors of Federal Reserve System Deprecates Effect
of Price Devaluation
be
Export Commodities
on
Federal Government should
monetary power of the
The
used
come"
to
constantly expanding national in¬
fair return of that income to pri¬
"promote a
to insure a
and
dollar
annual meeting of the American
the
address before
Cooperation at the University of Chicago.
Mr.
Davis said that the level of commodity prices is low despite
Institute of
lie
greater quantity of money than ever in history, and
declared that the trouble was that this large quantity
a
of
has been
Mr. Davis ques¬
not being used as actively as money
was
money
periods of business activity.
devaluation as a means
used in past
tioned the effectiveness of currency
He said,
supporting price levels of export commodities.
of
in part:
The
it
moment
is
recognized
terms
of
puted
equivalent—then
nations
different
exchange between the currencies of
factor influencing prices of
the ratios of
be
to
seen
are
commodity transactions are done in
that
gold—that gold prices are merely a com¬
and not of
currency
important
an
trade.
Changing
the currency value of gold in one country may definitely affect the currency
price of commodities that are dealt with in international commence.
It
is important to recognize that this is something totally different from the
principle which I have just been discussing which held that a change in
the currency value of gold automatically changes the currency value of
commodities
widely
commodities
basic
It
is
settled
today
exchange relationships.
international trade balances
but
gold,
thinks of
in
when
British
a
therefore,
thing,
important
I
warn
between thg
and the dollar on
exists
that
If
or
United
the
fjitates were to reduce the dollar in relation to the pound
foreign Currency units,
other
given amount of foreign currency would
a
This would
tendency to increase the dollar price to the American producer
export commodities.
Lowering the gold content of the dollar might be
buy
of
a
one
dollar
reduce
to
way
Recently
the
have
asked
I
to
reduce
franc
and
their
considered
other
countries
dollar
the
who
men
the
currencies.
trained students of
foreign
with
are
United States set out delib¬
if the
among
world
the
of
currencies
less valuable
currency
our
of
happen
exchange what would
erately
ratio
its
number
a
foreign
attempt to make
in
Board believes that economic stability
.
.
.
should be tL«
public policy.
It Is convinced that this objective cannot be
policy alone, but that the goal should be sought through co¬
ordination of monetary and other major policies of the Government which influ¬
ence
business activity. Including particularly policies with respect to taxation,
expenditures, lending, foreign trade, agriculture and labor.
"It should be the declared objective of the Government of the United States to
maintain economic stability, and It should be the recognized duty of the Board of
Governors of the Federal Reserve System to use all its powers to contribute to a
concerted effort by all agencies of the Government toward the attainment of this
"To sum up, the
achieved by monetary
objective."
judgment that
would
circumstances the
in existing
automatically
parity would be
the
affect
not
prices
pound, for example, would continue to buy approximately the
dollars
it
as
does
the
at
relation
has
had
Total
due
of
net
net
a
$1,780,000,000,
to capital
Stated
in
sent
another
later
gold to
I
on
discuss how
want to
Brazil
and
Australia
having adopted
the producers
a
this
to
as
policy
States
in
official
toward
the
policy but
of deliberate
that,
the
on
which
forced
to
those
total
a
1939.
of
most
little
A
volume.
frequently
long
official
this
as
by
as
aid
1928
000,000.
Brazil
In
rate
it
up
country
turned
fell
fallen
s
to
currency
policy
was
prove con¬
as
a
result
directed
was
reserves
that
similar
were
.$5,000,000
the
fell
of
It
through appropriate committees or
objectives by which monetary and
and unsatisfactory process."
some
I
hours, adopted
Committee
resolution authorizing the Senate Banking and- Currency
study.
I know many of you supported the
a
undertake that
to
recommend
policy by which
authorities of the Federal Government shall
and to consider and recommend the character
governed,
and
guided
committee "shall
the
that
part,
in
national monetary and banking
a
banking
and
monetary
provides,
which
resolution
Wagner
consider and
be
United States, in its closing
glad to report that the Senate of the
am
governmental machinery best calculated to carry out euch
of
Reference
for
the
banking policy
17,
and
monetary
national
of
study
policy."
passed by the Senate calling
resolution
the
to
appeared in our issues of Aug. 12, page 958, and June
3619.
page
Capital Urged by Secretary Ickes to Develop
Alaska, "the Last Frontier"—Report Calls Terri¬
Private
Ample Field
Europe and Asia
tory
Imported
Products
for
from
Secretary of the Interior Ickes, in a survey of the potenti¬
alities in Alaska made
holds
area
public
rewards
richer
settlement
Nation
give
and
Aug. 15, declared that the
on
offered pioneers in
those
than
He recommended the extensive
to strengthen this
of Alaska
development
against invasion, to relieve unemployment and to
haven for refugees from persecuted European areas.
a
Mr. Ickes described the
report, prepared by Under-Secretary
Slattery, as "an invitation to private
of the Interior Harry
capital to cooperate in the development of our last frontier."
The survey was summarized as follows in a Washington
dispatch of Aug. 15 to the New York "Times":
The
described
are
East
points
India
ment
which,
partnership
in
undertake to utilize the dormant wealth
In support of a
report
detail, and there is outlined the organization of
in
corporations
financed
would
ment,
the
be derived from the development of Alaska's natural
advantages to
resources
Govern¬
purpose
modeled
in
part
on
and Dutch
for the develop¬
Congress
charters granted by
special
Legislation
"Legislation
the London, Plymouth
of
the operations
to
the
Co.,
the
with
of the territory.
partnership of Government and capital in such a venture
of the West and the "public
the
was
was
in
had
after
fell
the
the
most
the
to
$150,-
coffee,
repre¬
conform
same
9.1c.
in
not
that
time.
reserves
of
The
to
1931,
and
and used
in
support of
in
been
had
to
exchange
January,
stepped
1930
inter¬
In
year.
movement
$150,000,000,
gold
of
the
practically
Australia.
$225,000,000
up
in
in
the
be
upon
"so
Australian
1928,
were
gold
drained
the attempt
on
the
reserves,
down
part
to
such
corporation."
Suggested
the
terms
conditions
as
charters,
to
it
insure
report
the
the amount
as
by
China
the
their
of
Congress
type of industry to be developed
aiding in the
trial
bound
admitted,"
The
Trade
is
also
of
Act
the
to
the
1922 might
of
prescribe
absentee
"Fortunately," the report sets
likewise
might
returnable
corporation
to
serve
not
forth,
United
as
so
limitations
bondholders,
and
original
purpose
many
of
indus¬
merely a means of draining its
"the
resources
of
the
to
reference
owners."
developed along lines that will not compete with
of
its
become,
different
those
with
contain
stockholders
will
to
from
incorporation
in Alaska and the type of settler
development of Alaska and
pockets
of
states.
suggested,
income
of
that
charters
might
corporations in Alaska have become,
wealth
rapidlv.
in
having been used
The
authorities
country,
followed
at
1929
the
approximately
but
financed,
worth
the country in
Brazil
11.8c.
to
$325,000,000
$195,000,000.
against
approximately
1934,
to
further
milreis
course
in
am
bankSh'g authorities shall be guided, the validity of different plans and views on
monetary and credit matters proposed or held by agencies within or outside the
Government, including the Board's own positions, and the character of govern¬
mental machinery that would be best calculated to carry out the purposes of Congress
in this important field.
Such a broad approach would enable Congress to consider
all the proposals in relation to each other, and to other important problems of our
economic system.
Piecemeal consideration of various proposals is a slow, cumber¬
the
in
I
and House with these words:
The Board urges that Congress
"...
deal.
to
Joint committee take steps to determine the
possible, and that
developments
adverse
amounting
reserves
exported
from
currency.
exhausted
which
exports
have
the gold
A
Brazil
milreis
would
gold
of the total exports of
capital
of
had
1929
coffee
s
national
have
Currency Committees of the Senate
and
a
however, we must see clearly and
we
provide for the organization of Alaska development corporations, privately
Brazil
70%
senting
under¬
convinced that
monetary policy is inextricably interwoven with questions of taxation,
investment, Government borrowing or deficit financing, policy governing
foreign trade, labor and agriculture, and many other problems to which
you may not think it related.
The Board of the Federal Reserve System
has urged Congress to undertake at this time a thorough study of mone¬
tary, credit and banking policy and mechanics.
On April 8 of this year
the Board concluded a statement addressed to the chairmen of the Banking
which
with
forces
the
is taken,
action
further
Before
stand
to
an
as
seems
exchange market.
In
than now exists.
set-up
privately
mentioned
devaluation
currency
as
and banking structure, and in so far as
work out a more rational and effective
monetary and credit
field now extends,
Federal
the
have
countries
other
All the evidence
them
upon
including
months
unprecedented
contrary,
preventing currency declines
were
silver.
gold is handled after it gets here.
of export commodities.
declines
and
1934 there has been a fairly
clusively that these countries did not depreciate their
of
approximately
gold
have amounted
six
since
country
of
of
country,
first
of
countries
two
are
result
a
the
the
this
imports
imports
that since
means
United
the
silver
balance,
over
by
through
dollars
for
exports
offset
and
1934
this
way,
On
and other transactions,
from
demand
their
gold
of
movement
$9,489,000,000
of
been
has
States to lower the
for the United
currencies.
surplus
which
payments
continuous
other
to
and reserves are large, and when the hank's
find investments that will yield earnings, to
the settlement of the West.
important at this point to take into account the forces that would
in
1934
number
same
present time.
operate to make it extremely difficult
dollar
since the
of export crops,
reexamine the
country's
of
currency
chief problem
to
how
dollar
preserved.
would
devaluation
an
and that approxi¬
If that is the case, then
the
follow
further
It is
is
of this period when
Congress should take advantage
deposits
bank
It is
thereby to raise the domestic price level of export crops.
mately the present
of
in
Davis likewise said:
In his address Mr.
It seems to me that
relation to the pound and
in
issued just two years ago:
Reserve System
general objective of
old relationship.
it bought under the
dollars than
more
have
when
things,
action alone cannot accomplish these
that monetary
you
fully employed to that end.. I ask
you to consider carefully the concluding paragraphs in the statement on
objectives of monetary policy which the Board of Governors of the Federal
the
other.
share of expanding income
greater
a
though monetary powers should he
even
for
relationship
the
is
bids
firm
pound and the mark and the franc on the one hand,
the
are
American cotton it
the price in pounds and shillings, not in gold, just as a German
terms of marks and the Frenchman in terms of the franc.
The
in
thinks
world
the
in
advocating
toward its primary producers, Mr. Davis concluded:
I hope you will not think that I am wholly negative in my view
international
in
of foreign
irrespective
that
true
sold
and
bought
down.
or
up
After
producers, Chester C. Davis, member of the Board of
Governors of the Federal Reserve System, said on Aug. 9
an
•
this morning's program to
cover
adequately this subject of international exchange relationships.
I
think I have said enough to indicate that there is at least some serious
question as to the extent to which devaluation can be adopted by the
United States as a means to lower the dollar in relation to other currencies
and
to support
and maintain price levels of export commodities.
It
should be remembered, as key considerations, that there is a strong demand
for dollars over and above those created by the sale of commodities to the
United States and that no country at present is firmly on a fixed gold
basis, so that the currencies of foreign countries are free to follow the
impossible within the time limits of
is
It
mary
in
In 1938 Australian gold
$3,000,000.
only
were
currency.
to bolster their
authorities
Australian
reserves
known."
was
1939
19,
Aug.
Financial Chronicle
States,
and
of Alaska
these
resources
are
very
can
be
products of the United
Volume 149
•States.
ucts
On
which
will
we
help
'event
now
the products of Alaska
import from Asia and
make
to
of
The Commercial & Financial Chronicle
the contrary,
the
United
States
in large part,
are,
best
in
•
1113
issuing these estimates, the Conference Board
that
the
independent
war,"
In
development
and their
Europe,
economically
prod¬
"national
.
.
income
and
.
estimates
that
warns
approximations at
as well as economic
are
"political
newsprint,
considerations are believed to have influenced the official
statistics upon which the estimates of certain countries are
77.3% imported; herring, 94.4% imported; canned crab meat, 94.4%
•imported, and various types of fur, leather, paper and wood products.
basedIt also points out that the comparability of national
income figures is further limited
by the differences in methods
This
condition
imported
applied partciularly to tin, of which the United States
1937
approximately
'
:
As
in
is
to
that
the amount
each
of
its
consumption;
Source of Newsprint
newsprint,
of
its consumption
user,
99.9%
in
year
of
which
for
the
1930,
timber
United
Southeastern
States
is
totaling 3,700,000
available
Alaska
for
is
cutting
enough
to
the
greatest
states
sustained-yield basis
a
supply
Nation's needs.
world's
the report
tons,
on
one-fourth
of computing income and
by differences in standards of
living, in climate and in the degree of urbanization.
Conservative
"The
those
from
cost
of
Canada
that could
from
more
remote
reserves
lower
not
are
than
be
enjoyed by mills operating in Alaska shipping via the
cheap ton-mile route through the Panama Canal to
Philadelphia."
There is quoted a report of the Natural
Resources Committee,
describing
the
of
resources
.power
;and
wood
available
resources
for
forests
of
industrial
Southeastern
and
use
Alaska,
tidewater
the
water
transportation
"equable climate permitting plant operation and unhindered
ship¬
throughout the year."
"In
the
Alaska
displaced by
our
of
pulp
the
ping
of
the
of
the
the
future,
contraction
of
there
our
is
for
room
foreign
trade
American
and
the
technicians,
slowing
down
population growth;
the
leather
for boat builders and fishermen from the shores
for trained toy makers and machinists,
skilled
Mediterranean;
workers
and
cabinet
makers
from
Central
Europe and
Business,
National
now imports more than 75% of its
abroad, the report goes on:
and
production
in
American
Stating that the newsprint industry
requirements
Trends
Congress Should Encourage
Says President Coonley of
of Manufacturers—Regards
as
Set-Back, However, Failure to Amend National
Labor Relations Act—Warns Against Government
Spending
the
of
Association
American
business
confidence"
from
should
gather
and
"encouragement
conservative
current
trends
in
Congress,
but it cannot be held responsible for
recovery without "fur¬
ther positive action"
by the Nation's legislative
branch,
Howard Coonley,
President of the National Association of
Manufacturers,- said in
bership
Aug. 10.
on
tion with
letter
a
the
to
Association's
mem¬
"The effect of 10 years' experimenta¬
economic machinery cannot be overcome even
with the best of intentions and the most determined efforts
our
workers
in
industries
of
of business management until those
experiments are aban¬
doned or adjusted to experience, Mr.
Coonley observed.
98% of the land in Alaska still is public land, available for
settlement, trade and manufacturing site purchase, town site
purchase, grazing lease, fur-farm lease, timber lease or mineral
entry.
Turning to ways in which Congress could pave the way to
business recovery, lie touched specifically on the National
Labor Relations Act, saying:
.
/"
National
Labor
wood
from
their
North
Europe who can transplant
lands," the report concludes.
native
Alaska
to
the
More than
homestead
Let
Industrial
States Income
Narrows
Conference
Board
Finds
United
Advantage Over Foreign Countries
Industrial
Economics
of
Board in its release made
following
summary of its
the
Conference
public
on
Board.
The
Aug. 13, presented the
study:
capita income in this country dropped from its all-time
high of
$654 in 1929 to $356 in
1933, and then rose during the recovery period to
$537 in 1937.
In dollar terms, the
per capita income of Germany rose
from $279 in 1929 to $421 in
1937, that of the United Kingdom from $417
to $500, while
nearly all other countries made relative gains.
PUjn terms of American dollars, the
was
greater than the
aggregate income of the following 15 foreign
Australia, Austria, Bulgaria, Canada, Chile, Denmark,
Estonia,
Finland, France, Germany/Hungary, Japan,
Norway, the United Kingdom
S.
S.
income, but their recovery in this respect has been more
rapid
United States.
By 1936 this country had recovered to
only 82% of the 1929 level, while the total of the 15
countries had risen
than that of the
113%.
combined
1929,
population
United
of
Kingdom,
150,000,000,
United
France,
received
States, with
By 1937, the best income
and
Germany,
with
$33,000,000,000
less
population of only
a
a
not
population.
change,
for
Investigation
important, but it does not
National
produced before
of
can
drawbacks
the
remove
be
National
the
bearing directly
congressional action
on
of recovery,
Mr.
related to
as
Coonley commented:
overemphasis is placed on the claim that Congress "has
accepted industry's challenge" and that responsibility for complete recovery
has
been
now
thinking.
also
The
results,
business.
to
unsound
made
therefore,
to
things done
of
all
penetrated
in
what
they
only
the
is
of
correction
principally
continuous
until
do,
to
defects.
but
Final
session.
Substantial
and
by Congress.
depression should make it crystalawaits
recovery
been
aptly
undoing of things
done
the
correction
wrong.
.
the
slowed
national
the next
psychological.
action
has
our
refused
existing
postponed
was
It has
wrong;
reforms
Congress
have
politicians and .public alike that
of
that
true
further positive
upon
Surely, nearly 10 years of
clear
is
which
corrections
were
depends
recovery
not
toward
of these
It
trends
apparent
was
start
most
on
sound
the
This
the
in
action
shifted
of
some
.
.
said that
the greatest
lie
emphasized,
represent
real
a
advance
in
the
'U-Vu
"but
nothing
the
however, that
business
should have
greatest commendation" for the encour¬
agement which Congress did afford and
letter
meant
was
in
by the national legislators.
members
of
Association
the
his
de¬
He also reported to the
the
on
that
"credit"
stressed
diminish the
to
sense
no
question
business
of
appeasement, which was in the limelight in the early spring.
Of this he
said:
Following the Des Moines speech of the Secretary of Commerce inviting
economic
welfare
of
/.■:
<--;v
the
v
;
The following tables derived from the
study show total and per capita
national income of the United States and
the 15 foreign countries
named,
in
was
the
amend
as
overwhelmingly
business.
to
to
evidence
Considerable
$9,000,000,000.
It is pointed out in the board's
study, however, that much of the foreign
increase has come from economic
activity related to preparations for war,
:
may
failure
such
sentiment
setback
is
that
of
in
123,-
in the United States since 1930,
year
this differential had shrunk to
about
and
saying
face
public
Board
problem
served
the
national income than the
000,000.
As
years these 15 countries all suffered serious declines
in national
Again, in
with
serious
a
Relations
in
in the
R.
During the depression
to
Act,
employment involved in the defects of the Wagner Act.
the
national income of the United States
countries:
and the U.
to
frank
quite
and
considered
down
P*Ter
in 1929
Congress,
Labor
The United States still led the
principal countries of the
world in per
capita income received in 1937, but its margin
of advantage had
grown much narrower than it was in
1929,
according to a study just completed by the Division of
be
us
Relations
business
to
prepared
was
it
give
its
sent to
upon
discussed in
the adjournment
its
some
Association
your
to
as
a
carefully
This
program.
recovery
governmental departments, but
entirety with the Department of Commerce
of Congress because of the
Summarizing the future,
1929, 1933, 1936, and 1937:
recovery,
recommendations
Congress and presented to
could not be
before
suggestions
specific
illness of the Secretary.
Mr. Coonley
voiced confidence,
saying:
NATIONAL
INCOME
OF
THE
UNITED
STATED
AND
I
FOREIGN
COUNTRIES (MILLIONS OF DOLLARS)*
it
Country
Vnited States
_
1929
y» .i*
-
Australia.
-
.
.
_
.
.
...
Austria
.....
Bulgaria.
;......
Canada
....
...
65,246
69.419
1,847
2,787
1,045
358
.
2,730
.
.
_
_
_...
Finland
...
France
....
4,193
425
358
314
677
932
65
86
460
...
284
.
10,012
11,556
14,195
26,169
810
Japan..
2,941
Norway....
587
United Kingdom
u. s. s. R-*
.....
CAPITA
NATIONAL
FOREIGN
INCOME
the
by
576
21,514
the
contact
with
effort to
move
intimate
and
industry will make
still remain,
recovery
every
warned
selfishness
against
this
Of
he
practice what they
preach
the subject of
on
Congress needs to be sustained in fact
the
at
back
front
be
in
well
as
So when
our
guilty
in
petitioning
of
State,
as
ask for
we
city,
our
our
like tax-raising, begins with less demands
economy,
individual for
not
let's
door,
for expenditures
door
seeking
in
said:
spending.
governmental
-
>
23",672
16,620
confidence
encouragement and
experience
past
that
should
Government
district.
derive
Many obstacles to
this question of governmental extravagance.
on
thrift
408
OF
COUNTRIES
also
Congress at
14,689
,
5,780
he
spending.
Government
9,700
19,029
men
8', 578
3,804
-
will
,
spending.
28,534
1,242
5,494
_
9,594
995
....
Hungary
Business
theory
from
Association
conclusion
Government
449
18,083
................
Germany
In
I know
the
despite them.
Government
3", 783
987
.
^
but
true,
forward
1,061
406
_
business
that
existing congressional trends.
is
members of
2,990
829
91
.....
Estonia
1937
44,713
586
Denmark
PER
1936
3,433
1,019
Chile
,
1933
79,498
5,392
_.
convinced
am
from
19.140
THE
UNITED
After
Business
Better
STATES AND
Season
(IN DOLLARS)
Forecast
Labor
by
H.
,
Through Holiday
of National
Day
H.
.
Heimann
Association of Credit Men
Country
1929
1933
1936
1937
XTnited States...
654
356
508
Australia
537
533
277
409
434
123
155
157
Austria
152
Bulgaria...
59
538
256
343
Chile
377
134
81
69
Denmark
92
281
186
249
was
Men,
58
76
127
80
125
France....
233
239
276
204
Germany.......
279
215
389
421
Hungary
115
92
138
87
44
54
after
Norway
208
143
200
United Kingdom.
U. S. 8. R.b
The
417
316
457
....
*
46
73
120
aging
500
from
exchange rates,
figures are based
a
national
Converted
on the
currency
at
fixed
units
rate
on
of
1
basis of
Federal
ruble=20
cents,
b Per
o»rd
season.
the
volume
capita
population in the European territory of the U. S. S. R.
Manager of
his
monthly
with the last half of
Association
National
tlie
review of
"Whether
business upturn,
Labor Day."
improvement
in
business
or
not
sent
Credit
of
members
to
the moderate, encour¬
developed
which
Mr. Heimann also
business
Trade
then
should
whole,
1939
should
136
Reserve
Labor Day,
in
the
middle of
July, holds through the summer weeks," he points out, "it
can be regarded as a probable forerunner of better business
On
Converted
in
of the Association.
82
Finland
Japan
after
witnessing the best business record during 1939,
the forecast made on Aug. 11 by Henry H. Heimann,
this year
Executive
70
Canada
Estonia....
business
Better
year
of
and
earnings.
equal
prove
Whether
it
should
or
better
better
will
1937 is somewhat questionable,
says:
continue
that
than
equal
but
through
experienced
1938,
the
both
as
reasonably
the
a
holiday
year
to
ago.
business
satisfactory
the possibility does
exist and
Un weeks will be quite important as to this possi¬
the record of the next
business for a limited
Stating that a temporary spurt in
period of time can be expected to recur every so often, Mr.
Heimanp declares that such a spurt—based less on capital
and semi-durable goods—is what
In some measure, he feels, it is
due to congressional activity, adding that "business in gen¬
eral feels encouraged by several actions:
"1. The proposed investigation of the National Labor Relations Board
goods than
"3.
actual
its
for
all that its friends claim
possible will be the transfer of
States.
It can
distinct gain if the proper character of representation has
States; but that cannot be quickly assumed for States and
not accomplish
it may
workings
since one net result that appears
it,
political party power from the Federal field to the
some
of
"blank-
cf economy and opposition to
grants of money and power to one branch of the Government.
The Hatch bill points to an effort to divorce relief from politics.
check"
In
labor leader domination is drawing to a close.
spending-lending program by Congress indi¬
the need
of
recognition
a
the
of
treatment
The
cated
enjoying.
the period of
indicates that
"2.
consumer
on
been
have
be
course
control
a
the
in
have had their share of political
political subdivisions have now and always
machines.
business
law, really make these bureaus a
judge and jury.
...
are such that once a feeling of
prosecutor,
Legislature,
and
confidence returns
this Nation
needs of
accumulated
"The
not only here
the discouraging programs,
of
some
the world, have subsided, a
throughout
carrying
recovery
sub¬
over
stantially a decade could easily be realized.
"It isn't necessary that the problems confronting us and other nations
at
completely solved, or that the economic abuses of the past be corrected
once.
To expect that would be to expect miracles.
What is needed
is
unmistakable intent,
solution
uneconomic theories
our
that
a
gotten under way.
has
business
American
made,
been
has
start
a
beginning of
start toward abandonment of
problems and a
world's
the
"Once
of
supported by definite action,
our
be
will
men
found
parallel the upturn.
They will
gladly aid in the solution of the problems that have been so restrictive
in their effect during all of these years."
expansion
ready to have their
indicating that the Congress at its concluding session
on Aug. 17 had taken steps toward a permanent organiza¬
tion, the New York "Times" of yesterday (Aug. 18) said:
Responding to injunctions by two of the leading statesmen of the post¬
In
to
era
war
programs
Individual
Business Man to Keep
Legislation Cited by Merchants Asso¬
of
of
Abreast
ciation of New York—Over
Viewed
Year
9,000 Measures in Single
on Time and
Unnecessary Drain
as
Energy of Legislative Bodies
If
After listening to
tion into license,
of
York
New
in
had
attempted to keep up with all the legislation last year in
which it had a potential interest/it would have been com¬
examine over 8,500 bills and resolutions, intro¬
Congress, the State Legislature, and the City Coun¬
cil, according to the annual report of the Legislative Service
Bureau of The Merchants Association, which was made pub¬
lic Aug. 9.
"The answer to this is," declared Arthur M.
Travers, Manager of the Legislative Service Bureau, "that
pelled to
duced in
the individual
the
business
legislation
without
outside
man
with
or
who attempts to keep abreast
interpretations
administrative
lost, unless he has such a large
afford to have two or three people
help is
organization that he
can
devoting themselves exclusively to this work."
Mr. Travers
added:
If
include
we
there
were
though
the
so
of
9,000
in
measures
of the
the
a
this
of
single year,
business
the introducers,
potentiality of trouble and, therefore, it became
organizations
with
It
new
would
fancy
as
which
of
matter
a
self-defense
of
to
held the
each of which
York
New
legislative grist,
failed of passage and quite
except
anyone
out
came
average
measures
by
seriously
which
laws
new
affecting
many
taken
concern
up
the
over
potentiality
number were
them held
each of
for business
necessary
study
them
Even
man.
a
all.
from Edouard Herriot, President
the
that
legislators,
remedied
run
in
For
introduction
sometimes
with
of
no
so
bills
many
other
at
the
the whim
objective than
or
publicity,
into big totals.
New
York
It
State
by
has been
the
proposed that this matter
establishment
of
a
legislative
council, whose duty would be to examine the needs of the State
ensuing
year
action.
The
and make suggestions which would be
creation
situation and
of
introduce
such
some
a
body
order
into
this
the
guide to legislative
a
might help
for
to
correct
the
The report of the Legislative Service Bureau of the Asso¬
pointed out that during the year ended April 30,
1939, it had examined 4,457 bills introduced at Albany, in¬
cluding 44 concurrent resolutions, 133 joint resolutions, 694
proposals which were made to the Constitutional Conven¬
tion, 359 new Federal laws, 402 State laws, 96 1 >cal laws,
bills
introduced
in
the
City Council,
and 3,324 public
the
necessary
course
to
of the
review
Bureau's work
10,161 pages
of
for
the
the year
"Daily
it was
Congres¬
sional Record."
Dean William F. Russell of
of
Teachers College Chairman of the Congress,
address of the evening that the permanent organization
said in the closing
keep the lay organizations associated
would have three main objectives: to
with the Congress active
and
books
films
in its work; to provide suitable materials such as
teaching
for
researches.
Dr. Nicholas Murray
and to
democracy,
carry
'■
■
necessary
on
•'
Butler, President of Columbia Uni¬
versity, in opeoing the Congress on Aug. 15, said that edu¬
cation and democracy are used in so many and often wholly
misleading ways chat definition is imperative.
He added:
What is education?
instruction of any
It
something very much broader and deeper than
is
kind, and it is something very much broader and deeper
preparation for any particular calling in life.
than
vocational preparation
Both instruction and
fit into the process of education, but they are in no
is
subordinate instrument
example and discipline being both more important and more
identical
Indeed, instruction
with it.
a
Just so, vocational preparation is and can only
powerful.
part of preparation for
tion ago, must mean a
be a subordinate
life itself.
Education, as I defined it a long genera¬
gradual adjustment to the spiritual possessions of the
assisting in
and institutions which we call
Those spiritual possessions may be variously classified, but
with a view to realizing one's own potentialities and to
race,
carrying forward that complex of ideas, acts
they
are
certainly at least five-fold; the child is entitled to his
institutional inheritance, and to
writers upon the
a
truly cultivated man.
That word has almost as many definitions as there
What is democracy ?
are
his religious inheritance.
educated or
all he cannot become a truly
scientific
his esthetic inheritance, to his
Without them
inheritance, to his literary inheritance, to
Democracy I define as government by the
subject.
of civil and religious
by the mob.
majority, unless that majority
prople in the interest of all the people, with guarantee
liberty
to
every
Democracy is
citizen.
Democracy is not even
not
by a
government
respects the general welfare
guarantee of civil and religious
Brief reflection upon these
neither education
have
nor
government
and puts it before all individual or group inter¬
undiminished the fundamental
and unless that majority maintains
ests,
liberty.
definitions will make it plain that in last resort
democracy can rest
upon
Both must
brute force.
moral foundation and an intellectual interpretation.
a
William F. Russell, Dean of Teachers' College, told the
Congress on Aug. 15 that the "first line of defense" for democ¬
racy in the modern propaganda war being waged by the dic¬
tatorship nations is education.
Describing the barage of
propaganda aimed at undermining American democracy,
Dean Russell, Chairman of the Congress which is seeking to
evolve a program of education for citizenship in a democracy,
said:
We
have
our
enemies
foreign governments.
Stressed
in
in
Maintenance
Congress Held
of
Under
Democracy Is
Columbia Uni¬
versity Auspices—Statesmen, Educators and Econo¬
mists
Address
Three-Day Meeting—Dr.
Butler,
Lord
Baldwin,
W. W. Aldrich,
Representative
Smith, Louis J. Taber, H. W. Prentis Jr. and Others
Present Views
Attacks against the principles of totalitarianism and de¬
fenses of the concepts
of democracy were made by noted
educators, statesmen and economists during the Congress on
are
They talk of shared decisions,
Or at the other extreme, they despise
equality, fatal to democratic life.
or
of
They advocate complete economic
forgetting representative government.
rule by the
presumably employees
uneducated for democracy, who
These advocate a kind of perverted
democracy which destroys democracy itself.
majority and put privilege above justice.
Whether European
the American
American, Communist or Fascist. each is striving to capture
mind.
must
Some
mean
But benevolent or evil, America
well, others do not.
be educated to know and answer them.
Declaring that the European techniques for defense
against this propaganda—prohibition and interference—
cannot be employed in this country, Dean Russell added:
better idea: the defense against a half-
The defense against a bad idea is a
truth is the truth; the defense against
in education that democracies must
our
propaganda is education; and it is
place their trust.
people from reading or listening.
hear.
or
in
no
uncertain
they are allowed to speak, they must be
Their
terms.
their fallacies detected, the consequences
arguments
reds
or
be seduced
other
Then
we can
and in the press, the
means
The good citizen must know.
by the blandishments of the enemy.
"Thus in modern warfare, with the
waves
be analyzed,
must not be castigated
Then
The good
tolerate the abuses of freedom of speech.
be belittled as red-baiters.
shall not
must
of their tactics clearly explained;
and those who unmask the enemies of our country
as
We must not keep
We must not" censor what they see
We must not muzzle even
We must let the visionaries speak.
the Fascists or Communists, but if
we
Education
Some
home.
at
Some are those,
neither understand nor are grateful.
citizen must answer.
Role
<
of the Organization
Aims
answered
bills introduced in Congress.
In
of the French Chamber
"frightful danger," the
reached this decision.
present
hodge-podge of legislation.
ciation
378
was in
who said liberal civilization
members of the Congress
doing business in several States, this problem of keeping
laws is a particularly onerous task.
represents an unnecessary drain on the time and energy of the legislative
bodies concerned.
It adds largely to the cost of legislative work.
The
be
followed in turn by a reaction that brought tyranny, and
a message
Deputies,
Prime Minister of
the past history of democracy had been degenera¬
is
seem
printing bills
of a permanent organization to carry
Earl Baldwin of Bewdley, former
Great Britain, warn that
civilization.
house
business
individual
the
meeting at Carnegie Hall last night, took
work.
its
on
in education,
Impossibility
not
Education for Democracy, which
bring about the formation
steps to
confronting it,
ended its three days of
safeguard domocracy against the dangers now
the Congress on
deliberations with a public mass
sense
of
of education."
the processes
bureaus, and having the effect of
ment
be
for Democracy, held from Aug. 15 to Aug. 17
auspices of Teachers' College of Columbia Uni¬
versity, at New York City.
Approximately 3,000 persons
attended the various sessions, at which an attempt was made
to formulate a plan of education agreeable to all classes in a
democracy.
The Congress assembled with a message from
President Roosevelt, declaring that 44democracy cannot long
stand unless its foundation is constantly reinforced through
The huge group of decisions developed by Govern¬
operations.
combination
but
bureau¬
uncertainty
cratic/agencies of Congress may act can remove one element of
in
1939
19,
Education
hearing
proposed legislation to define the limits within which
The
"4.
Aug.
under the
bility being realized.
we
Chronicle
The Commercial & Financial
1114
of education.
initial campaigns fought over the air
first line of defense lies in our schools and in
Our teacheis, and not the marines, will be the,
"first to fight."
Winthrop W. Aldrich, Chairman of the
Broad of the Chase
Bank, told the Congress on Aug. 16 that in a
democracy it is essential that the Government should '-rely
more on voluntary action and less on compulsion," and added
that "the key to responsible voluntary action is education."
National
He continued:
Conimercial &Financiaf Chronicle
The
Volume 149
Granted the truth of the often-repeated maxim that the goal
tion is to teach
men to
of educa¬
think, then action prompted by education is apt to
to certain
I take it that here lies
difference which in these times
a
it
dis¬
requires the keenest
sometimes
crimination to recognize.
Here also lies the
to
conclusions; ic could not escape them, and he was not afraid of
them.
be the result of thought, and not the result of whim,
prejudice or passion.
the difference between education and propaganda,
1115
To have access to all the fact? and ideas, always to be able to find
both
sides, is the first element in freedom of knowledge.
and hard work—more than
But it
initiative
means
the average mind will attempt.
To
see
that
presentation of facts to the average mind are always either two balanced
cause
for the fundamental difference in the approach
educational problems in the
case
of the democracies, as distinguished from
sides,
or else an
great
responsibility on
impartial blend, is the next element of freedom/throwing
of public informat'on, books, press
every agency
and radio.
the dictatorships.
.
In the impartial presentation of facts, just
modes of selection
are
vital.
Asserting that whether living in a democracy or a dicta¬
torship the citizen is constantly assailed by propagandist
campaigns under the guise of education, Mr. Aldrich. con¬
point of honor that it put out no textbook, especially in
history of sociology, for its schools and colleges that had not first been
tinued:
passed,
But the underlying dissimilarity between the form which this
propagandist
of education takes in a democracy and in a totalitarian State is
in the latter, by continuing appeals to fear
hatred, passion,
envy, men are persuaded to barter their individual liberties for
perversion
this:
That
avarice
the
or
advantages promised by the dictator.
very antithesis of
sibility of thinking for him.
,
can mean no such
selves
Propaganda in this sense is the
education, for instead of teaching a man to think for him¬
self, it persuades him to hand
thing.
over to some one else
Education in
In
a
a
a
a
democracy must be to teach
the day when the educational system of every country
see
a
factual context, by a committee of scholars on which other
as to its
countries were in
majority.
a
Representative-air Large T. V.' Smith of Illinois, speaking
on
Aug. 15, said that present-day education in a democracy
is "holding the stop-gaps against the visible resurgence of
barbarism from both the Right and the Left."
An official
abstract of his address added:
"In the present
democracy
democracy the rulers are the people them¬
Accordingly, the aim of education in
.
the power and respon¬
democracy and for
I should like to
would make it
predicament," he declared, "the question is: Have
we
both the will and the wit to see, to render clear, and then to make effective,
the humaner instincts of our American traditions.
people to think with discrimination and wisdom, to so instruct them that
to
they
For those of
us
trained
much easier than the wit to do it."
are
able not only to think things through, so that they can distinguish
respect the rights of one another, the will to stand against barbarism is
Representative Smith, addressing the Congress, which is seeking to fix
between the sound and the unsound, between propaganda and education,
education's
and between the false and the true.
Mr. Aldrich said in this country citizens were too prone
to rush for legislative enactments in place of accomplishing
desired
ends
by education and to banding into pressure
groups/
Tirs kind of legislation, he said produces unwork¬
able laws not springing from the needs of the people.. The
tendency toward over-legislation in the United States has
often resulted, he added, in the enactment of still more legis¬
lation to correct mistakes of hastily- and ill-considered laws.
Stanley Baldwin (Earl Baldwin o* Bewdley), former Prime
Minister of Great Britain, addressing the Congress on Aug.
16, said that "dictatorship of the Right" in Italy and Ger¬
many has been the aftermath of Communism.
He added,
in part:
In
be
as
England I believe the only possibility of the
the result of
an
I have little fear.
open
of Fascism would
success
fight with Communism, and of that happening
But there might be a danger in a democratic country in
certain conditions which have not as yec arisen.
The world is not safe for democracy today.
countries safe for
We cannot make our
democracy by letting things slide,
negatively and positively.
nor can we
own
educate
we
find
and
only what, free
Smith described these
and "a
imposes
tries to impose its system on
or
its borders that their action then becomes the
people outside
of ail free men.
concern
a
Now when I consider the composition of this great gathering in New York
this week, 1 know that by your very presence here you show
all eager to
what
a
help in making
democracy should be.
tion and in
your
that you are
example to the world of
an
You desire it to be great
wealth, but in spirit
freedom shines with
democracy
,
not only in popula¬
assumption is that all
man
once
pursue this
country in which the light of ordered
; a
may look with hope from every corner of the world.
You
feel this
quenched in
our
lamps
What
a
for your own folk as
one country
are
deserves
responsibility rests
Many of us,
as we
As the lights
I do for mine.
are
on us.
seen
men are
;
,
;
.
,
get older and look back, come to realize that the motive
force of Christianity is the life of the Christian.
We
can
think of Individ
extend the age limit
seem
worth while.
"This
And is it
not true in the
democracy
we
everyone of us here went home to our
citizens, to be true and faithful
thought of
our own
daily avocations resolved to be good
servants
of the people, and that
advancement but because
we are
members
with
one
of
no
an¬
other, integral parts of the whole creation which groaneth and travaileth
together.
We haves to show the world that we have Ideals, no
States; that
our
ideals
are
"Only the proletariat is assumed to be truly
So Kulaks
of men of theii own free
raising of mankind.
In
will, endeavoring to work with God Himself in the
a
surrendered to the will of
totalitarian State the will must be surrendered,
one
fallible
man.
And
no man
is fitted for abso¬
lute power over the wills of his fellow men.
With it
dream.
And I believe that many of these things of which I have been
speaking
the minds of many who perhaps are not ready at finding words to
express
•/
them.
•/•
wo
LoDdon;
"Now in
a
totalitarian State," said Lord
Stamp, "duties are prescribed and
philosophies on which they are based.
if the individual does not himself
so
are
But in
assume
the
a
national
democracy,
the duties which his
privileges entail, they go by default, and if he ha3 no philoso¬
phy which prompts him to assume them, he is doubly de¬
ficient."
He added:
but it is
The
magnificent
a
biology to frustrate anti-Semitic bullies in
can trust
this humane assumption we are
stage, the faith in
Belt to outwit the Bible of color.
prepared to move forward to
our
Oh
second
democracy."
The farmer is the
keystone of the democratic foundation,
Taber, Master of the National Grange, said on
Mr. Taber concluded:
Aug. 16 in addressing the Congress.
Dictators,
emperors
and totalitarian governments in every form lead
directly to -the path of struggle and conflict.
The finest flowers of civiliza¬
tion can only bloom where men and women, boys and girls, are free to live
their own lives without the fear, hate, bloodshed and destruction which
now
are
found wherever freedom
erty, but from the lock-step of
We rejoice that we in
est
has been destroyed.
The world must
the threat of force, and the fear of bloodshed
pails the hope of mankind, come not from lovers of freedom and lib¬
uncontrolled power.
America can offer to the rest of the world the high¬
example of progress in democratic living together as neighbors in ever¬
lasting goodwill
It should be a matter of national and international pride
.
and should contribute to the hope of
mankind that one of the longest boun¬
dary lines between two great nations—the thousands of miles between Can¬
ada and the United States-—is also the only great International boundary
which there bristles no fort, armament or battleship.
on
We in America must have the will to live in peace.
will to fight for our ideals
dictator States.
of
We must recapture the love and enthusiasm for our mode
living that actuated our fathers.
our
<
We must have the
in government with the same devotion applied in
When
we in
the United States keep
republic so strong in its material defenses, so high in its moral and spir¬
service for its own citizens, that the rest of
the world will look upon us with respect
and not with envy, then and only
then will the United States and other republics on
world the abiding assurance that democracy
The price of liberty is not only eternal vigilance but also
perpetual restraint, Sir Josiah Stamp, British economist,
said on Aug. 15 in a radio address to the Congress broadcast
from
kicked out and capitalists are liquidated,
the North and biology in the Bible
itual armament, so efficient in
are in
are
Without it we are stopped before we start on the American
beginning.
harder of
accomplishment because they are far higher; they involve the cooperation
"
assumption contrasts strangely with both Nazi and Communist
Only the Aryan is assumed to be genuinely eduicable in Germany.
.
less than the rulers of the totalitarian
assumption that all
parental prerogatives and is
,
contrary assumption is with us but the beginning,
The example of the good citizen is the preserving
might not go forth throughout this great land if
power
of forcing perfection to the birth
extending governmental functions from ancient taxes to new-found
yardsticks."
that
And what
"The faith is
The program is
The strategy is to
and abolish all attendance barriers, Mr. Smith said,
know that the waves of hate,
would all wish to see?
educable," he said.
good as the next.
educabie is revived in every effort to universalize school attendance,
have strengthened us, given us purpose, have made the struggle, the
daily
struggle of life,
"elements," Mr.
positive end of perfectibility through negative means of hindering
uals .often in the humblest walks of life, who by their lives, all
unconsciously,
salt.
as
'perfectibility of mankind.'
and it is this assumption "that has restricted
as
penetrating the gloom.
men are
education
an
called the
was
As the foundation of our common school system, the
Louis J.
after another, there is hope in the world so long
trimmed and their rays may be
in open consultation."
democracy to four
by fiat."
clear white light to which the lovers of such freedom
a
a
being "an assumption," "a faith," "a program,"
assumptions," he continued.
tarian country
ideal enough for collective action what,
the hinderances to freedom, rather than
our
it is when the totali¬
democracy,
of
is truly democratic,
strategy."
"The
that each
what
as
educable in Russia.
try is governed is its own concern:
as
men can agree upon
Reducing educational needs in
States.
a com
advance
certainly the Golden Mean of what is demo¬
more
cratic; positively, by counting
peoples by holding up our hands in horror at the actions of totalitarian
How
and
defense
He said:
"Negatively, by noting what to the Right and to the Left is genuinely
humane, shall
now
...
responsibility for the
asserted there are two ways to identify education that
civilization shall not pferish
on
this hemisphere give the
shall triumph and that western
the altar of hatred, distrust and ruthless
power.
The future of our "republic" hinges on the resurgence
individual patriotism and religious faith, and "does not
of
lie
in more ana more democracy," H. W. Prentis Jr., President
of the Armstrong Cork Co., said in an address on Aug. 17
before the final meeting of the Congress.
An abstract of
his speech said in part:
Differentiating between a republic and a democracy, Mr. Prentis, VicePresident of the National Association of Manufacturers, asserted that the
Constitutional Convention of 1787 specifically created a republic because
Education, then, in
for it.
In
a
a totalitarian
State, is for obedience and the
democracy it must be for duty and the motive
to it.
reason
The prac¬
tical resolution of the paradox is that the democrat is free to vote
upon the
limitation which he will accept upon his own 'freedom in order to
give a
maximum of real freedom to all.
Continuing, he said:
plete freedom of thought, and even freedom to express that thought, pro¬
vided the facts upon which that thought proceeded were
properly cont rolled
If he could determine the exact material that entered
weli-ordered logical brain, it
wa*
"The founders of our
"a
bound to come, within
a
a
narrow range,
democracy
.
.
.
would not
work."
He
republic realized that in times of stress, silver-
tongued demagogues might stir up enough popular feeling to induce a
able rights of the
legislation that would So trample the inalien¬
minority that social discord might destroy the government
Hence the rule of the majority was everywhere cushioned by the
Itself.
application of representative, rather than popular, action."
Mr. Prentis then declared that "in recent years the President
has
A prominent Nazi assured me that he had no objection whatever
to com¬
by the State.
that
said:
temporary majority to enact
Lord Stamp expressed the belief that there is far too
great
an insistence
upon the importance of freedom of thought as
the touchstone of democracy as distinct from freedom of
knowledge.
conviction
of the
frankly
advocated far-reaching national
policies
departures from heretofore accepted theories of republican
on
himself
embracing radical
government
the simple ground that such measures are the will of the current ma¬
jority."
He then pointed to "democracy at work" by singling out the
Labor
Relations
National
Board, which, he said, has provided that "51% of the
employees of any concern are
the same time be
to
ment
trespass
The
checks and balances of our
piece by piece undermines the
immediate action.
between a republic
protested today to New York City authorities against a dis¬
officials allow mi'k dealers to import milk
Strikers
request that health
tributors'
from outside the State.
importation would "enrich the milk trust."
F. H. LaGuardia and Health Commissioner, Mr.
tions, protested that
In
telegram to Mayor
a
proposal was designed to wreck the strike, caUed
Wright said the import
for "very moderate and reasonable
three days ago
of their enemies," the telegram
Haywood told Dr. Rice that the proposal was a
Mr.
move" since no emergency existed.
breaking
curtailed."
needs will not be
Half the plants
in the New York milkshed, Mr.
808.
Dairymen's League Co-operative
Press Measures
to
Entrance of Private Industry into
Slum Clearance—Annual Report of
Research Bureau Finds Practically All Bills in Late
Housing and
A farmer
tion
Aug. 12
on
industry
revealed
the annual report of the Association's Re¬
which said that almost all fo the bills intro¬
in
to housing
session
1939
the
in
duced
based on the same premise as
were
Advices
the United
report reveals that since the plan was
Bureau's
it has been endorsed in principle
recommendations are now
in process of being drafted.
The Association's plan was devised by a
special committee on housing, which is headed by Thomas S. Holden,
The bills carrying out the Association's
Queens.
the
President of
bers
Chuekrow, Ai'thur C. Holden,
Hoguet, DeLancy Kountze, George C. Meyer, Ralph W. Morrell
L.
Robert
and
plan
Charles
Carey Jr.,
Colby Stilson.
The
Congress, and others among its mem¬
York Building
New
Gibson
W.
are
T';'V
the
In
tions
first
utility
if not
second type, the
equity
make
The
be
where
of
little
public
is
exchange
in
limiting
inducement
bankrupt
and
owners
interest.
program,
offered
investment
to
disposition
and
of
privileges,
special
for
opportunities
to
tax
exemption,
example,
refraining
stipulated period,
would
financial
be
the
by
or
increase
with
seeking
future
a
paying
investors all
basis.
have a
empowered to make ar¬
advance
in proportion
as
through, for
companies,
values
an
of
the
upward
for
land
scale
debt amortization
a
of taxes
reduced
method
Strike
Lehman
As
New
Cuts
Acts
to
City
Curb
Supply—Governor
100 weight under a New York wholesale
per
Rioting
result of the strike called Aug. 15, throughout the
York milkshed by the Dairy Farmer's Union, local
distributors reported that approximately 25% of
Gandall
Congress
of
been
the
of
withheld
State
C.
Industrial
I.
from
0.
the
office
city.
the normal
Mr. William
announced that
The
Organizations would throw picket
City plants not handling union
lines around all New York
milk.
United lb-ess dispatches from Utica, N. Y., Aug. 17, to the
Journal of Commerce," said:
butter price in applying the scale of butter
Il-a (fluid cream) price;
formulas to increase the price of
under the existing formulas.
If proposed amendments are approved by the Secretary, the amended
agreement will be submitted to handlers for their signatures, the depart¬
ment said.
At the same tim§ a referendum would be conducted among
New York milkshed
producers supplying the New York metropolitan
market on the amendments to the marketing order.
The hearing evidence
will likewise be considered by the New York Department of Agriculture and
markets in support of amendments to the complementary State order.
price ranges for determining the class
Modify the class Il-b and class IH-b
by 30 cents per 100 weight over prices
each
Armour Packing
Plant Officials Called to Washington—
Threat
officials of/Armour
Washington, in an effort to
Secretary of Labor to Discuss Strike
Perkins
Secretary
& Co.
avert
confer with her at
to
strike threatened before Labor Day
a
Co.
&
requested
has
packing
employing
plants
in 25 Armour
approximately 50,000
workers.
United Press advices from Washington
Secretary of Labor
Earlier
from
the
asked
to
Packinghouse
her
Aug. 16, said:
Frances Perkins had received a delegation
Workers Organizing Committee (C. I. O.) who
Roosevelt's aid in persuading Armour officials
President
and
negotiate with them.
In Chicago
and
he
said
H. S. Eldred, Armour Vice-Prpsident, accepted
would
be
accompanied
Van
or
to
the invitation
Friday by
"two or
He declined further comment on the
the strike threat.
plea for Administration aid was
A.
Washington
Bittner,
who said that
to strike before
voiced by P. W. O C. Chairman
Government of the United
"unless the
Armour & Co. to obey the law, we are going
Labor Day."
He added that if a strike is called at
other members of the "Big
Armour plants it will spread to the
Four"—Swift, Wilson, and Cudahy—who, he
said, also refused to bargain with the union.
The
delegation later authorized
officials to
call
the strike
by
Mr. Bittner and other P. W.
O. C.
Labor Day, provided an agreement is not
reached in the interim.
The National Labor
has
Relations Board ruled simultaneously
been guilty of violating the Wagner
The company was
that Armour
Act at its Omaha, Neb., plant.
found to have "dominated" an unaffiliated "employees
protective association," and the Board
ordered it to withdraw all recog¬
nition from and disestablish this group.
Mr. Gandall, sent here to confer with strike leaders, declared the 700,000
C. I. O. members in New York City were supporting the strike.
the order is
butter price range of 20
pound);
to 24.9 cents per
States is big enough to compel
a
supply had
price for August through March under
100 weight (the class I
$2.25
The
Milk
hearing would:
of September to April, 1940, the existing
of determining the class I (fluid milk) price by a price of $2.82 per
Replace for the months
1.
invitation
Upstate
Bargaining Agency, claiming a mem¬
46,000 members.
Price changes proposed
by the bargaining agency as a basis for the
three" other company executives.
carrying charges.
it was stated.
producers'
increases,
bership of 78 cooperatives with
It is suggested that rather
private
assessed
scheduling in
on
price
by the Metropolitan Milk Producers'
essential feature of a clearance
one.
the
increasing
gradually
it
should be
municipality
from
and
an
incidental
an
tax abatements
for
the city
housing is not
may
putting
New York
covering the
representatives held that the
drouth has greatly increased their production costs and these higher costs
will continue throughout the winter.
Application for the hearing was made
and
point
the
private capital.
and
property
mortgagees,
low-rent
though it
rangements
that
dividends
problem of slum rehabilitation is regarded as essentially the problem
Present
than
special-franchise corporations would
values in the undertaking to be
profits,
rents,
the
to
restrictions
reorganizing
vital
of
of Commerce"
increase producers' prices under
agreement
operating and other problems under the agreement,
to
franchises should be conceived of, the committee reported, as
rigid
The
new
investment
sound
of
Regulation
compensation
as
to empower
objective of the
creation
property and
fair
the
Concurrent legisla¬
institutional mortgagees and trustees
exchanges.
principal
the
not
and mortgagees in exchange for their claims on
required
such
projected.
In the
cash.
in
principally by shares of stock given by the corpora¬
its present and potential earning power.
be
would
tion
equity
"Journal
to
today by the Department of Agriculture.
They will be held at Syracuse on Aug. 24 and at New York City on Aug. 25.
Further hearings will be held later to consider other amendments relating
3.
district improvement corporations.
investment would consist, principally
subscribed
to present owners
property and
to
kind,
capital
of
be represented
would
marketing
milk
2. Add 7 Y cents to the average
housing corporations and local
entirely,
Washington
metropolitan area were announced
V
contemplates the creation of public
the Association
of
M.
,
from
Federal-State
the
In
approved
by such
organizations as the Real Estate Board of New York, the New York
Building Congress, and the Chamber of Commerce of the Borough of
Research
The
transportation of milk on State highways."
Public hearings to consider proposals to
follows:
by the Association's directors,
V. Noyes,
Commissioner, "will to their utmost resources, prevent
interference with the lawful
Aug. 17, reported:
1937, envisaging loans and grants in
aid of public housing only, with little or no recognition
of the desirability of participation by private enterprise.
The Association's report
was summarized
in an official
as
police," he said after a conference with Holton
State Agriculture
any
States Housing Act of
statement
highway duty in the milk strike
/•'.
■
State
"The
Legislature with respect
of the
Deputy
said the
had been reduced to 100 cans.
H. Lehman ordered the Superintendent of State Police to
Herbert
'•
areas.
into the field of housing and
search Bureau,
dumped at Buskirk.
truck through the line but unionists
assign every available State trooper to
the greater entrance of private
slum clearance, it was
to encourage
Creamery had his milk cans
escorted another
Sheriffs
Gov.
New York in the next ses¬
the State Legislature will continue to seek legisla¬
The Merchants' Association of
sion of
Farms
Medal
creamery's usual 1,300-can quota
Government Aid
on
Association ordered milk tank trucks at
held "until further orders."
protection was provided there and at Buskirk.
who attempted to cross a picket line to deliver to the Gold
Increased police
Encouraging
Session Were Based
Wright estimated, are
4,500,000 quarts daily for the metropolitan area.
He predicted more dealers would sign agreement rapidly.
Authorities said there had been no violence at Cobleskill, where the
dry. Normally they yield
milk receiving stations
Association
Merchants'
York
New
"All the farmers want is
"
"deliberate strike¬
He said the city's "vital
said.
New York farmers produce plenty of milk
fair treatment.
calling of
conditions."
anything further to impoverish farmers and place them
"Please do not do
at the mercy
formidable to be resisted.
given in our issue of a week ago, page
1,000,000
asserted the city's shortage of more than
of "vital concern to the public."
Archie Wright, Union President and Alan Haywood, President of the
New York State Industrial Council of the Congress of Industrial Organiza¬
quarts had become
Plenipotentiary and Envoy Extraordinary to the United
States, John M. Ciechanowski, who in his remarks on Aug.
15 declared democracy's "foremost duty" to be destruction
of the "fallacy" that totalitarian power has now grown too
Roosevelt's remarks incident to the
Agency, in
Metropolitan Milk Distributors Bargaining
The New York
making the request,
Henry Sloane Coffin, President of Union Theological
Seminary, in addressing the Congress on Aug. 16 called for a
"common spiritual front" on the part of Catholics, Jews and
Protestants in the maintenance of the spiritual foundation of
democracy and the liberty "which democracy safeguards."
Among the many others who addressed the Congress were
Ernest Bevin, General Secretary of the Transport and Gen¬
eral Workers Union of London, and Poland's former Minister
President
from the New
metropolitan milk supply was
reduced approximately 25% due to the strike. Health Commissioner John
L. Rice said, however, that the situation was not serious enough to warrant
Health Department revealed the
York City
Dr.
the Congress were
milk consumed daily by the
population.
continued to withhold their product reports
As dairymen
He
republic."
the millions of gallons of
milkshed supplies
*;'■
,
"Hence at all hazards the difference
union claims a
metropliltan area's 10,000,000
: ' '■
■
and a democracy
must be made clear to the American people.
For the advocates of com¬
munism, socialism, fascism, nazism, and new liberalism are constantly
obscuring vital issues by juggling with the favorable connotation that the
word democracy possesses the mind of the masses."
added:
Federation of
membership of 15,000 producers in New
and parts of Pennsylvania and Vermont.
This vast tri-State
York State
guise of democracy, which
champion legislation under the
to
of other trade unions and the American
will be sought, Mr. Gandall said.
support
The striking
"no surer way to destroy our govern¬
Mr. Prentis asserted that there was
offered agents to help
Labor Tearners' Union
I am, in the moral and
group that wishes to bargain collectively so to do: and at
deeply concerned over the increasing tendency of govern¬
on the rights of helpless minorities under the cloak of
democracy."
ment that
19, 1939
organize striking dairymen.
prescribed constitutional protection."
"One can," he continued, "be a firm believer, as
legal right of any
C. I. O. pledged financial aid and
strike started, the
empowered to speak for all, thus disregarding
which in this case has no specially
rights of the minority,
the individual
Aug.
Chronicle
The Commercial & Financial
1116
When the
A collective
bargaining election was ordered to determine whether
workers desire representation
Omaha
by the P. W. O. C., but the election date
Volume
The Commercial & Financial Chronicle
149
will not be set,
the NLRB said, until ' sufficient time has elapsed to permit
free choice of representatives
a
unaffected by the company's unfair labor
Congress.
Charges that the
company
workers
had discriminated against 12 Omaha
City plant poll.
City
negotiate with the
Repeated attempts of United States conciliators and the Chicago
Committee
to
the
get
to
company
national basis have failed.
a
Miss Perkins' telegram to Armour made no mention of a
with the
here, but it
union
possible meeting
understood that she would make such a
was
suggestion.
Mr. Bittner said that he, P. W. O. C, Director Don
Harris and Assistant
Negro, would remain here until tomorrow night
Director Henry Johnson,
at
least, but that the 18 delegates from individual Armour plants
return to their homes
She pointed out that the company had advertised
negotiations
bargaining
were
publicly it- willingness
individual plant basis, but Mr. Bittner replied that,
by statements made in the debate
and working
Miss Perkins
to Mr. Eldred in
Chicago.
It said:
have come
plants of your company
Eight Southern Representatives and
"Since I have conferred with this committee I am anxious to discuss
with
others you would
any
care
Thursday or Friday, Aug.
have present to
to
Washington on
to
come
17 or 18, and give me your information and
suggestions."
'
Oral argument on the proposed new minimum wage was
concluded
July 25 before Elmer F. Andrews, Adminis¬
Wage-Hour Law.
Previous hearings were re¬
ported in the "Chronicle" of July 22, page 499.
In summar¬
izing the final testimony, a Washington dispatch of July 25
on
trator of the
to the New York "Times" said in part:
Southern textile interests, on record in opposition to a
Cotton
Manufacturers'
Southern States Industrial
Association,
New
summation of the evidence presented in opposition to
a
proposed minimum during the three weeks of public hearings held
the committee recommendation
Those in Southern and Rural Areas and Cuts Scale
for Those in North—Differential
i
Decreed by Administrator Elmer
Textile Wages
on
scale followed the adoption
of the provisions of the $1,477,000,000 WPA appropriation
for the 1940 fiscal year.
Officials estimated that the rates
would raise the national average monthly wage from $53 to
$55.50.
On the same day, viz., Aug. 15, Wage-Hour Ad¬
ministrator Elmer F. Andrews approved the minimum wagehour recommendations for the hosiry industry, to take effect
Sept. 18, as urged by the Southern Hosiery Manufacturers'
Association.
With regard thereto a Charlotte, N. C., dis¬
patch of Aug. 15 to the New York "Herald Tribune" said:
wage
Taylor R. Durham, Secretary of the association, said that the minimum
wage
of 32 lA cents an hour for the seamless division will work a serious hard¬
ship, affecting especially mills equipped with old-style machinery, and that
substantial unemployment will result from the adverse
units producing low-cost goods.
ranks of unemployed cannot be
though,
effect it will have on
How many workers will be forced to the
estimated
the situation facing
that
now,
He emphasized,
he said.
the. seamless
manufacturing plants is
serious.
hour minimum will not hurt
40-cent
The
Durham said.
themselves
the full-fashioned mills,
With few exceptions they will not find it
the law, as most of them already
to
difficult to adjust
weaker seamless
mills, which will bear the burden of the adverse
effect of the wage-hour minimum of 32^
cents, are located for the most
isolated communities, he explained.
part in
A year or more will be re¬
quired, he said, to disclose fully the adverse effect of increased production
will
that
costs
be mandatory from
Sept.
18 in mills operating old-style
Some difficulties will also be experienced, he added, by seam¬
machinery.
less
plants using automatic equipment.
comment
America,
wage
on
the
new
schedules in the country,
as
compared with more than 4,000 at present.
Colonel Harrington said, the new schedules will mean
tial increase in WPA pay in the South and the retention
or
a
v-,'
order,
substan¬
tions
are
terms of the
for five classifications of workers.
These classifica¬
I
Refuses to Endorse
down by counties into four population
These provide for differentials in
which the largest city has 100,000 or more
wages
for counties with
100,000,
and those in
population.
Unskilled wages in that region in cities of 100,000 or more will
be $50.70 a month, against a present schedule of $40.
In Northern and Western cities of 100,000
skilled
$60
rate
will
Federal
Previous
to
be $57.20, against
revision
under
the
unskilled workers in such cities in
a
law,
new
the North
number of cities, including New
population and
over
the un¬
as
Col.
new
base security wage
was
$55
a
for
month, with dis¬
10
unskilled
wage
of $60.50
a
month,
as
business recovery and
aid to
an
At its session
15 to 17.
Aug. 16 the Federation
on
Roosevelt
President
endorse
to
refused
for
a
third
term
by rejecting seven resolutions seeking such endorsement and
Federation of
national
and not State politics.
Only two of the 831 delegates voted
against this manner of disposing of the issue, according
to the New York "Times" of Aug. 17, from which we also
Labor
an
unskilled rate of $57.20
a
month.
the language of the new laws and the obvious intent of the
the
on
quote:
Roosevelt
attitude
the bitterness felt in labor's ranks
prevailing rate of
back
to
wages
an
and
workers on
failure of
the
unions
on
this question.
address
trade
in
for skilled
projects
construction
the
expressed
was
matter concerned
■.
the
of
Administration
Projects
of the
the
of the convention reflected
abolition
President
that
•••"
-
action
the
Work
ground
by
George
Meany, President
Federation, who led in the brief debate against the third-term
State
held
and
endorsement
of
the
prevailing
to
the
very
Administration
the
wage
rate,
he considered
which
the
elimination
of cardinal
importance
responsible for
existence of organized labor.
Shift in Sentiment Shown
coolness
The
trasted
Federation
State unit
F. of L., with a membership of more than
the A.
in
the third-term
on
rejection of the third-term proposal came in the form of a
The
issue
con¬
the endorsements given to President Roosevelt by
in 1932 and 1936.
The Federation is the largest
with
marketdly
State
the
by the convention
displayed
1,000,000.
resolution
by the Resolutions Committee, headed by Joseph A. Mulaney, as a
represented
in the convention, seeking an expression favoring a third term
for the
President.
Leading the third-term
drive was Elmer Brown, President
of
resolutions
for
the
substitute
fact
that
the
as
labor
far
so
involved
matter
endorsement
after calling attention to
Committee,
Resolutions
the
of
organizations
various
6.
Union
Typographical
The
by
presented
was
goes,
of
one
politics,
"national
lies wholly
and solely in
which,
the hands
Federation of Labor, whose judgment
must be recognized and supported by the New York State Federation of
Labor," recommended that the convention take a stand leaving the issue
of
in
the
parent
the
hands
It
was
candidates
and
the American
body,
of
the A.
F.
of L.
pointed out, however, that the A. F. of L. as such never endorses
for the
members
to
presidency of the United States,
follow
their
Follette.
a
The action of
refusal to go
discretion.
own
Mr.
the State Federation
permitting the officers
only exception to this
was
tantamount, therefore, to
Meany denied, however, that there was anything
proposal
"to
statement
designed
to
a
The
backed Senator Robert M. La
along with the advocates of a third term.
Committee's
•
schedule Kives all such cities
were
taxes
practice was in 1924, when the Federation
Harrington stated that the controlling factors in the fixing of the
new rates
specially
a
for revision of city, State and
to eliminate "hidden, punitive and
press
The report was submitted to the Federation's
convention which was held in New York City from
annual
other cities, including Chicago, Los Angeles and San Francisco,
had continued at the $55 base level.
Ihe
the
York, Cleveland and Detroit, this
increase had been granted, resulting in an
where
to
employment.
the present schedule of either $55 or
cretionary authority given to increase this by
In
York State Federation
Aug. 13 by
report on
a
structures
tax
discriminatory"
month.
a
urged in
was
committee
named
in
Unskilled rural wages in the Southern States will jump from $26 to $35
month.
Wagner Act.
Tlie Executive Council of the New
of Labor
of over 5,000 population; with the largest town between 5,000 and
25,000: "with the largest town between 25,000 and
a
Roosevelt for Third
President
Term—Declares against
substitute
Differentials by Counties
Each of the wage regions is broken
no town
Receives Report
Asking End of Hidden Taxes—Annual Convention
offered
"B."
classifications.
by Mr. Andrews to study con¬
of Labor
Federation
New York State
professional and technical, skilled, intermediate, unskilled "A"
and unskilled
Vice-President of Sears Roebuck & Co., is
ditions and recommend wage schedules for the industry.
•' :
latest Relief Act, provides for three geographical wage areas in the country
areas
counsel
Industry Committee Section of the Wage-Hour Division.
The present
''
issued to bring WPA pay into line with the
and within these
Union of
C. I. O. affiliate; Boris Shishkin, economist, speaking for the
a
the Chairman of the committee appointed
of $53 monthly will be raised about $2.50 in the country as
whole.
The
a
of present scales
reductions, depending upon circumstances, in the North.
average wage
granted by Mr. Andrews.
Donald Nelson of Chicago,
This
In general,
would
from Aug. 2 to Aug. 12 ,of the period within which
was
United Textile Workers, an A. F. of L. union, and Spencer Pitts,
to the
The
system of establishing WPA wages provides for only 60 different
new
Manufacturers'
presented by John Abt, counsel for the Textile Workers
were
in part:
The
Cotton
Today's closing arguments, all in favor of the proposed minimum wage,
>
general WPA wage scale, a Wash,
ington dispatch of Aug. 15 to the New York "Times" said
a
National
present the views of his group in a brief to be filed on its behalf.
over
In
consideration by the Administrator.
of the
President
shifting action on the issue to the American
40 cents, he declared.
The
on
Andrews
told Mr.
record in favor of the committee recommendation, also stated that he
Aug.
Mr.
above the minimum of
pay
Fissher,
A ten-day extension,
orders which increased pay as much as
rural districts aud lowered the rates for certain workers in
new
T.
all briefs must be filed
Administra¬
WPA issued
30% in Southern and
The
Atlanta,
Association, whose membership is principally in the East, and which is on
Andrews
The wage scale for 2,200,000 Work Projects
tion workers was changed on Aug. 15 when the
Northern States.
and in
here
today that he would require two days for an oral presentation of all the
objections to it, and therefore would submit them instead in the extensive
Pay for
Scales—Raises
Wage
Clabaugh of the
Taylor, at whose request the hearing was called and who was ex¬
pected to present
Russell
Establishes
and Samuel F.
Council, neither of whom, however, presented
against it.
any argument
the
32Yi cents mini¬
represented at the hearing by Tyre Taylor, counsel for the Ameri¬
mum, were
brief which he proposed to file for
WPA
Aug. 1
on
workers.
Mr.
the
would like to invite you and
and
representatives
company
Senator
one
industry. Mr. Roosevelt told a press conference that he was
considering the request that Southern textile mills be allowed
a differential in the new
proposed minimum wage for textile
plants with special reference to the problem of collective bargaining.
matter
the bill, was that no substantial re¬
asked President Roosevelt's aid in setting aside a proposed
universal 32^ cents an hour minimum wage for the textile
can
committee from several
Washington today and discussed with me the labor situation in those
on
ductions in present wages in the North should be made.
established by the national office in Chicago.
were
The invitation to Armour was contained in a telegram from
"A large
such
fruitless because branch plant managers always said they
without power to make commitments since corporate wage
were
conditions
to
would
the only issue between the union and Armour.
to negotiate on an
geographical areas shall not be greater than dif¬
Col. Harrington asserted that the obvious intent of Congress, as shown
tonight.
O. C. delegation told Miss Perkins that national
The P. W.
was
..
ferences in the cost of living.
it participated, losing by a narrow margin in the Oklahoma
Labor
of work within different
in which
The union already has won 17 of the 18 Armour plant elections
on
substantial change in the national
no
The law also provides, however, that variations in wages for the same type
for union activity were dismissed by the NLRB.
union
1117
provides that
average wage shall be made.
practices."
Council's
The law
condemn
placate
the
the
President
advocates of
in the Resolutions
of
the
United
a
third
term,
States,"
who
ap¬
peared to be more numerous than the vote on the Resolutions Committee's
proposal disclosed.
They
were
obviously in
a
minority,
however.
The Commercial & Financial
1118
*
of
Mr.
L.,
who
his address, criticized the National
voiced his views in opposition
in
Woll,
general trend toward dictatorship in this country.
his remarks the New York "Sun" of Aug. 16 had the
majority of Wisconsin voters would like
Presidential election in 1940. Although
President Roosevelt swept the State in 1932 and 1936, Wisconsin voters,
when asked "What party would you like to see win the Presidential election
Labor
Mr.
right
He
employee
no
It
ourselves.
allowed
not
Dewey
Vandenberg
Taft
Included
Organizations split which, he
Alfred M.
Senator H.
part:
unions
craft
they
when
even
minority
are
The convention
New York
Fair 1939, Inc., made public
submitted last week to 3,900 holders of
its 4% debentures, asking them to waive indenture pro¬
visions so that funds now segregated from the gate receipts
for the retirement of the bonds may be applied to pressing
obligations incurred before the Fair opened.
At the same
time, the treasury division at the Fair issued a financial
statement covering the period from April 30 through Aug. 2
which showed net operating income of $3,871,540 Sitter de¬
ducting expenses of $6,098,043 from total revenues of
"transfer taxes from men to labor-saving
State Federation, said in
report presented on Aug. 13 to the Council that New York
State continues to hold its own in social and labor legisla¬
"reaction" against labor, and has
despite a national
in
advances
important
several
made
last year.
the
follows in the
reports were summarized as
New York "Herald Tribune" of Aug. 13:
several
$9,969,583.
the legislative field throughout the
nation," Mr. Meany said, no definitely anti-labor legislation was added to
the State statute books during the year.
He praised Governor Herbert H.
Lehman
for
having vetoed several anti-labor measures passed by the
Legislature, referring specifically to his veto of the Bewley bill which
would have provided a penalty against "any person who interferes with
another person's right to work as a
driver of a motor truck or other
vehicle."
He lauded the Legislature for having extended to private em¬
Despite a "reaction against labor in
"kickbacks" from employee to' employer.
the ban on
ployment
Living Costs Held Increased
■.
State
•
will
the
if
that
feels
individual initiative
manifest
will
present
to permit
no
incentive
"Therefore, the present tax struc¬
free flow of money into various enter¬
a
employment
giving
dormant and
remain
millions
to
unemployed
now
or
on
relief.
this
is not
where
the
Government
at
done,
we
will
Government
present,
the people
for
under
our
democratic in¬
asks
the report
Concluding,
the
the Federation
to
oppose any
objectionable taxes and work for elimination
addition to
now
Meany, who
affiliated
31,
1938,
the
annual
New
York
The
reported
with
addressed
the
to
State
two other
conventions
the
of
State branch
of
the
Federation,
meetings
increase
an
the
in
Label
Union
the International
unions were
of 128 since July
local
These were
Department and the
Commodore.
Trades
Union
of
Operating Engineers.
advocating State
licensing of stationary engineers.
It re-elected Thomas F. McGraw, of
Albany, President.
The Union Label Department adopted a resolution in¬
dorsing and asking the State Federation to support a plan for co-operative
operating
medical
in
and
may
sociation
at
hospital
co-operation
service
of
engineers'
be
with
union
service
other
considered
to
adopted
be
groups.
resolution
a
It
was
believed
by the convention
Electrical Workers
also
by
maintained
held
a
this
labor
some
week.
organizations
plan
for
tiach
The State As¬
pre-convention annual
meeting
the Commodore.
the
to
appropriation
Opinion—Republican
Indicated
As
Victory
in
1940
Favored
Public sentiment in
Wisconsin, where a political upheaval
10 months ago resulted in the unseating of the La Follette
State regime and the election of a Republican Governor,
continues to favor the Republican party in national politics,
according to a special survey of political prospects in 1940
made by the American Institute of Public Opinion of which
to
cover
complete text of the letter from the Fair Corporation
debenture holders, seeking approval for the new
follows:
Owners of 4% Debentures, Due
York World's Fair 1939, Inc. :
the
To
Registered
Executive
Finance
and
Committees
the
mutual
Jan. 1, 1941, of New
Fair Corporation seek
carrying out of a plan for
the corporation and its
the
of
of the debenture holders in the
benefit of the debenture holders,
the cooperation
creditors.
pre-Fair estimates of the Fair
The
constructing
of
the
Government:
Corporation provided that the cost of
the Fair should be met for the most part by
issue and by certain reimbursements from
However,
the proceeds
the Federal
unanticipated labor costs, due in large
debenture
heavy and
the necessity of paying extra wages for overtime work, were
the weeks immediately preceding the opening of the Fair
part to
curred
in
in¬
on
construction budget amounted
approximately $1,450,000.
There were also necessary construction costs
not anticipated which amounted to approximately $1,250,000.
The corpo¬
ration expended approximately
$1,558,000 in constructing the Halls of
Nations for the foreign governments which
were invited by the United
These extra costs in excess of the
April 30.
to
Government
to
participate in the Fair, and for the utilities,
land¬
incidentals in connection with these buildings.
The
corporation had assurances from the appropriate Federal agency of a Federal
scaping
Public
statement
operating period.
The
States
Public Sentiment in Wisconsin Opposedi to New Deal
According to Survey by American Institute of
Corporation's
had assurances
corporation
Federal
a
The
1,200
Fair
the
item
last
from the appropriate Federal agency
these costs.
Such an appropriation
was
introduced into Congress but failed of passage."
This accumulation of obligations, unforeseen until those tense, feverish
weeks just before the Fair opened, brought a $4,258,000 hangover into
"The
of
of present ones.
that
council
this
Concerning
declared:
1,200 Locals in Federation
Mr.
labor costs" incurred in the
financial plan,
stitutions."
arose,
weeks immediately preced¬
amounting approximately to $1,450,000 ; unan¬
ticipated "necessary construction costs" of $1,250,000; and the failure
of the Federal Government to reimburse the Fair Corporation for expendi¬
tures
of
approximately $1,558,000 in the construction of the Hall of
as
and
oy
dilemma
financial
unanticipated
ing the opening of the Fair
well resign ourselves to a social state,
be the masters of the people instead of, as
may
and operative within 10 days.
it was explained, through "heavy
would be formally approved
Fair's
The
and
the
"If
financial plan, designed to put the
order and relieve the temporary pressure
Nations.
continues,
structure
tax
lying idle in the banks of the Nation
the report said.
itself,"
be amended
thereby
that such taxes
held
and
year
a
the billions of dollars now
ture must
prises,
$365
taxed
decreased employment opportunities.
and
private and
invest
this
increased
objectionable taxes, the report said the average worker in
committee
"Your
to
the present tax
Charles E. Sinnegan,
being
was
living costs
Fair's house
of unpaid con¬
tractors' bills, postpones further payment on the principal
of some $25,000,000 of the 4% debentures until at least
$7,000,000 in additional gate receipts have accumulated.
One payment of $1,345,140, representing 5% of $26,902,800
debentures outstanding, was made on July 7.
It was indicated that debenture holders representing a majority of the
principal sum had agreed to the proposal, and the changes in the trust
The new
in
condemning
report
not list the
•
indenture
structure was drafted by a
committee comprising
Alex Drefke and Thomas E.
McGuire, all members of the Union Label Trades Department of the
State of New York, of which Mr. McGuire is President.
While it did
The
Mainly to
World's
York
New
The
a
The
$5,819,024—Asks
Aug. 15 a proposal
machinery."
even
World's Fair Lists Debts of
Bondholders' Help—$3,500,000 Overdue
Contractors—Borrowing Plan Given.
for an $800,000,000 increase in the United States Housing
Authority fund, asked that part of the movie industry be moved to New
York, demanded elimination of home work in the manufacture of artists'
tion
of which Wisconsin forms a part, is
Central group of States,
of the sections most
projects, supported the Wagner-
George Meany, President of the
1—11%
Others
and called upon
groups
Steagall bill
brushes, and urged legislation to
4%
4%
Murphy
§/£
opposed to a third term for President Roosevelt,
according to previous institute surveys.
In Wisconsin itself today's survey
iinds that approximately one-third of the voters say they would vote for
Roosevelt if he ran again, while two-thirds would oppose him.
action mandatory by law.
.
.
unanimously adopted resolutions which called for restora¬
prevailing wage rate on WPA
of the
.A.
McNutt
67%
6%
one
Congress to make such
tion
Democrats are:
Wallace.
The West
seek reelection. Garner
The leading
candidate, James A. Farley.
Farley
independent representation
demanded that the NLRB give
resolution
The
to
1940 in case Roosevelt does not
of the nearest
Garner
Federation adopted a resolution d<iclaring
against the National Labor Relations Act as "subversive
of the true principles of collective bargaining."
In report¬
ing this, the New York "Journal of Commerce" said, in
On Aug. 17 the
President John N. Garner is the out¬
Wisconsin Democrats Vice
ahead
far
choices among
midst."
our
.37% Hoover.
5%
—24% LaGuardia
4%
16% Others.
—
14%
in the group labeled "others" are Senator William E. Borah,
Landon, Senator Henry Cabot Lodge of Massachusetts and
Styles Bridges of New Hampshire, who recently threw his hat
standing choice for
is
A.
Presidential ring.
Among
he urged labor to
fight with complete unity, he declared:
"We talk of freedom, but we
are
not secure here.
All the elements for dictatorship are present in
subject of a
the
in
the courts.
trend toward dictatorship which
into
disputes
the
On
Michigan running a fairly close second and Senator Robert
Ohio third.
The leading choices among Republicans are:
Taft of
within, Mr. Woll deplored the Congress
said, "helped nobody and hurt
everybody."
He said that inter-union quarrels had a very bad effect,
and he especially expressed disapproval of a tendency to take union juris¬
dictional
York is the leading choice for 1940 among
Wisconsin, the survy finds, with Senator Arthur Van-
Dewey of New
E.
Thomas
Republican voters in
.
.
.
merely an
denberg of
Dealing with the dangers from
of Industrial
1
strike."
of the popularity of the Republican
headed by Governor Julius P. Heil.
indication of sentiment toward the forthcoming
administration in Wisconsin
The results are
when its rights were infringed.
Now the Government
longer has the right accorded us in . civil life to protect
means
that a constantly larger proportion of workers are
to
| Would like Democrats to win__48%
not a measurement
Presidential campaign.
pronouncement of President
anybody
against
L
gathered at the
delegates
Republicans to win. .52%
The survey was
State
labor
the
told
recent
foHows:
1940'/" vote today as
Would like
Hotel Commodore
Roosevelt that labor had no
to strike against the Government was "a new doctrine in America."
added:
"Heretofore, we have believed that labor could strike
Woll
the
Republicans win the
the
see
in
As to
follow¬
ing to say, in part:
that
finds that a slight
The survey
to
to the
Relations Board and
The New York "Times" of
foregoing is taken, gives the follow¬
issued by Dr. Gallup.:
Aug. 16, from which the
ing report of the survey
condemned the Administration for its stand on the
prevailing wage dispute, and Governor Lehman, who reviewed recent devel¬
opments in labor and social legislation and summoned organized labor to
stand guard against what he termed the "reactionary trend" in the country.
F.
Gallup is director.
Dr. George
Matthew Woll, Vice-President of the
heard addresses by
convention
The
A.
19, 1939
Aug.
Chronicle
and
other
Such an appropriation was introduced
appropriation to cover these costs.
into
Congress but failed of passage.
It
hoped that during the early
was
thus resulting might in
other operating income.
paid
has
receipts and
the Fair's operation the
was about as
predicted.
been below the expectations
Since that
as
time,
however,
calculated by experts who
predictions were
While the management fully expects that this attendance will
in accordance with the experience of past fairs, an improvement in
supplied
show,
For the first 60 days of
attendance
attendance
based.
weeks of the Fair the deficiency
large part be taken care of from gate
us
with
estimates
and
on
which
our
revenue
Volume
The Commercial & Financial Chronicle
149
coming weeks, and while revenues thus far received since the opening of
the Fair, after setting aside funds
pledged as security, are approximately
sufficient to take care of current operating requirements, funds which
will be received from these sources will not provide the surplus to take
of
care
these
all
extra
obligations which
and
expenses
been
have
ex¬
plained above.
The most pressing thing before
to meet the
bills,
overdue,
for
performed and materials furnished in
building of the Fair, which it is estimated will Tequire $2,700,000.
the
It
is
work
that provision be made promptly for providing funds for
necessary
the settlement of these and other
The
Executive
matter
tions
and
Finance
parties
at interest and
1.
The
«
<
,
;
the
by
become
binding
the following plan :
for
use
its
general corporate
receipts
received
obtained
until
subsequent
Yesterday," and
the segregation
requires
now
will, in accordance with the terms of
purposes
date
to
the aforesaid 40% of the gate
such majority approval is
when
$2,800,000 is received out of such 40%.
"Perisphere" is
made in shape to resemble the article it was intended to buy.
Ancient Greek and Roman coins
The
debenture
holders
who
Collection
consent
the
to
foregoing
will agree to lend to the Fair Corpo¬
ration
their share of the cash (when available as redemption moneys) on
deposit with the Indenture Trustee on the date when the proposed amend¬
ment
referred
such
cash
in
to
Paragraph 1 becomes effective.
deposit
on
$1,270,000.
approximately
aggregates
At the present time
Such
cash
will
become available for general corporate purposes and will be applied
an
immediate cash payment to contractors on account of their claims.
3. The
debenture notes whose pro rata share of
deposited cash is
as
released pursuant to Paragraph 2 will receive promissory notes of the Fair
Corporation in a principal amount equal to such released cash, and the
principal amount of their debentures will be reduced in a corresponding
amount.
Jan.
promissory
will
notes
bear
applied by the corporation to reduce
maturing
(a) the promissory notes
pro rata
set forth in
as
Paragraph 3, and (b) the bal¬
the contractors' claims.
of
5.
4%,
at
40% of the gate receipts described in Paragraph 1 will
delivered to debenture holders
ance
interest
It is
part of the plan that
a
to loan to the Fair
Corporation
to be secured in the
same
an
agreement will be secured from banks
additional $750,000 of
up to an
new money
the
existing bank loans now aggre¬
These funds, with funds otherwise pro¬
manner
as
gating approximately $1,710,000.
vided in the plan, are expected to be sufficient to cover the requirements
the corporation
of
The inclosed
during the remainder of the 1939 Fair period.
notice
from
Manufacturers
the
Trust
Co.,
to
these recommendations
carry
The
Executive
Committee
into
and
trustee, sets
as
forth the amendments to the indenture and debentures which
are
necessary
effect.
the Finance
believe
Committee
that the
completion of the plan is in the best interests of the debenture holders.
They recommend it to the debenture holders, and
promptly.
If
you
with
agree
the
urge
recommendations,
that it be accepted
please
acknowledge the inclosed form of consent and mail it
the
inclosed return
You
execute and
the
to
trustee
in
envelope.
respectfully urged to give the matter immediate attention.
are
NEW
YORK
WORLD'S FAIR
GROWER 'A.
BAYARD
Approved
States
April
revenues
30,
to
Aug.
$9,969,683.83 and
were
2,
in
expenses
inclusive,
were
Fair
Corporation
$6,098,043.25, leaving net
operating income of $3,871,540.58.
From
reduce
this
amount
and
indebtedness
our
from
working capital, payments
made
were
to
follows:
as
Pledged gate receipts to debenture trustee..
State
of
generation leading
a
as
Co.
of the Board of the United
Chainnan
last
member of the Board and continued to act
a
advisory capacity up to the time of his death.
his entire career Mr. Franklin's primary concern
an
further the growth of a
During
to
was
To this
national merchant marine.
he is said to have contributed more than any other
cause
the
in
his
of
course
President
As
career.
of
the
International Mercantile Marine Co., organized in
1903 by
Americans for the purpose of building a great American
shipping concern, he steered the company through the diffi¬
cult war and post-war years with notable success.
In the
later years of his presidency he devoted his administrative
talents to the elimination of foreign flag tonnage, including
the
White
Star, Atlantic Transport and Bed Star Lines,
and development of the United States
Lines, making it the leading company in the transatlantic
service today.
Mr. Franklin, who was also senior Viceand the acquisition
President
Commerce
Chamber of
the
of
of
the
State of
New York, was born in Ashland,
Md., in 1871, received his
early training in Baltimore, where he joined the staff of
the Atlantic Transport Co. at the age of 18.
The founda¬
tion of his later success in steamship operation was laid
in that office under Bernard N. Baker, one of the notable
American shipping executives of his day.
As to his career
advices
A.
also
Franklin
S.
state:
came
New
to
Vice-President of
made
was
York in
1901
as
General
Manager of
President in 1902. A year later
the newly-formed International Mercantile
Co., and in 1916 its President, succeeding Harold A. Sanderson.
rendered
World
the
War
Franklin
Mr.
placed
his wide knowledge of
distinguished service to his country as
the
Committee of
Council
National
of
a
Defense.
member of the Shipping
Later, having been ap¬
pointed Chairman of the Shipping Control Committee by President Wood-
Wilson, he
row
ocean
cargo
supreme
was
director of the movements of the American
tonnage during the most crowded and crucial days of the war.
all, the vessels brought under his jurisdiction were 1,400 in number,
In
with
1939,
of
shipping at the disposal of the Government, and as a "dollar-a-year" man
«
The'text''of the financial statement of
1939,
Franklin, for more than
he remained
he
World's Fair Corp. follows:
From
Commerce
the Atlantic Transport Co. and became its
Bayard Pope, Treasurer of the Fair, who discussed the
plan, said that of the $3,500,000 originally bor¬
rowed from banks at 4% interest, $1,710,000 was
presently
outstanding.
A few short-term loans had been obtained,
added, at 2y2%.
of
January, turning over active man¬
agement of the shipping company to his son, John M. Frank¬
lin, who has been President of the company since 1936, but
P.
financial
the
S.
Lines
During
■■
Chamber
of
Franklin retired
Executive Committee: Mortimer N. Buckner, Chairman.
he
A.
Marine
Harvey D. Gibson, Chairman.
the Roman "tribute penny," "widow's mite" and the shekel.
figure in American shipping, died at his summer home at
Locust Valley, L. I., on Aug. 14. He was 68 years old.
Mr.
official
by:
Finance Committee:
are
President
1939, INC.,
WHALEN, President,
POPE, Treasurer.
F.
jthose of Aegina—the
New York
man
The released
4.
be
The
1941.
1,
well represented in the exhibit. Of
Death of P. A. S. Franklin, Former President of Inter¬
national Mercantile Marine Co.—Also Senior Vice-
P.
specifically
(but not other holders)
are
Athens, Metapontum, Syracuse and Macedon, Issued about 400-300 B.C.
Among the coins mentioned in the Bible which may be seen in the Chase
receipts will again become applicable.
2.
round specimen of stone money from ancient China.
a
and spade coins. These pieces date back to about 2000-1500 B.C. and are
Thereafter, the
40% of the gate
present provisions of the indenture with respect to such
amendment
announcement regarding it says:
an
On close inspection one finds that the "Trylon" is an ancient clay due bill
from Chaidea, about 2500 B.0., with cuniform inscription on it and that the
first coins of standard weight and fineness, about 700 B.C. , and of Corinth,
all debenture holders when approved
It will permit the Fair Corporation
on
majority in principal amount.
a
to
The proposed amendment
indenture,
Incident to the Trylon and Perisphere motif of the World's
a miniature reproduction of this theme is shown in
the Chase National Bank Exhibit of
Moneys located at 46
Cedar Street.
The small exhibit is entitled "The World of
the Greek pieces probably the most interesting are
,
40% of the gate receipts for the benefit of debenture holders will be
amended.
at
Fair,
consideration their
your
.
asked to agree to
in the indenture which
provision
the
given
They have had many negotia¬
*
are
"Trylon" and "Perisphere" on Display
Money Exhibit of Chase National Bank
Other specimens of early Chinese money include the knife, dress, bridge
have
Fair
the
of
present/ for
...
The debenture holders
Ancient
obligations.
Committees
prolonged and serious consideration.
with
recommendations.
of
cash
at the moment is insufficient
us
requirements of contractors who have submitted to us unpaid
mostly
1119
capacity
a
operated under
a
of 7,000,000 deadweight tons—the largest fleet ever
single executive direction. He also served on the Export
designated the ports through which exports were
,
Control Committee which
For this service to his country he later received the
permitted to move.
Distinguished Service Medal.
The French Government also made him a
Chevalier of the Legion of Honor and Belgium a Knight Commander of
the Order of Leopold.
$2,314,989.69
1,659,665.09
...............
Total.................—.....—..$3,974,654.78
The paid attendance to
Fair
Corporation
paid
attendance.
our
Aug. 9 has been 12,866,000.
Independent and
the pre-Fair period indicated a higher
during
surveys
Therefore,
it
has
become necessary
for
us
to
restudy
financial situation.
As
of
July 31
our
In
January, 1936, Mr. Franklin relinquished the presidency of the com¬
pany
Reduction of bank loan. Including Interest......
to his son, John M. Franklin, and became Chairman of the Board
As such he continued to devote his time and energies to the
of Directors.
affairs of the United States Lines and
took
which
and
for
other
accounts
amounts to approximately $4,113,000.
This represents' current
payables and unpaid and past due bills of contractors and others.
This
figure is subject to adjustment for credit and debit claims now in process
of settlement.
Our
cash
balances
and
These accounts
today
have
we
are
(including
accounts
change
receivable
mostly current and
are
of
funds
of
$951,000
believed to be
$270,000)
of
as
more
July
are
We have
Aug 4) at
been
reducing
a rate in
to the trustee for
our
excess
of
bank indebtedness
$175,000
the indenture
a
(based
week, and
further amount in
a
we
on
five weeks
to
have been paying
excess
of
$175,000
a
week.
Current obligations—Notes payable (to banks)
Accounts payable.
$1,706 024
...........
.....
_
_
4,113^000
$5,819,024
resources
the
Mr. Franklin was a director of the Atlantic Mutual In¬
Co., Columbian Steamship Co., National City Bank,
Insurance Co., Seamen's Bank for Savings, and
White Rock Mineral Springs Co.
He was likewise a mem¬
Northern
ber of many
and
receipts, based on a total paid attendance for
the whole 1939 period of the Fair of
25,000,000, to meet obligations:
Cash on hand
.......
$632 515
......
Accounts receivable (believed good)...
4% of gate—12 weeks at $175,000
Concession revenues—12 weeks at
Other revenue.......
760,800
$2 100 000
o'lOOOOO
$175,000
.....
...
...
'600!000
$6,093,315
societies.
V
Funeral services were held at St. Bartholomew's Church
New York
in
Aug. 16.
President of the Chamber of Com¬
of the State of New York, on Aug. 15 named the fol¬
on
Richard W. Lawrence,
merce
lowing committee to represent the Chamber at the services:
Clark Williams, George Doubleday, J. Barstow Smull, Leonor F. Loree,
Percy S. Straus, Leroy A. Lincoln, Franklin D. Mooney, John M, Davis,
Jeremiah
dents
Total....
Estimated
in
surance
31.
than 80%
collectible.
'
interest
service.
indebtedness to contractors
payable
$632,515,
is
associated Panama Pacific Line, and
building of the 80,000-ton liner America,
under construction at Newport News for the Lines' transatlantic
keen
a
Mr.
Milbank,
William J. Graham, Lewis E. Pierson, all Vice-Presi¬
of the Chamber j
Charles T. G wynne, Executive Vice-President, and
Lawrence.
In
tribute
to
Aug. 15 said:
Mr.
Franklin's memory,
Mr. Lawrence
on
v
the death of P. A. S.
Franklin, its Senior Vice-President, the Chamber
a distinguished
the past 80 years had contributed much to
the constructive activities of the Chamber in behalf of the American ship¬
In
of Commerce of the State of New York mourns the loss of
and beloved
ping
member who in
industry.
Following his
election in
1907
Mr. Franklin became
a
The Commercial & Financial Chronicle
1120
member of
the Harbor and Shipping the next year,
the Committee on
and
World War, was elected Chairman,
holding that post until 1916.
Four times the Chamber honored him by
election to
the vice-presidency—in
1911, 1916, 1930 and 1936—and he
in
1914, the year of the outbreak of the
held
for
that office
Vice-President
at
tributed
to
did
more
Mr.
of
14
time of
his
total
a
the
deserving of
year
a
to serve as
his generation
in
the
high
honors
Secretary of Commerce last Dec. 15
named on May 1 as temporary Minister to Canada,
as noted in these columns May 6, page 2685.
An item relative to the presentation of Mr.
Roper's
credentials
George VI
King
to
appeared in
issue of
our
May 27, page 3160.
♦
he
won,
outstanding citizen, the shipping industry a great leader, and the Chamber
a
as
1939
was
C.
distinguished member and officer.
Commodity Credit
Robbins Named President of
B.
In his passing the Nation has lost an
during the World War.
of Commerce
resigned
Mr. Roper
and
con¬
Merchant Marine than
for his work as Chairman of the Shipping Control
both at home and abroad,
Commission
had
man
of the American
more
was
nor
No
death.
the development
Franklin,
He still
years.
Aug. 19,
Corporation
Henry A. Wallace, Secretary of Agriculture, announced
Aug. 17 that Carl B. Robbins has been appointed Presi¬
dent of Commodity Credit Corporation, effective August 15.
Mr. Robbins succeeds Lynn P. Talley, Assistant to the
on
Prof, Rogers Dies in Crash of Plane at Rio de Janeiro
Prof. James
when
Harvey Rogers, with 13 others, was killed
clipper of the Pan-American Airways crashed in the
a
Rio de Janeiro harbor
Corpora¬
Board of Directors of the Reconstruction Finance
The Secretary's announcement went on to say:
tion.
which took effect on July 1,
Under the President's Reorganization Plan I
(Brazil) on Aug. 13.
In the New
"Register" of Aug. 14 it was stated that Yale Uni¬
versity faculty members and associates of Dr. Rogers
mourned the passing of one of their most famous colleagues.
In part the "Register" also said:
ence
|» On his ill-fated "vacation trip" to South America Professor Rogers was
stitution
accompanied by his former student and close friend, Robert Landman of
corporation.
Haven
New York City, who went with
in the
him to many other important world points
study of international economic conditions.
Possessed of
out the
a
1939, the Commodity Credit Corporation was transferred to
ment of
modities stored as collateral,
1937 and spent
member of President
a
National
Traders
with Prof. George
as
trust"
chief adviser
Rogers nevertheless as late as 1937 expressed
of big deficits.
He parted company
and
the
a
distrust and
appre¬
.
with the New Deal
on
the National Recovery Act
Act because they tended to increase
Agricultural Adjustment
four
siderable
attention
at
Yale University Press attracted
"America
Weighs
Her
Waldorf
an¬
by Willis M. Summers, President
of the Association and member
of the firm of Iloit, Rose &.
Troster.
Convention
the
daily
con¬
Gold"
the
days through Friday, August 25, according to an
Close to 1,000 members of the Association
economists,
among
York
of the country are expected to attend, it
His Books
Two of his books published by the
New
in
beginning Tuesday, August 22, and continuing for
nouncement made Aug. 15
prices and restrict output, he claimed.
Two of
Meet in
City Next
to
York
New
Security Traders' Association will hold its
national convention
annual
Astoria
1933 in working out the nations gold policy.
Association
in
22-25—Floyd Odium to Address Forum.
The National
and
7 A strong advocate of inflation after the onset of the 1929 depression,
Prof.
Convention
Week Aug.
F. Warren of Cornell University served
President in
Stanford
at
economics included
+.
Security
National
Roosevelt's original "brain
business and
Stanford.
"Brain Trust" Member
was
and finance
economics
degrees from Harvard and
1934 in behalf of the United States Treasury Department.
hension
taught
training in
graduate
Treasurer of a manufacturing
many
months studying the silver currency situation in China, India and Japan in
to the
His
world, Prof. Rogers was the American member of the Economic
Council of the League of Nations from 1933 through
He
Robbins
Mr.
Previously,
Vice-President and
First
branch banking in¬
for a
there included service as economic adviser
and as
His experi¬
engaged in business in California.
Mr. Robbins formerly was
University.
...
wide acquaintanceship among monetary experts through¬
the Depart¬
The Corporation makes loans to producers on com¬
Agriculture.
inent
speakers
classes
of
forums will be held
who
will
securities,
discuss
from &R parts*,
wa^jstated.
During-
featuring prom¬
affecting major-
factors
including municipal,
Academy and the University of South Carolina before coming to Yale and
real estate*, and:
corporate issues.
Among other activities planned for thosewho attend
the Convention are a trip to the
Palisades*.
going to the University of Geneva for graduate work.
Amusement
and "Capitalism In Crisis."
This volume
Born Sept. 25, 1886 in Society
In July,
fiscal
to
Hill, S. C., he
published last October.
Roosevelt's
a way to
educated at St. David's
was
1933 he and Prof. Warren undertook
situation, at President
gold and the finding of
the
was
a
study of the nation's
with special
request,
refinance the Federal debt and cut down
The two professors worked for months with pay to devise the program
which the President accepted and announced to the nation in October, 1933.
1927 he wrote "Stock Speculation and the Money Market" and in
1929 "The Process of Inflation in France."
Long Island,
The
ing
Vacation
Gun Salute
President Roosevelt left his
Park, N. Y.
on
at
Cruise—Receives
21-
Halifax
summer
residence
at
Hyde
board the cruiser Tuscaloosa
for a vacation cruise off the
New England and Canadian Coasts after having completed
his task of passing on the legislation rushed through Congress
in* its
closing days.
Invited on the cruise with Mr. Roosevelt
were
Rear Admiral T. Mclntire, Captain Daniel J. Callaghan, Brig.-Gen. Edwin M. Watson and one of the Presi¬
dent's secretaries.
No schedule
indefinite
ashore at
planned for the trip and the route was
that the President had arranged to go
Campobello Island, New Brunswick, where his
was
except
mother has
a summer
in-law
vacationing.
home and where his
son and daughterOn Sunday (Aug. 13) President
Roosevelt viewed the work of the salvagers who were trying
to raise the sunken submarine Squalus and sent the
following
wireless message to Admiral Cole as the Tuscaloosa left the
are
scene:
"Am greatly pleased with the
by the officers and
men
efficiency and arduous services performed
of your unit.
Well done."
On
Monday the President visited Campobello and on
Tuesday (Aug. 15) sailed to Halifax where he received a
21-gun salute. Although he did not go ashore he was visited
aboard ship by Clinton MacEachran, United States Consul
General; Highways Minister A. S. MacMillan, Acting
Premier of Nova Scotia; Mayor Walter Mitchell and other
officials.
The
proceeded
north
into
Newfoundland
waters, where the President has been fishing, receiving inter¬
national reports and holding press conferences.
Mr. Roosevelt's vacation plans were mentioned in these
columns
Aug. 12,
page
954.
is
paid
forums
matters
will
Fair and
Lido
the
Country
Billy
Club,_
It
expected
to
over-the-counter
to
markets,
trading.
well
as
as
increas¬
is
expected
problems,
activities
the
various
for-
program
by the Convention.
Floyd Odium, President of Atlas. Corporation, will speak
corporate securities at the Corporate Forum of the Con¬
vention, it was announced on Aug. 17 by Benjamin H. Van
Keegan, President of the Security Traders Association of
on
New
York which
be
will
host
Convention.
the
to
John
Clark, chairman of the Municipal Committee of the Invest¬
ment Bankers Association, and Howard Jones of the National
Municipal League will address the Convention's Municipal
Forum to be held on Aug. 22.
Charles G. Edwards, President of the Central Savings
Bank, will be the speaker at the Forum on Real Estate
Securities which is scheduled for Aug. 23.
Following Mr.
Odium's address, there will take place a unique "radio-type"
question-and-answer period at which Arthur Retallick of
Adolf Lewisohn & Co. will be "mater of ceremonies."
Membership of the National Security Traders' Association
which
comprises
22
affiliated
in
located
groups
cities
throughout the country totals 2,200 traders.
Organized in
1934, it is the largest organization of securities traders in
the United States, its members being associated with both
Exchange firms and over-the-counter firms who trade in
upward
of
100,000
organization
unlisted
to
are
The
issues.
encourage
purposes
the
of
better trading practices, es¬
tablish codes of
trading ethics, and promote good will among
traders, its Arbitration Committee being designed to settle
disputes
to
Officers
uniform
promote
traders
among
of
The Association's Revised Rules
members.
among
the
practices
Traders' Association
Security
Natipnal
trading
inter-city
announced.
recently
was
are:
President Willis
First
M.
Summers,
Vice-President
Thomas
of Hoit, Rose
A.
Akin,
of
& Troster, New York.
Akin-Lambert
Co.,
Los
An¬
geles.
Second
Daniel
C.
Roper Resigns
as
United States Minister
to
Canada
In
a
press
President
disclosed
that
he
had
Aug. 18,
accepted the
advices from the U.
S. S. Lang, Bay of
Islands, N. F.
Aug. 18, in reporting this added:
on
The President said he had sent Mr. Roper a letter of
regret and thanked
him for his willingness to take the post temporarily
during the recent visit
of King George and Queen Elizabeth of England.
Treasurer
on
resignation of Daniel C. Roper as United States Minister to
Canada before he left Hyde Park, N. Y.
Associated Press
Henry J.
Richter, of Scherck,
Richter & Co., St.
*
Secretary Corwin L.
conference aboard the Tuscaloosa
Roosevelt
Vice-President
Louis.
Edward
Liston, of
J.
Herrick
Mitchell,
of Wells-Dickey
Knight,
Co.,
&
Cleveland.
Minneapolis.
Co.,
Officers of the
Security Traders' Association of New
York, the local affiliated group which will be host to the
Convention,
President
First
are:
Benjamin
H.
Van
Vice-President John
Second
Vice-President
W.
Secretary Walter Saunders,
Treasurer
Wilbur
R.
J.
Keegan,
O'Kane,
Foster
of
Wittich,
of
Frank
of
Masterson
C.
Jr., of John
Webster,
J.
Hardy
Dominion Securities
of Bond &
Goodwin.
&
Co.
O'Kane, Jr. & Co.
& Co.
Corp.
-
be-
will
concerning
public relations
a
this,
and
It
specific
cover
affecting over-the-counter
is probable that resolutions
be voted
also
particularly significant
to be
of securities
designed
are
Mr.
said:
discussion
much
discussed.
designed
Tuscaloosa
of
Association
at
sight-seeing tour of New York.
a
being
the
rahge
day
aspects of securities legislation
the
the morning of August 12 for New York to
so
World's
the
to
field
convention
is
although
thoroughly
Roosevelt's
t
and
national
attention
that
visit
a
a
his announcement
when there is
year
whole
President
Park,
Aquacade,
Summers in
carrying charges.
In
Rose's
reference
Volume
In addition
Commercial & Financial Chronicle
The
149
to the
Security Traders' Association of New
York,
the other affiliated groups making up the
Association are:
Association
of
Baltimore
Traders
Club
Bond
Traders
Association
Bond
Traders
Club
Bond
Traders
Bond
Traders
Bond
Club
4.
Public
in Los
(Ore.).
and
of Los
;
Club.
Bond
Florida
Traders
Bond
New
Orleans
San
Francisco
'
Club.
<
Association
Security
Traders
Traders
Bond
of
■
■
<
;
Philadelphia.
Security
Traders
H.
is
Paul).
(Minneapolis-St.
be
to
Bankers Association of America
ment
II.
Hall & Co.,
of Harris,
Collins, Vice-President
Chicago, has been nominated for the Chairmanship of the
Central States Group of the Investment Bankers Associa¬
tion of America for the year 1939-40, it was announced on
Aug. 10 by Winthrop E. Sullivan of the First Boston Corp.,
Others placed
regular slate of officers that will be voted on at
Chicago, Chairman of the Group at present.
the
on
the annual meeting called for September
Ralph
Farwell,
Chapman,
Nathan
and
D.
McClure,
Secretary-Treasurer.
Chapman
Harriman
Co.,
&
Ripley
&
8 are:
Vice-Chairman;
Chicago,
Incorporated,
Co.,
Chicago,
terms
Lewis
John
Donald
Royce, Blyth & Co.,
ated for
three
Wallace M. Flower of Blair,
two year term, and
a
of
term
Secretary-Treasurer
nominated for an addi¬
the Committee.
Mr. Sullivan
one
year
on
was
were
made by a Committee consisting of P. A. Walters of
Stone
be
ex-officio
an
Webster
Porter
S.
announced
program
Lincoln, Neb.
Speakers representing influential lay groups will present
the viewpoints of the attorney,
man.
Other addresses of
•
trust
a
National
First
the
of
These
member.
Blodget, Inc., Chicago, Chairman; Irvin L.
and
of the
Loomis
Bank
of
Illinois Company
Chicago; and John
of Chicago.
current
in
problems,
field.
his
A
banquet will be held the evening of Sept. 19.
erence
to the convention
3474.
"
Six
Association
of
annual
The
actively serving the credit needs
are
indicated by figures
announced on
Aug. 16 by the American Bankers Association, showing that
452 banks in 330 towns and cities in Ohio have reported to
Association
that
they made 249,472
months
new
loans during
of
1939, totaling $341,761,718.
The
average number of new loans made per bank was 552, and
the average size of the loans was $1,370.
first
The
this
six
452
same
loans
banks
reported
that
addition
in
to
new
they made 296,731 renewals of existing loans during
half
period,
year
renewals
these
amounting
continuation of credit extensions totaling
the
to
$381,828,720. The
number of loans renewed per bank was 656 and the
average
renewals
for
were
an
loan of $1,287.
average
These banks
also
reported that they made 9,853 mortgage loans totaling
$28,796,528.
The Association further reports:
,
The
452
reporting
than
300,000
loans
isting
the
new
of
convention
National
the
Association
of
Real Estate Boards will be held in Los
Angeles, Calif., from
In the official "call" for the convention, re¬
Oct. 24 to 27.
L. Ostendorf, Cleveland, President of thethat
decisions that will
guide the
Directors of the Association in determining its future ac¬
tivities and that will outline the thought of real estate busi¬
ness leaders of the country in
matters of national impor¬
cently issued, E.
Association,
and
states
real estate
to
are
expected to come before the con¬
Sessions of the Association's Institutes, Divisions:
Councils, he adds, will discuss specialized questions per¬
development and home building,,
and sale, real estate financing,
real estate management.
Each of the specialized groups;
to
available
banks
credit"
of
that
however,
similar
in
on
known
all
aggregating
that
400,000
credit
$1,000,000,000
of
Ohio
specific
on
lines of
establish
regular
to
reported
$33,478,703,
applications,
"confirmed
as
times
their books
ex¬
extensions
during the
the
in
or
they
that
of
business
maintain
of
sum
28%
banks
such
$119,542,288.
this
in
same
on
to
other Institutes,
are
make
its
own
recommendations to the-
matters affecting its
own
field.
special meetings for appraisers, and like meetings of'
The
Divisions and Councils of the Association,,
October 25 and 26, with general sessions
to be held on
opening on the afternoon of October 24 and closing on the
afternoon of October 27.
George L. Sclimutz, M. A. I., Lo&
Angeles, and Ayers J. du Bois, M. A. I., Washington, D. C.,
listed for the appraisers' program.
Chicago, Vice-President and'
Managing Director of the First Federal Savings and Loan
are
speakers
of
Association
Chicago and General
Committee
stitute's
the
already
O. Walther, M. A. I.,
Herman
Education
on
of the In¬
Research, will lead
Chairman
and
general discussion that will follow Mr. Schmutz's ad¬
dress.
A.vers J. du Bois, chief of FHA's valuation unit, will talk
"Correlation and Judgment in Appraising."
Mr. du
on
Bois,
Institute's Subcommittee on Re¬
member of the faculty for casegiven by the Institute in 1935, 1936, and 1938.
Chairman
study courses
the
of
has served
search,
a
as
credit,
"confirmed
They state,
was
used
being
was
showed
published
that
two
417* banks
weeks
in
ago
290
for
cities
the State of
and
towns
Penn¬
in
the
period, January 1 to June 30, 1939.
Financial
Current
borrowers.
Keystone State reported that they made 231,236 new loans totaling $372,350,286, and 675,498 renewals of existing loans aggregating $750,393,485,
the
Association
larger
credit," of specified
of Jnue 30.
as
report
-It
are
at
only
by business firms
sylvania.
and approximately
banks,
neighborhood
making loans
cities maintain what
Forty-eight
Ohio
Ohio.
in
be estimated
can
invited
be
will
.
banks
705
the
and
period from January 1 to June 30, 1939.
addition
amounts,
made
.were
the
of
these 452 banks it
by
in
64%
represent
loans
renewed
were
public of Ohio
six months'
In
banks
basis of the showing of
the
more
in
Holdl
real estate leasing, purchase
,
That banks in Ohio
A
to
Angeles Oct. 24-27
taining to appraisal, land
of their communities is
lines
Estate Boards
Real
in Los
Annual Convention
731 Other Loans
to
Previous ref¬
appeared in these colunms June 10,.
Months of 1939 Totaling $341,761,718—Renew 296,-
On
be presented
to
September 20, and will be conducted by three leaders in the
The annual Pacific Coast-Rocky Mountain trust
vention.
Ohio Banks Make 249,472 New Loans During First
the
each
question-box period
trust field.
tance
-♦
the
the family, and the business:
technical nature will deal
more
by an
devoted to<
legal, investment, and administrative policy questions will
he a feature of the closing session Wednesday afternoon,
with
authority
National
nominations
&
the
page
Chicago.
Chicago,
Chicago.
Inc.,
Chicago, who
the Group last year, has been
tional
public relations side of the trust business will be the
regional trust conference according"
Aug. 3 by Samuel C. Waugh,
President of the A. B. A. Trust Division, who is Executive
Vice-President and Trust Officer of the First Trust Co.,,
to
Quail & Co., Davenport, has been nomin¬
Bonner & Company,
will
1939 at the Biltmore
September 19 and 20,
Angeles.
Newey, Stern, Wampler & Co., Inc., Chicago.
John J. Quail of
of
South¬
hosts, which
dominant theme of the
the Executive Committee:
on
Miller, the First National Bank of
W.
held
as
.
In addition, the following have been nominated for
year
Officers' Association,
Trust
California
Hotel in Los
Association.
Harris, Hall & Co. Nominated for
Chairmanship of Central States Group of Invest¬
Julien
Rocky Mountain States, which is be¬
under the auspices of the Trust Division of the
American Bankers Association, and sponsored by the
of
Collins
special invitation to all trust
planning to attend the American Bankers
convention in Seattle the latter part of Sep¬
Association
The
J.
a
and bankers
men
ern
Louis.
City Bond Traders Club
Angeles, and General Chairman of the 17th Regional
ing held
Security Traders Association of Detroit and Michigan.
Wisconsin
Coast Trust
A., to Be Held
Roseberry, Vice-President and Manager of
the Pacific Coast and
Security Traders Association of Hartford.
Twin
Pacific
of
tember, to stop in Los Angeles for the Trust Conference of
Association.
Association.
Security Traders Club of St.
II.
Trust Conference, has sent
Association.
;
Investment Traders
Theme
the Trust Department of the Security-First National Bank
Association.
Traders
Be
to
Angeles Sept. 19-20
Senator L.
Seattle.
of
Relations
Conference of Trust Division of A. B.
(Mo.).
(Texas).
Traders
Stock
Angeles.
City
Portland
of
Security
Los
Kansas
Houston
Club
of
Bond Club.
Denver
executives, actuaries and lawyers
will also be included.
Association.
Chicago.
of
Club
of
Cincinnati
of
Club
Securities
Cleveland
this major attack upon one of the important
problems of life insurance agency management.
It is ex¬
pected that the Committee will consist not only of several
Louisville.
of
Traders
Boston
strengthen
agency officers but chief
Security Traders of Wilwaukee.
Security
Bond
Bond
National
1121
Advertising
to
Be
Exhibited
at
Advertisers' Convention in Toronto, Sept. 11-14
display during
Advertisers
Association, to be held in the Royal York Hotel, Toronto,
financial
Current
the
24th
Sept.
annual
The exhibit,
11-14.
convention,
is expected
containing
boards
include
These
advertising will
convention
of
an
the
be
on
Financial
outstanding feature
to produce
advertisements
of the
several hundred panel
published during 1939.
samples from every medium such as news¬
magazines, direct mail, radio, posters, outdoor, car
booklets and folders.
Members are being asked to
reserve panel
spaces now by Richard Wells of the StatePlanters Bank & Trust Co., Richmond, Va., Chairman of
papers,
cards,
New
Committee
Authorized
by
Life
Insurance
Sales
Insurance
Sales
Research Bureau
Executive
The
Research
Bureau
sation
Bureau
of
to
a
Committee
has
Committee to
Field
that
a
the
in
Life
the
appointment by the
study the question of Compen¬
The Bureau
Men.
studying this problem
anticipated
of
authorized
states that it has
detail for many years,
Committee
of
company
been
but it is
officers
will
the 1939 Exhibit Committee.
All
the 500 members of
the
F. A.
A.
are
invited
to
par¬
In addition to this exhibit, there will also be an
exhibition of printed material and office equipment and
ticipate.
systems
vertising
of interest to financial
departments.
public
relations
and
ad¬
The Commercial & Financial Chronicle
1122
Tool Engineers to Hold Meetings
American Society of
Society of Tool Engineers, Inc., will hold
The American
Oct. 5 and 6 in Cleveland as a part of the
Machine Tool Congress coincident with the National Ma¬
chine Tool Show to be held Oct. 4-12.
At the dinner meet¬
its meetings on
New York
the "Economic and Political Effect of the
ing on Oct. 6 Representative Hamilton Fish of
will
speak
on
Development of the Machine."
a
without
any
during
It
of
Federal
Corporation indicates that de¬
expenditures during the first six
Deposit Insurance
unprecedented
spite
months
1939
of
the
surplus of the Corporation
again
in¬
creased, amounting to $135,183,000 as of June 30, 1939.
It
is also stated by the Corporation that in the half-year "a
major portion of the Corporation's plans for rehabilitation
weak
known
of
the country's banking structure"
spots in
was
realized, necessitating an outlay of $04,000,000, the
largest disbursements for any six months' period since the
insurance
of
hazards except
known
all
stitutions will
have
few scattered small in¬
a
eliminated."
been
A
of the
summary
report also refers to its features as follows:
Disbursements
banks
insured
June
about
Full
beginning of deposit insurance
$100,000,000,
June 30,
97%
89
to
extended
was
in
merged with the aid of FDIC loans through
or
$283,000,000, of which
were
of
insured
110
banks
net reduction
a
been
having
of
eliminated
only 21 were admitted to insurance.
been
chartered during the first half of 1939 that had
was
The
the
Operations
The
of
income
months
the
June
ended
Expenses
which
losses
and
this
during
period
represented deposit insurance losses and
Surplus
the
of
resulting from
entire
period
interest
paid
earned
and
amortization
987,646.59.
to
by
purchase
and
the
between
and
expenses
of
amounted
expenses
to
disbursements
total
$99,856,053.59.
of
incident thereto,
Administrative
and
expenses
a
these
from
banks, all but
loss.
which
Total
791
From
the
Of the 359,138 depositors
or
of
markets to
estate
dwindling
trade area, and other factors
fully protected by insurance or otherwise
the 48 banks amounted to $146,000,000, of
97.8%, were protected against loss.
three
subsequently reopened
were
taken
or
by other insured banks and 300, with 840,277 insured depositors and
deposits of $283,000,000, were liquidated or merged.
Of the total
deposits in the 300 banks, $275,000,000, or 97.1%, were made available
promptly without loss to depositors.
Of the 840,277 depositors only 1,528,
total
less
than
*4
fully
of
of
protected
terms
the
1%, held accounts in
by
offset,
insurance,
excess
of $5,000, which
preferment,
pledge
of
were
security,
or
FDIC,
June
reduction
a
reduction
by
30, 1939, there
resulted
action
merging
of
earnings,
13,620 operating
the
six
months
banks insured with the
ended
that
on
part of
with
the
sound
appropriate
banks
with
authority
aid
in
the
from
or
date.
The
weak banks
closing
them
Corporation
or
when
During the six months ended June 30, 1939, 110 insured banks
by suspension, merger or consolidation, or voluntary
eliminated
were
Supervisory
officials
of
have
unsound
qualify for deposit insurance.
of
which
eight
operation
or
first
were
beginning of the
banking business
plans
for
to
chartered
Bank
s
for
in
to
cooperate
chartering
21
were
business
failures
to prepare the system properly for what economic contingen¬
the future may hold.
necessary
The elimination
insolvent
of
hazardous
or
'during the first six months of this
the
year
Corporation expects to be called
that
assuming
and that
powers
continue.
dition
There
gives
remain
the
these
upon
the Corporation
the trend towards
only
banks
will
more
that
accomplished
was
involved the largest outlay that
to make during any comparable
possess
adequate
supervisory
competent bank management will
few insured banks of any size whose con¬
immediate concern.
It should be possible
a
Corporation
situations
before .the end of 1939, in which event the
Corporation will have eliminated all known hazards except a few scattered
correct
small
institutions.
A statement
of the assets and liabilities of
the Corpora¬
analysis of the surplus for
the six months ended that date, is furnished by the
Corpora¬
as
of June
as
30, 1939, and
an
follows:
INSURANCE
ASSETS AND
CORPORATION
LIABILITIES—JUNE 30,
STATEMENT OF
1939
Assets
Cash
hand, In transit and
deposit
522,726,089.04
United States Government securities (cost less re¬
serve for amortization of premiums) and accrued
on
on
interest receivable
343,663,627.21
'
-5366,389,716.25
Assets
acquired
through
bank
suspensions
and
(less collections):
'
.
Subrogated claims of depositors against closed ln^
sured banks--
Net balances of depositors Inclosed Insured banks,
:r
pending settlement or not claimed, to be subro-
A?
gated when paid—contra
-
.
:
.
.
.
5,011,077.06
Loans to merging banks to avert deposit insurance
losses; recoverable liquidation expenses
Assets
purchased from merging
deposit insurance losses
banks
59,927,173.87
to
avert
822,758.25
$103,993,377.39
less reserve for losses
40,462,250.63
...
63,531,126.76
Furniture, fixtures and equipment-.
1.00
Deferred charges and miscellaneous receivables
51,923.27
Total assets
$429,972,767.28
'
-
J230.839.06
deposits and unapplied collections
applicable to loans to merging banks and assets
purchased
115,977.27
—
Net balances of depositors In closed insured banks,
5,011,077.06
pending settlement or not claimed—contra
$5,357,893.39
Unused credits for assessments paid to temporary Federal Deposit
Insurance funds and prepaid assessments
Deferred credits
—
Reserve for administrative and
—
—
20,620.04
.
593.59
*
.
111,492.49
deposit insurance expenses.
Total llabUIties
$5,490,599.51
-
Capital
Capital stock
Jan.
.,$289,299,556.99
-
1, 1939
Balance
as
institution
in
preventing
banks
that
admitted to
1939
banks
$131,244,960.67
periods prior to
481,176.61
—
adjusted Dec. 31, 1938
$131,726,137.28
Surplus for the six months ending June 30,1939:
Additions—
Deposit Insurance assessments..$19,871,585.39
Interest
sales
earned
and
of securities
profit
on
(less provi¬
sion for amortiz'n of premiums
received
on
loans
5,853,307.17
and
in
and
insurance,
13
were
operation
engaged
in
a
at
23,067.32
.
.
the
$25,748,559.88
could
in
the
general
during the six months.
Deductions—
Deposit
Insurance
losses
and
$20,650,713.24
1,575,646.51
expenses
Administrative expenses
Furniture,
in. nt
fixtures
and
equip-
purchased & charged off
65,726.63
Rehabilitation Program,
1939
saw
rehabilitation
of
realized
known
a
$22,292,086.38
major portion of the Corpo¬
weak
spots
in
the
3,456,473.50
country's
135,182,610.78
banking structure.
the
359,138
sents
the
wholesale
The outlay during that period of
$64,000,000 to protect
depositors of 48 insolvent or hazardous insured banks
greatest
injection
repre¬
single
of
reinforcement
new
capital
of
the
following
banking
the
system
banking
since
holiday.
the
The
Total capital
Total liabilities and capital--.
«
.
$38,232,368.21
—
subrogated claims oi depositors
only
banks
during
non-insured
No non-insured
year.
The first six months of
ration
and
There
opened
successors
was
continued
banks
crop
in difficulty and constant application of super¬
that will keep all operating banks in a sound condition
visory standards
Interest
liquidation.
organization
repeated
cases,
some
inability to
of insured banks
mergers
31. 1938
Add adjustments applicable to
chiefly from the elimination of insolvent
the
on
them
necessary.
In
improve,
to proper functioning of deposit
insurance.
Prompt
Corporation's responsibility to pay depositors or to facilitate
Balance Dec.
were
for
89
of
Surplus:
agreements.
merger
amounts
essential
is
not
Membership
On
large
led to continued deterioration.
Accounts and assessment rebates payable
over
or
funds,
capital
working out satisfactorily.
are
local real
management,
Earnest money
in
which
step
With the help of supervisory authorities
in
beginning of deposit insurance to June 30, 1939, 303 insured
closed,
were
first
for the improvement of management and for
or
were
deposits
$143,000,000,
banks
logical
permit the banks to write
Corporation has always held that prompt elimination of its known
exercise of the
are
to
Attempts at
which it was hoped would permit a reasonably
sound basic condition and to profitable operation. * The
however, the failure of
The
the
were
order
In
of deposit
success
earnings
a
competent
institutions
subscribed.
programs
majority of such programs
find
the
to
Current liabilities:
the Corporation.
from
how¬
Liabilities
During the six months ended June 30, 1939, 48 insured banks closed
aid
meager
Congress,
have amounted to $16,720,589.65.
financial
insurance
that had
health of the banking system.
Closed Insured Banks
received
insured
the intention of
insured
merging banks for loans and
and other charges
deposit
$41,-
to
pending to depositors of closed
or
claims
including
recoveries
and
difference
their
of
of assets,
estimated
derived from
premiums.
representing
other charges
1939,
the beginning of deposit
including assessments of
$49,122,278.02
and
30,
losses during the
profits from sale of securities, after making provision
Charges to surplus have amounted to $57,-
of
settlement
in
income from
$193,170,257.37,
Net deposit insurance losses
267,056.94,
of
become
rebuild' their
to
were
of
retention
mergers
June
of
as
all expenses and
insured banks
$141,123,110.63 actually made
banks
$22,292,086.38,
and $20,650,713.24
expenses.
over
Total
amounted
to
expenses
$135,182,610.78
was
of income
excess
of operation.
has
insurance
Corporation
an
$144,047,979.35
for
amounted
$1,641,373.14 represented administrative
which
with
recognized hazard
a
which
of
speed
clearly
was
problem
FEDERAL DEPOSIT
$19,871,585.39 represented assess¬
ments paid by insured banks and $5,876,974.49 represented interest earned,
lesa provision for amortization of premiums, and profits on securities sold.
1939,
the
the hazard.
and
developed
Corporation amounted to $25,748,659.88 for the six
30,
the
of
rapid return to
tion
report of the Board of Directors of the Corporation
is presented as follows:
It
the general
losses
preferred capital
tion
approved for insurance.
and
again
sizable segment of the Corporation's membership, from
a
elimination of
the banks
to
banks,
of
view
represented
to
and
known
period,
depositors
during the first six months of 1939
number
No commercial bank
not
1934)
promptly made available.
occurred
the
in
while
1,528 of 840,277
Total deposits of these banks
1939.
was
There
1,
70%, will be recovered.
or
protection of all but
the 300 insured banks closed
(Jan.
$141,000,000, of which it is esti¬
Corporation
effect and in view of the fact that certification
the sole requirement for admission to the temporary
was
event,
any
towards
hazardous
or
the
of
should be extended to the greatest possible number
Leniency on the part of supervising officials in certifying
rehabilitation
off
cies
protection of depositors of insolvent
the
1939, amounted to more than
30,
mated
for the
from
involved
institutions
Despite large expenditures
insurance
beginning,
insurance
losses
event
the
of
surplus
solvency of institutions under their jurisdictions, therefore, was probably
dition
It should be possible
the
socially preferable to a too rigid measurement of asset sufficiency.
within
before the end of 1939, in which
in
survival.
long
that
beginning of deposit insurance. The report adds that "there
only a few insured banks of any size whose con¬
gives the Corporation concern.
depositors
review,
that some banks should
fund,
of
depositors.
the
remain
to correct these situations
to
to banking services.
put into
was
solvency
mere
the
report for the six months ended June 30, 1939, the
loss
under
natural,
was
originally
In
1939, $135,183,000
of
interruption
period
the
chances
$64,000,000 Disbursed by FDIC in First Half of 1939 in
Bank Rehabilitation Program—Surplus of Corpo¬
ration Increased During Six Months Ended June 30,
the
increased.
ever,
In its
of
dollar
without
1939
19,
its loan powers to facilitate mergers in cases involving
protected deposits, and these corrections were made
Corporation used
three-fourths
in Cleveland Oct. 5-6
Aug.
-—-
—I
—
$424,482,167.77
$429,972,767.28
;
Volume
The
149
Commercial & Financial Chronicle
Corporation for the year ended
referred to in these columns July 29,
An earlier reference this year to figures made
The annual report of the
Dee. 31,
1938,
363.
page
available
by
was
the Corporation appeared
1882.
April 1,
page
ITEMS
ABOUT
in
of
issue
our
.
of Mr. Dodge, the first being "Banking and Business,"
published in 1936, and the second, "Banking & Selling,"
appearing in 1937. In emphasizing the importance of con¬
stantly acquiring knowledge, Mr. Dodge, in one of his
articles in the present booldet, says:
pen
Education of
New
BANKS,
TRUST
&c.
COMPANIES,
announced
August 16 that the membership standing in the name of
William B. Giles had been sold to A. Schierenberg, for an¬
other, at $2,150 a decline of $350 from the last sale made
June 15th.
This price is the lowest registered for mem¬
berships since 1915 when the addition of sugar trading to
the exchange brought a sharp spurt in values as sugar
traders • acquired memberships.
The
York
Coffee
and
Sugar Exchange
New York's annual hunt for "forgotten" bank
is
under way
now
and various banks
unclaimed accounts of $10
or
more
are
deposits
publishing lists of
which have shown no
withdrawal activity for at least 15 years. Under
published in August or
September of each year.
If claimants to accounts are not
found, the money eventually reverts to the custody of the
State.
In supplemental advertisements in English and
foreign-language newspapers, the Bowery Savings Bank
Calls attention to its official advertisement listing 379 un¬
claimed accounts totaling $84,442.22 which were opened be¬
tween 1874 and 1924.
The largest account is for $8,190.63.
Since the publication of last year's list, the Bowery it is an¬
nounced, has succeeded in finding the rightful owners of
189 accounts totaling $27,208.64.
In the preceding year,
it
established
the ownership of 581 accounts totaling
$132,321.90.
deposit
or
1123
age.
kind must go on all one's life, from
some
infancy to old
School and college are only incidents in a long education.
Mental
Pld age begins in people when their knowledge becomes stationary.
Some¬
times it begins at 25 or 30 and remains so for the rest of their lives.
Whatever the
cause
be it overlooks the conditions attached to
may
progress and success.
In all forms of management and executive work it is
business of meeting constantly greater and more complicated problems,
and personal demands.
In this day of business and economic changes,
a
experience cannot supply all the needs.
any management to remain
unless
a
It is difficult for
any
person or
equal to the advances in business technique
definite effort is made to do
so,
No one will deny the .
general advantage of every personal effort that
improves knowledge of business fundamentals, organization, practices or
procedures.
From that standpoint any kind of study is an asset.
Sooner
or
later it will be valuable.
standing.
It tends to expand the mentality and under¬
But, whatever it is, it is subject to this qualification: Out of
it something must be gained that can be used and is used for the benefit of
both the individual and the business.
the State law, such lists must be
♦—-
.
■
^
Richard
Carleton, formerly Senior Vice-President
Blodget, Incorporated dealers in
securities, and a member of the War Industries Board during
the World War, died at his Summer home at Dublin, N. H.,
on Aug. 11.
Mr. Carleton graduated from Harvard College
in 1898, and shortly after joined in a minor capacity Blodget
& Co., of which his stepfather, William Blodget was a
High
of Stone & Webster and
partner.
In
1927
Blodget & Co., merged with the securities de¬
partment of Stone & Webster, to form Stone & Webster and
Blodget, Incorporated.
President of the
new
Mr. Carleton was a Senior
firm until he retired in 1932.
Vice-
broker for about thirty years, was for many years a
member of the Wall Street brokerage firm of Leask & Robbins
of which his late brother, George Leask, was senior member.
Mr. Leask Was 60 years of age.
a
Andrew C. Eckels, Trust Officer of the Elizabeth Trust
Co. of Elizabeth, N. J., has been appointed Treasurer of the
institution to succeed the late Welles B. Pullen.
In regard
his
to
banking
career,
Elizabeth advices to the Newark
"News" of Aug. 17 said:
>
Mr. Eckels (who was born in Elizabeth) started
messenger in
Assistant
1933 and Trust
as a
Officer in January ,
1937.
He is
Secretary-Treasurer of the Elizabeth District Clearing House Association
-and
a
former Governor of Elizabeth Chapter, American Institute of Banking.
W. B. Irvine, President of the National Bank of West
Virginia at Wheeling, resigned recently after 50 years of
service with the institution, over 40 of which were spent in
-executive positions.
Mr. Irvine is one of the leading bankers
in the State and was President of the West Virginia Bankers
Association in 1910 and served in many committees of the
Association since that time.
He has always been active in
•civic affairs and served as President of the Wheeling Cham.ber of Commerce.
promotions were made in the personnel of the Harris
'Trust & Savings Bank of Chicago at the regular monthly
meeting of the board of directors on Aug. 9.
Richard E.
Pritchard, formerly Cashier, was elected a Vice-President,
while George Slight, heretofore an Assistant Cashier, was
.advanced to the Cashiership.
The Chicago "Tribune"
of Aug. 10, in noting these changes, added:
Pritchard
became associated with the
Harris bank in
1920 afte1
having been employed for 14 years by the First National Bank of Chicago,
where he began work when he was 16 years old.
.
slstant
Cashier of the Harris
bank in
1925,
He was elected
Assistant
as
As-
Vice-President in
1930, and Cashier in 1934.
Mr. Slight joined the
County branch at Petaluma.
Prom the Tononto
"Financial Post" of Aug. 12, it is
Bond, who has been connected with the
National Trust Co. (head office Toronto) in Winnipeg since
1913 and Manager of the bank's Winnipeg Branch since
1923, has been elected a member of the company's Board of
Directors.
Mr. Bond, who is retiring as Manager of the
Winnipeg office because of impaired health, will be succeeded
by Ronald W. Pearson who has been named Superintendent
of the bank's Western Branches as well as Manager at
Winnipeg.
The other Western Canada branches of the
company are at Saskatoon and Edmonton. Another newly
learned that Allen S.
appointed director of the National Trust Co. is R. A.
According to the Tononto "Globe" of Aug. 14,
Mr. Laidlaw is Secretary-Treasurer and a director of the R.
Laidlaw Lumber Co. and a director of The Canada Life
Assurance Co. and The de Havilland Aircraft of Canada.
Huntley R. Drummond, a Vice-President of the Bank of
Montreal (head office Montreal, Canada) was elected Presi¬
dent yesterday (Aug. 18) of the institution by the directors
to succeed the late Sir Charles Gordon.
Mr. Drummond
(who has been acting head of the bank since the passing of
Charles,) has been associated with the institution as a
director since 1912 and a Vice-President for the past twelve
years.
A brief outline of his career, contained in Montreal
advices appearing in last night's New York "Sun," said:
Sir
George and Lady Helen Redpath Drummond.
Harris bank in 1916.
After 15 years' experience in
He
was
son
of Sir
educated, at Rugby,
England, and entered the sugar business with his father, becoming president
.Sugar Refining Company in 1910.
In addition to his posts
of the Canada
with the Bank of Montreal Mr.
Drummond also is Vice-President of the
Royal Trust Co.
THE
CURB
Curb stocks worked
of the week and
a
EXCHANGE
slowly upward during the fore part
number of the speculative favorites reg¬
istered modest gains.
On Wednesday the movement was
downward and while some of the active issues worked against
the trend, the market, as a whole, was below the
preceding
Public utility preferred stocks were generally higher
and in some instances registered new tops for the year.
close.
Industrial specialties
Two
Mr.
Assistant Cashier and Assistant Trust Officer in the Sonoma
Huntly Redpath Drummond was born In Montreal and Is the
work with the bank
1925, becoming, successively, Assistant Trust Officer in 1931,
Treasurer in
Calif.), have been announced by L. M. Giannini, President
George E. Saunders, Vice-President and
Manager of the branch at Salinas, was advanced to Los
Angeles as a loan executive, specializing in the citrus field.
Mr. Saunders is succeeded at Salinas by J. H.Miller, hereto¬
fore branch Manager at Richmond, while the latter position
is filled by the promotion of Norman S. Hostetter, formerly
of the institution.
Laidlaw.
Edwin M. Leask, who retired a year ago as a member of
the Board of Governors of the New York Curb Exchange,
died at his home at White Plains, N. Y., on Aug. 12.
Mr.
Leask,
Several promotions in the personnel of the Bank of America
National Trust & Savings Bank (head office San Francisco,
irrgeular and the mining and
Aircraft shares moved within
a narrow range and the
aluminum stocks have advanced
and receded without definite trend.
Narrow price changes and a reduced volume of sales were
the outstanding features of the trading during the abbreviated
session on Saturday.
Board rooms were deserted as many
were away for the week-end holiday and the transfers dipped
were
metal issues have been quiet.
approximately 36,000 shares, the smallest short session
since July 1.
Public utilities were fairly active
especially those in the preferred group where a number of
substantial gains were registered.
Oil shares were generally
quiet and there were some minor changes among the industrial
specialties. United New Jersey RR. was in demand and
to
turnover
departments of the bank he was made Assistant Cashier in 1931.
moved ahead
points to 241 while Consolidated Gas &
Electric of Baltimore improved 2 points to 82,
Other
The Detroit Bank, one of the large Michigan banking
institutions, has recently issued an interesting and instruc¬
changes were usually in small fractions.
Renewed buying among the aluminum stocks and public
utilities stimulated Curb market trading on Monday and the
transfers climbed to 102,000 shares against 90,000 on Friday.
various
tive booklet entitled "An Introduction to the Business of
Management," by Joseph M.
institution.
Dodge,
President of the
The booklet consists of 24 short editorials, or
articles, on the fundamentals of banking and business that
appeared originally in "The Teller," a monthly magazine
published for the benefit of the employees of The Detroit
Bank, and is the third of a series of such booklets from the
Public utilities moved
briskly forward and
prominent issues recorded gams of
session
ended.
Aluminum
a
stocks
point
a
dozen
or more
attracted
or more
before the
considerable
buying and Aluminum Co. of America forged ahead 4%
points to 118.
In the industrial specialties group the gains
The Commercial & Financial Chronicle
1124
fairly substantial and included among others Benson &
Hedges, 4 points to 44; Royal Typewriter, 2% points to 54%;
Singer Mfg. Co., 2 points to 169; Standard Steel Spring, 1%
points to 36%; Safety Car Heating & Lighting, 2 % points
to 59, and American Meter, 1 % points to 31.
Higher prices prevailed all along the line on Tuesday and
while the market was quiet during most of the day there was
a modest advance in transfers over the preceding session.
Public utilities held to their upward swin^, mining and metal
stocks were stronger and there was considerable speculative
attention centered on the industrial shares.
Aircraft issues
were
active and oil shares were generally higher.
Profit
were
apparent from time to time but had little effect
Prominent on the side of
the advance were such active stocks as Aluminium, Ltd.,
taking
on
2% points to 124%; Gatineau Power pref., 5% points to
93%; National Power & Light pref., 3 points to 94; Pepperell
Mfg. Co., 1)4 points to 73, and Pittsburgh & Lake Erie,
2% points to 53.
Declining prices dominated the trading during the greater
part of the session on Wednesday.
Some of the more active
stocks held a part of their early gains until the market closed
but the list, as a whole, was lower. Public utility stocks,
particularly those in the preferred section, attracted a moder¬
buying and registered small gains while scat¬
tered through the list were a few industrials that moved
against the trend.
Oil shares moved within a narrow range
and mining and metal stocks were practically unchanged.
The transfers dipped to 90,300 shares against 118,535 on the
preceding day. The recessions included among others, Alu¬
minium, Ltd., 4% points to 120%; Bridgeport Machine pref.,
2 points to 69; Childs pref., 2% points to 36; Ohio Oil pref.,
4% points to 99%; Singer Mfg. Co., 3 points to 169, and
Standard Steel Spring, 2% points to 34.
ate amount of
Price movements
moderate decline
were
narrow
1930, the
give below
record for the week just passed:
a
BANKS TO
AUG.
Thursday.
on
12, 1939 TO AUG. 18, 1939, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
Unit
Aug. 12
Aug. 14
Aug. 15
S
S
$
.169838
.012100*
Europe—
Belgium, belga
Bulgaria, lev
Czechoslov'la, koruna
Aug. 17
I Aug. 16
Aug. 18
$
S
.169825
.169838
.169833
.169844
.012100*
.012100*
.012100*
.012100*
a
a
a
a
S
a
.208937
.208900
.208931
.208912
.208931
4.680694
Denmark, krone
Engl'd, pound steri'g
4.680625
4.680625
4.680555
4.680486
Finland, markka
.020537
.020565
.020555
.020545
.020537
France, franc
.026487
.026487
.026487
.026487
.026487
Germany, relchsmari
.401177
.401175
.401161
.401200
.401155
Greece, drachma
.008571*
.008577*
.008571*
.008575*
.008571*
Hungary, pengo
Italy, lira
Netherlands, guilder.
Norway, krone
Poland, zloty...
.195750*
.195750*
.195750*
.195750*
.195750*
.052604
.052608
.052607
.052614
.537144
.536972
.536544
.536177
.536550
.235175
.235168
.235162
.235150
.235146
.187960
.187960
.187960
.188000
Portugal, escudo
.042452
.042452
.042452
.042452
.042452
Rumania. leu...
.007007*
.007091*
.007007*
.007091*
.007007*
.109950*
.109950*
.052607
.187960
Switzerland, franc...
Yugoslavia, dinar...
DAY
.109950*
.109950*
.241190
.241193
.241187
.225680
.225838
.225775
.225791
.022700
HOLI¬
.241206
-.225700
...
Sweden, krona
.109950*
.241250
8paln, peseta
.022700
.022700
.022775
.022700
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
a
a
a
a
a
.068833*
.069666*
.068083*
.065500*
.066916*
Tientsin (yuan) dol.
.054666*
.056333*
.055166*
.051666*
.052433*
Hongkong,
Shanghai (yuan) dol
,
-
.
.
.284791
.284581
.284675
.349722
.349644
.349625
.349612
.272800
.272825
.272S25
.272800
.272785
a
Straits Settlem'ts, dol
.548412
.548412
.548412
.548362
.548412
There were no spectacular
fairly long list of changes,
Australia, pound
New Zealand, pound.
3.729937
3.729812
3.729812
3.729765
a
textile
off while
RESERVE
.349711
more
were
FEDERAL
BY
TREASURY UNDER TARIFF ACT OF 1930
.285058
Humble Oil and Creole
minum stocks
CERTIFIED
RATES
EXCHANGE
FOREIGN
British India, rupee.
limited number of issues showed variations of a point
from the preceding close.
Oil shares were mixed,
registering declines while Standard
Oil of Ohio and Gulf Oil Corporation moved to higher levels.
In the public utility group the gains ranged up to a point
or more with some issues selling at new tops for 1939.
Alu¬
only
or
requirements of Section 522 of the Tariff
Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
of
Japan, yen...
and the transfers showed
movements and while there was a
1939
/
Pursuant to the
Act
was
the movements of the market.
Aug, 19,
RATES
EXCHANGE
FOREIGN
shares and industrial
specialties were fractionally higher. Among the prominent
stocks closing on the side of the decline were Childs pref.
3 points to 33, Newmont Mining 2% points to 70 %, Todd
Shipyards 6 points to 50, Safety Car Heating & Lighting
4 points to 55 and Aluminum Company of America 2 points
dollar.
Australasia—
.284843
t
3.729687
3.744187* 3.744062* 3.743937* 3.744062 * 3.743937*
Africa—
4.631562
4.631750
4.631562
4.631458
4.631406
Canada, dollar
Cuba, peso
.999882
.999843
.999843
.999863
.999863
Mexico,
.166275*
.163800*
.168375*
.168375*
.168375*
.997421
.997447
.997382
.997395
.997382
.312095*
Union South Africa, £
North America-
b
peso
NewfoundI'd, dollar.
b
b
b
b
South America—
**
"
Chile,
Colombia,
Uruguay,
peso
peso, contr.
Non-co'>tro!lpd..
*
Nominal rate,
a
.060580*
.050380*
.050620*
.051683*
.051683*
.051683*
.051683*
.040000*
.040000*
.040000*
.571500*
.570600*
.561800*
.569800*
.615908*
.615908*
.615925*
.615891*
.360H6*
export
.312085*
.060580*
.050380*
.615925*
"
.312103*
.060580*
.571500*
peso—official.
.312085*
.050420*
.040000*
free
.070580*
.051683*
Brazil, mlirels official
.312085*
.060580*
.050500*
Argentina, peso
.3*8700*
.368700*
3-68328*
.358700*
No rates available,
.040000*
b Temporarily omitted.
to 114.
Trading continued quiet with price movements largely on
the side of the decline during most of the session on
Unfavorable foreign news was a strong factor in the
Friday.
decline
and considerable selling was in evidence throughout the day.
The recessions ranged from 1 to 5 or more points and extended
to practically every section of the list.
There were occasional
movements against the trend but these were largely in the
slow moving group and were without special significance.
As compared with Friday of last week closing prices were
lower, Aluminum Company of America closing last night at
109 against 113 on Friday a week ago, Aluminium Ltd. at
115 against 120%, Childs Co. pref. at 32% against 38%,
Ford of Canada A at 18% against 19%, New Jersey Zinc
at 55 against 56%, Newmont Mining Corporation at 69%
against 71% and United Shoe Machinery at 79% against
81%.
TRANSACTIONS
DAILY
AT
THE
NEW
Stocks
EXCHANGE
CURB
YORK
Bonds (Par Value)
tNumber
Week Ended
Foreign
of
Shares)
Aug. 18. 1939
Domestic
Foreign
Government
$2,000
$373,000
14,000
20,000
20,000
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
VOLUNTARY LIQUIDATION
COURSE
1,110,000
Tuesday,..
118,410
1,550,000
Wednesday
90,000
1,425,000
7,000
20,000
81,525
1,176,000
18,000
4,000
...
126,239
1,371,000
2,000
31,000
1.404,000
l.
554,679
$6,993,000
$58,000
$97,000
$7,148,000
Clearings—Returns by Telegraj-h
Week Ending Aug. 19
Per
1939
Boston..
Week Ended Aug. 18
Sales at
Jan. 1 to Aug.
18
New York Curb
1939
Exchange
1938
1938
1939
Kansas City
St. Louis
+ 42.7
292,000,000
+21.6
172,776,275
77,446,329
.
$2,245,531,231
216,147,310
355,000,000
...
Philadelphia
1938
$3,203,526,026
240,340,199
New York....
Chicago...
..
CLEARINGS
for the week follows:
1,198,000
—
BANK
clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Aug. 19)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 13.1 % above
those for the corresponding week last year.
Our preliminary
total stands at $5,661,022,821, against $5,006,648,914 for
the same week in 1938.
At this center there is a gain for the
week ended Friday of 42.7%.
Our comparative summary
1,452,000
Thursday..
Total
OF
Bank
1,577,000
$10,000
Friday..
150,043,942
+ 15.2
75,917,403
71,300,000
120,379,000
+3.8
78,598,554
+ 23.6
62,783,646
66,824,156
48,334,434
+ 28.0
+ 33.4
—3.3
74,000,000
San Francisco
Cleveland
125,474,000
97,134,299
80,374,518
89,546,575
Baltimore
56,340,506
Pittsburgh
Stocks—No. of shares
-
554,679
.
479,845
24,014,396
27,758,093
Bonds
$6,993,000
$5,064,000
$291,857,000
$212,899,000
58,000
91,000
85,000
$5,240,000
$298,506,000
Detroit
Cent
+ 11.2
+2.0
+ 4.2
+ 34.0
4,505,003
97,000
3,005,000
3,644,000
$7,148,000
Domestic
Amount
1
Aug. 10—The Medomak National Bank of Waldoboro, Me. Common stock. $38,000; preferred stock
(RFC) $32,000
-$70,000
Effective Aug. 2, 1939. Liquidating committee: Alfred Storer of Waldo¬
boro. Me., and Will C. Atkins of Gardiner, Me.
Absorbed by:
Depositors Trust Co., Augusta, Me.
•
>
1,144,000
7,000
$361,000
Monday
36,235
102,270
Saturday
Total
Corporate
NATIONAL BANKS
The
$221,351,000
Foreign government...
Foreign corporate.
3,947,000
+ 16.6
Total....-
Eleven
$4,571,958,727
679,481,295
$3,427,859,676
Total all
-
$5,251,440,022
$4,130,712,531
+ 27.1
409.582,799
875,936,383
—53.2
$5,661,022,821
$5,006,648,914
+ 13.1
cities, five days
Other cities, five days...
cities, five days
All cities, one day.
CHANGES
IN
NATIONAL
BANK
Total all cities for week
NOTES
The
following shows the amount of National bank notes
are secured by legal tender deposits)
beginning of July and August, and the amount of
the decrease in notes afloat during the month of July for
the years 1939 and 1938:
afloat
at
(all of which
the
National Bank Notes—All Legal Tender Notes—
Amount afloat July
1
Net decrease during July
......
1939
1938
$189,291,607
3,330,015
$217,301,510
day) and the Saturday figures will not be available until
noon today.
Accordingly, in the above the last day of the
week in all
$220,687,930
.—*$185,961,592
Complete and exact details of the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today inasmuch as the week ends today (Satur¬
cases
has to be estimated.
In the elaborate detailed statement, however,
3,386,420
which we
able to give final and complete
present further below,
Amount of bank notes afloat Aug. 1
*
Includes
proceeds for called bonds redeemed by Secretary of the Treasury.
Federal Reserve bank notes outstanding Aug. 1, 1939,
Note—$2,218,619.50
ecured by
lawful money, against $2,235,026.50 on Aug,
1, 1938.
702,852,855
we are
results
previous—the
for
the
week
For that week there
of
clearings for
the
was
a
week ended Aug. 12.
1.9%, the aggregate
country having amounted to
decrease of
whole
Volume
The
149
Commercial & Financial Chronicle
$4,751,117,888 in the same week
there was an increase of 6.3%,
the bank clearings at this center having recorded a loss of
8.5%.
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 decrease of 8.4%, but in the
Boston Reserve District the totals show an increase of 3.7%
and in the Philadelphia Reserve District of 13.4%.
In the
Cleveland Reserve District the totals record an improvement
of 13.8%, in the Richmond Reserve District of 4.7% and
in the Atlanta Reserve District of 9.8%.
In the Chicago
Reserve District the totals are larger by 6.4%, in the St. Louis
Reserve District by 4.2% and in the Minneapolis Reserve
District by 0.8%.
The Kansas City Reserve District re¬
cords a gain of 0.1%, the Dallas Reserve District of 4.1%
and the San Francisco Reserve District of 2.5%.
In the following table we furnish a summary by Federal
$4,662,033,261,
against
Outside of this city
in 1938.
Week Ended Aug. 12
Clearings
atInc. or
1939
SUMMARY
Inc.or
Detroit..
Grand
86,144,419
2,752,214
1,330,613
1,032,015
17,374,000
1,495,920
4,776,551
Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis.
South
_.
Bend...
Terre Haute..
Wis.—Milwaukee
la.—Ced.
Des
19,269,541
1,260,392
8,612,115
Rapids
Moines
Sioux
City
111Bloomlngton
3,327,774
75,174,788
+ 14.6
393,630
108,134,167
2,376,942
1,157,031
963,812
'16,386,000
1,061,872
+ 15.8
2,995,052
+ 15.0
+ 7.1
1,707,477
1,114,253
+ 6.0
17,886,000
+ 40.9
4,078,089
18,119,638
+ 17.1
1,230,557
+2.4
1,473,136
4,771,773
20,445,686
1,227,510
8,212,183
3,456,996
Springfield
387,861
256,610,757
917,959
3,443,200
1,278,025
1,238,748
411,633,399
Chicago
Decatur
Peoria
....
Rockford
+■6.3
9,004,234
3,187,085
334,605
247,074,570
1936
$
Seventh Feder al Reserve D istrict—C h 1 cago—
—17.7
463,147
381,295
Mich.-Ann Arbor
Dec.
1938
+ 0^4
+ 15.9
358,650
+ 3.9
332,522,353
297,612
106,155,000
2,977,137
1,753,942
1,132,405
16,897,000
1,119,394
4,969,921
21,997,026
1,003,081
17,969,670
3,669,811
384,125
302,456,186
874,878
855.194
4,262,542
1,108,767
+6.3
3,898,607
1,721,199
1,340,815
+ 6.4
512,534,365
490,183,852
87,100,000
33,991,776
15,786,637
86,400,000
32,460,353
+20.9
+ 4.9
759,287
3,282,276
953,021
1,165,598
+ 34.1
386,772,552
1,175,039
Eighth Federa I Reserve Dis trict—St. Lo uis—
1936
1937
1st
Boston
214,909,059
207,144,097
+3.7
242,442,213
246,350,837
2d
New York—13
"
2,501,426,087
2,730,554,059
—8.4
3,106,997,762
Phlladel phial 0
"
375,461,097
330,957,345
7
"
255,270,459
225,183,368
323,921,597
294,838,933
5th
Richmond—
6
"
126,225,593
120,544,180
128,541,712
Atlanta.... 10
"
142,079,436
129,363,704
+9.8
145,342,640
Chicago
18
"
411,633,399
386,772,552
+6.4
512,534,365
14,503,878
490,183,852
137,517,413
+ 4.8
+ 10.1
137,787,383
7th
+2.9
72,800,000
27,673,272
13,890,857
126,022,158
6th
15,289,633
361,955,174
Cleveland..
+ 13.4
+ 13.8
+4.7
361,629,567
4th
29,006,483
3,188,669,806
3d
74,900,000
Tenn.—Memphie
S
%
$
Mo.—St. Louis..
Ky.—Louisville..
Federal Reserve Dlsts.
1937
Dec.
OF BANK CLEARTNG8
1939
Week End. Aug. 12, 1939
1938
%
Total (18 cities)
Reserve districts:
1125
12 cities
111.—Jacksonvills
x
521,000
—4.6
639,000
550,000
Total (4 cities).
119,693,116
114,885,129
+4.2
137,517,413
133,914,231
Reserve Dis trict—Minn
eapolis
82,196,791
25,962,998
2,227,140
677,170
755,199
2,393,939
118,074,118
114,885,129
133,914,2.1
Ninth Federal
"
100,858,676
100,093,821
118,074,113
Minn..—Duluth..
"
128,050,27.
127,966,98,
+0.8
+0.1
113,145,073
10th Kansas City 10
11th Dallas
6
153,417,352
147,451,185
Minneapolis...
"
59,151,98.
53,829,821
+4.1
66,846,777
65,933,851
10
"
St. Louis.—
4
"
119,693,116
9th
Minneapolis
7
-
12th San Fran
.
226,271,081
220,822,829
+2.5
251,185,355
248,476,495
4,632,033,261
4,751,117,888
—1.9
5,543,521,826
5,559,658,023
2,251,->82,970
2,117,618,849
+6.3
2,550,665,616
2,487,670,197
279 907 5'8
298.252,/86
—62
307,'92,671
332,431,56.
St.
113 cities
Outside N. Y. City
32 cities
Canada
We
add
now
our
detailed statement showing last
805,247
716,867
+ 12.3
3,420,719
2,975,814
+ 15.0
4,050,274
74,797,688
27,647,293
2,301,645
731,769
786,001
2,830,403
100,858,678
100,093,821
+0.8
113,145,073
2,826,061
66,944,263
24,019,735
Paul......
N. D.—Fargo
S.
Total
x
x
497,000
+4.2
8th
x
....
Qulncy
,2,191,785
650,868
D.—Aberdeen
Mont.—Billings
Helena
.
.......
Total (7
cities).
3,382,652
—16.5
67,710,898
—1.1
22,293,430
2,300,717
713,443
+ 7.7
—4.7
—8.8
week's
figures for each city separately for the four years:
Reserve Dis trict—Kans
Tenth Federal
as
City
"
753,588
890,794
—15.4
643,957
613,277
+ 5.0
683,876
128,050,273
127,966,983
+0.1
153,417,352
147,451,185
1,294,677
50,291,024
8,285,437
1,230,923
42,379,216
16,337,875
2,783,585
145,368
Hastings.
2,455,031
Lincoln...
at—
Inc.
1939
1938
29,075,959
3,003,734
Omaha
or
Dec.
1937
\
1936
Kan.—Topeka
._
4,607,697
Wichita
183,702,669
511,779
1,999,147
178,061,633
558,664
Portland
2,274, »57
Mass.—Boston
%
$
1
%
%
559,217
656,670
Colo.—Col. Spgs.
+13.8
2,119,519
207,790,017
684,391
2,008,446
214,512,699
..
84,499,562
Mo.—Kan. City.
+ 9.2
Reserve Diftt rict—Boston
Federal
First
Me.—Bangor
Joseph
St.
+ 3.2
604,507
5»2,b38
629,826
—7.5
Lowell.
465,245
373,012
+ 14.5
698,076
+2.8
—4.8
2,856,230
1,779,272
9,762,135
+ 0.3
+ 1.3
+ 50.1
+ 81.0
—3.7
—1.3
148,118
3,037,785
33,448,026
2,064,490
3,450,477
100,149.656
3,415,966
842,204,
798.5901
659,662
2,627,322
1,822,485
Pueblo
+6.6
+ 1.3
308,582
656,583
327,833
573,675
+ 41.9
New Bedford-.
95,873
143,843
162,544
2,934,903
32,728,497
2,353,093
3,336,003
106,642,754
3,647,296
784,543
76,729
143,451
2,448,147
28,698,216
2,001,612
2,545,155
87,729,877
2,819,725
81,792
Neb.—Fremont..
Week Ended Aug. 12
Clearings
3,860,881
Fall
River.
2,702,115
1,734,112
8,620,680
3,739,676
9,360,600
511,020
Springfield
Worcester
8,607,264
3,312,037
8,228,000
+ 13.8
443,096
+ 15.3
2,869,676
2,150,249
11,264,123
4,176,106
9,316,600
441,227
242,442,213
246.350,837
10,727,194
1,001,724
Total (10 cities)
Eleventh Fede rai
Reserve
District—Da Has—
Wichita Falls-
Conn.—Hartford
New
Haven
R.I.—Providence
N.H.—Manches'r
+0.7
398,005
207,144,097
P'eder al Reserve D istrict—New
York-
13,850,205
—65.5
914,702
35,000,000
667,825
2,855,559
59,154,983
56,829,821
1,507,227
46,366,134
Texas—Austin...
Dallas
Fort
6,021,143
Worth...
1,625,000
Galveston
214,909,059
■
Blnghamton...
Buffalo
Elmira
....
Jamestown
4,782,916
1,394,983
27,400,000
28,000,000
+ 52.5
—2.1
470,028
759,953
N. Y.—Albany..
407,431
+ 15.4
685,702
+ 10.8
2,410,650,291 2,633,499,039
6,312,121
7,118,122
3,417,506
3,694,806
Syracuse......
Westcnester Co
3,016,953
3,071,098
Conn.—Stamford
3,236,045
3,807,059
New Ylrk
Rochester.
618,197
847,516
—8.5 2,992,856,210 3,071,987,826
8,680,343
+ 12.8
7,562,968
+ 8.1
3,973,834
3,644,640
+ 1.8
2,463,839
3,002,914
+ 17.6
3,903,742
3,576,245
305,927
+ 34.3
350,019
+ 4.7
18,640,661
19,736,665
+ 1.1
27,367,050
27,066,579
Twelfth Feder al Reserve D istrict—San
296,876
Newark....!
15,830,356
Northern N. J.
22,047,646
15,117,971
21,799,508
Total
(13 cities) 2,501,426,087 2,730,554,059
—8.4
2,290,000
754,415
2,941,422
+ 4.1
5,846,777
65,933,851
—6.1
519,379
441,959
371,166
402,159
395,269
531,163
—24.3
364,468
708,293
Chester
292,776
258,867
+ 13.1
438,404
1,249,962
364,000,000
1,138,020
2,410,693
1,076,531
1,111,290
3,408,500
1,192,913
+ 4.8
320,000,000
+ 13.8
1,234,019
—7.8
1,361,057
349,000,000
1,335,543
284,045
1,281,296
2,090,024
+ 15.3
1,022,671
1,514,019
+ 5.3
2,270,750
852,832
+ 26.6
1,841,234
2,718,400
+25.4
3,645,800
Lancaster.....
Philadelphia.
Reading
Scranton.
Wilkes-Barre....
York
...
N. J.—Trenton..
(10 cities)
Calif.—L'g Beach
Pasadena
4,053,139
3,426,750
Santa Barbara.
1,327,152
2,168,297
133,897,000
2,811,489
1,436,858
2,004,766
226,271,081
220,822,829
San. Francisco.
San Jose..
—
_
.
_
Cincinnati
Cleveland
Columbus.....
Mansfield.....
Youngstown...
Pa.—Pittsburgh
41,768,888
1,143,205
30,617,635
16,534,561
+ 27.6
+ 3.8
4,087,627
3,325,325
135,284,000
3,152,153
Utah—8. L. City
811,937
27,263,355
12,484,650
sco~
+ 3.3
+ 11.3
+ 0.9
37,528,139
990,292
33,179,795
14,012,979
3,766,810
4,126,260
3,889,200
146,174,000
3,447,372
148,752,299
+ 8.2
3,164,032
1,543,721
2,223,853
3,018,232
1,569,287
2,211,290
+ 2.5
251,185,355
248,476,495
—3.0
+ 1.0
+ 12.1
—7.6
375,461,097
330,957,345
+ 13.4
361,629,567
1,294,860
2,125,909
1,341,076
1,656,736
4,821,000
361,955,174
.
2,171,972
1,911,901
+ 4.0
59,366,613
56,479,603
+23.1
+ 12.1
103,141,892
2,596,059
+ 46.8
2,689,639
99,497,417
89,966,511
+ 10.6
141,258,322
88,409,518
11,753,200
1,456,663
3,504,018
131,324,030
256,270,459
225,183,368
+ 13.8
323,921,597
294,838,933
+ 19.1
4,662,033,261 4,752,117,888
-1.9
5,543,521,826 5,559,658,023
Outside New York 2,251,382,970 2,117,618,849
+ 6.3
2,550,665,616 2,487,670,197
....
Week Ended Aug. 10
al—
Clearings
Inc. or
13,549,400
1,743,759
Canada—
76,170,243
...
Winnipeg
Vancouver..
Ottawa
.....
Quebec
Halifax
Hamilton—.—
Calgary
(7 cities).
Fifth
Federal
S. C.—Charleston
Md.—Baltimore
61,320,526
57,142,037
+ 7.3
22,093,155
20,192,602
+ 9.4
413,585
2,721,000
34,781,185
1,030,984
66,981,796
22,613,162
120,544,180
+4.7
128,541,712
Va.—Norfolk....
Richmond
.
C,—Wash'ton
386,034
326,379
+ 18.3
2.372,000
2,261,000
39,652,533
—2.0
969,629
+ 23.3
+4.9
360,989
2,493,000
35,420,193
126,022,158
870,396
66,383,283
20,494,297
Regina
126,225,593
Lethbridge
Sixth Federal
Nashville
Ga.—Atlanta
Augusta
Macon
Fla.—Jacks'nvllle
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
Reserve Dist rict—Atlant
a—
3,797,156
3,657,250
+ 3.8
17,126,727
53,000,000
16,120,294
46,800,000
+ 6.2
3,974,418
17,016,980
3,575,042
16,184,503
+ 13.2
52,800,000
56,200,000
1,003,071
789,995
+27.0
900,605
658,061
+ 36.9
14,428,000
17,238,658
13,207,000
16,948,816
1,406,669
+ 9.2
1,590,347
X
X
+ 1.7
+ 13.1
X
1,032,771
948,501
14.238,000
18,354,587
1,825,842
X
974,472
1,004,226
12,128,000
15,764,211
1,359,817
Moose Jaw
136,952
112,078
+ 22.2
162,903
101,859
32,857,920
29,663,541
+ 10.8
34,988,638
30,495,253
Total (10 cities)
142,079,436
+ 9.8
145,342,640
91.229.650
+ 12.5
27,524,000
15,577,528
—0.4
96.606.651
34,853,199
20,488,021
4,832,902
2,433,023
4,846,701
—8.0
—24.9
+ 2.9
—2.2
—16.7
311,034
*—4.4
467,388
1,167,251
—1.8
458,824
824,159
+ 6.3
—20.8
710,454
—12.1
623,476
704,742
—11.5
187,795
—34.7
+ 4.2
-2.5
—14.8
+ 2.0
18,186,907
22,649,106
4,925,539
2,426,598
5,207,290
4,473,754
1,726,152
1,759,916
2,727,427
3,797,023
3,272,050
298,988
445,219
1,180,850
531,781
882,730
Peterborough—
550,209
594,685
Sherbrooke.....
658,564
623,267
+ 5.7
Kitchener
711,058
—27.2
2,071,748
977,333
2,138,064
293,860
290,885
+ 1.0
749,984
746,002
200,720
567,155
684,894
960,615
2,518,779
375,506
614,783
637,255
—3.5
727,944
534.646
—8.2
540,013
William
New Westminster
Windsor
Hat..
...
— —
Prince Albert
Moncton
—7.5
—3.1
1936
$
105,330,601
86,356,106
58,256,437
17,259,036
25,619,027
3,651,119
2,311,207
4,088,588
4,565,367
1,213,984
1,598,984
2,370,625
3,538,736
2,927,707
285,092
424,728
1,256,454
507,050
870,751
959,618
744,231
231,717
626,077
530,673
987,559
2,318,866
311,966
692,598
Chatham
434,847
582,441
498,179
—12.7
541,597
Sarnia
422,290
484,359
—12.8
526,062
871,561
1,182,505
—26.3
1,072,570
510,889
545,898
488,393
1,051,480
279,907,538
298,252,486
6.2
307,392,671
332,431,564
Kingston
—_ —
Sudbury
137.787,383
129,363,704
+ 8.3
+ 3.9
—10.7
1,821,613
1,634,069
2,168,191
3,456,290
2,946,891
652,862
624,589
Brantford
X
Vicksburg.....
La.—NewOrleans
—26.6
3,990,666
1,190,592
487,849
Saskatoon
Medicine
Tenn.—Knoxville
103,842,021
89,849,950
122,580
.....
Brandon
Fort
Total (6 cities).
...
Fldmonton
38,858,045
1,195,833
W.Va.—Hunt'ton
$
459,144
Victoria
London
Reserve Dist rict—Richm ond—
101,059,155
27,419,190
16,864,460
21,296,106
4,317,115
2.239,549
3,641,531
4,107,403
1,781,109
1.701.936
1,807,065
3,369,693
2.510.937
1937
297,388
—
St. John.......
Total
1938
i,ec.
%
1939
Montreal
+33.7
10,471,000
1,470,764
(113
total
cities)
Toronto
1,616,310
48,109,119
73,150,231
9,337,200
1,235,302
1,768,695
2,160,473
50,048,683
90,026,063
Grand
348,000,000
Feder al Reserve D istrict—Clev eland—
Ohio—Canton
Franci
32,632,885
3,106,997,762 3,188,669.806
Bethlehem
Pa.—Altoona_„__
D.
3,751,221
28,302,384
13,890,284
Yakima...
Ore.—Portland..
Total (10 cities)
Fourth
2,347,000
877,418
+ 4.4
Reserve Dist rict—Philad el phi a-
Third Federal
Total
+ 4.5
—10.6
33,697,768
1,036,091
Wash.—Seattle..
Stockton
398,829
J.—Montclair
N.
+ 10.0
+ 7.4
—11.1
15,322,896
1,016,199
34,700,000
646,555
779,920
La.—Shreveport.
1,370,133
43,187,703
6,776,527
1,556,000
746,012
3,193,446
Total (6 cities).
3,391,629
9,413,000
+3.7
Total (12 cities)
Second
+ 0.2
Total (32 cities)
•
Estimated,
x
No figures available.
■
The Commercial & Financial Chronicle
1126
Aug.
*
1 his statement of the
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of April 30,
1939, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the
same
date in 1938:
Apr. 30,
or under disbursements on
Disbursing officers' checks
Discount accrued on War Savings certificates
on
warrant checks
Total
3,043,525,035
4-6,783,405
2,695,652,826
olo,971,l63
-
INTEREST-BEARING
4-
—
640,673,754
2,054,979,072
2,239,213,533
Loan—
Payable
3s of 1961
Q.-M.
—Q.-J.
.
30,
$
'
30,
J.-D.
454,135,200
......J.-D.
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
3Xb
Treasury
M.-S.
bonds of 1941
F.-A.
4Xs-3X« Treasury bonds of 1943-1945
3Xs Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
A.-O.
3Xs Treasury bonds of 1949-1952
J.-D.
2Xs Treasury bonds of 1955-1960
-M.-S.
A.-O.
J.-D.
2Xs Treasury bonds of 1945-1947.
M.-S.
2Xa Treasury bonds of 1948-1951..
M.-S.
2Xs Treasury bonds of 1951-1954
-.J.-D.
2Xs Treasury bonds of 1956-1959
....M.-S.
2Xs Treasury bonds of 1949-1953
J.-D.
2X» Treasury bonds of 1945
2X Treasury bonds of 1948-..
J.-D.
M.-S.
2Xs Treasury bonds of 1958-63.
2 Xs Treasury
J.-D.
bonds of 1950-52
M-S
2Xs Treasury bonds of 1960-65
J.-D.
2s Treasury bonds of 1947...
J.-D.
U. S. Savings bonds, series A, 1935
U. 8. Savings bonds, series B, 1936..
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938
TT. g. Savings bonds, series D, 1939
Unclassified sales
3s Adjusted Service bonds of 1945...
4Xs Adjusted Service bonds, (Govt. Life Insurance
Fund series 1946)
2Xb Postal Savings bonds
Treasury notes
J.-J.
.■
Treasury bills
Aggregate of Interest-bearing debt
Bearing no Interest..
Total debt
Deduct Treasury surplus or add Treasury deficit
Net debt
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,496,350
1,626,687,650
981,827,550
1,786,147,050
540,843,550
450,978,400
540,843,550
450,978,400
918,780,600
—
+
the
reprint
Samuel Montagu
following from the weekly circular of
& Co. of London, written under date of
Aug. 2, 1939:
GOLD
The Bank of England gold reserve against notes on July 26 was £246
416,965 at 148s. 6d. per fine ounce showing no change as compared with
the previous Wednesday.
In the open market about £1,700,000 of bar gold changed hands at the
dally fixing during the week under review.
Prices ruled at Id. premium
over dollar parity—too high for purchases for shipment to New York to
be attractive—and the main demand continued to be on Continental
account.
Most of the supplies came from official quarters, but offerings
were limited and throughout the week buyers were able to obtain only a
proportion of their requirements.
148s.
148s.
148s.
—148s.
—
-
-
July 31
-
—
Aug. 1
6Xd.
6Md.
6Xd.
6Xd.
Aug. 2
—
-..-.148s. 6.5d.
Average
United Kingdom imports and exports of gold
registered from midday on July 24 to midday on July 31:
The following were the
Exports
Imports
-.
-
-
-
British India.
British Guiana
'
Per Fine Oz"
148s. 6Xd,;
148s. 6Xd.
Quotations—
Per Fine Oz.
Quotations—•
July 27
July 28.
.July 29
British East Africa----
18*2",268,314
New Zealand
336,744,790
445,732,175
152,617 819
Netherlands
-----
Trinidad and Tobago
—
Switzerland
Other countries-
—-
—
-
£424,718
22,717
509,173
11,168
38,155
6,750
3,250
8,225
6,969
United States of America. £5,377,151
•Canada
British India
Syria
i
____
France
Netherlands.
Sweden
_
Switzerland
_..
Other countries..
328,554,900
500,157,956
500,157,956
117,776,160
118,065,420
9,009,099,600 11,309,276,050
1_,308,895,000 1,753,268,000
2,239,213,533+2,054,979,072
b.37,828,567,823 35,457,993,896
Al1)ri1v30, 1939
• on the basis of daily Treasury statements, was
net amount of public debt
redemption and receipts In
transit, &c., was $4,836,027.87. b No reduction is made on account of
obligations
of foreign governments or other investments, c
Amounts Issued and retired Include
accrued discount; amounts outstanding are stated at
current redemption values.
LIABILITIES OF THE
UNITED STATES, APRIL
30.
Compiled from Latest Reports Received by the
Treasury
1939
£1,031,125
£5,868,246
Gold shipments from
Bombay during the week amounted to about
£608,000, of which the SS. "Strathaird" carries £47,000 and the SS. "Presi¬
dent Garfield" £561,000.
SILVER
At the lower levels reached last week, sellers held back and at the begin¬
ning of the week under review prices made some recovery largely owing
to the poorness of offerings.
A steadying influence was provided by the
news received from America that the proposal by Senator Townsend to
purchases of foreign silver had been defeated in the Senate and
taken later had been in favor of abandoning all further discussion
the present session of Congress.
Ib-ices hardened further on bear covering and the cash quotation reached
a level at which there was some selling for prompt shipment from America.
There have been speculative resales and the Indian bazaars have both bought
and sold, but buying by the latter quarter became less in evidence towards
the end of the week; this being the case the present, level would seem high
enough, but the immediate outlook still remains uncertain.
The following were the United Kingdom imports and exports of silver
registered from midday on July 24 to midday on July 31:
terminate
that
a vote
of such purchases during
Exports
Imports
United States of America—-£86,280
Amount of
Detail
Interest
a
$
Total
X% notes,ser.C, 1939
206,174,000
835,085,600
95,178,600
236,476,200
103,147,500
11,552,017
100,122,000
9,900,000
*1,379,909,900
1,100,098
1;070,250
10,915
9,737
2,170,348
846,637,617
95,573,855
238,565,073
103,620,259
100,372,305
9,961,875
Fed'l Housing Admin.;
debentures
debentures....
Home Owners' L'n Corp:
3% bds.,ser. A, "44-52
778,579,375
IN
910,981,566
327,287,592
6,592,791
885,631,616
12,887,634,300
14,845,850
LONDON
July
July
778,579,375
6,220,216
2,032,842
IN
27
_-16Xd.
28
16 ll-16d.
July 29.
16 Xd.
July 31-——16 13-16d.
Aug.
1_
_16 13-16d,
Aug.
2.
16 ll-16d.
Average,
16.708d.
16Xd.
16 Xd.
16%d.
h2
> T-16d.
16 7-16'
16 5-16d.
2,381,865
35
35
35
35
35
35
cents
cents
cents
cents
cents
cents
period
Bar Gold
Per Ounce
Fine
114,157,000
392,414
114,549,414
5,409,534,548
33,230,791
5,442,765,339
Delivery
183-16d.
17 ll-16d.
16 l-16d.
15%d.
148s. 6Xd.
148s. 5Xd.
16.4928d.
148s. 6.13d.
c821.870.865
211,976,236
299,241,483
310,652,145
Highest price
Lowest price
16.9519d.
ENGLISH
on
FINANCIAL MARKET—PER TCABLE
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Aug. 14
Tues.,
Wed.,
Thurs.,
Aug. 12
Silver, per oz..
On Credit of U. 8.:
Aug. 15
Aug. 16
Aug. 17
17Xd.
17 3-16d.
17 5-16d.
17 l-16d.
17d.
Gold, p. fineoz.148s.6Xd
Secretary of Agriculture-
Consols, 2 X %
British 3 X %
1,263,149,075
35,072,594
dl.298,221,670
£3,000,000
12,414
3,012,414
Authority;
2X% bds.,ser.A, 1943
F
.999 Fine
-Bar Silver per Oz. Std.Cash
2 Months'
as
Other
Per Ounce
26
July 27
July 28
July 29____
July 31
Aug.
1_
Delivery
819,489,000
j
1X% notes,er.B, 1944
on
YORK
16.333d.
902,480,150
516,236
1,303,483
562,145
U. 8. Maritime Comm..
35.085,009
1,301,234,084
1969-90-.—
States
148s. 7d.
148s.7d.
£66X
£66X
£66 X
£66 X
£91X
£92
£91X
£91X
£91X
Holiday
£105X
£105X
£105X
£105X
£65 X
£105X
price of silver
on
Bar N. Y.
Obligations—
R. notes (faceamt.)..
148s. 7d.
Holiday
Holiday
-
War Loan
The
1,266,149,075
148s.7Xd. 148s. 7d.
Fri.,
Aug. 18
17 l-16d.
British 4%
credit
of the United States
NEW
July
16Xd.
Average
Total based
of legal
not
The highest rate of exchange on New York recorded during the
from July 27 to Aug. 2, 1939, was $4.68H and the lowest $4.68.
Statistics for the month of July, 1939:
211,460,000
297,939,000
310,090,000
Tenn. Valley Authority.
U. 8. Housing Authority
Tenn. Valley
£87,180
b Coin
Kingdom,
-Bar Silver per Oz. Std
Cash
2 Months
2,191,001
Corp.;
Postal Savings System:
Funds due depositors.
-<
-
Quotations during the week:
1,111,014
1,079,987
879,038,825
guarantees
a3,000
b4,422
b3,320
4,103
1,804
2,439
5,191
Poland
1,394,730,985
994,761,350
325,254,750
1942-44
Total, based
a9,950
New Zealand.
£121,058
a Coin
of legal tender in the United
tender in the United Kingdom.
B,
1939-49
1X% bds.,ser.F, 1939
2X% bds., ser. G,
£18,696
34,255
Other countries
20,652
IX% bonds of 1939..
X% notes, ser. N
X% notes, ser. P
X% notes, series R_.
-
1206,942,922
14,821,085
2X% bds. of 1942-47,
1X% bonds of 1939..
Reconstr'n Fin.
b7,115
6,350
Iraq.
—
Hongkong
Channel Islands.
Aden and dependencies
France, a
768,922
395,255
2,088,873
472,759
250,305
61,875
3% bonds of 1942-47,
ser.
-
Sweden
3% bonds of 1944-49.
3X% bds. of 1944-64.
2X% bds.,
...
14,813
a6,500
$
Fed. Farm Mtge. Corp.:
2X%
British India
Other countries
Guaranteed by U. 8.
Com modity Credit Corp
3%
United States of America
Belgium
Contingent Liability
Eire
Principal
20,380
12,675
2,519
22,831
154,900
21,037
239,784
15,776
1,193
Central & South America-
m,401,lib
$40,062,945,328.19, and the
CONTINGENT
We
British West Africa
1,185,841,700
1,485,385,100
«40,067,781,356 37,512,972,968
—-
*
544,870,050
39,530,244,399 36,966,498 314
415,725,397
454,208,554
121,811,560
92,206,100
Matured. Interest ceased
THE ENGLISH GOLD AND SILVER MARKETS
49,800,000
818,627,000
755,434,500
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
701,074,900
177,885,680
326,589,002
428,200,959
519,250,964
214,728,225
89,470,803
288,672,900
-
e In actual circulation, exclusive of
$8,346,079.33 redemption fund deposited In
$278,496,690.00 of their own Federal Reserve notes held by the
Issuing banks.
The collateral security for Federal Reserve notes Issued consists of
$4,872,500,000 in gold certificates and In credits with the Treasury of the United
States payable in gold certificates, and $3,106,000 face amount of commercial paper.
t Includes only unmatured bonds issued and outstanding.
Funds have been de¬
posited with the Treasurer of the United States for payment of matured bonds which
have not been presented for redemption.
£ Held by the Reconstruction Finance Corporation.
h Does not Include $12,000,000 face amount of series J bonds and accrued Interest
thereon, held by the Treasury and reflected in the public debt.
i Does not include $10,000,000 face amount of First Series notes and
accrued
interest thereon, held by the Treasury and reflected in the public debt.
the Treasury and
1938
26,800,000
740,665,000
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
1,036,692,900
M.-S.
489,080,100
M.-S.
J.-D.
$81,686,864.49, which is secured by the pledge of collateral as provided in the
Regulations of the Postal Savings System, having a face value of $80,831,613.29,
possession of System amounting to $67,512,430.75, Government and Govern¬
ment-guaranteed securities with a face value of $1,136,786,090 held as investments,
to
28,894,500
J.-D.
3Xs Treasury bonds of 1941-1943
3Xs Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955
of Feb. 28, 1939—figures as of April 30, 1939, are not available.
Offset by cash In designated depository banks and the accrued Interest amounting
d Figures as
$
49,800,000
28,894,500
Special:—4s Adjusted Service Ctf. Fund—8er. 1938
20,500,000
2Xs Unemployment Trust Fund—Series 1938— 1,172,000,000
4J48 Treasury bonds of 1947-1952
A.-O.
758,945,800
3J4s Treasury bonds of 1946-1956..
3Hs Treasury bonds of 1943-47
3X8 Treasury bonds of 1940-1943..
of notes and accrued interest
Treasury and reflected in the public debt.
thereon held by the
in the
1939Apr.
Certificates of Indebtedness:
4b Treasury bonds of 1944-1964
cDoes not include $321,522,877.43 face amount
J Bonds In the face amount of $272,500 are held by the Treasury and reflected
public debt.
DEBT OUTSTANDING
InterestApr.
Title of
50,344,885
584,969,755
3,545,155
813,959
985,841
-
1
Balance, deficit (—) or surplus (4-)—
3s convertible bonds of 1946-1947
2,688,859,421
3,055,184,696
57,874,199
753,643,658
3,467,465
Deduct outstanding obligations:
Matured Interest obligations
Settlement
1938
S
+ 11,659,661
belated Items.—
of funds deposited with the Treasurer of the United
States t-o meet Interest payments.
and other assets.
1939 Apr. 30,
$
Balance end of month by dally statements
Add or Deduct—Excess or deficiency of receipts over
1939
cash in
MATURING OBLIGATIONS
CASH AVAILABLE TO PAY
After deducting amounts
19,
Includes only bonds Issued and outstanding.
a
COMPLETE PUBLIC DEBT OF THE UNITED STATES
the
(for.)
same
per ounce (in cents) in the United
days have JeeD:
35X
35X
35X
35X
71.10
71.10
71.10
71.10
35X
35X
U. S. Treasury
e4,449,519,730
(newly mined)
71.10
71.10
Volume
The Commercial & Financial Chronicle
149
REDEMPTION
CALLS
SINKING
AND
FUND
a
When
Per
NOTICES
Below will be found
1127
Share
Name of Company
and preferred
list of bonds, notes
stocks of corporations called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Sept. 15 Sept.
Oct.
2 Sept.
Sept. 20 Aug.
Oct.
2 Sept.
2 Sept.
Oct.
Oct.
2 Sept.
2 Sept.
Oct.
Oct.
2 Sept.
Central New York Power 5% pref. (quar.)
Nov.
Page
717
1016
Aug. 22
1016
Oct. 15
-—Nov. 25
Central Illinois Electric & Gas Co. 1st mtge. bonds
Sept. 1
♦Central Ohio Light & Power Co. 1st mtge. 5s, series A—Oct.
1
1st mtge. 5s, series B_-_
-Sept. 14
3-year notes
Sept. 14
Central States Edison, Inc., 15-year coll. trust boads
Aug. 25
Chicago Union Station Co. 3M% guaranteed bonds
Sept. 1
Commercial Credit Co. 3M% debs
—Sept.30
Connecticut Light & Power Co. 3 M% debentures
Sept. 1
Cuban Telephone Co. 1st mtge. bonds-.Sept. 1
Cuban Teleohone Co. 1st mtge. 7 Ms
Sept. 1
Dominion Textile Co., Ltd. 1st mtge. 4%s
Sept. 1
720
1018
Chain Belt Co
,129
Extra
Chestnut Hill RR. Co. (quar.)--'
Chicago Flexible Shaft (quar.)
Date
American
Ice
Co.
5%
debentures
Associated Gas & Electric Co. income debentures
Bayuk Cigars, Inc., 1st preferred stock
Caterpillar Tractor Co. 5% preferred stock
1171
1171
1171
1019
1|»2
873
1021
— _
£1474
874
258
(Walter E.) Heller & Co.—
7% preferred stock
10-year 4% notes
730
730
Sept. 20
Sept. 20
Holland Furnace Co. $5 cum. conv. pref. stock
Oct.
1
Hydro Electric Corp. of Va. 1st mtge. 5s__.
Sept. 1
Kansas Power Co.. 1st mtge. 5s
Sept. 1
Iowa Power & Light Co. 1st mtge. 4Ms
Sept. 1
Iowa Public Service Co. 1st mtge. 5s
——Sept. 1
♦Iowa Public Service Co. 1st mtge. 5s
Sept. 11
1st mtge. 5MsSept. 11
Kansas Power & Light Co. 1st mtge. 4Mb
—Aug. 28
Keystone Steel & Wire Co. serial notes
Sept. 1
♦Lehigh Power Securities Corp. 6% gold debentures
Sept. 11
Lexington Telephone Co. 1st mtge. 6s
Sept. 1
Lincoln Tel. & Tel. Co. 1st mtge. 3%% bonds
—Sept. 6
878
879
579
262
,879
1179
1179
879
879
1181
—
-
♦Nashville
-
1030
—
Sept.
Jan.
Oct.
Sept.
1st mtge. 5Ms
1st mtge. 5s
Nord Railway Co. 6M%
421
421
£1176
£l 179
1
1
1
1
bonds..
6M% bonds
♦Pennsylvania Power & Light Co. 1st mtge. 4Ms
Sept. 11
Peoples Drug Stores, Inc., 6M% Pref. stock
Sept. 15
(Philip) Morris & Co., Ltd., 5% preferred stock
—Sept. 1
Reliance Mfg. Co. preferred stock
Sept. 1
Rhine-Westphalia Electric Power Corp. 7% secured notes .Sept. 9
Rochester Gas & Electric Corp. gen. mtge. 5s
..Sept. 1
♦Schiff Co. 7% cum. pref. stock
-.Sept. 15
Scott Paper Co. 3M% debentures
Sept. 1
Paris-Orleans RR.
Seneca Power Co.
1184
Jan. 1 1940
Railway & Light Co. 1st mtge. 5s
New York State Elec. & Gas Corp.
734
1030
£3853
419
Sept. 1
Sept. 30
__Sept. 1
Sept. 8
Manila Electric Co. 1st mortgage 5s
Marshall Field & Co. 7% pref. stock.—
Mengel Co. 1st mtge. 4Ms
Morristown & Erie RR. 1st mortgage 6s
879
1188
119
737
267
1036
267
1190
423
1
Aug. 24
Jan
1
423
745
Z3388
..—--Sept.
1st mtge. 6s
Shell Union Oil Corp. 3 M % debs
(Robert) Simpson Co. Ltd. 1st mtge. 5s
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Jan. 1 '40
Southern California Edison Co., Ltd., 1st & ref. mtge. 4s. -Sept.
1
♦Southern Natural Gas Co. 1st mtge. 4 Ms
Oct.
1
Tennessee Corp. 6% debs, series B & C
— .Sept.
1
♦Tennessee Power Co. 1st mtge. 5s_.
.—--—-Nov. 1
Toledo Edison Co. 4% debenture
Sept. 1
—
£3388
268
1191
124
1191
746
West Penn Power Co.—
AUCTION
1,40 751
1, *40 751
1
£3860
Feb.
Feb.
Sept.
7% pref. stock
6% pref. stock
Wheeling & Lake Erie Ry. ref. mtge. bonds.Winston-Salem Terminal Co. 1st mtge. 5s
Woodward Iron Co. 2nd mtge. 5s
♦
Announcements this wees:,
x Volume 148.
—---Oct.
Sept
1
1
128
£3398
Central Ohio Steel Products
Central Tube
1
Chesebrough Mfg. Co. (quar.)
Chrysler Corp
following securities
-
Preferred
By Crockett & Co., Boston:
Shares
Stocks
% per Share
-50c. lot
-
$100
10 Missouri Kansas & Texas Ry. Co. preferred, par
6M
90 Berkshire Fine Spinning Assts. common
—
5M
1 Boston Athenaeum, par $300-.---200
1 Quincy Market Cold Storage & Warehouse common, par $100_-...
8
106 Hotel Kimball (Springfield, Mass.) pref., par $100, and 186 common._$225 lot
---
—
— -
--
By R. L. Day & Co., Boston:
Shares
$ ver Share
Stocks
10 U. S. Trust Co. "B", par
1 Old Colony
par
$10—.
RR. ctf. of deposit,
— —
par
12
-
$100; 4 Boston Ground Rent Trust,
$100; 2 Boston Block Trust, $100; 3 Real Estate
$100
10 Rogers Paper Mfg. Co, common, class A
5 Olde Egremont Corp. common, par $5
—
5 Boston Storage Warehouse Co., par $100——--190 Boston Real Estate Trust,
par
Bonds—
$180 Rogers Paper Mfg. Co. debenture 5s,
Commoil, Ltd.
(interim)
—•
—
3%
1
50c.
''••• "v
""v.'Per Cent
Nov. 1956, registered.——— 12 flat
are grouped
in two separate tables.
In the
bring together all the dividends announced the
week.
Then we follow with a second table in which
Dividends
we
current
show
the
dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" iD the week when declared.
we
The dividends announced this week are:
Per
Name
Share
of Company
-
Continental Steel Corp
Preferred (quar.)
Continental Telephone 7% partic. pref. (quar.):.
When
Holders
Payable of Record
— —
Oct.
Electrographic Corp. preferred (quar.)
Common (quar.)
Empire Power Corp. $6 cum. pref. (quar.)
Participating stock
EmporiumCapwell Corp. (quar.)_Erie & Pittsburgh RR. gtd. (quar.)
Esquire, Inc. (s.-a.)
Federal Mogul Corp.
------Finance Co. of Amer. (Bait.), class A & B com¬
.
-
—
mon
(quarterly)
6.111c
July
for
Insurance stock series.Both dividends payable in stock.
Food Machinery Corp., 4M% conv.
Gamewell Co
10
75c
—
-
Extra
—
American Box Board, pref.
(quar.)
American Cigarette & Cigar preferred
American Forging & Socket.
(quar.)
—
preferred (quar.)..
(quar.)
American Thermos Bottle, 7% pref. (quar.)_
Asbestos Corp. (quar.)
American Sugar Refining
American Tefep. & Teleg.
—
-
-
87 Mc
15c
15c
-—
-
Associated Investment (quar.)_
Preferred (quar.)
Barlow & Seelig Mfg. (resumed)
Beech-Creek RR. (quar.)
Bergheff Brewing
Brewing Corp. of America
Briggs & Stratton Corp. (quar.).
50c
SIM
15c
Oct.
25c
Sept. 15 Sept
Sept. 15 Sept.
Sept. 15 Sept.
30c
75c
25
5
15
20
15
15
15
15
15
Sept.15
50c
2
3
20
6
6
18
15
5
1
2
Oct.
SIM
50c
_
--
SIM
SIM
SIM
m7&
25c
$1
(quar.)
SIM
(quar.)
Idaho Maryland Mines (monthly)..
International Harvester Co. (quar.)
40c
International Ocean Telegraph Co. (quar.)
International Safety Razor class A (quar.)
SIM
International Vitamin Corp
Investors Distribution Shares, Inc.,
K. W. Battery—.
7Mc
60c
Lane-Wells
10c
Initial (qu.)»
$5
sV
Extra
------
25c
25c
SIM
-
Co
.
SiM
....
—
.
Lehigh Portland Cement (quar.)
Preferred (quar.)
Leslie Salt Co. (quar.)
Lexington Utilities $6 M pref. (quar.)
Lily-Tulip Cup Corp. (quar.)
Liquid Carbonic Corp
—
-
—— —
Year-end dividend
20c
20c
5c
2Mc
37Mc
SIM
(quar.)
-—
50c
25c
May Hosiery Mills class A (quar.)
Extra
Preferred
(quar.)
Michigan Steel Tube Products
Mississippi Power & Light, $6 pref
—*
Mock Judson Voehringer
Preferred (quar.)
------Mohawk Carpet Mills. Inc
—
Nachman Spring-Filled Corp
National Bond & Investment Co..
5% preferred A (quar.).
New England Gas & Elec. Assoc., $5M Pref—New England Telep. & Teleg. (quar.)_
Newmont Mining Corp
—
Niagara Share Corp. (Ind.) cl. A pref. (qu.)
Noith American Co. (quar.)
6% preferred (quar.)
—
5M % preferred (quar.).
Northern States Power (Wise.) (pref.)Ohio Match Co. (initial)
- —
Oklahoma Gas & Elec. Co., 6% pref. (quar.) —
7% preferred (quar.)
ParaffineCos., Inc. (quar.)
Preferred (quar.)
Park & Tilford, Inc., pref. (quar.)
Pemigewasset Valley RR. (8-a.)_.__
— _
Peoples Drug Stores (quar.)--—
Pet Milk Co
25c
SIM
25c
25c
20c
SIM
75c
SIM
60c
SIM
Aug. 15 Aug. 10
Sept. 15 Sept.
1
Sept. 15 Sept.
1
Oct. 14 Sept. 30
Oct. 14 Sept. 30
Sept. 21 Sept. 12
Oct. 16 Sept.20
Oct.
2 Sept.30
Sept. 1 Aug. 25
Sept. 30 Sept. 20
Sept. 15 Aug. 31
8
Aug. 15 Aug.
8
Aug. 15 Aug.
Sept. 11 Aug. 28
Sept. 11 Aug. 25
Sept. 15 Aug. 31
Oct.
2 Sept.22
Oct.
2 Sept.12
Oct.
2 Sept.12
Sept.
1 Aug. 18
Sept.
1 Aug. 16
1
Sept. 15 Sept.
Sept. 15 Aug. 30
Nov.
1 Oct.
14
Jan.
2 Dec.
14
Sept. 15 Aug. 31
Sept. 15 Sept. 8
1>\
Sept. 15 Sept.
Sept. 26 Sept.11
Sept. 26 Sept.11
Sept, 15 Aug. 31
Sept. 15 Aug.31
Sept. 30 Sept. 7
Sept. 30 Sept. 7
Sept.
1 Aug. 24
Sept.
1 Aug. 24
Sept.
1 Aug. 24
Sept. 8 Aug. 28'
Aug. 15
Sept.
5
Sept. 12 Sept.
Oct.
1 Sept.15
Sept. 15 Aug. 31
Oct.
2 Sept. 15
Sept. 21 Sept. 8
Sept. 21 Sept. 8
Sept. 15 Aug. 24
Sept. 30 Sept. 8
Sept. 15 Aug. 31
Sept. 20 Sept. 8
---»
Oct.
2
75c
Oct.
2 Sept.11
2 Sept.11
tiit?
25c
1M%
$i
75c
Oct.
1
20
15
15
27
Oct.
16 Oct.
Sept. 20 Sept.
$3
Feb.
1 Jan.
25c
Oct.
25c
Oct.
2
tlOc
Oct.
2
35c
SIM
25c
SIM
16
15
21
Septal
Sept. 30
Sept.
1
Sept. 15
Sept. 15
Oct.
1
Sept. 15
Sept.
Sept.
Sept.
Sept.
10c
Oct.
pref. (quar.)
Stock Yards Co. pref. (interim)
Southern Calif. Water Co., 6% pref. (quar.)..
Southern Phosphate Corp—
Staley (A. E.) Mfg. Co. cum. pref. (quar.)
Standard Oil of Kentucky (quar.)
Sunshine Mining Co
Swan Finch Oil, preferred
Swift & Co. (quar.)
Talcott (James), Inc., 5M% Pref. (quar.)
Sioux City
-----
—
1
8
Sept. 11
Aug. 31
Sept.11
Aug. 31
Aug. 25
Aug. 31
Sept.15
Aug. 31
Aug. 31
Aug. 31
25c
SIM
SIM
5M% preferred (quar.)
7% preferred
2
17
2 8ept.
-
Shattuok (FrankG.) Co. (quar.)-Shell Union Oil Corp., 5M% conv.
Aug. 19
Aug. 22
Aug. 31
Aug. 31
Sept.11
Sept.
Sept.
Sept.
Sept.
Sept.
25c
—
-
Sept.11
30c
---
Robertson (H. H.) Co
Common (quar.)
$1
15c
50c
1 Sept. 20
Sept. 15 Aug. 28
2 Sept. 15
Oct.
2 Sept. 16
Oct.
2 Sept. 30
Oct.
~
C. (quar.)
Raybestos-Manhattan
— --Rice-Stix Dry Goods Co., 1st & 2nd pref. (qu.)__
Schiff Co. (quar.)
65c
30c
Maccassa Mines, Ltd. (quar.)
Extra
'
(quar.)
lie
37yll
SI M
1
—
Mathieson Alkali Works
20c
50c
30c
15c
— —
Preferred (quar.)
15
15|Aug. 15
25c
25c
--
•-
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gold & Stock Teleg. Co. (quar.)
Guggenheim & Co., $7 and 7% preferred
Hazeltine Corp. (quar.)_
preferred
Sept. 15 Aug.
Sept.
Sept.30 Sept. 15
Sept. 15 Sept.
5
Sept. 15 Sept. 15
Sept. 1 |Aug. 25
pref. (qu.)
-
General Cigar Co
Hewitt Rubber Corp
Household Finance Corp.
Sept. 30 Sept. 20
Sept. 30 Sept. 30
to
2M%
2M%
-----
Preferred (quar.)
Gemmer Mfg. Co, class B
Class A (quar.)
5%
15c
—
5M% cumul. preferred..
Adjusting div. for period
Sept 30.
Fiscal Fund (Bank stock series)
Pullman, Inc.-
15 Oct.
2 Sept. 13
1 Sept. 20
Sept. 25 Sept. 15
Sept. 1 Aug. 21
Sept. 1 Aug. 23
Sept. 1 Aug. 23
Sept. 15 Sept.
1
Sept. 11 Sept.
1
Oct.
2 Sept. 15
Sept. 11 Aug. 31
Oct. 16 Sept. 28
Sept. 15 Sept. 15
Detroit Steel Corp
Dominion Foundries & Steel, pref. (quar.)
Oct.
2 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept.
1 Aug.
Sept. 29 Sept.
Sept. 1 Aug.
Oct.
2 Sept.
Oct. 16 Sept.
Oct.
2 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept.
1 Aug.
15
2 Sept. 15
2 Sept. 15
Oct.
Oct.
12Mc
7Mc
17Mc
SIM
12Mc
SI k
$2M
15
15
25
17
8
11
1
2 Sept. 15
Oct.
6M% preferred (quar.)
75c
Preferred (quar.)
Akron Brass Mfg. (quar.)
Sept. 1 Aug.
Sept. 30 Sept.
Sept. 1 Aug.
Aug. 31 Aug.
Oct.
2 Sept.
2 Sept.
Oct.
Sept. 15 Sept.
2 Sept.
Oct.
DeLong Hook & Eye (quar.)
SIM
Extra
Agricultural Insurance Co. (quar.)
9
9
10
Oct.
Plymouth Oil Co. (quar.)---- — ----—
Public Finance Service, Inc., $6 pref. (quar.) —
10c
1 Oct.
Oct.
Sept. 30 Sept. 12
Sept. 30 Sept.12
40c
—
5
20
31
15
15
9
Sept. 1 Aug. 19
Aug. 25 Aug. 15
Sept. 12 Sept.
1
1
Sept. 25 Sept.
1
Sept. 25 Sept.
Sept. 5 Aug. 19
Sept. 30 Sept. 20
Sept. 13 Aug. 24
Crown Zellerbach Corp
Pioneer Gold Mines of B.
Abbott Laboratories (quar.)
Extra
-
Commonwealth & Southern preferred
Consolidated Film Industries $3 pref
Consolidated Investment Trust (quar.)
Preferred
;
Associates, par $100__$86 lot
,— —
10
DIVIDENDS
first
30c
-
(quar.)
Kingston Products Corp. pref. (quar.)
Kobacker Stores. Inc., pref. (quar.)
Lake Shore Mines, Ltd. (quar.)
of the current week:
23 Nashua Mfg. Co. common
SIM
-
City Ice & Fuel Co
Kellogg (Spencer) & Sons, Inc.
Keystone Steel & Wire
Kimberly-Clark (quar.)
sold at auction on Wednesday
were
50c
75c
SIM
SIM
-
Cincinnati New Orleans & Texas Pacific Ry.—
Preferred (quar.)
Extra—-
The
-
Kavser (Julius) &Co
SALES
Holders
Brunswick-Balke-Collender Co
Preferred (quar.)
Canada Cement, 6M% preferred
Canadian Cottons Ltd. (quar.)
Preferred (quar.)-Central Maine Power, 7% preferred
6% preferred
$6 preferred
—Sept. 1
-Sept. 30
Company and Issue—
All en town-Bethlehem Gas Co. 1st mtge. 3 Ms
]
Payable of Record
15
2 Sept.
12
37 Mc
Aug. 15
37Mc
Sept.
1 Aug. 15
Sept. 29 Sept. 15
Sept. 20 Sept. 10
Sept. 15 Aug. 31
Sept. 30 Sept. 1
1
Aug. 10 Aug.
Oct.
11 Sept.
1
Oct.
1 Sept. 15
Oct.
1 Sept. 15
15c
$1M
25c
40c
t37Mc
30c
68Mc
10c
The Commercial & Financial Chronicle
1128
Per
Name of Company
Share
'Tacony-Palmyra Bridge (quar.)
Extra...
(quar.)
Extra
—
91%
—.
(quar.) ——
Preferred (quar.)
7% pref. (quar,).
25c
- —.
35c
(quar.)......
.....
....
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Nov.
1 Sept. 18
Sept. 15 Aug. 25
Sept, 15 Aug. 25
Sept, 7. Sept.
1
Sept, 15 Sept.
1
Sept 15 Sept.
1
Sept 15 Aug. 28
Sept 15 Aug. 28
Oct,
2 Sept.
1
Oct.
2 Sept.
1
Oct.
2 Sept. 15
Aug. 21 Aug. 18
Sept 11 Aug. 31
Oct,
2 Aug 25
Oct.
2 Aug. 25
2 Aug. 15
Oct.
50c
25c
—
....
$1.40 convertible preferred
United Gas & Electric Corp
Sept. 30 Sept. 15
2.5c
...
— — — — _
Preferred (quar.)
TUo Ftoofing Co., Inc.
2.5c
...
1M%
........
$ik
nited
Unite States Tobacco Co. (quar.).
Preferred (quar.)
Utah Power & Light $7 pref
32c
43 Mc
......
$6 preferred
t|i
5c
West Virginia Pulp & Paper
Williams (fi. C.) & Co
15c
Wilson Products, Inc.
15c
(quar.)...
Wrlghfr-Hargreaves Mines, Ltd. (quar.)
Extra.
.■
we
10c
5c
.......
Yellow Truck & Coach 7% Pref...
Below
Holders
$ IX
.....
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Bunr* jtfro8.,6% preferred (quar.)
5% preferred (quar.)
Burroughs Adding Machine Co
Butler Bros., preferred (quar.)
Butler Water 7% preferred (quar.)
Share
Abbotts Daries, Inc. (quar.)
Acme Steel Co. (quar.)
.
(quar.)
Quarterly
Agnew-Surpass Shoe Stores (semi-annual)..
15 Dec.
1
Sept.
Sept.
1 Aug. 15
1 Aug. 15
Oct.
2 Sept. 15
Oct.
1 Sept.
8
Sept. 1 Aug.. 20
Sept. 1 Aug. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 19
Sept.25 Sept. 1
Sept.
1 Aug. 15
Oct.
2 Sept. 15*
Sept.30 Sept. 15
Preference (quarterly).
Alabama & Vicksburg By. Co...
Alabama Water Service Co. $6 pref.
(quar.).
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories, Inc. (quar.)..
Extra
Allied Stores, 5% preferred (quar.)
...
....
Dec.
...
—
Payable of Record
Dec.
-
Alpha Portland Cement
Aluminium, Ltd., 6% pref.(quar.)......
Aluminum Goods Mfg. Co. (quar.)
;
Aluminum Mfg. Co., Inc. (quar.)..
Quarterly
7% preferred
(quar.).
7% preferred (quar.)..
American Arch Co. (quar.)
American Art Tile Corp. pref. A
American Bank Note, preferred (quar.)
Holders
Sept. 1 Aug. 15
Sept.12 Aug. 18
Sept. 15 Sept. 1
.
Aetna Ball Bearing Mfg.
Bonus
When
31
Dec.
15
Sept. 30 Sept. 15
Dec.
-
31 Dec.
Sent.
15
S2.19H
37 He
37 He
50c
New (quar
•-).
Canada Dry Ginger Ale, Inc
Canada Wire & Cable, pref. (quar.)
Class A (quar.)
-
"
Preferred
_
—
Carman & Co.. Inc., class A
Carnation Co. 5% 1st pref. (quar.)__
Carter (Wm.) Co., preferred (quar.)
Caterpillar Tractor (quar.)
Preferred (quar.)
Central Arkansas Public Service 7 % pref
—
1.
50c
(monthly)
Indemnity Co. (increased)
American Investment Co. (111.) (quar.)
7% preferred
American Laundry Machinery Co
American Metal Co., Ltd
;
6% conv. preferred (quar.)
American Meter Co., Inc..
American Oak & Leather Co., cum.
prof, (quar.)
American Paper Goods Co.—
7% preferred (quar.)...
15 Oct.
5
...
Aug.
Aug.
Aug.
Aug.
Sept.
21
21
21
30
5
5
Dec.
25c
tsiM
tSIM
$6 preferred.
25c
$1
.....
SI H
$1H
7 % preferred
Associated Breweries of Canada (quar.)
20c
SI %
....
Associated Dry Goods Corp., 1st pref. (quar,)..
Atlantic Refining Co.
Atlas Corp., 6% preferred (quar.)
SIM
25c
75c
50c
Atlas
t41Kc
(s.-a.)..
(quar.)....
SI.05
12Mc
5c
15c
*
6% preferred (quar.)...
Bangor Hydro-Electric Co. 7 % pref. (quar.)
6% preferred (quar.)
Bankers National Investing Corp., A and B
Preferred
(quar.)
Barlow & Seelig Mfg., class A
(quar.)
——
$1H
25c
50c
-
25c
....
7% preferred (quar.)
Bigelow-Sanford Carpet preferred (quar.)
SIM
SIM
SIM
Bird & Son, Inc., 5%
prer. (quar.)
Birmingham Gas Co.. $3M orior oref. (quar.)..
Birmingham Water Works Co. 6% pref. (qu.)-Bloch Bros. Tobacco
Co., 6% prer. (quar.)
Blue Ridge
87 He
SIM
SIM
Corp. $3 pref. (quar.)
75c
Opt. div. of l-32d sh. of com. or cash.
Bond Stores, Inc.. common
(quar.)
Borden Co. (interim)
1.1."Ill
Boston & Albany RR
Boston Fund (quar.)
Bower Roller-Bearing Co.
Bridgeport Gas Light (quar.)
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
$1M
SIM
SI H
25c
91%
—
— _
Oct.
$1 H
13.6c
—
(quar.)_
Collateral Trust Shares series A
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Broadcasting System A & B—
Oct.
Sept.
July
50c
45c
SI
(quar.)-—,
SI. 10
25c
——
„
——-— — —
Sept.30 3ept.
Oct.
2 Sept.
Sept.
1 Aug.
Sept. 15 Aug.
Sept.
1 Aug.
Sept. 11 Aug.
Sept. 1 Aug.
Sept.
1 Aug.
Sept.20 Sept.
15
15
Aug. 31
Sept.
1
Sept. 21
Sept. 9
Sept.
1
Oct.
2
Oct.
2
Sept.
1
Sept.15
Sept. 1
Oct.
2
2 Sept.
1
Sept.30
Aug. 21
Sept.20
Sept.30
lc
(q~ua>.)_—IIIIIII
SIM
Shoe Co
50c
HZ IZZI
Z.l
50c
50c
Mining & Concentrating
Sept.
1
Aug. 31
Aug. 21
Sept.
1
Sept.
1
Sept.15
Sept.
1
Aug.
Aug.
July
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
SIM
Corp. 7% pref A (qu.)-
6% preferred B (quar.)
—
5 jc
25c
25c
75c
91%
62 He
SI H
91%
50c
90c
-
25c
5
Sept.
1
annas
Oct.
6 Aug.
90c
—
—
91%
-
25c
$2
91%
SI %
SI H
—
—
Sept. 30 Sept.
Sept. 8 Aug.
Sept.11 Aug.
Sept.11 Aug.
Copperweld Steel Co5% pref. (initial)
Cosmos imperial
20c
412-3C
—
Mills,
$1%
2%
91%
87Hc
56 He
91%
—
30c
5% preferred (quar.)—
Courtauld's, Ltd., Amer. dep. rets, (interim)—
Crane Co., 5% preferred (quar.)
Creameries of America, pref. A (quar.)
Crown Cork & Seal Co., Inc. $2M cum. pf. (qu.)
Crown Zellerbach, $5 preferred (quar.)
Crum & Forster Insurance Shares A & B_
Preferred (quar.)
—
15
15
8
1
Crum
Cuneo
& Forster pref. (quar.)
Press pref. (quar.)
SIM
32
91%
—
Curtis Publishing $7 preferred
Cushman's Sons, Inc., 7% preferred
Daniels & Fisher Stores Co. (quar.)
Dayton Power & Light Co. 4 Ms % pref. (quar.)
Decca Records, Inc
Deere & Co. preferred (quar.)
Delaware Fund, Inc
Dentist's Supply Co. of N. Y. (quar.)
7% preferred (quar.)
Denver Union Stock Yards, 5M% pref. (quar.)
Detroit Gasket & Mfg., preferred (quar.)
8
8
15
31
31
8
15
15
11
10
21
18
25
11
—
-
Aug. 15
11
87 He
50c
1 Sept. 15
1 Aug. 15
1 Aug. 15
1 Aug. 15
Aug. 15
Sept
Sept. 15 Aug. 11
Oct
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Aug. 21
Sept.
Oct.
Sept. 19
Oct.
Sept.
8
Oct.
Sept.
Sept.
Sept.
Oct.
Sent.
Oct.
Sept. 28
Sept. 1
Sept. 1
Sept. 10
Sept.lo
Sept. 11
Aug. 15
Sept. 15
Aug. 18
Aug. 18
Sept. 1
Sept.
1
Oct.
Sept. 30
18
1
Sept. 15 Sept.
Sept.
1 Aug. 10
Sept.15 Aug.
Sept.
1 Aug.
Aug. 31 Aug.
Aug. 31 Aug.
Sept. 30 Sept.
Sept. 15 Sept.
31*
14
18
18
20
1
Oct.
2 Aug. 31
Sept.
1 Aug.
Sept.
1
Dec.
1
Nov. 10
30c
35c
15c
75c
Sept.15
Sept. 1
Aug. 28
Sept. 1
Sept. 15
Sept. 1
15
5
10
21
15
Sept. rl
91%
Oct.
2
91%
S1.37H Sept. 1
30c
Sept. 1
25c
Sept.15
75c
—
Aug. 10
3-1-40 2-10-40
75c
Quarterly
Dewey & Almy Chemical Co. class B
Dominguez Oil Fields (monthly)---Dominion & Anglo Investment 5%
preferred—
Dominion Oilcloth & Linoleum Co. (quar.)
Sept.
$2
30c
30c
-
Dr. Pepper Co. (increased
quar.)-
Sept.
25c
Sept.15 Sept. 1
Aug. 31 Aug. 17
Sept. 1 Aug. 15
25c
t91%
1 Aug
Dec.
1 Nov. 18
East St. Louis & Interurban Water
7% pf. (qu.)
6% preferred (quar.)
30c
Oct.
Oct.
t50c
S3
S1H
SIM
S1H
1 Aug. 11
1 Aug. 11
Sept.
10c
Extra
Dominion-Scottish Investments 5% preferredDover & Rockaway RR.Co. (s.-a.)
Eagle Picher Lead preferred (quar.)
Eastern Shore Public
14
Aug. 23 July
8
Sept.
Aug.
Aug.
Aug.
Sept.
1
Aug. 19
Sept. 30
Aug. 20
Aug. 15
Aug. 31
Aug. 10
•
50c
common
Participating preferred (s.-a.)
Participating preferred (s.-a.)
Dictaphone Corp
Preferred (quar.)
Sept.
Oct.
31 Oct.
31 Oct.
18
16
16
Aug. 21
Sept. 30
Oct.
Sept. 15
Sept.
Sept.
Aug. 21
Aug. 21
Service Co.—
$6M preferred (quar.)
preferred
Aug. 15
Sept.
Sept. 15 Aug. 31
1
Sept.15 Sept.
75c
— — _
t6
Nov. 15
25c
—
Devonian Oil Co
Diamond Match Co.
Common
50c
—
—
11
21
18
31
19
19
15
Sept. 15
Sept. 15
Dec.
Sept.
15c
—-
Oct.
25c
Cook Paint & Varnish (quar.)
Preferred (quar.)
31
11
25
18
25
Aug. 18
Aug. 18
Aug. 15
Sept.
Sept.
30c
—
91%
(quar.)
-—-
-
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eaton Mfg. Co
50c
Elgin National Watch Co
El Paso Electric Co. (Del.) 7% pref. A (quar.)
25c
—
$6 preferred (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)—
El Paso Natural Gas Co.
SI H
S1H
S1H
-
SIM
SIM
SIM
50c
(quar.)
7% preferred (quar.)
SIM
Electrolux Corp
30c
Ely & Walker Dry Goods Co
Empire & Bay State Telephone, pref. (quar.) —
Empire Capital class A (quar.)
Emporium Oapwell Corp. 4M% pref. A fquar.;
4M% preferred A (quar.)
7% preferred tsemi-ann.i
Eauity Corp., $3 conv. pref. (quar.)
—
common
SIM
-
_—
1 Aug. 17
1 Aug. 21
Sept.
1 Aug. 20
Sept.15 Sept. 1
Sept.30 Sept. 25
Sept. 1 Aug. '4
50c
$2
21
Sept.
Sept.
Sept.15 Sept.
60c
5
1 Aug. 15
1 Aug. 15
Oct.
2 Sept. 11
Oct.
2 Sept. 11
Aug. 25 Aug. 10
Aug. 25 Aug. 10
Sept.
1 Aug. 15
Sept.15 Aug. 31
Oct. 15 Sept. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept.
1 Aug.
5
Sept.15 Aug. 25
Oct,
2 Sept.
8
14c
^
10
26
15
Sept. 15
Sept.
50c
4
Sept.
Sept.
Oct.
5% conv. preferred
6M % preferred C (quar.)
Compama Swift Internacional (quar.)
Compressed Industrial Gases
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power 6% pref. (quar.)
ConsolidatedCigUr Corp. 7% preferred
Consolidated Edison Co. of N. Y., Inc
Consolidated Gas of Baltimore (quar.)
4M% preferred.
Consolidated Gas, Elec. Lt. & Power (Bait.)
4M % preferred (quar.)
Consolidated Paper Co
Consolidated Retail Stores, 8% pref. (quar.)
Consumers Power Co., $5 pref. (quar.)
$4 M preferred (quar.)
Continental Can $4 M pref. (quar.)
Continental Casualty Co. (quar.)
Continental Oil Co. (Del.)
18
21
30
30
$5.80
75c
—
pref.
1-1-40 Dec.
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
10
10
12
Sept. 12
Sept. 5
87 He
5 )c
—
25
20c
$2
20
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
3ept.
Aug.
Sept.
Aug.
1
30c
—
Burma Corp., Ltd., Am. dep. rets.
(final)
15 Dec.
Sept.
Anheuser-Busch, Inc
Archer-Daniels-Midi and Co
Arkansas Power & Light 7% pref
Baldwin Rubber Co.. common
(resumed)
Baltimore Radio Show, Inc.
1
Sept.15 Sept.
7% preferred (quar.)
Powder Co......
Automotive Gear Works, Inc., pref
Baldwin Locomotive Works, preferred
1 Aug. 15
Sept.
1
Sept.
1
Sept.
1
Sept.15
Oct.
1
*
Amer. Radiator & Standard Sanitary, pref.
(qu.)
American Smelting & Refining Co
American Tobacco Co., com. and com. B
(quar.)
Anaconda Copper Mining Co
——.
1 Aug. 15
Oct.
—
......
inc
50c
Sept.
Sept. 1 Aug. 15
Sept.30 Sept. 21
Sept.
1 Aug. 14*
Oct.
1 Sept.
1
Oct.
2 Sept.
5
Oct.
2 Sept.
5
Sept.
1 Aug. 19
American Insurance Co. (s.-a.)
Extra
Co.,
.
25c
25c
Oct.
Sept.
Sept.
,»
Hill & Sullivan
-
Coca-Cola Co.
Coca-Cola International Corp. —;
75c
—
-
Sept. 1 Aug. 15
2 Sept. 20
Sept. 15 Aug. 19
Sept. 15 Aug. 19
Aug. 21
Sept.
Oct.
Sept. 15
Aug.
1
Sept.
Aug. 15
Sept.
Sept.
Aug. 10
Sept, 15 Aug. 26
Sept. 1 Aug. 18
8
Aug. 25 Aug.
Oct.
1 Sept. 18
Oct.
91%
$1H
91%
Sept.15 Aug. 16
Nov.
9
1 Oct.
_
Bunker
-
15'Sept. 8
Aug. 25 Aug. 15
Aug. 25 Aug. 15
SIM
Sept. 9 Aug. 31
Sept. 15 Sept. 5
American General Corp., $3 pref.
(quar.)
$2M preferred (quar.)
$2 preferred (quar.)
American Hide 6c Leather, preferred (quar.).—
American Home Products Corp.
Buckeye Pipe Line Co
Bullock's, Inc
$1%
Chicago Cor p. $3 pref —.—:———,—.
Chicago Mail Order Co
Chicago Rivet & Machine
Chicago Yellow Cab Co
Chile Copper Co.
Cincinnati Union Terminal 5% pref. (quar.)
5% preferred (auar.)
City of New Castle Water Co. 6% pref. (quar.)Clark Equipment, irregular
Preferred (quar.)
Cleveland & Pittsburgh RR. Co. 7% gtd—___
Special guaranteed
20
15
21
Sept.
Commonwealth Utilities, 6M% pref. C (quar.).
Oct.
Brooklyn Teleg. & Messenger
SI H
-
-
30
20
16 Sept.
Sept.30 Sept.
Sept. 30. Sept.
Sept. 1 Aug.
Oct.
2 Sept.
Commonwealth Utilities
Preferred (quar.)
American Gas & Electric Co. (quar.)
Preferred (quar.)
Brown
tsi
11%
—
-
15 Nov. 30
31 Sept. 30
1 Aug. 15
1 Nov. 25
Brookline Oil
tSl
Dec.
Oct.
1 Aug. 15
1
1
Oct.
2 Sept. 15
Sept.
.....
SI %
91%
-
—
_
1 Nov. 15
Sept.
1 Aug. 19*
1 Aug. 25
(quar.)
_
81 M
6% preferred
Century Ribbon Mills, pref. (quar.)
Champion Paper & Fibre pref. (quar.)
Chartered Investors $5 pref. (quar.)
Columbus & Xenia RR
tSl
SIM
SIM
Central Illinois Light Co. 4M % pref. (quar.)
Central Illinois Public Service, $6 preferred——
Colgate-Palmolive-Peet Co.. 6%
1 Aug. 15
Dec.
Sept. 15 Aug. 31
$i
S1H
t$l
-
6% preferred (quar.)
—
Sept.
Sept. 15 Sept.
Sept. 15 Aug. 31
t%l%
%9i%
—
Canfield Oil Co
Columbian Carbon Co.
Dec.
5% preferred
Sept. 15 Sept. 1
Sept. 1 Aug. 10
tSl
Class A (quar.)
Collins & Aikman Corp
Sept. 15 Sept.
Nov. 24
$1%
Canadian Industries, A & B__
1 Aug. 18
1 Aug. 11
Sept.
Bayuk Cigars, Inc
1st preferred (quar.)
Belding-Corticelli, Ltd. (quar.).!
Preferred (quar.)
Bendix Aviation Corp
Bethlehem Steel Corp. (resumed)
5 July 29
1 Aug.
9
Sept.
Participating preferred
Preferred (quar.)
1
Sept.
Sept.
37Hc
SIM
Canada & Dominion Sugar Co., Ltd.—
New (quar.)..
2 Sept. 11
Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
American Factors, Ltd. (monthly)
-American Fork & Hoe Co.
(quar.)
Armstrong Cork Co
Preferred (quar.)
Artloom Corp. 7% preferred
Dec.
Oct.
American
1 Aug. 26
Sept.
10c
Dividend represents payment due Aug. 1,1934
and accrued interest.
Oct,
American Capital Corp. prior pref.
(quar.)
American Chicle Co. (quar.)
American Electric Securities Corp.—
American
of Record
$1*
SIM
Byers (A. M.), preferred
Sept.
American Business Shares
American Can Co., pref. (quar.)
Holders
Share
Name of Company
—
Per
Name of Company
1939
19,
Per
Payable of Record
50c
„
Class A
When
Aug.
12it
lUc
56 Mc
56 Mc
S3H
75c
f
Sept.
1 Aug. 10
1 Aug. 10
5
Oct.
2 Sept.
5
Aug. 25 Aug. 10
Sept. 23 Sept. 9
Oct. 16 Sept. 29
Oct. 16 Sept. 29
Oct. 16 3ept. 29
Sept.
Oct.
Oct.
2 Sept.
2 Sept.
Sept.
1
Sept. 15 Aug.
Sept.
1 Auk.
Sept. 1 Aug.
Aug. 31 Aug.
Oct.
2 Sept.
Dec.
1-2-40
16
15
21
21
15
21
21
Sept. 23 Sept. 13
Sept. 1 Aug. 15
■
Volume
The Commercial & Financial Chronicle
149
Per
Name of Company
Share
Engineers Public Service, $6 pref. (quar.)__-_
$5M preferred (quar.)
SIM
-
$5 preferred (quar.)
Exolon Co. (quar.)
IIH
■
*
-L—■
...-----—-
Faber, Coe At Gregg, Inc. (quar.)
Fajardo Sugar Co. of Porto Rico
Div. of 25c. per sh., plus div. of 25c. per sh
Rep. a distribution out of proportionate int.
in div. of the Fajardo Sugar Growers Assoc.
Falstaff Brewing Corp. (quar,)
—
Preferred (s.-a.)
•—
Fansteel Metallurgical Corp. pref. (quar.)—-—
Preferred (quar.)
—
Farmers & Traders Life Insurance Co. (quar.)
Federal Compress & Warehouse (quar.)
Federal Insurance Co. (N. J.) (quar.)
Federal Light & Traction, prer. 'quar.)
Firestone Tire & Rubber preferred (quar.)—
Fishman (M. H.) Co., Inc. (quar.)
—
Fitz Simons & Connell Dredge & Dock—
Florida Power, 7% preferred A (quar.)
7 % preferred (quar.)
Ford Motor of Canada A & B (quar.) Fort Wayne Sc Jackson RR., pref. (semi-annual)
Ft. Wayne & Jackson RR. 5M% pref. (s.-a.)—
Free port Sulphur (quar.)
—
Gatineau Power Co. (quar.) -;
5% preferred (quar.)
5M preferred (quar.)
-
-
-----
.
-
-
—.—
—
American Corp.
(quar.)
Cigar Co. 2d pref. (quar.)
—
—
Gas Sc Electric $5 prior pref. (quar.)
General Motors Corp
— -——
$5preferred (quar.)---—-—-
—
General Refractories Co.
General Shareholdings $6 preferred
—Optional div. of 44-1000 sh. of comstk. or cash
Gibralter Fire & Marine Insurance (s.-a.)
Extra
—
------
—
—
-
Gibson Art Co. (quar.)-Globe-Democrat Publishers 7% pref. (quar.)
Golden Cycle (quar.)-—-.
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gorham Mfg. Co
Gossard (H. W.) Co——————
—
--
—
Preferred (quar.) Great Northern Paper
Greene Cananea Cooper
-
-
-
-__-
_
_
-
_
—
Greening (B.) Wire "Co. (quar.)Griesedieck-Western Brewery—
5M % convertible prefrred (quar.)
Griggs, Cooper & Co. 7% preferred (quar.)——
Gulf States Utilities $6 preferred (quar.)
—
S5M preferred (quar.)---———_
Hackensack Water Co., 7% pref. (quar.)
Hale Bros. Stores (quar.)
—
Hallnor Mines, Ltd. (interim)
——,—
——
— —
—
Hancock Oil
—
California A & B (quar.)
Class A& Bextra------Hanes (B. H.) Knitting Co. (quar.)
—
------
Sept.
Dec.
Dec.
Oct.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
40C
35c
SI X
sim
15c
25c
SIM
8I£
S2M
S2M
— -
Harbison-Walker Refractories Co——
6% preferred (quar.)..
-
Hazel-Atlas Glass Co..
Hein-Werner Motor Parts (quar.)
——
—
—
SIM
Aug.. 2
Aug. 11
50c
20c
Sept.
Sept.
Oct.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
SIM
$1
SIM
SIM
50c
75c
tl5c
34Mc
SI M
SIM
43 He
25c
115C
SIM
50c
25c
SIM
SIM
SIM
SIM
SIM
40c
SIM
——— —
—
-
—
—
—
•——-—
25c
$1.05
15c
50c
37 Mc
SIM
6llt|
SIM
25c
SIM
SIM
5c
Mines (monthly)
Imperial Life Assurance (Can.) (quar.)-—
Quarterly
——
Indianapolis Water Co. 5% cum. pref. cl.A(qu.)
Ingersoll-Rand Co_------
|S3 M
tSIM
SIM
SIM
Inland Steel Co.--'——------—<International Business Machine-.-International Harvester Co. preferred (quat.)_International Match Realization Co.—
50c
Voting trust certificates (liquidating)-^——
S20
International Mining Corp. .— —
International Nickel Co. (Can.), Ltd ------—-
10c
Iowa Public Service Co, 1st $7 pref. (quar.)
7%preferred (quar.)--Iron Fireman Mfg. Co. (quar.)
—
t50c
SIM
SIM
SIM
30c
—
—
Jewel Tea Co.. Inc
—- —
-
30c
25c
SI
SI
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
1
1
11
15
15
15
11
2
1
30
15
15
30
1
1
15
9
15
15
20
21
31
15
15
1
15
25
10
16
16
19
5
15
._---
—-
Oct.
20 Oct.
Oct.
Oct.
16 Sept. 30
6
2 Sept. 15
Sept. 15 Sept. 5
Sept.
1 Aug. 22
Nov. 15
Aug. 15
Aug. 19
Sept. 8
Oct.
Sept.
Oct.
Sept.
Sept.
Aug.
Sept.
1 Aug.
1 Sept.
1 Aug.
15 Sept,
25 Aug.
1 Aug.
15
15
11
5
18
15
Sept.
1 Aug. 15
Sept. 1 Aug. 12
Sept. 30 Sept.20
Sept.
1 Aug. 21
Sept.
1 Aug. 21
Sept. 30 Sept. 22
Sept. 30 Sept. 22
Dec. 30 Dec, 22
Aug. 21 Aug. 10
Oct.
2 Sept, 30
1-2-40 Dec. 30
Oct.
1 Sept. 12*
1 Aug.
7
1 Aug. 15
Oct. 10 Sept.22
5
Sept. 3 Aug.
Sept.
Sept.
Sept. 11 Aug.
2
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Oct.
2 Sept, 20
Oct.
2 Sept. 20
Oct.
2 Sept. 20
Sept.
1 Aug. 15
Sept.
1 Aug. 10
Dec.
1 Nov. 10
Sept. 1 Aug. 21
Aug. 24 Aug, 8
Sept. 20 Sept. 6
Oct.
SIM
Sept. 15 Sept.
5% convertible preferred (quar.)
—
—
tSIM
SIM
SIM
SIM
25c
87Mc
25c
30c
30c
40c
—:—
25c
7% preferred (quar.)—---——
6% preferred (quar.)
Lake of Woods Milling, 7% preferred——
SIM
SIM
SIM
------
-.—
12c
4uc
-
-------
40c
—.
—.
-
—
--------
—
Sept. 15
tlOc
Aug. 26 Aug. 15
Sept. 9 Aug. 24
SI.10
Si-10
Dec.
9 Aug. 24
50c
Sept
9 Aug.
50c
Dee
9 Nov. 24
25c
Sept. 1 Aug.
Aug. 31 Aug.
Sept. 3" Sept.
Sept. 25 Sept.
Aug. 21 July
67c
Monthly
Lockbart Power Co., 7% preferred (semi-ann.)-
66c
S3H
Lone Star Gas Co_
Longhorn Portland Cement Co.—
20c
Aug, 21
Aug. 21
Dec.
Nov
25c
Dec.
Oct.
Sept, 18
25c
....
...
Loose-Wiles Biscuit Co., 5% preferred (quar.)-.
Louisiana Land & Exploration Co—
Sl^
Louisville & Nashville RR
Ludlow Manufacturing Assoc—
$IX
nx
Lunkenheimer Co., pref. (quar.)
Preferred (quar.)
McClatchy Newspaper, 7% pref. (quar.)...7 % preferred (quar.)
Mclntyre Porcupine Mines (quar.)
Macy (R. H.) & Co———
Madison Square Garden—.
Magma Copper Co.
-
-.»
-
_
—
-
------
.
—
-
—-
—
10c
S1H
nx
43 Mc
43 Mc
50c
50c
25c
—
25c
-
Magnin (I.) & Co., pref. (quar.)--.
Manhattan Shirt Co
10
21
20
25
20
Sept
Sept.
$1X
...
-
24
nx
Extra
5% refunding partic. preferred (quar.)
-
27
Aug. 10
Oct.
Lock Joint Pipe Co. (monthly)--.
Extra
Oct.
Nov.
Sept.
—
5% refunding partic. preferred (quar.)-.---.
4
Aug. 31 Aug. 21
Sept. 30 Sept. 9"
Oct.
1 Sept. 15
Oct.
2 Sept. 14
Sept. 1 July 26
Sept. 14 Aug. 31
Sept.
1 Aug. 15
Sept. 1 Aug. 21
Sept. 15 Aug. 31
Oct.
2 Sept. 15
Aug.
1
Sept.
Aug. • 1
Sept.
Aug. 15
Sept.
30c
—
—
1 Aug. 151 Aug. 15
25c
SI H
-
.
Sept.
Sept.
Nov. 15 Nov,
-------
Maryland Fund, Inc. (quar.)-Quarterly
Masonite Corp., common (quar.)__
5% preferred (quar.)
May Department Stores Co. common (quar.)—.
Mead Corp., class A
pref. (quar.)--—
Class B preferred (quar.)
-
$1 H
20c
5c
5c
--------
-
20
Nov. 20
1*
Sept, 15 Seot.
Aug. 30 July 31
5
Sept. 1 Aug.
Ocn
l Sept. 22
Dec
1-2-40
23
Aug, 31 Aug. 30'
Nov. 3(i Nov. 29
Sept. 1 Aug.
1
Sept. 1 Aug. l£
Aug. 31 Aug. 18
Sept, 15 Sept.
1
Nov. 15 Nov.
4
Sept.
I Aug. 10
Sept. 15 Aug. 31
Dec.
15 Nov. 30
SI H
75c
Sept. 10 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 16
S1K
SIM
Sept.
Sept.
25c
Merck & Co
1 Aug. 15
1 Aug. 15
25c
$m
si
nx
81 Mc
1 Sept. 20
1 Sept. 20
1
Sept. 11 Sept.
7% preferred (quar.)
Sept.30 Sept. 20
Metal Textile Corp., pref. (quar.)-Sept, 1 Aug. 21
----Middlesex Water Co. (quar.)-75c
Sept,
1 Aug. 25
—
Mid vale Co.
Oct.
i Sept. 16
SIM
—
Midwest Rubber Reclaiming, preferred (quar.)
SI
Sept
1 Aug 19
SIM Sept. 1 Aug. 21
Minneapolis Gas Light (Del.) 6% pref. (qu.)——
5 M % preferred (quar.)»
Sept. 1 Aug, 21
$5.10 1st pref. (quar.)--.
S1.27M Sept. 1 Aug. 21
—
SIM
Sept. 1 Aug. 21
5% preferred (quar.)
50c
Aug. 19 Aug. 4
Minneapolis Honeywell Regulator.- -Preferred B (quar.).^
SI
Sept. 1 Aug. 21
Mission Dry Corp
15c
Aug. 28 Aug. 19
Missouri Public Service (initial)
20C
1 Aug. 15
Sept.
Monarch Life Insurance Co. (semi-annual)----1
Sept, 15 Sept.
SIM
Monarch Machine Tool--j-.i
30c
Sept.
1 Aug. 22
6 % preferred (quar—
Metal & Thermit (quar.)
Oct.
Oct.
43 Mc
Oct.
S2M
S2M
Dec.
1 Nov. 10
Oct.
2 Sept.
.
—
—
-
—
—
_
-----
-
-
-
----
-
-
-
—
...
4Cc
/
Preferred A & B (quar.)
-----
Moore (Wm. R.) Dry Goods (quar.)---
— .
Quarterly.
•
Moran Towing Corp., 7% cum. part. pref. (qu.)
Morris (Philip) & Co.. Ltd., inc.—
....
...
.
.
5% conv. pref. A (quar.).—
Motor Finance.-
—
-
Preferred (quar.)
Motor Wheel Corp. (quar.)_--._Mt. Diablo Min. &Dev. (quar,)--—.
Muncie Water Works Co., 8%
------
.....
—
-
——
——
Nebraska Power Co. 7% pref. (quar.)
•-—
6% preferred (quar.)--——
Neisner Bros., Inc.New Amsterdam Casualty (semi-annual)
Newberry (J. J.) Co., pref. (quar.)------
Quarterly
75c
SIM
50c
SIM
SIM
40c
SIM
im
SIM
30c
S3M
$2M
15c
37 Mc
SIM
SIM
37 Mc
SIM
—
Tprsipv Zinp
N. Y. & Queens Electric Light & Power (qu.)..
Preferred (quar.) —— - - - - --- - - - ----
50c
50c
$2
SIM
—
——
—
25c
50c
SI
—
Niagara Wire Weaving Co. (quar.)
1900 Corporation, class A (quar.)
Noranda Mines, Ltd
Norfolk & Western By. (quar.)----
,2»1
—
— ..
North Pennsylvania RR. (quar.)
North River Insurance, N. Y—
Northeastern Water & Electric pref. (quar.).—
7
Sept,
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
—
Nov. 10
SIM
25c
SIM
--------
7% preferred A (quar.)—.
————
6% preferred B (quar.)_-_,
National Life & Accident Insurance (quar.)
National Linen Service Corp. $7 pref. (s.-a.)-—$5 preferred (s.-a,)_....-------------National Power & Light Co. common.
1
Oct.
2 Sept.
7
Sept. 30 Sept. 30
2-2-40
2-2-40
$2
pref.$(quar.)
2 Sept. 15
SIM
SIM
Si M
35c
4fc
lc
Murphy (G. C.) Co
——•
Muskogee Co. 6% cum. pref. (quar.)
Muskegon Motor Specialties class A (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
6% preferred (quar.)
National Biscuit Co.. common—
Preferred (quar.)-----.——-National Container (Del.
National Gypsum, $4H pref. (quar.)—-—
National Lead Co
Dec.
SI
25c
SI
Sept.
1 Aug. 15
1
Aug. 15
31 Aug. 18
29 Sept. 16
8 Aug.
1 Aug.
15 Sept.
1 Aug.
1 Aug.
1 Aug.
28 Sept.
Dec. 28
Dec
18
151
21
7
25
21
21
14 Sept, 12
Aug. 31 Aug. 15
Oct.
Sept. 15 Aug. 21
1 Aug. 17
Sept.
Sept, 30 Sept. 15
1
Sept. 15 Sept.
1 Oct. 20
Nov,
Sept. 1 Aug. 20"
Aug. 25 Aug. 18
Aug. 25 Aug. 18
Sept. 1 July 31
8
Aug. 22 Aug.
Sept. 1 Aug. 14
Sept. 1 Aug, 14
Sept. 15 Aug. 31
Oct.
1 Sept.
1
Sept. 1 Aug. 16
1 Sept. 16
Oct.
Sept. 9 Aug. 18
Sept. 14 Aug. 25
1 Aug. 11
Sept.
Oct.
2 Sept. 15
Nov. 15 Nov.
Sept. 15 Aug.
Sept. 19 Aug.
Aug, 19 July
Aug. 25 Aug.
Sept. 9 Aug.
1 Aug'
Sept.
1
21
31
31
14
28
10
Northwestern Public Service Co—
7% cum. conv. preferred
—
Kemper-Thomas, 7% special pref (quar.)-.
7% special preferred (quar.)
Kendall Co, participating pref. A (quar.)--——Kennecott Copper Corp
—-—
Kentucky Utilities, junior pref. (quar.)
Klein (D. Emil) Co.
—
Kleinert (I. B.) Rubber--—------—
Kresge (S. S.)__>_-—
—
Kroger Grocery & Baking Co-—
—-
50c
-
-
Preferred B (s.-a.)
Moore Corp., Ltd. (quar.)
Dec.
nx
-
Sept. 29 Sept. 19
Sept.
Aug. 15
Sept.
Sept.
2uc
25c
25c
-----
Monongahela West Penn Public Service Co.—
Preferred (quar.).
Monsanto Chemical Co., $4^ pref, A (s.-a.)—.
1
Keith-A1 bee-Orpheum Corp.—
-
62J|C
Aug. 25 Aug. 15
Kaufmann Department Stores, Inc.—
Extra--
-
—
-
-
Sept. 30
Aug. 31
Aug. 31
Sept.14
Aug. 15
Aug. 15
Sept. 1
Aug. 18
Aug. 15
Aug. 15
Aug. 21
Aug. 21
Sept. 20
Aug. 21
Aug. 11
1 Sept.14
Sept. 15 Aug. 31
Oct.
1 Sept. 15
SIM
12 Mc
—
.
$4M preferred (quar.)
Oct.
Aug.
SIM
————-
3c
——
-
—
—
Preferred (quar.)
Kansas City Power Sc Light Co—
1st $6 preferred B (quar.)-—
Katz Drug Co
Oct.
-
National Standard Co
SIM
—
SI
-
LeTourneau (R. G.)
Lexington Water Co 7% pref. (quar.)------Libbey-0wens-Ford Glass
life & Casualty Insurance Co.
(Tenn.)
Life Savers Corp.
Special
Liggett & Myers Tobacco com. & com. B (qu.)Lincom National Life Insurance (quar.)-Link Belt Co--——Preferred (quar.).
Little Long Lac Gold Mines.
Little Miami RR., original capital (quar.)
Original capital (quar.)..,
——
Special guaranteed (quar.).
Special guaranteed (quar.).
Loblaw Groceterias A & B (quar.)
------
\Tour
QuarterlyJaeger Machine Co
Jersey Insurance of N. Y. (s.-a.)———
-
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
1, 1939
Holophane Co.—
Preferred (s.-a.)
—------Holt (Henry) & Co. partic. class A
Home Fire Sc Marine Insurance (Calif.)
Homestake Mining Co. (monthly)-.------Horn (A.-C.j Co. 7% non-cum. pref. (quar.)
6% non-cum. 2d partic. pref. (quar.)---Horn & Hardart (N. Y.) pref. (quar.)
Houdaille-Hershet, class A (quar.)—
Huntington Water Co. 7% preferred (quar.).—
6% preferred (quar.)
—*
—
Huttig Sash & Door Co. (resinned)-—-—
Preferred (quar.)
—-—---
$6M% preferred (quar.)-——
1st $6 preferred (quar.)
Ironwood & Bessemer Ry.& Lt.Co.—
Aug. 19
Sept.
Sept.
Sept.
Oct.
37 Mc
Holland Furance $5 preferred (quar.)
Entire issue called for redemption Oct.
.
Sept.
Sept.
Sept.
50c
S2
.-
ClassBcommon (quar.)--———
Hobart Mfg. Co. class A (quar.)
(quar.).
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Nov,
15c
15c
50c
—
-
Oct.
25c
15c
Heyden Chemical Corp
—
Hibbard, Spencer. Bartlett & Co. (mo.).;
Monthly
Hires (Chas. E.) Co. class A (quar.)--- —
Class A pom. (quar.)
Sept.
SI X
nx
75c
20c
SIM
$1H
15c
--------
Harrisburg Glass preferred (quar.)—.——
-
1
22
21
15*
15
15
21
Aug. 15
Aug. 15
Aug. 26
Sept.
Sept.
Sept.
Sept.
25c
15c
(quar.)——-—
7% preferred (quar.)
Hanna (M, A.) Co. pref. (quar.).-——
25c
—
-
SecuritiesLehn & Fink Products
Corp—
15
19
15
1
1
1
11
15
Aug. 16
Aug. 15
Aug. 17
15c
Class B
Preferred
SIM
nx
S2M
25c
—:
-
or
.Idaho Maryland
Nov.
$3
...
Hamilton Watch Co
Preferred (quar.)—
3c
50c
—
Sl^
—:
—
Lanston Monotype Machine
Lava Cap Gold Mining-
Aug. 16
Sept. 15
Sept. 15
25c
Grace National Bank (semi-annual)
Grand Union Co. S3 series conv. pref-Great Atlantic & Pacific Tea Co
preferred (quar.)
—
25c
sim
25c
——-
cum.
Lehigh Power
Aug.
Holders
of R/'i ord
(quar.)—
6%
band is Machine Co. (quar.)
Aug. 30 Aug. 23
Sept. 1 Aug. 15
Sept. 1 Aug. 15
15c
When
Pay •bh
Lake Superior District Power Co.—
7% cum. preferred
2 Sept. 15
Leath & Co. preferred
(quar.)
Lehigh Portland Cement Co. 4% pref. (quar,)-
5c
75c
Co
Per
Share
Name of Company
2 Sept. 15
2 Sept. 15
50c
—
Gelman
General
General
General
Oct.
Oct.
SIM
_ .—_—
-
10c
50c
Holders
When
Payable of Record
Oct.
1129
Oct.
Sept.
Dec.
2 Sept. 15
1 Aug. 22
1 Nov. 21
Sept.
1 Aug. 10
Sept. 30 Sept. 2
Aug. 19 Aug.
1
Oct.
2 Sept.20
Sept. 30 Sept. 15
Sept. 13 Aug. 31
Sept. 1 Aug. 8
Sept. 1 Aug.
8
Nov.
1 Oct.
Oct.
2 Sept. 20
Sept.
20
1 Aug. 15
t SI .89583
preferred---—
cum. preferred--—
tflM
SIM
cum. preferred (quar,)—-------SIM
cum. preferred (quar.)_____.,
87 Mc
Norwalk Tire Sc Rubber, pref. (quar.)
—
SIM
Nova Scotia Light & Power preferred (quar.)--.
SIM
Ogllvie Flour Mills Dref. (quar.)
—
SIM
Ohio Assoc. Telep. Co. 6% pref. (quar.).—
7%
6%
7%
6%
cum.
—
Ohio Power Co., 6% preferred (quar.)
Ohio Public Service, 5% pref.
SIM
(monthly)---— 412-3c
6% preferred (monthly).
7% preferred (monthly).
Okonite Co. 6% pref. (quar.).
Oshkosh B 'Gosh, Inc
Preferred (quar.).
Oswego & Syracuse RR. Co. (s.-a.).
50c
581-3C
SIM
10c
50c
S2M
Aug.
Aug,
Aug.
Aug.
Sept.
Aug.
Sept,
Aug.
Sept.
Aug.
Sept.
Aug.
Spet.
Aug.
Aug.
Septr
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept,
Aug. 21 Aug.
Sept.
Sept,
Sept, 1
Sept.
Sept. 29
Sept.
19
19
19
19
15
15
19
20
7
15
15
15
17
18
18
11
Per
Name of
Preferred
$134
—
40c
Parke, Davis <fc Co
Parker Pen Co..
25c
—
—
Parker Kusfc-Proof (quar.).
25c
Parkers burg
25c
Rig & Reel
pref. (quar.)
Patterson-Sargent Co. (quar.).
——— —
Paton Mfg. Co., Ltd.,7% pref. (quar.)
— —
Pender (David) Grocery class A (quar.).,
$134
$534
1234c
8734c
75c
Penick & Ford. Ltd—Peninsular Telephone— .
50c
-—
——
Nov. 15 Nov.
Aug. 21
Sept.
Sept. 15 Aug. 31
Sept.
1 Aug. 21
Oct. 16 Sept. 21
$134
—
Peoples Gas & Fuel
Peoples Gas Light & Coke
50c
Peoples Telep. Corp. (Butler, Pa.)—
6% preferred (quar.)
Ltd. (quar.)
$134
Peterborough RR. (s.-a.)
$134
4c
lc
Pfeiffer Brewing Co
25c
Phelps Dodge Corp..
Philadelphia Co.. 5% preferred
(semi-annual)..
25c
RR. (qu.) —
$134
$134
25c
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. (mo.)
Phillips Petroleum Co
Phoenix Hosiery Co. 7% preferred (quar.)
Photo-Engravers & Electrotypers (s.-a.)
Pills bury Flour Mills (quar.)
Pilot Full Fashion Mills, Inc.—
634% cum. preferred (s.-a.)
Piper Aircraft Corp., preferred (quar.)
Pitnev-Bowes Postage Meter (quar.)..
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
Pittsburgh Coke & Iron Co. $5 pref. (quar.) ....
Pitts. Ft. Wayne & Chicago 7% pref. (quar.)..
7% preferred (quar.K
42c
50c
8734c
*50c
40c
65c
Sept.
10c
1 Aug. 18
1
Aug. 21 Aug.
75c
Oct.
1 Sept. 15
Sept.
1 Aug. 19*
Oct.
4
$134
IY4
.
-
Oct.
'lit?
15
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Sept.
8
8
7
24
21
31
31
11
2
Oct.
2 Sept. 11
30c
Aug. 25 Aug. 10
15c
Nov.
1 Oct.
Oct.
2 Sept. 20
20c
$154
37 34c
$1
$1
Sept.15
Sept. 30
Sept. 1
Sept. 1
Sept. 1
Sept.
*'!!
Oct.
1
Sept.
1
25c
$3
$2
$134
$154
$154
$3
40c
I-IZIII
$134
1
Sept. 20
Sept.
1
Aug. 21
Aug. 21
Oct.
2
Oct.
Oct.
3 Sept.15
Sept. 1 Aug. 21
Sept.15 Sept. 1*
1 Oct.
Nov.
25c
Sept.11 Aug.
Sept. 1 Aug.
Sept.
1 Aug.
Sept.
1 Aug.
Oct.
2 Sept.
Oct.
2 Sept.
Sept.15 Aug.
Sept. 1 Aug.
Sonotone Corp., preferred (quar.)
1-3-40
Dec.
16
Dec.
lc
Aug. 21
Sept.15
Sept.
1
Aug. 25
Sept. 15
8734c
25c
1111111
15c
12 34c
Puip Co., 6% pref. (quar.) I III 11 III
$134
35c
_
pref.~(au.)
5% pref.
I"
(s.4.)__I
Greyhound Lines
$134
$134
50c
Conv. preferred (quar.),
Non-con v. preferred (quar.)
IIIIIIIIII
I "III"
6% pref.(qui)
pref. (quar.)__
Southern Colorado Power 7% pref
Southern Pipe Line Co
—
30c
30c
3m
t$i
15c
IIIII
Southwestern Portland Cement, 8% pf.
Spiegel, Inc., preferred (quar.)
Oct.
$2
40c
I
Soss Mfg. (quar.)
Spear & Co. 1st & 2d pref. (quar.)
Sperry Corp. voting trust ctfs
1
15
15
15
15
9
9
31
17
1 Sept. 15
Sept. 1 Aug. 21
Sept. 1 Aug. 15
Sept.15 Aug. 26
Sept. 1 Aug. 15
Sept.
1 Aug. 21
Sept.15 Aug. 21*
Oct.
2 Sept.12
Sept.
1 Aug. 15
Aug. 25 Aug. 15
Sept.
1 Aug. 15
Oct.
2 Sept. 15
Aug. 19 Aug. 10
Sept.25 Sept. 15
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Sept. 15 Aug. 20
Oct.
2 Sept. 15
Sept.15 Aug. 31
Sept. 1 Aug. 15*
Sept. 15 Sept.14
40c
-
8% preferred (quarterly)
Sovereign Investors, Inc. (quar.)
Sparks-Withington pref. (quar.)
20*
Sept.15 Sept.
75c
$2
Simonds Saw & Steel
Southern Calif. Edison Co.. ser. B
Southern Carolina Power Co., $6
19
Sept.15
62 34c
25c
Aug.
Oct.
Sept. 1
Aug. 24
$134
1
Sept. 15
Oct.
Sept.15
8c
3734c
Sept.
16
Aug. 11
Aug. 11
Aug. lo
Aug. 19
Aug. 10
Aug. 15
Sept. 20
Aug. 15
Sept. 8
Aug. 21
Aug. 10
Aug. 10
Sept. 15
Sept.15
Sept. 15
$134
,
12
Sept.15
Sept. 15
Oct.
Oct.
$154
""""I
South Bend Lathe WorksSouth Carolina Power Co. 1st $6
South Pittsburgh Water Co.
18
18
25
17
20c
4354c
650 South Grand Building (reduced)
Smith-Alsop Paint & Varnish Co., 7% pref
Socony-Vacuum Oil
(auar.)
—
IIII"
I"
I
40c
—
40c
40c
25c
——-—
25c
25c
- - - -
$134
-——
Acid WJorks—
Quarterly
Sterling Products, Inc. (quar.)
Storkline Furniture Corp. (quar.)
Strawbridge & Clothier—
$6 prior preferred series A (quar.)
Stromberg-Carlson Telep. Mfg. pref.
Stuart (D. A.) Oil part. pref. (quar.)
Sun Oil Co. (quar.)
95c
12)4c
50c
25c
25c
25c
—
25c
5c
25c
$1
$H4
50c
10c
75c
—
$154
$134
$154
$1
1
15 Dec.
14
July 31
Sept. 8
Aug. 18
Aug. 18
Sept. 1
10
1 Aug. 21
Sept. 1
Aug. 11
Sept.
Sept.
1
1
10
16
21
21
Sept.
50c
—
412-3c
$134
+$154
—
—
25c
(quar.)
.
United Bond & Share Corp., Ltd. (quar.)
*r&
20c
(quar.)
$2
preferred
Incl. in the above div.: 50c. due on
$234
25c
$154
(quar.)
58 l-3c
pref. (mo.)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United States Envelope Co., pref. (semi-annual)
United States Gypsum Co. (quar.)
Extra
58 l-3c
53c
—— — —
53c
50c
50c
$234
$334
50c
50c
$154
Preferred (quar.)
U. S. Petroleum, common
lc
preferred (qu.)
—
United States Rubber Reclaining, pr. pref—
—
United States Plywood Corp.,
United States Rubber Co.—
3754c
2%
8% non-cum. 1st preferred
50c
50c
United States Pipe & Foundry Co. (quar.)
O n&cfccr'l
1 Oct.
14
16 Sept. 30
5
Sept. 15 Sept.
Sept. 1 Aug. 10
Sept. 1
Sept. 30
Sept.30
Sept. 1
Oct.
Aug. 10
Aug. 31
Aug. 31
Aug. 15
2 8eDt. 15
Sept.
15
15
15
15
20
15
15
15
15
Sept.
1 Aug. 19
1 Aug.
Oct.
2 Sept.
Sept. 1 Aug.
Oct.
2 Sept.
Oct. 10 Sept.
Sept. 1 Aug.
Oct.
2 Sept.
Oct.
2 Sept.
Oct.
2 Sept.
Dec. 15 Dec.
5
8*
Sept. 22 Sept
Sept. 1 Aug. 21
Sept 20 Aug. 31
_
Dec. 20 Nov. 29
50c
(quar.)
Oct.
1 Sept. 15
Aug. 19 July 28
Sept.
1 Aug. 15
Sept. 30 Sept. 19
$154
25c
40c
Universal Products Co
Upper Michigan Power & Light—
6% preferred (quar.)
-J
6% preferred (quar.)
Upressit Metal Cap Corp., 8% pref
Vanadium-Alloys Steel Co
$154
$134
t$2
25c
50c
i-v.
— —
$154
$154
7% 1st preferred (quar.)
Vapor Car Heating Co., 7% pref. (quar.)
7% preferred (quar.)
$154
50c
10c
$2 34
(quar.)
Extra
Vicksburg Shreveport & Pacific Ry
5% preferred
Virginia Coal & Iron Co. (quar.)
Virginia Electric & Power Co. $6 pref
Virginian RR
Vogt Mfg Corp
Vulcan Detinning Co. pref. (quar.)
Walgreen Co—
—
1_
$2 54
25c
$154
$2
-
-
20c
$154
guarterly (quar.)
referred (div. represents new rate & dates) __
Walker & Co. class A
Sept.
50c
m -*
•»*»..«,
«_«.
United States Playing Card Co
United States Steel Corp., 7% preferred
Universal Insurance (quar.)
—
12*
'35.
United Gas Corp., $7 preferred.United Gas Improvement (quar.).-
United Light & Rys.. 7% pripr
7 % prior preferred (monthly)
15
15
26
21
1 Aug. 15
1 Aug. 15
Nov.
Oct.
21
15
Dec. 1, *34:
75c. Mar. 1, '35, and 75c. June 1,
—
Warren Foundry & Pipe
Warren (Northam) Corp.
20 Oct.
Sept.
Sept. 15
Sept. 1
Sept.15
Sept.15
Sept. 1
Sept. 5
Aug. 31
Aug. 22
Aug. 22
Sept.15 Aug. 19
2C
58l-3c
— .
(quar.)
Walker (H.)-Gooderham
Preferred (quar.)
Oct.
50c
50c
1234c
United Biscuit Co. of America
Vick Chemical Co.
Nov. 20 Nov. 10
Feb. 20 Feb. 10
May 20 May 10
Sept.30 Aug. 19
Aug. 22 Aug. 11
Aug.
Aug.
Aug.
July
July
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.30 Sept.
15c
(quar.)
Van Raalte Co.. Inc
1 Aug. 15
Sept.15 Aug. 25
Sept.
1 Aug. 10
Sept.15 Sept. 4
Aug. 21 Aug. 10
Sept.15 Sept. 4
Aug. 20 Aug. 10
20c
(monthly)
6% preferred (monthly)
5% preferred (month y) — _—
Trane Co., pref. (quar.)
Tubize Chatiilon 7% pref
Underwood Elliott Fisher Co_
Preferred
30
Sept.15 Sept. 5
Sept.
1 Aug. 15*
Aug. 31 Aug. 19
30c
Extra..
Toledo Edison Co., 7% pref.
United Chemicals
14
15
1 Aug. 15
37)4c
United-Carr Fastener Corp.
Oct.
1
15
21
15
15
31
'1 Aug. 14
25c
———
Superior Oil Co. (Calif.) (quar.)
Preferred
Sept.15
Sept.15
Sept. 15
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
25c
——
Sept.15
Sept.
1
Sept.
1
Sept.
1
Sept.
$134
—
Quarterly.
——
Sylvanite Gold Mines (quar.)
Sylvania Industrial (quar.)
Taylor (Wm.) Corp. (quar.)
——
Terre Haute Water Works Corp., 7% pref
Texas Gulf Sulphur Co
Texas .pacific Coal & Oil Co. (quar.)
Thermoid Co.. $3 cum. pref. (quar.)
Thew Shovel Co. pref. (quar.)
Tide Water Associated Oil Co__
Timken Roller Bearing Co
Title Insurance Co. St. Louis (quar.)—
To burn Gold Mines, Ltd (quar.)
Holders
When
Payable of Record
20c
—-*—--—
Quarterly
Quarterly-——.—
1939
19,
$1*4
—
(quar.)—_
—
ClassB (extra)-*--—
Class A (quar.)
20c
—
(quar.)
McKee Salesbookclass B (quar.)
Union Tank Car Co.
1
$134
Secord (Laura) Candy Shops (quar.)
20c
Second Investors Corp. (R. I.) $3 pr. pref. (qu.)_i
75c
Second Standard Royalties, Ltd., pref
tic
Securities Acceptance Corp
20c
6% preferred (quar.)
__IIII '3734c
SeemanBros., Inc. (quar.)
6234c
Servel, Inc
-II—I.IIIIIIII
25c
Preferred (quar.)
—IIIIIIIIIIIIIIII
$154
Preferred (quar.)
_I
I-I-II-III"
$154
Shenango Valley Water preferred (quar. )II IIII
$134
Sherwin-Williams Co., preferred
$134
Southeastern
1
50c
-
$434 cum. pref. (quar.)
Soundview
Standard Oil Co. (Ohio) (quar.)
Preferred (q uar.)
—- — - Standard Wholesale Phosphate &
Sept.
Aug.
Aug.
Aug.
Aug.
2 Sept. 20
50c
—:
Seaboard Oil Co. (Del.)
Sears, Roebuck & Co
Standard Oil Co. (Calif.) (quar.)
Standard Oil Co. (Indiana) (quar.)
Sunset
$1J4
preferred (quar.)
Standard Cap & Seal (quar.)
Preferred (quar.)
--Standard Dredging Corp. pref. (quar.)
Union Gas Co. of Canada
Sept.
Sept.
Sept.
Sept. 30
Sept.30
Sept.10
Sept.14
10c
Savannah Elec. & Pow., 8% deb. A (quar.)
734 % debenture B (quar.)
J.
Oct.
15
Nov.
8734c
$134
.—
J.
Standard Brands. Inc., $4.50
Aug. 21
20c
.
Savannah Gas Co. 7% pref. (quar.)
Scott Paper Co. (quar.)
15 Dec.
Sept.15 Aug. 31
25c
—„
-
Dec.
Aug. 31
Sept.15
Sept.
1
Sept.
1
Sept.15
Sept. 1
20c
$154
134%
134%
134%
—
_
1 Aug. 21
Sept. 15 Sept. 15
$134
$134
...
—
Sept. 10
12-10-39
1-4-40
Sept.
1 Aug. 15
1 Aug. 15
1 Aug. 15
Sept.30 Sept. 1
Sept. 15 Aug. 15
Sept.15 Aug. 15
Sept.15 Aug. 15
Sept. 15 Aug. 15
Oct.
14 Sept. 15
1
Sept. 30 Sept.
1
Sept. 30 Sept.
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept. 1 Aug. 15
1
Aug. 31 Aug.
50c
(monthly)
....
1 Sept. 15
Oct.
15c
....
Public Service Electric & Gas Co. $5prof..
7% preferred (quar.)
Pure Oil Co. 5% pref. (quar.)..
634 % preferred (quar.)
...
6% preferred (quar.)
Purity Bakeries Corp
Quaker Oats Co. pref. (quar.)
Quaker State Oil Refining
Quarterly Income Shares Inc. (reduced) (quar.)
Radio Corp. of America, $334 conv. 1st pref
B preferred
Rainier Brewing Co., partic. pref. A & B
Reading Co., 1st preferred (quar.)
2d preferred (quar.)
Reeves (Daniel) Jnc. (quar.)
Preferred (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
Republic Insurance Co. (Texas) (quar.)
Republic Investors Fund, pref. A and B (quar.)
Reynolds Metals, preferred (quar.)
Rheem Mfg. (quar.)
_J
Rich's, Inc., 634% pref
Rochester Button $1.50 conv. pref. (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
5% preferred E (quar.)
Holland Paper, pref. (quar.)
Roxborough Knitting Mills (quar.)
Roxy Theatre, Inc., pref. (quar.)
Rustless Iron & Steel, pref. (quar.)
Sabin Bobbins Paper pref.
(quar.).!
Safety Car Heating & Lighting Co
St. Joseph Lead (quar.)
St. Joseph Water Co., 6% pref. (quar.)__
Savage Arms Corp
2nd preferred
Sept. 1 Aug. 31
Sept.21 Sept. 1
1
Sept.21 Sept.
Oct.
2 Sept. 25
Aug. 19 July 31
Sept. 8 Sept. 17
Sept. 1 Aug. 10
Sept. 5 Aug. 25
Sept.
1 Aug. 12*
Aug. 31 Aug. 19
4
Sept. 1 Aug.
Sept.
1 Aug. 18
Setp. 1 Aug. 15
Sept.
1 Aug. 15
Share
of Company
—
Pittsburgh Youngstown & Ashtabula RR.,pref
$134
Pollock Paper & Box, 7% pref. (quar.)
$134
$154
7% preferred (quar.)
Portland & Ogdensburg Ry. (quar.).
50c
Powdrell & Alexander, Inc..
10c
70c
Prentice-Hall, Inc. (quar.)
S3 preferred (quar.)
75c
Procter & Gamble 5% pref. (quar.)
$134
Public Electric Light Co. 6% pref. (quar.)
$134
Public National Bank & Trust Co. (N. Y.) (qu.)
3 7 34 c
Public Service of Colorado, 7% pref. (mo.)
18 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
_
Public Service Corp. of N. J., com. (increased).
65c
$2
8% preferred (quar.)
7% preferred (quar.)
$154
5% preferred (quar.)
....
$134
50c
6% preferred (monthly)
7% debenture C (quar.)
634% debenture D (quar.)
6% preferred (s.-a.)
4
Name
Preferred
Perron Gold Mines,
Extra
6% preferred
1 Aug. 16
Sept.15 Aug. 31
Aug. 19
Sept.
Sept.15 Sept. 1
Oct.
1 Sept. 15
Sept.
$1%
20c
Phila. Germantown & Norristown
Sept. 20 Aug. 25
Sept. 20 Aug. 25
Sept,30 Sept. 16
Sept. ' 1 Aug. 15
Sept.
Aug. 10
Aug. 19 Aug. 15
Sept.
1 Aug. 21
$124
Preferred A (quar.)
Penn State Water Corp., $7 pref. (quar.)
Pennsylvania Salt Mtg. Co. (quar.)
Per
of Record
25c
(quar.)
Aug.
Holders
Share
Company
Otis Elevator Co
„
Chronicle
The Commercial & Financial
1130
& Worts, Ltd
40c
$134
+50c
t$l
t25c
2-1-40
1 Oct. 28
1-29-40
Oct.
2 Sept. 15
Sept.
Sept.
Sept.
Sept.
2
1
1
9
Dec.
9 Dec.
Nov.
Aug. 19
Aug. 17
Aug. 17
Sept. 1
1
Sept.
Sept.
Sept.
Sept.
1 Aug. 15
1 Aug. 15
1 Sept.
8
1 Sept.
8
1 Aug. 21
20 Aug. 31
26 Sept. 16
1 Aug. 15
Oct.
20 Oct.
Sept.
Sept.
Oct.
Oct.
Sept.20
Sept.15
Sept. 1
Sept. 15
Sept.
Sept.
Sept.
Sept.
10
Aug. 20
Aug. 24
Aug. 22
15 Aug
25
10c
1 Aug. 15
1 Aug. 15
1 Aug. 17
Aug. 31 Aug. 15
Aug. 28 Aug. 18
$1
40c
Sept.
Sept.
50c
75c
pref. (quar.)
10c
Weisbaum Bros.-Brower
Welch Grape Juice pref. (quar.).
Wentworth Mfg. Co
—
•
Aug. 25
$154
Wesson Oil & Snowdrift Co., Inc.—
Conv. preferred (quar.)
Western Auto Supply Co. (quar.)
Western Cartridge Co.,
Western Public Service
$134
t37 34c
preferred (quar.)
Co., preferred A
Westinghouse Air Brake Co
Westinghouse Electric & Mfg
Preferred (quar.)
Westminister Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd. (quar.)
Westvaco Chlorine Products (quar.)
8734 c
Aug.
Sept..
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
15
18
31
14
15
8
8
25c
Nov.
Oct.
15
25c
Oct.
20c
Oct.
25c
Sept.
Sept.
Sept.
15
15
10
10
7
16
16
21
$154
$134
$134
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Nov.
Oct.
15
Extra
50c
Nov.
Oct.
15
Winters &
10c
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
15
Extra*.
-
25c
-
Wheeling Electric Co.. 6% pref. (quar.)
Whitaker Paper Co., 7% preferred (quar.)
Whitman (Wm.) Co. 7% pref. (quar.)
Williamsport Water Co.. $6 pref. (quar.)__
Wins ted Hosiery Co. (quar.)—
Crampton Corp. (resumed)
Wisconsin Electric Power pref. (quar.)
Wolverine Tube Co
$134
10c
-
$154
$154
Preferred
(quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Wool worth (F. W.) Co. (quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly
60c
—
-
Valfl Ar Tnwnft Mfff
Youngstown Sheet & Tube Co. 5)4 % pref. A
*
118
25c
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
25c
15c
Oct.
$154
Oct.
Oct.
15
15
15
18
10
19
20
8
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable In Canadian funds, and in the case of non-residents of Canadadeduction of
a
tax of 5%
of the amount of such dividend will be made.
Volume
Commercial & Financial Chronicle
The
149
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
New York
The
following shows the condition of the Federal Reserve
in
comparison with the previous week and the
The
1939,
Bank of New York at the close of business Aug. 16,
1131
weekly statement issued
Clearing House
corresponding
STATMENT
date last year:
OF
MEMBERS
OF
Aug. 9, 1939
Aug. 17, 1938
Net Demand
Time
Undivided
Deposits,
Deposits,
Profits
*
*
Clearing House
Assets—
Average
Average
Surplus and
Capital
Members
hand and due from
on
6,591,773,000 6,536,417,000 4,543,941,000
United States Treasury.x
1,560,000
94,895,000
1,560,000
S
1,237,000
Bank of New York..
89,320,000
...
6,682,653,000 6,632,872,000 4,655,467,000
reserves
Bills discounted:
Secured
direct
by
U.
562,000
901,000
1,494,000
1,463.000
212,000
1,788,000
396,000
fully guaranteed
or
20,000,000
90,000,000
42,227,000
905,000
Other bills discounted
599,732,000
56,010,900
182,957,600 51,856,799,000
582,045,000
45,129,400
c953,510,000
71,802,300
270,932,000
20,482,900
Cent Hanover Bk&Tr Co
294,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
Corn Exch Bank Tr Co.
First National Bank....
212,000
2,060,000
Title Guar & Trust Co..
2,063,000
Marine Midland Tr Co..
New York Trust Co
97,630,000
712,536,000
12,500,000
Comm'l Nat Bk & Tr Co
3,690,000
226,408,000
704,927,000
7,000,000
7,000,000
518,997,000
916,981,200 12,197,191,000
Continental Bk & Tr Co.
780,147,000
Chase National Bank
United States Government securities:
Fifth Avenue Bank
Bonds
265,094,000
Treasury notes
342,203,000
Treasury bills
Total U. S. Government securities..
708,501,000
716,274,000
.;
Total bills and securities
67,000
4,253,000
150,967,000
8,926,000
14,933,000
500,000
Bankers Trust Co
363,960,000
189,779,000
25,000,000
5,000,000
67,000
4,548,000
200,539,000
Uncollected items
Bank premises..
8,926,000
14,958,000
....
Other assets
66,000
4,225,000
*
149,134,000
As per official reports: National, June 30,
'
Liabilities—
(a) $269,791,000; (6) $96,056,000;
$35,586,000.,
.
•
.r
Includes deposits in foreign branches as follows:
$95,133,000;
(d)
(e)
;
1,136,149,000 1,128,559,000
F. R. notes In actual circulation
912,211,000
THE
Deposits—Member bank reserve acc't.. 5,733,768,000 5,588,171,000 3,846,859,000
376,940,000
254,813,000
159,137,000
U.S. Treasurer—General account....
Foreign bank
100,578,000
Other deposits
192,567,000
110,102,000
191,454,000
LONDON
41,044,000
each
179,635,000
177,765,000
1,006,000
Other liabilities, inel. accrued dividends.
135,007,000
963,000
Sat.,
141,912,000
Mon.,
.......
7,500,970,000 7,409,069,000 5,499,257,000
Canadian
Invest.
Cons Goldfields of S A.
...
8,425,000
10,053,000
Ford
Beers
Other capital accounts..
......
Rand Mines..
£11%
Distillers
Co
Ltd
Gaumont Pictures ord.
Total liabilities and capital accounts.. 7,620,192,000 7,528,292,000
5,619,956,000*
total
reserve
to
deposit
and
DAY
Commitments
86.9%
91.2%
91.3%
London
purchased
Metal
224,000
36,000
make industrial ad-
to
...»
Imp Tob of G B & I
F. R. note liabilities combined
Contingent liability on bills
for foreign correspondents
HOLI-
A
Hudsons Bay Co
Roan
2,172,000
2,049,000
vances
3,878,000
Midland
Ry..
Box
t "Other cash" does not include Federal Reserve notes or a
Shell Transport
bank's own Federal
23/9
34/3
23/3
17/10 %
Unilever
Treasury for the gold taken
over from the Reserve Danks when the dollar was, on Jan. 31, 1934, devalued from
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 lreasury
under the orovisions of the Gold Reserve Act of 1934.
These are certificates given by the United States
Ltd
United Molasses
,
Vlckers
West
£4%
16/-
103 /I %
£33%
£4%
23/9
34/3
£33%
£4%
23/9
34/3
£4%
23/9
34/3
24/18/-
£4%
Swedish Match B
Reserve hawk notes.
16/-
16/103/9
16/103/9
£34%
£33%
£4h«
Royal Dutcb Co..
.
1/19/4%
132/6
£13
73/9
£8%
£11
16/102/6
Antelope Cop M.
Rolls Royce
42/9
89/4%
88/9
£50%
£51
5/6
5/6
~
5/6
£15%
£15%
£15
58/1%
57/6
57/6
30/4%
29/9
29/7%
£5%
£5%
£5%
96/95/6
95/6
9/10%
9/6
9/6
17/6
17/1 J*
17/2/6
2/6
2/6
1/1/1 /19/4%
19/4%
19/4%
132/6
131/3
130/7%
£13
£13
£12%
73/9
72/9
73/9
£8#
£10%
£8%
£11
£10%
£10%
57/6
30/9
£5%
96/6
9/9
17/4%
2/6
96/9/6
17/2/6
1/19/6
132/£13
74/£8%
RloTinto
Surplus (Section 13-b)
42/10%
43/90/£51
5/7
£6
Electric & Musical Ind.
52,463,000
Frl„
Aug. 18
£15%
De
7,457,000
50,878,000
52,463,000
7,457,000
Thurs.,
Aug. 17
43/1%
58/1%
29/6
50,959,000
51,943,000
7,744,000
50,874,000
8,428,000
...
Surplus (Section 7)
Wed.,
Aug. 16
90/£51
Courtaulds S & Co
Capital Accounts—
Capital paid in
Tues.,
£15
"
Marconi
Central Min &
•„
43/89/£50%
5/6
British Amer Tobacco.
Cable & Wire ordinary.
Total liabilities
received by cable
Aug. 15
Aug. 14
Boots Pure Drugs
656,000
as
day of the past week:
6,186,050,000 6,144,540,000 4,444,478,000
,a
EXCHANGE
STOCK
Quotations of representative stocks
Aug. 12
Total deposits........
Deferred availability items
x
651,773,000
1939: State, June 30, 1939; trust
7,620,192,000 7,528,292,000 5,619,956,000
Total assets.
of
2,446,000
51,268,000
companies, June 30, 1939.
9,857,000
15,369,000
(c) $8,199,000;
Ratio
27,667,000
785,838,000
Totals....
Due from foreign banks
Federal Reserve notes of other banks
99,066,000
44,926,000
27,772,000
2,774,000
5,824,000
1,423,000
51,396,000
4,209,000
33,077,000
2,444,000
3,141,000
581,949,000
109,782,800
582,081,000
53,061,500
52,966,000
4,359,800
131,089,400 d2,447,260,000
48,859,000
3,890,300
6991,416,000
80,095,400
14,020,000
2,497,400
111,626,000
9,271,800
364,439,000
27,920,400
92,999,000
8,418,200
84,692,000
9,461,700
Irving Trust Co
213,000
265,741,000
343,042,000
103,753,000
6,000,000
Public Nat Bk & Tr Co.
1,302,000
Total hills discounted
Bills bought In open market
Industrial advances..;
11,878,000
48,944,000
170,335,000
5,637,000
57,546,000
176,703,000
530,046,000
60,670,200 al,855,117,000
Manufacturers Trust Co
Govt, obligations.
8.
13,782,500
26,296,700
77,500,000
Chem Bank & Trust Co.
110,289,000
6,000,000
20,000,000
Guaranty Trust Co
Other casht..
Bank of Manhattan Co.
National City Bank
Redemption fund—F. R. notes
Total
HOUSE
CLEARING
YORK
NEW
THE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY, AUG. 17. 1939
Aug. 16, 1939
Gold certificates
the New York City
by
Friday afternoon is given in full below:
on
103/9
£33%
£4%
23/6
,
34/3
24/1%
17/10%
24/17/7%
23/10%
17/7%
£4%
£4%
£4%
Wltwatersrand
Areas.....
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.
always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
System upon the figures for the latest week appears in our department of "Current Events and Discussions, '
immediately preceding which we also give the figures of New York ana Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as reported in this statement, which were
These
figures
are
the Federal Reserve
described in
an
announcement of the Federal
Reserve Bank of New York of April 20, 1937, as follows:
f.
the
the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in r'all other loans,as formerly.
,i—
/
..
Subsequent to the above announcement, it was made known that the new Items "commercial, industrial and agricultural loans
and other loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
The changes in
amounts of
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101
Federal
Total
ASSETS
New York.
$
$
Chicago
St. Louis
(In Millions of Dollars)
Minneap. Kan. City
San Fran.
Dallas
$
$
$
Commercial, Indus, and agrioul. loans
Open market paper...
Loans to brokers and dealers in secure
.
1,169
9.162
1,154
1,904
677
580
3,194
690
376
661
510
8,156
3,917
589
419
673
246
285
853
314
157
271
251
935
276
3.163
1,673
189
248
105
154
483
185
78
161
164
301
310
Loans—total
62
122
26
7
11
3
34
5
4
19
2
15
631
24
489
21
21
4
6
39
6
1
4
4
12
carrying
2,197
522
22
245
31
26
15
12
79
14
7
10
14
47
1,170
81
203
54
171
38
31
104
51
7
25
21
384
74
securities
Real estate loans
Loans to banks
1
64
1
3
1
1
176
1,532
Other loans
123
Treasury notes
2,155
""62
220
"177
2,352
1,218
319
598
138
14
United States bonds..
5,895
333
'
""114
"60
51
"46
8
197
"""39
467
1
2
78
72
97
885
206
480
Treasury bills
210
3
5
30
32
430
49
"34
78
60
99
935
155
114
112
79
659
101
51
4
securities
Reserve with Federal Reserve Bank..
99
111
67
28
45
176
3,329
Obligations fully guar, by U. 8. Govt.
Other
Cleveland Richmond
Phila.
$
Atlanta
22,274
Loans and Investments—total
Other loans for purchasing or
Boston
$
Districts—
Reserve
LEADING CITIES BY DISTRICTS ON AUG. 9,1939
130
1,338
278
288
65
89
483
102
43
134
55
324
8,791
415
5,152
370
444
169
139
1,167
184
91
188
125
347
2,259
55
51
65
283
61
446
80
17
42
21
13
67
11
7
15
11
22
155
178
188
275
170
186
499
161
127
301
246
291
1,237
79
454
101
103
38
47
80
23
16
23
30
243
17,551
1,118
8,347
885
1,216
465
383
2,459
457
288
509
448
976
5,251
Other assets—net
140
2,777
Cash In vault
Balances with domestic banks
249
1,029
285
737
200
185
930
190
119
143
136
1,048
29
40
111
22
3
23
32
106
256
254
1,075
300
142
409
217
298
LIABILITIES
Demand deposits—adjusted
Time deposits
548
16
71
53
7,051
288
3,069
357
386
629
United States Government deposits..
42
24
552
14
2
Inter-bank deposits:
Domestic
banks
.....
....
Foreign banks
Other
Capital
liabilities
....
account
...
1
10
10
Borrowings
1
13
22
.....
764
""20
342
"i3
""l4
3,721
243
1,606
223
371
29
96
92
6
"16
402
6
3
4
""300
94
58
101
85
350
The Commercial & Financial Chronicle
1132
Aug,
19,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the System as a whole
week last year.
Thursday afternoon, Aug. 17,
on
The first table presents the results
Wednesday.
in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
The Federal
and liabilities separately for each of the 12 banks.
resources
table following) gives details regarding transactions in Federal Reserve notes between the
Reserve note statement (third
Reserve Agents and
on
the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
for the latest week appear in our department of "Current Events and Discussions
returns
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
!
BUSINESS AUG. 16, 1939
■
Aug. 16,
Aug. 9,
July 26,
July 19,
July 12,
July 5,
1939
1939
1939
1939
1939
1939
1939
$
$
$
$
%
S
%
ASSETS
Gold ctfs. on hand and due from U. S. Treas. x.
Aug. 2
13,968,221
9,056
13,914,220
341,509
13,841,405
11,032,117
1,575
1,081
3,724
3,795
3,712
2,908
4,793
6,632
14,015,016
13,966,122
13,860.887
13,881,389
998
1,493
3,773
940
3,599
3,698
4,597
5,266
4,638
5,370
14,227,828
14,089,302
1,052
3,500
1,400
3,518
1,073
Other bills discounted
3,587
1,061
3,635
Total bills discounted
4,552
4,918
4,660
4,696
—
390,598
317,756
14,271,733
Total reserves——.
366,966
353,161
14,318,786
—
10,632,407
8,313
367,357
348,919
Other cash *
$
13,465,718
8,721
13,505,719
7,722
356.076
Aug. 17,
1938
$
8,412
13,651,218
21,
1939
13.534,719
13,709,222
9,101
370,979
8,594
*
13,604,719
8,242
13,869,222
9,101
349,505
Redemption fund (Federal Reserve notes)
June
June 28,
1939
s
Three Ciphers (000) Omitted
9,112
Bills discounted:
Secured
by
U.
S. Government obligations,
direct or fully guaranteed
545
545
545
558
556
556
556
556
556
540
11,615
11,665
11,746
12,579
12,557
12,496
12,318
12,440
12,377
15,816
911,090
1,176,109
335,540
911,090
911,090
911.090
911,090
911,090
911,090
744,105
1,176,109
366,220
1,176,109
1,176,109
1,176,109
1,196,188
401,020
1,176,109
427,938
1,176,109
355,715
911,090
1,176,109
447,938
911,090
1,176,109
463,438
463,438
476,816
623,722
2,422,739
2,442,914
2,453,419
2,488,219
2,515,137
2,535,137
2,550,637
2,550.637
2,564,015
2,564,015
2,439,451
2,460,042
2,470,370
2,506.052
2,532,847
2,553,455
2,568,149
2,569,003
2,581.741
2,587,003
Bills bought in open market
Industrial advances
.
United States Government securities—Bonds..
Treasury notes
—
Treasury bills
Total U. S. Government securities
Other
securities.
Foreign loans on gold
—
Total bills and securities
Due from foreign banks
178
178
165
167
167
22,130
648,826
42,259
22,866
627,608
42,321
23,951
22,563
707,470
42,345
707,815
42,356
20,218
590,799
50,450
49,126
49,372
48,639
48,235
42,356
47,377
17,595,573
17,429,578
17,460,717
17,337,686
17,370.435
17,340,713
17,129,953
721,814
premises—
42,259
—
Other assets
Total assets
167
167
22,715
582,733
42,259
49,918
.
Uncollected items
Bank
178
22,635
•
Federal Reserve notes of other banks
167
"""180
18,886
20,577
23,032
583.822
42,405
641,188
589,565
42,427
44,486
46,718
45,723
51,280
17,142,390
17,173,228
14,327,663
LIABILITIES
Federal Reserve notes in actual circulation
4,563,822
4,550,689
4,530,715
4,498,758
4,508,962
4,522,709
4,543,177
4,449,306
4,429,306
4,150,214
Deposits—Member banks' reserve account
10,633,449
775,739
280,665
284,585
10,509,003
10,436,286
10,412,047
764,216
10,349,946
10,151,053
10,099,163
8,085,198
790,596
820,208
10.115,744
962.094
941,004
802,104
287,657
402,454
279,038
297,265
380,299
354,298
115,867
355.016
289,485
348,115
351.095
289,237
10,412,883
863,462
311,136
351,180
326,133
359,797
233,198
11,974,438
11,949,806
11,938,661
11,868,797
11.810.317
11,778,142
11,648,825
11,755,066
11,754,262
9,236,367
708,783
642,946
2,879
621,794
703,441
2,172
692,031
590,412
2,148
2,181
585,798
6,666
638,637
5,621
589,541
2,948
580,483
2,806
17,249,991
17,083,784
17,115,201
16,991,769
17,024,892
16,995,030
16,784,595
16,796,836
16,827,826
13,979,005
135,477
149,152
135,408
135,430
135,137
149,152
27,264
34,130
135,037
149,152
27,264
34,101
135,011
133,953
149,152
147,739
34,071
135,282
149,152
27,263
33,846
135,053
149,152
27,264
33,692
149,152
27,264
33,689
135,428
149,152
27,264
33,950
17,595,573
17,429,578
17,460,717
17,337,686
17,370,435
17,340,713
17,129,953
86.6%
86.5%
86.4%
86.1%
85.9%
85.7%
85.6%
11,337
11,403
11,476
11,292
11,353
1,454
1,483
United States Treasurer—General account.-
Foreign banks..
Other
deposits
...
Total deposits....
Deferred availability items
y
Other liabilities, lncl. accrued dividends
Total liabilities
.....
CAPITAL
(Section 7)
Surplus (Section 13-b)
y
742,400
%
2,420
2,883
ACCOUNTS
Capital paid in._
Surplus
844,268
307,298
27,264
Other capital accounts
*
Total liabilities and capital accounts
/
149,152
27.264
27,683
33,975
39,283
17.142,390
17,173,228
14,327,663
85.7%
85.5%
82.4%
U0.958
11,175
11,338
13,740
27,264
33,889
-
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liabilities
on
bills
for
purchased
correspondents
697
101
Commitments to make industrial advances
11,261
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
1,431
2,053
2,126
1,571
2 200
1,647
5,031
155
194
108
150
238
258
197
325
2,250
1,949
1,908
195
183
157
195
743
331
367
618
611
2,271
2,185
2,200
2,182
411
317
324
434
452
441
461
555
572
122
4,552
Total bills discounted
1,529
218
2,337
304
Over 90 days bills discounted...
1,708
447
,
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted..
4,918
4,660
4,696
4,597
5,370
4,793
6,632
125
524
28
134
384
342
233
89
66
47
6
8
121
227
370
233
83
33
107
95
23
23
31
74
234
23
386
363
323
141
70
65
23
23
275
545
Over 90 days bills bought in open market..
4,638
6
120
309
...
5,266
47
106
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
545
545
558
556
556
556
556
556
540
1,218
1,297
1 713
1,716
1,739
1,201
117
...
Total bills bought in open market..
1-15 days industrial advances..............
1,165
1,387
1 225
16-30 days Industrial advances.....—..'
218
76
59
757
767
913
938
151
145
184
31-60 days industrial advances
553
562
526
259
270
200
152
990
1,028
563
364
371
331
583
572
551
547
229
233
767
.....
61-90 days industrial advances
....
Over 90 days industrial advances............
16-30 days U. 8. Government securities
9,533
9,599
9,561
9,607
8,968
9,354
9,232
11,746
12,579
12,557
12,496
12,318
12,440
12,377
15,816
85,140
85,355
79,305
88,950
170.495
63,798
72,137
159,573
213,650
127,675
2,106,112
139,875
2,117,199
145,765
172,432
2,099,699
76,055
79,305
161,415
111,163
2,107,199
54,413
76,055
163,095
2,087,199
74,218
85,355
145,765
105,963
2,103,836
72,137
2,107,874
83,790
77,625
111,163
49,137
2,121,199
2,122,742
1,985,153
2,442,914
2,453,419
2,488,219
2,515,137
2,550,637
2,550,637
2,564,015
2,56^,015
60,625
105,963
31-60 days U. 8. Government securities...
61-90 days U. 8, Government securities
63,137
Over 90 days U. 8. Government securities....-
Government securities
other
9,438
11,665
2,422,739
1-15 days TT. 8. Government securities......
Total
13,101
9,315
11,615
Total industrial advances
Total U, S
1,381
85,140
83,790
127,675
139,875
68,050
85,550
2,535,137
74,218
securities...
_
-
—
103,830
*7
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In
4,841,728
291,039
4,814,318
283,603
4,811,723
4,819,794
4,835,140
4,805,166
4,742,375
310,832
312,431
261,989
293,069
4,733,260
303,954
4,448,170
312,965
4,563,822
actual 'circulation
4,847,304
283,482
4,550,689
4,530,715
4,498,758
4,508.962
4,522,709
4,543,177
4,449,306
4,429,306
4,150,214
4,941,500
1,766
4,929,500
2,251
4,928,500
4,927,000
4.942,000
4,867,500
4,865.500
4,539,632
2,453
2,449
4,940,000
3,039
4,898,500
1,963
2,430
3,173
2,701
5,629
4,943,266
4,931,751
4.930,463
4.929,453
4.944.449
4.943.039
4.900.930
4.868.201
4,545,261
297,956
Collateral Held by Agent as Security for
Notes Issued to Bank—
""•Ad ctfs.
on
hand and due from U. S. Treas..
By eligible paper
United States Government securities
Total
*
x
cents
collateral
__
.
"Other cash" does not Include Federal Reserve
notes,
These
on
are
4.870.673,
t Revised figures.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
1934, these certificates being worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under
Jan. 31,
provisions of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 two
two items
new items
appeared, "Other liabilities, including accrued dividends," and "Other capital accounts."
The total of these
corresponds exactly to the tetal of two items formerly in the statement but now
excluded, viz.: "All other liabilities," and "Reserve for contingencies."
The
17. 1938 has been revised on the new basis and is shown
statement for Aug.
accordingly.
Volume
The Commercial & Financial Chronicle
149
1133
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 16, 1939
Three Ciphers (000) Omitted
Total
Boston
New York
S
S
S
ASSETS
Gold
certificates
band
on
$
Atlanta
S
$
$
$
$
$
$
San Fran.
Dallas
St. Louis Minneap, Kan. City
Chicago
$ •
due
and
from United States Treasury
*
706,500
1,560
89,320
857
505
28,354
821,131 6,682.653
735,711
403
9,056
341,509
-
-
Total reserves...................
870,497
798,145 6,591,773
13,968,221
Redemption fund—Fed. Res. notes..
Other cash
Cleveland Richmond
PhUa.
$
Federal Reserve Agent at—
.
22,583
14,318,786
301,628 2,303,680
227
1,037
20,787
43,800
366,873
474
17,235
373,280
322,642 2,348,517
384,682
267,559
818,314
664
483
18,012
15,836
1,142
31,439
395,463
241,155
850,895
9,727
895,198
224,836
376,787
392
24,198
351,748
1,312
20,220
257,440
Bills discounted:
Secured by U. S. Govt, obligations.
direct or fully guaranteed
..
3,500
:
68
98
215
30
37
73
45
196
237
297
124
245
"""166
78
"""299
360
592
637
20
4,552
70
1,302
264
335
512
154
282
166
98
299
433
545
41
212
55
51
23
19
69
2
2
16
16
39
11,615
1,732
2,060
2,701
369
1,067
755
380
3
849
205
552
942
911,090
1,176,109
335,540
67,003
265,094
342,203
91,237
117,777
25,940
45,394
34,859
73,406
14,286
98,664
127,363
36,336
42,284
54,585
97,630
51,259
66,170
18,878
50,073
24,676
77,160
99,605
28,417
38,790
86.494
...
33,486
9,553
58,598
16,718
44,997
12,838
94,758
27,034
Total bills discounted..........
Bills bought in open market
.....
Industrial advances.....
U. S. Government securities—
Bonds..
396
906
70
1.052
.
Other bills discounted—..........
...
....
—.
Treasury notes.
Treasury bills..
'
33,601
15,573
8. Govt, securities.....
2,422,739
178,173
704,927
205,182
242,615
136,307
103,149
262,363
112,442
68,979
120,710
92,694
195,198
Total bills and securities..........
Due from foreign banks..
2,439,451
180,016
708,501
208,202
243,370
137,909
104,077
263,094
112,613
69,928
121,230
93,695
196,816
.......
178
13
67
18
17
8
6
22
2
Fed. Res. notes of other banks......
22,635
293
4,548
200,539
972
1,607
1,100
3,352
1,793
51,794
58,085
98,705
28,629
8,926
14,958
4,625
4,425
84,704
5,931
1,573
23,280
2,576
3,366
2,051
2,240
3,899
5,548
4,849
17,595,573 1,077,564 7,620,192 1,005.747 1,236,375
576,324
455,869 2,722,438
Total U
Uncollected
Bank
69,989
2,912
721,814
Items
42,259
50,450
premises....
Other assets
*
Total assets—
...
...
3,210
2
5
5
13
2,005
32,690
365
3,809
26,993
2,264
1,218
17,305
1,508
29,101
3,183
2,072
1,467
2,283
531,955
358,987
556,833
.
1,227
1,860
3,157
4,172
365,300 1,087,989
LIABILITIES
4,563,822
389,707 1,136,149
320,731
425,169
202,591
153,359 1,012,134
180,592
132,374
173,524
77,437
360,055
10,633,449
501,348 5,733,768
67,440
159,137
574,640
82,306
26,041
11,680
257.532
43,034
8,121
5,624
139,515
48,132
6,440
5,790
260,015
1,586
208,828 1,404,281
41,463
110,060
9,800
33,881
6,409
16,499
253,982
100,578
192,567
521,624
41,950
27,161
7,758
62,780
8,120
8,505
194,720
42,603
8,120
1,680
583,190
46,140
20,203
21,409
594,019 6,186,050
598.493
694,667
301,853
266,500 1,564,721
310,761
199,877
339,420
247,135
670,942
177,765
1,006
53,914
83,700
57,012
23,240
100,586
30,023
17,538
29,622
32,078
329
263
48
127
274
68
111
33,673
109
80
109
973,467 1,203,799
561,504
443,226 2,677,715
521,444
349,900
546,816
3,997
4,685
4,292
3,613
4,042
3,892
1,142
1,266
1,826
F. R. notes in actual circulation
Deposits:
Memoer bank
account
reserve
U. S. Treasurer—General account..
Foreign
Other
*
....
775,739
280.665
...
bank...........
284,585
deposits.
Total
deposits.......
11,974,438
......
Deferred availability items
708,783
2,948
...
Other liabilities, inch accrued dlvs...
,
69,632
334
'
17,249,991 1,053,692 7,500,970
Total liabilities
CAPITAL
20,159
5,072
30,694
12,041
354,274 1,063,184
ACCOUNTS
135,477
149,152
9,405
10,083
2,874
1,510
12,116
50,874
52,463
27,264
33.689
Capital paid in
Surplus (Section 7)_.
7,457
8,428
5,117
13,740
14,323
3,506
Total liabilities and capital accounts 17,595,573 1,077,564 7,620,192 1,005,747 1,236,375
6,824
1,284
2,916
3,153
1,001
2,017
455,869 2,722,438
531,955
358,987
556,833
4,559
5,630
4,983
3,293
1,427
576,324
...
Surplus (Section 13-b)
Other capital accounts...
...
13,696
4,416
2,052
1,007
13,804
713
22,666
1,429
1,741
545
970
10,615
9,965
2,121
2,104
365,300 1,087,989
0ntingent liability on bills purchased
101
*
7
36
10
10
11,261
C for foreign correspondents. ... <L__.
mmitments to make Indus, advs
634
2,049
1,342
"
"Other cash" does not include Federal Reserve notes
^
.
_
'
.
_
-
.
'
'•
s
3
'4
4
12
3
2
3
928
1,443
,
139
46
430
64
618
Minneap
Kan. Citit
*
.
'
3,567
1
-
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Boston
New York
Fhila.
Cleveland
Richmonc
Atlanta
Chicago
St. Louis
$
Total
•w $
Federal Reserve notes:
%
$
$
S
$
S
$
$
San Fran.
Dallas
$
$
:
F. R. Agent
4,847,304
340,800
20,069
443,972
18,803
191,951
11,359
183,650
84,042
10,723
163,670 1,038,471
26,337
10,311
137,344
283,482
408,876 1,224,996
88,847
19,169
213,314
Held by Federal Reserve Bank....
4,970
10.130
6,600
410,209
56,154
4,583,822
389,707 1,136,149
320,731
425,169
202,591
153,359 1,012,134
180,592
132,374
173,524
77,437
360,055
4,941,500
1,766
420,000 1,248,000
345,000
447,000
215,000
169,000 1,055,000
196,000
139,600
185,000
88,000
434,000
434
68
10
20
241
4,943,266
420,070 1,248,434
345,068
196,010
139.520
185,241
88,000
434,492
Issued to F. R. Bank by
In actual circulation
Collateral held
by Agent
security
as
for notes Issued to banks:
Gold certificates
band and due
on
from United States Treasury
Eligible paper.
Total collateral
United States
Rates
quoted
are
70
425
447.000
———
169,000 1,055,000
215,425
United
Treasury Bills—Friday, Aug. 18
States
York Stock
for discount at purchase.
Sept. 20 1939
0.06%
0.06%
0.06%
0.06%
0.06%
Sept. 27 1939
Asked
0.06%
Aug. 23 1939
Aug. 30
Sept.
1939
6 1939
Sept. 13 1939
Oct.
4 1939——
0.00%
Bid
11 1939
Oct.
— — — — —
Oct.
Nov.
-----
-
-
-
-
Nov.
—
0.06%
0.06%
0.06%
1 1939
8 1939.—
Nov.
-
-----
V
25 1939
15 1939
on
the
New
at
the
New
York
Stock
Exchange.
Daily, Weekly and Yearly—See page 1149.
Stock and Bond Averages—See page
0.00%
0.06%
18 1939...
Oct.
-----
Asked
Securities
Exchange—See following page.
Transactions
Bid
Government
492
1149.
---
-----
THE
-----
—
0.06%
-
-
—
PARIS
BOURSE
4
-----
— —
Quotations of representative stocks
each day of the past week:
as
received by cable
Aug. 12 Aug. 14 Aug. 15 Aug. 16 Aug. 17 Aug. 18
Francs
Francs
Francs
Francs
Francs
Francs
Quotations for United States Treasury Notes—Friday,
point.
I".;-.'*/-
;
one
or
32ds of
more
Canadian
510
805
Cle Generate d'Electricite—
Int.
Rate
Asked
Rale
Maturity
Sept. 15 1939...
Dec. 15 1939...
Mar. 15 1940...
1H%
1H%
100.2
101.10
101.12
Mar. 15 1942
1 y%%
101.18
101.20
June 15 1940—
101.19
101.21
Sept. 15 1942...
Dec. 15 1942...
101.31
102.1
Mar. 15 1941...
14%
14%
14%
102.9
102.11
June 15 1943
Dec. 15 1943
June 15 1941—
1
102.11
102.13
June 15 1944...
Dec. 15 1940.
..
H%
.
---
Dec.
Bid
1
15 1941...
H%
1*4%
2%
1 *4%
14%
1H%
l H%
...
...
Asked
Comptoir Nationals d'Escompte
OotySA
——
102.20
103.30
102.22
Courriere-
104
Credit Commercial de France...
105.10
105.12
104.25
104.27
Eaux dee
102.16
102.18
102.19
102.21
Energle Electrique du Nord....HOLIEnergie Electrique du Littoral..DAY
100.20
100.22
Kuhlmann
Credit
......
Lyonnalse
Lyonnalse cap
Llqulde
Lyon (P L M)
L'Alr
NordRy
........—
——
6%
Pathe Capital.—^
-
Orleans Ry
[
THE BERLIN STOCK EXCHANGE
Closing prices of representative stocks as received by cable
each day
of the past week:
12
Aug.
14
Aug.
15
Aug.
16
Aug.
17
Aug.
18
—Per Cent of Par—*
4%, 1918.....—.......
Rentes 4^%, 1932, A
...
110
111
Rentes4^%!
Rentes, 5%,
1932, B.........
1920.....—..
106
Ill
123
106
147
180
186
96
106
111
123
106
148
180
186
Berliner Kraft u. Licht (8%)
Commers-undPrlvat-Bank A. G. 6%..
Deutsche Bank (6%).
(GermanRys.pt. 7%).
Dresdnef Bank (6%)
Farbenlnduatrie I. G. (7%).
Reichsbank (8%)
Siemens <fe Halske (8%)..
Verelnlgte Stahlwerke (6%)
_.
Deutsche Relchsban
-
—
.......
97
112
111
112
Royal Dutch....
...........
...
AllgemelneElektrizitaets-Gesellschaft (6%)
—
Pechlney ...........■
Rentes Perpetual 3%..........
Rentes 4%, 1917-...-.---.---Rentes
Aug.
162
C—.........
106
111
123
106
148
180
187
07
i
162
Saint Gobaln C &
106
106
Schneider & Cle..............
111
122
111
123
Ford..
.Societe Generate Fonciere—.
106
148
106
149
Societe Lyonnalse.............
180
186
180
Tublze Artificial Silk preferred..
...
Union d'Electricite.......
97
98
Societe Franchise
Societe Marseilles
W«trnn-T.1t«
.........
—
HOLIDAY
*
....
240
iid
—
506
c
Citroen B
Int.
Bid
804
|40
*is
Canal de Suez cap.............
Cle Generate Transatlantlque B
Maturity
7,300
1,000
424
158
13,600
738
1,500
53
520
505
......
158
13,400
747
1,530
50
Pacific.............
Cle Dlstr d'Electridte.........
'".V.
7,300
1,075
472
Banque de i'Unlon Parlslenne..
Figures after decimal point represent
a
7,300
—
Banque de Paris et Des Pays Bas
Aug. 18
.
Bank of France......
HOLD
DAY
1.570
1.460
328
551
....
.—
156
13,000
....
1,500
53
....
230
1,570
1,570
1,450
1,450
323
549
....
636
634
1,090
863
853
429
38
1,676
1,090
868
850
429
38
1,655
1,080
,
....
....
429
....
....
J?
75.25
74.80
80.50
79.00
84.20
79.80
78.80
84.30
85.40
110.60
5,990
1,957
1,374
110.50
5,930
1,940
79.90
78.90
84.10
85.25
110.25
5,890
85.30
61
61
1,458
629
74
550
1,375
61
60
1,452
632
73
541
60
60
....
....
61
....
....
--*»
Aug.
1134
1939
19
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
NOTICB-HCash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
such sales in computing the range for the year.
account Is taken of
.
United States Government Securities
the New York Stock Exchange
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 Z2ds of a point.
Below
furnish
we
a
Aug. U
Aug. 15
es
Prices
Daily Record of V. S, Bond
Aug. 15 Aug. n
Aug. 1:
Daily Record of U. S. Bond Prices Aug. 12 Aug. 14 Aug. IS Aug. 16 Aug. 17 Aug. 18
Aug. 18
121.8
121.5
120.31
121.8
121.8
h
Treasury
121.5
120.3)
121.5
120.31
W
w
JT
w
....
Total sales in $1,000 units
2
"
.
115.15
ie
'III.
■
115.16
115.11:
115.14
2
115.15
——
115.14
115.15
2
4s, 1944-54
15
Total sales in SI.000 units.
j.
•
,.;v.
;;
—
.
;
....
...
f....
,
12
107.22
107.20
107" 10
107.6 ~
107.8
107.21
107.14
107.8
107.1
107.12
107.8
107.21
107.15
107.10
107.1
15
(High
{Low
(Close
103.2
103.2
.
•:
.
Total sales in $1,000 units..
.
.
-
'.....
-
-
—
103.4
103.2
-
-
15
■
——
Z*As. 1941-43-—
e
w-^w'i-
105.6
Vw Vw
105.6
it'—-
105.9
wWw
-
....
Total sales in $1,000 units—
105.9
-si*
\<
—
—
.
105.6
....
1
W w
w
W
w
108.3
-www
w
J
* * * *
106J4
'•
106.14
loe'.ii
106.4
106.14
(wk*'W
106". 17
106.17
106.9
106.6
106.4
106.17
106.14
106.14
106.7
106.6
106.14
106.19
106.14
106. 8
106.6
11
6
1
9
110.12
110.12
Total sales in $1,000 units...
25
4
(High
HOI?
2Mb,
110.17
1950-52———{Low.
106.1
106
106
106
106.1
106
•'
W
w
w
w
106
3
•---
(Close
Total sales in $1,000 units...
2
Federal Farm Mortgage
1
110.10
110.10
110.12
110.13
110.12
t—
109.16
(High
-{Low
110.4
110.10
110.10
110.12
110.13
110.8
110
110.10
110.10
110.12
110.13
110.8
110
1
1
1
1
w'w
110.27
w W
110.20
WW w
110.26
Total sales in $1,000 units..
>
—
—
w
•
www-
w w
w
Total sales in $1,000 units..
r
(Hig
3HS.
'
W
w
.
'•
Vw
w
3s,
-3
W.-
ww-V*
w'w V.
•
W-ww
-
«W
WW.-'
WW
W
WW
W
www-
108.29
108.29
f
Clos
-www
w-w
•
www
W..W
Ww.w
www-
111.12
WW
W..W
'•WWW
www-
3
WW
w
WwWw
w
•
w
w
'WWW
IClosf
112.19
Total sales in $1,000 units...
112.26
w
'w.-w.
W
112.19
105I29
w
1
M
105.29
105.29
-
W
w
19
1
wwlw
WW-W
105.23
112.19
1
WW-
w
WW WW.
WW
WW
105.23
—{Low
112.26
-
■
:.**w-w
w
W
105.23
■
112.26
'
:
Low.
3MS. 1949-62-—.
w
'
2
(High
2&s, 1942-47
'
wwww
WW--'
106
Total sales in $1,000 units.
"
•wwww
106
106.3
,
W
—
'
108
106.3
.
'
|
106.3
1942-47——{Low.
II—
—
108.29
•
I
,
Ww
www-
108,29
108.29
;
wwww
Www W
11
W
'
Total sales in $1,000 units...
109.16
109.16
'-www
108.29
.www
(Close
111.12
ww
'
.
(High
'
1946-49-—-—.'(Low
W
w
-
■w w
{Low.
111.14
:Wwww'
w
W
w
w
./ww
I Close
Total sales in $1,000 units...
110.21
w
WWW
>
3s, 1944-49—
2
110.21
w
W WW
(High
110.25
W
w
iWWww'
......
.
WwW
....
(Close
Total sales in $1,000 units..
19
'
2
'■»
'
■
27
—
■
»
31
{Low
——
106
108.1
W
wwwW
'■
(Close
3X8, 1944-64-—
—J Low
(Clos
100.4
106.8
110.17
'
3X8, 1943-46
106.9
106.14
110.17
....
J
106.19
6
www
w
106.14
110.19
,
5
108.3
*
w
4
110.18
wwrf'w
w'
108.3
w-
100.12
1
www*
W
w
Ww
6
110.18
,... —
w
w
106.14
110.18
,
108.9
www
'www-
2
110.19
'
e
-
-
106.20
2s. 1947.
3X8, 1941—...——-
w
wWr-WW
'wwww
W
25
110.17
7....
,
w. w>
ww
106.14
110.17
■
.
w
43
108.9
108.9
(High
5
Low
(Clos e
www
(Close
110.18
Total sales in $1,000 units..
3
:
•
WW
Total sales in $1,000 units...
1
.
110.17
(Hlg
WWW
-
w
W-f-W
—
-
'
.
-..-{Low.
"
1
■
w
—www
w'*ww
'-wwww
W
W
W
2
W
W
W
(High
2Hs, 1949-53
—
-
W
108.14
W
W--
—
(Close
5
105.9
J
^
'
-
3%B, 1943-47
'
•
■
W
/
•'
*"w
Total sales in $1,000 units...
h
w
w
26
6
t2
108.14
w
";wwww
•
.{Low.
2Ma. 1948
»
108.14
WW
W
w
(High
'
Clos e
.
WW
W
Total sales in $1,000 units...
103.4
-
'
107.15
107.18
107"8"
107.8
103.4
'
-
10
107.15
2
(Close
—■
2Xb, 1945.—
Lo*
2
W WW W
—{Low
•
(HI, fa
V.;
11
107.18
107.12
Total sales in $1,000 units..
m». 1940-43
1
wWw'"w
(High
Total sales in $1,000 units.
'■
107.18
107.18
w
Total sales in $1,000 units..
115.9
6
v.—
107.18
ww
WW-w
-WWW
(Close
115.9
....
ZHs, 1946-56-—.
w
w
W-W
—
{Low.
2X8, 1958-63.....
2Xb, 1960-65—
b
W
-
WW
(High
U5.2C
107.18
107.20
107.20
107.19
WW
Total sales in $1,000 units..
.....
w
w
■"
! Close
i
115,U
107.22
107.24
107.24
108
1 Low
1956-59
■
'
'
115.15
h
107.24
108
'
'
4tfs. 1947-52
108
(HlgJ
Treasury
■
'
•
,
'-.-
w.w'
w
w
4
w'
w
-
—
-w
....
'
'
'
Total sales fn $1,000 units...
.Www*.
•
.
w
.
w
r-
www.
**■**■
Hlgb
'
;
(High
108.25
108.25
108.25
108.26
W WW
110.21
1944-52.—{Low.
(Close
108.25
W
108.25
108.25
108.26
^
w. W.W
110.21
Total sales in $1,000 units...
1
2
3
104.26
104.28
wwww
104.26
104.28
Jl
104.26
ww
www.
-
ww
«
w
-
■
.www
108.21
3s, series A,
U.0.21
WWW
w
108.16
108.21
108.26
wwww
www.
WW
'w.w ww'
www
Home Owners' Loan
wwww
:
WW
{Low.
3s. 1946-48
ww'.ww.
■
108.16
108.21
W
WW -
w
w
w
w
w
w' —
w
W
W
"■Wwww
W
W
W
108.16
—
w
10
-
97
"
Total sales in $1,000 units...
•-
w -
''wwwiw
p w
.
3s, 1951-55
.www
112.4
112.4
112.4
WW
Low
-
(Close
.Www
w
WWWW
(High
(High
'
■
'
WW
.Ww.ww
{Low.
2Xb, 1942-44—
111.31
''WWW
•
(Close
111.30
111.30
w
www
/
Total sales in $1,000 units...
--—
"
104,28
w
5
1
WW
|
WW
109" 9"
(High
w ww
109.7
109.16
109.9
•'m
los'ii
109.11
109.16
109.7
Vw'wW
2&s, 1955-60——— Low.
109.16
109.9
108.31
108.31
W
109.6
(High
—•
Low.
W
W
w
w
WW
w
w
WW
-
www.
w.
W
1
—*
'
WW
WW WW
.
Www-
(Close
•-
WW
fb -
(High
108.1?
108.14
104.15
CIosp
108.17
108.15
2
-
109
-
W
W —
•
WW w
4
*4
Note—The
109
6
onds.
10V.7"
109.5
109.5
102.
—
w
—
104.26
w WW -
4
10V.28
101.31
w
w
w
101.28
w
w
W
w
101.24
101.28
w
101.28
101.24
13
ww
"ww
ww
W
-w
101.31
www-
w
W
w
'
W
w
t Deferred delivery sale.
10
W
W
14
'
$ Cash sale.
above
table
includes
Transactions in registered
of
sales
only
bonds
coupon
were:
109.7
109.7
5
w
108*15
Low.
*1
.
w
Odd lot- sales,
w
'
Total sales in $1,000 units...
*
109
109.6
109.5
-www.
www.
Total sales in $1,000 units...
Total sales in $1.000 unit*...
W
109.6
'
/'www.
www.
(High
2Xb. 1948-51.—— Low.
W
108.26
W
-www
(Close
12
7
109.6
w
109.6
Total sales in $1,000 units...
2Xb, 1951-54.
5
W
'
109.6
(Close
2Kb. 1945-47—
6
W WW
108.26
11
'
IClose
Total sales in $1,000 units...
(High
{Low.
IMS. 1945-47..——
108.29
W
104.26
wwww
'
Total sales in $1,000 units...
104.26
,—....
108.18
www.
108.14
United States
108.16
Treasury Bills—See previous page.
108.16
108.14
108.14
United States
33
w
2
Treasury Notes, &c.
See
previous
page.
New York Stock Record
LOW
AND HIGH
SALE PRICES—PER SHARE,
12
$ per share
Aug. 15
Aug. 16
Thursday
Aug. 17
$ per share
$ per share
$ per share
$ per share
Wednesday
*63
64
*63
64
64
*131
140
*131
14.0
*131
I
Sales
Shares
64
4434
*39U
4434
*3914
*34
38
*36
37
*36
37
77s
*2H2
*2034
53%
*78
714
77S
23
21k
54k
1
714
8I4
*2184
21k54k
83s
7%
784
7k
23
2U2
55k
*2li2
2034
22k
2034
64k
*21k
*20k
52k
8
23
21
5314
84
*734
*
21
5314
*%
714
84
6I4
1
714
8
6k
784
6k
*6
7
*6
*10k
12i2
*10i2
1658
*8k
17
9U
161
160
*1034
*1138
8k
123s
12
87S
17k
914
163
84
7k
6k
634
1212
18
9U
12
87g
70
70
33k
34k
16k
lk
*1514
*15s
*14
17
*15
17
*58
5934
18
*58i2
*17k
597g
*1714
*31
32
*32
33
*1218
12%
55
•
*9
165
*11
69
*54
73s
12%
*54
18
12%
55
Ilk
9
*69i2
34
*1514
*15s
*14i2
61
*1714
32i2
12l2
55
53
37
100
95s
1214
1H2
914
703s
35ig
16k
17g
16i2
*884
162
*1034
ilk
8l2
10
7%
7k
7k
1,700
Alaska Juneau Gold Mln
♦%
84
7k
6k
684
534
*514
7k
2,300
2,200
Albany A Susq RR Co
100
Allegheny Corp
...No par
5M % pf A with $30 war. 100
117
84
5X % Pf A with $40 war. 100
6X % pf A without wai.100
$2,50 prior conv pret. No par
Alghny Lud Stl Corp._ No par
5
658
634
•
13
17k
9k
163
*584
*5k
*i0k
17k
*884
160
1212
Ilk
87«
*iok
ilk
8k
70
34
16k
32k
*l5k
lk
1%
6k
534
534
13
10
10
17k
17k
9k
16k
8k
162k
Ilk
Ilk
♦10k
Ilk
158
8k
*70
33
400
100
100
4,100
300
4,000
ilk
ilk
'""600
8k
8
70%
8k
163
6,900
70k
31k
16k
1%
*1514
lk
32
1%
17
*14
17
*14
60k
60
60
18
17k
2934
17k
18
31
32
12k
*12
30k
12k
55
*54
55
30
Allen Industries Inc
10
1
No par
Allied Stores Corp
No par
...100
5% preferred..
Allls-Chalmera Mfg.
""700
Amalgam Leather Co Inc
No par
Alpha Portland Cem..No par
6% conv preferred..
""600
100
12
12
2,300
1,000
54
1
50
4
34 Jan 30
6% Apr 11
Apr 12
*8 July
6
June 29
Apr
14
Apr
8
684 Apr il
151k Apr 10
10
Apr 10
9k Apr 10
6
Apr 11
54k Apr 11
28
Apr 8
12% Apr 8
U4June 29
13k Apr 4
16
n
10
Bank Note
...10
preferred
New Htock
f
50
Cash sale,
t
Jan
April
Oct
30
Aug
May
95
Apr
k Mar
6k June
Jan
12% July
67*8 Nov
1% July
13% Feb
125
Dec
i%
Jan
7«
Jan
17%
Jan
.
Jan
11% Jan
17k
Jan
5k
7%
14%
4k
Mar
Mar
June
June
8ept
Mar
124
7
Mar
Mar
8% Mar
4k Mar
21k Nov
2934 Nov
14k Aug
197
Oct
12«4 Oct
14k July
13k NOV
70k Oct
70% Aug
38
34k Mar
Ilk Apr
5534
Oct
20
Oct
lk Mar
-3k
Mar
Oct
19
Jan 20
10
Mar
70
May 25
55
May
24U Jan 3
36% July 25
1734 Jan 3
22
JDec
28k
10
Mar
23% July
46k
Apr
«3
60
a
24
48% Jan
19% Jan
2% Jan
60
Ex-div
Oct
Oct
5
13k Jan 21
1338 Jan 4
Apr 26
26 June 29
1084 April
May 24
Nov
45
52
884 Mar
28k Jan
Ilk Jan
193
61
12334
June
18
% Mar
May 25
lk Jan 4
1478 Jan
19
8
36k Feb
119% July
30k Mar
40
121
June 29
50
6%
27k Jan
6558 Jan
lis Jan
8
No par
American
Jan
10
Highest
$ per share $ per share
6k Mar
14k Mar
16% Mar
6
Mar
June 29
No par
Am Airlines Inc
U
25
5
Amerada Corp.....
Chem(Del)
Jan
13% Mar
1234 Jan
Am Aerie
20
* r»et. delivery,
45k Apr
par
Allied Mills Co Inc
900
54
$ In receivership.
Appliance..No
Allied Chemical & Dye.No par
Allied Kid Co
—.5
17
60k
*17k
30%
Air Way El
8,900
16k
60t4
60
*17k
1'2
Corp
Air Reduction Inc—-No par
*%
7k
70
*54
Addresa-Multlgr
7k
18
55
""*"466
par
..No par
45
%
61
32l2
125g
Adams Express——No
Adama-MlJlIs
7
31k Mar 31
684 Apr
19k Apr 28
19 k Apr 1
7k
33
*14
Acme Steel Co.
June
43k July 28
300
70
*i5k
*1%
3,000
131
2,800
7k
166
53
7%
2134
20k
Apr 10
33k Apr
k
7k
*534
*684
*10l2
17k
18i8
21
7
*2084
20k
51%
April
120
No par
25
$ per share
62k
784
13
734
2134
34
53
100
...
k
%
684
34
*X% conv pref—
k
Sa
6i2
36
No par
Abbott Laboratories
Abraham & Straus
Range for Previous
Year 1938
Lowest
Highest
$ per share
65
July 24
k
1
Bid and ashed prloes; no sales on this day.
*34
*78
7k
*5,
12
34k
1*8
714
164
33k
*1538
*ll2
1
nik
♦Uk
85s
69
17
*7g
734
6i2
634
*lli4
177g
200
IOO-Share Lots
Lowest
Par
140
*34
Range Since Jan. I
On Basis of
Week
$ per share
*39U
8
EXCHANGE
Friday
Aug. 18
*63i2 64k
63k 63k *63k 64
*131k 140
*131k 140
*l31k 140
4434 *39k 4484
*39k 4484
*39k 4434
*22
NEW YORK STOCK
the
CENT
STOCKS
for
NOT PER
Monday
Aug, 14
Ex-rlghts
Jan
6
24
Jan
78
July
K Called for redemption
Oct
Vnv
3"
Volume
LOW
New York Stock Record—Continued—Page 2
149
AND HIGH
SALE
PRICES—PER
Saturday
Aug. 12
Monday
Aug. 14
Tuesday
Aug. 15
NEW
% ver share
$ per share
$ per share
$ per share
4%
5
434
5
5
42%
5%
42%
43
*42
43
*137
140
140
140
138
*99
100
100
100%
*174
177
177
177
4%
100% 101
*4112
*175
2,400
1,000
140
99%
2,900
41%
99% ICO
98
*174% 177
174
98% 100
*174
177
Week
Shares
4%
4%
5
40%
41
41%
*136% 140
*136% 140
43
*136
138
share
*4%
5
*41
rer
177
20
300
175
*20%
21
21
21%
21%
21%
20
20%
20
20%
19
34
34
34
34
34
*31%
32%
*32
34%
32%
32%
17%
18
18
18
18
*17
17%
17%
16
17
106
*103
106
*103
106
*103
*130% 132
132
132
2,400
19%
*33
17%
*103
*6
*6
13
6
*6%
*7%
*6%
7%
8
*75%
634
5%
5%
2%
5%
*5%
6
2%
20%
22%
8
8
16%
16%
13%
4%
*1234
4%
34
*31
16%
*12%
*23%
51%
5
1734
*45
46
12%
*2%
120
*111
*23
5
17%
12%
234
26%
120
*111
24
15%
28%
,
5%
5%
42
42
41%
433g
43
43%
45%
40%
1034
10%
10%
11%
11
11%
14%
12%: 12%
*28%
43
44
68
*152
...
24
13
*13%
*16%
*78%
14%
18
16%
79
18
164% 16434
79%
64%
12%
12%
24%
*13
14%
*16%
78%
17%
164
16%
*78
81%
17%
*17%
18%
165%
81%
5%
11%
11%
11%
95
95
*4%
*32%
4%
34%
*30
36
25
5
5
25%
*35
41
24% " 25%
*112
114
*9
11%
*1%
2
a27 / 27
*4%
33%
4%
*30
25%
*37%
25%
*112
16%
5
33%
4%
36
26%
40%
26
113
17%
165
166% 167%
8034
81%
*150
99
5%
11%
*95%
5
34%
4%
*30
20%
*38
2534
112
*9
11%
*9
*1%
2
27%
*1%
*45
4
4
4
36%
36%
36%
65
*45
65
4
*36
*45
39%
39
*9%
*8%
*90
39
39%
40
10
10
10
10
8%
...
83s
8
7%
8
*73%
77
59
*54
*3612
38
9934
*36%
*9734
*9734
76%
4%
4%
4%
36
*30
40%
25%
26%
*112
112
2
*1%
4
27
40%
10%
8%
27
4
9%
8%
8%
8%
*56
17*4
*6%
*11%
19%
10634
8%
*47%
53
*5%
5%
2
2
*1%
2
*2%
3
24%
*21
23%
*21
24%
4%
6%
4%
4%
4%
4%
4%
6%
4%
6%
6
6
5%
*23
24
*22%
22%
500
67
67
68
68
120
11%
11%
11%
11%
11%
12%
12%
12%
8
*7
8
*30
32
*30
31
32
*30
32
12%
26
10
*28
26
12%
24%
114
26
*10514 120
*28%
29
127%
125
*8%
9
8%
76
*72%
24%
20%
*54%
40%
24%
20%
60
24%
18%
*17%
10
17
40
21%
23%
*17%
10%
16%
*36
21%
17%
114%
23%
17%
11
16%
40
22
*54
41%
61%
17%
56
23%
20%
16%
21%
24%
20%
23%
54%
40
59%
17%
114%
24
18%
10%
18
61
17%
58%
114%
23%
114%
17%
*22%
*17%
11
10%
*16%
11%
16%
18
*16%
40
*38
40
*38
21
20
21%
20%
Bid and asked prices: no sales on this day.
23%
20%
*17%
10%
20%
40
20%
40
22%
20%
8%
July
Jan
No par
33% Apr 11
68
Jan
4
24% Mar
Constable Corp—..6
9% Apr 10
13
Maris
5% Mar
5% Apr 11
10% Jan
Co
Jan
Co..No par
April
5% pref with warrants.. 100
Atch Topeka A Santa Fe—100
90
Jan
9
preferred
1st preferred
Assoc Investments
preferred
23%
20%
16* 200
2,800
*53
55%
100
*39
41
800
55%
17%
59%
17%
114% 114%
22
33,700
800
900
22%
17%
9%
1,200
17%
800
10%
7,600
*16%
18
*38
30
40
18%
f In receivership,
a
20
100
....
Atladtlc Coast Line RR...100
Lines..No par
100
preferred
Atlantic
--25
Refining
A... 100
6
preferred
50
Powder,.
—No par
conv preferred
100
4% conv prel series
Atlas Corp....
-
No par
Atlas Tack Corp
Automobile..No par
No par
No par
Del (The) .3
Works v t c—13
Aviation Corp. of
Baldwin Loco
100
...100
Bangor A Aroostook..——50
Conv'5% preferred
100
Barber Asphalt Corp
10
{Baltimore A Ohio..
preferred
No par
.....50
5
No par
....100
preferred
Beatrice
Creamery..
25
No par
50
Beech-Nut Packing Co
20
Beldlng-Heminway
No par
Belgian Nat Rys part pref...
Bend I x Aviation
5
35 pieferred w w
1,700
"5" 800
Def. delivery,
Creek RR
.No par
priorpf$2.50div ser'38No par
Best & Co
No par
Bethlehem Steel (Del).No par
5% preferred..
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co.
No par
BloomingdaJe Brothere.No par
Blumenthal A Co pref
100
Boeing Airplane Co
5
Beneficial Indus Loan.
n
Mar
7
Apr
1st
Apr
July
82
94%
30
4%
20
116
72
70
5%
31% Aug
122% Oct
1037g Oct
6
4
Oct
Oct
50
41
Atlas
4% July
3% Mar
28% Mar
—....-100
100
6%
20 %
Mar
4
73
5%
Mar
2
June 20
29% Jan
121% Jan
105
113%
10
6
50
No par
100
—-1
6%
15% Jan 15
2% Jan 9
6484
4
Artlooin Corp
Beech
76
9
Oct
Oct
217g Aug
Mar
10% Mar
97
Apr
Jan
Associated Dry Goods...
20
600
July 28
May
Oct
July
Jan
Barker Brothers..
127
8%
*72%
18%
a
*124
9
76
58%
18%
127
11%
♦8%
54%
23
25
12%
*72%
39%
17%
11%
8%
76
56
114%
*38
*125
128
41
17%
17%
12%
41
114% 114%
24%
12%
*54
41%
62%
31%
1% Apr 11
21
Apr 21
Nov
9%
Jan
Bayuk Cigars Inc
*72%
£6
*30
Jan 23
8% Apr 11
6
65
7,100
8:
40%
61%
32
3,100
7%
Aug
7% July
62
3,500
*30
91
Mar 31
12%
12%
76
25%
20%
*7
10% Nov
Apr
3% Apr 10
22%
23
23%
24%
22%
23%
114
114
*112% 114
*113% 114
*24
25%
24
24
23%
23%
*105% 120
*105% 120
*105% 120
*
*28
29
28%
*28
29
834
25%
20%
8
Mar
68
6%
33% Apr 11
preferred
5lA% preferred
Barnsdall Oil Co
*72%
*38
*
29
12%
24%
114
127% *124% 127% *124
*16%
21%
26
*105% 120
114% *113
*1734
12%
*2334 24%
*112% 114
32
*7 ;'
1,900
8
6
36 conv pref
$5 prior A
434
*7%
3% Apr
—No par
100
Illinois
Armour A Co of
tAuburn
4%
8
preferred
7%
Armour <fcCo (Del)
Austin Nichols
434
12%
6
8
Aug
29
100
7,200
5,500
66%
14% Jan 20
96
27% Aug
114%June
300
17,200
12%
17%
300
Oct
Deo
9% Nov
8
20
3%
*7
*23
300
10%
8
91%
152
13% Apr
Anaconda Copper Mining.
24%
6
Apr
3% Mar
Oct
Dec
88% Aug
42%
300
3%
13
*113
5,200
10%
13
59
100
4
6%
68% Mar
130
120%
150%
May
5%
11
*7
55%
*21
Mar
21
At! G & W I 8S
1,700
3%
67
40%
60%
17%
24%
Mar
58
Oct
117% Mar
36% Jan
6478 Jan
500
1,700
10%
4
23%
20%
*21
3
•
11%
4
67
20%
10,700
10%
4%
23%
*54%
¥*100
50
51
12% Mar
111
Jan
Jan
20% Apr 11
35
April
7% 2d preferred
99%
*120% 124
5%
5%
5%
1%
*1%
1%
Dec
Deo
Deo
19
43
300
11%
67
*40%
"2,700
,
11%
4
Apr 10
6
82
Deo
31
4% Mar
26
Mar
7%
11%
4%
8% Apr J1
78
Jan
8%
Dec
Deo
61 a4
150
7% Jan
33
Jan
2,000
*120% 124
4
June
19%
140
4% Apr 10
24
Apr 11
8%
*2
Jan
4% Mar 31
170% Mar
87% Jan
89% Jan
l53%May
Jan
45
8
11%
4
75% Apr 11
Apr
23% Mar
Arnold
2%
147
12
3
9
4
11
19
16
26
22% Jan
9F% Jan
18% Jan
Mar
45%
43% Jan 10
7%
38
2%
Apr
3
10
8
1
11
7
8
10
11
28% Mar
28% Apr 10
400
7%
Jan
23% Nov
35% Jan
68% Nov
3% Mar
Armstrong Cork
55
207g
Jan 10
1,000
55
24
24%
'2,100
*36%
*1%
Apr
73
16 1st preferred
3~300
56
*2%
148
100
9%
51
Apr
100
preferred
6%
9
.—.25
25
Common class B
39%
56
1%
3
.No par
& Teleg Co
Tobacco
Am
"
*98%
*5%
100
—
*9
17
17
16%
17
17%|
7
*6
7
7%
*6%
*11%
13%
13%
*11%
13
19%
19%
19%
19%
19%
109% *106% 109%
106% *106
8%
8%
8%
9
9
48%' *46% 48% *46% 48%
5%
1%
3
Refining—100
Am Sumatra Tobacco.
90
400
3%
58
67
9%
1,000
25%
5%
8% Apr
15% Apr
75% Mar
14% Apr
Preferred
*90
53%
..No par
No par
American Stores.
97
24%
80% July
1134
116
26
Jan
6% Mar
AP W Paper
37
*51
1078 Apr 10
26
....100
25%
53
Dec
7% Mar
2234 Apr
pf 7 %gtd 100
26 %
120% 120M *120% 124
Mar
12
3
Jan
14% July 26
14% Aug 3
Andes
*98% 100
23
*834
35,600
27%
*36%
38
*98% 100
19
7%
58
1
20
Apr 11
111
38
57
4
15% Mar
$6.50 conv preferred.No par
Copper Mining
20
Co
No par
Archer Daniels Mldl'd.No par
*36%
9934
57
72%
11% Apr 10
19% Oct
165% Jan
24% Nov
40a4
58%
*18%
*6%
4
50
Mar
148% July
13% Mar
Jan
15% Mar
.60
1,600
2
38
9
18% Jan
22% Jan
AnchorHockGlass Corp No par
80
26
162
30
7%
28%
May 15
117a June 29
i¥, 800
*50
27%
10
152
20
*76%
37
41% Nov
Anaconda W & Cable..No par
400
900
25%
7%
99%
47% Nov
4
No par
American Woolen...—No par
Preferred....
100
Amer Zinc Lead & Smelt—1
35 prior conv pref—,
25
44c
80
58%
Oct
Mar
16% Mar
Aug
Jan
100
4%
32%
7%
7%
23%
*72%
2334
9%
8%
7%
19
45
Apr
41
1,800
28,100
65
*90
Jan
20% Apr
Type Foundries Ino
10
Am Water Wks & Elec.No par
117
39%
3% Mar
Feb
29%
Amer Steel Foundries. .No par
100
37
40
Mar
6
4,600
65
20
Jan
July
81%
102% 102%
3%
Oct
Nov
146%May
Amer Telp
*45
45
122
100
preferred
American
:
Jan
Mar
99% Mar
130
1,900
*35
5%
153
6,500
37
23
Nov
17% July
103
165%
80%
5%
10%
79
Mar
2% Mar
53% Jan 6
140% June 21
69
Aug 7
300
97
June
10
20% July
884 July
35% Apr 10
500
300
30% Deo
44
4
129% Feb 17
59% Apr 14
Preferred
American Snuff
16%
18
45% Dec
2% June
1%
4
7
Nov
Oct
13% Nov
4% Mar
12% Mar
July 25
Aug
Nov
578 Nov
34% Mar 10
Smelting A Refg.No par
100
25
1,200
30% Mar
15
30
July 19
American Stove Co
117
*9
66
*124"
*26%
3%
Co—No par
American Sugar
103
39%
9%
American Seating
800
118%
*45
40%
4V$ % conv pref
100
American Safety Razor..18.50
Amer
11%
*1%
3%
Rolling Mill—..25
Mar
50% Aug
114
23%
*112
2
28%
*35
65
American
May
8
Aug 18
28
400
lb",500
3% Apr 10
Apr 8
No par
Am Rad & Stand San'y. No par
Preferred
100
>5 preferred
6,700
800
21% July
Feb
2078 July
Mar
x26
32
Ship Building Co.No par
40
*9
28
36
40
20
114
23%
*30
No par
No par
$6 preferred
Amer
36
11%
117% 117% *117
103
103
35%
25%
40
4%
*1%
*22%
90
*30
4%
31%
*9
*90
"¥%
36
103
*45
65
5%
9%
*95%
25%
2
Amer Power & Light
50
152
5%
11
*112
11%
3%
36%
79%
97
4%
32%
4%
*37
114
*9
11%
78%
152
24%
25%
39%
25%
24%
*35%
26%
164
*30
4%
33%
American News Co
81
16%
5%
10%
67
*105% 110
700
14
*95%
4%
32%
4%
11%
4%
34%
13%
80%
81%
81%
99
33
36
14
80%
22
m
500
23%
12%
*16%
5%
10%
5
12%
22%
12%
24%
*150
*95%
6% conv preferred..
6%
*53
8
6%
25
1,400
18%
80%
Amer Metal Co Ltd
*lr2
164% 165%
22
*24
13%
*16%
82
*2%
7
12%
*12%
65
13%
*79
*66
12%
"¥,166
63%
13%
64%
13%
*76%
*120% 123
*120% 124
*5%
534
*5%
5%
*23%
24
*112% 114
17,900
*152
14%
16%
166%
5%
6
12%
99
*6%
*6%
7%
*12
14
*12
*12%
13%
19%
19%
19%
19%
19%
19%
*104% 108
*104% 108
*104% 108
8%
8%
8%
9
8%
9
47%
*4634 4734
48%
*47% 48%
*53
54
54
*51%
53% *52%
*6%
10
10%
....
7%
80
18%
4%
6,400
59
57
*21
15,100
40
10%
*76%
18
4%
*3
*54
57
11%
4%
No par
320
23%
5
76
18%
734
13%
4
117% Apr 20
59
54
11%
100
*76%
54
1%
No par
100
*55
8
27%
3
24%
1,700
77
27
1%
2%!
27%'
121%'
2%
59
27
*2%
*20%
X27
6% July
25%
Mar
2
7% Jan 5
30% Jan 6
79% Jan 3
15% Jan 5
4% Jan 4
40% Jan 5
124% Mar 20
8
Jan
9
3% Aug
June 30
Jan
10
65
2% Apr 11
26
Aug 11
81
*150
*90
26%
*17%
8%
8%
*90
*53
11
*16%
81
82%
*27
27%
27%
119%
119% *117
119% *117
*101% 10234 *102% 102%
102% 102%
*35%
43
*79
80%
81%
...
*117/
/*3%
100
Amer Mach & Metals. .No par
Nov
16'4
12% July
12
25
15
83
5% Mar
6% Feb
35%May 31
8
Apr
2% Mar
Jan
15
978 Nov
7% Nov
Mar
Apr
8
Deo
4
Mar 22
12
278 Mar 31
8
41% Apr 11
23% Nov
6% July
19% Aug
25% Apr
5734 Nov
2% Mar
Apr 11
Amer Mach A Fdy Co.-No par
Preferred
Dec
10
300
100
Mar
8% Mar
67%
13% Mar
400
6% non-cum pref
9
July 19
3% Jan 20
2,100
-.No par
July
24% Aug
9% Jan
12%;
17%
79%
16%
1
Home Products
American Ice
20
6
45% i
16%
79%
16%
78%
American
50
_
Oct
13% Sept
4% Mar
Apr
Mar
4%May 26
2
Apr 8
12% Apr 10
6
Apr 10
12
37%
*13%
Leather... 1
American Hide 5s
125
Aug 14
6% Jan
2% Apr
45%
40%
12%
14
14%
80%
11%
14
14%
79%
*91
143s
13%
---No par
Amer Hawaiian SS Co
10
86 preferred
117
78
14% Apr
23
23%
24%
13%
25%
8034
81
80%
*150
*151% 155,
*538
5%
5%
7934
13%
24%
12%
25%
13%
25%
No par
9% Mar
89% Feb
88% Mar
27
11% Jan
10% Jan
5% Apr 10
6% Apr 11
Feb 11
61
American Locomotive..No par
*152
....
No par
No par
2,800
13%
& For'n Power
17 preferred..
17 2d preferred A
Jan
8% Feb 24
Amer Internet Corp—No par
28
*152
Amer
No par
Oct
176% Nov
3478 Dec
Jan
14
8
5% Apr
Aug
105%
Jan
132
109% Apr 20
10
July 20
900
12%
12%
29
American Colortype Co
160% Mar
12% Mar
July 19
Nov
135
24%
2,200
45
*62%
No par
Jan
55
2,800
12
12%,
12%
12%{ *12
28
28
29
I
28%! *28
45%
46%
44%
44%
44
44%' 41% 44%'
139%
138% 139
*138% 139%
139% 139% *137
66
67
*66%
67% I *67
67%
67%
67%
12%
*28%
American Chicle
Apr
70%
115% Mar
8
May
114
Aug 14
share
14% July
52
35
4%
4%
14
100
100
per
23% Mar
179
16%
42%
10%
100
preferred
S
6% Mar
\
140
23%
24
-
*152
13'
Preferred
Am Chain & Cable Ino-No par
-
103% Aug
4%
40
65
13%
American Car A Fdy..No par
Highest
per share
Jan
8
15%
22
1,800
5%
-
100
;
64% Jan
1% Jan 24
14% Jan 23
4% Apr 8
2%
2%
45%
5
14%
14%
Preferred
6% preferred
45%
....
*63
*152
*152
24%
*12%
15%
6434
12%
12%
*28% 29
44%
44%
138% 138%
*67% 68
12%
29
*13734 13834
68
14%
64
120
23%
5%
47%
41%
11
10%
52
27%
120
25
Lowest
Highest
% per share
per
*111
2%
24%
*152
*152
64
*12
*23
24%
*30%
16%
46%
12%
2%
27%
120
*111
48%
12%
4%
12%
48
15
23%
16%
24
5%
2%
46%
53g
48
14%
"moo
51%
12%
2%
28
24%
64%
52
3%
4%
33%
52
2%
23%
4%
*30%
16%
5%
*63
"2;i0O
45%
473s
*12%
13%
4
33%
12%
2%
27%
5%
*152
*12%
4%
*12%
16%
47%
14
1,700
45%
5
*152
14%
5
4%
5%
17
47%
12%
2%
47
24%
*14%
24
24
24%
120
*111
7%
4%
3334
52%
2%
52%
3,800
1,400
19
15%
13%
4%
*30%
51%
*2%
33%
2,900
2%
2%
18%
7%
*12%
100
Can.,
Amer European Sees
80
*14%
15%
13%
5% % conv pre!...
American
300
700
6%
4%
12%
*2%
28%
2%
*19%
1
Fdy-No par
800
300
7%
*7
13%
16%
*4534
47
12%
234
2634
2%
21
20%
17
5%
17%
*44
12%
2%
28
*26%
234
24%
*23%
5
*17
2%
22%
8%
52%
2%
24%
51%
2%
24
5
•
*31
51%
234
2%
*5%
5%
2%
51%
234
7%
75%
3
8
*4%
8%
75%
Corp
Co NJ 25
10
Am Comrn'l Alcohol Corp..20
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling.. 1
""500
6%
8
6%
6%
*6%
*8
Bosch
Am Brake Shoe A
Am Coal Co of Allegh
6%
75%
8%
76
*2%
21%
4%
6%
6%
*7%
American
6
6
Range for Previous
Year 1938
100-S&ar# Lots
share
3% Aug 11
31% Apr 1
125
April
83% Apr 1)
167% Mar 3
17% Apr 11
32
Apr 8
13% Apr 8
3
75%
2%
*6
6
3%
*5%
2%
21%
13%
10
6
3%
2%
2134
35
*6
6
*75
""166
10
10
6
3%
2%
43s
135
75%
*5%
2%
*32
*130
75%
3%
6%
734
135
8
3
16%
*130
75%
3%
75%
734
106
634
8
2%
16%
*1234
*103
*6
7%
2%
*5%
21
106
6%
Par
5%
*103
10
*6
8
7%
79
*6
6%
300
1,000
106
*130% 135
130% 135
10
*6
17%
On Basis of
STOCK
Lowest
Aug. 18
$ per share
Aug. 17
8
YORK
EXCHANGE
the
Friday
Thursday
Wednesday
Aug. 16
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
,
1135
New stock,
r
Caab gale,
0%
5
Mar
2% Mar
Jan
59% Dec
13
Nov
9
Dec
July 20
72
Nov
4
Mar
5
10% Jan 3
78
Maris
z52
May
8
60
June 12
48
Dec
38
June
6
27
Mar
77% Dec
12% Nov
75
Aug
73% Sept
39% Nov
100
June
1
72
Mar
95
23% April
427g Jan
4
22% Mar
447g Nov
517g Apr 26
71
&
40
May
72
Jan
15
30% Jan 3
10% Mar 14
14
Mar
30
Deo
Jan 23
5% April
Apr
6
Apr
10
Apr
18
18%May
104% Apr 12
7
April
43% Apr 8
_
50%June
116
6
June 15
4% Apr 10
1% July 10
2
Apr 13
18%June
3% Aug
9% Apr
4% July
30
18
11
10
Apr 10
5
April
65
July 3
1078 Apr 8
0
Apr 8
24% Apr 11
11% Aug 18
19
15% Apr 10
110% April
17
Apr 10
98
Apr 10
28
Mar
95
3
Mar
Mar 15
23% Jan 10
110%June 6
9% July 21
6% Mar
17% Mar
14% Jan
27% July
Apr
109% Aug
10178
38% Mar
97g Jan
48% Aug
30
08
Jan 11
105
06% Jan
6% Jan 5
4% Mar 10
3%
Jan
6
4%
Mar
126%
Dec
8
Nov
2% June
2
Mar
2% Mar
5
Mar
Mar
5% Mar
Jan 11
21
Jan
5
13
Jan
5
33
Feb 28
Dec
11
July
1384
Jan
4
Dec
36
July
82
Dec
98
July
12% Mar
23»4
14
Oct
34
Nov
10% Mar
21% July
5
9
Mar
21
109
Apr
115
28
July 24
11% Mar
105
4
Mar 23
90% Apr
29
Aug
9% July
73% Jan
21% Mar
1
31
26
3
11
7
25
94%
Apr
Apr
5% Mar
07
Sept
8% Mar
2078 Mar
39s4 May
1234 June
15% Apr 10
99% Apr 11
115
1578 Apr 10
14
Apr 8
27
Feb 28
22%
Jan
3
984 Mar
8I2 Apr 10
16% Aug 14
17%
Jan
4
10% Mar
13% Apr
75
v Ex-rights.
3
Mar
17% June
July
Jan
30% Dec
18% Nov
1147g Nov
2934
19
Oct
24% Nov
1984 Nov
21% Oct
May
Feb 24
Jan
9
83
Nov
4
Jan 11
34%
Dec
50
Jan
18
23% Mar 11
Oct
30% Mar
117
787g Dec
55% Aug
44
Jan
Dec
Dec
80
7
102
Nov
21
50%June 30
Jan
19%
15% Mar
48% Apr 6
38
July 31
57% Mar 11
Oct
Mar
21% Mar
25% July 24
16% Apr 11
1778 Apr 11
x Ex-dlv.
Jan
5%
3634 Dec
8% Deo
17% Deo
114% Jan 16
29% Jan
Apr 18
6%
24%
87
128% Aug
17%June 29
Nov
Jan
Apr
4
17% Jan
8% Jan
10% Jan
30% Jan
19% Jan
584 Mar
12% Mar
30% Jan
8% JaD
113% Apr 28
7% Apr 10
70
Mar 22
35
8% July
7
3
48% Aug
127
4% Mar
Nov
55
8ept
357g
^ Called for redemption.
July
Dec
New York Stock Record-Continued-Page 3
1136
SALE PRICES—PER
HIGH
AND
Auo. 12
Wednesday
% \per share
S per share
Aug. 14
% per share
$ per share
21
21
21
*20
114% 114%
*53
*19%
59%
20
21%
21%
24
24
*1%
*27%
2
29
28%
Range Since Jan. 1
6%
6%
7
7
9%
9%
20%
10%
22
*39
21%
40%
978
21%
*39
40
*39
53
*5112
*52
1%
*117,,
12%
1%
12%
12%
45
28%
52%
1%
12%
12%
45-%
28%
*1%
12
38
*35
44%
27%
*35
37
17%
*35
17%
878
9
*104% 1047«
*478
5
38
4
38%
4%
28
28%
*18%
12%
45%
28%
17%
18%
5
18%
1%
18%
12%
1%
9%
9%
*9%
6%
22
678
21
6%
*21%
3
21
20%
24
1%
28%
7%
10
21%
20%
12%
1%
11%
11%
46%
28%
43%
12
45
26%
27%
1%
11%
*35
19%
38
18%
12%
rl%
*19
12
44%
27
38
18%
13
*27
17%
13
6%
6%
6%
6%
21
*2034
*66
70
*12%
17%
13%
17%
13
13
*13
12%
17%
13
1734
*12
12%
*50
52%
52
*50
*10
48
3%
32%
48
*31%
6
11%
19%
*41
48
3%
*31%
6
*11%
19%
*6%
6%
378
32
33
6%
6%
*40
43
*40
43
*83%
85%
85%
15%
6%
40
85%
15%
*15
72
15%
3
72%
*114
116%
*41
41%
*2%
3
3
*72
74%
116% 116%
41%
*62
66
19%
*60
19%
67
*60
19%
3%
3%
3%
3%
*112% 113
*112% 113
*4
5
*4%
5
*4%
4%
*4
5
4%
*4
*4%
*4%
5
*4
*92%
95
91
91
*86
*35%
36
36
36
37
*6%
7
6%
7
6%
2434
25%
108% 109%
10%
*18
19
19
8%
22%
*8%
*4
*87
8%
23%
34
*21%
34%
35
95
95
95
33%
95%
*1%
2%
*178
2%
11%
*%
1%
12%
35
*44
48%
*134
*%
2%
*1%
11%
11%
*1%
13
*26
*18
19
8%
*44
7«
5
11
*26%
35
7%
%
*10%
7%
*29
48
*%
%
%
%
*%
*8%
*8%
11
*10%
7%
8
35
*26%
23%
22
23%
22%
22%
Preferred
1
par
.—.—100
1
4% preferred
—.100
Chicago Mall Order Co
6
{Chic Mil 8t P A Pac_.#© par
5% preferred
100
{Chicago A North West'n_ 100
Preferred
100
Chicago Pneumat Tool.#** par
<3 conv preferred...#© par
Pr pf ($2.50) cum dlv No par
{Chic Rock Isl A Paclflo... 100
7% preferred
100
.....100
10
77%
80%
""166
2,900
No par
Chlckasha Cotton Oil
.10
Child* Co
...No par
Chile
Copper Co
....25
12%
12%
98,100
1,700
Chrysler Corp.......
5
City Ice A Fuel
No par
92
92
140
0H% preferred
100
City Investing Co........100
City Stores
6
50
*46%
3
*2%
50
3
"""loo
*20%
22
600
22%
Clark Equipment
No par
CCCAStLoulsRyCo5% prellOO
*111
112
*27%
*111% 112
*28%
78
*
28%
—
111% 111%
29
29
78
*....
29
78
111
27%
*75
111%
112
28%
*27
76%
*
112
*111% 112
27%
26%
27%
*
78
90
1,300
Clev El Ilium $4.60 pf.#o par
Clev Graph Bronxe Co (The) .1
Clev A Pitts RR Co 7 % gtd. 50
78
Special gtd 4% stock
*38%
39%
39%
39%
32
32%
33
33%
*132
*132
39%
33%
129
129
129'
*60
61
*60
61
16%
16%
105%
28
28
*107% 109
14
16%
105
2834
*108
16%
105
30
109
129
61
*108
1434
14%
4
4%
4%
*3%
*4%
5%
4%
127
127
60
*13
109
*108
9
5
*3%
22%
23%
23%
23%
23%
88
88
92%
7%
87%
80
44%
45%
*109% 110
50%
51%
*106% 107
7%
87%
*75
46
'109%
51%
107%
10%
10%
10%
1%
1%
1%
71
71
71
30%
30%
30%
734
7%
5
9%
24
8
*89
90%
88
88
86%
*77%
80
*77%
45%
*12%
*3%
14%
3%
4%
4%
*87%
90%
*5%
7%
9
9
8%
*23
9%
26
7%
88
46%
14%
*9
*23
80
46%
26
*22%
7%
7%
87%
86%
87%
80
80
80
5%
834
26
47%
par
0% preferred
par
100
Collins A Alkman
No par
5% conv preferred
100
Colo Fuel A Iron Corp.#© par
10
Colorado A Southern
100
40
4% 1st preferred
4% 2d preferred
100
"5", 800
...100
Columb Br'd Sys Inc cl a.2.50
Class B
2,100
2.50
500
Columbian Carbon
900
Columbia Plct
$2.76
200
conv
v
v
t c No par
t c
No par
preferred.#© par
48,900
Columbia Gas A Elec..#© par
1,200
0% preferred series A
100
5% preferred
.——100
Commercial Credit
10
72
72%
70
71%
69%
70%
69
70
30%
31
30%
30%
30%
30%
29%
30%
{ In receivership,
No
No par
Colgate-Palmolive-Peet No
400
70
100
(The)
Class A
87%
80
80
47%
Bid and asked prices; no sales on this day.
Preferred
Coca-Cola Co
300
7%
7
*86%
45
44% 45%
44%
110
*109% 110
*109% 110
*109% 110
*109% 110
53
52
52%
51
53%
52%
51%
51%
50%
107% *10678 110
*106% 110
*106% 111
*106% 111
11
1078
10%
10%
10%
10%
10%
9%
10%
1%
1%
,1%
1%
1%
1%
1%
1%
1%
71%
30%
1,100
5
23%
91%
*73
200
*3%
91%
*87
107% 107%
14%
*12%
*3%
4%
107
23%
23%
23%
9%
2,300
26%
5
23%
24%
24
13,700
27%
28%
24%
24%
24%
24%
9
61%
15%
10434
5%
24
24
125
*4%
*3%
2378
9
125
*60
50
Climax Molybdenum..#© par
Cluett Peabody A Co..#o par
10
~
15
15%
16%
104% 104% *104
z28%
a;107
109
132% 132%
2,400
7,400
61%
125% 126
*60
4
23%
24
32
*3%
*3%
9
39%
*12%
22%
25
*23%
7%
38
30%
4%
5%
5
5
40
32%
14%
22%
*89
~
60
*4%
*3%
24%
91
*
61
39%
32%
*132
*132
129"%
22%
91
39%
32%
16
16%
16%
16%
*104% 105
*104% 104%
31
29
30
30%
14
*3%
4%
*3%
22%
22%
39%
32
*132
*127
*105
40%
33%
40
4,200
AH % conv preferred
"3^666
200
6,500
42,800
5,000
21,000
a Def. delivery,
100
Comm'l Invest Trust__#o par
$4.25 conv pf ser '35.#© par
Commercial 8olvents_.#o par
Commonw'lth
A 8ou..#o par
$6 preferred series
No par
Commonwealth Edison Co. .25
n
New stock,
r
Cash sale.
8
18% Apr 8
2% Apr 10
109
19% Aug 15
13% Jan 6
105% Aug 17
Jan
65% Jan
4
Mar 22
2% Jan
13
Apr
02
Mar
3
23% Mar
6
9%
6% Aug 18
8
Mar
6% May
10% Mar
2% Mar
9
4
0
Mar
2
20
Mar
17%
5
13
Jan
Mar
20%June20
15% Mar
53
45
Mar
1
Mar
July
7
Jan 17
2%
8% Jan
17% Jan
5
5% Mar
4
20% Jan 18
8% May
12% Mar
47
June 12
37%
Apr
3
5
Mar
34% Mar 11
21
«%
Jan
May
4% Mar
34% Mar
7% Jan 9
42% Feb 17
85% July 17
20% Jan 4
3% Jan
94% Mar
122% Mar
55
63%
12%
2%
62%
98%
29%
100%
3
9
3
Mar 11
107% Jan
29% Aug
9
3
Apr
June
Mar
Mar
Jan
Mar
Jan
9
Mar
9
19% Jan 4
72% Mar 14
82
July
22% Jan 11
18%
Dec
2
Mar
10978 Aug
5%
Jar
12% Dec
40
3
113% Aug 16
95
22% Apr
Mar
4% Mar
52% Jsn
98
Mar
Mar
13% Jan
74
Aug
32
June 29
Mar
Mar
9
Jan
Mar
Mar
May
Mar
3% Mar
5
June
Mar
5% Mar
75
4
8
3% June 30
3% Apr 8
3% Apr 11
85%June 3
99%
6%
5% Jan
Apr
Dec
4
5
3
9% Jan
Mar
3% Mar
5% Mar 11
88
Feb 24
13
Jan
Aug
26% Mar
6
4
47% Jan
Mar
4
4% Mar
17% Mar
Apr 20
102
17%June 30
6% Apr 11
17% Apr 10
27
Apr 11
30
Jan
3
18
May
11
Feb 25
0
June
Jan 24
86
1% Apr 10
%May 8
l%May 19
9% Apr 8
% Apr 5
%June 26
3sJune 30
l%June 28
10
Apr 10
32
April
44%June 22
%June 1
% Aug 18
0% preferred—.—.100
Chicago Yellow Cab
26%
7
6
Preferred series A
—.100
{Chic A East 111 Ry Co0%pflOO
{Chicago Great Western.. 100
600
10%
50
*46%
*2%
*21%
500
%
%
%
92%
2%
lo
6%
26%
12%
50
Centra I Foundry Co
100
7%
92
*47%
2%
2,400
11%
13%
3
1%
12%
8%
10%
81%
*2%
3
300
*%
*7%
9
92%
79%
%
48%
7r
*34
*47
50
Apr
Apr 17
100
*%
*%
*7%
*10%
7%
80%
12%
84
10
64
{Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
500
Apr 14
No par
Checker Cab
400
84
6% preferred..
.100
Central Agulrre Assoc .No par
100
35
%
92
*13
100
7% prior preferred
Celotex Corp,——
0% prior preferred
.100
Cham Pap & Fib Co 0 % pf. 100
Common
No par
"""766
*44
48%
%
13%
83
13
92%
22
*44
71;
—6
700
11%
*32%
12%
35
92
82
13
21%
1%
11%
137g Apr 1
2% July 7
66
April
110
April
Preferred
100
38% Apr 1
Caterpillar Tractor....#** par
6% preferred
100 2:100% Aug 14
Celanese Corp of Axon.No par
13% Apr 10
Carpenter Steel Co
Central Vloleta Sugar Co..-19
200
Apr 20
Carriers <fe General Corp
1
Case (J 1) Co
...100
400
8%
11
*%
*1%
12%
35
77
100
10
*%
*%
*33
*28
35
200
50
8
8
4%May 19
July 10
10
13 preferred A
Central HI Lt4H% pref—.100
Central RR of New Jersey .100
1%
1%
11
11%
*%
9
90
200
*%
*%
92
80%
*212
1%
1%
*11
%
2,100
2%
%
*%
*8%
*10%
7%
3,300
"""800
7,000
*1%
48
930
33%
95%
h
*%
*%
300
25,100
32%
*94
2%
1%
400
21
*%
12%
900
2,700
July 14
3% Apr
29% Apr
Carolina Clinch & Ohio Ry 100
Century Ribbon Mills.#**
18
*1%
35%
700
400
21
21
35
81
12%
92%
*47
11%
7%
*28%
35
80%
3
%
%
9
18
*7%
2%June 29
7
April
25% Apr 11
11% Apr 8
13% Apr 10
48% Mar 1
Capital Admin class A......1
100
Certain-Teed Products
%
2%
*1%
12%
"33
*44
%
*%
%
9
13
92%
50
1%
13%
400
No par
2,400
6%
1%
%
100
25
Cerro de Pasco Copper .No par
34
%
100
Canadian Pacific Ry
Cannon Mills
10
3
Apr 29
36
Apr 10
43
5
40
94
%
35~200
5
25%
*99% 104
June 30
6% Mar 31
5% Apr 10
18% April
% Feb 15
5
Apr 8
9% Apr 11
12
Apr 11
1
Calumet & Hecla Cons Cop
1,000
6%
11
Campbell W & C Fdy_.#<* par
Canada Dry Ginger Ale
5
90%
94
11%
No par
60
5% preferred
Callahan Zinc Lead
34%
6%
26
33%
*%
California Packing
90%
95%
*11
Byers Co (A M)
34%
34%
*%
35%
*4
5
10
Butler Bros
95
21
1%
*%
*1%
2%
%
2%
*44
48%
%
3
21
%
13%
19
33%
*33
25%
108%
10%
10%
*60
65%
18%
19%
2%
3
65%
21
*94
11%
23%
108
*26
27%
*99% 104
*18
18%
*8
8%
h
%
*1%
1%
6%
0"8
%
35
35
28
8%
''
13%
*33
9
*8%
*10%
7%
*47%
*2%
21%
*1%
*11
%
*%
*a4
*%
79%
*12%
%
6%
84%
16%
2%
11% Apr 10
Canada Son Ry Co...
3,500
1,100
8,000
5%
*10%
10%
27%
5%
3
3
35
*92%
35%
*%
*33
*91%
2%
*%
*%
*%
*%
*1%
12%
'1%
*%
*%
*11
33%
*94
*4
5
95
35%
6%
*99% 104
19
3%
3%
3%
113% 113% *112% 113% *112% 113%
*3
5
4%
4%
*3%
5
Ah
*4%
4%
*4%
4%
6%
28
*99%104
19
2%
5
...
19
33%
*14%
2%
3
*62
*18
*93%
16%
*278
11%
99
*20%
*15%
65%
28
21
16
20
99
21
*83
*19
*27
*8
6%
*40
84%
*61
28
9%
45
84%
6%
66
4%
4%
45
45
19%
104
*8
6%
32
85
~M00
2
48% Aug
30% Aug
18% Jan
Apr
Apr 11
1
{Bush Term Bldgdep7% pf 100
47
3%
*31%
69
70
70
71%
116% 116% *115% 117
41
41
42
41%
101% *101%2101%
100% 100% *101
37
28
32
*40
32
17
*41
3%
24% 25%
108% 109%
10%
11
*99
*26%
47
3%
*31%
6%
1
5%
10%
17%
3% Mar
2
Byron Jackson Co__...#<* par
5%
Feb
2
19% Aug
Burlington Mills Corp.
1
Burroughs Add Macb__#<* par
300
10%
15
116%
3%
3%
112% 113
4%
*41
334
*2%
3%
71%
71%
H584 11534
41% 41%
41%
19%
48
6%
42%
*102% 102% X10078 10078 *100% 101%
26%
27
2578
26%
26% 27%
109
109
109% 109%
109
109
11
10%
11
10%
11%
11%
*18%
18%!
5%
11
18%
5%
13% Aug
14% Aug
3
1234
*7,
1
*10%
17%
10%
Mar
1% Mar
15%
13%
0%
14%
1%
Bush Terminal
1,000
18
28
4
470
16
2
Jan 20
9
190
52
Aug
2
5
67
16
Aug
53
Jan
No par
Participating preferred—100
*50
*40
73
73
17
*83%
3
116
0:41 %
3%
*3134
32
*6%
39%
*83%
*15
*83%
15%
278
*41
*12
5034
1
6
5%
10%
17%
4
3%
1
1
1
6%
11%
19
*43
3%
1
1
%
578
65
41
30
5
66
5% Mar
12% Mar
4
5
2
5% Jan
34% Mar
30
66
Mar
15% Jan
31% Jan
16
5°f conv preferred
69
Mar
4
21% Apr 10
No par
Butte Copper & Zinc
67
14
No par
100
234
11
1% Dec
29% July 25
7% Feb 27
No par
700
3,500
8
May
16% Mar
Bullard Co
200
234
6%
3
Apr
Bulova Watch
Budd Wheel
5,200
67
11%
18%
29% Apr 11
234
66
h
Mfg
7% preferred
1034
65
5%
Budd (E G)
21%
65
11
18%
9,600
5,400
100
5
100
7% preferred
934
3
H%
17
400
No par
7
Apr
8
94% Apr 11
4
Apr 8
Bucyrus-Erle Co
40
6%
*2034
*2%
fo%
%
3,800
6%
22
12%
5%
*10%
18%
"7,800
12%
*1%
*2%
*50
$6 preferred series A,No pa
Brooklyn Union Gas...#** par
Brown Shoe Co..
_.#<* par
Bruns-Balke-Collender.#** par
*9%
3
52%
18%
17%
1234
1%
10%
Transit.,#** par
Bklyn-Manb
1,800
1%
11%
1034
27%
No par
$6 preferred
934
*2%
*17%
Bristol-Myers Co
5,900
17%
17
17%
1%
934
*50
7,200
1,800
1,800
1%
17%
2634
38 .!
4
1012
52%
2,100
18%
11%
17%
11%
11%
43%
Brlggs & Stratton
520
1078
*50
200
41
*9%
13%
18%
1%
No par
-----5
Brooklyn & Queens Tr.No par
100
40%
334
*1%
21
400
40%
13%
1%
10%
2ia4
37%
5134
3,200
10%
*2%
9,000
4
10%
3
2034
4%
13
13
3
8
4%
18%
17%
Jan
Bridgeport Brass Co.. _#© par
Brlggs Manufacturing.#** par
4%
15
2% Mar
3,700
19%
3
32
100
9%
28%
June
Aug
Brewing Corp of Am3rica—3
4
9
22
900
28
Jan
June 21
16% Jan 12
1834 April
1% Apr 8
19% Apr 10
5% Apr 10
8% Apr 8
16% Apr 10
31
Apr 12
41% Apr 14
1% Apr 1
5% Apr 1
7% Apr 8
27
Apr 8
13% Apr 10
31% Jan 3
9% Apr 8
Borden co
Boston & Maine RR
*18
40
(The)...——.15
Borg-Warner Corp
5
40%
19%
82
22
Bower Roller Bearing Co..-17
17%
15% Mar
4
12% Jan 30
100
*35
3
1
900
25
Jau
Aug
59% July 25
28%
117
Bond Stores Inc
4%
29
Jan 23
Jan 24
Highest
I per share
5,900
6,300
8
8%
8%
8%,
105% 105% *105% 110%
4%
28
20
19%
11%
8
16% Apr
51
Lowest
per share
$
104
*1%
11%
11%
4134
21
Highest
share
1,200
23%
9
per
No par
134
28
6%
9%
$
No par
Class B
19%
37%
*5034
7
39%
51%
1%
18
18%
4%
29%
23%
1134
11%
4334
26%
*34%
52
20%
22%
*1%
27%
6%
1%
27%
*37%
5034
*1%
39
52
4%
7%
193s
20%
*37%
38
29%
19%
12%
*2%
12%
46
4%
10
*20%
22%
20%
12%
1%
1%
19
19%
20%
22
29%
12
Bon Ami class A_.
9%
20%
4%
28%
18
Bohn Aluminum <fe Brass....5
120
180
19%
20%
22%
*1%
27%
*6%
9%
10%
41
18%
400
58
7%
41
18
20
116
58
9%
9%'
8%
9
*105% 112
*105% 110%
5
5%
4%
5%
41
40
40
42%
9%
105
47„
20
*113
19%
7%
*19
20
*9%
*678
187«
9
105
21
116
59%
7%
10%
28%
Par
21
59
1939
Range for Previous
Year 1938
100-Share Lots
Lowest
Week
Shares
*113
59%
19%
20%
22%
*1%
28%
12
12
Auy. 18
$ vet share
share
58%
52%
1%
*1%
per
On Basis of
21
115
40
*52%
%
STOCKS
19,
EXCHANGE
115
*20%
29
29
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
Aug. 17
Aug. 16
*20%
21%
116
114% 114% *114
59%
59%
59% 59%
20
20
*19% 20
Z21
21
21%
21%
24
24% 24%
24%
2
*1%
1%
1%
*28
SHARE,
Tuesday
Aug. 15
Monday
Sales
for
LOW
Saturday
Aug.
% Aug 10
7% April
10
Apr 5
6% Aug 18
25
Apr 8
53% April
9
Apr 8
79
50
5
Jan
July 20
2% Apr
8
8
Mar 21
94
June
20
Dec
9
22
June
95%June 27
70
Apr
*25% Mar
8
40% Mar
3% Jan
% Jan
1% Mar
% Aug
2U Sept
4
4
3% Jan 5
13% Mar 11
878 Mar
% Jan
3
% Nov
1% Jan
4
%
1
4
Jan
Dec
% Dec
2
3% Jan 4
4
38% Mar 14
120% Jan
48% Mar 11
% Feb
1% Jan
1% Jan
3
33
1
6
Mar 11
4% Jan
3
Mar
3% Mar
May
35% Mar
7% Sept
25
„
59
Jan
64
Mar
2
Mar
15
Apr
68
Feb 10
69
Feb
4
70
Nov
109%June 20
20% Apr 11
74% Jan 23
115
Feb
9
100
Apr
42
Jan
3
Mar 11
Mar
12
3
Jan 11
58
Dec
% Dec
8
9
6
85% Mar 9
14%May 23
97%June 10
Mar
37% June
% Dec
6
9% Mar
14% Jan
13% Jan
Mar
07g Mar
22
26
30% July 28
78
Mar 13
2
44
Jan
5
32% Mar
10% Mar
60%
35% July 29
135
Marl6
133
Jan
6
7
62
Mar
2
11% Apr 10
101% Feb 1
20% Apr 8
107
68
100
Jan
Apr
11% Apr
8
8
3
Apr 1
4% Mar 31
4 May 16
14
Apr 10
14
April
73
April
7% April
23% Apr 8
5% Apr 10
74% Jan 3
62% Jan 13
38% Apr 10
105% Apr 6
42
Apr 8
106
Apr 14
9
July 10
1% Mar 31
45*4 Jan 3
x25% Apr 10
xEx-dlv.
y
15% Mar
07% July
45%May
34%June 30
21% April
127% Jan 5
114
April
10% Mar
17% July 22
July 18
86% Jan 5
108% July 12
23% Jan 5
7
Jan
4
9%
Jan
3
7% Jan
4
111
Dec
Jan
105% Mar
57% July
7% Mar
78
May
13% Mar
87% June
9% Mar
3% Mar
4% Mar
4
Apr
2478 Aug 15
24% Aug 15
13% Mar
94
53%
Apr
9
Mar
July 19
15% Jan
30% Mar
9
Feb
4
6
9
13
Mar
25% Dec
6% Mar
91
Mar 14
67
83
Feb
8
60
57
Jan
3
23
Mar
7
84
Mar
3
31% Mar
109% Aug
60
Jan
110% June 21
13% Feb 25
90
May
May
Jan
578 Mar
6
1
Mar
72% Aug 15
31% July 29
25
Mar
2% Feb
Ex-rights.
22% Mar
1 Called for redemption.
Volume
LOW AND
New York Stock
149
HIGH
SALE PRICES—PER
SHARE,
Record—Continued-Page
4
1137
Monday
Tuesday
Wednesday
Aug. 14
Aug. 15
Aug.lft
$ per share
$ per share
$ per share
$ per share
*6
7
7
25
243i
*6
25
25
*5%
6%
*5%
20%
7
20%
*7l4
8
*5%
9
2034
1934
8
8
8
*7%
89
*82
89
90
90
90
95
95
96
1%
96%
39%
39*4
39%
118
*5*2
3434
*2*4
*114
6*4
3434
23s
21
21
26
26%
*54*8
55*2
60*4
60
177
177
4*4
*55
60
4*4
134
20*4
*10 2% 104*2
*31%
*9*4
*2534
*34%
180
*103
26*4
36*2
34*2
10
26*8
*34%
*32%
10
934
*3%
*82
89
89
89
*1%
1%
10%
"156
31%
26,500
11%
10%
1034
32% 33%
31%
32%
107% 108
*107% 107%
5%
6*8
*5%
6%
634
7
634
6%
*1%
134
*1%
134
2%
2%
*2%
2%
*9%
11%
*9%
11%
100% 100% *100% 101
1034
10%
10*2
10*2
16%
16%
15
15%
1%
*96
4*8
*45*2
2%
20%
27%
55%
*6034
28%
65%
61
180
4*2
4%
2
21
104*2
3134
*3234
*9%
26%
10%
32
934
2634
36*2
34%
17,700
1%
1%
300
2%
2*8
9%
400
9%
100
10034 10034
26
55%
5934
55%
54*2
60%
60
180
*175
2,200
Continental Bak Co cl A No par
500
Continental Diamond Fibre.5
Continental Insurance...$2.50
7,300
7,000
Continental Motors
1,600
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
5434
5434
90
60*2
5,400
180
100
600
500
2,200
10
82
81%
10
81%
"3I66
8034
30%
31
29
30%
4,800
74
*65
3%
3%
*48
51
11
*2%
3%
3%
*48
11
*11
4%
4*2
46%
46%
1138
4%
47
4%
47%
243s
86
*81
80
*55
91
*55
80
*55
17*2 \ 17*
*4%
17*2
5
*16
*4%
17%
*5*2
1734
5
*16
5%
*111*2
17%
5%
*5*2
*111%
18
18%
*25%
*14%
26*4
18*2
15
*15%
33
33
*41*2
*534
4234
034
*18
*75
18*2
89%
*10%
11
33
16
32%
67
67
123
123
9%
10
13%
116
158*2 15934
3214
*41%
32%
*6
7%
18
89%
4234
*80%
*4%
5
434
17
*4%
*15%
578
*5*8
*16
18%
17%
5%
...
19
15
*15
18%
434
*%
%
7%
18%
89%
*82
1734
897g
11%
*1034
11
6*2
17%
534
17
*9
13
*117S
*2
31
31
13%
116
173
180
176
176
1*4
18%
1%
2534
*17%
1%
35%
36*4
36
10*2
10*2
2*8
9%
35*4
32
28%
10%
2*8
9%
*18
914
34%
31%
28%
2634
18
1%
36%
10%
35%
3134
2%
934
3534
3234
29
29
%
1
1
%
35% 35%
35% 35%
*37
38*2
*36% 37%
108
107% 107% *107
13
12%
13%
13%
79
79%
*77%
79
87*2
87%
87%
87%
*93*2
99
*93% 97
*%
1
*%
1
*1*4
1%
*1%
1%
1%
2%
2%
234
234
*2%
*1*4
1%
*1%
1%
*4*4
*734
4%
8*4
20*8
*1%
4%
20
1%
*1*8
1%
6
*5%
6
32%
24%
17%
*31%
*23*2
17%
*94
99
♦110
120
3%
1%
*8
20
*1*8
5*4
32%
23%
1734
*94%
*110
11534 H534
1034
33%
14*2
*1
35%
36*2
108
116
"
35%
3478
108
127g
79*8
*93
97
*93
*1%
4%
7%
1
1%
27«
1%
4*4
8
1,300
100
10%
100
33%
1,700
Doehler Die Casting Co No par
Dome Mines Ltd
No par
66%
7,800
Douglas Aircraft
1,200
8*s
800
Dresser
978
900
1%
*4%
7*2
18%
*1734
Bid and asked prices; no sales
400
3,800
17,000
3,800
Electric Boat......
No
Horn Coal Corp
3
Corp
62
27g Aug
3
Apr
Apr
Jan
3
6% Jan 9
July 17
Apr 14
Mar
4% Mar
35
June
4% April
19% Apr 11
7% Jan
28*4 Jan
3
3
12% Mar
73% Apr
84
3
48%
8
Jan 24
45
107
4
18
24% Jan
13% Mar
7
4*2 Mar
13% Mar
24
3
6*4 June
July 13
112
102% Jan
1334 May
1984 Mar
9
Mar
27*2 July 11
16%June 6
25*4 Jan 4
8
Jan
1% Jan
9
4
Apr 13
% Nov
Mar
25
Mar
34% July 26
447g July 13
2084
Jan
5
Mar
20% Mar
11
Mar
90
65*8 June
4
1
July 31
12% Jan 9
35*4 Jan 16
22*4 Jan 3
34
July 26
934May 18
Mar 31
Apr 10
115% Jan
4
78% Jan
135
Jan
8*2 Sept
28»4 June
12
164% Aug
5
173
8778
812 Mar
102
130% Mar
8
Jan
186%
Jan
109%
5
3% Jan
121*2 Mar
157
Jan
10*2 Mar
2
4i
38% Mar 10
Jan 23
Jan
1334 Nov
3% Mar
183% Feb 8
27% Mar lOl
1978 July 12
3% Mar 6
12% Jan 19
41% Jan 20
153g Jan
Apr
11!34
4
22*4 Apr 11
8*2 Apr 10
28
Apr
Mar 10
3
Apr 10
Apr 11
Apr 8
Apr 11
% Apr 4
Jan
"is4"May
90% Mar
Aug
l%June29
Mar
3
20
5
Mar
27% July
31
3
11% Jan 5
19% Jan 13
12*4 Apr 11
334 July
Jan
31%
9-'% Jan
7934 Jan 23
10
76
32% Jan 11
28
30
Mar
4
124% July 28
18% Apr 10
Apr 3
39
Apr 12
5*4 Apr 1
15*2 Apr 10
Mar
7*2 Mar
4
8*4
% July 18
103
Mar
June 20
87g Jan
10
11
Apr
4
17% Mar 10
8
April
10
18
1534 Apr
23
Apr
11% Apr
12% Apr
Jan
55%June 17
13% Apr 10
4*2 Aug 3
16
Apr 11
4% Apr
May
3*4 Mar
Mar
13*4
Mar
Mar
6
4,
2*g Sept
6*8 Mar
22% Mar
Feb
6
18
30% Mar
3
5
3
7
2184 Mar
38
134 Jan
Jan 25
37
347g Aug 17
Aug
4334 Jan
111
Mar
% Mar
17
Feb
33
Apr
94%
Jan 30
Apr
3
2% Mar
38% Mar
89
Aug 16
40
Mar
69
95
Aug
46
Mar
400
4%
1%
4%
*1%
1%
100
4%
..No
1st preferred
2d preferred
1
par
Eureka
900
Ex Cell-O
1378 Aug
8
8
8
April
Apr 10
Apr
1*4
Dec
2% Jan
1*2
Dec
100
1% Apr 13
2
Apr 10
5*2
Jan
284 Mar
100
1% Apr 10
3
Jan
1*2 Dec
218 Mar
5% Mar
10% Apr
Evans Products Co
3,500
7
1»4 Jan
Vacuum Cleaner....6
500
7*2
18%
1%
5
Corp
.3
334 July 11
Apr 11
5% Mar
6
13
14*4 Apr 11
Exchange Buffet Corp .No par
1
Fairbanks Co 8% pref
234 Apr 10
Apr 11
24*2
2*4
6*2
437g
Jan
Jan
Jan 20
5*4
30
3034
1,200
22*2
22%
20
April
Apr 10
11
Apr 11
29% Jan 4
18*2 Aug 15
1*8
3%
19%
22*2
6?g
81
Jan 24
95
Aug
9
67
Apr f>
27* Apr 10
115
Aug
1
Motor Truck. .No par
6
Jan
6
f Federal Screw Works .No par
5%
2934
7gJune 30
52% Apr
2*g Mar
I7g Mar
A.No par
»4May 25
1834 Apr 11
Apr 1
2734 Apr 11
1634 Apr 11
100
Fairbanks Morse A Co.No par
500
Fajardo Sug Co of Pr Rico..20
4,100
Federal Light & Tiaction.._15
115
*110
115
"165
3
3
700
Federal
*1%
100
200
$6
preferred..
100
Federal Mlu A Smelting Co 100
2034
8934
35*2
*78
2034
1%
1
2034
200
Federated Dept Stores.No par
*8634
8934
100
Fed
35%
1,300
21
*1734
Federal
Water Serv
Dept Stores 4M% pf.100
Fidel Phen Fire Isn N Y..2.50
Filene's (Wm) Sons Co.No par
21
delivery,
5% Mar
58% May
12
May
80%June 21
2%
a Del.
Jan 21
5
65% Apr
2*2
In receivership,
6
5
Mar
19% Marj
Apr
70
62*2 Apr
300
35
Jan
No par
1%
*108
35%
50
Equitable Office Bldg__No par
JErie Railroad...........100
120
*1734
6
2
8
49
68
4
96
June 30
7% Mar
Jan 10
4734 Jan
preferred w w..No par
*1%
1
22% Mar
29
Apr
25*2 Apr
4
8
.....HY 2103% Mar 22
Engineers Public Service
1%
2%
3%
1%
Apr 29
3
40% Feb 28
I43g Jan
No par
preferred
99
*78
2034
par
El Paso Natural Gas
Endlcott-Johnson
*94
this day.
No par
$6 preferred..
17
Mar
21% Apr
6% Mar
41% Jan
6%
20%
1834
23%
preferred
$6 preferred
"l'lOO
16%
Jan
85
4
91
Electric Power & Light .No par
17
*8634
5
—3
240
*1
19
3
Apr 8
Apr 14
20,500
14,600
99
21
.No par
Eltlngon Schlld
Electric Auto-Lite (The)
1,800
4%
3
Jan
9
75
24% Apr
17% Aug 11
35%
32%
7*2
Apr
Apr
Apr
162
4
2
100
......
110%
4%
z63
37% Mar
2
96
40
Mar 10
Aug 11
April
Edison Bros Stores Inc
5%
Mar
July 18
28
Elec & Mus Ind Am shares...
200
10
Jan
13
4
138% Apr 26
July 12
15*4 Apr II
$7
21% Mar
4
32% Aug
8
530
4,700
3
110
7*2 Apr 11
May
7g May
Jan
Jan
47g July 27
2% July 25
Apr 12
3
35
June
38
26% Jan
20% Apr
Jan
6
21% Mar
Jan 16
177
138 July 7
19% Aug 18
4
6% cum pref erred
*32
18
Jan 26
547g Apr 19
171
Apr 21
3% July 6
93
107
124*8 Aug 18
118% Feb 27
*108
*94
4
31%
29%
593g
667g
117% Jan 26
Eastman Kodak (N J).No par
17
35%
49
May 31
1038 Jan 5
37% July 25
142
Elk
34*2
116
1% Apr 10
20% Aug 9
16% Apr 11
Eaton Manufacturing Co
*94
35%
8
129% July 25
Elec Storage Battery..No par
23
on
40
1734
*1734
1
Apr
Aug 17
5
99
35%
21
Apr
5
29% April
No par
78
23%
1
111
1% Mar
June 19
Eastern Rolling Mills...
*94%
22
3612 Mar
14
1
*17%
8934
05% Mar
4
3
116
200
31
*78
3
Jan
100
$4.50 preferred
34
23
*20-%
*86%
Jan
Mar
Apr 14
800
1
31
8934
2
44
10
Eastern Airlines, Inc..
8% Mar
„
100
Apr 12
126% Apr 11
1%
*1
97
31%
*1*8
3534
21
3,700
4,700
Apr
1
934 May
8
Apr
108
Duquesne Light 5% 1st pf.100
$5%;
1%
*35
28
300
Mar
3
22% Mar
Mar 31
$5 conv preferred
*5%
1
10
8,100
500
6
23*2
200
18
4%
10
78
Jan
1*4 Apr 10
No par
900
*1%
*%
124%
116%
Jan 10
July 25
16*2
June 29
6% non-voting deb
Mar
2% Sept
2% Mar
32% Apr 11
88
....100
8% preferred
7
15
11*2 Apr 10
9
Duplan Silk
41,700
1%
*21%
*86%
35%
*1734
131%
900
3
Jan
Mar
101
9% June 30
6
1
Du P de Nem (E I) & Co...20
12
3%
1*8
110
17
887g Apr
27g Mar
6
5
334
Apr
4% Mar
Mar 10
9% Jan
3*4 Jan
Apr 11
93% Apr 27
101% Apr 11
...No par
79
3%
24
8934
3534
21
28
200
8,400
Mfg Co
88%
3%
*%
13
120
158%
Mar
35
30% Jan 26
56
Apr 11
Dunhlll International
*11%
Jan
1
July 14
No par
Chemical Co
127%
11
3%
*21%
*86*2
Dow
71
134 Apr 11
No par
*84
*3%
1
700
*777g
*1*8
88%
Class A
14
12*2
*5%
31%
*110
No par
No par
79*2
1%
24
Corp-Seagr's Ltd.No par
5% pref with warrants.. 100
Dlxle-Vortex Co
12%
5%
18%
99
Distil
33%
*115
347g
*1
120
220
25
Diamond T Motor Car Co...2
9
28%
1%
35%
1*2
*23
No par
No par
8%
13
*1
33%
23%
Raynolds A
6% partic preferred
16%
126
116
1%
19
Diamond Match
100
62%
7%
1834
1%
6
18%
700
Edison
79%
*7g
1%
2%
10
100
14
8%
108
...........20
Dleael-Wemmer-Gilbert
33
*84
1%
4%
35%
36*2
108
*1
89
♦1%
*2%
..No par
...
Devoe &
33%
10
28%
l's
87
1%
2%
8%
20%
29
12%
787S
*%
Deere & Co
Detroit
86
55
108*2 Aug 4
77g Mar 10
9
JDenv & R G West 6% pf.100
16%
171% 171% 170% 171%
165% 170*2
176t2 176*2 *175
178
*175
180
25%
26
26
26
24*2 25%
18
18
*17%
18
17
17%
1%
1%
1%
1%
1%
1%
34% 35
33
34%
3478
347g
10
10%
9%
978
9%
9%
9
9
2*8
2*8
2
2
8%
87g
8*2
8%
7%
8%
3234 34%
32%
29
33
33*4
29
29% 30%
29%
26% 28*2
29
25
500
"loo
Feb 27
634 Aug 15
1
4% Mar
Aug 4
2% Jan 5
12% Mar 10
434 Apr 11
(The).l
200
*10%
10%
33%
1478
33%
66%
127%
8*4
3%
•
*21%
88*2
*35%
13
5
preferred
440
6%
161% 163
15778 159
158
159*2 157
132% 133
*131% 132% *131% 132%i 131%
*122% 123% *122% 123% 123% 123%) 124%
*116% 117% *116*2 117% *116% 117%, 116%
1834
19%
177g
18%
1778
18
17%
*4%
434
4*2
4%
*4*8
4%
*4*s
171%
*2
34*4
2*8
9*2
35
*12%
172
2534
%
86
17
126%
2534
4%
*5%
86
10
*115
No par
Davega Stores Corp
Preferred
**2
6
*82
127%
834
116
91
1% July 10
8% Apr 11
27
Apr 11
10134 Jan 4
Delaware Lack & Western..50
834
12%
1
2,400
9%
15934 162
Class A.
Cutler-Hammer Inc
10% Sept
49
Delaware & Hudson
126
.
85
79% Apr 18
38
1
2,700
128
9%
Preferred
Curtiss-Wright
""266
4%
3
87g Feb 28
No par
Curtis Pub Co (The)
15
.
Dec
25*2 J&Q
4
15
26
June 30
5
16
14%
66*2
10
4,000
Mar
4
Jan
10% Apr 11
37g Apr 1
50
__
*14%
6734
*115
1734
8
37g Apr
2
Dayton Pow & Lt 4^i % pf 100
173s
Mar
6
3
Davison Chemical Co
*110%
15
No par
Packing
Conv 5%
1
5
June 16
8% Feb
30% Jan
7
n
Highest
& per share
May
100
*25
67
9%
*934
100
Apr
Lowest
share
65%May
Preferred
Cudaby
6
April
per
5% Apr 10
73
Apr 4
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
15
69
10
3*8
1*4
4%
*6
No par
15%
4%
%
68
9*4
5
17
5
$5 conv preferred
*14%
15%
4*2
*%
*127
35%
115
16
33%
934
12*2
Crown Zellerbacb Corp
Cushman's Sons 7% pref.. 100
$8 preferred
No par
1,700
678
121% 121% *121
123% *121
123% *121% 123%
22% 22% *21% 23
21%
21% *21% 25
3234 3234
32%
32% *32
33
31% 32
*41% 43
*41%
42% *41
*41
42%
42*2
*6
No par
$
5%June 1
434 Apr 17
par
No par
pref w w..No par
Crucible Steel of America.. 100
Preferred
100
800
17%
*5
18%
15*4
3334
934
*15%
534
conv
26
33
10
31%
24*4
1734
99
1578
16
18
15%
33%
*834
17
..100
(The).2
*25
33
34%
4%
8
18%
,;26
34
128
16%
5
16*2
*4%
*110%
18%
*25
1534
33%
17*2
1%
20
*111%
26
1534
*17*4
*1*4
1
434
*15%
*5%
33%
*124
500
70
*5%
*111%
$2.25
20
86
*55
17
34
*174
1
86
16*2
33
68
32%
67*2
23
70
3334
*14%
24
17
*80*4
*10-%
25*2
97
23%
478
preferred
Crosley Corp (The)....No
4,900
24%
11%
180
*93
23%
4%
47
434
10*4
25%
79
13,200
4%
47
47«
33
*
*174
89
2,000
47g
438
47%
*55
%
171
*86
1034
4%
4634
*80%
%
22
171
*77
*10%
4%
4634
434
17
*2
122
171
34U 34%
*36% 38*2
107% 107*4
1234
13
11
80
4%
131*2 132%
*122*2 123*4 *122% 123*4
*116*2 117*2 *116% 117%
*18%
1834
18%
19%
*'4*8
4*2
4*2
4%
1
11
86
16%
5
131*4 131*4
28%
11
17
15
17%
11
*4*4
47%
478
800
3*4
*55
*16%
*80
50
*3%
18
5
*2
*48
80
15
22
4
3
50
*25
122
2134
*278
3
50
86
16
%
123
21%
4
*278
3*8
17%
15
*434
5
%
26
4
74
51
2378
*80%
16
16
,
18*2
*25
*278
3*8
conv
Crown Cork & Seal
220
*50
51
5%
Pref ex-warrants
10%
*65
1
25
Cream of Wheat Corp.
100
81*2
73
1
Crane Co
500
32%
*65
100
Coty Inc New...
10
4
25.
Coty Internat Corp
30%
76
6
Corn Products Refining
Preferred
2,300
8034
*69
.....1
Continental Oil of Del
4,900
12,500
10*2
934
100
"loo
2,300
6
19
..No par
preferred
Continental Can Inc...
20
$4.50 preferred
No par
60
10
8%
7,200
55
4%
4%
4
4
*4*8
4*4
1%
1%
1%
1%
1%
1%
19% 20%
19%
20%
19%
19%
101% 103
*101
102% *101
102%
31% 31%
3178
3178
3178
3178
*9
9%
9%
9%
8%
9
25% 26%
23
23
25%
25%
*33
36% *32%
36*2
*32%
36%
*32
34*2 *3134
34% *31% 34%
Class B_.
4,300
25*2
*175
Consol Coal Co (Del) v t c._25
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of America.20
500
24
180
15 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
15
14%
25*2
614 % prior pref w w
100
Consul Film Industries
1
$2 partic pref..
No par
Consol Edison of N Y..No par
3,100
60%
25*2
par
Congress Cigar
No par
Conn Ry & Ltg 4% % pref.100
Cousol Aircraft Corp
1
Consolidated Cigar
No par
7% preferred
...100
Range for Previous
Year 1938
Highest
$ per share
No par
Congoleum-Nairn Ino..No
10%
934
81%
*81
*
678
634
33
24%
*1734
1,300
3234
5%
1
800
578
81
4%
3%
*1%
534
81
5*8
115
108
108
3234
24%
*95*2
26
*175
5
*5%
31%
*23*2
17%
*1%
1«4
*2%
2%
*9*2
11%
10034 10078
10*8
10%
15*8
15%
3034
""130
81
24%
*80*8
*1%
31%
3134
107% 10734
57g
578
634
678
•
5
*4%
*7%
10%
1%
1%
1%
1%
1%
1%
*96% 98
*96%
98
9634 9634
39% 40
39%
3878
39*2
39%
118
*114% 118
*114% 118
*114% 118
*6
6%
*6
6%
5%
6
6%
35
35*8
35
35
35*8
34*4
35
2%
2%
2%
2%
2%
2%
2%
21%
20% 21
2034
21%
2078
21
24%
*19
10
1*2
5
*%
10
40*8
24*2
*28
1%
98
3934
10
*1%
32
33g
50%
11*2
4%
46%
50%
*11
834
200
7*4
90
34%
4
*12*2
2*900
89
*43
74
*115
"
*89
9%
2634
36*2
*3
*9%
19
*82
1%
*172
3134
*69
*8%
9
17%
89
*1%
4
32%
*5%
1934
7*2
90
*1%
20%
74
33
100
"
90
1%
*3
*1434
2,400
6%
*82
1%
4*4
*68
*120
23%
*5%
80*2
31
*434
2234
6%
9
7*4
Lowest
Par
Conde Nast Pub Ino
6%
2334
*5%
*5%
19%
*7%
32
*80%
..
7%
6%
*6
*6%
2334
89
104% *103
*31%
9%
Shares
90
20*2
20
32
934
*32
2%
21%
27*2
55%
4*4
1%
*1%
1978
9
20
*1%
*114%
6*4
6%
34%
34%
60%
*174
6%
11%
•
118
6*4
3434
2%
20%
26%
Aug. 18
$ per share
90
39
*114
On Basis of 100-Share Lots
the
Week
*82
*1*4
1%
*1*4
1%
*10*4
11
*1034
11%
3134 323S
32% 33
107*4 107*4 *107% 108
*6
*5*2
6 Is
6*4
678
7
6%
7
*1*4
134
*1*4
1%
*2
234
2%
2%
*9*4
11*4
*9*2
11*4
*10034 101
100% 100%
*10*4
1034
10*2
10*2
*15
1534
15*2
1534
*1%
25%
*5%
*89
138
24
6%
20%
*82
138
7
25%
*5%
9
Range Since Jan. 1
NEW YORK STOCK
EXCHANGE
Friday
Aug. 17
*6
2034
STOCKS
$ per share
7
5%
*5%
CENT
Thursday
2434
6*2
*5%
*20*4
*7%
*6
Sales
for
Saturday
Aug. 12
NOT PER
New stock,
r
Cash sale
*
24
85
83
Ex-dlv.
y
,
Feb 27
Jan
5
37g
1%
26*8
8r*4
37%
July 19
19
Mar 17
Ex-rights
7
Jan 19
Jan
I
Sept
12% Mar
Mar 11
Feb
Mar
Mar
May
May
Mar
Apr
0
677g
Jan
22% Mar
•
15
June
1 Called for redemption.
New York Stock Record—Continued—Page 5
1138
LOW
AND
Aug. 17
Saturday
Monday
Tuesday
Aug. 12
Aug. 14
Aug. 15
Aug. 16
$
$ per share
$ per share
% per share
20%
20%
20% 21
20%
20%
20%
*103-% 105%
*103% 105
105% *103% 105
49
49
48
48
48%
48% 48%
19
19%
1934 20%
19%
19%
19l2
38
38
37% 37%
37
37%
37%
$ per share
20%
*104
*48
19%
20%
49
49
34
*2
* 2%
*2%
*2%
2%
21%
2%
2%
*8
8
8
8
10%
*7%
*4%
*10%
8h
11
11
*100
*6%
115
*8%
58
8%/
8%
8%
8%
148
14734 14734 *147
500
700
121
*120
47%
46%
114
*34%
*33
37%
*4%
5%
*8
16%
%
16
26
1434
*25
26
*15%
25%
*14%
14%
*14%
15%
*17%
18%
*10%
10%
11
*10%
11%
*10%
*
97%
*
22
6:
54
8i
52
17%
21%
6%
*51%
8%
*50%
17%
*40
44%
2%
*2%
122
34
36
45%
*33
4%
35
*4%
1
200
4%|
33
!
400
33
4%
734
5
1,400
20
18%
18%
11%
11%
8%
8%
50%
50%
17%
44%
3
2%
11%
*10%
300
Gen Time Instru Corp. No par
2034
6,200
6% preferred
100
General Tire & Rubber Co...5
6%
3,400
Gillette Safety
8%
50
8
*50% '51%
17%
1734
*40
43%
3
*234
50
16%
*40
53%
77g
17
42%!
*83
300
16
1534
1,600
*40
2%
2%
2%
234'
2
2
2
2
*81
84
84
84
84
83
83
2034
21%
21
22
19%
2034
19%
20%
18%
19%
68
69%
69%
70%
66
66%
28%
68%
27%
68
28
68%
2684
68
28%
71
2834
70
27%
27
27%
25%
27
105%
103% 103% *102
334
4
3%
3%
103
103% 103%
103
*71%
74
*71%
7
*1
634
1%
16
16
*12
14
1534
*13
34%
34%
25
*24%
14
24%
*1334
23%
*1
*42
*33
1%
16
14%
35
25
13%
24%
25%
25
13934
*42
66
34
7
7
34%
*24%
13%
25
*24% 25%
13934 13934 *138
4%
71%
h
%
%
%
*6%
103
4
71%
72
•
*1
15%
16
14
14
%
1%
*12
2434
500
13%
1,700
23%
21,900
24%
500
24
24
13%
25%
25%
139%
2312
138
138
*135
139
*135
139
66
*42
66
*42
66
*42
66
25%
*2434
►138
24-%
13%
33
11%
11%
12
12
*11%
18%
12%
*%
%
*5g
%
78
*%
*11
14%
*3%
4
*11
24%
3234
17%
12
12
*%
*11
4
%
14%
4
*3%
13%
21%
24%
3,300
30
4
33
*31%
33
*31%
33
*31%
31%
100
40
*36%
40
*36%
38
36
33
36
31%
*36%
*36
*101
101% *101
*21
22
*21%
*125
94
7
22
22
17
*16
17
*16
17
*103
110
*103
110
101%
101
101
22%
*21
22
*21
*125
133
*6%
94
*90
14
101% *101
*125
133
*6%
7
*90
2134
*125
133
*6%
101% *101
634
94
*90
13%
133
6%
*90
234
234
27g
2%
*108% 110% *109% 110% *109
*108% 110
117g
12
II84
1134
12
*11%
11%
13%
234
2,500
13%
300
60C
6%
94
2%
¥,466
2%
1134!
11%
100
8,400
11%
*106
113
*106
113
*106
113
*106
113
*106
113
*106
166
*162
164
*162
164
162
163
*162
169
*162
169
12%
11%
73
73
*74
132
133
*132
65%
*62
*62
*110% 115
17
*16
38
38
6534
113
111
*15
9
*7%
*10
10%
*95%
12%
*62
65%
*16
17%
*62
*62
65-34
*16
65%
*112% 113
*16
171?.
17%
39%
64%
*3 412
12
36%
12%
*70
71%
*71%
7134
11034 IIO-34 *110% 111
5%
5%
5%
5%
50
*49
*%
49%
1
1
49%
71%
*110
111
5%
50
71
71
*70
1
5%
5%
5
50
49
384
334
*3%
4
*334
434
*3*4
34%
341}
34%
34%
33%
34%
3334
5%
5%
5%
5%
5%
534
5-%
5%
5%
34
7f
7o
7o
34
%
34
%
%
1134
1184
117g
*19%
20%
*40
43%
20%
*40%
6
6
6
♦
12%
20%
12%
12%
2034
20%
11
45
*43
45
*19%
43%
6
6
6
100
*%
2% Mar
Jan
8
20
10% May
24% Jan 27
35
Aug 14
19
Apr
30
227g Jan 23
12% Apr 8
16% Apr 8
24
Apr 10
133
Apr 14
25
Aug
4
20
Jan
16% Jan
31% Jan
5
4
9% Mar
12% Mar
10
Apr
28
Jan
Mar 11
141% July 27
50
Apr
4
July 21
9
Mar
8
167g Aug
May 24
42
Mar
23% Apr
Apr
122
35
July
13% Mar
July
24% Dec
15% Nov
30% Dec
32
Jan
142
Dee
Oct
50
28% Nov
7*4 Mar
22
Dec
7%
13
Oct
Feb
8
8
18% Feb
12
Mar
3
Apr 10
5% Jan
3
Mar
8
Mar
24
Apr
Apr
30
Nov
30
35
June
5
Mar
13% Nov
21% Jan
No par
Hackensack
Apr
25
29
May
8
2
25
..10
32
Jan
6
100
Water
7% preferred class A
Hall
Printing
Jan
Jan
101
Nov
83
June
100
Nov
4
15
Mar
May 29
120
Apr
Apr 12
May 19
Harbison-Walk Refrac.No par
17
Apr 10
32
100
130
Apr 20
144
478 Feb
3
...
Hazel-Atlas Glass Co
25
71
Jan 19
2
100
Apr 10
93
Apr 11
103
Jan
7% July 18
Aug 4
90
Jan
4%
5
9
110% Aug
13%May 29
1
8% Apr 10
25
Hecker Prod Corp
109% July 27
117
12
Mar
4% June
81
May
111
Dec
140
Jan
161
Dec
10
Mar
Hercules Powder
No par
63
86
Jan
42*4 Mar
No par
54
Jan 28
No par
14 conv preferred
104
100
Holly Sugar Corp
7%
^
w
-
-
98
Jan
5*4 Mar
11% June
13*4 July
25% Jan
95
May 10
104% Jan
60% Mar 31
27
Apr 8
36% Mar
73% July
11034 Aug
8% Jan
6
12.50
No par
100
v
t C..25
5
Manhattan
100
preferred
..100
334
200
2,600
Hudson Bay Min & Sm Ltd 100
5-%
5%
5%
3,400
Hudson
%
%
%
7,600
Hupp Motor Car Corp
Illinois
Motor Car
.No par
Central
11%
10%
11%
20%
19
19
300
43%
43
43
41%
42
100
*5%
6
150
RH
1
Vew stock.
r
3
Apr 6
25% April
4% July
1
100
100
6% preferred series A
ctfs series A
8% Apr 10
Apr 8
103
Apr 21
4% June 30
40
Apr 10
1
July 3
61
34 Aug 11
9% Apr 10
16% Apr 8
38% Apr 10
...1
...100
Leased lines 4%
6
delivery
110
Dec
4
12
11
9
3
31
12
34%
6,300
Jan
9
Howe Sound Co
5%
17
6
preferred
Hudson <fe
4
Jan
-.100
Houston Oil of Texas
1,100
Jan
51
15% Jan
Household Fin com Btk.No par
5%
105%
Sept
11% Mar
Mining
Class B__
200
Mar
15
July 10
Houdaille-Hershey cl A_ No par
4,200
60
80
June 29
98
preferred
Homestake
31%May 1
105% Mar 18
Mar
July 17
Jan
7
7
..10
$5 conv preferred
^
19
Dec
Oct
10
Hollander & Sons (A)
2,300
115
Oct
Dec
135%
5
Holland Furnace (Del)
200
„
40
65% Aug
Apr 27
14*4 Apr 17
Jan
87
No par
700
—
126*4
135% Mar
20%
21% Nov
52% Oct
118
Aug
Hlnde <fe Dauch Paper Co.. 10
J
Dec
11% Nov
5
1,200
M
Oct
6%
Mar 24
Jan
128% Apr 10
Jan
Nov
111
5% Mar
June
100
Dec
z7*4
7634 June
17
6% cum preferred
Hershey Chocolate
140
75
167
300
34*4 July
50% Mar
1% June
Jan 21
100
Preferred
Jan
Nov
88*4 June
Apr 19
96
preferred
Jan
6% July
Mar 17
15
6^% preferred w w
Hayes Body Corp
1*4
28
24
99
Hat Corp of Amer class A... 1
Mar
9
32%May
36% Aug
15% Aug
17% Mar 10
103*4 Mar 28
100
1,500
.
Apr 11
22
No par
preferred
4,700
a Def
8
1%
Hanna (M A) Co $5 pf.No par
5
1
1
11
preferred
6%
334
f In receivership,
2
8% Oct
2% July
14% Nov
22% Nov
1
Apr
11%
Bid and asked prices: no sales on this day,
*4 Mar
77g Jan
1*4 Jan
% Apr
Apr
*19%
*5%
Dec
9
11%
6
108
10
10
preferred...
preferred
33%
434
34
Oct
Dee
Dec
100
5H%
Guaatanamo Sugar
20%
*5%
100
48%
4%
1
1
484
34%
*334
34
100
Western Sugar.-No par
Preferred
1% Jan
•
Apr 10
Apr 8
400
110% 110%
47
38%
10
200
70
70
5%
49
49
1
1
71%
68%
159
62
«-
*110% 111
*110% 111
5%
50%
1
1
71%
June
No par
39%
-
Jan
Nov
85
26%
Hercules Motors
*112% 113
*16
17%
38
38
38%
*35%
39%
*106
106% *106
106%
106% *106
106% *106
106% *106
8
8
8
8
8
*7%
*7%
*7%
9
*7%
10
*10
10
10
*10
*9%
*9%
10%
10%
10%
*95%
*95%
*95%
*95%
*95%
64%
64%
64%
61%
6434
64-%
64%
64%
64%
£64%
*35
*35
*35
*35
36%
36%
36%
363g
*34%
36%
12
12%
1134
12%
12%
1134
11%
12%
11%
11%
39%
40
...
*64
61
3%
Mar
600
12%
*112% 113
*112% 113
17%
*37%
106%
*106
*12%
Great Northern pref
"""26
*12
12%
12%
11%
12%
75
75
75%
74%
74%
72
72
7434
7434
133% *130% 133% *130% 133% *130% 133% *130% 133%
1134
Iron Ore Prop.No par
Helme (G W)_..
113
*162
*11
20
preferred
6%
133
6%
*90
2%
II84
1
No var
10
Grant (W T)
6%
109% 109% *108% 110
12
1
5
S3 conv pref series...No par
Granite City Steel
Hamilton Watch Co
20
21
*125
94
2%
110
21
6%
*6%
*90
1234
*9834 101
133
*125
6%
94
234
3
*234
10
38
*16
Jan
3% July
Gulf Mobile & Northern..100
14%
*103% 110
61%
6% Nov
12%June 13
*31%
17
28% Nov
Apr
7234 Dec
Granby-Conso 1M S <fe P
Grand Union (The) Co
8%
40
1434
July
2% Mar
100
33
110
Feb
15*4 July
62% Mar
500
*36%
1434
61
Jan
%
*31%
*16
27% Nov
11% Feb
Mar
1134
400
*103
June
5
%
16
17
Nov
20% NOV
100
80
21% Mar
14
Nov
*16*4
27gJune 30
36
*3%
"34"
15% Mar
6984 June
14% Apr 11
*11
Oct
41% Nov
32
109*4 Jan
8
July
2% July
26%
69%June 2
% Aug 18
4% Apr 8
7g Apr 10
11
Apr 10
Graham-Paige Motors
Great
Apr
95
100
Preferred
5%
90
Nov
2% July
27% Nov
No par
Gotham Silk Hose
Gt Nor
Apr 10
24% Jan 26
16
1434
53
21% Apr 11
110
10
1
17
110
No par
July 19
24*4 Jan 4
74% Mar 16
38% Jan 3
Green 'H L) Co lnc
17
1434
13% Apr 11
Goodyear Tire & Rubb. No par
$5 conv preferred
No par
July
9% July
12% July
Mar
2% Sept
60% Apr
4
Greyhound Corp (The).No par
18
*16
70
No par
84
45
67
1*4 Mar
14,400
*17
*103
278 Jan
4
Mar
63% Nov
124% Nov
13
178 Apr 10
Jan
Oct
37
7
3*4 Mar 14
"moo
18
17
Mar
2% Jan 23
17%
18
14%
47
May 17
1%
37% June
32%
18
110
14% Mar 31
50
Dec
5
137g Jan 3
66% Mar 11
24% Jan 5
16%
*17
14%
Mar
6% June
46%
31%
19
*16
9
Mar 14
54
Jan 26
34
No par
Green Bay & West RR
*17
*103
June
II84
32%
17%
14%
*3%
23%
24%
33
17%
13%
23%
137g
247g
2484
18%
4
33%
34%
24%
34
14%
33
*24
3434
24%
18%
*3%
100
14%
343g
3334
*11%
1,000
13%
*12
14
18%
4
1434
15
*12%
25
3334
14%
300
35
17%
*3%
1,800
1334
33%
*11
13,100
1%
3434
18
%
%
6%
*24%
33%
12
%
*1
*1434
15%
1334
1734
*11%
1%
6%
%
6%
1
58
1%
15%
30
70
70
6%
%
6%
500
1,500
-
334
4
71
Mar
98
5% preferred
3,100
10134 10134
103
4
71
4%
74
"l3~
Goodrich Co (B F)
48,100
14,000
13%
34%
*42
66
7%
1%
4%
*71
15% Mar
8
27% Ma* 10
8% Jan 3
7% Apr 11
Aug 16
Goebel Brewing Co
90
84
20%
4
99% Feb
50
No par
(Adolf)
Mar
13% Mar
1
Gobel
800
19%
1
5
1
Gold & Stock Telegraph Co 100
"l~206
234
Apr
1% Dec
1284 Mar
z85
Sept
8% Mar
14% May
5% Apr 10
No par
Brothers
$6 preferred
Glldden Co (The)
4>$% conv preferred
42%
84
228
Glmbel
8,200
7%
52
Mar
18% Aug 15
4
9
15% Apr 11
Nov
Aug
15% Jan
1634 Jan
44
Feb
Nov
48
125
10% Aug 10
No par
Nov
28
Dec
98% Mar 28
Razor.-No par
$5 conv preferred
200
53
*49
16%
16%
6%
7%
8
52
*40
1934
*51
2%
*2
84%
*83
*49
44%
2%
2%
2%
20%
634'
20%
8
9% Apr 11
87
138
Nov
101%
15% July 15
32% Jan 4
Apr 28
11
*51
6
6
3
Apr
General Telephone
Oct
5% July
19% Oct
38% Nov
79
684 Mar
92% Apr
Jan
136
Jan
4
6
3
1% Jan 20
41
9% Nov
102% Dec
69% Dec
11% July
50
118
1% Jan
20% Jan
15
1,700
1,200
6%
53%
8%
Mar
Sept
Jan
50%
5
16
11
6%
28
Corp——20
Corp.No par
18
10%
20%
110
Gen Steel Cast 16 pref. No par
17%
17%
*51%
Apr 15
34June 30
Apr 8
52
Mar
25
21% Mar
678 Jan
Jan
Oct
19% Nov
40% Nov
25% Mar
111% Apr
10 7g
8%
117% Nov
% Mar
Feb 28
38
Mar 31
Oct
5% July
22% Mar
9
8
51% Mar
126%June
3%
108*4 June
Jan 27
127
9
540
17
53%
684
1
18%
22%
6%
22%
*51%
8%
No par
113g
97%
6
3
118% July 3
1% Jan 5
65% July 11
99
July 28
3
General
18%
11
44% Jan
477g Aug
3
May
20% Mar
108% Apj-J
27% Mar
%June 30
Apr 27
19% April
13% July 31
18
*
Mar
15
17%
12
97%
Mar
35
87% July 12
No par
*11
1134
11
4
25% Jan 6
130% Mar 31
Jan
14
11%
1134
*
3
Jan
Jan
105
18%
97%
21%
4
Jan
Jan
7
19
*11
6% Mar
Apr
2% Mar
6*4 Mar
115
July 21
75
300
Gen Theatre Eq
9
Mar
35
April
117
No par
Shoe Corp
Mar
Mar
29
8
72% Jan 26
17%
*11
97%
--
1,600
4% Mar
82
4
June 20
No par
$6 preferred
General Refractories
3
Apr 10
39
preferred
.....100
Utilities
1
6%
Jan
Jan
% Apr 10
Gen Realty &
300
48
Sept
June
18
Mar 31
36% Jan 27
..1
—-No par
Signal
Gen Railway
700
Jan 17
4%June 29
Gen Public Service
""800
13
4% Jan
No par
$6 preferred
""300
Mar
4% Mar
3
9
36% Apr 11
121% Apr 8
28
Apr 4
Common
Dec
9% Mar
85
6
103% Mar 28
60% Jan 6
31
General Printing Ink
July
3
62
l9%May 12
10
Motors Corp
18
97
Jan
Mar
18% Jan
114
100
preferred
6%
July
10
7% Jan
$5 preferred
No par
Gen Outdoor Adv A—No par
General
124% 124%
18
3
1
17% Apr
No par
General Mills.....
Sept
3
June 29
Jan
Nov
32
Jan
14
Nov
5%
58
Jan
July 21
91
Apr
4
11
114
109% Nov
29% Oct
2% Mar
3
Jan
4%
Mar
25
Jan
149
43
19
20
18%
11%
11%
6%
53%
2%
"""306
8%
8%
8%
8% I
734
*108% 109
*108% 109
*108% 109
*1%
1%
*1%
1%
1%
1%
16
15
15%
16% *15%
16%
87%
*85%
87% *85%
87% *85%
88
*%
34
%
%
%
%
%
15
15
*15
16
*15%
16
16
26
26
24%
253g
25%
26%
27%
1334
14
14%
14% *13%
14
1434
27%
22-%
17%
90
1%
16%
*14%
6%
*40
100
60
*88
8%
16%
21%
53
*45
I
8,500
2,100
6g
290
123% *121
123%
463g
44%
46% 91,800
600
12334 124% >
*122
34
*4%
4%
*85%
34
*15%
97%
*234
3
*2%
120
48%
z45-%
46%
12434 *124
12434
19
19
19
19
*17%
120%
*1%
16%
88
%
%
15%
90
%
60
*87%
26", 400
115
Mar
Oct
21
19% Mar
1% Mar
2% Mar
Jan 18
9
No par
100
General Electric.—
No par
General Foods
No par
$4.50 preferred
No par
Gen Gas & Elec A
.No par
$6 conv pref series A .No par
11
50
'
8% Apr 10
preferred
7%
5
6
9
Jan
Jan
Jan
3
8
2% Apr
Mar
39%
Mar
13
Jan 26
134
18
85
Jan 13
30
Aug 17
Apr
6
Jan 11
Jan
65
5%May 17
100
7% cum preferred
General Cigar lnc
Oct
37% Nov
101
40
No par
No par
Class A
1% Mar
35%
108%
29*4
90*4
334
2
96
5
Bronze...
General Cable—
*108% 109
1%
*85%
16%
*45
88
4%
*8%
8%
*1%
88
*85%
*%
60
88
*34
*108% 109
1%
*1%
*15%
*45
60
48
5%
8
8%
*108% 109
34]
*5g
120
37%
*4%
*111
114
89%
►124
124
124
*123% 125
10
1034
89
*45
60
4,200
200
10%
37
36%
37%
36%
47%
46%
47%
46%
115
115% *113
115% *112
115% *111
34
34
34
%
%
,%
%
89
120
120%
46%
47%
1034
1934
57%
21
21
21
21
20% 2034
*122
130
*122
130
*12414 130
34
3534
37%
3534
36%
353g
36%
46
46%
47
4734
46%
46%
47%
46%
*45
$8 1st
General
130
35%
*87%
General
40
200
1934
*2%
2%
3% July 26
4
July 27
38
45% Aug 17
Investors—No par
No par
Transportation
5
Baking
5
preferred
No par
Gen Am
1,400
3%
*54%
11%
2%
*110
86%
"""900
22
21%
21% *21
21%
*124
*124
130
*125% 130
*21
60
48
60
*55
*85
48
48%
% conv preferred
22% July 17
3
31% Jan
Apr 22
10
S6 preferred.;
105
22
22
60
11%
5H
Gen Aroer
300
6%
5
60
Oct
Nov
100
Apr
43% Nov
31% Dec
Aug
3% Apr 10
3
Container Corp
Gaylord
100
47
6%
*99
94
Gar Wood Industries lnc
400
*55
24
*56
*40
"~i",i66
10
*40%
No par
26%
16% Mar
76
24% Mar
10% Mar
19*4 June
15
Apr
51
7% Aug 10
9
July 13
Gannet Co conv |6 pref No par
4%
4%
10
6%
16C
10%
115
*20
*22%
60
11%
*10
*100
9
8
25% Mar
105%June
1% Apr 10
30
Aug 11
18% Apr 26
1% Apr 10
2
July 10
10
preferred—
Gamewell Co (The)
S3
300
60
22%
58
11%
400
234
11%
22%
60
22%
200
105
*47%
8%
234
27g
117g
*234
2%
11%
22%
*2%
27g
11%
22%
*2%
9
2%
45%
*6%
147
147
148
*147
148
9
2%
4%
*99
48%
8%
9
*8%
9
*8%
*47%
48%
"""466
May
67
Francisco Sugar Co
36
21%
......
preferred
$7 conv
21%
10
45%
6%
105
10
No par
No par
F'k'n Slmon&Co lnc 7% pf-100
Free port Sulphur Co.. — ..10
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
-1
Foster-Wheeler
3,500
""166
2%
*26
10%
4%
48%
*6%
17%
$ per share $ per share
share
per
Highest
Lowest
Highest
%
share
17% Apr 10
99% Jan 16
38% Apr 8
16% Apr 8
25
Apr 6
17 May 12
per
1% Apr 8
21
Apr 14
103% Apr 5
14% April
100
4H% conv pref
75
2%
115
10
11
*99
105
48%
48%
*147
148
*45%
678
*6%
*99
105
*47
48%
9
*10%
48%
*45%
6%
*6%
*99
11%
11%
10%
*100
4%
4%
4%
4%
48%
*45%
105
*47%
♦2
11
115
100
2%
2%
8%
*8
11
1,300
21%
*2%
*100
49%
6%
*45%
*147
2-%
Florence Stove Co
""466
33
163g
36
21%
*8
8%
*26
21%
2%
10%
10%
115
*99
35
21%
*2%
*2%
No par
No par
A.No par
t Follansbee Brothers.-No par
Food Machinery Corp
100
Fllntkote Co (The)
Florshelm Shoe class
107
*67
234
*2%
900
5,500
1,100
234
32%
75
6% preferred series A—100
First National Stores ...No par
400
21
►104
17%
*67
234
1*100
115
4%'
4%
4%
11%
11% *10%
*9l2
*100
75
*2%
36
*21%
17%
17%
17%
*26
*26
2%
2%
*2
2%
,
*2%
33
107
234
21%
*21%
21%
*20i2
33
*104
*67
35
*28
33
*27
2%
33
%
Rubber.—10
Firestone Tire &
2,600
3634
*2%
2\
107
18%
*2%
2%
*2%
2%
*2%
234
36%
Par
Shares
20
*20
33
75
*67
75
*67
75
2%
21
*103
107
18%
18%
17%
17%
17»2
33%
107% ♦105
106
*107% 107%
*67
2%
34%
*2%
34%
2%
*2%
34
19%
37
*20
21
*20
21
27«
33%
*19%
2%
21
*19%
21
*19%
19
*36%
Lowest
Week
103% 103%
48%
49
18%
19%
,
19
37
EXCHANGE
the
% rer share
share
rer
20
105% 105%
1939
19,
Range for Previous
Year 1938
On Basis of IOO-Share Lots
STOCK
NEW YORK
for
Friday
Aug. 18
Thursday
Wednesday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Aug.
1000
Cash gale,
r
5
Ei-dlv.
Apr 11
y
66%May
17% Jan
55% Mar 9
1*4 Jan 20
5% Jan 9
35% Jan 10
8% Jan 5
2% Jan 3
20-% Jan 4
49
Mar
108
May
48% Apr
17% Mar
66
Aug
102
Jan
72% Nov
83%
Jan
105% Nov
9*4 July
53% Jan
3% July
Mar
5
23% Mar
1
May
3
Mar
20% Mar
Mar
5
Ex-rlghts.
9% July
35% Nov
10
Jan
% June
2*4
Oct
6% Mar
Apr
20%
35%
Dec
23
4
Oct
46%
Mar 13
11% Jan
Oct
18%
Mar
12
Jan
35%
6
3
35
•
Mar
%
Apr
44
11%
5 Called for redemption
Dec
Nov
Dec
Volume
LOW
AND
New York Stock
149
HIGH
SALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
Record—Continued—Page
'
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Aug. 14
Tuesday
Aug. 15
$ ver share
$ per share
Aug. 12
$ ver share
*5
6
25%
*103
*5
251*
*155
106
*5%
25io
106
76%
26
the
Aug. 16
Aug. 17
Aug. 18
$ ver share
$ per share
*5
6
6
*5
6
25
25%
106
106
106
105
155
155
*155
11%
lli2
1178
1178
11%
12%
5%
*5%
5%
5%
5i4
418
4%
4%
53s
4%
31%
32i4
32% 35%
*107i2 108
*107% 108
*2i4
234
*2%
234
9
1»4
134
*18
188
52
35
108
4%
36%
108
7534
11%
4
5%
4
4
4%
34%
234
*2%
9%
9%
834
9
134
1»4
*18%
22
134
*1834
188
22
188
234
32%
33%
107% 107%
*2%
234
134
134
*19%
186
1%
22
186
6
51
5334
53%
5434
51%
5138
5234
167% *163
167% *163
167
167% *163
57g
6%
6%
6%
5%
6
534
5%
*2%
2%
2%
2%
2%
2%
2%
2%
6%
6%
634
*634
7 1
*634
7
6
*2%
2%
*6
6%
48%
*130
4914
135
834
4834
*130
32%
55
*4
*52
49%
135
878
32i2
434
32
878
4934
*130
9
9%
3434
*4
34%
4%
34
3%
4
54
54
54%
55
*32
32i4
*32
33
32%
*33l2
*24%
34
*33%
34
*33%
*96
98%
6%
26
*10
6I4
103s
83
*8
*6%
*9%
6%
34%
*2%
*31
*8
20%
9
20%
*123
70%
71
.
_
*20%
*82
....'*120
....
7%
*7
8
17%
10%
*17
20
68
6934
97
*93
97
17%
*16%
17%
98
*95
98
10%
*9%
10%
10%
1034
1634
*95
*9%
67%
7%
9%
*7
*16%
*9%
17
98
*95
97
10%
9%
32%
*21
*111
6%
6
6
6
6
700
93%
*85
88
*85
88
10
35%
11%
35%
11%
*27%
*2%
34%
35%
34%
3434
3378
3434
16,000
11%
11%
11%
11%
11%
11%
600
28%
28
28
29
29
29%
200
2%
50
%
400
*31
40
*31
24
21
21
*2034
25%
24%
25%
5
2%
2%
*2%
*4%
5
*2714
28
*27
28
*27
28%
2734
103s
1834
*16
16
27%
103s
*15%
15%
5
*4%
27%
984
28%
*17%
15%
*4%
18%
15%
934
5
32%
21%
114
25%
28%
10
*17%
1534
*4%
32%
21%
114
32%
21%
*114
10
19%
33
*414
3134
*21%
22
116
*114
334
*3%
3%
334
334
%
*%
%
%
2%
23%
*28
49%
*478
*42%
134
23
1178
2934
23
12
*11%
49%
5%
29%
4934
5%
43%
43%
29%
4934
5%
43%
2
*1%
2234
2634
27
t Interboro Rap Transit... 100
Internat
31%
21%
3%
Preferred
3%
2
2234
4,400
15%
1,300
4%
100
31%
1,800
22%
700
30%
*21
*114
Internat'l Mining Corp
Int Nickel of Canada..No par
Preferred
1%
23
12
30
*28
29%
*28
30
51%
48%
5%
*42%
5%
4334
43
5%
100
International Shoe
International Sliver
16
No par
48%
2834
100
par
47
4734
3,800
No par
Island Creek C oal
1
56 preferred
1
Jewel Tea Inc.........No par
Johns-Manvliie.......No
par
Preferred
100
Jones & Laughlln St'l pref. 100
Kalamazoo Stove & Furn
10
Kan City P & L pf ser B No par
Kansas City Southern.No par
4%
100
100
preferred
Kaufmann Dept Stores
1
Kayser (J) A Co
5
conv ct
A.l
Class B
l
Kendall Co 56 pt pi A..No par
Kennecott Copper
No par
....
Keystone Steel & W Co .No
Kimberly-Clark.......No
Kinney (G R) Co
par
par
1
No par
preferred...No par
Kresge (S S) Co
Kresge Dept Stores
No par
Kress (S II) A Co
No par
10
Kroger Grocery A Bak.No par
Laclede Gas Lt Co 8t Louis 100
5%
Preferred....
100
Lambert Co (The).....No par
Bryant
No par
Lee Rubber A 1 Ire...
Lehigh Portland Cement
•
...50
par
*33%
34%
*132%
....
*33%
20%
*132%
2034
20%
30%
30%
30
*13%
29%
1434
*13%
29%
31
*1
1%
*1
*6
634
25
*23
*22%
*12%
12%
*12
*1
12%
*1134
*33%
*132%
21%
21%
30%
29%
1434
*13%
—
-
-
-
31
1%
634
2534
12%
13%
31
1%
*4%
13%
32%
3234
2%
41%
21%
*171
176
*51
52%
15
*10434 106
2,900
Loew's Inc
100
Long Bell Lumber A...No par
200
Loose-Wiles
23%
158i2
"3",600
*1
1%
13
*534
1134
634
23%
12
*1134
*1%
13%
1%
5%
5%
5%
5%
*4%
13%
13%
1%
1
5%
5%
5%
5%
*434
14%
14%
13%
14%
32%
33
1
200
100
150
J Manhattan Ry 7% guar. 100
2,000
13%
Maracalbo Oil
15,300
Marine
5%
6
14%
13%
13%
9,000
31%
29%
31%
15,300
140
*2
2%
200
41%
21%
22%
22%
2134
22%
2134
22
21%
22%
1,400
2,200
4
29%
*99% 100
15
1434
14
*13%
*10434 106
*171
176
*171
x52
52
*50
4
4
176
*171
51%
3%
3%
*28
29%
29%
*99% 100
*99% 100
15%
1434
1434
15%
13%
14%
14%
14%
*105% 106
*105% 106
*28
Bid and asked prices: no sales on this day.
176
51%
51%
*3%
*171
4
*28
29%
*99% 100
*14%
1434
1334
13%
106
106
176
*50%
3%
"""600
3%
600
28
100
100
14%
3% Apr
1% Apr 10
2038 Mar 31
9% Apr 10
23
Apr 10
36% Apr 10
4% Apr 11
34«4 Apr 6
97% April
99% Apr 11
171%May 10
15
Apr 10
21
Apr 10
31% April
12 ; Aug 18
13% June 29
Apr 10
41% April
8
100
pr
pref.100
Marshall Field A Co—No par
Martin (Glenn
1
L) Co
Martin-Parry Corp....No par
MasonlteCorp
...No par
Matbleson Alkali Wks.No par
93
56 1st cum pref
McCall
McCrory Stores Corp
Del. delivery.
26% Mar 17
"
»
Corp
6% conv preferred
New Stock,
r
1
100
Cash sale.
May 12
34% Apr 10
2034 Aug 11
No par
No par
10
1,300
3,600
100
Apr
4% Apr 10
3% July 5
934 Apr 10
164
Jan
6
40»4 Apr
8
3% Aug 10
27% Aug
Jan
_
10% April
984 Jan 26
88
Jan 13
xEx-div.
Nov
63
91
Nov
Apr
484 Mar
14%
10%
Deo
Oct
Oct
51
Oct
5
26% May
6% Mar
30% July 21
3
Aug
4
40% Mar
24
Aug
9
3
19
14% Nov
Feb
30
35
Dec
19%
22%
Jan
Oct
9
Mar
2984
29%
13%
23%
18%
July 24
22
Aug
12% Mar
1
Oct
1% Mar
12% Jan
15% Mar
2% Mar
Mar
July
3% July
8
July
31% July
21% Nov
Jan 20
8
Mar
18
Jan 20
15
Mar
30
Jan
8% Mar
3% May
17
Nov
Mar
9
35% Mar 10
Jan
7% July
10% Mar
13% Mar
30% Dec
x25% Oct
Marl6
95
Jan
120
6% Jan
4
3
Mar
% Jan
b
Mar
3
8
Jan
4
2734 Jan
6
12% Mar 10
3284 Mar 13
6684 Mar 13
68g Jan
3
43% Aug 14
108% Aug 3
10934 Aug 3
180
May 26
18
Aug 15
40% Jan
47
5
Mar 13
16
%
Dec
l7g Mar
19%
6%
1934
23%
5%
Mar
Mar
Mar
Mar
Dec
25
Mar
81
Mar
81% Mar
157
Apr
14% Mar
20% Mar
Oct
7% July
1% Jan
5% Jan
July
14% Nov
35% Oct
68% Nov
29
9
Jan
37% Nov
102
Dec
10384
176%
18%
40«4
July
60
Nov
Dec
Nov
May 29
19
Jan
5
64% Jan 4
109% July 17
21«4 July 22
62
Jan
5
4% Jan
22% Mar
29
*
Mar
12% Mar
33
99
Mar
Dec
% Mar
26
Mar
2% Mar
1484 Mar
4
100
May Department Stores...10
Maytag Co.
No par
53 preferred w w
No par
preferred
Dec
16
3
Mar
1584 Jan
2
12
100
J3
24% Feb 25
159% June 23
20% Mar 13
Apr
5
Dec
Dec
10% May
100
8
Apr 10
Oct
13% July
24% July
Jan
3
36% Apr 8
Apr 25
Jan
123
Mar
19% Apr
147% Jan
Exploration..1
Mar
July
78
24% July
3
110
1
Midland Corp
5% Mar
12
130
80
6
10
Mar
74% Dec
111% Oct
8
Jan
Feb
118
83% Nov
1284 July
Jan 11
92
5% July 18
3% Apr 10
%May 3
25
14%
s
Jan 27
Apr
13%
*104% 108%
J In receivership,
20% April
7
Apr 8
13% Apr 11
5
Market St Ry 6%
7%
51%
28
13
Apr 27
14
4984 Apr
12% Mar
2638 Aug 1
5% Jan 15
4% Apr
24
100
Modified 5% guar
Manhattan Shirt
1%
4%
*4%
1%
5%
....
"""360
41
52 34
Apr
Apr 10
11%
2
176
12% Apr 10
17
634
25
42
*51
June 12
105
Magma Copper
10
Manatl Sugar Co.....
1
Mandel Bros
..No-par
x41%
*171
Apr 8
1'4 Apr 11
20
Jan 18
June
92
June
13»4 Mar
125
Apr
58
Jan
3
12% Mar
297g Apr
35
Aug
2
22
132% Aug
8
30% Jan
4
13
"""960
1%
2%,
2
20
25
95
25% April
1
Apr 4
5
Apr
9
Apr
30%
Jan
Nov
11
Madison Sq Garden...No par
1434
30%
24
44% Jan
Apr
884 Apr 11
Nov
124
100
43% Feb
22
31%
28
18
Apr
Jan 17
July 28
1484 Mar
10% Mar
Jan
June
44% Mar
Mar 13
18
27% Aug 17
41%
32
June 21
12
997,
Macy (R H) Co Inc...No par
*2
31%
79
4
9,900
41
2%
4
4
I884 June 29
42
*2%
Feb
12% Apr 11
85
Apr 25
7% Apr 10
5% Apr 10
11% Jan
23
No par
42
2%
97
12134 Jan 20
Jan
6
48% Jan
30% Nov
3584 Jan
35% Nov
96% Deo
11% Oct
117g Oct
16
113%
Jan
2
*13%
*5%
*20%
11%
*1134
9
July 18
7
5% April
April
8% Apr 24
July
15% Nov
627g Nov
Feb
19% Jan
11
v
140
Mar
Apr 10
117% Jan 27
Oct
63
13
25
Inc
Feb
Mar
preferred..........100
(P) Co
10
preferred
100
preferred
Feb
6
6% Mar
Jan
8
June 20
Mar
5%
58
..No par
*31
Mar
122
124
*13%
Mar
Mar
Mar
4
28
1
18%
2%
28%
19%
3
10
1434
Jan
4% Mar
9
100
31%
67g Mar
132
Jan
par
1
Jan
Jan
MacAndrews A Forbes
*30%
Oct
Jan
June
Louisville A Nashville
1434
1647g
64
Louisville Gas A El A..No
3134
Mar
3% Mar
105
700
28%
Jan
141
133
Aug 11
Lorlllard
6%
70
Apr
400
28
*21
Aug 18
2
Mack Trucks
May
35
800
28%
I434
31%
6
65
122% Apr
33%
27%
9
85
18%
47%
29%
6
21
Apr 10
600
28%
*13%
3
125
Mar 31
2%
19
109%
30
Jan
June
87
Jan 27
6
Lone Star Cement Corp No par
2
9% Feb 28
Apr 14
35
Biscuit
Aug
1484
68
105
2,100
"2^666
c
9% Jan 19
120
No par
Inc
7%
3
IO84 Jan
No par
45%
*132%
*1
June 30
pref erred..... No par
Loft
20%
1%
par
18% 115,600
33%
4
13%
42%
109%
41%
*28
15
Lion Oil Refining Co...No par
Liquid Carbonic C'orp..No par
32%
4%
13%
1,600
*2%
41%
29%
100
*3%
*28
*99
16
20
12
5%
14%
1,200
Lima Locomotive Wks.No par
Link Belt Co
No par
2034
23
5%
300
20%
11%
*11%
5%
32%
100
24%
32%
12%
21
22%
*1
33%
*132%
634
5%
5%
14%
*2
33%
25
Preferred
Lily Tulip Cup Corp...No
*132%
2134
20%
12%
5%
*40%
21%
34
2534
1%
14%
34
*6%
*1
5
55
*23%
12%
*1134
1%
5%
•
*6%
35
Series B
400
350
3
Feb 10
25
17%
5%
2
1434 Jan
6I84 Jan
118
Liggett A Myers Tobacco..26
56.50
5534 Jan
May
Jan 24
200
800
Dec
37g
117g
5
Jan 26
50
Llbbey Owens Ford Gl.No
200
Jan
185
6«4 Mar
Jan
Apr. 8
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
1,900
29
Mar
87)i
17
42%
108
Mar
Mar
25
106%
180
Mar
15
xl30
2
138
Apr
6% July
16% Nov
484 Jan 12
113
6
4234
108
5
34
6
98
9%
4?g
25
*106
*106% 108
10734 *106
107% 106%
109
109
xl08% 10834
10834 10834 108% 108%
108% 108%
10734
*179
180
*179
180
179
179
180
*178
179% 179% *178
*17%
17% *17
18
18
17%
*17% 18%
17%
17% *17%
25
25
*2514
26%
26% 26%
*24% 2534
*24%
24%
2534
37
37
36
37
*36% 37%
37%
37%
3334
3334
32%
*12%
12
1234
13% *12%
*12%
12 34
12%
12%
16
16
16
16
16
15%
16
*15%
16
1534
16
42
43
44
42%
43%
4334
42% 43
42%
4234
4134
*10734 109
108% 108% *107% 109% *107% 109% *10778 109%' *107%
13
1834
18
18%
1934
19% 20
18%
18%
1834'
17%
48
46%
46%
47%
4834
4834
48% 48%
45% 46%
44%
*2
2
2
2
2
2
2
2%
*2
*2
2%
19
*18%
19
19
19%
19%
*1834
19%
*1834
19%
*18%
*108% 109% *108% 109% *108% 109% *108% 109% *108% 109% *108%
23%
23%
23%
23%
23% 23%
23% 23%
23% 23%
23%
*157% 158% 157% 157% 155
156
*155
158% *154
158% *155%
1934
1934
19
20% 20%
20% 20%
19%.
*18%
193s
18%
*47
49
49
*51
49
49
49
48
51%
48%
47%
*106% 108% zl08
16634 Aug 10
29
5% Apr 11
97g Nov
34% Nov
48
66% Mar
6%May 29
60%J une 3
31%May 19
Mar
19% Oct
5% Nov
2
3% Jan
39% Jan
Jan 12
Mar
June
67g Mar
27% Jan
195»4 Mar 13
8% Jan
15
80
2
4% Jan
1434 Jan
100
4% conv preferred
Llbby McNeill A Llbby No par
Life Savers Corp
6
5%
Jan 11
634 Apr 11
26% Apr 11
3% Jan 23
734J une
18
Apr
Corp
900
5%
43%
42'4 Apr 11
134
2% Mar
36% Aug 15
Aug
108
Mar
No par
400
*4234
8
Apr 8
2% Apr 1
7®4 Apr 10
1% Apr 8
16
Apr 8
155
April
48
April
157% Apr 8
334 Apr 10
2% Aug 7
6% April
June
5%
43
Nov
5% Aug
9% Mar
12
1
*28
Sept
95
28
Lehman Corp (The)
100
100
146
7% Mar
3% Apr
46% Mar
No par
1,000
Feb
Jan
99
Lehigh Valley Coal
6% conv preferred
1%
Mar
56% June
35% Jan 21
31% Mar 9
800
1134
60
135
Jan
%
22%
Jan
Apr 10
Lehigh Valley RR
1134
3% July 26
share
10% July
30% Aug
119% Dec
Aug
17%
17% Apr
per
119
8
90
Mar
19
600
*1%
4
14% Mar
157
9% Apr
4% Apr
8
Highest
per share $
84
3%
22
Jan
94% J«.n
Intertype
Lane
8
$
29% Jan 16
8
8% Apr 10
77% Jan
55 prior
share
50
Foreign share ctfs...No
Kelsey Hayes Wh'l
per
Apr
Interstate Dept Stores.No par
Preferred
100
10
116
67
1938
Lowest
.100
7% preferred
Inter Telep <fc Teleg
*%
1%
*22%
*1134
48
1
3%
3%
12
5034
5%
27%
15%
4%
*11%
5%
Q
30
12
23%
26%
%
"■!
"""300
28
90
31%
21%
100
Int Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
70
2,100
Q
*11%
*29%
50%
23
*4%
*27
2034
24%
5
16
116
*114
Agricultural. .No par
Prior preferred
100
Int Business Machines.No par
Internat'l Harvester...No par
58 preferred
15%
434
32%
20%
2334
9%
*4%
1
Interchemlcal Corp
No par
6% preferred.......
100
Intercont'l Rubber
No par
Interlake Iron
No par
40
18
*8%
5
22%
2%
*31
5
28
15%
%
*1%
3g
*1%
*4%
22
24%
15%
3%
*%
24%
*28
2%
40
15%
116
*3%
*1%
*2212
*11%
"""466
*6
*85
28
32%
21%
9%
7%
2%
20
Kellh-Albee-Orpheum pf__100
85%
36%
11%
*4%
114
97
*9%
9
"""600
*6%
*22%
53s
*95
1634
85%
5
*4%
16%
6%
28
100
Inspiration Cons Copper
Insuranshares Ctfs Inc
97
*16%
93%
*27
No par
5% conv preferred
200
934
*93
I684
25%
16
100
200
1734
97
23
93s
30
500
25%
18%
4,900
*17
*21%
27%
6S
1#
*120%
25%
478
93g
""366
85
300
*31
2634
21
...
*43
17%
9%
*93
*8334
*127
...
*7
300
*123
8334
*16%
300
*20%
21
...
8334
*120
20
*8%
9
*123
70%
84
*8%
50
*16%
*15%
300
1,000
2%
28
No par
6% preferred
Inland Steel
4,300
*31
*4%
27%
32%
34
934
6%
2178
*25%
Ingersoll Rand
5% conv pref
100
Internat Rys of Cent Am..100
5% preferred
100
International Salt
No par
6%
85
11%
438 Apr 10
1634 Apr 10
86
Apr 3
l47%May 11
8,100
6%
10
*83%
34%
278
*31%
*33%
5
10
Inter Paper & Power Co
300
5 per share
No par
100
18,100
8334
*27
50
*20
3134
34
Year
Highest
Indian Redoing
Industrial Rayon
6,900
^10
52
52
53
18,300
534
6%
1134
29%
*27-
300
200
...
*85
34%
*11%
7
"""366
*82
*984
6%
500
*22
83%
*93
93%
5,300
*96
*81%
17
*85
534
2%
6:
9
*9%
10%
5%
96
21
*93
*9%
5,600
2%
*6»4
Par
^
100
163
24
83
17%
98
700
"""760
6
*7
10
163
"3",400
96
10
17
*1%
1%
*1834
22
183% 184
5034
51%
70
2334
634
97
8%
2,900
4,900
6%
10%
*16
31%
26
6934
7%
4
3034
107% 107%
*2%
234
99%
*10%
*120
800
*24
10%
*93
*93
*3312
127% 127% *127
129
*127
129
*43
45
44%
4378
44% *43
*17%
18 I
18%
18%
17% 18
19
*16
3134
34
83%
18
3,000
*96
*8
45
*17%
*11934
32
6%
634
*123
*43
32
53
*33%
32%
11%
48%
49%
47%
49%
135
134% 134% *131
734
8%
8%
8%
29%
3134
3I84
32%
*4
*3%
4%
4%
34
*80^4
85%
69%
*127% 129
4%
54
6%
6%
*20%
*83%
68%
33
4%
6%
21
*123
31%
*52
*10%
9
21
8%
8%
20
25%
6%
*78
4834 4934
*131
135
800
2,800
99%
25%
*96
6i2
6i4
50%
135
9%
100
1,700
73
8%
53
53%
167i2 *163
*163
...
*5%
8%
185% 186
106
Lowest
_
10%
5%
108
24%
Range for Precious
EXCHANGE
73
75
11%
5%
33
108
74%
11%
*214
9%
*134
17S
*19% 22
18734 18734
22
*185
9
23%
157
77
*5U
9
6
24%
105
157
77
7534
11%
4
*5
24%
*155
*155
Range Since Jan. 1
Shares
26%
1139
On Basis of 100-Share Lots
Week
108
77
176%
Friday
$ per share
j
Thursday
*106
*155
....
7612
6
25%
107
Wednesday
.
6
1% Jan
7
5% Aug 15
8% Mar 9
15% July 24
39% Feb 24
5% Jan 3
57% Jan 3
36
Jan
4
Oct
Oct
684 July
23% Nov
107%
Dec
2D4 Dec
154
Nov
19% Oct
67% Dec
32
Dec
Jan
Mar
Mar
84 Mar
4% Mar
7% Mar
Oct
9
63%
126
16
18% Mar
26% Aug
14% July 19
1334 July 24
111%
116% Mar
10
Jan
19%
21% July
62% Nov
Mar
247g Mar
38% Jan
1% Jan
Nov
684 Mar
2% Mar
9
Mar
1% Mar
4% Sept
5% Dec
5% Mar
32% Nov
49% Aug
19% Oct
40% Nov
2% Oct
10% Nov
20% Jan
10% Nov
16
July
284
7%
16
Jan
Jan
Aug
147g Nov
14% Mar
2% May
37% Dec
25
61
Mar
7%
Oct
Oct
6% Mar 10
19*4 Mar
156
Aug
28% Mar
3% Mar
36% Maf 10
16% June
7% Aug
28% Dec
75
176
July 11
5234 Aug
105
2
June 24
17% Jan 20
l478June 9
106
Aug 17
Ex-rights.
36% Nov
165
Feb
63
Oct
Apr
97
Dec
884 Mar
16
Jan
6
Mar
61
Mar
13% Nov
92% Nov
^ Called fdr redemption.
New York Stock Record—Continued—Page 7
ii.1140
LOW
Aug. 12
Aug. 14
$ per share
*2212
23
$ per share
*93
8%
3i2
16i2
7%
Mclntyre Porcupine
8%
8%
8%
1,600
McLellan
8%
96
17
17%
13%
*12
13%
*12
30%
8%
8%
12% 12%
293s 29%
115% 115%
12%
116% 116%
56
56
*....
4
334
62%
3%
"""166
600
280
3%
40
3%
3%
9%
9%
9%
1,200
1%
10%
1%
9%
1%
1%
1%
1%
1%
*1%
1%
2,000
4%
434
4'4
4%
4%
4%
4%
1,400
%
*%
%
4%
*%
%
*%
'3(5
%
100
1
*%
1
15%
101% 102%
14%
1
*1334
1512
4934
51%
5II4
26l2
26%
*13
13l2
16
13%
1534
*67
5%
*48
16%
£15%
*20
70
*67
70
*47%
6
6
*17
*10
10%
63s
9%
2534
*175
*17%
10%
10%
9%
26%
9%
26%
*13%
14
*13%
96
*94
*20
21%
*20
*1734
18%
1034
17%
*17%
*10%
111
111
111
5%
*5%
24%
*11%
11%
*96
21
5%
•
5%
*5
538
24%
1178
24%
*10%
11%
11%
97%
*96
*21%
21
*142
143
21%
*20
18%
10%
17%
5%
5%
*5%
24%
*10%
1134
25
11%
11%
*96
9734
934
934
63%
8
11
*11%
Ilk
40
*37
44
44
*34
44
*34
*234
10
10
*3%
10
*25
26%
*25
26
*87
93
*87
93
*87
*41%
42
10%
2634
10%
*25%
*9%
*41%
108
11%
*37
42
108
*107
11%
11%
*37
40
13%
15
14%
143S
108
14%
*30%
*2%
*5%
*11134
15%
26
*116
*51%
5%
5%
5,800
5
5
1,000
44
44
*2%
10
*9%
10%
*25%
25%
25
25
9134
*87
14
*52%
...
54
%
%
*%
2%
*%
2%
%
2%
2%
2%
*%
%
*3jj
%
*%
12
11
*11%
78
78
8034
190% *189% 194
110% *■11012 115
23% 2438
24
11%
11%
11
11%
11%
1
2%
%
11%
8034
*78
80
77
78
23%
59
59
59
56%
57
16%
57*
16%
*86%
9%
88
9%
*86%
16%
*57%
57%
16%
88
16%
*86%
9%
9%
9%
112% *112%
32
*31%
3234
112
*111% 112%
*30
3234
6%
*18
4%
4%
4%
434
4434
4%
*41
*42%
44%
*42%
6
6%
1834
1734
14
14
109
6
18
*5%
19
15
14%
10834 109
*106
534
*5%
19
19
146% *144
*144
9%
*35
9%
*35
39%
5%
19%
145
6%
9%
25
*24%
25
*43
47%
*43
47%
*116%
*116%
62
61
3%
5
16
62
3%
*3%
5
434
16%
7
*10%
.16%
7%
*10%
7
12
33%
50
50
155
155
24%
*43
45%
534
17%
8%
13%
14
14%
126
19
....
63%
4
*3%
ft,.,
'
a
64
*77
%
•
1,000
2%
%
10%
""960
80%
500
York
5%
No par
Dock
No par
preferred
No par
50
185
186
1,000
110
110
120
21,800
2258
23%
58
58
57
5738
1,100
15%
24,800
14%
*87
90
6
800
10
60
15%
16%
1,300
13%
14
2,300
*106
109
200
5
5
200
18%
18%
146% 146%
2,800
8%
3,400
8%
40
35
35
23%
300
23%
200
2,800
1.060
400
5%
4
5%
3%
5%
1734
17%
7%
18%
17%
*10%
33%
11%
33%
10%
10%
200
33
33%
5
7%
19%
900
8%
1,570
7%
6% preferred A
Otis Elevator
{ In receivership,
a
20
Otis Steel
Def. delivery,
4
Mar
23
38
4
Jan
9
JaD
6
38%
3784 July
5% Mar
120
Mar
110
62
Mar
54
1
Jan
1134 Mar
120
Apr
Aug
101
111
Apr
June
%
Dec
2% Mar
Jan
%
16% Jan
Jan
434
Mar
118% Mar
1% Jan
4% Jan
Dec
12% Mar
Jan
484 Mar
63% Nov
284 Jan
7% July
1% Jan
16% Dec
Jan
Dec
8
89% Mar
Dec
Oct
59% Aug 3
59
Aug
1
1934 Jan 3
88% Mar 27
4534
Apr
57%
Dec
20
Dec
50
82
7
par
par
No par
....No par
100
Class
Apr
54«4 Apr 17
53%May 8
12% Apr 11
1st pref. .No par
C..$2.50
Coast
...10
preferred
preferred
No par
No par
Pacific Finance Corp
(Cal).lO
25
No par
No par
Jan
30
6
Feb 24
1
Aug 14
15% Apr 8
12% Apr 10
Jan 23
104
5
Apr
1
16% Apr 11
135
May 26
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
3% Aug 7
33
1434 Jan 4
112% Aug 14
34% Aug 3
5% July 27
4434 Aug
2
8
17
Jan
19% May
32%
Feb
7% Mar
1934 Nov
113%May 25
83% Apr
111% Sept
8% Jan
27%
Jan
4
3
148% July 26
15
Jan
5
54%
Jan
4
9
24%June
Mar
13«4 Mar
122
Jan
39% Apr
Apr
40
Mar
7% Mar
2
156% July 29
25% Jan 7
Ex-rights.
9
15% Nov
60
22% Aug
Mar
J15
June
Nov
Nov
10
3
3
14% Aug 15
10
29% Nov
147
6% Mar
30% Apr
Jan
70
Jan 30.
y
4
45% July 18
116% Mar 25
132
xEx-div.
Nov
Sept
3
April!
Apr 10
8ept
5
41
6
34% Mar 10
146
35
Jan
50% Aug
100
Mar
Dec
20% Mar
41
8.
May
13s Mar
12*4
103
30
27% Apr 10
9% Apr
25
Jan
14% July
14%
8% Aug 17
12% Mar 14
8
92t2 Sept
9384
8% Sept
3%June 29
Apr
June
63g Mar
5
534 Aug 15
19% Aug 18
934 Apr
5% Mar
75
10% Jan
2% Apr 10
11% June 30
Pac Tin Corp (sp stk).No par
r Cash sale.
4
2% Apr 10
32% Apr
114
preferred..
3
June 30
102% Jan
100
Pacific Tefep A Teleg
n New stock,
Mar
23% Jan
7
26%
Pacific Amer Fisheries Inc...5
6%
Mar
10
1334 Mar
Outboard Marine A Mfg....5
4,200
100
20
4
26% Feb 27
100
13%
18
5
18% Apr 11
No par
12%
155
47% Jan
22% Jan
19% July
48% Nov
2134 Nov
90
6% preferred
13%
18
4
110
i....lOO
13%
19
9% Mar
Jan
17%
198
Oppenhelm Cpll A Co..No
13%
127
IO884 Nov
Mar
No par
6
13%
155
Jan
Apr
Mar
Oliver Farm Equip
Omnibus Corp (The)
Pacific Ltg Corp
Pacific Mills
*18
Nov
40
Mar
99%
June
Pacific Gas A Electric
*
71
28
38
No
1,400
*125
July 27
July
100
Ohio OU Co
6,200
19
June
42
26
133
Norwalk Tire A Rubber No par
Preferred
50
49%
155
85
112%June 22
Jan
12% Aug
June 14
1
49
127
29%June
14% June
58
Apr
7% Mar
4%
113
100
50
*18
2% May
50
50
*-_..
Feb
4% Jan
11% Feb
195% Mar 10
..50
50
80
July
75
Jan 25
North'n States Pow Co $5 pf. I
Northwestern Telegraph
50
2d
July
82
Apr 12
Pacific
1st
30
Feb
70
Northern Central Ry Co
Pacific
Dec
Dec
106
North Amer Aviation
Owens-Illlnols
18
55
70
10
5% % pref series
conv
Jan
59% Jan
50% Apr
168
6% preferred series
$5.50
Oct
100
American Co
Northern
C%
100
Adjust 4% preferred
North
Oct
100
preferred
Norfolk A Western
50
125
8
2% Apr 10
%May 23
34%
125
July
8%June 30
7%
10%
33%
10%
May 16
Oct
July
81 s4 Nov
23
Feb
Mar
N Y Shlpbldg Corp part stk.
Preferred
65
3%
5
64%
100
Mar
5
2
% Mar 27
31
12% Sept
3»4 Feb 28
47
preferred
4484 Mar
134May 20
119
Conv
5
Mar
60
Nov
1634
178%
18
478july
1
July 19
20% July
145% Sept
2884 Nov
13% Mar
43% Feb 25
Apr
109
tNYNHi Hartford....100
17% Mar
8
30
50
NY & Harlem
Outlet Co
45%
*43
12% Apr 8
10% Apr 10
18% Apr 8
{N Y Ontario A Western.. 100
17
*125
19
■
10%
54
*5
155
*18%
New
Central
10% preferred
*52%
%
*2%
*38
8%
New York
8% Apr 8
27
Apr 28
N Y Lack A West Ry Co.. 100
*116
*116%
*116%
64
•Bid and asked prices; no sales on this day.
,t
38%
126
*
10
9
*2334
5034
155
1834
46
*116%
6334
*334
10
5%
*43
65
334
534
16,800
9
9
*5%
114% 114%
6%
146%
..No par
50
6%
1834
Air Brake
2%
10
*144
N. Y.
*2%
3,200
*35
11%
34%
5034
*18
144
1
NYC Omnibus Corp..No par
44%
9%
34%
50%
*
19%
144
Newport Industries
1,400
32
4%
109
107
31%
3%
*5
...100
31
*37%
*106
pref series A
6%
Apr 8
May 23
3
Jan 4
Aug 15
27%
20
32
30
June
7
18% Apr 11
73% Mar 14
Oct
10% Oct
684 July
June
8
No par
6% preferred series A... 100
*30%
5%
19%
serial pref...100
7,400
600
17%
14%
conv
Newberry Co (J J)
14%
25%
11%
14
1
"i6%~ July
115% Nov
113%
154
Apr
8
Mar
4
4
Oct
127
33% July
9%May
4
25%
4
10
No par
24%
•
30% July
Nov
6
Feb
81% Jan
15% Jan
Aug 12
Oct
19
94% Nov
173% Aug
1
10
Dec
Nov
145
8
43
14%
28
168%
Mar 10
27% Jan
8
N a torn as Co
Nelsner Bros Inc
106
July
2% Apr 11
N. Y. Chic & St Louis Co..100
12%
Mar 27
6% Apr
6% Apr
52
No par
3,300
111%
17
100
31,200
112%.112%
*30%
32
*4%
4%
*3734
44%
6
prior preferred
prior pref erred. ....100
13%
13
8,900
6%
17%
15
109
200
37
*35
4,000
8%
37%
25
5%
7%
12
5%
18%
30
1058
40
preferred
6%
4H%
""460
8'4
46
17%
7%
*10%
34%
*106
15%
90
9134
9%
834
*36%
*2334
10
64%
334
5%
17%
6%
17%
14%
15%
*87
38%
24%
*116%
12%
123
*18
145
*43
62%
334
33%
*42%
12%
123
6
19%
123% 123%
33%
*12
15%
109
9%
38%
24%
40
*24
18
*5%
19%
*144
188%
110
59
57%
1558
16%
16%
88
88
88
834
9%
9%
11234 *112% 11234
32
*30% 32
4%
4%
4%
43% 43%
44%
14%
*107
6%
1734
185% 185%
115
110% *110
23% 23%
23% 23%
58% 58% *573.4 58%
57
57
57
57%
187
"""766
300
*41%
42
*105% 112
10
$2
25
14% Apr 11
National Tea Co
3%
*116
No par
National Pow & Lt
5H%
10
*87
54
Nat Mall & St'i Cast Co No par
300
10%
38
*34
Apr 21
17%June 30
Jan 14
National Supply (The) Pa--10
*37
6% Feb 17
Mar 25
National Steel Corp
*10
8
165
2,000
11%
4% Apr 11
4% Jan 13
135
4,900
44
114
100
50,100
39%
Jan 20
86
Jan
Nov
14% Nov
Sept
12% Mar
Feb
1678 Jan
12%
Mar
20
109
Jan
July
10% May
111
..100
7%
*34
*52
10
9%
*37
2
Dec
10% July
65
7
1
Co
Lead
6134
11
z8% July
Jan
11% Apr
7
40
*36%
13%
Mar
4
61
%
*55%
900
11
11
6
15% Mar
150
Jan 17
18% Jan 10
7%
%
2%
*58
16%
175
15% July
62% Oct
29
28% Jan
$4.50 conv. preferred-No par
"
16%
7%
*105(j
38
14%
15
25%
32%
2%
534
190
200
Jan 24
Apr 24
Jan
110%
7% Mar
8% Mar
9% Jan 20
25% Jan 4
1578 Mar 15
14% Jan 3
28% Mar 11
9% Apr 10
preferred A..;
13%
Apr 10
Apr 8
Aug 18
Oct
8% July
64%
54
10% Aug 16
preferred B
1034
5%
14%
9%
7%
23%
Mar
32
37% Mar
634 Mar
23% Apr 10
7%
20%
174% *170
10%
3734
5
Apr
4
5
Jan
95
No par
Nat Distillers Prod
6%
1058
3434 Mar
Jan
9%
Apr
9%
6
July 17
May 29
Nat Enam & Stamplng.No par
140
*96
2l3g
108
14% Mar
70
111
3% Mar
3% Mar
17% Mar
100
37%
110% 110%
2334
24%
Gas Co
1
Nat Dairy Products...No par
7% pref class A
100
7% pref class B-.......100
Nat Dept Store
..No par
6% preferred...
..10
142
9734
21
*38
189
No par
Register
174%
11%
*96
108
Mar
Jan
106% Mar
105% Mar
60
Cash
National
*106% 108
26
7%
"11%"Sept
30
5%
41%
Mar
44% Mar 13
5
13,500
....
5%
41%
3
4
3
17%
16%
*10-%
10%
4134
11% Mar
51
Apr 11
Mar
h
3
18% Aug
117% Jan
National Cylinder
3", 200
93
6
12% Jan 13
Nat
1,100
"
21%
25%
1
Jan
5
3
l'.OOO
10%
Oct
10% Mar
Jan
16% Aug 15
26% Jan
1234 Mar
17%
54%
19
30
16% June 30
7
21%
934
Dec
117% Sept
40% Nov
2234 July
17% Nov
157b Mar
17
20% Nov
110
38% Aug
Mar
95%May 31
23% Mar 9
*20
July
25
Mar 31
160
8
72% Oct
1734 Jan
3% Jan
11% July
2% Jan
3% Jan
22% May
10% Apr 26
*5%
10
Mar
9
90%May 4
17% Apr 25
pref
9734
10
25
Mar
6% pref series A w w
100
Nat Bond & Share Corp newNo
Biscuit
cum
17%
10%
17%
3%
Jan
Nat Bond & Invest Co .No par
*109% 110%
*234
111
100
7%
Nat Gpysum
3%
10%
25%
5
500
National
6.300
*234
May
300
3,300
7%
May
5,800
*113
11%
67
8%
26%
11%
11
1134
9734
21%
3
17534
834
25%
21%
%
2%
*77
6
10
100
Nat Aviation Corp
Dec
Jan
*170
133i
*97
%
110%
800
1
National Acme
*13
%
234
190%
3,500
*93
*3s
*75%
10
94
*%
*2%
*1034
Nashv Chatt <fe St Louis...100
23%
11%
*94%
4% July
Dec
%
1%
45
Myers (F & E) Bros—No par
Nash-Kelvlnator Corp
6
10
23%
*41
54
;
24,900
lOSg
*116
*51
6
17%
9%
243«
*87
*116
54
6%
17%
49
*4634
1058
27%
54
100
$7 conv preferred
24
11%
*37%
1434
100
1
No par
Munslngwear Inc
No par
Murphy Co (G C)_.—No par
5% preferred
100
Murray Corp of America. .10
B
Mulllns Mfg Co class
10%
15%
26
*116
*51
26%
175
14%
145)5
15%
16%
1434
25
25%
25
2734
28%
32
32
31
32
32
32%
33%
32%
*2%
2%
2%
*2%
3
*2%
3
2%
*5%
534
*5%
5%
5%
*5%
6
6
114% *11134 114% *11134 114% *11134 114% *11134 114%
153s
25%
49
6%
18%
10%
8%
1,300
47% July
1434 Oct
37% Mar 13
9% Apr 10
10
Apr 10
16% Apr 11
4% Apr 10
30
Apr 8
9% Apr, 12
50
Apr 8
106% Apr 14
....5
1
Co....
Brass
Mar
39
Apr 28
Motor
Wheel
10
122%May 24
55% July 22
Motor Products Corp..No par
~4~
5
33
..No par
Essex...
<&
6
1% Mar
434 Mar
121
Mar 22
1,300
Morris
3
111
11712 Aug 18
40% Apr 11
Mont# Ward & Co. lixo.No par
Morrel) (J) & Co
Jan
2% Jan
17% Jan
3,000
....
434
115
No par
2434
40
15
11%
11%
5
No par
preferred
Mar
Mar
10% May
5
4
5
1
%June 28
10% Apr 11
85% Apr 10
10
4
35
934 Jan
8
24% July 10
""260
68
Co
Monsanto Chemical
10%
93
*10534 108
40
*64
% July
3
Jan
23„ Jan
1478
—50
70
*5
42
4134
No par
A—100
100
5% conv preferred
100
Mohawk Carpet Mills..—20
4
Mar 10
54
7% Nov
12% Mar
22% Jan
15% June
30% Nov
Apr 111
July
92
Oct
49% Jan
100
Nov
Apr £117
July 25
6% Jan
8
Aug 17
9% Aug 11
l%June 30
4
Apr 10
7% preferred series
2438
*33%
3%
*234
100
12
*11
*37
11
3%
1634
53s
Mo-Kan-Texas RR
Preferred series B
25,300
3% Apr
40
{Missouri Pacific
$4.60
50
*109% 111
111
Mission Corp
85% Jan
57% July
76
July 29
114
Jan 16
110
Apr
3% Mar
16% Jan 3
30% July 28
118
101
No par
10
preferred
{6.50
Apr
11% Apr 10
18% Apr 8
April
53
Aug 17
No par
Mollne Power lmpt_..l
Minn
30
4%
*113
...
*5
7%
*37
534 Mar
40
33
142
8
5
Mueller
*140% 143% *140% 143%
*16% 17%
17%. 17%
18%
9%
9%
10
9%
9%
61
62%
61% 63%
63%
18
1734
62%
734
43
5%
Jan
5
Mld-Contlnent Petroleum.. 10
1,200
32%
143
9%
*234
17
21% 22%
172% 172% *169«4 174% *170
61%
7%
43
10%
17%
21
142
143
17%
10%
18
10%
Ill
111
5%
1734
*113
...
*110
5%
5%
2434
11%
11%
9734
22
13%
12%
8
6% Apr 10
—
13%
*20
60%
7%
11%
26%
175
21%
60%
40
8%
9%
26%
177
94
1734
*37
10
*13
1734
9%
*10%
10%
6%
*17%
13%
*17%
9%
7%
*4G34
9534
18%
*172% 174% *172% 174%
*142
48%
6%
18%
*94
1334
10%
111
4%
5%
*20
1334
9534
17
17%
17%
114% 114% *112%
115
9%
2638
26®4 Mar
20
*111
9534
1334
11
17%
10%
*64%
...
■
4
26%
1258
15%
4%
4%
34%
12
67
*111
*94
21%
18%
115
48%
6%
*17
*175
175
175
176
*94
*1014
49%
6%
19
1034
9%
2634
*47%
6%
49%
5
5%
5%
19
10%
9%
26
178
♦111
*111
5%
*1058
67
67
13
4%
34%
4%
35%
12
*10%
Jan
1434
21%
13
13
4%
35%
Dec
39%
20
1534
22
37%
12
19
9%
2578
16%
21
434
5%
49%
*175
1234
16%
22%
37%
12
*17%
6
13%
*4-%
5%
*25%
12%
25%
16%
*35%
*11%
*35%
25%
13%
22
4%
26
26%
16%
21%
4%
*111
*110%
26
*13%
15%
*26%
26%
13%
*10%
70
4i2
*35
1,800
*67
*10%
16%
21%
22
4i2
37i2
12
*2H2
52
34
*33
36
500
99
100
10034 101%
*115
117
117
117%
117% *115
117% *115
*117
120
117
120
117% 117%
119
119
48%
49%
49%
50%
51% 52%
50% 51
33
33
*3134 34
*31% 34
*31% 34
121
*33
900
*7,
*15
15%
102% 102%
117%
*26
*7,
1
1
%
15%
15%
101% 101%
*119
121
934
9%
14%
1
%
*15
*100l2 10212
*115
11714 *115
*119
10
Dec
25
6
Machine Co
Mesta
Minn-Honeywell Regu.No par
4% conv pref series B...100
200
Nov
16%
8% cum 1st pref.... —100
1,300
40
Oct
73
30
800
3%
*38
40
Jan
May
Midland Steel Prod
10
60
Nov
1534 July
80
June
80
112
6
95
11
5,600
3,400
112
Feb
Apr
14
1234
54%
58
6'4 Mar
55
5
9
27%
113
Jan
Mar 13
12%
53
Apr
MarlO
17
26
113% 113%
*53
56%
70
12
7034
28% Jan
Miami Copper
114
1
99»4June
63% Oct
26% Jan
11% Nov
11% Aug 18
500
12%
26%
Mar
1
60
5% conv 1st pref
2,000
114
5
share
Merch & M'n Trans Co No par
Mengel Co (The)
7%
7%
35% Mar
13% May
3
MarlO
per
20% Nov
12% July
32%
2934
*29
Mar
62% Aug 10
6% Jan 3
80
29%
734
1234
28%
Jan
7
46% July 21
Apr 11
3
July
7
l4%June 30
11%
734
10
10
46
Melville Sboe....
16
434
10
No par
Highest
share $
per
3
Aug
18% Jan
6
July
$
1034 Jan 6
69%June 15
June 29
11%
29%
Lowest
share
24
Jan 27
7
56
conv
16
*»8
434
88
6%
12
1%
'
1%
434
preferred
100
...No par
16 preferred series A.No par
$5.50 pref ser B w w.No par
Mead Corp
16
434
*984
10
*934
*114
1
Stores
12
334
42%
*3%
*40
20
5
*35
*61%
3%
4
70
600
7%
62%
Mines..6
Plate.....10
McKeesport Tin
16
113
42%
*40
52
63
*3%
27% 28%
115% 115%
53% 55
113
*3%
4
42%
*3%
*40
42%
734
12%
55%
55%
'
113
*35
*60%
100
7%
7%
62%
%...
29%
8
12%
29%
*30
28%
5534
384
*93
100
*7%
7%
62%
17%
12%
116l2
*93
96%
73s
61%
334
16%
1234
28
*358
300
2,000
2,400
51
121.1
*40
734
56%
11
*60%
334
16%
27i2
113
*7
56
*35
12
*645s
8
56%
11
50
8%
McGraw-Hill Pub Co..No par
*7
10%
1939
Range]or Previous
Year 1938
Lots
Highest
$ per
15% Apr 28
6% Apr 10
49% Apr 11
8% Apr 11
7
Apr 8
1
Elec Co
McGraw
56%
*1034
63
30
1,500
11%
*30
334
22%
7%
58
62
4
21%
2234
11
*62
27
*115
2234
Lowest
$ per share
Par
7%
56%
62%
*29%
7%
30
7%
Shares
*16%
*12
1312
*29
Week
$ per share
62%
4634
*30
I6I2
*12
Aug. 18
$ per share
*60%
*3%
47i2
61i2
312
6112
7%
*7%
*._..
56
56
11%
8%
*96%
7%
100
*95
7i2
*3978
5834
1134
83s
*57%
1134
100
*7i4
*7%
58%
8
*7%
su
58*2
H34
8%
*7%
58%
*1H2
*8%
23%
8
58%
12
8%
99%
7%
23%
19,
EXCHANGE
the
Thursday
Aug.ll
$ per share
23
23%
Aug. 15
$ per share
23
23
On Basis of 100-Share
STOCK
NEW YORK
for
Friday
Wednesday
Aug.lb
Tuesday
Monday
Ranoe Since Jan. 1
STOCKS
Sales
NOT PER CENT
HIGH SALE PRICES—PER SHARE,
AND
Saturday
Aug.
5%
Dec
2% Mar
Nov
52
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
10% Mar
21% Nov
334 Mar
9% July
15% July
9% Mar
*22*4 Mar
32% Mar
9% Mar
87
30
43%
Nov
Dec
19% July
Apr
121
£132% Mar
17% Dec
149
Nov
30
June
Called for redemption.
=
Dec
Volume
LOW
AND
New York Stock
149
HIGH
SALE
PRICES—PER
Record—Continued—Page
Monday
Aug. 12
Aug. 14
8 per share
83B
8%
*8%
3%
12*4
*4%
7fi
*42
#'
884
3%
1234
5%
78
'J**
*978
*16
*42
98
10%
20
*16
Aug. 16
Thursday
Aug. 17
8 per share
$ per share
$ per share
8%
3%
10%
20
8%
3%
13
*4%
*4
9%
*96
10%
5%
104
""9"
9
Wednesday
13
43%
*
98
33s
13
*4%
*4
44
104
*96
3%
13
SHARE, NOT PER CENT
Tuesday
Aug. 15
$ per share
8%
682
*4%
5%
34
*%
*40%
84
42
103
9%
*16
8
9*4
96%
10%
20
84
42
*—
9'
884
9584
95%
*93
10%
10%
10
*12
ver
*7%
3%
11%
*4%
%
42
42
9
20
*15
98
*92
10%
20
9%
*15
41%
41
41%
41
41
4034
1%
41
41
42
17%
1734
18
18
18
*17%
17%
17
17
*1%
*11%
8%
2
*1%
11%
2
*1%
17g
*1%
1%
1%
1%
12
1134
12%
11%
8
11%
7%
11%
7%
10%
8
*56%
88
II84
8%
57%
57%
88%
88
8
8%
57%
8884
1%
1%
1%
57
57
5734
6734|
400
90
90%
88%
90
I
3,700
2
*1%
*1%
*3%
334
21%
*3%
334
*338
378
3%
*3%
*20%
23
*21
23
3%
22
*13
14
*13
14
*13
13%
*122
...
♦39
17%
*2%
*9l4
26
*3884
*2%
*934
12
26
20
*36
20
3
*25%
*1884
*20%
20%
20%
*7%
7%
7%
*7%
*7%
37%
*45%
*88%
2
3978
*2%
40
3
11%
26%
19%
20%
7%
*2%
*12%
*4%
*163
198s
*20%
7
*9
26%
19%
20%
7%
*23
7%
39%
47%
89%
89%
89%
2%
3«4
%
87%
89%
2%
89%
8912
9
*33s
384
*3%
%
8734
%
*%
87%
%
8634
*128
434
*4%
*28
484
32%
2%
*13%
13%
3
13%
*2%
13%
5
*4
5
*62
70
*163
175
*163
175
*170
174% *163
*23%
27%
*15
16%
27
*24
27
*24
*21
28
*23
;
*8
8%
8%
8%
*7g
18»4
1%
*%
1%
1834
18%
18%
10%
10
10
7%
8%
25
6134
6134
117%
40% 40%
*112% 114%
.
9%
*%
*%
734
*734
*22%
6178
934
84
%
12634
14278
165
114%
26%
6%
*22
1%
7%
*%
19%
10%
19
19
*984
10%
9%
8%
34
*%
34
%
7%
*%
3g
%
*734
884
*7%
7%
*23%
25
6%
64
1634
64%
17
11%
11
11
60%
I84
I84
61%
17b
*19
20%
*7%
*14%
11%
*21%
25
*17
*3
18%
384
*21%
*17%
*45%
*11%
4784
12%
8
16
12
24
18%
384
48
12%
77„
11%
784
*10%
11%
11%
*67%
11%
,69
65
1%
I684
*3
*45%
*11
*7
*10%
584
5%
5%
*7834 100
62
63%
184'
184
134
20% *19
20%
134
*19%
734
15%
7341
60
*16%
*11%
7%
11%
24%
*45%
4%
49%
*3%
48
*47%
50
*11
12%
*11
11%
*10%
12%
*7
7%
7
7
7
7
11%
*10%
12%
11%
67%
6484
11%
12
67%
6484
1
1
48
*10%
12%
69
55
18%
4%
65
16%
15
*17%
4
*67
55
20%
7%
*13%
18
4
3«4
*6434
*53
62
*19%
*22
19%
64%
I84
*22
*18
12
56
%
%
200
*%
6%
7%
3,600
*7
6%
80
134
7%
24%
65
57
62
1484
12
24%
*22
69
*53
8
I684
1634
*10%
11%
5%
5%
*7884 100
73g
*11%
11%
64
14%
15%
11%
12
*53
1,200
200
1,800
1%
17%
*53
1%
1784
60
56%
12%
56%
123s
Plymouth Oil Co.
...6
Poor A Co class B
Class B
200
5%
16%
*53
:
*10
II84
11%
II84
6%
6,100
16
*10%
5%
63%
16%
800
85
6%
7%
11,800
"i'.ioo
2,800
5%
26,500
*78«4 100
61%
62
*1%
134
20%
*19
T,666
2,700
Kaybestos Manhattan.No par
800
Rayonler
500
1,500
*22%
11%
24%
preferred———. 25
Reading
.......60
*16%
18
*46%
11
*3%
10
*612
*10
11%
4
500
.
4% 2d preferred
Silk Hosiery...
Real
Preferred
1
5,600
15
16%
31,900
60
54%
""400
11%
1,400
11%
11%
*1178
1234
1134
*54%
11%
23%
23%
*23
26
*23
26
*21
25
*21
25
*20
24
70
*67
70
*67
70
*67
70
67
67
65
65
60
*40
50
*39%
50
*67
50
*39%
50
*84%
9%
86
9%
*8478
86
6%
3984
6%
39»4
*6%
39%
*40
9%
•
5534
*53
*7%
*7
*53
7%
7%
7
*14
15
*19
21
*«4
37
%
*7
*7
10
*39%
9%
50
9%
*39%
9%
86
934
*85
*85
86
*85
40
7%
40%
*53
5584
7%
7%
7%
*%
36%
%
7%
40%
5534
7%
*14%
*19%
1
*3534
984
%
8s
*7
158$
20
15
153s
20
20
1
3634
%
%
3%
6
7%
*%
37
3g
6%
3834-
39%
5534
*53
7%
*7
*14%
20
1
36%
684
714
7%
15%
20
%
*53
7%
*7
*14%
20
1
*%
36
3
6%
39%
*%
36%
%
35%
%
%
50
9%
86
6%
39%
5534
54%
10%
9
*85
6
16
16
*15
16%
3
2% Apr
12
Apr
8
6
4
Mar 31
50
Apr 27
166
Jan
5
5
Apr 11
7% Apr 10
Apr
4
12%May 22
17% Apr 11
6% Apr 14
8
Apr
8
% Aug
5
%May 1
6% Apr 10
7% Apr 1
18
Apr 10
50% Apr 14
112
MarlS
8
Apr 10
31% Apr
103
Jan
4
7
35
31
Aug
50% Aug
5
Jan
4% Mar
Sept
27% Mar
2
4
—
.
6
Republic Steei Corp.—No par
6% conv preferred
,.100
6% conv prior pref ser A. 100
Revere Copper & Brass..... 6
Apr
1
8
4
Jan
26% Nov
Oct
62
41
Mar
75
Nov
5
6
145
June
174
Mar
175
Aug
9% Jan
14
Jan
42
47g May
7% Mar
Jan 14
6
1584
Reynolds
%
112
Apr
134
Mar
112
Jan
162% Deo
117
Sept
39% Nov
13% July
21% May
8% May
Apr
4
3
81
74% June
7
Jan
*3%
6
%
%
3%
3,100
*2
*3%
6
4334
44%
9,200
80
112%
160
112% 112% *112% 112% *112% 112%
*14
15% *13%
15
*14% 15%
60
100
..
Stores.......No par
5% preferred .......... 100
6% preferred
.....100
7% preferred
....100
Savage Arms Corn
No par
Safeway
June
484 Mar
4
60%
Jan
37% Mar
184 Sept
1484 June
22% Jan
17
Mar
9
Mar 11
8%
85%June
6778 Jan
278 Jan
Jan
8% May
80
Oct
6678
Deo
5% Jan
24
July
24%
29%
Jau
22
Jan
30%
Jan
f In receivership,
a
Def. delivery.
nNewstoek.
rCashsale.
x
Jan
183$ Jan
25% Jan
10% June
21% Mar 13
6% Feb 11
13% June
284 Mar
27% Jan
6% July
64
34% Mar
5
Apr
5% Mar
11% July
Mar
18
June
9
78
Dec
Apr
69
NOV
1
Dec
May
3% Oct
25% Nov
78% Nov
77% Nov
77s Mar
17% Mar
38% Dee
8
70
Jan
11% May
39% Mar
71
Jan
38
5
20% Jan
Jan
85
45
Dee
10
Sept
64%
17*4
65
Jan 18
1484
Jan
19%
Apr
77% Mar 15
54
Jan
13% July
17% July
40
April
85
July
11
9% Mar
49% May
Mar 15
40%
58
4
Mar 13
77%
Deo
94
Oot
Jan
Jan
Jan
Sept
11% Jan
6
4% Mar
12% July
35% Apr 11
45
Jan
4
52
58
Jan 31
3384 Mar
61% Jan
46% Jan
58% Jan
97$ Nov
96
Jan
3
104% Jan 11
1034 Apr 11
10% Jan
9% Jan
16% Jan
Mar
6
7
7% Apr
14% Mar
Mar
13
Jan
13% July
20*4 Jan
33% Dec
84 Dee
2%
25% May
49%
Ex-dlv.
y
J&n
Oct
Dec
1% July
1% Mar
I84 Dee
3% July
3% Jan
4
37$ Dee
7% July
29*4 Nov
83% Dec
84
2
%
Jan
Jan
Apr 28
12
48% Aug
3
109
Aug 3
112% July 17
116%June 7
18% Jan 3
Mar
51$
Ex-rights.
Jan
68
Mar
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
19
Jan
ii
•Bid and asked prices: no sales on this day.
Jan
88% July
15% Nov
16% Jan
9% Oct
18
Mar 20
Mar
98%
Nov
23% Jan
1% Jan
4634 Jan
.
Oct
132
%June 27
% Aug 12
l«4May 3
3%May 6
2784 Apr 11
82% Jan 4
St
59
Jan 19
84 Apr 8
27% Apr II
3,800
122% May
35% Jan
105% Oct
118*4 Nov
June 29
117%
f Rutland RR 7% pref-.-.100
Joseph Bead
—
10
"MOO
%
Nov
Mar
80% Mar
10178 Apr
Aug
14% Deo
42% Deo
25
Aug
fgt Louis-San Francisco...100
6% preferred
...
,...100
tst Lou Is South western... 100
5% preferred...—...100
35%
Jan
14% Deo
114
Aug 15
Feb 27
Aug
Aug
34
%
1%
4S4 Mar
64
18% Aug 10
*%
3434
Oct
Jan
16% Deo
3% Jan
4% Mar
1384 Mar
39% Mar
43% Jan
Copper Mines
'The).—-No par
1
II
1% Mar
II984
4184
114%
128%
Roan Antelope
36%
%
%
3%
£J% July
Mar
Jan 17
Ruberold Co
Mfg....No par
Jan
Mar
5% Mar
14% Jan
14% Jan
200
Ritter Dental
34
8
Aug
16s4 Jan
2% Jan
300
*7
Jan
17% Nov
Deo
15
10
*18
....
Mar
Apr
Rlebfie d Oil Corp.....No par
...
45
May
%
42
1,200
3,700
preferred
Jan
Aug
July
43
5% Apr 10
—
9% July
I684
62
6
22% Jan
13
Jan
23
Jan
84
Jan
9% Nov
30
June 10
2
7%
20% Apr
11% Apr
2484 Jan
36% Jan
134 Jan
26% Jan
Spring
.....
1
Reynolds (R J) Tob class B.10
Common
..10
7%
A
May
Jan 12
10% June 30
July 11
April
7$ July 8
127g Apr 10
64% July 18
37% July 11
7% June 30
7884 Jan 4
Class
July
July
39
90% Mar 29
81% Jan 3
18% July 17
July 18
9
20%
3988 Jan
11% Jan
43
Nov
43
1
23
6% June29
12%June 28
10% Apr 8
21
July 10
16
July 6
3
Apr 11
4
Jan
Mar
30%
2
80
8
4
60% Mar
44% July
Mar
67
166
1% Apr
16% Apr
Mar
14384 Oct
144% Oot
8% July
36
8
5% Apr 10
85%June 1
53% Apr 10
June
18% Deo
37$ Mar
143
IO84 Jan 26
11
Aug 16
I
20% Jan 5
7% Jan 11
Jan
Apr 11
6% Aug 12
July 31
6334 Aug 18
Mar
Mar
3% Mar
Apr 25
Apr
6% Nov
4
115
July 31
Mar
82
July 27
43>4 Jan 3
3% Mar 29
45% Mar 15
8% Mar 14
129
4
114
1
*14
112
*112
Jan
6% Aug 16
23
Apr 18
35% Mar 27
Mar
20
7%
112
112
Aug 11
154
7%
7%
15%
108%
112
6
Apr 20
31% Apr 10
-100
5%% preferred.
..100
Reynolds Metals Co —No par
6 H% conv preferred
100
5534
112
112*
112% 112% *112% 112%
2»4 July
25
"3^700
39%
107
112
82%May 19
May 19
126
July 25
6% Apr 11
6%May 2
13% Mar 31
*53
*112
112% 112%
*14%
16
%June12
103% Mar 3
1%
2%
%
75%
Mar 27
72
..
6%
38«4
% July 29
9% Apr 11
21% July 11
86
41% 44%
106*4 10634
*2
Nov
4
10
"2", odd
9
%
%
%
%
%
*2
*2
*2
3%
3%
3%
6
6
*3%
*3%
*3%
6
45% 45%
4334 4584
45% 46%
46%
47%
109
*107
109
*107
109
*10684 108% *107
%
*2
*3%
NOV
3
65
100
11%
Nov
60
JReo Motor Car
Oct
6% July
1734 July
43
July
88% Jan
17*4 Nov
13% Jan
3
25
Preforred with warrants.
Feb
42
74
Aug
Rensselaer A Sara RR Co. .100
10
1
Remington-Rand
100
1
8% Mar 14
13% July 26
984 Jan 5
11% Jan 12
17% Jan 6
75% Mar 15
Reliance Mfg Co
Mar
812 Mar
7«4 Mar
484 Jan
Jan
31
43
7
1
9
MarlO
Dee
24%
Apr
Apr
6% Apr
9
Apr
120
10
121
60
Reliable Stores Corp.—No par
"2", 400
20%June
7
Mar
Mar
Mar
Mar
Mar
Mar
July
167$ Nov
3
Rels (Robt) A Co 1st prei.100
——
6
3% Jan 24
2% July 31
30
64
*53
6
.100
...
120% Deo
6% July
80
91
20
69
16%
60
60
1st preferred
Mar
10
40% Feb
8
Feb 27
400
64
56%
%
8
16% Mar 9
124. Mar 15
24% Jan 4
89% July 18
Jan
Deo
2% Mar
10% Mar
7
7%
11%
12
*65
60
1
.
Mar
Mar
1%
Jan
50
10%
70
16%
Ino
$2
4
64
*53
No par
6% preferred—........100
5% conv preferred—
100
Purity Bakeries
No par
Quaker Stato Oil Kef Corp.. 10
Radio Corp of Amer— .No par
$5 preferred B
..No par
83.50 conv 1st pref..No par
tKadlo-Keith-OrpheumNo par
33
Mar
55
5% Jan
1% Apr
148
Pure Oil (The)
41
577$ July 28
9484 Aug 2
2'4 July 13
75
114
preferred
1
Mar
1% Mar
8% Mar
884 Mar
8% Oct
47% Nov
100
8%
7%
1
17%
—
14%
7%
14%
64
54%
preferred—......No par
preferred...—
100
preferred-.
100
11% Mar
■
Mar
Pub Sor isi A Gas pf f5.No par
Pullman Inc....
.No par
230
"7*7O6
No par
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J..No par
200
200
11
Procter A Gamble
400
80
6334
1
1st pref—.......6
6% conv 2d pref........50
*65
60
45%
11%
6%
No par
conv
2% Feb 25
13% July 27
17% Mar
par
Pressed Stem Car Co Inc
8
*65
No par
f Porto Rlc-Am Tob cl A No
1% Mar
3
Dee
30
....No par
Pond Creek Pocahontas No par
13
Jan
Dee
13% July
30
July
3% Oct
42% Oct
21% Oct
2>4 Oct
14% Nov
13% July
68% Aug
86% July
2% Jan
1
June 28
I884
984
8%
31% Mar
19
Deo
13%
103
5
April
% Apr 28
...100
(The)
2% Jan 3
43%June13
Aug
4484 Jan
7
Flits ton Co
Mar
2
61% Nov
102
48% Aug
18
Pittsburgh A West Va.
6% Mar
15
5 M 1st ser conv prior pref 100
10
100
16
Mar
MarlO
22
..
.....
5
5% Mar
MarlO
100
100
7% pref class B
5% pref class A.
400
7%
6%
..No par
%
%
7%
*65
6
*63
1%
17%
80
*7834 100
61% 62%,
*67
1
*%
634
6%
17%
*11
Plttsi.urgh Steel Co.
7%
100
6%
Pitts Bt W A Ch 7% gtd pf 100
Pitts Screw a Holt.....No pa
%
I884
984
8%
5,600
64
61
22
preferred
7%
8
24% *21
23% *21
23%
63
62
62
63%
62%
63%
*114% 117
*114% 115% 114% 114%
40
41%
41%
40% 41%
40% 40%
40%
112
112
112
112
112
112% 112
112%
127
127
*126% 127
126% 126% *126% 127%
143
*141% 142%
142% 142% 143
*142% 144%
165
165
*165
167
165
165
164% 165
*114
*114
114% *114
115
115
*114
115
26
26%
24
25% 26
25% 253s
25%
17%
57$
22
28
100
.10Pitta Coke & Iron Corp No oar
$5conv preferred....No par
"~20
64
64
5%
15
6%
27%
*13
117
17%
1178
*7884 100
70
63
65
*11
5
"500
25
...
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa.
116
64
11%
Pillsbdry Flour Mills
40
234
13%
*22
64
< 5%
100
50
*23%
27%
14%
10
8%
34
*70
*17
30
*2%
13%
600
*984
884
80
17%
*28%
65
Oct
8
36
Pierce Oil 8% conv pref...100
4
4
5
Jan
6
Apr
2
300
14% Jan
167$
18% Dec
9% Feb
36
..100
Preferred
45
Mar
8884 June
107% Jan
13% Jan
Jan
Highest
534 Apr 10
28% April
6
Hosiery
7
*6
2,200
7g
1834
*7%
7% preferred
.....100
Phillips Petroleum.... No par
Phoenix
8%
7g
*18%
8
9,600
8%
*7%
*%
33
2%
174% *163
175
5%
5%
5%
1
9
*2
*62
8
*70
8
16
1234
16
28
2812
79
20
1
15
5%
8%
*23%
14%
*70
*7%
*14%
*11%
*62
*9%
*%
8%
5%
9%
80
*19
*7
*8%
*%
1834
*934
7%
8%
25
62
117
117%
407„ 41%
*112
112%
*12612 127% *12684
*142% 143
*141%
165% 165% *165
*113% 115
*113%
25% 26
2578
6%
6%
6%
*7834 100
1384
70
484
35
32%
*3%
3
*4
*4
_
29
4
41
Aug 15
Pblllp Morris A Co Ltd,
10
5 % cod v prof series A
100
Phillips Jone«> Corp
No par
6% Nov
1
Sept
34
7
2,900
Mar
3% Mar
Feb 14
26
'
1534 Deo
8
8
Petroleum Corp of Amer
5
Pfelfler Brewing Co...No par
........
Jan
104
10
17
Jan 18
.
Jan 5
Jan 3
Jan 4
Jan 20
Jan 5
8
Apr
*45
60
*62
15
*%
*2%
1334
7% Apr
1178
484
16%
634
1%
60%
Lowest
\ per share g per share
14%
19%
22%
1>4
5%
17%
8
30% April
2
May 10
Phlla A Read C A I....No par
134
Feb
Apr
1,300
*41%
6%
2S34
5
29%
734
2884
3
14
45
70
15
*7%
*22%
6%
24
15
%
85%
*25
2%
*4
16
934
*2
*64
29
%
2%
434
8
120%June 20
15% Apr 10
17
%
83%
*126
33%
3
21
20
■
35
Apr
100
100
*3%
*%
*4
«
No par
150
33s
32%
6% prior preferred
5% pieferred
Pet Milk
2%
384
3%
5
*15%
I"
300
70
5%
*8%
*23%
*14%
134
89
*2
*4
5%
9%
61
*85%
900
100
Phelps-Dodge Corp
26
Philadelphia Co 6% pref...60
80 preferred.
.No par
tPhlla Rapid Trans Co.. —.50
7% preferred
60
2%
*61
5
534
534
89%
*45
*45
*2%
7
*8%
*11
400
50
50
3
14%
45
9%
17%
46%
*41%
30
*2%
7%
2%
584
*6384
7%
37%
*45%
45
6%
30
*2%
5%
*70
7%
39%
47
*26
Peonies G L & C (Chic) —100
Peoria A Eastern
...100
130
7%
484
*45
50
*884
*27
*117
11,200
conv
Pere Marquette
38%
*45%
*86%
34
5%
,
5,300
3
78g
7%
39%
35
*43
45
*26
.
7%
*25
9%
984
7%
34
9%
*10
200
pref
...No par
Pennsylvania RR—.... ..50
Peoples Drug Stores. ..No par
110
20%
35
30
*6%
*28«4
175
*4
$7
—
23%j
17% |
87
Apr 10
Apr
16%
134
74
12
20%
86%
18
10
7%June 12
48
Apr 10
400
23
*126
par
No par
......No par
Penn Coal A Coke Corp.
10
4
11
10
13
18%
2034
33
*6%
*2834
7%
30
14%
434
Pentck & Ford
Penney (J C)_.
Apr
117$ Apr
1% Aug
684 Apr
April
2384
88
136
50
*2
3
*127
33%
*2%
*42%
6%
*2834
*43
50
*4%
89
137
,Patlno Mines & Enterpr.Vc
1% Apr
36
19
18%
*20%
*2
1
2.50
June 26
17 conv pref ser A ...No par
Penn G1 Sand Corp v t c No par
11%
*28
35
32%
32%
*129
136
.No par
17
400
*2%
*9%
%
*3%
*2
Parke Davl« & Co
67b Apr 10
Apr 10
784 Apr U
80
22%
11
3«4
3«4
a89%
..1
1
May 10
*1934
T.300
9
*2
7%
x3S
Park A Trlford ino
Park Utah CM
% Apr
41% Apr 14
100
Apr 11
38%
3
No par
4% conv preferred
.100
Paramount Pictures Inc
1
6% 1st preferred—.....100
6% 2d preferred
10
June 26
5
Panhandle Prod <fc Ret new.. 1
Paraltlne Co Ino
8
1
3
38
*9%
Apr
Cement—.No par
12,400
39
Aug 17
3
Penn-Dlxle
16%
*38%
*2%
8
10% Apr
600
16%
38%
7
47
8
1%
*37
17
38%
7
514
*
18%
7
784
23%
21
I684
11,500
1,600
g per share
3
*122
*37
Transp.,5
Highest
$ per share
3
13
14
*122
26
18%
*20%
47
66%
*61
*25
3
40%
8
45
50
12
47
2%
*28%
*9
39%
*2%
*7%
39%
35
*6%
40
17%
38%
39%
3
11%
47
87
*43
17
*37
39
137
*2
1778
38%
....
47
87
*4%
*122
20
*13
38
8
*128
32%
17%
*36
13
3734
*1
*28
*122
13
47
9
*3%
17%
38%
*20%
3%
20%
10
...No Par
Parmelee Transporta'n.No par
Pathe Film Corp.. ...No par
90
2%
Corp
Airways Corp.-.*.5
600
577gj
*1%
Pan Amer
Parker Rust Proof Co
784
784
Pac Western Oil
Paokard Motor Car
600
89
2%
17%
38%
39%
2,000
1,000
I684
1%
11%
*56%
*1%
1634
1%
41
57%
2%
*36
40»4
1634
90%
*1%
....
1,200
89%
*57
2%
*122
9%
1%
1184
734
*1%
21%
1%
1%
200
20
41%
*17%
1%
16~,400
94
8%
1*4
1%
"2",000
!
Range for Previous
Year 1938
100-Share Lots
Lowest
Far
~
Pan-Amer Petrol &
700
104
-
*1%
1%
1,000
38,700
1,600
8%
42
*
104
Range Since Jan, 1
Week
3%
12
5%
34
1141
On Basis of
Shares
share
~
3%
12%
5%
34
12%
*4%
43%
103
3
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Aug. 18
8
3
3%
1234
42
90%
10%
834
3
12%
*95
Sales
for
Saturday
8
1 Called for redemption.
New York Stock Record—Continued—Page 9
1142
SALE PRICES—HER
HIGH
AND
LOW
NOT PER CENT
SHARE,
$
*
per
$
74
*h
per
share
l2
*5
$ per share
121?
74
l2
512
512
52
52
12%
1234
74
12
6
517*
Aug. 16
$ per share
1212
*73's
*511?.
Aug. 15
% per share
75
12i2
1212
1218
*72
Aug. 14
»
share
Thursday
Aug. 17
Wednesday
Tuesday
*38
*53)5
52
%
h
5%
5
52
12%
75
*73
51%
%
5%
52
12
12
*73
NEW
per
11%
%
*5
5%
51
5178
1134
1,600
100
75
%
5%
800
51%
*%
5%
51%
1,100
500
'
*214
2%
2%
7714
*23)5
7634
15
£76%
*4%
*46
38
1034
*9%
67%
*58
50
*3712
1012
8I4
*3712
*57
412
*46l.i
8I4
50
*8
1578
13%
£l434
1212
4l2
458
38
102
*10014 102
76%
6OI4
*58
60
*2%
25)5
78
151?
*1234
15i2
15i8
1212
12i2
1212
,*57
*2%
7714
8I4
1034
102
*4%
12%
4%
434
*4614
50
*8i8
*371?
1034
38
102
*46%
8%
8%
*37%
10%
1034
103
102%
6
6%|
*5i2
24
24
2278
*2i2
*20i2
23
16
16
16
96
*9412
94
*51?
2414
*5%
23%
*2%
*21%
16%
*94%
*90%
6%
24%
*91
3
*9412
*90
*110
*2012
900
3
21%
17
17%
95
*941?
95
*11
IU4
20i2
IU8
11
2
*l7ft
76%
14%
14%
14%
1234
*12%
12%
12
12
67%
*58
62
58
58
100
4%
46%
700
100
8%
1,200
8%
1034
103
*46%
8%
*37%
10%
*101
4%
50
8%
38
10%
103
4%
46%
778
*37%
10%
*102
800
38
----
1,300
10%
103
400
57)s
24
3
22
16%
95
1714
I7i2
16
1612
14034 *140
I7I4
16l8
14034
2884
13U
16
2834
29
14
*28l2
131?
14
163(5
17i8
2658
17
25
26l8
*36
2534
2
*6
638
*17
253s
2534
63s
2534
*46
48
111?
68l2
IU4
6714
2834
6714
2884
63s
2834
44
4358
25i2
*6684
20
*18
48i2
1U4
IU4
63S
*614
4314
*46
2
134
19
4234
43
*36
43
*178
2834
612
63g
104i2 10412
278
278
77s
7%
17.%
I73g
2014 21
2514
2514
10412 10412
278
278
134
*6
191?
4312
2534
*46
24%
26%
43
*36
1%
I84
2334
3
22
16%
95
43
134
70
69
69
283,5
2878
6%
28
28
6%
638
10434 10434
234
278
1041? 104%
7%
18
7%
24
8
734
8
8%
8%
734
*412
5
45)5
458
1238
4%
4%
1234
8%
49%
*4%
2334
2334
.2334
16
16
J 5%
19%
25%
24%
40%
27%
15%
18%
8
*2312
26%
2478
77
*121
26
20
78%
101?
27%
25
78
122
27
6%
6%
6%
6%
105
104% 104% *103
234
2%
*234
278
7
6%
67)(
7%
19%
7834
101-4
67
25
*7712
122
66
17
78>4
IOI4
68%
25%
24%
a78%
124.
*67
1078
21
40%
*l()i8
10%
107s
16%
28
838
46
19%
39%
12%
46
11
2478
28
49%
6
22%
29
834
6
23%
70
4934
6%
23%
1734
213.4
8I4
134
48
1734
12t«
134
24%
215(5
2512
24l4
4078
*49
134
24%
11%
11%
734
24
24
23
'
27%
77%
8
*734
8
434
1134
8%
124
10%
39%
78
49
10%
24%
40
7734
*121
124
24%
28
77%
49
103s
24%
3934
*27%
10%
2334
178
4%
11%
734
49%
*121
10%
22%
17ft
4%
11%
778
50
124
300
200
1,400
Snider Packing Corp—No par
30,800
1,800
800
1,000
60
4,600
18,000
17,700
10,800
1,700
330
1,700
11,700
700
1,800
No
{Stand Gas & El Co...No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
Stewart-VV arner
Stokely Bros <fc Co Inc.
15,200
Studebaker Corp (The)
2,100
40
10
10%
2,800
23
2178
22%
900
178
1,900
1
Sweets Co of Amer (The)
17%
2634
17%
2634
*5%
5%
558
5%
*43g
4%
5%
4%
5%
*37%
*3758
4U2
*3758
4U?
*375g
*414
434
*414
434
5i2
*414
55g
5%
41%
4%
5%
34%
334
341?
35%
3%
29
29
334
29%
*5%
3234
33U
51?
3334
3*8
3%
334
2734
71?
*634
2778
2838
738
67)5
5%
7i2
678
*12
*12
13'8
71?
684
*12
20
13%
20%
*60
60%
20
20
6038
6038
*334
4
*30i8
31
26
27
2
*35g
*24i2
*134
4
2
2
4
*2434
*134
*3i8
7%
634
21
*338
4
3178
334
2612
29
13%
6038
334
3%
678
*191?
*312
*30i8
7%
5%
33
1318
*60
4
7%
4%
*3%
31
37g
*3%
247)5
4
6%
4
5%
5%
5%
34%
3%
33%
34%
3%
29%
*28%
29
27%
3%
28%
7%
6%
7%
6%
4
3178
20
*3%
*30%
7%
634
14
20
60%
4
7%
7%
6%
6%
14
*12
1934
1934
60%
*60
1,400
14,500
3,400
*3%
*30%
3178
3%
100
10
1,200
2534
2
1,200
4
*3%
4
3%
3%
4
100
1514
*43i2
45
134
91
90
90
1514
1434
15%
24
178
8%
10
24
*1%
24
178
9
9
934
934
21
23%
110
1,500
1,100
600
44
1,600
Transamerlca Corp
9%
534
278
27(j
3
3
*8314
871?
*83%
87%
*312
358
3%
334
*334
9%
*7
234
*80
5%
934
6
3
84%
378
8%
*46
Tri-Continental Corp..No par
Truax Traer Coal
334
234
234
*82
334
18%
2734
3,700
*3%
334
3%
3%
3%
3%
234
234
600
31%
*26%
114
16l8
I6I4
*114
96
96i2
8712
871?
16i2
*9534
*8578
22
22
*2
37
37
116
I6i2
*114
16%
46
7%
82
47
7%
7778
7%
80%
116
*11334 115%
16%
16%
16%
97%
96% 97
87
8778
87%
22%
21% 21%
37%
35% 36%
12%
11%
1178
*27
10
*2%
*4434
7
78%
10
2%
46
32
7
77
2,100
2%
44%
42
7%
190
934
9
2%
79%
700
700
7
78%
16
16
9534
2,400
1,600
87%
500
H8
2214
21%
21%
21%
34
3714
35%
35%
35%
11
115)5
1214
11%
10%
11%
*17
18
18
*17
*1714
173,
1778
1734
17%
17%
177)5
*114% 118
*1141(5 118
*114% 118
*114% 118
*114% 118
*114% 118
611?
*60i2
6U2
6U2
60
62%
62%
60% 60% *60%
61%
60%
*17
18
*17
18
*1714
I8I4
18
*17
17%
1734
17% *17
3
3
3
3
278
3
3%
27(5
3%
278
278
2%
38
37
3714
37%
37i8
37i2
37
38%
38
36
3734
37%
500
981?
8778
37
1134
Bid
and
asked
97
*8678
*21%
36%
12%
*17%
prices: no sales
on
this day.
9634
9634
*86%
8734
94
*86%
21%
{ In receivership,
o
Def.
9,200
12,300
200
1
Apr
Mar
51?
Dec
4
Mar
478 Apr
2% Mar
35U Aug
16
12i2 Jan
484 Jan
6
Aug 18
66
634 Apr 10
81% April
104
Apr 13
90
78
100
No par
..No
$3 preferred
5
133g Apr 11
2
Apr 10
30ia Apr 10
par
par
No par
r
Cash sale,
4
July 27
25
1578 Feb 24
112% Mar 13
52
Apr 8
100
Corp
Mar
5
423s Feb
1312 Mar
1884 July
119i2June
651? Mar
778 Apr 11
Corp. No
1984 Jan
April
5
No par
United Biscuit
7*8 Mar
57
235s Jan
33
5
z
Ex-div
y
20
Mar
Mar
Mar
July 14
20is Mar 28
No par
United Aircraft Corp
Un Air Lines Transport
41
Jan
12i8 Jan
25
Mar
II4 Mar
901? Jan
118
June
51? Mar
Mar 28
65i2 Apr 8
113i8May 17
16
Aug 17
4% preferred
77
334 Aug
...100
Union Pacific
Union Tank Car
New stock,
Apr
17i2 Apr 11
7% April
100
Union Oil of Callfornit
n
4
8
31U Mar
16i8 Mar
25i8 Mar
2% Mar
Preferred
United Carbon
delivery,
Mar
8i8 Mar
li? Mar
534 Mar
26U Jan
3414 Jan
Ulen & Co....
United
Mar
1
3i8 Mar
165s Apr 11
Preferred..
48,400
6,500
15
2734 Aug 18
1% Apr 8
No par
Twin Coach Co
United Carr Fast
Apr
Apr
2% Mar
CorpNo par
6
$1.50 preferred
100
35
No par
20th Cen Fox Film
Twin City Rap Trans
600
Mar
278
35(j Mar
10
Under Elliott Fisher Co No par
16
Mar
15
53i2 June
Jan
Union Bag A Paper..—No par
Union Carbide A Carb.No par
Union El Co of Mo $5 r# No par
16
Mar
Jan
900
10
Mar
478 Jan
1334 Jan
2,400
10,300
115
Apr
378 Mar
32% Mar
4
42
*114
Mar
414 Mar
83
2
115
5
3
Apr 10
3
.No par
*114
378 May
34
Apr 10
74
No par
Truscon Steel
*7%
*7
Mar
22ig Mar
484 Mar
Mar 31
2
No par
$6 preferred
84%
*3%
18%
2734
48
3
2,200
278
84%
Mar
10i8 Mar
9
""800
334
15
77i?
Feb
133s Jan
1078 Jan
2 34
Mar
6% June
96
5>8 Apr 10
8%
18%
7%
334 Jan
5%May 10
*82
Feb
Dec
Mar
Mar
15i2 Jan 3
1414 Mar 10
614 Apr 10
29%
80%
3
4
2
18%
48
28'4 Jan
West Air Inc..5
*27%
4734
712
80i2
2
Mar
378 Jan 10
Transue <fc Williams St'lNo par
29%
7i2
2712 Aug 15
500
18%
79i 2
7
3,700
4,700
*27%
714
Jan
5%
19%
78l8
9
414 Feb
5%
28%
4734
718
77U
Mar 16
9%
Transcont'l
Mar
13
434 Jan 10
3
81?
17i8
1»4
884
1778
7
60i2 July 27
40
1191?
684 Mar
Jan
221? Jan
21
51? Mar
31? Mar
2% Mar
5%
187)5
278
9
Mar
May
June
26
5%
281?
10
Jan
9%
1878
3U?
Jan
53i
5%
285)5
314
978
*2%
10
48 U
32% Jan
10% Jan
9%
1834
30
No par
3
Jan
6%
5%
28
31%
10%
234
984 Aug 14
87
April
1034 Apr 10
3414 Apr 11
103* Jan
9%
181?
31
pref
1978 Jan 19
28% Mar 27
*5%
30
19
conv
128%June 17
1134 July 6
38% Jan 3
3% Jan e
22% Jan 4
30i2Mar 14
105s Jan 13
54U Jan 3
734 Jan 10
123s July 24
8%
*10%
*2%
7% Apr 10
Timken Roller Bearing.No par
558
21?
$4.50
7
l%July
Thornpson-Starrett Co.No par
$3.50 cum preferred .No par
Tide Water Associated Oil.. 10
43
10%
7%
1012
Apr 10
43
51?
31
17
45
1038
1012
*2i4
*453.i
Inc..No par
Thompson Prods
Timken Detroit Axle
*634
30
Mar 22
6,300
200
8
3
3,700
*90
Apr
1% Jan 17
25
14%
55)5
21?
14
..100
97)5
17s
July 14
2% Apr 10
$3 div conv preferred.... 10
Thompson (J R)
90
658
10i2
31
1
Third Avenue Ry
Jan 28
3i2 April
100
Preferred
Thermoid Co
1334
42 34
lOig
281?
No par
90
5i2
2814
*10l8
*2l4
56
14%
*61)5
314
No par
90%
lOig
314
$3.60 conv pref
Tatcher Mfg
100
14%
5">s
*234
No par
1134 Apr 10
1684 Apr 3
Co
1478
6l2
278
46%
7% Aug 15
68s Apr 11
1
90%
14%
43%
5%
9%
Texas Pacific Land Trust
*887)5
978
18i2
*2858
10
9%
*1%
*8%
934
32% Aug 11
3% Apr 10
26% Apr 10
17i2 Mar
49
45
Jan
61?
Apr
Mar
5
6U Mar 11
7
13
6
1738 Jan
9i8 July 28
66
4i2 Mar
3934 Mar
3
7984 July 13
4
No par
Texas Pacific Coal & Oil
53>4 Jan
4% Aug 10
July
The Fair........
800
2
24
Mar
4
8i8 Jan 4
712 Mar 11
43% July 21
5
9
50
6
Tennessee Corp...
—..5
Texas Corp (The)
...25
Texas Gulf Produc'g Co No par
Texas & Pacific Ry
25%
247(5
Mar
2
35U Apr 26
1
Without warrants...
100
3%
*3%
2484June 30
4% Apr 10
4
Apr 8
Symington-Gould Corp w w.l
Texas Gulf Sulphur
4
317S
Swift International Ltd
2,600
2,700
1,500
2
9134
*8
5%
3%
2534
*15!8
*8
4%
3%
*90
9i2
*4%'
25
Swift & Co
Apr 10
2434 July 29
7
July 3
17
Apr 10
5tf% preferred
Telautograph Corp
2534
*1%
1%
8%
*8
100
10
100
10
50
Talcott Inc (James)
2
934
.
200
3%
9%
3l2
600
534
41
27%
10%
87l2
4%
4
*5
*37%
3%
978
3i2
1,300
*1%
*8%
6i2
*234
*8314
700
5%
27%
914
5%
978
26%
2
1018
£46
26%
478
27%
934
44l8
2,200
*3%
*8i2
1478
43U
177(5
3334
*60
91?
*90
4%
17%
3%
60%
1014
1%
4%
5%
41
100
5%
34%
*20
*134
*8i2
*10i8
2
*5
*60
2478
247)5
178
4%
*4%
*37%
*4%
*12
*24
*24i2
*134
5%
41
14%
20%
*3%
*30%
31
5%
4%
7%
8
2178 Aug 18
178 Aug 12
Superheater Co (The)..No par
7%
Apr
120% Jan 27
75s Apr 11
...10
8
51?
5% Apr 10
46
100
6% preferred..
Sunshine Mining Co
*7%
4%
94
12% Jan
6I4 Jan
8% Apr
1
No par
Sun Oil
Apr
3% Apr
Stone & Webster......No par
22,500
778
5t2
7
1
734
*7%
4i2
par
——
8
*5
June 17
514 Jan 20
103s Jan 20
S334 Jan
per
10
5
Sterling Products Inc
*7%
5%
2i2 Apr
par
29i8 Jan
8
41?
108
39% Aug 16
20% Apr
65
April
8
*5
Jan
25
Sutherland Paper Co.
*414
3012 M ar 10
714 Jan
Apr
Mar
6U Mar
481? May
121? Mar
6i8 Mar
Standard Oil of N J
Superior Oil..'
Superior Steel
27
6
par
June 22
16% Mar
75i2 Mar
Starrett Co (The) L S-.No par
100
27
Mar
21% Jan
4778 Feb 18
600
400
27%
Mar
4
2314 Apr 11
13
5%
2
8% Feb
25
26
*27
Jan
Jan
81? Mar
171? June
Standard Oil of Indiana
13
27%
5i2
Nov
10i8 8ept
26
£27%
163,,
3i8
25i8 Mar
24»4 Mar
15
51?
15
Jan
30% Mar 14
26
27'2
*
$4.50 preferred
*25%
5%
19U Aug
Dec
33s Jan
98
No par
Standard Brands
*13
1734
Oct
19U Mar
9U Mar
51? Mar
333s Jan
40
July 17
April
April
18i2 April
1
Square D Co class B
15
17%
Mar 22
15i?
128
Feb
29l8 Aug
21% Jan
23U Jan
29
26
1734
205sMay
141
Jan 24
Apr 8
912 Apr 11
60
Apr
No par
*25
*171?
1% Mar
265s July 25
*13
1734
Mar
50
15%
1734
10
838 Mar
10% Mar
Apr 17
26
1734
27i2
Aug
April
15%
*7i2
1712
24
II
11%
178
Apr
2034 Aug 3
24i2 Jan 19
10%
178
Oct
13
42
*2434
178
122
105
185s July 18
14i2 Apr
—2
15
2
Nov
Mar
May
..No par
26
2
98
45
$3 conv preferred A.No par
Splcer MfgCo
Spiegel Inc
Conv $4.50 pref
178
*1412
2
18
Oct
9i8 Jan
35i2 Nov
314 Jan
241? Nov
3434 Jan
19i8 Dec
155g Mar
784 Mar
*2434
2
Jan 10
3
6
Apr
1061?
91
Apr
15
*2434
*712
13
8
11
x84
Apr
Mar
Mar
36
1
Sperry Corp (The) vtc
26
1%
*1414
11
7
26
29
11
11
3
4
Mar
247g Aug 16
600
121
Mar
par
4%
50
484
125s
2i2
147g
181?
Standard Oil of Calif. .No par
1,300
6,000
4%
7%
3
10,200
8,600
20,600
7%
10%
Mar
Jar
4»4 Apr 11
10
April
13% Apr 10
7,700
1,700
2,300
*48%
Mar
434 Apr
Spencer Kellogg & Sons No par
6,200
10
93
5
Nov
701? Nov
49i2 Nov
12i2 Nov
28% Oct
183s July
Apr
5
3
23
Aug
684 Mar
3
4
24
July
9U Nov
Feb
3284 Jan
3i4June
2134 jan
29i2 Jan
9612 Aug
10134June
110i2 July
17i4 Mar
1714 Mar
223s Aug
1384 Jan
Jan
Oct
18
Mar
158 July
No par
—1
200
50
Apr 11
Jan 18
Apr 17
Spear & Co
11,100
1,200
Apr 11
34
Mar
3
3
7
Apr 10
23i8
10i2
1U8
15i2
June 22
15i8 Jan
Apr 11
200
10
5
107
Aug 10
Apr 8
14
Sparks Withlngton
9U Mar
45U Mar
Junll
7% jo.n
Apr 10
127
Edison.....25
Southern Pacific Co
100
Southern Ry
...No par
5% preferred
100
Mar
69
Apr 11
100
8% preferred
Southern Calif
Jan
18% Jan 10
2134 Jan 5
1
So Porto Rico Sugar—-No par
Mobile & Ohio stk tr ctfs 100
77%
778
121
Lines..5
S'eastern Greyhound
May
11% Apr
lOUJune
12is Apr
10i2 Apr
Its Apr
1812 Aug
Socony Vacuum Oil Co Inc. 15
South Am Gold <fe Platinum.. 1
43
*46
3
8
1534
24%
48
29
12
1434
22%
*36
18
1684
4934
13
12
42%
241)5
403)5
7«4
12%
19%
11%
1%
16%
16%
18
29
1178
*10%
1834
£ll
40
*28
*48i8
70
101
19%
8%
403s
100
$6 preferred
.....No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
42%
1178
92
Sloss Sheffield Steel & Iron.
14%
Feb
36
20
14%
271?
5i2
80i8
3% Jan
803s Aug
20%
434
17iz
2i2
16i2
15l2
.5
25
100
6% preferred
15i2 Mar
234 Dec
47
228s Jan
lOiaJune 29
Slmonds Saw & Steel..No par
Skelly Oil Co
Jan
July
38
20
*18
2434
Sirnrns Petroleum
200
3,000
Dec
78
i2
U8 Mar
50ig Feb 16
1184 Feb 24
Jan
10i8 Nov
Oct
507s
11384
5
101
No par
10
Simmons Co
Mar
3484 Mar
3
100
£41%
*46
Silver King Coalition Mines.
3
I84 Nov
112i2 Dec
6
86
19%
437«
25%
26
100
preferred
Feb
June
96
43
48
1,700
conv
Jan
85
7i2 Aug
no
*18
8
£24
43
„
5
10% Jan 25
Apr
28
No par
Shell Union Oil
27%
June
U Sept
«4 Jan
43
Co.No par
Sheaffer (W A) Pen
1384 Sept
62
52i8 July 31
2% Jan
86
19%
2114
24l2
*6
16
24%
^
$5 conv pref
9
3
117%May 29
4
8
1618 Apr 8
l%June 27
60U Apr 10
11% Apr 11
IOI4 April
54i2May 22
37gMay 8
1
Highest
$ per share $ per share
Jan 20
% Aug 14
1
No par
No par
Sharon Steel Corp
Jan
110
*9478
178
1634
16%
16
*15%
*140% 141
141
28
2834
28%
13%
^^
3
21%
16%
44%
11%
2514
1%
22
6%
11
638
24
*36
534
*5%
21%
*2%
21%
16%
*6
3
x25%
40%
114
534
6%
8
734
25%
29
24.-18
40
■
95
•
2534
*36
*28
,
*2%
*21%
16%
17
25%
24%
4078
*122
*5%
23
—
1
334 Apr 10
Apr 8
Shattuck (Frank G) —No par
50
38
*4%
Servel Inc
1778 Mar
45
Sharpe <fe Dohme
No par
$3.50conv pref serA-No par
4%
2%
*2%
Lowest
76i2 Aug
113
.—No par
Seagrave Corp
75
30
Apr 14
*8 Apr 10
Sears Roebuck & Co...No par
2%
77%
16%
*16%
1634
15U
15%
*15%
1578
15%
14034 140% *140% 141
*140%
29
2834
28%
2878
287)5
13
1334
1278
14%
13%
1534
1634
15%
17%
16%
17
I Eg June
Seaboard Oil Co of Del-No par
11,200
4,200
*2%
Highest
$ per share
per share
67
No par
—100
{Seaboard Air Line
4-2 % preferred
7634
14%
95
94
*86
92
96
*92i4
110%
110% *110
110% *110
1101? *110
1434
1434 *14%
1434
*14%
1412 *1412
1412
11
11
*1034
12%
*1114
12%
11%
IU4
21
21
*20
19%
19% 20
19%
2034
11
11%
11%
11%
11%
11%
11%
IU4
2
2
178
134
1%
2%
1?8
l7s
1434
*1978
*1714
16%
*2%
211?
5H % preferred
{Schulte Retail Stores--.- —1
8% preferred
100
Scott Paper Co
No par
$4.50 preferred .... .No par
2%
77%
15%
110i2 *110
*1412
*140
3
2U?
16'8
*2i2
2U2
$
5
100
Schenley Distillers Corp
700
19,500
'
*5i2
Par
Shares
*11414 11534 ♦114U U534 *11414 115'4 *114% 115% *114% 115% *114% 115%
%
3s
%
3)5
*%
%
%
38
14
%
*%
i2
1%
*1%
1%
*1%
1%
1%
1%
1*8
1%
lis
*U8
II4
18
*17
17
17
17%
17%
18
1758
18
17%
171?
*1718
7612
1434
Lowest
Week
share'
Range for Previous
Year 1938
On Basis of 100-Share Lots
STOCK
YORK
1939
EXCHANGE
the
Aug. 18
$
*73
75
%
Friday
Range Since Jan. 1
STOCKS
Sales
for
Monday
Saturday
Aug. 12
Aug.
4
18
16
10
Mar 13
17i8 Mar
5538 Mar
5984 Apr
20
Mar
191? Mar
5
Mar
14
Sept
1103s
39
12*4
Jan
Jan
Apr
384 Feb
6
2
Mar
3978 Aug
3
22
Mar
Ex-rights,
t Called for redemption.
Volume
LOW
AND
New York Stock
149
Record—Concluded—Page
HIGH
SALE
Aug. 12
Monday
Aug. 14
S per share
$ per share
*5%
PRICES—PER
Tuesday
1
SHARE,
Aug. 15
558
$ per share
51*
5%
Friday
Thursday
Aug. 17
$ per share
5%
1,300
200
T.S65
"2*706
23,000
300
6,200
100
4
*3%
7*4
*48
54
*41
*35
4
7%
1,900
47
600
*2;
7
7
1%
36
1%
54
*43%
*2
54
54
77
4
41%
"2*666
*35
*48
42%
37
41%
*35
1%
I84
41%
43%
110%
109
45
*2
54
42%
.5334
69
50
10984
3534
*67%
49%
10984
3584
*48
53
53
*67%
69
47
53
48%
108% 109%
35
35%
*43%
41%
*50
4234
110%
53
51%
*67%
500
69
83,200
36
36
36
1,100
*43%
45
9
2%
7%
9
*6%
1%
*1%
54
Preferred
0 S Tobacco
*50
1%
900
"l% T%
1,300
1%
400
7%
1%
26
43% Feb 16
United Stockyards Corp.. .1
Conv pref i70ci
...No par
United Stores class A........5
1% July 1
6%May 2
138 Apr 10
46
Apr 6
9
May 11
69
Apr 10
....
.
200
54
*50
54
100
.......No par
7% preferred..
$6 conv pref..
No par
*9
11
*9
11
*9
11
*9
11
*9
10
9
9
100
Universal-Cyclops Steel Corp 1
*80
83
*80
83
*80
83
*80
83
*80
83
81
83
200
Universal Leaf Tob.-.-No par
*160
*160
162
*160
161
*160
161
60%
""60
%
500
8% preferred.
100
Universal Pictures 1st pref. 100
Vadsco Sales ........No par
162
*160
162
*160
162
*62%
69
65
65
*64
66
*12
I
*16%
*%
1
%
h
20
*16
20
233s
36%
63%
*16%
2334
20
24%
%
*16
63%
%
60
62% ' 62%
%
%
*%
18
.....
18
41%
*16%
*16%
18
24%
22%
22% 23%
21%
22% 22%
36
34%
36%
£35% 35% *33% 35
34%
,36% 37
116% 116% *116
117% *114% 117% *114% 117% *114% 117%.
*41
42
*40% 41% *40% 42
*40%
42% *40%
42
*57
65
*56
23%
*2%
*21%
23%
24%
*2%
*20%.
23
*35%
*116
23%
117%
41%
*116
*1
*4%
*125
234
21%
116%
1%
75g
13434
76
76
*129
*56
80
*129
.....
*34
*1%
*34
1%
1%
1%
7%
*129
7,
*%
*7
*7
21%
4334
4334
*20
21%
*9%
*134
2134
*95
96
5
11
*9%
*31%
17g
*1%
*%
11%
1%
32
*134
4%
4%
*52%
*2%
*934
54
3
10%
*5284
5434
*2%
*934
3
10%
*7
...
28
18%
25%
258
*1834
*24%
*2%
*16
17%
57
27%
19%
25%
234
16%
57
57
101% 1013s
101%
*108% 110
*10934 110
*10334 103%
103% 105
32
33% 33%
32%
*2%
3
*2%
3
*5
6
%
34
25%
%
84
*%
26
*136
140
18
26%
21%
104% 108
*131
*24%
19%
40
25%
34
24%
34
*90
*39
110
*
58
22
5%
*9%
1®4
*31%
5
*53%
*234
*8%
*8
26%
18%
*24%
*2%
16%
.
2034
1084
134
32
5
56
3
10%
*56
80
"moo
140
19%
40
25
5
43%
43
4%
43%
20%
20%
*9
*184
31%
434
5234
10%
1%
*9
31%
*28
5
484
54
*50
2%
2%
*9
10
19
26
234
16%
134
2%
9%
484
10%
*28%
484
4%
6
"150
300
*4
26%
2134
109%
2534
2%
2%
I684
Walk(H)Good A W Ltd No
7,400
*24%
500
2%
140
19%
40
17%
24%
*2%
17%
2434
234
16%
57%
___
5%
*1.
*5
140
18%
25%
34%
25%
*34
700
102
102
108
108
430
7%
440
6%
101% 103
30
31%
2%
5
*%
*84
3,500
2%
300
V
500
2034
19%
21
10034
*133
1734
*39
25
25
104%'
24
17%
34
34
58
*30
58
*48
58
*48
110
*90
110
90
90
*90
33%
22
20%
33%
*81
95
*81
95
*81
95
*81
*50
54
*51
55
*53
56
53
*51
54
50
50
2%
2%
*214
*23%
*17%
*2%
1%
384
3%
24
24%
17
8%
*4
17%
2%
1%
*3%
3%
23s
1%
334
3%
36
11
9
4%
2%
24%
17%
2%
1%
9
9%
4%
*2%
4%
*4
2%
334
1784
2%
1%
3%
2%
23%
17%
*2%
1%
384
3%
3%
3%
3%
35%
*11234
18
17%
4834
48%
15%
1484
35%
*10%
*2384
17%
*2%
1%
334
3%
36
11
24%
36
11
9%
4%
2%
2334
17%
2%
2
3%
*10%
8%
*4%
2%
23%
*16%
*2%
134
3%
*3%
*10%
7%
11
8%
4%
2%
23%
17%
2%
1%
3%
3%
*4
2%
22%
*16%
*2%
1%
3%
1st
3,700
11
8%
4%
2%
22%
'Woo
100
2,200
2%
100
1%
3%
4,500
3%
.3%
1,100
| *33%
35%
15
14
14
*48
90
*48
90
*48
85
*48
85
*48
85
*48
85
*48
85
*48
85
*25%
28
25%
*25%
27
*25
27
*25
27
25
25
*36
41
*37
41
*38
41%
*37
42
*36%
*35%
40
*100
104
*99
103%
*98
102
98
98
*96
98
96
96
""26
84
84
84
*83%
84
*83%
84
400
22%
20%
j 5%
20%
15%
*19
20
2034
14%
*83%
*20%
8384
23
15%
1534
*113% 116
11%
1134
39% 41%
*73
80
*1934
20%
18%
2%
18%
2%
*
25%
84
8334
22% *20%
16
15%
16%
*115
117% *115
12
12
11%
40%
4034
4134
*7234
*72% 80
20%
19% 20%
19
19
I884
*2%
2%
21^
8334
*20%
»
16%
117
12
116
114
11%
12
*11
3784
*72%
115
4134
82
38%
40
*7284
82
20%
19%
19%
1784
2%
2%
15%
114
11%
38%
80
~
19%
19
17%
18
Bid and asked prices; no sales on this day.
15
41
2%
*2%
*11334
17%
47%
White Sewing
48%
12,900
700
84 conv preferred....No par
200
15
6%
.
100
96 preferred
Woodward Iron Co
Wooiworth (F W) Co.
38%
-100
—.100
Prior pref 4!4 % series..
10
Prior pf 4 Si % conv series 10
Wright Aeronautical. ..No par
Wrigley (Wm) Jr (Del)-No par
....
Vale A Towne Mfg Co.——26
Yellow Truck A Coach cl B..1
Preferred
21,400
........
100
Young Spring A Wire.-No par
Youngs town 8 A T ....No par
Nov
24
June
13% Mar
Mar
21% Mar
27$ Mar
21
Mar
91>4 May
29% Mar
40
Apr
.
3
4% Jan
3178 Jan
118
July 31
8
Jan
37
Feb
Jan
June
47% Sept
52
Deo
Nov
Deo
May
27% Mar
159%
Deo
83
Deo
1%
134
16
Mar
11% Mar
14% Mar
97
Jan
28>4 Oct
287$ Nov
36% Nov
June
113
Nov
42
Jan
40
57
Oct
June
13% Sept
2% Mar
1584 Mar
105
l%
Mar
Apr
Mar
37
Mar
116% July
Mar
1% Dec
6% Mar
98% July 22
9% Jan
74
5084 Jan
30
20% July 18
147$ Mar ~
278 Jan
1784 May
44
Mar
4% Mar
Mar
25% Deo
5% Jan
32% Jan
116% Nov
4%
119%
Jan
4% July
3% Feb
8% July
20% Jan
87% Deo
10% July
54
Mar
2
Mar
4
Mar
51
8
July 24
37$ Jan 3
20
5
31% Mar 14
24% Jan 5
3284 Jan 4
3% July 17
28% Jan 3
4
105
Aug 17
July 19
June 15
34
Aug 15
4
4
Mar
1'4 Mar
Mar
45
Aug
47$ July
I684 July
8
Deo
31
Nov
Mar
25
Oot
17
Mar
34% Nov
4% Oct
1% Mar
25% Mar
71
Apr
70
Apr
82% May
74
Mar
1284 May
2% Mar
Mar
3
4
% Mar
3
34
28% Aug
3134 Jan
4
3
July
July
July
11
84 Jan
5
19% July
6% Dee
16% Mar
1% Jan
Jan
N(V
203$ Deo
8
13%May 24
6% Apr 27
58
Oct
2%
384 Mar
67$ Jan
Jan
1584 Jan
1207$ Feb
77% Deo
23
Mar
120
Oct
36
15
Mar
1384 June
Jan
70% Mar
71% Nov
121
86
7% June
48
100
7% Feb 16
8
July
66% Nov
109% Nov
7234 Oct
534 July
23% July
4% Jan
Oct
7
3% July
1% Mar
112
Nov
10% July
3% Jan
Jan
49%
Dec
1
79
7% Oct
13% Nov
71
1% Mar
I84 Jan
102
35% Jan
30% Nov
7% Nov
5% Mar
125% Aug
2
10% July
39
July
82% July
102% Jan
103% Deo
9784 Jan
267$ Deo
4% Jan
9
Jan
Deo
1% Jan
3% July
16% Mar
1584 Mar
6134 Mar
34% July
33% Nov
1247$ Nov
Mar
8
7
8
6
July 28
26
8
7
10
Mar
20
Mar
60
Jan 12
60
Mar
60
Mar
6
90
July 28
65
Apr
90
Jan
15% Apr
£29
Apr
42
Apr
15% Apr 10
80
Jan 27
July 10
9% Apr 25
7
Apr 10
3% Apr 8
2% Aug 18
14
Apr 10
16% Aug 9
2% Aug 11
1
June 24
2%June 24
3% Aug 11
85
June 15
105% Apr 20
15
Apr 10
41% Apr 11
10% Apr 11
47% July 15
43 May 25
23% July 6
31% Apr 19
85
Apr 10
75
Mar 31
20% Aug 16
11% Apr 11
98
Apr 11
9«4 Apr 10
30
Apr 11
May
Apr
3,500
12
600
Zonlte Products Corn..—..1
Cash sale,
Nov
173
July 31
17
r
115
40
74
New stock,
Mar
162% Mar
4% Mar
20% Jan
Youngst'wn Steel Door.No par
n
25% Feb 18
8
Deo
3
Zenith Radio Corp....No par
delivery,
July 25
27* Mar
Nov
1% Jan
9% July
12% Nov
8
Mar
5H% preferred...——100
19%
17%
2%
June
56
13
87%
30% Mar
116% July 26
43
Nov
10% Aug
8% Oct
10% Apr
"moo
80
a Def
10
10
Worthinvton PAMCDeUNo par
60
t In receivership
conv
400
1,100
1684
*2%
Motors... 1
preferred...
10
Willys-Overland
Wilson A Co Inc......No par
18,600
2034
11
1784
2%
5
Preferred A 1%.
114
19
-20
Prior pref..........
Wilcox OH A Oas
6% preferred B
11
19
.1
.
Mach Corp...1
Wisconsin Elec Pr 6% pref. 100
"l7% ""700
113
35%
*72%
(The S 8)20
White Motor Co
Vfrhlte Rock Mln Spr O0N0 par
65
114
37
45
800
90
"
17%
48%
.30
-.100
—...
8
1678 Apr 8
18% Apr 8
82% Apr 11
126 May 20
$5 conv prior pref ...No par
400
——
preferred
Co..-
L E Ry
8
11
11
10
20
11
11
8
10
JL1
10
10
Apr
Apr 21
74
700
17
*48
"
conv
Apr
34 Apr
5H% conv preferred.... 100
Wheeling 8tee> Corp.--No par
Preferred
....:..... -.100
900
90
....
No par
White Dent'! Mfg
*50
15%
18
48%
15%
5%
""400
90
i884
48%
50
—.....60
preferred
Wheel A
„
.100
preferred
Westvaco Chlor Prod.-No par
700
*50
47%
14%
6%
Weston Elec Instrum'i. No par
90
*11334
—
♦173s
4% 2d preferred........ 100
Pacific.......—100
Western
T,I6o
*50
*113
36
.190
Maryland
Westlnghouse El A Mfg
36
*34%
*11334
17%
17%
48%
48%
1434 *14
Western
11,400
*35%
*113%
18%
*17%
4734
47%
14%
15%
*35%
Apr
Westlngb'se Air Brake.No par
95
*10%
Apr
Western Union Telegraph. 100
......
22%
95
52%
*10%
8%
Apr
20%
2%
3%
%
4,800
110
2I84
95
88
preferred
Class A
58
*90
23%
Apr
.....100
100
"ljoo
July
Aug
picfened..........100
Western Auto Supply Co... 10
40
24%
Apr
Apr
Apr
67
I
140
17%
40
,
16
Apr
85
conv
8
Mar 13
5
19%
1434
20%
1%
prefeired....No par
$4
18,000
23%
20%
*50
10%
8%
4%
134 Apr
6% Apr 11
West Penn El class A ...No par
1,200
%
24
*39
25%
34%
.
240
%
140
.........
200
20
1784
Wayne Pump Co
l
Webster Elsenlohr
.No par
Wesson Oil A Snowdrift No par
16%
23
*133
18%
40
900
57
16%
*55
*81
8%
No par
400
234
95
*4
.....
17%
*81
*10%
36
t Wa rren Bros
24
*34
21%
pref......No par
Apr 10
Feb 3
Jl 1st preferred
.No par
Warren Fdy A Pipe
No par
Waukesha Motor Co...
6
58
2412
4
800
34
23»4
5
""306
110
23%
8% Apr 11
l%june 30
May 22
26%
34
2234
19% Apr 28
$3 convertible pref.-No par
2%
3
Apr 10
Apr 10
31
200
10384 104%
2434
21%
107
*39
conv
Jan
4
37
...100
Warner Bros Pictures
$3 85
June 29
85
...No par
16%
4
'132
1
5% Apr 11
15% Apr 10
Baking Co ol A .No par
7% preferred
24
5%
*%
104
..No par
Class B
410
10
par
Mar 24
Aug 14
8
3% Mar
684 Mar
7% Jan
107$ July
80% Jan
87$ July
39% Oct
67% Aug
127$ Nov
%June
Mar 15
1% July
% Deo
84 Jan
80
No par
Preferred
100
Ward
52
I684
*16%
*55% 58
*55%
102
101% 101% 102
109
108% 10984 108
103
104% *103
105
31% 32% £31%
31%
2%
2%
*2%
3
2334
20%
4H % Pref with warrants 100
Walworth Co
"loo
434
2634
No par
2
% July 22
.
4% Apr
May
62
Mar
131
Mar
Mar
Mar
7
125
100
100
Walgreen Co.
May
Sept
38
Jan
64% Apr 12
100
.....
Railway
5% preferred A...
100
5% preferred B
100
Waldorf System.......No par
300
2%
*734
Detlnnlng..
116
Mar
6
3
£55
June 27
70
120% Mar 11
37%June 13
4634 July 14
3% Jan 20
8% Mar
2% Mar
67%June 10
12% Jan 21
85
July 31
Feb 25
..
*25
*2484
*5
%
%
%
Vuloan
1,200
I84
52
100
2,500
31
*90
*
22%
f
4%
43
2%
9%
5334
6% preferred
Preferred..
10
1«4
31%
Va-Carolina Chem.....No par
Mar
884 Mar
100
£70
June 19
18% Apr 10
2% Apr 8
17
Apr 10
113
Apr 21
% Aug 7
4% July 27
...5
Mar
50
45% Jan
£4484 Mar
78
34% April
56
July 25
5% preferred......
...100
Virginia Ry Co 6% pref...100
1,400
20%
*9
l%j
I
96
20%! *20
*20
4%
18
3
25%
96
42%
5
Victor Cheru Works..
t Wabash
20%
Mar 13
49
163
25
Apr 10
110% Apr 26
.
3
217$ Mar
37% July
6% Mar 10
5234 Jan
112% July 18
65% Jan
30% Jan
37
Aug 15
7% 1st preferred.......100
Vlck CbemlcBl Co......
5
Apr
3% Mar
6% Mar
3
Jan
4% June
4% Mar
60
60
Apr 10
10
12
*2%
19%
*94
20
5% Jan
10% Jan
61% Feb
16
Virginia Iron Coal A Coke. 100
1%
7
7
7
2038
9634
43%
27
34
*39
1%
7
35% July 24
25s4 Mar 9
Vandlum Corp of Am.No par
Van RaalteCo Ino
5
Va El A Pow $6 pief. ..No par
100
9
20
90
""80
4
Mar
Feb 23
100
|
Jan
180
17
400
134
*34
18
33%
*130
*1%
*84
£20%
*94
500
113
45% Apr 10
% Jan 16
157
Vieksburg Shrevport PacRylOO
%
1%
7%
*6
104% 105
108
*34
21%
*7
*25
14
58
101% 101%
10984 10934
24%
21%
*a4
*1%
2
10
100
I
80
*129
*129
%
26%
*55%
;
84
25%
£21%
18%
*39
96
44%
*5
6
,
84
21% 21%
104% 10434
20%
*20
16%
£57
101
*5
21%
5
13
£27
*18
*1%
*34
7%
*21%
4%
*26
2
1%
7%
44%
4%
*24%
2%
*56
""
*34
96
20%
*129
—
7g
96
*20
32
*6
80
*84
5%
43%
5
4334
2038
32
*56
24% 24%
24%
24% 24%
23% 2384
24%
24%
234
*2%
234
2%
2%
2%
2%
2%
2%
21
20
21% 21% *20
21%
2034 2O84
20%
116% 116% *115% 11634 *116
11634 11534 116
115% 115%
*1%
1%
1%
*1%
1%
*1%
1%
1%
1%
*1%
*5
*5
7%
*5%
7%
7%
7%
*5%
5%
5%
*125
13434 *125
13484 *125
13434
13484 *125
13484 *125
76
80
*77
83
78
78
*75
76
76
SO
*3A
21%
*94%
4%
80
1,200
8
100
Preferred
I
"e'ooo
Jan 23
43%May 18
98%May 19
33
Apr 10
par
......
Apr 10
60
60
......
Corp........No
Preferi ed
90
1%
35
10
....
Apr 11
Apr 25
35% Aug 10
l%June 1
31% Apr 11
86% Apr 11
48
July 6
Smelting Ref & Mm....60
U S Steel
1,900
45
46
...100
8% 1st preferred.......100
0 8
100
47%
107% 108%
3% July
20
U 8 Playing Card Co.—.—10
tCJ 8 Realty & Imp....No par
0 8 Rubber....
Apr 10
6
4
7% July 24
Apr
13% Apr 11
...No par
cl A...No par
conv
Prior preferred
U 8 Pipe & Foundry
2,900
52
45
*6%
*50
108
2,400
80,100
I84
42%
109%
36
*2
54
1%
39%
1»4
100
*43%
45
7
1%
37
*35
37
67% 67«%
46% 47%
10834 10834
2%
7
*134
3934
41%
1%
109
*48
54
Partlc A
Apr...
Apr 29
23
Jan
May 20
8% Aug 18
10% Jan 3
Highest
% per share $ per share
1
Mar 31
167
U S Leather..
"loo
11
534 Apr
..20
900
111
7
2
54
..No par
5
Feb 11
87% Mar
June
%May
preferred..........100
800
111
2%
7
*134
7%
600
*53
45
45
U 8 Freight
U 8 Gypsum
20
fc%
54
43
36
200
1,800
3%
35%
184
45%
45
2%
5
6%
35%
1%
43%
*43%
Conv preferred........100
884 Jan
74
Range for Precious
Year 1938
Lowest
$ per share
7% Ma. 10
6% Jan 4
33% Jan 12
83% Aug 3
1484 Aug 15
117%June 23
13% Aug 3
7% Jan 5
Apr
584 Mar
75
3%
54
July"
4
No par
7%
42
*3584
USA Foreign Becur
4% Mar 31
$6 first preferred.
...100
U 8 Dlstrlb Corp......No par
4
37
48
6% Apr
*3%
42
*67%
United Mer & Manu Ino vto.l
United Paperboard
10
*6%
42
48%
11
Apr
111% Jan
7
*35%
*184
109% *108%
United Gas Improv't-.iVo par
$5 preferred
No par
3%
37
109
3% Apr
25% Apr
62% Apr
6%
42
43%
109%
United Electric Coal Cos....5
United Eng & Fdy
5
United Fruit
.....No par
3%
*48
*53
66
4
54
1%
44%
110
53%
69
49%
110
36%
5
U 8 Hoffman Mach Corp....5
5H% conv pref.........60
U 8 Industrial Alcohol. No par
*48
15g
1*
,42% 4334
109% 10914
*53
53l2
*6712 69
United Drug Inc...
Lots
Highest
$ per share
434 Jan 26
United Dyewood Corp.
10
Preferred..
........100
784
*3%
*7%
7%
Lowest
Par
""260
■'
*312
*7i4
Ranoe Since Jan. 1
On Basis of 100-Share
Shares
62
3'
29
1
1143
EXCHANGE
Week
Aug. 18
$ per share
5%
5%
434
434
*5%
5%
5%
5%
5%
5%
*484
*434
5%
5%
*484
5%
*484
5%
*60% 64
*60% 65
*60%
62
*60% 62
*60% 65
384
334
384
*3%
3»4
3%
3%
3%
3%
3%
*28% 28% *2784 28% *27% 28
*27i4 28
*27% 28
80
81
78
80
79
79
78
80% 81
8134
80% 8184
14%
14*8
1414
14%
14%
14%
14%
14%
14
1434
14% 1434
115
115
116
116
116
*116
*115% 116
118% 116
*115% 118
12
11
11%
115s
11%
12%
12%
11%
10%
11
10% 10%
*4
*4
*4
4%
45s
4%
4%
*4
*4%
4%
4%
4%
7
7
*7
684
634
7%
7%
*684
7%
6%
*684
7%
*78
86
*78
86
*78
*78
86
83*2
*80
86
*80
3
%
*h
*%
*%
34
34
84
%
*%
7
7
7
7
7
7
*612
7%
8%
7%
7
6
*6%
*6%
7
*6%
*6%
7
6
*6%
6%
6%
85
85
85
86
82
83%
8534 86%
82%
82
81% 84
*175% 176% 175% 17534 *175% 176% *17512 176% *175% 176% *175% 176%
6
*6
6
*534
6I2
6%
*6%
684
*584
6
I
*5%
*5%
*32
35
*32% 35% *32% 36
*32% 35
33% 33% *32% 36
*15
16i2
*15%
16% *16%
1634
15%
16%
16%
16%
15% 15%
*4%
*60%
•35s
*27%
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Wednesday
Aug, 16
$ per share
Sales
for
Saturday
10
5
8
April
2%June 30
x Ex-dlv.
y
146
Aug
3484 Aug
3134 Jan
4
144
21
Oct
39
Deo
3284 Nov
Mar
95
Jan
May
IO84 Dec
61
Nov
Jan 27
76
60
Jan
4
42
4
6% Mar
15% July
15% July
4
5
Sept
1% Mar
8*4 Mar
12% Mar 10
7
Jan
20% July
31% Dec
14% Mar
80
1384 Jan
Oct
Mar
9% Mar
31% Mar
103
9
26
July 27
1734 Aug 15
2% Aug
"1%
11
Jan
3
Jan
2484
Oct
3% Aug
3% Feb
6% Feb
Mar
1% June
3»«
Oct
3% June
5
Jan
3
Mar
67$
57$
July
49% Jan
114
July
25% Jan
60% Jan
32
Mar
3>iMar
9
103
Oct
10% Mar
36
Jan
11% Mar
23% Jan
42
Mar
86
MarlO
65
Jan 18
70»4
38
Jan
4
27
53
Jan
5
120
Jan
3
28% Mar
65% Mar
61% Mar
2084 Jan
8% Jan
85% July 18
33% Mar 13
2I84 Jan 5
116
Aug 16
21% Jan 6
657$ Jau
71
Oct
Mar
Mar
9% Mar
24
Mar
Jan
60% Jan
IO684 Dec
27% Nov
63#4 Nov
27% Nov
72% July
75% Nov
48% Nov
658$ Nov
121% Deo
78
Dec
39
July
2I84
109
Oct
Oct
257$ Aug
57% Nov
Jan
62% Mar
86% Nov
31% Jan
22% Jan
3% Jan
11% Mar
Mar
31% Dec
25»4 July
Jan
584 Mar
85
Ex-rights.
9
23*
5 Called for redemption.
Aug.
1144
Bond Record—New York Stock
19,
1939
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
In the week in which they occur
No account is taken of such sales fn computing the range for the year.
The italic letters in the column headed "Interest Period" indicate In each case the month when the bonds mature.
Friday
Range or
Range
Friday's
Since
N. Y. STOCK EXCHANGE
Range or
Friday's
BONDS
Sale
Sale
Week's
Last
Week's
Last
Friday
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug.
18
Price
Bid
<k
Asked
High
Loto
Jan. 1
No.
Low
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 314s
Treasury 314s
Treasury 314s...
Treasury 814s
Treasury 3s....
Treasury 8s
Treasury 214s
Treasury 2%S—.
Treasury 2148
Treasury
2lis
Treasury 2148
Treasury 214s....
Treasury 214a
Treasury 2His—
Treasury 2Hs
-
Treasury 2 Hs
Treasury 2Hs
—1946-1948
1951-1955
1955-1960
1945-1947
..1948-1951
..1951-1954
1966-1959
1968-1963
1960-1(185
—
-1945
—..1948
1949-1963
1950-1952
0
D
Af
J
120.31
121.8
11
115.9
115.20
34
*115.2
115.6
103*2"
103.2
103.4
105.6
105.6
105.9
115.9
S
D
Af B
118. 26122.13
*20
103. 1
2
105 6
106
106.1
0
110
J10
110.13
25
110.21
110.27
5
109 22111.27
111.12
111.14
3
109 11112.21
109 2
O
D
111*12
41
6
109 30111.10
107 12
106
109 22111.9
D
112.19 112.19
112.26
2
D
110.21 110.21
110.21
21
S
111.30
112.4
108*26
108.26
109.16
41
104 12110.9
109
109
109.6
11
107
M
Af 8
S
M
M
S
♦6s assented
106.27
110.19
106
3
114.5
19111.31
108
107 4
109.5
109.7
6
105
19109.31
J
D
108.14
108.18
38
104
109.21
M
S
107.18 107.18
108
25
103 4
109
J
D
107.15
107.19
14
102 20108.23
J
D
107*4
1C7.1
107.22
95
D
J
♦6s assented
1951 J D
♦Cologne (City) Germany 6 %S-1950 Af S
Colombia (Republic of)—
♦6s of 1928
Oct 1961 A O
♦6e extl sf gold of 1927. Jan 1961 J
♦Colombia Mtge Bank 6 %s—1947 A
J
High
•
•
-
«.
11
15
9%
13%
14
3
10
9%
-
13
13%
11
9%
4
17
13%
1
elO
elO
*15
7%
11
7
8%
12
16%
14%
16%
14%
14%
20
16
20%
20%
19%
28
'
26
25%
121
26%
25%
45
19%
28
1
26%
26%
25%
25
26%
~
23%
26%
*26%
♦Sinking fund 7s of 1927——1947 F A
Copenhagen (City) 6s
1952 J D
25 year gold 4 %s.
1953 Af N
26%
26%
1
24%
27%
27
82
82
3
96%
94%
65
| ♦Cordoba (City) 7s unstamped 1957 F A
|*7s stamped
..1957 F A
J
Cordoba (Prov) Argentina 7a. .1942 J
♦Costa Rica (Rep of) 7s...... 1951 UN
Cuba (Republic) 5s of 1904
1944 Af 8
External 5e of 1914 ser A
1949 F A
108.9
108.3
108.3
106.4
106.17
68
102 .13107.21
S
106.6
106.6
106.20
54
102 .16107.22
External loan 4%s ser C
1949 F
27
'pf
*
11
76%
73%
47%
58
58
10
40
61
76%
77
6
65%
80%
78
78%
75
*42%
58
105.9
102
4 %s external debt
1977 J
D
D
109.16
108.29
J
105.29 105.29
105.23
1 1944-1962 Af N 108.16 108.16
J 104.26 104.26
1942-1944 J
J
26
A
*105.5
M
16 1942-1947 J
108.14
7
3
106 .6
109.10
105 .1
109.8
106.3
-
D
101.24 101.24
109.16
108.29
106.3
105.23
108.26
11
107.9
2
110.6
106.26109.21
22
105.29106.27
4
113
105.3
6
27%
*100%
104
100
100
3
51%
29
100%
12
64%
4
50%
100
64%
22%
100
14
102% <zi02% al02%
Sinking fund 5%s.—Jan 15 1953 J J
♦Publlo wks 5%S—.June 30 1945 J D
30%
108
102% 106
102 %
99
50%
100
60
104
64%
73%
75
Czechoslovak (Rep of) 8s
Sinking fund 8s ser B
1951
A
O
*28
32
18
1952 A
O
*28
65
26
76
Denmark 20-year extl 6s
External gold 5%s
1942 J
J
94%
48
93
105
1955 F A
External g 4%s
Apr 15 1962 A O
Dominican Rep Cust Ad 5 He¬ 1942 Af S
88% 101
106.15
106.26109.17
104.28
10
104.1
102
37
101.22102.12
105.18
ist serSHs of 1926
2d series sink fund 5 Hs
95%
89%
94%
89%
90
37
81
81
82
22
73
73
2
65
....
65
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
A
*26%
28
23%
27
♦Gtd sink fund 6s
1948 A
O
*26%
27%
25
85%
94%
15%
15%
15%
15%
14%
14%
14%
96%
*70%
*70%
1940 A
5%s 2d series
♦Dresden (City) external 7s..
1969 A
♦Ei Salvador 8s ctfs of dep
Estonia (Republic of) 7s
1948 J
1967 J
•
—
78%
97%
74
73%
65
73
73
73
1
66
73
73
73
1
66%
75
72
8
65
72%
16
20%
72
O
27
89
O
1940 A O
Customs Admins 5 Hs 2d ser. 1981 M 8
6%s 1st series
1969 A O
Municipal-
&
Low
O
106.4
Mar
1 1942-1947 Af 8
Home Owners' Loan Corp—
Govt
No.
High
♦Sinking fund 78 ot 1926....1946 UN
108.3
Jan
Foreign
Since
*13%
13%
•Chinese (Hukuang Ry) 5s
108.9
214s
1945-1947
-I960 M S
♦Chilean Cons Munic 7s
S
3a
May
1962 M N
1962 Af N
D
M
3s
l%s series M
Range
Jan. 1
102 ,20108.16
J
—
♦Guar sink fund 6s
112.26
110.6
1961 A O
1961 A O
♦Guar sink fund 6s...
105.8
110.12 110.12
15 1944 1964 M 8
May 16 1944-1949 Af N
214s series G
2
Asked
Chile Mtge Bank (Concluded>
114 17116.19
113 10116.5
D
Mar
3s series A
A
Low
Federal Farm Mortgage Corp—
3%b
Bid
High
A
J
—.1947 J
Treasury 2s
Price
Foreign Govt. & Mun. (Con.)
1947 1962
1944-1964
—1946-1956
1940-1943
1941-1943
.—-1943-1947
1941
—.1943-1945
1944-1946
1946-1949
1949-1962
Treasury 4s
Treasury 3%s
B
Week Ended Aug. 18
U. S. Government
Treasury 4%g
*
Akersbus (King of Norway) 4s. 1968 Af S
J
♦Antloquia (Dept) coll 7s A... 1945 J
♦External s f 7s series B
♦External s f 7s series C
89
s
f 7s series D
f 7s 1st series
sec s f
♦External
sec s
35
10%
21
15
9%
10%
14
15%
31
10%
13%
1957
♦External
15%
15%
15%
14%
20
9%
9%
14%
~iiy<
1945
s
1
14%
14%
1945
•External
♦External
89
89
'14k
1945
7s 2d serle8.1957
14
14%
8
f 7s 3d series. 1957
14
14%
17
Antwerp (City) external 6s
1958
Argentine (National Government)—
*89
90%
S f external
92%
87%
134
89%
83%
59
76
35
75%
88%
80%
79%
24
1972 A O
Australia 30-year 6s
External 6s of 1927
1955 J
J
96%
96
77%
77%
97%
1957 M
8
95 %
95%
97
16
95% 103%
95% 103%
External g 4Hs of 1928
♦Austrian (Govt's) s f 7s
1956 Af N
89 H
89%
91
33
83%
1971 M N
8 f extl conv loan 4s Apr
External
s
1972 F
A
.1957 J
76%
J
—1949 M S
11%
104%
104%
3
101%
101%
110%
110%
1956 J
.
♦Berlin (Germany) s f 6%s.... 1950 A
„
O
♦External sinking fund da
D
■
♦Brazil (U 8 of) external 8s
D
1941
♦External 8 f 6Hs of 1926—1957 A O
♦External 3(1 Hs of 1927—1957 A O
,.>.1952 J
Brisbane (City) s f 5s
D
.1958 F
*—
X-
105%
103%
111%
7
6
3% external
b
s
14
21
18%
*3
13
15%
16
25
11%
14
14
14%
31
9%
14%
40
13%
23
92%
15
13%
13
13
9%
9%
89
A
93%
93%
1
89
98
99
7
97
9
9
10
♦6s
July
♦Farm Loan
8%
116%
21%
19%
f 6s
_
11*
23
22%
21%
98%
98%
102
.Oct
A
J
Hungarian Cons Municipal Loan—
♦7 %s secured s f
g
1945 J
♦7s secured s f g
27
16
22
23%
*25%
23%
5
18%
24%
25%
37%
28%
20%
30
27%
18%
22%
16%
*82%
84%
71
81
15
19
10%
18
—
...
♦Hungary (Kingdom of) 7%s„ 1944
F
A
55%
55%
47
60
J
46
47%
32%
47%
J
*17%
20
13%
29
*17%
20
13
32%
F
110%
29
109
109%
67
103
103%
5
109%
109
A
J
104%
104%
105%
30
J
101%
101%
101%
10
J
J
102
101%
102%
47
J
J
M
S
70
J
J
101% 106%
100% 104
18
98% 102%
15%
26
k
*23%
k
8
*8%
Japanese Govt 30-yr s f 6%s_..1954 F A
Extl sinking fund
5%s
1965 Af N
*
8%
8%
12
•15%
11%
8%
14%
12%
Jan 1961
10%
10%
15%
8%
12%
*10%
11%
8%
*14%
15%
10%
15%
10%
10%
12%
8%
15%
11%
13%
14
D
9%
52
54%
k* —
9%
14
9%
16
76%
75
55
65%
68%
79
65%
85%
51
50%
51%
45
50%
65%
26%
26%
3
25
38%
16%
23
1
21%
25
10%
15%
64
72%
O
*
25
(Province)
7%s 1950 J
D
22%
22%
J
D
14
15
12
J
D
69
69
1
A
*%
H
%
1943 M N
*%
Q
J
*%
%
%
1%
1%
Q
J
%
1%
1%
Irrigafon gtd4%s_.1943
♦4%s stmp assented
M N
*%
1%
*%
♦Assenting 5s large.
♦Assenting 5s small.
1%
-
-
1
%
1
10%
14%
1961 J
101% 113
m
66%
*k
14%
D
30
38
J
14%
J
33
18%
26
J
12
11
11
10
10
44%
21
10%
1961
7%
7%
8%
8%
22%
127
-
1947 F
(Colombia) 6%s
1954
(Prov) 4s readj—..1954
100% 105
43
23%
11%
25%
43
%
Jan 1961
9%
*13%
15
6
1
1%
%
%
%
♦Assenting 4s of 1910 large
Assenting 4s of 1910 small
♦
§♦ Small.
1%
%
1%
11%
D
61%
%
15%
D
2
61%
*%
11%
1957 J
Mendoza
«...
f 7s
s
♦Medellln
♦Mexican
♦
D
10%
.1957 J
Leipzig (Germany)
-
112%
58%
58%
D
14%
10%
13%
♦
♦Lower Austria
*
22%
J
10%
*14%
10
29%
21%
J
10%
14%
10%
O
D
9
*21 %
21%
24%
27%
23%
18%
..1942 UN
1963 Af N
8%
27
12
1962 A
6
18
15
18
♦External sinking fund 6s... 1963 M N
17%
101
21
23%
14%
♦Extl
/
101
30
*23%
23%
108%
J11H
108% 111%
101% 104%
30
*16
k
8
19
*16
*
......
A
1979 F
Extended at 4%s to
11%
44%
109%
—
9%
55%
0
-
9
55%
sinking fund 6a..Sept 1961 M S
♦6s Assented
Bept 1961 M S
♦External sinking fund 6s.-.1962 A O
18%
9
*8%
O
31
1149
123
17%
*7%
A
Feb 1961
For footnotes see page
21%
17%
J
1951 J
*1*4%
•6%s assented
20%
1960 UN
•Extl Blnking fund
6s__Feb 1961
♦6s assented
♦Chile Mtge Bank 6Hs
♦6Hs assented
♦Sink fund 6%s of 1926
20%
J
...1946 J
Italy (Kingdom of) extl 7s
14%
♦6s assented
21%
18
17%
♦Hungarian Land M Inst 7%s_1961 UN
♦Sinking fund 7%s ser B
1961 M N
Italian Cred Consortium
7s ser B '47 M S
Italian Public
Utility extl 7s...1952 J J
64
1942 UN
♦6s assented
14%
17%
O
J
Irish Free State extl s f 6s
i960
♦6s assented
1
1960 A O
ext 6%s
58
I960
f 6s
24
14%
O
57%
58%
15 1960 a "o
7s
♦68 assented
s
Helslngfors (City)
A
44%
♦External sinking fund 6s...I960 A O
♦Ry ref extl
(Republic) s f 6s ser A...1962
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7%s *60
44%
1960
on
s f
17%
14%
1968
Haiti
54
1961 J
s
16%
A
54%
*65
54
1944 J
♦6s Oct coupon
♦Chile (Rep)—Extl
♦7s assented
1968 F
53%
1930 A
coupon on
113% 125
103% 105
/—
9
1964
54
30-year 3s
1967
•Carlsbad (City) 8s
—..1964
♦Cent Agric Bank (Ger) 7s.„.1950
♦Farm Loan st 6s_. July 16 1960
106
104%
D
7s. .1964 UN
s f ser
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
♦Jugoslavia (State Mtge Bk) 7s 1957 A
7-year 2%s
19%
110%
104
17%
O
A
Aug 15 1946
..
16%
105
1
18%
A
F
1952 AfN
10-year 2 Ha
25-year 3%s
1
108%
*118%
■
1967 J
Canada (Dom of) 30-yr 4s
......
D
1968 UN
f 7s...
♦Stabilization loan 7Hs
18%
105% 107
*26%
1965 J
1984 J
f $ bonds
3
99% 108
102
Bulgaria (Kingdom of)—
♦Secured
D
1975 UN
4%s-4%s
*.
1966
♦6%s stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped. 1949
100% 108
24
18%
13%
♦5%s of 1930 stamped
♦5%s unstamped
♦Greek Government
D
1977 Af 8
f
18%
.
14% 21%
89% 100
106%
104%
17%
D
Refunding s f 4%s-4%s
1976
External re-adj 4 Hs-4H 8—1976
s
1949 J
20%
15%
1961 Af S
4H-4HS
106%
D
23
97
*89
1949
10%
1962 J
External
External
External 7s stamped
7s unstamped
*20%
.....
106%
al05% al05,%
16
3
1950 J
♦6s stamped.
f
J
1941
99
Buenos Aires (Prov of)
s
7 %s unstamped
♦78 unstamped
1049
German Prov A Communal Bks
♦(Cons Agric Loan) 6%s
1968 J
'"18%
1957 Af 8
Sinking fund gold 5s
20-year sf6s
♦Budapest (City of) 6s
11%
21
1955 J D
f 6s
♦7s (Central Ry)
91%
85%
76%
1946 F A
External 30-year s f 7s
French Republic 7%s stamped.1941 J
95
51
91%
85%
76 k
77 %
8 f external 4 Hs
8 f extl conv loan 4s Feb
♦Bavaria (Free State) 6Hs
Belgium 25-yr extl 6 Hs
J
Finland (Republic) ext 6s
1946 M S
♦Frankfort (City of) s f 6%S—1953 M N
Gorman Govt International—
...1948 M N
4Hs
9%
22%
1945 UN
J
O
%
%
J
A
1%
5
%
1%
1%
1%
'1%
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
44
44
46
36
39
56%
Mlnas Geraes (State)—
9%
6
8
9
8
P
*66
70
M N
*42
48
8%
Af S
8
M
r
-
7%
7%
48
45%
16
15%
55
54
F
A
93%
95
13
93% 101%
A
O
93
95
32
93
101%
F
A
104%
105%
14
F
A
105%
105%
105%
6
M
S
103%
103%
104%
6
98% 105
16
A
O
101%
101%
103%
8
94% 103%
14%
F
A
100
99%
100%
17
11%
16%
J
D
7%
14%
8%
11%
8
*100%
100% 105%
100% 106%
94
101%
99% 104
Volume 149
New York Bond
BONDS
N. Y. STOCK EXCHANGE
Last
Price
Bid
Low
1952 F A
1953 M 8
♦Naremburg (City) extl 6s
Oriental Devel Tuar 6a
Extl deb 5%s
——
Oslo (City) s 14%s
*
1953
High
*
♦Extl
a
44%
99 %
1956 A O
D
J
105
105
1963 M N
f 5s Ber A
1963 M N
♦Stamped assented
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
101H
105%
71
Low
16
48
67
43%
62%
25
11
7
74H
7H
8H
"55
8H
8
8
11
8
8
11
8
41H
3
26
33 H
1
♦Nat Loan extl
e
f 6a 2d aer__1961
•Poland (Rep of) gold 6s
'"41"
1940
41
4 Ha assented
1958
♦Stabilization loans 178—.1947
33%
*
Prague (Greater City) 7%s...—1952
•Prussia (Free State) extl 6 Ha. 1951
45H
39
40
15
9
4
8H
MN
M
8H
8
A
O
F
A
*8%
#
*17%
O
1952 A
a f 6a
Queensland (State) extl a f 7a..1941
25-year external 6a
,
1947
2
45 H
1966
9H
2
18%
102H
12
8
7H
7%
8H
7%
12
5%
13%
1
15%
15%
14%
14%
69%
O
9
9
1968 J D
9
9H
30
9%
4
♦7a extl loan of 1926
♦7a
9
1966 MJV
1967 J
D
Rome (City) extl 6%s——.1952 A
O
•Roumanla (Kingdom of) 7a.—1959 F
A
municipal loan
♦February 1937 coupon paid....
•Saarbruecken (City) 6a
1953
Sao Paulo
54 H
18H
55
56
11
43%
18%
1
15
16
:
j"j
2
7%
6%
7%
7%
.....
15
22
19
22%
20%
19%
(City of, Brazil)—
♦8a extl secured a f.
|*8a extl loan of 1921...
1936 J
♦8s external...
.....1950 J
*7
13
"8H
...1968 J
....1940 A
O
•Saxon State Mtge Inst 7s....1946 J
f 7s
1946 J
8erbs Croats A Slovenes (Kingdom)
g
6Hs.
♦8a secured extl
1962 Af N
4Ha assented
.1958 J
8
5
8H
20 H
4
52
*24%
*24 H
20
*25
2
30
23H
100H
D
40H
23 H
10QH
11
7%
7
6%
17%
20%
22%
14%
14%
P L E A W Va
"I
a f 5
Taiwan Elee Pow
.
Ha
*
A
F
A
1955
f 5 Ha
a
1947 F
1971 J
J
47-
Tokyo City 6s loan of 1912....1952 M S
35
External a f 5 Ha guar
1961 A O
•Uruguay (Republic) extl 8fl
1946 F A
♦External a f 6s...
.....I960 M N
48
♦External a f 6a
35
.
33 H
47 H
*40
40 H
..1964 AfN
*38
47%
35
48
"B
41H
41H
external conversion
.1978
1984
F
19
21
32
20%
19%
11%
16%
24%
23%
23%
23%
20%
3
10
23%
12%
46
10
14%
11
12%
35
51%
51%
2
9%
44%
56
43
65
33
45%
"19%
11%
11%
51%
50
Y'j
42
40%
*45
*105%
87%
1948
1960
Belvidere Delaware cons 3 %s..1943
♦Berlin City Elee Co deb 6 %s. .1951
♦Deb sinking fund 6 %s__— .1969
J
M 4%s ser D..1960
106%
Cons mtge 3%sseries E.....1966
104%
100%
debs............1952
15
Boston A Maine 1st 6s A C—1907 US
1st M 5s series II.....
1955 M N
14%
32
25%
25
1st g 4%s series JJ......... 1961
{♦Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s......1941
Bklyn Edison cons mtge 3%s..l966
A
28
25%
33
J
18
28
Bklyn Union El 1st
29
Bklyn Un Gas 1st
94
103
"76%
"86%
.1945 MN
33%
47%
49
68
Buff Nlag Elee 3%s series O—.1907 J
43
51
t * Buff Roch A Pitts consol 4 %sl967 AfN
1st
cons
43 H
1947 J D
40%
49
40
45%
♦Certificates of deposit
{|*Burl C R A Nor 1st A coll 5s 1934 A O
44
43%
*103%
103%
40
*109%
*106%
1943 J
Coll 4c
conv
58
24%
51
14
45%
22
103%
107%
50%
110%
"2
11
20
O
F
A
107%
96
67
105
99% 104%
100% 108%
49
66%
109
d
June 15 1955
a
Guaranteed gold 4%s
1956
Guaranteed gold 4 %s. .Sept 1961 m S
Canadian Northern deb 8%s
1946 j J
J
Canadian Pao Ry 4% deb stk perpet j
Coll trust 4 %s
1946 u s
.....
64%
27
21
62
....
106%
100
96
3
13
62%
71
57
83%
85%
76%
48%
22% 41%
49% 60
103% 108
30
48%
102
1037j?
103
"SI
104
6
40
65%
103%
100% 103%
98% 104%
87
110'M 112%
94
1
105% 110%
102% 111%
11
99% 108%
110»«
108%
108%
106
106
Amer Wat Wks 4c Elee 6s ser A.1975 UN
"lOSH
107%
108%
107%
10
104% 107%
27
72
107
27
36
*94
99%
99%
"92%
J
82
{♦Car Cent 1st guar 4s
j
1955
109
94%
Conv gold 4s of 1910
Conv iet>4Hs
D
91
1960
D
1958 J
Cal-Aris 1st &
1962 M 8
ef 4 Ha A
Atl A Chart A L 1st 4 Ha A
D
J
cons
J
1944
J
1944 J
4s July 1952 M 8
General unified 4 Ha A......1964 J D
gold 4s
For footnotes
see page
Oct 1952 MN
1149.
94%
91%
98%
"69
38
142
3
15
1
94
103
110%
*110%
*93%
*97
19
28%
30% 42
92% 98
96% 101
96
101
"64%
105% 111%
86%
95%
96
87%
99%
91
91% 100%
89
41
102%
Caro Clinch Ac Ohio 1st 0s ser A1952 j
D
99
107"
96
103%
98% 103
111%
64
46
81
6
64%
65
35
97
54
71%
64%
81%
55
72
10
"37
6
70
116%
116%
119%
119%
118%
116%
115%
123%
71%
96
94%
92
115%
92%
82
83
14
6
11
7
15
3
10
10
{♦Cent New Eng 1st gu 4s
107
107%
"l6
3
95
92
f
(1938 Issue).....1950
.1992
4 %s
...
Ref A Imp mtge 3 %s ser D-..1996
.1996
Ref A impt M 3%sserE
Ref A lmpt M 3 %s ser F— 1963
Craig Valley 1st 5s
May 1940
Potts Creek Branch 1st 4s—..1946
.1989
R A A Div 1st cod g 4s
.1989
2d consol gold 4s
Warm Spring V 1st g 5a—..1941
8 f deb 4%s
52
9%
31%
0%
19%
32
'2%
3
0%
6%
7
8
91
107
42
80
ref g 3s. ——1949
Q—111 Dlv 3%s—.1949
4s——1949
General 4s....--——1968
1st A ref 4 %s series B..
1977
1st A ref 5s series A——1971
Illinois Division
109% 111%
110% 112%
24
39%
112%
32%
14
15%
14%
107%
14
103%
102%
124%
99%
99%
45
105%
8
j
03
J
50
J
99%
1
60
1
116
7
70
2
2
J
44
38
77%
72%
63%
65
115%
86
100% 104%
100% 104%
118% 125%
95% 100%
95% 100%
104% 105%
103% 105
116%
*108%
J
O
40%
109"
/ J
M S
j
64%
04
"49
J
J
60
28
12% 24
100% 110
103%
102%
104%
0%
0%
10
2%
3%
115%
75%
105
.
0%
6%
115%
74%
A
95
2%
7%
74%
D
94%
97
75
f
UN
100%
7
71
j
89
81%
43
79%
124
82%
100%
114%
90
82
47%
124%
99%
99%
M 8
112% 116%
124%
85
47%
u s
117
121
120%
119%
9
*13%
107%
Champion Paper A Fibre—
M S
8 f deb 4%a (1935 Issue).—.1950
114
117
"id
"90"
50
117
45
3%
3%
*70
O
ref gu gold 4s..1949
Guaranteed g 5s-.—.......1960 F A
Central RR A Bkg of Ga¬
gs extended to May 11042...... MN
Central Steel 1st g s f 8s
.1941 UN
Certaln-teed Prod 6%s A
1948 M 8
113%
113%
117%
117%
116%
109
7%
1
*90
A
Througb Short L 1st gu 4s... 1954 A
96%
105
34
*5%
*3
56%
103
"if
107%
Central N Y Power 3%s——1962
Cent Pacific 1st
8%
41%
40
12%
14
10
112
8
46%
90
32
1901
.1987
.........1987
4s
40
33
60
*110%
♦Central of N J gen g 5s
40%
89
O
Cent Illlnolfl Light 3%a.—1960 A
20%
25%
5%
4%
47
94
..1941 M S
42
75
*7
Cblc Burl A
94%
85
45
40
92
*3%
♦Chlo A Alton RR
89%
23
42
*109%
114%
76%
65
35
80% 92
106% 113%
103% 115%
72% 99%
93
105%
109% 113%
109% 110
7
Gen mortgage 5s
—.1941 M S
Cent Hud G A E 1st A ref 3 %s.l965 M B
112%
89%
1
13
*5%
6%
110
4
3
12
25
90
114
110%
111%
118
104% U1
109%
108
82%
184
102%
♦Chatt Dlv pur money g 4s..1951
107
98
7
106% 108%
24
39%
25
40%
23
87%
6%
10%
47
65%
107% 111
68
82%
53
*3
14
"95%
28
105
108%
100% 105%
98% 102%
102
♦Ref A gen 6s series C......I959
"16
82%
63%
28
26%
17
*41
90
♦Consol gold 5s
1945 UN
♦Ref A gen 5%s series B....1959 A O
111
85
19
37%
54%
*35
Cart A Adir 1st gu gold 4s
Celotex Corp deb 4%s w
111
80
82%
63%
10-year coll tr 5a.....May 11945 AT N
L A N COll
111
102%
HI
UOH
1st 30-year 5s aeries 3
Atl Coast Line 1st
10
99
99
*102
J
1946 J
Atl Knox 4k Nor 1st g 5s
37
100%
100%
*90"
*102%
J
Rocky Mtn Div 1st 4s
Trans-Con short L 1st 4s.
98%
*
D
194 8
1965
-
""98%
D
1955
—
1949
Cbes A Ohio gen g
1995 UN
J
110%
109%
109
21%
80
35%
105% 110%
20
110»«
108%
108%
Conv gold 4a of 1909
Conv 4s of 1905..
35%
6%
5%
*5%
*114
♦Mid Ga A At Dlv pur m 5s_1947
♦Mobile Div 1st g 6e...
.1946
1943 M2V
...1961 A O
..1966 J D
J
conv deb.. 1950 J
Stamped 4s.
94%
♦Mac A Nor Div 1st g 6S....1946
3 Ha debentures..
109
70
d
100%
93
20-year sinking fund 6 Ha
O
115
121%
J
♦General
1995 Nov
"36
89
.....1960 j
88% 96%
106% 112
Amer Telep A Teleg—
.
53
102%
Collateral trust 4 %s
Central Foundry mtge 6s
.
110%
107%
28
"23
1
Adjustment gold 4s.
35%
j
68
30%
99%
100%
105%
*71
..1944 j
Coll trust gold 5s....Deo 1 1954 j
5s equip trust ctfs
31
96
107
98
*4%
Guar gold 4%s
82
99
99
109
89%
113%
115%
34
...
A
75
30%
58%
58H
TAmerican Ice s f deb 5s......1953 J D
*102%
Amer IG Chem conv 5 Ha
1949 AfN "102%
102%
Am Internat Corp conv 5 Ha
103%
1949 J J
Atchison Top 4c Santa Fe—
General 4s................1995 A
105
31
1981 F A
w—1947 j D
♦Cent Branch U P 1st g 4s
1948 J d
{♦Central of Ga 1st S 5s..Nov 1945 F A
*50%
106%
"i06H
50
97
110%
*110%
33%
33%
Carriers A Gen Corp deb 5s w w 1950 UN
1955 M 8
{Ann Arbor 1st g 4s
1995 Q J
Ark 4c Mem Bridge A Term 6s. 1964 M 8
Armour A Co (Del) 4s series B.1955 F A
1st m s f 4n ser C (Del)
1957 J J
86%
113%
114%
16%
50%
44
Am 4c Foreign Pow deb 5a—.. .2030 M 8'
Anaconda Cop Mln a f deb 4 Ha 1950 A 0
♦Anglo-Chilean Nitrate—
8 f Income deb
..1967 Jan
40%
115%
118%
119%
118%
116%
114%
121%
42
19
3Ha debentures
Am Type Founders
3
8
116
60
24
6
116
40%
116
64%
109%
80%
115%
118%
72
45
109%
♦Alplne-Montan Steel 7s..
28
82
63%
108%
76%
j
...1957
32
"25%
A
A
9
J
104
35
M S
35
O
107
108%
... .
31%
32%
Guaranteed gold 5s.....Oct 1969
Guaranteed gold 5s.........1970
Canadian Nat gold 4%s
32%
63
63
*25%
M 8
1
30%
31 %
Guaranteed gold 5s....July 1969
100
105%
"26
108%
18%
51
1
.1950 A
A
1
106%
105%
101%
34
73
73
1949 J
conv 6s
stamped
...1960
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4a......1942
Allied Stores Corp deb 4 Ha
1950
4 Ha debentures
..1951
Allls-Chalmera Mfg conv 4s
1952
0
82
..1946 A
♦5s
O
3
41%
Allegbany Corp coll trust 5s...1944 F
♦Coll A
j
41%
*40
Albany Perfor Wrap Pap 6s...l948 A
fle with warr assented....... 1948 A
6
23%
106%
104%
100%
22
2
"20% "30"
28
38%
"40"
39%
116% 119
129% 136%
"32
..
35%
107
.1943 J
Alb & Susq 1st guar 3 Ha
105%
110%
♦Certificates of deposit.........
Bush Terminal 1st 4s.........1952 A O
.
Canada Sou cons gu 5s A......1962 a
50%
1952 A
4a aeries B
d
Calif-Oregon Power 4s......-.1966 A O
24H
50H
1948 M 8
5s
1st Hen A ref 60 series B
44
industrial
cons A
135%
14%
10-year deb 4%s stamped.-.1946 F
Ala Gt Sou 1st
97
11
companies
Adriatic Elee Co extl 7a
113%
114%
1950 J d
5s
47
D
D
1947 MN
eons g
42%
1961 J
J
1st lien A ref 6s series A
43
A
Adams Express coll tr g 4s
Coll trust 4a of 1907....
134%
50
A
1950 F
g 5s
37%
1958 F
{{♦Abltlbl Pow & Paper 1st 5e.l953
117%
40%
J
36
*25"
and
117%
6
63%
MN
.........1941 j
1st 5s stamped
31%
A
Bklyn Manhat Transit 4 %s—1900 MN
Bklyn Qu Co A Sub con gtd 5s.1941 MN
18
37%
39%
86
27%
31
O
F
J
35
A
railroad
80
45
108%
...1944 / d
Big Sandy 1st 4s
1
♦Warsaw (City) external 7s_...1958 F
4Hs assented....
Yokohama (City) extl 6a
88
98%
101%
21
1957 AfN
Buffalo Gen Elee 4 %s series B.1981 F A
a45
52
78
23%
1
*35
38
88
"27%
♦Debenture 6s.............1965
♦Berlin Elee El A Undergr 6 %s 1956
2
a45
45
34%
*102
38H
43 H
38H
J
6
15
14%
108%
*
39
Venetian Prov Mtge Bank 7a. .1952 A O
♦Vienna (City of) 6a.... .....1962 M N
10
16%
87
117%
134%
Consol 5s.................1955 J
Bush Term Bldgs 5s gu
1960 A
43 H
44
16
102
*
1961
1st A ref 5s series C
50
43%
42%
47%
106%
3
23%
24%
*35
87
1951
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 %s
Bell Telep of Pa 5s series B
20%
50
42
40%
38%
A
65
19%
39
1979 AfN
..1978 J D
extl conv
46
18
15%
3%-4-4%% (3 bonds of '37)
4-4%-4 H % extl readj
3 Ha extl readjustment
24
17%
Toledo Cin Dlv ref 4s A....1959
Bangor A Aroostook 1st 5s....1943
Con ref 4s__.
1951
15%
25%
37
17
11
54%
15
21%
20%
65
57
42
42
65
19%
18%
20%
47%
16%
16%
18
8%-4-4%s ($ bonds of '37)
external readjustment... .1979 AfN
49
14
23
47
9
28
63%
22%
20%
25
47
63%
62%
Debenture gold 5s
♦Sileslan Landowners Assn 6a.
Sydney (City)
48%
20
♦S'western Dlv 1st mtge 6s—1950
♦Certificates of deposit..
conv
64
"26"
.1941 m.N
Sys ref 4s
Certificates of deposit
cons
72
102
3
64
Y"5
-
Beth Steel
60
100
102
18%
20%
♦Certificates of deposit
24
20
20
19
19
D
1968
11
19
19
D
1962 MN
♦7s series B eec extl....
♦Silesia (Prov of) extl 7s_
1
9
8H
D
a
•Sinking fund
13
8
8%
♦7a extl water loan.........1956 M
♦Secured
6%
8%
13
.......
♦6a extl dollar loan
6%
102% 106%
19% 25
63
3%a
9
8H
1952 M N
♦6 Ha extl secured a f._..._.1967 ATN
San Paulo (State of)—
46
37%
64%
52
2000 M8
4s stamped.......
1946 A
♦6a extl
37
High
83%
26%
60
......
M~8
14%
♦8a extl loan of 1921
f g
...July 1948 a o
♦Certificates of deposit.
♦Ref & gen 5s series A.-....1995 Y'd
♦Certificates of deposit.
Fa
6H
11
Low
102
60
♦1st mtge g 5s
♦Ref A gen 5s series F.....1996
"~8
1
Jan. 1
21
O
♦Certificates of deposit.......
♦Convertible 4 %s.-._
.1960
♦Certificates of deposit
14
3
25
44
102
100% 107
30
31%
32%
63%
105%
59%
15
19%
19%
106%
No.
42
*52
8%
9%
70
High
*22
54
t7%
104 %
N
30%
36%
36%
«!<*}
j
♦Ref A gen 6s aeries C
.1995
♦Certificates of deposit.......
14%
103H
7%
S
Since
Asked
J
♦Ref A gen 5a aeries D
20
103
~7%
j
50
23
♦Rhine-Main-Danube 7a A....1950 M S
♦Rio de Janeiro (City of) 8a.1946 AO
♦Extl sec 6 Ha...
-1953 F A
Rio Grande do Sul (State of)—
42
A
41%
32%
63%
104%
j
Atlant'c Refln'ng deb 3s—1953 M
1 }♦ Auburn Auto conv deb 4%b1939 J
Austin A N W 1st gu g 5a
1941 j
Baldwin Loco Works 5a atmpd.1940 M
J Bait A Ohio 1st mtge g 4s July 1948 A
Range
or
Friday's
Bid
J
42
22
37%
18%
102H
102 H
103%
12%
Range
Sale
Price
Low
Atl A Dan 1st g 4a
......1948 j
Second mortgage 4s
1948 j
Atl Gulf A W 188 COll tr 5s
1959 J
25%
39
1961
Week Ended Aug. 18
34
45%
1963
.
—
10
47 %
38
*40
4H8 assented—.1968
♦External sink fund g 8a
1950
a
97% 103
8
14
19%
9»% 106%
88%
50
43%
83%
5%
13%
8% 13%
8
12%
8H
D
Week's
Last
It
N. Y. STOCK EXCHANGE
HigTl
No.
1959 M 8
f 6a 1st §er..1900 J
7H
BONDS
.
"~9
90
*81
"n
49H
45H
7H
a
♦External
Since
Jan. 1
1947 M 8
♦Nat Loan extl
4 Ha assented
♦Porto Alegre (City of) 8s♦Extl loan 7Ha
Range
<§«§
19
■
*48%
49 H
1958 M N
•Panama (Rep) extl 5Ha.,
1145
2
Friday
Range or
Friday'»
A Asked
Sale
Week Ended Aug. 18
Record—Continued—Page
Week's
Friday
7%
09
7%
99
103
J
8
6
100
50
103%
38
7%
14%
97% 101%
100% 104%
*97%
97%
98
60
94
F
A
86%
86%
85%
94%
a
91
91
90%
95%
22
F
12
90%
99%
M 8
100
New York Bond Record—Continued—Page 3
1146
Last
BONDS
18
Week Ended Aug.
Price
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 6s series B
1947 J
♦Refunding 4s series C
——1947 J
♦1st A gen 6s series A—
1966 M
11989
C—May 1 1989
E—-May 1 1989
♦Gen 4^8 series F.—May 1 1989
{♦Chic Mllw St P A Pac 6s A—1976
♦Conv adj 6s
Jan 1 2000
{♦Chic A No West gen g 8%s-1987
♦General 4s
—1987
—1936
May 1 2037
stpd.May 1 2037
♦1st A ref 4%s ser C.May 1 2037
♦Conv 4)48 series A
194P
{{♦Chicago Railways 1st 6s stpd
8%s
3
24
1961
J
F
Dec 1 I960
112%
28%
D
1st mtge 3)4* series
8)4s
J
D
{♦Choc Okla A Gulf
eons
J
D
J
22%
4
28%
6
12
Dow Chemical deb 3s
1%
34
2%
53
{{♦Dul Sou Shore A Atl g 6s..1937
J
10%
16%
Duquesne Light 1st M 3Hs...1966
J
J
1
10
11%
11%
7
12
9
10%
8%
-
11
5%
3
45
11
12%
11%
11%
1
5
5
6
5H
6H
5%
5%
2%
12
♦Gen
♦Rei A imp< 6s Of 1927
O
1967 J
Cln Leb A Nor Is*
con gu
68
8
♦Ref A lmpt 6s of 1930
4%
70
83%
1
67
69%
54%
63%
65%
9
49
6
43
54
-
_
D
.
1969 F
J
110H
Ref A Impt 4 )4b series E
1977 J
Cln Wabash A M Dlv 1st 4s. 1991 J
Spr A Col Dlv 1st
g
J
J
4s
—
W W Val Dlv 1st g 4s„
8
Series B 3Hs guar....
Series A 4Hs guar...
33
*
110%
26
110%
63
63%
63%
66%
«
—
m,
_
-
-
m
63%
68
70
96
-
-
-
77
63
29
56%
*
100%
90
97%
108%
2
95
111%
106% 106%
107
«r
81
81
81
Cleve Union Term gu 6 Hs
1972
O
89 H
89%
91%
1973
o
79 H
79%
82%
1st b f 4 Hs series C
1977
0
Coal River Ry 1st gu 4s.
1946 J D
Colo Fuel A Iron Co gen s f 6s.. 1943 F A
♦6s Income mtge..
1970 A O
73 H
73%
75%
1st a f series B guar
......
15 1962 A O
Jan
16 1961 J
103 H
O
Columbus A Tol 1st ext 4s
Columbus Ry Pow A Lt 4s
103 H
......
1fCommercial Credit deb 3)4s.. 1951 A
Commonwealth Edison Co—
1st mtge 3Hs series I.
Hs
-
1
5
56%
31
44
104
103%
2
103%
157
103
*114
-
■
108%
1968
108%
108%
11
103J5i2
O
103«32
103»32
6
110%
117%
Conv debs 3H8
....1968
Conn A Passump River 1st 4s—1943
Conn Ry A L 1st A ref 4 Hs
1951
-
30
*112
1965 UN
10
103%
A
1956 F
29
—
103%
...
J
Columbus A H V 1st ext g 4s.. 1948 A
55
27H
24
103%
27%
......
~
1
«
103%
......
Columbia G4E deb 6s...May 1962 MN
Apr
m
*107
1980 MN
...
......
1961
108%
107%
*105
*106
...
Colo A South 4 Hs series A
»
108
105
108%
*105
J
110%
116%
85
91%
75
85
68
79%
106% 106%
102% 104
45
65%
27%
47
92% 104
94
104%
92% 103%
109% 114%
109% 114
107% 110%
103
105%
374
123
**
89%
107% 111%
104% 124%
89%
89%
110% 113%
98
*114
79%
14
110%
*
-----
•
M. W
•'
109%
109%
3
108
1961
108%
108%
109
3
107
Consol Edison (N Y) deb 3%s.l946
8 He debentures
1948
—'-.i.
105%
106
28
103% 107
106%
106%
107
80
1956
105%
105%
8 Hs debentures
1958
♦Consolidated Hydro-Elec Works
106%
107%
107%
108
105% 108
104% 108
105% 109%
Conn Rlv Pow
f 3%s A
s
8 Hs debentures
of
.
Upper Wuertemberg 7s...1956 J J
conv deb 3%s
1951 J D
non-conv deb 4s_. 1964 J
♦Debenture 4s
J
1955 J
♦Debenture 4s
Consolidation Coal at Be
Consumers Power 3%s.May 1
1st mtge 3Hs
May 1
1st mtgeSHs—
1st mtge 3Hb.._
O
1966 J
103%
......
3
1956 A
♦Debenture 4s
.
J
1960 J
10%
J
1st mtgeSHs
6
104%
154
*9%
*9%
10%
_
..
ref 3
For footnotes
ndfc
see page
ESSES
A
J
D
J
J
J
1149.
HI
22%
9%
44%
10%
13%
10%
12
55%
'
.
—
*
108%
108%
108%
43
103%
103%
103%
-w-
100%
1C0H
23
105%
105%
106%
30
104%
7
*105%
101%
101%
2
106%
111
Gas A El of Berg Co cons g 6S..1949
Gen Amer Investors deb 6s A..1952
Gen Cable 1st s f 6 Hs A
1947
J D
F A
J J
♦Gen Elec (Germany) 7s.......1945 J
J
♦Sinking fund deb 8H
1940 J D
♦20-year s f deb 6s
1948 M N
Gen Motors Accept deb 3 Hs ...1951
Gen Steel Cast 6Hs with warr.1949
F
J
{♦Ga A Ala Ry 1st cons 6e Oct 1 '45 {I^Ga Caro A Nor 1st ext 6s__1934 J
♦Good Hope Steel A Ir sec 7S..1945 A.
109"
107
60
102
102
102%
17H
19
15H
15H
15H
48
27
15
15
11 H
22 H
22
11H
21H
15H
2
~io~"
"53
10H
56
18 H
7H
14
7H
14
42
*40
41H
38
46 H
42
37
45 H
00
*
-
103 H
102 H
40
13
9H
9H
"41%
151
102 %
2ll
9H
106H
92H
105 H 109 H
106
107 H
50 H
65
42 %
9%
19
_
87
_
"
*60
76 H
47
67
86
106
106H
29
104
107
103
103
74 H
100
*101
104 H
Goodrich (B F) 1st mtge 4Hs.. 1956
Gotham Silk Hosiery deb 6s w w '46
Gouv A Oswegatchle 1st 6s
1942
Grand R AI ext 1st gu g 4 Hs—1941
J D
57
58
7
7
*_—
*2%
102 H 105 H
35
44
55
5H
5H
65 H
10
9H
2
3H
IX
3H
100 h 102 H
36
46 H
*33 H
"46"
*125%
127H
123H 125H
103 H
102 H 105
95
104 H
103
99%
99H
*53
56 H
*54
59
49 H
48
55
45
62 H
59 H
104
107 H
*
100H
62 H
48 H
15H
12H
*12H
17M
13
18
48
37
45
98
105
t
104%
104%
1
_
83
105H
79
90H
*81"
80
80H
78
100 H 107 H
16
97
97
80
73H
61X
90
90
88
2
101H
81
94
General 4Hs series D
General 4 Hs series E
General mtge 4s series G
Gen mtge 4 sseries H._
1976
J
81%
81H
83 H
30
74H
1977
J
81 %
81H
83
42
74
89 H
89 H
1946
J
96
95H
99
50
88
103 H
1946
J
86H
86 H
78 H
94
1967
J
74
74
89 H
75 H
46
Gen mtge 3Hs series 1
Green Bay A Weet deb ctfs A
60
66
81H
Feb
*53 H
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s.
1940 MN
Gulf Mob A Nor 1st 5Hs B__.1950 A O
1st mtge 6s series C__.
1950 A 0
Gulf A Ship Island RR—
m
1st ref A Term M 6s stampedl962
Gulf States Steel s f 4Hs
1961
J
J
M
F
♦Adjustment Income 6s. Feb 1957 A
Illinois Bell Telp 3Ha ser B..1970 A
Illinois Central 1st gold 4s
1951 J
D
N
A
O
O
J
5H
55
7H
103 H
90
73
88
83 H
84 H
69
85
85
96
96
91
92
*86 H
A O
s f 6s ser A...1962
Hudson Co Gas 1st g 6s
1949
Hudson A Manhat 1st 6s ser A. 1957
53
89
89
96H
38
♦Harpen Mining 6s
1949 J
J
Hocking Val 1st cons g 4 Hs—1999 J J
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonlo Ry cons g 6s...1937 M JV
Hudson Coal 1st
60
103
J
"1I6"
25
2
35 H
35
31H
31H
......
*127H
7
32 H
27
48H
13H
111
"31
14H
134
28
40
H7H 122 H
67
77 H
25H
39H
28 H
36 H
128 H
124
129
111H
47
"ni%
120 %
70
70
43 H
UH
110
51H
15H
112 H
*90
87
92 H
1st gold 3 Ha
1951
3
*86
83 H
88
Extended 1st gold 3Hs
1st gold 3s sterling
1951 A O
1951 M S
*86
46 H
63
J
Refunding 6s
".
.
40-year 4Hs.__
Aug 1
Cairo Bridge gold 4s
O
1952 J
1963 MN
*
75
53
*
1986 F A
D
3
1950 J
Litchfield Dlv 1st gold 3s—1951 J
Loulsv Dlv A Term g 3HS..1953 J
J
36
45%
3 Ha.._1951 J 3
Western Lines 1st g 4s
1951 F A
28
46
46
"47 k
"47 H
52
54
51H
51H
49 H
"44"
47
62
42H
"l6
57
1955 MN
38
38
59
105H
*36%
70%
18
103H 106H
3
Springfield Dlv 1st
52%
104 %
88
105H
3
37
26%
71H
*89"
J
Great Northern 4Hs series A..1961 General 6Hs series B
1962 J
General 6s series C
1973 '
59
104%
59 H
104%
1
40%
106% 110%
99 H
1
32%
9
3H
61X
27%
2
3
*2H
*100%
75
15
58
101
5
17H
75
10
30
38
61H
29
58%
~15
8
61H
33
108
7H
98
100 H 103 H
101
103 H
87 H 101
71
J J
Grays Point Term 1st gu 6s...1947 J D
Gt Cons El Pow (Japan) 7s...1944 F A
1st A gen s f 6 Hs
1960 J
J
27%
30
105 H
44
"57"
M 8
J D
32%
55
102 H
104H
*35
100H 103 H
.
28
107%
1
—
103%
J
0
32%
20
100H
103H
%
*103
61
Omaha Dlv 1st gold 3s
1951 F A
St Louis Dlv A Term g 3s...l951 J
J
Gold 3Hs
1951 J
J
102%
4
15H
"
Purchased lines 3 Hs
Collateral trust gold 4s
„
43
55
85H
139
42 H
{{♦Proof of claim filed by owner MN
•Certificates of deposit..
J
3
Fort 8t U D Co 1st g 4 Hs
1941
Francisco Sugar coll trust 6s...1956 MN
107% 110%
107% 111%
103% 109%
100
105%
96
100%
105% 109%
102% 106%
104% 106%
98
102%
*
110
3D
O
1943 MN
103
90
*51
{♦♦Prool of claim llled by owner. MN
(Amended) 1st cons 2-4s
1982
1952 A
109%
Hs 1960 A
106 H
1955 M N
*109%
D
12
108 H 112H
1952
Refunding 4s
104
1948 F
108 H
*6H
Collateral trust gold 4s
104%
Del A Hudson 1st A ref Is
3
53
♦Certificates of deposit..
Fonda Johns A Glov 4Hs
105% 109%
A
Dayton Pow A Lt 1st A
3
D
1974 M S
♦1st A ref 6s series A
106
1951 F
1950 M N
Cuba Nor Ry 1st 6
Ha
1942
Cuba RR 1st 6s g
1952
7 Hs series A extended to 1946—
6s series B extended to
1946
10%
-
J
{Florida East Coast 1st 4 Hs—-1959
O
15
D
D
105
12
109H
106%
J
J
13
1948 J
1943 J D
25
106H
108
108
D
1943 J
{♦Fla Cent A Pennin 6s
108
1946 J
2%s
9
»
...1964
Firestone Tire A Rubber 3HS.1948 A
107%
Continental Oil
conv
-
«
10%
110
1966 M N
48
108H
90
M S
1942
1942 M S
f 6s stamped
108
Container Corp 1st 6s
16-year deb 6s
Crane Co s f deb 3 Hs
Crown Cork A Seal s f 4s
Crucible Steel 4Hs debs
—
18
109%
110%
100% 106%
8
15
*9%
s
107%
_
1967 UN
...1970
21%
103%
53
1966 MN
1965 MN
6
10
21%
Consol Oil
{♦Consol Ry
.
40
98H 103H
85
45%
90
50
O
guar 4
63
77
1
64%
A
Stamped
15
108% 111%
110% 111%
100% 103%
106
110%
109
111%
75
1977
......
79
11%
1
111
*95
64
15
1942
Gen 4Hb Series A...
Debenture 6s
107
69
4
109%
Gen A ref mtge 4 Hs series B. 1981
Cleve Short Line 1st gu 4 H»—- 1961
Debenture 6s
104
35
108%
Series C 3Hs guar
1948 UN
Series D 3Hs guar......... 1960 F A
50
106H
106%
70
*100%
1942
32
110H 113
109
U2H
110H 113
109H
*149 H
Fairbanks Morse deb 4s
....1956 J D
Federal light A Traction 1st 6s 1942 M S
6s Internationa series
1942 M S
92
46%
J
5H
10H
5H
104
76 H
94%
105%
*59
1940 M S
1940 J
32
Villi
15H
14H
6H
106%
12
A
1st lien
*
Cleve Elec Ilium 1st M 3)4 s—. 1965
Cleve A Pgh gen gu 4 He ser B. 1942
5
3H
*15
.1967 MN
.1975 A O
1st lien 6s stamped....
80-year deb 6s series B
64%
46 H
......
2H
7
109 H
.1938 M S
106% 110
100% 106%
86%
97
88
96%
*83
1990 UN
St L Dlv 1st coll tr g 4s
2H
15H
.1953
....1964 F
106% 109%
110%
64H
7H
8H
2H
2H
106 H
109 %
.1953
{♦3d mtge 4 Hs
Ernesto Breda 7s
14
*60
Cleve Cln Chic A St L gen 4s—. 1993 J D
1993 J D
Genera 16s series B
9
10H
103%
*101
J
.1955 J
J
♦Genessee River 1st s f 6s., .1957 J
MN
♦N Y A Erie RR ext 1st 4s_ .1947
12
109%
*
A
Clearfield A Mab 1st gu 6s— 1943 J
4s series D
108%
*
1971 M N
conv
106%
107*
4s... 1942 UN
Cln Un Term 1st gu 3 % ser
1st mtge gu 3)4s ser E
105 H 107 H
69%
52
67%
D
106 H 108 H
105 M 107H
106%
20
♦Erie A Jersey 1st s f 6a
2%
6
60
*13
mm
109 H
~~
High
109
102%
106H
.1953
♦Series B
93%
90 %
93 H
A
...
106%
106%
107%
105%
90%
108
S
♦Conv 4s series A
9%
50%
106H
108
107k"
42%
17H
{♦Erie RR 1st cons g 4s prior. .1996
.1996
♦1st consol gen lien g 4s
8%
68%
68%
106H
Low
104H 106H
111
*43
*101
9
65%
1944 A
2
*101
4
44
78
78
50 H
*
.1966
6s stamped
6
1
*
S
111H
109H
109 H
Erie A Pitts g gu 3 Hs ser B._ .1940
Series C 3Hs
.1940
4%
23
5%
7%
5%
16%
East Ry Minn Nor Dlv 1st 4a_. .1948 A O
East TVaAGa Dlv 1st 6s... .1956 MN
J
Ed El 111 (N Y) 1st cons g 6s. .1995 J
.1952 F A
Electric Auto Lite conv 4s
MN
.1941
Elgin Jollet A East 1st g 6s
.1965 A O
El Paso A S W 1st 6s
6
9
6%
18%
10%
39
UH
67
11
58
2%
11
6%
8
21
11
78
12%
5%
-
7%
3%
20
5%
2
7%
11
12
14%
16%
19
11
3
68 H
No
Jan. 1
16
10
108 %
106 H
*31H
111H
J
8
Since
SQCq
4%
5%
O
9%
3%
16
Dul MlssabeAIr Range Ry 3 Hb1962 A
5
12
*44%
D
2H
D
11
7%
J
2H
4H8..1961
1951 J
Range
or
Asked
High
*4
Gen A ref mtge 3 Hs ser G—.1966 M a
*7%
A
1966 F
1st mtge 3)48
O
~2%
♦Detroit A Mac 1st Hen g 6s ..1996 J D
J D
♦Second gold 4a
1995
MN
Detroit Term A Tunnel
3
AO
1943 A
1965 A
Gen A ref M 4s ser F
27
D
6s—. .1962 MN
Cincinnati Gas A Elec 3)48
O
29
7
dk
108 H
*105H
♦108H
*105%
*105%
8%
8H
*8%
A
A
♦Ref A Impt 6s ser B
Apr 1978
J
J
{♦Dea M A Ft Dodge 4s ctfs—1935
M 8
{♦Dee Plains Val 1st gu 4 Hs
1947
F A
Detroit Fdlson Co 4 Hs ser D..1961
29
*12%
7%
7H
M JV
.1962 M
D
J
A
F
♦Assented (subJ to plan)
J
F
19%
19%
*8%
1961 M
guaranteed
J
18%
11%
J1H
Chlo A West Indiana con 4s... 1962 J
1st A ref M 4)48 scries
Chllds Co deb 6s
J
18
11%
11%
11X
.1963 J
E
J
MN
1
2
1963 J
...
1st mtge 4s ""lies
J
MN
7
Chicago Union Station—
Guaranteed 4s.
Penna tax
11
MM
M
6
as to
11%
11
D
1981
4s
5%
75
1951
{{♦Den A R G 1st cons T 4s
1936
{♦Consol gold 4 %r
1936
{♦Den A R G Wee* jen 6s. Aug 1955
Stamped
J
3
6%
MN
Chlo T H A Bo'eastern let 68-1960 J
g
UH
Den Gas A El 1st A ref 81 6s...1951
J
20%
2
M N
D
-
15
lst4Ha.—1971
1969
1st mortgage 4 Hb
1969
1st A ref 4 Hs
22%
21%
6H
A
J
19%
21
86%
24%
13%
Del Power A Light
1939
Friday's
Bid
Low
High
112%
22%
Range
Sale
22%
21H
J
6s—
111
38
1
21%
20%
22%
J
—June 16 1961 J D
Memphis Dlv 1st
3
63%
113
20%
I960 MN
♦Conv g 4)40
3
3
5
*111%
20 H
-
Ch 8t L A New Orleans 6s
3)48
•
67
J
F
-
3%
*3
1962 M~ii
{♦Secured 4)48 series A
♦Certificates of deposit
gu
11%
^
-
5%
{♦Refunding gold 4s
♦Certificates of deposit
Ino
9%
9%
10%
*62%
J
Aug 1938 26% part paid.. ....
J
{♦Chic R I A Pac Ry gen 4s- 1988
♦Certificates of deposit
-----
1934
15%
11%
3
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4%s stpd Fed lne tax—1987 UN
♦Gen 6s stpd Fed lnc tax
1987 UN
♦4 %s stamped
—1987 un
♦1st ref g 6s
♦1st A ref 4%s
-
*8%
UN
Gold
12%
81%
15%
-
67
*9%
1969 J D
♦Gen g 3 %s series B—May
I ♦Secured
3
15
85%
20%
*12%
J
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989 J
♦Gen 4%s series
♦Gen 4 %s series
97
12%
19%
♦1st A gen 6s series B—May 1966 J
Chlo Ind A Sou 60-year 4s
1966 J
Chlo L S A East 1st 4 %s
Low
2
15
J
NO.
16
*80
19 H
Price
16%
15
♦Certificates of deposit—
Chicago A Erie 1st gold 6s
1982
{♦Chicago Great West 1st 4a—1959
Last
N. Y. STOCK EXCHANGE
Week Ended Aug. 18
Jan.
110%
110%
15
BONDS
Since
"a
0
Hioh
Low
{{♦Chicago A East III 1st Os—1934
{♦C A E 111 Ry gen 6s
1981
Range
Fridays
Asked
*
i
19,
Week's
Friday
Range or
Sale
N. Y. STOCK EXCHANGE
Aug.
Week's
Friday
59
6
105
52
44 H
52
60 H
71
43 H
48
39
56 H
*72 H
80
75
83 H
*65
90
63
66
♦
64 H
63
65
#3
52
46H
46H
60
63
**
2
73
63
g
70
"ed" "ei"
Volume
New York Bond Record—Continued—Page 4
149
Range or
Friday'*
&
Asked
■5-a
Range
Bid
0Q<§
Jan. 1
High
No.
52 H
88
48
73
Last
Week Ended Aug.
Sale
18
Price
BONDS
Since
Si
Low
STOCK EXCHANGE
Week Ended Aug. 18
49 H
1063
1940
Illinois Steel deb 4%a
102Tn
49 H
45
45
1027u
39
39
1966
1986 M S
J
Industr'al Rayon 4HS.......1948 J
Inland Steel 394s series D
1961 F A
J
XInterboro Rap Tran let fie...1966 J
Certificates of deposit...
(♦10-year 6s
1932 A O
(♦10-year conv 7% notes—1932 M 8
4a
Ind Union Ry 3 He series B
99
70H
97 H
106 H
60
60
Agric Corp fis stamped.... 1942 M N
J
1952 J
{♦Int-Grt Nor let 6s ser A
♦Adjustment 6s ser A.. July 1952 A
......
1956 J
.....
90
104 H
98
12
106
109H
85
63
8
"83 H
Internal Paper fis ser A A B... 1947 J
1965 M S
Ref s 16s series A
Int Rys Cent Amer 1st fis B... 1972 AfN
"~99~~
24
103 H
12 H
10
90 H
1H
9
6
5
IK
8H
8H
72H
85 H
57
46
99 H
11
93
90 H
91H
22
76 H
72
A
60
60
64
143
90
"~26 ~
♦Certificates of deposit.........
Kan City Sou 1st gold 8s.....1950 AO
J
Ref A lmpt fis
.Apr 1950 J
~67~~
67 H
67
90
*85 H
MM
-
71H
106K 109H
103H 107
27 H
36
16 H
17 H
17
—
Coll tr fis series B
13
*108
20
27
93H 100H
106
108 H
1
1
"83 K
""3
83 H
90
*81
95
166 H
85 H
—
1
»*
mm
163
79
2
1
98
107
107
2
103
101
95
•
49
104
103
104
105
5
104 H
105 H
23
6
*5H
mmm mm
2d gold 6s
♦1st mtge Income reg
1975
1954
Cons sink fund 4Hs ser C...1954
Lehigh A New Eng RR 4s A...1965
Lehigh A N Y 1st gu g 4s.___.1945
Lehigh Val Coal Co—
fis stamped.
1944
s
f 4 Ha A.
♦fis
1964
8 tamped
♦1st A ref
s
1964
f fis
¥
stamped.............1964
♦1st A ref s f 5s.......
—1974 ¥ A
♦5s stamped
1974
♦Sec 6% notes extend to
1943 j"j
♦fis stamped...
...1943
Leh Val Harbor Term gu fis
1954 ¥ A
106K
108 H
98
99
104H
102 H 105 H
100
105H
....
4H
.1940
4Hs
68 H
49
20
41
50H
74 H
88
20
67
75
49 %
51
H
63
67
85
86
13
84
90
26 %
26H
26 %
18
51%
51K
54
21H
51H
51
51
.
-
*30
*23
A
"ii"
16%
fis assented................1941
1951
debs..1947
4s series A... 1962 MN
conv
1946 F
A
D
56 H
Lone Star Gas 3 Ha debs
1953 F A
108H
Louisiana A Ark 1st fis
....
22
26
2
30
49 H
37 H
39
40
56
10
1
27
4
51H
14 %
87 H
Af 8
0
128H
4
65
-
60
22 H
15H
22 H
55
58
61
118H
129H
129
26
127H 131
95 %
2
—
-
~
95
99 H
21
107
107
-
65
19
75
88
81H
19
—
128 H
2
128
2
1966 M S
*109H
108 H
104
62
87H
88
98 H 103 K
49
68
38
108H
25
111H
68
83
80H
88
80
88 H
127 H 129 H
122H 128K
75H 90H
108
110 H
105H 109 %
Louisville A Nashville RR—
Unified gold 4s
.
.......
1st A ref fis series B
1940 J
2003 A
1st A ref 4 Ha series C...... 2003 A
2003 A
1st A ref 4s series D
2003 A
lat A ref 3Hs aeries E
Paducab A Mem Dlv 4s.... 1946 F
St Louis Dlv 2d gold 3s..... 1980 Af 8
Mob A Montg 1st g 4Hs_... 1946 M 8
100 H
98 %
100 »J2
73
99
98 K
98 H
33
91
89 H
89 H
91H
84
84
84
80
82 H
12
100 H
1
80
100 H
*84 H
*112
South Ry Joint Monon 4s... 1952 J
J
Atl Knox A Cln Dlv 4s
1955 AfN
♦
1949 M 8
♦25-year 5 Ha
♦1st A ref 5 Ha series B
{♦ Mo-Ill RR 1st fis series A
1978 J
1969 J
J
Mo Kan A Tex 1st gold 4s
1990
J
6H
*!%
D
m
mm
6H
1H
1%
mm
m
mm
m
_
H
4H
6H
J
-
6K
3%
rnmmmrnm
19
7
*73 H
Lower Austria Hydro El 6 Ha. 1944 F A
*22 K
.
3H
3
5
5%
3%
8H
6H
3
6
9
1
1%
1H
2
4
2H
*62
67
68
68
70
8
45
75
27
31
59
27
51H
16H
18
44
16H
37H
17
32 H
18 H
34
17 H
m
64
mmm
69
Missouri-Kansas-Texas RR—
prior lien 5s ser A....
40-year 4s series B
.1962 J
J
J
1962 J
Prior lien 4 Ha series D
1978 J J
♦Cum adjust fis aer A....Jan 1967 A O
16K
*12
7%
16H
15H
7%
8
6H
13%
14%
68
12 H
15
*
rnmmrnmm
7K
•
-
-
•
■mm
-
106 K
86 H
33
2
-
•
-
-
75
mm
~
1
101
99H
84H
93H
80
89 H
71
85H
97 H 101
82 H
88
110
114
106 H
{♦Mo Pao 1st A ref fis ser A....1965
♦Certificates of depoeit
F
A
14
»;
*13
♦Certificates of deposit......
mm
65
mm
1978 MN
iz%
♦Certificates of deposit......
♦Conv gold fiHs.........—1949 MN
♦1st A ref g fis series H......1980 A O
"2H
♦1st A ref 6a series G
♦Certificates of deposit...
♦1st A ret fis series I..
..1981
13%
3
21
14H
*1^
~~2K "59
2H
13M
13%
23
¥
A
"11%
21H
20 H
6H
2
21%
20H
21H
19H
4H
12H
13%
"48
21H
13
14%
*1 ^
20 H
12 H
21H
12H
65
20H-W
i:>
69
15
14%
*13
mmrnrnmrn
F
A
♦Montgomery Dlv 1st g 6S..1947
♦Ref A lmpt 4 Hs
1977 M 8
1938 M 8
Mohawk A Malone 1st gu g 48.1991 M S
Monongabela Ry 1st M 4s ser A *60 MN
Monongahela West Penn Pub Berv
O
1st mtge 4 Ha..............I960
-
67
23
29
48
mm*+m
....
109
debentures..............1965
O
110
109H
Montana Power 1st A ref SHs.1966
Montreal Tram 1st A ref 5a....1941
D
100
100
100H
99
99%
A.....1955
21
109H
110H
fis
J
*
m
O
Gen A ref s f 4 Hs series O—1955
O
mmm,
Gen A ref s f 5a series D.....1955
O
m
73
mmrnmmm
s
f fis series
Gen A ref s f fis series B
m
m
*
1951 J J
to....1946 J D
Nat Dairy Prod deb 3H
w W..1951 MN
M S
Nat Distillers Prod 3Hs—1949
Nat Gypsum 4 Hs s f debs
1950 MN
National Rys of Mexico—
♦ 1
Hs Jan 1914 coupon on—.1957
•4Hs July 1914 coupon on..l957
♦ 4
Hs July 1914 coupon off..1957
♦ Assent warr A rets No 4 on '67
♦4s April 1914 coupon on.;—1977
♦4s April 1914 coupon off...1977
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4 Hs—
J
(♦Assent warr A rets v« 4 on *26
O
♦4s April 1914 coupon on ...1951
♦4s April 1914 coupo> off.—1961 A 0
•Assent warr A r<r No 4 on *61 A O
National Steel 1st mtge 3s
1965 A O
mm
J
J
MN
F A
A O
J J
A Imp 4 H t A 1952 J J
New Orl Pub Serv 1st fis ser A..1952 A O
1st A ref 58 series B
1955 J D
J
New Orleans Term 1st gu 4s—1953 J
A O
{(♦N O Tex A Mex n-c lnc fis..1936
♦1st fis series B
.-.1954 A O
♦Certificates of deposit
♦1st fis series C—*...—1966 FA
♦1st 4 Hs series D
—.1956 A F
^
O
A
*
w
H7H
-
_
35
38H
66H
14
36H
33 H
54
22
*66
m
m
mm
1
43
114
U7H
3
97
lOOH
67
41
41
m
49
104H H0H
10
67H
29 H
32
102
*102
106
105M
106H
49
104
104
105
83
102H
102H
m
m
m
mm
-
mm
H
m
H
H
mmrnmm-
H
IH
%
mmmm
H
....
H
%
25
H
mmmmmm
*H
mmmmmm
mm
m
m
m
H.
m
mmrnmmm
.....
K
103
60
60
mm
m
•
21
21
38
129H
......
106
100%
53 H
,
m
mm
-
mmrnmm
mmm
mm
30H
75
*73
75
53%
30 H
34
73
rn
73
106
109 H
66
76H
50
69 H
106 H
106 H
1
68%
30 H
*30 H
*30
m
4
104%
68H
+
....
53%
104%
104%
124 H 129
123 H 12954
7
m
27 H
27 H
20
1
129
♦
65
20
128
106H
60
122H 125H
1
23
128H
.
128
mmrnmm-
Vt
K
101H 103 H
4
60
'
m
•
^
70
125H
125H
m
«
11
103%
%
K
103
102
1
105
102
13
58
6
74 H
34 H
23
2
24
----
H
37
30
34
35
36 H
30
30
2
24 H
24
34
34
1
24 H
39 H
23
34 H
*30 H
*30
34 H
m
33%
77
107 K
22
72H
46
102
102 H 108 H
103 H 105
102 H 106
4
111H
104
99 H
72 H
67H
38H
100
N O A N E 1st ref
A..........1954
♦Certificates of deposit
«
36H
108H
117H
100H
108
*
J J
J D
«
75
108
1954 MN
{♦New England RR «r< ar 5s...1945
♦Consol guar 4s....
—.1945
fis A..1952
Ist g 4Hs series B
......1961
N J Junction RR guar 1st 48—1986
N J Pow A Light 1st 4 Hs
1960
New Orl Great Nor fis A_.-_-.1983
93 H
70
67H
8
-
m-mmm
40%
35
fis...1948 J D
New England Tel A Tel
<
38 K
37
A
Nat Acme4Hs extended
♦1st 6Hs series
m
m
35
Nassau Elec gu g 4s stpd
{♦Naugatuck RR ls» g 4s
mm
mm'mm
38 K
Mountain States TAT 3H8..1968 J D
Mutual Fuel Gas 1st gu g 6S...1947 MN
Mut Un Tel gtd fis ext at 5%..1941 MN
Newark Consol Gas
m m m m
100 H 110 H
96 H 101 H
60
*
D
Morris A Essex 1st gu 3H
2000
Constr M fis series A.......1965 MN
Constr M 4 Ha series B
1955 MN
Nash Chatt A St L 4s ser A....1978 F
m
110H
107
105
75
*
O
1955
Gen A ref
17H
19 H
42 H
6
*106 H
109H
29H
34
65
102 H 106 H
31
26 H
*47
------
-
5
25
25
-
21
*14%
22%
22%
(♦Secured 6% notes
.
67
24H
^
F*t footnote* see naare 1149
9
27
m'm
110H
107
108
Louie A Jeff Bridge Co gu As.. 1945 Af 8
Louisiana Gas A Elec 3 Ha
21
54H
108 %
84 H
3
22
127
85 %
110
ser
13 H
14
112
108H
127H
127H
21H
3
44
*
13
15
103 H
56 H
87
52
21%
129
118H
103H
55 H
*87
1951 F A
A.. 1969 J
19
17
*65 H
*85 H
Af 8
1944 A
1
20
'm
iozH
AO
Af 8
23
16H
14
62 H
13H
16
6
14 H
16 K
*54 H
44 H
45
15
14H
13H
16H
95 K
107H
1952 J
...
30
30
25H
31H
ZM
50
"26"" "28H
16H
24H
16H
....
"ioi"
Little Miami gen
Loews Ino s f deb 3Hs
(P) Co deb 7a
50
23
47 H
*54H
118H
128 H
128H
Lombard Elec 7s series A
fis...
....
....
26
46
128H
128H
Lion Oil Ref conv deb 4Hs...1952
.....
-
—10
*15
O
1965
Ligget A Myers Tobacco 7s...1944
♦Long Dock Co 3Hs ext to
1950
Long Island unified 4s
1949
Guar ref gold 4s
1949
4s stamped..
.......1949
-
51
2003 AfN
fis
-
*38
Lex A East 1st 50-yr fis gu
Liquid Carbonic 4s
-
27
Z8K
50
.2000 M N
{Leh Val Term Ry 1st gu g fis..1941
39
25
*23 H
♦General cons 4 Ha
cons 58
30
3
24
13H
♦fis assented......
84 H
....
30
,
....
♦4s assented.............2003 AfN
Lorlllard
.
*23 H
25
"l4%
♦General
....
27H
04
64K
91
5
89 H
92-
*88 H
{♦Lehigh Val (Pa) cons g 4s...2003 AfN
2003 AfN
♦4Ha assented...........2003 AfN
J
m
z%
....
{Mobile A Ohio RR
45 H
42
........1940
4Hs assented
J
17H
31H
....
2H
3%
*1%
J
32
8H
28H
4H
1H
7H
*1%
♦Certificates of deposit.......
(♦Mo Pao 3d 7s ext at 4% .July 1938 MN
17
46
73
m
*6H
J
cons 58
1938 J
cons fis gu as to int...1938 J
con
13H
55
....
{Leh Val N Y 1st gu
g4s Int gu '38 J
{(♦M St P A SS M
50
20
12H
12H
12 H
53 H
48
♦5s
mm
42
1
91H
*
m
...
13
90
68K
A
*
mm
14 H
....
12
13
45
A
25
♦1st A ref gold 4s.
.....1949 M S
♦Ref A ext 60-yr 58 ser A...1962 Q F
88 H
*36
1954 F
42 H
12H
84 H
J
*40
*16H
*10H
rnmmmmm
76 H
9%
46
79H
...
♦1st A ref s f fis........
.
97
70
100 H 102 %
69
14%
1
O
m
1939 J D
.
70
102 %
12
102H
*9H
.-1939 J D
♦(Con ext 4Ha
{♦Mil Spar A N W 1st gu 4s.
1947 M S
{♦Mllw A State Line 1st 8H8..1941 J J
{♦Minn A St Louis fis ctfs
1934 MN
99H
90H
13%
24
M 8
*65
102%
mmrnmm
89 H
88
99H
iz%
22
*62
A
1940 A O
25
99%
♦1st A ref 5a series F—.....1977 M S
85
J
Ref A lmpt 4 Hs series C
99%
170
87 H
73
J
*
K
'lb" "lo"
26
86 H
55 H
*43
Dec
*
8H
H
....
"§2"
99%
1UH
102
7
3%
53 H
48 H
J
S
95
5
3%
Lautaro Nitrate Co Ltd—
Lehigh C A Nav
J
M
108 H
....
%
*
Michigan Consol Gas 4s......1963
{(♦Mil A No 1st ext 4Ha
98 K
*%
54 H
101H 104 %
10
9
87
39
3
110
*8
83 H
54
'
104H
98
—....
79
■
11
53
37
8*H
Z%
87H
1941
1997
Lake 8b A Mich So g 3 Ha
53
110
63 H
17H
10
14
65H
*104
33 H
66 %
81
81H
54
mmrnmm-
44
.1975 MS
85 H
51
to..l947
79
*11H
26 %
24 H
286
mmmm
♦General 4s_
85 H
51
......1942
99
54
J
1979 J
M S
{♦Mid of N J 1st ext fis..
60 H
36 H
*89
J
1951
...
63H
56 H
mmrnmm
Lake Erie A Western RR—
fis 1937 extended at 3%
57
*31
High
105 H 107
•
OOl Cdl £!
mmmmmm
105K
105'
1
-41 Ml
166H
85 H
105H
*100 H
103 H
58
Jan. 1
Q9
*
85%
39 H
23
61H
10
1952 MN
Jack Lans A Sag 3 Ha
1st gold 3Hs...
56
27
S
1942
Michigan Central Detroit A Bay
City Air Line 4s
1940
22
M
(♦Laclede Gas Light ref A extfisl939
Coll If 6s series A
1977 M S
♦4s (Sept 1914 coupon).—1977 M S
♦Mlag Mill Mach 1st a f 78—1956 J I)
♦Mex Internet 1st 4s asstd
(♦1st
(♦1st
100H
2
28
A
♦1st A ref 6a series A...—1946 J
*60
Ref A ext mtge 53
...1942
Coll A ref fiHs series C.....1953
Coll A,ref 5 Hs series D.....1960
F
72 H
4
77
47 H
27H
48
27H
mmmmmrn
O
85
31H
67
J
A
36 H
100K
1961 J
A
Q
23
20
6
M S
65
104
75M
MN
24
*28 H
4Hs unguaranteed.....
1947 F
Market St Ry 7s ser A...April 1940
Mead Corp 1st fis with warr.. 1945
Metrop Ed 1st 4 Ha series D... 1968
Metrop Wat 8ew A D 6 Ha
1950
{(♦Met West Side El (Chic) 4s. 1938
14
*_..._
75
Manila RR (South Lines) 4s... 1959 MN
{♦Man G B A N W 1st 3Hs... 1941 J J
Marlon Steam Shovel s f fis
1947 A O
10
103 H
103 %
75
M S
67
16
*107H
High
107 H
No.
mmmmmm
56 H
25 H
106 H
«jeq
J}
26 H
Ian
1959 M
J
67
106 H
(par $92fi)..1943
.1946 M~ 8
J
Kentucky Central gold 4s..
.1987 J
Kentucky A Ind Term 4Hs
1901 J
Stamped
1961 J
Uniform etfs of depoeit
85 H
79
68H
106H
Asked
O
37
warr
3 He collateral trust notes
{♦Kreuger A Toll secured fis
H
...
A
Since
A
MN
25H
Keith (B F) Corp 1st 6s
J
1st A ref 6 Ha
1954 J
Kinney (G R) fiHs ext to
1941 J D
Hoppers Co 4s series A.......1961 MN
J
Kresge Foundation coll tr 4s..1945 J
68%
96 H
Manatl Sugar 4s s f
Feb I 1957
{♦Manhat Ry (N Y) cons 4s.. 1990
♦Certificates of deposit...
♦Second 4s
2013
Manila Eleo RR A Lt s f fis... 1953
Range
Friday's
Bid
Low
a f deb fis. 1961 MN
Maine Central RR 4s ser A
1945 J D
Gen mtge 4Ha series A.— 1960 J D
25H
♦Karstadt (Rudolph) 1st 68...1943 MN
♦CtfS w w stmp (par $645)..1943
..1961 J
Kings County El L A P 68
1997 A 0
Kings County Elev 1st g 4s...1949 F A
Kings Co Lighting 1st 5a
1954 J J
6
46
11
95 H
O
IK
3
94 H.
75 K
56
1
2H
49
O
J
Kansas City Term 1st 4s......1960 J
Kansas Gas A Electric 4 Ha
1980 J D
99 %
47
A
94«
83 H
88H 1C0
63
71H
60
A
100
3
82
99 H
56
2H
60H
48%
2
82
56
94 H
4
20
20
87H
82H
4
J
James Frank] A Clear 1st 4s..1959 J D
Jones A LaughUn Steel 4Hs A..1961 M S
Plain
20 H
96 H
A
89H
•
99H 103 H
10
83 H
{♦Iowa Central Ry 1st A ref 4s. 1961 M S
stmp (par $925). .1943
79
3
8H
68
66
55 K
....
1947 F
1st lien A ref 6 Hs
Int Telep A Teleg deb g 4Hs— 1952 J
1955 F
Debenture fis
81H
50
58
XK
43
51
59
8H
*8H
70
68
27
25
11H
1K
8H
60 H
60H
3
59 H
33
80 H
103 H
1956 J
Internat Hydro El deb 6s..... 1944 A
Int Mere Marine s t 6s...
1941 A
w w
12
56 H
10iH
11%
Int
♦Ctfs with
104
"97%
107
32 H
"~56H
12
8
11H
59 H
59 H
80 %
♦Ctfs
41H
95
64H
97 H
4s.... 1947 A O
4s. .1990
{(♦K C Ft 8 A M Ry ref g 4S..1936
zl
69
*56 H
Kanawha A Mich 1st gu g
40H
1027x# 105
2
98
106 H
♦Certifiestee of deposit..
♦1st g 5a series C
60H
66H
...
♦9H
*104 %
gu
♦1st fis series B
3
102 H
39
Range or
Sale
Price
High
43
*55_"
♦.
__
Inter lake iron eonv deb
IS
McCrory stores Corp
1963
♦Ilseder Steel Corp 6e
....1048
Ind Bloom A West let ext 4a
1940
Ind 111 A Iowa 1st g 4a
1950
I* Ind A Louisville let
Last
N. Y
111 Cent and Chic Bt L A N
Joint 1st ref fie series A
1st A ref 4Hs series C
Week's
Friday
Low
BONDS
N. Y. 8TOCK EXCHANGE
1147
Week's
Friday
1
35H
New York Bond Record—continued—-Page 5
1148
Sits
Eft.
Price
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Aug. 18
Bid
dk
>—1940
Ref A Impt 4 *s series A
2013
Ref A Impt 6s series C-——.2013
55
High
Week's
Ranoe
BONDS
Last
Since
N. Y. STOCK EXCHANGE
Sale
Range or
Friday's
3s
Asked
Jan. 1
No.
♦110
55
10-year 3*s sec s f_
Low
Week Ended Aug.
74
54
71
73*
82*
62*
09*
77*
73*
45*
49*
168
52
65*
69
56 h
80*
50*
80*
59
30
44*
60*
54*
76
82
81*
82*
21
82
16
72
1998 F
60 *.
63
10
58
Mlcb Cent coll gold 3 He—1998 F
60*
60*
58
61
Pa Ohio A Det 1st A ref 4 Hs A.1977 A
A
——.1974 A
1978 M 8
——1940 V A
—...
4b collateral trust-—
extended to.-.1947 A O
3-year 0% notes. —
.... J941
A 0
N Y Connect lstgu 4 *s A
1953 F A
1st guar 5s series B
—.1953 F A
58
♦73
*83*
1st mtge 3Hs
N Y Dock 1st gold 4s—-.1951 F
Conv 6%
J
J
A
D
A
O
1st lien A ref 3*s ser E——.1900 A O
—.1905 A
*48*
D
Purchase money gold 4s— 1949 F
A
1970
50
104
107
107*
48
59*
49
68
50*
50*
125*
126*
118*
118*
General 4*s series D——.1981
Gen mtge 4*s series E
1984
Conv
deb
3*8
*54
50*
17*
99* 102*
48* 63
68
54
01
33
58*
50
51
70
75*
15
♦Conv debenture 3*s
1956 J
♦Conv debenture 0s.——.1948 J
♦Collateral trust 6s
J
J
...1940 A O
♦Debenture 4s..—.
...1957 MA'
♦1st A ref 4 Hs ser of 1927
1967 J D
—
..
74*
12
g
4s.... 1992 M 8
♦General 4s.——
..1966 J
N Y Queens El Lt A Pow 3 Hs 1905 M A
N Y Rys prior lien 6s stamp...1958 J
J
N Y A Rlchrn Gas 1st 6s A
12
12*
1963 J
{{♦N Y Susq A West 1st ref 5s 1937
l*2d gold 4Hs
♦General gold 6s_
13*
19
3*
13*
42
N Y
6
6*
*3 *
*45*
*110
106*
104*
7*
IIIIIl
100*
1st 4s series B..—
IfNord Ry ext sink fund 6*s_.1950 A
101*
0
{{♦Norfolk South 1st A ret 6s_1901 F
♦Certificates of deposit
A
F
A
100
105*
A
107
107
108
106
*31
F
Ref A Impt 5s series D_
2047 J
Northern States Power
3*s" *1957 F
Northwestern Teleg 4Hs ext. *1944 J
A
.
J
5
30
22
1
133
43
2
10
3
2
5
17
15
30
III—
Pacific Coast Co 1st
41
85
53*
41
60*
./
56
56
58*
80
50*
74*
65
49
49
49
49
108*
50
50*
109
8
7
11
11
7*
D
J
D
F
A
6*
107*
108*
53
107*
108
46
8*
108*
106
108*
106
109*
101* 109*
109*
103*
13
107
4
112»i«
6
3
— -
111*
4
117
1
118*
118*
10
106
106*
32
1940
160"
115
74*
74*
76
58
60
60
60
1
D
111*
111*
109*
D
107*
109*
107*
112*
111*
108*
29
D
*
A
70*
76*
7
1938
Ret mtge 3*s series C
1960
D
1955
*55*
no*
110*
*192*
O
I11 l8t
_
76*
J
B-1900
8er
B ' *4Hs
J
J
Panhandle Eastern Pipe L
4s.. 1952 M S
Paramount Broadway
Corp™
1st M
s
f g 38 loan ctfs
1955 F
Paramount Pictures 3s deb
YParis-Orleans RR ext 5Hs"
Parmelee Trans deb 0s..
"
.
M 8
*1968
1944 A
.
D_.I—"l944
ser
E trust ctfs..
28 year4s
50
Af 8
Pat & Passaic O A E
cons 5sIIIl949
♦Paullsta Ry 1st s f 7s...
1942
Penn Co gu 3Hs coll
tr ser Bl 1941
Guar 3 Hs trust ctfs
C..
1942
Guar 3Hs trust ctfs
Guar 4s
*103*
a
1947
~ 1952
...*1963
91*
F
50
D
J
"6O""
D
4
31
74
111
110*
"~5
11
104*
51*
91*
100*
50
3
37
5
2
"ei"
"26
102*
102*
105
*104*
*104*: 105
"I
60
104"
104
63*
no
103* 105*
112
113*
116*
111*
117*
118*
103* 107*
64* 81*
112*
107*
113*
116*
S3
....1977 J
guar..
111* U3*
U2*
105* 110
67
83
72
23
58*
62*
7
108*
187
107*
-
-
»
-
115* 117*
112* 117*
47
58*
3*
6*
103* 106*
57* 76
52
67*
54
71
106* 115
111*
*113*
O
2
120
109*
111*
110
-
108
111*
108* 115
12
104
110
2
104
107*
106*
107
105
104*
105*
102
98* 105*
110*
10*
110
110*
10%
3*
8*
108*
98*
29
109* 112*
10*
3*
3*
-1
97*
93
_
......
6
106
«•
Ml
111
.—...
.
107
*109*
*116*
117*
106*
106*
106*
98*
98*
*106*
*28
*25
27*
27*
4*
14
112*
89*
98*
90
94*
104* 105*
109*
108* 108*
109
—
14
106
109*
*109
111
7
137
107
106
«•
-
W
*105
..—
3
17
4
*108*
*108*
_
10*
17
93
,
*
_
13
Mm -
-
1109
106* 106*
•
-
-
;
111
v4
105
110
105
—
108*
117*
112* 118*
102* 108
112
—
117*
1
107*
107
99*
19
11
39
101* 107
93*
99*
106* 107*
23*
34*
23
36
14
29*
23
51*
51*
Pitts Y A Ash 1st 4s
1st gen 5s series
D
B....... 1962 F A
ser
A....1948 J
lBt gen 5s series C
1st 4*s series
D........II
Port Gen Elec 1st
...
1st 5b
1974 J D
104
—
52
*110*
.—
*99
"78*
"78*
.....
~81 *
243
26
28
13*
"l2
J
25*
♦6sstamped.—
..1942 J
{{♦Postal Teleg A Cable coll 5s 1953 J
Potomac Elec Pow 1st M 3
J
J
"12*
J
J
109
109
1951 J
J
*62
70
*s" 1906
Pressed Steel Car deb 5s
{♦Providence See guar deb 4s
{♦Providence Term 1st 4s
Pu,bJL,c.Seryloe E1
1st & ret
& Gas
mtge 5s
Purity
J
*2*
2037 J
111*
J
—.1—2037
J
O
deb 5s
1948 J
J
J
J
D
w
4*s without warrants
s t conv
♦1st con A
71*
71*
73
18
103*
101*
104
39
99
105
103
12
100
103
1946
"~92* "9>*
105
105
94*
J
J
100
J
J
*37*
J
J
1966 F
100
44
5
40
4*s..I041 J
3.7
j
95
101*
51
22
21 *
27*
21
28
23*
22*
"27"
27*
28
100* 108*
103
"43"
43
40
31*
31
44
13*
13*
20
10*
107
13*
*122
*107"
8*
*25
8
8*
26
....
7
13*
30
4
J
7
7
8*
5*
8
4*
J
J
..
95
107
"13*
1948 A O
♦Stamped....
85*
108
*
l8t *HS..1934 Af S
.*1949 J
04*
85*
102* 107*
*38
A
..1907 M S
0s...„
con
40
80
108
1939 J D
lBt *oW 4«1939 J
J
coll trust 4s A
1949 A V
RR lgt
"43
106*
94*
/09*
63
105*
*9*
107
gu 5s
{♦Rut-Canadian 4s stmp
"94""
25*
24*
25*
..1952 M S
gen 5s—1952
7s.
f
73
18*
27
A
series I
63
J
J
0s 1953
I960 UN
1952 Af N
Roch G A E 4 *s series D
"1977 M S
Gen mtge 3*s series
H._I""l907 M S
{♦Rutland
72
72*
O
It,S. A t a
♦R"hr Chemical
80
103*
101*
Corp—
debentures
3*s
68
J
A
1st
61*
30
79
J
F
9£an^e
51
w_1950 Af S
1956 Af S
1928....1*1953
♦RJmaSteeUstsf
16
"2
J
Of 1930 ....*1955
fc^hm Term Ry 1st
55
72*
"5l"
J
El Pr 7s..
♦Direct mtge 0s—
♦Cons mtge 6s of
wlp"D,8 mtee 6s
Richfield Oil
69
69
104
51
f 7s.
♦Rhlne-Westphalla
103 *
*69
l^vereCop A Br 1st mtge 4 *s. 1956
!5!!!De~2.uhr Water Service
153
224*
108* 110*
95* 104*
108*
O
Purch money 1st M
conv 5 *s '54 M.V
Gen mtge 4*s series
C
1956 Af N
s
153
221
*223
108*
103*
4
49*
110* 112
D
Rensselaer A Saratoga 6s
gu.."l941 Af N
Republic Steel
Corp 4 *s Ser B.1901 F A
♦RhelneJbe Union
40
88
A
Reading Co Jersey CemVcoH 4s~1951
Gen A ref 4*s series
A..
1997
Gen A ref
4*s series B.....1997
Remington Rand deb 4*s
1*
112"
42
10*
10*
108* 110*
70
3*
83
107*
44*
D
1941 J
4
*154*
D
A
25
25
"83
1
*44
J
*2fi*11"111 3*8—1968
Bakeries s f
(65% pd).~
{♦Debenture gold 0s—...1941
n
12*
1956 Af 8
3*8.Il968
,4^<^35e,ti,"0rph **
for deb 6s a com
stk
48
*25*
1957 Af N
...
1st & ret mtge 8s
25*
58*
108
*106*
0sl942 J
conv
108*
j977
J D
4*s..—.. I980M S
1935 extended to.../.1950 J
J
{♦Porto Rico Am Tob
*108
8*
112
112*
104*
105*
57*
82*
91*
98* 102*
48*
45
J
1943 M N
.1958 J D
1959 A O
.i960.A
58
Safeway Stores
s f deb 4s
1947
Saguenay Pow Ltd 1st
M*4*sll966
St Jos A Grand Island
1st 4s.
1947
StLawrA Adlr 1st g
5s..
2d gold 6s...
8t Louis Iron Mtn A
106
106*
108
]ig96
100
106*
106*
108
108
*60
104* 107
105* 107*
100* 108
85
84*
1006
Southern—
♦{Rlv A G Dlv 1st g 4s.
♦Certificates of
T1933
62*
52
05*
*58
63
51*
64
*16
17*
60
60*
8*
8*
17*
62*
91
12*
52*
7*
8
8
Af N
8*
37
7*
7*
13*
14*
14
14
13*
05
35*
23*
15*
61*
deposit..—I.
105
"57
45
101*
101*
99*
98*
61
103*
104
104*
105
98* 105
{♦St L Pew AN W lstgu 5s .1948
J
J
St L Rocky Mt A P 5s
sptd.
J
J
{♦St L-San Fran pr Hen 4s A—1950 J
♦Certificates of deposit.
J
*1955
8*
,
Il950 j J
♦Certificates of deposit—I,
♦Con M 4*s Bertee A...
1—1978 MS
•Prior lien 5s series B
-
1990 J
J.
8*
5
5
7*
"8"
7*
61*
"8*
8*
6
7*
7*
60*
28*
8*
112
61*
28*
17
_
♦Gen A ref g 5s series A
-
2i
65
63*
107*
4*s.....1904 Af N
1st mtge 4*s series C
65
109
65*
107*
108*
101*
103*
A
A
*1989 M N
ctfs...Nov"1989 J J
{♦1st terminal A unifying 5a. 1952 J
J
1149
~
61
♦2d 4s lnc bond
page
6
117*
48*
*105
A O
{St L SW 1st 4s bond ctfs.
see
90*
3
*50
61
A
1983 F
♦Ctfs of deposit
stamped.
For footnotes
74 *
123* 127
*103
l02*
Af N
F
48
*125*
A
J
91
IOOIjs
O
Af S
Af 8
10
105
111
1902
64
110*
109*
D
*1901
42*
42*
107
*108*
107*
107*
108
108*
107*
109*
109*
103*
103*
*112*
156
116*
107
..I960 F
Pitts A W Va 1st
4*s ser A.
1st mtge 4*s series B
100
J
J
48..1938
4a
Gen 4*s series C.
Pitts Va A Char 1st 4s
55*
65*
Pacific Gas A El 4s series G
*1904
1st A ref mtge
3*8 ser Hl.11961
I" A ref mtge 3Hs ser I
1966
8
50
10
J
J
107
78
D
—«,RR of Mo l8t
118* 124
104
107*
103* 100*
105
108*
112* 114*
89
1946
{*2d ext gold 5s
Pac««o Tel A Tel
3*8
00
48
117
g 5s
44
70
"lif"
Otis Steel 1st mtge A 4
Ha
94
102*
I00*105»»w
9
17*
8* 15*
45*
**1940
6s—*1940
Guar etpd
109*
58*
108*
97
86*
110*
107
Gen mtge 5s series
A1970 J D
Gen mtge 5s series B—.....1975 A O
111*
38
115
cons 5s.......
Ore-Wash RR a Nav 4s..—
^
4
60
45
lib"
4s
2
109
46*
J
90*
97
89*
45
100* 103*
108* 111*
106
6s...1945 IN
con g
105
108
....
J
M
—....
Ore Short Line 1st cons
g
93
101* 107*
5*
12*
6*
9
4*
8*
cons guar
Series I cons 4*s
Series J cons guar
108*
44
Ohio Edison 1st mtge
4s.—Il965 UN
1st mtge 4s__._1967
M 8
1st mtge 3*e
J
Oregon RR A Nav
104
69*
44*
46*
J
79
90*
44
*106*
8
Series H
J
J
....
1940
1942
Series C 4*s guar—.....1942
Series D 4s guar..—...1945
I Deb 6s stamped...
*30
95* 101*
103* 108
34
4*
M
5
39
*106*
1945
...
10
31
Af 8
M 8
115* 120
96*
96*
4*
-
8
9*
'
123
119
*46
»»«*«■
8
77
90
F
♦Apr '33 to Oct '34 coups, 1945
♦
Apr '33 to Apr'38 coups
1946
North Pacific prior lien 4s
.1997 Q
Cen Hen ry A Id g 3s Jan.—.2047
Q
Ref A Impi 4 Hs series A....2047 J
Ref A Impt 0s series B_.
2047 J
Ref A impt 6s series C
12047 J
Oklahoma Gas A Elec
4s debentures
1940
Ontario Power N F 1st g
6s**Z"l943
Ontario Transmission 1st
5
7
46*
123*
106*
106*
116*
*im
7s.—.1052 Af N
4*s A. 1952 Af 8
PlttsCCC A St L4*s A
Series B 4*8 guar...
44*
54
109
110*
110*
107
9*
8*
11
89
116*
116*
J
3
5*
"48*
3*
HI*
108*
102*
'•
J
62
86
100
{{♦Philippine Ry 1st s f 4s....1937
Phillips Petrol conv 3s...
.1948
57*
70*
123*
Phlla Electric 1st A ref 3*s.—1967 M 8
{♦Phlla A Reading C A I ref 5s. 1973 J
J
♦Conv deb 6s...
1949 Af 8
MAf
Af N
Series E 3*s guar gold.....1949 F A
Series F 4s guar gold—...1953 J D
Series G 4s guar
1957 Af N
62
46*
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons..1946
"*1972
3^8.1—1966
42
3*
1
8*
{{♦Norfolk A 8outh 1st g 6e_—1941 Af N
Norf A W Ry 1st conB g 4s.—.1990 0 A
North Amer Co deb 3*8.——1949 F A
.
10*
7
16
102»u 102»w
....
t*08 A L Cham 1st gu g 4s...1948
♦Stamped..........
Ohio Connecting Ry 1st
4s—""1943
5
10*
6*
104*
106*
7*
;/
1943 UN
...1974 F A
General g 4*s series C.
J
1977 J
General 4 He series D—.198! J D
Phlla Co sec 5s series A
..1967 J D
conv
6
9
Phlla Bait A Wash 1st g 4s
General 5s series B
conv
85
101*
*s deb.. 1952 J D
Pirelli Co (Italy)
89
108
conv 3
Pltte Coke A Iron
16
4
*28*
100* 1002*2
109* 109*
*110*
108
—
.
15*
20
30
8*
34*
3
O
J
......1956 J
1980 Af 8
1st g 4 *s series C
16
10
85
„
..
*2*
6s—..1943
A
Refunding gold 5s....
1947 US
Peoria A Eastern 1st cons 4s... 1940 A O
♦
Income 4s.......—.April 1990 Apr
Peoria A Pekln Un 1st 5*8...1974 F A
Perc Marquette 1st ser A 5s...1956 J
J
10
85
.......1940
{{♦N Y Westch A Bost 1st 4 H» '40 j
Niagara Falls Power 3Hs—...1906 M 8
Niag Lock A O Pow 1st 5s A..1965 A O
Niagara Share (Mo) deb 6*s. 1950 IN
♦Oct 1938 A sub coupons
Ctfs of deposit stamped
7*
|
1
Trap Rock 1st 6s........1940 J
....
106
9*
13*
15*
15*
17*
27*
8*
17*
*45
......
6s stamped.....
debenture 3*s.—
1954
debenture 4s...
1959
North Cent gen A ref 6s..——1974
Gen A ref 4*s series A,... 1974
"6
43
—
cons
10*
2
15
3*
13h
..
♦Terminal 1st gold 6s
..1943 Af N
N Y Telep 1st A gen s f 4Hs—1939 M A
Ref mtge 3*s ser B
—.1967 J
4
12
13*
100*
J
10
12*
19
1937 F
—.1940 F
"IV "W
15
12*
13*
20*
4*
14*
1961 IN
N Y 8team Corp 3Hs.._
13
*12
D
{♦N Y Providence A Boston 4s 1942. A O
N Y A Putnam 1st con gu 4s—1993 a 0
94
12*
{♦Harlem R A Pt Ches 1st 4s 1954 UN
{♦N Y Ont A West ref
105""
*50*
♦Non-conv debenture 3Hs—1947 M S
♦Non-conv debenture 3He.. 1954 A O
♦Non-conv debenture 4s..—1956 J
J
♦Non-conv debenture 4s.—.1956 M N
102*
*11*
*10*
12*
154
101*
108
12
*58
{{♦N Y A N E (Bost Term) 4s. 1939 A O
PNYNHAH n-c deb 48—1047 M 8
..1652
Peop Gas L A C 1st
123* 126*
110* 119*
*48
88*
96*
95*
86*
13
119
114
107
107* U2*
8
89
72
*40
N Y A Long Branch gen 4s—...1941 M
109* 113*
84*
90*
89
Debenture g 4 *8
109*
♦N Y L E A W Coal A RR 5*8 '42 IN
♦N Y L E A W Dock A Imp 6s 1943 J
J
53
O
39
108*
*102
•10
1
90*
A
118
'I"***
-
0
113*
100*
107*
87*
95*
95*
85*
107* 110*
♦12*
114
118
106
——
113
113*
108
109
1940 IN
109*
114
113*
100*
108*
N Y A Harlem gold 3Hs
-2000 IN
N Y Lack A West 4s ser A —1973 IN
4Hs series B
.1973 M N
*109
High
93
100*
105* 107*
93 *
99*
93
95*
104»m106*
107* 109*
Af N
1968
106*
11
11
Low
Af N
General 5s series B
65
3
99*
Consol sinking fund 4*s.—-1960
General 4*8 series A....—.1905
77*
12
104«» 1042**8
71*
59*
83*
86*
72*
Phelps Dodge
♦N Y A Greenwood Lake 6s..
m
NO.
99 *
♦
+ m +
Since
Jan, 1
High
68*
108*
125*
118*
100
107*
58
N Y A Erie—See Erie UK
N Y Gas El Lt H A Pow g 6s_. 1948 J
100
106*
98*
47*
2
*61
♦I06H
50*
100
106*
Af N
cons g 4a
1943
Consol gold 4s
1948
4s steri stpd dollar .May 1 1948
Gen mtge 3*s series C
1970
Range
Asked
O
Pennsylvania RR
H
5*2
&
46
89*
106
100
notes——————1947 A O
N Y Edison 3*e ser
52*
76
48*
48*
Bid
O
4H« series B
......1981
Pennsylvania P A L 1st 4 Hs...1981
N Y Chic A St Louis—
Ref 5*aseries A—
Ret 4 Hs series C>
Price
Low
70
A
ns.
Penn-Dlxle Cement 1st 0s A...1941 M S
Penn Glass Sand 1st M 4*s—1960 J D
84*
85*
33
18
High
109* 110
"57 * "56
52 H
"if}'
Conv secured 3*«.———>.1952 Af N
J
N Y Cent A Hud River 3 *s -1997 J
J
Debenture 4s..—.—.—1942 J
Lake Shore coll gold 3*fl-
Friday
Range or
Friday's
Sale
Low
Newport A C Bdge gen gu 4 *8.1945
N YCent RR 4s scries A,
1998
Aug.. 19, 1939
Week's
Friday
17
8*
8
9*
17
18
7*
7*
7*
54*
5
26
2
15*
2
8*
14
Volume
New York Bond Record—Concluded—Page 6
149
BONDS
N. Y.
STOCK
Last
EXCHANGE
Price
Range
Friday's
<6
Asked
Bid
Low
St Paul A Duluth let
con g 4a__1968
{♦St Paul E Gr Trk 1st 4 %s—1947
{♦St Paul A K C Sh Lgu4%s„1941
High
S3
BONDS
Since
N. Y. STOCK EXCHANGE
0)09
Jan. 1
Week Ended Aug. 18
NO.
5
6%
Low
3%
6%
""5
S
Last
3%
£3
O
Since
ft.
Asked,
05 65
Jan. 1
High
No.
108%
108%
108H
81
36 %
36 %
Friday's
CO s
Price
Low
87%
6%
Virginian Ry 3%s aeries A
{{♦Wabaah RR 1st gold 5a
9
1966 M S
1939 MN
{♦2d gold 5a
St Paul Minn A Man—
1939 F
A
1940
1972
*97
96
98
*116%
98%
114H H8
117%
8 A A Ar Pass 1st gu g 4a
San Antonio Pub Serv 4s
1943 J
J
1963 A
O
106%
106%
47 %
68 H
105H 107 %
San Diego Consol G A E 4s
1965 MN
109H
108 %
Santa Fe Pres A Pben 1st 6e
1942 M S
109 H
110
110
109
{♦Schulco Co
1946 J
J
20
20
15H
J
20
20
15
21
guar
0%s
♦Stamped.;
♦Guar
*50 H
59
.
(6 Ha serlee B
1946 A
0
*28
31
25
31
A
0
*28
30
25
1989 MN
({•Seaboard Air Line let g 48.-1950 A O
(♦Gold 4a etamped
1950 A O
♦Adjustment 6a
Oct 1949 F A
1959 A
0
,1945 M S
♦Certificates of deposit..,
{{♦Atl A Blrm 1st
1933 M
gu 4a
*9%
9
"S
3%
6%
*3 %
6
5H
14
{♦Seaboard All Fla 6s A ctfa.., 1935 F A
♦Series B certificates
,1935 F
Shlnyetsu El Pow 1st 6 %s
.1952 J
D
*2%
50
8H
1H
4%
3%
4
2%
50
17H
4
8
6%
6H
5
11
5 H
4%
10H
15
2H
A
12
2H
*2
~4%
15
116H H9H
19 H
10 H
"is""
9H
5H
(♦Refunding 4a
♦Certificate* of deposit
♦let cons 6a series A
*118
9
11%
17
2H
2%
5
3
2%
5
♦Ref A gen 5s series D
*70
Slleslan-Am Corp coll tr 7b
Simmons Co deb 4a
.1941
.1952
100
Skelly OH deb 4s
.1951
103%
69 H
%
69 %
70
5
99 %
South A North Ala RR gu 6s. .1963
South Bell Tel A Tel 3%s
.1902
100
15
104
20
(Hiram) GAW deb 4Ha 1945
Walworth Co 1st M 4s.
1955
Southern Colo Power 6a A
.1947 J
J
.1946 J
D
82
91
100 %
105
115
11SH
A
D
1960 J
105%
42 H
106 H
101
17
95
106 %
58 %
41 %
45%
197
45%
106
37%
37%
57%
J
41H
54 H
19
51
68
O
84 %
84%
5
80
93
60
60
57
62%
92
40
55%
57%
72H
86
J
O
O
Devel A gen 6 Ha
Mem Div 1st g 6s.
1950
o
1996
J
*60
75
72
Maryland 1st 4s
D
.1951 J
1951
J
*61
76
60 %
So'western Bell Tel 3 Ha ser B_. 1904
D
1908
J
J
1950 MN
Tenn Coal Iron A RR gen 5s... 1951 J
1947
Tenn Elec Pow 1st 6a ser A
109
105
107
1st cons gold 6s..
1944
1953
J
.
White Sew Mach deb 6s
109
18
10
104% 109 %
22%
12%
104% 105%
103% 106%
103
106%
105%
31
26
92%
44
68
107
107H
13
105
107%
125
130
100 %
100%
~13
100 %
100 %
1
108%
85%
"28
*130
*\\6%
lorn
108 %
85%
"105%
104%
J
"in"
95
94 H 101
100%
102 H
113H 116%
103
110H
106
104%
105%
117""
118H
1
79
40
105%
*
104
108 H
103 %
105 %
118
96
70
86 %
"~2
4
1980 J
84%
8
78 H
89
O
84%
86
24
78 H
89
85%
86
6
79 H
89
103%
104
3
96 H
103H
73%
38
57%
75
68%
72%
101
57
74%
17%
22%
45
59
*
22
49%
-
45%
S
J
42 H
41
Jan 1960 A O
9%
8
1960 /
♦AdJ Income 6a
f*Third Ave RR 1st g 5a
1937 J
1952 /
J
1953 J
D
36
37H
40 %
187
7%
13%
96 H
96%
3
105H
105 H
6
J
Tide Water Aaso Oil 3 Ha
42%
9%
'105H
H
J
115H
97
1st 6s dollar aeries
%
49 H
51
*85 %
58
89
*~58~~
1942 M S
Tol W V A Ohio 4a Berlea C
Toronto Ham A Buff 1st g
49
4s.. 1946
J
;
90
87 H
105
*99 H
*106
sec a
1952 F
t 7a
9H
104
1982 J
J
{{♦Union Elev Ry (Chic) 6a... 1945
96
"16%
*112%
9%
8%
10%
J
A
1952
J
3 H» debentures
June 2008 M 8
1st lien A ref 4s
76
108%
e24
deb 4s
let mtge a f 4s
e
6%
*5%
6
mrn'rnm
4%
5%
mmmm
108%
108H
108%
*109%
76
77
3
C
S
105H
75
100
105H
106%
30
103% 107%
1942-1947, Aug. 9 at 105.27.
Deferred delivery
a
T The following la
list of the New York Stock Exchange bond Issues whloh have
a
American Ice 5s 1953, Sept. 30 at 102HCommercial Credit 3%s 1951, Sept. 30 at 103 H.
Nord Ilys 6Hs 1950. Oct
1 at 104.
;
:
1149i«
114««
8
1061#ji
lilht
106%
31
113H
114
44
108
113 H
108
108 %
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by auoh companies.
♦
Friday's bid and asked price
♦
Bonds selling flat.
No sales transacted during current week.
Deferred delivery sales transacted during the current
the yearly range:
,26
71H
85
110
111H 115
104% 110%
Transactions
York
Stock
Exchange,
110
United
Total
Municipal &
Stales
Bond
For'n Bonds
Bonds
Slate,
A
Miscell
Bonds
Saturday
257,880
$989,000
Sales
$20,000
$61,000
$1,070,000
Monday
546,060
658,330
2,31.5,000
3,622,000
513,000
65,000
54,000
2,954,000
Tuesday.Wednesday
640,310
2,901,000
590,000
159,000
Thursday
442,900
2,713,000
547,000
137,000
3,650,000
3,397,000
Friday
836,090
4,414,000
785,000
179,000
5,378,000
2,741,260
$16,954,000
$3,070,000
$614,000
$20,638,000
Total.
112%
2
98 H
99%
49
94
98 %
99%
12
93
100 H
100H
107%
108%
74%
4
107
109 H
Exchange
1
70
71
09
84%
4,189,000
83 %
84%
574,000
New York Stock
\
O
"74 H
74%
81
81
111
*110
35%
1
1951
35%
35%
1
J
105 %
1947
44
*34
w w._ 1951
86%
Utah Lt A Tree 1st A ref 5a... 1944
101 %
101 %
Utah Power A Light 1st 5a..._ 1944
86%
86
101 %
101%
110H
109
35%
"~4
102%
101 %
37
136
35%
35%
35%
83%
93
31%
106%
50
Week Ended Aug. 18
Sales al
1939
Jan. 1 to Aug. 18
1939
1938
1938
2,741,260
3,472,050
136,156,452
169,375,108
$014,000
Stocks—No. of share8-
111
24 %
104
$1,284,000
$53,571,000
$88,980,060
Bonds
Government
3,070,000
3,870,000
150,748,000
151,865,000
16,954,000
18,555,000
816.240,000
884,806,000
$20,638,000
$23,709,000
$1,020,565,000
$1,125,651,000
State and foreign.
Railroad and Industrial
50
50%
Total
90
102 %
93% 102
1947
79%
81
9
66
80%
80 H
6
65 %
Stock and Bond Averages
82%
1959
83
Vanadium Corp of Am conv 5a_ 1941 A O
1955 F
....
New
Railroad
Stocks,
Number of
Shares
112%
♦UnSteel Works Corp 6 Ha A.. 1951
4a series A
the
at
Daily, Weekly and Yearly
98 H
64
cona g
week and not Included in
No sales.
Week Ended
8
"~2
Cons a f 4a seHes B
;
Parl° Orleans 5Hs 1968, Sept. 1 at 100.
Aug. 18 1939
13
9H
114*16 110%
106H 109 %
31%
Vandalla
only
been called In their entirety:
iod"
2
10
106%
{(♦Utlt Pow A Light 5 Ha
{♦Debenture 5s...
aaie;
Ex-Interest.
65H
106
31%
...
110
104
104%
105%
-1901 MN
n Odd lot sale, not Included In year's range.
( Negotiability Impaired by maturity,
t The price represented la
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
exohange rate of $4.8484.
x
60%
90%
54H
4
108%
105 %
4H"
107% 110%
5
9%
during current week,
"98%
{{♦United Rye St L 1st g 4s... 1934 J
1948
U S Steel Corp 3%s debs
♦Sink fund deb 6 Ha ser A
24
«•
*9%
Cash sale: only transaction during current week,
r
transaction
O
United Cigar-Whelan Sta 5s... 1952 A O
1953 M S
United Drug Co (Del) 6s
1944 M S
U N J RR A Canal geD 4a
United Stockyards
9%
7
4%
5%
106% 110%
Odd-lot sales transacted during the current week and not Included In the yearly
Federal Farm 3s
1950
—
11%
7
4
range:
MN
1970 A
C
108
*4%
.1948 M
aer
1971
35-year 3 Ha debenture
United Biscuit of Am deb 6a
♦Sec a 1 6Ha series
49%
24
108 %
10
1st lien A ref 5a—....June 2008 M H
34-year 3 Ha deb
114
110
+> ttf
«»
9
_
Conv
104 H 109
20
24
30
J
Union Pac RR 1st A id gr 4s.-.. 1947
100% 105
88%
97%
10
96 %
Youngstown Sheet A Tube—
123 H 125H
e24
O
Union Oil of Calif 6s aeries A... 1942
31
96
10%
0
mmmm
98
97%
166%
108""
A
1945 M S
Ujlgawa Elec Power 8 f 78
Union Electric (Mo) 3%s
18
-
107%
85
"~2
58
*125
dpb A.. 1953 / J
♦Tyrol Hydro-Eleo Pow 7Ha.. 1955 MN
Trl-Cont Corp 6a cony
♦Guar
-
*106 %
D
1949 M S
Trenton G A El 1st g 5a
-
70%
42%
52%
104% 105
109% 114%
90%
97%
100% 101%
mmmm
97%
mm
103%
103H
O
Wisconsin Elec Power 3 %s
11968 A 0
Wisconsin Public Service 4s._ .1961 J D
{♦Wor A Conn East let 4Hs. .1943 J
J
Tokyo Elec Light Co Ltd—
Tol A Ohio CeDt ref A Imp 3 Ha 1960 J D
1950 A O
Tol 8t Loula A West let 4a
1
mmmm
*101%
*8%
J
A
''~m "
*U4%
97 H
D
J
'
-
z
Third Ave Ry 1st ref 4s
21
50%
45%
:
{♦Wis Cent 50-yr 1st gen 4s.. .1949 J
J
♦Certificates of deposit..
(♦Sup A Dul dlv A term 1st 4s '36 MN
104
D
Tex Pac Mo Pac Ter 5 Ha A... ,1904 M S
70
68 H
23%
Wheeling A Lake Erie 4s 1960, Sept. 1 at 105.
113% 119
O
.1977
14%
13%
55%
70
A
J
23%
17
112H
105 %
100%
9
59
.1940 MA
♦Certificates of deposit.
104% 107%
'
.1960 F
gu 5s .1942
Wilson A Co 1st M 4s series A .1956
Conv deb 3%a
.1947
Winston-Salem S B 1st 4a
.1960
5
18%
89%
95
76%
82%
3
104 % 109
12
108
O
D
17
85
A
1943
109%
107 %
104%
107
24
90
106 H
18
J
{{♦Wllkes-Barre A East
80%
105
D
2000
58
76%
19 H
19
85H
1950
Texas A Pacific 1st gold 5a
76%
105"
Texarkana A Ft S gu 5Ha A... ,1950
Texas Corp deb 3 He
1951
Texas A N O con gold 5a
91%
61%
57
105
A
Gen refund a f g 4a
44
37
105H
%
*105%
J
0
77
149
29
109
D
4 Ha— 1939
110
55%
73 H
105 H
19 H
A
J
83 H
109% 112%
105
107%
9
69
S
.1949 M
Wheeling Steel 4 Hs series A.
6
17%
J
.1900 M
119% 122
mmmm
106H
109%
105% 110
65
J
.2301 J
74
87%
68%
120H
110M
18
D
.2361 J
~D
ser
4
65
.1900 M 8
Registered......
1 Wheeling A L E Ry 4b
107
123% 130
mmmm
17%
.1940 M S
Teleg g 4%s_ .1950 MN
25-year gold 5s
30-year 5s.
106% 109
rnmmm
82
82
•
2
108M
110H
106H
A.., .1940 M S
♦5s assented
80
St Loula Dlv 1st g 48
D
85 H
51 %
51%
68%
73 H
108H
*120
J
1952 J
—
11
41 H
1953
108H
*109H
*128H
108 %
108H
D
24
1956
Gen A ref 5a series D
F
93%
42%
1901
A
J
105 %
1956
1979
67
F
West Shore 1st 4s guar
1994
...
67
107 % 110%
106 %
100
Devel A gen 4s series A
Gen A ref 6a series C
mmmm
13
Devel A gen 0s
Gen A ref 6a aeries B
40
67
*
QM
109
1955
3s debentures..
40
♦Westphalia Un El Power 0s_, .1963 J
57%
.1946 J
Term Assn of St L 1st g
mmmm
104% 108
61 %
10-year secured 3%B—
Swift A Co 1st M 3Ha
39
106H 110
90 H
47
*30
A
E. 1903 M S
ser
ser
92
35
33
26
1967 J
West Va Pulp A Paper
4Hs
Western Union
80
88
90
42
Washington Cent 1st gold 4a.. 1948
Wash Term 1st gu 3
1945
Ha
1st 40-year guar 4a
1945
Westchester Ltg 5s atpd gtd... 1950
{♦Western Pao 1st 5s
73
89
40
89 %
59
104% 107%
50
60%
89
106%
40%
.1981
2%s
5
J
39
8tudebaker Corp conv deb 6s_. 1945
10
61%
O
46
Standard Oil N J deb 3a
106%
106
O
81
J
13
.1952 A
45%
♦{Spokane Internet 1st g 5a... 1956 J
1940
Staley (A E) Mfg let M 4a
5%
1st A ref 5Hs series A.._._ .1977
J
West N Y A Pa gen gold 4a..., .1943 A
41H
D.„ 1900 MN
1
Western
45 H
.1909 MN
aer
5%
14
40
M S
Warren RR 1st ref
gu g 3%s__ 2000 F
RR 1st conaol 4a
Gold 4 Ha
1st A ref 3a aeries C
5%
23%
45%
49%
Gold 4 Ha
So'western Gaa A El 4a
12%
■-
1941
14
41H
Southern Ry 1st cons g 5s
5
t
1948 M S
..
17
46
1st 4a stamped
3
■
'■tmm
106 H
92 %
42 H
1st 4 Ha (Oregon Lines) A.. .1977 M S
.1908 M S
Gold 4 Ha
1955
13
5%
61%
108"
93%
So Pac RR 1st ref guar 4a
5
106
104
104"
Southern Kraft Corp 4 Ha
1950 A
17
75 %
Southern Natural Gas—
San Fran Term 1st 4a
5%
1955
107%
106
A
MN
5%
5
62
102 %
43
19
"~5%
106
.1961 M 8
1st mtge pipe line 4 Ha
.1951 A 0
So Pac coll 4a (Cent Pao coll). .1949 J D
A
Walker
107 %
Southern Calif Gas 4 Ha
1st mtge A ref 4a
.1905 F
mm mm
6
58
103 %
*118
11
40 H
mmmrn
5%
50
74
13
28
52%
17%
17%
11
5
1980
Gen mtge 3
West Penn Power 1st 6a
1st mtge 3 Ha series I
48
mmmm
*42
4Hs series C-... 1978
Warner Bros Plct6s debs
{♦Warren Bros Co deb 6a..
mmmm
5%
20
♦Siemens A Halske deb 6%s— .1951 M S
♦Silesia Elec Corp 6%s
.1946 F A
51
1976 F
6s debentures
49 H
28%
15
24%
5%
♦Ref A gen 5a serlee B
♦Ref A gen
32 H
a
50 H
*n"
1941 M S
34
mmmm
13
{♦Wabash Ry ref A gen 5 Ha A. 1975 M S
112%
110%
♦Stamped
Scioto V A N E 1st gu 4a
*1—11
High
105% 109H
2
25
1941
Low
9
16%
*
4s_. 1939
g
♦Omaha Dlv 1st g 3 %s
♦Toledo A Chic Dlv g 4a.
20
J
{♦Des Moines Dlv 1st
O
39
16%
16%
♦1st lien g term 4a
1954
♦Det A Chic Ext 1st 5s..... 1941
...
fPadflc ext gu 4b (large)
St Paul Un Dep 6a guar
•0
Range or
Sale
*1
High
87
*85 H
♦4
Week's
00
Range or
Sale
Week Ended Aug. 18
1149
Week's
Friday
101
101 %
A
*109%
1957 MN
*109 %
110%
90
103H
106 % 109 H
106 H 109 H
Below
are
the
daily closing
stocks and bonds listed on the
as
averages
of representative
New York Stock Exchange
compiled by Dow, Jones & Co.:
Vera Grin A Pacific RR—
►
{♦4Ha July coupon off...— 1934
1934
{♦4Ha assented...
1968 M
Va Elec A Pow 3 Ha aer B
Va Iron Coal A Coke 1st g
%
*
S
5... 1949 M S
109H
110
*30
32 %
83
72
72
58 H
54
2003 J
J
*59
1st cons 5a—........
1958 A
O
58
Bonds
Stocks
10
63
Va A Southwest 1st gu 5a
H
109%
H
H
1%
107% 111
27 H
35
H
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
66
Indus¬
Grade
Grade
Utili¬
40
trials
Dale
roads
ties
stocks
trials
Rails
Rails
ties
Bonds
Total
Aug. 18.
135.54
27.04
25.35
45.66
107.49
93.05
47.19
109.10
89.21
Aug. 17.
138.33
27.71
25.93
46.64
107.66
93.61
47.91
109.29
89.62
Aug. 16.
138.47
28.00
26.15
46.81
107.61
93.61
48.31
109.31
89.71
Aug. 15.
141.29
28.66
26.82
47.83
107.69
94.07
49.22
109.37
90.08
140.18
28.56
26.62
47.50
107.64
93.70
48.77
109.40
89.87
138.42
28.35
26.36
46.96
107.56
93.60
48.09
109.36
89.65
New York Curb
1150
Exchange—Weekly and Yearly Record
Aug.
19,
1939
disregarded In the week's range unless they are the only transactions of the week and when selling outside
shown In a footnote In the week in which tbey occur. No account's taken of such Bales In oomputlng the range for the year.
NOTICE—Cash and deferred delivery sales are
of the regular weekly range are
extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
Saturday last (Aug. 12, 1939) and ending the present Friday (Aug. 18, 1939). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
In the following
week
beginning
on
/
Sale*
riaay
Pat
Price
1
common.6
Associates Ino com-—I
Feb
21
June
Alabama Gt
600
2%
254
Aug
6
Jan
Apr
854
Jan
200
154
Apr
June
1
Benson A Hedges
11
Jan
254
Jan
com—*
Purchase
Alles & Fisher Inc com.
88
$2.50 conv pre!
•
39
10
Class A conv com
26
Aluminum Co common-.*
6% preference
100
Aluminum Goods Mfg---*
Aluminum Industries com*
Aluminum Ltd common.*
6% preferred.-100
9
Aug
Bourjols Inc
May
1834
Jan
9154
July
17
ico"
2 J 50
119
108
90
Mar
234
July
13*
Jan
Jan
34
Jan
Apr
Jan
113
134
100
Amer Box Board Co com.l
American Capital—
Class A common——10c
Common class B
10c
,14
Apr
150
3
Mai
1,300
9%
125
11034
200
17
634
lib"
250
11534 11534
17
17
104
Mar
Jan
100
134
50
50
554
10
6
200
Aug
July
108
I15K
American Book Co
131
June
116
July
1734
554
134
Centrifugal Corp..1
"""%
1654
"
3934
75
100
1st preferred
7%
2d
z34
Aug
—
Jan
—
334
Jan
Jan
Aug
954
Jan
Aug
254
Mar
Jan
Jan
1634
July
23
Feb
June
75
Mar
54
Aug
3,700
2 34
Jan
Class A--——-----25
333*
3334
34
250
27
Jan
3534
Aug
Class A with warranta.26
33
33
33
100
2534
Apr
3434
Aug
134
June
1
Class B
1%
A. 10
10
Class B n-v
154
154
400
22
273*
"27"
"2834
"lijoo
1854
"l"()34 "1634
"""250
834
1034
Amer Gas A Eleo com.—*
3634
*
11254
36 preferred
American General Corp 10c
32 preferred
1
1
32.60 preferred
3 54
2:3954
334
4,600
225
434
400
300
28
27
Amer Laundry Macy...20
6% preferred
25
Amer Mfg Co common 100
*
Amer Potasb A Chemical.*
American Republics
10
Amer Seal-Kap com
1634
1734
1634
16 34
100
1734
1 754
500
1134
30
30
31
68
68
68
50
1734
Jan
1354
Apr
Aug
134
2,400
34
Apr
4134
700
203*
13*
423*
m.
'
-i
preferred
100
common...*
7%
Brlllo Mfg Co
Class
—*
A—
234
Jan
4
Feb
Apr
26
June
Jan
1454
May
534
July
100
.....
534
6
5
300
1
33*
Jan
300
534
54
54
.....
......
54
Aug
^
-
„
«
4
<-
»16
9ie
25
600
200
llie
4,800
"l7%
1,200
334
2,100
134
100
Angostura
234
134
Arkansas Nat Gas com.—*
200
754
JaD
1254
Mar
434
700
354
1134
Feb
734
1,700
May
Aug
123*
Jan
"334 ""334.
1,000
354
69
10
69
w
-
^
■J.
*
m.
w
—
4-*».44
—-V- *4.
-
1
Ashland Oil A Ref Co
~91"
"i %
1
Assoc Breweries of Can...*
Associated
Elec
534
454
34
200
120
200
100
2154
Apr
32
June
1254
100
954
Jan
1334
June
293*
203*
Apr
3254
2234
June
Apr
2054
Apr
2234
Jan
21
Jan
24
Feb
:
J*——--
-
4
-
Assoc Gas A Elec
£1
1
Feb
8034
Aug
Cndn Colonial Airways
27
July
Jan
Feb
Canadian
134
Jan
334
Feb
Capital City Products
Carlb Syndicate
Jan
Carman A Co class A
10854
Jan
*i« June
112
Mar
354
354
Apr
Carnegie Metals
Jan
754
9654
Mar
June
434
Apr
754
534
1634
June
1634
Jan
200
54
Jan
1,900
54
Jan
1,000
554
Jan
1,C00
1««
10
Apr
Apr
Aug
Feb
Mar
»u
134
11
Jan
Assoc laundries of Amer.*
li«
Aug
Assoc Tel A Tel class A..*
234
May
Jan
Jan
Mar
'u
34
234
Jar
Jar
May
Birmingham &
Atlantic Rayon Corp
Atlas Corp warrants
800
5
34
Forge com
Corp
I Austin Silver Mines
Atlas Plywood
July
14~
"i«
500
"14"
'*"166
"*2
Zb
Voting Mach__»
A vary (B F)
634
34
634
634
25
2134
25
n% preferred w w
»% preferred xw
18
18
.....
Aviation A Trans Corp...1
Axton-Flsher Tobacco—
Class A common
734
234
2
154
1%
134
July
June
3
2534
Jan
54
Jan
Aug
854
Apr
8
Apr
May
1,400
54
June
2
2,000
154
Aug
3
Apr
834
Basic Dolomite Inc com._l
Bath Iron Works Corp
1
"m
234
4
Aug
Jan
78
100
654
1,500
100
Beaunlt Mills Inc com—10
31.50 conv pref
20
l
1
com
1
com
454
434
434
9
Jan
534
1834
634
534
1834
554
20
100
634
734
17634 17634
123 34 1 23 34
100
200
Preferred B
1155.
175*
3334
Mar
454
May
Apr
834
June
700
154
54
fm
-V,*.
134
Mar
May
Apr
434
Jan
Jan
343*
Aug
,34
Apr
334
"700
616
Jsn
8
22
24 3*
.
3434
616
Feb
Mav
Jan
Jan
254
154 June
100
H
102
102
180
85
Feb
93
10
78
Jan
943*
1234~
1234
1334
3,100
10
Apr
213*
1534
400
Jan
Aug
7
July
Jan
May
554
3
625
Apr
1554
Aug
May
2354
Jan
Apr
454
1,000
10534 108
Feb
9
17
254
3
75
18
Jan
9454
154
Jan
Clark
Controller Co
1
Claude Neon Lights Inc..l
85
Apr
400
8
85
Jan
1093*
1
May
134
*i»
Apr
234
July
5
Mar
9
934
200
7
June
14
Mar
3
June
554
Feb
3
k
4.
*
-
-
-
334
334
75
254
Apr
454
Jan
100
354
May
434
Jan
Apr
734
Jan
73*
July
334
-
4
55*
rl2
*
*.
4V4
.
34
•
"3234
36
5
5
554
200
34
32 3*
5
Apr
Aug
5
554
2,500
—
v
"
Mar
30
37
Mar
120
55
100
40
300
1654
""h
100
54
1654
^
1054
Jan
17634
Aug
Apr
12334
Aug
Columbia Gas A
Feb
58
Jan
4
Jan
Jan
Feb
934
593* June
53* July
55
July
84
Jan
81
July
533*
7
Feb
Feb
Jan
Jan
53*
Mar
1534
July
2034
Mar
2,600
4
»4
13*
434
300
234
234
1,300
6
6
100
134
154
500
534
534
100
^
-
*»
Apr
Jan
354
134
Aug
654
July
254
5
33*
z42
Jan
Jan
June
Mar
2
Mar
Jan
334
Mar
Apr
734
Mar
July
73*
Jan
9
V/i
Apr
4
434
Feb
454
4
Apr
9
70
-
134
Aug
34 3*
**
3*
154
34
2%
Apr
Aug
Jan
54
43*
Cockshutt Plow Co com..*
6% conv preferred
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms_25
62
433*
33*
1,500
534
Feb
8
53
5134
'3%
Jan
Jan
79
5
5134
354
Jan
130
250
34
32 34
*
Feb
Apr
Jan
*
1134
Jan
Apr
300
73
*
3634
15
554
72
Clayton A Lambert Mfg
Cleveland Elec Ulum
Jan
July
Apr
110
4 4
Jan
Aug
Jan
34
125
Mar
Cohn A Rosenberger Inc.*
Colon Development ord
Jan
8,800
Mar
Jan
Feb
July
150
200
*ie
834
13
93*
334
654
July
Aug
June
97
Apr
154
■'
Mar
34
1034
Jan
654
Mar
334
34
Jan
6
10534
250
,
154
Mar
July
July
10834
108
May
com
Jan
9534
94 34
754
City Auto Stamping
*
City A Suburban Homes 10
July
133*
2734
613*
1454
Apr
75
Jan
Mar
Feb
90
72
Feb
534
Aug
100
554
Mar
June
1,100
77
754
134
Aug
110
173*
1454
10534
5334
2234
Apr
444
1734
74
Apr
76
48
li
Cllnchfleld Coal Corp..100
Club Alum Utensil Co.—*
554
May
434
Feb
3,400
5034
Jan
11834
Mar
Feb
"16
;
7634
Jan
164
May
June
354
Apr
5034
Feb
10
-
Aug
»
2
50
Jan
1
100
_♦
BB.__
40
534
Jan
134
93
»
50
18
-
3434
100
10
Jan
1,300
1,100
Jan
163*
*f. *-
34
Cities Serv P A L $7 pref.*
$6 preferred
*
Conv 5%
see page
common
May
Apr
1034
Bell Tel of Pa 634% pf.100
For footnote*
100
Cleveland Tractor
30
254
Jan
434
•
2
(L) Co com...*
7% 1st preferred
100
Bell Aircraft
4
Aug
4
100
—
"
1
35
Baumann
Beech Aircraft Corp
*
Mar
734
O
634
-
„
100
Apr
50
834
0
-
3434
-
..100
Chief Consol Mining
Chi ids Co preferred
1,400
834
Apr
20
Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Macb
4
Jan
34
Jan
107
254
-
Chesebrough
293*
100
Apr
11
100
ul6
»16
1
com
Aug
Apr
700
102
Aug
Z
•
Aug
4
54
Mar
2,000
10534
2154
14
flie
2334
134
100
18
800
34
Apr
134
234
Preferred
54
%
193*
434
Charls Corp
10
Cherry-Burrell common..5
Jan
Preferred
Barium Stainless Steel... 1
Barlow A Seellg Mfg A.„6
Mar
154
»
M.
-
734
154
1334
Aug
July
5
JaD
3454
1534
234
5
May
1554
Jan
Jan
1
-
""2%
Co
254
100
Bell Tel of Canada
Strip
48 34
300
«r
4
^
Chamberlln Metal Weather
Aug
Apr
554
May
200
4
May
2734
434
-
*
'
„
654
154
^
»
]
Pipe
Mar
654
«,
634
100
Conv pref opt ser '29.100
2 34
20 34
17
May
10
Centrifugal
3534
634
*-
6
154
154
1334
preferred.
Conv preferred
100
454
'4
434
42
19 3*
*
•
com
preferred
220
1934
7% 1st pref vto
Cent States Eleo
234
454
4
Jan
Aug
44 4 4
4
^4
-n
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cities Service
19 34
Corp
1
com
7%
154
7% preferred
30
Baldwin Rubber Co oom.l
Bardstown Distill Ino
1
««,
Jan
754
Apr
July
June
25
May
9
3*
105
1734
16
-
1,200
-
Cent Maine Pow 7% p7 100
Cent N Y Pow 6% pref. 100
Cent Ohio Steel Prod
1
Jan
234
com.
154
_
1,600
^4
14
434
634
1434
1334
♦
6%
Locomotive—
Purch warrants for
1st partlc pref
Cent Hud CAE
Jan
400
15
^
-
2234
—
Celluloid Corp common. 15
$7 dlv preferred..
*
May
Jan
100
•
Apr
June
Celanese Corp of America
434
"466
100
-
*
*
common
Castle (A M) common
43 54
234
16
8
-
13
"
-
-
"~13
—1
Carter (J W) Co common.]
Casco Products
*
3134
June
12
i.
*
preferred
Carrier Corp common
Apr
234
42
10
Atrshire Patoka Collieries 1
Babcock A Wilcox Co
*
Feb
3,200
"234
734
2134
6
Apr
98
.334
Apr
54
234 June
1
Automatic Products
68
Jan
June
*
m
_
25c
$6
Apr
234
17
1
Atlas Drop
*
Carolina P A L $7 pref
Feb
334
Atlantic Coast Line Co..50
134
July
23*
100
2234
»
Carnation Co
Apr
Atlantic Coast Fisheries--*
"*2254
1
B
Feb
July
Apr
Apr
Class
Marconi
34
554
9634
9
30
-
Canadian Indus Alcohol A*
Apr
14
65
3,500
9
15*
200
434
9
1
354
434
Coast RR Co pref...100
Atlanta Gas Lt 6% pref 100
234
454
Am dep 5 34 % pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
7834
*32
22 34
Apr
50c
Jan
54
Bellanca Aircraft
Vot trust ctfs
Apr
100
9
Mar
Cables A Wireless Ltd—
120
l64
234
434
Burry Biscuit Corp.. 12 He
434
1,2
20
'
Cable Eleo Prod com—.50c
Jan
54
Baldwin
Jan
Aug
Apr
54
754
....
*
June
54
Warrants..
1st preferred
7
1
7k
Aug
Feb
2034
.
----""
6
60
9
I
Automatic
Bruce (E L) Co com
70
Class A
*
5
—
1
com
Apr
Common
Atlanta
*
preferred
7% 1st partlc pref
Option warrants
w*.-
Apr
Mar
—
35 preferred
L
43*
Brown Rubber Co
$5
'""566
"2034"
1'
»r
200
134
Apr
400
k
*
534
3234
734
9 54
w
20
66
9554
954
—
~
28
Catalln Corp of Amer
924
—'
w
Burma Corp Am dep rets..
Industrie?
Amer deposit rets
2054
;
Feb
Jan
95
900
$6
'"^4;
4 '
Mar
15
100
434
4'k
im
734
Apr
400
——-
'w* 'Jr
23 3*
Bunker Hill A Sullivan 2.50
4,700
—
'm-
------
50
18
254
434
434
Jan
29
1254
150
Jan
Apr
134
Jan
Mar
29
------
..—--—
1034
June
134
2
54
154
434
2754
Buff Nlag A East Pr pref 25
254
254
254
Jan
Mar
77
954
18
254
10
Apr
Jan
734
2754
Apr
334
■;
32
954
Jan
13
June
Apr
2
'4 4'
'4 »4V
May
34
4
Apr
""2754
Feb
55
68
*+
-
Jan
33*
*
29
pr
634
32
reg—lOe
Apr
Jan
Jan
Jan
8
pref... 100
Buckeye Pipe Line
7
~~2%
.—10
Arkansas P A L 37 pref..*
Art Metal Works com
6
100
1054
11054 111
34
34
111
jArcuturus Radio Tube—1
234
1054
Wupperman—1
Apex Elec Mfg Co com.-.*
Am dep rets ord
Apr
Apr
A
5 34
634
634
£l
Am dep rets ord reg
British Celanese Ltd—
Jan
1054
3434 June
Mar
July
8
ord bearer£l
June
13
2534
934
67
2134
*
JaD
Jan
243*
154
200
July
4
8
Class A pref.—.
*
Brown For man Distillery.!
Aug
3
7
4-,.
w
2
Brown Fence A Wire com.l
July
54
6
654
Am dep rets
Mar
29
Jan
British Amer Tobacco—
jBrown Co 6%
33
64
334
Common class A
454
10
Apr
*
"I
•
British Col Power cl A
Jan
20 34
1754
Preferred
British Amer Oil coupon. .*
Jan
July
1754
1234
1234
9
4^^4»-
m.
^
Apr
434
J,
»
Jan
4054
34
"
Zir
♦
Corp class B
Jan
116
8
100
5
Bright Star Elec class B__«
Class A
Jan
Apr
375
5
100
Preferred
Feb
Jan
300
American Thread pref-—6
Anchor Post Fence
*
Appalachian El Pow pref ♦
May
3~206
*
*
334
Aug
24
Jan
1134
Am Superpower Corp com*
36 series preferred
Apr
2634
1534
1134
2
1st 36 preferred
Apr
Mar
1
Amer Meter Co
31
11234
634
100
Amer Maracaibo Co
2854
Apr
"""834 ""834 "166
*
Amer Lt A Trao com...25
Preferred
36
11254 113
Jan
July
27
27
Amer Hard Rubber Co-.50
Amer Invest of 111 com
Apr
254
30
»ie June
Amer Foreign Pow warr...
Amer Fork A Hoe com..*
Apr
June
8
"1,300
4034
4034
*
Bridgeport Machine
Registered
Am Cities Power A Lt—
Amer Cyanamld class
40
July
2034
'
Amer
Mar
Mar
434
4'^.'
Bridgeport Gas Light Co.*
6034
Jan
Jan
17
"l054
1
♦
Aug
Mar
34
Jan
934
—*
preferred.
141
54
Aug
Aug
1954
*
11134
654
54
13
""934
Breeze Corp
1
Brewster Aeronautical—1
6454
100
1654
—
Brazilian Tr Lt A Pow
34
im
350
ik'V—
*
Bowman-Blltmore com
A ug
June
134
44
400
48 3*
Apr
h«
34
'
Jan
Aug
Jan
54
1534
A Machine Co com
Brill
*
—-*
35.60 prior pref
Mar
6234
100
9
9
American Beverage eom—1
33 preferred
9
Aug
com*
27
45
BIrdsboro Steel Foundry
10
98 34
134
54
34
150
100
39
"*1454
May
Jan
100
234
4834
54
34
*
June
Apr
71
10
•
High
Jan
16
1454
warrants
7 34
60
pref
Allied Products com
Jan
72
Invest com
Allied Internal Invest
34
25
98 >4
234
.
Apr
54
Blckfords Inc com
834
88
preferred
Jan
18
47
200
'
490
72
97%
88
"98 34
»x«
100
72
Southern—60
pref
'"li
Aug
Low
Shares
45
44
......
*
pref
Weel
High
Berkey A Gay Furniture, i
*
Bliss (E W) common
1
Bliss A Laughlln com
fi
Blue Ridge Corp com
1
$3 opt conv pref
*
Blumenthal (S) A Co
*
Bohack (H C) Co com—•
7% 1st preferred
100
Borne Scrymser Co.—
25
1334
M
Ala Power $7
2%
154
Warrants
conv
Aug
534
654
254
| Air Investors common—*
Conv preferred
— *
33
18
Conv
B
Alnaworth Mfg
Alliance
July
Low
Range Since Jan. 1, 1938
for
Range
of Prices
Price
Par
(Continued)
High
1854
Class
36
Low
1434
)
A
Sale
STOCKS
Shires
Weet's
Last
Weel
Mfg—
Aero Supply
Air
tv
of Pries
Low
High
common-10
Acme Wire Co
Clasfl
Wetl's Range
Sateti
Friday
1
Range Since Jan. 1, 1939
Last
Sal',
STOCKS
Apr
943*
Jan
553*
Jan
7454
May
Jan
Aug
Jan
Elec—"
preferred..100
69
71
250
Volume
New York Curb
149
STOCKS
Last
Sale
(Continued)
Par
Columbia Oil A Gas
..l
Columbia Pictures Corp..*
Price
25*
Exchange—Continued—Page
Sales
Friday
Week's Range
of Prices
High
Low
25*
35*
3,400
25*
11
Apr
Jan
45*
14
Jan
5*
Apr
»hi May
15*
33'A
5*
15*
335*
hi
15*
355*
17,300
Community P&LS6 pref *
350
255*
Community Pub Service 26
265*
265*
275*
425
24
1
500
he
hi
Community Water 8erv..l
July
Apr
Aug
13* Aug
405* Aug
295* June
•it June
5*
Jan
Apr
165*
Aug
Compo Shoe Macn—
V t c ext to 1946
1
135*
Conn Gas & Coke Secur—*
6
Consol GELP Bait
*
com
55*
35*
55*
4
65*
835*
82
""15* "in
"42 ~~
42
445*
500
35*
Aug
4,500
45*
Apr
400
"""400
1,100
Consol Retail Stores..... 1
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com...*
ContG4E7% priorpf 100
Jan
37
45* % series B pref—100
Consol Gas Utilities..... 1
Consol Mln & Smelt Ltd-6
"98"
""45*
"98"
'""30
15*
55*
500
15*
45*
1,400
Jan
71
1165* May
5*
Apr
"Ik
Cook Paint A Varnish...*
95*
55*
95*
55*
10
200
150
"5 k ~~6~~
'"400
165*
45*
14
200
165*
Copper Range Co.......*
Copperweld Steel....
5
Cornucopia Gold Mlnea.5c
35*
135*
1
1
100
800
300
65*
Feb
Jan
85*
845* Aug
1215* June
Feb
15*
60
Jan
6
Mar
98
<Jan
Aug
86
15*
3
Jan
Apr
Jan
5*
<4 preferred
...*
Cooper Bessemer com
*
$3 prior preference.....*
Jan
37
*375* June
Apr
25*
84
Continental OH of Mex__l
Cont Roll A Steel Fdy
*
5
Common.............1
66 preferred A
2
6% conv preferred
60
15*
95*
100
77
10
15*
115*
15*
95*
£1
..6
Crocker Wheeler Elec
Croft Brewing Co
.*
1
Crowley, Mllner A Co...*
Crown Cent Petrol (Md).6
1
hi
95*
Apr
11
Jan
555*
Feb
Crown Drug Co com...25c
Preferred
...
26
com
Jan
Jan
Jan
Jan
20
Mar
Apr
55*
Jan
145* July
15* June
185*
45*
5*
600
195*
5*
*16
700
"15* "in
""206
105*
5*
105*
5*
400
18
""A
185*
45*
18
5
15*
1,400
1,300
5*
preferred
100
Curtis Mfg Co (Mo)—5
Darby Petroleum com
6
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class
A
475*
300
250
145*
800
"75* "85*
7~300
45*
200
145*
,
9
15*
6% pref w w
20
Detroit Gray Iron Fdy...l
Det Mich Stove Co com..1
9
15*
100
July
5*
Apr
Jan
Feb
2H
465*
Apr
Jan
Jan
Apr
July
Jan
9
5
Apr
Apr
Apr
45* Aug
Apr
15*
355* June
7
185*
175*
305*
85*
Mar
65*
Mar
Jan
10
Mar
14
Jan
15*
Apr
205*
Dominion Bridge Co..... *
Dominion Steel A Coal B 25
Dominion Textile Co
55*
55*
65*
265*
55*
Dobeckmun Co common. 1
265*
2,100
35*
200
6
55*
250
26 5*
854
Apr
Apr
Aug
Aug
Apr
*
60
Jan
Dominion Tar A Chemical*
5
July
Corp..
Driver Harris Co
725*
725*
20
62
Apr
10
—*
Apr
68
50
64
10
Dublller Condenser Corp. 1
Duke Power Co.......100
15*
66
Durham Hosiery cl B com *
Duro-Test Corp com
1
Duval Texas Sulphur....*
Eagle Plcher Lead
10
66
;;
Apr
Jan
15*
225*
115*
•_
Eastern Malleable Iron..25
Eastern States Corp.....*
Easy Washing Maoh B___*
Economy Grocery Stores.*
July
155*
Jan
Jan
26
Mar
175*
34
Jan
43
Apr
Apr
83
Mar
83
Mar
38
Preferred..
Gilchrist Co..—
...
Glen Alden Coal.—
Godohaux Sugars class A
Class B.
•
Gorham Mfg com...
10
Grand Rapids Varnish...*
Gray Manufacturing Co. 10
75
35*
1
"l"k
85*
Elsler Electric Corp
35*
35*
400
"lU ""l5* ""eoc
65
preferred..........*
585*
85*
585*
66
preferred..
*
69
67
Elec P A L 2d pref A..
*
105*
585*
70
60,400
100
2,600
1
5*
(Phlla.).l
Flsk Rubber Corp
10
Mar
July
Jan
90
625*
335k
54
July
75
May
Apr
62
Mar
Apr
1
July
200
15*
Apr
25*
80
6254
Apr
82
300
465*
Apr
525*
Jan
955*
Jan
1025*
Aug
695*
70
2
2
75
75
76
52
52
525*
Non-vot
com stock
7% 1st preferred
975*
98
200
""166
345*
10
345*
35*
"3k "4"
LOGO
June
hi
2,100
5*
6
Mar
6
91
,
Apr
Apr
Apr
15* July
135* June
July
"""50
235*
85*
100
20
300
5
Apr
235*
7H
75*
85*
Apr
Jan
119
June
128
50
695*
1245*
"38"
Mar
132
May
38
39
300
Apr
39
Feb
135*
33
June
100
15*
135*
Apr
Aug
5*
135*
700
454
Jan
225*
5*
295*
Apr
40
900
.....
'"36k "315*
'¥,700
7
Hamilton Bridge Co com.*
15*
Apr
4
Jan
65
45*
25*
300
63
15*
15*
5*
100
Apr
Jan
Mar
Jan
"ik ""ik
"566
4
23
Mar
23
Mar
Hazeltlne Corp........
21
Apr
38
Mar
Hearn
Jan
May
6% conv preferred—.60
Heels Mining Co
—26c
July
Mar
Jan
Mar
Aug
Jan
Jan
6
6
100
65*
65*
Helena Rubensteln..——*
4
4
*
8
Class A..
65*
HeHer Co common..——2
Preferred w w
25
Preferred ex-war...—25
Hewitt Rubber common—6
85*
285*
Mar
"ok "io
405*
405*
55*
J&n
22 5*
Jan
Apr
95*
Jan
100
100
65*
Apr
65*
235*
Apr
100
50
Hormel (Geo
145*
115*
Jan
7
Mar
100
30
Apr
Mar
"506
35*
Apr
300
135*
Apr
12
200
95*
Apr
100
75* July
Jan
115*
235*
Apr
25* May
100
3454 June
Co cl A—*
*
A) A Co com*
1
*
5% preferred.......100
6
Hubbell (Harvey) Inc
Humble OU A Ref
25*
36
1125*
1125* 1125*
11
11
555*
10
1085*
Apr
50
95*
Apr
3,400
53
25*
95*
Corp 6
Hussmann-Llgonier Co.—*
Feb
36
25*
365*
545*
......
*
Jan
Apr
""800
Hummel-Ross Fibre
Jan
Holt (Henry) &
Horder's Inc
Feb
145*
"4?* "5
145*
Apr
July
Jan
7% pref unstamped ..100
Aug
Jan
Mar
Hydro Electric Securities.*
Hydrade Food Prod..—6
Hygrade tiylvanla Corp—*
Illinois Iowa Power Co
*
5% conv preferred
50
June
Apr
*n
100
Mar
Jan
3
3
'¥,000
3
Aug
15*
Apr
15*
275*
4
20
2
275*
600
35*
45*
2,400
235*
55*
2,200
575*
100
200
25*
Apr
145*
Apr
35* Mar
515* May
5J*
Apr
20
50
800
20
Apr
55*
55*
575*
Feb
73
Mar
Feb
74
Mar
"15"
65*
145*
65*
155*
700
14
26
50
215*
Feb
275*
105*
5*
285*
85*
Aug
Jan
Jan
Mar
15
15
100
145* June
165*
165*
100
15
305*
55*
31
6
400
28
200
235*
235*
500
7
19
7
100
65*
65*
100
"19A
"'600
"l9"
195*
645*
85*
85
"76"
755*
675*
115*
85
785*
"Tr
110
8,900
50
525
hi
16
245*
85*
hi
66
65*
71
505*
Jan
Britain A Ireland
£1
Jan
Indiana Pipe Line..——10
Indiana Service 6% pi. 100
Jan
7% preferred-——100
indpH P A L 6 5*% Pf—100
Indian Ter Blum OU—
Feb
85* June
Jan
5*
5
Registered.^..
*
Imperial Tobacco of Can.6
Imperial Tobacco 01 Great
Jan
Jan
Apr
36
May
145*
Apr
7
May
4
5*500
645*
95*
Jan
Aug
50
Feb
Jan
85*
155* July
135* June
8
Mar
125*
July
26
Aug
3
Mar
395*
Jan
1125*
Aug
12
Feb
695*
55*
AugMar
7
Jan
35
May
22
Mar
105* July
5* May
Apr
Apr
68
Mar
125*
Mar
Apr
Apr
90
Mar
785*
Aug
55*
"ii~
109
"14"
109
""26
50
July
Apr
Apr
65* May
55* May
55*
Apr
1005*
Apr
*»u
A.l
New class B—.......1
New non-voting class
12
Apr
55*
85*
Common..—1
7% Drelstamped... 100
575*
hi May
45* July
85* June
Jan
95*
285* Aug
Jan
265*
105* July
Feb
415*
Jan
JHuylers of Dei Inc—
55*
14 5*
15*
7
Mar
Aug
45
95*
65*
June
2,100
24
Heyden Chemical..——10
Hires (Chas E) Co cl A...*
Hoe (R) A Co Class A
10
Hollinger Consol G M—.6
Holophane Co common..*
85*
85*
2854
15* May
25*
125*
65*
35*
Dept Store com...6
Mar
Jan
95*
Jan
July
Haverty Furniture cv pfd.*
Dlv arrear ctfs.—
"""266
Mar
15*
5*
Feb
Illuminating Shares A
*
Imperial Chem Indus—£1
Imperial OU (Can) coup..*
115*
75*
245*
Aug
July
Mar
Aug
Mar
7
35*
145*
Mar
Mar
105*
Jan
July
725*
295*
1,600
105*
Jan
5
Horn (A C) Co com...
Horn A Hardart
20
Jan
Feb
July
65
5*
Apr
235*
Apr
35* Aug
155* June
Jan
45*
15*
85*
45*
25*
Hall Lamp Co....——*
71
475
75*
254
100
Gypsum Lime & Alabast. *
71
1,700
Feb
.5
112"
Feb
1,500
Aug
100
Feb
hi
85*
125*
2,400
66
265*
35*
Jan
July
115*
515*
"45*
Jan
18
24
July
Aug
Apr
Apr
25*
Feb
Feb
1125*
Apr
6
hi
1065*
10
200
Jan
11
985*
10
30
75*
5*
275*
45*
Feb
103
595*
75*
May
128
10
60
"75*
Jan
33
Mar
:*iflk' ~iek
Feb
55*
1095*
Feb
Jan
Jan
July
Mar
71
55*
354
37
Jan
15*
195*
195*
45*
175*
215*
July
Jan
7
Feb
Apr
Aug
Jan
83
Apr
955*
Aug
Apr
Jan
35*
28
Jan
1035*
13 5*
10
53
Aug
10
59
Jan
July
98
.
70
125*
Aug
65*
39
Jan
1115* 112
Apr
5*
185*
Feb
Aug
108 % 1085*
65*
505*
Mar
Jan
Apr
Jan
65
"4k "4k
100
OU Corp....
25
Gulf States UtU 35.50 pref *
36 preferred
——*
27
2
hi
795*
4
1035*
Jan
15*
hi June
Jan
625*
31
975*
645*
For footnotes see page 1155.
150
145*
Jan
Jan
Jan
66
5*
625*
400
52
...100
Florida P A L 67 pref..—*
200
Jan
""160
he
59
Flat Amer dep rights......
Fldelio Brewery
J
Fire Association
Jan
11
hi
13
26
Fansteel Metallurgical...*
Fedders Mfg Co..
5
Fed Compress A W'house25
Ferro Enamel Corp
1
1
Mar
60
595*
Equity Corp common..10c
Fanny Farmer Candy coml
J*
"67^ "68 K
7% preferred
100
8% preferred
100
Empire Power part stock. *
Falstaff Brewing—......l
105*
Apr
105*
Apr
25* June
145*
Apr
10
v t o—...... 1
Elgin Nat Watch Co—15
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
63 conv pref
_1
Esquire Inc
1
Eureka Pipe Line com..50
European Electric Corp—
Option warrants....
Falrchlld Aviation....... 1
hi June
3
Electrol Inc
Equip..5
Apr
145* June
warrants.......
6% preferred
100
65*% preferred—..100
55*
19
Apr
Jan
Jan
Apr
Jan
Brewing Co
1
Hat Corp oi Am cl B com. 1
7
Apr
165*
Hartford Elec Light—..25
75*
June
1,000
>m
70
Hartford Rayon v t e
1
Hartman Tobacco Co....*
'¥,500
1
Jan
175*
135*
125*
85
Great. Atl A Pac Tea—
July
"ik " 95*
6
2
61G
Gorham Inc class A...—*
33 preien ed
*
Ms-
Jan
16
Aug
July
80
—....1*
28
Jan
1,800
1,050
1,800
Mar
5*
425*
"ilk
37 preferred..
...*
Goldfield Consol Mines—1
8*
55*
135*
7
16
95
100
95
215*
Aug
2
15*
265*
Jan
July
5*
175*
Gull
145*
29
Mar
5*
935*
*
Aug
July
15*
225*
105*
65*
""260
"l5"
15
*
Apr
May
Apr
25
«
35 preferred
—*
Gilbert (A C) common
*
36
5*
Mar
38
1
com
Grumman Aircraft Engr.X
Guardian Investors..
1
25*
100
Elec Bond A Share com..6
preferred
205*
25* May
300
67 preferred series A...*
66 preferred series B.._*
66
Jan
Feb
1%
15
200
5
85*
*
Emsco Derrick A
17
10
15*
15*
25*
5*
25*
45*% prior preferred. 100
6% preferred....
100
Electrographlc Corp
700
900
15*
East Gas A Fuel Assoc—
Option
185*
195*
Grocery Sts Prod com..25c
735*
205*
15*
725*
July
175*
Feb
1-
Mar
18
55*
125*
15
Mar
18
55*
*30
May
175*
55*
215*
65*
95*
2
95*
195*
Harvard
Am dep rets ord reg—£1
Dlvco-Twln Truck oom..l
Jan
Mar
Jan
Jan
65*
-*
Mar
23
100
Greenfield Tap A Die
15*
23
Apr
200
Gt Northern Paper...—25
Jan
Apr
85*
Aug
Jan
165*
135*
33 preferred-*...—...*
Apr
Apr
Mar
85*
100
Haloid Co—
May
July
45*
135*
135*
1
Georgia Power 36 pre!.—*
Jan
15*
5*
185*
Jan
35* June
15*
105*
July
Distillers Co Ltd—
Common
...
$6 conv prof w w
*
Gen Telephone 33 pref...*
General Tire A Rubber—
25*
25*
315*
100
100
Jan
Jan
45*
565* May
1105* Aug
Feb
75*
Jan
75*
1,700
95*
18
reg.£l
Cnmraon ...■—
Jau
200
"28"
"28~
10
July
195*
High
Apr
General Shareholders Corp-
15*
24
7% preferred...—..10
Diamond Shoe Corp com.*
Distilled Liquors Corp...5
Feb
July
hi
600
4
pref.*
36 preferred
..*
Warrants
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $6 pref....*
Gen Rayon Co A stock...*
Jan
200
De VUblss Co com...... 10
Amer dep rets ord
June
1
215*
18
Jan
35*
185*
Gen Electric Co Ltd—
1
15*
1
22
c v
Gatlneau Power Co com.*
5% preferred
100
Genera! Alloys Co'
*
95*
175*
Apr
22
15*
Detroit Paper Prod
15*
Apr
135*
"l"66
Jan
11
23 5*
45*
3*
Jan
May
14
Gamewell Co 56
Gen Water G A E
Mar
185*
stock.........*
4% conv preferred—.100
Aug
Aug
July
75*
235*
95*
35*
conv
25*
125*
Feb
9
partlo pref
15
Fruehauf Trailer Co
1
Fuller (Geo A) Co com...l
Low
85*
1
6% preferred A
3
6
"x7H
Mar
Apr
35*
Stores
1
Derby Oil A Ref Corp com*
A conv preferred......*
Detroit Gasket A Mfg.— l
Draper
Common....
Mar
Mar
145*
"l'45i
35*
15*
108
Delay
.1
Detroit Steel Products...*
Fox (Peter) Brew Co—.6
Froedtert Grain A Malt-
90
**
7
25*
485*
25*
475*
35
*
Apr
4
hi
50
65*%
Decca Records com...... 1
Mar
Apr
45*
165* June
45* July'
Apr
600
10
r t c_ *
Cuneo Press Inc.......—*
June
Feb
74
Shares
Ford Motor of France—
Amer dep rets...100 Ires
Gen Fire proofing com.—.*
9
July
..*
6% preferred
Cuban Tobacco oom
Am dep rets ord
reg—£1
Ford Motor of Can cl A—•
Class B
..—....*
Gen Gas A El 6 % pref B—*
General Investment oom.l
July
Price
Range Since Jan. 1,1939
Ford Hotels Co Inc......*
Ford Motor Co Ltd—
53
in
week
Jan
Mar
Apr
35* June
105*
1,500
400
Crown Cork Internal A..*
Crystal OU Rel
2
77
.._..*
Courtaulds Ltd
Creole Petroleum
for
of Prices
Low
High
Aug
95
Mar
Apr
85*
525*
45*
155*
15*
65*
Corroon A Reynolds-
Cosden Petroleum com—1
Week's Range
Sale
Cont
*
1
S3 preferred
Consol Biscuit Co
Consol Copper Mines
Last
Par
Jan
Commonwealth A Southern
Warrants...........
Common w Dlstrlbut
STOCKS
(Continued)
High
Low
1151
Sales
Friday
Range 8ince Jan. 1,1939
for
Week
Shares
2
Apr
5*
Mar
hi
Apr
85*
Apr
Mar
Jan
5*
Jan
95* June
Jan
9
45*
2 5*
31
45*
25
Mar
Jan
July
Jan
Feb
Feb
65*
575* Aug
71* June
17
Feb
165*
165*
32
Mar
July
Feb
Jan
7
155* June
17
June
1095*
July
Apr
AH
15* May
Industrial Finance—
V
t c
common..——1
7% preferred..
100
Co of No Am. 10
International Cigar Mach *
Internat Hydro Elec—
Pref 33.50 series.—.-50
A stock purcb warrants.
Iotl Industries Inc.—....1
insurance
25
5*
Aug
59
Apr
205*
Apr
125* Aug
715* June
245* Mar
Apr
215*
685*
115*
685*
115*
695*
1,250
175*
175*
175*
600
12
25*
25*
25*
"566
2
hi
Mar
Mar
5*
Jan
Mar
4H
Jan
New York Curb
1152
STOCKS
Week's Range
for
Salt
of Prices
Low
High
Week
Par
1%
20%
21
Pow warr
2
21*
1 *
21*
Registered
International Products.—
1,000
1,100
2%
22*
June
6*
4%
Jan
2%
Apr
4%
x
Feb
©
6%
*
X
$3.60 prior pref..
*
Warrants series of 19«0—
36*
36*
""50
Vitamin—1
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref--*
Investors Royalty
1
Iron Fireman Mfg v t e..*
Irving Air Chute
1
Italian Superpower A
*
Jacobs (F L) Co—.——1
Jeannette Glass Co
*
Jersey Central Pow A Lt—
6%% preferred
100
"~2%
X
** **"#<*
*
Internatlonai
0% preferred..——100
7% preferred
100
Jones A Laughlln Steel.100
com...*
Kansas G A E 7% pref. 100
Keith (Geo E)7% 1st prflOO
Kennedy 's Inc
6
Julian A Kokenge
7%
11%
Mar
6*
3%
4
Mountain Producers
5%
5
5%
June
1%
July
Aug
Murray Ohio Mfg. Co—*
Mar
Muskegon Piston Ring.2%
MUBkogee Co oom
*
Apr
Li
Mar
2%
Apr
4%
2%
Feb
14X
Apr
*
.
1% June
7%
Jan
25
99
97*
104*
103
100
90*
98*
21*
21*
Jan
28
28
180
86%
Jan
Jan
107%
Apr
39
30
7
7
100
Mar
June
4
Apr
6%
se*
6%
x
pref. 10
1
100
Lake Shores Mines Ltd..l
La key Foundry A Mach.l
Lane Bryant 7% pref..100
Lane Wells Co com
1
Jan
40
3%
5*
5*
"200
41 %
40
3%
1,100
3%
2,400
July
Jan
National
3x
1X
Feb
Mar
National Tea 5% % pref. 10
National Transit
12.60
Aug
Nat Tunnel A Mines
July
Jan
14
Apr
9
8%
Aug
15%
Apr
Feb
10
Jan
73
Jan
6
...25
Lit Brothers common
"l2%
19
61%
Mar
Nestle Le Mur Co cl A
32 %
Mar
60*
Jan
July
Nevada CaJlf Elec
11%
Apr
17%
Apr
11
May
May
%
Apr
7%
0%
New Jersey Zinc
May
11*
200
8
Apr
15
Jan
12X
12%
200
Mar
17
Feb
19
19
100
July
23
Feb
8X
IX
37%
25%
N Y Auction Co com
N Y City Omnibus
33
4*
4%
N Y Merchandise
Jan
22
13%
36%
Mar
Apr
9%
Jan
Apr
IX
Aug
N Y Water Serv 0%
39
Aug
IX
"3l"
Aug
$0
1,100
%
39
35%
125
26
Jan
300
19%
Jan
July
1%
4%
1,500
4%
Aug
7%
Jan
10
89%
Apr
103%
Aug
Mar
•11
Feb
2%
Mar
Jan
6% 1st pref
6% 2d preferred
24%
23%
Apr
»ib
Jan
H
Mar
Apr
2%
June
31%
20
25
Mar
31X
Aug
Nineteen HundredCorp B 1
24%
26%
300
19
Nlplsslng Mines
1
200
34
Jan
Jan
Feb
26%
6*
14*
Aug
July
Class B
2*
1
2
Feb
300
4*
Apr
7*
14*
Apr
19*
18X
4%
19 X
preferred
53
Memphis Nat Gas com...6
8%
8
Aug
50
125
Jan
4%
4%
100
27%
50
3X
27%
3%
4
500
67
67
25
8%
144
Jan
Apr
3*
25
Apr
Apr
%
H
l
3*
Apr
*
Warrants.............
6*% A preferred..1100
Corp...
3*
14
Participating prexerred. ♦
Mesabl Iron Co
Apr
400
144 J*
~4X
Mercantile Stores com...*
Merchants A Mfg ol A
1
Merritt Chapman A Scott *
May
1
8*
5
Jan
2*
June
Apr
2%
17
Jan
20*
5*
Jan
6*
*
May
2*
May
37
95
Feb
*
Jan
X
Bumper Corp.,1
200
*18
June
'*18
5* June
2
Jan
Apr
26
Feb
20
July
29
June
Jan
9
Mar
8
8•*
60
107
Jan
113* June
40
99
Apr
106
9%
100
6
Apr
4
Jan
"2l"
10
16
Apr
24
Aug
7%
5,500
Apr
9*
91*
Mar
113
113
105
104% 105
113%
9%
21
~2l~
6%
87
77
88%
77
77
3* June
100
*
Apr
6,100
5*
Apr
2*
Apr
Mar
3%
5%
*
95%
95%
25
Jan
93
50c
"7"
*
"7%
"666
Aug
109
Jan
Apr
7
Apr
12
Mar
1*
8*
12
92
10
92
Aug
51
300
41*
Apr
64*
Mar
8%
9%
700
6*
Apr
Aug
1* June
9*
1*
Mar
4%
4%
4%
400
4
May
5*
Feb
1%
1%
600
Apr
June
42*
May
48
95
105
Securities..
.97%
105
.
Jan
July
Aug
Jan
116
May
5"
~~6%
"766
3*
Feb
6*
Aug
Aug
107
Feb
6
Aug
May
11*
13*
4^300
Apr
13*
16%
16*
35*
100
15
Jan
20*
Mar
1,000
24
Apr
35*
June
18
18
25
Apr
26
Jan
195
97*
Apr
108
June
June
112%
70
98*
111*
Feb
115
June
80
104*
Jan
Apr
Apr
115
Aug
114
115
97
Jan
July
35
Apr
49
July
90*
Apr
112
June
47*
1,700
111%
110* 111*
1*
1*
400
1
Apr
100
5
Jan
Apr
2%
495
8*
2*
200
2*
"34* "34*
"800
31*
Apr
Jan
2*
8
"34%
preferred
July
9*
45*
8*
105*
Jan
17*
47%
1%
112*
Apr
8)
8)
Apr
30%
30*
31
900
28*
87%
87*
89
50
68*
Jan
5*
Jan
1*
9* June
4*
9*
Mar
35*
31*
91*
July
July
July
Mar
Apr
7*
Mar
20
Jan
Jan
22*
101*
July
99
Apr
Mar
7*
4*
Jan
July
•
•
5
4%
4*
13*
9*
13*
9*
17
18
42
42*
6,500
50
4*
3*
11
Jan
Apr
14
Mar
Mar
20
Mar
100
35
Apr
43
8*
7*
111*
100
31
•
53
•
3*
16
15
29
3*
Apr
Mar
30
200
B
$2.80 preferred
$5
16
3,400
Peninsular Telephone com*
7% A pref
Penn Edison Co—
Aug
100
Page-Hershey Tubes com. *
Pan tepee OH of Venesuela—
Class
6*
17*
Penn Gas A Elec class A..*
100
Apr
99*
99*
112* 112*
9%
1*
Apr
106* 107
Patchogue-Plymoutb M Ills *
Pender (D) Grocery A...
59*
81
87*
16*
American shares
Feb
10
16%
100
Feb
*
50
16
1st preferred...25
Jan
4
Jan
50
preferred..
Feb
Aug
1*
106%
100
com.
Jan
34%
Parkersburg Rig A Reel.. I
94
Apr
May
Jan
July
4*
95
Jan
Jan
Apr
*
16%
6%%
Mar
'u
12 X
Engineering..*
Corp
•
X.
2*
Mar
Apr
June
Mar
70
13%
115
100
87
100
Paramount Motors Oorp.1
Parker Pen Co
10
37
1*
55
Mar
50%
Jan
80
54%
MinnesotaP A L 7% pf 100
Miss River Power pref. 100
Feb
Jan
6*
17%
7% pref.
Pacific Public 8erv
Feb
17
500
46%
Pacific P A L
Aug
Jan
12
2
92
Paclilc Can Co oommon.. •
Mar
1
Apr
Mar
Jan
«i»
17%
•
5*
4%
'
1155
3*
Jan
Mar
50%
9%
60
Overseas
10*
July
82
Mar
46
$1.80 1st preferred
.
see page
»u
13*
14*
Pacific G A E 0% 1st pf.25
X
9x
4X
1
Aug
X
Apr
66
53
$3
Aug
Missouri Pub Serv com..*
x77% ' Apr
325
Omar. Inc
"it
io
Midwest Piping A 8up
*
Mining Corp of Canada..*
Minnesota Mln A Mfg
*
100
1,600
4*
600
0% conv prior pref..100
Oldetyme Distillers
1
5*
*
300
5*
June
13*
19
Jan
Jan
Co
z7*
62
Jan
July
non-cum div shs
100
17%
Jan
*18
8%
Jan
60
*
2*
Midland Bteel Products—
For footnoted
Jan
Apr
1*
17%
17%
2%
*
_»
pref
27
60%
Oklahoma Nat Gas
May
io
9*
July
0% 1st preferred....100
Otlstocks Ltd common
6
Middle States Petrol—
♦
24
*
preferred
8
Mar
*
.1
Corp oom..6
Corp—
100
1*
65*
22*
21*
100
Ohio P 8 7% 1st pref... 100
July
Apr
Class Bvto
24%
Jan
1
Ohio Oil 6% pref
Ohio Power 6% pref
Jan
Aug
*
Ohio Brass Co cl B com...*
Ohio Edison $6 pref
*
Jan
Apr
Middle West
24%
Novadel-Agene
Jan
*
77
93*
Class Ait o
80
Northwest
Feb
Mar
28
32*
Steel Tube-.2 60
Sugar Co
Preferred..
Jan
Apr
7% preferred
...100
Northern Pipe Line
10
Northern Sts Pow cl A..25
July
*
..
1*
57*
1*
400
100
Nor European Oil oom ..1
Nor Ind Pub Ser 0% pf.100
150* June
5
6
0% prior preferred
Jan
*
Mexico-Ohio Oil
200
No Am Utility Securities. *
Nor Central Texas OU...6
July
Apr
*
1
Partlcipat preferred.. 16
Metropolitan Edison—
55*
May
68
400
26c
$6 preferred.
IX
72%
$0
Aug
4%
*
1X
69%
North Amer Rayon el A..*
Class B common
*
Jan
450
Mead Johnson A Co
Jan
1%
69%
24%
Common
May Hosiery Mills Ino—
McCord Rad A Mfg B._.•
McWUllams Dredging...*
Jan
Mar
Nor Amer Lt A Power—
Mar
17
common
Class A preferred
Nfles-Bement-Pond
May
*
19
8
14
Niagara Share—
Aug
Feb
Mass Utll Assoc v t
Massey Harris common..*
Master Electric Co
1
Aug
62*
6
14%
Aug
June
Apr
1*
3,700
14%
120
Apr
'18
"250
Marlon Steam Shovel
Mid-West Abrasive
Midwest Oil Co
100
%
5*
14*
Mar
46*
100
1X
Communloa'ns ord reg £1
Mar
15
78*
24*
10*
10
1%
%
A*
40
650
Class B opt warrants
1%
Aug
Mar
100
Class A opt warrants
1
...„*
Aug
June
10%
6
pf.100
Common
Marconi Intl Marine
Mid vale
*
1%
Manat! Sugar opt warr...
$2
preferred
1,100
"31
Aug
57
N Y Shipbuilding Corp—
Founders shares
.1
Noma Electric
31*
1
July
Feb
Niagara Hudson Power-
35%
N Y Pr A Lt 7% prel. .100
Jan
Feb
31%
6
4
Jan
July
50*
84*
5%
55
10
Aug
103
103
*
116
Jan
—
22M
7%
*
Feb
55
Warrants
*18
"33"
Apr
Apr
*
Apr
10
18
N Y A Honduras Rosarlo 10
ix
100
common
conv
..26
New Process Co.....
July
Jan
1*
15*
10X
34
May
Feb
2*
15
8%
Jan
Apr
Apr
104
New Idea Inc common..
July
New York Transit Co
Majestic Radio A Tel
$2
May
65
Apr
Luoky Tiger Comb G M. 10
Midland Oil
11*
250
22
22
Ix>ulslana P A L $6 prel*
Gas A Oil.
Feb
125
77
600
IX
Michigan
Michigan
Michigan
Michigan
30*
14%
100
preferred
Mar
8*
1
14
Jan
6*
6%
76
Jan
Mar
13
Apr
*
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
•
Feb
4
Mar
100
preferred
*
1*
78* 'Jan
2*
Apr
3*
30%
150
June
100
29%
8,000
Jan
35
Jan
Newmont Mining Corp. 10
11%
17*
Aug
Mar
*
New Engl Pow Assoc
Feb
Jan
Apr
Apr
*
New Mex A Ariz Land...l
8*
c
400
10
Jan
12%
25X
9
10* Aug
4* June
200
Jan
*
*
44%
84 X
%
Lone Star Gas Corp
Oil Corp
41
200
Apr
May
*
41
5%
3%
Jan
102
Nebraska Pow 7% pref-100
5%
05
1%
60*
11*
84%
Jan
Jan
Apr
44
§Nebel (Oscar) Co com...*
3X
12 X
Ma pes Consol Mfg Co...*
800
5
Apr
ht
*
»i« June
22%
Mangel Stores
10%
5%
June
5%
30C
7% June
1% June
12*
Packing
10
....
84%
2
5%
Apr
Jan
1
oom.
Jan
May
2*
»18
20C
23%
Louisiana Land A Explor. 1
50
Neptune Meter class A... *
23*
.100
10
48%
Nelson (Herman) Corp.t.6
Loblaw Groceterias ol A—»
Long Island LightingCommon
48%
Jan
100
*
Aug
7*
1*
L900
1
Aug
96
500
3ie
..6
Jan
41
Apr
*
July
Aug
1%
B
6
Apr
it»
7
*
Locke Rteel Chain..
May
1%
"2x "2%
Lockheed Aircraft
2*
69
1X
11
"29*
Mar
•
preferred....
Aug
May
13*
300
1st
Aug
44%
7%
100
13
47%
17
Apr
8
...»
Jan
Feb
Jan
May
5
8
*ib
2X
Leonard
Llpton (Tbos J) class A...1
3%
Jan
9X
%
%
*
Co.
3%
Apr
July
Mar
11%
4H
9
Class B
Metal Textile
Sugar Refining.*
Jan
x
9%
11*
Nat Union Radio Corp...l
Navarro Oil Co....
*
Mar
67
Lefoourt Realty common.!
33*
1,000
3,600
Jan
3
*
70%
2H
15 x
Ino .1
50
5%
12%
38
5*
Class A..
Lehigh Coal A Nav
•
Oil Develop...26
43%
12
10
Feb
28*
Conv part preferred...*
National Steel Car Ltd..
f>angendorf Utd Bakeries-
preferred
43%
1,400
I
common
July
Apr
45
100
4% conv 1st pref
43%
16%
National Refining com..
Nehl Corp common
Kress (8 H) special
9*
*18 June
"uoo
9
Kreuger Brewing Co
Lackawanna RR (N J)
8*
Apr
5
"3% "4
M
64
Apr
May
Aug
7
"3%
7%
"30
70*
100
"2^366
11x
64
Mar
600
"90* "96"
90
Apr
Mar
June
1,400
3X
Nat Rubber Mach
July
9*
7%
5%
Nat Service
July
10*
May
8%
16%
"12%
Jan
Apr
'62
60
135
Jan
14*
9%
pref
conv
Jan
Mar
Apr
Apr
Jan
July
Apr
6%
"92%
Aug
Apr
122*
6*
300
National P A L $0 pref—*
Mar
IH
200
Nat Mfg 4 Stores com...*
National Oil Products
4
9
2%
Hoppers Co 0% pref...100
4*
*
Jan
May
111
500
l
22
Apr
300
14
*16
Jan
38
IH
2%
400
July
118*
Feb
105
1H
3*
8X
6X
$3
June
100
1,100
69
1
National Container (Del)
National Fuel Gas
Jan
Mar
*
112%
9%
29*
7
National City Lines com.l
June
17
22
5%
50
National Candy Co
102% June
25
9%
14
Nat Auto Fibre com—..1
June
Jan
21%
•
5*
2*
98 x
400
22*
28
67 H
78
9%
14
6% pref
100
Nachman-Springfllled—
Nat Bellas Hess com
90*
32* 32%
tMountainSts Tel A Tel 100
States Pw com*
fountain
Mar
Mar
100
Kobacker Stores Inc
S4
10
%
17*
100
July
4
19%
21*
15
2,500
June
*
5*
6%
5%
Jan
150
1*
33*
31*
Apr
500
3
Jan
Apr
Apr
3%
*
16*
1%
July
May
Apr
Apr
Aug
Mar
2*
Mar
7
172*
June
7%
14%
1*
2*
Jan
*
Apr
2*
Mar
Apr
152
5%
4%
10%
275
"ilO
24*
300
7
164"
Jan
Jan
IMoore (Tom) Dlstlllery.l
Mtge Bank of Col Am shs..
Mountain City Cop oom 6c
Kreege Dept Stores
$6 oonv preferred
1*
100
5*
163"
163
3*
Moody Investors part pf.*
5,400
100
Mar gay
Ward
Feb
Mar
July
11*
9
Lyneb Corp
300
5*
July
7*
7
11*
9
Loudon
1X
14*
23
»n
May
Feb
1
Knott Corp common
7% preferred
0% pref class B.._
2%
Apr
1* June
20
4%
17*
..1
Klrkl'd Lake G M Co Ltd 1
Klein (D Emll) Co oom..*
Kleinert (I B) Rubber ColO
Class
2%
Apr
14*
39%
July
*
Klrby Petroleum
preferred
100
3* June
1,400
17%
Apr
16*
1
100
6% preferred D
..100
Kingston Products......1
0%
9%
500
4H
17%
1%
High
Jan
34
2%
Breweries
Line Material
Low
Jan
■"566
Kings Co Ltd 7% pi B
Le Tourneau (R G)
13
Range Since Jan. 1, 1939
%
Montgomery
•11
6%
Ken-Rad Tube A Lamp A *
Conv
12%
for
Week
Shares
A.—*
Montreal Lt Ht A Pow..*
2*
Kimberly-Clark 6% pf-100
Kingsbury
Hioh
4
4
1939
Feb
11
*
preferred
$1.76
*
10
Apr
hi
1
Apr
400
•»
Low
Montana Dakota Utll...10
A
OlftflS
17 X
Monogram Pictures com.l
Monroe Loan Soc A
1
July
Mar
12%
Molybdenum Corp
1
Monarch Machine Tool..*
Jan
Jan
27 %
27
Price
Mock. Jud, Voehrlnger—
Common
.....$2.60
Mar
International Utility—
Class
of Prices
far
%
500
4*
B-*
rtaiety Ra&or
Week's Range
Salt
High
July
Apr
July
4%
International Petroleum..
Internat
Low
Shares
A.
Internat Metal Indus
Internal Papei A
Price
imsi
(Continued)
Range Since Jan. 1, 1839
Last
19,
Sales
Friday
acuei
Friday
STOCKS
(Continued)
Aug.
Exchange—Continued—Page 3
500
3
Apr
12
Jan
34*
Aug
Feb
June
July
113
Apr
38
July
Jan
65
July
June
5*
July
Jan
Volume
New York Curb
149
Salt
Par
Penn Mex Fuel Co
Price
Range
of Prices
High
Isoto
1
Range Since
for
PaPrA Lt $7 pref
'4~300
IX
June
2X
Feb
800
5X
Apr
1054
July
Jan
110 X
107
"i'x "i'x
854
110
9X
10954 11054
107
106
107
260
147
147
25
60
400
98
92 X
Jan
Aug
Aug
Peppereil Mfg Co
73
74
100
Periect Circle Co
1
754
•
11954
854
7
Singer Mfg Co
Singer Mfg Co Ltd—
""654
Aug
81ouxCity G A E 7% Pf 100
8454
Jan
54
June
54
354
Jan
154
554
254
Mar
Apr
9X
June
119 X
Aug
Aug
29X
July
30 X
Jan
300
2X
Jan
5%
June
200
4
5
854
12,600
Apr
OX
July
3154
650
16
Apr
36 X
July
1054
100
10
Apr
1854
2X
2,200
2X
Apr
2X
Feb
Jan
8H
4354
9X
1,200
5X
Apr
854
Aug
Apr
43 X
Apr
53
200
12 X
64 X
Aug
Jan
7
200
6
400
90
2X
108
25
400
41
6H
July
46
Jan
1054
Apr
July
8
Feb
2X
Jan
Apr
•is
Jan
Feb
Stahl-Meyer Inc
May
23
Mar
June
9
3X
100
2X
Apr
Jan
June
42
Mar
7
1054
Mar
100
Jan
X
Feb
3
Apr
5X
Jan
Jan
8X
Aug
"~554
600
5
Apr
7*
Mar
xu
Jan
10054
10554
112
Mar
Apr
July
75
7954
750
40
40
42
675
X
110
110
10
*u
300
90
152X 155
240
"i'x "i'x
2
25X
June
Jan
X
Jan
Apr
126
Aug
15851
JaD
Mar
18 X
Mar
12X
Mar
Sterling
X
June
IX
July
X
2X
X
454
2X
5
Jan
Apr
X
OX
800
X
33 X
Jan
Jan
25
200
10
10
Jan
8X
July
Jan
X
Jan
X
X
i
1
200
IX
500
X
June
12 X
Mar
X
JaD
Feb
"ioix ioi'x
"266
"12"
"166
96
Apr
10554
Aug
Apr
112
Apr
12
Aug
15
Jan
23X
"u"
July
24 X
Roils Royce Ltd—
Am dep rets
1
'ex
400
IX
700
IX
7
200
4X
300
X
iox
IX
2
6X
'it
'ie
Ross la International....
Apr
200
2
2X
10
9
53 x
53X
54X
200
1
~9X
9X
*
43 X
43 X
Ryan Consol Petrol
*
Ryerson A Hay nee oom..l
10
MOO
43 X
125
59
55
100
600
"i«
Lt—-*
Ltd—*
St Regis Paper com......6
7% preferred
100
"2
"~2X
MOO
Salt Dome OH Co..—...1
"7X "8~X
T660
X
St Lawrence Corp
.
Aug
Jan
43
Jan
71
Jan
Apr
Apr
7
3554
IX
X
49
6*4
1254
Mar
Jan
Apr
47
Aug
Aug
Apr
Apr
2X
IX
July
July
May
7
Aug
Jan
3
«I8
65
Aug
Mar
4 X
354
5954
17
Jan
Jan
Feb
Jan
X
X
OX
Jan
1554
Aug
500
18 X
May
27 X
Mar
114«4
Apr
20
100
114*4
16X
Apr
20
June
2254
Jan
400
IX
IX
Transwestern Oil
100
Segal Lock A Hardware.. 1
7ie
X
3454
7i«
Selberllng Robber oom... *
654
6X
7X
—*
Selby Shoe Co
Selected Industries Ino—
•
10 X
10X
10X
31
Class A
X
6
stock
26
6
58
58
60
Allotment certificates...
X
6 X
58
'•ii
Jan
854
Mar
100
61
X
1,300
50
150
Aug
15
Apr
Apr
Jan
1
64
May
954
May
4X
52
69)4
Jan
Mar
70
Mar
May
IX
X
IX
X
500
3
3X
3,500
X
Apr
100
X
July
6
Seton Leather common...*
Seversky Aircraft Corp
Shattuck Denn Mining..6
Shawlnlgan Wat A Pow.. •
Sberwin-Williams com .25
3
19X
5X
*9254
91X
94 X
1,500
Apr
2X Mar
5X June
300
18X
Apr
950
83
Apr
107 X
1155
June
10 X
6% cum pref ser AAA 100
Sherwln-WUllams of Can
For footnotes see page
6
20
5X
1X
Jan
IX
£1
154!:..
200
July
Jan
354
454
200
Api
Aug
*18 May
IX June
9X
654
Jan
Jan
June
May
154
554
200
354
600
254
554
225
5
X
854
100
854
754
Jan
454
Apr
Apr
Mar
Jan
74
Jan
June
14
Aug
454
35
954
654
Jan
Feb
4
Jan
754
Feb
1
Jan
100
8
Apr
954
100
654
Apr
954
12
Jan
Jan
June
254
""36 54
1,800
3654
»-» Ot O
| 1
Apr
254
31
254
154
Aug
3
May
Apr
Aug
Mar
54
10
2
July
Jau
50
X
Apr
3854
Jan
36
Apr
4554
Mar
42
Mar
1454
654
Mar
Mar
Apr
4
June
700
254
June
400
2854
May
54
May
54
3
3
3254
1554
3354
July
1554
700
10854
1554
90
14
Mar
6954
107
107
....
254
300
3
15
15
1654
12
12
13
1,100
400
Jan
94
Jan
Feb
Jan
554
3654
Jan
54
ui#
Mar
2254
10054
10854
Jan
Feb
Jan
Aug
Aug
254
May
4
Jan
854
Apr
18
July
Apr
1654
10
Jan
2
454
454
500
Jan
2
Jan
60
Feb
63
May
454
100
13
13
13
~50"
"52"
105"
105
10654
110
110
110
13
Apr
"""56
45
Aug
554
30
9854
10
10554
«
54
54
54
154
IX
100
3 54
3 54
1,500
7'«
500
Feb
15
Mar
Jan
154
Mar
June
300
854
28
1054
3454
2J00
400
254
2 54
200
854
81
Feb
Apr
108
July
Apr £11454
54
Feb
July
July
254
Jan
Apr
554
Apr
Optlen warrants
"17"
B
»»!«
.--*
354
2
1854
254
""loo
Apr
7
"moo
1
54
54
54
800
"moo
2
800
54
154
154
2,200
27
32 54
5,800
2 1 54
70
70
154
74
900
ie
20
89
154
July
Apr
Mar
Apr
Apr
54 June
80
Jan
154
July
54
Mar
Mar
1454
Jan
3
June
Mar
Aug
Jan
Aug
5654
IX
•u
7
July
Jan
Jan
Mar
3H
Jan
9254- Mar
"m
Feb
8954
July
3
Jan
June
254
Jan
19
Apr
3654
Mar
25
2054
Feb
23
Mar
25
6954
Jan
7354
Mar
5
W
154
Apr
654
Mar
5,300
reg
Jan
Canal 100
24154
United Profit Sharing. .25c
54
Mar
United Shipyards cl
Class B
Jan
Co—
rets ord
United N J RR A
Aug
654
Jan
8554
7
89
"*154
MUk Products
dep
IX
81
81
2754
preferred
Jan
854
Apr
Feb
Mar
354
254
354
7
154
—
Mar
1254
38
100
90 1st preferred
1354
3854
"moo
"ex "ex
54
...
Jan
Apr
Jan
June
"1754
2 1 54
*
11
Jan
854
154
1754
IX
United Lt A Pow oom A
Am
Apr
Api
Apr
Mi
100
54
United G A E 7% pref
93
2
11
1354
»
pref non voting
United Molasses
1954
154
warrants
United Elastic Corp
United
Apr
254 June
1354
Canada
Investment com..*
1st 97
7
Apr
Union Traction
Corp
*i» June
1,300
10
Mfg Co
Union Premier
United
154
254
*
Mar
Jan
454
5
9
Mar
1554
Aug
254
2254
11354
11654
14
Apr
154
954
Series B pref—
Unexcelled
Common class
Selfrldge Prov Stores—
Sentry Safety Control-... l
Serrick Corp
1
June
754
3754
Jan
400
Jan
4154
254
354
254
United Gas Corp com
Common
CIS
Apr
954
554
..
May
July
Jan
Apr
28
28
-
80c dlv.
Foods Sts
Co..-.60
United Chemicals oom
93 cum A part pref ... •
Un Cigar-Whelan Sts .10c
*i«
Mar
July
10
354
854
.
Union
4X
1054
754 May,
Inc
Corp
Jan
Jan
10 X
Apr
1
154
Trunu Pork Stores
Tubize ChatlUon
Aug
2,400
1,000
Feb
154
1654
716
1354
154
154
Feb
July
3754
100
14
10
Co—
36
Aug
Feb
Apr
Apr
May
"2"100
Trl-Contlnental warrants
Apr
X
100
34X
IX
July
IX
154
Common
Mar
6*4
654
54
Aug
July
Trans Lux Plot Screen-
Jan
21
654
,
154
preferred.
Ulen A Co ser A pref
1,000
54
54
21
16
2454
107
"3654
6s
Corp
♦
Toledo Edison 0% pref. 100
7% preferred A
100
Tonopah Mining of Nev
Tung-Sol Lamp Works
15H
Warrants
Securities Corp general...*
Amer dep rets reg
Def registered
Jan
21X
6X
Jan
154
454
....£1
Ordinary reg
Jan
14X
*
Apr
"33"
Todd Shipyards
154
21
*
Feb
102
Jan
Tobacco Secur Tr—
1
«i8
96.60 prior stock
Prod Exports
Tobacco
Union Gas of
Water Service pref
6
17
150
42
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co..— 1
Technicolor Inc common.*
Tenn El Pow 7% 1st pf. 100
Texas PAL 7% pref—100
Texon Oil A Land Co...-2
Thew Shovel Co com
6
Tilo Roofing Inc
1
Tlshman Realty A Constr*
Tobacco Allied Stocks
*
July
Scranton Spring Brook
Soullln Steel Co oom
300
1,000
Apr
13
June
21
*
1 554
Class B oom
X
14X
Aug
2354
Superior Port Cement
93.30 A part
X
Corp oom 1
Scranton Lace oommon
Mar
Apr
37
Savoy
Scranton Elec 96 pxef
X
Mar
500
Safety Car Heat A
26
♦
7X
Jan
45
3X
254
Scov111 Mfg..
2J4
254
37
Royallte Oil Co Ltd...—*
Oil Co
...—6
Schlff Co common
*
13 X
July
Apr
Apr
Apr
July
Feb
1854
1754
IN
"33"
Taggart Corp com
112
Rochester Tel 654 % Prf 100
*
Sunray Oil
1
554% conv pref..
5(
Superior Oil Co (Calif)-.25
Jan
Feb
July
15 54
2254
Sunray Drug Co
4
102
14
854
Apr
May
June
1,500
Swan Finch Oil Corp.... 15
»xi
7
1 854
10654 107
Sullivan Machinery..—
Jan
May
Jan
254
1254
854
(Hugo) Corp
Stroock (S) Co
5
Feb
100
RocheaterGAE16% pf C100
pref
2354
1
•
6
Inc
Stetson (J B) Co com
Mar
100
Gas Co
Rustless Iron A Steel
*
July
2X
July
Jan
Mar
May
May
200
Ordinary shares..,
May
5
4X
•
"1554
0% 1st preferred
60
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Apr
26
54
7354
June
"l"66
Apr
Jan
Steel Co of Canada—
7
Jan
July
1254
phate A Acid Wka Ino 20
Sterchl Bros Stores
Mar
18
1154
Stein (A) A Co common..'
41
354
Phoe
Wholesale
Standard
Jan
100
1
Royal Typewriter...
B
Jan
21
3
Mar
Apr
1854
1
Apr
July
Mar
July
954
1154
1
5
Standard Tube cl
Apr
Jan
Mar
Mar
54
2
20
1,000
Standard SUver Lead
12
300
25
9 54
Aug
35 X
1
600
1954
454
Aug
50
26
8 54
44 X
100
MX
654
3454
Mar
14
854
103 X
110
Stlnnes
12X
Feb
Aug
July
»u
500
£16*4
1
Standard Products Co
Aug
148 X
June
4
2X
1554
Jan
"166
100
5
108
15754
1854
900
12
6X
4X
Aug
July
July
14
100
2
54
Feb
5X
125
125
25
20
2
2754
9
5X
25
pref
354
190
»w
16
'
60c
Root Petroleum Co
454
1754
2754
26 X
1,825
2
2,000
46
29J4 June
2954 June
Aug
254
0554 Aug
154
354
1654
2754
Jan
25X
*
common.*
ord reg ...£1
Rome Cable Corp oom...5
Roosevelt Field Inc—..—5
Aug
July
*
Apr
Feb
21
Roeser A Pendleton Inc..*
May
27 54
Common class B
May
21X
10i>
Mar
"800
"2754 "28"
"""54 "~X
J tandard Pow A Lt
4
34 X
Jan
July
»u
354
100
preferred
14
1,100
2
Voting trust ctfs
Pref*
Standard Oil (Ky)
10
Standard OH (Neb)
25
Standard Oil (Ohio) com 25
Aug
69X
2X
50
15
91.60 conv preferred..20
Standard Invest 9554
72
66
Rice Stlx Dry Goods..
Jan
154
Aug
June
Jan
Apr
100
2*4
1
Jan
6654
.5
254
1454
154
10
554
Starrett (The) Corp v t 0.1
2
'
101
July
June
Corp—
82
Jan
Jan
42
60
18
"2754
10
preferred
Jan
93
—*
Radiator
Conv
Standard Dredging
Common..
Jan
26
X
prior lien pref... 100
*
200
16
Apr
44
]
I Reynolds Investing
254
6554
6554
Jan
Jan
154 May
354
Standard Cap & Seal oom. 1
Standard Steel Spring
75
"ix
2854
2754
148
*
Preferred..
Roller Bit Co
2
6554
*
Apr
12X
500
•
Standard Brewing Co
6%
154_"
40
400
29
reg—£1
Spencer Shoe Co
Feb
Convertible
Am dep rets ord
Feb
100
5X
110
2954
45
*
Apr
107
Seeman Broe Ino
6% 1st preferred
Mar
4X
Apr
97
Spanish A Gen Corp—
12
104
Samson United
Spalding (A G) & Bros ..*
Apr
46
£2954
2854
2
45
"2854
6
25
102
Apr
100
92.60 conv
Southland Royalty Co
Apr
3X
*
Apr
25
Apr
1st preferred....100
Russeks Fifth Ave
Preferred A
3
36
*
60c
Apr
254
IX
Common
Apr
Mar
354
Southwest Pa Pipe Line. 10
1st preferred
91.20 conv
Southern Union Gas
South Penn Oil
7%
6% pref D
7% preferred
100
South New Engl Tel
100
Southern Pipe Line.....10
Jan
May
94X
Rio Grande Valley
Southern Colo Pow cl A. 26
Mar
6%
Richmond
25
9
"5*
Reliance Eleo A Eng'g
654 % pref series C
Mar
7
Oil
6% original preferred_25
25
25
9
*
90 preferred
*
Puget Sound Pulp A Tlm_*
Pyle-Natlonal Co oom—5
Pyrene Manufacturing.. 10
Quaker Oats common
*
6% preferred
100
Quebec Power Co
*
Ry A Light Secur com...*
Railway A Utll Invest A..1
Raymond Concrete Pile-
154
154
800
6% preferred B
"400
*
preferred.
800
154
16 X
7% prior lien pref... 100
|Pub Utll Seour 17 pt pf.. *
Puget Sound P A L—
1,600
154
5
1
101X
*
*
254
454
4*4
Calif Edison—
9X
9X
26c
•
154
154
'ix "i'x
454
*
93 conv preferred
IX
'i'x
1
1
Public Service of Indiana—
Relter-Foster
1
8
»u
preferred
Reeves (Daniel)
j
117
<
Reed
Sonotone Corp
Boss Mfg oom.
South Coast Corp com
164
5
Jan
IX
8
900
Mining...
Raytheon Mfg oom
Red Bank Oil Co
Skinner Organ
Solar Mfg. Co
40
172
169
Apr
7X
IX
100
Apr
X
Public Service of Colorado-
15
Jan
10 X
200
Prudential Investors
6%
219
27X
7
11654
IX
6
preferred
Jan
June
Apr
Providence Gas
16
Feb
3
Apr
1,000
50
654
Corp of Canada..
1st preferred
100
Public Service of Okla—
2X
Apr
Jan
Jan
325
8
X
25c
Sugar common...6
17 prior preferred
Apr
154
354
3054
107
107
Pressed Metals of Am—1
J8
154
900
Amer dep rets ord reg.£l
47 54
""VA
Mining Co
Corp
100
154
Aug
Pneumatic Scale com—10
Prosperity Co class B
July
IX
IX
78
8X
4354
7X
60
Pittsburgh Forglngs
1
Pittsburgh A Lake Erle.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass-.25
Pleasant Valley Wine Co. 1
Plough Ino com
..7.50
Producers
16
,
154
154
Apr
254
854
Premier Gold
1
com
58
Postage
Meter
Prentlce-Hali Inccom
July
Feb
Mar
7
1054
Pioneer Gold Mines Ltd.-l
6%
July
»n
84 X
1054
754
$3 pref series A. .10
Pratt A Lambert Co
15
Jan
29
Common
Power
Apr
74
Southern
Powdrell A Alexander
Feb
954
200
14
450
11954
7
4
Pierce Governor common
Potrero
1354
16
pref
*
Simmons H'ware A Paint.*
Jan
30
30
Packing Co
Pitts Bees ALE RR
1i«
1354
«
conv
16
Phoenix Securities—
Polaris
93
Simplicity Pattern
118
7
Philadelphia Co common.
Phil* Eleo Pow 8% pre! 26
Pltney-Bowea
26
common..
Simmons-Boardman Pub—
Feb
*
Pharls Tire A Rubber
v
High
23 X
7754
Con
Line stamped
Sllex Co
Jan
'
Low
Shreveport El Dorado Pipe
167
Apr
135
Apr
Range Since Jan. 1, 1939
for
Week
Shares
160
75
Phillips
2
Apr
Range
of Prices
High
Low
Price
15
Pennsylvania Sugar com 20
Pa Water A Power Co
*
Phil* Eleo Co $6 pref
Mar
Apr
Week's
Sale
Par
X
2
*
_.*
S0 preferred
Penn Salt Mfg Co
Sales
Last
High
Low
200
8X
STOCKS
(Continued)
154
1
Corp com
Penn Cent Airlines oom._l
Jan. 1, 1939
Week
Shares
X
X
1153
4
Friday
2.60
Penn Traffic Co
Pennroad
Week's
TmjaX
STOCKS
(Continued)
Exchange—Continued—Page
Sales
Friday
241
130
242
237
54
100
Jan
242
A
Feb
154
154
100
•u
July
*i«
Jan
954
54
Mar
1054
May
154
Jan
154
July
New York Curb
1154
Friday
STOCKS
Last
Week's Range
for
(Concluded)
Sale
of Prices
Low
High
-25
79
82
700
72
43
43
45%
220
42
244
400
2%
244
United Specialties com... 1
U 8 Foli Co class B
1
344
%
344
U 8 and Int'l Securities..*
conv
20
1
pref---
U 8 Radiator oom
U 8 Rubber Reclaiming..*
u 8 Btores Corp com
11H
11*
11*
24
24
244
144
244
5%
50
United
1
244
88*
73,000
88*
46,000
2*
1*
*
Apr
Feb
Aug
"i»
744
"500
....
*
47*
Apr
1
July
42
Apr
100
*i«
144
I*
10*
1,050
100
1
200
1*
pref—100
Vogt Manufacturing——*
22
44
44
5544
55
*
20
58
June
June
Eastern Gas A Fuel 4S.1956
Feb
Apr
I*
20*
2*
Feb
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '66
Jan
Apr
30
Jan
El Paso Elec 6s A
28
Feb
Empire Dlst El 6e
1952
Ercole Marelll Elec Mfg—
38*
Jan
58
Aug
Apr
9
Mar
7*
July
5*
May
8
Apr
74*
Jan
"65*
105*
4*
"n h
6*s scries A
Banks 6s- 5s stpd
Aug
103*
Apr
6*
Mar
Florida Power 4s ser C 1906
1
Mar
200
1
Wait! A Bond class A
•
4*
4*
100
4*
m
Feb
1
*
Apr
1*
Jan
Wayne Knitting Mills—5
Welsbaum Bros-Brower..1
Jan
13*
Aug
Apr
6*
Feb
General Bronze 6s
Apr
5
Jan
"90"
400
Mar
144
144
"666
Gen Pub Utll 0*s A.1950
♦General Rayon 0s A. 1948
3*
3*
600
West Va Ccal A Coke
86
*
Express..—I
Western Maryland Ry—
Western Air
100
7% 1st preferred
3*i
—I
*
2*
3*
May
Jan
100
1*
4*
Apr
Mar
Jan
Common.
45
20
32
10
Williams (R C) A Co
100
644
544
8*
6 44
6*
700
8*
5*
5*
644
644
100
4*
854
*
Weyenberg Shoe Mfg....1
Wichita River Oil Corp..10
Apr
644
544
*
50*
Jan
100
1
Wolverine Tube
Woodley
2
6
1
444
2*
6*
444
Mar
Jan
Guardian Investors 6s. 1948
10
Jan
Hall Print 0s stpd
1947
Jan
♦Hamburg Elec 7s
9
Apr
101
2*
Apr
2*
July
8*
6*
Jan
5c
Wright Hargrsaves Ltd—*
15
15
8
dep rets
1,200
8*
8
500
44
700
44
44
Yukon-Paolflo Mining Co.5
1544
12
7*
*
A St Ry 5*s
1st A ref 5s.-
1946
10444
1st A ref 5s...
1956
1st A ref 5s
1968
102*
10444
1st A ref 4*s
1967
100
Apr
8*
Mar
May
I*
Jan
Am Pow A Lt deb 68—2016
"~99*
Amer Radiator 4*s__1947
10244
1948
107*
105*
Aug
May
96
Jan
105
June
104* 1C5
99
100
102* 102*
7,000
102*
1960
1950
1955
68*
106*
108*
Apr
9*
*
Apr
1 *
Jan
Apr
1*
Feb
*
*
77
79*
130~666
120
$104* 106
103* 104
90
53*
109*
66*
107*
102
18,000
1,000
2,000
90*
15,COO
99*
39
107*
81
Apr
June
Apr
Jan
102
63*
68
88,000
111
Mai
Apr
107*
Mar
101*
41*
100
50
98*
99
102* 103
45*
"45"
4344
45*
42
45
44,000
43
6,000
5,000
45
47*
22,000
43*
45*
53,000
$51*
79
105
July
104
Aug
July
50 *
Jan
Jan
108*
July
Apr
$105* 106*
107* 107*
27*
43
Apr
Mar
25
July
Jan
99
Aug
92
Apr
103*
31,000
95
Jan
99*
84*
99
Apr
90
Jan
90
Apr
99
42,000
95
76
Apr
96*
Aug
Aug
78
73
Feb
30*666
87
Jan
50.0GO
94 1
105* 105*
71
67*
95*
Jan
73*
24,000
68*
20,000
30
Aug
Aug
Aug
"1*000
Tooo
Jan
49*
29*
Jan
47*' Aug
Jan
59
Mar
72*
Jan
83
May
Aug
Jan
74* June
Apr
29
65* May
72*
72
Jan
90
87
Jan
91
Mar
110
106
Aug
62
Debenture 6s
Apr
102
Aug
Feb
95
July
96
11,000
82 *
Apr
110*
Jan
107>»«
1071»32l07"32
125
125*
127
127
128
147* 147*
1998
"92*
91*
21,000
£1,000
14,000
5,000
96* 144,000
33,000
45
Apr
53
36
Apr
50
102*
4,0C0
98
Apr
25
28*
3,000
102
July
120
Apr
123
Mar
140
110*
Jan
103*
Jan
Feb
July
July
30
July
18*
Jan
30
July
94*
101*
Jan
102* June
Apr
103*
Jan
101*
Jan
103
16,000
Apr
108*
Apr
111* June
20
65
83)66
59
Jan
68
June
65
2,000
60
Apr
68
June
8
"
110
107*
July
8
July
101 *
Jan
15,000
95*
Apr
110*
105*
104*
July
103
103*
Aug
95
95
Apr
Feb
Aug
23,000
94*
Apf
96*
31,000
85*
Jan
97
Aug
18,000
11,000
96*
Apr
105
July
99
69
99*
Apr
105*
July
39,000
85
Apr
102
July
5,000
•86
Jan
99
July
36,000
50*
Apr
75
Aug
36,000
49
Apr
74
Aug
88* June
110
May
1957
53*
52*
55*
36*
36*
Apr
52*
Apr
64
Mar
41 *
55
Apr
55*
Mar
Apr
73
Aug
38 *
Jan
55*
Aug
99,000
82
Jan
102
Aug
69,000
77
Jan
102*
Aug
19,000
98*
Jan
105
Aug
Jan
"2,000
104*
Aug
105*
Jan
108
Mar
103*
Apr
106* June
12,000
923)00
53,000
Jan
1950
100*
100
100*
104*
100* 102*
104* 104*
$104
43*
104*
106
6s series B
...1901
Iowa Pow A Lt 4*s—l958
Iowa Pub Serv 5s
195:
Superpower 08.1903
102
106*
"42* "45*
$60
"41*
40*
98
183)66
77*
38
June
52*
Jan
59*
Feb
80
Jan
31
Apr
44
Mar
49*
Aug
42
383)00
49*
52,000
38
Jan
1,000
102
May
Gas—
5s stamped
1942
Jersey Central Pow A Lt—
46*
4 *s series C
1901
Kansas Eleo Pow 3 *8.1960
Kansas Gas A Eleo 08.2022
46*
104
1947
105*
104
105* 106
$105* 106*
124* 124*
126
July
130*
July
Utilities Co—
1st mtge 6s ser H...1901
102
102
13,000
"13)66
107
Feb
105*
Jan
106*
Mar
103*
Jan
108
Mar
119
Apr
126*
Aug
Apr
Apr
103*
Aug
106*
July
Jan
Apr
103
Aug
Kentucky
103
15,000
11,000
89*
June
150
Aug
0*8 series D
1948
105*
105* 105*
86
Jan
100
July
5*s series F
1955
103
102* 103
3,000
93*
69*
Jan
98
Aug
5s scries
1959
101*
101* 102
7,000
88*
81
Jan
102
101
Broad River Pow 6s__1964
94*
99*
Canada Northern Pr 5s *63
Canadian Pao Ry 8s—1942
102*
Jan
"loi"
105* May
Lake Sup Dlst Pow 3 *s '00
Lebfgb Pow Secur 0s..2020
101
102
15,000
97*
Apr
105
Mar
♦Leonard Tletz 7*s__1946
$25
10644
106
106*
31,000
96*
Jan
107
May
103* 103*
9,000
22 *
95
Mar
Apr
105
June
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
104*
8,000
102*
Jan
105
Feb
Aug
Long Island Ltg 6s...1945
102*
104* 104*
102* 102*
13,000
Jan
102*
Aug
July
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
105*
105* 108*
58,000
105*
Aug
107* June
28*
Jan
2,000
103*
Jan
31* Aug
105* May
Carolina Pr A Lt 5s__.1958
Cent Ohio Lt A Pr 68—1960
Cent Power 5s
1C3* 103*
9544
Cent Pow A Lt 1st 5a. 1956
Cent States Eleo 5s
1948
1046i6
5*4p ex-warrants...1954
Cent States P A L 544s '53
Chicago A Illinois Midland
Ry 444s A
..1950
Chic Jet Ry A Union Stock
Yards 6a
1940
i*Chlc Ryt 5s ctfs
1927
Cincinnati St Ry 544s A '62
6s series B
6,000
95*
98
27,000
81
Apr
104* 1045j6
05,000
98*
Apr
98
104*
July
4044
40*
42*
40,000
35
Jan
46
Mar
40
40
42*
86,000
32
Jan
46*
Mar
70*
70*
74*
83,000
55*
Jan
74*
Aug
103*
103* 104
8,000
98
Apr
105
102
102
4,000
102
Aug
104*
Jan
51*
1966
For footnotes see page 1155.
9,000
101
D..1957
ser
94*
96*
99* 101
107*
July
Mar
1,000
10,000
Service—
5s series D_.
5s series B__
90
56*
47
45*
4*s series F
1958
Iowa-Neb LAP 5s...1957
Jacksonville
9044
1
Italian
85
Mar
44*
1952
Interstate Power 6s
109* June
89
109*
42*
72
106* May
1,000
Jan
Jan
46
Jan
2,000
Mar
60
45
Apr
94
Aug
65
68*
104
102
Jan
Aug
68
$42
102*
94
95*
25*
68*
Isaroo Hydro Eleo 78.1952
Isotta Fraschlnl 7s.—1942
100
75
106
313)66
1957
43
Aug
81
103*
1952
45*
July
4,000
Aug
7s series E
47
Feb
13,000
107
7s series F
Jan
104*
133,000
4,000
Feb
Feb
July
99
89*
43*
0 *s series C
July
Aug
91
International Power beo—
105
40
53
80
31
112* May
81* Mar
112* June
105*
100
Interstate Publl
42*
Aug
15
2,000
183)00
99
$108*
105*
103*
102*
102*
105
128
106* June
68*
Aug
75
Feb
105*
1953
0*sserlee B
Jan
Jan
Jan
Feb
103*
6s series C
1951
Indiana Hydro Elec 6s 1958
May
Jan
10
Jan
43
Apr
Apr
Jan
July
$5
1963
107*
97
Apr
43
1st Hen A ref 6s
106
Jan
4*
5
1955
Jan
June
Aug
Mar
Apr
Apr
106*
104
93*
108*
4*
Jan
68
102*
118*
104* 105* 120,000
125
Birmingham Eleo 414sl968
Birmingham Gas 5s
1969
May
Apr
7,000
1950
3,000
102* 102*
105*
1st M 6s series B...1957
Bethlehem Steel 6s
56*
Jan
4,000
Indiana Service 6s
8,000
125
6s series C
1960
July
Apr
Apr
108*
July
83*
Bell Teiep of Canada-
let M 6s series A
77
58*
79*
96*
107
Jan
Works—
♦Convertible 6«
July
"76*
July
109*
100*
4,000
6s with warrants-..1947
5s without warrantsl947
Locom
Aug
131
107
Aug
101*
25,000
Atlantic City Elec 314s '64
Avery A Sons (B F)—
Baldwin
108
Jan
♦Indianapolis Gas 5s A 1952
105
99*
195~666
43
1968
Conv deb 514s
1977
Assoc TAT deb 5 14b. A'65
Atlanta Gas Lt 414s. .1955
July
65
...1947
Jan
125
Registered
Debenture 5s
106*
125
104* 104*
104* 105
100
101*
98* 99
69
73*
69*
71*
79
76*
6s series A
Jan
106* 106*
Conv deb 4*a C—1948
Conv deb 5s
June
Corp—
May
Apr
Aug
107* 108*
1953
1949
Electric
81 *
87
Associated Gas A El Co—
Conv deb 4*8—
8f deb 5 *s—May 1957
Indiana
100*
108
Appal&o Power Deb 6s 2024
Associated Elec 414s
Jan
10044
Ark-Loulslana Gas 4s.l951
Arkansas Pr A Lt 6a—1956
10,000
14,000
99* 101
140,000
tl08* 108*
$101
Amer Seating 6s stp—1940
Debentures 4*s
102* 103*
1967
1st A ref 6*s ser B.1954
1st A ref 58 ser C...1950
Jan
113
65
1949
111 Pr A Lt 1st 8s ser A. 1953
98
Apr
Aug
Jan
71*
74* 280,000
$109* 110*
28*
♦Hungarian Ital Bk 7 *s'03
Hygrade Food 0s A...1949
102
Feb
109*
Indpl8 Pow A Lt 3*8.1908
Amer G A El debt 5S..2028
Appalachian Elec Power—
1st mtge 4s
1993
10744 107* $12,000
10454 1C5
10,000
131
92*
$25*
Houston Lt A Pr 3 *s_1900
Idaho Power 3*s
....1951
Apr
June
9,000
109* 109*
Mar
Alabama Power Co—
74*
104*
106*
$102
102*
$103* 104
$102* 103*
15*
Sold
1st A ref 5s
102
1938
Apr
Bonds
Aug
Aug
♦Hamburg El Underground
0s scries B
BONDS
Aug
89*
89*
45*
Houston Gulf Gas 6s—1943
Apr
Aug
77*
89*
Jan
$54
42*
Heller (W E) 4s w w ..1940
Jan
4*
4*
Jan
$106
1935
Mar
82*
100
Apr
72*
$89*
Guantanamo A West 6s '68
Jan
100
300
67*
72*
Mar
5,000
5
0*s ex-warrants...1943
com
Petroleum
Mar
$62
Grocery Store Prod 6s. 1945
July
3
Aug
Mar
77
6,000
$22
Gt Nor Pow 5s stpd..1950
Woolworth (F W) Ltd—
Amer
71*
"67*
(Adolf) 4*s„.1941
10
101
2*
4*
$4*
$*
$*
$75
1953
0s
7*
101
2*
95
Grand Trunk West 4s.1950
7
Products Ino
♦Gesfurel
Jan
Aug
94*
94*
105* 106*
$107* 108*
98*
"95"
10
7*
7*
8*
43)00
84
105*
May
Wtlson-Jones Co
Wisconsin P A L 7% pf 100
99*
Georgia Power ref 6s..1967
Gobel
Apr
Aug
Apr
*
102*
Gen Wat Wks A El 58.1943
Feb
Jan
66
$16
99
.1940
15
1*
Wolverine Portl Cement.10
,
stamped-1944
Apr
Williams Oil-O-Mat HI-*
Wlll8on
5s ex-warr
Glen Alden Coal 4s...1965
*
Westmoreland Coal Co
Florida Power A Lt 5s. 1964
Georgia Pow A Lt 6s—1978
45
Western Tablet & Statlon'y
78*
Apr
Gary Electric A Gas—
June
JaD
12,000
75
93* 198,000
106*
100
General Pub Serv 5s-.1953
244
8*
3*
2*
2*
244
65*
10
41*
108* 108*
1961
144
1
Wentwortb Mfg
-1.25
West Texas Utll 16 pref-*
36,000
41*
♦First Bohemian GIase7s,57
144
Wellington Oil Co
Apr
66
Finland Residential Mtge
Feb
74*
1*
May
July
*
Class B
7.0C0
129
73*
92*
$117
1953
Erie Lighting 5s
1907
Federal Wat Serv 5 *s 1954
Feb
"77"
1950
Wahl Co common
Walker Mining Co
111* 111*
107* 107*
$105%
Edison El 111 (Bost) 3*s 05
Aug
C»220
•
73*
92*
♦Certificates of deposit
«*u
66
128*
132
129
♦Deb 7s—Aug 1 1952
Mar
Apr
-—100
1C7*
♦Certificates of deposit
Jan
54
Aug 1 1952
♦6*8
Tu
Apr
206,000
77
44,000
75*
76*
27,000
High
84
Jan
Detroit Internet Bridge—
Aug
Mar
6
$128
Denver Gas A Elec 6s. 1949
64*
2*
2*
•u
3*
Wagner Baking v t o
1
87
87
Cudahy Packing 3*S-1«55
Feb
200
Waco Aircraft Co
stamped—1943
July
July
20
22
22
Jan
"760
900
20
1*
0s eer A
Delaware El Pow 5*s_1959
19
74*
Gen mtge 4*s—...1954
Consol Gas Utll Co—
May
9* June
Jan
%
144
20
20
Apr
74
Low
71*
Consol Gas (Bait City)—
Jan
15
1*
*
Jan
Mar
Jan
Jan
25
144
54
54
(BMt) 3*s ser N—.1971
1st ref mtge 3s ser P 1969
Cont'l Gas A El 6s.—1958
Apr
"
144
Petroleum—.1
Va Pub Serv 7%
150
Jan
HCubas Telephone 7*s.'41
Cuban Tobacco 6s
1944
0
74*
74
Conn Lt A Pr 78 A—.1951
Jan
Apr
74*
1,000
Consol Gas El Lt A Power
July
3
Jan
1909
Debenture 5s
6*8
June
2*
17*
4*
"""166
64
Jan
June
Apr
Apr
~3*
62*
*
Van Norman Mach Tool.5
Jan
13*
$5.60 priority stock
*
Utility A Ind Corp oom—6
—.7
pf-.lOO
1
6
4*
2*
*
6*
12
1
Corp
Aug
1960
Debenture 5s—...1958
1* May
J an
10*
27* Mar
Feb
"266
""44
Utah Radio Products
7 % preferred
88* 141,000
85
1*
14*
"744
744
Utah Pow A Lt 17 pref--*
>4 oonv pref
74*
85*
86
3,000
"3%
Utah-Idaho Sugar
Venezuelan
86*
1949
Community Pr A Lt 5s '67
3*
Universal Products Co—*
Conv preferred
Cities Serv P A L 5 *8.1952
JaD
68
""800
1
Universal Pictures com—-1
Vaispar Corp com
Feb
Apr
Apr
500
8
Universal Insurance
Utll Pow & Lt 7%
6*
*
July
*
144
2
2
Universal Consol Oil——10
Universal Corp v t c
1
Wall Paper
Utility Equities
Jan
Apr
......
50c
Exten—60c
Verde
July
4*
10*
United Stores com
United
49*
Conv deb 6s
Range Since Jan. 1, 1939
%
Aug
21
200
for
>78
78
196«
Cities Service 5s
1939
Week
July
Apr
*
60
5%
"b4
—
pref-—--*
17 oonv 1st
""166
24
Range
of Prices
High
Low
Jan
3
2,400
25
Sale
Price
87*
1*
1
U 8 Ply wood
$1*
ht
Week's
Last
Par
High
Apr
2*
700
4
62
62
1*
1st pref with warr
U 8 Lines pref—.
Low
Shares
79%
United Shoe Mach com.25
Preferred
Price
BONOS
(Continued)
19,
Sales
Friday
Range Since Jan. 1,1939
Week
Par
Aug.
Exchange—Continued—Page 5
Sales
102 *
June
50*
52
15,000
5534
81
1,000
44*
70*
Apr
81
Jan
82
Jan
Aug
83*
83*
1,000
72*
Jan
83*
Aug
I
106
106*
15,000
100
107
40
91
♦7s without warr ts. 1941
Marlon Res Pow 4*8.1954
McCord Rad A Mfg
$25
6s stamped
1943
Memphis Com ml Appeal—
Deb 4*s
1952
$60
65
45
$98
99*
95*
Mengel Co conv 4*s.l947
Metropolitan Ed 4s E.1971
48 series G
1965
104* 104*
89
89
106
108*
106
108* 108*
Jan
Jan
Jan
May
Apr
1,000
82
Apr
1,000
105
July
10,000
107*
Jan
102*
Aug
108* July
110* June
30
103*
66
Mar
Aug
Feb
98* July
91* Mar
109* May
110* May
Volume
New York Curb
149
Exchange—Concluded—Page
1. 1939
Range Since Jan.
Last
Weft's Range
of Pr\ces
Low
High
BONDS
Weet
Par
Price
96%
Mlnn PAL4H8
102%
96%
July
62%
2,000
93%
58%
99%
62
_
"l66%
May
66%
Mar
31,00u
93%
Apr
Aug
42,000
97%
Apr
101%
102%
July
"98%
107
Aug
82%
Jan
100%
Aug
88%
Jan
103%
Aug
7,000
108%
73%
Apr
110%
Aug
1,000
98% 100
103%
102% 103%
129.000
109%
Mtea River Pow 1st 6s_1961
109% 110%
92%
93
56,000
92%
Jan
35,000
107
107
let A ret 6s
1,000
102
Apr
Jan
93
Aug
98
Auu
97
97
23,000
77
Jan
110
"lI6"
111
15.000
98
Jan
111%
106%
104% 105%
*35
38
109% 109%
105
Aug
Aug
39,000
92%
Jan
33
Apr
"1,000
107%
Jan
111%
2,000
115%
Jan
123% June
38
2,000
Jan
109%
July
23,000
75%
May
89%
Mar
1,000
118%
Jan
123%
73%
July
"II"
70%
69%
6s
69%
Conv deb 6s
Jan
73%
July
54
Jan
54%
Jan
73%
July
107%
Jan
109%
May
71,000
87%
Apr
98%
Aug
61,000
71%
71%
*107% 108%
"~98"
97%
98%
99%
99% 100
55
90
Apr
59,000
«
-
«.
-
*
July
100
Aug
New Orleans Pub Serv•
99%
*102% 103
•
"77",000
"166%
100% 101%
105%
105% 105%
90,660
104% 104%
19,000
105% 105%
5,000
Feb
103
July
89%
Apr
101%
Aug
86%
Mar
New York Penn A Oblo—
105%
Debenture
It
6s
Nippon EI Pow 0%s
52
Conv 6s 4th stamp.1950
United Elec N J 4s
)949
♦1st
s
I 6s
Un Lt A Rys (Del) 5Hs *52
United Lt A Rys (Me)—
0s series A
1952
0s series A
52
.
1,000
34,000
50%
41
5,000
31
119
119
42
42
2,000
2,000
40%
t22
35
26%
*22
83%
35
23
85%
59,000
87%
89
19,000
83 %
87%
Jan
Jan
119%
July
Mar
28%
July
Apr
68
Aug
52%
Jan
Apr
116%
66%
Apr
28%
June
Aug
Apr
72
Apr
Jan
52
86
90
Aug
104%
Mar
108%
July
78%
Apr
92%
Aug
112
Jan
119%
85
84
85
27,000
16,000
68%
Apr
85
97 %
97%
99%
98
18,000
81%
Apr
99%
Aug
Aug
Aug
100%
July
119
118% 119%
5,000
71,000
91
Apr
100%
89%
Apr
101
32,000
87
Jan
100%
08
1946
95
95
96
6,000
82
Jan
13
15%
"99
99
99%
Aug
98
Aug
June
Waldorf-Astoria Hotel—
♦5s Income deb—1954
Wash Ry A Elec 4s_..1951
West Penn Eleo 5s—.2030
West Penn Traction 6s '00
Jan
105
Aug
Wise Pow A Lt 4s
104%
Jan
106% June
113% May
|*York Rys Co 5s
1966
58
'105%
58
Jan
111
Jan
106%
Jan
116
110%
50
Apr
31%
Feb
July
June
July
Mar
63
105%
June
106%
Jan
15T666
100%
Jan
106%
May
105
1.000
102%
Jan
106
June
95
13,000
87
Apr
95
86%
Apr
25%
Feb
26
Jan
"27" ""Apr
"24% ""Jan
"24% "Mar
*105% 108
105% 105%
105
1937
"95"
94%
1947
Stamped 6s
2,000
13,000
59%
Aug
104
1106% 106%
114H 114% 115
11%
107%
93,000
tl08% 111%
Yadkin River Power 6s '41
Jan
13
West Newspaper Un 0s '44
Wheeling Eleo Co 6s..l94i
Mar
Aug
Ju£
99% 100%
Mar
58
91%
90%
Aug
99%
1,000
78.000
106 % 106%
~90%
115
99%
109
95%
Apr
101%
96
95%
9,000
.96%
Aug
Aug
Aug
101% 101%
5,000
105%
13,000
104
May
57%
10,000
47
Jan
105% 107%
7,000
105%
Aug
108%
Jan
105%
105% 1053i6
13,000
104%
Apr
107
Jan
7,000
104%
Jan
10,000
102
Apr
Apr
106%
1040«
105*82 105%
1040b 1040«
105% 106%
103% 104%
17,000
104
Feb
108
49,000
95
Apr
104%
Aug
110
110%
3,000
108
Jan
110%
Aug
108
108%
13,000
108%
July
109%
Aug
101%
105
"54%
54%
107% May
58% Aug
Northern Indiana P 8—
"108%
June
105% May
15,000
108
105'32 1 0 5*32
26,000
104%
Mar
1101632
110% 110%
46,000
96%
Apr
110%
108% 109
101% 102%
7,000
91%
102% 102%
101%
Jan
10,000
101%
Jan
FOREIGN
AND
109% May
Jan
106%
♦7sctfsof dep.Apr
30
'47
*24
♦6s ctfs of dep... Aug '47
♦6s ctfs of dep...Apr '48
*24
30
30
*24
Antioquia
93%
lumbia—
♦7s
18
18
102% June
*12
18.
14
104
♦7s
D ctfs of dep. 1945
*12
17
ctfs of dep.'57
*11
*11
18
18
*11
18
Mar
Apr
Aug
7,000
111
Aug
94%
113%
93% 115,000
1,000
38%
84,000
101% 102%
76
Jan
95%
Aug
32
Jan
38%
Aug
91
Jan
Aug
Mar
6,000
111%
111
Pacific Ltg A Pow 6s.
92%
—
101%
92%
38%
104
1,000
104
May
Jan
98
Jan
102%
104%
97
Jan
105%
July
106% May
107%
July
104%
104% 104%
34,000
106%
106% 106%
9,000
2,000
100%
Penn Ohio Edison—
....—
105%
106% 106%
105
105%
8,000
*106% 107
iniii
......
196
*106
______
Jan
108
June
91%
Jan
106%
ser
ser
July
109%
Mar
16,000
6,000
108
Mar
♦7s 2d
Jan
101%
Aug
105
Jan
105
Aug
108%
Jan
.
Peoples Gas L A Coke—
ser
ser
ctfs of dep.'57
♦7s 3d ser ctfs of dep.'57
♦Baden 7s
1951
113%
42%
Coal
......
15
♦Caldas 7H8 ctfs of dep. '46
♦Cauca Valley 7s
1948
*13
19
16% June
16%
10
♦7s ctfs of dep
*12
♦0s series A
97
*17
75%
—
Power Corp(Can)4 HsB
♦Prussian Electric 6s..1
95%
17%
Jan
99
Feb
Jan
22
June
11,000
64
Jan
80
May
30
Feb
♦Secured 6s
♦Hanover
91%
85%
Apr
100
Jan
88
85
Apr
96%
23
21
July
35%
19%
1,000
18%
18%
1,000
16%
16%
2,000
17
(City) 7s...1939
20
*18
Jan
Feb
Apr
20
Mar
Apr
20
Mar
22
Apr
Apr
20
Mar
10
21
Jan
14
21
♦Hanover (Prov) 0%s.l949
Lima (City) Peru—
May
.
„
6%s stamped
1958
July
Jan
110
Jan
48
20%
Feb
157% 157%
14,000
146
Apr
157%
Aug
♦Issue of May 1927
106% 106%
93
95%
1,000
106
June
108%
May
Aug
♦Issue of Oct 1927.
June
♦Maranhao
July
7s
10
14%
1958
♦6%s ctfs of dep
9%
*8
*8%
♦Medeliln 7s stamped. 1951
♦7s ctfs of dep
.1951
Feb
Mar
19%
1947
39%
100%
23
22
*16
105%
Mar
Feb
*80
1083*
105%
19%
1953
5s
5,000
Jan
Mar
20
6,000
v
Feb
25%
*11
*86%
♦6Ha ctfs of dep
I960
Danish 5Hb
...1955
107%
109%
25%
Apr
32
108% 108%
*44% 49
*103% 103%
*17
30
107
-
......
10,000
75%
97%
Jan
21%
32
♦German Con Munio 7s '47
Jan
22
*24
Aug
Mar
24%
*24
July
51
July
30
♦6s ctfs of dep..Oct '61
81%
108
Aug
15%
Cundlnamarca (Dept of)
Apr
Apr
16%
Mar
*22%
1952
Apr
June
Jan
11%
*22%
♦Prov Banks 6s B..1951
Columbia (Republic of)—
♦6s ctfs of dep..July '61
Danzig Port A Waterways
♦External 0Hs
1952
38
Mar
June
18
Aug
101
7,000
19
*12
July
7,000
15%
15
1948
♦7H» ctfs of dep
1946
Cent Bk of German State A
100
8,000
July
20
100%
113%
76
Mar
Mar
Apr
111%
11
May
Apr
10,000
June
Mar
15
92%
mmmmmm
13%
11
17%
91%
83
44
104% 104%
June
13% Jnne
20
19,000
113% 113%
June
14
20
53,000
*81%
41%
13%
*19%
9934
99%
Jan
June
*11
100% 100%
99%
8%
♦Bogota (City) 8s ctfs.1946
Bogota (see Mtge Bank ot>
June
105%
105%
108
101% 101%
105
105%
Jan
of) Co¬
*12
89
94%
93%
(Dept
*12
114
111%
28%
30
♦7sctfsof dep.Jan
A ctfs of dep. 1945
Aug
8,000
27%
30
*26%
Jan 1947
♦7s serB ctfs of dep. 1945
♦7s ser C ctfs of dep. 1945
July
Pacific Gas A Elec Co-
111% 111%
*26%
'46
*24
♦20-year 7s
♦7s 1st
111%
GOVERNMENT
MUNICIPALITIES
Agricultural Mtge Bk (Cob
♦20-year 7s
Apr 1946
May
-10ft;
OklaNat Gas 4Hs
Pittsburgh
65 %
39%
107%
♦
It
4%s series B
64
39 %
115
1950
No Amer Lt A Power—
6 Ha series A
64
1944
Aug
Jan
Jan
Jan
Jan
103
99%
86%
.......
1939
High
1st ref 6s series B
Va Pub Serv 5Hs A..1940
May
50
23,000
Low
2,000
43,000
1973
105%
99
Range Since Jan. 1,
99%
Utah Pow A Lt 6s A..2022
4Hs
I
98%
1945
United Lt A Pow 6s.—1975
for
Weet
115
~98%
United El Serv 7s
1956
♦United Industrial 6Hs *41
77%
x
*113
IS
"
112%
80
*77%
/_
Twin City Rap Tr 5Hs *5?
Ulen Co—
Range
106% 106%
105%
2022
1959
83
37,000
18,000
Price
1974
109
122% 122%
70
71 %
-
A
6Hs
82
'
series
OHs
119
96
0s
Tide Water Power 68—1979
Tiets (L) see Leonard
Apr
109
82
Texas Power A Lt 5s_.1950
May
119
"169"
of Prices
Low
High
Par
100% 101%
101% 102%
96%
Midland Valley RR 5s 1943
Milw Gas Light 4 %s~
Wect's
Sale
High
Low
%
Last
(Concluded)
for
Sale
Sales
Friday
Sales
Friday
BONDS
(Continued)
1155
6
15%
1954
18.
*13
Jan
15
Mar
Jan
16
June
Feb
15
June
9
14%
*13
Mar
13
6%
11%
10
18,000
Jan
13%
25%
Jan
26%.
Aug
Jan
26%
Mar
Aug
Mtge Bk of Bogota 78.1947
Public Service of N J—
157%
0% perpetual certificJ
26%
......
26%
2,000
*24
32
*26%
♦7s ctfs of dep. May '47
Pub Serv of Oklahoma-
26%
30
25%
*24
26%
26
Apr
26
Apr
*12%
17
11
June
16
Jan
♦7s ctfs of dep..... 1946
*24
♦7s ctfs of dep
*24
*24
32
32
32
89
11
83,000
75%
Jan
97
90
90
94
43,000
72
Jan
95%
Aug
♦78 ctfs of dep. Oct '47
♦Mtge Bk of Cbile 08.1931
89
89
91%
39,000
70%
Jan
93%
Aug
Mtge Bank of Columbia—
93
Queens Boro Gas A Eleo—
96
15,000
31
1,000
35
107% 108
*20
107%
*19%
"162"
55
50
28%
10,000
137
*27
...
102
54%
m-mmrn+m
2,000
8,000
55
104%
104
104%
104% 104%
Apr
35
Jan
25
AUg
♦6Hs ctfs of dep
1947
Mtge Bk of Denmark 6s '72
Feb
♦Parana
98%
July
110
Feb
21
July
♦Rio de Janeiro 0H8.1959
Feb
138
Aug
♦Russian Govt 6Hs
27
Mar
134
20%
Apr
12,000
June
100
31%
Jan
Mar
May
May
103%
65
Jan
102%
May
106
8%
8
1919
1921
♦5Hs
5ie
*%
*60
♦Santa Fe 7s stamped.1945
8%
July
Jan
96%
4,000
8,000
5%
%
Jan
July
14%
85%
8%
%
12,000
%
»u June
7u>
47
Apr
Mar
Mnr
15
%
Mar
Feb
Jan
60
Aug
1949
*12
14
8%
May
14%
Jan
1901
♦Santiago 7s,
*12
14
8V.
May
14%
Jan
Feb
48
103%
Mar
81
5,000
76%
Jan
83
98%
6,000
83
Jan
99%
Aug
94%
Jan
110%
♦7s
Mar
98%
110%
10%
Feb
105%
*83%
(State) 7S...1958
Aug
81
1st 4 Ha series D._.
1947
107%
22
'
102
104
Jan
28
16%
12,000
23
137
*21
137
63%
21% June
94
31
95
Aug
110
•
12,000
110% 157,000
Sou Calif Edison Ltd—
Debenture 3%s
It
108%
Ref M 3%s.May 1 IS
108%
108%
104%
46%
105
104% 104%
108% 109
108% 109%
108%1081932
104% 105%
46% 47
105
105
103% 103%
97%
So'west Pow A Lt 6s_.
l
55
97%
98
107% 108
55
56%
17,000
103
11,000
July
106% Mar
111% May
111% May
108%
Jan
5,000
108%
3,000
108%
Aug
Aug
46,000
103%
Feb
105%
Jan
4,000
39%
May
52%
Mar
20,000
102%
Feb
105
12,000
102
Apr
104% June
23,000
81
Apr
99
July
Jan
108
May
59
July
Aug
§ Reported In receivership.
Aug
•JThe following is a list of the New York Curb
8,000
104%
112%
Feb
Aug
19,000
49
July
13,000
55
Apr
23.000
54%
Apr
74%
74%
71%
69,000
55
Apr
74%
Aug
71%
41,000
54
Apr
74
Aug
54
67%
70%
70%
67%
67%
69
69
68%
68%
68
No par value,
n
Bonds being
(Hugo)
73%
Aug
Jan
99%
July
Apr
73%
Aug
Jan
N> Sales.
22%
3,000
18
July
54
54
2,000
50
Apr
64
Mar
35
35
2,000
34
Apr
50
Jan
88%
40%
bond issues which have been called
yearly range:
35
22
103%
traded flat.
1941, Sept. 1 at 105.
Southern Calif Edison 4s 1960, Sept. 1 at 108%.
e Cash sales transacted during the current week and not Included In weekly
Apr
67%
69
Corp—
T«ml Hydro-El 6Hs.
z
Cuban Telep 7%s
53%
67
67%
22%
Stinnes
Deferred delivery sales not Included In
year's range
in their entirety:
87
6,000
67%
67%
39,000
a
Under the rule sales not Included in
cluded In year's range.,
♦
Standard Gas A Electric-
Debenture 6s.
year'R range, d Exr Cash sales not In¬
Ex-divldend.
♦ Friday's bid and asked price.
No sales were transacted during current week
♦
interest.
Jan
40%
42%
14,000
38%
Apr
103% 104%
38,00^
97
Apr
100%
Feb
53%
Jan
y
week and not Included In
weekly or yearly range:
No sales.
t
104% May
Under-the-rule sales transacted during the current
or
Deferred delivery sales transacted during
the current week and not Included
in weekly or yearly range:
No sales.
Abbreviations
Used
Above—"cod", certificates of deposit: "cons," consolidated:
"cum," cumulative; "conv," convertible; "M," mortgage: "n-v," non-voting stock;
"v t c," voting trust certificates; "w I," when issued- "w w." with warrant*: ••x-w"
without warrants.
Jb=
The Commercial & Financial Chronicle
1156
Aug.
19,
1939
Other Stock Exchanges
Baltimore Stock
Exchange
Sales
Friday
Last
of Prices
Price
Par
Stocks—
Week's Range
Sole
Low
40
1.70
306
June
25c
24%
70c
Mar
July
Jan
Apr
2.10
71
Jan
116
May
Members Principal Exchanges
Bell System Teletype
84
21
118%
Paal FLDavis &(?o.
Apr
55
83
118
118
100
4%% pref B—
40c
81%
81%
Consol Gas E L 4 Pow...*
High
Low
20%
209
1.50
1.50
1st pref v t
Range Since Jan. 1.1939
for
Week
21%
40c
~
1.20
Trading Dept. CGO. 405-400
Aug
121% June
1
14%
128%
Preferred
...
30%
Houston Oil preferred...25
Mar Tex Oil
1
60c
50c
137
12%
Apr
112
Apr
29%
80
16%
Apr
Apr
1,000
40c
AUg
1.40
Jan
July
1.40
Jan
40C
200
Merch A Miners Tranap..*
12
12
155
25
Jan
36%
36%
33
35
22
Aug
28
12%
28%
10
MononW PennPS 7% pf 25
Mt Vern-Woocib Mills—
June
WV*
m
m
14
1.40
10%
Apr
1.00
Feb
1.50
11
83%
Jan
76
29
73
88%
84%
85
10
67%
Mar
13
18
12%
23
35
Apr
Aug
16%
Apr
85
4m
...
U 0 Fidelity 4
484
20 5
-
•
»-
87
75
Phillips Packing Co pfd 100
Seaboard CommJ com
10
13
-
Mar
1.40
1.35
87
Northern Central Ry—50
Penna Water & Power com*
45
14%
14
New Amsterd'm Casualty 6
North Amer Oil Co com.. 1
100
35
35
35
Guar—2
21
21
22%
Preferred
28% July
28% July
1,196
14%
Jan
July
July
Mar
Mar
100
■
.1975
26%
27
26%
19%
$9,000
*
27%
Apr
for
Week
Price
3
Low
Equipment Co com..
Athey Truss Wheel cap.. .4
2%
com
Aug
3%
Aviation Corp (Del).....3
8X
100
X
200
~
„
Read Dr 4 Chem 5%8 1945
102%
102% 102%
102% 102%
2,000
96
Jan
103
1,000
102
Apr
102%
July
Mar
Exchange
/
Aug, 12 to Aug. 18, both inclusive, compiled from official sales lists
Last
of Prices
Low
Price
Belmont Radio Corp.....
Bendlx Aviation com....
23 %
*»
High
Range Since Jan. 1, 1939
for
Week
Low
Shares
164%
11
Boston & Albany..—..100
Boston Edison Co.....100
74%
157%
Elevated—....100
45%
Boston Herald Traveler..*
32c
25
32c
Jan
60c
250
1%
147%
Jan
2
Apr
170
Mar
11%
89%
159%
July
1,964
230
11
279
70%
Aug
May
Feb
May
Feb
Common stamped — 100
Prior preferred......loo
1%
0%
"<*%
*
Class A 1st pref std—100
Boston Personal Prop Tr_*
WW
Apr
Jan
15%
17 H
200
10
Apr
18%
350
4%
16%
Apr
5%
23
m
5
1%
5%
mtmm
jmrnm
Range....
25
East Boston Co..—.—.10
14%
1%
22%
Brach & Sons cap
"1%
com.
13
com ........10
Burd Piston Ring com.
Butler Brothers....—.-10
5%
conv
150
24%
1,050
5X
13
Aug
Mar
Jan
Chic Flexible Shaft com..6
Chic & N'west Ry com. 100
90
22%
1%
22%
Chicago Rivet 4 Mach cap4
Mar
Chic Yellow Cab Co
Jan
1%
10% May
3%
Mar
Chrysler Corp common..5
78%
......
4
640
300
15c
15
Jan
July
11%
11%
164
1
26
361
10
13%
190
1%
20
1
Jan
40
15
Feb
Apr
Feb
Club Aluminum Utensil..*
Coleman L'p & Stove com *
Jan
100
m
m
w
16%
Easterns Steamship L com*
3%
23%
Employers Group
»
General Capital Corp.—.*
Gillette Safety Razor....*
Isle Royal Copper Co... 15
Loews Theatres (Boston)25
"
"6%
1%
16%
3%
23%
29%
6%
17
5%
Jan
35c
Mar
Jan
1%
24
New capital....
10
75
79
880
64 H
120
45
Jan
71
Jan
Aug
30
100
Jan
112
July
"%
32c
mm
•
Jan
16
%
Elec Household Util cap.5
Elgin Nat! Watch Co...15
Flu Simons 4 C D & D cm*
Fox (Peter) Brewing com. 5
Jan
865
15
58
35
Aug
120
'Aug
May
58
Feb
% June
30o
July
57
Jan
1%
Jan
1.00
58
Feb
.
79
42%
45
7%
8%
617
22%
Feb
100
17
Feb
925
71%
150
8%
378
95
41%
62c
200
60o
7%
2%
70
5%
Apr
Apr
Apr
Apr
2%
2%
50
1%
Mar
25
.*
25
10
23
Mar
Jan
Jan
11
Mar
Heln Werner Motor Parts 3
17%
28%
Jan
91
l»
-
91%
$8,000
80
95
95%
2,000
2.000
80
101% 101%
1948
Apr
Uoudailie-Hershey cl k
»
Hubbell Harvey Inc com.5
July
Hupp Motors
Aug
Illinois Brick Co.—...10
com
13
150
13%
250
3
650
16
mm*
Illinois Central RR
7%
July
Indep Pneum Tool
3%
Jan
25
Aug
94
June
96
June
Feb
103
July
com
100
Chicago Stock Exchange
Sales
Friday
Week's Range
for
Sale
of Prices
Week
Price
9%
*
Low
5%
Aetna Ball Bearing com„„l
8%
Allied Laboratories com..*
17%
10
9%
25*
19%
,
Class A
Mils-Chalmers Mfg Co
......
Amer Pub Service pref.100
Amer Tel 4 Tel Co cap
86
100
For footnotes see page 1151.
63%
9%
2
Advanoed Alum Castings.5
Allied Products com—
200
High
Shares
Low
17
9%
19%
71
9%
5%
2%
800
9%
200
6
Apr
500
11
Apr
18
Aug
9%
50
5
Apr
10
July
19%
50
16
May
18
Aug
17%
23%
Mar
9%
Aug
Aug
Apr
19% June
4
May
22%
14%
10
JaL
15
2
Jar
3%
11%
Apr
16
40%
Apr
60
60
10
A pi
47%
320
36%
Jan
11%
47%
48%
4%
1,542
10
37%
4%
July
6%
70
5%
Apr
21%
11%
000
1,600
Apt
65
July
Jan
9%
July
Jan
Mar
Apr
Apr
12
July
18%
Apr
27%
15%
9
"~8%
525
8%
Apr
5
600
4%
Jan
6
9
700
6%
Jan
9%
7
Apr
ii%
34%
Jan
11%
12%
700
8%
Apr
17%
Jan
11
11
50
9%
May
% Aug
Aug
3%
Apr
9%
16
Aug
Apr
66%
12%
2%
6%
20%
22%
94%
Feb
%
%
3%
11%
3%
11%
16
75%
158
4%
600
12%
16%
75%
263
200
14
9% May
37
Jan
50%
6%
54%
239
49%
Apr
6%
50
2%
Jan
6%
13%
13%
14
2,600
10%
July
14%
Joslyn Mfg 4 Supply com.5
Katz Drug Co com
I
43%
45
T%
Kellogg Switchboard
com
*
6% preferred
100
Keryln Oil cl A com——6
La Salle ExtUnlv com
7%
•
-
5%
7%
97
97
-
*
7%
8
700
36
5
Feb
10
74
Mar
50
6
Apr
1,000
97
7%
29
Jan
44
Aug
69%
Jan
96%
Aug
2%
Apr
Apr
Aug
%
1%
32
32
%
1%
20
3
26
50
600
26
50
27
2%
Jan
4
Apr
6%
2%
2%
100
2
Mar
5%
Jan
25
June
32%
Mar
10
250
July
Liquid Carbonic com.....*
Loudon Packing com.
*
Lynch Corp com——..5
15%
15%
50
"i%
1%
1%
50
30%
100
McCord Rad cl A—
~7%
30%
6%
%
7%
900
%
100
519
147%
Apr
170%
com
..
*
July
Napes Consol Mfg cap...*
W
25
26
Mar
Marshall Field
13%
13%
14%1
com
*
3% June
22
13
Manhatt-Dearborn
July
40
28
Jau
Jan
Jan
32%
700
12%
47%
Ap»-
Apr
%
2%
5%
28
94
May
4
5%
12%
Apr
July
Aug
Mar
350
28""
Jan
8%
200
Lion Oil Ref Co com.—..*
59
97
July
250
Jan
28%
5%
8%
44
Jan
60
Aug
Mar
46
96%
3%
%
1%
3
3
*
Aug
95
3
Jan
Apr
Mar
66
42
3%
%
com
$3% preferred
Apr
3%
Jan
Jan
Jan
95
P
„——■—*
..*
150
5%
Jan
Jan
42
Cumulative pref.
*
Llbby McNeill 4 Llbby..*
Lincoln Printing Co—
Common
Aug
120
—
,
Aug
Mar
250
9%
335
Jan
Feb
9
July
35
Jan
35
July
86
Jan
35
1%
86
Feb
July
51%
0%
8%
37%
5
5%
19%
Jan
July
Aug
8%
8%
50
9%
Aug
Mar
25
11%
Jan
Apr
Apr
200
150
32%
164% 167%
8
Apr
Jan
19%
11%
363
.♦.'I*
Leath4 Co
High
63%
53%
July
Mar
48%
29
Lawbeck 6% cum pref.100
Abbott Laboratories—
com
11%
46%
44%
4%
1,050
26%
10%
-
16
Kingsbury Brewing cap_.l
Range Since Jan. 1, 1939
Last
Adams Oil & Gas
2%
15%
48%
6%
44%
v t C—*
Inland Steel Co cap.... ..*
International Harvest com*
Preferred
100
Ken-RadTube&L* p em A *
Kentucky Util Jr cum pf 50
Aug, 12 to Aug. 18, both inclusive, compiled from official sales lists
Common (new).:
Adams (J D) Mfg com..
M —
3%
Jai
Apr
13
I
85e May
Apr
Apr
92
Jan
73
Jarvls (W B) CoNew com———.1
Eastern Mass St Ry—
Series A 4%g.
1948
Series B 5s
—..1948
Par
6
13%
Hibb-Spencer-Bart com.25
Mar
Bonds-
Stocks—
Apr
13%
General Candy Corp cl A.5
General Foods com
.*
General Motors Corp
10
General Outdoor Ad v com *
Gillette Safety Razor com*
9
15%
14%
2%
17%
10%
Interstate Power $7 pref..*
—
July
Aug
June
1%
24%
87%
48%
12%
21%
__1
Gardner Denver Co com. .*
General Amer Transp com 5
150
150
15
22
14%
July
Apr
Apr
Aug
Aug
Apr
3
14%
13
1
700
19%
48
21
13
25
9%
15%
120
3"~
Hall Printing Co com. .10
Hamilton Mfg A pt pref. 10
Helleman Brew Co G cap.l
1%
10%
12%
27%
20%
82%
Waldorf System.—...—.*
19
10
20
Mar
1%
9%
10%
20%
620
July
Jan
24%
17
*.
Fuller Mfg Co com
..
Jan
14%
24%
*
2%
16%
29%
37%
23
Apr
»
May
Apr
Apr
23
Feb
-
Jan
1%
9%
16%
Great Lakes D 4 D com..*
14
42%
—25
Utah Metal A Tunnel Co.1
9%
Jan
45
80
United Shoe Maeh Corp.25
Aug
Jan
421
20%
400
80o
375
......
7
1.50
17
10%
6%
3"c June
18
27
—
20c June
14%
Stone A Webster........*
Aug
56
16
Torrinvton Co (The)
.*
Union Twist Drill....—.6
Apr
3%
6%
20
12%
16%
Reece Folding Machine 10
Shawmut Assn T C
—*
9
600
%
16
Pennsylvania RR
50
Reece Button Hole Mach 10
100
4
50c
12%
16%
Pacific Mills Co——*
Mar
12
3%
Goodyear T 4 Rub com..*
Gossard Co (H W) com. ..*
30c
(Ctfs of dep)—......
12
3%
31%
15%
6%
1
Jan
Apr
%
30c
%
Apr
Dodge Mfg Corp com....*
Eddy Paper Corp (The)..*
Old Colony RR—
...100
25%
"17%
com
July
Jan
42
152
35c
%
32c
58
10,500
150
Deere 4 Co
New Eng Gas A El Assn—
+
30
31
Dayton Rubber Mfg com
Jan
June
«*
Jan
29%
Mar
5 %
«.
18%
300
Jan
2%
Jan
.—.2.50
2%
60
18%
9%
9.
Apr
Assn
North RR. (New Ham) 100
200
15
32%
Apr
%
13%
50
Jan
3
30
14%
17%
9%
Apr
5%
15
Apr
30
25
com
27%
103%
53%
Jan
July
Mar
Aug
.1
...
5
Mergenthaler Linotype.—*
50
1.057
19%
Mar
New River 0% cum pfd 100
N Y N H A H RR—..100
77%
2%
%
12
Compressed Ind Gases cap5
95
«r.
Jan
18%
24
210
Jan
9%
84%
3%
Cun ni nghamDrugSt o res2 %
Apr
35
1
8%
Jan
Jan
18%
17
119%
Aug
Jan
Mar
Aug
49
40
35
7%
2%
78%
Jan
Apr
48
17
118
Apr
5
Cudahy Packing pref.. 100
17
L-
Apr
i%
6
Mar
7%
July
.
2%
62
16
167
2%
22%
-'v
1%
Apr
20
542
18
118
Jan
Aug
150
10%
Jan
*
Apr
%
28
20%
Apr
—
"
6%
8%
83%
10%
25%
19%
2
Preferred—
*
New England Tel A Tel 100
150
Crane Co
10
5%
1
340
Container Corp of A com 20
Continental Steel com
*
Aug
3%
%
6%
% May
4
1,100
Mar
3%
175
73
Mar
1%
26
110
5
70%
1%
247
17
Jan
Aug
2,900
1%
16%
2%
l
15
79
1%
Common pt sh A v t c.50
16%
2%
m
Jan
Apr
1%
Aug
Maine Cen—
mm
Jan
68
64%
107% 107%
6
6%
1%
1%
Aug
Mass Utilities Assoc v t c. 1
m
Jan
Mar
600
14
38
m —
9
23%
16%
%
6%
27
15%
m
100
Apr
Mar
%
6%
July
15%
5% cum pref—......100
Apr
Apr
Jan
Aug
3%
29%
25
250
1
6
45
June
6%
100
29%
6%
1
1
1,900
Consolidated Oil Corp...*
Consumers Co—
372
3%
7
13
June
Commonwealth Edison
Eastern Mass St Ry—
..100
"
1%
8%
Aug
.
Feb
2
%
Mar
Apr
Apr
9
7%
6%
8%
2%
11%
1%
1%
1%
70%
Jan
4%
3%
10c
Chicago Corp common...*
July
70
160
300
18%
9%
12%
1%
64%
107%
6%
...
19
10
June
250
6%
©
60
1%
22
Apr
21%
10%
13%
~
Common...... .......1
Preferred
Jan
6
Jan
Jan
5
13%
75 %
Prior lien pref
Cent States P & Lt pref.
Apr
25
32
17
2
ax
1
Apr
130
Apr
50
100
—
Consol Biscuit com
4%% prior pref—..100
6% preferred.......100
Series C 6s
Aug
July
Aug
6%
Jan
29%
Jan •10% May
Apr
20% Mar
20
21
5%
12X
Jan
4
Apr
7%
13%
20%
10%
Convertible pref....... *
Central S W
10
630
15c
Common.............*
Warren (S D) Co
950
22X
21
Central Cold Storage com20
38%
East Gas A Fuel Assn—
Warren Bros....
700
10%
2
preferred ...30
115
6
4
4
Copper
6% cum pref
6
25 %
20
5
610 *127
2
14%
Brown-Durrell Co com...*
Calumet A tfecla
1%
7%
2
.
vCommon...
July
2
21
(New) common...
209
Boston & Maine—
Butte..—
June
3% June
2% Feb
Jan
8%
13
9%
Cent 111 Pub Ser SO pref..*
Central Illinois Secur—
High
1%
1%
104% 167%
11
11%
74% 79
156% 159
44% 45%
18%
18%
32c
m,
*»
Bird & Son Inc.......
North
38
Jan
100
5%
Berghoff Brewing Co
1
Bliss 4 Laughlln Inc com .5
Common
m
0% non-cum pref—..50
Amer Tel & Tel
—100
—
Jan
950
■
Amer Pneumatic Ser com.*
Inc
1%
3%
Jan
Jan
1
17
17
Campbell W4CanFdy cap*
sales
Week's Range
Sale
Par
Narragansett Racing
445
50
6%
10%
15%
'
Friday
Preferred B
350
2
3%
2
Bunte Bros
Boston Stock
Common.......
100
3%
2%
4%
High
15%
Bastian-Blesslng Co com.
Brown Fence 4 Wire
Boston
38
Low
3% May
7% June
X Aug
30
Apr
2%
Apr
Borg Warner Corp—
—.1947
Stocks—
870
4
37%
3%
2H
Range Since Jan. 1,1939
Shares
3%
%
Asbestos Mfg Co com
1
Associates Inv Co com...
Automotive Products
High
8%
X
common...
Aviation & Trans C cap.J
Finance Co of America—
4%.
Armour 4 Co
Par
of Prices
Barber Co (W H) com
Bonds—
Bait Transit 4s flat
Stocks {Continued)
Week's Range
Sale
Jan
July
Mar
39%
23%
Sales
Last
June
13%
Municipal Dept. CGO. 521
St., CHICAGO
Friday
June
Aro
Preferred ..........100
La Salle
15% May
130% July
35 %
Jan
135
47c
47c
470
Mar Tex Oil com cl A....1
20
14% 14%
127% 128%
30% 31
18%
18%
S.
10
Eastern Sugar Assoc—
Fidelity 4 Deposit—20
Fidelity&Guar Fire Corp 10
Unlisted
Listed and
Shares
High
21
21
Arundel Corp...—
*
Bait Transit Co com v t c. *
SECURITIES
CHICAGO
compiled from official sales lists
Aug* 12 to Aug. 18, both inclusive,
180
3,500
12%
Aug
26
Aug
20
Jan
Jan
18%
1%
Jan
An-
25
May
33%
Jan
5
Apr
Apr
.9
Apr
26
Aug
Apr
15%
July
13% June
1
%
19
9%
Jan
Jan
%
Jan
Volume
The
,
149
Sales
Friday
Week's
Last
Merch A Mfrs Sec
Class A
Lou,
Price
Par
Jan. 1. 1939
Week
3%
1
com
3%
3%
28
28
3
3
9%
8%
2%
2%
Apr
6%
Mar
26
400
28%
Feb
10
20,150
5%
3
750
4
Apr
2%
3%
Apr
10%
Aug
5%
Mar
%
Jan
1%
June
%
Feb
7%
July
%
2
Midland Utii—
%
6% preferred A..... 100
5%
"~5%
6% prior lien
%
5%
%
2%
18%
preferred A
%
Miller A Hart pref
*
2%
M((dine Mfg corn
*
Monroe Chemical pref
*
7%
18
18
200
50
Jan
1%
2
Jan
3
16
Apr
22
Jan
Jan
45
May
150
Common
40%
Apr
55%
Mar
68
July
Jan
21
Aug
Apr
9
21"
21
21
60
8%
13%
13%
10
com.
20%
20%
21
200
Noblltt-Sparks Ind com
A
29%
29%
31
3,100
2%
2%
8%
8%
9
.
14
6
200
9
Apr
31
Sale
Par
Stocks-
Aug
3
Jan
Apr
10
July
Jan
67
110
11
Apr
26%
Aug
Feb
14
Mar.
Apr
15%
Jan
Jan
23
13
13
13
20
12
135*
13%
J 3%
50
11%
Price
Aug
40
Perfect Circle (The) Co...
26
*
26
May
24%
30%
Apr
40%
10
17%
39 %
50
15%
79
16%
Peoples O Lt&Ooke cap 10<
24
Apr
29
211
Akron Brass Mfg
Amer Coach & Body
1
Brewing Corp of Amer
City Ice A Fuel
3
*
Clev Cliffs Iron
Feb
13%
General Tire & Rubber..25
%
100
%
Apr
%
Jan
50
8%
July
16%
Jan
Goodyear Tire A Rubber.*
7
7%
57
6%
Apr
14%
Jan
Halle Bros pref
320
108%
Apr
125
Aug
June
157
Jan
124
125
Quaker Oats Co common *
Preferred
100
125
149%
15%
Mar
Jan
July
Jan
May
Mar
Aug
19%
19%
a26% a26%
*
3
*
"37"
Feb
Jan
40
40
40
100
Harbauer Co
May
9%
9%
a24% a26
a21
a21%
9%
(BF)
16%
"l4"
%
Goodrich
52
14
Jan
a7%
13%
16%
50
*
100
*
Commercial Bookbinding.*
Eaton Mfg
*
pref
Cliffs Corp v t c_
We
%
52%
50
.
Mar
6
6
52%
0.7%
Poor A Co class B....... *
1
Shares
8
7%
8
*
5
Pines Winterfront com... 1
Pressed Steel Car com
1, 1939
Range Since Jan.
for
Week
Range
of Prices
High
Low
Cleve Railway
Parker Pen Co com.....10
official sales lists
Aug
2
90
Week's
Last
Jan
July
40%
65
22
22
100
*
Perm BR capital
22
6%
300
63
100
7% preferred
Ontario Mfg Co com
15%
Apr
16%
1,150
N'West Util—
Prior lien pref.
Apr
16
>m
Sales
Friday
Aug
10%
50
compiled fr
Aug. 12 to Aug. 18, both inclusive,
Am Home Prod
20
Northwest Bancorp com.. *
565 & 666
Cleveland Stock Exchange
320
Natl Bond & Invest com.. *
A. T. & T. CLEV.
Telephone: OHerry 5050
July
41%
68
Muskegon Mot Spec cl A_ *
Nachman Springfilled com*
Nor Amer Car com
40%
66%
Mountain States Pw prf 100
Cleveland
Union Commerci Bidding,
Feb
350
@ RUSSELLco.
G1LL1S
Apr
10
400
660
43
42»
Montgomery Ward—
National Standard
Jan
%
June
Midland United-
Convertible preferred .. *
Members Cleveland Stock Exchange
Jan
3%
150
10
28
*
preferred
Ohio Listed and Unlisted Securities
Hihg
Low
Shares
—
Mlckelberry'e Food com. 1
Middle West Corp cap...5
Prior
Range Since
for
Range
of Prices
High
Sale
Stocks (Concluded)
1157
Commercial & Financial Chronicle
—
Feb
-3%
Mar
37
37
Interlake Steamship
*
Jaeger Machine
*
17%
17%
Lamson & Sessions
*
4%
Jan
*
3%
39%
3%
McKee (A G) B
39%
39%
July
15%
17%
Mar
153% 154%
32%
32%
310
1%
1%
100
%
Apr
10%
10%
50
8%
May
11%
Julv
Co com... 10
Rollins Hosiery Mills com 1
IX
150
1%
May
2%
Jan
30
30
50
22%
Apr
32%
Mar
Sangamo Elec Co com
*
Schwitzer Cummins cap._l
Metro
8
400
7%
Apr
10
Mar
Midland Steel Products..*
Sears Roebuck A Co com. *
76%
77%
653
60%
Apr
80%
July
Monarch Machine Tool..*
12
13X
200
27%
28 X
106% 107%
130
30
10 i
20
88
11
95%
11%
615
9%
10%
10%
100
9
4%
4%
24%
12
40
2%
Am
4%
1,636
23%
Apr
29%
Jan
10% May
12%
Mar
12%
Jan
Rath Packing coin.
153%
32%
10
_,
Raytheon Mfg com v t c 50
Reliance Mfg
1%
27
100
32%
Apr
2
27%
30
Preferred
South w Gas & El 7% pf 100
95%
Southwest Lt & Pow pref. *
Spiegel Inc com
2
...
Apr
8
22%
1*%
Jan
Mar
29%
July
25
24%
24
*
Standard Oil of Ind
11%
11%
7%
7 X
_
.5
3 tewart-Warner
470
300
Patterson-Sargent
*
Aug
Rlchman Bros
*
Mar
Apr
13%
Feb
7
Apr
Apr
10%
28%
19%
17%
1,990
3%
14%
82
12%
150
3
Thompson (J R) com
25
Trane Co (The) com
2
14%
50
,
3%
11%
66
16
Apr
Apr
90%
Jan
320
7%
Apr
13%
Mar
235
77%
Apr
112%
Jan
950
1%
Apr
2%
%
IX
%
IX
%
Jan
1%
16%
16X
16X
20
15%
Jan
18%
IX
20%
1%
21%
24%
26
1,600
%
Feb
1,400
16%
Apr
1%
23%
Wayne Pump Co cap
22
Apr
32%
495
16%
Apr
28
108%
88
83%
Apr
20%
_
24%
1
"22
Western Un Teleg com. 100
9% May
a8%
a41%
Watling, Lerchen &
22 X
%
302
New York Stock Exchange
New York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
28
Apr
DETROIT
Buhl Building
Telephone: Randolph
.
Aug
Exchange
Detroit Stock
Jan
Aug
Sales
July
1%
Aug
2%
3%
Apr
5%
3
Apr
5%
Jan
85%
July
Williams Oll-O-Matic com*
1%
1%
4%
4%
1,100
4
4%
100
Wrigley (Wm Jr) cap
*
Yates-Amer Mach
83%
5
cap
212
74%
Apr
1%
250
1%
July
16%
17
Zenith Radio Corp com..*
84%
1%
IX
19%
3,650
12
2
Jan
Jan
Feb
Jan
22%
Apr
Last
Par
Stocks—
Allen Electric com
Auto
117%
.1058
deb 3%s.
117% 117%
510,000
105
Apr
124%
Aug
v
High
Low
1%
500
1%
1%
Jan
34c
3^c
34C
300
25c
Apr
40c
Jan
6
6%
6%
60^
5
Apr
Jan
110
20%
July
7%
23%
Apr
31%
Aug
2%
Jan
1%
1%
21
*
...
21%
1,937
1%
"26%
21
20%
corn..I
12 % c
Chrysler Corp com
.5
Consolidated Paper com. 10
Crowley M liner com
*
Burry Biscuit com
Commonwealth Edison—
Low
Shares
1
..
Briggs Mfg com.....
Bonds—
High
1
City Brew com
Bohn Alum A Brass
1, 1939
Range Since Jan.
for
oj t rices
Price
1
.......
Baldwin Rubber com..
Week's Range
Sale
Mar
6
Wisconsin Bankshrs com.*
2
10
100
official sales lists
both inclusive, compiled from
Aug. 12 to Aug. 18,
Jan
7
7
100
Woodall Indust com
119%
6530
Feb
Friday
104
50
Wleboldt Stores Inc com.*
W'house El A Mfg com
Co.
Members
July
7
Wahl Co com...
Walgreen Co common.... *
4%
1%
14%
Feb
1%
5
*
3%
11
10%
a38
Feb
600
%
1%
Utah Radio Products com *
Conv preferred
27%
1%
08%
50
June
500
10X
Utilities* Tndust—
Viking Pump Co com.
Jan
Aug
Feb
Jan
Jan
Jan
1
Youngstown Sheet & Tube *
Jan
86%
1%'
1%
78%
10%
U S Gypsum Co com...20
Common
38%
3%
Warren, Refining
2
Weinberger Drug Stores..*
July
82%
Union Carb A Carbon cap *
Lines Tr cap.5
38
Jan
Mai
July
14%
Feb
Apr
"*3%
—..1
Feb
10
14
Mar
July
7
24%
48
a22% a23%
Thompson Products Inc..*
White Motor
15%
9% al0%
a39%
9%
9%
14
37
16%
Aug
Jan
Mar
Mar
37
July
95%
17
3%
a
Apr
17 X
17 %
25
Swift & Co..
610
27 X
26X
26 X
.15
Swift International
8%
8%
8
8
Sunstrand Mach Tool com5
150
2%
19
a 39%
9%
June
109
Mar
22%
1%
1%
19
6%..*
..*
Packer Corp
22%
a26% a26%
.1
National Ref pr pref
U pson-Walton
Standard Gas & Elec com. *
United Air
1%
14
Jan
Standard Dredge-
Convertible preferred .20
15%
14%
*
Paving Brick
National Acme
12
Common
.
Jan
Medusa Portland Cem.__*
7X
Signode Steel Strap—
Stein & Co (A) com
Aug
1%
230
81
81%
16
16
17
1%
Feb
Jan
Jan
56%
Apr
84%
Mar
125
13
Jan
17
Aug
2,347
Jan
100
2
Apr
2%
55c
55c
115
50c
July
1.00
Jan
Consumers Steel
85c
300
70c May
1.25
Mar
Det & Cleve Nav com...
80c
Detroit Edison com....
Unlisted Securities
Cincinnati Listed and
10
100
1
Det-Mlch Stove com.....
1
Det Steel Corp com
t
Ex-Cell-O Aircraft com... 3
Federal M ogul com
*
Det Paper Prod com
W. P.
GRADISON & CO.
Members
DIXIE
TERMINAL
1
1
3
1
10
1
Erankenmuth Brew com..
New York Stock Exchange
Cincinnati Stock Exchange
Fruehauf Trailer.
Gar Wood Ind com
BUILDING, CINCINNATI, O.
General Motors com
Cincinnati Stock Exchange
inclusive, compiled from official sales
Last
Sale
Price
Pai
Stocks—
Week's Range
of Prices
High
Low
1
Hall Lamp com
*
Hosklns Mfg com
..*
Houdaille-Hershey B
*
Hudson Motor Car com. *
Hurd Lock A Mfg com... 1
pref.....*
7%
.*
2%
Burger Brewing.
Champ Paper pref
100
100
8%
Churngold
50
96%
6
98
June
10
8
Mar
237
Nash
P A
Preferred
Wurlitzer
50
50
...
_.__10
For footnotes see page
1159
63%
8
1%
8%
1%
9%
9
9
Jan
2%
2%
July
45%
45%
7%
Apr
48%
1,369
38
Apr
51%
2%
Mar
101
Mar
11%
Jan
109%
June
3
18
Jan
2
Mar
62c
600
52c
Aug
1.25
Jan
2%
2%
1,202
2
Apr
3%
Aug
13%
11%
13%
200
13
July
16
Jan
753
9
Apr
17
Feb
5%
5%
880
4%
Apr
8%
Jan
53c
53c
100
41c June
76c
Jan
1%
1%
1%
350
Apr
2%
1%
1%
340
1
Jan
1%
Jan
2%
Apr
3%
Aug
Feb
2%
12
Jan
6%
650
5
June
8
60c
60c
100
30c
June
67c
Aug
4%
4%
430
13%
13%
325
Mich Sugar com
M ich Sugar
pref
_.
Wolverine com—*
Penin Metal Prod
com.__l
Aug
Prudential Investing com. 1
Apr
29%
Aug
5
Scotten-Dillon com
10
Standard Tube B com.... 1
Stearns (Fred'k) pref... 100
17
Apr
20
10
Feb
13%
Feb
June
18
Jan
20
July
50%
Apr
63%
Aug
Sheller Mfg
10
7%
Apr
12
Apr
Timken-Det Axle com... 10
60
1
Feb
2
July
Tlvoli Brewing com
23
4%
Apr
9
Aug
Tom Moore Dlst com
July
Union Investment com
18
6
Apr
9%
5
*
200
2%
10
4%
3%
1,437
41%
680
36
'
Aug
Jan
8%
Apr
4%
an
Apr
43%
Mar
Apr
8%
Feb
Jan
380
1%
200
5%
1%
Apr
2%
Jan
1%
300
1%
Apr
2%
Mar
1
1%
500
1
Apr
1%
Feb
24%
1%
2%
5%
18%
8
99
14
Jan
Apr
June
1%
1%
1%
.....
24%
3%
3
Jan
Mar
7%
"7%
4%
.1
1
5
41%
3%
Reo Motor com
731
10
4%
Products com
43%
60
Jan
6
Mich Steel Tube
Jan
102
1%
1
Prod 2.50
3%
McClanahan Oil com
Motor
Jan
430
52c
2
2
"2%
Jan
Parker
381
20
July
Apr
1%
Mar
July
Aug
8
20%
4
100
30C
30
Apr
15
34%
20%
61%
Feb
330
96c
July
25
20
10%
4%
55c
13%
21
61%
305
4%
2%
Apr
May
106
*
..*
19%
19
June
9%
100
*
2%
Jan
12c
Jan
15
17
July
July
55c
14%
42%
..25
..
Q
Rapid
US Printing
2%
2%
42c June
Apr
29
28%
18
Apr
100
7%
Jan
15
10% *10%
Apr
1%
200
Jan
Jan
1% June
41
17
12
760
520
162%
145
26%
150
2%
19c
May
88
17
16%
74c
*
10
*
Murray Corp com
..10
Packard Motor Car com
*
Parke DavLs com
...*
168
26%
23%
45c
July
103
97%
15
*
Apr
19c
99%
103%
1%
96%
41
*
20%
15
16%
16%
Masco Screw
1
._*
20%
400
Jan
70c
Mahon (R
Aug
*
Manische witz....
Mar
45c
Aug
2%
25
Lunkenheimer
13%
C) A pref
*
Prod com... 1
7%
9
Kroger
Apr
2%
Jan
29
9%
Jan
Mar
9
*
100
1%
1%
Eagle-Picher
_.._10
Formica Insulation......*
A
Jan
11%
100
4%
10
Hilton-Davis
95c
11%
~U%
July
2
20
147
Hobart
95c
2%
3%
300
13%
2
July
3%
2%
13%
July
101
2
7%
8%
1%
88c
207
875
Lakey Fdy A Mach com.. 1
Mich Silica
......
147
Gibson Art..
-
Aug
*
Coca Cola A......
La Salle
7
1%
...50
Cine Telephone
1
Kingston Prod com
High
Low
Mar
100
124
100
100
1%
Range Since Jan. 1, 1939
for
Week
Shares
3
106% 107
Cine Gas* Elec pref... 100
Cine Street
■
Apr
1%
119% 122
.
35
7
7
Industries...
Aluminum
Amer Prod Part
lists
Sales
Friday
2%
1%
Goebel Brewing com
Graham-Paige com
Aug. 12 to Aug. 18, both
85c
"l%
General Fina nee com .....
Teletype: OIN 68
Telephone: Main 4884
2%
4%
14
2%
25
1%
99
4%
15
2%
250
25%
Jan
22%
June
410
1%
Apr
83
96%
Apr
927
3%
July
560
10%
Apr
18%
Jan
762
2%
Apr
3%
Jan
July
55c
Jan
Apr
3%
Jan
30c
30c
100
15c
3
3
100
2
2%
Jan
100
Feb
5
Apr
The Commercial & Financial Chronicle
1158
Sales
Friday
Last
Stocks
Par
(Concluded)
United Shirt Dlst com..
Price
♦
Sale
Shares
Low
High
Stocks
(Concluded)
3%
2%
400
5
5
217
1%
2%
2
215
1%
Jan
1%
May
Jan
TideWate
88c
510
75c
July
1.50
1.00
1.00
100
14c
1
....
1.00
Wayne Screw Prod com ..4
Low
com...
2%
2%
2%
108
4
Mar
Standard Oil Co (N J)..
Aug
2%
Aug
Studebaker Corp
Jan
5%
Aug
Swift & Co
May
90c
.25
com...
__2
Young Spring & Wire..
1,050
5%
Apr
78
25
128
Apr
Aug
46%
Jan
Assoc Oil Co. 10
a9%
a9% a 10%
125
17%
33%
11%
Apr
14%
Mar
a77% a81%
a36%
180
71%
Apr
84%
Feb
41%
3%
51%
Feb
69
Jan
July
12c June
2%
Union Carbide & Carbon.*
a77%
25c
Mar
United Aircraft Corp
5
«36
a36
100
5
Apr
7%
July
3
3
12
12
290
10
June
United Corp (The) (Del) .*
United States Rubber Co 10
40
40
19
Jan
Wm.Cavalier&Co.
1,229
35
a45% a49%
a5
a4%
300
44
June
80
4
Apr
101% al00%a!04%
165
103 %
Mar
5
a4%
a
Last
Par
Stocks-
American Tel & Tel...
Bandlni Petroleum
Co.—l
5%
5%
1
com..
35c
35c
35c
2%
2%
5
5
12
12
Chrysler
82%
6%
80%
6%
4%
4%
6
Corp
Consolidated Oil
Corp
Consolidated Steel Corp.
Preferred...
10
25
.
Douglas Aircraft Co
e%
a63%
Jan
150
35c
July
75c
1 %
Mar
3%
240
4%
Aug
8
6%
10
9%
350
290
Hancock Oil Co A
39
39
40
6
3
23%
Apr
30%
Jan
36%
Apr
51%
Mar
Apr
125%
3%
Mar
112
400
2%
10
1%
1%
1% June
3,565
1%
6%
1
Jan
10
Apr
4,922
Feb
Aug
Feb
2%
Jan
Feb
16%
Phlla Elec Pow pref... -25
29%
15%
988
Jan
24%
Apr
30%
16%
21
29%
16%
Apr
16%
Aug
17
3%
195
2%
June
Philadelphia Traction. ..50
3%
8%
8%
221
6%
Salt Dome Oil Corp... ...1
8%
8%
20
51%
52%
520
41%
%
42
7%
43%
33%
%
Aug
%
Apr
%
Aug
1%
Mar
Apr
3%
Feb
*
Phlla Insulated Wire..
Scott Paoer
3%
Tacony-Palmyra Bridge. _*
Tonopah Mining.....
.1
Transit Inv Corp pref.
67 %c
2,200
2%
2%
112
119%
Mar
Apr
Apr
7%
313
165
July
Apr
7%
622
47%
Apr
Apr
Apr
28%
29%
125
Jan
Feb
4%
Mar
Feb
9%
Mar
Aug
16%
Jan
Apr
52%
July
Apr
42
Aug
Aug
40c
7%
27%
45%
118
Jan
Mar
Aug
6%
7%
Jan
115
6%
37 %
26
6%
136
11 %
400
7%
7%
Mar
Apr
60
Mar
887
26
Apr
3%
46
Mar
50c
Goodyear Tire & Rubber.*
58%
25
Jan
1,575
Aug
9
230
5%
84%
27%
Phlla Rapid Trans 7% pf50
500
Aug
Apr
18
Jan
1,274
Apr
3%
147
Jan
7%
117%
20
124%
4%
79%
80%
4%
4%
16H
July
10%
160
4%
144%
9%
a63% a66%
Mar
20%
124%
117% 118%
29%
30%
17%
6%
170%
Apr
118
83%
100
Apr
11
8
145
Apr
10
148%
m.
"lis"
-50
Aug
Mar
July
177
—50
—._
May
550
14%
Pnila Elec of Pa $5 pref..*
Pennsylvania RR
Penna Salt Mfg
6%
3%
7%
6%
60%
44%
Gladdlng-McBean & Co.
Jan
12
50c
Globe Grain & Milling. .25
Jan
May
Apr
#
61
44%
com
General Motors com
m
Pennroad Corp v t C-. nil
597
50
7%
+
*
Lehigh Coal & Navgn.
May
High
8%
10
—
615
100
10
—
235
50c
7%
General Motors
Low
290
III5
7
5%
44%
10 %
...
Range Since Jan. 1, 1939
Shares
13%
com...
12%
82%
6%
6%
High
3%
71%
11%
10%
Electrical Products Corp.4
Emsco Derrick & Equip..6
Exeter Oil Co A
10
Curtis Pub Co
Nat'i Power & Light—
1,480
Jan
122%
123%
*
Horn & Hrdhrt (Phlla) cm*
Low
Jan
110
164% 165%
12%
12%
Electric Stor Battery. .100
Range Since Jan. 1,1939
Shares
2%
5
Broadway Dept Store.
Central Invest Corp...100
District Bond Co
5%
10
Berkey & Gay Furn Co
Bolsa-Chica Oil A
for
Week
Price
_
High
12%
12%
pref. .100
Chrysler Corp.
Sales
of Prices
Low
High
Low
Price
..10
Bell Tel Co of Pa
Week's Range
Jan
6%
Week
llOO
Budd Wheel Co.
Stock Exchange
for
of Prices
*
American Stores
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
Week's Range
Sale
Teletype L.A. 290
Sale
Feb
Sales
Friday
Last
2%
Philadelphia Stock Exchange
Barber Co
Fridaij
100
Aug
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
San Francisco Stock Exchange
Los Angeles
35
44%
a45%
Chicago Board of Trade
Angeles Stock Exchange
25
3
July
17%
Apr
Apr
May
*
MEMBERS
New York Stock Exchange
9
8%
200
Feb
Jan
50%
al7% a 17%
a34% a35%
6
13c
Los Angeles
High
Aug
7%
WestlnghouseEiec & Mfg50
Par
40%
40%
al7%
a34%
6
523 W. 6th St.
Low
178
1
Warner Bros Pictures
Stocks—
Shares
25
US Steel Corp
Lou
40%
7%
40%
......
-.1
Wolverine Tube
Range Since Jan. 1, 1939
for
Week
High
......
Wolverine Brew
1939
Mar
1%
*
Range
of Prices
Price
Par
Texas Corp (The)
425
2%
3%
Feb
2%
80c
5
W arner A Ircraft com... -.1
Week's
Last
3%
2%
*
B
Walker A CoB
Range Since Jan. 1, 1939
19,
Sales
Friday
Week
*
Universal Cooler A
for
of Prices
Low
High
*
U 8 Radiator com
Week's Range
Sale
Aug.
Apr
51 %
9%
Jan
Jan
Mar
Jan
Jan
5
May
Apr
Apr
July
38
Jan
com
*
303
24 H
33
Holly Development Co
Hupp Motor Car Corp
1
85c
85c
90c
2,300
85c
1
75c
75c 87%c
500
Aug
2%
Jan
10c
10c
%
10c
Aug
4c
Apr
36%
Apr
M —-
0,4m*.
—
.
.
.
*.■
«,
~
.
*
United Corp com
*
Preferred
United Gas Impt cornPreferred
_
m
*
^
'
.
%
2%
2%
37
37
20
%
1,200
%
3%
38%
3,081
446
2
140
31%
14%
16,113
10%
Apr
116%
241
111%
Jan
8%
8%
$1,000
6%
40
Jan
13%
115%
—*
Jan
13%
Aug
14%
Aug
Jan
22 %
1
♦
Inter Coast Petroleum
Lockheed Aircraft Corp-.l
Los Ang Industries Inc...2
23%
2
23%
2
10c
1,000
25%
570
2
105
ti
42 %
1.40
*
117
June
May
Jan
Bonds—
Elec
& Peoples tr
ctfs 4s '45
......
9% June
Feb
2%
Jan
.1
40c
40c
40c
1,050
39c June
60c
Apr
Pittsburgh Stock Exchange
Menasco Mfg Co
1
2%
2%
2%
710
2
June
5%
Jan
Mt Diablo Oil M & D
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
1
45c
45c
45c
800
45c
July
55c
Jan
July
Apr
85c
Jan
7%
Jan
Mascot Oil Co
■
Oceanic Oil Co
1
Pacific Clay Products
50c
*
Pacific Distillers Inc
1
Pacific Gas & Elec com..25
6% 1st pref
25
5%% 1st pref
25
100
45c
200
4%
alOc
al2c
700
Feb
30c
34%
738
28
Apr
34 %
Aug
34
34%
570
31 %
Jan
34%
Aug
a31% a3l%
44
29%
Jan
230
27 %
43
Jan
31 %
35
July
July
July
34%
a31%
34
34
f
a47%
«8%
34
a48% a50%
a8%
25
2%
125
2
7%
5
5%
a42% a45%
684
6%
a8%
Republic Petroleum com.l
2%
2%
Richfield Oil Corp com...*
7%
5
7%
Ryan Aeronautical Co...l
Safeway Stores Inc
*
a42%
Security Co units ben Int..
Sontag Chain Stores
_*
30
30
8
8
So Calif Edison Co Ltd..25
25
28%
29%
28%
So Calif Gas 6% pref A..25
Southern Pacific Co... 100
33%
12%
28%
29%
28%
33%
12%
Standard Oil Co of Calif.. *
25
25
Superior Oil Co (The)...25
Taylor Milling Corp
*
36
6% preferred B
5%% preferred C
25
30
35%
9
9
5%
25
16
Universal Consol Oil
10
15%
3%
3%
YosemltePtldCement prflO
605
29
29%
28%
1,789
9
16
Wellington Oil Co of Del.l
110
55
33%
13%
25%
36
9
492
8%
5%
Transamerlca Corp...
Union Oil of Calif
2
318
25c
July
6
Apr
July
30%
26
='i
Jan
July
Mar
Jan
50
10%
3%
10%
7%
Mar
Jan
Jan
Jan
48%
Aug
31
Mar
23
Apr
10
May
Jan
7%
29
Aug
1,463
28%
Apr
29%
June
1,161
161
27 %
32
Jan
29%
June
845
1,850
300
100
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Allegheny Ludlum Steel..*
ArkansasNaturalGas pf 100
Armstrong Cork Co..
*
Blaw-Knox Co..——... *
Low
'A.
_
*.
18%
7%
115
39%
'
-
40%
11%
"lO
10
Byers (A M) com
*
Columbia Gas & Electric.*
10
Devonian Oil Co
9%
7%
10
Range Since Jan. 1, 1939
6%
Low
Shares
16%
7%
16%
-
High
High
27%
Jan
7%
May
40
14%
Apr
5%
Jan
34% June
56%
Jan
487
9% June
17%
470
7%
Apr
12%
Jan
314
5%
Apr
8%
Feb
10
12%
7%
16
16
16
15
Feb
Duquesne Brewing Co...5
....
11%
11%
148
11%
Apr
Follansbee Bros pref... 100
10%
10
10%
100
6%
Apr
1%
600
—
Fort Pitt Brewing
—
1
1%
1%
KoppersGas ACoke preflOO
Lone Star Gas Co.....
*
*.
-
62
«.
8%
50
63
8%
25
9%
90c
-
21% June
14% Mar
13
July
1.50
Jan
55
Jan
Feb
72%
Jan
7%
1,655
July
Apr
9%
Feb
'
Mar
34%
June
10 %
Apr
25
Aug
21%
30%
Jan
Mar
35%
7%
Sales
Friday
11*
Feb
33
10
Pacific Western Oil
.
50c
5
4%
10c
33
Pacific Indemnity Co... 10
Pacific Lighting com
50c
4%
a
Apr
Apr
45% Mar
10% June
2,848
2,023
15%
3%
5%
16%
15%
3%
145
12%
200
2%
Apr
5
Jan
3%
3%
159
3%
Aug
3%
Jan
30c
Mountain Fuel Supply.. 10
4%
Pittsburgh Forgings
978
4
Apr
5%
Jan
30%
215
22
Apr
30%
July
8%
8%
10
11%
2%
2%
100
7% May
2
May
5
5
1
Reymer & Brothers
Ruud Mfg
4%
30%
4%
Pittsburgh Brewing pref..*
—
Co
*
m.
*
*
5
25
5
Jan
3
Jan
8
May
Feb
Jan
5% June
7%
Jan
Aug
16
19%
Mar
Apr
17%
July
Shamrock Oil & Gas..... 1
Vanadium-Alloy Steel.__.*
1%
-
i-
*
"20%
Westinghouse Elec <tMfg50
101%
.
1%
100
22%
;
-
*
Westlnghouse Air Brake.
22%
21%
330
18
108%
143
83%
20
101%
20
3
Feb
Aug
Apr
26%
Jan
31%
Jan
Apr
118%
Jan
1% June
22%
Mining—
Black Mammoth ConsollOc
Calumet Gold
10c
24c
24c
25c
36,100
14c
July
6c
5c
6c
7,000
1
ll%c
11%C
15c
4,000
6%c
Jan
20c
Cons Chollar G & S Mng.l
Tom Reed Gold..——1
1.25
1.20
1.25
300
1.10
Apr
2.50
Jan
14c
10c
14c
2,400
9c
Feb
14c
Aug
1
4c
4c
4c
1,900
2c June
4c
Jan
*
alO%
a4 2%
al0% all
Amer Smelting & Refg
a42% a45%
Amer Tel <fc Tel Co
100 a 165% al64%a\67%
Anaconda Copper
a24
a24
50
a26%
Armour & Co (111)
5
a3%
a3%
a3%
Atlantic Refining Co
25
al9%
a!9% al9%
72
Cardinal Gold Min
ZendaGold.
1
Jan
6
Aug
Aug
Alton, 111.
Tulsa. Okla.
FRANCIS, BRO. & CO.
ESTABLISHED
Unlisted
1877
—
Amer Rad & Std Sanl
Aviation Corp (The (Del)3
Bendlx Aviation Corp
5
4
4
4
5
Borg-Warner Corp
Canadian Pacific Ry
Caterpillar Tractor Co
Columbia Gas & Elec
Commercial Solvents
23%
a22%
25
a3%
23%
25%
a22% a23%
a3%
a3%
*
a41%
a41% a41%
*
7H
*
alO
Commonwealth & South—*
7%
alO
7%
alO
100
226
11 %
42% June
152
385
21 %
20
3%
25
19 %
140
Apr
4
168%
5%
Jan
Apr
22%
8%
Jan
July
19%
Mar
Apr
20
3% May
42
5%
11
AND OLIVE
Jan
Apr
FOURTH
Aug
38%
22 %
110
July
Apr
95
525
44
INVESTMENT SECURITIES
Jan
June
338
16
18%
July
Apr
May
Jan
Feb
29%
24% May
5%
52%
8%
12%
Jan
Mar
STREETS
LOUIS
ST.
MEMBERS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
N. Y. Curb Exchange (Associate)
New York Cotton Exchange
St. Louis Stock Exchange
N. Y. Coffee & Sugar Exchange
St. Louis Merchants Exchange
Telephone: CHestnut 6370
Teletype: St. L 193
Feb
Feb
1%
374
1 %
Apr
2%
26%
370
21%
4%
Jan
4%
a20% a21%
4%
5
150
1
Aug
7%
Jan
1
a23%
a23% a23%
45
Jan
26%
Mar
»
a35
a35
a37 %
189
33% June
42%
Mar
a47
Friday
.*
(B F) Co
_*
Intl Nickel Co of Canada.*
a46% a47%
20%
22
160
40 %
Mar
45
June
Last
Week's Range
for
1,022
16%
May
23
Mar
Sale
of Prices
Week
160
45%
6%
Apr
42
Continental Oil Co
(The) .5
Curtlss-Wrlght Corp
Class A
General
Electric Co
General Foods Corp..
Goodrich
International Tel & Tel...*
Kennecott Copper Corp
*
1%
a20%
22
48%
a6%
1%
48%
a6%
48%
a 6%
24
55%
Feb
St. Louis Stock
Feb
Jan
Stocks—
Par
Price
9%
30
May
39%
48%
48%
52%
526
45
Apr
13%
13%
249
13 %
June
22%
Jan
Burkhart Mfg com
16%
16%
720
12 %
Apr
19%
Jan
North
*
23%
23%
15%
16%
23%
253
19 %
Apr
26%
Mar
Coca-Cola Bottling com_.l
Colllns-Morris Shoe com.l
___*
Packard Motor Car Co...»
a5%
a5%
a5%
70
Jan
Columbia Brew com_____5
13
3%
3%
3%
325
Paramount Pictures Inc__l
a8%
a8%
a 9%
Dr Pepper com
30%
American
Co
Ohio Oil Co
a36
c36
70
6% June
3
July
9
June
55
10
4%
Jan
July
31%
35
36
18%
18%
30%
32
13%
Jan
8%
Mar
*
5%
5%
5%
168
5%
Apr
15%
610
Sears Roebuck & Co
13%
July
•
17%
76%
200
69 H
JaD
79%
July
Socony-Vacuum Oil Co.. 15
all%
76%
a 10% a\\%
137
Southern Ry Co
al4% al6%
60
11 %
15 %
Aug
a
May
13%
21%
Mar
Hyde Park Brew com
Apr
7%
Mar
Hydraulic Pr Brick pfd. 100
For footnoteeeee pare 1153.
a6 %
5
6
Low
1,1939
High
"31%
27
Feb
35
25
30%
Jan
36
100
14%
May
20
95
30%
34%
June
Aug
Jan
Mar
3%
410
2
12%
13%
141
6%
Apr
15
July
30%
31
237
27
Apr
32%
Mar
16
3
Aug
Aug
16%
130
14% June
7%
10
3
9%
Jan
Jan
15%
76%
a6 %
120
31%
35
*
14%
Shares
31%
*
.1
»
a6%
Range Since Jan.
High
Brown Shoe common
Republic Steel Corp
Standard Brands Inc
Low
American Inv. common..*
Radio Corp of Amer
25
Sales
Feb
Apr
75
Montgomery Ward & Co.*
New York Central RR.._*
Nor American Aviation.. 1
a36
Exchange
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
Jan
Jan
Ely & Walker D Gds com25
Falstaff Brew
1
com
7%
Griesedleck-West Br com.*
51
Hussmann-Llgonler
12
com.*
10
50
54
117
7%
46
18
Jan
Aug
8% June
Jan
59% June
12%
12%
18
10
Apr
12%
54
54
25
46%
Apr
58
June
5
1.30
Mar
3
Jan
1.60
1.60
Aug
Volume
The Commercial &
149
Financial Chronicle
1159
3T
Week's Range
Last
Sale
Stocks (Concluded)
Price
Par
Key Co
Laclede-Christy Cl Prd cm*
McQuay-Norrls
■
Mar
75
31
May
35
15
50
14
May
15
Aug
5
5
10
5
Aug
8
Mar
4%
50
4%
•
«.*.
6
Feb
Aug
Yel Checker Cab Co
Apr
11%
Mar
8%
50
5%
6%
200
May
Apr
4.00
Aug
825
Yosemite Port Cem pref .10
3% June
1.90
408
7
7
34
2.20
2.00
High
Low
Shares
High
290% 290%
5
Apr
Week
of Prices
2.20
1
Apr
Jan
9
Jan
Jan
4
27%
60
33
34
10%
10%
10%
150
9
4%
Midwest Piping & Sply cm*
RIce-Stix Dry Goods com.*
Victor Equip Co com
Preferred
Range Since Jan. 1. 1939
for
Range
Low
Price
Par
Wells-Fargo Bk & U T.ioo
Western Pipe & Steel Co. 10
33
*
com
Sate
Stocks (Concluded)
Hihg
Low
34%
5
*
Week's
Last
Week
Shares
High
34
34
*
com
com
1939
15
International Shoe com..*
Johnson-S-S Shoe
1,
Range Since Jan.
for
of Prices
Low
Sales
Friday
Sales
Friday
4%
100
300
13%
13%
11%
Apr
24
10
23
Apr
36%
3
3
200
3
Aug
Jan
19
24
24
150
ser
280
Jan
Mar
4
Jan
Unlisted—
St Louis Bk Bldg Eqpt cm*
St Louis Car com
2
.10
Scruggs-V-B Inc 1st pfdlOO
Scullin Steel warrants..
Sterling Inv
Feb
May
Mar
8
87%
Aug
Jan
100
%
Aug
380
10%
Aug
17
Mar
296
147%
Apr
170
Mar
1,300
45c
June
547
21%
Apr
36
50
8%
July
11%
145
27%
May
36%
3%
June
8%
Jan
Apr
29%
Feb
July
Apr
3%
Jan
14%
Mar
am
80c
174
52c
July
1%
280
4%
Apr
6%
Jan
Anaconda Copper Min..50
32%
Mar
Anglo Natl Corp A com..*
Atch Top & Santa Fe__100
21%
265
26
Apr
Aviation Corp of Del
30%
31
30%
31
24%
Jan
31%
Aug
Bendlx
5
21.000
24%
Jan
31%
Aug
Blair <fc Co Inc can.
24
24
30%
Aviation
Corp
i:
26%
9
9
a24% a27%
3%
4
a24%
3
$10,000
Bonds—
fUnited Railway 4s.._1934
%
.
5%
24%
24%
"23"
245
502
1%
200
11%
75
5%
open
solicited
on
until 5:30 P. M.
Pacific
Coast
Stock
Eaatern Standard Time
13
a5%
a5%
a5%
Cons Edison Co of N Y.,*
Consolidated OH Corp...*
which are
(3 P. M. Saturday*)
Exchange*,
"13"
1%
13%
Cities Service Co com..10
Order*
31
31
32
.
.
1%
1
Curtlss-Wright Corp...
6%
Dominguez Oil Co
111
Broadway, New York
Idaho-Maryland
Internat Nick Co Canada. *
Oortlandt 7-4160
International Tel & Tel cm*
Private Wire to own offices In San Francisco and Los Angeles
Francisco Stock
San
Last
Week's Range
Sale
Par
Stocks-
Price
Alaska-Juneau Gold Min 10
Associated Ins Fund Inc 10
Atlas Imp
4%
Byron Jackson Co
Preferred
Calaveras Cement com
California Art Tile B
Preferred
Chrysler Corp com
5
6
com
215
16%
259
14%
150
20
2.25
210
1.05
30c
31c
41%
346
100 % 101%
72
4%
3%
Jan
5%
Feb
Jan
Apr
17
Apr
Jan
18%
21% June
Mar
Aug
Jan
4.00
1.50
Jan
Mar
45c
Mar
54%
Apr
Aug
Apr
107
4%
Jan
July
Apr
85
Mar
5%
6%
305
4
Jan
10%
919
9
Apr
5%
14%
July
9%
82
140
78
78%
"9%
82%
871
*
79%
4%
4%
16%
76%
3%
100
1,145
July
Emporium Capwell Corp.*
16%
16%
Emp Cap Co pref (ww)_.50
42 %
42
42%
91
S
8
42
42
94%
94%
34%
94%
General Motors
cap__2%
10
com
General Paint Corp com..*
*
Greyhound Corp com
*
Hawaiian Pine Co Ltd
79%
Apr
95
1,705
Aug
30%
9%
Feb
48%
5%
2,407
51%
Mar
8%
Jan
125
5
Apr
7%
318
9
262
6
Apr
625
17
Aug
349
17%
19
5%
460
85c
Apr
Apr
Jan
9%
Jan
9%
June
19% July
22% June
May
23%
12%
20
12
Aug
55c
"lie
1.40
18
55c
200
40c
Feb
55c
1.65
Hunt Brothers com
Aug
650
1.65
100
1.40
Mar
1.80
Apr
15
Apr
20%
Jan
45
June
Apr
34
May
12%
10
18
17
Jan
Feb
May
Mar
18
18
18%
450
43%
43%
29%
43%
20
30%
442
38 %
22
"23"
22%
25%
840
22%
Apr
36 %
Feb
2%
40c
40c
45c
499
35c
July
67c
Jan
Magnln & Co (I) com....*
March Calcul Machine.. .6
June
Apr
16%
18%
Jan
11
Aug
LeTourneau (R G) Inc...l
Lockheed Aircraft Corp_.l
Magnavox Co Ltd..
Meier & Frank Co Inc
10
10
Menasco Mfg Co com
1
National Auto Fibres com 1
6% pref
100
10
776
11
450
11 %
9
2.10
2.35
1,250
7%
1,008
10%
6%
10
*
N American Invest com 100
120
16%
10 %
2.10
Natomas Co
10
16
19%
400
2.00 June
6
9%
10
26
10%
5%
508
30
5% May
7%
4%
4%
100
3% May
5%
6%
Feb
2.40
Jan
34%
Mar
20
24
9%
5%
5%
700
1.55
1.60
902
1,40
33
32%
34%
3,291
33%
34%
30%
3,190
27%
31%
710
28%
50%
108% 108%
22
21%
124
124%
1,256
21%
100
Preferred
153
100
*
com
5
34
'48%
Philippine L DIst Tel.. 100
200
6%
Aug
July
34
Jan
Feb
12
July
Feb
Apr
Apr
Feb
35 %
July
Jan
31%
July
41%
Feb
105 % June
50%
42%
52
July
July
1,561
18%
Apr
22%
60
114
Apr
133
June
147
Feb
157
July
303
41%
59%
50
50
Apr
Feb
54
Jan
Apr
Puget Sound PAT com..*
3%
3%
300
3%
Aug
6%
5
5
315
5
Aug
10%
Mar
40
31
Mar
36
37
July
60
25
14%
14%
14%
353
12% June
23
Rheem Manufacturing Co 1
13%
13%
14
275
10%
14%
Preferred
_
_
«100
Rayonier Inc pref..
Richfield Oil Corp oom
*
7%
Ryan Aeronautical Co...l
Shell Union Oil 5% % pf
100
A..25
Southern Pacific Co
100
80 Pac Gold Gate Co A
Spring Valley Co Ltd
Super Mold Corp cap
12%
Preferred
Tr amain erica
Corp
Treadwell Yukon Ltd
2
5%
Universal Consol Oil
10
106
Feb
Jan
7
Mar
Apr
19%
32
Jan
1,631
300
310
20c
10
16"
~
10 %
Apr
9c May
4%
2,187
25
212
21
Jan
Aug
29%
July
Mar
36
2.20
1,688
July
300
3
2.75
2%
1,800
a
Feb
16e
Jan
July
6%
Jan
8%
Mar
5%
25
Apr
Aug
28
Mar
Apr
19%
Feb
Aug
48
Feb
3
Apr
20
Mar
4%
23%
16
362
13%
41%
24
41%
3%
275
128
16% al8
3%
55%
3%
50
Jan
Aug
Apr
15
15
2.80
40%
June
44%
3%
41%
North American Aviation 1
Pennsylvania RR Co
a
Apr
10c June
40
3%
Jan
Apr
1.50
29
56
,
135
Jan
Mar
'
Radio Corp of America...
4%
140
6%
Jan
4%
Apr
Feb
8%
100
6
Feb
4%
4%
4%
4%
Schumach Wall Bd com..*
110
4
Jan
7%
20
10
Apr
Feb
Mar
25%
*
22
22
22
*
Preferred.....
Shasta Water Co com
So Calif Edison
5%
4%
5%
Riverside Cement Co A..*
16
16
16%
295
15%
July
26%
Jan
28%
29%
28%
33%
29%
29%
28%
2,196
Jan
Jan
29%
Aug
865
23%
28%
315
27%
33%
200
32
25
oom
6% preferred
25
5%% pref
25
28%
So Cal Gas Co 6% pref-.25
Studebaker Corp com
7%
1
a37
United Aircraft Corp cap.5
United Corp of Del
•Noparvalue.
a
Cash sale—Not Included in
Listed,
July
Jan
42%
3%
Feb
Feb
80c
Aug
Apr
995
50
54c
44%
May
Jan
69%
d Deferred delivery,
Ex-dlvldend. v Ex-rlghts.
6 Ex-stock dividend.
Odd lot sales.
r
Aug
9%
100
70c
46%
United States Steel com.
33%
2% May
90
a3
Jan
35
58
a37%
70c
70c
...1
Jan
29% July
29% June
Apr
5%
610
8
a2%
*
U S Petroleum Co
range for year,
x
tin default.
NOTICES
CURRENT
_
36c
Jan
Aug
14 Mi
Jan
July
95%
Jan
5% May
15c Aug
7%
staff in an executive capacity.
for
Society for Savings,
from which he resigned to become private secretary to Myron T. Herrick.
When the Bonbright-Herrick Co. was formed in 1915, Mr. Laundon was
made Vice-President and Manager.
He remained with that firm and its
successors, the Herrick Co. and Mitchell, Herrick & Co., until recently.
T. G. Ilorsfield, Vice-President of William J. Mericka & Co. who has for
several years been in charge of the company's New York office at 1 Wall
Street, has returned to the main office here.
The New York branch will be
Mr. Laundon has been widely known in
Jan
Aug
19%
Jan
Apr
17%
July
7,285
17c
16%
3,900
1,120
16
15%
505
12
the city's investment circles
His first financial position was with the
many years.
gharge of A. A. Sikora.
in
—Plans for the formation of a new Stock Exchange
Hartley Rogers, Torrey & Cohu, have been
will maintain offices at 14 Wall St.,
firm, to be known as
announced.
The firm, which
New York City, will conduct a general
brokerage, investment and underwriting business.
Partners of the
new
firm will be Hartley Rogers,
formerly a partner of
Torrrey, Henry Wallace Cohu
Wm. V. Couchman, Charles E. Warner and A. T. Burchard, all formerly
associated with the firm of Cohu Brothers & Georgeson; and Alexander
J. M. Tuck and John Grimm, Jr. Mr. Couchman will be the floor member
of the firm.
The firms of Hartley Rogers, Lyon & Co. and Cohu Brothers
Hartley
Co.; Clare M.
Lyon &
Rogers,
& Georgeson will
be dissolved.
debt burden is in evidence,
be accorded a particularly
Lazard Freres & Co., 120
detailed study of the city's finances
—"Until definite trend toward reduction of the
we
do not consider that Buffalo obligations can
high
rating," the investment firm of
credit
Broadway, New York City, states in a
made public
today.
trends
—If current
hold, earnings of copper producing
companies are
has obtained at any time since 1929,
study of "The Present Positions of the Copper Industry,"
likely soon to be at a higher rate than
according to a
just prepared by Ilornblower &
Weeks, members of the New York
Stock
Exchange.
—The National Survey Bureau
has been formed with
and Stockholders' Proxy Association,
Inc.,
New York City, by Arthur
membership organization, will promote and
offices at 347 Fifth Ave.,
The corporation, a
C. Flat to.
improve
the status and welfare of stockholders
and investors.
institutional holdings of public utility, telephone
of bonds and notes brought out since 1935 are given
—Interesting figures on
and industrial issues
in a tabulation
prepared by the statistical department
Co., investment
Co.
and
has
resigned
been elected
Inc., advertising agency
—Otto
as
Chicago manager of Kidder, Pea body
Vice-President of
Blacket-Sample-Hummert,
with offices in Chicago and New York.
Appelbaum and Herbert Goldinger have become
Alexander Eisemann & Co. at the firm's midtown
Katz has
of Merrill, Lynch &
bankers of 40 Wall St., New York.
—Maurice II. Bent has
&
Jan
55c
90
5%
building, announced
—William J. Mericka & Co., Inc., Union Commerce
that M. H. Laundon has joined their
July
Jan
15c June
9%
90%
15
2.00
6%
Jan
35c
5%
100
30
21%
Jan
Apr
548
90%
5%
16
Jan
34% June
9c
33
37c
24%
Jan
Jan
Apr
15c
1
10 %
7%
5
5%
25%
9%
Apr
11
13%
20c
July
a 24%
Jan
July
103
12%
33
9%
90%
Union Oil Co of Calif. ...25
20
370
25%
10
10
Mar
13%
*
*
com.
5
33%
9c
Texas Consolidated OU...1
Tide Wat Ass'd Oil
6%
265
*
Standard Oil Co of Calif..*
962
450
13%
33%
Soundview Pulp Co com.. 5
Apr
140
5
5
Sherwood Swan A Co A. xO
80 Calif Gas pref ser
7%
7%
5%
5%
103% 103%
13c
5
Jan
R E A R Co Ltd com
*
918
National Distillers Prod..*
Aug
109%
40
154
42
52
42
16c
750
Jan
30%
48%
Feb
200
Mar
4% June
Pacific Coast Aggregates 10
Pacific Gas A Elec com..25
Pac Tel A Tel com
Jan
6
Paauhau Sugar Plant...15
Paraffine Co's
Jan
July
5%
1
Oliver United Filters B_..*
Pacific Light Corp com
*
Pacific Light Corp $6 dlv.*
Pac Pub Ser 1st pref
*
9%
10%
O'Connor Moffat cl A A..*
25
26
6%
12
26
26
North American Oil ConslO
6% 1st pref
5%% 1st pref...
Apr
May
Aug
6
6
9%
12c
Mar
"ie"
Langendorf Utd Bk A. ..*
Preferred
..50
Jan
Apr
3%
Mar
90c
18
52%
6
52%
Jan
34
18*
Jan
260
11c
July
Apr
85c
"I§~"
10
340
Aug
"
52%
6%
June
5% May
38 %
Apr
19
..1
Honolulu Oil Corp cap
*
Honolulu Plantation Co. 20
Preferred
42
20
17
30
5%
16c
July
10 %
Jan
21%
8%
"17"
*
Holly Development
43%
Apr
37
350
7
Gladding-McBean & Co..*
Golden State Co Ltd
Mar
7
Mar
250
5%
Aug
2.50
July
48%
3%
6%
Jan
44%
45
.....
20%
Mar
5%
11c
Feb
6%
22
20
"~6%
Aug
2.50
48%
Mar
6%
Food Machine Corp com 10
Galland Merch Laundry _*
Gen Metals Corp
Jan
6%
10
Fireman's Fund Ins Co..25
18
35%
275
Fireman's Fund Indem._10
4%
Jan
14
100
Emsco Der & Equip Co..6
Feb
20%
15
1,060
6%
a34% 0.34%.
e
Doernbecher Mfg Co
190
Jan
a48% a48%
Mar
3%
55%
Jan
20%
6
a48%
5%
5
Jan
July
40%
100%
42%
31%
1
Mountain City Copper
Jan
35c
53%
26c June
Jan
Apr
365
Feb
7%
190
Mar
48%
12,875
"~3%
Apr
10
22c June
1,200
*
Preferred
1.05
45
41
41%
2.25
500
22c
60%
■
31c
12
100
1.05
22c
Creameries of Amer vtc.l
Crown Zellerbach
13%
20%
50 %
i
50 %
100
....
Cent Eureka Min Co com 1
Apr
124
2.25
*
Caterpillar Tractor com..*
20
Apr
4%
109
16%
13
20 >4
*
Calif-Engels Mining Co.25
California Packing pref..50
Carson Hill Gold cap
1
4
340
5%
135
12%
37%
Pacific Port Cement pf.100
Packard Motor Co com..
High
7% June
20%
*
20
20
....
205
4%
5%
135
1,1939
Range Since Jan.
Low
6% June
31
10
5
Nash-Kelvinator Corp
Shares
7%
4%
Diesel Engine..5
Calamba Sugar com
High
7%
Bank of California N A. .80
Jor
Week
of Prices
Low
Apr
Feb
Montgomery Ward & Co.*
Sales
Friday
Jan
7%
37%
194
2.00
M J & M & M Cons....
Exchange
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
Aug
9%
a9%
16c
McBryde Sugar Co
33%
Apr
20%
Italo Pet of Amer pref
1
Kenn Copper Corp com..*
Feb
9
Aug
Aug
Aug
a2.50 a2.50
Italo Pet Corp of Am com. 1
Jan
6%
34%
6
Mines.. 1
Jan
Mar
4%
37%
*
Mar
79
a8%
a8%
Goodrich (B F) Co com..*
Hobbs Battery Co A
*
Members New York Stock Exchange
31
67c
152
34%
*
General Electric Co
18
547
6%
a5
a4%
.1
Electric Bond & Share Co 5
Schwabacher & Co.
254
23
23
Bunker Hill & Sullivan 2.50
tc-d's...
Aug
%
Rad A St Sntry
.»
10%
11%
American Tel & Tel Co. 100 al64% al63%a\66%
Amer Toll Bridge (Del)_.l
54c
54c
56c
Alleghany Corp com_..._*
65c
15
Wagner Electric com
July
73%
10
2%
June
5
26
6%
87
5%
...
_.*
com
2
7
2
6%
87
joined the staff at the main office.
—Campbell, Phelps & Co., Inc., announce the opening
at
associated with
office, and Jerome B.
Raymond-Commerce Building, Newark, N. J., under
of David T. Pardee.
of a branch office
the management
The Commercial & Financial Chronicle
1160
Aug.
19,
1939
Canadian Markets
LISTED AND
UNLISTED
Montreal Stock
Service
Last
Hoilinger Gold Mines
Greenshields & Co
Par
5
Howard Smith Paper..
Low
14*4
1054
"3354
Imperial Tobacco of Can
Preferred..
—£1
Montreal Curb Marke t
Hudson Bay Mining—...*
Imperial Oil Ltd- •_ _v—
d'Armes, Montreal
16*4
.
—
-
-
15
-
.
Provincial and
Intl N ckel ol Canada
Municipal Issues
~3ok
Bid
province ot Alberta—
Ask
Prov In oe of Ontario—
hid
A sk
1 1948
64
65*4
6s
Oct
Oct
1 1966
Prov ot British Columbia—
62
63*4
6s
Sept
15 1943
115
110
6s
-May
1 1969
121
4s
June
1 1902
109
122*4
110*4
Jan
5b...
4*40
5s
July
4148
12 1949
Oct
105*4 106*4
103*4 104*4
1 1963
Province ot Manitoba—
4*4s
6b
97
96
2 J 969
June
96
Dec
98*4
97*4
97*4
4 Hb
Apr
Apr
15 1966
July
15 1953
109*4 110*4
116*4 118
102*4 103*4
Province ot viuetmo—
109
16 1900
16 1961
110*4
108*4
4t4s
Mar
2 1950
110
4s
Feb
1 1958
108
110*4
109*4
4Ks
Prov of New Brunswick—
4*48
JaD
3*4s
1 1941
16 1964
Aug
6s
1942
I
May
1 1961
111
"48 k"
*
*
4*4s
May
34
1,315
15*4
1,858
6s
Mar
6s
81*4
83*4
Nov
15 1940
82
84
118
1 1900
June 15 1943
6*48
4*48
Oct
1 1951
78
80
120
15*4
25
28
Apr
33
Mar
15
June
20
Jan
50
2,533
42*4
Apr
56*4
Jan
50
135*4
Aug
20*4
June
135*4
27*4
Aug
755
21*4
135*4
22*4
3
70
71*4
22
18*4
18
18*4
470
12*4
4*4
12*4
20
4*4
Bid
Ask
Canadian Pacific Ry—
§s
Sept
Dec
15 1944
6s
July
70
15 1942
4*4s
1 1944
71*4
100*4 101*4
88*4
89*4
113*4 114*4
4*4s
Sept
Ask
114*4 115
Sept
June 15 1965
115*4 116*4
116
116*4
115*4 116
119
119*4
119
119*4
4*4s
Feb
1 1950
4*4s
July
1 1957
July
1 1909
5s
5b
....Oct
1 1909
6s
Feb
1 1970
20
100
100
2
100
32*4
3154
32*4
06
f6
66
National Breweries
*
39*4
39*4
40*4
2,347
....—25
43*4
43
43*4
35
47
47
Niagara Wire Weaving—_*
Noranda Mines Ltd
*
17
17
17*4
80*4
80*4
83
Oglivle Flour Mills
*
26*4
Bid
1 1946
Ask
4s:
Jan
1
1902
8s
Jan
1
1902
10
430
11*4
920
43
155
40
May
16*4
2*4
36
16
Jan
8*4
10
10
Power
*
...
*
preferred
50
Shawlnlgan W A Power
*
110
111*4
98*4
British Col Power Cor pa.*
27
13
B ruck"
'
2*4
SllkMiHsI
Bull (I Tig
High
9*4
10
109*4 109*4
Shares
125
10
Low
9*4
107
Jan
Feb
107
Feb
250
80c
Aug
2.50
155
47*4
May
Apr
50
28*4
Jan
16*4
17
112*4 112*4
245
Apr
16*4
Aug
15
175
175*4
8*4
7*4
28
2*4
5
19
14*4
112
May
110
15
Jan
364
106
Jan
3,030
356
15
7*4
22*4
2
Apr
24
680
May
90*4 June
90*4 June
10
Aug
12
7254
72*4
376
67
Apr
71
72
66*4
Apr
77*4 June
74*4 June
*
Preferred
..25
*
30
June
5
18
4*4
19*4
Feb
7*4
June
28
10*4
Jan
39
Jan
18*4
Feb
18
Jan
303
9^
300
Apr
310
Feb
Royal
100
31'
178
Apr
193
May
...
Stocks—
Par
cum
Canada & Dom Sug (new) *
Canada Malting Co Ltd
*
Can Nor Pow 7% cm pf 100
111
June
13
Mar
Cndn General Investm'ts. *
1.90
140
1*4
Jan
1.80
1.80
1.80
75
1.25
Mar
......
505
27
27
45
37*4
21*4
July
Apr
2*4
2*4
8
Cndn Industries Ltd B
Jan
Jan
Apr
May
61*4
Jan
29
Jan
July
16
Jan
20*4
771
24*4
Apr
37
Jan
110
15
Jan
19
June
...100
114
114
11
108
Jan
115
Mar
162
162
10
150
Jan
162
Mar
27
100
10
4*4
9*4
4*4
10*4
5
2,375
225
Range Since Jan. 1, 1939
7*4
Apr
4
Apr
12*4
26k
Mar
4*4
6*4
6*4
2,790
1,436
6*4
10
124
235
May
2*4
3*4
5*4
June
21*4
Mar
11
Apr
140
115
2.00
50
4*4
1,434
4*4
5
21*4
16*4
1,004
10*4
92
11
99
20
95
27
553
21
26*4
35
100
111
38
11*4
12
35
155
3*4
Jan
Jan
Feb
4*4
Jan
4*4
5*4
Apr
23*4
Jan
28*4
Aug
Feb
99
Aug
19*4
Jan
38
Jan
112
Jan
Aug
14
Feb
11*4
1.05
210
1.00 June
20*4
20*4
20*4
130
18
8*4
8*4
8*4
206*4 206*4
75
7*4
Apr
22
198*4
June
25c
300
250
50c
3
300
2
June
10
12
41
25c
Aug
3
Jan
3*4
Aug
*
9*4
9*4
9*4
135
6
Jan
9*4
Aug
...15
12*4
12*4
12*4
145
11
Jan
13
Commercial Alcohols Ltd. *
Preferred
5
Consolidated Paper Corp. *
2.00
2.00
2.25
625
1.50
Jan
2.50
Fen
5*4
5*4
230
4*4
Jan
July
3*4
4*4
3,495
3*4
June
5*4
7*4
75c
75c
25
75c June
3.50
Jan
3*4
2*4
315
5*4
Jan
Catelli Food Prods..
5% cum pref
"3k
Cub Aircraft
7
Jan
Donnacona Paper A
*
3*4
»
2*4
3
June
70
July
EaKootenayPr7%cm pflOO
8*4
July
Falrcblld
4
4*4
685
Mar
Fleet
5*4
370
5
640
17
3*4
Apr
5
Apr
9*4
Apr
6*4
7*4 May
15
Jan
B
Aircraft Ltd
Aircraft
Ltd
6
*
Ford Motor of Can A
•
19*4
Fraser
*
6*4
Companies Ltd
5*4
19*4
6*4
20
6*4
20
3
10
0*4
3*4
5
Apr
9
Apr
July
10*4
Apr
23*4
Jan
July
14*4
Mar
7*4
7*4
June
14*4
94*4
*
"65"
5
750
1.25
Mar
8
9
19
Mar
23*4
Apr
Erasers Cos voting trust..*
Inter-City Baking Co.. 100
8
300
32
32
32
10
9*4
115
7
Mar
11*4
Jan
Intl Utilities B
1
45
45
45
100
45c
Apr
10
10
10
1454
94*4
15*4
252
11H
Jan
16*4
94*4
150
88
Jan
95
June
6*4
5*4
220
5
Apr
8
40
60
July
82
65
68*4
Mar
8*4
May
75c
50
75c
Apr
3*4
Jan
Jan
Loblaw Groceterias A
*
26*4
26*4
35
Apr
26*4
Aug
Jan
Mackenzie Air Service
*
5
6*4 May
MacLaren Power & Paper*
140
3*4
May
6*4
Jan
1.00
1.00
25
Ma8sey-Harrte5%cmpf 100
75c
July
6.00
Jan
Jan
32
Jan
27
75c
880
30
Jan
June
*
5
15
70c
*
4*4
30
17*4
35
Lake St John P&P
5
30
Apr
Jan
Lake Sulphite Pulp Co
4*4
Feb
25
Jan
Jan
Jan
1.10
455
5
8
0
23*4
50c May
.Jan
Apr
23*4
9
June
May
1.10
23*4
Jan
Jan
80
35
Jan
10
50
158
160
Jan
Mar
50
Jan
100
75c
75c
3*4
May
3*4
Jan
Feb
3*4
55
9*4
Mar
Jan
July
3*4
100
Wineries
153
5*4
Aug
June
*
cum
Canadian
10
9*4
224
50c
35
5*4
9*4
25c
179
3*4
23
50c
69
5*4
.Apr
1.80
2*4
88
"3*4
Feb
June
161
Jan
Feb
32*4
68
77
28 *4
Mar
25*4
107
1.00
11
Jan
1*4 May
1.05
11
Jan
Jan
Mar
3
3*4
2*4
8*4
88
"68*4
High
50c
4*4
110*4
2*4
pref
1.05
115
Low
Shares
99
16*4
.
7%
High
4*4
*
Cndn Vickere Ltd
Low
161
100
...100
Jan
Sales
2.00
Cndn Intl Inv Trust Ltd.
*
Cndn Power & Paper Inv. *
Mar
0*4
8*4
Jan
_
Feb
370
4*4
prflOO
Jan
1,897
190*4 190*4
85c
115"
Aluminium Ltd
Apr
19
100
Price
Abltlbl Pow & Paper Co—*
6*4
18
_*
190*4
Mar
102
Montreal Curb Market
20
6*4
3
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
8*4
27*4
Gypsum Lime A Alabas
Hamilton Bridge
Preferred
300
8*4
19
100
100
1.90
17
__.*
Jan
Nova Scotia
1.90
27
Prelerred
Gurd iCharles)
178
222
Canada Vinegars Ltd..
*
Canadian Breweries Ltd..*
Preferred
_■
*
25
100
Apr
Mar
CalgaryPow6%
98
Preferred
160
203
Brit Amer Oil Co Ltd
*
British Columbia Packers. *
Jan
135
General Steel Wares
Feb
10
74
Jan
110
Foundation Co of Can...
167*4
166*4
Aug
Jan
44*4
July
215
57
July
42
Mar
24*4
165
2*4
10*4
34
5*4
10
Apr
167*4 167*4
165"
100
20
42
Apr
22
215
100
Jan
4
7
40
100
pref
June
3*4
5*4
30
7
24*4
100
pref
17*4
Gatlneau Power
.100
cum
10*4
70
24*4
Montreal
cum
370
Enamel & Heating Prod..*
Famous Players C Corp..*
24*4
Banks—
7%
716
Dominion Stores Ltd...
Electrolux Corp
.25
6%
18*4
Dry den Paper...
7
..100
pref
Jan
20
Preferred
Jan
July
17
Preferred
2.00
for
Mar
19
Dominion Textile
Preferred
Jan
Week
17
*
Aug
of Prices
19
Preferred
1.50
3
Week's Range
110
Dom Tar 4 Chem
64
*
Sale
»
Dominion Steel <fc Coal B 25
1.50
3
Last
Preferred 7%
100
Cndn Foreign Investm't..*
Dominion Glass
1.40
"21k
Jan
135
pref
Jan
Jan
*
B._
51
9
Dominion Coal
3
2*4
211
18
Distillers Seagrams......*
Dominion Bridge
Feb
Aug
7*4
18
Consol Mining & Smelting 5
Crown Cork & Seal Co...*
July
1.50
1,463
7
3*4
2*4
1.25
Mar
6
Feb
Aug
18*4
50
18
4
4
Feb
50c
170
25
14*4 May
1.50
Aug
5
Aug
77
380
3*4
5*4
Jan
18
1.25
17
6
160
285
4
'"4k
3*4
Feb
50c
10
18
1.25
Beauharnols Pow Corp...*
Brewers & Dist of Vane
5
Canadian Locomotive....*
10
170
"3"
Bathurst P & P Co Ltd B *
Canadian Pacific Ry__..25
Cockshutt Plow
*
75c
170
Jan
*
*
_.*
Mar
110
20
18*4
18
Mar
7*4
75c
.
170
*
102
25
*
Jan
Jan
55
Apr
34
Class B
Mar
14*4
30
Apr
34
"
22*4
11*4
Apr
Canadian Bronze
Canadian Indus Alcohol..*
Apr
May
95*4
7
Aug
....25
42
95*4
11*4
89
57
Canadian Celanese
Apr
95*4
..100
23
8*4
21
3impsons pref..
271
50
8*4
115
July
10
579
7*4
57
Foundry .*
Jan
24
25
96
57
Cndn Canners 5% cm prf20
Jan
4*4
15*4
Jan
692
17
*
July
12
96
7*4
Apr
7*4
Mar
14
1.50
2*4
Jan
18
Friday
Mar
945
7*4
Apr
10
Feb
3
375
"l~50
9*4
107
22*4
29*4
July
28
23*4
50
Apr
22*4
28*4
June
Jan
Can Wire & Cable cl A___*
Preferred
15*4
Jan
3
2*4
115
178
12*4
18
7*4,
Mar
Jan
Jan
3
96
Jan
6
103*4
20
Jan
1,922
2*4
190
4*4
Jan
l.Ou
17
-"7*4
•
Preferred
..100
Can North Power Corp
*
Canada Steamship (new). •
Canadian Car &
14
July
23*4
3
6% preferred
3*4
48*4
27
690
Jan
Mar
19
2*4 June
12
Canadlenne..
10
48 *4
21
15
2*4
10
Jan
Jan
Commerce
High
Apr
17
ProductB A (new)*
Buiolo Gold Dredg ng
Canada Cement—...
9
Feb
42*4
12*4
19*4
57*4
19*4
Zellers Ltd
Range Since Jan. 1, 1939
80c
7*4
254
9
Apr
Mar
12
Tooke Brothers
Sales
Apr
"l5~~
"2*4
106
May
Jan
8*4
Steel Co of Canada
121*4 122*4
Exchange
6*4
175
8*4
106
25
9
9*4
Mar
29*4
102
19*4
Winnipeg Electric A.
75
100
9*4
St Lawrence Flour Mills..*
UnslJ Ltd
10*4
Preferred
Jan
10
Tuckett Tobacco pref.. 100
10
Assoc Breweries pref... 100
Apr
8*4
SherwinWilliams of Can..*
Grand Trunk Pacific Ry—
A igoma Steel Corp
Bell Telephone
100
Brazllan Tr Lt & Power.*
23
Jan
Southern Canada Power. _*
July
May
17
560
43
8*4
1*4
*
July
10
Rolland Paper Voting tr__
10
Associated Breweries
Jan
83*4
43
Saguenay Power pref—.100
2.25
21
22*4
Apr
*
82
Week
48*4
May
June
80*4
2.25
50
May
16
70
38
9*4
61
43 *4
100
910
10
*
Feb
3,566
40
1 1900
Alberta Pacific Grain A..*
...
Mar
45*4
40
4*4a
of Prices
Amalgamated Electric..
43
Jan
*
2*4
Sale
Anglo Can Tel pref
Asbestos Corp
Apr
41*4
May
16*4
for
*
Jan
38*4
99
2*4
Week's Range
109*4
June
70
5
16*4
Last
100
Apr
33
50
Regent Knitting
Friday
Preferred
100
4
Quebec
0*4s
Low
Apr
Apr
66
100
Power Corp of Canada
Price Bros A Co Ltd
Feb
Mar
29*4
4
.......
Jan
52
100
92*4
Aug. 12 to Aug:. 18, both inclusive, compiled from official sales lists
Price
26*4
31
Apr
*
United Steel Corp
Pai
26*4
49
2,215
4*4
5*4
pref. 100
Vlau Biscuit.
Stocks—
Jan
50
95*4
Montreal Stock
Agnew-Surpass Shoe
Mar
50
91*4
117*4 118*4
1 1051
7*4
50
95
Canadian Northern Ry—
4*i8_.
Jan
Feb
*
St Lawrence Paper pref. 100
4*48
7*4
Mitchell (J S)
1 1964
Ask
13*4
Apr
306
A
Bid
Apr
6
1 1940
Government Guaranteed Bonds
Canadian National Ry—
July
11
6
St Lawrence Corp
Dominion
June
June
21
*
68........Deo
July
4
81
Feb
3
McColl-Frontenac Oil
Montreal Tramways... 100
Jan
13*4
97
4*4
Montreal Cottons pref. 100
Jan
7*4
74*4 June
250
3
5% preferred .......100
Bid
Canadian Pacific Ry—
4s perpetual debentures.
7*4 June
12*4
Penmans.
July
180
3
& P.
Jan
Mar
130
*
Preferred..
Mar
7*4
70
*
July
June
15
Laura Secord
Ottawa L.H
Railway Bonds
Apr
14
2,116
National Steel Car Corp..*
Prov of Saskatchewan—
25*4
1654
3
Mont LH AP Consol
16*4
Jan
88
Massey-Harrls
112*4
108*4 110
Sept 16 1962
Mar
10
20
Ottawa Electric Ry
107
Province of Nova Scotia—
June
13*4
96*4
35*4
17*4
225
•
...100
15*4
95
48
"21*4"
International Power.
Intl Power pref
Lake of the Woods
High
Apr
13*4
30*4
13 >*4
...100
Preferred.....
Internat Pet Co Ltd
915
16*4
7*4
30*4
Intl Bronze Powders—.*
Closing bid and asked quotations, Friday, Aug:. 18,
Low
res
15
*
_
Range Since Jan. 1,1939
for
Week
Sh
15*4
11*4
.15
-
Industrial Acceptance.
High
14*4
1054
94*4
3354
..—100
Preferred...
Range
of Prices
Price
Stocks (Concluded)
Montreal Slock Exchange
507 Place
Soles
Week's
Sale
Securities.
Members
Exchange
Friday
all Canadian
on
*
Jan
No par value
50c
9*4
9*4
39
50c
100
9*4
50
40*4
750
23
20
50c
J an
9
Apr
15
29*4
Apr
00*4
1.05
Jan
Jan
Jan
Jan
Volume
1161
Commercial & Financial Chronicle
The
149
Canadian Markets—Listed and Unlisted
Montreal Curb Market
.
Sales
Friday
Week's
Last
Sale
Stocks {Concluded)
of Prices
High
Low
Price
Par
5H
241
40
40 H
250
Page-Hershey Tubes
July
2
100
Aug
10
101
Jan
105
Jan
71
4l
May
47
Jan
43 H
43H
'
195
6H
7H
Jan
Mar
4H
Feb
4%
Mar
7
7
4%
4%
26
112H
31
107
Jan
m
5%
58
5
July
1.00
1.00
1.00
10
1.00
Jan
43 H
44%
155
38 %
Apr
50 H
Jan
"20 %
20%
20%
70
19H
Apr
20H
Jan
*
111
_
*
Walker-Good A Worts (H)»
*
pref
102H
100
103
110
July
6H
Jan
1.40
AB.._
The Toronto Stock Exchange
[Canadian Commodity Exchange, Inc.
Jan
Jordan
Mines—
Aidermac Copper Corp
•
Arno Mines Ltd
..._.*
29c
1,000
lc
10c
Jan
12c
12c
7,300
7Hc June
10c
10c
250
9Hc June
4%c
1,000
69c
70c
200
4Hc June
70c
Apr
3c
3c
3,900
Bouscadlllac Gold Mines. 1
*
Cartler-Malartlc Gold
3c
1
17c 20%c
18c
2.45
400
Century Mining
Cons Chlbougamau.
22c
20c 22%c
13,400
14c
14c
2.45
1
Toronto Stock
2.20
25Hc July
2.74
Apr
'Jan
3,920
2,200
28o June
66c
4%
190
3H
May
6H
97H May
Apr
105 H
100
7H
preflOO
Apr
2.10
Apr
2.80
Jan
Jan
•
96c
1.12
3,750
1.04
Apr
5.75
175
4.50
Apr
6.00
Mar
Aug
60c
25,800
Apr
4 He
3c
Apr
6Hc
Feb
Canadian Canners
3Hc
5%C
3 He
14,500
3Hc
1,000
3c
July
10c
Jan
Canadian Can A..
40%
40%
735
Apr
50 H
Jan
1
1
34
7H
166H
m
«*'
•>
••
*
—
7H
17 H
7
100
2H
July
20
3%
17H
16H
May
May
6
1,447
8
25
20 %
105
1.90
1.90
530
52 H
Jan
58 %
Mar
Canadian Locomotive.
20c
July
60c
Mar
Canadian
1.95
Apr
3.35
Jan
57 H
58%
32c
36c
1
2.00
1.85
2.20
21,200
3,550
4.80
Jan
1.99
1.99
Aug
4HC
5c
1,465
1,500
2.00
4 He
4c
May
16c
Jan
2.10
2.20
600
2.10
Apr
2.55
Mar
1.37
1
1.37
300
1.23
July
1.85
Jan
2,000
1.45
Jan
2.05
July
1.82
2.11
1.98
475
1.56
1,450
4.40 June
5.60
Mar
1.18
1.72
Jan
Apr
3%
3%
14H
3%
3%
,1
2.15
2.15
14%
P R
26
Canadian Wine
Cariboo
...
Castle-Trethewey ...
Central Patricia..
1
1 He
IHc
6,000
lHe
Aug
5Hc
1.78
1.78
1.78
200
1.30
Apr
1.95
July
2c June
4Hc
Jan
......
1.10
200
2c
99c
1.00
1.18
1.10—_
90c June
1.44
Jan
96c
1.65
750
Apr
40c 40 He
July
Jan
Conlarum
51c
1,800
51,210
38o
43c
43c
July
1.03
Feb
Consolidated
76c
80c
725
73c
July
1.01
Mar
Consol
4.15
4.25
205
3.95
May
4.60
Mar
Cons
6..45
200
5.70
Apr
8.10
Jan
Teck-Hughes Qold Lt l...l
Walte-Amulet
~6.25
*
Wood Cad_.
*
11c
11c
12c
7,500
8 He
Apr
18 Ho
Jan
8.10
1
Wright Hargreaves
6.25
74C
8.10
100
7.50
Apr
8.85
Jan
90c
300
Brown Oil Corp.........*
22c
22c
1,000
19c
Jan
31c
Jan
25c
Aug
25c
Aug
Dalhousle Oil Co
6c
Jan
85C
Apr
Home Oil Co
1.90
*
Homestead Oil & Gas_._.l
Okalta Oils Ltd..
90c
17,650
53c
5,900
48 Ho
Aug
85c
Feb
1,000
21Ho
Jan
36c
Jan
5
Apr
8H
Jan
1.39 May
2.00
July
2.34
July
17 H
June
5%
5H
6H
280
1.60
1.60
200
Petroleum..
.
(new)
•
"17"
33
35 Ho
July
75c
Jan
Dominion Bank....... 100
600
32c
Apr
55c
Jan
Dominion Coal pref.—2(
3.70
Jan
90c
100
1.00
90c
85
32
33
6HC
6Hc
Jan
2.00
1,000
8
8
Aug
Aug
1.72
Apr
Jan
31M
Apr
44 %
Jan
6HC
Aug
6Hc
Aug
21
9%
Dom Stores............*
5%
Dominion Tar—
'
*
Preferred
—
4H
10C
13Hc
Week's
Last
,
r-
Sale
r-,
Stocks—
Par
Range
East Crest Oil.......
1,1939
Range Since Jan.
for
Low
High
V.
High
......
..—
—Il
Mar
Alberta Pac Grain pref-100
4Hc
500
4Hc
Aug
2c
2Hc
3,000
2c
Feb
4C
l.OOu
15Hc
6H
2H
"~20"
20
2%
20
20
29c 31 He
Mines....
26c
35
7
Jan
Preferred....
14%
Jan
100 M.
43
100 M
Aug
5%C
6Kc
3,500
5%e
Aug
102
17c
Jan
90c
10,000
82c
Apr
1.52
Jan
Glenora
16c
60,125
9 He
July
17HC
Feb
God's Lake.
6c
6c
1,250
5Hc June
10Hc
Feb
Goldale Mines....
3Hc
3 He
1/00
6Hc
2.78
Feb
3c
July
1.75 June
July
2.06
2.53
39,109
Bagamae
--.i
8Hc
8Hc
10c
1,350
7Hc
July
23c
22Hc
11,600
18c
Apr
38c
220
301
Bank of Toronto
252
252
118
.100
—
.
.
-
-
-
.
1.15
lido
174"
15c
.i
Klrkland
239
Jan
255
4
Mar
39H
39H
9Hc
18,100
7H
Aug
32
1.24,
2,800
1.13
Aug
10
90
4H
445
175H
280
15c 16Hc
14c
17,200
1,500
174
Biltmore
*
7
7
*
4H
4%
20
"'50
Preferred
„.1
—
#
Bralorne
_
"15
*
British American OH..
British Columbia Pow A.
British Dominion Oil—
Broulan-Porcupine
Brown Oil
Buffalo-Ankerlte
BuffaloGanadlan
.
*
7H
-
-
-
*.
21
27
.2%
165
32
20
33Hc
30c
Mar
3H
25
June
July
22c
Feb
Apr
12 H
June
1,166
41
21
21%
2,597
27
27
10
19 %
21
28c
5,025
18c
18Hc
i
8.75
8.75
9.25
2,911
8.75
...*
2H
2H
2H
2,000
2H
Ap-
1,267
13 H
Aug
17
Mar
Jan
96
July
407
5,000
14
5
He
15.25
Apr
Apr
Jan
5
Mar
19
Jan
10
65
1.50
2.85
Aug
2.87 May
2,332
10,700
8,800
7HC
8Hc
2.000
19
20%
1,566
1,400
%
9c
9c
•v 33c
24
14H
61c 176,850
383
15H
94 H
94 H
5H
220
185
8HC
Jan
July
17c
Feb
7Hc
Aug
13c
Jan
16H
Apr
23H
8Hc June
15o
Apr
14Hc
Jan
72c
Aug
Jan
16H
Mar
Apr
96
July
Jan
6
Mar
3Hc June
3c
11
87
2H
Jan
llHc
Feb
lHc June
4c
Mar
5%
5H
6c
14,100
2c
2Hc
35c
42c
5,000
23,762
17Hc 18Hc
9c 13Hc
13,850
56,550
4He
1 He
3,600
lHc
66
55
17HC
75
75H
49
55
55
56
52
Jan
7H
5%C
<
Jan
July
5
50
—
4c
20c
Feb
49c
Aug
16c
Mar
28c
Jan
July
13H0
Aug
3Hc
Apr
Ma.v
Jan
Jan
78
Mar
58 H
June
Mar
2Hc
3,000
2 HO
Aug
4C
2Hc
4,500
2 He
Aug
13%c
12
12
60
10H
July
17
60c
Aug
1.25
Jan
Jan
July
1.00
30
12
10
12
Aug
12
—
...
10
10
4 9."
10
Aug
12H May
46c 50 He
4H
4H
5
2,960
40c
Mar
390
46c
Alabas
Gypsum Lime A
3%
Apr
2Hc
2Hc
1,500
lc May
"2He
2 He
2 He
4,500
65
....
61H
65
3H
Hard Rock...
98c
........ -
35
49H
2H
Apr
Apr
1.10
14,110
94c
Apr
53
.
8c
7c
8c
14c
15c
1,800
9H
9H
"l4H
14 H
.1
...
50
.
.
Honey Dew—
2,147
1.90
2.15
10,870
7Hc
7 He
8Hc
8,600
11
......
15H
1.93
Holllnger Consolidated..
11
""31c
Howey Gold
Hudson Bay Mln & 8m
31c
33 H
33 H
34
OH
68
.......
218
Imperial Oil
Imperial Tobacco.
value.
...
.—
6c May
7,000
14c
Harker..—
•No par
3H
98c
15
16 M
33c
217% 218
15
15H
16H
16 H
10
12,800
1,086
5
14c
Aug
Aug
64c
6H
6c
Aug
4
June
1,95
Jan
Jan
Apr
15
15H
7 He
June
26HC
24c
25H
69
July
Jan
Apr
Jnlv
Jan
10c
35c
Apr
Aug
10
Jan
Jan
65
13 %
1.90
8
Jan
3Hc May
2He May
Haicrow-Swazey
Halllwell.....
July
11 He
13H
90
2'c
.
Jan
Aug
May
Mar
2.02
1 He
Jan
33c
13c
2,000
2Hc
Greening Wire
Gunnar Gold
Jan
Jan
Mar
29,260
60c
23%
Aug
Mar
27c
12
Homestead OH.
75c
Aug
9HC
2.75
4c
35c
1
Home Oil Co
28
June
88
2 He
Mar
21Hc
5
Aug
5 He
3 He
......
Mar
Apr
Apr
13c
,5c
3HC
Granada Mines
5%
Apr
1,007
29,400
Feb
4 He June
2.50
75
12%
May
73
5,600
3 He
)
Jan
7c June
11c
43c
6c1
13c 15Hc
23
————.
July
4
32Hc
18
15
2,700
3 He
7 He
lOHc
Hinde & Dauch.
July
120
4H
5Hc
Jan
....
High wood
8c
Mar
Mar
........
Jan
9%
7H
21c
June
5
2,065
4H
5Hc
Jan
8
32 H
7
Mar
Jan
6
4H June
Tin
Jan
30c
10,500
8H
5Hc
178
JaD
July
June
18 He
*
Feb
June
10c
4H
17
5
11H
7H
17
Jan
July
10c
*
Building Products (new).*
105
15Hc
11c
*
...
8Hc
11
11
m
Brazilian Traction....
Brewers <fc Distillers.
31
"8 He
Jan
July
Aug
90
60
Blue Ribbon
1.28
H May
6.00
July
1.13
7
2.36
7H June
Jan
Jan
Jan
94H
June
20
12c
—l
Big Missouri—
Feb
160
4%
.*
Bell Telephone Co
310
100
90
.100
Beauharnois
Feb
7 He
*
...
BeattieGoId...—— I—1
1st pref
Mar
300
7%
7H
-50
Bear Expi
203
36
*
Bark ere
.
22
5
214
300
Feb
Apr
24
Jan
26c
213
12H
7H
4H
88
5c
nc
Jan
214
25
Apr
Jan
22c
19
Apr
76
5H
3Hc
Gold Eagle
Goodflsh
Feb
19
5Hc
86c
i
4H
Mar
.Tune
15H
1.420
11
23 H
General Steel Wares....
2.14
..."
9%
5%
200
19
Gillies Lake
...i
...
25
225
14%
Jan
Aunor Gold Mines
Cons
210H
18 %
23 H
35c
Apr
9Hc
Bank of Montreal- .100
Apr
49
209
22
Mar
Apr
—:
87c
Bank of Nova Scotia- .100
Mar
Aug
Aug
Gatlneau Power.......
llHc
i
Jan
97c
Rights
100 %
...
Apr
30 H
60c ,Jan
4.60
....
......
Astoria Quebec.......
Jan
15H
2,421
16 %
32%
5%
Francoeur...
52c
5Hc
—~.i
Gold
16c
18H
33 H
20 %
34
Aug
Aug
100
Foundation Petroleum..
24
Apr
100H
Anglo-Can Hold Dev.
9c
2,015
I.
June
l
..
24c
1,700
1,385
14,490
■
May
14
10,600
10 H
Jan
Hon
Preferred
5,400
1.60
.1
Ford A
Jan
1.14
,
—
8Hc
5.75
Firestone Petroleum...:
July
Mar
19
Jan
3%
35
97c
.......
Fernland...
30c
Jan
3Hc June
10c
1/0
Federal-Kirkland
Aug
Jan
27
5.40
—
Jan
Mar
22
5.40
.......
Jan
1H June
20
10H
29c
"
Algorna Steel
3H June
2%
15Hc 15Hc
Alberta Pacific Grain. ...*
Copper
50c
2,555
1,295
21%
9Hc
......
—.1
AjaxO&G—
1.05
4HC
——
Afton Mines Ltd
75c
5
June
""98c
Easy Washing Machine
Fanny Farmer
*
1100
16 %
4Hc
13 H
Falconbrldge
'
—■
preferred—*.
5c
*
2.51
Eldorado.
Low
Shares
June
24c 26 He
4Hc
90
Week
of Prices
Price
..
official sales lists
"
•:
...
Sales
Friday
183
100
6c
Duquesne Mines........ 1
Toronto Stock Exchange
Jan
Apr
1,000
88
88
•
Dorval Slscoe
Aug. 12 to Aug. 18, both inclusive, compiled from
61
18H
Dominion Foundry......*
Dominion Steel B
Aug
July
May
17H
208
208
"22"
30c
11c
180
179
9c
*
Seagrams
Dome Mines
650
6Hc
*
24c
*
14
Apr
Apr
37 %
175
28 H
Nickel Mines... 1
27c
2.15
6,085
1,000
44H
17H
.....
1.26
59
41H
2,600
1,797
28 H
i
25c
8
6,823
230
16c
178
178
..1
39c
1.90
1.78
17
15c
"42 H
Gas..
1.50
16 H
1.55
17
33c
32
Royallte Oil Co
Southwest Petroleum
1.06
.
200
8
8
Jan
95c
25Hc 25HC
Bakeries..
.........
Distillers
1.39
48 He
*
Mhoes....
Consumers
Denlson
14HC June
95c
25c
33c
*
Petroleums.....
Jan
2,100
26 He
Commonwealth Petroleum*
Jan
Apr
3,320
"i He
1.51
Apr
89c
June
1.05
2.45
Smelters.
Davles
80c
*
2.40 June
108
2.76
9Hc
Mar
I0:: '
Anglo-Cndn Oil Co
May
3% Apr
Apr
9c
Chlbougamau...
Cosmos
Jan
Jan
6H
70c
1.60
78c
1
20
3,000
2.40
Chesterville-Larder Lake. 1
40c
1
Stadacona (new)
Sullivan Consolidated
76c
Jan
Jan
Mar
9c
Chromium
43c
Sladen Mai
76c
3
2.01 June
1.03
103H
25
"2.40
Jan
2,300
.
900
Jan
Mar
8
25Hc
Cockshutt Plow
2c
Too
200
3,270
4
13H May
3H
Apr
2.05
Commonwealth Petrol*
1
3%
2.30
Jan
48 He
IMC
1
..1
50
i
1
Sherrltt-Gordon Mines
Aug
1
„
Central Porcupine.
Reward Mining
Slscoe Gold Mines Ltd
68c
15
18
2.75
3,200
104H 107
Carnation pref........ 100
San Antonio Gold
Shawkey Gold...
70c
Aug
34 %
July
Jan
Mar
8
June
4%
6
68c
....
6H June
4%
19
1.50 May
18
230
5H
6
*
Canadian Oil
C
9
9
Malartic
Jan
Bunker Hill
Mar
19H
4.65
—
179
1.90
1.52
Bobjo
Apr
"19%
4.60
Bidgood
159
25
1.52
Beatty
52
Cndn Industrial Alcohol A*
4.65
Bankfield
165
166 %
Can Car & Foundry ..»..*
Pickle Crow Gold...——1
Preston-East Dome
.1
Arntfield
Mar
Jan
1.82
Gold
23
Jan
32c
Jan
Apr
8c
57 H
Feb
1.80
18
5.80
6
22
265
Apr
...
Feb
65
1,285
Aug
194
Mar
1.15
4.10
.
Mar
10H
20 %
1.05
3H
*
..20
June
Aug
2.63
20
20
2Hc
Perron Gold—————1
Amm
June
90c
1,235
Pato Cons Gold Dredging. 1
Pend-OreiUe M & M.....1
Aidermac
14
1,000
Pandora-Cadillac Gold
Acme Gas
55
85
3c
Pamour-Porcuplne...
6%
30
15H
4.85
O'Brien Gold
Abitlbl-
57
15H
"l"05
7H
56 H
June
July
3c
Mclntyre-Porcuplne..
Davles
23
8
4.70
New True Fissure
Oil—
1.2o
♦
Preferred.
Aug
163
52
1
Macassa Mines
90
Feb
Aug
150
...1
Lebel-Oro Mines
May
160
Cndn Bk of Commerce. 100
34c
4Hc
_
66
140 H
*
"36c
*
Jan
June
15
Breweries.—_•
Preferred
77c
32
38
317
7H
Mar
June
90
*
Mar
10H
101H
105
153
—
Aug
Apr
35
•
Jan
Aug
60
Apr
101
55
35 H
July
89H
13
150
150
B
16c
65
85
2.35
Canadian
7
124
35H
100
Permanent
5.75
96c
49
"156"
Malting..
Jan
2c
2,675
7H
95 H
104%
104H
M-
Canada Packers...
8c
8,750
25
35
60
95 H
100
Preferred
Can Cycle & Motor
Canada Steamships pref.
Canada Wire A
.v;... *
2.70
*
58
Canada Cement
Canada
1.95
105H 105 H
50
B
Aug
2%c
1
Falconbrldge Nickel
30c
33 %
33%
Jan
Jan
30c
4H
Canada Steamships
2.50
2.80
30c
July
Apr
Aug
4H
1.75
1.77
30c
i
High
Low
Shares
*
11c June
31
High
Low
1
—
Canada
2c
Eldorado Gold M Ltd
Week
1.75
25c May
340
Range Since Jan. 1, 1939
for
of Prices
Price
15c May
33 %
1
Lake Shore Mines Ltd
Jan
Par
Week's Range
Sale
Canada Bread
Jan
942
1
East Malartic Mines
—
•
Jan
6c
33 %
*
Duparquet Mining
Francoeur Gold..
; V
10c
1.00
Sales
Last
Calmont
Jan
Exchange
Friday
Calgary & Edmonton
Feb
28c
2.50
Dome Mines Ltd
Jollet-Quebec—
J-M Consol Gold....
17c
Feb
14c
17c June
23,700
Cent Cadillac (new)
1
Central Patricia Gold__._l
16He
Feb
2Hc
Jan
2He June
Jan
7,500
10c
1
2c
15Hc
12c
1
Big Missouri
2c
14c
1
Beaufor Gold
50c
250 June
4Hc
Arntfield Gold
Cndn Malartic Gold
700
32c
TORONTO
Street
Stocks (Continued)
29c
and Industrial Securities
Members] Winnipeg Grain Exchange
.
11
Sou Can Pow6% cm prflOO
United Securities Ltd. 100
cum
Jan
104
Apr
100
6% n c part 2d pref-__50
Provincial Transport Co.. *
Walkervllle Brewery
Ja«
July
103
Paton Mfg 7 % cum prellOO
Power Corp of Canada—
0% cum 1st pref
100
Quebec Tel & Pow A
6H
40H
97
20
101H 102
*
July
May
5
38%
listed and unlisted
on
F. J. CRAWFORD & CO.
Mar
94
Feb
83
108
89 H
89
5
Moore Corp
High
Low
invited
inquiries
,
Canadian Mining
Week
Shares
89H
Melchera Distilleries pre! 10
1,1939
Range Since Jan.
for
"40 %
MoColl-Fron 0% cm pf.100
01
Range
3.75
11
37C
35H
70%
221
Jan
July
Jan
Jan
Aug
Aug
Jan
Mar
June
202 H
Feb
3,834
14
June
17H
Mar
529
15
Apr
'6H
Aug
94
The Commercial & Financial Chronicle
1162
Aug.
19, 1939
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
Intl Metals A...
5%
Intl Metal pref
89 %
87
100
88 %
88%
Intl Milling pref
107
100
International Nickel...—•
Range Since Jan. 1, 1939
25
3%
155
89
70
107
5
47%
49%
6,666
21 a
21%
22%
1,883
Intl Utilities B._ —1
35c
3
r
■I
c
Apr
Feb
104
42%
20%
1.90
1.89
2.06
Kerr-Addison
l
.
——.1
_
25c
"V.33
1
Lake Shore....»
Aug
18c
July
Ventures...
*
4.70
3C
Aug
May
40%
18 X
1.47
Apr
24c
Aug
73c
Feb
1.15
Jar
1.75
Mar
32%
Mar
75c
*
....
Lamaque Gold Mines..
75c
50
50c
18%
10
13%
Apr
6.55
6.90
1,063
Lapa-Cadillac
1
18c
18c
21c
9,600
Laura Secord (new)
3
12%
12%
12%
657
2%c
2%c
7%
Lava-Cap
...1
Lebel Oro
72c
i
Legare pref
25
"75c
1
26
26
37
»
23%
24%
75c
B
Jan
Preferred...
J
85c
Jan
Wright
4.30
5.50
20%
8%C
20%
420
8%c
9c
4%c
4%C
4%c
3,200
2,000
11
11%
96
Feb
Jan
7
Jan
Apr
731
96
5
15%c
Apr
38
Jan
July
5.80
Jan
8.25
Apr
Jan
Jan
61%
Jan
19%
8%c
20%
Jan
May
15c
Feb
4C
May
8%c
Jan
9%
Apr
85
13
12%
Jan
96
Aug
1%C
May
Feb
lc
lc
500
3c
3%c
7,515
3c
Aug
8%c
Jan
1.30
1.30
6
1.25
Aug
2.00
Mar
5
6%
Aug
11
Mar
3c
%C June
Aug
90c
Feb
1,351
20%
1
Wood-Cadillac
Jan
8%
38
4.70
1,065
*
8%c
May
3% June
11%
Wlltsey-Coghlln
Jan
July
June
6
63c
84c
12,700
2.98
2.70
Aug
64c
July
59o
2%C
25
*
7.30
13%
Feb
June
1,775
«
./.
15
4%
2,837
100
White Eagle
97%
Apr
2%
Apr
7%c May
*
—
Aug
11
28
6.85
—
Preferred
Mar
July
Mar
2.450
13,500
*
Westons
Apr
3c
Loblaw A..
Jan
3.25
— .
95
45
*
—
..
1.65
41
6.10
Jan
Mar
Aug
500
1
West flank
1.00
32%
2%
44%
Wendlgo
40c
3
8%c
42
Feb
July
July
3%
4.60
6.15
90
July
20c
2
2%
42
*
—
Preferred
Aug
32
*
.---.
—
10%
76c
Little Long Lac
B
5.50
50%
21
12%C July
7%
Leltch Gold
2.85
2.14
Apr
18%
6.55
Amulet
Walte
14%
2%
1, 1939
High
8%c
———.21
— —
—
Walkers
1 000
2.299
pref.
Jan
10,r80
41%
*
Lake of the Woods
B
Feb
11c
12
32
United Fuel A pref _—.—50
95%
13%
"3%
9
60,544
14
95
"13%
*
•£*
,
15c
15
25c
82
40%
I
Lake Sulphite
1
*
Gas.
*
3.500
Kirkland-H udson
6,950
5,900
1,285
United Steel
3%c
Klrkiand Lake
1.09
Jan
2,151
12
1.00
1.03
11%C
15c
3c
26
May
15c
11%
1,900
2%
*
3c
3c
30c
United Oils
1,500
11%
Uchl Bonds 6%
79
5
29c
!
UrAon
81
81
Low
2%
Ucbl Gold
Jan
Range Since Jan.
1
— — —
Jan
56%
27%
for
Week
Shares
High
*
—-.
City
Jan
4%c
1
Towagrnac
Jan
4%C
*
107
Low
Toronto General Trust. 100
Twin
Apr
500
Kelvlnator
Jan
70c
200
20c
J M Consolidated
Aug
July
Price
Par
Range
o< Prices
34c
1.04
20c
Jelllcoe
Week's
1.26
1.02
4%C
Mar
35c Aug
1.02
Aug
I6%c May-
50c
..1
1
7%
91%
90
Apr
Island Mountain
—
'
July
Jack Walte
Jacola Mines
Stocks (Concluded)
High
Apr
Apr
70
20
48 %
International Petroleum
Low
90
107
Exchange
Sales
Last
Sale
Shares
5%
5%
100
A preferred
Stock
Friday
Last
Stocks (Continued)
Toronto
Sules
Friday
2,025
2.60
2,439
22%
Apr
Apr
3.60
21
27
Aug
24%
Aug
7
1
10%c
10%c
13c
2,700
9c
Apr
18%c
*
Harerpaves..
8.00
8.00
8.05
7,047
7.30
Apr
8.00
7
Jan
Mar
Toronto Stock Exchange—Curb Section
Jan
Apr
Apr
7
100
Aug. 12 to Aug. 18, both inclusive, compiled from official sales lists
; i
4.45
23%
4.45
2,745
3.85
Apr
5.90
MacLeod Cockshutt
1
1.76
1.76
1.93
3,100
1.70
Apr
3.20
J.n
Madsen Red Lake
Last
1
34c
34c
38c
12,600
30c
Mar
55c
Jan
Malartlc Gold
Sale
'
60c
60c 67 %c
21,300
43c
Jac
75c
Manitoba <fc Eastern
*
May
Maple Leaf Milling..
%c May
Apr
Apr
2%c Apr
2%
Apr
29%
Apr
5% June
Feb
82%
2%c
July
*
2.50
July
Brett-Trethewey
5%
Aug
Canada Bud Brew
*
7c
Jan
Canada Vinegars
Canadian Marcoul
*
94
Macassa Mines
768
4.75
l%c
l%c
9,000
~2~.00
2.00
2.12
360
4%
4%
3c
3c
Preferred
Maralgo
)
Massey-IIarrls
5
20
3c
2,500
*
4%
4%
...100
38%
37%
41
691
*
Preferred
6%
5%
6
289
McColl Frontenac
Preferred
...100
Mclntyre Mines
88
5
405
89%
59
McKenzle Red Lake..... i
McVIttle-Graham
1
4%
28
59
1.23
1.23
13%c
1.00
2%
7%
Jan
843
49%
Apr
Apr
1
Par
Price
1
-
_
Low
1%C
l%c
38
400
1,826
*
6
7
Corrugated Box pref
100
22
22
May
Dalhousle
6c
Mar
20 %c
June
Dellavilland
38c
Apr
75c
Jan
3%e
1 00'
Mining Corp
»
1.18
1.18
1.27
Model Oils
1,325
1
25c
2cc
25c
500
7c
1.05 June
Jan
2.05
Aug
48c
Jan
...25c
7c
7C
7 %r
1.300
7c
Aug
Moneta
12%c
Jan
]
98 %c
98 %c
1.02
11,990
89c
Apr
1.45
Jan
»
A
100
B..
175
175
2«0
........100
2' 0
7c
l%c
Murphy.
National Grocers
6 %c
l%c
*
Preferred
6
$20
National Steel Car
1
5c
5c
5c
00
3 %c
3%c
NordonOll..
Norgold
3,200
1.36
1,620
3,566
Norrnetal...
50c
Northern Empire
North Star
July
O'Brien
Pend Oreille
2%C
Jan
Jan
Apr
May
14o
July
2%c
July
70
Apr
June
61%
Jan
51%c
9C
1.80
84
4%c July
3%c June
13c
3,500
6c
2,242
38c
Apr
70o
Jan
350
8.00
Apr
9.50
Aug
40c
50c
500
40c
Aug
1.25
Mar
3U
"0
3
May
CO «\
July
6,675
1.86
Aug
3.35
Jan
87c
1,900
91c
Aug
1.73
Jan
33c
4,132
25c May
53c
Jan
110
5c
Aug
Jan
7%
June
23c
23c
23c
600
Jan
4c
4%C
3,000
23c May
4c Aug
52 %c
4c
12c
Jan
»
101
42
Apr
104%
1.95
2.15
20,455
Aug
4.75
Jan
4%c
4%
4%c
500
4%c May
16c
Jan
4%
100
4%c
4c
4%c
2c
2c
l
...
4c
1
.
i
Cons
1.95
7c
8,000
3c June
7%c
Feb
1,500
2c
July
7%C
41c
40c
44c
12,550
35c
Apr
61c
1.78
1.78
1.96
4,510
1.45
Jan
2.03
%C
%c
17%o 17 % c
*
1,«00
*?r
20c
Jan
5,705
4.40 June
5.60
Jan
3,300
2.25
Apr
2.70
Jan
1.18
Apr
2.45
Jan
Apr
12%
Mar
17c
Apr
25c
July
1.71
June
1.92
"*
4,325
9%
9%
9%
75
i
June
4.65
1.66
Royalties......25c
Apr
lc
2.50
"ll66
Premier
Aug
Jan
July
4.50
)
....
%c
16%c
Jan
2.40
4.55
—III
21c
1.76
21c 22%r
1.75
9
l.c0-
1.90
3,120
..
2.40
1.43
1.42
1.59
48,969
1.17
Apr
1.75
3%c
3%c
1,000
3%o
Aug
9c
Jan
45c
47c
4,150
20c
Mar
46 c
...
Royalite Oil
St Anthony
St Lawrence
6c
1,300
126
5%c May
11%C
178
180
32
100
192
*
33
"II
"l
189
_...11
Gold.II.III*
33
34
9c
9c
10c
Apr
1
2%
1 92
15,984
1.18
Jan
2.03
Aug
10c 10%C
4,600
10c
Apr
17c
Mar
■S
'■<'<
2%
37c
46c
2%c
2%o
'0b
1.15
1.22
4,900
97c
97c
1.03
18,162
7.25
7.00
7.25
327
5.50
2.75
3.00
104
1.50
I "III»
"III *
IIIIII00
Rtlverwoods pref..
Simpsons B
j
5
5
4%
95%
14,500
330
Apr
Aug
51c
2c
July
4%c
Jan
JaD
1.25
June
85c June
1.45
Jan
JaD
7.70
Aug
July
3,00
Aug
3%
Apr
4%
16
3
Mar
180
78
Apr
Feb
5
June
1.05
1.18
13,430
38c
38c
41c
5,350
4c
4c
~.~ +
4%c
2,000
4c
Aug
13c
43c
43c
51c
33,150
43c
Aug
1.03
6%
6%
*
yj
*
125"
II •
1125
72%
70%
72%
74%
70%
71
3%c
3%C
4%c
19,000
16c
16c
00
2.00
2.00
1,770
7 %c
1,000
•
Sturgeon River
l
Sudbury Basin
*
2.00
125
125
96c
Apr
37c June
3
10
1.25
335
66%
60
65
3%o
Jar)
Aug
37%
6.00
30
12%
32%
Jan
32
24
Apr
35
12
Aug
15%
June
29%
Apr
33
June
344
Jan
9c
9c
500
1.28
1.41
2,870
1 21
June
1.95
%c
1.30
100
Jan
5
40
%c
5,100
%c
Aug
l%c
138%
25
2%
210
138
*
2%
19%
34%
2%
19%
20
34%
34%
6c
7%c
115
10
6%c
8c July
14c
Feb
5,400
July
Jan
Jan
Aug
138%
3
1% May
340
1
Bid
Jan
Apr
22%
July
38%
Jan
Aug
14%c
Feb
18%
34
6c
Beauharnols Pr Corp 5s '73
Brown Co l8t5%8
1946
Burns A Co 5b
Ask
42%
43%
91
89
Mar
108
~
1958
Bid
Manitoba Power 5%s.l951
5%s series B
1952
Ask
90
m -
-
90
'
m-mrn
29%
mm
35
37
Maple Leaf Milling—
2%s to '38-5 %s to *49
Montreal Island Pr 5%s *67
61
63
104% 105
Montreal L H A P—
Calgary Power Co 5s..1960
105
105%
106
107%
103% 103%
88%
89%
Canada Bread 6a
1941
Canada Nortb Pow 6s. 1953
Canadian Inter Pap 6s 1949
Canadian Lt A Pow 6s 1949
Canadian VIckers Co 6s '47
102
58
59%
34
35
96%
1956
Consol Pap Corp—
5%s ex-stock
3%s
1956
3%s
1973
Montreal Tramway 5s 1941
Power Corp. of Can 4 %s'59
5s—
Deo 1 1957
104% 105%
101% 102%
99
100%
103% 103%
104% 106
Price Brothers 1st 5S..1957
90
91
4s...1957
77
80
97
Provlncla JPap Ltd 5%s '47
101
63
65
Saguenay Power 4%s A *66
106% 106%
1960
106
107
East Kootenay Pow 7s 1942
98
100
Shawlnlgan W A P 4%s '67
104
Eastern Dairies 6s
1949
Fraser Co 6s
Jan 11950
Gatlneau Power 3%s. 1969
104%
50
52
Smith H Pa Mills 4%s *51
104
105
United Grain Grow 5s. 1948
United Securs Ltd 5%s "62
96
98
56
Winnipeg Elec 4%s__.1960
102
1981
Dom Gas A Elec 6%s.l945
Donnacona Paper Co—
4s
2nd
conv
deb
4 %s series B
Gt Lakes Pap Co 1st 5s *65
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
5 %8
90
98%
79
80
101
102
1961
74
75
4-5s series A..
J—1951
Be
...
91
98%
36
38
4-5s series B
Aug
Feb
77%
75
Mar
Jan
June
11c
Jan
.1965
1965
57
'
'
70
70%
/53%
54%
Crops Continue Promising Despite Heat and
Drought According to Bank of Montreal
"In the Prairie Provinces of
Canada, despite the fact that
prospective yields and grades of grain have been seriously
lowered by extreme heat and drought,
crops over large
portions of both Saskatchewan and Alberta continue promis¬
ing and wheat yields generally in Manitoba will be fairly
satisfactory," the Bank of Montreal states in its crop report
issued Aug. 17.
The bank goes on to say:
In the latter Province harvesting is well advanced and in
Southern
moisture
In Quebec
well
Jan
Jan
sections
14%C
Feb
76c
Sylvanlte Gold
80c
2,650
5%c July
75c June
l
1.01
3.20
3.40
3,555
2.78
Apr
3.55
Jan
11
*
11%
11%
25
.]
4.10
Apr
4.10
12%
4.25
5,485
3.80
1
Apr
4.70
67c
Jan
67c
70c
1,3 0
65c
Apr
1.30
Jan
Apr
2.30
Jan
Mar
17%
Toburn
l
Toronto Elevator
*
1.76
15"
1.80
15
15
300
50
1.74
10
June
July
late
sown
and
Maritime
and
grains
Little
pastures.
Central and Northern
crops in
Province, grain, root and fruit
under
Saskatchewan
Good rains in Manitoba
delayed operations, but the
benefit from heavy rains
way.
average
Jan
3.20
beneficial to
fairly general.
growing weather and all are giving
c
76c
been
districts would
3.00
]
has
Alberta cutting is
precipitation has occurred in Alberta, and
Apr
]
Tamblyn C
Nominal
Canadian
now
Sullivan
Teck Hughes
Texas-Canadian
»
and showers over most of Saskatchewan have
Sudbury Contact
7 %c
price
and
June
3.50
24%
r Flat
Jan
Jan
8
Jar
12c May
1.80
•No par value.
Jan
1.65
80c
Apr
July
Aug
5
95%
III]
.IIIIII1
Standard Chemical
Jan
37c
92c
P5W
95
4%
1.10
....
Stadacona
Apr
80c June
Closing bid and asked quotations, Friday, Aug. 18,
Feb
2%
37c
l
Standard Paving...
Steel of Canada
Preferred
Straw Lake Beach
32
Abltlbi P A Pap etfs 5a 1953
Alberta Pac Grain 68—1946
Jan
15%c
1.74
1.15
Slgman Mines. Quebec..
Silverwoods
Lake
Mar
44%
July
1.75
10%c
]
Preferred
192
Apr
8c
8,025
"III
I..50c
Sheep Creek
Sherritt-Gordon
Siscoe Gold
Sladen Malartlc
192
2M
Senator-Rouyn
Shawkey
23%
200
Jan
6c
Corp
San Antonio
250
1.00
Jan
Mar
5%c
45c
—1
Bank
27%
75c
Feb
3%c
III
Roche L L
27
♦
Jan
..1
♦
E Dome
Red Crest
Gold
Mar
1
Mar
1
1
Jan
Apr
i
.......
Slave
94
101%
2.00
4%c
Gold
Sand River
101
*
Pickle Crow..
Royal
Jan
Jan
4%
.1
Pioneer Gold...
Powell Rou
Power Corp
Preston
112
l%c
75
Porcupine
Paymaster
Reno
July
55
6%
*
Perron Gold.....
Petroleum Cobalt
Petrol O AG
Prairie
108
4.50
6%
„*
Partanen-Malroblc
Paulore
r
110
4.50
6%
Page-Hersey
Mar
90
Feb
60c
9.25
2.18
Painour
14
Feb
Industrial and Public Utility Bonds
Jan
27c
Pandora-Cadillac
Pantepec
Aug
Jan
87c
PacaltaOlls
Aug
12%
I
.
Temlskamlng Mining
Mar
1.86
Oro-Plata
35c
6
70
30
Supertest ordinary.——
July
27c
*
Aug
Jan
July
1.28
6%
25
87c
£0
3,400
Jan
Aug
27%
5
1.00
-
ghawlnlgan.
4%
2.00
Preferred
..
Robb-Montbrey
Robt Simpson pref
Rogers Majestic A
OkaltaOlls.
Orange Crush...,
20% May
10
.1
-
Jan
Olga Gas
Ontario Loan...
7
Apr
6
--
Osisko Lake
Aug
3%c
3UC
"
--
20c
50c
40c
—
Mar
7%
82
27
—
-
179
9.05
....
Preferred.—
2%c
83
Aug
240
43% May
2%c
40%
-
Apr
23
80%
1.30
Mines
Dominion Bridge
10 June
57,900
10
37c
July
2.50
5
40
.
1.25
Apr
6
100
Hamilton Bridge
—*
Hamilton Bridge pref.. 100
Humberstone
*
Montreal Power
*
May
280
49
14%c 17%c
35c
75c June
3% May
1.50
82
—
DeHavllland pref.-
6c June
125
2%c
It
Nlplsslng
Noranda
155
80%
...
Mar
215
220)
24%
47
14%c
*
5
80,300
500
6
23%
..."
Naybob Gold
Newbec
35
10
8%c
l%c
35c
5
Jan
25c
Moore
Morrls-Klrkland
Mar
4%
11,000
668
Apr
14
1.90
20 000
40%
5
Aug
1.00
16c
40
June
3%
60c
40%
3%
1.90
50c
Feb
3%c
10%
1.00
3%c
High
July
355
3%
13 %c
3c May
lc
225
11%
1.90
50c
Corp
4
10%
1
Low
1,500
5
3%c
......
1%C
4
Range Since Jan. 1. 1939
Shares
*
.»
Monarch Oils
for
Week
High
Coast Copper
——*
McWatters Gold
Merland Oil
Range
of Prices
Mar
59
1.03
Stocks—
Sales
Week's
Consolidated Paper—
Consolidated Press A
Jan
Mar
7%
9,050
Friday
Mar
60
1.29
Jan
Provinces
moisture conditions
In
yields
crops
have benefited from good
crops
satifeactory promise.
Ontario harvesting is
of the main
in
crops
general'show
well
are
good
in
Grain cutting is
advanced
prospect.
promise,
in
most
In
weather
the
and
having continued favorable to growth.
In British Columbia crop conditions
generally continue
satisfactoiy, and
prospects are for good yields of grains and tree fruits, though in
without irrigation water, rain is urgently needed.
areas
grain will be in full swing in a few days time.
various
Harvesting of
Volume
Quotations
a3s
Jan
a3s
i
1 1979
Feb
1 1975
a3%s July
1 1966.
84%8 Apr 16 1972.
119
84%s Feb 15 1976.
108
10614
<13 %s Nov
1 1954
1 1960
106% 108%
106% 107%
«4%s Jan
83148 Mar
106
o4%8
84a
a4«
848
May 1 1977,
a4s
Oct
107%
a4
113%
112% 114%
113
114%
115% 116%
%8
84 %8
84 %8
a4 %s
1 1980
8414b Mar
116
117%
84
1 I960..
1 1962
04«8 Sept
117
118%
84 %8
117% 118%
a4%8
%8
Bensonhurst National...50
Chase
13.55
Bid
31%
Highway Imp 4%s Sept '63
142%
Canal Imp 4%s Jan 1964 —
Can A High Imp 4%s 1965
142%
Avenue
123% 125%
100
100
Companies
7
4%
71%
76%
Kings
Chemical Bank A Trust. 10
98% 101%
48%
46%
Clinton Trust
60
45
Colonial Trust
25
Central Hanover
...20
....
—
80
14%
Corn Exch Bk A Tr
54%
55%
Title Guarantee A Tr —.20
—100
Underwriters
11%
United States
54%
111
108
13
20
-~
115%
Empire..
10%
10
Bonds
3%
4%
90
—100 1620
1670
Bid
Ask
Insurance Companies
Ask
Bid
AsA
40
52%
—.25
Continental Bank A Tr.10
133
JAJ '80 to '67
31
38
.20
—20
Preferred
12%
1615
28
New York
11%
264
—100 1575
Manufacturers.
50
9%
____
210
11%
...10
County
Lawyers...
Ask
Ask
195
259
Irving
5%
100
Bid
Par
Guaranty
54%
52%
—100
Fulton
411
401
10
County
Bronx
Barge C T 4%s Jan 11945.
Bid
12%
Bank
AsA
Bid
100
Brooklyn
133
Port of New York Authority
17%
New York Trust
126% 128
61.25
Canal Imp 4s
■mm mmm
26
14%
730
700
......100
Bank
122% 124
'
140
24
Sterling Nat Bank A Tr 25
Trade
Improvement—
4s Mar A Sept 1958 to '67
62.40
30%
1870
Highway
5s Jan A Mar 1964 to '71
52
29
105
175
169
121% 123%
122
123%
4%s April 1940 to 1949—
Canal A Highway—
45
National....—..25
Merchants
Bid
1
12
Peoples National——...60
33%
First National of N Y..100 1830
World War Bonus—
1
less
10
Exchange
Fifth
Ask
less
14
—10
Penn
119% 120%
New York State Bonds
62.10
ioo~~
121% 123%
119
120%
Bankers
62.15
26
12
Public
Bank of New York
3s 1981
45
24%
National City
Commercial National..100
Par
3s1974
40
12%
National Safety Bank.12%
18%
75
Ask
National Bronx Bank...50
40
120% 122
121
122%
1 1977.
15 *78.
Mar 1 1981.
May 1 1957.
Nov 1 1957.
Mar 1 1963.
June 1 1965.
July 1 1967.
Dec 15 1971.
Deo 1 1979.
84% 8 Nov
112
May 1 1959
84b
—
May 1 1957
Nov 1 1958
120%
16%
Bank of Yorktown..66 2-3
Bid
Par
Ask
Bank of Manhattan Co. 10
119% 121
120% 121%
o4%8 June 1 1974.
Bid
Par
117% 119%
118
119%
1 1964.
84 %B Mar
a4%s Apr
o3%s May 1 1964—,.
a3 «a Jan 15 1976
Ask
Bid
96%
9514
10014 101%
10014 101%
103
104%
1977
New York Bank Stocks
City Bonds
Ask
Bid
a2%s July 15 1969
Over-the-Counter Securities—Friday Aug. 18
on
New York
1163
Commercial & Financial Chronicle
The
149
Par
Aik
Bid
Par
108 % 109%
1940-1941
Gen A ref 2d ser 3%s '65
1942-1960
Gen A ret 4th ser 3s 1976
105% 106%
105% 106%
102% 102%
Gen A ref 3%s
105% 106
Gen A ref 3d eer 3 %s *76
1977
10
47%
Homestead Fire
10
1%
17%
2%
18%
-10
30
32
Ins Co of North Amer
10
68
69%
-25
78%
80%
-10
23%
Jersey Insurance of N Y...
Knickerbocker
5
40%
22
43%
10%
22
Lincoln
6
2%
10
20%
7%
13%
14%
Mass Bonding A
1
Ins..12%
56%
58
41%
43%
Merch Fire Assur oom
41
45
23%
25%
Merch A Mfrs Fire New'k 5
7%
8%
51%
53%
Merchants (Provldenoe)..5
3
4%
34
36
Aetna Cas A Surety.. -10
0.80%
Aetna
110%
——.MAS
Life
Aetna
Agricultural
Inland Terminal 4%s ser D
MAS
MAS
1940-1941...
19421960
George Washington Bridge
...
American Alliance
1.00%
6
109%
American Home
—
—10
American Reserve
American Surety
-25
Automobile
United States Insular Bonds
113
109
Equitable.. —5
American
106
4%s ser B 1940-63. MAN
Home Fire Security
45%
American Re-Insurance. 10
Gen A ref 4b Mar 11975.
-10
American of Newark.. -2%
E
MAS b
Holland Tunnel 4%8 ser
Port of New York—
-10
,
9%
Fire
5s
Apr
6s
Feb
1952
5%8 Aug
115
1959
1952
1955—.
1941
4 %8 July
112% 114
101% 103
5
•
111% 112%
112% 113%
Conversion 3s 1947
119%
New Brunswick
New Hampshire
...6
24%
7%
6%
26
28
35%
Northern
1%
2%
...
—10
3s 1955 opt 1945—.....JAJ
107% 107%
107% 108
107% 108%
3s 1956 opt 1946—..—JAJ
Ask
Bid
108% 108%
113% 113%
3
%81956 opt 1945—MAN
4a 1946 opt 1944
JAJ
130
63%
Fireman's Fd of San Fr.25
—
..MAN
10%
Reinsurance Corp (N
30%
80
19
35
Y).2
8
9%
10
24
10
.6
24%
25%
25%
4%
41%
43%
—10
23%
25%
Rhode Island-
24%
St Paul Fire A Marine .62%
5
38%
26%
40%
10%
Seaboard Surety
Globe A Rutgers Fire. —15
19
12%
21%
General Reinsurance Corp 6
Georgia Home
Joint Stock Land
Bid
Central Illinois 5s
Bank Bonds
Bsd
26
87
90
89
25
91%
..........
5s and 5%s_.
Denver 3s
100% 101%
100
100% 101
100% 101%
North Carolina 3s
—-
* 101
100
Oregon-Washington 5s
/40
Pacific Coast of Portland 5s
100
4
101%
100% 101
101
79
Fremont 4%s
80
•+
m m
107
Iowa of Sioux City 4%s
100
4%s
—
101
99
Lafayette 6s..—
101
24
;
100% 101%
13%
....
Southern Minnesota 5a
21%
—10
27
28%
U S Fidelity A
20%
21%
—10
76%
79%
U 8 Fire—
50%
52%
62%
64%
32
34
/12%
Hartford Steamboiler. —10
57%
59%
—6
31%
33%
Westchester
Home
'53
Deb Corp 3-6s '53
Arundel
Debenture
1953
3-6s
82
Series B 2-5s
Potomao
88
85
101
Cont'I Inv DebCorp3-68 *63
67
101
Empire Properties Corp—
101
1945
Interstate Deb Corp 2-5s'56
•
mmrnrn
—...100
Atlantio
-
65
75
North
100
45
55
100
Dallas
118
128
40
Denver
+rnm,—
65
Moines
100
60
First Carollnas—
100
7
Fremont
100
1
2%
100
2
1953
Lincoln..
....
mmm
mmmm
3 6a
98
....
1%
1%
1%
1%
1%
1%
Bid
due......Aug
due......Sept
10
15
100
73
—100
22
27
Potomac
—100
100
110
San Antonio
—100
74
—
Carolina
—
Virginia-Carolina
..5
.....—
due...
due......Nov
due......Dec
due— ...Jan
15 1939 6.20%
1939 6 .20%
2 1940 6 .20%
1
mm mm
mm mm
mmm
.
mmm
/23
series A A D
Nat Cons Bd Corp 2-5s
Nat Deben
51%
Ask
Bid
1 1940 b
1% due— —Mar
1% due—
1 1940 b
1% due
June
1% due— ...July
Par
100
Bid
1
1 1940
1
.20%
Par
Bank A Trust
76
100
210
78%
215
61%
mm-
'mmm
■
■
Par
48
50
B/G Foods Inc oommon *
Bohack (H C) common—*
1%
2%
2%
3%
100
20
23%
7% preferred....
100
Co Inc—*
Diamond Shoe pref
Flahman (M H)
Ask
538
9%
7
Reeves
72
.5
2
4
preferred....—50
20
24
(Daniel) pref—100
Stores
99
*
21
United Cigar-Whelan
12%
No
par value,
price.
dlvldend.
i
a
Interchangeable,
2 Nominal
25 preferred
13
quotation,
b Basis price,
to i When
Ex-Uquldatlng dividend.
t Now listed
on
New
York Stock
Exchange,
FRANCISCO—
34%
Ask
109
285
528
Bk of Amer N T A 8 A 12%
..100
Miller (I) Sons common.
8%%
*
273
100
Bid
Kobacker Stores—
Borland Shoe Stores
/Flat
Bid
Par
Ask
■'mmrn
Northern Trust Co
SAN
62
'
6.30%
1940 6 .30%
Bid
f Now selling on New York Curb Exchange.
33 1-3
\
mmm
.25%
Continental Illinois Natl
First National
mmmm
8
Kress (8 H) 8% pref
Ask
215
mmm*
6
7% preferred
1940 6 .25%
Harris Trust A Savings. 100
210
^,
82
'53
Corp 3-6S.1953
Chain Store Stocks
Chicago & San Francisco Banks
A Trust
90
85
mmm
American National Bank
/23
2
1%
—100
1% due... —Feb
16 1939 6.20%
1 1939 6.20%
Corp 3-6s
77
Virginia
series B A C
82
Pennsylvania
Ask
15 1939 6.20%
Oct.
Maryland Deben¬
1953
Atlantic
Deb Corp 3-6s
1953
Realty Bond A Mortgage
deb 3-6a_.—......1953
Unified Deben Corp 5s 1955
ture
Potomac Realty
Federal Intermediate Credit Bank Debentures
,
56
49
Potomac FrankllD
Central Funding
4
Des
53
1953
Potomac Deb
Potomac
Ask
Bid
—100
New York
55%
SO
.1953
58
Nat Bondholders part ctfs
Atlanta...
52%
Corp 3-6s '63
Deb Co
3-6s
2-3s
Inc 2-6s
Par
Ask
95%
59 %
57%
100
6s
Bond Corp (all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
Ask
82
Series A 3-6a
Associated Mtge Cos Ino—
86
Virginian 3s
Bid
Corp—
1954
1954
Nat Union Mtge
m
/53
100
......
and Debentures
Ask
Bid
100
6s
Union of Detroit 4 %s
Joint Stock Land Bank Stocks
Bid
Guar Co..2
.4
10
Fire—..2.50
U 8 Guarantee
Mortgage Bond Co of Md
Par
453
—10
Cont'l Inv Bd Corp 2-52 '53
Southwest
99% 100%
99%
97%
Illinois Midwest 5s
4
420
443
Hartford Fire
108%
/23
4% and 5s
San Antonio 3s
84
86
100
126
3
370
Hanover
Arundel Bond Corp 2-5s
St Louis
83
6s.
5%s
Travelers
123
22%
Surety Guaranteed Mortgage Bonds
105
4%s
58
101% 102%
Fletcher 3%s
12
43
107
Phoenix
103
100
%8_.
4%s
28
9%
100%
100% 101
First Trust of Chicago—
69%
26%
1
.
Ohio-Pennsylvania 5s
101
First Carollnas 6s
First Texas of Houston 6s.
66%
—
Halifax
Montgomery 3s
100% 101%
100% 102
Dallas 3s
33%
—6
»
New Orleans 5s
5
5
35%
32%
Security New Haven
•
New York 5s
Chicago 4%s and 4%s
8%
33%
—15
preferred
238
6%
10
10
Springfield Fire A Mar..25
Stuyveeant
6
Sun Life Assurance
100
2d
■
3
232
Seaboard Fire A Marine..6
Great Amer Indemnity
92
5%9
...
Great American
Ask
—
68————— —
Lincoln 4%S———
26
/22
/23
/3 %
/3 %
4%s
Glens Falls Fire
Ask
/22
Burlington 6s—
29%
.6
27
124% 129%
120
123%
33
Globe A Republic.... —5
•#' ;
V
—
25%
76
Republic (Texas)
Revere (Paul) Fire
Franklin Fire..
105
101
95%
9
Firemen's of Newark. —5
33%
47%
17%
5%
16%
Gibraltar Fire A Marlae.10
3s 1956 opt 1946
15
.10
Pro vldenoe-Washing ton
64%
93
—10
Flre Assn of Phil a
45
%
»
125
2.50
National.25
Pacific Fire—
26
Phoenix
..10
Preferred Acoldent
6
9%
8%
—6
12.60
River
Northwestern
50
48
Fidelity A Dep of Md. -20
North
4%
5
Northeastern.—..
33%
-2%
Federal..
|
New York Fire
Continental Casualty. —5
Excess
Federal Land Bank Bonds
10
Connecticut Gen Life- —10
Employers Re-Insurance 10
Ask
15%
New Amsterdam Cas—2
28
23
Eagle Fire
Bid
—.6
21%
City of New York
1
U S conversion 3s 1946
118
13%
31%
45%
19%
26%
—10
Fire
61%
Fire—10
5
-.10
City Title
111% 112
29%
8%
7%
130% 136%
20
National Union Fire
Carolina
Camden
118% 120
July 1948 opt 1243.
'
;
96
642
632
3%
59%
—.2
National Liberty
2%
27%
10
10
National Fire
7%
92%
.100
Boston
4%s July 1952
115% 118
109
108
Hawaii 4%s Oct 1956.
Bankers A Shippers... -26
'■''■f/"1...-'-:....
■■
Govt of Puerto Rico—
117%
6%
Baltimore American.. .2%
123% 125
U S Panama 3s June 11961
Philippine Government—
4%b Oct
Ask
Bid
Ask
2%
Maryland Casualty
National Casualty
Bid
9%
36%
k
Quotation not furnished by sponsor or
Issuer.
Issued,
...
d Coupon,
w-s With
23
e Ex-Interest.
stock, z Ex-
The Commercial & Financial Chronicle
1164
Quotations
Aug.
19,
1939
Over-the-Counter Securities—Friday Aug. 18-Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Akron Canton
3osepb Walkers Sons
Mrmkm
1945
1939
——....
Baltimore A Ohio 434s
Cambria AClearfield
30
31
51H"
-.1943
7334
39
42
_.1944
32
34
1955
.........
71
1940
........
100
101
.....
434s....................
2-6600
STOCKS
1939
Boston A Albany 434s
Bo«ton A Maine 5s
Tel. RE ctor
Asked
/2834
/29
10034
5034
1945
v
6s
i GUARANTEED U
NEW YORK
Youngetown 534s
Atlantic Coast Line 4s..
hirw T*rk Sink Excbtngi
Dealers in
120 Broadway
and
.
.
4s—-
Chicago Indiana A Southern 4s
1956
65
75
Chicago St. Louis A New Orleans 5s
1951
78
81
Chicago Stock Yards 5s
■Sine#1855)
1961
...
Cleveland Terminal A Valley 4s
110
1960
Florida Southern 4s
Bid
6.00
74
10.60
116
100
Albany A Susquehanna (Delaware A Hudson)
Asked
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
..100
6.00
54
2.00
27
29
Boston A Albany
..100
(New York Central)
7334
8.50
16
20
3.00
4434
47 34
(L A N-A C L)__ ..100
6.00
8234
8434
5.00
63
66
Cleveland A Pittsburgh (Pennsylvania)
49
43
44 34
-.100
6.60
54
55
-100
9.00
152
155
..100
4.00
-100
—
60.00
(Pennsylvania)
3734
3934
7.50
950
2534
6.00
—50
5134
54
8634
88 X
36
41
4.00
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
4.60
1.50
Pittsburgh Fort Wayne A Chicago (Penn.) pref.. -100
Pgh Ygtn A Ashtabula pref (Penn)
-100
Rensselaer A Saratoga (Delaware A Hudson)
-100
2634
42
3.00
Preferred
6834
9734
99
84
44 34
7.00
17134
7.00
142
174
.
63
6.64
1959
1940
New York A Hoboken Ferry 5s
Norwich A Worcester 434s
66
mm.m*
■
70
104
10334 *
....1941
119
1947
1961
94
9234
73
....1947
...1967
-
—
103 34
98 '
,1942
Toledo Peoria A Western 4s.
1734
80
1949
Terre Haute A Peoria 5s
98
32
1947
Portland Terminal 4s
10234
97
/16J4
1946
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
...
10134
1948
...
mm.4
9934
2032
....
-
112
2000
New Orleans Great Northern Income 5s
10534
101
Toledo Terminal 434s
Toronto Hamilton A Buffalo 4s
1957
109
111
1946
100
102
United New Jersey Railroad A Canal 3 34s
Vermont Valley 434s
1951
106
75
78
Vlcksburgh Bridge 1st 4-68
Washington County Ry. 3 34a—
1968
70
71
1954
40
42
.1990
54
5534
1940
...
West Virginia A Pittsburgh 4s
^
^
1978
Memphis Union Station 6s.
Providence A Worcester 4s.....
3.876
...50
New York Lackawanna A Western (D L A W)— -100
Central
77
47
2.00
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
1950
'
Pennsylvania A New York Canal 6s extended to
2.00
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Northern
75
3.50
stock
Betterment
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
67
New York Philadelphia A Norfolk 4s
Cleve Cinn Chicago A St Louis pref (N Y Central) ..100
com
63
New York A Harlem 3 348
76
8.75
Boston A Providence (New Haven)
Canada Southern (New York Central)...
Carolina CUnchfleld A Ohio
43
1953
New London Northern 4s
58
...50
73
70
1946
Kansas Oklahoma A Gulf 5s
77
12134
m-m
3234
3134
..1945
Hoboken Ferry 5s
Illinois Central—Louisville Dlv. A Terminal 334s
Indiana Illinois A Iowa 4s
—
Dividend
Par in Dollars
55"""
53
1951
Cuba RE. Improvement A equipment 5e
(Guarantor In Parentheses)
1995
Connecting Railway of Philadelphia 4s
Guaranteed Railroad Stocks
Alabama A Vlcksburg (Illinois Central)
10234
m
66
St Louis Bridge 1st pref (Terminal RR)
Second preferred
6.00
71
73
Tunnel RR St Louis (Terminal RR)
-100
United New Jersey RR A Canal (Pennsylvania).. -100
6.00
141
145
244
144 34
14034
3.00
10.00
241
-100
6.00
49
5.00
55
60
5.00
56
59
Par
52
Valley (Delaware Lackawanna A Western)
-100
Vlcksburg Shreveport A Pacific (Illinois Central). -100
Utlca Chenango A Susquehanna
(DLAW)
Preferred
Industrial Stocks and Bonds
Bid
Alabama Mills I no
34
5.00
57
6C34
3.50
24
27
3.00
54
57
♦
l'A
American Arch
•
Amer Bemberg A com
American Cynamid—
*
3234
11X
Ask
Par
234
New Britain Machine
37
1334
*
Preferred 0 34%
Norwich Pharmacal
Ohio Match Co
2454
-100
2654
45
55
50
2 34
•
1834
1954
954
1554
10
11*4
1234
*
3334
36
Pan Amer Match Corp..25
Pathe Film 7% pref
•
100
89
21
9234
2254
Petroleum
25
Petroleum Heat A Power.*
%
134
Products...•
15
17
Pilgrim
4
5834
3034
64
Pollak
Andian National Corp...*
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Readlng)
3354
Art Metal Construction. 10
1494
1654
Bankers Indus Service A. •
34
6% oonv pref-.
American Enka Corp
American Hard Rubber
8%
cum
American
Railroad
Bid
Atlantic Coast Line 454s..
Baltimore A Oblo 4548
BoatoD
A
Maine
Bid
61.75
1.00
63.75
3.00
64 00
3.00
64.00
3.00
3548 Dec 1 1936-1944...
63.75
3.00
Canadian National 454s..
62.25
1.75
ASk
4 54s
63.50
New York Central 434s
York Chicago A
.
2.50
62.25
1.75
New
St. Louis
63.25
2.50
63.75
4 34s
3.00
New York New Haven A
58
62.25
1.75
62.25
1.75
64.00
1.60
454s
3.00
62.10
6a.,
Chesapeake A Ohio—
45^0
Chicago A Nor West 454 s.
Chic MUw A St Paul 454s.
63.75
1.00
61.50
1.00
4f series E due
4.25
Jan
4.25
Chicago R I A Pacific—
Trustees' ctfs 354 s
1.50
62 00
3.00
65.00
65.00
5s
62.50
Northern Pacific 434s
Pennsylvania RR 434a...
Canadian Pacific 454 s
Cent RR New Jersey 454 s.
A
Dec 1 1937-60
9854
3.00
1.60
1.80
2.00
3.00
64.00
10
9954
64.00
Reading Co 434s
Denver A R G West 454s..
68
bi
62.25
62.50
July 1937-49
2Xb series G non-call
Pere Marquette 434s
...
62.00
1.50
4H
Hocking Valley 5s
...
63.50
2.75
64.00
-
3.00
—
63.50
2.75
1.00
St Louis Southwestern 5s..
63.00
2.00
0.50
Southern Pacific 434b
Southern Ry 4348
61 00
Illinois Central 454s
62.25
64.00
3.00
62.25
1.85
62.25
1.75
62.10
1.50
62.10
1.50
1.75
Internat Great Nor 4348..
4348-..-
Texas Pacific 4s
.
4340
Long Island 4540.
63.50
62.50
1.50
6s
64.00
Missouri Pacific 4>4s
6a
2.25
2.25
1.00
61.25
0.75
Western Maryland 4 54s.
Western Pacific 6s
62.25
3.00
63.25
63.25
_
61.50
Virginia Ry 434s.........
68
Maine Central 5s
2.50
6% pref 100
Cessna Aircraft
..
1.25
2.75
63.75
...
Chic Burl A Qulocy
Chilton Co common
1
100
10
•
—
634
2
3
46
48
334
1
Exploration
1
Manufacturing
Remington Arms com
*
*
Singer Manufacturing..100
Singer Mfg Ltd
Commodity Credit Corp
Skenandoa Rayon Corp..*
4
.
7
Solar Aircraft
3
4
1
New York City
12
Standard Screw.
20
31
34
2334
2934
134
Stanley Works Inc
25
3734
3954
Stromberg-Carison Tel Mfg
20
Taylor Wharton Iron A
*
*
Dennison Mfg class A
10
34
15
6% preferred
Sylvanla Indus Corp
*
100.5
100.7
way
100.8
100.10
334s
revenue
1944 6
1.60
less
1
334s
revenue
1949 6
2.20
less
1
Aug 1 1941
Federal Farm Mtge Corp
1340
Sept 1 1939
Fed'l Home Loan Banks
28
Apr
Federal
102.3
103.8
1 1943
102.7
103.12
34%
34%
Nov 1 1941
100.28 100.30
Jan 15 1942
100.27 100-29
101.20 101.24
at 101
Trlborough Bridge—
Call Jan 3 '40 at 102.
101.13 101.17
4s
8
f revenue '77.AAO
11334
11234
100.5
100.7
100 8
1941
100.10
1.00
less
34
4s serial revenue..1968 6
3.15
less
*
20
23
Trlco Products Corp
*
2$34
3134
Triumph Explosives
2
3254
254
Tublze Chatllloncum pf.10
xSO 54
1
1 b/c
0 sv.
Dixon
(Jos) Crucible... 100
Domestic Finance cum pf_*
61
Steel
Douglas (W L) 8hoe—
Oonv prior pref
Draper Corp..
VI
*
Fohs Oil
71
2H
3
634
734
30
...
Co...'
*
shares..
*
.—
•
154
34
454
554
Veeder-Root Inc
4954
com
934
134
334
Welch Grape Juice 00m..6
*3
conv
preferred
•
11
12
preferred
100
West Va Pulp A Pap com.*
Gen Machinery Corp com*
Good Humor Corp
1
1534
534
West Dairies Ino
*
1354
3 54
334
.....100
3254
37 54
Great Lakes 88 Co com..*
2534
2734
Wilcox A Glbbs
Great Northern
3734
434
234
40
WJR The Goodwill Sta
Paper..25
5
Interstate Bakeries com...
$5 preferred
Kildun Mining Corp
36
1
7%
534
554
334
3834
Preferred
$3
cum
100
preferred
154
60
com
6
•
454
3254
634*
Cuoan Atlantic Sugar..734
For footnotes
see
1
Housing Authority—
134% notes Feb 1 1944
102 4
1334'
page 1163.
40
4
Carrier Corp 4 34s
1948
Crown Cork A Seal 434s '48
90 X
10034
/5454
5754
2654
f2 4
97 54
9854
Houston Oil 4 343-
3
48 X
10054
100
/2954
Deep Rock Oil 7s
Haytlan Corp 8s
1654
32J4
/4654
Bethlehem Steel 3348.1959
Brown Co 5 34s ser A..1946
3854
Nat Paper A Type com...*
5%
preferred
1937
1938
—
-.1954
3154
8854
99 54
McKesson A Rob 534s 1950
8054
Minn A Ont Pap 6s.—1945
Nat Radiator 5s.
—.1946
f 22J4
T18
8154
2454
'
-v-*'
N Y World's Fair 4S..1941
106
113
27
29
Old Bell Coal inc 6s.—1948
116
3154
3354
Scovlll
Mfg 5V4S- ——1945
1334
15
Shell Union Oil 2 34s
25
29
Socony-Vacuum Oil 3s 1964
99
154
—
254
1954-
107 54
94 H
9454
10454 10554
Woodward Iroa—
100
1734
20
1962
106
Income 5s..1982
104
1st 5s
2d
conv
106 54
Telephone and Telegraph Stocks
102.6
Am Diet
Teleg (N J)
Bid
Ask
Par
com. •
95
100
Mtn States Tel A Tel..100
100
115
118
New York
Bell Telep of Canada... 100
173
176
Bell Telep of Pa pref... 100
I
Par
Savannah Sug Ref
com...
1
334
1
Preferred
234
954
27
*
^
554
3454
54
24
Muskegon Piston Rlng.234
Nationa* Casket
•
-
100
3634
254
1634
3034
6% preferred
100
Mock Judson A Voehrlnger
7% preferred..
100
2734
40
York Ice Machinery
7% preferred
•
5
9
7
2554
100
U S
Bid
Ask
[
Eastern Sugar Assoc
234
454
Worcester Salt
1
Preferred
Marlln Rockwell Corp
McKesson A Robbins
95 X
2554
554
19
38
1254
9354
23
wick wire Spencer Steel-_*
17
..*
11
1
Bonda—
954'
2754 Amer Writ Paper 6s..1961
...100
1854
1654
1
34
834
134
854
4334
10754
•
com v t c
2554
*
54
52
Warren (Northam)—
%
234
834
40
Harrisburg Steel Corp
87
*
Preferred
38
Preferred
3454
354
100
.
Garlock Packing com
•
Gen Fire Extinguisher...*
Graton A Knight com
14554 149 *4
1
com
United Piece Dye Works.*
23
18
*
common..
United Artists Theat
*
Foundation Co For shs...*
American
74
1
Fairchlld Eng A Alrpl
Federal Bake Shops
Par
| Ask
2
*
Time Inc.
12154 12354
Preferred
Bid
554
154
Tennessee Products
39
5834
1
Sugar Stocks
Par
454
25
3534
Preferred
4s serial revenue..1942 6
Home Owners Loan Corp
34s
May 15 1940
May 15
100 26 100.28
2154
21
*
S3 conv preferred
*
Co Inc common..!
34 % notes July 201941
2054
Dictaphone Corp
Merck
Corp—
2s May 16 1943—
34s
11034
Reconstruction Finance
Natl. Mtge Assn
Call Novi6'39
1340 Jan 3 1944
10934
100.1
Dec' 1940
2s
Authority 3 34s '88
5
4
Dentist's Supply com
10
Devoe A Reynolds B com *
Macfadden Pub common. *
Park¬
H % notes Nov 2 1939,
454
10
55 preferred.
H%
2254
170
2134
2734
Long Bell Lumber
Ask
167
$1 cum preferred
Crowell-Colller Pub_.
Ley (Fred T) A Co
Bid
254
354
534
Lawrence PortI Cement 100
Ask
54
254
554
1254
354
2054
Landers Frary A Clark..25
Bid
103
1134
King 8eeley Corp com_._l
Miscellaneous Bonds
100
Scovlll Manufacturing..25
-
5
'•■■■
Conversion
834
1454
Columbia Baking 00m...*
Preferred
St Louis-San Francisco—
61.50
Erie RR 454s
Great Northern 454 s
Maine
Burdines Inc common....!
New Orleans Tex & Mex—
Hartford
pref
Hardware
American Mfg
Ask
6s
4548.—.
Amer
Equipment Bonds
Ask
Bid
New Haven Clock-
West Indies Sugar Corp..l
3134
4
3334
534
Cuban Teleph 6% prf
52
Emp A Bay State Tel..100
Franklin Telegraph
100
Gen Telep Allied
$6
preferred
55
X40
26
Corp—
•
Int Ocean Telegraph.. .100
10254 10454
7!
Rid
131
Ask
134
■
Mutual Tel.100
Pao A Atl Telegraph
Peninsular Telep com
Preferred A
Rochester
26
17
1454
•
32
100
112
100
113
1654
3354
11354
Telephone—
56.50 1st pref
-
m
m.
So A Atl Telegraph
25
Sou New Eng Telep...100
15554 15854
Wisconsin Teleo 7% pf
118
100
16
20
-
-
—
Volume
The Commercial
149
Quotations
WE
MAINTAIN
ACTIVE
& Financial Chronicle
Over-the-Counter Securities—Friday Aug. 18—Continued
on
Public
UNLISTED
IN
MARKETS
TRADING
Ohio Edison 56 pref
Commodity Exchangee
100
Ok la G A
E 7%
pref.. 100
Pacific Ltg 55 pref
*
Pacific Pr A Lt 7 % pf.,100
Penn Pow A Lt 57 pref...*
Cities
Connecting Branch Offices in leading
100
7% preferred
:;J;
Broadway
Private Wire System
6% preferred
Jersey City Office
"'.t'v.;
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Teletype JCY 1518
;.:V''•
Main Office
115
New York City
Tei REctor 2-5485
103% 104%
112% 114
113
109% 110%
v-'v
Ask
Bid
Par
■
■
6% preferred D„.
Sierra Pacific Power com.*
Sioux City G A E 57 pf.100
32%
34%
4%
1
Ask
104%
19%
20%
99%
97%
6% pref series B.
25
Texas Pow A Lt 7% pf. 100
Toledo Edison 7% pf A. 100
United Gas A El (Conn)—
30
29%
5%
100
Utah Pow A Lt 57 pref..
Virginian Ry......
*
in<
.
PennPr4%% pf 100.
106
107%
109
111
88
90%
61
02%
157% 162
112% 113%
Ask
Bid
Par
,
Bid
103
Southern Calif Edison—
West
V
100
7% preferred...
Investing Companies
....
Par
Rochester Gas A Elec—
115
107% 108%
87%
89%
Queens Borough G A E—
6% preferred...... 100
Republic N atural Gas...
Ask
Bid
100% 107%
112% 114%
111% 113%
*
57 preferred
*
Ohio Power 6% pref... 100
Ohio Public Service—
GOODBODY & CO.
Membert N. Y. Stock Exchange and other Principal Stock and
Utility Stocks—Continued
Par
Investment Trust Issues
'•
1165
Admlnls'd Fund 2nd Inc.*
11.02
11.72
Affiliated Fund Inc...l%
3.01
3.35
Series B-l
26.95
29.47
21%
23%
Series B-2
21.44
23.48
13.86
15.24
♦Amerex Holding
Corp..*
Keystone Custodian Funds
2.84
3.15
Series B-3
.37
Amer Business Shares
.42
Series F-l
.....
14.06
13.39
14.75
Series 8-3
9.58
10.61
Series 8-4
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
4%
5%
Series K-2
Assoc. Stand Oil Shares..2
4%
5%
Bankers Nat
Corp
Invest
3.50
Boston
Fund
'X
'
Bullock Fund Ltd..
34
34%
34%
1978
36%
35%
37%
Income deb 434 s
Conv deb 4s
1978
40%
41
1973
68
Conv
1973
21.28
23.23
24.84
10
10.14
11.08
12%
13%
..25c
3.54
X X XXx
1.16
1.29
5.49
,*•5.85
12.41
-'."J''
Nation Wide Securities—
Canadian Inv Fund Ltd.-l
3.70
4.05
Century Shares Trust...*
23.68
25.46
10.68
3.46
♦Continental Shares pflOO
2.33
6%
5%
Corporate Trust Shares__1
Series AA
•;
m
2.22
1
1
Common
Voting shares
National Investors Corp.l
New England Fund..
N Y 8tocks Inc—
11.51
1
2.61
Series ACC mod..
X XXX
Aviation
'XXXX
Bank stock
■
•
♦Crum A Forster
9.09
♦8% preferred
6.59
9.58
♦7% preferred
100
Cumulative Trust Shares.*
4.54 Y'-XXXX
15.28
Delaware Fund
Deposited Bank Shs
Deposited Insur Shs A
16.52
1.56
1
Y
XXX-X
2.94
ser A1
Y
XXX'X
Diversified Trustee Shares
3.60
3.55
'XlX-
:
•
5.54
7.06
1
"
Series 1956
49%
2.27
-
♦Putnam (Geo) Fund
10c
Quarterly Inc Shares..10c
28.80
Fidelity Fund Inc
•
17.27
6.55
7.25
1st
.35
109
9.00
88%
5% deb series A
Representative TrustShslO
9.50
.21
90%
92
8.58
Selected Income Shares...
3.96
Pub
94
1st mtge 3%s
1968
102
10c
Bank Btock series
2.64
2.38
3.54
Insurance stk series. 10c
3.20
Fixed Trust Shares A... 10
9.00
Foreign Bd Associates Inc.
6.79
7.58
Foundation Trust Shs A.l
3.83
4.40
Fundamental Invest Inc.2
16.06
17.46
Fundamental Tr Shares A 2
.4.81
5.51
B
*
General Capital Corp
♦
General Investors Trust.•
•"
XX-XX
4.37 vr'-**
30.99
28.8?
5.10
4.65
Group Securities-
1
'•
'
Agricultural shares
4.98
5.43
Automobile shares
4.37
4.77
6.69
7.28
6.31
5.80
*
14.37
Standard Utilities
Inc. 60c
♦
Super Corp of Am Tr ShsA
Chemical shares
6.23
57
1962
; 56
B.__.
4.44
4.84
Investing shares
3.05
3.33
3.42
2.39
AA
3.59
B
3
Supervised Shares
X-u X*
/.
X
•
p*
,1
.)
Merchandise shares
5.19
5.65
Mining shares
6.04
6 57
Trusteed Industry Shares
.91
Petroleum shares
4.02
3.39
4.96
5.40
-»XX
55%
75%
77%
58
Texas Public Serv 5s.. 1961
Toledo Edison 3%a___1968
Utica Gas A Electric Co
60%
109%
HO
5,56
5.10
Tobacco shares
1
.13
.33
Investors..*
15.01
16.14
♦Independence Trust Shs.
2.09
♦Huron Holding Corp
Incorporated
.
XX.X X
Bank Group shares
1.06
1.17
Insurance Group Shares.
1.29
Blair & Co
.-^x^x
■"
■
XXX X
14.48
1%
.i
.
2%
Corp el A..*
22
25
1
2
♦First Boston
Corp
1
Bid
10
35
.1956
/20
23
B'way A 41st Street—
1st leasehold 3%-5s 1944
34
16%
1
17%
2
60
69
1957
Ask
99
96%
Associated
Gas
&
Electric
Interstate Power 17 pref. *
Cent P A L 7% pf.. 100
102% 104%
Kan Gas A El
98
94%
115%
Jer
7% pref. 100
Original preferred
*
2%
3%
Kings Co Ltg 7% pref. 100
J6.50 preferred
*
5%
6%
17 preferred
*
5%
6%
6% preferred
100
Atlantic City El 6% pref.*
119%
XX-
7% preferred
....100
Birmingham Elec 57 pref.*
64%
67%
22%
7
118%
viass Utilities Associates—
22
6
Long IslaDd Lighting—
51.60
57 preferred
*
preferred
89
99
100
100
.
105%
100
107
Consol Elec & Gas 56 pref *
Consol Traction (N J). 100
Consumers Power $5
pref*
101
93%
95%
9%
52%
104
107
97%
108
10%
56%
105
Continental Gas A El—
100
7% preferred
92%
94%
117% 120
41%
43%
24%
25%
56.60 cum preferred...*
24%
26
57 cum preferred
25%
26%
Derby Gas A El 57 pref..*
Federal Water Serv Corp—
56 cum preferred
•
—*
100
7% preferred
NTrMitrI
5%s series F-l_._._
61%
41%
5%s series Q-.........
Ciw
*
x'-»~
110%
113% 114%
23%
25%
28
32%
/19
Olicrom Corp v t c_.
Film Center Bldg 1st 4s '49
1958
1939
Bldg—
stamped....1948
42 Bway 1st 6s
32
36
39
40
/21%
/52
35%
Graybar Bldg 1st Ishld 5a'46
87
36%
84%
89%
81%
83
Harriman Bldg 1st 08.1951
16
Hearst Brisbane Prop 0s '42
Miss Riv Pow 0% pref. 100
Missouri Kan Pipe Line. .5
Monongahela
West
118
25
Pub Serv 7%
29
..100
67
69%
7% pf 100
Nebraska Pow 7% pref. 100
New Eng G A E 5% % pf_»
31
33
Mountain States Power—.
7% preferred
Nassau A Suf Ltg
16
cum
preferred
»
7% cum pref erred. ..100
(Del)
States
7%
(Minn)
113
114%
35%
36%
46%
48
113% 114%
pref
1941
1944
(w-s)
1949
100
*
5s
Income
'58
17
54
58
"
47%
51%
36
39
62
67
1950
/is
21
1956
/II
1943
Rlttenhouse Plasa (Phila)
2%s
1968
•toxy Theatre—
#•'•
3s with stock...
4%
/3%
35%
37
Sherneth Corp—
1st 6%s (w-s)
85
88
60 Park Place (Newark)—
24
27
'1
36
40
18
01 Broadway Bldg—
43
40
37
37
3%s with stock....1950
010 Madison Ave—
34
33
1957
26
30
73
76
1958
36
40
1939
/40
44
2 Park Ave Bldg 1st 4~5s'46
1948
'
14
'■
1947
3s with stock
1st 4-5s
52
43
1957
....
1st 3%s
47
51
Syracuse Hotel (Syracuse)
52
1st 3s
56
1955
1948
Bldg—
54
58
Textile Bldg—
.1951
40
43
Trinity Bldgs Corp—
Lexington Hotel units....
42
46
5%s w-s—1963
London Terrace Apta—
69
73
1962
37
1st lease 4-6 %s
Lewis Morris Apt
1st 48.,
.......
Income
1st A gen
104% 105%
112% 113%
100
1st 6s
3-4s
72
70%
111% 113
1st 5%s
Walbrldge Bldg (Buffalo)—
3s
39%
1st 4%s
1st 58 (Bklyn)
1947
50
1951
60
For footnotes see page
1163.
XX—
15
19
1951
16
18%
1948
73
77
I960
Wall A Beaver St
Ludwlg Baumann—
100%
Power—
pref
4%8^-s)
32*"
'51
Savoy Plaza Corp—
1st 5s (L I)
100
/19
5J&J
Lefcourt State Bldg—
N Y State Elec A Gas—
Northern
'■mttmm
•
Lincoln Building—
17 prior lien pref
*
New Orl Pub Serv $7 pf:..*
New York Power A Light—
8s..„1941
44
Lefcourt Manhattan Bldg
27%
f ctfs
5%s stamped
1961
Realty Assoc Sec Corp—
6%
Penn
pref
6%
44
23%
Fox Thea A Office Bldg—
Fuller Bldg deb 0s
115
50
IStTntgb 4s
40
81%
Mississippi P A L $6 pref.*
s
22
Broadway
1st 2%-4s
..1951
105 Bway Bldg 1st
Sec
3
/I
Avenue—
mtge 0s.
103 E 57th St 1st
34%
28
partlc pref..60
*
37
52d A Madison Off Bldg—
lst0%s..
Park
Prudence Secur Co—
Mississippi Power J0 pref *
conv
4
2%
34
-
4s
53%
43%
32
'
39
5%% pref
Idaho Power—
Interstate
35%
30
37%
New Eng Pub Serv Co—
Dallas Pr A Lt 7 % pref. 100
56 preferred
33%
27
34%
$7 preferred
91%
..
56 preferred...,.
Cent Pr & Lt 7% pref.
52%
2d
3s inc '46
1st
Central Maine Power—
7% preferred
50%
l
1400
6
5%s series BK.,......
Hotel St George 4s... 1950
25
preferred
Carolina Power A Light—
6%
87
22
4
54
25
40 Wall St Corp 6s
19
'
43
28
— ......
Corp—
50
.1950
lBt3%s..
Y Majestic
4s with stock strap.. 195(
V Y Title A Mtge Co—
39
.
33
5%
Buffalo Niagara A Electern
8
/6%
Y Athletic Club—
5%s series C-2
—1948
1st leasehold 3s. Jan 1 '52
Alabama Power $7 pref..*
Y
73
71
...194f
2s................1955
Colonade Construction—
60 Bway Bldg 1st
Bid
Ask
102
99
•
V
Brooklyn Fox Corp—
Hotel units...
Par
1941-
........
Metropol Playhouses Inc-
N
..........1948
4-6s
V
Utility Stocks
Arkansas Pr A Lt 7% pref *
Bid
6s
Eastern Ambassador
■'■'YYY'. .X;X
109"
Metropolitan Chain Prop—
■
Ask
98
96%
108%
108%
Mortgage Certificates
8 f deb 5s.
Broadway Motors Bldg—
6%s (stamped 4»)__1949
Bid
i960
133
105% 106%
101% 102%
37
B'way Barclay lnc 2s
600Fifth AvenuePar
5%s
Wisconsin G A E 3%s. 1966
Wis Mich Pow 3%s__1961
10
Dorset 1st A fixed 2s..1967
10c
00m
..1957
3%s__1964
Ask
7
1st 4s (w-s)
Hutton A
Inc
53%
/32
Equit Off Bldg deb 5a. 1952
Deb 5s 1952 legended.
Public
f51%
Court A Remsen St Off Bid
10.29
Investors Fund C
Pomeroy
85%
3s_1957
Chesebrougb Bldg 1st 6s '48
♦Class B... ...........
1.42
9.64
.99
13.16
1
Banking Corp
♦Central Nat
75%
83 %
Chanin Bldg 1st mtge 4s '46
1
♦Schoelkopf.
Institutional Securities Ltd
73
m%
Beacon Hotel lnc 4S..1958
3a
Investm
5s
West Texas Utils 3 %s_ 1969
Western Public Service—
96
98%
107% 108
•
3.70
Steel shares
-
4.38
RR equipment shares...
-
2.24
Voting shares
104% 104%
54%
58
Aiden Apt 1st mtge
.61
15%
B__...
103% 104%
104
104%
Tel Bond A Share 5s. .1958
109
^Xxx
M .82
U S El Lt A Pr Shares A.
1966
3s 1979..
..XXv
:
.55
Wellington Fund
1947
79%
107% 108
XX
4.62
Series B
77
4%s
Real Estate Bonds and Title Co.
Trusteed Amer Bank Shs B
88
86
1951
10.33
5.03
Trustee Stand Oil Shs A.l
96%
27
Iwm x
■
9.50
2.35
1948
Collateral 53
2.41 Xxx XX '
.......1
94%
/25%
58%
•
Trustee Stand Invest Shs—
Series C
79%
107"
Sou Cities Util 5s A.. 1958
1954
Federated Util 5%s... 1967
Havana Elec Ry 6e
1952
Inland Gas Corp 6%s.l938
.56
75%
6.78
Food shares.
.52
73
1961
Wash Wat Pow
15.24
Spencer Trask FUDd
♦State St Invest Corp..
77
103%
93%
Dallas Pow A Lt 3%s_1907
Dallas Ry A Term 6s. 1961
.67
Series D
j
Aviation shares
Building shares
.61
3-6s
Pub IJtll Cons 5%s
Republic Service—
75%
92%
1962
Coll inc 6s (w-s)
Sovereign Investors......
104%
Southern Bell Tel A Tel—
Cumberl'd Co PAL 3%s'60
9.36
lien
Portland Electric Power—
6a
...1950
Sioux City G A E 4s.
Crescent Public Service—
'"-X xX X
104
106%
102%
f2%
74%
'
Fiscal Fund Inc—
1964
Rochester Gas A El 3%s '89
St Joseph Ry Lt Heat A Pow
Serv
Income 6%s with stk *52
Cities Service deb 6s__1963
6s series
.23
Selected Amer Shares. .2 %
Central Illinois
5s
10.00
Republlo Invest Fund. 26c
3%s
105%
110% 111%
99% 100
Cons Cities Lt Pow A Trac
103
100
86%
105
Peoples Light A Power-
98% 100
Consol E A G 6f A... 1962
.40
14.58
8.10
1965
Old Dominion par 5s. .1951
Parr Shoals Power f>s_. 1952
Penn Pow A Lt 3 %s..l969
Central Public Utility—
X~XX'-
73"
85%
38
1st lien coll trust 08.1946
18.59
First Mutual Trust Fund..
27
26%
69
Corp
Nor States Power
(Wise)—
3%S
1964
40
1st lien coll tr 5%s_1946
XXX'X
13.63
Plymouth Fund Inc
1.22
26.78
38
Cent 111 El A Gas 3%s. 1964
,'XXXX-
•
2.65
.1
Series 1958
6.20
Equit Inv Corp (Mass)-.6
Equity Corp 13 conv pref 1
36
37
Central Gas A Elec—
2.70 YYXXXX
.!
1.12
18.31
109
Y, Pa A N J Util 6s 1956
41
35
Cent Ark Pub Serv 5s. 1948
YXXXXi
2.30
..1
5.55
17.05
39
1983
'•
No Amer Tr Shares 1953. ♦
..1
ment Fund series A-l
1966
N
1st
6.01
6.52
.........
Dividend Shares..
25c
Eaton A Howard Manage¬
D
3%s
New Eng G A E Assn 5s_'62
4%s._1983
A Electric 3%s....l908
6.98
Series 1950
2.61 Y'XXX*
Deposited Insur Shs ser B1
C
6.44
.........
No Amer Bond Trust ctts.
'
Narragansett Electric—
BlackBtone Valley Gas
8.57
Railroad equipment
112
108%
48
4%s-5%s._.1986
32%
101% 102%
6.89
7.97
Oils
34%
32%
10
100
Bink fund inc 5-6S..1986
10.30
6.36
Metals...
Steel
♦Common B share
■99
8 f inc
7.14
Machinery
♦Crum A Forster Insurance
83
6.67
—.
99%
101
Missouri Pr A Lt 3%a_1966
76
Sink fund lnc 6s
8.88
6.15
Insurance stock
118
100
8.26
Electrical equipment
29%
27%
10
com
72
74
80
Sink fund lnc
7.26
8.45
............
JLt
3%8._1969
Lehigh Valley Transit 6s oO
Lexington Water Pow 5s "68
Assoc Gas A Elec Co—
5.13
Building supplies
2.61 ''"XXXX
1
70
Cons ref deb 4%s..l958
6.70
;
Automobile
<v
99
31%
Mountain States Power—
1st 6s
....1938
1973
4%s
Conv deb 5s
Pow
N Y State Elec A Gas
'
Series AA mod
deb
1978
Conv deb 5%s...._ 1973
8s without warrants. 1940
X'"'
4.72
Agriculture
X«*
;
2.22
....1
Accumulative series
108% 108%
65%
67%
88%
90%
Income deb 3%s
19.79
3.18
Kan
Income deb 4s
Maryland Fund Inc._. 10c
1
100
Income deb 3%a.._1978
Mass Investors Trust...-1
1
Kansas Power Co 4s__l964
4.75
.29
Commonwealth Invest
72%
7.55
15.31
Chemical Fund..,
71%
3.85
4.25
9.87
Iowa Public Serv 3 %s. 1969
Kan City Pub Serv 4s. 1057
6.84
.14
1
86%
3.42
Mutual Invest Fund
Ask
50%
84%
Assoc Gas A Elec Corp—
14.24
Inc
British Type Invest A
1
Broad 8» Invest Co Inc-.5
Bid
48%
Serv 6s. 1964
Associated Electric 68.1961
Manhattan Bond Fund Inc
7
5%
♦Class A
Basic Industry Shares..10
....
Utility Bonds
Ask
Amer Utility
10.10
Series 8 2
Bid
Amer Gas A Power 3-5s '63
15.45
9.11
Public
Corp—
w-s
Westlnghouse Bldg—
.
r
1st mtge 4s
The Commercial & Financial Chronicle
1166
Aug.
19,
1939
Quotations on Over-the-Counter Securities—Friday Aug. 18-Concluded
Water Bonds
If You Don't Find the Securities Quoted Here
Ask
Bid
7
102
I
Bid
104)4
102%
New York Wat Serv 5s *61
Ask
97 H 100 H
Newport Water Co 6s 1963
102
Ohio Cities Water 5 Hi '53
Ohls Valley Water 6s. 1954
Ohio Water Service 5s. 1958
108
104)4
100
Ore-Wash Wat Serv 6* 1967
101% 102)4
105)4
Penna State Water—
101
will probably find them in
in which you have interest, you
our
monthly Bank and Quotation Record.
'
In this publi¬
r
cation quotations are
carried for all active over-the-counter
The classes of securities covered are:
stocks and bonds.
Domestic
1st coll trust 4%s..1986
Municipal Bonds—
Banks and Trust Companies—
108
109)4
104)4 106
/
Domestic
(New York and
Federal Land Bank Bonds
6s series B..
Insurance Stocks
Real Estate
101)4
105)4
Ill
Railroad Stocks
Real
74
Trust
and
Land
83
1948
104
Phlla Suburb Wat 4s—1966
108
110
102
104
Richmond W W Co 68.1957
105
101
102)4 104 H
108
106 H
cranton Gas A Water
102
U. S. Government Securities
Mining Stocks
102 H
107
Greenwich Water A
6s series A
Mill Stocks
U. S. Territorial Bonds
4Kb
Huntington Water101)4
Go
1958
103 H 105
sranton-Sprlng Brook
...
Water Service 6s. 1961
103
1st A ref 6s A
105
6s
90%
95%
91
1907
The Bank and Quotation Record is published monthly and
sells for $12.50 per year.
104
100
Plalnfleld Union Wat 5s *61
100
Stocks
ties
101H
Roch A L Out Wat 5s. 1938
Estate Bonds
Title Guarantee and Safe Deposit
Joint Stock Land Bank Securi¬
1948
...1948
Pinellas Water Co 6%s. '69
Pittsburgh Sub Wat 5s '68
79
78
5%r seriesB
Stocks
Investing Company Securities
102 H 101
102
1st consol 6f
...
Railroad Bonds
Industrial Stocks
97 H
Prior lien 6s
102
Public Utility Stocks
Industrial Bonds
102 %
92 H
1960
1st A ref 6s
1st oonsol 4s...
6s.
Public Utility Bonds
Foreign Government Bonds
100%
Peoria Water Works Co—
Canadian
Out-of-Town)
Canadian
95 H
10L
96
102 H
Your subscription should be sent to
1st rntge 3%s
104% 106
6s..
100)4 103)4
105)4
---
.
79
Indianapolis Water—
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
•
84
103
101
—1949
6s series A..
103
105
104
105)4
105
Foreign Stocks* Bonds and Coupons
Union Water Serv 5%s *51
102 H 104)4
108
T Va Water Serv 4s..1961
105 H 107)4
100
Monmouth Consol W 5s '66
100)4
106
103
Western N Y Water Co¬
ds series B
Monongabela Valley \
1950
98 H 101)4
97 H 100)4
1st rntge 5s
1951
105)4
1st mtge 5Ha..
1960
Mnnole Water Works 5s '65
105)4
101H
103
102
104
68 series B
6 His.
BRAUNL & CO., INC.
Y.
102 H
New Jersey Water 5s. 1950
52 William St., N.
—1950
Morgantown Water 5s 1965
Inactive Exchanges
III
6s series B
94
1951
97
102
1960
105 H
6a series A..
99
6%s.
Tel. HAnover 2-5422
1961
1956
6s series C
New Rochehe Water—
1949
105
100
For footnotes see page
103 H
1163.
Foreign Unlisted Dollar Bonds
Bid
6
Bid
Ask
Hungarian Gent Mut 7s *37
Hungarian Ital Bk 7Ks'32
Hungarian Dlsoount A Ex
n
obange Bank 7s
1936
Jugoslavia 6s fundlng.1966
/9
8
/26
/22
48
60
6
nm
Jugoslavia 2d series 50.1956
48
61
5
Koholyt 6Hs
7
7i.
CURRENT
Ask
/19)4
/52
/20
0
8
25"
—F.
L.
7
/15
/20%
/18
/2%
8
/2%
7s..
9
6s..
0
72)4
72%
/21
/15
/33
/23
/16)4
7
5
3
1
-
5
0
21%
Land M Bk Warsaw 8s '41
18)4
Leipzig O'land Pr 6 Ha '46
Leipzig Trade Fair 7s.1963
Luneberg Power Light A
2%
2)4
2)4
Water 7s
1*6)4
47)4
737
/19%
Munlc Bk Heesen 7s to '46
Municipal Gas A Elec Corp
Recklinghausen T i ..1947
/8
/20)4
7
i
B
Gears
(Brasll) 8s
194 7
fl7H
mn
76
/17)4
/2
Gentral Agrlc Banksee German Gentral Bk
Gentral German Power
Madgeburg Os..
Chilean Nitrate 6s
City Savings Bank
•
---
18
Hungary 7 His
1962
18
3)4
4s
1947
idenburg-Free Stats—
7s to....
i
)
1
n
/70
/53
/18
...1946
Ill
.1966
...
many) 7s...
J
/18
21
63
/16)4
f22H
/19%
/19%
17
6s....
5
>
rov Bk
••
)
722
/22
—Fred A.
Mr.
as
n
•24"
142
38)4
/40
4s scrip
8s................1948
...
8s
otis
of deposit. 1948
40%
article
on
/19%
/21)4
Harvey Fisk & Sons, Inc.,
are
dealers in U. S. Government securities,
—Announcement is majle of the formation of V. P. Oatis & Co.. Inc.,
to
deal
in
municipal
and
corporation
as
securities
Vincent P. Catis
with
Vice-President.
Offices have been
opened at 135 South La Salle St., Chicago.
Mr.
Oatis started in the securities business in
& Co., in Toledo,
Ohio, which firm
& Oatis, Inc., in 1924.
was
1913 with Sidney Spitzer
succeeded by Stranahan, Harris
For the past five years Mr. Oatis served as manager
of the Chicago office of Blair Securities Corp. and its predecessor company.
He withdrew from this company on July 31, 1939 to form his own investment
Mr.
Condon, who
associated with Mr.
10%
—Seymour Kling
at 39
ment
was
Oatis
also with Blair Securities Corp., has been
for the past nine years.
announces
the formation of Kling & Co., with offices
Broadway, New York City, to transact
a
general business in invest¬
securities, specializing in U. S. Government Securities and Municipal
10
22
.1943
n
8
.1946
/22
/22
New York Stock Exchange and dealers in Bank and Insurance Company
/24
stocks, have compiled and prepared for distribution to interested parties
—
£
...
£
...
£
.1951
6s..
2d series 5h
I960
i960
48
48
Mr.
Kling has been associated with several stock exchange firms in
—Satterfield & Lohrke, 42 Broadway, New York City, members of the
National Bank Of
...
...
the Anaconda
York.
/19%
Copper Mining
current
investment
Co. and First
outlook for the
stock of these respective companies is considered in individual studies.
New York Cotton
98
85%
The
51
—Abbott, Proctor & Paine, members of the New York Stock Exchange,
Exchange and other stock and commodity exchanges,
that Gordon S.
Smillie has become associated with their Boston
office to handle wool futures.
/37
722%
..1947
/20%
1045
New
65 %
19
35
Britain A Ireland 4S.1990
3 H % War Loan........
a
managerial capacity of their Government and Municipal Bond Departments.
pertinent data relative to
51
/22
61
Bonds.
announce
His
par¬
Bank, joint stock land bank, territorial and municipal bonds.
serving as President of R. V. Condon
/16
/18H
70
& Doyle.
in the investment field,
69
Great Britain A IrelandBee United Kingdom
/24
120
partner in Carr, Henry
experience
/9
.1947
5
1
indicative of his
67
27
*
are
m
8%.
/4)4
/17
1
Federal
£
126 H
117
handled
also
£
i
7
and
In the past, he was associated with
III
145
5
120
a
Federal Farm Mortgage, Home Owners' Loan Corporation, Federal Land
73
/580
Guatemala 8s........194 i
was
Dunne & Co., where he served
Department
Municipal
ticularly with regard to tax exempt issues.
m
f21
m
/II
flO
f5
m
/15
recently connected with
postal savings and his more recent observation on second grade
municipals
/71
/18
was
of their
£
German Central Bank
German scrip.
has specialized in tax exempt
years
III
6 His.
/23
Henry
manager
firm.
1957
7s ctfs of deposit. 1967
C
/20%
many
Housing Administration debentures.
/22
7s
17
/19%
1941
!
24
75
/5
Westphalia 6s '33
1936..
...
/16
*
Augustin H. Parker and Thomas N. Dabney
Henry, who for
Gertler, Devlet & Co. and
/7
/21
/21
/18
7s income.i..
Hawkins and Curley, general partners of the firm are
New York City, as manager of the Municipal Bond Department.
/57
/67
-
European Mortgage A In¬
vestment 7)4s....
1946
...
/21
8Hs
In addition to their Boston office
Dabney & Co. maintain several branch
Coolidge, George B. Dabney, Charles M. Rotch, Edward S, Munro
...
21
/25
i
members of the New York
are
limited partners.
are
77)4
...
)
06.
F. L.
Square,
and William T. Glidden Jr.
/40
)
Hamburg Electric 6a_.
Besides Messrs.
rational Hungarian A Ind
Mtgs 7s„ ...... ...1948
n
rortb German Lloyd 0s '47 /ioo
T"
....
/52 H
Post Office
10
Russell
/26%
196 S
Dabney & Co., established in 1901,
securities, has become affiliated with Harvey Fisk & Sons, Inc., 40 Wall St.,
<
193 I
Co., in
offices in New England.
m
(A A B) 46
1940-1947
(O A D) 4a
1948-1949
rat Central Savings Bk of
-
B
general partner of Eldredge &
a
nick, of New York, London and Paris.
at
60
...
Brown Goal Ind Corp¬
ora
........198 3
/23
Buenos Aires scrip........
/52%
o /no
formerly
was
Mr. Curley was general manager of the municipal department in
F. L.
/19)4
Montevideo scrip. .......
Hawkins
the Boston office of Harriman Ripley & Co., Inc.
121H
Munich 7s to........1946
|
24"
the
general partners in the firm.
Boston.
/21)4
Meridionals Elec 7s. ..1967
announce
and Boston Stock Exchanges and are correspondents of Dominick & Domi-
1948
Mannheim A Palat 7a_1941
D
...19C 2
/20
m
/21)4
/22
3)4
British Hungarian Bank-
7Hs_.
1943
Dabney & Co., investment dealers and brokers,
opening of a municipal bond department in their Boston office under the
direction of Robert F. Hawkins and George T. Curley, who have become
Mr.
Cities 7s to...
NOTICES
n
86 %
Mr.
Smillie, who was one of the original
members of Wool Associates, was a partner of Charles S. Smillie & Co. for
12 years.
—James
now
O.
Safford, formerly with the Bank of the Manhattan Co., is
associated with Mackenzie & Co., Inc., 115 Broadway,
New York City.
FILING
OF
STATEMENTS UNDER
REGISTRATION
ACT
SECURITIES
The
following additional registration statements (Nos. 4156
4162, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
to
The amount involved is approximately
$3,741,900.
McDonnell Aircraft Corp. (2-4156, Form A-l), of St. Louis, Mo., has
a registration statement covering 3,000 shares of $100 par 6% noncumulative convertible preferred stock and 30,000 shares of $1 par common
stock.
The offering will be made in units of 1 share of preferred and 10
shares of common at $100 per unit.
300 units have been sold prior to
registration.
The company also registered 30,000 shares of the $1 par com¬
stock, $3,396; unearned revenue, $14,211; miscellaneous accruals, $5,586;
consumers' extension deposits, $37,657; reserves, $1,395,174; contributions
for extensions, $3,997; $6 cumulative preferred stock (no par), $679,300;
common stock (6,000 no par shares), $600,000; capital surplus, $538,793;
earned surplus, $468,902; total, $9,674,117.
'
:
Note—Collinsville Ice Co., subsidiary of Alabama Water Service Co.,
was dissolved on June 1, 1939.
Subsequent to that date the ice properties
have been incorporated into and operated by Alabama Water Service Co.
The statement of income includes operations of Collinsville Ice Co. to date
of dissolution.
;
'
•'
•''.
T..
Hearing Aug. 24— :
filed
conversion purposes.
Proceeds of the issue will be used for
debt, equipment and working capital.
James S. McDonnell Jr. is President
of the company.
No underwriter named.
Filed Aug. 10,1939.
Southeastern Industrial Loan Co. (2-4157, Form A-l), of Salisbury,
Md., has filed a registration statement covering $200,000 of 6% 20-year
registered debentures, due 1959, snd 10,000 shares of no par value common
stock.
The offering will be made in units of $100 principal amount deben¬
tures and 5 shares of common stock at $125 a unit.
Proceeds will be used
for working capital.
Clifton M. Eisele is President of the company.
Southeastern Investment Co., Inc., has been named underwriter.
Filed
Aug. 12, 1939. ;
V; ":-V^^
-:;/iy/..
mon stock for
Household Finance Corp.
(2-4158, Form A-2), of Chicago, 111.,
has
filed
a registration
statement covering 9,594 shares of no par common
stock and fractional certificates.
The stock is to be offered in exchange for
5,330 shares of no par common of Household Finance Co. (an Ohio com¬
pany) on the basis of 1.8 shares of Household Finance Corp. common for
each share of Household Finance Co. stock.
The offer is made pursuant
to a plan of reorganization entered into by the two companies.
B. E. Hen¬
derson is President of the company.
William Penn
Filed Aug. 14,1939 •
No underwriter.
Fund, Inc. (2-4159, Form A-l), of Pittsburgh, Pa., has
filed
a registration statement covering 100,uOO shares of 50 cents par com¬
stock which will first be offered at $4.27 per share and then at market.
Proceeds will be used for investment.
George W. Bowman is President of
the company.
Bowman & Co. named as agent.
Filed Aug. 14, 1939.
mon
Nuhesive, Inc. (2-4160, Form A-l), of Leominster, Mass., has filed a
registration statement covering 500,000 shares of 50 cents par common
stock.
Of the total issue, 250,000 shares will be offered by the company
at $3 per share, 25,000 shares will be offered by Diadem, Inc., parent com¬
pany, first to holders of the participating preferred stock of Diadem, Inc., at
$2.50 per share and the unsubscribed portion will be offered publicly at $3
per share, and the remaining 250,000 shares will be held by the parent
company.
Proceeds of the issue will be used for plant improvements,
moving to new plant, machinery, loan and working capital.
Lester T.
Sawyer is President of the company.
Richard E. Squires and J. G. Cronin
have been named underwriters.
Filed Aug. 15, 1939.
A hearing has been set for Aug. 24, 1939, at 10:00 a. m., in the
Security
Exchange Commission's Washington Office, on a joint application (File
56-54) filed under the Holding Company Act by United Light & Power Co.
and United Light & Railways, and applications (File 46-163) filed
by Alabama Water Service Corp. and Federal Water Service Corp.
The applications are in connection with:
(1) The proposed sale by The United Light and Power Co. to Alabama
Water Service Corp. for $810,000 in cash or 7,500 shares com. stock, ($100
par); $5,000 shares 6% cumul. pref. stock ($100 par); $1,200,302 6% de¬
mand note, dated April 23,1932; $155,478 6% demand note, dated
May 27,
1932, all issued by Chattanooga Gas Co.v and $156,141 of open account
indebtedness owing to United Light & Power Co. by Chattanooga Gas Co.
(2) The proposed acquisition by Alabama Water Service Corp. of the
foregoing securities and open account indebtedness of Chattanooga Gas
Co. from United Light & Power Co.
(3) The proposed sale by the United Light & Power Co. to A. J. Goss,
for $3,000 in cash, of 500 shares of capital stock ($50 par, of Fayetteville
Natural Gas Co., and $52,806 of open account indebtedness owing to
United Light & Power Co. by Fayetteville Natural Gas Co.
(4) The proposed sale by The United Light & Rys. to A. J. Goss, for
$17,000 in cash, of 1,000 shares capital stock, stated value $100 per share,
■
of Cleveland Gas Co.
(5) The proposed conversion by Federal Water Service Corp. of $500,of non-interest bearing, non-negotiable debentures, without fixed
maturity, of Alabama Water Service Corp. into a like principal amount of
5% first mtge. gold bonds, series A, due Jan. 1, 1957, of that corporation,
and the donation to Alabama Water Service Corp. of the bonds issued upon
000
such conversion.
1939.
of
a principal amount sufficient to exhaust the sum of $300,000, and the
cancellation of any balance of the $500,000
principal amount of bonds.
(7) The proposed pledge and delivery by Alabama Water Service Corp.
to the trustee under the indenture securing the bonds all of the securities
of Chattanooga Gas Co. excluding the open account indebtedness.—V.
149, p. 1015.
Alleghany Corp.—Earnings—
[Including wholly-owned subsidiary, Terminal Shares, Inc.l
Income Account for Period J an. 1 to June 30,1P39
3 Mos. End.
impounded by trustee as received:
Dividendsreceived orreceivaole in cash
Less distributions of 35 cents per share, de¬
clared Feb. 21 and May 16, 1939, on Chesa¬
William E. Schmid is
department store, and the real estate housing same.
President of the company.
$958,554
$1,017,108
peake Corp. stock, applied against the cost
(Julius) Garfinckel & Co., Inc. (2-4162, Form A-l), of Washington,
common stock at $ 10.
Proceeds of the issue will be used to purchase the
business of Julius Garfinckel & Co. (unincorporated), a Washington, D. C.,
6 Mos. End.
^
June 30 '39 June 30 '39
Dividends on securities pledged under collateral
trust indentures, which have been or may be
Income—
447,300
894,600
$511,254
$1,022,508
$153,340
$306,680
thereof-
D. C., has filed a registration statement covering 20,000 shares of $25 par
cumulative convertible 6% preferred stock, 110,000 shares of $1 par com¬
mon stock and 40,000 shares of $1 par common stock reserved fo
conver¬
sion of the preferred.
The preferred stock will be offered at $25 a share and
the
-
surrender to the trustee for
Cochran Foil Co. (2-4161, Form A-l), of Louisville,
Ky., has filed a
registration statement covering 3,300 shares of $100 par 6% callable pre¬
ferred stock, cumulative after Jan. 1, 1941, and 3,600 shares of $1 par com¬
mon stock.
The offering will be made in units of 1 share of preferred and
2 shares of common and will be priced at $102 per unit.
The company also
registered 3,300 shares of $1 par common which will be offered to A. P.
Cochran at $1 per share.
Proceeds of the issue will be used for machinery,
equipment, plant site, factory building and working capital.
A. P. Coch¬
ran is President of the company.
No underwriter named.
Filed Aug. 15,
v
(6) The proposed acquisition by Alabama Water Service Corp. of such
bonds and the tender to the Trustee under the indenture securing the bonds
Interest accruals on securities pledged under collat¬
eral trust indentures, which have been or may
received:
$11,152,000 Missouri Pacific RR. 20-year
5H % conv. gold bonds, series A
—
On notes and accounts owned by Terminal
Shares, Inc. (not being received currently)... .
be impounded by trustee as
On
Underwriters and the amount of their
participation in the preferred are
as follows: Robert Garrett & Sons and Alex. Brown & Sons, 6,250 shares
each; Auchincloss, Parker & Redpath, 2,000 shares; Baker, Watts & Co.,
Y. E. Booker & Co., Childs, Jeffries & Thorndike, Inc., Stein Bros. &
Boyce and J. G. White & Co., 1,000 shares each; and Johnston, Lemon &
52,570
104,394
$205,910
$411,074
Co., 500shares.
Underwriters and the amount of their participation
ing are
&
as
in the common offer¬
follows: J. G. White & Co., Inc., 32,000 shares; Robert Garrett
Sons and Alex. Brown & Sons, 2,000 shares each; Auchincloss, Parker
&
Redpath, 20,000 shares; Baker, Watts & Co., 10,000 shares; Y. E.
Booker & Co., 5,000 shares; Childs, Jeffries & Thorndike, Inc., and Barrett,
Herrick & Co:, Inc., 8,000 shares each; Johnston, Lemon & Co., 5,000
shares; Kirchofer & Arnold, Inc., and Scott, Horner & Mason, Inc., 4,000
shares each; and Stein Bros. & Boyce, 10,000 shares.
Filed Aug. 16, i939
Deduct interest accruals charged off:
20-year
5% % conv. gold bonds, series A
notes and accounts owned by Terminal
Shares, Inc
— -
On $11,152,000 Missouri Pacific RR.
^
$306,680
$153,340
On
,
our
previous list of registration statements
Aug. 12, page 1015.
issue of
was
given
46,884
$353,564
$29,128
The last
in
23,442
"$176,782
$57,510
—
Interest accruals on U. S. Govt, securities
pledged
purchase money debt (assumed), im¬
pounded by trustee as received_
—
to secure
•
$2,655
Abbott Laboratories—Extra Dividend
40 cents per share on the common
stock, both payable Sept. 30 to holders of record Sept. 12. Similar payments
debt:
On bonds due 1950
V. 148, p.
Co., Inc.—Extra Dividend—
2731 for detailed record of previous dividend payments.—V. 148,
3679.
Other than on bonds
in cash
....
———
Alabama Water Service Co.
Net earnings-.————
Other income (net)
(& Subs.)—Earnings—
1939
1937
$1,080,550
692,362
$1,041,338
640,154
$400,614
4,879
—
1938
$1,114,458
713,844
Operating revenues
Operating expenses and taxes..-.
$388,188
4,834
due 1950, paid
—
---/—
or
Gross income—
Other interest
__
-
-
Net income
Dividends
Dividends
on
preferred stock
on common
stock
_.
$405,493
263,523
3,031
1,585
2,745
$393,022
263,583
2,288
1,585
$125,566
40,758
40,758
$405,401
273,070
3,238
1,585
90,000
Balance Sheet June 30, 1939
Assets—Utility plant, $8,414,573 miscellaneous investments and special
deposits, $836,449; cash in banks and working funds, $155,122; accounts,
warrants and notes receivable (net), $120,802; accrued unbilled revenue,
$17,610; material and supplies, $61,120; prepaid insurance and taxes,
$21,363; deferred charges, $47,078; total, $9,6t4,117.
Liabilities—Long-term debt, $5,766,853: accounts, payable, $26,267:
consumers' deposits, $29,305; interest on long-term debt accrued, $197;
general taxes, $64,191; Federal income taxes, $40,286: dividends on preferred
1,343,532
$1,885,113
——
General expense
Amortization of bond discount and expense--Net loss to
495
495
5,207
6,884
£7,783
— — —
transfer agent fees---and trustees'fees—
*1,302
70,069
ioo,ioo
— -
67,378
134,755
earned surplus-deficit account------
$597,666
$1,118,331
Earned Surplus-Deficit Account
■7
'
beginning of period- —Net loss from income account
-— —
3 Mos. End. 6 Mos. End.
June 30 '39 June 30 '39
-$47,656,790 $47,136,124
597,666
1,118,331
$48,254,456 $48,254,456
Profit from sale
$127,507
671,695
Registrar and
$401,184
4,216
$134,608
—
Interest on long-term debt.————.
$541,581
payable
——
Balance (deficit) at
Miscellaneous interest.
Amortiz. of debt diset. & expense.
Miscellaneous deductions._——.
34,569
■
$959,770
Fiscal agent
12 Months Ended June 30—
$576,150
$288,075
—
—
Less amortization of discount on interest--.--
$288,075
Directors have declared an extra dividend of 7^ cents per share in addi¬
tion to the regular quarterly dividend of 12 H cents per share on the com¬
mon stock, both payable Sept. 15 to holders of record Sept. 6.
See also
p.
Interest on long-term
made on June 30, last.—V. 148, p. 3523.
Akron Brass Mfg.
$1,085,405
Expense—
Directors have declared an extra dividend of 10 cents per share in ad¬
dition to the regular Quarterly dividend of
were
$5,388
$543,036
Total income
of $33,900 U. S. Treasury bonds.
Balance (deficit) June
3,289
3,289
;
-
$48,251,166 $48,251,166
30, 1939
Paid-in Surplus Account-—
v
—
^
Balance at beginning of period—
. -—-$41,010,115
Add—Part of consideration received from issuance
of prior preferred convertible stock (75 shares in
period April 1 to June 30, 1939; 320 shares in
period Jan. 1 to June 30, 1939) for interest coupons from bonds due 1950
-——- -——. —
___
$41,001,785
■
2,550
10,880
Balance, paid-in surplus, June 30,1939— .—$41,012,665
$41,012,665
Total, earned and
June30,1939—
paid-in
surplus
——
(deficit),
-
' *■
_.'
$7,238,501 $7,238,501
_
■
_
_
The Commercial & Financial Chronicle
1168
company's accounts at cost ($165,854,476), at indicated market quotations
on June 30,
1939, aggregating $57,594,099, the (earned surplus) deficit
balance at that date would be $156,511,542, and the total (earned and paid-
surplus) deficit would oe $115,498,878, instead
$7,238,501, respectively, shown above.—V. 149, p. 95.
in
Alabama
-^
$689,235
407,630
$8,896,323
4,871,673
$281,604
195,178
$4,024,650
2,342,138
Divs. on pref. stock
$86,426
$1,682,512
$1,118,203
*
$8,052,527
—
-
—
■■
:'f
Allied Kid Co.-^-EarningsYears Ended June 30—
>
*
General, administrative and selling..804,590
160,882
38,110
1,697
Capital surplus...
645,300
645,300
Earned surplus...
1 ,048,821
830,687
Deferred charges.
38.669
41,524
cap. stock taxes.
.
66,877
107,093
operations...———
Net profit from
Income taxes..—————
———
———
Net profitCapital stock and surplus, June 30.—....—
Total.—
-
——
$394,785 loss$621,285
4,039,656
4,889,328
—
$4,434,441
—
-
-
$585,319 loss$536,674
115,034
84,611
75,500
—
Other income deductions—-net.--.———
$4,268,043
132,686
232,108
-——
After
a
3212.
Capital stock and surplus, June 30—$1,301,755
$4,039,656
tract to
v.;-.",,
;
stock issued under con¬
employees
Not^ accts.
and
trade accepts .rec 1,202,271
Merch. inventories 2,653,464
28,276
127,082
95,057
43,523
873,984
and formulae—.
......
American Machine &
1
1938
1937
1936
103,117
$2,369,315
52,749
$2,273,157
22,232
$1,727,714
58,947
Total income........
$2,306,400
2,098,748
$2,422,064
2,124,006
$2,395,389
2,179,647
$1,786,661
1,515,096
$207,651
101,579
$298,058
119,873
22,159
81,956
$215,742
105,058
15,255
79,296
$271,565
Mfg. cost and expense—
Operating profits
Deprecation—
...
Federal taxes
Other corporate taxes.
Maintenance & repairs-
15,522
78,339
—
Divs.
—
161,901
_
loss$ 149,690
x
rec...
$72,724
364,500
20,854
$508,070
489,421
$458,078
390,533
$90,773
$18,649
$67,545
$0.48
securities sold.
$0.50
$0.46
——-
Total profit
Com. dividends (net)...
$315,084
392,217
on
Balance, surplus.
.—
def$77,133
Earns, per sh. on 1,000000 shs. common stock
.
$0.31
outstanding (no par).
1,326,860
Experimental expense.—V. 148, p. 3211.
y
2,143,042
American Public Service Co.
85,059
484,696
Period End. June 30—
(& Subs.)—Earnings—•
1939—3 Mos.—1938
$1,358,588
$1,310,902
854,358
861,556
$2,615,039
1,673,707
$2,586,728
1,688,369
$504,230
21,018
$449,346
23,066
$941,332
43,357
$898,359
47,067
$525,248
362,355
$472,412
380,350
$984,689
737,073
$162,893
$92,061
$247,616
1939—6 Mos.—1938
Total...
....$5,389,309 $4,849,676
—
Other income (net)
—
_
After allowance for doubtful accounts and discounts of $73,533 in 1939
$60,583 in 1938.
y After allowance for depreciation of $1,962,707
1939 and $1,910,032 in 1938.
c Par $5.—V. 149, p. 403.
Gross income........
and
in
$16,133
405,000
75,907
11,031
$482,990
392,217
405,000
59,773
Net oper. income.
$5,389,309 $4,849,676'
Total
$74,070
405,000
3,920
from Internat.
rec.
Other divs. & int.
Profit
70,869
2,390
28,988
y96,593
23,958
37,112
Aluminum Industries, Inc.
6 Mos. End. June 30—•
1939
Gross sales—$1,762,409
1937
Net
1936y
—V.
$1,656,700 f
105,289
$1,251,525
72,619
sales..—.—
Cost of sales
$1,657,120
1,145,130
$1,178,907
893,251
$1,599,275
1,154,206
Gross profit from sales
Selling & gen. expenses..
$511,990
344,656
$285,656
294,357
$445,069
347,175
x$418,670
335,769
$167,334
4,372
loss$8,702
1,946
$97,894
4,995
$82,902
11,213
$171,707
29,081
26,725
loss$6,756
36,304
$102,889
26,046
1,936
$94,115
36,168
9,479
$115,900
loss$43,060
$74,906
——
——
20,000
$48,468
20,000
$0.49
Returns, allow. & rebates
Int. & other deductions.
(& Subs.)-—-Earnings1938
67,4251
.......
Net profit on sales
Other income
i
.....
...-
income.——
148,
Month 1939
$3,560
,—
Assets and Liabilities as
;
-
.
-
149,
.
p.
$182,863
—
.
1939 7 Mos.—1938
$45,177 loss$10,344
of July 31
Current assets..
Current liabilities....——
Ratio
$945,426
762,563
-Earnings—
Co,
Period Ended July 31—
Profit after all charges.
—V.
;
3212.
p.
American Stamping
Not
reported
Net
...
.
—.
—
1939
$146,669
29,885
$104,597
18.051
4.9 to 1
5.7 to 1
1938
568.
American Stores Co.-—SalesGross income
Other
deductions
Federal income tax.
Net profit.
Dividends declared
——
Earn, per sh.on cap .stk.
$1.17
.
——
Nil
all
charges for material, labor and
ncluding depreciation,
y Company only.
x
After
■
$0.74
manufacturing expenses,
Consolidated Balance Sheet June 30,1939
Assets—Cash in bank and on hand, $57,049; receivables (trade), $493,990;
inventories, $754,233; due from officers and employees, $34,565; accounts
payable, debit balances, $17; fixed assets, $839,185; intangible assets,
$29,652; deferred assets, $58,552; other assets, $92,519; total, $2,359,761.
Liabilities—Notes payable (bank). $175,000; notes payable
(trade),
$23,900; accounts payable (trade). $226,783; accounts payable (officers,
employees and agents), $13,931; accrued property and franchise tax,
$4,912; accrued capital stock tax, $3,518; accrued manufacturers' sales tax,
$2,158; accrued royalties, $12,162; accrued interest, $391; accrued salaries
and wages, $12,338; accrued rebates, $19,167; customers' credit balances,
$3,126; accrued old age tax, $4,403; accrued unemployment tax, $8,857;
accrued Federal income tax, $27,171; reserves, $4,110; capital stock (99,430
shares, no par), $1,571,735; earned surplus, $246,100; total, $2,359,761.—
V. 148, P. 3832,
American Hide & Leather Co.—Earnings—
Period Ended July 29—
Sales.
[Including United States Subsidiary Company]
American Telephone & Telegraph Co.—Cuts Rates for
Certain Services—
Company's "Long Lines Department" announced that it has filed new
tariffs with the Federal Communications Commission reducing charges for
certain of its private line services. The reduction totals slightly more than
$1,000,000 annually and is filed to become effective Sept. 16.
While the security business is the chief beneficiary of the new rate set-up
also affects some industrial companies and transportation services.
Some 790 to 800 clients of the long lines department will benefit.
it
The matter has been under consideration for some time and is
Gross profit on sales—
'.
— — .
.
Selling, gen. & admin, expenses
Profit before inc. & other charges.„
Other inco m.e
Other charges
—
Prov. for Federal income taxes..
„
Prov, for surtax
on
_
Recently New York Stock Exchange wire firms have had representatives
conferring with the American Telephone & Telegraph Co. in an effort to
service; press and government bulletin news service and channels for pro¬
gram transmission.—Y. 149, p. 1016.
6 Mos. End. June 30—
$5,742,143
$7,805,347
5,871,500
5,802,219
6,884,464
$1,275,922
506,823
z$60,076
400,937
$920,883
514,510
current obligations.
Loss on bonds retired-
$406,373
26,345
92,198
36,618
2,600
Exps. pertaining to nonoperating units.
U. S. & foreign income
taxes (estimated)
Deprec. & obsol. & depl.
Disc. & prem. on bonds.
z$461,013
$603,604
z$615,516
$301,301
y21,319
$603,604
z$615,516
$322,620
830,687
1,574,693
1,535,403
19,844
174,349
undist. profits—_
Net profit before extraord. credit..
x
1937
Extraordinary credit..............
I Net profit for the
year.
...
Consolidated earned surplus June 30,
of previous year.
...
Operating income..
Other income..
——
Total income.—.
Interest on bonds and
$16,911,080 $13,258,956 $30,622,906 $14,506,107
1,152,935
—
.
Net
1,578,106
117,875
1,899,050
246,111
1,089,298
1,421,028
145,233
1,272,983
2,147.646
4,001,131
78,265
4,440,705
5,003,081
86,346
1,179,069
3,875,925
195,940
$4,111,090 $19,251,560
123,566
100,727
$5,837,029
$4,010,363 $19,127,994
$5,827,425
8,674,338
$2.21
8,674,338
$0.67
67,619
$7,256,034
Shs. of minority interest
85,698
of
1,394,409
105,387
3,276,723
4,068,471
income—
Income
Co.—Earnings—
1939
1938
1937
1936
$16,452,014 $12,741,893 $29,747,037 $13,886,309
459,066
517,063
875,869
619,798
1938
$769,099
2,646
34,591
133,549
effort
obtain lower rates.
It was understood that more than 60% of the annual reduction will accrue
to the benefit of financial organizations such as brokerage houses, banks, &c.
Services on which rates will be reduced by the company are the private
line Morse service; private line teletypewriter service; private line telephone
$7,147,422
...
an
on the part of the telephone company to simplify and round out its private
line service, including the teletypewriter service.
1939
depreciation on
operating plants)....
..
.....
1939— Month—1938
1939—7 Mos.—1938
$8,520,118
$9,222,298 $64,276,694 $63,426,189
—V. 149, p. 568.
Anaconda Copper Mining
Consolidated Income Account for Years Ended June 30
Net sales of leather
Cost of sales
(incl.
9,604
Anaconda
Copper Mining Co.
depletion
before
$7,170,336
Shs. cap. stk.
No. shs. com. stk. out. ($1 par)
Earnings per share on common stock.
$1,434,291
385,470
$959,177
128,490
$1,858,024
283,330
$1,048,821
Divs. paid on 6% cum. conv. pf. stk.
$830,687
584,950
$1,574,693
584,950
586,700
$1.02
Nil
$0.03
Resulting from sale, under officers' and employees' purchase plan, of
preferred and common stocks, held in treasury—representing partial
recovery of write-downs to market charged to profit and loss in prior years.
y This amount credited to earned surplus account during year and does
not figure in estimating per share earnings,
z Loss.
x
>
Foundry Co. (& Subs.)--Earns.
1939
$2,203,282
Sales
Operating revenues
Oper. exps. and taxes—
Unexpired Insur'ce
prems. and pre¬
paid duty
'
Royalties & rentals—...
6 Mos. End. June 30—
300,000
State
estimated......
1,800
80,000
c Common stock—
1,326,860
933,230 Paid-in surplus.— 2,143,042
Capital surplus...
85,059
Earned surplus...
746,795
security...—.
y
$339,414
247,097
Federal and
Invest. in unlisted
Prop- plant and
equipment----G'dwlll, tr.-marks
$665,400
Accrued accounts.
242,240
269,574
60,242
life insurance—
1938
Notes payable....
Accounts payable.
Cash surr. value of
Miscell. accts. rec.
1939
$282,434 Drafts against let¬
ters of credit (for
merch.
released
960,270
under tr. recpts)
2,377,467
148,
meeting on Sept. 8 will consider the "Proposed Plan of
a
Cigar Machine Co—
Liabilities—
1938
1939
$292,661
*»
par.—V.
Purchase" whereby Harvard College shall sell the premises occupied by
Jordan Marsh Co.. Washington and Summer Sts.f Boston, Mass. (sub.
of Allied Stores Corp.), and assign its interest in lease of said properties to
Profits
Assets—
of $1
v
Corp.—Acquisition—
Non-recurring charges.
... —
by shares
>.;,V "'j ^
-
Allied Stores
balance Sheet June 30
X
b Represented
depreciation,
Cr3,720
Dividends paid
Proceeds from common
Total.........$6,950,783 $6,931,126
Total..... —..$6,950,783 $6,931,126
7,340,727
763,409
6,595,742
Depreciation.-..—.---.—----——-—--—-
52,335
94,993
the trustees of a Massachusetts real estate trust to be organized and whollyowned by Allied Stores Corp. for the sum of $2,500,000.—V. 148, p. 3679.
.
Net sales...—— Cost of goods sold———————.————
36,773
189,305
51.666
$7,674,55o
-——— —
400,000
571,497
2,685,434 Prov. for Fed. and
1,697
29,666
Stockholders at
Balance-
—v. 149,P.717.
.
Accounts payable.
Accrued taxes, Ac.
494,926
2 695,629
.....
—
1938
1939
Notes payable
drafts and
rec., less
capital stock...
$3,460,341
2,342,138
$90,152
—
1939
6% cum. conv. pf,
stk. ($50 par). .$4 ,283,000 $4,283,000
b Common stock.
586,700
586,700
Am. Hide & Leath.
p.
Net income.
19,
Other investments
$8,289,880
4,829,539
$285,330
195,178
Int. & other fixed charges
Notes,
Inventories.--
$690,155
404,825
Gross income——
goodwill, &C...I3 183,993 $3,243,073
Cash.........—
506,203
336.234
reserve.
1939—Month—1938
1939—12
1938
$1,806,749
$1,614,582 $21,175,087 $19,640,269
898,903
707,658
9,666,484
8,685,584
217,690
217,690
2,612,280
2,664,805
-—-
Oper. exps. and taxes.—
Prov. for depreciation..
Liabilities—
1938
1939
Assets•—
Land, bldgs., eq.
a
accts.
Co.—Earnings—
Power
Period End. July 31—
Gross revenue-
of $48,251,166 and
Aug.
Consolidated Balance Sheet June 30
Note—On the baste of stating listed securities owned (exclusive of IT. S
Govt, securities pledged to secure purchase money debt), carried in the
(par $50)
outstanding-.
Earnings per share.
—V. 148, p. 3368.
8,674,338
$0.83
American Water Works
Output—
8,674.338
$0.46
& Electric Co.,
Inc.—Weekly
,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ending Aug. 12,1939, totaled 45,413,000
kwh., an increase of 10.1% over the output of 41,250,000 kwb. for the
corresponding week of
1938.
I
Volume
tbe last five
Comparative table of weekly output of electric energy for
follows:
Week Ended—
1939
1938
1937
1936
years
37,786,000
38,145,000
36.622,000
37,243,000
Corp.—Transfet Agent—
Anchor Hocking Glass
The Corporation Trust Co. of Jersey City, N. J., has been appointed
Co-Transfer Agent for the common and $6.50 dividend convertible
stocks of this corporation, effective Aug. 7,1939.—V. 149, p. 718.
as
preferred
Income Account,
Preliminary Consolidated
6 Months Ended June 30
1938
1937
1939
$3,221,001
Operating income
$2,046,855
$1,798,086
Other income....
104,616
109,590
206,439
$2,151,471
$1,907,676
20,301
279,284
600,055
$3,427,440
131,375
..$1,019,107
3,582,379 shares
$1,008,036
$2,219,667
$0.28
$0.28
$0.62
Total income...........
Interest on loans
....
532,800
599,564
U. S. & Chilean inc. taxes (estimated)
Provision for deprec. & obsolescence.
Consolidated net income.
a
Earnings per share
capita! stock
on
......
...
Without deduction for depletion.—V.
a
553,496
522,902
Declared
£257,452
309,537
30,000
154,000
91,000
32,458
313,064
Exploration
£139,945
146,502
Profit
£117,507
163,035
56,211
loss23,753
150,668 profl62,396
90,998
52,013
143,011
Co.,
85,000
Each of which is incorporated in the
Note—Revenue has
been
1939
1938
$4,836,827
3,766,680
$4,678,433
3,684,891
$1,070,147
38,111
$993,543
5,482
$1,108,258
238,287
$999,025
237,816
$869,971
282,908
9,541
22,864
5,402
$761,209
281,801
13,462
23,448
1,779
$549,257
$440,719
78,000
412,478
........
.......
—
a Net
operating revenues
Non-operating income
Gross income
Provision for retirements
Gross income.
.•>
......
Bond interest
91,390
161,851
70,461
Amortization of debt discount and expense
Other deductions
Union of South Africa.
calculated on the basis of £7 8s. per ounce
fine.—V. 149, p. 405.
Net income
-
78,000
Preferred dividends
Arizona Edison Co.—Trustee
Resigns—
a
Directors have declared
an
Balance Sheet June 30
Associated Dry Goods
189,324
Com. stk.($25 par)
541,479
Bonds..
11,182
11,320
21,107
Dlv.
M erchandise
73,946
97,097
Interest accrued.
Materials & suppls
95,575
85,394
Taxes accrued
24,869
15,167
receivables.
Accts.
/
interest, &c..._
property.......
82,992
(contr. assigned)
progress.
_
Other defd. debits.
8,263
2,626,862
res.
7,929
1,996
976
174,933
24,548
6,827
160,395
2,422,494
139,528
41,417
11,612
12,891
10,021
21,244
178,591
210,791
771,768
16,359
178,591
210,791
contr'ts assigned
24,871
19,193
Contrlb. for exten.
7,225
5,661
Maint'ce of meters
reserve...
reserves
Associated Gas &
Capital surplus
Donated surplus._
1939
223,715
1,012
187,302
27,921
Cancell'n of rental
Electric Corp.—Earnings—
12 Months Ended June 30—
217,098
19,500
106,936
180,711
Defd credit items.
Retirement work in
•
accruals..
Consumers' depos.
88,693 Uncoil, accts.
Appl'ces on rental
Total sales for
341,232
19,500
Retirement reserve
391,593
369,406
Improve, to leased
29, 1939 were $25,291,659 compared with
sales of $24,106,343 in the corresponding period last year, an increase of
1,300,000
2,343,625
6,247,000
45,778
113,996
_
Serv.exten. depos.
dis-
count & expense
payable...
6% pf. stk
on
Sundry
Prepd. ins., taxes,
the 26 "week period ended July
1,300,000
2,343,625
6,238,000
Notes payable
34
Other
Appl'ces on rental
for the 13 week period
with sales of $11,182,630
Associated Gas & Electric Co. and
($100 par)
149,657
$•
pref. stk.
635,817
Accts. receivable..
See also V.
4.9%.—V, 148, p. 2887.
cum,
1938
8
Liabilities—
6%
12,656,874
Corp.—Sales—
ol 8.6%.
$
Prop., plant & eq.13,006,041
S. fd. & spec. dep.
187,645
Cash
299,714
Unamort.debt
Sales reported by subsidiary store companies
ended July 29, 1939 were $12,142,370 compared
in the corresponding period last year, an increase
1939
1938
§>
(owned).
record Sept. 15.
retirements.
1939
extra dividend of 15 cents per share in ad¬
dividend of 15 cents per share on the common
stock, both payable Sept. 30 to holders of
148, p. 3053.
Before provision for
Assets
Corp., Ltd.—Extra Dividend—
dition to the regular quarterly
328,107
Common dividends
The New York Trust Co., as trustee under an indenture dated as of
July 1,1935, made by this company to the New York Trust Co., as trustee
(securing first mortgage bonds), pursuant to the provisions of Article 10,
Section 5, of said indenture, on Aug. 16 gave notice of its resignation of the
trusts created by said indenture, such resignation to take effect on Sept. 13,
1939, unless previously a successor trustee shall have been appointed pur¬
suant to the provisions of said Article 10 and such successor trustee shall
have accepted such appointment, in which event it shall take effect, pur¬
suant to the provisions of said Article 10, Section 5, on the date on which
such appointment becomes effective.—V. 149, p. 868.
Asbestos
Co.—Earnings—
Other interest
Ltd.
x
Atlanta Gas Light
12 Months Ended June 30—
a
Spring Mines Ltd......
&
Associated General Utilities Co.—To Retire Securities—
Commission announced Aug. 14 that com¬
under the Holding Company
retirement by it of an unde¬
termined amount of debt securities.
At June 30, 1939, the application
states, there were outstanding income bonds and income debentures aggre¬
gating $1,647,420.
From time to time, as funds are available, the com¬
pany proposes to purchase in the open market for retirement its income
bonds or income debentures.
The company is a subsidiary of Associated
Gas & Electric Co. and Associated Gas & Electric Corp.—Y. 148, p. 1018.
The Securities and Exchange
Operating revenues
Operating expenses and taxes
Costs
Milled
140,000
149,000
West Springs Ltd.
The South African Land
or
pany had filed an application (File 44-39)
Act for approval of the acquisition and the
Ltd.—Results
(South African currency)
Tons
Value of Gold
Ltd...
Electric System reports
This is an increase of
9.5% above production of 88,961,127 units for a year ago.
Gross output, including sales to other utilities, amounted to 108,584,820
units for the current week.—Y. 149, p. 1016.
8,420,785 units
148, p. 3833.
Anglo-American Corp. of South Africa,
of Operations for the Month of July, 1939—
x Companies—
Brakpan Mines Ltd....
Daggafontein Mines Ltd.
East Daggafontein Mines
Weekly Output—
For the week ended Aug. 11, Associated Gas &
electric output of 97,381,912 units (kwh,).
net
Co.—Earnings—
Andes Copper Mining
Since this statement is on a consolidated basis it includes the
of all subsidiaries regardless of voting trust agreements or
distiuguished from the parent company statements of
Associated Gas & Electric Co. or of the corporation which include only
income actually received in the form of interest or dividends.
(2) This statement does not include earnings from investments in se¬
curities representing an interest in about 90% of the outstanding common
stock of Jersey Central Power & Light Co. For the 12 months ended June
30, 1939, the proportion of earnings of the latter company applicable to that
percentage of common stock amounted to $683,000.
(3) The above statement includes operations of companies acquired
during the periods from the dates of acquisition only.
Notes—(1)
entire earnings
other restrictions, as
1935
46,969,000
47,181,000
46,795,000
46,707.000
July 22..100,000 39,518,000 49,906,000
July 29
-.47,019,000 40,463,000 50,318,000
Aug.
5
46,210,000 41,210,000 50,291,000
Aug. 10
45,413,000 41,250,000 50,767,000
—V. 149, p. 1016.
1169
Commercial & Financial Chronicle
The
149
1938
Earned surplus.
615,948
Operating Revenues—
$42,654,011 $40,505.674
24,451,783
25,316,468
23,561,212
22,273,257
Electric—Residential
Power
Commercial...
8,409,032
4,353,953
1,640,623
Municipal
Electric corporations
Railways and miscellaneous
7,838,163
4,233.481
1,699,900
Total.........14,827,247
—V. 148, p.
14,274,5551
.14,827,247 14,274,555
Total.
3053.
Atlantic Life Insurance
Co.—New President—
Clabaugh has been elected President and a director of this
effective Sept. 1.
He succeeds Ralph R. Lounsbury, who will
devote his time to the Bankers National Life Insurance Co. of Montclair,
N. J., of which he is President, although remaining as a director of the
Atlantic.—V. 144, p. 922.
Samuel F.
company,
$105,070,615 $101866,944
10,514,948
10,379,381
2,008,438
1,953,750
1,766,980
1,656,352
143,244
136,783
Total electric
Gas—Residential....
Commercial
Industrial
Miscellaneous
$14,433,610 $14,126,267
6,882,089
6,745,063
Total gas
Miscellaneous—Transportation..
Water
2,945,428
1,943,289
Heating.
1,540,288
1,578,487
Ice
1,308,285
1,316,537
.$12,676,090 $11,583,376
Total miscellaneous-
..$132,180,315 $127576,588
56,536,134
57,271,007
8,158,351
8,703,138
(including Federal income taxes)... 17,870,509
16,260,504
Total operating revenues
Operating expenses..
Maintenance
Prov. for taxes
.....—
$49,615,321 $45,341,939
13,108,719
10,961,183
Net operatingrevenue
Provision for retirements
..$36,506,602 $34,380,756
132,380
1,551,274
Operating income
Non-oper. income (net)
...
$36,638,982 $35,932,031
Gross income
Society of Oklahoma, Tulsa, Okla.—
Offered—Dempsey-Tegeler & Co., St. Louis are offer¬
ing $255,000 first mortgage 4% sinking fund bonds.
Price
on application.
Augustinian
Bonds
Dated as of July 15, 1939; principal payable Oct. 1, 1951.
Int. coupons
payable A-O. at office of Mutual Bank & Trust Co., St. Louis, Mo.,,
trustee.
Bonds in coupon form—$500 and $1,000 denom. Bonds may be
prepaid On any semi-annual int. date on 30 days' notice at par and int.
In addition to being the obligation of the Augustinian Society of Oklar
homa, the Motherhouse of the Augustinian Order in the United States,
located in Viilanova, Pa., known by the corporate name, The Brothers of the
Order of Hermits of St. Augustine—has unconditionally guaranteed the
payment of the principal and intqPest on these bonds.
These bonds are the direct obligation of the Augustinian Society of
Oklahoma, a corporation duly incorporated under the laws of the State of
Oklahoma, and are further secured by a first mortgage deed of trust on
$445,000 has been placed
property located in Tulsa, Okla. A valuation of
on the land, buildings and equipment.
Sinking Fund—The indenture securing the bonds
deposit of $5,000 to be
Fixed Int. ,&c. of Subs.—
$18,874,608 $18,612,737
1,047,564
1,183,933
095,961
0242,964
1,293,322
1,347,702
3,968,723
4,242,960
621,368
243,432
422,299
238,170
Interest on long-term debt
Other interest..
construction.
Amortization of debt discount and expense
Dividends on preferred stocks: Paid or accrued
Accrued, but not being paid currently
Minority interest in net earnings
Interest charged to
—
Co.—Retrial Refused in Security
Liability Action—
change firm
s
'•
16, handed down a .
Winkler, member of the Stock Ex¬
of Bernard, Winkler & Co., and Professor of Economics at the
Supreme Court Justice
decision denying a retrial
J. Sidney Bernstein, Aug.
to Dr. Max
$10,507,059 $ 10,306,061
Balance of income
Fixed Interest,&c. of
Silver Mining
Austin
Law
provides for the annual
used to retire bonds.
Corporation—
568,506
8% bonds, due 1940
Convertible debentures, due 1973
Income debentures, due 1978
...
Other interest
-
1,356,252
4,271,756
Balance of inc., corporation
9l ,203
87,480
4,157,210
Amortization of debt discount and expense
3,960,567
582,169
Expenses and taxes of company
Balance of income.
630,005
1,299,605
4,385,000
5,535
-
238,070
$3,575,041
$3,722,497
2,878,735
3,002,543
147,014
8,715
299,519
152,963
142,466
310,331
Fixed Interest, &c. of Company—
Fixed interest debentures
Sinking fund income debentures
Interest-bearing scrip and other interest
Amortization of debt discount and expense
$241,058
$114,194
4% & 4H % scrip.
281,519
299,423
Loss
$40,461
$185,229
Balance
Additional int. on sinking fund inc. debs. & int. on
This ruling,
& McNamee,
according to Howard F. H. Mulligan, of Douglas, Mulligan
Trial Counsel for the investors, upholds the plaintiffs in the
its kind ever tried in a New York State Court, where damages
were awarded investors in the Austin Silver Mining Co. stock to the exten
of the difference between what they paid for their stock and the market
value on the day the suit was started, a depreciation of 70%. At the hearing
before Justice Bernstein, Max Winkler contended, in a special term motion
to set aside the judgment, that neither he nor his attorney had believed that
he could be held personally liable for the losses of investors
in the cor¬
first suit of
poration's stock and that, if he had known it, he
different course at the trial and would have himself
would have followed a
taken the witness stand
trial
present a special defense. He claimed he should be granted a new
to
afford him that opportunity.
Mr. Mulligan argued that while the defendant directors were reluctant
to believe that the Federal Securities Act of 1933 meant what it said, that
is no ground for granting a new trial.
In denying the motion for a new trial made by Director Winkler, Justice
Bernstein said: "The Court is of the opinion that the defendant, Dr. Wink¬
ler, is not entitled to a vacature of the judgment.
There is no question
of newly discovered evidence or of matters not known by said defendant at
the time of the trial.
The defendant was represented by counsel throughout
to
here
1170
the
The Commercial & Financial Chronicle
litigation and ha
opportunity of presenting his special defense.
Aug. 19, 1939
basis
accident claims, $8,509; 8% 1st mtge. sinking fund bonds,
$125,400; 8% convertible notes (maturity date, March 8, 1942), $39,750;
capital stock (SI par), $1 578,595; donated surplus, $83,721; paid-in surplus,
$409,917; deficit from operations $213,462 total, $2,114,275.—V.147, p. 3151.
Joseph P.
Brinton and Thomas Hall against the Austin Silver Mining Co., its directors
and officers, and Klopstock & Co., Inc., as underwriter of the stock
issue,
and David N. Posner, as subunderwriter.
Within a few weeks after the
stock sales to the public of a new Austin issue began in
March, 1937, th«
Securities and Exchange Commission instituted
proceedings against the
issuer of the stock and promulgated a stop order against further
sales.
The plaintiffs in the Supreme Court action were awarded full
recovery.
Mr. Mulligan stated to the trial Court that his clients did not make
any
claim that they had relied upon the company's registration statement
when
they bought their stock or that they had ever read it, but contended that
the broad provisions of the Federal Act nevertheless entitled
them to re¬
cover against all who were directors when the
misleading registration state¬
The company in a plan of reorganization filed with the U. S. District
Court for the District of Massachusetts and with the Interstate Commerce
Commission, proposes its inclusion in the reorganized New Haven system,
either by way of lease or by merger.
In event that negotiations fail to effect
the inclusion of the B. & P. in that system "upon fair and equitable terms,"
operation as an independent carrier is proposed.
Under the lease proposal, it is suggested that the present B. & P. deben¬
ture bonds be secured by a closed first mortgage to be extended for 10 years
JLf such
a
defense
not presented because of carelessness on his own
part
was
or an error
for
pensation
of judgment on the part of his counsel, it cannot serve
trial after his defeat.'
action was brought by Grant Thorn, M. McConnell,
as a
a new
The
Boston & Providence
Charles H. Sabin Jr.
was
among
contingent rental of $160,000 per annum would be payable when, as and if,
and in the same proportion as, payment of interest may be made upon the
the defendant directors against whom
was entered.
The Austin Silver Mining
New Haven's proposed 4^% income bonds.
Co. Is now a petitioner for reorganization in the
Federal Court, Southern District of New York.—V.
149, p. 570.
Baltimore & Ohio RR.—Interest
Payments—
Proposed Treatment of B. &'P, Stock
The terms of the merger plan call for present B. & P. debentures to be
paid off in cash or secured by closed first mortgage on that property.
Each
share of stock outstanding would receive 100% of the par value of such stock
ing and general series F bonds, due in 1996, and on its series D, due in
2000, to holders of record of Aug. 17. The payment is in conformity with
the company's interest adjustment plan, which has been filed
with the
courts under the Chandler Act.—V.
149, p. 869.
and of the rental at the rate of $400,000 per annum which would have been
payable under the terms of the old lease, if it had not been rejected, from
Jan. 1, 1938 to the effective date of the reorganization of the New Haven,
in New Haven fixed interest bonds,
50% in the proposed 4j^% income
bonds, and 50% in shares of the proposed preferred stock.
—Listing—
The San Francisco Stock Exchange has
approved the company's applica¬
tion to list the 662,500 shares of common
capital
stock, $1 par.
Company, which was incorporated in 1920, has head offices in Los Angeles
and oil leases in various parts of Southern California.
The company has no
funded debt and there is only the one class of
stock, which at present is
listed only on the Los Angeles Stock
Exchange.
Officers
of the company are
George L. Machris, President; M. A. Machr is
Vice-President; Oscar E. Schmidt,Treasurer; Ralph E. Forch, Secretary,
and W. D. Smith, Assistant
Secretary.—V. 145, p. 2382.
Independent Operation Alternative
It is stated that the plan of independent operation involves the necessity
of the issue of a prior lien obligation upon all the B. & P. property as security
for additional capital needed for the purchase of rolling stock and other
similar equipment to take the place of "that which the New Haven trustees,
in either of their dual roles, have never returned, and for working capital
for the debtor's independent
operation."
•
Tentatively and subject to such prior lien obligation, the present issue
$2,170,000, plus accrued and unpaid interest
from Jan. 1, 1938, to date of consummation of the plan, should be secured
by a lien upon all tne debtor's property. Present capital stock should remain
undisturbed, it is declared.
\
i;
of debentures to the amount of
Barlow & Seelig Mfg. Co.—Dividend Resumed—
Directors have declared a dividend of 15 cents
per share on the common
stock, par $1, payable Sept. 1 to holders of record Aug. 15.
Last previous
dividend was 30 cents per share
paid on Dec. 1,1937.—V. 147, p. 2236.
,
Plan Dependent Upon Various Contingencies
Belding Heminway Co.—Earnings—
6 Mos. End. June 30—
Gross operating profit.
A further contingent annual
dividends may be paid
rental would be payable in tne same proportion as
on New Haven's proposed 5% preferred stock.
The company has notified the New York Stock
Exchange that on Sept. 1
it will pay fixed interest of y2 of 1
% C$5 per $1,000 bond) on its 5% refund
Bandini Petroleum Co
RR.—Reorganization Plan—
from July 1. 1938, with interest to be guaranteed and paid by the lessee
at 4 %.
A fixed annual rental of $80,000, payable quarterly, is proposed.
A
ment was filed.
judgment
on
Consummation of this plan, however, it is stated, is dependent upon
1939
$857,430
571,251
37,796
1938
1937
1936
$666,317
499,868
28,288
$968,307
$823,881
612,289
27,442
516,604
26,118
$248,383
11,861
$138,161
11,018
$328,576
36,153
$281,159
35,420
Exps. of idle plants, net.
Miscell. deductions
$260,244
10,167
4,104
$149,179
$364,729
"¥,995
~9~, 701
$316,579
6,750
11,045
Net profit...
Common dividends
Earns, per sh. on 465,032
$245,972
154,293
$144,184
57,319
$355,028
255,016
$298,784
$0.76
$0.64
_
Sell., gen. & admin,
Depreciation
exps
Operating profit
Other income
Total income.
..
shs.
com.
stk. (no par)
>
$0.53
$0.31
various
contingencies, the fate of which cannot at this time be determined.
These include, among other things, the pendency of proceedings before the
Massachusetts Department of Public utilities on petition of the debtor's
trustees for determination of the apportionment of the annual expenses of
approximately $1,700,000 of the South Station among the railroads using
it; the existing claim of trustees of the Old Colony and the New Haven
for alleged losses in operating the B.
& P. property, and the order of the
U. S. District Court, Connecticut, decreeing that the amount of the debtor s
liability found by it should constitute
reorganization plan, as finally approved,
does not provide for inclusion of the Old Colony, the B. & P. might, and
if reasonably favorable terms were available probably would, wish to
acquire portions of the estate of the Old Colony, including what are some¬
times designated as the "western lines."—Y. 149, p. 870.
Brunswick-Balke-Collender Co.—Dividend—
Comparative Balance Sheet
Assets—
June 30 '39 Dec. 31 '38
Gash
a
b
$775,447
Liabilities—
$445,360
trade
Accrued
accept'ces
590,312
726,770
receivable
12,733
Mdse. inventories.
Cash depos. under
1,790,093
rental agreement
12,408
21,218
1,970,727
22,554
56,344
94,727
In
receivable
2,705
1,706
Other liabilities...
3,865
1,757,200
Dr71,538
f Shs.heldlntreas.
173,073
Capital surplus...
1,452,448
1,491,788
76,528
90,135
Earned surp. since
Dec. 31, 1932..
1,154,789
1.063,110
722,807
731,031
130,954
182.058
131,734
178,501
1
1
Fixed assets—ac¬
tive mills, &c._.
d Fixed assets—In¬
active mills
Deferred charges..
Goodwill
Total....
Total...
$4,466,414 $4,497,158
time
deposits of $150,000.
b After reserve for doubtful
and notes, June 30, 1939,
$43,192, Dec. 31, 1938, $41,863 and
for discounts,
June 30, 1939, $23,773, Dec. 31. 1938, $34,398.
?^oter reserves for depreciation of $1,364,805 in 1939 and $1,326,754
tR™
reseryes for depreciation and obsolescence of $118,120
1939
j
and
$184,452 in
1938.
fJo?2j0' 1939' 28.432
p. 3526.
e
shares, Dec. 31,
by 465,032 no par shares.
1938, 18,932 shares.—V. 148,
-Balance
July 1 '39 July 2, '38
Assets—
,$
in
in
Represented
Bigelow-Sanford Carpet Co., Inc.
•
$
Sheet—
July 1, '39
July 2, '38
$
Land, buildings,
Preferred stock... 2,640,300
2,640,300
equipment, &c. 10,008,572 10,477,500 b Common stock..15,680,450
15,680,450
Cash
1,419,173
1,995,966 Accounts payable.
623,925
216,788
Accts. & notes rec. 3,627,647
2,443,457 Notes payable.... 2,300,000
2,500,000
Inventories
9,935,147
9,200,790 Acceptances under
a
receivables
Ins., tax, rents, &c
letters of credit,
11,657
521,778
14,437
495,528
secured by trust
receipts
of
for
6,881
rec
Federal
taxes, &c
Capital surplus
...
412,786
263,329
a
ft
V.
25,523,974 24,627,6791
After depreciation,
p.
504,726
2,822,086
Total.........25,523,974 24,627,679
b Represented by 313,609
The income statement for
149,
504,726
Earned surplus... 2,354,906
Res. for inventories 1,000,000
Total
1017.
no par
the 6 months ended July 1
Black Hawk Consolidated Mines
shares,
published in
was
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1939
Receipts gold-silver bullion shipments
Receipts from milling ore for other
P.Total income from operations
Cost of custom ore purchased
Mining and milling expense
General administrative
expense
„$249,452
HI.
8,253
$257 706
ZZZZZZZZZZ
~
25 912
ZZZZSLZZZ"
I
174*615
11111IIIIIIIIIIIII 14^378
snn
Income credits
*
7,091
y
II"""
I"
—
-
Net profit before income tax
charges
$49,891
12,205
14,638
$23,048
Balance Sheet June 30, 1939
hand and in banks $1 280;
Assets—Cash on
accounts receivable
Inventories, $49,847; sundry assets, $3,782; fixed
assets (neD
deferred charges, $22,991; total, $2,114,275.
►
Liabilities—Notes payable, $8,500; accounts
payable
trade
accrued accounts
$25,275; deferred assets, $29,942; reserves
Ltd.
Company is engaged principally in the manufacture of newsprint paper
Bowater Paper
wholly-owned subsidiary of Bowater's Paper Mills, Ltd., and
part, by special agreement, through sales companies affiliated with
in
International Paper Co.
The bonds of the series of 1939, now offered, form part of an issue of
$1,000,000 of such bonds recently issued by the company to reimburse it
expenditures for construction of and additions to buildings, plant,
structures and other works of the company on property which is a part of
the specifically mortgaged premises and not subject to the lien of any mort¬
gage prior to the first mortgage trust deed.
These bonds were used by the
company in part payment for about 4,000 square miles of timber lands
located partly in the Gander Lake district and elsewhere in Newfoundland,
which lands are not subject to the specific charge of the trust deed.
Capitalization—Capitalization of the company as at Dec. 31,1938, follows:
Authorized
Outstanding
First mortgage bonds;
5%,
series of 1928 due 1968
1
$4,866,000
4M %, series of 1936 due 1968
1,476,000
) £4,000,000
4Y> %, series of 1939 due 1968 (this issue)
1,000,000
j
"A
'
a "AT
mtge. debenture stock, 3% due 1973
£1,877,600
£1,787,600
2d "A" mtge. debenture stock,
£149,800
3% due 1973
£154,300
b "B" mtge. debenture stock, 5
£1,821,300
Yt % due 1970
£2,000,000
c 5% preference stock
(par £1)
\
Common stock (par £1)
£2,080,000
J £5,00J,000
„
a
Guaranteed as to principal and interest by His Majesty's Treasury
(United Kingdom of Great Britain and Northern Ireland),
b Guaranteed
as to principal and interest
by the Government of Newfoundland,
c Owned
by Bank of England.
Earnings for Year Ended Dec. 31
.
S^Net profits
Total income.
Income charges
Depreciation and depletion
Newfoundland
from wood pulp, which paper is sold in part through the
Co. Inc., a
for
wool
in transit for
Res.
& Paper Mills, Ltd., in favor of the Royal Trust Co., as trustee, dated as
of Jan. 1, 1928, as supplemented
by three supplemental indentures dated
respectively as of Jan. 1, 1928, Jan. 1, 1936 and Jan. 1, 1939.
The company (formerly called International Power & Paper Co. of
Newfoundland, Ltd.) was incorp. in 1927 in Newfoundland to take over,
as of Jan. 24,
1928, the properties and assets of Newfoundland Power &
Paper Co., Ltd.
Company's name was changed to its present one in August
1938.
The then outstanding common shares of the company were sold in
1938 by Canadian International Paper Co. (a subsidiary of International
Paper Co.) to Bowater-Lloyd Newfoundland Ltd. (a wholly-owned sub¬
sidiary of Bowater's Paper Mills Ltd.), which shares, together with all
additional shares issued since that time, are now owned by Bowater-Lloyd
$
Liabilities—
Non-curr. invest. &
Offered—An issue of $800,000 1st mtge. 4}A% bonds,
was recently offered in Canada (but not in the
United States) at 102 and interest by Dominion Securities
Corp., Ltd. The offering does not constitute new financing
series of 1939
for the company.
accounts
reserve
Bowater's Newfoundland Pulp & Paper Mills, Ltd.—-
The bonds are dated Jan. 1, 1939; due Jan. 1, 1968.
Bonds are issued
under and secured by a trust deed executed by International Power & Paper
Co. of Newfoundland, Ltd., now known as Bowater's Newfoundland Pulp
$4,466,414 $4,497,1581
Includes
a dividend of 75 cents per share on the
stock, payable Sept. 15 to holders of record Sept. 5.
15, and on March 15, last, and
and Oct. 5, 1938 and on Dec. 20
and Oct. 1,1937, this latter being the first payment to be made on the com¬
mon stock since Nov.
15, 1929 when a regular quarterly dividend of 75
cents per share was distributed.—V. 149, p. 571.
common
Bonds
173,073
Other assets
directors have declared
A dividend of 25 cents was paid on June
dividends of 50 cents were paid on Dec. 20
1,757,200
for cancellation. Z>rl07,435
28,608
The
company's
3,598
Common stock..
e
to aflil. cos..
a
43,655
expenses,
balances
accts.
Invests. In & adv.
c
$134,013
Accrued taxes
Credit
Dec 31 '38
$102,843
wages, &c
receivable, trade
Mlscell. accts. and
notes
June 30 '39
Accounts payable.
Accts., notesand
prior lien upon all this debtors
a
property.
It is stated that if the New Haven
$%'
$13 466*
024
190:
1938
Sales of newsprint (tons)
Net sales.
113,199
1937
192,010
$7,401,295
1936
183,563
$7,702,406
1935
174,420
$6,731,284
Cost of sales & expenses,
5,527,231
6,231,557
5,240,022
$1,874,063
15,493
$1,470,849
34,082
$1,491,262
$1,275,394
$1,889,556
309,990
798,533
634,078
15,612
310,356
844,892
754,220
15,540
$1,504,931
295,456
871,910
686,215
15,530
$1,500,404
243,300
1,0,53,998
641,680
3,648
$482,819
$35,451
$364,179
$442,222
.
Balance
_
Net profit on exchange.
Net revenue.....
Int. on 1st mtge. bonds.
Debenture & other int._
Deprecia'n &
depletion-
Bond discount & exp
9,142
$18 128-
to'pay
com¬
.
Volume
'J
?'
a
Assets—
*
The Commercial
#'
i
149
Balance Sheet as at Dec. 31,1938
Paper mill buildings
and
Bond discount and expense, less amounts written
5%
......—
>
•
preference
shares
(£1 each)
Earned surplus
Funded debt-,
i
-
Reserve for depreciation.!
Deferred liabilities, deferred
profits and prov.
Accounts payable
....
—$50,330,297
Ltd.—Earnings—
Buffalo Ankerite Gold Mines,
Adjustment of value of
ore
$1,503,153
2,215
$1,347,306
1,292
in solution
1937
1938
1939
$1,312,012
1,182
*
Ib
Total
$1,310,829
$1,346,014
925,221
Net profit from operations
Miscellaneous income
$1,500,938
867,227
734,860
$420,792
$633,711
$575,970
5.239
revenue...
Expenditure..
7,892
1.712
....
Federal and State tax
$426,031
Net profit for period
$577,682
$641,603
26,924
72,759
209,683
89,795
68,136
81 213
$189,424
$479,049
$428,334
Provision for income taxes
Balance to earned surplus
$801,173
575,375
Net income
Dividends
stock
on common
-
Balance Sheet June 30
1939
S
on
Assets—Cash in banks and
on
(maket value $115,223), $113,919; gold bullion in transit
(including premium), $144,842; stores. &c., $100,725; fixed assets, $1,885,178 investment in and advances to subsidiary companies, $17,474; prepaid
insurance, &c., $37,267; total, $2,456,402.
accrued interest
payable and accrued liabilities, $89,309; accrued
payroll, $55,733; unclaimed dividends, $2,731; due trustee, $1,821; reserve
for Dominion and Provincial taxes, $111,300; capital stock (par $1), $701,679; capital surplus. $328,473: paid in surplus, $420,379; earned surplus,
$744,978; total. $2,456,402—V. 147, p. 3152.
Liabilities—Accounts
Bullard
Co.—Earnings—
6 Mos. End. June 30—
Gross profit...
Selling &
$686,809
301,767
$923,035
363,223
$417,332
302,244
$326,327
287,756
expenses-
gen.
$38,570
14,121
Total profit
Federal income taxes
$115,088
$559,813
$385,042
7,966
4,339
14,344
$52,692
8,700
Operating profit
Other income
$123,054
21,837
$564,150
97,280
$399,386
58,748
395,786
supplies
Prepd. ins., taxes,
36,368
&c
Unamort. debt dis¬
$101,217
$43,992
933,818
138,000
10,449
132,801
12,613
179,660
3,717,715
197,835
178,660
62,355
413,083
589,430
664",837
Shares
com.
stock
$271,638
$328,870
$32,217
$43,992
"
276,000
$1.23
276,000
$1.69
276,000
$0.37
276,000
$0.16
Retirem't
In
work
22,740
125,894
6,487
6,164
a
Represented by 74,242 no par shares.—V.
Central Indiana Gas
12 Months Ended June 30—
Co.—Earnings—
$2,423,256
1,923,050
Appropriation for retirement reserve
368,986
$4,628,753
1,014,975
275,647
300,000
Amortization of limited-term investment
7,270
652,216
94,050
7,270
608,489
119,427
$4,811,732
1,052,173
270,116
Operating revenues
Operation.
Maintenance and repairs
Taxes
Provision for Federal income taxes
$2,366,920
238,210
$445,481
106,798
912
Dr37,082
Dr53,719
$2,091,887
842,500
$2,011,928
842,500
203,223
Cr45
203,218
99,074
17,647
45,047
18,137
revenues
Merchandise and jobbing
(net)
Gross income
Interest
on
funded debt
Amortization of debt discount and expense
Other interest
Amortization
(net)
of preliminary
/
costs
of
2,110
projects
abandoned
Miscellaneous deductions
Net income
m
—V. 149, p. 721.
<4
•,
•
$338,683
^Directors have declared
a
...
•
j
Ltd.—Accumulated Dividend—
dividend of $1.25 per share on
account of
accumulations on the 6M% cum. pref. stock, par $100, payable Sept. 20
to holders of record Aug. 31.
Like amount was paid on June 30, last.—V.
148,
p.
$281,944
224,700
669
726
541
1,172
582
554
$110,240
$55,381
Gross income
Amortization of debt discount and expense
Federal and State tax on bond interest
Other deductions.
Net income
-
provision for retirements.
Before
Balance Sheet
$
Liabilities—•
6 34%
and
602
606
133,494
319,323
61,784
281,876
8,611
9,172
4,348
53
mat'ls &
supp's (book in¬
Merch.,
(5100 par),
500,000
500,000
4,648,970
4,648,970
2,956,000
138,263
Prop, purch. obllg.
1,625,000
Notes payable
192,709
Accounts payable.
54,014
Interest accrued..
129,793
Taxes accrued
2,956,000
stks.
a
First mtge. bonds.
5,636
118,824
2,278
11,982
12,651
149,304
cost
Prepaid insur., &e
Unamort. debt dis¬
Improvements
to
leased property.
Retirem't work in
259
2,390
43,298
4,258
123,367
54,164
126,883
850
787
134,577
Consumers' depos.
Uncoil, accts. res.
4,495
1,163,214
36,588
3,320
43,432
Contrib. for extens
count & expense
1,626", 413
140,791
27,219
Service ext'd dep's
Retire't reserves._ 1,238,490
Sundry accruals..
ventories at av¬
erage
pref,
cum.
Common stocks.
11 ,151,212 10,891,229
equipment
Special deposits...
1938
1939
S
Assets—
plant
June 30
1938
3,608
103
103
133,648
Other reserves
19,215
16,432
Earned surplus...
progress
_.
a
1,361
Total...-.---.11,832,889 11,398,096
shares.—V. 148, p. 3055.
11,832,889 11,398,096
Total
Represented by 54,000 no par
Central Maine Power
Period End. July 31—
Operatingrevenues
Operating expenses
State & municipal taxes.
Social security taxes
Fed. (incl. income) taxes
$900,916
$929,488
^
Canada Cement Co.,
$387,384
105,440
Interest
Other def. debits
Net operating income
Dividend and interest
$434,079
Dr46,695
*-
$2,064,735
258
...
.
$2,302,945
238,210
$2,128,711
Net operating revenues
Rent for lease of electric plant
$2,249,664
1,815,584
$500,205
Dr54,724
and taxes
expenses
Applian's on rental
1938
1938
1939
''
revenues
Net operating revenues
a
30,254,151 28,942,277
149, p. 100.
226,061
Operating
Operating
Other receivables.
1939
Total
30,254,151 28,942,277
Total
Accounts receiva'le
Co.—Earnings—
Year Ended June 30—
Ehrned surplus...
105,000
Cash.......
California Oregon Power
Consumers' depos.
Capital surplus...
agreement.....
Prop.,
out¬
standing (no par)....
Earnings per share
—V. 148. p. 1163..
11,054
Sundry accruals..
45,786
42,218
property...
1939
Surplus
76,681
218,937
Taxes accrued
Improve, to leased
$340,638
69,000
$466,870
69,000
Netprofit
173,923
346,431
264,428
271,117
payable.
Interest accrued..
St. Light'g system
a
Dividends
Accounts
Provision for retirements
1936
1937
1938
1939
Common stock..
Serv. exten. depos.
Mdse., materials &
cost, plus
hand, $156,999;! nvestments at
6,310,570
6,310,570
Long-term debt...17,750,000 16,690,000
a
142,336
9,086
18,999
300,207 Defd credit items.
Retirements res've 4,000,040
194,523
30,544 Uncoil, accts. res.
Contrlb. for exten.
180,720
;
67,575
72,075 Other reserves
82,592
60,027
rental.
$
Liabilities—
Prop., plant & eq.27,768,618 27,367,419
Mlscell. invest'ts.
4,413
2,486
S. fd. & spec. dep.
4,622
4,512
Cash
503,668
457,740
Accts. receivable..
323,615
336,104
Other receivables.
75,276
82,248
Appl'ces
1938
$
1938
$
Assess—
Other defd. debits.
1939
511,203
Before provision for retirements.
a
progress.......
Balance Sheet June 30,
$499,708
519,694
long-term debt interest—
on
Other deductions
count & expense
Development written off
850,187
5,179
10,822
2,253
Amortization of debt discount and expense
355,217
6 Months Ended June 30—
Bullion recovery
838,231
6,013
12,445
3,286
Interest
$10,088,000
3,880,000
1,919,951
25,571,695
5,000,000
for contingencies.
1,933,907
1,581,526
.
$1,368,149
Gross income
1939
Total
$1,879,352
Provision for retirements
.
Accrued interest.
$1,865,623
13,729
!,661,148
and taxes
$4,772,348
2,906,724
5,123,577
462,429
expenses
Gross income
a
1938
1939
$4,840,639
2,706,999
*
Net operating revenues
a
$50,330,297
_
Co.—Earnings—
$2,133,640
Dr10,063
revenues
Non-operating income
1,707,936
-
Liabilities—•
Common shares
7,435,797
401,583
513,442
107,112
3,368,386
428,165
1,515,256
off
Sinking and other funds in hands of trustees
Inventories of pulpwood, newsprint and materials
Sundry debts and deferred charges (less reserves)
Accounts receivable, less amount received in advance
Total
Operating
Operating
$34,852,620
ment, townsite and steamships
Timberlands (less depletion) and water power rights
Woods improvements and equipment
Central. Illinois Electric & Gas
12 Months Ended June 30—
hydro-electric develop-
equipment,
Cash in banks and in hand
»>
^
\
1171
& Financial Chronicle
Net oper. income
(net).
Non-oper. income
Gross income
-
-
Bond interest
Other interest (net)
Other deductions
Co.—Earnings
1939—Month—1938
$570,899
$610,877
194,927
234,972
1939—12 Mos—1938
$7,028,533
$6,639,657
2,420,277
2,478,101
60,040
3,994
35,430
59,049
4,166
34,849
$276,441
2,289
$277,908
3,761
$3,351,853
$278,730
109,292
Cr7,587
14,611
$281,669
110,200
$3,397,136
1,317,972
4,195
15,498
036,364
179,866
$162,414
$151,776
$1,935,662
108',099
699,293
723,905
48,256
426,418
1,297,182
39,302
344,249
$3,136,536
43,286
45,283
.
$3,179,822
1,290,336
42,438
223,252
3370.
Net
Canadian National
Prefdiv?Sui?emOTt"s.
Ry.—Earnings—
1939
$3,496,774
__
1938
$3,263,616
Increase
$233,158
—V. 149, p. 1018.
Earnings for the Week Ended Aug. 7
1939
Traffic earnings
$2,615,000
1938
$2,555,000
$60,000
..
.
have declared the following dividends payable Oct.
record Sept. 9.
■ ■
,
.
.
.,nm
$1.75 per share on the 7% cumulative preferred stock (par $100).
$1.50 per share on the 6% cumulative preferred stock (par
$1 50 per share on the $6 cumulative preferred stock (par $100).
See also V. 148, p. 3683 —V. 149, p. 572.
.
.
2 to
,
Central Ohio Light &
Power Co .—Bonds
& Notes Called
outstanding 1st mtge. 5% gold bonds, series A, dated Oct.
1930, due Oct. 1, 1950, have been called for redemption on Oct. 1 at
and accrued interest.
,
.
_
,
.
,
T
All of the outstanding 1st mtge. 5% gold bonds, series B, dated June
1937, due June 1, 1962, have been called for redemption on Sept. 14
All of the
1.
102^
Ltd.—No Interest Payment—
Following a meeting of the directors of this company and of Montreal
Drydocks, Ltd., held on July 27, President J. Edouard Labelle announced
that no provision had been made by the boards for payment of the interest
due Aug. 1 next on the Canadian Vickers bonds and on the bonds of Montreal
Drydocks, Ltd., and that, therefore, these interest instalments would not
be paid.
In his statement Mr. Labell directed attention to the report made by
him on behalf of the directors at the annual meeting of shareholders of
Canadian Vickers, Ltd., held on June 28 last, particularly that part dealing
with the need of additional working capital.
Mr. Labelle stated that the Vickers directors, after careful consideration,
had decided that it was vital, in the best interests of the bondholders and
all others concerned, that the existing working capital be conserved.
He
stated that the directors had satisfied themselves that payment of the
interest due Aug. 1 on the Vickers and Montreal Drydocks bonds would
restrict operating possibilities and would, therefore, not be in the best
ntere6ts of the company.—V. 147, p. 415.
1,297,182
_
The directors
holders of
Increase
1018.
Canadian Vickers,
_
$1,623,796
$100).
Canadian Pacific Ry .—Earnings—
—V. 149, p.
*108.009
Accumulated Dividends—
Earnings of the System for the Week Ended Aug 14
Gross revenues.
income
.
1,
at
^Pa^roent^nTotVoftlm^bove issues will be made at the Guaranty Trust
Co
of Ngw York,
All of the
1940,
outstanding three-year AlA% conv.
St., New
secured notes due June 1,
Sept. 14 at par and
Bank of the Manhattan Co.,
York City.—V. 149, p. 1018, 872.
have been
interest.
called for redemption on
Payment will be made at
Central Ohio Steel
accrued
40 Wall
Products Co.—Dividend—
have declared a dividend of 25 cents per share on the
stock, par $1, payable Sept. 1 to holders of record Aug. 19. Like
amount was paid on June 15, last and this compares with 30 cents paid on
March 1, last; dividends of 25 cents paid on Dec. 1, Sept. 1 and
1938; 35 cents paid on Nov. 1 and on Aug. 1, 1937, 25 cents paid on
and Feb. 1,1937; an extra dividend of 25 cents and a regular dividend
35 cents paid on Nov. 1, 1936 and a dividend of 25 cents paid on Aug.
The
directors
common
March 10,
May 1.
of
1,
The Commercial & Financial Chronicle
1172
1936, this latter being the initial dividend on the $1 par stock.—V.
3217.
148,
Champion Paper & FibreJCo.-
P.
Central
&
Power
Light
Co,—$32,fXX),000
Securities
Earnings of the company for the 12 months ended April 30, 1939, after
operating expenses and taxes were $3,225,470.
The annual interest re¬
quirements of the mortgage bonds will amount to $937,500, while the
maximum annual interest requirements of the debentures will be $165,875.
The net proceeds received from the sale of the securities, together with
other funds of the company, will be used to redeem at 104 and accrued
interest $32,045,200 first mortgage 5% gold bonds, due Aug. 1, 1956, re¬
quiring, exclusive of interest, $3,3,327,008.
the amount of their
participation
areas
%of
Ponds
Inc....
% of
Bonds
Lebens
Glore, Forgan & Co... $1,250,000
E. H, Rollins & Sons,
White, Weld A Co
5
1,500,000
Harris, Hall A Co.,Inc. 1,500,000
6
A.G.P.ecker A Co.,Inc.
Halsey, Stuart & Co.,
1,8
450,000
450,000
Houston, Texas, by the sale of preferred stock and short-term borrowings
if necessary."
[Under the previous plan company contemplated the issuance of $7,~
000,000 of bonds, to be placed privately and the sale of S6,000.00o serial
notes to be sold to banks and the„sale to Time, Inc. of $1,000,000 preferred
stock.]
See V. 149, p. 1019.
v!
To Build
Chesebrough Mfg. Co.—Extra Dividend—
Directors have declared
400,000
1.6
6
Maban, Dittmar A Co,
400,000
1.6
1,250,000
5
Bacon, Whipple & Co.
350,000
4
Blair, Bonner A Co...
350,000
1.4
4
H. M. Byllesby A Co.,
350,000
1.4
3.6
The
First Boston Corp....
3.6
Blyth A Co., Inc.....
Central Republic Co..
Kidder, Peabody & Co
hazard Freres & Co
Lehman Bros.
A
Webster
Co.
ol
2.7
Arthur Perry A Co....
350,000
350,000
1.4
2.7
G. H. Walker & Co...
350,000
1.4
2.7
Pitman A Co...
.6
2.7
William N. Edwards..
150,000
150,000
1.4
.6
2.7
Rush, Roe A Co.
150,000
.6
2.7
Moroney A
Co.*
150,000
.6
675,000
2.7
R. K. Dunbar & Co.-.
100,000
.4
675,000
2.7
Chas.B. White & Co..
100,000
100,000
.4
100,000
.4
100,000
.4
75,000
.3
and
A. W. Snyder &
Biodget, Inc.......
500,000
2.0
500,000
A. 8. Huyck A Co
Ranson-Davidson
Illinois
675,000
675,000
.......
Lee, Hlgginson Corp..
F. S. Moseley & Co...
Smith, Barney A Co..
Stone
Inc
Chicago-
2.0
In¬
Milton
A Co
......
Dewar,
vestment Co
500,000
1.8
450,000
1.8
450,000
Hemphill, Noyes A Co.
Paine, Webber A Co..-
2.0
450,000
450,000
A. C. Allyn A Co., Inc,
Co...
.4
Underwood
R.
Robertson
&
1.8
1.8
Pancoast
Duquette A Co..
Gregory, Eddleman A
75,000
Abercrombie
Stern, Wampler A Co.,
Central
RR.
Co.
of
New
Jersey—Bondholders
Plan—Petition
Consolidation
Urges
Co. and Other Adjustments—
'
Group
Reading
with
>
A bondholders' committee for holders of the
company's bonds has urged
the Interstate Commerce Commission to reject the road's
proposed capital
readjustment plan and, in the meanwhile, to give "serious consideration"
to a consolidation of the road with the
Reading Co. and to other adjustments
to improve the road's financial
standing.
The position of the bondholders was made known in a
petition of inter¬
vention in the Jersey Central case filed with the Commission.
While urging that the road's
pending application to readjust its capital
structure be denied, the committee asked that in the
event it is approved
that it be conditioned upon:
(1) Enlargement of the bondholders committee's functions during the
period of modification so as to give bondholders a measure of control over
the operations and property of
the road.
f) Compensation to present bondholders in the form of equity securities.
) Consummation of an adjustment of the tax
liability owing to the State
ew Jersey prior to
effectuating the plan.
(4) An adjustment of the rental payable under the lease of the Lehigh &
Susquehanna RR. from the Lehigh Coal & Navigation Co. to the Jersey
Central prior to effectuating the plan, and—
(5) An adjustment of the division of joint rates between the Jersey Cen¬
tral
and
the
Reading Co. and Baltimore
&
Ohio
prior to effectuating
the plan.
The committee asserted that all of these
adjustments and perhaps others
as well must be made in order
to enable the Jersey Central properly to
per¬
form a service to the public as a common
carrier.
'Because of the clean cut nature of the issues and
interests involved,
petitioners believe that those adjustments could be
accomplished
herein in connection with a consolidation of the
Central Railroad Co. of
.
vour
New
Jersey with the Reading Co., and
this
Commission
give serious
your
petitioners earnestly urge that
to the desirability of such
consideration
procedure.
If it is not feasible to
accomplish these and other necessary adjustments
pending proceeding, the committee declared that the relief
applied
by the railroad was not reasonably necessary and appropriate for or
in the
for
consistent
with the proper performance of a common
carrier service,
w°uld, in fact, impair the carrier's ability to perform that service.
'Under those
circumstances," said the committee, "it is
submitted that the application herein of the Central Railroad
Jersey should be denied, and proceedings instituted which are
the purpose of
accomplishing such adjustments as will enable
Railroad Co. of New
Jersey to perform the service
to the
carrier."—V. 149, p. 872.
148, p: 32177
Chicago & Erie RR.—RFC Loan Turned Down by ICC—
The pending petition of the company before the Interstate Commerce
for a loan of $7,500,000 from the Reconstruction Finance
Corporation has developed an exchange of correspondence between H. A.
Taylor, counsel for the road: C. M. Clay, assistant general counsel for the
RFC, and officials of the Bureau of Finance of the Interstate Commerce
Commission, the ultimate result of which imposes upon trustees of the
Erie RR. the obligation of subordinating all of their rights to the RFC under
the note it would hold, if the loan were granted.
On June 28 the Chicago & Erie, a subsidiary of the Erie RR., asked ICC
approval for a Joan of $7,500,000 from the RFC, the proceeds to be used
to atiquire the stock of the Cleveland & Mahoning Valley Ry.
The ICC
has not acted on the petition.
Meanwhile Mr, Taylor submitted to Mr. Clay and R. T.
Boyden,
chief of the section of loans of the ICC, a draft of a petition he proposed to
submit to the Federal Court in the Erie reorganization proceedings, provid¬
ing for subordination of the payment of advances by Erie to the Chicago
& Erie to payment of principal and interest on the note to be
given the
RFC providing that if the interest on that loan had been paid to the last
interest date and the Chicago & Erie had available cash after fixed charges.
Such cash might be applied to payment of interest on advances from the
Erie to the Chicago & Erie.
The response of the ICC to this proposal, made by Director Sweet of the
Bureau of Finance, was that it was unsatisfactory.
"The Erie trustees," he said, "should agree that so long as the note
to be given the RFC for the loan of $7,500,000 is outstanding and unpaid,
they will not make any demand of, or take any steps toward the collection
of either the principal of or interest on the advances heretofore or hereafter
made by the Erie or its trustees to the
Chicago & Erie, but will wholly
subordinate their rights to those of the finance corporation under the note."
—V. 149, p. 255.
•;:/?
-/i
Commission
public
but
respectfully
Co. of New
designed for
the Central
as a common
Chicago
consolidated:
Divs. on com. stock
Divs. on pref. stocks
bonds.
R.
$311,759
$336,759
$623,519
$655,269
123
123
184
184
30
30
60
60
3,318
7,420
6,831
$340,230
17,835
$631,183
42,918
$662,344
27,114
$289,629
$322,395
6,893
$588,265
$635,230
15,143
$289,629
Net income
-V. 148, p. 3217.
L.
Railway,
$315,502
Central Vermont Public Service
Operating revenues
Operating expenses
was
meeting held Aug. 11.
The Omaha road is
North Western.—V. 149. p. 723.
$588,265
Fed. (incl. income) taxes
1,476
8,553
Net oper. income
Non-oper. income (net).
$54,030
$41,520
109,465
Gross income
Bond interest
Other interest (net)
Other deductions
Net income
Pref. div. requirements.
13,680
1939—12 Mos.—1938
$2,240,507
1,233,639
166,990
16,615
116,705
$2,157,029
1,283,010
152,119
16,810
93,716
$706,558
$611,374
3,652
796
912
4,578
$54,826
20,417
1,266
$42,432
20,417
$615,026
2,555
1,756
$711,136
245,000
13,882
54.303
$30,588
18,928
$19,121
18,928
$397,951
227,136
$337,711
227,136
—V. 149, p. 572.
Ry.—New
a
& North Western
a special directors'
subsidiary of the Chicago &
Chicago & Southern Air Lines, Inc.—Operations —
Aug. 7 that during the period from Jan. 1, to July 31, 1939,
on
11,939
in
a
total of
revenue
passengers were carried against 9,309 for the same months
This is an increase of 28.3%,
The total number of
passengers carried in July, 1939 showed a decrease
1938.
of 2.2% under June of the
same year and
21.6% increase over the month of
July, 1938.
The company flew a total of 796,754 revenue passenger miles
July, 1939, against 829,465 in June 1939 and 620,662 in July, 1938.
in
—V. 149, p. 409.
Chrysler Corp.—Semi-Annual Report—
Passenger cars and trucks shipped from the corporation's plants during
the first half of 1939 aggregated
496,206 units, as compared with 261,048
units in the first half of
1938, an increase of 90.1 %.
Net sales amounted to
$342,788,293,
an increase of
$154,662,828,
or
82.2%,
over
the correspond¬
ing period of 1938.
Cash and marketable securities at June
30, 1939 amounted to $111,796,917, an increase of $40,787,405 since Dec. 31, 1938.
Inventories during
this period decreased $22,738,660.
Net current assets at June
30, 1939
$103,870,913, an increase of $25,637,728 since Dec. 31, 1938.
De¬
preciation and amortization charges for this period amounted to $11,311,840.
Retail sales in the United States of
Plymouth, Dodge, DeSoto and Chrys¬
ler passenger cars, Plymouth and
Dodge commercial cars and Dodge trucks,
for the first half of 1939 were
reported as 405,421 units, as compared with
259,702 units for the first half of 1938.
This was an increase of 56.1%
for the corporation's products, as
compared with an increase of 41.7% re¬
ported for the industry as a whole.
Export and Canadian shipments totaled 55,549 vehicles for this halfwere
T.
Keller, President,
1,138
achieved, in addition
to the
245,000
10,602
21,713
selling of our products have
giving of good service to the people who buy
them.
Field stocks of new and used cars bear a
healthy relation to retail sales,
and our dealers will be in an excellent
position to handle the introduction
of new models to the public this fall.
The immediate prospect seems to be
that business will continue at current levels or
possibly show some improve¬
ment, and as our forward program is well in hand, we anticipate a successful
participation in the prevailing level of business activity.
.
Comparative Consolidated Income Account, 6 Months Ended June 30
1939
1938
1937
•*
19_36
......342,788,293 188,125,465 409,688,254 358,634,899
287,017,276 162,894,550 349,645,956 292.224,109
Gross profit...
55,771,017
Int., divs. & misc. inc.—
359,866
60,042,298
704,060
66,410.790
xl,200,160
56,130,883
26,431,074
60,746.358
66.792,675
24,435.111
Total income.
19,138,757
25.575,087
25,739,470
25,230,915
381,884
Admin., engin'g, selling.
advertising, service &
general
Prov. for
expenses
Fed., State &
for. inc. & exc. profits
taxes & surtax on un¬
distributed profits
6,350,000
Earnings
per
(par $5)..
share
1,582,717
7,714,662
11,579.468
25,345.771
Net profit..
Shs. cap. stk.
5,709,600
4,351,132
4,351,i32
$1.31
27,456,609
4,352,332
$6.31
29,473,737
4,314,391
$5.83
$6.83
x Includes
$862,314 profit from sale of investment securities.
Note—Depreciation &
amort, have been chgd.
to cost of sales & exps.
the amounts of
I
says:
position in the automobile industry as measured by their percentage of the
available business obtained.
We believe this improvement reflects the
great values which the engineering, manufacturing and merchandising
efforts devoted to designing,
building and
$620,086
Corp.—Earnings—
1939—Month—193 8
$187,204
_
Omaha
Company flew 4,745,481 revenue passenger miles during the first seven
months of 1939, an increase of 29.5% over the same
period of 1938, when
the airline flew 3,665,589 miles.
D. D. Walker, Vice-President, announced
sales..
Cost of sales
$176,992
113,147
13,128
1,503
7,694
State & municipal taxes
Social security taxes
&
•
chief executive officer of Chicago
elected President of this company at
Net
Period End. July 31—
Minneapolis
Williams,
the first
improved their competitive
1939—6 Mos.—1938
3,738
I
Paul
For the current model year
beginning Oct. 1, 1938, as well as for
six monthsof 1939, Chrysler
Corp. products have
-Earnings—
$315,651
26,022
Total income
Expenses and taxes.
Gross income
Interest deductions
1939—3 Mos.—1938
_
Other income
St.
President—
K.
Period End. June 30—
Income from sub. cos.
on
made in preceding quarters.—V.
were
year, as compared with 56,089 vehicles for the first half of 1938.
Central & South West Utilities Co.-
Interest
share in ad¬
.
Inc..
—V. 149, p. 1019.
Opposes
extra dividend of 50 cents per
to the regular quarterly dividend of $1 per share on the common
stock, both payable Sept. 25 to holders of record Sept. 1. Similar payments
1.4
Tucker,Anthony & Co. 1,000,000
Bonbright A Co., Inc. 1,000,000
Harriman
Ripley
A
Co., Inc.
900,000
900,000
675,000
675,000
675,000
675,000
an
dition
-—'
Inc.-,.
■.
Paper Mill—
Directors have approved plans to build a new paper mill adjoining the
company's present Southern plant at Pasadena, near Houston, Texas, at a
cost of about $3,000,000.
It will be the company's third mill, and will be
utilized in the manufactured of high-grade papers coated at high speed
for "Time" and "Life" magazines.
A Fourdinier paper machine will be built for $1,000,000 by the Beloit
Iron Works of Beloit, Wis., with an overall length of 400 feet, capable
of operating at a speed of 1,500 feet per minute.
It will be the world's
largest combination paper making and coating machine.
H. K. Ferguson,
Inc., of Cleveland, were consulting engineers for the building, with Merritt
Chapman & Scott of New York the contractors.
Operation is scheduled
to begin in 10 to 11 months.—V. 149, p. 1019.
1.8
ttauscher,Pierce A Co.,
..........
The company replying to an inquiry regarding prospective financing with
bank loans and bonds Says: "This program has been canceled and we
expect to finance the new oaper mill to be built adjoining our pulp mill at
1.8
Dean Witter A Co....
6
Inc.
Debens.
$450,000
The Wisconsin Co
1,500,000
-Changes in Financing
Plan—
Offered—A group headed by Glore, Forgan & Co. offered
Aug. 18 $25,000,000 first mortgage bonds, series A,
due Aug. 1, 1969, and $7,000,000 serial debentures, 1^ to
3%, maturing semi-annually from Aug. 15, 1940, to 1946.
The bonds were priced at 101 and interest and the debentures
at prices to yield from 1.25 to 3.15%, according to maturity.
Underwriters—The underwriters and
follows:
Aug. 19, 1939
in
11,311,840
5,753,453
9,952,822
7,583,725
Volume
The Commercial & Financial Chronicle
149
Consolidated Balance Sheet
/
June 30 '39
Assets—
Cash
deposit
on
Marketable securities at cost
Drafts against car shipments
Inventories..
Investments and other assets
„
'38
$
.110,746,371
1,050,547
5,451,419
x7,286,003
23,885,745
__
Notes and accounts receivable
y
Dec. 31
$
hand and
on
70,403,318
606,194
7,947,318
8,579,258
46,624,406
5,871,235
Property, plant and equipment
5,696,960
63,717,867
._
69,981,950
1
1
1,006,962
2,207,450
Goodwill
Prepaid insurance, taxes, &c
1173
tive, the disposition by Columbia Oil & Gasoline Corp. of the stock which
it holds in Panhandle Eastern Pipe Line Co.
•
On June 20, 1939 the corporation filed with that Court a plan intended
to effect the first of the foregoing alternatives, the principal provisions of
which are in substance as follows: (1) the corporation will surrender to
Columbia Oil & Gasoline Corp. the 400,000 shares of preferred stock of
Columbia Oil & Gasoline Corp. which it holds, receiving in exchange there¬
for the stocks and indebtedness of the five oil and gasoline operating sub¬
sidiary companies of Columbia Oil & Gasoline Corp. (being substantially
the properties originally turned over to Columbia Oil & Gasoline Corp,
upon the organization of the latter in 1930); (2) Columbia Oil & Gasoline
Corp. will use its best efforts to dispose of the $10,000,000 of class A pre¬
ferred stock of Panhandle Eastern
Pipe Line Co. which it holds and will
apply the proceeds thereof to the reduction of its outstanding 20-year de¬
bentures, all held by Columbia Gas & Electric Corp. from $21,000,000 to
$11,000,000 principal amount.
At that time the interest rate on the de¬
bentures will be reduced to 3% per annum and the sinking fund will be
accelerated to begin May 1, 1940, instead of May 1, 1941, as now provided;
and this sinking fund will also be increased by an amount equal to any future
219,016,151 212,046.855
Total
Liabilities—
•••■'
■
•'
•
•
35,027,099
51,500,948
1,275,496
21,755,660
25,958,106
726,362
3,700,000
15,569,266
21,755,660
25,958,106
107,304,455
92,836,513
Accounts payable and accrued payrolls
Accrued insurance and taxes
Federal, State and foreign taxes on income
8,246,578
19,448,758
Reserves
Capital stock (par $5).
a Capital
surplus...
.
Earned surplus....
dividends in
219,016,151 212,046,855
Total..
$63,139. • y After reserve for depreciation, &c., of
$52,322,282 in 1939 and $48,542,260 in 1938.
z Of which $666,215 is
restricted on account of the repurchase of capital stock.
After
x
reserve
of
SI.50 Dividend—
Directors
on Aug. 15 declared a dividend of $1.50 per share on the com¬
stock payable Sept. 13 to holders of record Aug. 24. Like amount was
paid on June 12, last, and this compares with $1 paid on March 14, last;
$1.25 paid on Dec. 12, 1938; 25 cents on Sept. 14, 1938; 50 cents on June 14,
1938; and $3 per share paid on Dec. 13,1937. See also V. 148, p. 1021.
mon
Chile Copper
Co. (& Subs.)—Earnings—
Other income—int. & misc. income..
on
serial notes
$7,863,778 $10,032,632 $16,120,597
237,500
337,516
386,437
2,262,800
1,673,028
2,822,182
....
U. S. & Chilean income taxes (est.)..
Prov. for deprec. & obsolescence
a
1939—12 Mos.—1938
$5,838,586 $24,783,775 $24,946,761
2,676,538
11,391,581
11,456,542
426,130
1,661,236
1,779,659
691,436
3,073,743
3,056,107
778,034
2,916,826
3,106,545
$1,344,846
4,559
$1,266,448
7,049
$5,740,389
35,464
$5,547,906
30,299
$1,349,406
407,623
$1,273,497
333,246
$5,775,853
1,527,002
$5,578,206
1,385,598
$941,783
500,000
$940,251
500,000
$4,248,851
2,000,000
$4,192,607
2,000,000
$441,783
$440,251
$2,248,851
$2,192,607
1939—3 Albs.—1938
Operation
....
Maintenance
Prov. for retirements
Taxes
*Net oper. revenue
Other income
....
corporate inc..
Int. & amort, charges...
Net
income
Preferred
Earnings—
$6,084,959
2,729,544
443,683
774,107
792,778
revenues.....
l*Gross
$2.59
$1.47
$0.96
Cincinnati Gas & Electric Co.
Period End. June 30—
fcS
$6,499,809 $11,423,852
148, p. 2891.
Without deduction for depletion.—V.
Gross
1,488,126
1,522,279
1,144,278
$4,219,200
Consolidated net income
Earnings per share on 4,415,503 shares
capital stock.________
a
88,305
223,241
181,239
Total income..
Interest
$9,809,391 $16,032,292
$7,682,539
Operating income
1937
1938
1939
6 Months Ended June 30—
dividends.
Balance
Note—The provision for Federal income taxes for the calendar year 1939
included in the above statements is the minimum tax specified in the 1938
Federal Revenue Act and is subject to
Cincinnati Street
Earnings
x
Federal income taxes, &c.
capital stock.—V. 149, p. 723.
After depreciation, interest.
Shares of
$44,254
$0.09
$41,585 •
$\08
share
y
Cincinnati
& Suburban
15,572,689
15,013,188
62,283,610
63,454,474
2,585,292
2,356,364
10,531,245
10,462,258
$5,937,732
63,592
$4,623,350 $23,617,919 $22,499,668
93,755
337,657
388,577
$6,001,324
$4,717,106 5523,955,577 $22,888,246
Ml
El
$1,094,433
$1,071,950
Claude Neon
Net
V.
-
$1.99
C
^
Profit
'
$157,602
113,768
1138,861
132,759
$22,797
12,725
$37,26515,978
$121,708
85,700
$35,522
74,236
$53,243
71,585
$42,837
67,038
4,378
9,997
2,773
1,898
5,072
2,570
1,850
2,928
2,939
1,500
2,756
Loss—befor spec.prof.
and loss item
prof. $21,633
$48,457
$25,690
48,500
$31,397
3,377
$22,810
loss$28,019
int.,
&c.,
less sundry
income
Royalties
Other deductions, net—
Special profit & loss item
Profit credited tosurp.
$21,633
Ioss$48,457
Balance Sheet June 30, 1939
$38,419; receivables, $80,486; divi¬
dends receivable, $2,275; inventories $?7 849; contracted revenue not billed
$105,965; investments in affiliated companies, $671,395; investments in and
advances to wholly-owned subsidiary companies, not consolidated herein,
$46,220; sundry investments and receivables, $7,100; prepaid insurance,
commissions, &c., $9,502; equipment, furniture and fixtures, structures,
(less reserve for depreciation $20,173) $3.161; patents, licenses, rights. &c.,
(less amortization $9,167) $228,010; total, $1,225,382.
Liabilities—Notes payable (shares of affiliated companies carried at
$391,684 pledged as collateral, per contra), $125,000; accounts payable,
$29,074; accrued taxes, interest, wages, &c., $29,080; reserve for sign mainte¬
nance expense, $2,244; toher liabilities, $94,666; deferred income, $34,297;
capital stock (par $1), $1,053,004; deficit, $141,984; total, $1,225,382.—V.
Assets—Cash in banks and on hand
148, p. 3528.
Co.—Registers with SEC—
first page of this department.
Columbia Gas & Electric
line
,
,
Corp.—Columbia Oil & Gaso¬
Corp. and Panhandle Eastern Pipe Line Co.
Situation
«,844,105 $12,409,991 $11,733,586
6,459,665
6,459,665
15,950,326
$5,273,921
$0.49
$0.43
dividendsjpaid
—
-
Earnings per share
shares outstanding at end of respective periods,
b It is
the general practice of the corporation and its subsidiaries, when a rate is
being contested, to include as gross revenues only such portion of the total
amount billed as is represented by the lower of the disputed rates.
jvnie—The consolidated income statements do not include American Fuel
& Power Co. or its subsidiaries.
The corporate charter of American Fuel
& Power Co
has been repealed and its former assets are held by a trustee
under the Federal Bankruptcy Act.
Trustees in bankruptcy have also
been appointed for its principal subsidiaries, Inland Gas Corp. and Kentucky
~a
On common
Fuel
Gas
Corp.—V. 149, p. 409.
Columbian Carbon
Deprec'n
Minority
Pn«
1938
$2,603,579
and doplet'n.911,361
interest.----77,746
oper.
profit*??^81.614.472
1,074,812
Sheet June
$3.43
30
1939
account.19,027,717 19.227,770
Invest.In assoc.cos 4,307,501
4,462,323
Cash
2,938,306 1,920,632
1,214,180
Notes & acct. rec. 1,401,524
Inventories
1,730,521 .1,949,117
Prop'ty
Marketable securs.
yl.054.948
188,278
Other assets
537,411
$4.69
.
trade-
Outlined—
Goodwill,
marks, &c._—
Deferred charges--
496,940
1,030,408
135,233
x
1938
$
21,849,354 21,849,354
597,910
731,999
payable, &c
Capital stock .
Accts.
Federal
taxes
rent....
cur¬
Est.
Fed.
tax
Surplus
243,096
423,262
1,027,425
964,757
a535,000
-
Minority interest-
185,000
6,276,913
income
6,892,950
*
Philip G. Gossler, Chairman, in a letter to stockholders states;
In shareholders' letter dated Feb. 15,1939, there was reported the filing by
the U. S. Government in the U. S. District Court in Wilmington of a pro¬
%
Liabilities—
$
$
at cost.
$2,56
Balance
$1,843,305
$910,481
537,406
537,406
1938
1939
V
$1,843,305
121,425
$2,520,686
1,610,205
$302,773
Consolidated
A
$2,399,261
1,920
537,406
$3.04
Earnings per share
699,950
61,392
$1,377,072
1,074,299
$558,787
Surplus
—
Shs. com stk. outstd g--
1936
$2,604,647
745,946
221,121
30,699
$1,375,152
Net income
P
1937
$3,366,328
•:
$2,181,006
775,154
19.127
Dividends paid
Earnings
Co. (& Subs.)
M...
Profit on sale of secure..
z
Cochran Foil
5,106,275
5,356,326
1,299,832
capital
^6 Mos. End. June 30—
Net after Fed. inc. tax..
Includes commissions of $313.
See list given on
77,128
$3,143,936 $17,766,317 5516,839,861
1,367,316
Balance—
a
Sell., admin. & gen. exps
Prov. for doubtful accts.,
Dr24.855
Dr54,985
&c., of
$2,980,470
$24,842
17,995
Total income. 1
$3,198,921 $17,791,172 $16,762,733
Drl26,511
Bal. applic. to
Preferred
_
$102,445
x!9,263
£
$4,474,297
& E.
C. G. & E. Corp
$176,126
223,548
Dividends and royalties-
x
of C. G.
Interest charges,
1936
$136,565
■
2,471,925
applicable to
instal., sales, equip.
J1; and maintenance
3,653,587
2,449,883
aplic. to fixed chgs.
of C. G. & E. Corp. $4,347,786
1937
$325,993
& maint. of signs, &c.
Cost of signs,incl. amort.
3,714,521
614,822
$1.95
Income—LSales. instalm't
of
rev.
903,362
613,949
and
Combined earnings ap-
1938
1939
of subs,
Corp
Lights, Inc..—Earnings-
^ 6 Mos.I End. June 30—
divs.
C. G. & E. Corp...
Net
$2.32
913,078
minority interests—„
1936
$1,275,664
mm
other fixed charges.
Balance
1937
•
Gross corp. income—
Int. of subs, to public &
-Earns.
1938
inc.
after deprec.,
int., taxes & charges.. $1,382,296
Earns, per sh. on 549,768
shs. cap. stk. (par $50)
$2.51
—V. 149, p. 573.
Oper. expenses & taxes-Prov. for retire.& .deple-
Pref.
Bell Telephone Co.-
1939
Months Ended June 30
KJ
1939—3 Mos.—1938
1939—12 Mos.—1938
$24,095,713 $21,992,902 $96,432,775 $96,416,400
b Gross revenues
On 475,239
.
6 Mos. End. June 30—
Earnings for 3 and*. 12
f Net oper. revenue
Other income
102.
1939—7 Mos.—1938
$3,286
$6,683
per
p.
Ry.—Earnings—
Net income
y
adjustment.—V. 149,
1939—Month—1938
Period End. July 31—
x
excess of 20 cents a share paid by Columbia Oil on its common
(3) Columbia Gas & Electric Corp. will offer to Panhandle Eastern
Pipe Line Co. the opportunity to purchase on specified terms the stocks and
indebtedness of Michigan Gas Transmission Corp. and Indiana Gas Dis¬
tribution Corp. and the small amount of physical property of the Ohio
Fuel Gas Co. situated in the State of Indiana, subject to the reservation of
certain rights to accept any more favorable proposal from any independent
bidder, the terms of which Panhandle Eastern Pipe Line Co. may not be
then willing to meet; if at the end of the year such sale shall not have been
made, Columbia Gas & Electric Corp. will stand ready to have such sale
of the stock and indebtedness made, on the same terms, by a trustee ap¬
pointed by the Court; (4) the board of directors of Columbia Oil & Gasoline
Corp. is to be reconstituted so as to include only individuals not objection¬
able to the Government and to exclude all persons having any present or
past connections with Columbia Gas & Electric Corp. as officer, director or
employee thereof, and the representatives of Columbia Oil & Gasoline Corp.
on the board of directors of Panhandle Eastern Pipe Line Co. are to be
selected from such directors of Columbia Oil; and (5) Columbia Oil agrees
to use all its cash then available, in excess of $50,000 net working capital,
for the retirement of its debentures owned by Columbia Gas, and Columbia
Gas agrees to indemnify Columbia Oil from liability on the suit for alleged
dilution of gas now pending in the Court of Common Pleas of Franklin
County, Ohio.
The principal results of carrying out this plan would be: (1) Columbia
System would reacquire the oil and gasoline operations which it originally
owned; (2) Columbia Gas & Electric Corp. would be completely divorced
from any possible control over Columbia Oil & Gasoline Corp., its sole re¬
maining investment in Columbia Oil & Gasoline Corp. being debentures
of the latter company; (3) Columbia System would agree to dispose of all
gas properties and operations in the States of Indiana and Michigan;
(4) Panhandle Eastern Pipe Line Co. may acquire complete ownership of
the pipe line from the Texas Panhandle to its principal market at Detroit;
and (5) the only remaining capital asset of Columbia Oil & Gasoline Corp.
would be its investment in certain stocks of Panhandle Eastern Pipe Line
Co.
if-'
On July 10, 1939, this plan was referred to a special master, before whom
hearings commenced on July 14, at which various interested persons ap¬
peared and were heard.
On July 29, 1939, the master filed his report
recommending that the Court approve the plan.
Such report, which is
now pending before the District Court, did not consider any questions as
to the values of properties involved as these questions will come before the
Securities and Exchange Commission when applications are made for au¬
thority to take certain of the steps contemplated by the plan and are also
the subject of a proceeding in the Federal District Court at Wilmington,
Del., brought by a stockholder of the company, trial of which has been set
by the Court for Sept. 12.
This proceeding seeks an injunction against
the carrying out of the plan.
stock;
ceeding seeking a modification of the consent decree of Jan. 29, 1936, so
as to obtain either the disposition by the corporation of the voting preferred
stock which it owns in Columbia Oil & Gasoline Corp., or, in the alterna¬
Total
x
z
31,145,736 30,431,285
Total
by 537,406 no par shares,
for depreciation and depletion
Renresented
After reserve
1
491,620
31,145,736 30,431,285
y Market value $936,244.
of $21,245,354 in 1939 and
The Commercial & Financial Chronicle
1174
$23,291,415
1938.
In
taxes, prior years (in
for Federal income
a Includes $300,000 reserve
dispute).—-v. 148, p. 3050.
Columbia Pictures
authorized the listing of voting trust
certificates representing 2,627 shares: of common stock: (no par) upon the
exercise of option granted to Samuel 3. Briskin and 2,627 additional shares
of common stock upon official notice of issuance and deposit under the
voting trust agreement for the purpose of effecting registration of the voting
under the Securities Exchange Act of 1934. -V. 148, p.
trust certificates
3684.
Columbus & Southern Ohio
Electric Co, (& Subs.)—
1937
1938
$11,667,406 $11,373,054
4,284,005
4,119,665
3,935,760
General operating expenses.-.——
Maintenance----
706,439
1,466,946
404,594
$3,606,543
134,105
$3,733,184
1,040,000
4,012
0740,415
64,859
$3,740,648
1,040,000
2.299
Cr24,024
70,066
15,000.
1,207,856
450,303
Federal income taxes————
730,947
1,459,942
1,208,728
431,134
$3,761,906
X>r28,721
—724,487
1,724,451
1
'oAO
Provision for depreciaton—.—Tci/XGS
Stoto, loc&l ,
m — -r r ->. - --f -
Gross income---
—
-—
—•
Interest, amortization of discount, &c., of subs—
x Preferred dividends of subsidiaries—
——
Minority interest
Int., amort, of disc't, &c., of Com. Wat. Serv. Co_
Net income—
1939
$5,747,970
y19381
$5,680,800
2,738,857
326,002
2,750,462
317,507
$2,683,110
1,669,900
522,918
$2,612,830
1,688,362
521,602
_
11,244
369,637'
Non-operating income-—
$3,761,668
1,070,017
NetearnJngs—
Interest on funded debt——
7,505
0125,536
71,201
15,000
17,519
Interest on unfunded debt
Int. charged to
construction—
—-
Amort, of debt discount & expense-.
Amort, of pref. stock discount & exp.
Miscellaneous deductions——- - -.
Net income—-
15,000
26,502
$2,623,226
$2,705,961
-
$2,637,306
—V. 148. P. 3059.
$109,411
————————
Credit
Co.—Sells
$30,000,000
Notes
Pri¬
vately—A. E. Duncan, Chairman of the Board, has an¬
nounced the sale at par to a group of four of the larger life
insurance companies for their investment account of $30,000,000 10-year 2M% notes, due Sept. 30, 1949.
proceeds of these notes will be used for the retirement of the com¬
pany's 3Vi% debentures due in 1951, which, on July 27, 1939, were called
on Sept. 30, 1939, with all unmatured coupons attached at
103% %, and accrued interest.—-V. 149, p. 1021.
The
for payment
Commercial Investment Trust
Congress Cigar Co., Inc.—Earnings-
No. of Shares
Under Option
Price
3.600
$33.33
520
33.33
8,200
45.00
495
45.00
3,200
Expiration Bate I No. of Shares
Under Option Price
of Options
Dec. 31, 1941
43,437
$32.00
Dec. 31, 1939
150
35.00
Dec. 31,1941
150
40.00
Dec. 31, 1939
150
45.00
45.00
Expiration Date
of Options
Dec. 21, 1943
Dec. 31, 1942
Dec. 31, 1942
Dec. 31, 1942
Dec. 31,1940
Commoil, Ltd.—To Pay 2%-Cent Dividend—
a dividend of 2^ cents per share on the capital
value, payable Aug. 31 to holders of record Aug. 17.
This
with one cent paid on May 29, last; 3H cents paid on Aug. 25,
1938 and an initial dividend of 5 cents paid on May 25, 1938.—V. 148,
p. 2892.
Directors have declared
no par
compares
Commonwealth Edison Co.—Weekly
Output—
Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Aug. 12,1939 was 140,453,000
kilowatt hours compared with 131,903,000 kilowatt hours in the corre¬
sponding period last year, an increase of 6.5%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
'
;
The electricity output of the
company
Kilowatt Hours Ootput-
*
July
July
149,
140,453,000
140,684,000
139,168,000
134,542,000
———
—
-
29
—V.
22
p.
1938
131,903,000
128,848,000
124,979,000
122,084,000
1939
Week Ended—
Aug. 12
Aug. :.5—
—
1939—6 Mos.—1938
$4,752
$60,056
1939—3 Mos1938
——prof$18,290
$2,398
2892.
Consolidated Biscuit Co.--^-Earnings—
x
y
1939—3 Mos.—1938
Period End. June 30—
Net profit—
$14,737
$0.04
Earns, per share
Federal income taxes, &c.
stock (par $1).—V. 149, p. 1021.
x
After interest.
Consolidated
Coppermines
9.2
Net income before depl. and Fed. income tax,_
Note—Federal income tax for the six months'
Output
^
,
,,
Net income.
Balance
.
$783,697
pref. stock..
-
749,798
$3,890,530 $55,262,773
3,344,437
40,586,922
$52^204,758
$546,093 $14,675,850 $12,342,647
749,796
8,997,514
8,997.347
$5,678,336
$3,345,300
Includes provision for Federal surtax on undistributed profits for 1937.
y Reflects deduction for full preferred stock dividend requirement at the
rate of $6 per share per annum.
Dividends were paid in full to Jan. 1,1935,
and at the rate-of $3 per share per annum since that date.
Note—The operations of the electric properties which were
included for all periods.
Accumulated Dividend—
The directors on Aug. 14 declared a dividend of 75 cents per share on the
preferred stock", $6 series, payable Oct. 2 to holders of record Sept. 8.
A
payment of like amount (which is one-half of the regular rate) was made in
each of the preceding seventeen quarters.—V. 149, p. 873.
Connecticut Light & Power Co,—Earnings—
12 Months Ended July 31—
Gross revenues
.
1939
,
—.
Surplus available for common stock
Earnings per share on average no. shs. of
stock outstanding
x
p.
After
...
1938
$19,134,123 $19,081,295
3,727,370
3,560,815
fcnc.—Weekly
■■!:(■
Company announced production of the electric plants of its system for the
13, amounting to 137,700,000 kilowatt hours, compared
121,100,000 kilowatt hours for the corresponding week of 1938, an
increase of 13.7%.—V. 149, p. 1022.
Consolidated Film Industries, Inc.—Accumulated Div.
The directors have declared a dividend of 25 cents per share on the $2
cumulative preferred stock, payable Oct. 2 to holders of record Sept. 11.
paid on July 1 and April 1 last and on Dec. 27, Oct. 10,
July 1 and April 1, 1938, and a dividend of 50 cents was paid on Dec. 27,
1937, this last being the first dividend paid since Dec. 26, 1936, when $1
per share was distributed.—V. 149, p. 724.
Consolidated Rendering Co.—Dividend—
#
a dividend of 30 cents per share on the common
value, payable Aug. 21 to holders of record Aug. 15.
Pre¬
vious distributions were as follows: $1.50 on June 16; 75 cents on May 15
last; 50 cents on March 30 last; $1 on Nov. 14, 1938; 30 cents on Sept. 26,
1938; 70 cents on Aug. 22, 1938; $1 on Nov. 1, Oct. 4 and Sept. 7, 1937,
and 50 cents paid on June 7 and March 1, 1937.—V. 148, p. 3684.
Directors have declared
stock of
no par
Consumers Power
Co.—Earnings—
Period End. July 31—
1939—Month—1938
Gross revenue
$3,045,955
$2,816,809
——
1,665,191
390,000
1,569,544
335,500
1939—12 Mos.—1938
$38,901,971 $37,230,602
20,498,335
19,364,454
4,407,500
4,026,000
$990,765
388,210
$602,554
285,389
65,278
—
$911,765 $13,996,136 $13,840,148
390,498
4,726,867
4,499,207
$521,267
285,389
65,278
$9,269,269
3,424,822
783,339
$9,340,941
3,413,375
783,339
$251,887
—
on
pref. stock-
Amort. of pref. stock exp
Balance
—V.
149,
p.
$170,600
$5,061,108
$5,144,226
724.
Continental Motors Corp.—New Treasurer—
The election of Henry W. Vandeven as Treasurer of this corporation,
succeeding William R. Angell, resigned, was announced on Aug. 11 by
Clarence Reese, President of the company, who likewise stated that L. P.
Kalb, Vice-President of the company in charge of engineering and manu¬
facturing, has been elected a director of the company.
"Net sales of the company for the first nine months of the 1939 fiscal
year," Mr. Reese also stated, "amounted to $5,746,195, an increase of
about $46,000 over sales for the entire 1938 fiscal year."-—V. 149, p. 1022.
CourtaulcPs, Ltd.—Interim Dividend—
Directors have declared
American
an
interim dividend of 5 4-5d. per share on the
Depository Receipts for ordinary
July 18.—V. 148, p. 1166.
stock,
payable Aug. 23ito
holders of record
Croft
Brewing Co.
Cash
Balance Sheet June 30, 1939—
Liabilities-—
5197,039 Accounts
—-
Accounts and notes receivable
Federal revenue stamps
Inventories,
...
122,459
29,823
290.081
Barrels, cases and bottles
Fixed assets
Deferred charges.
x26l ,235
3,774
United States treas. ctts
payable
5112,442
Accrued accounts
Accrued Federal, State and
city taxes..Reserve for deposits on outstanding containers..
1,490,791 Funded debt...
35,323 Deferred credits
__
—
Capital stock (par 51)
surplus
Total—-.—
—.
52,430,5241
Total—
70,350
250,500
1,412
1,751,800
§2,430,524
—
x After reserve for doubtful accounts of $39,937.
The income statement for the six months ended June 30, was
in V. 149, p. 1022.
Cumberland County Power
18,572
27,868
3,358
194,223
Earned surplus------
Period End. July 31-
published
& Light Co.—Earnings—
-
Net oper. income—
Gross income
Bond interest
Other interest (net)
Other deductions
$3.10
149.
1939—12 Mos.—1938
$4,707,687
2.613,316
380,974
46,462
314,038
$4,618,085
2,663,583
369,139
41,066
301,823
$97,889
8,390
$99,191
6,352
$1,352,897
89,533
$1,242,474
59,742
$106,279
32,745
$105,543
32,749
$1,442,430
392,948
39
Non-oper. income (net).
>
$3.24
1939—Month—1938
$373,524
$369,861
215,321
214,296
31,443
32,350
3,828
3,738
21,103
24,226
Operating revenues.
Operating expenses
State & municipal taxesSocial security taxes
Fed. (incl. income) taxes
common
charges, taxes and preferred dividend requirements.—V.
1021.
<
(Including Cumberland Securities Corp.)
conveyed on
Aug. 15,1939 to the Tennessee Valley Authority and other public agencies
x
V
week ended Aug.
39,862,110
x
are
$223,323
$342,801
period is estimated at
with
Gross income.-
Corp. (& Subs.)—Earns
$33,899 def$203,704
—
140,843
69,473
'jfl
Paid-in
3.353,493
137,438
63,551
34,769
$15,000.—V. 149, p. 1021.
Int. & other fixed charges
Co.—Changes in Portfolio—
& Southern
$4,137,190
$690,555
85.728
— —
Interest and other fixed
—
$407,371
10.2
Period End. July 31—
193£—Month—1938
1939—12 Mos.—1938
Gross revenue.—
—$12,346,241 $11,388,433 $152867,606 $146082,912
Oper. exps. and taxes..
6,765,138
6,155,589
80,558,875 x77,549,787
Prov.
for deprec.
and
retirement reserve—
1,443,914 ' .1,342,314
17,045,958
16,328,367
Gross income.——
6 Mos.
charges shown
Assets—
charges———
common
Corp.—Earnings—
_
Net income--
Commonwealth
$178,603
$0.55
$0.19
6.5
11.4
A substantial reduction in the holdings of public utilities securities and the
comparable increase in net cash and governments, marks the principal
changes that took place in the portfolio of Commonwealth Investment Co.
during the 30-day period ended July 31, last.
Analysis of the company's investments in the 10 largest industries shows
that during July, aside from the changes in public utilities and net cash and
governments, additions were made to holdings in building, machinery,
metals, automobile and accessories, electrical products, and financial com¬
panies.
As a result they represent a larger percentage of the investment
portfolio on July 31 than on either June 30 or at the first of the year.
As of July 31, last, holdings of public utilities securities represented
11.1% of the total fund as against 14.1 % 30 days earlier. During the same
30-day period, holdings of securities in the building industries increased
from 10% to 10.3%; machinery from 7.4% to 7.5%; metals from 5.9% to
6.3%; automobile and accessories from 4.6% to 4.8%; electrical products
from 4.7% to 4.9%; financial companies from 4.9% to 5.3%.
Net cash in governments jumped from 5.9% to 8.3%.
Reduction in holdings of securities and other industries included a drop
of 9.6 % to 9.3 % insecurities of companies engaged in general merchandising.
Railroad bonds dropped from 6.3% to 5.6%; oil dropped from 8.8% to
8.2%.—V. 149, p. 873.
on
$61,067
On 323,000 shares
separately below.._—
—__
Exploration and development charges for the
period---———————
Amortiz. of mine develop., net of current period s
charges shown above-Depreciation
Divs.
Divs.
y
3 Mos.
Net income for the period before
Oper. exps. and taxes-.Prov. for depreciation—
1021.
Commonwealth Investment
y
1939—6 Mos.—1938
$89,087
$0.27
A like amount was
—V. 149, P. 873.
stock,
Net loss-
—V. 148, p.
Consolidated Edison Co. of New York,
Corp.—Options—
Corporation has notified the New York Stock Exchange that options
evidencing the right to purchase 59,902 shares of common stock of the
corporation were in existence as of July 31, 1939, as follows:
$14,810
of $13,644 in each year for cum. pref. dividends not
earned by a subsidiary company,
y Adjusted to exclude the
accounts of the Woodbridge Building Corp., which was sold to non-affiliated
interest on April 1, 1938.—V. 148, p. 2892.
or
Period Ended June 30, 1939—
Commercial
12,121
375,935
Includes provision
x
declared
Period End. June 30—
Net earns, from operations—---.
1939
(& Subs.)—Earnings—
12 Months Ended June 30—
Gross earnings
—-—-Operating expenses, maintenance and taxes
—
Reservedfor retirements——————
Light Co.]
[Formerly known as Columbus Ry. Power &
12 Months Ended June 30—
1939
Gross operating revenue- - -—$12,056,132
Community Water Service Co.
19,
[Exclusive of New Roch&l Water Co.]
Corp.—Listing
The New York Stock Exchange has
Aug.
Crl57
437
„
15,804
—-
12.732
186,518
$1,302,216
397,680
Crl9,986
174,747
$57,691
29,164
$60,219
29,164
$862,527
349,968
$749,775
319,896
I
7
Net Income
Pref. div. requirements—V. 149, p. 575.
Volume
Curtis
The
149
Commercial & Financial Chronicle
Detroit Edison Co.
Publishing Co.—Earnings—
Period End. June 30—
Net profit after deprec.
and Federal taxes
Earnings—
(& Subs.)
12 Months Ended July 31—
1939—6 Mos.—1938
1939—3 Mos.—1938
1939
$1,991,659
$1,012,417
$1,258,706
Utility
a
undistributed earnings.—
on
V. 149, p. 1023.
expenses
Balance, income from utility operations..
$15,685,906 $13,074,682
Other miscellaneous income
Darby Petroleum Corp.—Earnings—
507,750.21
$1.03506
barrel produced
per
Revenues—crude oil sales
_
Increase in inventory of crude oil...
Gas sales
_
1938
1939
6 Months Ended June 30—
'
Number of net barrels of crude oil produced..-
Average market value
$530,436
DrA ,883
15,524
^.
__
_
538,272.59
$1.24377
$661,274
8,215
13,035
$541,077
Net profit from operations
■
270,468
$294,252
_
$682,524
246,824
Total
Oper. & adminis. expenses, taxes, &c
$412,056
52,491
10.682
Other income.
income..*
....
Interest paid
,i
——
.
_
_
—
surrendered,
6,281
75,420
43,574
abandoned
143,933
135,613
$2,261
Net profit
—"V. 147, P. 2713.
5,447
23,111
Gross corporate income.
Interest on funded and unfunded debt
Interest charged to construction.
Amort, of debt discount and expense
$15,709,018 $13,080,129
5,803,042
5,806,592
Crl51,554
Cr59,976
265,847
272,322
Net income.—
$9,791,682
2
$7,061,190
Including all operating and maintenance charges, current appropriations
depreciation or retirement reserve and accruals for all taxes.
a
to
Note-—Figures in the foregoing statement reflecting net income for
periods prior to Dec. 31, 1937 do not take into account any Federal surtax
on undistributed net
income, as our tax returns indicated that no such tax
was payable.
For subsequent periods, the company estimates that it will be
required to pay Federal income tax at the minimum rate of 16H%.—V.
149,
575.
p.
$464,547
$304,934
26,571
83,156
49,013
.....
Depletion
Depreciation
Undeveloped leaseholds
wells, dry holes, &c
1938
..$58,078,724 $55,511,061
42,392,817
42,436,379
Gross. earnings from utility operations
§1,609,571
.
^Note—No provision has been made for tax
Gross
1175
Di-Noc Manufacturing Co.—Earnings—
j
6 Months Ended June 30—
Net sales
Net loss after all charges
$203,658
1938
1939
■
>,
$137,350
69,900
$284,855
4,625
—V. 148, p. 3529, 276.
Duplan
Silk Corp.—Earnings—
Years End. May 31—
bl936
1939
1938
*
1937
$10,063,695 $10,172,475> $12,058,087 $10,178,518
8,981,279
8,838,704
9,091,556
10,421,646
731,024
Operating expenses.....
715,355
664,857
772,855
Net sales
Dayton Power & Light Co.—Earnings—
-1938
1939—12 Mos.—1938
1939—3 Mos.
$2,980,239 $13,282,957 $13,026,752
$3,280,297
1,435,850
6,071,058
6,305,738
1,470,314
709.761
736,891
175,571
180,216
1.027,399
1,065,934
228,282
258,679
1,648,617
1,683,051
406,524
464,331
Period End. June 30—
Gross
_
revenues
Operation
Maintenance
Pro v.
x
for retirments
Taxes
Cost of sales.
_
Operating income...
$509,636
88,835
Total
$416,062
76,558
$863,586
117,823
$466,215
100,817
$598,471
Other income
$492,620
c103,184
58,000
$981,409
$567,033
y76,733
72,951
Deductions
120,354
Federal taxes
Net oper
$734,012
3,704
$906,757
1,870
rev
Other income..
Gross corp. income
$3,335,236
$737,716
211,217
$3,738,664
801,470
$3,351,904
784,749
$712,616
...
$526,499
112,503
$2,937,194
450,012
$2,567,155
450,012
112.503
Preferred dividends
Surtax
$413,996
$600,113
$2,487,182
$2,117,143
Note—The provision for Federal income taxes for the calendar year 1939
included in the above statements is the minimum tax specified in the 1938
Federal Revenue Act and is subject to
&
Denver
Rio
Grande
adjustments.—V. 148, p. 3061.
Western
RR.—F.
/
J.
Lisman
Opposed to Terms of Proposed Reorganization Plan as it Affects
Junction Bonds—
F. J. Lisman in
a
:
,
letter addressed to Joseph Eastman,
Chairman, Inter¬
state Commerce Commission states:
that it is not the intention of the ICC to destroy
railroad credit, the action of the Commission in allocating income bonds
under the proposed Denver & Rio Grande reorganization plan to some of
the underlying bonds of the old company, definitely is more than a step—it
is a leap in that direction.
I am referring particularly to the proposal that the Rio Grande Junction
first mortgage bonds which matured in 1939 and on which no interest has
been paid for a number of years—although it has been earned fully three
times on the average—should receive new income bonds for the par of their
present security.
My interest in the matter consists in the fact that I sold a majority of
this issue many years ago to trustees, savings banks and insurance com¬
panies, based on my familiarity with this particular proeprty.
I knew
then that it was a necessary link in the standard gauge railroad system
across Colorado, and know this is still the case.
The Rio Grande Junction is in effect a continuation of the Denver &
Salt Lake through the Rio Grande Canyon.
It is bonded at about $30,000
Salt Lake would be of
$331,436
$697,668
$417,348
141,248
267,900
141,408
269,050
141,408
270.000
266,933
$11,033
270,000
$1.03
def$79,022
d270,000
$0.70
$286,260
$9,007
270,000
270,000
$2.06
$1.02
Balance
share.
Including depreciation of $314,305 in 1939, $298,356 in 1938, $270,321
1937, and $265,900 in 1936.
y Represented as follows:
Share of net
losses of current and prior years of Apex Oriental Corp., 50% owned, and
New Madison Corp., wholly owned subsidiary, not consolidated, $40,704,
and other deductions, $36,028.
a Represented as follows:
Shares of loss of current year of Apex Oriental
Corp. 50% owned and Joss under leasehold of New Madison Corp. wholly
owned subsidiary dissolved on May 29, 1937, $50,409; and other deductions
of $48,333.
b Consolidated figures,
c Represented as follows:
Share of
loss of current year of Apex Oriental Corp., 50% owned, and loss under
leasehold of Madison Ave. premises.
$54,025; and other deductions of
$49,159.
d Includes 2,500 shares reserved for sale to employees.
x
Comparative Balance Sheet May 31
1939
Assets—
on
1,871,564
$327,089
575,371
1,449,467
3,603,633
58,770
58,116
3,926,521
219,785
63,678
$344,075
512,097
Inventories
Fixed assets
Investments
Prepaid
expenses,
b
stock
v;
Com.
(at
Total..
a
...$6,448,255 $6,589,6041
It is interesting to note
the history of this railroad which was built in
1889 at the time the Colorado Midland was being constructed
standard gauge railroad from Colorado Springs to a conection with
the then independent Rio Grande Western near the Colorado-Utah Line.
1888 and
as
a
At that time the only connection between the Denver & Rio Grande and
the Rio Grande Western was via the narrow gauge line crossing Marshall
Pass, at an elevation of 10,800 feet, 600 feet higher than the Tennessee
Pass and about 1,700 feet higher than the present Corona Pass on the
Denver & Salt Lake. The narrow gauge lines of the D. & R. G. via Marshall
Pass have stupendous grades and are not capable of handling through
business.
The construction of the Rio Grande Junction line enabled the
D. & R. G. to be a really through line and without it even the Denver &
Salt Lake would be of very little value.
The Rio Grande Junction mortgage is properly drawn and if it were
enforcible as it was previous to the enactment of Section 77 of the Bank¬
ruptcy Act, the bondholders could enforce their lien.
They could have
compelled the Court to set aside the road's net earnings in order to pay the
interest: "77" has made such action impossible, but it certainly was not
intended to deprive the bondholders of their property.
There are not receiver's certificates ahead of the Rio Grande Junction
happened to be ahead of the Rio Grande Western issue because the
Rio Grande Junction is a separate corporation.
Referring again to Section 77, it is practically impossible to form separate
bondholders committees and get adequate support of bondholders. There¬
fore, these Junction bonds are represented largely by insurance companies
who are also interested in the Rio Grande Western and who are looking
after both mortgages.
Individual bondholders of the Rio Grande .Junction
are not at all represented in the situation which seems to me to call for the
special care and guardianship on part of the ICC.
If the first mortgage bonds on an essential division earning several times
interest charges can be treated in this way, why should anybody ever again
invest money in railroad securities?
Please permit me to record my most vigorous protest against this treat¬
ment which might justly be called the slaughter of helpless bondholders.
—V. 149, P. 874.
bonds
as
local taxes
Prov. for Fed. tax
Period End. June 30—
Subs.)—Earnings—
1939—3 Mos.—1938
Common stock..
1,350,000
Earned surplus...
2,749,593
Operating revenues
Oper. exps. and taxes
Net oper.
income
Non-oper. loss (net)
Gross income
$361,262
261,744
$308,782
234,672
$1,422,083
1,051,880
$1,341,771
1,004,472
$99,518
$74,110
$337,299
4,403
to
Cr780
$100,009
$74,890
$366,425
$6,448,255 $6,589,604
Total
Duquesne Light Co.—Earnings—
':V' '.-••'•7.
Yea> Ended June 30—
•
to
Util.Power & Light
Corp., Ltd
Othjr interest
during construction
Taxes assumed on bond
Int.
62,500
1,055
62,500
538
Crl ,843
250,000
2,509
Cr6,667
911
2 259 001
Amortization of leaseholds
Taxes
Provision for Federal and State income taxes.
I
connection
with abandoned plan
of reorganization
Net operating income
$12,226,444
Merchandising, jobbing and contract work (net)—
5,324
Dividend revenues.. J
93,715
Gross
Interest
Consol. net income
4ii:
$38,297
$11,852
$55,463
—
funded debt
96,698
228,590
Dr8,718
-$12,657,634 $12,204,030
2,450,000
2,450,000
315,948
315,941
Cr67,144
CrdJ 128
-
....—
Amortization of debt discount and expense———
Other interest (net)
132,369
$9,140,503
14,210,158
14,042,452
——
Net income
Earned surplus, beginning of
250,000
129,707
$9,826,468
Appropriation for special reserve
Miscellaneous deductions-
period--.,—
.
$24,036,626
Total
5 % cumulative first preferred
Common stock dividends
stock dividends
...
—
$23,182,955
1,375,000
1,375,000
7,534,898
7,534,898
Federal income tax deficiencies together with int.
and expense
thereon, prior years.—------—
Earned surplus, end of period.
-V. 149, P. 726.
12 Months Ended June
(& Subs.)- -Earnings
1939
30—
$938,760
12,737
$951,497
436,395
7,185
retirements
131,912
331,161
80,419
Other taxes
(net)
Cr786
income
Interest on long-term
Interest charged to
Balance.
148, p.
$880,910
8,647
1,085,127
Federal income taxes
—V.
1938
$2,643,005
1,049,929
115,578
301,771
61,296
233,519
$2,809,549
'-
Maintenance
Gross
62,899
.$11,690,161 $14,210,158
242,168
Operating revenues
Operating expenses
Provision for
3,436,028
538
Miscellaneous direct items (net)
debt
L
3843.
$889,558
436,395
17,445
51,020
Cr5,611
$459,445
215,572
$390,308
215,573
$243,873
$174,735
49,257
construction
Dividends on preferred stock
$79,971
$11,883,790
3,670
1,403
(net) income
income—
on
737
2,169,634
1,884,250
330,747
Interest revenues.
Net income
65,119
',6531400
$12,406,544 $12,063,680
180,100
179,890
Net operating revenues
Amortization of debt discount and expense
in
—V. 149, P.
1
Rents for lease of electric properties
Miscellaneous
1938
$30,620,622 $29,777,241
8,714,861
9,288,159
2,311,900
2,062,957
2,632,179
2,949,650
-
Other interest
744
interest
Expenses
250,000
2,182
1939
1
Operating revenues.
Operation..
Maintenance and repairs
Appropriation for retirement reserve
Other income
Interest on loan payable
1,765,600
1,350,000
2,945,068
depreciation,
b 2,500 shares of common stock reacquired for
employees,
c Represented by 270,000 shares no par value.—V.
277.
$332,896
Cr491
$370,202
3,777
64,603
After
148, p.
r
1939—12 Mos.—1938
85,503
8% cum. pref. stock
($100)......... 1,765,500
Eastern Shore Public Service Co.
Derby Gas & Electric Corp. (&
1938
$271,713
107,118
Accrued State and
c
27,694
cost)
sale
Acer, compensa't'n
$320,878
117,366
58,038
86,881
Accounts payable.
hand
Trade accts.receiv.
a
1939
Liabilities—
1938
Cash in banks and
-
no use.
141,408
in
all proposed to pay&off in
Salt
is of the Denver
cash about $45,000 per mile of bonds on that road.
Without the Rio Grande Junction, the Denver &
.
'
Shs.com.stk.out.(no par)
per
s98,742
138,000
47,000
$420,181
Common dividends
While absolutely certain
£er mile, which only about proposed plan, line, it
ake, of while under the 3-5ths is main taking
"
Net income.
Preferred dividends
Earnings
Balance
undist. profitsi
on
16,669
908,627
196,011
.
Int. & amortiz. charges.
Net income
$3,726,022
12,642
57,935
-
The Commercial & Financial Chronicle
1176
Electric Power & Light
Corp .—Associated Gas &
Scored by SEC in Report—
Investing
Utilities
Eastern
Electric Co. and H. C. Hopson
A severe denunciation of the manipulation of the Eastern Utilities In¬
vesting Corp. by the Associated Gas & Electric System and H. G„ Hopson
is contained in a report on a study of investment trusts and companies
transmitted to Congress Aug. 10 by the Securities and Exchange Commission.
The entire history of Eastern Utilities from the time it was
acquired
by Associated Gas and the Hopson interests, said the Commission, showed
"a complete subordination" or the interests of the minority stockholders
and senior security holders to the interests "of the 'system* and Mr. Hopson "
The report added:
"From its inception the activities of Mr. Hopson, his associates and the
'system' in connection with Eastern Utilities were apparently effected
pursuant to a plan to strip Eastern of its operating companies and to use
that investment company to raise funds, not for the benefit of its own
security holders, but for the advancement of the interests of the 'system*
and H. C. Hopson."
j;
When Eastern was acquired by the "system" in 1925, said the report,
the investment concern's assets were $77,000,000.
In addition, $35,000,000 of its debentures were sold to the public in March, 1929.
"The Associated Gas & Electric, therefore, had used Eastern as a vehicle
Aug.
Operating revenues
$24,794,614
Oper. exps., incl. taxes- 14,700,090
Property retirement and
Depl. reserve appro-
priations—
$6,360,804
^(net)------------——
3,921,837
—
15,731,187
15,756,819
$7,181,047 $29,574,093 $33,304,422
——
------
Operating income—- $6,360,804
Other income—
223,532
1939—12 Mos.—1938
$25,196,302 $104348,419 $107722,370
14,093,418 59,043,139 58,661,129
3,733,720
Net operating revenues
Rent from lease of plants
1939
Corp. (& Subs.)—Earnings-
1939—3 Mos.—1938
Period End. June 30—
Subsidiaries—
19,
3,588
——
$7,181,047 $29,574,093 $33,308,010
91,156
622,490
684,564
Other income deductions
374,207
138,031
91,428
including taxes.-
870,730
.
properties and raising cash aggregating
for taking over
over
$112,000,000,"
Gross income——.—-
Int.
.
3,028,887
long-term debtinterest
(notes,
on
Other
-
_
-
$7,134,172 $29,822,376 $33,121,844
3,103,751
12,217,496
12,616,617
496,528
285,908
Cr29,925
495,562
loans, &c) ------—Other
deductions
_
said the SEC.
$6,492,908
293,684
Cr5,689
_
Int. charged ton constr-
1,998,633
1,330,860
Cr57,496
1,988,168
xl ,552.276
Crl 12,196
Comparison of Assets
On Dec. 31, 1929, the Commission said, "even after the market decline
of October, 1929," Eastern's assets were worth $78,000,000, but in October,
1936, when Eastern was placed in receivership, its assets were valued by
the management at $6,500,000, but were actually worth only $1,500,000.
The study was the last section of Chapter II of Part Three of an over-all
report undertaken pursuant to the Public Utility Holding Company Act
of 1935 made under the general direction of Commissioner Robert E. Healy.
Although Eastern Utilities was acquired when it was a separate corporate
entity, "from the time of acquisition of control (it) had virtually no existence
independent of the 'system' and was wholly and completely controlled by
officers and directors who were all representatives of the 'system,' Mr.
Hopson and his associates." the report said.
In six months of acquisition, the report stated, the "system" caused
Eastern to transfer all its operating company subsidiaries to the "system"
in consideration of 242,700 preferred shares of Associated Gas & Electric.
But the "system," it was added, never authorized, issued or delivered the
shares.
Instead, for one year, substantially the only asset of the investment
concern was a "due bill"—this being "a fact which was never disclosed"
to the security holders of the investing company.
On July 31, 1927, just before the annual report was to be sent to its
stockholders. Eastern was "caused to accept" a list of miscellaneous
securities, consisting almost entirely of stcks of Associated Gas & Electric
and various managing and servicing companies, the report continued.
Many of these, it sand, had originally cost Associated Gas virtually nothing,
and others came from concerns in which Mr. Hopson was personally
Balance.--
$2,680,464
——
1,971,618
minority interests—
66,219
61,886
259,572
210,480
$642,627
$1,244,406
$6,186,838
$8,969,649
$642,627
$1,244,406
302
454
$6,186,838
1,043
$8,969,649
1,065
$642,929
$1,244,860
74,532
72,475
414,943
$6,187,881
275,739
$8,970,714
231,530
1,656,943
1,629,092
$757,442
$4,255,199
non-recurring changes
$7,110,092
during the
Net equity Elec.
P.&L.
Corp. in inc. of subs.
Elec. Pow. & Lt. CorpNet equity of Electric
Power & Light Corp.
in income of subs
Other income
Total
-
Expenses, incl. taxes—_
Balance carried to consold. earned surplus
x
Includes
$418,505
$154,641
representing
quarter ended Dec. 31, 1937 for reorganization expenses of certain subs.
Statement of Income (Company Only)
Period End. June 30—
Gross income from subs.
Other
Total.
Associated
Replies to SEC Report—
on
Eastern Utilities Investing Corp., but on the basis of published news¬
accounts, and without attempting to rebut in efcail all of the charges
made by the Commission, it makes the following observations:
"It is easy to be wise after the fact.
The action of Eastern
Expenses, incl. taxes—
on gold deben.,
5% series, due 2030-Interest on Power Securi¬
ties Corp. collateral tr.
gold bonds, American
6% series
and
.
.
Eastman Kodak Co .—Transfer Agent—
expense
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1938, was as follows:
i
National Power & Light Co—
♦Decrease.
75,846,000
1938
108,229,000
59,504,000
75,923,000
Increase
'.
•
Elder Mfg.
Co.—Earnings—
Earnings Year Ended April 30, 1939
Other income.--
Net income.
x
$145,226
8,725
——————
——-
—
Provision for Federal and State income taxes——
Profit
_
Dividend
-----
on
1st
16,023
17,421
66,287
g39,632
9,743
38,974
38,974
592
490
279
1,090
486
$52,068
$54,365
$290,698
$213,246
—
—
—-
.
Represents interest from Dec. 8, 1937,'on which date these bonds
29.042
$107,459
11,318
——
preferred stock called for redemption.
were
Balance Sheet June 30 (Company Only)
1939
1
Assets—**
Cash.
—
.
1939
1938
Liabilities—
$
$
184,612,573 184,662,226
4,548,765
4,322,011
investments
Spec, cash deps.
70,975
32,954
recelv'le.
6,437
6,015
33,080
1,726
33,080
a
1938
$
(no
value)—155,044,139 155,044,139
par
1,500
32,035,500
certificates...
(asso.
cos.)
—
526
Subs, to $7 pref.
Long-term debt- 31,926,431
Accts. payable.
27,982
Accrued
Other
allotm't
103,109
1,581
103,002
3,530,403
32,024
751,328
763,038
132,445
156,282
accts—
curr.
llab.
143,892
3,569,377
=
b Reacq.cap.stk
Unainort.
Cap. stk.
Subs, to $7 pref.
stock allotm't
rec.
elated
Other cur. ass'ts
Reserve——
Earned surplus.
156,336
4,566,053
4,856,751
debt
disct. &exp—
Total—...
-
Total--
.192,907,068 192,730,773
—
---192,907,068 192,730,773
a Represented by :
(a) $7 pref. cum. (entitled upon liquidation to $100 a
share), pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares; (b) $6 pref. cum. (entitled upon liquidation to $100 a
share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000 shares;
issued and outstanding, 255,430 2-3 shares; (c) 2nd pref. series A ($7),
cum. (entitled upon liquidation to $100 a share), plari passu with 2nd pref.
series AA ($7); authorized, 120,000 shares; issued and outstanding, 79,264
shares in 1939 (82,914 shares in 1938); (d) common, authoried, 4,000,000
shares; issued, 3,436,889 shares in 1939 (3,422,289 shares in 1938).
b Represented by 973 shares $7 pref. and 902 shares common in 1939
(972 shares $7 pref. and 893 )4 shares common stock in 1938),—V. 149,
page 107.
Finance Co. of America at Baltimore—Dividends—
The
——
1,550,000
assumed by this company.
$131,198
14,028
-
——_
Total income——
Other charges.-
1,550,000
—
Amount
%
13,491,000
12.5
6,395,000
10.7
77,000* 0.1*
Note—The above figures are after intercompany eliminations and do not
include the system inputs of any companies not appearing in both periods.
—V. 149, p. 1024.
V '
Operating profit----
387,500
certificates
Inc.—Weekly Input—
1939
387,500
gold
on
retired—-—
Divs.
For the week ended Aug. 10, 1939 the kilowatt-hour system input of the
of—-
$2,073,868
231,530
debentures..
stock
Subsidiaries
$2,223,380
275,739
Other interest deduct'ns
Accts.
The First National Bank of Jersey City has been appointed Statutory
Agent and Transfer Agent for this company in the State of New Jersey.—
V. 149, p. 1024.
Operating
$541,783
72,475
Prem. and exp. on Power
Securities Corp. bonds
.
American Power & Lt. Co,.-121,720,000
Electric Power & Light Corp. 65,899,000
$540,356
74,532
9,743
-——
—
-
1939—12 Mos.—1938
$2,222,337
$2,072,803
1,043
1,065
Amort, of debt discount
Utilities
Investing Corp. in investing the proceeds from the sale of $35,000,000
of its debentures in 1929 in securities of companies of the Associated Gas &
Electric System seemed sound at the time.
The years 1928 and 1929
were a period of constantly increasing use of electricity.
The Associated
system was growing rapidly, acquiring attractive operating properties, and
paying substantial dividends to its stockholders.
.
."
"It was impossible for the most cautious investor to have foreseen,
when these investments were made in 1929, the forces which have since
led to the drastic contraction of public utility earnings, and over which
management has had no control, namely, rate reductions, increases in
taxes and operating expenses, and other factors which have resulted in a
tremendous and unforeseen depreciation in the value of public utility
holding company securities and bankruptcy of some public utility holding
companies which previously had been considered impregnable.
—V. 146, p. 4114.
<
Ebasco Services
—
1939—3 Mos.—1938
$540,054
$541,329
454
302
Interest
Commenting on the report of the SEC, the Associated Gas & Electric
Co. issued a statement which said, in part:
"The company has not received as yet a copy of the report of the SEC
paper
413,756
Interest and other deduc.
.
interested.
$3,277,910 $14,332,883 $17,076,979
1,971,618
7,886,473
7,896,850
Preferred divs. to public
Portion
applicable
to
board
of directors
at
its regular m eeting held on
Aug. 10,
1939
declared dividends
on the outstanding 5)4 %
cumulative preferred stock
of the company from July 10, 1939 to Sept. 30, 1939 of 1.222% (6.111
cents per share).
*
This is an adjusting dividend, and is equivalent to 1.375% or 6% cents
share for the full quarter.
The 5*4% cumulative preferred stock was
for the 7% class A preferred stock which was called for
$5.25, plus accrued dividend to
July 10 1939.
Quarterly dividends upon the outstanding class A and class B common
stock of the company of 3% (15 cents per share) were also declared. Pay¬
ment for both dividends will be made on Sept. 30, 1939 to stockholders of
record Sept. 20, 1939.—V. 149, p. 576.
per
issued in exchange
payment and retired on July 10, 1939 at
Balance Sheet April 30, 1939
Assets—Cash, $184,671; notes & accounts receivable (after reserve),
$944,676' advances to employees for expenses, $3,510; inventory, $1,086,633; investments (less reserve), $48,177; capital assets (less reserve for depreclatlon), $334,780; goodwill, $520,085; deferred charges, $20,330; total,
$3,142,862.
Liabilities—-Notes payable to banks, $540,000; trade accounts payable,
$130,989; officers accounts, $14,667; wages, commissions, and interest
accrued, $24,595; taxes accrued, $12,694; reserve income taxes, $35,000;
notes payable to banks, $160,000; class A, 5%
(par value $100 per share),
$915,500; common (no par), 49,713 shares, $192,495; capital surplus, $69,042; earned surplus, $1,047,880; total, $3,142,862.—V. 146, p. 4114.
*.
Empire Power Corp.—Accumulated Dividend-—
The directors have declared a dividend of 50 cents
per share on the $2.25
cumul. partic. stock, no par value, payable Sept. 11 to holders of record
Sept. 1.
Like amount was paid on June 10 and March 10 last; dividends of
25 cents were paid on Dec. 10 and Nov. 10, 1938; dividends of 50 cents were
paid on Sept. 10, June 10 and March 10, 1938 75
cents
paid
on
Emporium Capwell Corp.—Larger Common Dividend—*
Directors have declared a dividend of 35 cents
per share on the common
stock, no par value, payable Oct. 2 to holders of record Sept 15. Dividends
of 30 cents per share were paid in preceding
quarters.—V 148, p. 3686.
.
Esquire, Inc.—To Pay Semi-Annual Dividend—
V. 148, p.
3686.
have declared
an
initial
(Calif.)—Initial Div.—
dividend
of
Florida Power Corp.
cents
per
1939
$3,565,614
1,511,869
-
on
208,984
277,156
44,181
256,879
—
$1,145,463
81,565
$962,695
89,785
$1,227,028
$1,052,481
400,000
118,255
75.611
115,1C2
Cr2,537
302,801
-
-
1938
$3,281,910
1,532,014
71,881
298,051
235,548
Maintenance
Provision for retirements
Federal income taxes
Other taxes
share
(& Subs.)—Earnings—
12 Months Ended June 30—
Operating revenue
Operating expenses
50
of record Sept. 11.—V.
—
Dec. 15 and
Nov. 10,1937, and 50 cents paid on Sept. 15, June 15 and March
15, 1937.
—V. 148, p. 3062.
Directors have declared a semi-annual dividend of 30
the common stock, payable Oct. 16 to holders of record
payment was made on April 20, last; the company at
nounced that the stock would be on a semi-annual
Firemen's Fund Indemnity Co.
Directors
the common stock, payable Sept. 20 to holders
138, p. 2408.
cents per
Sept. 28.
Gross income-
-
-
--------
Similar
400,000
116,513
Interest on 1st mortgage bonds
Interest on other long-term debt
36,759
Other interest-
111,435
Crl,182
Amortization of debt discount and expense
Interest charged to construction
share on
that time also
dividend
Operating income
Other income (net)
.
Dividends
on
preferred stock.
$563,504
222,125
$346,050
222,125
$341,379
$123,925
an¬
basis.—
Balance
-V. 149, p. 412.
Volume
The
149
Heads of the former bus division
by the car building company
the new location.
For the present the former motor coach division of Gar Wood will be
operated as a division of General American Transportation and it is planned
to continue manufacturing and selling the same line of buses as formerly.
Gar Wood has made a 29-passenger and a 22-passenger bus both gasoline
at
Fiscal
Inc.—Dividends—
Fund,
distribution on both series
of beneficial shares, payable Sept. 15, 1939 to holders of record at close or
business Aug. 15, 1939.
The shares of both series will be quoted 'ex
distribution at close of business Aug. 14, 1939.
These distributions amount to 2H% Per share for insurance stock series
and 2H% for bank stock series.—V. 149, p. 576.
The board of directors have declared a stock
$2,325,427
1,020,508
1038
_
^
$2,243,392
1,080,525
163,588
261,149
Provision for retirements--
.
Provision for taxes
163,658
136,411
197,897
Maintenance
powered and with engine located in the rear end.
division
1039
Operating revenues
Operating expenses
Hewewisch, HI., just south of Chicago.
of Gar Wood Industries will become employed
and will continue in charge of the activities of
Ultimately,
Florida Public Service Co.—Earnings—
12 Months Ended June 30—
1177
Commercial & Financial Chronicle
190,201
on
intends to develop the new,
Additional investment in the bus
American
General
however,
somewhat
a
broader scale.
unit will be made later if deemed desirable.
the
streamlined
He added
especially attracted to the operating economies
Epstein, Chairman of the Board of General American, said that
Max
company is entering the production and sale of rear-engined
motor coaches to broaden its transportation equipment service.
that
the
was
company
separate chassis frames, these being built
Operating income
38,336
Gross income
on
Interest
on
1st mortgage bonds.
5% serial debentures
Other interest
.—
$687,652
240,000
147,500
-
15,055
$720,621
240,000
Other income
Interest
$672,596
$682,285
.
25,581
Crl ,498
Interest charged to construction
a
Balance-..-
a
Before
$307,271
—
interest
on
convertible income debentures, owned
$348,569
by parent
company.—V. 148, p. 3063.
Follansbee Bros. Co.—Committee—
has been elected Chairman of the committee or pro¬
Louis L. Rogers has been added
the committee and Harold G. Grady has rasigned.—V, 149, p. 1025.
Frank McNulty
to
Operating revenues
Railway oper. expenses.
Net
Total income.
1,888
x$26,470
6,910
8,993
13,429
$1,369
4,191
$51,256
13,772
x$13,041
with
13,537
their
x$26,578
$3,354
x$2,822
$37,483
580
11,708
493
550
11,747
493
3,905
82,653
3,450
4,028
85,915
3,450
$9,427
charges
$15,611
$52,525
$119,970
deductions
Da. after f xedchgs—
Co., Inc.—Unlisted Trading—
Ford Hotels
York Curb Exchange has removed the
New
from unlisted
trading.—V. 147,
p.
no par,
1924.
Foreign Bond Associates, Inc.—Earnings—
1939
$13,736
earned
Interest
Operating
10,534
expenses
I
Excess of int. earned over oper. exps,
6,978
i
_____
-
1937
$11,125
1938
$13,297
14,264
Ended June 30—
6 Months
$2,763
loss$528
$4,117
Profit realized from sales of securities
(based
on
average
36,059
12,235
70,612
$35,531
$14,998
prof..
Provision for Federal normal inc. tax.
5,400
1,000
10,054
Net
$13,998
43,094
$30,131
32,758
profit...........
paid..........
$64,706
than
more
Balance Sheet June 30. 1939
Assets—Cash
banks.
in
$25,882; receivable for securities sold bu'
lot
payable and accrued expenses, $3,224; provision for Federal capital
$1,640; provision for taxes applicable to prior periods, $2,000;
provision for Federal income taxes, $7,002; common stock (par $0.10),
$10,694; capital surplus, $979,687; earned surplus, $3,172; less excess of
cost over market value of securities owned, $262,826; total, $747,766.
—V. 148, p. 2267.
accounts
The
Interstate
Commerce
Commission
on
Aug.
The
Forty Wall Street Corp.—Petition
application of the
of $600,000 of 1st
intervene in proceedings involving the assignment of part
at 40 Wall Street to the benefit of creditors.
The Court
held the committee's rights are
protected in the forthcoming reorganization
hearing.—V. 149, p. 260.
Game well Co.—Common Dividends Resumed—
dividend of 25 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5.
This will be the first
dividend paid on the common shares since May 25, 1938
when a similar
amount was distributed.
Prior to then no dividends had been paid for six
years.—V, 148, p. 2123.
Directors have declared a
be
far
Gemmer Mfg.
a
B stock, payable Sept. 1 to holders of record Aug.
dividend paid on the B shares since Dec. 24, 1937
was
25. This will be the first
when 75 cents per share
distributed.—V. 149, p. 878.
General American Transportation
Corp.—Enters Motor
Bus Field—
bus field through acquisition of the motor
This marks the second step
toward diversification of its activities,
controlling interest in the Barkley-Grow Aircraft Co. having been ac¬
Company has entered the motor
coach division of Gar Wood
Industries, Inc.
General American has taken this year
a
quired in March.
The
new
unit, which is being
plant facilities adjoining Pressed
...
as
.
...
„
.
acquired for cash, will be transferred to
Steel Car Co.'s present car building plant
all charges
and income taxes.
Aug. 30
on
.
on a
Plastics incorporates in its
which General Plastics products
Durez
name
the trade name
have been sold.
There
the management and no change in the
assets, as
for stockholders are concerned.
slock, 6% preference and common stock of the
change in
equities
present company will receive for their shares the same number of shares
of 7% preferred, 6% preference and common of the new company.
New
common stock will have a par value of $5, instead of being without par as
The new company will have $3,220,925
capital stock, consisting of 500,000 shares of $5 par common, 1,811
of 100 par 7% preferred, 21,593 of $25 par 6% preference.—
146, p. 2851.
in the case of the present company.
of
shares
V.
Georgia & Florida RR.—Earnings—
—
Week Ended Aug. 7—
1939
1938
$48,650
(est.)
Oper. revenues
$47,500
Jan. 1 to Aug. 7
1939
1938
$652,958
$628,793.
149, p. 1025.
Georgia Power
Period End.
Co.—Earnings—
July 31—
Gross revenue.---.-.—
1939— Month—1938
1939—12 Mos.—1938
$2,488 331
$2,262,884 $80,438,081 $28,510,025
and taxes-..
1,330,069
1,161,391
15,370,502
14,717,195
depreciation.-
270,000
231,250
3,046.250
2,761,250
Gross income.--.-.
$888,262
Oper. exps.
Prov. for
Int. & other
Divs.
on
pref. stock-
Balance-.
—V.
—
-
$870,242 $12,021,328 $11,031,580
543,267
546,275
6,551,682
6,622,504
$344,995
245,862
$323,967
245,862
$5,469,646
2,950,350
$4,409,076
2.950,350
$99,133
$78,105
$2,519,296
$1,458,726
fixed charges
Net income--------— -
— -—
149. P. 729.
_
.
Georgia Power & Light
Co.—-Earnings—
1939v
Ended June 30—
$1,149,905
Operating revenues
Operating expenses-
—
—
Maintenance
76,367
129,757
5,289
103,520
—
Provision for retirements
Federal income taxes
;
Other taxes.-
-
$203,759
Operating income.
Other income
-
—
Gross income..
Interest on
—
long-term debt-
Other interest
Amortization of debt discount
—V.
dividend of 25 cents per share on the class
after
income,
and expense..
148, p.
1938
$1,127,857
6ZM9&
75,000
188,635
2,438
95,467
4,815
$92,850
7,235
$208,574
161,821
14,076
9,796
$100,085
157,570
20,143
9,791
Cr35
GY820
$22,923
charged to construction
Net income
Co.—Resumes Class B Dividends—
stock of
Holders of the preferred
first page of this department.
Directors have declared
net
Plastics, Inc.—May Consolidate-—
under
no
Interest
(Julius) Garfinckel & Co., Inc.—Registers with SEC—
See list given on
and
$1,922,287
p. 3376.
148,
12 Months
Denied—
Supreme Court Justice Bernstein has denied the
bondholders protective committee representing owners
mtge. bonds to
of the property
51% remaining in the control of the principal officers and
were
new
"Durez"
7 issued a certificate
permitting abandonment by J. 8. Parks, receiver of (1) The entire railroad
Fort Smith & Western, consisting of two segments, one of which
extends from Rogers Avenue in Fort Smith, Ark., westerly, to a connection
with the Kansas City Southern Ry. near the Arkansas-Oklahoma State
line, approximately 1 mile, and the other from a connection with the lastmentioned raivvay at Coal Creek,
Okla., westerly, to Guthrie, Okla.,
approximately 196 miles; (2) abandonment of operation under trackage
rights over the Kansas City Southern Ry. the above-mentioned connec¬
tions, approximately 20 mips; and (3) abandonment of operation under
trackage rights over the Missouri-Kansas-Texas RR. extending from Fallis,
Okla., southwesterly to Oklahoma City, approximately 33 miles, all in
LeFlore,
Haskell. Pittsburgh, Mcintosh, Hughes,
Okfuskee, Lincoln
Logan, and Oklahoma counties, Okla., and Sebastian County, Ark.—V.
149. p. 26 J.
of the
the additional capital
plan to consolidate this company
& Chemicals, Inc. Incorporated in
sell plastics and chemicals.
At the special meeting, stockholders also will be asked to approve the
issuance of $1,600,000 of 10-year 4Vz°fc debentures. Proceeds will be used
to retire the first mortgage bonds and bank loans of General Plastics to
complete the financing required for the company's new phenol plant in
North Tonawanda, N. Y., and to purchase certain patents. The underwriting syndicate for the debentures will include White Weld
& Co., Fuller, Cruttenden & Co. and Victor, Common & Co.
Debentures
are to be convertible into common stock of
Durez Plastics & Chemicals at
$45 a share until Sept. 1, 1944, and at $50 thereafter until June 1, 1949.
—V.
Railway—Abandonment—
use
with the newly formed Durez Plastics
New York State to manufacture and
stock tax,
Fort Smith & Western
to
families who since 1926 have controlled substantially all of the
prospectus,
22,084
delivered,
$2,524; miscellaneous accounts receivable, $472; securities
owed, $712,913; accrued interest receivable, $3,810; prepaid insurance, &c.,
$950; furniture and fixtures (less reserve for depreciation of $31), $1,215,
total, $747,766.
Liabilities—Payable for securities purchased but not delivered, $3,173,
Offered—Public offer¬
the corporation. It has no other class of stock or funded debt outstanding.
Tha corporation is one of the leading manufacturers of radio variable condensers in
the world, according to the prospectus.
For the year ended Feb. 28, 1939, it is esti¬
mated that it produced 30 to 40% of the variable condensers used in home and auto¬
mobile radio receiving sets manufactured in this country.
Its subsidiary. General
Instrument & Appliance Corp., is a leader in the field of mechanical push-button
radio tuning devices.
Sales for the fiscal year ended Feb. 28, 1939, according to the
will
Dividends
$120,785
$0.38
will receive the proceeds from this sale.
Upon the completion of the present financing, the corporation will have
outstanding 213,556 shares of capital stock (authorized 350,000 shares),
$74,760
cost).
Total
which intends
Stockholders will vote
capital stock,
Corp.—Stock
Instrument
General
The
$240,272
$0.75
paid
company
$184,160—V.
577.
Indicates lo s.—V. 149, P-
$147,109
26,324
entering allied fields and for expansion. The remaining
33,814 shares are for the account of present stockholders who
2,687
Interest deductions.—
x
the
$42,263
fixe
for
avail,
34,500
$266,596
26,324
for
Cr209
Rent for leased roads
Other
of
$6,744
3,390
—-
68,480
ing of 103,814 shares of capital stock was made Aug. 18 by
Swart, Duntze & Co., New York, at a price of $9 per share.
Of the total amount offered, 70,000 shares are for the account
7,327
Miscell. deducts, fr. inc.
$250,089
47,500
Net earnings
Net per common share
—V. 148, p. 1804.
x$5,541
—
—
1938
1939
$386,271
72,175
-
Prov. for Federal taxes
395
Net ry. oper. income.
Other income.
Co.—Earnings—
Operating profits
Depreciation and obsolescence
x$583
Net rents.-..
Inc.
x$24,582
$44,951
x$5,750
x$188
Railway oper. income.
$5,141
29,723
$65,428
20,478
x$l,410
4,340
$1,412
1,600
fr. ry. opers.
rev.
Railway tax accruals—
General Fireproofing
6 Months Ended June 30—
General
1939—7 Afos.—1938
$296,448
$257,828
231,020
252,687
1939—Month—1938
$34,438
$28,605
33,026
30,015
addition to railroad cars.—V. 148, p. 3687.
makes trolley buses in
RR.—Earnings—
Fonda Johnstown & Gloversville
Period End. July 31—
entering the bus field General American will be following a course
which has been pursued by some of the leading railroad car builders.
Ameri¬
can Car & Foundry Co. is a leading builder of both railroad equipment and
motor buses and coaches while Pullman-Standard Car Manufacturing Co.
Net profit
Preferred dividends
tection of the common stockholders, ana
no
In
75,000
25,850
-
Their type bus has
integral with the body.
inherent in the construction of the Gar Wood bus.
loss$86,599
881.
Glidden Co.—Gets Bank Loans to Redeem Outstanding Notes
has negotiated unsecured bank loans totaling $2,000,000
from three New York banks, the proceeds of which were used to redeem
$1,750,000 series A, B, C and D notes and to prepay bank loans of $250,000
The company
due Jan. 1, 1941.
The loans were placed
and New York Trust
with the National City Bank, Chase National Bank
Co. in the respective amounts of $500,000, $750,000
and $750,000.
They bear interest of 2\i % and mature serially on July 1
of each year from 1940 to 1944, incl., in the respective aggregate amounts of
$250,000 for each of the
first two years and $500,000 for each of the three
following years.
Effective July 1, last, the company
also concluded an agreement with the
Co. and the MLutual Life Insurance Co. whereby the in¬
$2,000,000 series E notes, maturing July 1, 1945, was reduced
3% from 3%%.—V. 149, p. 729.
New York Trust
terest on the
to
The Commercial & Financial Chronicle
1178
Brewing Co.—Earnings—
Goebel
1938
Period End. June 30—
Net profit—
Earns, per sh.on com.stk
S113.987
$0.08
x
1iq3?ot
In
nl
n§
no
$0.03
sn
$0.09t
$0.04
Balance sheet as of June 30. 1939, reflects current assets of $869,801,
including cash and marketable securities of $429,872 and current liabilities
of $259,359, Indicating a ratio of better than 3H to 1 and a working capital
of
I0?™:
Km e
•
X
includes $519,616 net
profit
V. 145, p. 2227.
foreign exchange and after charges,
on
preferred dividend requirements, to
$1.61 a share on 1,303,255 common
.v.v.'
shares.
Organizes New Company—
"
of Comprehensive Fabrics, Inc., a new sales and mer¬
organization which will develop national distribution of the
"K-Treated" process In the fabrics field using Koroseai, new synthetic
processing material developed in the laboratories of this company, was
announced on Aug. 14 by Joseph A. Kaplan, President of the new corThe formation
chandising
"K-Treated" merchandise.
said.—V.
Kaplan
Mr.
Hundreds of samples, illustrating the
developed by designers in collaboration
six-month period of product exploration,
148vp^ 3377.
Goodyear Tire & Rubber
6 Mos. End. June
$710,866
6,313
13,264
TotaJ income——.
— $1,0.53,206
United States & Mexican inc. taxes—
$724,130
Net profits-
Cof (& Subs.)—Earnings—~
—----—
91,429,674
75,014,954 105,615,829
86,104,374
$4,326,745
$3,136,683 $10,859,871
370,637
536,364
$4,804,311
$3,507,320 $11,396,236
1,363,631
1,400,744
$5,308,909
1,379.056
427,140
1,500,000
—
estimated
.504,598
93,390
298,607
134,396
163~207
$496,344
$1,067,610
$1.51
$0.99
$2.14
per share on 500,000 shares
capital stock--.-- — -—
— —
a
Without deduction for depletion. -V.
Greenwich
------
109.
p.
Gas System,
&
Water
149,
(& Subs.)
Inc.
Earnings—
1939
12 Months Ended June 30—
Gross earnings
Operating
1938
$1,315,616
635,344
68,063
maintenance and taxes
expenses,
$1,304,146
607,849
70,110
$612,208
140,643
11,185
$626,187
140,592
12,066
Reserved for retirements—————
Gross income
.
Interest, amortization of discount, &c., of subs—
Minority interestInterest, amortization of discount, &c., of Green¬
wich Water & Gas System, Inc
276,421
288,041
$183,959
Net income
—V. 148, p.
473,860
$1,529,424
Earnings
held by co.:
divs. on pref. stk
Reserve for contingencies
curr.
5,823
>
$755,539
Consol. net income------
a
$1,523,601
131,200
1,502
164,965
—
Interest paid——— —
Prov. for deprec. & obsolescence.
331,170
443,582
$4,770,327
1,159,731
Interest, discount, &c__
Profits on sub. cos., appl.
Total profits
to stks.not
^
^
1939
1938
1937
1936
$95,756,419 $78,151,636$116,475,701 $90,908,685
Other income—
—
-
—
>t,
1937
$1,046,893
Dividends and miscell. income—.---
30—■
a Net sales-!- - - - b Mfg. costs & charges--
1938
——
Operating income.
Egge, formerly connected with Bamberger's and Bloomingdale's,
will assist Mr. Kaplan as sales and promotion manager.
The new organization will issue licenses to manufacturers in each of many
versatility of Koroseai, have been
with Goodrich technicians during a
1939
6 Months Ended June 30—
^°Kar?F.
lines of
Co. (& Subs.)—Earnings—
Greene Cananea Copper
-
- ~
Co.—Liquidating Dividends—
Gaylord Container Corp. stock for each 15 shares of this
company's stock, held both payable Aug. 15 to holders of record July 1.—
share of 5H%
one
Federal income taxes and provision of $500,000 for contingencies, and is
equal, after preferred dividend requirements, to $1.90'a share on 1,303,255
common shares,
y Includes non-recurring income of $415,188, and is equal,
after
sixmontbs ended June 30,1938 have been adjusted
applicable portion of year-end adjustments with respect to
depreciation charges and amortization of intangible property, as
explained in the annual report to stockholders for the year 1938.—V. 149,
Page 1026.
bus
Great Southern Lumber
—
1939
Directors have declared a liquidating dividend of $3 per share in cash and
(& Subs.)—Earnings—
-i°T--—- -$66?n9,599 $51 *9138,986 $78*566,619
1t
y3,122,728 loss209,551 x3,510,689
Ne6t
N
ended June 30, 1939.
The statements for the
$610,441.—V. 148, p. 3532.
(B. F.) Goodrich Co.
19,
to reflect the
depreciation and Federal income taxes.
After Drovislon for
x
Aug.
been made for Federal surtax on undistributed
profits in the six month periods.
The provision for surtax applicable to the
calendar year 1938 is included in the foregoing statements for the 12 months
Notes—No provision has
$185,487
2898.
Guggenheim & Co.—Accumulated DividendCompany paid a dividend of $1.75 per share on account of accumulations
the 7% preferred stock on Aug. 15 to holders of record Aug 10.
Div.
May 15, March 15 and on Dec. 20 last, this latter the
first payment made since May 15,1938, when a regular quarterly dividend of
on
Total net profit carr.
to
surplus
-
Preferred dividends---Common dividends- .
Deficit------
—
— — —
.
c2,439,120
$1,669,828
2,439,255
1,541,468
513,687
$3,610,596
$8,068,352
2,200,410
1,963,235
$3,598,683
1,502,937
a
discounts,
Returns,
1,999,082
2,059,061
$0.02
2,059.168
$0.96
allowances,
freights.
like amount
1,540,400
$0.62
$3.19
excise
and
taxes,
company sales deducted] b Including depreciation, selling,
and general expenses, and provision for Federal taxes,
c
inter¬
administration,
Includes third-
distributed.—Y. 148, p. 3066.
was
Haverhill Gas Light
$l,283.114sur$3,904,707sur$2095,746
$369,992
No. shs. com. stk. outst.
(no par)---Earnings par share——
of $1.75 was paid on
Period End. July 31—
Operating revenues
$44,569
27,543
2,635
7,038
$45,691
27,805
2,547
7,792
Operation
Maintenance
Taxes--.———
quarter dividends payable Sept. 15,1939, $813,040.
Consolidated Balance Sheet June 30
Co.—Earnings—
1939^Moni/i—;1938_
Or
$7,353
I
1
•
1939—12 Mos.—1938
$554,114
$569,184
360,000
367,407
28,860
29,661
87,976
87,607
$77,277
$84,508
69
73
1
$
Assets—
a
Inventories
.
-
Acc'ts and notes
28,669,272
receivable
Canadian Govt.
1,644,619
Cash——— 20,175,252
securities
Goodwill, Ac—-
1,220,046
Deferred charges
Liabilities—
$
.
78,196,190
6,706,629
66,920,271
Plant & prop.
Investments
1939
1938
1939
%
52,365,500
132,802
7,911,482
18,833,139
20,138,748
Total-- —--191,531,281 192,415,956
191,531,281 192,415,956
b Represented by 2,059,168 no-par shares in 1939
(2,059,062 shares in 1938).
c Represented by 650,432 no-par shares in
1939 and 650,468 no-par shares in 1938,
e Includes reserve for Federal
a
After depreciation,
ncome
taxes.—V. 149, P. 108.
Interest charges—
'
12 Months
1938
1939
Period Ended June 30—
1939
—$24,073,397 $20,812,263 $53,087,918
18,000,407
16,041,847
36,807,698
—
2,332,344
—
Net income-Dividends declared
$4,593
$3,740,646
Net operating revenue
Net income
b
Proportionate interests.—
-
.
Other income—.—
—
Total income--.
Interest
-
-
-------
i
—■
232,489
75,216
38,240
Net income.-Net income—
Preferred stocks.—
Common stock
d Net
$4,086,591
125,742
227,855
-----
Other deductions-
c
-
-
.
752,733
30,804
1,939,868
$2,830,548 $11,686,275
387,906
374,029
75,216
67,602
167,046
-
$3,286,056 $12,302,566
97,377
289,376
225,938
456,108
604,102
2,525,326
27,920
78,421
$2,330,719
$197,393
649,698
Hotel
Lexington, Inc.—Interest—
Holders of the 4% income bonds will receive payment of 2M % on Sept. 1,
amount having been voted by the board of directors.
After giving
effect to this payment the arrears of cumulative intereston these bonds will
this
Period End. June 30—
Gross income from opers.
Operating
expenses
-
Prov.
for losses on in¬
stalment notes receiv.
586,729
968,290
1,222,726
1,452,163
Other income credits
$3,754,695
3,998
$3,878,947
10,091
$7,702,807
11,742
$8,277,833
16,558
Gross income..
Interest paid
$3,758,693
97,777
$3,889,038
121,918
$7,714,549
242,321
$8,294,391
292,926
696,080
790,900
1,318,129
1,481,076
"3", 351
"4,104
"3,817
$2,961,484
$2,972,115
$6,150,283
$6,326,746
8,577,970
6,901,239
7,989,546
6,147,285
income taxes
on
undis¬
tributed profits
$6,026,290
327,253
2,675,122
Min. int. in earns of sub-
earned
Dividends—cash?
5% preferred stock
—
Period Ended June 30—
Incomer-Dividends
1939
—
Net income
—
Net income
$400,054
54,660
11,223
730
—
—
—
—
—
—
450,000
1,433,808
900,000
3,624,703
899,930
3,584,555
$7,989,546
$9,615,125
$7,989,546
Consolidated Balance Sheet June 30
1938
$
Assets—
$
Cask on hand and
1939
Liabilities—
S
Notes pay., banks. 13,565,000
Notes pay., em pi.,
in banks.—...
7,300,825
8,567,102
a Instal. notes
officers, & others
rec.55,957,587 54,263,860
Accts. rec., &c__
2,680 Fed. & Dom. inc.
Loans
to
<fc cap. stk. taxes
Dividends payable
employ.
and officers
78,938
Other receiv., &c.
b Office equip. &
40,657
improvements.-
476,017
1938
$473,277
53,392
1,037
811
272,030
962,065
53,285
1,882,601
941,892
47,877
69,598
500,000
44,359
500,000
Res. for Canadian
exch. fluctuat'ns
527,972
Min. int. in capital
1939
& surp. of a sub
33,226
29,115
stk.($100 par).18,000,000 18,000,000
stock..18,426,625 17,922,300
Capital surplus
691,205
295,332
Earned surplus
9,615,125
7,989,546
$4,226,862
107,895
66,530
1,077
"$4,402,365
$528,518
138,307
2,503
10,000
355,844
13,398
124,200
$286,025
$377,707
$3,908,923
$
310,330
222,619
30,817 Miscell. liabilities.
12 Months
$466,666
167,751
5,791
7,100
1938
15,690,000
1,627,566
Res. for conting—
—
Of Eastern Greyhound Lines of New England (a division of Greyhound
Corporation).
450,000
1,474,329
1939
—...
Income Statement Company Only
$9,873,354 $14,139,828 $12,474,031
$9,615,125
Common stock
——
-
surplus
327,253
2,682,838
$0.71
$0.52
$2.18
in net income of
Pennsylvania
Greyhound
Lines,
Inc., 50% of the voting stock of
which is owned by the Greyhound
Corp—
$227,763
$79,563
$787,580
a Before income taxes of
b In EarnGreyhound Motors & Supply Co.
c Applicable
ings of subsidiary not consol., Exposition Greyhound, Inc.
to stocks of subsidiaries consol., held by public,
e Based upon the
average number of shares outstanding during the period.
188,000
1,125
4,517
Other charges
Balance
mon stock
d Includes equity
x
Dom.
—•
Federal, surtax
$402,462
$1,483,628
--
4939—12 Mos.—1938
$9,001,053 $17,713,573 $18,096,161
4,153,817
8,788,040
8,366,165
$8,810,579
4,469,154
$11,539,454
6 Months-
(& Subs.)—Earnings—
1939—6 Mos—1938
2,524,584
—
Total income.
General expenses
Interest expenses
Federal income tax—
$47,495
39,312
Corp.—Dividend Increased—
$8,953,335
$201,318
755,241
——
Other income.—
$41,355
39,312
4,593,944
$2,949,457
applic. to stock of
Greyhound Corp.
$1,992,897
Capital stock, average number of
shares outstanding:
327,253
BH % pref. conver., (par $10)
Common (no par).
2,690.681
e Amount
earned per share of com¬
x
$49,578
2,083
Directors on Aug. 15 declared a dividend of 25 cents per share on the
capital stock, par $5, payable Sept. 15 to holders of record Sept. 1.
Pre¬
viously regular quarterly dividend of 10 cents per share were distributed.
—Y. 149, p. 578.
income
Interest
996
—V. 149, p. 577.
Prov. for Fed. &
Amort. of intangible property
Income taxes.
$42,351
124
W:
$84,578
35,000
$4,311
41
i
a
2,917
$77,351
35,000
$4,436
Household Finance Corp.
Consolidated Income Statement
—6 Months-
Operating revenues
Operating expenses
Depreciation-
$4,634
—
$7,353
be reduced to y2 of 1%.—V. 148, p. 2428.
Greyhound Corp .—Earnings—
v
Gross income.
Hewitt Rubber
1,295,200
5,045,908
18,833,139
20,946,288
Capital surplus-
$7,551
2,917
i-
10,993,923
65,046,800
10,652,454
5,625,146
Earned surplus.
1
$
78,112,410 b Common stk- 10,997,524
6,340,610 c $5 pref. stock- 65,043,200
67,293,399 Cap. stk. of subs 10,322,554
Funded debt.-- 48,000,000
23,045,735 Funded debt of
subs., &c166,951
8,727,149
1,296,258 d Acc'ts payable
14,482,747 For. bank over¬
drafts------1,438,855
1,430,476
1,844,795 Acer, interest-Reserves
Total-
1938
Pf.
c
Total--.--
63,854,024 63,615,0511
Common
Total—
-- —
.—63,854,024 63,615,051
a After reserves for losses of
$4,353,200 in 1939 and $3,871,947 in 1938.
b After reserves for depreciation and amortization of $462,562 in 1939 and
$441,000 in 1938.
c Represented by 737,065 no par shares in 1939 and
716,892 no par shares in 1938.
Registers with SEC—
See list given on first page of
this department.—V. 148, p. 2589.
[
Volume
The
149
Commercial & Financial Chronicle
Interchemical Corp.
Hudson Motor Car Co.—1940 Prices Lower—
Hudson prices for 1940 will start in the lowest price field, at $670, de¬
livered in Detroit, it was announced on Aug. 14 by this company.
This new base price, for a Hudson Six coupe, is $25 lower than last year ,
and the 4-door sedan is priced at $763, which is
4-door sedan offered for 1939.
The new Hudson Super-Six 4-door sesan is
$43 under the lowest
priced
1939
Assets—
&
4-door sedan
Patents,
apply to cars with greater luxury,
improved economy and many new mechanical features.
Hudson base prices, delivered in Detroit, are: Hudson Six, $670: Hudson
Six DeLuxe, $745; Hudson Super-Six, $809; Hudson Eight, $860; Hudson
Country Club Six and Eight sedan, $1,018 and $1,118, respectively.—V.
149, p. 578.
•
power,
6,604,700
200,000
99,070
2.224,663
4,503,470
4,713,994
857,700
879,765
Accr.liab.&comm
39,359
5,944,680
78,803
Other curr. liabil..
5,988,465
10-year 4)4% s. f.
debs.
(curr.)...
200,000
Due from officers.
b Fixed assets
goodwill,
&c
l
Unamort.
2,896,180
6,517,400
716,867
157,844
336,262
252,678
investments
In every case these new low prices
more
S
2,896,180
a
2,646,079
receivable
$952.
1938
$
Common stock..
Preferred stock.._
1,675,410
accounts
Mdse. inventories.
Misc.
1939
Liabilities—
$
2,188,814
Notes
■Consolidated Balance Sheet June 30
1938
5
Cash
$38 lower than the corre¬
sponding 1939 model.
Prices of the Country Club series are also lower,
and the Hudson Straight Eight on the 118-inch wheel base, new this year,
will start at $860 delivered in Detroit, with a 2-door sedan at $918 and
at
1179
Accounts payable-
Customers'
Divs.
portion
Res.
of purchases
Devel. exp. of sub.
28,466
273,075
63,215
Prepaid
288,370
440,418
exps., &c.
deps__
662,008
136,600
162,217
252,621
97,761
payable
Federal,
for
321,941
258,868
2,100,000
2,300,000
&c., taxes
10-year 4)4%
s.
f.
debentures
Notes & contr. ob¬
ligations payable
Hunter Steel Co.—To
called
A special meeting of preferred and common stockholders has been
fdr Oct. 2 to approve the substitution for the present preferred stock sinking
fund requirement of 10% of net earnings
of a flat annual preferred stock
sinking fund provision of $25,000 a year, or 20% of net earnings, whichever
amount shall be the larger, effective April 1, 1940.
This gives effect to the contention of certain holders of large amounts
of preferred stock that the proposed sale of the greater part of the Neville
Island property to the Shenango Furnace Co. should not be completed
without a greater sinking fund provision for the preferred shares.
Mean¬
while, the meeting called to vote on sale of the Neville Island property to
Shenango Furnace has been adjourned from Aug. 15 to Aug. 18, 1939.
Pittsburgh Coke & Iron Co., owner of 47% of the Hunter common stock,
has advised the management that if the sale is consummated it will vote its
common stock in favor of the amendment to the articles of incorporation.
—V. 149, p. 414.
10,000
50,000
1st mtge. 6% cum.
inc. bds. of sub.
Change Sinking Fund—
500,000
500,000
178,174
229,859
Reserves
947,250
938,968
1,485,970
825,327
Capital surplus
Earned surplus...
Total
.....16,770,014 16,064,7351
Represented by 289,618
a
no-par
....16,770,014 16,064,735
Total
b Land, buildings, machinery
of $3,912,923 in
shares,
and equipment, after deducting reserve for depreciation
1939 and $3,160,363 in 1938.
The income statement for the six months ended June 30 was published
in V. 149, p.
1027.
International
Nickel
Co.
of
Ltd.—Consol.
Canada,
Balance Sheet—
[Stated for convenience in terms of United States currency]
Illinois Central RR.—Fares Reduced—
cut
lA cent to 2A cents
Sept. 1.
The district
a
includes all of the
and east of the
Mississippi River.
United States south of the
The rate now is 2A
districts.—V. 149, p. 879.
Ohio River
cents in
all other
'
1939—Month—1938
1939—11 Mos.—1938
$1,861,205
$1,574,033 $17,956,532 ^16,535,442
1,291,986
1,226,565
13,597,859
13,219,286
Property.
Investments
304,018
Government securities
$569,219
1,252
Non-operating income..
$347,468
1,359
$4,358,673
14,068
$3,316,156
10,708
324,970
$254,924,668 $253,076,263
Total.
$27,627,825
60,766,771
7% cumulative preferred stock
y Common stock
Accounts payable and pay rolls
6,523,748
7,227,502
483,475
14,920,938
300,057
1,979,637
Provision for taxes
Preferred dividend payable Aug. 1,1939
Excess
of
revs,
over
Retirement system reserve
$570,471
operating expenses.
—V. 149, p.
Indiana Harbor Belt
reserve
62.209
$1,794,353
465,338
488,743
$1,049,307
337,859
395,773
After
2,368
$72,122
3,371
$840,272
12,733
$315,675
16,952
$199,626
8,782
36,747
$75,493
3,300
36,856
$853,005
24,457
221,389
$332,627
18,632
223,510
$35,337
$607,159
$90,485
$2.02
$0.46
$7.99
reserve
Total income
Miscell. deducts, fr. inc.
Total fixed charges
fixed
charges
Net inc. per sh. of stk.
—V. 149, P. 415.
y Represented by 14,584,025 no par shares.
The income statement for the 3 and 6 months ended June 30 was pub¬
lished in V. 119, p.
-
RR.—Abandonment—
"
was
month intervals from Dec. 30, 1939,
through Dec. 30, 1944.
Interest rates vary from 1 ^ % on the first matur¬
ity to 4)4% on the last two maturities, averaging about 3.75% over the
life
of the
issue.—V.
148,
p.
3068.
serially in varying amounts at six
International Paper & Power Co. (& Subs.)—Earns.—
International
Interstate
Hydro-Electric
System
1939—3 Mos.—1938
and
Subsidiaries]
1939—6 Mos.—1938
less roturns,
Gross sales
(1)
Notes—
announced Aug. 16 that the company has completed arrangements
the City of New York, the First National
Bank of Boston and Bankers Trust Co. for refunding both issues of its
secured sinking fund notes, due in 1940 and 1941 respectively, by a new issue
to the same banks of $13,000,000 secured notes.
The new notes mature
It
Period End. June 30—
Commerce Commission on July 29 issued a certificate
Abandonment by the Terre Haute Electric Co.Ji Inc.,
of operation by the Public Service Co. of Indiana and
Bowman Elder, receiver, of Indiana RR. extending easterly from Terre
Haute to Brazil Junction, azproximately 17.34 miles; (2) abandonment
by the receiver of a line of railroad extending easterly from Brazil Junction
to a connection with the tracks of the Indianapolis Railways, Inc., in the
City of Indianapolis, approximately 52.43 miles; and (3) abandonment of
operation by the receiver of a line of railroad owned by the Indianapolis
Railways, Inc., extending from the above-mentioned connection to certain
passenger and freight terminals in the City of Indianapolis, approximately
two miles, all in Vigo, Clay, Putnam, Hendricks, and
Marion counties,
The
permitting:
1027.
with the Chase National Bank of
[Excluding
Indiana
for depreciation and depletion of $60,436,141 in 1939 and
$56,754,887 in 1938.
$1.19
$197,258
•;>
9,946,845
483,475
14,108,724
90,160
1,981,120
60,606,500
72,259,896
...$254,924,668 $253,076,263
Total
x
$27,627,825
60,766,771
5,204,948
60,606,500
74,488,215
Earned surplus...
1939—6 Mos.—1938
$5,210,919
$4,080,532
3,416,566
3,031,225
International Paper Co.—Refunds
income-
after
Exchange
Capital surplus
$154,097
Net ry. oper.
Other income
inc.
$168,621
34,290
$352,142
72,363
82,521
fr. ry. opers.
Railway tax accruals—
Eqpt. & jt. facil. rents..
Net
$3,326,864
RR.—Earnings—
1939—Month—1938
$870,317
$646,686
518,175
478,065
Railway oper. revenues.
Railway oper. expenses.
rev.
$4,372,741
Insurance, contengent and other reserves
Period End. June 30—
Net
$348,827
578.
537,566
40,422,819
305,428
39,215,228
Insurance and other prepaid items
....
Income from ry. oper.
Dec. 31 1938
$158,278,002 $158,350,836
938,699
928,691
Securities held against retirement system reserve
14,819,061
14,106,323
Inventories
33,139,852
32,141,057
Accounts and notes receivable
7,904,837
6,283,541
x
Cash
Independent (Subway) System of N. Y. City—Earnings
Period End. May 31—
Operating revenues
Operating expenses
June 30 1939
Assets—
first class round-trip fares would be
mile in the Southeastern district, effective on
This railroad announced on Aug. 12
allowances and
disct..$25,903,518 $22,557,434 $52,108,133 $45,204,788
272,695
231,273
581,945
483,204
Otherincome.net
and abandonment
Ind.—V. 147, P. 2534.
$26,176,213 $22,788,707 $52,690,078 $45,687,992
18,710,315
16,565,492
37,855,864
32,976,693
Total.
Cost of sales
freight
Outward
Balance.
dpbt.
Interest on other debt..
Inland Power &
Light Corp.—Sale of Securities Approved
Commission has approved the sale by the
trustee, Leonard S. Florsheim, of $243,500 first mortgage 5% gold bonds of
Michigan Public Service Co. to Employers Mutual Liability Co. of Wis¬
consin in the amount of $100,000.
Modern Woodmen of America in the
amount of $136,000, and American United Life Insurance Co. in the amount
of $7,500, at par and interest.—V. 149, p. 732.
The Securities and Exchange
Amortiz.
debt
of
Inter borough
Rapid Transit Co.—Hearing Adjourned—
public hearing
on the proposed Interborough
Rapid TransitManhattan Ry. unification plan has been adjourned until Aug. 22.
The
adjournment was taken following conclusion by Chester W. Cuthell, special
counsel for the Transit Commission, of his case in favor of the plan.
It was indicated that by Aug. 22 the dissenting group of I. R. T. and
Manhattan Railway security holders will have made available data amplify¬
ing their opposition to the plan's terms.
In speaking of the dissenting groups, Charles Franklin, counsel for
Manhattan Railway, stated that representitatives of Manhattan modified
stock would not be averse to any small increases in the prices allocated to
I. R. T. unsecured 6% notes or to I. R. T. stock, "in order to bring them
The
into line."
He added,
however, that if any "fantastic" increases were made in the
prices allotted to the I. R. T. junior security holders, Manhattan would
exercise its right to withdraw from the plan.
"Our security holders have
made a great sacrifice in accepting the city's offer,"
Mr. Franklin said.
Dwight F. Faulkner, chairman of the Faulkner Committee for I. R. T.
unsecured 6% notes, asked Mr. Franklin what price he would consider as
the proper one for these notes.
At this point counsel to the Transit Com¬
mission interjected the remark that the matter could not be negotiated in
fashion.
Commissioner
Transit
outlined in the plan.—V.
M.
Maldwin
149,
p.
Fertig,
defended
the
5,476,632
2.858,639
306,478
2,721,287
304,919
$2,475,361
844,448
330
$1,874,494
910,320
6,110
$4,881,588
$4,208,463
1,792,978
8,502
93,437
96,617
186,876
193,969
1,089,644
241,100
2,347,884
372,987
2,153,094
420,716
57,408
17,522
88,850
18,033
132,546
35,218
303,808
36,512
Dividends—
$77,740 loss$576,181
$90,168 loas$701,116
paid on preferred stocks of subsidiaries.
Net profit
x
Accrued but not being currently
148, p. 3069.
.
Iowa Public Service
All of the
and accrued interest.
bonds, 534 % series due 1959,
called for redemption on Sept. 11 at 103 and accrued interest.
Payment will be made on both issues at the City National Bank & Trust
Co. of Chicago.
Bondholders may, at their option surrender any of the above bonds
with all unmatured interest coupons attached, at any time prior to the
redemption date, at the place above set forth, and receive the full redemption
price of such bonds together with accrued interest to Sept. 11, 1939.
12 Months Ended June 30—
1939
1938
Operating revenues
$4,767,935 $4,602,067
Non-operating revenues (net)
-0
19,380
39,005
have been
$4,787,315
1,918,741
Total gross earnings
Operation
Maintenance
....
Provision for deprec. and
(or) retirement reserve..
General taxes
Federal and State income taxes
Net earnings
Corp.—Acquires Additional
Union Potash—
Corporation reports that on July 1 it had paid $800,000 for additional
shares of common stock in the Union Potash & Chemical Co. and thereby
became owner of 275,763 of the 525,263 common shares and 4,421 of the
8,421 preferred shares, or 52>£% of the voting power.—V. 148, p. 2746.
funded debt
unfunded debt
Amort, of bond discount and expenses
Interest charged to construction—
Interest on
Net income
—Y. 149, P.
$4,641,072
2,026,932
252,300
571,889
417,121
92,216
272,025
512,277
405,482
58,216
$1,535,046
849,597
9,513
38,654
Crl ,224
$1,366,140
845,792
8,025
38,894
Cr44,174
Directors
—
—-—-——
$638,506
$517,602
1027.
Investors
Marine Co.—Obituary—
Philip A. S. Franklin, for many years one of the country's outstanding
shipping men, died at his home on Aug. 14, after a brief illness. Mr. Franklin
was born Feb. 1, 1871, at Ashland, Md.
In
1916 Mr.
Franklin became Vice-President of this company and
President in 1921. He surrendered this position to his son John in 1936, and
became Chairman of the Board.—V. 149, p. 578.
Co.—Bonds Called—
outstanding first mortgage gold bonds 5% series due 1957 have
been called for redemption on Sept. 11 at 104
All of the outstanding first mortgage gold
Interest on
International Mercantile
608
1,180,583
203,893
-
Prov. for income taxes._
x
1,715,301
allocation
732.
International Agricultural
Shares of
6,787,510
1,385,910
152,757
disc.
Depreciation.
Depletion
—V.
a
2,810,054
1,466,574
153,425
and expense
by SEC—
such
3,370,538
delivery expenses
Selling, general and ad¬
ministrative expenses.
Prov. for doubtful accts.
Interest on funded
.
and
Distribution Shares, Inc.—Initial Dividend—
of this company,
a
new investment
company of
the mutual
Aug. 11 declared its initial quarterly cash distribution of 10 cents
per share, payable Sept. 15, to stock of record Aug. 31.
Investors Dis¬
tribution Shares, which started operations on June 1, is unique in the
investment company field, according to Cedric H. Smith, President, in
that its major effort is directed toward producing income rather than
profits and also because the company's charter requires payment to stocktype, on
Chronicle
The Commercial & Financial
1180
a regular stipulated cash distribution each quarter.
The com¬
has investments in common stocks, preferred stocks and bonds of
the current return on which is in excess of 6%.
holders of
pany
1939
30 different corporations,
—V. 148, p. 3069.
Italo Petroleum
Corp.—To Reorganize—
Notes
$1,641,767
151,099
$1,689,412
148,310
$1,792,866
593,041
506,304
$1,837,722
542,451
528,199
V Net
profit
$693,522
2,618,479
$767,074
2,410,674
$3,422,248
1,112,582
$3,312,001
830,622
$3,177,747
827.832
dividends
aris. from sale of
stk. to employees
Common
Adjust
com.
less
bank, due April
1. 1940
4,388,040
1
1
5,500,000
5,500,000
Res.
050,524
$2,510,158
$2,400,439
300,000
insurance
123,919
7%
121,004
pref. stk.
cum.
($100
......
506,200
......
par)
($12.50 par)....
5%
7,080,788
prefce
cum.
stock
5,840,757
($1 par)
566,462
($100 par)
Com. stk.
Paid-in surplus, re-
sult'g fr. change
In cap. structure
853,989
Earned surplus
11,121,726
$2,576,472
Total
21,971,179 22,073,578
Total
......
10,818,474
21,971,179 22,073,578
149, p. 416.
046 912
$2,349,808
for
& contingencies.
Common stock
—V.
028,779
Keith-Albee-Orpheum Corp. (& Subs.)—Earnings—
13
$2 74
$2.48
$2.57
-
100,484
123,952
107,190
$525,909
$388,194
x$687,190
x$424,573
$8.18
$6.04
$10.69
$6.60
Net
profit
charges
$6,615 827
5,384,501
Per share
$63,902
$65,613
$1 177,927
$1 231,326
22,095
9,874
22,771
10,318
252,582
122,041
257,454
112,944
Operating income$31,932
$32,523
73
136
$803,303
3,270
$860,928
3,135
$32,005
40,146
7,329
$32 653
40 383
8,260
806,574
482.183
85,541
$864,053
487,730
79,104
68,705
70,806
840^881
857,662
*86.386
*602.031
$560 433
General taxes.-.
Social security taxes
Non-operating income._
-
Int. on funded debt
Other fixed charges.
Depreciation....
$84A74
Net deficit
~
x
on
after
$1,204,571
393,429~
$896,698
140,412
shs.
riNet oper. revenue
June 27, *36
$882,665
393,987
Prov. for income taxes..
$6.333 854
5 155 926
435,808
414,311
Operating expenses
July 3, '37
July 2, '38
for
prov.
$1,036,703
370,381
1939—12 Mos —1938
1939—Month—1938
$478,213
$501,420
before
deprec. & inc. taxes..
Depreciation
Public Service Co.-—Earning*—
Period End. July 31—
July 1, '39
26 Weeks Ended—
Profit
(no par) shares
149. p. 879.
Gross income
Instal.note pay. to
Autos., less res've
—V.
Total oper. revenues.
4,209,951
for depr.
stk.
on com.
payable in July.
V-
cost,
Goodwill
incl.
tax reserves
less reserve
Earns, per sh. on 280,000
Kansas City
res.
liab.,
Dlvs.
Mach'y & fixtures,
681,278
Cr40,143
Profit & loss surplus._
141,466
2,674,855
$3,210,837
...
W Total surplus—
642,696
73,640
335,173
2,674,855
less res.
$875,851
2,334,986
.—
Previous surplus
536,113
due April
Fed. & State inc.
$1,728,904
460,080
392,973
$719,836
2,702,412
Other reserves
135,917
319,411
;■
properties
at cost,
$1,613,418
115,486
$1,638,354
611,165
307,353
Reserved for taxes—
103,410
Acer,
at
126,549
Outside
8,987,350
10,698.324
141,217
$1,497,137
Other income—
—
mdse. in transit.
stocks,
&c.,
Land at cost.....
11,131,399
11,560,939
Total income
300,000
527,033
131,798
July164 '38
—
751,164
bank,
for depreciation.
It is also announced
and obligations by 10-year
144, p. 777.
$13,058,076 $12,773,loo 512,oo7»7oo $lu,tHX),7oo
pr&c— 1
Operating profit-
In
bonds,
Buildings, at
— -
1, 1939
4,073,860
4,050,460 Accounts payable.
payable,
127,812 Accts.
4,103,730
...
cost or less.
$
Instal. note pay. to
796,827
3,942,026
133,497
Prepaid Ins., &c__
Invest.
1938
%
1,500,000
accounts
&
receivable
Inc.—-Earnings—
\
28 Weeks Endedsales-
Net
Liabilities—
2,000,000
955,911
Inventories
contemplated on share exchange basis.
negotiations are pending for funding of liabilities
amortized loan of net less than 81,000,000.—V.
^
5
Notes pay. to bks.
hand—
on
8pecial meeting of holders of record Aug. 21 of common and preferred
been called for Sept. 11 to vote on plan of reorganization into
Westates Petroleum Corp.
Hearing on plan will be conducted here before
California Corporation Commissioner on Aug. 28.
Italo management reports tentative negotiations for absorption of Indian
Petroleum Co. and others with which Italo is now jointly engaged, with
Jewel Tea Co.,
1939
1938
$
Assets—
Cash in banks and
stocks has
take overs
Aug. 19, 1939
Comparative Balance Sheet June 30
A 364,935
all
;
tbe 64,304
7% cum. pf. stk__
Before provision for surtax on undistributed profits.
For the 52 weeks ended July 1, 1939, the company and subsidiary com¬
a net profit of $1,134,711 after all charges.
This is equal to
$17.65 per share on the 64,304 shares of 7% cumulative convertible pre¬
panies show
ferred stock.—V. 149, p.
733.
(B. F.) Keith Corp. (& Subs.)—Earnings—
26 Weeks Ended—
July 1, '39
July 2, '38
July 3, *37
June 27, '36
Profit
before prov.
for
deprec. & inc. taxes..
$679,100
263,088
$594,766
281,113
$889,887
292,110
$710,441
284,730
rinc. taxes..
83,125
,59,115
84,050
74,125
profit
after
all
charges—.........
$332,887
$254,538
x$513,727
x$351,586
Depreciati in
Provision
—V. 149, p. 579.
Net
Kansas
City
Unification—
Ry.—Rail
Southern
^
Kansas City Southern & Louisiana & Arkan¬
completed Aug. 12 when through an interchange of cor¬
The unification program of
roads
sas
was
-
L.
&
retaining his position with Kansas
A.,
City
Southern.
Does not include any charge for surtax on undistributed earnings.
show
porate officers and directors the executive and operating departments were
unified and a single executive board was elected to manage both railroads.
At meetings of the Board Aug. 12 C.Peter Couch, President of Louisiana
& Arkansas Ry., was elected President of Kansas City
Southern Ry.,
succeeding Harvey C. Couch, who resigned as President of Kansas City
Southern, but remained as Chairman of the Board.
Harvey Couch was
elected Chairman of the Board of Louisiana & Arkansas, a position which ;
has been vacant since the senior Couch resigned to take over the manage¬
ment of the Kansas City Southern.
William N. Deramus, executive VicePresident of the Kansas City Southern, was elected Vice-President of the
x
For the 52 weeks ended July 1,
net
a
profit of $830,360 after all charges.—V. 148,
•J., ift.ii
p.
2591.
i
Kentucky Power & Light Co.—EarningsPeriod End. June Zip—
Oper.
1939—3
Mos.—i938
1939- -12 Mos—1938
$173,686
131,419
$159,345
123,441
$710,131
538,999
$668,062
511,688
$42,267
$35,904
1,954
$171,131
Dr2,206
$156,374
3,290
$42,267
36,570
$37,857
37,211
$168,925
146,812
$159,663
150,437
$5,697
& taxes
exps.
$645
$22,113
$9,226
Net oper. income.
Other income (net)
Gross income
Int. & other deductions.
interchanges in the directorates were made as follows: George
Schnitzer of Shreveport, La., Vice-President of the L. & A., was elected
Vice-President of K. C. S. Edward G. Bennett of Ogden, Utah, resigned
as
a
director of K. C. S. and was elected a director of L. & A.
Peter
Couch was elected to the K. C. S. Board, filling the Bennett vacancy,
1939, the company and subsidiary cos.
Other
Thomas
was
Crosby
All
to
James of Ruston, La.,
L.
the
Kemper
Kansas
of
elected
was
of the
director of L. & A.
City.
of the elections and appointments
approval
a
;;v
made at the meetings
Net
oper. expenses.
from ry. oper.
$405,164
99,000
Railway tax accruals
P
to DaM
$2,798,259
722,000
$1,968,997
$305,271
36,874
12,617
237,054
73.343
$2,076,259
299,984
60,345
$260,747
railway oper. inc.
Keystone Public Service Co. (& Subs.)—Earnings12 Months Ended June 30—
Operating revenues—.
Operating expenses
$255,780
$1,676,600
Maintenance
•;
•
$407,361
Other interest
Amortization of debt discount and expense.
$412,990
200,000
7,355
6,372
$441,514
200,000
29,023
6,372
Net income.
Dividends on preferred stock
$199,263
33,429
$206,119
33,429
$165,834
$172,690
Gross
Interest
Aug. 15 declared
...
a
—V.
1.
.
...
Kaufmann Department Stores,
'
;
.
•
'
"
'
Cost of merchandise sold, buying, advertising and
6 Mos. End. June 30—
expenses
.
Taxes (other than Federal and State income taxes).
Profit
Other income, net..
Total income
Fr
Total
Premium
$434,372
$562,991
10,360
87,611
27,495
/
I
Income
$437,525
11,083,745
—
stock purchased
Preferred stock dividends
on
(net)..,
107 339
Preference stock dividends
Common stock dividends
Balance, June 30
Note—No provision is necessary for Federal
year.
2,170,360
88,895
341,156
36,640
$471,012
20,270
92,049
26,779
$331,914
10,787,469
$11,521,269 $11,119,383
-------
„
8,445,873
„
Earned surplus balance, Jan. 1
Net sales
I
8,366
142,223
14U616
1938
1936
1937
$7,221,975
6,826,669
$6,663,997
Operating profit.....
charges (net)
$395,306
37,896
$210,321
33,975
27,990
$7,725,435
7,329,774
56,776,797
6,509,241
$395,661
6,453,676
1.
24,770
107,785
139,618
18,000
123,523
130,764
$267,556
51,736
39,955
50,712
116,211
$67,238
loss$75,085
$82,763
$8,942
Miscell.
Interest...
Taxes, &c
Net profit
Including expenditures
on
45,503
29,910
99,918
106,721
,
lasts, patterns and dies written off in lieu of
depreciation.
Consolidated Balance Sheet June 30
Assets—
1939
Cash
1938
$520,641
$487,499
Accts., receiv., less
132,547
Cash
8urr.
pats.,
192,709
165,939
pref.
1,468,946
28,041
140,000
461,200
pr. pref. stock
(nl par)
3,120,350
3,117,867
inc..
$8
pref. stock
(no
par)
Com. stk. ($1 par)
Capital surplus—
183,600
200,332
122,886
185,500
200,294
123,524
Cap.surp. approp.
Total
$6,055,926 $5,929,129
-V. 149, p. 734.
353
353
Earned surplus...
282,932
profits tax in either
225,589
140,000
453,200
on
Gold notes outst'g
$5
3
310,799
663,050
Real est. mtges.
&
goodwill
$680,000
31,217
38,926
due 1941.
1,414,970
1938
$575,000
614,365
div.
payable
Fed.taxes
dies,
marks
banks
liabilities......
Prior
less
deprec. & amort.
trade
50,000
value
assets,
Lasts,
163,306
50,000
life insurance
Fixed
pay.,
Accrued & miscell.
3,462,547
178,443
Prepaid exps., &c.
Other inv., less res.
130,889
3,566,612
reserve
Merchandise
1939
.Liabilities—
Notes
Accts. pay., trade.
250
17,728
.$11,121,726 $10,818,474
excess
1939
Costs & oper. expenses..
x
8,563,900
2,195,604
88,995
323,104
$528,476
34,515
Selling, general and administrative
Depreciation of buildings
149, p. 416.
x
1939
1938
$11,700,079 $11,480,655
occupancy expenses
...
Depreciation & amort.
Prov. for Fed. inc. tax..
1
Inc.—Earnings—
6 Months Ended June 30—
Net sales
State income tax
long-term debt
on
34,153
(G. R.) Kinney Co., Inc. (& Subs.)- -Earnings-
dividend of 50 cents per share on the
dividend paid since Feb. 15, 1938 when 25 cents per share was distributed;
previously regular quarterly dividends of 50 cents per share were paid.
Of the current dividend 25 cents is for the current quarter and 25 cents
is from the earnings of the year ended June 30, 1939.—V. 148, p. 3379.
Interest paid
Federal income tax
income...
Balance
•
V:.
.
stock, par $25, payable Sept. 11 to holders of record Aug. 28.
This compares with 30 cents paid on June 20 and on May 15, last, and a
dividend of 40 cents was paid on Feb. 15, last, this latter being the l'irsr,
r
103,087
59,730
96,130
37,716
114,979
$367,466
45,524
common
t
.....
—
Operating income
Other income (net)
(Julius) Kayser & Co.—Dividend—r
on
1938
$1,334,248
618,332
679,941
72,249
74,638
35,941
$1,715,930
—V. 149, p. 579.
Directors
1939
$1,333,323
—
Federal income taxes
Other taxes
$2,679,997
693,00-
$407,271
102,000
*
3225,
ITovision for retirements.
$306,164
31,911
13,505
Railway oper. income
Equip, rents (net)
Joint facility rents (net)
St
subject
1939—7 Mos.—-1938
$7,362,611
$7 ,732,817
4,682,614
4 ,934.558
1939—Month—1938
$1,080,780
$1,102,672
675,617
695,401
July 31—•
oper. revs_____
rev.
are
Interstate Commerce Commission.
Earnings far Month of July and Year
Period End.
Railway
Railway
|j£ | '
as
Net income
—V. 148, p.
264,898
103,711
Total
$6,055,926 $5,929,129
Volume
The
149
Commercial & Financial Chronicle
Debentures Called—
Keystone Steel & Wire Co.—15-Cent Dividend—
15 declared a dividend of 15 cents per share on the
stock, no par value, payable Sept. 15 to holders of record Aug. 31.
Like amount was paid on June 15, last and compares with 20 cents paid on
AprL 15 last; dividends of 10 cents paid on Feb. 1, last and on Nov. 1, 1938;
40 cents paid on June 27, 1938; 15 cents paid on April 15, 1938; 2o cents
paid on Nov. 1, 1937; 15 cents on Aug. 2, May 1 and on Feb. 1, 1937,
and dividends of 50 cents per share paid on this class of stock on Nov. »
and on Aug. 1, 1936.—V. 149, p. 1028.
Directors
on
Aug.
common
Kimber-CIark Corp.—Extra
Corporation's 6% gold debentures, series A due Feb. 1, 2026, have been
for redemption on Sept. 11, 1939, at 110% and accrued interest
to Sept. 11, 1939.
The holders of the debentures may obtain the full
redemption price including accrued interest to Sept. 11, 1939, upon sur¬
render of their debentures at the principal office of Guaranty Trust Co.
of New York, 140 Broadway, N. Y. City, on and after Aug. 14, 1939.—
V.149, p. 580.
called
Operating
Operating
an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of like amount on the common stock,
both payable Oct. 2 to holders of record Sept. 12.
Like amounts were
on
expenses
—
...
...
...
....
Provision for retirements
1936
1937
1938
1939
i..
1938
1939
$1,758,237
377,822
12,359
V 188,000
$1,944,046
409,105
16,009
13,000
285,350
$935,311
1,890
$903,679
35,860
$937,201
567,657
202,526
39,836
37,166
$67,346
...
........
188,000
91,487
304,133
$881,705
21,974
Federal income taxes
Other taxes
-Earnings—
■
revenue
Maintenance
July 1, last.—V. 149, p. 734.
6 Mos. End. June 30—
Earnings—
Lexington Water Power Co. (& Subs.)12 Months Ended June 30—
Dividend—
Directors have declared
paid
1181
$90,015
....
Operating income...
$168,985
$177,626
$196,156
$193,680
of sales, operationL
and general expenses
Other income
yl65,826
1,224
180,474
1,327
3.000
Gross
1,536
2,929
Interest
on
561,759
925
170,994
1,227
1,498
178,432
Prov. for income taxes—
Interest
on
185,064
$3,458
45,378
$6,362
55,826
$14,010
55,180
$13,855
56,856
Sales.
„
Other
income.
Cost
.
.
income.i
1st mortgage bonds
other long-term debt
—
.;
Other interest.
Net inc. for surplus.
Balance Jan. 1
Adj. to State &
mun.
_
105
bdsi
53,650
Amortization of debt discount and expense
Net income....,
-V. 148, p. 3226.
Total surplus
Dividends paid
Miscellaneous debits.__
$44,199
y
$53,188
$60,189
$61,810
90,000
$0.04
standing (par SI)
per share
Earnings
Par $5.
9,000
$70,816
9,005
229
Balance, June 30
Shares capital stock out¬
x
$69,189
9,000
$62,188
$48,836
4,409
...
90,000
$0.07
90,000
$0.15
x30,519
$0.45
Link-Belt Co.
(& Subs.)—Earnings-
Period End. June 30—
1939—6 Mos.—1938
Sales to customers
$10,288,326
$9,577,052
x Cost of sales
9,849,939
9,240,466
•
Net profit on sales..
$438,387
138,377
Liabilities—
1939
$20,633
—
1938
$23,468
1,015
1,310
Accts. receivable—
811
Notes rec., secured
650
Sundry debtors
530
__
76
334
10,421
10,653
Acc'd int. receiv..
Inventories
1939
1938
Notes rec., not cur.
925
#
accr'd expenses.
Federal
and
$13,595
$13,819
State
tax reserve ......
Capital stock.
Surplus
1,628
88,173
44,199
/:
25,500
85,858
1
Net credit to surp
Earns per share common
$2,735,306
263,313
595,853
$382,352
$0.41
$1,166,168
$1.39
$1,876,140
$2.46
$199,391
$429,661
$367,434
Deprec.
$147,595
for
$160,714
included in the consolidated income account.
Consolidated Balance Sheet June 30
Total——.
$147,595
$160,714
depreciation of $140,830 in 1939 and $134,248 in 1938.
x
Pref.stk. divs. pay.
acquisition is therefore exempt from the provisions of Section 9 (a) of
Act by virtue of the provisions of Rule U-9 C-3 (5).
Prior to the
liquidation of Lehigh, it will declare a dividend of approxi¬
mately $1.75 per share on its outstanding common stock, such dividends
to be paid from earned surplus.
National will not use for dividends any
of the amount received as a result of this dividend declaration by Lehigh
for it has agreed that our order may be conditioned as follows;
That, except as the Commission may by order, or orders, from time to
time, permit, any surplus of the applicant created by the declaration of any
dividend by Lehigh Power Securities Corp. after Aug. 1, 1939 as an incident
to the liquidation of Lehigh Power Securities Corp., shall not be used by the
applicant for the declaration of dividends on its common stock or preferred
stock (except dividends in liquidation), but said surplus shall be available
for any other purposes consistent with this Commission's Uniform System
of Accounts for Public Utility Holding Companies.
The precise amount of the dividend has not yet been determined but it
is expected that it will not greatly differ from $1.75 per share.
The amount
of the dividend will be set finally in order that the assets of Lehigh may go
over to National at approximately the same amount at which National now
carries its investments in Lehigh.
In this connection it is to be noted that National's investment in
Lehigh's
$6 preferred stock and common stock at May 31, 1939, was carried at
$80,054,813.88.
National plans to take over Lehigh's investments in an
105,554
168,893
3,078,599
Com. stk. div. pay.
3,829,098
Accrd. State, local
2,301,988
...
Accrd.
on
y
...
int.
2,113,904 Provision
&
14,977
16,411
securities
Property,
approximately equal the ledger value of its present invest¬
Accordingly it proposes to record the ledger value of the
at May 31, 1939, at $79,635,085.
The underlying book value of the securities acquired, however, as of the
same date was only $32,562,950.
Therefore, pursuant to Section 15 of the
Act and Section 8C of the Uniform System of Accounts for Public Utility
Holding Companies we shall reserve jurisdiction as to the accounting
entries to be made on the books of National regarding the manner in which
the accounts of National shall reflect this transaction.
Subject to this
reservation, the applications of National under Rule U-12D-1 and Rule
U-12F-1 regarding the surrender for cancellation of the preferred and
common stock of Lehigh now owned by National will be approved and the
application of Lehigh pursuant to the same rules for the transfer of its
assets including securities to National will be approved.—V. 149. p. 580.
Lehigh.
taxes
516,929
34,903
32,750
tal stock taxes..
6,977,307
6,491,083
129,600
-
129,600
Provision for social
co.
106,565
148,470
Reserves
6
cum. pfd.stk 3,277,800
3,277,800
z Common stock..10,690,745
10,584,739
in employees'
Int.
21,250
25,000
552,762
475,755
stk. pnrch.trusts
Other assets
security taxes..
118,677
134,668
Earned surplus...
Invest, in affll.
5,372,100
643,171
a
Total.........20,659,917 20,339,606
x
After
reserve
Treasury stock..
Total
—
5,085,043
561,932
.20,659,917 20,339,606
for receivables of $363,922 in 1939 and $363,875 in 1938.
After reserve for depreciation of $8,221,098 in 1939 and $8,049,722 in
1938.
z Represented by 718,066
(709,177 in 1938) no par shares,
a 977
(300 in 1938) shares preferred stock at cost and 33,604 shares of common
y
stock at cost.
Note—During the period company acquired, as of Jan. 1, 1939, all of the
outstanding stock of Speeder Machinery Corp., an Iowa corporation.
Assets and liabilities of that corporation have been included in the above
consolidated balance sheet as at June 30, 1939.—V. 149, p. 734.
Liquid Carbonic Corp.—Extra Dividend—•
in addition
quarterly dividend of 20 cents per share on the common stock,
Directors have declared an extra dividend of 20 cents per share
to the regular
both payable Sept. 26 to
holders of record Sept. 11.—V. 148, p. 3536.
Lockheed Aircraft
Corp.—Earnings—
1939
6 Mos. End. June 30—
x
Net profit—
$40,213
$151,074
$281,563
$0.66
$0.23
$0.43
$0.08
After interest, depreciation, amortization of development
149, p. 1029.
and Federal
Earns,
mon
x
1936
1937
1938
$508,861
per
sh.
on
com-
stock.....
income taxes.—V.
Long Island Water Corp.—Plans Private Sale of Bonds—
The corporation contemplates the private sale of $2,144,000 of new
SH% first, mortgage refunding bonds, maturing in 25 years, and applying
the proceeds for redemption at 105 of a like amount of first mortgage 5%
bonds, due 1955. Company estimated in its application to the Public Service
Commission that the annual interest charges would be reduced by $37,520,
and asserted that its credit would be in* proved in obtaining loans for ex¬
tensions and improvements of system.—V. 149, p. 1029.
Louisiana Land &
Exploration Co.—Earnings—
3 Mos. End. 3 Mos. End.
«/unc3Q,'39 Mar. 31,'39
Period—
Net income.—...
Operating expenses
—
— ...
Geophysical
& administrative
expenses,
rentals, taxes. leases abandoned, &c
$634,248
140,620
$609,209
128,124
lease
253,191
223,575
Other income.
$240,437
15,165
$257,520
37,124
Depreciation & depletion.
$255,602
62,779
$294,644
66,501
$192,823
$0.06
$228,143
Net income.....
Earnings per share.
148, p. 3226.
$0.08
—V.
Los
Angeles Industries, Inc.—Earnings-
6 Months Ended
June] 30—
Income—Divs. from mktle. secure—
Loss from sales of securities
—
Total
1939
$16,208
6,585
1938
1937
tOK
Q7K
$18,740
4,679 prof$85,854
14,325
$14,060
14,900
$111,829
21,038
$4,702
loss$839
$90,791
$9,623
-
Expenses and charges
Net income
Balance Sheet June 30, 1939
be acquired from Lehigh
169,444
for Fed'l
Provision for capi¬
plant
equipt
235,599
204,792
& Canadian taxes
income
receiv.
amount which will
to
103,353
171,116
3,703,682
receivable—... 3,686,057
the
Such
ment in
705,350
Securities owned at,
approval of the issuance of securities by the
Pennsylvania Power & Light Co. (spe offering in V. 149, p. 1033) the
Securities and Exchange Commission in its findings and opinion has the
following:
It is planned to liquidate Lehigh and thereby eliminate it as an inter¬
mediate holding company in the National Power & Light Co. holding
company system.
Though this dissolution is not pursuant to a plan under
Section 11 (e) nor to an order of this Commission under Section 11 (b) of the
Act, it is significant that this dissolution will eliminate a situation under
which Electric Bond & Share Co. has a subsidiary (National) which itself
has a subsidiary (Lehigh) which is a holding company as defined in the Act.
The liquidation plapt for Lehigh provides for the acquisition by it of all
of its outstanding $6 preferred stock and common stock.
All the $6 pref.
stock (129,769 shares) is now owned by National which company will
surrender it for cancellation.
National also owns 2,927,590 shares of com¬
mon stock of Lehigh
which is all the Lehigh common stock outstanding,
except 690 shares which is publicly held.
National will surrender the
common stock for cancellation and provision will be made to pay the holders
of the 690 publicly held shares (a) $50 In cash for each share of Lehigh com¬
mon stock or (b) one share of common stock of Pennsylvania Power & Light
Co. and one share of common stock of Lehigh Valley Transit Co., also a sub¬
sidiary of Lehigh.
In order that the acquisition of the 690 publicly held
shares should not delay the liquidation of Lehigh, it is planned to distribute
to National all of Lehigh's assets charged with such liabilities of Lehigh as
cannot be discharged prior to the date of such distribution as soon as prac¬
ticable; payment for the publicly held Lehigh common stock will then be
made by National on behalf of Lehigh.
In order to liquidate Lehigh it will be necessary to make provision for the
outstanding obligations of Lehigh.
It is planned that Lenigh will redeem
at 110% and int., its outstanding $23,840,000 6% gold debentures, series A
due Feb. 1, 2026.
These debentures are all publicly held.
The funds for
this redemption at 110 will be obtained by virtue of Pennsylvania's redemp¬
tion of its $10,000,000 6% gold debentures, series A, due 1950 now owned
by Lehigh and the purchase by Pennsylvania from Lehigh of $19,000,000
first mortgage bonds, 4M% series due 1981, of Pennsylvania at 93% of the
principal amount thereof.
Following the redemption of Lehigh's outstanding debentures its only
funded debt outstanding in the hands of the public, as at July 26, 1939,
will be $418,500 Lancaster County Railway & Light Co. 5% collateral
trust mortgage gold bonds due 1951.
There are pledged under this issue
$530,000 of certain municipal securities with a market value as at the same
date of $620,650.
These bonds are non-callable.
The liability on these
bonds, subject to the underlying collateral, is to be assumed by National
as an incident to its acquisition of the assets of Lehigh subject to all un¬
discharged liabilities at the date of the acquisition.
The securities to be acquired by National from Lehigh, consisting largely
of securities of subsidiaries, will be received as a total liquidating dividend.
securities
S
959,335
Liabilities—•
4,181,590
Accts. and notes
cost
with
$
Accounts payable.
$
3,270,861
Inventories
1939
1939
1938
1939
Assets—
Lehigh Power Securities Corp.—Liquidation, &c.—
connection
$211,625
(incl. above).
x
Cash
...
reserve
^
Note—During the period company acquired, "as of Jan. 1, 1939, all of
the outstanding stock of Speeder Machinery Corp., an Iowa corporation.
Income and expenses for the six months ended June 30, 1939 have been
—V. 148, p. 3225.
the
$1,518,684
140,832
211,684
61,995
53,188
Land, bldgs., fix¬
In
$516,781
72,434
90,000
1
2,189
taxes, &c—....
After
$2,335,913
399,393
i;i$0.49
93,552
Goodwill & leases.
...
25,695
ture & auto eqt.
Sundry charges to inc...
Federal tax estimate.
3,707
3,161
1,525
Marketable secure.
x
259,928
Accts. payable and
Prep'd ins ur., rent,
Total—
$1,258,756
180,195
$442,479
Total income.._
Balance Sheet June 30
x
$336,586
$576,763
57,154
77,130
Other income.
Includes depreciation of $4,832 on fixed assets.
Assets—
Cash.....
1939—12 Mos.—1938
$19,229,357 $23,057,100
17,970,601
20,721,187
Assets—Cash,
$316,153;
dividends
receivable,
$6,430;
marketable
(valuation based upon market quotations, $609,101), $865,132;
in wholly-owned subsidiary company, Blue Diamond Corp.,
Ltd., $1,540,000; total, $2,727,715.
Liabilities—Taxes payable, $3,176; capital stock (par $2), $1,458,626;
capital surplus, $1,051,942; earned surplus (since Aug. 31, 1935), $213,971;
total, $2,727,715.
securities
investment
To Pay
10-Cent Dividend—
Directors on Aug. 8 declared a dividend of 10 cents per share on the
capital stock, par value, $2, payable Aug. 25 to holders of record Aug. 15.
The Commercial & Financial Chronicle
1182
Dividends of like amount were paid on Dec. 20
and
on
Au^ 1$^1938.—V.
Ry.—Unification—
Louisville Gas & Electric Co.
1938
1039
$10,971,905 $11,058,012
3,564,503
3,349,699
595,451
607,963
1.200,000
—
1,200,000
1,426
1,425
1,156,926
1,129,440
368,736
608,280
revenues
Operation
Maintenance and repairs
Appropriation for retirement reserve
Earns.
(Del.) (& Subs.)
Year Ended June 30—
*
Amortization of 1 imlted-term investments
Taxes
Provision for Federal and State income taxes
$4,047,612
202,806
funded debt
Amortization of debt discount and expense.Other interest (net)
Amortization of flood and rehabilitation expense.
_
Amortization of contractual capital
_
expenditures.
Miscellaneous deductions
—
Balance
Dividends
on
Electric Co.
1,549
preferred stock of Louisville Gas &
(Ky.) held by public
Net income
-
Earned surplus, beginning of period
Adjustment of reserve for doubtful accounts
Adjustment of taxes, prior years
Dividend received on deposit in closed bank pre¬
viously written-off—-
on
capital stock
Miscellaneous direct items—„
Earned surplus
$4,250,418
1,030,450
160,227
62,338
250,000
37,000
26,216
$4,427,299
1,030,450
160,227
69,499
325,000
37,000
18,376
$2,786,747
1,354,920
1,354,920
$1,329,266
1,681,098
56,000
18,500
Government tax
Loss
on
foreign exchange
Net income—
—
-
Balance Sheet June 30, 1939
$1,926,342
$3,056,760
1,351,984
23,678
$1,681,098
succeeded in selling the mortgage on
the Cleveland plant, which was the only property of the corporation re¬
maining unliquidated.
The sale was effected for a price of $25,000, the
face amount of the mortgage, less a 5% commission.
The proceeds of this
sale have now been collected and all of the obligations of the corporation
have been paid or jirovided for, rendering it possible to pay a final liquidat¬
ing dividend to stockholders and to bring about the dissolution of the cor¬
poration.
>
After making proper provision for all expenses, including taxes, expenses
of dissolution, compensation to officers, legal fees and incidental expenses,
the assets remaining are sufficient to pay a final liquidating dividend of
$1.80 per share to the stockholders.
This payment, together with the divi¬
dend of $9.50 a share paid on Sept. 30,1938, will bring the total distribution
to stockholders up to $11.30 a share.
A. final liquidating dividend of $1.80 per share has therefore been declared
by the directors, payable on Aug. 30 to stockholders of record Aug. 21.
A number of holders of certificates of deposit for the bonds of David
Lupton's Sons Co. have not yet exchanged their certificates of deposit for
The stock certificates issuable to such holders
are
held
by the bondholders' protective committee and the dividend payable in
respect of such stock will be paid to the bondholders' protective committee,
and after receipt by it will be turned over, together with the previous divi¬
dend of $9.50 a share, to the Pennsylvania Co. for Insurances on Lives
& Granting Annuities, to be held in trust for holders of certificates of de¬
posit.
Ali holders of certificates of deposit are urged to surrender their
certificates to the bondholders' protective committee at the office of the
corporation, together with an executed letter of transmittal, prior to Aug.
21, 1939, in order that their dividends may be paid directly to them.
The directors have recommended that the corporation be dissolved as it
is no longer necessary for it to continue its existence.
The adjourned
annual meeting of the stockholders has tieen called for Aug. 28.
The busi¬
ness to be transacted at the
meeting will include voting upon the question
of dissolution, the approval of the acts of the officers and directors of the
company since the last annual meeting, including the payment of the final
liquidating dividend, the election of directors to serve until the corporation
has been dissolved, and such other business as may properly come before
the meeting.
The bondholders' protective committee expects to vote all
shares of stock standing in its name in favor of dissolution of the
corporation.
(David) Lupton's Sons Co.—Liquidation—
1939
$418,957
55,722
McDonnell Aircraft Corp.—Registers with SEC—
Total income. —
Provision for Federal and
State income taxes
$387,446
$268,788
$378,072
$296,999
63,256
44,346
53,795
42,308
1,957
Cr794
9.314
2,965
$322,233
578,572
$225,236
582,429
$314,962
583,683
$251,725
569,763
1,309
$900,806
126,500
$807,665
126,500
$898,646
158,125
$822,797
126,500
$774,306
$681,165
126,500
$1.79
$740,126
$696,297
126,500
$2.49
126,500
•
145,000
1939
1938
$573,846
451,463
$465,774
362,258
Applicable
to
minority
interests in sub. cos
Net income
Earned surplus Jan. 1_Miscell. adjustments
Total surplus
Cash dividends paid
Add'l Fed. & State inc.
taxes for prior periods.
395
Earned surp. June 30Shs. stk. out. (no par)..
Earnings
126,500
per share
$2.55
$122,383
23,426
$103,516
12,442
a Gross income
Provision for retirements
$145,809
19,514
$115,958
19,464
Note
Assets—
x
1939
Plant & equip't.
1938
$520,711
y
Capital stock
;
$126,295
32,832
7,000
__
of life insurance.
6,600
6,025
1
1
Fed. Inc. taxes, Ac.
793
1,603
1,048,151
75,767
809,077
90,105
Reserves
100,796
123,551
Earned surplus.
Cash
Accts. receivable.
_
Mdse. inventory..
Prepaid
Total
x
y
_
$51,227
74,891
$475,500; bonds, $720,000; notes payable, $140,000:
payable, $40,167; interest accrued, $4,003; taxes accrued, $26,865;
reserve,
$172,552; uncollectible accounts reserve, $40,981; contributions to ex¬
tensions, $1,648; maintenance reserve, $3,492; earned surplus, $67,379;
total, $1,732,602.—V. 148, p. 3072.
y
Earnings
x
per
share
1939—3 Mos —1938
$216,549
$6.94
$167,041
$5.29
After taxes, interest and other charges,
stock,
par
$50.—V. 148, p. 3692.
5,659
2,387
41,615
40,183
1,314
sub.
28,452
69 412
-
774,306
.
26,326
51,460
681,165
9,140
$1,789,521 $1,668,607
Total
deducting for depreciation $422,451 in 1939, and $392,107 in
Represented by 126,500 shares of no par value.—V. 147, p. 3614.
Market Street
Ry.—Earnings—
Years Ended June 30—
1938
1939
Other income.
$60,859
10,848
$128,867
436,531
20,800
3,778
$71,708
445,199
21,777
4,735
$332,242
reserve.
Taxes (other than income taxes)
$6,931,776
4,987,102
954,814
500,000
429,000
$119,600
9,267
Maintenance and repairs
Appropriation for retirement
$6,328,981
4,533,989
759,393
500,000
416,000
$400,003
7,624
on sale of property & equipment
Obsolete materials & supplies reduced to scrap val.
Losses incurred on account of abandonment of
property of South San Francisco RR.
19,990
29,718
& Power
Co
114,519
2.041
90
$498,510
13,703
$407,717
22,264
Miscell. charges to surplus...
Miscellaneous credits
1
Earned surplus, beginning of period
111
4,376,599
4,762,051
$3,891,904
$4,376,599
-V. 149, p. 735.
y
12 Months Ended June 30—
1939
revenues
expenses
1938
$501,632
264,145
23,486
40,167
3,141
48,187
$454,042
248,922
15,428
41,379
547
$122,506
Operating
Operating
Maintenance
Provision for retirements
Federal income taxes
i..
Other taxes
$101,468
735
Other income (net).
Drl50
Interest
on
CV651
Amortization of debt discount and expense.
$102,203
59,895
5,447
6,131
Cr2,l7l
$32,900
charged to construction
Net income.....
-V. 148, p. 3228.
May Hosiery Mills, Inc.—Class A Extra Div.—
Directors have declared
an
extra dividend of 25 cents per share in addition
to the
regular quarterly dividend of 50 cents per share on the class A stock,
both payable Sept. 1 to holders of record Aug. 24.—V. 148, p. 442.
Mengel Co.—Bookings—
bookings of the company and subsidiaries (wood products and
manufacturers) totaled $957,912, an increase of 22% when
compared with the $788,437 bookings for the same month of 1938, and
thelargest monthly volume since June, 1937.
More than a dozen industries,
including furniture, building, and numerous consumer lines using fiber
containers, wooden boxes and lumber, are customers of Mengel, so that
container
1939—6 Mos, —1938
$351,921
$11.18
On 30,000 shares of
$270,870
$8.48
common
46,298
$49,841
long-term debt....
Other interest
Interest
$122,356
59,895.
:
7,140
6,131
July
Mahoning Coal RR.—Earningsx
in
companies..
1,000
($100 par),
®\l"2I7^ccruals' $325; consumers' deposits, $19,688; retirements
Period End. June 30—
Net income
int.
.
78,509
.
...$1,789,521 $1,668,607
After
1938.
9,050
27,651
expenses
Pats. & licenses
Min.
$862,500
10,850
Accrued expenses.
Miscell. investm'ts
123
Balance Sheet June 30, 1939
Assets—Property, plant & equipment, $1,475,697; cash, $67,816; accounts
receivable, $101,903; other receivables, $340: appliances on rental, $65;
mdse., materials & supplies, $17,960: prepaid insurance & taxes, $1,562;
unamortized debt discount and
expense,
$64,965; retirement work in
progress, $1,827; other deferred debits, $468; total, $1,732,602.
Liabilities—2nd pref., 5%, non-cum. stock ($100 par), $20,000; common
accounts
$862,500
5,155
335
$80,511
1,000
61,815
Amortization of debt discount and expense
Other deductions
436
5,080
I
$96,494
33,435
6,118
536
...
Other interest
stock,
...
Accounts payable.
Miscell. assets
1938
1939
Liabilities—
$550,596
Cash surrender val.
Maryland Light & Power Co.—Earnings—
interest
Net income
Preferred dividends
Common dividends
$1.99
Consolidated Balance Sheet June 30
Earned surplus, end of period.
Non-operating income..
'
-.4
ft
Total charges
Profit on funded debt acquired for sinking fund..
Co.—Earnings—
6,569
24,211
.
Net loss
Directors have declared an extra dividend of 2 % cents per share in addi¬
tion to the regular quarterly dividend of five cents per share on the common
stock, par $1, both payable Sept. 15 to holders of record Aug. 31.
Like
amounts were paid on June 15 and March 15, last, and an extra of five cents
was paid on Dec. 15, 1938.—V. 148, p. 3672.
Gross income
Bond interest
T
(
\
Non-recurring income.
Loss
Macassa Mines, Ltd.-—Extra Dividend—
,
$294,855
2,144
$243,629
25,159
Int. & miscell. income._
Amortization of debt discount and expense
Other income'deductions
See list given on first page of this department.
_
1936
$338,405
43,550
$326,503
$293,450
49,821
$363,235
1937
$380,002
53,499
1938
expense
Interest charges
See Lupton Real Estate Co. above.—V. 147, p. 2249.
Net operating revenues
,
.
,
30,545
$3,115,410
1,163,892
25,175
Lupton Real Estate Co., Philadelphia—Liquidation—
12 Months Ended June 30—
475
Mapes Consolidated Mfg. Co. (& Subs.)—Earnings—
Selling & general
1937 was reduced as a result of deduc¬
the flood in Louisville during Jan. and
Operating revenues
Operating expenses and taxes
1,077
Assets—Property, plant and equipment, $5,491,564; sinking fund, $41,972; accounts receivable, $321,342; merchandise, materials and supplies,
$196,433; prepaid insurance, &c., $11,922; total, $6,111,766.
Liabilities—Common stock, $750,000; bonds, $830,000; notes payable,
$30,510; accounts payable, $20,359; accrued, $24,981; taxes accrued,
$26,885; sundry accruals, $6,591; consumers' deposits, $4,638; retirements
reserve, $1,613,973; uncollectible accounts, $35,682; contributions for ex¬
tensions, $16,271; compensation self-insurance reserve,
$25,000; other
reserves, $3,765; capital surplus,
$1,880,697; earned surplus, $842,413
total, $5.111,766.—V. 148, p. 3072.
6 Mos. End. June 30—
The officers of the" company have
a
$254,102
12,226
Before provision for retirements.
Gross profit on sales
Feb., 1937.—V. 149, p. 735.
Macon Gas
$325,903
58,023
$246,569
interest and dividends.
on
Other deductions-
$1,431,827
1,624,934
Note—Provision made by Louisville Gas & Electric Co. (Ky.) for Federal
and State income taxes for the year
tions made for losses resulting from
stock certificates.
$444,644
118,741
$309,515
52,562
5,092
2,133
3,159
Interest
Net profit from oper__
Total
Dividends
$436,322
8,322
$439,674
130,160
Provision for retirements.
a
Gross income
on
$815,298
378,975
$438,125
a Net operating revenues
Non-operating income
$4,198,456
228,843
$2,684,186
Net operating Income-Other income (net)
Interest
$885,881
447,757
& taxes
expenses
Ry.—V. 149, p. 735.
See Kansas City Southern
Operating
Operating
1938
1939
12 Months Ended June 30—
Louisiana & Arkansas
1939
19,
Manila Gas Corp.—Earnings-
I,
147, p. 895.
Aug.
its orders usually reflect the trend
of general business.
Volume
The Commercial & Financial Chronicle
149
New bookings for the first seven months of this year amounted to $5,-:
073,101, an increase of 29% as compared with bookings of $3,947,757 in
the corresponding period of last year,
according to the company's
statement.
Mengel shipments in July totaled $687,296, an increase of 27% over
shipments in July, 1938, while seven-months shipments were $4,705,665,
31 % above the same period of 1938.
Unfilled orders of the Mengel Co. as of July 31 were $1,629,654, com¬
pared with $1,391,110 on the company's books at the end of June, and
$1,533,294 on July 31, 1938.—V. 149, p. 736,
are to be redeemable at the option of the company in whole or
in part, at any time at their
principal amount, as reduced, plus accrued and
unpaid fixed interest thereon to the date fixed for redepmtion at the rate of
3%, according to the plan.—V. 119,
°r
Michigan Public Service Co.—Bonds Sold—
Middle West Corp. (& Subs.)—Earnings—
Period End. June 30—
Operating revenues
__
Taxes.
Income taxes
...
1939—3 Mos.—1938
1930—6 Mos —1938
$15,398,088 $14,563,222 $30,779,590 $29,337,755
5,136,626
4,983,721
10,329,080
10,288,120
849,657
852,113
1,626,789
1,673,772
2,142,677
1,930,411
4,223,811
3,862,845
1,630,313
1,564.477
3,205,319
3,114,350
555,383
469,612
1,163,666
874,477
Net operating income.
Other income (net)
85,277
.
Net
$4,853,076 $10,379,162
2,359,988
4,603,019
502,124
271,301
33,732
66,325
92,970
29,652
$9,712,765
4,724,835
539,935
71,134
income
$2,158,403
1,312,674
$5,114,724
2,707,879
$4,306,118
2,621,169
253,262
327,476
623,411
com.
net inc. of sub. cos
111,348
Balance of net income.
b Sub. oper. companies,
b Sub. holding company
c
Bal. of net
40,843
60,161
166,284
$779,027
4,860
45,734
$477,410
4,860
120,787
$1,617,150
9,719
85,714
$962,535
18,345
241,573
$728,433
$351,764
$1,521,717
$0.22
$0.46
$0.10
Provision for earned portion of dividend requirements on preferred
stocks of subsidiary companies held by the public, and minority interest
a
in
income,
b Unearned dividend requirements on preferred stocks
of direct subsidiary companies held
by the public,
c After deducting full
cumulative dividend requirements on preferred stocks of subsidiary com¬
net
panies held by the public.
Note—The above income accounts have been prepared on the basis of
deducting the full dividend requirements for the respective periods
each
class
of
preferred
stock,
and
on
include
approximately $287,000 and
$157,000 in the respective three months' periods and $500,000 and $299,000
in the respectve six months' periods which could not be distributed as
dividends on junior preferred and common stocks of subsidiaries owned by
Middle West Corp. because of prior lien dividend arrearages or because of
restrictions occasioned by preferred stock agreement and trust indentures.
Statement of Income (Company Only)
Period End. June 30-
1939—3 Mos.—1938
Dividend income.
$547,075
100,982
13,861
$421,431
47,470
2,467
28,908
$695,857
79,922
10,652
53,848
$661,918
68,920
10,528
38,637
$254,789
$0.07
Taxes..
Income taxes
$596,200
85,431
14,225
$346,838
55,020
5,454
31,575
Total income
Gen. & admin, exps
$364,461
50,492
6,479
$342,586
$0.10
$551,435
$0.16
$516,832~loss$698,372
136,575
Surplus
income
standing ($25 par)
Earnings per share
x
Includes
def$93,011
546,300
$2.41
546,300
$0.33
546,300
Nil
profits tax.
Note—The change in accounting, effective Jan. 1, 1939, had the effect
of increasing the net income for the six months ended June 30, 1939, by
approximately $38,000.
excess
Balance Sheet June 30
1939
Assets—
Liabilities—
$
Accounts payable-
1,945,220
8,654,011
Notes & acc'ts
9,979,682
Customers'balance
342,039
36,000
203,629
472,078
387,173
___
Prepaid expenses..
Prop., plant & eqt.
2,000,000
66,477
306,118
335,831
Res. for Fed. taxes
95,825
134,561
Notes payable
& advs.
Investments
y
5,971,067
Capital stock
424,113
I>r48,588
Treasury stock.._
Total.—--17,881,188 18,551,3101
Inventory
424,113
4,111,737
Dr48,586
3,241,040
Surplus-
6,447,098
23,146
xl,524,406
11,000,000 11,000,000
Reserves
36,000
Capital surplus
(less deprec.)
x
570,509
271,796
1,000,000
Accrued liabilities.
rec_
Inventories
(non-current)
1938
$
256,883
1,240,845
460,773
rec.
1939
1938
S
17,881,188 18,551,310
Total—
representing difference between cost of inventory
reserve
and market value at Dec. 31, 1938, of $524,406 and special reserve appro¬
priated from earned surplus and available for future decline in inventory
prices of $1,000,000.
y Represented by shares of $20 par value.
Note—At June 30, 1939, the cost of wool in the inventory is $356,312greater than market and this difference is covered by an inventory reserve;
other materials are valued at cost which is less than market.
To
Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 15 to holders of record Aug. 31.
This will be the first
dividend paid since March 15, 1938, when 25 cents per share was also dis¬
tributed.—V. 148, p. 1175.
j*
Morris Finance Co.
6 Mos. End. June 30—
i
al936
al937
collateral trust notes.
$442,351
172,414
$109,228
27,298
$221,157
6,598
$269,937
2,838
$136,526
22,309
$227,754
39,130
$272,776
33,413
1,289
20,600
on coll. tr. notes, &c
Commissions and fees on
$334,314
113,157
$121,296
17,750
Gross income
Int.
1938
$158,662
49,434
$112,095
9,202
Net inc. from oper...
Other income credits
Net
(& Subs.)—Earnings—
1939
$172,124
60,029
expenses
2,151
19,000
3,053
b30,500
2,183
b67,500
_
income
$81,657
$93,065
$155,072
$169,679
stock—
stock
16,374
35,000
17,500
35,000
17,500
40,250
17,500
24,500
Earned surplus Jan. 1__
$30,283
723,610
$40,565
644,332
$97,322
533,583
$127,679
326,796
Earned surp. June 30.
$753,893
$684,897
$630,905
$454,475
Cash dividends paid:
On pref. cap.
Minneapolis
St.
&
Louis
RR.—Reorganization
On
Plan
Protested—
Opposition to the plan of reorganization
was
expressed Aug. 16 in briefs
filed with the Interstate Commerce Commission by the Commerce Asso¬
ciation of Aberdeen, S. Dak., the City of Leola, S. Dalk., the Brotherhood
Railway Trainmen and by 13 Minnesota municipalities.
Briefs
were
filed in favor of the plan by the protective committees of the Iowa Central
RR. 5% bonds and the Minneapolis & St. Louis RR. 1st & ref. bonds.
The reorganization plan now before the Commission calls for dividing
.the railroad properties and the organization of two corporate companies.
The western portion of the system would be operated as the
Minneapolis &
St. Louis RR. Corp. and the eastern division would be operated as the
Minneapolis & St. Louis RR. Co.
The Reconstruction Finance Corpo¬
ration has agreed to lend $5,n00,000 to the eastern division, with the
pro¬
vision that none of the money would be used for the western division.
The Minnesota municipalities said that the effect of the plan upon the
western division
would
be to
cause
new
industries to look elsewhere for
a
location, where stronger railroad companies served the communities.
Other objectors to the plan said that it jeopardized almost 600 miles of
railroad lines and set a precedent in divorcing a weaker portion of a rail¬
road system and disclaiming its liabilities, that might be followed
railroad in the United States.—V. 149, p. 1030.
/
by every
com.
cap.
__
Company figures only,
a
Motor Wheel
a
Missouri-Kansas
Progress
of Deal—
$1,586,739
212,816
$597,035
505,671
209,561
141,763
466,t>34
214,956
$2,098,090
530,233
195,331
218,302
$1,799,555
379,582
233,557
172,678
loss$84,455 x$l,154,224
$1,013,738
Netprofit
$700,266
Earns, per sh. on 850,000
shs. cap. stk. (par $5).
handle Eastern Pipe Line Co. from the domination of the Columbia (Colum¬
bia Gas & Electric Corp. and Columbia Oil & Gasoline Corp.) interests."
"We assure you that definite progress is being achieved,
Mr.
Maguire
asserted, "but the offers of settlement which so far have been made are, in
the opinion of your board, inadequate."
In regard to the rights outstanding giving to the company's shareholders
the option to subscribe to 80,000 shares of comomn stock of Panhandle
Eastern on a pro rata basis, Mr. Maguire informed shareholders that the
warrants will be issued to them soon after Sept. 12 and they will have until
Oct. 27 either to exercise them and purchase Panhandle Eastern common
stock at $25 a share or sell the warrants in the open market.
Declaring that the earnings of Panhandle Eastern for the first six months
of this year "are approximately 60% ahead of last year's earnings for the
same period,"
he added:
"We believe that even these earnings can be
greatly increased when Panhandle Eastern is established a£ a free and in¬
dependent company in the natural gas business."—V. 149, p. 881.
Monongahela West Penn Public Service Co. (& Subs.)
Nil
$0.83
$1.35
$1.19
Before provision for surtax on undistributed profits.
Balance Sheet June 30
1939
1938
$
$
Assets—
y
$
$
6,008,443
2,982,239
1,559,475
Accrued taxes, roy¬
5,996
27,460
1,343,675
871,791
Reserve for contin¬
2,129,729
200,695
2,734,940
gencies, &c——
74,308
74,933
Marketable securs.
acc'ts
1938
1939
Liabilities—
Common stock..
4,250,000
Accounts payable.
513,216
Land, buildings,
machinery, &C— 5,577,455
x
receivable
Inventories
Other assets.—___
4,250,000
305,503
125,234
alties, &c
60,526
102,856
281,056
524,406
6,840,714
6,284,214
Federal income tax
Customers' notes &
William G. Maguire, President, has sent a letter to shareholders
saying
that its management was "actively carrying on its efforts to free the Pan¬
1936
1937
$1,557,261
Total income
Cash....
on
1938
$1,968,296
129,794
Exps. & other charges—
Depreciation
Federal income taxes
dividend of 50 cents per share on account of
Pipe Line Co.- -Investors
undistributed profits.
$522,024
75,011
-
the $6 first
preferred stock, no par value, payable Sept. 1
to holders of record Aug. 15.
Dividends of $1.50 per share were paid on
Aug. 1 last and in each of the twelve preceding quarters.—V. 149, p. 737.
on
on
Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
1939
Profit from sales
$1,528,386
Other income
28,874
Mississippi Power & Light Co.—Accumulated Dividend—
Directors have declared
b Includes surtax
—V. 148, p. 3381, 2903.
x
accumulations
$884,087
546,300
$0.95
— _
Net surp. for 6 mos__
Earns.per sh .of com.stk.
148, p. 3073.
—V.
of
$180,139
273,150
Shares capital stock out¬
Prov. for Fed. inc. taxes
Net
$1,321,127
437,040
$516,832 def$834.947
Dividends
$543,832
$0.16
,
$206,139
26,000
70,000
Net profit
Operating
$300,103
39,864
6,872
Interest income
Other income
$1,721,127
x330,000
90,000
Gross inc. from oper
1939—6 Mos.—1938
$190,071
16,068
Fed. income tax (est.)
for undistributed
profits tax
$702,616
$0.21
ncome__
Earns.per sh.on com.stk.
$1,707,191
13,936
Prov.
Notes
stk. int. in
1936
$7,220,754
7,030,683
$606,832-loss$698,372
Total income
662,253
served for but not decl
I
Min.
a
$4,787,328 $10,539,898
5,466,410
8,832,706
$7,146,287
6,562,190
Cost of sales, exps., &c__
70,744
$2,543,366
1,399,729
1625.
$584,097-loss$679,083
22,735
Drl9,289
Net sales
Cash
Divs. paid or declared,
Dividends earned or re¬
a
$9,524,191
188,574
$5,168,709
2,286,981
253,190
38,910
46,262
Gross income
Int. on long-term debt..
Amort.of bd.disc't & exp»
General interest (net)
Other income deductionsi
a
$4,762,889 $10,230,924
90,188
148,238
$5,083,432
,
*
[Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.]
p.
Mohawk Carpet Mills, Inc.—Earnings—
6 Mos. End. June 30—
1939
1938
1937
Profit on operations
Other income (net)
See Inland Power & Light Corp.—V. 149, p. 880.
Operation
Maintenance
Depreciation
1183
The bonds
176,272
229,685
Prepaid taxes, ins.,
bond disc't, &c_
12,314,096 11,453,314
Total...
Total—
— —
..12,314,096 11,453,314
Represented by shares of $5 par value,
y After
depreciation
$5,699,472 in 1939 and $5,307,790 in 1938.—V. 148, p. 2903.
x
of
Mueller Brass Co.—Notes Paid—
In
a report to the Securities and Exchange Commission company stated
on July 28, last, the company had paid off the final $300,000 notes
payable to banks.—V. 149, p. 115.
«
that
Murray Corp. of America (& Subs.)—Earnings—
6 Mos. End. June 30—
Gross profit after deduc¬
1939
Other income—
$1,127,169
1938
$632,256
1937
1936
38,980
ting cost of goods sold-
31,699
$1,810,293
73,532
$1,166,149
527,848
$663,955
548,283
$1,883,825
614,738
$2,266,716
528,839
xl9,408
386,622
63,594
409,015
15,437
47,997
381,967
$2,194,135
72,581
Period End. June 30—
1939—6 Mos.—1938
1939—12 Mos.—1938
$662,680
$482,052
$1,175,536
$1,070,325
x After reserve for
renewals, retirements, depletion, interest, amortiza¬
tion. Federal income taxes. &c.—V. 148, p. 2129.
x
Net income.
Montana Wyoming & Southern
The
RR.—Files Capital Plan
Montana, Wyoming & Southern Co. has filed a plan with the Inter¬
state Commerce Commission asking for an extension of time for payment
of the balance of the principal of and. for the modification of interest
charges
on its $457,000 of 1st mtge. gold bonds maturing Sept. 1, 1939.
Under the plan proposed the company will pay $150 in cash on account
of the principal amount of each $1,000 bond outstanding.
The time for
payment of the principal of the bonds, as reduced, will be extended to Sept.l,
1949, without any sinking fund provision, with interest on the bonds, as
reduced, to be fixed at 3% annually, plus non-cumulative contingent
interest up to but not exceeding 2% in any year, dependent upon earnings.
Gross income
General expenses..—.
_
Idle property exp. and
miscell. deductions
Depreciation
x46,460
407,156
See
Interest
Profit
x
See
x
Federal taxes, &c._
$184,686-loss$290,358
19,025
$781,040
109,900
$1,307,913
177,625
Net profit
Earns.per sh .on com.stk.
$165,661-loss$290,358
$0.17
Nil
$671,140
$1,130,289
$1.21
x
$0.72
Includes interest.
No
—V.
provision has been made for Federal surtax
148,
p.
3075.
on
undistributed profits.
Chronicle
The Commercial & Financial
1184
19, 1939
Aug.
Balance Sheet
(& Subs.)-
& Coated Paper Co.
Gummed
Nashua
6 Months Ended June
*
1938
J2?901/1
30—
Gross sales
$3,325,390
lossl5,323
5,992
Zinit
'
jvio
profit
Reserve for Federal
*12,950
2,ob4
and Dominion Income taxes...
Minority interest
—
—
Net income
--
Dividends paid on preferred
Dividends paid on common
$65,201
6,940
46,058
r
stock
stock
.......
1,050
loss$22,365
13,797
69,087
surplus—...
to
—
Consolidated Balance Sheet
June 30, 1939
banks and on hand, $477,016; customer' accounts,
receivables, $5,203; notes receivable, $21,778; merchan¬
dise inventory, $1,070,539; real estate, machinery, furniture and automobiles fnetK $1,034,488; deferred assets, $173,286; total, $3,542,520.
Llatnlilies—Purchase accounts, $282,963; dividends payable, $3,470;
accrued expenses, $131,401; sundry payables, $52,729; reserve for 1938
income taxes, $23,835; reserve for 1939 income taxes. $12 895: minority
interest in capital stock and surplus of'Canadian Sealright Co., Ltd..
$18 041; 1.983 shares 1st pref. stock ($100 par), $198,300; surplus repre¬
sented by 46,058 shares of no par value common stock, $2,818,886; total,
$3,542,520 —V. 149, p. 881.
in
Assets—Cash
$760 210; sundry
Accts. & notes rec.
Nashville Railway & Light Co.
Bonds Called—
outstanding first consolidated mortgage 50-year 5% gold bonds,
due July 1, 1953 have been called for redemption on Jan. 1, 1940 at 107H
and accrued interest. Payment will be made at the Guaranty Trust Co. of
N. Y.
Holders are being notified that immediate payment can be had, if
they so desire, with accrued interest to date of surrender.
The Guaranty Trust Co. is notifying holders of refunding and extension
mortgage 50-year 5% gold bonds, due July 1, 1958 that immediate pay¬
ment can be had upon surrender of these bonds at par and accrued interest
to Aug. 31.—V. 149, p. 263.
Co. (& Subs.)—Earnings
National Bond & Investment
d Months Ended June
$2,142,481
1,293,021
$2,321,156
1,313,211
$849,460
1,522
$1,007,945
20,251
152,152,786
4,356
$850,982
121,020
179,079
Gross operating income
—
Operating, gen. & admin, expenses—
1938
$1,028,196
208,684
i52,157,142
222,429
327,627
$550,883
245,040
$656,252
343,056
150,000
150,000
and capital stock
co
Other income
Total
income
paid-.
Interest
... —
Provision for normal income tax
tax and surtax on
28,680
Net income.,
stock
5% cum. pf. stk. series A
Dividends paid on common
Divs.
paid on
$1,607,086
441,072
150,000
3,283,478
1,319,276
38,995
cost........
Notes payable....20,935,000
Cash on hand and
...33,900,225 31,351,153
d Repos. autos,
407,104
liabils.
332,581
2,000,293
that not more than $215,000 go
for payment and sundry accruals; not more than $250,000 for payments of
accounts payable, not more than $100,000 for purchase of new machinery
and equipment and the balance solely for operating expenses.
Co.—Bond Issue Approved—
National Gypsum
meeting Aug. 15, at Buffalo, N. Y.
approval of the issuance of $5,000,000 in long-term
debenture bonds. 71.1 % of the outstanding 60,000 shares of preferred stock
were voted at the special meeting.
The company proposes to sell these debentures to underwriters and a
registration statement covering the new issue is expected to be filed shortly
with the Securities and Exchange Commission.
Proceeds from the sale of
these debentures are to be usedAo retire the present 4 H % debentures due
May 1,1950 and any bank loans then outstanding and to provide additional
funds for added construction at the company's New York plant.—V. 149,
Preferred stockholders of company
voted unanimously in
p.882.
v,
■
;
Supply Co. (& Subs.)—Earnings—
National
73,601
due
ftxt's
90,330
and autos
64,544
In
unsecured-
yrs.,
stockholders and
4,324
10,407
115,214
89,475
7,237
5,337
employees
Other assets..
2,893,379
3,062,257
5,736,249
6,140,351
Net inc. from opers...
$802,663
295,634
$3,253,008
278,756
$1,919,635
719,429
$8,189,142
612,602
$1,098,296
836,869
143,669
71,396
1,531,764
$2,639,064
1,840,356
292,143
177,860
$8,801,744
681,915
152,881
93,073
540,487
27,047
616,548
94,985
1,114,168
42,490
1,323,574
175,712
26,199
384,135
Cr56,123
1,300,532
Other income..
Depreciation
Int. paid on bonds
Interest (other)
(other than Fed.
income taxes)
.
Provision
for
taxes, est'd
...
After reserves
Consolidated Balance Sheet June 30
chinery, &c
4,083,346
5,595,794
6%
2,382,464
7,034,832
2,391,764
pref. stock..
6,468,700
$2 10-yr. pref. stk.
6,000,000
Earned surplus...
3,562,087
7,012,000
3,851,474
.41,083,621 38,730,412
z
y
1938
7,549,620
35,329
29,964
21,052,386 21,677,218
b Common
s.
Patents & licenses.
24,495
20,037
3,432,467
29,830
Deferred charges..
114,151
Miseell. Invest....
5,621,000
f. gold bonds.
payable..- 1,903,854
&c. 1,152,755
insur. and pension
Accts.
206,831
20,370
3,629,459
Acer, tax, int.,
Maint. & repairs..
2,665,509
30,239
Res. for Fed. tax..
173,998
reserve,
&c._
surplus.defd 1283,960
Earned
1936
1937
6,468,700
11,181,920 11,181,920
stock. 11,555,170 11,555,170
1st mtge.20-yr.5%
Cash held by trus¬
tee............
prior
series
(par $40).
officers
and employees..
22,640,400 22,640,400
pref. stock
28,321,679 29,389,294
Notes & accts. rec.
Accts. rec.,
Capital surplus
$203,000
$189,561 loss$318,193
$137,492
$0.70
$0.63
Ioss$2.00
$0.36
After charges, depreciation and Federal taxes,
z On 192,815 shares
common
$
prior
Marketable securs.
Subs.)—Earnings—
1939
6 Mos. End. June 30—
Net profit
Earnings per share
series
5)4%
1938
%
Liabilities—
$
$
L'd, bldgs., ma¬
Cash........
$24,628 in 1939 and $30,600 in 1938.—V. 149, p. 263.
y
1939
1938
1939
for
National Candy Co. (&
$771,829pf$4,190,265
$547,370pf$l ,508.227
Consol. net loss.
4,665
possible loss of $968,889 in 1939 and $835,377 in
1938.
b After reserve for depreciation of $166,115 in 1939 and $147,571
in 1938.
c
Represented by 612,600 no par shares,
d After reserve of
a
.
1,376,774
309,471
125,416
inc.
Fed.
495,000
......
5% cuin. pref. stk.
(par $100)
6.000,000
c Common stock..
7,012,000
Total
.
Miscell. deductions—..
Inventories
41,083,621 38,730,412'
Total
$28,650,877 $46,603,579 $63,473,064
22,335,612 ,38,947,696 49,143,571
Selling & gen. expenses..
a
Res. for contliig's.
Due from officers,
Deferred charges..
18,787,055
Assets—
subseq't
1939—12 Mos.—1938
1939—6 Mos.—1938
Period End. June 30—
Cost of sales
1,594,912
curr.
of a $700,000 loan from the
Finance Corporation.
The agreement with the RFC provides
Notes pay. to bks.,
76,276
Other
256,459
& Printing Co.—RFC Loan—
National Dyeing
261,340
Unearned discount
487,456
Capital surplus
Stockholders have approved the acceptance
82.697
6,271
2,338,541
5,738,750
2,338,541
Reconstruction
607,422
199,294
107,630
5,738,750
Total
.....$8,076,466 $8,266,775
x After reserve for depreciation of $6,933,250 in
1939 and $6,914,502 in
1938.
y After reserve for depreciation of $1,787,859 in 1939 and $1,769,054
in 1938.
z Represented by 114,775 no par shares.—V. 148, p. 3233.
241,286
Federal taxes
125,966
Investments
Furniture,
18,869,000
460,012
85,156
1,582
Ac.
Accts. receivable..
d
6,930,330
Notes and accts.
receivable
Accounts payable.
Aecrued liabilities-
6,762,467
demand deposits
a
$
84,269
Capital stock...
Total.........$8,076,466 $8,266,775
1938
$
Liabilities—
$
S
Assets—
1939
1938
22,113
profits-
Reserves.........
z
Deficit
Taxes
Consolidated Balance Sheet June 30
1939
undistr.
28,680
xOper. properties. 3,332,589
y Inactive propert. 1,303,936
Def assets & charges
56,602
1,418,608
163,269
32,216
Prov.for Fed.inc.
500
stock)
Net sales to customers..$22,483,097
income
Net operating
31,818
se¬
curity taxes....
1,924,627
2,188,346
(incl.
shares
social
Accrued
and In transit-.
Invest,
36,619
34,049
taxes
dise, material &
supplies on hand
1937
$3,571,394
1939
SO—
Accrued State, local
860,165
of merchan¬
Stock
_
All of the
Accts.
$811,554
$517,240
649,073
hand..
on
at
2,203 def$105,249
of common stock....
,
$1.2b
NU
x No reserve for Federal excess profits or undistributed earnings taxes is
included in these figures,
y Premium paid on pref. stock called, totaling
$22,466. charged to surplus.
Balance
Earned per share
June 30'39 Dec. 31 38
Liabilities
payable and
$331,694
$252,167
payrolls
June 30 '39 Dec. 31'38
Assets—
Cash In banks and
e4t588,926
5,977,000
1,905,832
1,159,679
2,628,876
49,773
1,354,641
c405,773
4,994,854
,
Total.........66,698,511
...
stock.
The net earnings for
second quarter for 1939 were $68,145, equal to $0.18
stock after preferred dividend requirements, which
with net earnings for second quarter of 1938 of $35,907, or 1 cent
earned on common after preferred dividend requirements.—
V. 148, p. 3076.
per share on common
a
After
70,322,619
Total......
depreciation of $12,488,907 in
...66,698,511 70,322,6lg
1939 and $12,151,120 in
1938..
b Par,$10.
c From Jan. 1, 1938.
d Since Oct. 23, 19.37. e Representing
balance of consolidated earned surplus of predecessor companies.—V. 149,
p.
582.
compares
per
share,
Nebraska
Ligbt & Power Co.-—Earnings—
National Dairy Products Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
1939
1938
1937
1936
Net sales
$163,859,942 $165288,076 $170133,963 $156970,891
154,718,135 153,190,804 158,143,959 144,360,034
See Note
5,260,187
5,127,123
4,393,942
Cost, expenses. &c
Depreciation
Profit..
$9,141,806
492,817
Other income
Total income
Int. & subs. pref. divs__
Federal taxes
Net loss
on
$9,634,623
1,258,483
1.400,700
Net profit
dividends
$7,386,027
1,366,785
939,700
$8,216,916
482,588
$8,699,504
1,788,408
983,000
$5,079,542
345,481
,333,367
$4,499,653
$4,734,060
$5,582,615
>-71
$0.75
$0.89
345,481
com¬
Note—Depreciation included in the above accounts aggregated $5,079,871.
Repairs and maintenance (including replacements of milk bottles) amounted
to $4,765,006—V. 148, p. 2596.
National Enameling &
6 Mos. End. June 30—
Operating loss
Other
Stamping Co.—Earnings—
1939
1938
1937
1936
$78,549
36,713
Total loss
Depreciation
Idle plant expenses
x Federal taxes
$194,127 prf$275,707 prf$203,375
28,124
64,215
47,934
$41,836
112,376
income.
$166,003 prf$339,922
90,552
91,944
15,345
32,333
30,824
48,921
38*.049
prf$251,309
92,555
39,923
33,325
Prov. for Fed. income &
profits taxes
deductions..
Net operating income
Non-operating income_
Net loss..
4,953
$230,997
.
Earns, per sh. on 114,755
shs. cap. stk (no par).
x
11,250
12,936
$48,641
20
Drl75
$45,749
5,065
1,093
$48,466
16,947
1,543
2,400
1,675
1,093
$19,220
....
Interest on first mortgage
Other interest
6% bonds
...
Generating equipment, rent.
tax__^_
...
...
Balance Sheet June 30,
$24,808
16,279
1,692
2,400
1939
$5,289; accounts receiv¬
able, $25,079; inventories, $10,169; speical deposits, $10; prepaid accounts,
$892; unamortized debt discount and expense, $5,828; total, $554,630.
Liabilities—Funded debt, $267,000; common stock ($100 par), $130,000;
accounts payable, $5,479; accrued interest on funded debt, $2,670; other
accrued interest, $265; accrued taxes, &c., $11,322; consumers' and line
extension deposits, $8,304; due to parent company, $22,265; reserves,
$24,690; contributions for extensions, $828; reserve for issuance of common
stock, $40,000; earned surplus, $41,806; total, $554,630.-—V. 145, p. 287.
Assets—Plant and investment, $507,363; cash,
New Bedford Gas & Edison
Ligbt Co.—Earnings—
1939
Operating revenues
Operating expenses
:
$4,048,976
331,996
337,981
85,717
820,073
Maintenance
Provision for retirements.
Federal income taxes
1938
$4,180,186
1,793,015
12 Months Ended June 30—
.
1,800,091
351,216
305,787
100,308
728,729
$302,724 prf$143,800
114,275
$230,997
$302,724
prof$80,552
114,275
Nil
Nil
sur$29,525
$33,723
$1.25
$0.70
Includes United States capital stock tax of $4,000 in 1939. $3 060 in
1938, $3,000 in 1937 and $3,688 in 1936; and State and Federal payroll tax
inl939, $27,764 in 1938, $45,921 in 1937 and $18,130 in 1936
y Expense (depreciation, taxes, &c.) less income of inactive plants held
for disposal.
of $34,049
$811,404
Dr 10,694
Operating income
Other income (net).
Gross income
Interest
...
$45,729
;
..... ...
Gross income.
income
6,146
11,717
14,402
$148,826
71,285
4,714
22,925
y38,735
Dividends
Deficit.
.....
Other taxes
excess
Other
General taxes
$5,928,097
345,482
$1.01
on
Provision for retirements.:
Net income
$4,845,134
~~
sh.
stock
73,600
Maintenance
Federal
345,482
Surplus
$151,594
,
......
..
Amortization of debt discount and expense
$6,678,849
Preferred
per
$7,319,990
1,334,756
1,400,100
$6,862,880
523,147
70,910
215,735
9,946
Minority interest
mon
482,905
disposition of
capital assets
Miscellaneous charges..
Earns,
$6,837,085
Operation
1938
1939
12 Months Ended June 30—
Gross operating revenues
on
serial notes
Other interest
Amortization of debt discount and expense.
Interest charged to construction
$762,844
Dr 14,658
$800,711
32,500
1,795
1,301
$748,186
5,326
37,330
Cr813
Cr 1~ 830
$765,928
Net income...
$707,360
Note—This statement, includes a portion of the extraordinary expense
incident to the hurricane in 1938 which is being amortized over a period
which began Jan.
1, 1939.—V. 148,
p.
3381.
Volume
The Commercial & Financial Chronicle
149
Nehi Cort *
(Del.) (& Subs .)—E> rnings—
6 Mos.End. J.me 30—
iy. y
Gross profit
Sell. & adminis, expenses
1937
1936
$1,909,300
$1,664,340
465,398
463,323
a$923,295
a275,390
$1,822,105
1,212,457
.......
1935
$2,383,570
561,465
Net sales of product
Cost of sales
$1,443,901
968,364
$1,201,017
a660,161
$647,904
418,173
~
Profit from operation
Disct. on purchases, &c_
Net profit on other sales
$608,648
26,176
11,027
$475,537
16,269
6,182
$540,856
13,344
26,479
$229,730
7,128
al5,905
Total income
Cash discounts allowed
Allow, for possible losses
$645,850
68,943
$497,989
56,100
$580,679
46,231
$252,763
22,067
.
...
„
on
current
uncoil,
ac¬
cepts. & accts. receiv.
paid in addit. as¬
Period End. June 30—
Railway
Railway
Net
taxes prior years
for Fed. & State
income taxes
94,000
110.700
$480,444
124.250
$331,188
43,314
43,314
42,500
$410,199
138,388
$178,496
86,625
206,000
Reclassified.
Consolidated Balance Sheet June 30
1939
a
1938
$1,109,575
Liabilities—
Accounts payable.
Accrued
commis¬
$107,110
180,452
87,324
290,001
1,299,375
1,378,125
Common stock..
206,000
206,000
1,671,625
419,272
1,592,875
201,337
Z>r4,294
Dr68,000
258,519
11,415
103,677
97,416
257,920
d 1st pref. stock.,
222,766
206,483
9,835
insurance
State inc. taxes.
Prov. for unsettled
and taxes
Advertising mat'l.
(not current).
315,870
23,538
332,079
2,039,649
2,039,648
Fixed assets
tax claims,
gl00,585
b Notes receivable
tr'marks,
&c
$72,120
sions, taxes, &c.
& accts. rec'ble.
G'dwlll,
1938
Prov. for Fed. and
Notes, accept'ces
Prepaid
1939
$895,239
10,000
Inventories
e
Capital surplus.
Earned surplus
Total
...
..$4,019,434 $3,839,897
After allowance for
doubtful notes and accounts of $40,150 in 1939
$16,452 in 1938.
b After allowance for doubtful notes of $34,254.
d Represented by 16,500 no
par shares in 1939 and 17,500 no par shares
in 1938.
e Represented by 206,000 no
par shares.—V. 149, p. 582.
Neisner Brothers, Inc.
(& Subs.)—Earnings-
6 Mos. End. June 30—
1939
Sales....
$9,727,505
Cost of sales, selling and
$9,563,570
$8,908,817
8,116,538
9,152,985
8,432,126
$232,964
205,754
$105,168
156,869
$410,585
162,236
$476,691
168,210
$438,718
$262,037
93,768
164,667
15,628
10,000
$572,821
100,197
137,975
9,681
*65,000
$644,901
108,762
135,612
$122,585
58,860
102,446
loss$22,027
59,376
153,698
$259,968
a204,931
$320,527
76,377
128,011
$38,721
$235,101
204,891
Gross income
Other income
_
Interest
90,882
Deprec. & amortization.
181,461
7,809
Misceil. deductions
Reserve for Fed. taxes..
35,981
Net profit..
Preferred dividends
Common dividends
Deficit
Shs.
com.
Earnings
stk. outst'g
204,891
per share.....
$0.31
z Before
provision forsurtax
Nov. 1, 1936 to June 14, 1937.
on
1937
1936
*80.655
83,613
$28,576 sur$116,140
204,932
204,933
$0.89
$1.19
Nil
undistributed profits,
a
For the period
1939
Assets—
6,118,473
1,114,827
Cash
1939
1938
Liabilities—
$
:
plant
& equipment
Ad vs.
1938
$
Property,
5,864,220
1,657,599
to landlords
.
Accounts payable.
Notes payable....
Funded debt.
$
.
227,824
1,000,000
1,000,000
2,202,000
24,514
2,450,000
57,338
12,279
Accrued expenses.
Deferred income.
by deduc's from
,
569,562
....
& agts. collected
14,855
Prov. for Fed. and
rent
.
362,851
470,303
......
Accts. receivable..
Lease deposit
43,190
State inc.tax...
35,173
Serial
50,000
($100 par)
Reserve.
Cash ad vs. to land¬
lord for constr'n
of
c
building
100,000
Life ins. cash value
69,959
Other assets
41,774
147,927
Inventory
3,584,451
Prepaid rents, ins.
3,026,371
& other items
$922,244
927,348
$8,689,953
6,434,186
$108,187
7,433,978
$3,168,241
172,205
3,287,911
$1,849,592
167,291
4,115,624
$15,124,139
805,725
23,397,480
$7,542,165
851,272
24,239,290
$2,433,323
62,001
164,187
pref.
93,770
193,645
2,393,800
2.500,000
108,646
204,891
stock
108,646
...
Common stock..
204,891
Llabil. for purchase
cost
of property
at Flint
100,000
Surplus..........
100,000
4,903,701
New York Power &
Light Corp.—Issue
refunding certain outstanding mortgage bonds.
The outstanding mtge. bonds to be refunded are 1st &
ref. mtge. bonds,
4H% series due 1967 of New York Power & Light Corp., outstanding in a
Principal amount of $66,000,000; 1st mtge. 5% bonds due Nov. 1, 1939,
of Troy Gas Co.,
outstanding in a principal amount of $313,000, and
1st mtge. 5% bonds due
Aug. 1, 1946 ,of Port Henry Light, Heat & Power
Co., outstanding in a principal amount of $269,000; making the total
principal amount of bonds to be refunded $66,582,000.
The issue of the 3H% series bonds due 1969 is limited to
$66,000,000
and the issue of the 3H % series due 1964 is limited to
$44,000,000; and the
bonds in the aggregate are not to exceed a
To Cut Rates—
.
:■
.■
Chairman Milo R. Maltbie announced the reduction after
negotiations
with Alfred H. Schoellkopf and
Floyd A.
Carlisle, company officials.
The new rates will affect consumers in
York counties.—Y. 149, p. 1031.
16
eastern
and
northern
Explains
Utility Stock—Says Benefit to Units in Associated Gas
System Outweighs Other Factors—Tax Handling Criticized—
on
Securities
and
Exchange Commission revealed,
Aug.
14,
11
489.276
b After depreciation and amortization of $2,707,457 in 1939 and
$2,410,1938.
c Represented by 204,891 shares of $1
par value.—V. 149,
Electric System, to oe derived from the lifting of the tax lien, more than
The Commission, on June 29, approved an issue of $13,000,000 of first
mortgage 3%% bonds and 60,000 shares of 5J^% cumulative preferred
stock by the New York State Electric & Gas
Corp.
The
application for permission to issue the preferred stock set forth
after various intercompany financing, the proceeds of the stock
be used to make a down payment by the Associated Gas &
Electric Co. to the Federal Treasury on claims of income taxes for 1927-33
inclusive amounting to $8,700,000.
In stating the theory that the Associated Gas & Electric System would
benefit by lifting the tax lien, the Commission was critical of the manner
that,
issue would
in which that system handled tax matters.
Furthermore, in granting the
exemption sought, the Commission emphasized its intention to review inter¬
company accounts "and in so far as possible to compel to eventual restor¬
ation of funds found to have been improperly diverted."
The opinion of the Commission in respect to the tax lien said in part:
"The manner in which the Associated system handled its tax matters,
of the circumstances giving rise to the additional assessments, the
collection of taxes from subsidiaries without a refund on account of savings
inuring from the consolidation, the proration of tax litigation expenses to
operating companies and the settlement of claims against persons and
entities which are not subsidiaries of American Gas & Electric Corp., are
subject to criticism.
"New York
State Electric has, through holding-company management
mismanagement, been put in a position where, after paying its own
to holding companies, it must now generate funds by sale of Its
securities to pay the taxes of the holding companies, and may incidentally
relieve from liability persons originally responsible for this mismanagement.
To the question which immediately arises as to why Associated Gas & Elec¬
tric Co. and Associated Gas & Electric Corp. do not use their own credit to
pay their own taxes, the answer is promptly given that they have no credit.
Thus, New York State Electric, the other opreating companies in the system,
and investors therein are confronted with a situation brought about through
the fault of others, but a situation which nevertheless exists and must oe
or
taxes
met.
a
Burden of Assessments
continuing tax assessment rests
security
owners
adverse effect
on security owners and
because the existence of the tax liability
security prices and has made virtually im¬
possible the desirable refunding of a number of security issues in the Asso¬
ciated System; on consumers because so
lon^ as the tax assessment remains
unpaid, it would be difficult if not impossible to undertake new security
an
on
issues for construction purposes.
"In addition to the interest of investors and
New
that the continued existence of the tax assessments would make the
England Gas & Electric Association—Accumulated
Dividend—
dividend of 75 cents
a share on
$5.50 dividend
payable Sept. 15 to holders of record Aug. 24.' This
of arrears and pays up all dividends up to and incl.
Dec. 31, 1935.—V. 149, p. 1031.
a
series preferred stock,
of the tax lien
to
New
on account
Jersey Power & Light Co.—Earnings
12 Months Ended June 30—
expenses
Maintenance
Provision for retirements..
Federal income taxes.
Other taxes
...
179,007422,229
...
Operating income
Other income
1938
$4,398,191
1,470,374
266,845
503,601
....
$4,422,133
1,349,021
282,091
501,202
202,694
413,641
$1,556,136
121,928
26,778
45,419
Net income
Dividends on preferred stock
....
.
Balance
....
$1,984,292
630,650
34,683
45,419
CY282
...
Other interest
Amortization of debt discount and expense
Interest charged to construction
$1,673,484
310,808
$1,678,064
...
Gross income.
Interest on long-term debt
Cr773
$966,998
203,565
$1,274,313
$763,433
$1,070,748
639,150
203,565
Note—This statement
does not include earnings from this company's
in approixir ately one-third of the common stock of Jersey
Power & Light Co.
For the 12 months ended June 30, 1939,
one-third of the reported earnings of Jersey Central Power &
Light Co.
applicable to the common stock amounted to about $252,000-—V. 149,
investment
Central
p.
738.
-
Directors have declared
common
p.
stock,
payable
an
1
tolholders of record Aug.
carrying
the assets of the system would hinder whatever action is
,
Reply to SEC Criticisms—
a statement
regarding criticisms
and
questions raised in the SEC findings and report on applications which
authorized by the Federal agency last June
The statement follows:
"In connection with the statement released to the press by the SEC in
which it raises certain questions of propriety concerning the recent sale of
bonds and preferred stock of New York State Electric & Gas Corp., a sub
sidiary of Associated Gas & Electric Co., it should be recalled that permis¬
were
sion
was
received from both
Commission
the SEC and the New York Public Service
were sold.
before the securities in question
"New York State Electric & Gas Corp. issued 29,276 shares of preferred
stock for its own requirements, and it retained the proceeds of that preferred
stock for itself, primarily for new construction.
"At the same time, 30,724 shares of preferred stock of New York State
Electric & Gas Corp. were sold by two other Associated subsidiaries/and the
proceeds from this sale were used to make the initial payment in the settle¬
ment of the government's tax claims against companies in the Associated
System.
But this stock had been issued and sold several years ago by
New York State Electric & Gas Corp., and had been held for some time by
these two other
and General
no
Associated subsidiaries, namely, Associated Power Corp.
Utility Investors Corp., which are investing companies, with
securities in the hands of the
public.
"Proceeds from the sale of this stock by the two other subsidiaries were
paid to Associated Gas & Electric Corp. in repayment of loans, and the
latter company used these funds to make the initial payment to the govern¬
ment in the tax settlement.
These payments were not so-called upstream
payments, but were made in repayment of loans made in the past.
"These facts remove any suggestion that the New York State Electric
& Gas Corp. was forced to or did generate funds by the sale of its securities
the taxes of holding companies.
"Tne Commission is reported as stating that it intends to review inter¬
accounts.
An analysis of inter-company accounts has been
furnished to the Securities and Exchange Commission, and the company
company
initial dividend of 50 cents per share on the
Sept.
3234.
on
Associated Gas Issues Statement in
to pay
Newport Electric Corp.—Initial Dividend—
it is to be noted
be taken.
The Associated Gas & Electric Co. issued
1939
revenues
consumers
Section II of the Act extremely difficult. While of
necessity the adjustments to be made by the Associated System in com¬
plying with that section may take a considerable period of time, the existence
out of the provisions of
dividend is
Operating
Operating
in
outweighs the detriment to New York State Electric arising from the
issuance of preferred stock and upstream payment of funds under
question¬
able circumstances."
1030.
Directors have declared
that
granting exemption from the provisions of the Holding Company Act to the
issuance of bonds and preferred stock by the New York State Electric &
Gas Corp. it did so on this hypothesis:
"The benefit to the public utilities companies in the Associated Gas &
has had
11.613 16*
132 in
p.
New
New York State Electric & Gas Corp.—SEC
Rule
"The burden of
—
'/■
■
The Public Service Commission announced a $1,000,000 annual reduction
in electric rates of this
corporation, effective as soon as revised schedules
can be prepared and
approved.
consumers—on
Total
Approved—
New York P.* S. Commission has authorized the
corporation to
to exceed $66,582,000 of 1st
mtge. bonds to consist of 3H%
due 1969 and 3H % series due
1964, to be disposed of within a period
not later than Oct.
15, 1939, upon certain specified terms and conditions
for the purpose of
not
serira
4,632,078
183,133
Total.........11,613,164 11,489.276 »
$9,079,066 $17,548,397
1030.
some
Consolidated Balance Sheet June 30
b
$2,456,388
711,853
$33,421,193 $23,731,434
17,743,204
17,469,035
6,988,036
6,154,212
The
issue
The
1938
$8,221,706
9,494,541
general expenses
_
$4,809,709
2,886,408
1,001,057
Net deficit after fixed
and
Total income
56,434,334
2,964,718
1,013,228
$291,875
income
Total income..
Misc. deduct, from inc._
Total fixed charges
45,123
Treasury stock
1939—6 Mos.—1938
principal amount of $66,582,000.
prior
years
Total......$4,019,434 $3,839,8971
a
from ry. oper.
-V. 149, p.
2,463
Net inc. for the period
Preferred dividends.
Common dividends
Cash..
rev.
Net ry. oper. income.
Other
Prov.
Time deposits,
oper.
RR.—Earnings—
1939—Month—1938
revenues.$26,696,492 $23,040,069$155,970,720$138,942,439
expenses. 20,262,158
18,230,360 122,549,527 115,211,005
charges
sessments of Fed. inc.
Assets—
oper.
Railway tax accruals
Equip. & jt. facil. rents-
9,700
Int.
a
1185
New York Central
21.—V.
148,
believes that
upon
entirely proper.
a
fair and adequate review they will
be found to
be
The Commercial & Financial Chronicle
1186
"It Is also stated that the settlement of the tax casa may remove liability
from certain persons responsible for management.
No personal liabilities,
If any exist, have been dismised as a result of
accrues from this settlement to any individual.
the settlement.
No relief
"As to the query why the Associated Gas & Electric Co. and Associated
Gas & Electric Corp. do not use their own credit to pay their own taxes,
the answer is that the subsidiaries, as well as the parent companies, are
severally liable for the taxes under the Treasury's regulations, and under
present conditions holding companies must often obtain needed funds from
the sa.e of their own assets and the repayment of advances made to sub¬
Co.—Initial Dividend—
Ohio Match
declared a ninitial dividend of 25 cents per share on the
Directors have
stock, payable Sept. 20 to holders
common
North American
Aviation, Inc. (& Subs.)—Earnings—
1937
1938
1939
6 Mos. End. June 30—
Net profit after exps.,
Co.—Earnings—
Ohio Oil
30—
1939
1938
1937
1936
.—$25,515,394 $27,179,451 $30,775,539 $25,368,928
17,277,012
17,990,874
17,328,756
15,829,660
6 Mos. End. June
Sales
Cost of sales
—
$8,238,382
324,515
Total income
Taxes...
z$590,175
charges.a$2,781,682
taxes & other
Other income.
1936
deprec., int., prov. for
depreciation charges
x$65,564
but before
of $341,281
y$86,027
including $1,268
profit realized on the sale of securities,
y After depreciation charges of
$363,518.
z After depreciation charges or $257,921 and Federal income
tax of $119,000.
a After
provision for esitmated Federal income tax
amounting to $767,000.
Sales of the manufacturing operations were $12,965,835 for the first six
months of 1939, as compared with $3,345,680 for the similar period of the
year 1938.
The unfilled orders at June 30, 1939, amounted to $19,005,328,
as compared with $14,952,853 at June 30,
1938.
The unfilled orders at
Aug. 10, 1939. amounted to approximately $32,000,000.—V. 148, p. 3694.
North Penn Gas Co. (&
Net
— -
—
Net earnings
on funded debt
$2,558,848
31,329
$2,563,358
24,369
11,298
$350,972
Net income
Dividends accrued
preferred stocks:
$7 cumulative prior preferred
$7 cumulative preferred
Balance-.
$476,368
191,917
1,387
11,770
912
unfunded debt
on
Amortization of bond discount and expense—
—
..
44,590
92,120
$214,696
-
North West Utilities Co. (&
Subs.)—Earnings—
Matls.&suppl's.
Misc.
a
a
$6,387,713
4,372,469
$6,044,988
4,251,745
$907,065
3,014
$2,015,244
27,923
$1,793,243
6,704
-$1,009,881
$2,043,168
534,900
302,701
$910,079
554,529
279,813
1,079,179
582,040
$1,799,946
1,113,260
559,627
46.515
69,773
116,288
139,545
1,647
—
5,444
$124,117
$5,964
$260,216
Divs. paid or declared.
Bal. of div. require'ts
not
paid
Min.
a
or
declared-
common
stock
int. in net income....
Net
income
for dividends on preferred stocks of subsidiary companies
by the public and minority interest in net income,
b Indicates loss.
Note—Consolidated net income for the six months ended June 30, 1939,
includes $183,595 not available for distribution to North West Utilities
Co.
of
because-of
prior years' dividend arrearages on the preferred stocks
companies consolidated, but does not include $106,358
subsidiary
undistributed income for the six months ended June 30, 1939, applicable
to common stock owned of Lake Superior District Power Co., an operating
company which is
preferred stocks.
consolidated
not
due
to
regular
voting
rights
of its
1reas. stock..
Deferred charges
Period End. June 30—
stock
of
on
1930—6 Mos.—1938
1939—3 Mos.—1938
com,
Lake
Sup.
District Power Co..
$22,949
$22,949
Other.....
$62
.
—
2,133,575
Funded debt. —d21,000,000
Defd. liabilities.
1,622,912
Minority interest
82,819
Earned surplus.
6,404,574
1,928,213
1,643,273
97,415
8,317,594
10,432,350
1,443,232
1,184,147
1
1,165,750
current
Total
and
tax..
Capital surplus. -8,620,851
accts. rec. not
c
inc.
accrued
20,100
1,082,087
137,313,157 139,658,058
137,313,157 139,658,058
Total
After
The
Interstate
City Ry.—Abandonment
Commission on
Commerce
July 26
issued
a
certificate
permitting abandonment, as to interstate and foreign commerce, by the
company of its entire line of railroad extending from Okolona to Calhoun
City, approximately 37.34 miles, all in Chickasaw and Calhoun Counties,
Miss.
The line in question formerly was owned by the Southern Railway and
operated by the Mobile & Ohio RR.
By certificate dated May 16, 1933,
permission was granted to abandon the line subject to the condition that
it be sold to anyone offering to purchase it for continued operation.
There¬
after the applicant acquired the line and was authorized to operate it.
Such operation began May 16, 1933.
Service on the line was reduced in March, 1938, because of a decline in
—
$125
—
At present it consists of two round trips a day for passenger
traffic, performed by a motor car, and one round trip three times a week
by a steam train handling freight as well as passenger traffic.
Additional
service is rendered when occasion demands.—V. 137, p. 2974.
Oklahoma Natural Gas Co .—Bonds and Preferred Stock
Offered—A group headed by Stone & Webster and Blodget,
Inc., offered Aug. 17 $17,000,000 1st mtge. bonds, series B
3%%, due Aug. 1, 1955, at 103and accrued interest, and
58,000 (no par) shares of $5.50 convertible prior preferred
stock at $104 a share and div.
Other members of the offer¬
ing group are Blyth & Co., Inc., First Boston Corp., Schoellkopf, Hutton & Pomeroy, Inc., Halsey, Stuart & Co., Inc.,
Kidder, Peabody & Co. and E. H. Rollins & Sons., Inc.
Earnings of Company Only
Income—Div.
&
notes
2,758,935
Accts. payable..
$
54,807,700
59,235,791
3,195,722
business.
b$12,485
Provision
a
held
—
16,964,560
1,455,714
5,772,894
I
$
6% pref.stock.. 35,453,700
b Com.stock... 59,235,791
Fed.
4,877,259
20,166,360
1,970,816
5,827,359
5,121,704
1938
1939
Liabilities—
$
after
reserves
Crude & refd.prd
(Company & Subs.)
1938
Prop.,equip.,&c 93,994,447 96,748,052
6,128,636
9,389,760
1,394,157
Mkt.sec.after res
2,264,180
Investments
6,563,377
$0.43
profits and undistributed
charges.
$
Accts. rec.
excess
Okolona Houston & Calhoun
$2,962,722
2,055,657
Int. & other deductions.
on
Includes $312,500 for interest on funded debt; $964,994 can¬
leases; $367,211 for non-productive wells and $213,354
Cash
1939—6 Mos.—1938
1939—3 Mos.—1938
taxes
$4,476,564
$6,722,357
6,563,377
$0.77
depreciation and depletion,
b Represented by 6,563,377 no
par shares,
c Represented by 200 preferred shares at cost,
d Includes
$1,000,000 serial note due Aug. 1, 1939.—V. 148, p. 3236.
$984,177
25,704
Gross income
y
Federal
a
a
$3 140,982
2,156,804
Net oper. income
include
not
Assets—
[Exclusive of Lake Superior District Power Co.]
Other income (net)
Does
earnings,
$134,584
V
'
Period End. June 30—
$2,683,516
6,563,377
$0.16
celled unoperated
for miscellaneous
$271,294
44,156
92,120
—
Operating revenues
Oper. expenses & taxes—
profit-——loss$142,559
(nopar).
6,563,377
loss$0.18
Sbs.com. stock
x
$9,539,268
517,188
340,360
Earnings per share
on
—V. 148, p. 3078.
5,200,174
3,452
1939
$2,587,727
2,111,359
$552,932
189,750
Interest
$9,252,394 $13,773,101 $10 ,056,456
xl ,244,152
xl ,308,773
xl,956,688
.333,675
4,916,959
5,090,720
2,065
2,786
3,336
419,867
yl ,858,058
1938
$2,590,177
2,037,245
—
$8,562,897
1,223,905
Balance Sheet June 30
1939
Operating revenues
Non-operating revenues (net)
$9,188,577 $13,446,783
63,817
326,318
ex-
(est.)..
cess profit tax
Other charges
Subs.)—Earnings—
12 Months Ended June 30—
Total gross earnings:
Operating expenses and taxes—
—
Deprec. & depletion
Minority interest
Prov. for Fed. inc. &
,
Interest
of record Aug. 22.—V. 142,
4187.
p.
Operating profit..
After
1939
19,
past."—V. 149, p. 1031.
sidiaries in the
x
Aug.
Company—Incorp. in Delaware in 1933 company and predecessors have
the business of transmission and distribution of
and to a lesser degree in the production thereof in Oklahoma
The general system of the company comprises gas transmission
lines, distribution systems and certain production property in Oklahoma,
and two small groups of properties in Kansas not physically connected
been engaged primarily in
natural gas
Total
$22,949
4,209
on
Net
debt to
$125
5,125
$3,260
2,161
$15,991
3,543
x$5,000
4,299
$17,014
Gross income....
Int.
$22,949
6,958
1,726
Expenses
$62
3,322
$18,740
—
x$5,421
$12,449
x$9,299
assoc. cos
income.
—
—
—
xIndicates loss.—V. 148, p. 3235.
since 1906.
with
as
Northern Indiana Public Service
Co.—SeeksExemptiov
The Securities and Exchange Commission has announced that company
had filed an application (File 32-167) under the Holding Company Act for
exemption from the requirement for filing a declaration in connection
with the issue and sale of $45,000,000 3 %% first mortgage bonds, series A,
due Aug. 1, 1968, and $6,000,000 serial notes, due Feb. 1,1940, to Aug. 1,
1949.
The notes will bear interest at an average rate of not to exceed 3%
an
annually.
The net proceeds from the sale of the securities are to be
applied toward
the refunding of the company's presently outstanding bonds aggregating
$48,916,000.
The premium on calling the bonds to be refunded will be
$2,282,610 and the total cash required to redeem the bonds, exclusive of
interest, will be $51,198,610.—V. 149, p. 1031.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
12, 1939, totaled 27,529,303 kwh., an increase of 8.8% com¬
ended Aug.
pared with the corresponding week last year.—V. 149, p. 1032.
Nuhesive, Inc.—Registers with SEC—
Corp. (& Subs.)—Earnings—
12 Months Ended June 30—
Gross earnings
Operating
expenses,
1939
Gross income
Interest, amortization of discount, &c., of subs
Preferred dividends of subsidiaries
Int., amort, of disc't, &c.
,
of Ohio Cities Wat. Corp
Net income
x
Indicates loss.—V.
Ohio
Edison
148,
p.
$300,785
169,368
8,117
$136,930
843
31,379
91,438
$123,300
1,081
31,922
90,790
$13,270
—
1938
$303,329
153,852
12,547
maintenance, and taxes
Reserved for retirements
x$492
2908.
Gross income.
Net income
Divs.
on
pref. stock
Balance
—V. 149, p. 740.
—
—.
a8,000,000
58,000 shs.
91,050 "
b549,986 "
a Maximum
figure, subject to reduction in event of conversions
presently outstanding securities.
Interest at 2.19% per annum to April
1940, thereafter at 2% %.
b Subject to increase in event of conversions
presently outstanding securities.
Property—Company's system includes approximately 4,071 miles
transmission
and
distribution
lines,
$528,185
286,256
$508,224
287,374
$7,661,046
3,444,867
$7,187,800
3,339,271
$241,929
155,577
$220,850
155,577
$4,216,179
1,866,923
$3,848,529
1,866,923
$86 353
$65,273
$2,349,256
$1,981,606
of
1,
of
of
consisting of approximately 2,159
distribution lines.
Included
in the system are 19 compressor stations with an aggregate of 10,835 in¬
stalled h.p., and a total of approximately 142,000 installed meters.
Earnings—The statement of earnings shows (1) operating revenue, (2) net
operating revenue before retirement accruals, and (3) gross income—being
balance applicable to interest and debt requirements (before income taxes,
&c.), as follows:
miles of transmission lines and 1,912 miles of
Nov. 30, 1937
Nov. 30, 1938—
(1)
$7,581,464
8,126,365
7,964,490
8,254,796
—
—
May 31, 1939
(2)
$3,901,820
4,275,809
4,092,993
4,342,73 1
(3)
$2,579,898
3,184,659
3,042,658
3,263,527
requirements on the $17,000,000 first mortgage
bonds, series B 3H%, will be $637,500 and on the maximum amount of
$8,000,000 serial bank loans at 2M % will be $220,000 and annual interest
requirements on consumers' deposits and other interest and debt require¬
ments are estimated at $75,000.
Annual dividend requirements on the
58,000 shares of $5.50 convertible prior preferred stock will be $319,000.
The
annual
interest
Business—Company serves a population estimated at 550,000 through
own distribution systems in 70 communities in Oklahoma and
one in
Kansas and, in addition, serves at the city gate through its transmission
lines either the full or partial requirements of 26 communities in Oklahoma
its
one
in Kansas, having a
population estimated at 65,850.
Approximately
of gas sold,
one-third of the business of the company, in terms of volume
located in Tulsa and immediate vicinity, approximately
revenue...
Int. & other fixed charges
$17,000,000
B Z%%, due Aug. 1, 1955.
April 1,1941 to Oct. 1,1946
$5.50 convertible prior preferred stock (no par) divs. cum.,
stated value to be $100 per share..
Preferred stock, (par $50) ($3 dividend cumulative)
Common stock (par $15)
is
1939—Month—1938
1939—12 Mos—1938
$1,446,427
$1,409,366 $19,140,646 $18,825,930
Oper. exps. and taxes...
718,242
701,142
9,079,599
9,238,130
Prov. for depreciation__
200,000
200,000
2,400,000
2,400,000
^
follows:
First mortgage bonds, series
Bank loans maturing serially
and
Co.—Earnings—
Period End. July 31—
Gross
Oklahoma systems.
12 Months Ended—
Nov. 30, 1936
See list given on first page of the department.
Ohio Cities Water
the
Capitalization—The capitalization of the company to be outstanding
completion of the present financing (excluding treasury securities
but including certain shares of preferred stock reserved for issuance) will be
upon
Oklahoma City and immediate
one-third in
vicinity, and most of the remainder in many
small cities and towns in the intermediate and surrounding
territory.
The
business of the company since its organization has been relatively stable
from year to year because the greater part of its revenue has come from
residential and commercial business.
However, due to the substantial use
of gas for space heating, the volume of sales to residential and commercial
is dependent to a large extent upon temperature conditions
during the winter months.
Franchises—Company holds municipal franchises, expiring at various
dates up to 1962, in 47 of the cities and towns served by it (including
Oklahoma City and Tulsa), having an estimated aggregate population
according to the 1930 census of 440,495.
In 9 cities and towns with an
consumers
estimated population of
86,109, franchises which expired during the past
Volume
The Commercial & Financial Chronicle
149
14 years have not been renewed.
Company expects to make application
from time to time as conditions warrant for the
renewal of franchises which
have expired or which expire in the future.
i
First Mortgage Bonds—Dated
Aug. 1, 1939; due Aug. 1, 1955.
Pincipal
and int.
(Apr. & Oct. 1) and payable at principal trust office of trustee
Chase National Bank in New
York, N. Y.
$1,000 registerable
Coupon bonds in denom. of
principal only.
Tax refunds: Company will agree
bonds, upon proper application, for Penn.
as to
to reimburse theholders of the new
personal property taxes not exceeding 5 mills
per annum on each dollar of
the taxable value
(not
exceeding the principal amount)
Maryland
per annum on
amount)
annum
of such
bonds,
personal
property or securities taxes not exceeding 4H mills
each dollar of the taxable value
(not exceeding the principal
of such
bonds
Maryland income taxes not exceeding 6% per
payable thereon, and Mass. taxes based on or
exceeding 6% per annum on the interest payable
Application will be made to list and register the new bonds on
the
on
or
interest
Pacific Mills (&
Subs.)—Earnings—
6 Months Ended—
Net sales.
Cost of goods sold
the New York Curb
Exchange.
Company will agree that, so long as the new bonds shall remain outstand¬
ing, it will on Feb. 1 in each year either (a) deliver to the trustee new
Int. & other inc.
Flood
or provide for the
retirement, by April 1, 1955, of $15,bonds, or approximately 90% of the $17,000,000 of new
Company may anticipate in whole or in part any
sinking fund payment at any time within the 12 months preceding the
date on which it is due.
The sinking fund redemption price will be 103 H %
and accrued int. to and
including Sept. 30, 1946, and thereafter the same
as the optional
redemption price.
New bonds will be subject to
redemption at the option of the company
on 30
days' notice, as a whole at any time, or in part from time to time on
any int. payment date or dates, at the
following percentages of the principal
amount thereof (except as to new
bonds redeemed for the sinking fund to
and incl. Sept. 30,
1946) with accrued int. in each case: 107% to and incl.
Sept. 30, 1940; 106% on Oct. 1, 1940 and thereafter to and incl. Sept. 30,
1941; thereafter at percentages decreasing by Yi% each year to 103H in
the year ended Sept. 30,
1946; at 102H thereafter to Sept. 30* 1947, and
thereafter at percentages
decreasing % % each year until the redemption
price becomes 100Yi from Oct. 1, 1954 to
maturity.
Preferred Stock—The new stock will be entitled to cumulative dividends
payable on last days of March, June, Sept. and Dec. and will be convertible
at any time on or before the 10th
day preceding the date, if any, fixed for
redemption thereof into common stock at the basic conversion price of $20
per share (i.e., at the rate of 5 shares for each share of new
stock) subject
to certain provisions,
including adjustment provisions to prevent dilution
of conversion
privilege.
New stock will be redeemable as a whole at any
time or in part from time to time at
$110 per share and accrued dividends
.
not less than
on
40
more
nor
than
60
days' notice.
New stock will be
junior as to assets and cumulative dividends to the convertible
6% prior
preferred stock, which will be redeemed within 45
days after the issuance
of the new stock, but w,ll be
preferred over the preferred stock and common
stock
as to assets
and cumulative dividends and will be entitled in
liquidation
to $100 per share and accrued
dividends
plus
a
premium of $10
per
share
should such liquidation be
voluntary.
The holders of the new stock will
be entitled to one vote per share for the
election of directors and all other
purposes, and will also have certain special
voting rights.
Bank of New
York will be the transfer
agent, and Central Hanover Bank & Trust Co.,
the Registrar.
Application will be made to list and register the new stock
on the New York Curb
Exchange.
„
Purpose—Proceeds of
after
to
a
sale of the new securities (estimated at $22,864,206
of expenses), together with such additional amounts
(up
maximum of
$8,000,000) as may be required and obtained from the
deduction
proceeds of the bank loans referred to under "bank loan
payable serially,"
will be applied;
(1) Redemption of outstanding first mortgage bonds, series A
4H%, due May 1,1951, in the principal amt. of $16,814,000,
at 105%
—$17,654,700
(2) Redemption of outstanding 5% conv. debentures, due
May
1, 1946, in principal amount of $10,000,000, at
110%.
11,000,000
.
(3)
Redemption of outstanding 22,200 shares conv. 6% prior
cum., at $110 per share-..--
preferencestk., ($100 par) divs.
2,442,000
Underwriters—The name of each underwriter and the respective amounts
severally underwritten are as follows:
New Stock
Names—
Stone & Webster & Blodget, Inc
Inc
The First Boston Corp...
New Bonds
-
-
Blyth & Co.,
Schoellkopf, Hutton & Pomeroy, Inc...
Halsey, Stuart & Co., Inc
Kidder, Peabody & Co
E. H. Rollins & Sons, Inc
Trail & Middendorf, Inc
Graham, Parsons & Co.
Bonbright & Co., Inc
at
...
Jackson & Curtis
Paine, Webber & Co
Stern, Wampler & Co., Inc
Francis, Bro. & Co
Whiting, Weeks & Stubbs, Inc
....
G. M.-P. Murphy & Co
Eastman, Dillon & Co
Pacific Co. of California
—V.
149,
p.
14,000
5,000
5,000
5,000
None
200.000
391,000
325,000
x$l,097,537
New
$
x
Accts.
receiv'le.
Inventories...
Insur.
Accrued items
256, 860
250,029
2, 132
8,550
.....
a
z
Deficit
Total....
x
After
38,426,524 38,525,2801
for
reserve
discount
and
Total
Net income to surplus
on
capital stocks
applicable
to
Gas & Electric Co__
Dividends
Dividends
on
General
reserve
Pacific Public Service Co. (& Subs.)- -Earnings—
Period End. June 30—
Operating
1939—3 Mos.—1938
$1,483,682
625,349
$2,941,579
1,208,656
38,923
172,853
101,103
$545,453
7,633
$603,603
10,589
$1,105,343
Other income
$553,086
61,659
$614,192
64,650
$1,119,550
Int.
3,229
1,678
3,229
6,457
2,019
6,457
241
90,000
103,000
183,100
192,500
Maintenance and repairs
Deprec. & amortization.
Taxes
Profit
on
funded debt
80,052
346,309
201,219
$2,892,139
1,113,711
75,707
334,274
192,130
14,208
$1,176,316
22,366
125,210
$1,198,683
130,450
Amortization of debt dis¬
count and expense
Other interest
476
Prov. for Federal income
tax
(estimated)
Divs.
of
pref.
subsidiary
stock
of
106,593
53,296
53,296
106,593
$343,223
$389,776
$696,171
$762,206.
$0.73
$0.96
$1.49
$1.8&
company..
Net profit...
Consolidated earns,
per
share of 1st pref.stk.
held by public
—V. 148, p. 3236.
Pacific Western Oil Corp. (&
6 Mos. End. June 30—
1939
Gross inc. from all oper- $1,312,200
on
1936
w
-
Expenses
Prov. for abandonments
...
$1,879,372
Dr277,567
745,548
70,451
$1,844,517
$1,454,236
338,888
Crl9,346
204,150
195,659
65,148
3 4,724
74,999
72,345
25,000
$2,372,381
454,222
115,224
73,528
238,365
143,650
46,136
95,123
98,451
70,000
$2,417,804
451,631
112,659
72,279
218,686
$1,705,391
353,420
118,986
98,559
269,949
60,883
66,811
96,663
50,000
65" 800
$1,037,682
$1,002,298
$643,121
$0.46
sale of invests-.
Balance.
1937
$1,855,994
Dr272,970
789,358
$462,669
Oil and gas royalties
Dividends received
Gain
Subs.)—Earnings-
1938
$1.04
$1.00
-a$0.64
JDrl87,686
295,502
34,220
Dr283,126
144,000
•
285.892
50,738
29,818
75,000
2,500
None
None
2,000
3,000
None
Net profit
Earns, per sh. on 1,000,000 (par $10) shs. cap.
stock...
a
None
1,000,000
no par
shares.
None
2.00J
2,000
1,500
2,000
1,500
1032.
(& Subs.)—Earnings—
1938
1 937
101,308,106
47,398,308
14,142,099
97,922,923
43,139,889
13,428,519
Comparative Balance Sheet
June SO,'39
$
Jan. 1, '39
Cash
224,744
208,773
Notes pay. to bks.
Accts. receivable..
259,817
204,227
Accounts payable.
Inventories
158,526
144,020
Prov. for Fed. inc.
Assets—
June
Liabilities—
$
taxes.
9,947,085
9,947,085
1,721,690
1,929,890
Ill
111
leases
8,342,727
189,747
8,252,145
5
11,896
66,675
105,012
Cap. stk. ($10 par) 10,000,000 10,000,000
Cap.surp., paid in 3,416,500
3,416,500
Earned surplus
3,670,694
3,351,057
reserves
&
equipment.
Other assets..
Total
8,663
77,111
liabs..
122,888
Tax & cont. royalty
Co
zLands,
2,876,750
111,103
53,635
3,226,750
Deferred credits..
Tapo Mut. Wat.
1, '39
8
475,000
209,832
....
Long-term
Assoc. Oil Co.
Jan.
350,000
168,222
Other accr. llabs..
yTide Water
30/39
$
.
187,590
20,844,446 20,873,8411
Total...
20,844,446 20,873,841
x 641,808 shares common capital stock,
y 250,100 shares common capital
stock at June 30, 1939 and 270,100 shares common capital stock at Jan. 1,
1939.
z After reserves for depletion,
depreciation amortization, abandon¬
ments of $12,336,863 on June 30, 1939 and $12,074,238 on Jan. 1, 1939.
—V. 149, p. 1032.
Pan
American
Petroleum
&
Transport
Co.—Notes
Reduced—
39,767,699
194,221
41,354,515
310,296
Company reports that on July 31 it had short-term indebtedness out¬
standing in the amount of $20,398,446 as against $21,902,913 previuosly
reported.
This includes $5,500,000 in 1st pref. mtge. notes to the Equitable
39,961,920
12,168,290
3,786,735
41,664,811
13.283,251
2,287,902
Insurance Society, $3,000,000 in 1st pref. mtge. notes to the Chase
promissory notes to the Standard Oil Co. of
Indiana, $2,774,357 in 3H% dividend notes due in 1943 and $4,624,089
in similar obligations due in 1944.—V. 148, p. 3696.
24,006,895
245,868
26,093,658
245,905
Pacific
Life
National Bank, $4,500,000 in
Pecos Valley Power & Light
Operating revenues.
Oper. expenses & taxes._
....
stock
25,026,324
7,809,159
12,522,540
23,761,027
7,708,492
12,522,540
25,847,753
7,708,488
11,739,932
4,694,625
6,261,270
$2.74
3,529,995
6,261,270
$2.56
6,399,333
6,261,263
$2.90
—
Net operating income
Common shares outstanding
.
...
Operating and administrative expenses, taxes and provision for insur¬
casualties and uncollectible accounts,
b Discount and other income
deductions,
c Held by public and minority interest in undistributed
earn¬
ings for the period.—Y. 148, p. 3384.
Co.—Earnings—
1939—3 Mos.—1938
1939—12 Mos.—1938
$85,776
66,791
$79,598
58,853
$329,481
277,618
$350,188
240,489
$18,985
$20,745
$51,863
$109,699
$21,345
22,708
$51,863
90,210
$110,299
92,951
x$l,363
x$38.347
$17,347
Other income
Balance
Earnings per share
1939—6 Mos.—1938
$1,439,217
541,061
28,347
167,333
98,873
revenue
Operation.
xMisslonCorp..
83,138
preferred stock
on common
of $200,000.
y After
depreciation of $23,372,679 in 1939 and $22,970,247 in 1938.
of $12,000,000 and $5,277,461 of surplus both created
out of the surplus
arising from reduction of capital stock as of Aug. 7, 1934.
a Represented
by 396,123 no par shares.—Y. 148, p. 1335.
z
Period End. June 30—
Remainder,
items
25,109,462
Provision for Federal income tax
Divs. of subs,
.38,426,524 38,525,280
doubtful
for
reserve
42,048,445
12,305,541
4,633,442
income
b Bond and other interest
c
19,806,150
12,300,000 12,300,000
241,856
300,896
41,755,666
292,779
Net operating revenue
Miscellaneous income
Gross
78,000
Capital stock...19,806,150
equipment
20,966, 335 21,369,568
Prepd. & del. items
139, 644
165,748
Federal income taxes...
1939
Provision for depreciation
198,896
75,500
Reserves
Prop., plant and
None
104,529,037
48,093,889
14,679,482
Gross operating revenue
a Maintenance
424,183
estimated
Interest.
of common stock upon official notice of issuance
upon conversion of 8%
cumulative (convertible) preferred stock, series A,
making the total amount
12 Months Ended June 30—
5,375,000
1,068,131
Fed. & State taxes,
companies.
Investments
$
banks 4,875,000
Accounts payable. 1,187,547
on
Ordinary taxes...
Exchange has authorized the listing of 626,576
stock (par $6) in exchange, upon the termination of the
voting trust for presently outstanding voting trust certificates, and 60 shares
of common stock presently outstanding and
held( pending surrender of an
outstanding voting trust certificate) by trustees under a voting trust agree¬
ment dated May 12, 1923, which was terminated in 1924 and
185,976 shares
p.
Loss.
$
Notes pay.,
mu¬
tual
y
1,889,326
6,168,983
9,673,077
10,210,,482
prems.
deposit with
Amort. and insurance
Stock
Pacific Gas & Electric Co.
$0.15
y
July 1 '39 Dec. 31 '38
Liabilities—
S
2,306,,105
4,544,,966
4,500
None
common
applied for 812,612 shares.—V. 149,
$2.77
undistributed profits,
July 1 '39 Dec, 31 '38
Assets—
Cash
3,000
Corp.—Listing—
York
Nil
on
Consolidated Balance Sheet
680,000
595,000
595,000
340,000
340,000
340,000
340,000
340,000
340,000
255,G00
255,000
170,000
170,000
170.000
883.
Omnibus
The
x$59,538
396,123
on
Inv. assets at cost:
shares of
57,792
192,318
shares capital stock.$0.15
x No provision has
been made for surtax
Depletion & lease amortDepreciation, &c-_
Intang. develop, costs--
None
...
035,137
471,820
Net profit
Earns, per sh.
5,000
None
None
...
128,596
Law¬
850,000
Bosworth, Chanute, Loughridge & Co.
Central Republic Co.
Wm. Cavalier & Co
A. M. Kidder & Co.
Shares
$1,143,068
589,054
619,826
036,999
86,735
$59,846 y$2,246,963
expense
1,020,000
White, Weld & Co
Estabrook & Co
$2,380,000
1,785,000
1,785,000
1,700,000
1,275,000
1,275,000
$2,284,416
rence....
new
be issued.
86,983
Inventory adjustment..
aggregate to retire
bonds to
$942,562 y$l,037,165
594,942
631,458
Dr791
Cr58,744
(net)..
Other charges
Prov. for Federal normal
income tax
bonds theretofore reacquired
by the company, or (b) pay to the trustee
cash for the redemption of new bonds on
April 1 next succeeding each
sinking fund payment date, in varying annual amounts sufficient in the
330,0U0 of
July 1, '39 July 2, '38 July 3, '37 June 27 '36
$19,957,685 $16,003,811 $28,865,968 $25,222,839
19,ul5,124
17,040,976
26,581,552
24,079,771
Net oper. profit
Plant depreciation
measured by income not
thereon.
1187
600
Gross income
Interest & other deducts.
$18,985
22,265
~
|
600
a
ance,
y
Net income
x
Indicates loss,
-V. 148, p. 3384.
x$3,280
y
Before interest
on
non-cumulative income debentures.
The Commercial & Financial Chronicle
1188
(J. C.) Penney Co .—Sales—
12 Months Ended June 30—
Operating revenues
_
Operating expenses
..--i,:
Maintenance.
520,862
—..... .... —— ...
921,911
360,781
826.324
—
Other taxes
—
$3,779,337
—
$3,928,598
1,812,9/4
175,131
76,639
Crl4,042
$3,631,217
1,814,924
191,174
54,095
Cr46,998
.......—
$1,877,895
$1,618,023
Gross income
debt....
.....
Other interest.—
.......
Amortization of debt discount and expense .......
Netincome..
—V. 148, p.
,
$3,605,156
26,061
— ....
Interest on long-term
Interest charged to
$11,032,334
4,863,218
71u,787
792,688
270,716
789,769
149,260
Operating income
Other income (net;
construction—
......
3237.
Pennsylvania Gas & Electric Co. (& Subs.)— -Earnings
1939
1938
$1,069,209
30—
Operating revenues —
Non-operating revenues (net)
$1,066,859
46,379
12 Months Ended June
47,021
$1,113,238
789,034
$332,841
13,026
$324,204
13,067
218,360
219,853
Operating expenses and taxes.
Net earnings
Int. & other deductions of
subsidiary companies._
Deductions of Pennsylvania Gas & Electric Co.:
Interest on funded debt.....
198
621
12,039
12,123
Interest on unfunded debt—
Amortization of bond discount and expense.—
3Ms, 1968
Members New York Stock
N
Y.
1528
Exchange
A. T. & T. Teletype—Phla 22
Telephone—Whitehall 4-4923
Philadelphia
Walnut St.,
Note—This statement excludes Pittsburgh Rys. Co. (and the companies
operated by it) and Pittsburgh Motor Coach Co., and Beaver Valley Trac¬
and its subsidiary.—V. 149, p. 742.
tion Co.,
Philadelphia Rapid Transit
Co.—Plan Being Mailed to
Stockholders—
the transit reorganization plan to security holders
begun Aug. 16, when copies of the plan, proxies
informational material were mailed to the 20.010 preferred
stockholders and the 2,000 common stockholders of the company.
P
R T. stockholders will meet Oct. 16 to take final action on the plan.
8imilar mailings will be made within the next few days to the 25,000
stockholders of the various lessor companies, all of whom will also meet
during the latter part of October to act upon the reorganization proposals.
Commenting on the action, Edward Hopkinson Jr., and Albert M. Green¬
field, reorganization managers appointed by Federal Judge George A.
Actual submission of
of the P. R. T. system was
and other
"Three1
783,389
$1,116,231
1939
YARNALL Si CO.
1938
1939
$11,069,563
4,654,347
Provision for retirements........
Federal income taxes
Long Island Lighting Debenture 5M», 1952
Philadelphia & Reading Terminal 6s, 1941
Commonwealth of Penna. Turnpike Revenue
Subs.)—Earnings-
... — —
19,
Philadelphia Suburban Water 1st 4s, 1965
Indianapolis Water Works Securities 5s, 1958
1939, were $19,502,116 as compared with
This is an increase of $1,240,330 or 6.79%.
Total sales from Jan. 1 to July 31, 1939, inclusive, were $135,157,975
as compared with $123,556,966 for the same period in
1938. This is an
increase of $11,601,009 or 9.39%.—V. 149, p. 1033.
Sales for the month of July,
$18,261,7ft6 for July, 1938.
Pennsylvania Electric Co. (&
Aug.
important steps to end Philadelphia's long-standing transit
problem already have been taken.
They are approval of the November
plan of reorganization by the State Public Utility Commission, approval of
the plan by the city, and approval of submission of the plan to stockholders
by the boards of directors of all companies parties to the proceedings.
"Today marks the beginning of the fourth step.
Should consents of
stockholders and creditors in the necessary majorities be forthcoming, the
fifth and last step will be the seeking of final confirmation of the u. S.
District
Court.
opinion, is fair to investors.
It maintains due regard
public interest and for the interest of P. R. T. employees.
It puts
an end to expensive and non-productive litigation, which already has ex¬
acted a heavy toll from the owners of the property.
It recognizes the urgent
need of modernization, bringing to car riders improved service and to stock¬
holders an opportunity to share in the earnings which modernization should
recapture for Philadelphia's public transportation facilities.
"In 1929 this property grossed $49,000,000 a year.
Today that same
property produces only $32,000,000 a year, a drop of 35%.
The spread
of unemployment and the increase in the use of private transportation have
brought about this severe decline, but the effect of the latter factor was
unduly disastrous because of the system's inability to secure modern cars
and buses with which it could compete more successfully with the private
automobiles.
Reorganization will remove this great handicap."
Mailings and other duties relating to securing a determination of the plan
of reorganization by stockholders and creditors are in charge of C. D.
MacGillivray, Executive Secretary to the reorganization managers, and
Howard W. Barndt, Assistant Secretary of P. R. T.—V. 147. p. 585.
"The plan, in our
for the
$89,219
105,000
$78,540
105,000
$15,781
$26,460
Net income
•
Dividends accrued on preferred stock.
Balance, deficit
-V. 148, p.
-
3079.
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns.
1939—12 Mos.—1938
1939—6 Mos.—1938
Period End. June 30—
5,570
$2,564,443
29,672
$4,903,024
31,794
$5,125,109
59,197
Total gross earnings. . $2,482,002
Oper. expenses & taxes.. $1,917,738
$2,594,115
$2,078,398
$4,934,818
$3,934,046
$5,184,307
$4,119,804
$564,264
$515,717
$1,000,772
$1,064,502
299,802
305,980
605,105
615,299
115,140
125,802
239,268
261,959
$149,322
105,000
$83,935
105,003
$156,399
210,000
$187,244
210,003
sur$44,322 '
$21,068
$53,601
$22,750
Operating revenues
$2,476,432
Non-oper. revenues (net)
Net earnings
& other charges of
subsidiary companies.
Int. & other charges of
Pa. Gas & Elec. Corp.
Int.
Net income
Divs. accrd.
on
pfd. stk.
I*.
JFBalance, deficit...
—V.
148, p. 3080.
Pennsylvania Power & Light Co.—Bonds Called—
Company's first mortgage gold bonds 4lA% series due 1981, due April
1981, have been called for redemption on Sept. 11, 1939, at the rate
Pennsylvania State Water Corp. (& Subs.)—Earnings
1939
1938
earnings—
$1,265,334
Operating expenses, maintenance, and taxes.578,671
for retirements.
........j.
70,316
$563,476
1,839
58
342,327
55
6 Mos. End. June 3j>—
Net loss.
19,38
1937
1936
$296,909prof$121,977 prof$51.960
1939
$47,142
.
After depreciation, interest
x
1972.
and all other charges.—V. 148, p.
Pittsburgh & Lake Erie RR.—Earnings—
Net
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income.
$237,700
$224,141
fromry. oper,
$5,787,769
5,922,655
$7,347,361
7,064.845
$152,634
$282,516
x$134,886
132,181
769,812
682,825
0169,620 01,135,304 01,052,777
$208,348
153,023
Crl82,375
rev.
1939—6 Mos —1938
1939—Month—1938
$1,463,951
$1,103,070
1,255,603
950,436
Period End. June 30—
Ry. oper. revenues
Ry. oper expenses
337,441
$271,843
Phillips Jones Corp. (& Subs.)—Earnings—
x
$1,242,771
608,820
$616,347
2,119
Misrepresentation—;
Trade Commission with dis¬
the sale of Philip Morris,
English Ovals, Players' Navy Cut and Marlboro cigarettes.
The Com¬
mission alleges the company falsely represents that it has been established
for over 80 years and has factories in Cairo, Egypt, and in Hamilton,
Canada.
It also alleges the company has falsely represented that it is an
English corporation and holds a warrant entitling it to display the British
Royal Arms, and that Philip Morris, English Ovals and Players' Navy
Cut cigarettes are being manufactured in England.—V. 149, p. 737.
1,
of
104H% and accrued interest to Sept. 11
1939. Holders may obtain the
full redemption price, including accrued iterest to Sept. 11,
1939, upon
surrender of their bonds at the principal office of Guarnaty Trust Co. of
New York, 140 Broadway, New York City, or at the office of Harris Trust
& Savings Bank, Chicago, 111., on and after Aug. 14, 1939.
The Guaranty Trust Co. of New York has been appointed Trustee,
Paying Agent and Registrar for an issue of $95,000,000 principal amount of
Pennsylvania Power & Light Co. first mortgage bonds 3M% series due
1969, due Aug. 1, 1969.—V. 149, p. 1033.
12 Months Ended June 30
Philip Morris & Co.—Charged with
Company has been charged by the Federal
of misleading representations in
semination
Gross
70,475
Reserved
Gross
income...
____
_
Interest and other deductions of subsidiaries..
Minority inter est
Int., amort, of disc't, &c., of Pa. State Water Corp
$190,073
12,896
$648,008
78,509
$235,066
$248,701
60,075
3,226
$202,969
33,833
3,303
$726,517
194,232
20,681
$316,629
charges.$185,400
$0.21
743.
$165,833
$0.19
$511,604
$0.59
$234,457
$0.27
Other income-...—11,001
Total income-......-
Miscel. deduc. from inc.
Total fixed charges..
81,563
60,741
21,431
Net income after fixed
Net income
-V. 148, p. 2910.
Net inc. per sh. of stock.
x Deficit.—V.
149, p.
•Earning,s-
Philadelphia Co. (& Subs.)-
$41,909,976 $41,216,350
14,225,768
13,749,005
Operation
Maintenance and repairs........
120,894
2 QQ9 431
Taxes
Provision for Federal and 8tate income
Other income (net)
$360,691
22,130
$305,615
58,042
$596,0,53
100,695
Interest (net).
Deprec'n, depletion and
$13,830,695 $13,364,053
159,718
Drll8,257
...
a$291,411
213,336
a$83,315
334,137
a$269,281
309,493
$363,657
342,059
373,742
27,109
.$14,010,795 $13,543,943
179,890
180,100
......
a$296,651
235,361
ProfitNet operating revenue
Rents for lease of electric properties
455,666
26,139
443,648
34,111
509,860
22,038
10,798
11,533
87,539
Dr7,792
127,113
7,630
78,658
$975,263
$1,191,438
$581,328
P.ov. for Fed. inc. tax..
amortization.-..Net operating income
.....
Other income (net)
j._-
c
Gross income
^
Interest on funded debt..
Amortization of debt discount and expense
Other interest (net)
;
Guaranteed divs. on Consolidated Gas Co. of the
$13,712,438 $13,523,771
5,472,896
5,466,996
509,153
509,821
Cr90,305
Cr46,804
69,192
City of Pittsburgh preferred capital stock
AnproPriations for special reserve
Miscellaneous deductions
Balance.
Divs.
on
272,512
capital stocks of subs, held by others
Consolidated net income
Consolidated surplus, beginning of period
Total
5% non-cumulative preferred dividends.
$6 cumulative preference dividends
$5 cumulative preference dividends
Common stock dividends
income tax deficiencies,
prior
$7,048,164
1,601 250
$5,486,169
34,694,494
years,
61", 194
Registration statement expenses, applicable
prior periods
in securities and indebtedness
► Beaver Valley Traction Co. written off
Miscellaneous debits (net)
_
on
sale & demoli'n
of property, &c__.
Minority interest.
Net loss..
a
*
93,643
prof$11,662
Loss.
;
Note—No provision has been made
for Federal surtax on
Plainfield-Union Water
Co.—Acquisition—
The State Board of Public Utility Commissioners approved on Aug. 11
the sale of the property and assets of the New Orange Park Water, Heat,
Light & Power Co. to this company for $10,000.
The deal includes all
assets of the New Orange Park company except cash in the bank and on
hand.
^.
three months
been settled.
which to file formal accept¬
Approval is conditional on this company's submission within
all liabilities of the purchased company have
of proof that
The Plainfield-Union company has 10 days in
ance of the conditions imposed.
The New Orange company ceased its electrical operations about 15 years
but still is furnishing water for the residents of that section.—V. 133,
ago,
p.
1126.
Porto Rican-American Tobacco Co.-
137,568
1,205,900
_
_
Period End. June 30—
Net loss after taxes,
1
,§85
1939—3 Mos.—1938
$66,739
$83,290
a Exclusive
of company's proportionate share
sidiary, Congress Cigar Co., Inc.
of
_
a
interest, &c...
to
386,502
.$28,136,867 $32,823,283
undistributed
profits.—V. 149, p. 120.
5,881,971
Investments
Profit
to-
gether with interest and expenses thereon.
securities written off.
Investments in
Consolidated surplus, end of period
Cr39i255
$38,662,097 $40,180,663
7Q9
792
.11' 1,473,420
1,473,420
600 000
600,000
269.340
269,340
2,160,153
3,360,232
6% cumulative preferred dividends
Federal
$7,441,388
1,575,000
27,574
$5,838,814
32,823,283
.
Minority int. in undistributed net income of a sub.
r
69,192
250,000
264,003
1936
1938
1937
$13,987,026 $15,956,322 $16,862,566
16,556,951
14,283,677
16,247,733
11,187,746
Profit—.
11858,150
"taxes! I III
Costs, expense, &c
2,929,578
2,087,816
5,636,136
Appropriations for retirement, and depl. reserves..
Exploration and development costs
(& Subs.)—Earnings—
6 Mos. End. June 30—
1939
Net sales
$11,548,438
3,414,196
5,491,812
3,058,802
...
Pittston Co.
1938
1939
Years Ended June 30—
Operating revenues
•Earnings—
1939—6 Mos.—1938
$136,810
$166,612
of net profit of its sub¬
Hearing Set—
Federal Judge Goddard has set a hearing
of the company for permission to
trustees
for Sept. 5 on the petition by
sell to William E. Waterman
Volume
151,300 shares of Class B
$151,300.
The court authorized the trustees to
investigate the financial condition of
the company and to
report on the desirability of continuing its business.
common
stock of Waitfc & Bond, Inc., for
—V. 149. p. 422.
Postal
Telegraph Land Line System-—Earnings-
Period End. June 30—
1939—Month—1938
1939—6 Mos.—1938
$1,764,540 $10,406,256 $10,478,234
113,519
628,612
698,039
155,966
958,148
953.533
94,696
614,844
593,759
1,270,681
7,762,135
7,715,792
50,215
44,649
294,827
259,729
.
_
Relief depts. & pensionsother general
and
All
34,044
211,209
37,336
operating revenues.
$27,267
Uncoil, oper. revenues..
Taxes assignable to oper.
5,000
86,629
$47,693
5,000
87,520
x$63,519
30,000
484,045
$22,821
30,000
529,350
$44,8.27
2,708
$577,564
15,894
$536,529
Non-operating income..
$64,362
2,865
Gross loss
Other deductions
$61,497
248,235
$42,119
251,600
$561,670
1,493,088
$521,091
1,510,306
Net deficit...
$309,732
x Indicates loss."—V.
149, p. 422.
$293,719
$2,054,758
$2,031,397
Operating loss....
...
—
.
Public Service Co. of New
Period End. July 31—
due
15,438
The
22,678
275,000
915,345
66,343
274,536
funds requested through
$147,735
3,510
$147,710
3,635
$1,701,339
19,474
$1,921,106
44,017
$151,245
58,361
$151,345
58,361
Crl,959
9,122
$1,720,813
$1,965,123
676,900
Crl3,056
8,784
$83,685
55,816
Gross income..—
Bond interest
$85,821
52,176
$917,586
651,592
Other interest (net)
415
Other deductions
Net income.........
Pref. div. requirements.
Subway Planned
were
$34,910,000.
Jbado
as
No specific request for money for the subway was
it would become a part of the city's Independent System.
Board requested for present and new construction of subways a
capital budget of $727,165,533.
For projects set up in 1939 as requiring
The
$42,619,562 and
700,337
Crl4,348
117,238
108,596
$1,192,683
624,036
x The estimated expense of the storm of September, 1938 is $275,000.
All of this amount has been charged against 1938 operations.—V. 149,
586.
Co.—Merger Approved—
Merging of East Newark Gas Light Co. and The Ridgewood Gas Co.
into Public Service Electric & Gas Co. was approved on Aug. 14 at meetings
of stockholders of the three compznies.
Under the agreement for the merger, the capital stock of East Newark
Gas Light Co., all of which Public Service owns, will be canceled.
In the
case of The Ridgewood Gas Co., the majority of whose capital stock is
also owned by Public Service, the holdings of individual stockholders will be
converted into 5% bonds of Public Service Electric & Gas Co., at the rate
of one $100 bond for each 2 A shares of capital stock. When converted, the
capital stock of The Ridgewood Gas Co. will also be canceled.
This step practically completes a program that has been in progress for
some time, of simplifying the corporate structure of Public Service Electric
& Gas Co. by eliminating, through merger or otherwise, its underlying
subsidiaries,—V. 149, p. 743.
I
projects,
Quebec Power Co, (& Subs.)—Earnings—
6 Mos. End. June 30—
1939
Gross revenue.....
$2,163,138
1938
1,357,903
$2,050,488
1,210,465
253,490
——
256,030
charges—
Amort, of bd. dis. & exp.
......
148,
v.
1937
$1,938,430
1,124,121
1,631
304,266
24,525
$1,846,435
1,060,156
2,763
304,266
$483,887
making the total of funds requested for
an appropriation of
The total budgetary
1940 $150,448,883.—
3541.
p.
Communications, Inc.—Earnings—
1939—Month—1938
$415,307
$417,378
38,959
51,885
2,900
2,900
1939—6 Mos.—1938
$2,696,206
308,122
17,400
$2,584,869
328,461
17,400
& miscell.
298,164
290,838
1,823,573
1,785,661
$75,284
28,764
37,416
1,000
25,483
$71,755
29,564
38,453
$547,111
$453,347
183,598
239,*81
6,000
151,296
$40,149
3,123
$38,308
4,211
$315,212
39,073
$240,368
69,450
Deducts, from gross inc.
$43,272
22,003
$42,519
22,501
$354,285
129,451
$309,818
143,118
Net income.
$21,269
$20,018
$224,834
$166,700
expenses
Net teleg.A cable oper.
revenues
Other operating revs
Other oper. expenses...
Uncoil, oper. revenues..
Taxes assign. to opers.
.
Operating Income...
Nonoperating income—
Gross income
—V. 149, p.
.
.
-
—
176,941
228,584
6,000
174,256
1,000
23,553
422.
Reece Folding Machine Co.—Earnings—
6 Months Ended June 30—
Gross profit
1939
$49,318
11,311
27,742
Total income
Income deductions
Netincome—..—■
$2,574
1,019
$17,444
1,561
$3,593
$19,005
57
505
$10,146
... ..
.....—. ......
$53,486
11,093
24,948
$11,507
1,361
Profit from operations..
Other income-
$37,418
11,835
23,009
$10,265
1,242
Depreciation
Servicing, selling and general expenses
$3,537
$18,501
1938
1937
Balance Sheet June 30,1939
Assets—Cash, $22,784; accounts receivable, $31,547; notes receivable,
$617; accrued interest on notes receivable, $17; marketable securities at
cost, $25,579; inventories, $55,786; other investments at cost (9,293 shares
of stock in own company), $12,590; machines on lease (net), $122,104;
machinery, tools and fixtures (net), $25,831; patents (net), $17,072; office
furniture and fixtures (net), $1,608; deferred operating charges, $1,371;
goodwill', $812,986; total, $1,129,891.
Liabilities—Accounts payable, $3,274; reserve for Federal and State
taxes, $1,980; capital stock, $1,000,000; surlpus, $124,637; total, $1,129,891.
—V. 147, p. 3620.
$479,251
1936
additional $2,500,000 for projects.
Period End, June 30—
Teleg. & cable oper .revs.
Depreciation & amortiz.
Relief depts. &
pensions.
,
^
an
requests therefore 1939-1940 pending projects amounted to $77,825,139,
while additional funds of $72,623,744 were requested for 1940 for new
f
Public Service Electric & Gas
1945 are $631,571,033 and funds
complete construction are figured at $95,594,500.
The Board's estimates Include In a second
category a two-track subway
under the Seventh Ave. extension, from 59th St. to 145th St. to
pass under
Central Park.
The estimates given for this by the Board's engineers
891,387
46,735
299,851
5.320
Non-oper.inc. (net)....
Fixed
total
All other gen.
76,073
4,915
21,443
76,894
Net oper. income
Expenses
Exchange.
—
1945.—.
R. C. A.
xl939—12 Mos.—1938
$6,075,410
>,198,141
2,916.331
2,965,578
to
State & municipal taxesSocial security taxes.
Federal (incl. income)..
p.
Pending
New
Projects
Projects
Total
$25,889,000 $88,496,900 $114385,900
5,731,650
91,462,400
97,194,050
3,608,500
94,768,200
98,376,700
2,694,600
78,995,500
81,690,000
2,702,500
86,773,000
89,475,500
1941..—.
funds after "1939 to complete" the Board requested
Hampshire—Earnings
1939—Month—1938
$490,825
$527,436
274,809
240,684
Operating revenues
Operating expenses
^
making up its estimate for its five-year program from 1941 to 1945,
234,561
Net telegraph & cable
I
In
needed after that year to
miscell. expenses..
exp.
1938 storm
1189
of the city for rapid transit projects now under
way or plai
ilanned
for the future would involve a total of
something like $1,100,869,333.
ments
basis'°afd fi®Ures that Its annual needs would work out along the following
Teleg. & cable oper. revs $1,813,579
Repairs
121,707
Deprec. & amortization.
159,691
All other maintenance.
92,419
•Conducting operations.
1,328,236
Extraord.
19432
The Commercial & Financial Chronicle
149
Net prof, before depr.
& income taxes
-V.
149,
p.
$551,745
$583,993
743.
Reo
Raybestos-Manhattan, Inc. (& Subs.)-—Earnings6 Mos. End. June 30—
1939
Net sales
..$10,003,386
...
$9,716,068
6,884,786
$7,140,424 $13,528,549 $10,086,625
5,628,760
9,437,361
7,043,923
$2,831,282
1,929,090
$1,511,665
1,735,191
$4,091,189
2,149,404
$3,042,701
1,843,117
$902,191
93,617
y$223,526
94,899
$1,941,784
141,288
$1,199,584
87,554
y$128,627
161,713
$2,083,072
102,032
$1,287,138
12,011
320,397
xl50,000
193,543
$709,130
7,578,923
y$302,35l
7,842,536
$1,510,642
7,029,284
$8,288,053
315,984
$7,540,184
332,538
$8,539,926
476,611
$7,436,743
476,382
before
other deduc'ns,
prec'n & taxes
Other deductions.
Prov. for Fed. &
104,473
State
for contg.
......
Surplus at begin, of per'd
Total surplus
Dividends paid.
.....
Surp. at end of period- $7,972,069
$7,207,646
$8,063,316
$6,960,361
631,600
632,000
635,500
635,200
$1.12
Nil
$2.37
$1.55
x For
the surtax on undistributed profits and other contingencies.
Shs.com.stk.out.(nopar)
Earnings per share
y
x
1938
$
%
2,007.952
Cash
Market, secure.
.
990,992
1939
Liabilities—
1,813,4.18
425,447
wages...
receivable...... 2,232,435
Mdse. inventories.
Investments
Sund.
rec.
59,868
4,035,728
361,387
1,775,110 Prov. for taxes...
30,545
4,373,479
306,749
(non340,262
7,332,948
Deferred charges..
97,410
7,447,087
119,506
y
...
for
Fed.
.
Fixed assets
364,080
144,558
278,238
86,472
491,424
A
State inc. taxes.
160,153
Res. for contlng..
250,000
Capital stock... 9,721,800
Surplus.—..
7,972,069
b Treas.
$
451,440
z
350,447
eurr.)
Prov.
1938
$
Accounts payable.
Accrued salaries A
Notes, accts., Ac.';
Other accts. rec...
stock.,.. X>r913,936
12,019
250,000
9,721,800
7,207,646
Z)r906,680
.
third
amended
plan of reorganization
595,157
Judge
directors»
*
Act would set
corporation with capital stock (par $1). which would be exchanged
for present $5 par stock on a share-for-share basis.
To insure continuity of
management the plan would have the stock deposited in a voting trust
and the management would be vested in three voting trustees to be ap¬
pointed by the Court.
The voting trust provision and write-down of capitalization were said to
have resulted from objections of the Reconstruction Finance Corporation
to company's large operating defict and the frequent changes in its manage¬
ment
The trustee has been endeavoring to obtain a $2,000,000 or $2,500,000 loan from the RFC to provide working capital and the voting trust
would continue for the length of any RFC mortgage that may be secured,
but not to exceed 10 years.
:'
Judge Lederle indicated that the amended reorganization plan is worthy
of consideration and asked the Securities and Exchange Commission to
prepare an advisory analysis of it to be ready Sept. 7.
Hearing on the
reorganization plan was set for Sept. 12.—V. 149, p. 423.
The amended plan of reorganization under the Chandler
up a new
.
A1_
Reynolds Investing Co., Inc.—Reorganization Urged—
John Gerdes and James D. Carpenter Jr., trustees for
Judge Fake will hold a
hearing on Sept. 15 to allow holders of common
their opinions
and preferred stock or debentures in the company to express
on the recommendations now submitted .—V. 148, p. 1975.
Reynolds Metals Co.—Change in Transfer Agent—
Co. has been appointed Transfer Agent for
and 5A% cumulative convertible preferred stocks of this
in lieu of Bankers Trust Co., effective Sept. 1, 1939.—V. 149,
The Bank of the Manhattan
the
common
company,
p.
886.
Richfield Oil Corp.—Earning s1939
6 Months Ended June 30—
Sales, excl. State & Fed.
Total.... .....18,064,323 17,226,762
Market value $1,028,932 in 1939, and $440,838 in 1938.
yAfter depre¬
ciation of $10,605,978 in 1939, and $11,006,802 in 1938.
z Represented by
x
676,012 shares (no par value),
b Represented by 44,412 shares, at cost in
1939, and 44,012 shares, at cost, in 1938.—V. 149, p. 587.
Rapid Transit in
Transit Outlays—
the company, in a
special report Aug. 14 to Judge Guy L. Fake in U. S. District Court at
Newark, N. J., recommended that the company be reorganized rather than
liquidated.
The trustees also recommended suits totaling $3,000,000 against some
former officers and directors of the company.
The trustees said they
believed that "there is a reasonable prospect of success in the prosecution
of such claims and causes of action."
Liquidation of the company, the
trustees said, would be wasteful and would cause needless losses to stock-
1938
—$20,619,071 $20,566,489
434,390
882,657
gasoline & oil taxes
595,157
—18,064,323 17,226,7621
N,
Y.
City— City Plans
Billion
xn
Figures submitted Aug. 10 by the Board of Transportation to the City
Planning Commission which is holding bearings on the make-up of a
capital outlay budget extending beyond 1945, indicated that the require-
filed in Federal District
proceedings, which was filed by counsel for the corporation and certain
Total operating income—
Total
was
Other operating revenue
Trade-name, good¬
will, Ac
Re¬
holders
Consolidated Balance Sheet June 30
1939
Assets—
Plan for
.
de¬
income taxes..
res.
Third
Files
Arthur F. Lederle overruled the motion for dismissal of the Chandler Act
$989,122
6,447,621
Profit from operations
Net income...
A
$7,348,750 $13,916,575 $10,390,895
208,326
388,025
304,270
Other income.........
income
Co.—Trustee
Car
Court at Detroit, Aug. 14, by counsel for Theodore I. Fry, trustee.
1936
160,153
profit..
Sell. & admin, exps——
Add'ns to
1937
$995,808
126,524
Income from sales
Manufac'g cost of sales.
Total
1938
287,319
Discounts & allowances-
Gross
Motor
organization—
Cost of sales and services
$21,053,460 $21,449,146
—
—
..... —
administrative expenses. .....
Depreciation, depletion and amortization.;
Dry hole losses and abandonments
....
Selling, general and
Net non-operating income
Interest on debentures
.........
.....
Amortization of debenture discount
....
Estimated provision for Federal income taxes
.
Net profit
Earnings per share on
—V. 148, p. 3241.
4,010,000 shares
com.
stock.
Cr9,109
188,528
31,997
125,000
12,920,766
4,491,925
2,425,561
349,140
Dr22.792
169,155
29,425
35,000
',$1,196,128
,$0.30
$1,005,383
$0.25
11,538,770
4,672,664
2,813,239
496,243
The Commercial & Financial Chronicle
1190
Rio Grande Southern RR.—Would Borrow
served
Gross
revenue
Oper.
to reach other
4, at its offices in Washington, D.
Sales.
1936
1937
1939
£704,500
1938
£692,500
£1,243.500
£462,500
340,500
398,000
491,500
260,000
£364,000
£294,500
£752,000
£202,500
1939.
Division
C., on Oct. 31.—V. 149, p. 1036.
Inc.—Sales—
Safeway Stores,
Period End. Aug.
Copper Mines, Ltd.- —Earning s-
3 Mos. End. June 30—
as
replies to exceptions may be filed and served on or before Oct. 10,
This case is assigned for oral argument before the Commission,
of operation.—V. 147, p. 902.
Roan Antelope
so
1939
19,
to the proposed report must be filed in Washington and
counsel of record on or before Sept. 20, 1939;
Exceptions
—-
The receiver has applied to the Interstate Commerce Commission for
permission to borrow $50.000from the Reconstruction Finance Corporation.
The use to which the loan is to be applied is rehabilitation of the road in
order to effectuate essential economies and in the interest of public safety
Aug.
1939—32 Wks.—1938
1939—4 Wks.—1938
5—
$29,498,189 $28,684,522 $229878,858 $223526,242
-
Stores in operation
—V. 149, p. 744.
3,227
2,947
.
exps.
.....
(incl. London
& mineadm. charges),
Est. surplus over
ing expenses
Prov. for deh. stock int.
and prem. on
8,500
22,500
50,000
37.500
redemp.
50,000
50,000
Est.prof. subj. totax.
£314,000
£244,500
£142,500
£693,500,
—V. 148, p.3242.
Rochester Gas & Electric Corp.—Earnings■—
12 Months Ended June 30—
Total operating revenue
-
1938
1939
,
$3,934,488
11,037
debt,
$4,525,402
$3,945,526
Other income.
funded
to
$4,544,050
18,648
interest
miscellaneous
Co.—Preferred Stock Called—
Schiff
1939.
1,819,258
$2,123,103
1,393,226
.
$2,724,792
1.393,226
for
$1,331,566
with sales last year
...»
—V. 149, P. 887.
July Sales—
Sales for the month of July,
Roses, 5, 10 & 25 Cent Stores, Inc.- —Sales—
$358,308
$2,375,825
103
Stores in operation.
compared
This was a gain of 8.20%.—V. 149,
of $6,702,189.
423.
"V:
V:
;
Scott
$2,485,057
105
$393,925
compared with sales
as
Paper Co.—Obituary—
Vice-President and Treasurer of this company,
suddenly on Aug. 15 following a heart attack.'
He was 48.
Mr.
Wagner had been with Scott company for 27 years.—V. 149, p. 887.
Edward S. Wagner, First
1939—7 Mos.—1938
1939—Month—1938
_
1939 were $881,882,
July, 1938 of $802,258.
This was a gain of 9.93%.
Sales for the seven months period this year were $7,251,740, as
p.
Pcriod End. July 31—
,
At a meeting of the board of directors held on Aug. 11, the outstanding
7% cumulative preferred shares of the company were called for redemption
on Sept. 15,1939, at a price of $115 a share plus regular quarterly dividends.
The redemption of said shares will take place at the Bank of the Manhattan
Co., Corporate Trust Department, 40 Wall Street, N. Y. City, on Sept. 15,
$729,877
Preferred stock dividends
Sales...—
by the Quebec Provincial Electricity
bank loan notes, payable in United
,
1,822,423
Balance
authorized
been
has
issue $3,400,000 of 2A%
Proceeds of the issue are to be used to redeem outstanding serial notes
bearing interest at the rate of 3%, 3K% or 4%. depending on maturity
date, and to repay a current bank loan of $700,000.
Principal amount of
serial notes to be redeemed is $2,720,000 and the whole operation requires
$3,470,000.
The $3,400,0"0 bank loan notes are to be sold at not less than par.
The
remaining $70,000 is to be obtained from the current funds.
The bank
loan notes are to mature serially 1940 to 1946.
A total of $700,000 will
mature in each of the next two years, and $400,000 per annum from 1942
to 1946 inclusive.—V. 149, p. 487.
$16,009,001 $15,970,536
12,074,513
11,445,134
Total operating expenses and taxes.....—
on
Board
States funds.
Reserve for replacements
and obsolescence
Interest
Saguenay Power Co., Ltd.—Bank Loans—
Company
work¬
died
—V. 149, p. 423.
Seaboard Commercial
Rutland
RR.—Earnings—
Period End. June 30—
Ry. oper. revenues
Railway oper. expenses.
1939—6 Mos.—1938
1939—Month—1938
$277,504
$239,456
267,168
251,653
$1,399,498
1,590,582
$1,631,255
1,604,421
Net
$10,336
18,588
4,749
x$12,197 *
29,172
Net ry. oper. deficitOther income
$13,001
5,452
rev.
from ry .oper.
_
802
$26,834
116,123
12,516
x$191,084
175,436
4,653
$42,171
5,211
$101,805
26,702
$371,173
24,687
•
Operating
—
Total deficit
$36,960
$7,549
Miscell. deductions
333
33,745
33,885
Net
def.
fixedL
after
$71,179
Interstate
Commission
in
a
report
dated Aug.
Examiners J. V. Walsh and T. K. Carpenter.
New capitalization and charges are proposed as follows:
Issue—
Amount
Undisturbed equipment trusts
$5,874,000
Total fixed interest debt....
1,493,293
1,204,147
8,686,692
41,802
7,785,060
51,227
Accounts
Repos. autos., &c.
11,360
13,301
i
2,999.561
1,125,000
1,818,265
202,029
$6,144,855
3,091,065
$177,898,610
Total debt and preferred stock
Reserves
$9,235,920
lack of assets free
of mortgage lien.
It is proposed that the equipment
obligations remain undisturbed; and that the new 30-year 4% divisional
mortgage bonds be distributed in exchange, par for par, to holders of the
two issues of Kansas
City Memphis & Birmingham RR. bonds.
The examiners recommend that the claims of the Reconstruction Finance
Railroad Credit Corporation for liens prior to the liens
of all or part of the prior lien and consolidated mortgage bonds be denied.
Corporation and
It is proposed that the other new securities be distributed
outstanding securities according to the following table:
to holders of
261,776
2,235
2,235
Deferred Income..
50,607
61,086
5% cum. pref. stk.
42,900
(par $50)
Com. stk. (par $10)
Capital surplus
1,000,000
1,015,050
383,065
282,335
.10,330,237
9,159,956
subs....
Prepaid exps. and
deferred charges
x
44,248
Includes accrued
9,159,9561
Total.
306,576
1,000,000
1,015,000
306,538
expenses.—V. 149, p. 745.
Sears, Roebuck & Co.—Sales—
1939—4 Weeks—1938
1939—28 Weeks—1938
—$39,894,986 $33,146,451 $317,383523 $258,132811
Sales....
—V. 149, p.
588.
Corp.—Listing of Bonds—
Shell Union Oil
New York
16 author¬
Company
was permitted to file a brief statement, consisting principally of a table of
dividends, a three-month income statement and the agreements that bind
the company to adhere to the regulations of the Stock Exchange.
Other
information required by the Exchange was included in the prospectus of
the issue.
To avoid duplication, the Exchange accepted this as part of the
listing application.—V. 149, p. 745.
The corporation is the first company to take advantage of the
Stock Exchange's short form of listing statement, obtaining Aug.
ization for $85,000,000 of 15-year 2A % debentures due in 1954.
Is* Div.
Out-
Mtge.
4s
standing
$5,874—
K.C.M. &B. gen. 4s
Each $1,000
3,323
K.C.M. & B. inc. 4s_.
3,183
2d,
Div.
Mtge.
1 st
&
Pref.
4s
4s
4lis
Stock
—Will remain undisturbed
Com.
Shares
3,183
100%
9,869
7,079
48.3%
Interest
C.)
Smith
'
-
& Corona Typewriters, Inc.—Unfilled
■
South Carolina Electric & Gas
of July last year.—V. 149,
Co.—Earnings—
1939
$4,132,585
1,720,547
30.1%
13,920
28,428
339
9%
18.4%
25.2%
$1,036,970
20,832
$1,019,554
Federal income taxes
Other taxes
Operating income.
27,6663
216,355
434,265
25,500
510,968
$1,057,802
508,059
205,168
60,865
21.6%
21,396
.;
$3,735,795
1,511,736
216,468
630,097
19,500
587,710
$958,263
61,291
Provision for retirements
15,863
f
Prior lien 5s
(L.
Maintenance
6,975 i
91,887
$0.17
x This
includes $65,330 additional market profit realized from sales,
After taxes and depreciation but before depletion.
For the year ended June 30, 1939, the books show a.net loss of $125,433
after all taxes and depreciation but before depletion equal to 10.3 cents per
outstanding share.—V. 148, p. 3388.
Operating revenues
Operating expenses
$1,000
$205,248
y
12 Months Ended June 30—
100%
25,835f
x$414,236
$0.34
Nil
$0.03
1936
1937
1938
loss$71,857
5%
Income
3,323
...
Earns, persh. on 1,220,467 shs. com. stock
the end of July were approximately 28% greater
and approximately 10% greater than at the end
Receive
Mtge.
Mines Co.—Earnings—
1939
$46,607
Net profit
Company reported that unfilled orders for its L. C. Smith machines at
than on June 30 this year,
(Last three figures omitted)
Will
3 Mos. End. June SO—
y
Orders—
Exchange of New for Old Securities
Each
...
60,174
161,311
116,061
156,343
165,634
213,301
Earned surplus...
owned
Furn., flxt.& equip
Silver King Coalition
Interest-
Dealers' partic. res
wholly
8.260
x9,379
59,390
.
$62,102,176
Total capitalization
$240,000,786
$9,235,920
The equities of the holders of both the common and preferred stock are
found to have no value; and no provision is made for the stockholders
in the plan.
The same is true as regards general creditors, because of the
Prior lien 4s
7,021,500
5,948,500
Period Ended Aug.13—
$116,077,314
61,821,296
Common stock...
in
payable
Acer, taxes, &c
by
127,311
2,531,650
75,671,422
Total debt
11
Invest.
rec.
$
$
Misc. acc'ts rec...
132,936
40,405,892
5% preferred stock
$1,000
1938
1939
Liabilities-
$
Notes pay., unsec.
Charges
$207,664
Capital fund (approximate)
Income mtge. 43^% bonds, due 2015
Income mortgage sinking fund
K.C.M. &M. 4s
25,000
40,508
40,602
1938
Total..........10,330,237
K. C. M. & B. division 1st mtge. 4% bonds, due
1970
3,323,390
K. C. M. & B. division 2nd mtge. 4% bonds, due
1970
3,182,780
First & gen. mtge. 4% bonds, due 1990
63,291,252
Each
19,000
$102,771
25,000
$
Notes & acc'ts
Commerce
Existing Securities—
Equip, obligations
22,000
$142,613
Comparative Balance Sheet June 30
Assets-
Cash
Francisco
A plan of reorganization for the company contemplating a reduction in
total capitalization from $388,700,000 to $240,000,000 and a cut in fixed
interest charges from $12,613,106 to $2,999,561 annually is recommended
the
254,951
52,394
the period
Net income
Dividends on preferred stock
Dividends on common stock
$552,293
$281,293
Ry.—Proposed Reorganization
Plan Would Eliminate Stockholders—Proposal Would Reduce
Fixed Charges to $2,999,561—
to
indebtedness during
1939
$41,627
Louis-San
$479,271
295,303
62,197
Provision for Federal taxes on income
203,418
Deficit.—V. 149, p. 887.
St.
14.489
$471,958
...
expenses
on
34,000
11,373
.
charges
x
$346,486
2,389
$75,103
2,018
204,172
334
Total fixed charges
$430,781
income
Gross earned income
Interest
1938
$396,585
64,000
provision for
contingencies
Dividends from wholly owned subsid. company._
after
and
losses
Miscellaneous
Railway tax accruals..
Eqpt. & jt. facil. rents..
Corp.—Earnings—
1939
6 Months Ended June 30—
Net earned service
charges
25,562!
Interest
Each
9,5861
Gross income
$1,000
4^s_.-.108,305f
Consol. mtge.
Interest
Consol. mtge. 6s
Interest.
13.8%
RFC (incl. int.)
Each
$1,000_.
35,4103
22,776
14,543
23,013
203
14.4%
1,533
20.6%
9.2%
14.5%
1,562
12.8%
10,000]
7,436
977
14
Common stock
65,543 Eliminated in reorganization.
(incl. int.)
$1,000...
--
...
Amortization of debt discount and expense
Interest
Preferred stock
Each
503,887
debt
charged to construction
—
153,887
60,865
Crl,135 *
03,304
4,509 (
21%
18.9%
13.1%
3.690 Assignment of sh. in marshalling & distributing fund.
7,369
1,723
1,097
1,740
15
23.4%
14.9%
36.6%
20.8%
49,158 Eliminated in reorganization.
Banks
Interest on long-term
Other interest
Each $1,000
RCC (incl. int.)
Other income
....
Dividends
on
150,000
$287,014
150,000
$152,050
$137,014
$302,050
Net income
$6 prior preferred stock
Balance
—V. 148, p. 3083.
Southeastern Industrial Loan Co.—Registers with
See list given on first page of
this department.
SEC
Volume
The Commercial & Financial Chronicle
149
South Penn Oil CW
6 Mos. End. June 30—
rw!ales------;i
Costs,
exps.,
-Earnings—
1939
§J^coast' San Antonio; Dillingham
13,456,778
15,641,152
$643,481
214,590
$3,178,450
416,813
$1,193,666
295,889
$900,203
$858,071
10,411
$3,595,262
316.518
$1,489,555
$847,660
$3,278,744
1,350,000
$1,489,555
1,256,938
$1,928,745
1,000,000
$232,617
1,142,671
$3.28
$1.30
«
taxes—
mc.
10,011
®an Antonio; Milton R. Underwood & Co., Houston, and
«
(A. G.) Spaling & Bros,, Inc —Earnings—
13,809,582
$638,867
261,336
Oth.inc. (lessoth. exps.)
Fed. & State
ou
Chas. B. White & Co.. Houston.—V.
146, p. 1090.
income
12,021,683
& McClung; Inc., Houston; Gregory
Abercrombie, Houston; Pitman & Co., San Antonio; Buss
&
1936
1937
1938
—112,660.550 $14,100,259 $18,819,601 $15,003,248
deprec.,
deplet., Fed.
taxes, &c.
1191
Consolidated Income Account, Months of May and June
1939
1938
$2,785,895
1,772,827
$2,968,123
Gross profit...
$1,013,068
Selling, advertising and administrative expense—
645,128
Depreciation and maortization, plant & equipment
51,747
Interest
6,149
Miscellaneous deductions less miscellaneous income
4,345
$926,579
817,396
63,130
5,641
1,442
Sales, net of discounts, returns and allowances..
Cost of goods sold
-
2,041,545
_
Net profit
$890,192
750,000
Dividends
1,000,000
...
Surplus—
.
$140,192 def$152,340
1,000,000
1,000,000
$0.89
$0.85
Shs. cap. stock
outstd'g
Earnings per share.
Consolidated Balance Sheet June 30
1939
1939
Accounts payable.
Tax liability...-.
Material, mdse. &
Annuities
stock oil...
6,012,507
Notes receivable..
43,505
Accts. receivable..
Due from aflil. cos.
774,306
155,124
275,954
Misc. stks. owned. 3,113,076
Cash....
3,630,769
Time deposits
2,604,649
Other receivables.
Deferred charges.
8,695
„
6,408,412
38,987
773,803
162,633
308,161
3,113,076
1,997,749
2,566,809
12,786
Capital stock.
25,000,000 25,000,000
1,045,182
324,879
1,160,782
71,844
83,188
8,791
12,924
Workmens'
for
2,195
2,068
30,050
57.528
deed to Dec. 31.
27,140
62,439
Deposits & accrued
interest
Other accr'd accts.
deed
on
39,414,995 39,811,271
of
25,532
29,858
11,848,216 11,894,795
Total.........39,414,995 39,811,271
Southern Bell Telephone & Telegraph
The New York Stock
Southern Canada Power Co.,
Net earnings
Int., deprec., amort.
dividends
$1,996,625
868,191
$1,959,183
820,377
$108,979
$108,855
1,128,434
$1,138,806
109,577
108,807
1,103,039
1,098,060
$25,395
$40,746
Surplus....
x
1939—10 Mos.—1938
&
—
like principal amount of short-term loans.
p.
The
new
1038.
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended Aug. 12, 1939 totaled
114,276,468 kilowatt-hours, an increase of 9.0% compared with the cor¬
responding week Isat year.—V. 149, p. 1038.
x$598
$48
Period End. July 31—
Sales
—V.
149,
p.
1939—Month—1938
$459,000
$359,000
1939—7 Mos.—1938
$3,152,106
$2,650,896
1038.
Sterling Products Co., Inc.—Stock Offered—
Ltd.—Earnings.—
1939—Month—1938
$199,502
$193,345
90,523
84,490
expenses—..
a
30, 1941.—V. 149,
Sterchi Bros. Stores—Sales—
Co.—Listing—
Exchange has authorized the listing of $25,000,000
40-year 3% debentures, dated July 1, 1939, and due July 1, 1979, which
are now
outstanding and in the hands of the public.—V. 149, p. 888.
Operating
retire
notes mature June
Gas
for depreciation and depletion of $98,850,309 in 1939 and
1938.—V. 148, p. 3388.
Period End. July 31—
Gross earnings
Company recently borrowed $5,000,000 on promissory notes at interest
1)4% from 16 banks and trust companies. The net proceeds of the loan
were used to
91,166
123,907
reserve
in
Spiegel, Inc.-—Promissory Notes—
876,871' 1,024,565
for
contr.aft.Dec.31
Surplus...
$288,677
Directors have declared a dividend of 30 cents per share on the common
stock, payable Sept. 11 to holders of record Aug. 25.
This compares with
20 cents paid on June 9 and March 10 last; dividends of 30 cents were
paid
on Dec. 9 and
Sept. 9, 1938; previously regular quarterly dividends of 40
cents per share were distributed.—V. 148,
p. 3084.
annuities
claims pay. after
Dec. 31..
After
Net profit for 8 months ended June 30-—V. 149, p. 268.
Spencer Kellogg & Sons, Inc.—To Pay 30-Cent Dividend
payable
currently—
for
loss416,120
$403,677 loss$377,151
50,000
65,000
Reserve for expenses of capital
reorganization
claims
Due to contr.
Due
$97,677,573
Total profit....
$38,969
97,979
Provision for income taxes-
comp.
pay. aft. Dec. 31
Workmen's comp.
*
422,347
payable
currently...
Res.
Total....
$
Liabilities—
^
Props. & equip—14,782,754 15,895,124
Stocks in other cos. 6,446,473
6,446,472
Market, secure
1,567,183
2,087,258
$305,698
.....
1938
$
1938
jA.
x
f°r months of May and June.
Profit for 6 months ended
April 30, before provi¬
sion for income taxes
Indicates deficit.- -V, 149, p. 589.
Blyth & Co., Inc., it was announced Aug. 15 were distributing 30,000
common stock through a list of selected dealers at 78H •—V. 149,
P. 1038.
shares of
Sunset
Oils, Ltd.—To Pay Four-Cent Dividend—
Directors have declared
stock,
payable
a dividend of four cents per share on the common
Sept. 15 to holders of recod Sept. 4.
Dividend of 2)4
paid on March 20, last.—V. 140, P. 3910.
cents or share was
Swan-Finch Oil Corp.—Accumulated Dividend—
Directors have declared
Southern Natural Gas Co.—Bonds Called—
Company has called for redemption on Oct. 1, 1939, $510,000 principal
amount of its first
mortgage pipe line sinking fund bonds, 4 )4 %» series due
1951, at 100)4 and interest.
Bonds called for redemption have been drawn
by lot, and payment will be made by the Central Hanover Bank & Trust
Co.
of New
York
upon
presentation
and surrender of the drawn bonds
^compamedsbj interest coupons maturing
on or after Oct. 1, 1939.—
Southern Pacific Co.—Equipment Trust Certificates—
The Interstate Commerce Commission
on
Aug. 7 authorized tho com¬
pany to assume obligation and liability in respect of not exceeding $7,575,000
equipment trust certificates, series P, to ^e issued by the Pennsylvania
Co. for Insurances on Lives & Granting Annuities, as trustee, and sold
at 101.41 and accrued dividends in connection with the procurement of
certain equipment.
The report of the Commission qays in part:
"The applicant invited 102 banks, bankers and invesment houses to
bid for the purchase of the certificates at a specified price and accrued
dividends from Aug. 1, 1939, to the date of delivery.
In response thereto
four bids were received.
The highest bid, 101.41 and accrued dividends,
was made by the First Boston
Corp., acting on behalf of itself and F. S.
Moseley & Co.; Kean, Taylor & Co., and R. W. Pressprich & Co., and has
been accepted.
On this basis the average annual cost of the proceeds
to the applicant will be approximately 2.29%."—V. 149, p. 745.
Southern
Ry.- -Earnings—
—First
Week
1Q3Q
Gross earnings (est.)...
—V.$149,
p.
$2,513,700
1Q3R
Securities
IQ^IQ
7
Denver—-Note Issue
and
Exchange Commission announced Aug. 11 that
(File 43-242) under the Holding Company
Act regarding a $4,962,084 3% collateral note to be issued under a loan
agreement dated Aug. 1,1939, to Guaranty Trust Co. of New York.
The
proceeds from the sale of the note will be used to cancel and discharge a note
of $2,921,784 outstanding as of Aug. 1,1939, under the 1936 loan agreement
and to pay for and redeem on Jan. 2, 1940, the next interest payment date,
$2,040,300 dividend notes.
The company asked for approval of the sale to West Texas Gas Co., a
subsidiary, of $3,150,000 of 6% first mortgage and collateral trust sinking
fund gold bonds, due Jan. 1, 1945, of South Plains Pipe Line Co.
(assumed
by West Texas Gas Co.).
These bonds are now pledged by Southwestern
Development Co. under the 1937 loan agreement.
The proceeds from the
sale will be applied to the cancellation and discharge of $2,751,340
4%*
company had filed a declaration
notes
outstanding under the 1937 loan agreement.
a declaration in connection with the issuance
$3,150,000 3% collateral note to Guaranty Trust Co. under a loan
agreement dated Aug. 9, 1939, for the purpose of providing it with the
necessary funds to purchase the securities from Southwestern Development
Co.
The declaration also covers the execution of a supplemental indenture
amending in certain respects the indenture under which the securities to be
acquired from the parent company were issued.
An application was also filed by West Texas Gas Co. for approval of the
acquisition of the securities from Southwestern Development Co.
Amarillo Gas Co., a subsidiary of Southwestern Development Co., filed a
declaration covering the issuance of a $270,000 3 % collateral note to refund
an existing note at a reduced rate of interest and with extended maturities.
The company also filed an application for approval of the acquisition of a
$135,000 3% promissory note of Panhandle Pipe Line Co. for the purpose
of refunding an existing note at a reduced rate of interest and with extended
maturities.—V. 148, p. 3083.
West Texas Gas Co. filed
of
a
Co.—Stock Offered—An
capital stock is being offered at $36
per share by a syndicate of Texas bankers, headed by Rauscher Pierce & Co. and Walker, Austin & Waggoner, Dallas.
This is not a new issue of stock and none of the proceeds
will accrue to the company.
The offering is being made to
residents of Texas only.
Southwestern
Life
Insurance
issue of 25,000 shares of
Other houses included in the offering syndicate are; Mahan,
& Co., San Antonio; Dallas Union Trust Co.,
distributions
(James) Talcott, Inc.—New Director—
Charles J. Winkler Jr., a member of the Boston law firm
Dana & Gould, has been
elected
Electric
Tennessee
a
of Bingham,
director of this company.—V. 149, p. 889.
Power
Co.—TVA
Takes
Title
to
Properties—See under "Current Events and Discussions" on
a preceding page.
SEC Acts
on
TVA-XJtility Deal—
Sale of the Tennessee Electric Power Co. and of the Southern Tennessee
Power Co. to the Tennessee Valley Authority was approved by the Se¬
curities and Exchange Commission, Aug. 14.
'
The sale was consummated through the Tennessee Utilities Corp., which
will take control of the two properties and turn them over to TVA.
The Securities and Exchange Commission, in announcing that the sale
consideration involved.
ID^S
$2,125,081 $75,414,109 $66,978,047
Development Co.,
regular quarterly dividends of 50 cents per share on the common and
payable Sept. 30 to holders of record Sept. 15.
Similar
were made on June 30 last.—V. 149, p. 746.
class A stocks, all
properties was exempt from the provisions of the Holding Company
Act, emphasized that it was expressing no opinion on the fairness of the
1 to Aug.
1037.
Southwestern
The
.
Jan.
Tacony Palmyra Bridge Co,—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
to the
of the
/
of Aug.
a dividend of 37 )4 cents per share on account of
on the 6%
cumulative preferred stock, par $25, payable
Aug. 10 to holders of record Aug. 1, leaving arrears of 75 cents per share.—
V. 148, p. 747.
-
accumulations
Dittmar
Dallas; Dewar, Robertson
Final Payment on Escrow Receipts and Bonds—
Owners of escrow receipts for first & refunding mortgage bonds series A
(6%, due 1947) and 5% series due 1956, are being notified that, pursuant
to the provisions of paragraph 5 of the escrow agreement dated as of March
1, 1939, the First National Bank of the City of New York, as escrow agent
under escrow agreement dated March 1, 1939, with the Commonwealth
& Southern Corp. and others, has received an amount of money equal to
the aggregate principal amount of all escrowed bonds plus accrued Interest
thereon to Aug. 15, 1939, the date of payment as defined In said escrow
agreement, and the owners of escrow receipts may accordingly receive pay¬
ment of the principal amount of the bonds represented thereby plus accrued
interest on such bonds to Aug. 15, 1939, upon surrender of their escrow
receipts for cancellation.
If payment is to be made to other than the regis¬
tered owner of the escrow receipt, the escrow receipt must be duly endorsed
for transfer and accompanied by the necessary United States documentary
stamps upon the transfer thereof, or funds sufficient therefor.
Holders of first & refunding mortgage bonds series A (6% due 1947) and
5% series due 1956 have been notified that immediate payment will be
made on these bonds at the City Bank Farmers Trust Co. at par and ac¬
crued interest to Aug. 15.
Dissolution
Completed; Distribution to Preferred Stockholders
Jo. C. Guild Jr., President, in a letter dated Aug. 10, says:
The dissolution of the company and the liquidation of its electric prop¬
erties contempleted
by the plan of dissolution and liquidation dated
May 15,
1939, has been completed, and the holders of first preferred stock certifi¬
entitled, in accordance with the provisions of the certificate
of incorporation, to be paid the par amount of their shares and an amount
equal to the unpaid dividends accumulated and accrued thereon to this
date, out of funds on deposit therefor with First National Bank, New York.
cates are now
The amounts per
share are as follows:
■
7.2% first preferred stock
—
7% 1st preferred preferred stock
6% 1st preferred stock—
5% 1st preferred stock
——
—V. 149, P. 889.
-.--—
■
Accrued
Dividend
Total
$100
100
$0.82
$100.82
.80
100.80
100
.69
100
.57
100.69
100.57
Par
Value
Tennessee Power Co.—Bonds Called—
Co., successor to Tennessee Power Co.,
redemption on Nov. 1, 1939, all of the outstanding first
mortgage 50-year 5% bonds, due 1962, of Tennessee Power Co. at 107)4
and accrued interest.
Payment will fee made upon presentation at the
Bankers Trust Co., New York.
The company announces that bond*
holders may present their bonds for payment immediately and receive the
full redemption price with accrued interest to the date of surrender.—V.
The Tennessee Electric Power
has called for
115,
p.
1642.
I
The Commercial &
1192
Terminal
Association
Railroad
of
St.
Louis—Bonds
Offered—A banking group headed by Halsey, Stuart & Co.,
Inc., on Aug. 16 offered $7,000,000 refunding & improve¬
ment mortgage 3Y%% bonds, series B, dated July 1, 1939,
and due July 1,1974, at 102.60% and accrued interest.
The
new bond issue was obtained by the underwriting syndicate
at competitive bidding on Aug. 14.
In addition to Halsey,
Stuart & Co., Inc. ,the members of the offering group include
Otis & Co., Cleveland; Ladenburg, Thalmann & Co., and
Paine, Webber & Co.
this financing will be used to pay off $7,000,000 first
bonds, maturing Oct. 1, 1939.
semi-annual sinking fund i>ayments (beginning Jan. 1,
1940. in an amount sufficient to retire $53,000 principal amount of bonds
and increasing gradually to $168,000 of bonds in 1974 so as to retire all the
series B bonds by maturity) are to be guaranteed proportionately by the
following proprietary railroad companies, the obligation of each to be onesixteenth with the exception of Missouri Pacific RR., which guarantees,
two-sixteenths thereof;
St. Louis-San Francisco Ry.,
Pittsburgh Cin¬
cinnati Chicago & St. Louis RR.,
Wasbash Ry,, Missouri-Kansas-Texas
RR., St. Louis Southwestern Ry., Baltimore & Ohio Southwestern RR.,
Cleveland Cincinnati Chicago & St. Louis Ry , Louisville & Nashville RR.,
Chicago Rock Island & Pacific Ry., Southern Ry., Illinois Central RR.,
Alton RR., Chicago Burlington & Quincy RR., Chicago & Eastern Illinois
Ry.
Each of the 15 proprietary railroad companies, which jointly own the
Terminal Railroad Association, agrees under the contract to pay such rates,
tolls and charges as shall be fixed from time to time by the Terminal com¬
pany so as to produce a sum sufficient each year to pay interest and sinking
funds upon its presently outstanding bonds including these bonds together
with all rentals, taxes and expenses incurred in the maintenance, operation,
repair and renewal of its system and properties.
The bonds are to be redeemable, other than for the sinking fund, at the
option of the company unon 45 days' notice, as a whole at any time, or in
part on any interest payment date at the following redemption prices and
accrued interest to the redemption date:
on or before July 1, 1943, at
108%; thereafter to July 1, 1947 at 107%* thereafter to July 1, 1951 at
106%; thereafter to July 1, 1955 at 105%; thereafter to July 1, 1959 at
104 %; thereafter to July 1,1963 at 103 %; thereafter to July 1,1967 at 102 %;
thereafter to July 1,1971 at 101 %; and thereafter at 100%.
Redemption of
bonds by lot for the sinking fund may be made on July 1, 1940 and each
Jan. 1 and July 1 thereafter to Jan. 1, 1974 on 40 days' notice at the follow¬
ing redemption prices and accrued interest to the date of redemption: on or
before July 1, 1963 at 102%; thereafter to July 1,1971 at 101%; thereafter
at 100%.
.,/
The Terminal company has been in successful operation for 50 years,
having been organized in 1889. It has been entirely self-supporting and has
never had to call upon its proprietary companies for advances to meet any
cash deficits. The Terminal company has never defaulted in the payment of
interest on its funded debt, and the present financing, when completed, will
not increase the funded debt of the Terminal company outstanding in the
hands of the public.
The funded debt of the company upon completion of
this financing will consist in addition to the new 3%% bonds of $5,000,000
first consolidated mortgage 5% bonds, due Aug. 1, 1944, and $34,600,000
general mortgage refunding 4% sinking fund gold bonds, due Jan. 1, 1953.
The terminal facilities of the company include 113.4 miles of first and
main track and 349.6 miles of industrial, yard and secondary track or a
total of 462.9 miles of single track equivalent, and occupy approximately
2,800 acres of land in St. Louis, East St. Louis and environs, of which
approximately 1.520 acres are devoted to transportation purposes.
The company owns and operates the St. Louis Union Passenger Station,
"which is used by all of the trunk line railroads operating passenger trains
into and out of the City of St. Louis, and owns directly or through sub¬
sidiaries. or leases and operates the necessary yards, tracks, and facilities
for the inspection, cleaning, supplying and repairing of passenger train
equipment and the lines of railroad appertaining thereto, which provide
means of prompt ingress and egress between these facilities and the lines of
all of the trunk line rahroads entering the cities of St. Louis and East
Proceeds from
mortgage 4££%
Interest and
St. Louis.
The company also operates under lease the St. Louis Bridge across the
Mississippi River, and owns directly or through subsidiaries the St. Louis
Merchants Bridge, and East St. Louis, Hi., freight yards, team tracks,
repair tracks, storage tracks, a modern locomotive erection and repair shop,
engine terminals, together with many other facilities and equipment for the
expeditious and economical interchange of passenger and freight traffic.
The Terminal company has aggregate assets of $82,571,223 according
to the consolidated general balance sheet as of June 30, 1939.
The Terminal company agrees to make application for the listing of the
series B bonds on the New Yoik Stock Exchange.—V. 149. P. 424 746.
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
3 Months Ended—
July 27, '39 July 28, '38 July 29, '37 July 30, '36
Net loss after deprec. &
Federal taxes
$37,508
$58,542
y$48,442
y$41,825
y These figures do not include results from operations on the Colorado
River Aqueduct contract scheduled for completion in 1938.—V. 148, p. 3546.
Trans-Lux Corp.
(& Subs.)- -Earnings1939
Provision for State,
„
1938
$102,098
11,509
$90,590
1939
901.226
;
.
Fed'l & Canadian income taxesi
$48,280
9,154
$39,127
6 Months Ended June 30—
Total net income
1,041.314
'
Net profit
.....
—V. 148, p. 3701.
Transwestern Oil
Co.—Earnings-
Aug.
California—Debentures Offered —New
Union Oil Co. of
financing by one of the oldest oil companies on the Pacific
Coast took place Aug. 15 with the offering of $30,000,000
3% debentures due Aug. 1, 1959, at 103% and int., by a
group of 25 underwriters headed by Dillon, Read & Co.
Company—Incorp. in 1890 in California, is engaged in substantially all
branches of the oil business, including the acquisition and development of
prospective and proven oil lands; the production, purchase, transportation
oil and natural gasoline; the refining of crude oil; the pro¬
treatment and sale of natural gas; and the manufacture, trans¬
portation, and wholesale and retail marketing of petroleum products.
Its
business is conducted chiefly on the Pacific Coast, particularly in California.
To a small extent operations are carried on through subsidiaries.
Company owns or leases properties, mostly located in California, con¬
sisting chiefly of oil lands and oil wells, pipe lines and storage systems,
tankships, tank cars and marine terminals, refineries and natural gasoline
plants, and wholesale and retail marketing stations.
and sale of crude
duction,
Income Account (Company
and Subs. Consolidated)
5 Mos.End.
-Calendar Years-
/
1938
$1.0164
$1.2309
$976,089
359,275
;
*
.
revs.$67,568,100 $85,340,726 $78,091,465
Cost of sales & exps
51,870,934
62,044,383
60,884,367
Prov. for depl. & deprec.
8,802,286
9,672,782
9,427,030
$29,995,750
23,646,683
4,172,910
$6,894,880 $13,623,561
303,290
465,841
138,662
1,135,224
$7,780,068
$2,176,157
345,059
$7,059,508 $12,954,178
926,110
892,846
$7,703,990
841,232
$2,506,216
357,282
$6,133,398 $12,061,332
$6,862,758
$2,148,934
Sales & other oper.
Income from opens..Other income
Prov. for income taxes..
Income before int
Interest---.
Net income
-
391,312
467,390
20-year 6% bonds, series A, cue May
15-year 3 lA% debentures, due Jan. 1,
Capital stock (par $25) —
$8,018,500
10,000,000
1, 1942
1952
..*4,666,270 shs.
reserved for issuance upon exercise, prior
*
300,000 additional shares are
1940, of the conversion privileges of the 3%% debentures.
Purpose—A portion ($20,066,553) of the net proceeds from the sale of the
debentures is to be applied to the redemption on Jan. 1, 1940, at 105Yt%
and accrued interest, of all outstanding 3)4% debentures and to the pay¬
ment of principal of, and interest to maturity on, the 6% bonds, due May 1,
1942 (which are not redeemable prior to maturity).
In order to provide for
such redemption or payment, cash or short-term obligations of the United
States Government will be deposited with the trustees for the 3M% debens.
and the 6% bonds, respectively.
No specific allocation of the balance of the net proceeds, amounting to
approximately $10,077,469, exclusive of accrued interest (after deduction
of expenses payable by the Company, estimated at $155,978), has been or is
intended to be made. Such balance is initially to become a part of the com¬
pany's general funds, and as such may be used for such purposes as the
management may from time to time determine. Company intends to make
capital expenditures of substantial amounts in accordance with a general
program to extend and modernize its production, refining, marine trans¬
portation and marketing facilities; such expenditures may involve the
acquisition or development of patent rights.
Company makes no repre¬
sentation that any particular expenditures will be made and may determine
to apply such balance to other corporate purposes deemed in the interest
of the company, depending on developments which are not now predictable.
to Jan. 1,
Debentures—The 3% debentures are to be issued under a
the company and Security-First National Bank
between
Interest paid.
or
a
Debentures are to be dated Aug.
trustee.
controlled company.
Sinking Fund and Redemption Provisions—Company is to covenant in the
that it will pay to the trustee cash in an amount sufficient
to redeem on Aug. 1; 1942 and each Aug. 1 thereafter, $1,100,000 principal
amount of debentures, provided, however, that the company shall be
credited with any debentures not previously credited thereon which the
trust agreement
company shall have deposited with the trustee
The debentures are to be redeemable at the
for cancellation.
option of the company, as a
whole, or in part by lot, at any time, on 30 days' published notice, at
following percentages of principal amount thereof: on or before Aug. 1,
1942, at 105%; thereafter and on or before Aug. 1, 1945, at 104%; there¬
after and on or before Aug. 1, 1948, at 103 M %; thereafter and on or before
Aug.
1,
1951, at 1021A%\ thereafter and on or
and
101 M%; thereafter
on or
before Aug. 1, 1954, at
$1,352,561
449.286
Principal Underwriters—The names of the principal underwriters
principal amounts of debentures severally to be purchased by each as
$6,000,000
Dillon, Read & Co
600,000
500,Q00
500,000
250,000
William R. Staats Co
2,000,000
Pacific Co. of Calif
3,000,000
Rlter & Co
Dean Witter & Co.
3,000,000
Wm. Cavalier & Co
Mellon Securities Corp
First Boston Corp
2,400,000
2,000,000
Elworthy & Co
$920,427
563.314
43,438
5,448
277,971
Smith, Barney & Co
2,000,000
Harriman Ripley & Co., Inc.. 1,000,000
Twin States Gas & Electric Co.
Operating revenues.
Operating
_
.
expenses
State & municipal taxes.
Social security taxes
Fed. (incl. inc.) taxes.__
Net oper. income..__
$38,493
Non-oper. income (net).
533
Gross income
Bond interest
Other interest
$39,026
11.161
(net)
Other deductions
7.482
3,006
White, Weld & Co...
-Earnings-
1939—Month—1938
$204,672
$202,027
141,198
132,426
15,548
14,791
1,197
1,478
8,236
9,323
$44,009
742
1939—12 Mos.—1938
$2,562,323
1,711,811
191,612
18,277
114,166
$526,457
1,873
$2,475,567
1,643,864
165,262
16,280
121,287
$528,874
40,866
$44,751
11,161
7,423
2.606
$528,330
133,936
87,811
53,132
$569,740
133,936
$23,561
20,790
$253,451
249,475
$299,800
249,475
—V. 149, p.
$17,377
20,790
Durst
250,000
Otis & Co
250,000
250,000
150,000
100,000
G. M.-P, Murphy & Co
Kaiser & Co-
1040.
United Carbon Co.
(& Subs.)—Earnings1936
$1,866,429
600,878
Drl77.944
1938
1937
Operating profits
$1,495,908
Depreciation & depletion
678,897
Minority interests
Cr23,850
$1,356,164
Crl27,926
$2,246,550
695,745
Drl85,437
$840,861
3,048,574
$813,049
2,917.572
$1,365,368
2,586,555
$1,087,607
2,095,374
Cr6,619
$3,889,435
596,828
1,730,622
696,299
34.803
4,278
$3,951,923
795,770
166,865
2,687
$3,189,600
477,462
$3,215,428
$2,995,242
$2,986,601
$2,578,298
397,885
$2.12
397,885
$2.04
397,885
$3.43
397,885
$2.73
6 Mos. End. June 30—
1939
a
_
Net profit.
Balance Jan. 1
671.041
Sundry adj. for prior yrs.
,
98.871
37,133
Total surplus.
...
Common dividendsNet income
Pref. div. requirements.
250,000
250,000
...
O'Melveny-Wagenseller &
1,000,000
1,000,000
Union Securities Corp
250,000
....
....
......
Mltchum, Tully & Co
1,000,000
Inc
3246.
E manuel & Co
Schwabacher & Co
1,000,000
1,000,000
Lehman Brothers
Shields & Co
and the
follows:
Blair & Co., Inc.
$903,275
17,152
36,000
5,318
Period End. July 31-
thereafter
before Aug. 1, 1957, at 100H%\
principal amount thereof; together in each case
with interest accrued to the date of redemption; in addition the debentures
are to be redeemable by lot for sinking fund purposes only on Aug. 1, 1942, or
any interest date thereafter, on 30 days' published notice, at the following
percentages of the principal amount thereof: on Aug. 1, 1942 or thereafter
and on or before Aug. 1, 1945, at 103%; thereafter and on or before Aug. 1,
1948, at 10214%; thereafter and on or before Aug. 1, 1951, at 101A%j
thereafter and on on or before Aug. 1, 1954, at 101%; thereafter and
on or before Aug. 1, 1957, at 10014 %; thereafter and on or before Feb.
1,
1959, at the principal amount thereof; together in each case with interest
and before maturity, at the
Stone & Webster and Blodget,
p.
trust agreement
of Los Angeles,
1,1939 and are to be due Aug. 1,
1959; interest payable on Feb. 1 and Aug. 1; principal and int. are to be
payable in Los Angeles and New York. Trust agreement is not to authorize
the issuance of any additional securities thereunder, but is not to restrict
the creation, assumption or guarantee of unsecured indebtedness by the
company; the debentures are not to be secured, but the company is to
covenant that it will not create any secured indebtedness
(with certain
exceptions) without providing that the debentures shall be secured equally
and ratably therewith, and that it will not permit any controlled company
(as defined) to create any secured indebtedness (with certain exceptions),
unless the instrument evidencing such indebtedness is owned by the company
as
$629,912
496.722
*
148,
15,000
Capitali ation Outstanding as of May 31, 1939
$616,813
13,099
Net operating income
Other income.
—V.
May 31, '39
1938
1937
1936
Blyth & Co., Inc.
Operating charges
19, 1939
accrued to the date of redemption.
6 Months Ended June 30—
Crude oil production (barrels)
Average market value per barrel
Income from operations
Financial Chronicle
Adj. res've for deprec'n.
Sundry adjust. (net)
77,180
133",839
—V. 149, p. 591.
Union Gas Co. of
Period End
June 30—
Balance.....
Canada, LtdU (& Subs.)—Earnings—
Mos.~Ao33
1939—12 Mos.—1938
1939—3
Profit after deprec.
and
charges, but before in-
cometaxes
—V.
148, p. 2760.
\
Shares
$180,047
$1,169,978
$1,000,906
stock
manufacturing, selling, general and administrative
expenses, Federal and State income taxes and reserve for expenses, but
does not include Federal surtax on undistributed profits.
a
$278,321
common
outstanding (no par).
Earnings per share.
After
deducting
Volume
United Drill & Tool
Consolidated Balance Sheet June 30
Assets—
Land,
x
lines,
Notes & accts.
954,551
&inv_ 2 ,058,054
Inventories......
Other assets
Trademarks,
payable—
roy.,Ac¬
red. income taxes
575,868
456,926
319,559
1
& contingencies.
293,070
Deferred charges..
223,397
149,
270.
p.
United
Improvement Co.—Weekly Output—
Gas
Aug. 12, '39
Week Ended—
Electric output of system (kwh.)
—V. 149, p. 1040.
depletion—. ..14 ,561,551 13,229,995
232,631
292,000
200,298
3 ,215,428
Surplus......
2,995,242
Operatingrevenues
Oper. exps. and taxes...
..u.31,400,897 30,047,916
Total
Represented by 397,885 no par shares.—V.
SI,726,135
.4;
.
United Air Lines Transport Corp .-—Decision on
Merger
proposed merger of Western Air Express Corp. with United Air
Lines Transport Corp. has been delayed several months by the Civil
Aeronautics Authority.
Since CAA approval is essential before control of
W. A. E. can be secured through a purchase of its assets by United, con¬
summation of the deal awaits Commission action.
The CAA will not hold
The
ajpublic hearing on the application until Dec. 4 which would indicate that
a decision could not be expected until
1940.
Under the agreement signed June 26 whereby United would purchase
from a group of W. A. E. stockholders their majority interest, a limit to
the option purchase was set for July 1 next year.
Immediately after the
formal request for approval of the merger was filed with the protests were
made by several senators from far western States .—V. 149, p. 1040.
Net
205,440
$2,572,644
65,752
81,831
$1,643,521
76,620
48,750
405,063
$2,512,099
101,835
50,000
478,246
482,029
14,027
Cr8,142
$8,645,144 $13,189,054
526,690
575,568
126,297
$1,519,912
Int.
-
bonds
coll. trust bonds.
on
mtge.
Int. on debentures
Other
Int.
405,063
10,253
$8,850,034 $13,059,086
319,733
480,162
197,361
202,519
1,620,250
1,620,250
1,944,393
211,374
Crl5,762
•
1,938,681
x508,765
Cr33,821
$629,451
public—subs
appl. to min. int.
$1,467,287
$4,572,685
$8,342,530
212
30,548
Balance..
Portion
212
847
27,378
106,024
11,224
79,009
$1,439,697 $4,465,814 $8,252,297
x Includes
$418,505 representing non-recurring charges during the
quarter ended Dec. 31, 1937, for reorganization expenses of subsidiaries.
$598,691
(Company Only)
1939—3 Mos.—1938
1939—12 Mos.—1938
$1,742,677 $1,683,272 $8,663,408 x$7,978,824
1,521,559
1,462,298
6,820,859 x6,299,807
132,100
140,800
644,500
x574,100
Statement of Income
Period End. June SO—
1,410,875
$80,174
1,519,049
7,122,924
6,003,950
57,360
95,493
228,312
580,201
$1,442,533
501,525
438,696
8,091
1,376
$1,503,730
501,525
438,696
6,623
1,360
$8,092,661
2,006,100
1,759,604
40,617
5,278
$89,018
Netop.revs.—nat.gas
Other income
including
taxes
Gross income
Int.
on
Int. on
$1,198,049 x$l,104,917
deductions,
inc.
Other
debentures...
notes & loans
Other interest..
Other deductions..
Storage and other
1,759,604
32,514
3,270
6*95
$492,845
$555,526 $4,281,062 $3,423,835
x Items
so marked represent
operations of natural gas distribution
properties acquired on and subsequent to July 28, 1937.
y Represents
interest on United Gas Public Service Co. 6% debentures from Nov. 5,
1937, on which date said debentures were assumed by this company.
income
Summary of Surplus for
Capital
$38,626,795 $14,467,819 $24,158,977
4,281,062
4,281,062
June 30,'39
Total..
Dividends on $7 preferred
Earned
$38 640,180 $14,467,819 $24,172,362
(net)....
Drl3,385
Dr 13,385
---
....
Net inc. for 12 mos. end.
stock—._
Total net
$4,428,275
revenue.
Depreciation
Other operating expenses.
Net operating loss
Other income
$42,907,857 $14,467,819 $28,440,039
3,148,754
3,148,754
1939
Cash
In
$
24,665,130
223 ,228,979 223,729,454
Acc'ts receivable
Mat'ls & supplies
Prepayments
Deferred debits.
Contra assets
$7
cum.
d $7 cum.
$
pf. stk 44,982,200
2d pf. 88,468,000
Jll
1,710,917
.....
$230,323
CV22.083
$162,603
Cr 17,047
15,620
43,148
$161,176
$251,388
(incl. Fed. income tax)
854,320
792,502
1,811,216
1,083,407
Accts. receivable..
1,767,108
1,213,220
4,923,485
x
Fixed assets
.
Inv. in other cos..
$
$
Liabilities—
$
,:;
Cash
1938
1939
1938
1939
Assets—
7,496,220
payable. 1,508,493
Capital stock...
y
Accounts
Mtge.
payable
7,496,220
1,569,819
on
1,217,681
1,217,681
843,910
13,167
life ins. policies.
18,211
115,280
156,839
real
estate.....
1,449,082
jDr8,38l
843,910
14,133
Deferred charges..
4,900
222,318
168,997
Capital surplus... 1,449,082
z Treasury stockDr8,38l
234,393
Earned surplus
subs, in excess of
4,600
Accrued expenses.
4,884,135
Cost of securities of
15,733
115,099
Cartage
contracts
goodwill...
Bal. In closed bks.
Cash surr. value of
Total
x
10,841,328
.....
After
depreciation,
3086.
y
10,902,8711
10,841,328 10,902,871
Total
Represented by 300,000 no par shares,
z
434
shares—V. 148, p.
Distributing Corp. (& Subs.)—Earnings—
U. S,
1939
6 Mos. End. June 30—
$7,262,575
6.866,593
Sales and oper. revenue.
1938
1937
1936
$8,833,090 $10,917,061 $11,541,705
8,391,824
10,367,477
11,152,251
$395,982
31,255
$441,266
34,140
$549,584
48,852
$389,454
60,549
$427,237
76,720
Operating profit
Other income.
Total income
Interest,
net..
Deprec.,
depletion
$475,406
97,097
$598,436
115,270
$450,003
140,527
288,930
278,265
299,718
11,012
12,795
29,974
5,595
16,376
Crl9,729
1938
$
44,982,200
88,468,000
7,818,959
33,435,000
7,818,959
33,435,000
28,925,000
296,211
Cust'rs deposits.
Taxes accrued..
1,326,932
1,990,256
Interest accrued
113,350
110,919
2,173,478
41,079
Long-term debt.
3,978
1,006,867
b44,315
1,256,900
308,938
Acc'ts payable-.
320,787
43,985
21,668
65,334
75,735
12,141
60,157
48,348
34,564
and
253,393
amortization
Profit
on
sale and domol.
:
8,282
23,546
of peoperty
Federal income taxes...
22,175
:
Minority interest
Net
'
.......
_
$81,862
profit
Note—No provision has
$187,721
$78,216
$18,706
been made for Federal surtax on undistributed
United Steel Works Corp.—Listing—
Exchange has authorized the listing of $14,102,000
Union" 20-year SH% sinking fund mortgage bonds,
The New York Stock
assented "Rheinelbe
due Jan.
gage
1, 1946; $20,483,000 assented
Notes payable..
e
Pf. stks. called
f Matured longterm debt
23,706
17,373
619,255
Other current &
accrued liabils
38,351
11,339
61,114
78,022
Cust'rs advs. for
construction
__
Oth.def'd credits
Reserves
14,077
7,475,296
6,925",746
Contr. in aid of
construction..
22,852
7,302
Contra liabilities
12,141
34,564
14,467,819
24,172,362
Capital surplus. 14,467,819
Earned sin-plus. 25,291,285
25-year 3H% sinking fund mort¬
bonds, series A, due June 1, 1951; $7,506,000
assented 25-year 3 H%
sinking fund mortgage bonds, series C, due June 1, 1951, and $14,180,000
assented 20-year 3M % sinking fund debentures, series A, with warrants for
contingent
additional interest, due July 1,
1947; upon official notice of
stamping thereof with a notation of acceptance of the offer of the corpora¬
tion dated Feb. 1, 1939, for modification of the services of the bonds and
debentures.—V. 148, p
3395
Co.-—Accumulated Dividend—
dividend of $1,16 2-3 per share, on the $7
dividend of $1 per share on the $6 cumula¬
tive preferred stock, both payable on account of accumulations on Oct. 2
to holders of record Sept. 1.
Like amounts were paid in preceding quarters.
—V. 149,
749.
have
Directors
declared
a
cumulative preferred stock, and a
.
Utilities Power
Calls for
A
& Light Corp.—Plan
Approved by SEC
Conversion of Company from Utility to
Investment
v:"^
■
of
reorganization plan which contemplates the eventual conversion
corporation from a utilities holding company into an investment com"
approved by the Securities and Exchange Commission July 28*
The plan must get the approval of the courts before it goes into effect.
From the findings and opinion of the Commission we take the following:
Four applications have been filed, pursuant to Section 11 (f) of the Public
Utility Holding Company Act of 1935, for our approval of plans of re¬
organization for Utilities Power & Light Corp., a registered holding company was
25,925,000
3,243,910
17,922
I
15,125
659,581
3,162,699
33,047
Other current &
accrued assets
Liabilities—
c
Com.($l par)stk
banks
(on demand).
Special deposits.
Notes receivable
1939
1938
S
25 ,435,360
Investments
;...
....
Net loss.
the
Balance Sheet June 30 (Company Only)
Assets—
69,502
98,594
..
Other income charges
Company—
Plant
53,941,754
2,426,269
71,690
115,267
1,558,852
2,711,866
directors' fees)
...
$39,759,103 $14,467,819 $25,291,285
Surplus June 30,1939
a
1938
$3,812,259
129,496
Salaries and wages.
Officers' salaries (incl.
Utah Power & Light
the 12 Months Ended June 30, 1939
Total
Surplus July 1. 1938...
Miscellaneous adjustments
Balance...
1939
$4,272,518
155,757
revenue
profits.—V. 148, p. 3702.
$6,528,666
yl ,309,538
Int. charged to construe.
Net
.
„
solidated earned sur
Oper. revs.—natural gas
Oper.exps., incl. taxes..
Prop, retire't res. approp
$15,998
\
Freight Co. (& Subs.)—Earnings—
Costs, expenses, &c_.__
Balance carried to con-
$23,423
6 Months Ended June 30—
Revenue freight and cartage
and
Cr4,862
charged to construe.
Pref.divs .to
705,536
321,800
(notes,
interest
&c.)
deductions
loans
Other
$7,478
$54,332
48,334
v
.
United States
book value
Other income deductions,
on
$69,850
46,426
Consolidated Balance Sheet June 30
....
Gross income....
$31,229
23,751
$38,001
income
-Earnings—
(& Subs.)
1938
1939—12 Mos.—1938
1939—3 Mas.
$9,060,273 $10,198,130 $39,665,821 $44,293,874
Operating revenues
„
5,564,119
5,448,081
22,456,774 22,295,770
Oper. exps., incl. taxes..
Property retirement and
1,976,242
2,177,405
8,563,903
8,809,050
deplet'n res. approp..
including taxes
$61,926
2,406
151
—V. 148, p. 3394.
Period End. June 30—
Net oper. revenues...
Other income
$69,698
:
of Western Air Not Expected Until 1940—
United Gas Corp.
275,137
$29,099
2.130
23,072
.
296,489
$38,001
$14,929
Net operating income
Other income
Gross income
Int. & other deductions.
1939—4 TFJfcs.—1938
1939—32 im.—1938
SI,259,908 S13.996.382 $10,433,560
Period End. Aug. 12—
Sales..
—V. 149, p. 591.
1939—6 Mos.—1938
$366,187
$337,063
$159,345
130,246
148, p. 3086.
Inc.—Sales—
Premier Food Stores,
(& Subs.)—Earnings—
$173,686
135,685
.....
Int.
88,123,729
96,968,480
1939—3 Mos.—1938
Period End. June 30—
251,601
Minority interest.
31,400,897 30,047,916
United Public Service Corp.
for taxes and
expenses
Union
Aug. 5, '39 Aug. 13, '38
96,272,589
Res. for deprec. &
Res.
x
298,414
45,000
44,613
...
1
tracts, &c.__
Total
526,201
Res. for pos. losses
con¬
J. Kearins, heretofore Exe¬
Vice-President, has been elected President, succeeding Clarence
Avildsen, who has retired as President, at his own request.
Mr. Avildsen continues as Chairman of the board of directors.—V.
.
Divs. payable—.
Deferred credit
Corp.—New President—
The board of directors announced that M.
cutive
298,414
Acer, tax,
1,104,887
1,081,518
2,087,904
1 ,030,576
rec.
$
.11 ,952,538 11,952,537
Common stock.
Accts.
25 205,250 23,943,587
1 ,859,395
1,606,621
buildings, &c
Cash...
1938
$
Liabilities—
$
$
pipe
1939
1938
1939
1193
Commercial & Financial Chronicle
The
149
pEny*
The
proceedings with respect to these applications and certain related
consolidated for purposes of hearing by order of the Commis¬
Aug. 29, 1938.
Proceedings for the reorganization of the debtor are pending in the
U. S. District Court for the Northern District of Illinois, Eastern Division.
Since Aug. 14, 1937, the assets of the debtor have been in control and
possession of a trustee appointed by the Court.
The Court designated a
special master to hold hearings and in the interest of saving time and ex¬
pense and avoiding duplication of hearings, the Court and the Commission
entered orders permitting testimony to be taken before the special master
and the Commission's trial examiner concurrently.
Testimony as to the value of the assets, followed by testimony upon plans
of reorganization, was taken almost continuously from Aug. 29, 1938, to
Feb. 21, 1939.
On Feb. 23 and 24, 1939, oral argument was heard jointly
by the Commission and the special master, and when it later appeared
that certain persons had been unable to attend the hearings in Washington,
matters were
sion entered on
further argument was
heard in Chicago by the Commission's trial examiner
April 17, 18 and 19. 1939.
Certain persons ap-
and the special master on
Jjeared andgenerally. Briefs were submitted pursuant requesting leave af¬
participated in the oral argument without to opportunity to
ntervene
Total
...253,388,912 252,384,032
Total
253,388,912 252,384,032
equipment and intangibles,
b Includes loans,
c Represented
by 449,822 no-par shares,
d Represented by 884,680
no-par shares,
e For redemption and dividends thereon—dissolved sub(idiarie* (cash on special deposits).
f And interest (incl. prem.) subsidiaries
scash on special deposits).—V. 149, p. 748.
a
Includes
property,
forded to all persons interested.
Thereafter, on June 30, 1939, the plan of reorganization
1939, proposed
by Atlas Corp. was amended.
dated Feb. 1,
Pursuant to appropriate
further hearing was held before the trial examiner and the special
master on July 10, 1939. and an additional amendment to the plan was filed
the same day.
Opportunity was afforded for further oral argument.
notice
a
The Commercial
1194
Corporate History and Need for Reorganization
Debtor was organized In Virginia, March 19, 1915, under the name of
Utilities Development Corp,
Its present name was adopted in 1922.
Debtor is a holding company solely and does not own or operate any physical
properties.
Apart from certain miscellaneous investments its assets consist
principally of securities of widely scattered utility and non-utility subsidiarlcs
The
utility properties
are for the most part not capable of physical Inter¬
The relation of many of the non-utilities to the utility business
connection.
is either non-existent or so trivial and remote as to be difficult of perception.
The holding company system of the debtor—if it can be called a system—
was built up with little if any regard to logic of
design or efficiency of
operation.
The debtor's capital structure is unduly complicated, and
reposes
11992386704
voting control
exclusively in holders of class B stock, which is the class representing
the least amount of investment in the enterprise.
The amount of invest¬
for control was further diminished in 1925 by means of a
voting trust and later by means of superimposed holding corporations.
The amount of funded debt and admitted and disputed claims against the
debtor has, during the pendency of the reorganization proceedings, been
materially reduced, by utilization of cash of a wholly-owned subsidiary to
purchase outstanding debentures of the debtor (and certain outstanding
claims) with interest thereon, at 70% of their principal amount, to pay off or
compromise certain substantial claims asserted by Atlas Corp. and (or) one
of its subsidiaries and by H. M. Byliesby <fc Co., and to purchase at
70%
of their principal amount outstanding bonds of Utilities Elkhorn Coal
Co.,
with interest thereon, in connection with which bonds a claim was asserted
against the debtor.
As of July 31, 1939, the debentures remaining outstanding will
comprise
substantially all of the debtor's indebtedness and its capital structure as
of such date will be substantially as follows:
ment necessary
Class A (par SI)
Class B
(par $1)
1,622,127
1,128,386
2,166,084
-
$1)
-
of
July 31, 1939, accrued unpaid interest on the debentures will
amount to approximately $4,759,500, and
arrearages of dividends on the
preferred stock will amount to $8,210,836.
The debentures are due and
owing as to both principal and interest.
For the years ended Dec. 31, 1928 to Dec. 31,
1937, inclusive, the books
of the debtor show the following amounts of gross
income, interest charges,
other deductions, and net income:
.
Gross
Income
Year—
—
-
-
.
1935-----
*
—
—
—
19,
1939
(3) 50 shares of new common stock (par $4) plus one share of such new
stock for each $6 of interest accrued to Jthe date from which interest
the new debentutes begins.
All holders of old debentures and claims on a parity therewith, other than
Atlas Corp. and its subsidiaries, are to have for 30 days the right to elect
to take, in lieu of any or all shares of new common stock to which they
common
be entitled shares
of new preferred stock, or in lieu of any or all
stock to which they would be entitled shares of new
stock; the adjustment in each instance to be made on the basis of
share of new preferred for each 8 1-3 shares of new common.
After
would
shares of new preferred
common
one
expiration of the 30-day period Atlas Corp. and its subsidiaries are to
right to elect to take on the same basis new preferred stock in lieu
the
have the
of
stock
new common
or
new common
stock in lieu of
new
preferred stock;
but Atlas Corp. and its subsidiaries are to exercise such rights of election
in such manner and to such extent that the initial capital structure of the
will include no greater amount of new preferred stock than
mentioned (in this paragraph)
granted.
Thus, such rights of election and restriction on Atlas
Corp. will not result in a greater amount of new preferred being issued than
would be issued if such rights and restriction were not contained in the plan,
but may result in the issuance of a lesser amount of new preferred and a
greater amount of new common.
One effect of these provisions will be that
holders of old debentures and claims on a parity therewith, other than Atlas
Corp. and its subsidiaries, will receive, for their present holdings, new
debentures in principal amount equal to 40% of the principal amount of
their claims and can elect to take new preferred stock having a par value and
preference in liquidation equal to the remaining 60% of such principal
amount and 100% of all accrued interest.
Holders of the now outstanding 7 % cumulative preferred stock of the
new
company
be issuable if the rights of election
would
were
not
are to receive for each share thereof five shares of new common stock.
Holders of the now outstanding class A, class B and common stock of the
debtor
not
are
to
participate in the reorganization, it
being asserted in
the
$31,951,000
17,817,367
„
Capital stock—7% preferred (par $100)
Common (par
Aug.
on
debtor
5% and 5H% debentures
As
Financial Chronicle
&
Interest
Other
Charges
$1,280,627
2,734,297
$3,211,556
7,844,084
8,195,562
7,339,241
3,209,000
1,729,846
3,022,452
3,029,461
1,655,560
1,271,991
Deduct'ns*
2,885,047
3,049,216
*
:
2,962,919
2,751,337
2,693,254
2,592,403
2,599,139
2,593,141
.
$126,899
306,292
384,398
487,066
393,344
253,446
309,896
327,919
238,289
304,114
Net
Income
$1,804,030
4,803,495
4,926,117
3,802,959
xl47,263
*1,274,937
19,302
109,139
xl,181,868
xl,625,264
„
Includes amortization of
debt discount and expense: 1928,
$109,874;
1929, $210,125; 1930, 1931, 1932, $234,931; 1933, $165,561;
1934, 1935,
1936,
1937, $164,539; taxes on debenture interest, and miscellaneous
deductions,
x Deferred.
The income figures shown above for the more
prosperous years give an
exaggerated picture of the earning power of the debtor by reason of unsound
plan that they no longer have any interest in either the assets or earnings
of the debtor, and that their acceptance of the plan is not required to make
the plan effective.
Future Business of
The plan
gineering Corp., which rendered services to the operating subsidiaries at
exorbitant prices.
The record does not enable us, and it is
probably
impracticable for anyone now, to construct a correct picture of the debtor's
sound earnings, on either a corporate or a
consolidated basis, during the
period of these abuses.
Although dividends aggregating $30,722,224 were paid on the
outstanding
stock of the debtor from the time of its incorporation in
1915 to and includ¬
ing 1932, the total reported net income per books (overstated as
aforesaid)
amounted to only $19,872,860 during the same
period.
Although during the pendency of the reorganization
proceedings the out¬
standing debt has been materially reduced, it is still excessive.
Approxi¬
mately $1,750,000 would be required annually for the interest on the de¬
bentures which on July 31, 1939, will be
outstanding in the principal amount
of approximately $31,951,000, and for
amortization of debt discount and
expense.
Such principal amount is unduly large in relation to the value
of the assets and, as we have seen, is due and
payable together with a large
amount of accrued interest.
The indicated future
earnings would cover
interest and amortization requirements but
slightly if at all on the present
an
New Company and Integration
new
company
shall enter
upon
a
program
investment company as distinguished from a public
utility holding company by selling or otherwise disposing of voting securities
and other assets as expeditiously as reasonable diligence and prudent busi¬
ness judgment
will permit.
Floyd B. Odium, President of Atlas Corp.,
testified that this program was advisable from a business and economic
standpoint without regard to the provisions of the Holding Company Act.
The plan proceeds upon the assumption that the new company will cease in
due course to be a holding company or an affiliate of any public
utility
holding company or operating company.
The plan further provides that the new company shall submit to the
Commission, within 30 days after the entry of the order in the reorganization
proceedings discharging the trustee of the debtor and closing the case, a plan
pursuant to the terms of Sec. 11 (e) of the Holding Company Act and consist¬
ent with the provisions of the Atlas plan, providing for the divestment of
control, securities or other assets, or for other action by the new company,
or any subsidiary company thereof, for the purpose of
enabling the new
company or any such subsidiary company to comply with the integration
provisions of said Act.
Interstate Power Co., Central States Utilities Corp.
and Central States Power & Light Corp., subsidiaries of the debtor, are to
join in such plan.
Such plan is to contain certain provisions for the enforcement thereof
(including provisions with respect to the appointment of a trustee) in the
event such plan shall not be consummated within two years from the date
of filing thereof plus such extensions of time as the Commission
may grant.
Pro Forma Balance Sheet as at July 31, 1939 (New
financial
practices employed by the management during those years.
Several of the subsidiaries failed to make
adequate provision for depreciation
and depletion; subsidiaries were caused to declare
dividends far in excess of
what sound business judgment would
approve; and the debtor derived ex¬
cessive profits from a former service
subsidiary, the Management & En¬
provides that the
of conversion into
Company)
Assets—
Investm'ts in subsidiaries.
$36,445,498
__
Invest, in other statutory sub
Miscell. investments, &c
Cash
60,000
1,551,835
5,272,956
Special cash deposit
81
Notes & accts. receivable
■_
Accrued int. & divs. receiv'le
Claim for tax refund
Funded debt
12,780,400
Current liabilities
—254,653
Reorganization expense
Utilities
3,171
150,296
Elkhorn
500,000
Coal
bonds
7,794
Special deposit—contra
5% preferred stock ($50 par). $9,585,300
Common stock (par $4)..... 13,126,656
Co.
709,240
;
Expense of tenders
47,000
Matured interest, &c
53,382
53,382
6,715
13,000
Deferred credits
—1,412
Reserve for contingencies
325,000
Cash in reserve:
McGuire claim
For cost of reorganization.
500,000
For expense of tenders
Kelly claim
47,000
For pin-chase of utility Elkhorn bonds...
*
Reserve for Fed. income tax.
543,900
Cash in escrow:
908
Reserve for revaluation of as¬
For McGuire claim
6,715
....
sets
For utilities Elkhorn bonds
tendered
3,000,000
5,386,843
Capital surplus
165,340
Deferred charges.
;._i:
Estimated increase
in
72,560
assets
due to operations.
909,981
capital structure.
The entire stock structure is fantastic.
The value of the debtor's assets
and above the amount of its debts is less than the
arrearages of preferred
stock dividends amounting as of July
Total
over
-V. 149, p. 271.
31, 1939, to $8,210,836.
Under the
existing capital structure the arrearages must continue to increase.
Al¬
though we find some value for the preferred stock, due for the most
part to
a discount
during the pendency of the reorganization
such value is grossly inadequate to support the
present pre¬
ferred stock
s dividend
requirements, par value and liquidation preferences.
The three classes of stock junior to the
preferred stock, in one of which
voting control is lodged,
Plan of
are
of June
30,
Royalties..
Amount
30-year 5% debentures due Feb. 1, 1959-..
5)ri% 20-year debentures due June 1, 1947
Combined debentures
Accrued interest purchased for cash
7% cumulative preferred stock,
Class B stock
on
Net
Cost
$17,977,000 $10,977,505
7,711,900
4.778,081
$25,688,900 $15,755,586
30-year 5% debentures
160,882
39 852 shs
734,600
18.600 shs.'
53,069
Amount
interest, if
$7 participating preferred stock
Central States P. & L. Corp.:
5% debentures due Jan. 1, 1944,
1st mtge. 5H % & 1st lien due Jan.
95,536
575 shs
$0.08
1,1953
4 800
177,500
1 092 shs
19521
*272,000
..."
156 shs
2,340 shs'
5H% due Feb. 1, 1953,,
5}i % due Feb. 1, I960, series D.
3 50,000
126,000
238,373
$26,999
2,000,000
$107,246
z2,000,000
$0.05
$0.01
1936.
Consolidated Balance Sheet Dec. 31
1938
Assets
§
Royalty interests. 1,653,651
Undevelop. oil concess.
& leaseh'lds
9,414,351
59,511
11,749
Accrued royalties.
Acc'ts receivable..
49,526
Deferred charges..
29.071
1937
1938
Liabilities—
$
Total
$27050,603
z
$
Capital stock...
2,000,000
Accounts payable-
1,717,403
29,648
x
Due to affll. Cos.
9,008,994
68.569
Accrued taxes
1,244
95,080
37,789
1937
S
2,000,000
9,729
174,022
Min. int. in capital
stock of subs..
Capital surplus
Earned surplus.__
11,217,859 10,929,081
Total
22,895
1,585
109,207
123,000
z8,000,000 z8,000,000
882,086
794,763
11,217,859
10,929,081
x Represented by
2,000,000 shares, $1 par value ($5 par value in 1935).
Arising from reduction in par value of capital stock.—V. 147, p. 1508.
146
Vera Mines
_
1st cob. & ref. C
$0.04
216,249
:
redemption,
y After deducting $1,494 for adjustment of
provision for Federal income taxes for prior years,
z Par value $5.
Note—Federal surtax on undistributed income amounted to $7,382 in
against the
6% debs, due Jan. 1,
$6 cumulative preferred stock
$7 cumulative preferred stock,
Laclede Gas Light Co.:
2,000,000
$154,956
2,000,000
x32,500
$345,618
$243,248
on
Cash.
Cost
yl39,981
$4,259,522
533 394
any,
above company,
Profit
144,503
$300,101
13,017
-
$294,936
$87,323
—
1935
1,515
$231,826
Shs.cap.stk.out.(par $1)
Earnings per share
Total cost of securities of debtor
Webster Securities Corp.:
Notes and releases of claims plus accrued int
Public Utilities Securities Corp.:
income...
1936
$241,748
1,500
777
secur
Expenses, incl. deplet'n,
taxes, &c
x
$16,704,137
As of the same date, Atlas
Corp. and its subsidiaries also held the follow¬
ing securities of the parents and subsidiaries of the debtor:
1st coll. & ref.
sale of
Total income...
1939:
7 % preferred stock
Interstate Power Co.:
1937
$292,644
'
-
worthless.
Name of Securities—
Notes plus accrued interest
Claims with accrued
on
$45,790,509
Co.—Earnings-
1938
$231,826
Int. & miscell. income—
Reorganization Proposed by Atlas Corp.
While several plans of reorganization for the
debtor have been presented,
only the plan proposed by Atlas Corp. dated Feb.
1, 1939, as amended,
requires extended discussion.
(&) Proponent of the Plan—Atlas Corp., an investment
company organized
in
Delaware, and its subsidiaries, held the following securities of the debtor
as
Years End. Dec. 31—
Profit
Total
'
Venezuelan Petroleum
retirement of debt at
proceedings
$45,790,509
3,024
136,231
18,564
195,160
3,354
58,500
255,062
92,295
Corp.—Delisting—
The Securities and
Exchange Commission Aug. 11 announced the grant¬
ing of the application of the San Francisco Mining Exchange to strike from
listing and registration the assessable capital stock (25 cents par) of the
corporation.
The application for delisting stated, among other things,
that the issuer's facilities for the transfer of stock were considered inade¬
quate by the Exchange and that, furthermore, a large amount of the secur¬
ity, countersigned by its registrar, was issued without first obtaining the
necessary consent of the
the close of the
Exchange.
The order for delisting is effective at
trading session on Aug. 25, 1939.
Total cost of securities of parents &
subsidiaries of debtor
$2,812,940
Treatment of Old
Security Holders—The Atlas plan contemplates that
company will be OTgamzed in Delaware to take over the
securities
(b)
a
new
j
assets of the debtor and to issue
new securities as set forth below:
Holders of old debentures (both 5% and 5
H %) and of claims on a parity
are to
receive for each
$1,000 principal amount thereof and
therewith
(1)
(2)
$400 of new 4H% five-year debentures.
Six shares of new 5% cumulative preferred stock (par
$50 each).
Walgreen Co.—New President—
Charles R. Walgreen Jr., 33, on Aug. 11 took over the Presidency of this
company, national
drug store chain founded by his father 30 years ago.
Walgreen resigned as President and was named Chairman
relieved of some of his active
Dart, a director and associated
with the company for 10 years in a management capacity, was appointed
General Manager. The company operates 500 stores.—V. 149, p. 1041.
The elder Mr.
of the Board after expressing a desire to be
duties because of impaired health. Justin W.
I
Volume
The
149
Vulcan Detinning
Period End. June 30—
Commercial & Financial Chronicle
Co.—Earnings—
1939—6 AJos.—1938
1939—3 Mos.—1938
Expenses, deprec., &c__
$853,474
697,428
$690,657
608,387
$1,628,344
1,410,065
$1,579,215
1,358,365
Net income..
Other income
$156,046
11,794
$82,270
11,992
$218,279
25,803
$220,850
7,609
Taxes, &c
$167,839
56,971
7,090
$94,262
40,130
$244,082
88,311
Cr46,897
thereon to Jan.
1, 1939; 365 common stock without par common.
(8) Western Paciifc RR. Corp. will receive in respect to its equity in the
debtor, represented by the difference between the depreciated investment
$228,459
130,194
Sales.
Res. for price equalizat'n
hjthe debtor of $120,000,000 (approx.) and its aggregate debts
$103,778
$54,132
$202,668
$98,264
$3.21
Net profits
shares
($100 par)
stock
$0.95
$6.28
$1.59
com.
...
Balance Sheet June 30
1939
Assets—
x
Plant & equip
&c.——„ 2,544,677
443,797
2,544,677
investments
27,704
26,149
securities
994,716
696,295
Accts. receivable-_
416,732
156,509
Market,
Defd.
Reserve
8,054
8,202
756,859
Co.*8
pref.
222,665
$2,194,560 in 1939 and
-Earnings1936
1937
1938
158,105
of
167,915
167,915
220,235
203,366
4,101
5,789
_
normal
Federal
6,518
Net loss
$145,626
-
y
Net balance from operations,
■
filed with the Securities and Exchange
in
&
Gas
Industries,
Inc.—Sale of Securities
Enjoined—■
Net loss
final judgment enjoining the
Watts from further violating
$568,259
2,086,960
$223,388
$1,518,701
-
William Penn Fund,
See list given on
Inc.—Registers with SEC—
first page of this department.
Directors have declared a dividend of 75 cents per share on the common
stock, payable Aug. 21 to holders of record Aug. 18.
Last previous pay¬
ment was the 15-cent distribution made on Aug. 10, 1938.—V. 148, p. 3704.
Willys-Overland
Motors,
Commission reported Aug. 14 that Judge
District Court at Monroe, La., had entered
Watts Oil & Gas Industries, Inc., and W. C.
the registration and fraud provisions of the
Securities Act of 1933.
Inc.—Stockholders
Approve
RFC Borrowing Plan—
The stockholders at a special meeting
Aug. 14 approved a change in the
certificate of incorporation to allow for the borrowing of $2,500,000 from
the Reconstruction Finance Corporation.
The change in question was to
shift in voting power to preferred stockholders
quarterly preferred dividends. Five are now unpaid.
defer until Aug. 15, 1944, the
after the passage of six
—V. 149, p. 893.
Wisconsin Power &
Light Co. (& Subs.)—Earnings—
1939—12 Mos.—1938
1939—3 Mos.—1938
Operating revenues
Oper. expenses & taxes..
$2,417,604
1,629,128
$2,291,826
1,575,381
$9,876,849
6,551,155
$9,465,018
6,603.343
Net operating income-
$788,476
3,050
$716,445
$3,325,694
15,343
$2,861,674
12,081
$791,526
428,817
$719,481
446,091
$3,341,037
1,760,102
$2,873,755
1,790,902
$362,709
$273,390
$1,580,934
$1,082,853
The Securities and Exchange
Ben C. Dawkins of the U. S.
a
$1,863,474
2,086,862
-
Interest
Period End. June 30—
Oil
$1,099,502 loss$190,695
763,972
758,954
after taxes
Miscellaneous income
Commission an
partial liquidation.
The application states that these
payments are to be made out of capital but are not to exceed an amount
equal to the proceeds to be received from the sale of shares of common stock
of Washington Gas Light Co. under a contract dated Aug. 1, 1939, with the
First Boston Corp. and Glore, Forgan & Co., as representatives of a group
of underwriters.
This contract relates to the sale of 362,588 shares ot
eommon stock of Washington Gas Light Co.
The company used $6,500,000
of the proceeds for the payment and discharge of a like principal amount of
4^% demand notes.—V. 149, p. 592.
Watts
$46,102,507 $44,772,468
30,946,821
31,129,421
5,893,915
5,710,458
4,114,333
4,104,333
2,155,094
2,205,793
1,853,000
1,853,000
(R. C.) Williams Co.—Will Pay 75-Cent Dividend—
application (File 44-38) under the Holding Company Act for approval of
the proposed payment by it of distributions on its preferred shares of bene¬
interest
Other taxes
Profit.
Washington & Suburban Cos.- ■To Liquidate Preferred
company
1938
1938
Operating, administrative & general expenses
Repairs and maintenance
Provision for depreciation
Social security taxes and other employees' benefits-
y$80,537
$867,435 xy$l,022,495
provision for Federal surtax on undistributed profits,
Loss.—V. 148, p. 3087.
ficial
Western Union Telegraph Co., Inc .—Earnings
6 Months Ended June 30—
Gross operating revenues
—V. 149, p. 1042.
178,298
Before
Stock—
Privately—
Commission announced Aug. 9 that com¬
pany, a subsidiary of Peoples Light & Power Co., had filed a declaration
(File 43-241) under the Holding Company Act regarding the issue and sale
of $350,000 4>£% first mortgage bonds, due Oct. 1, 1959.
The bonds are
to be sold at the principal amount plus accrued interest to date of delivery
to Provident Mutual Life Insurance Co. of Philadelphia.
The net pro¬
ceeds will be applied toward the redemption of $368,100 of 6% first mort¬
gage sinking fund bonds, series A, due Oct. 1, 1945.
A hearing on the
declaration has been set for Aug. 25.—V. 149, p. 893.
Gross income
income taxes
The
Western States Utilities Co.—To Sell Bonds
The Securities and Exchange
Walworth
Co
x
Reorganization of the carrier has already been unduly delayed, the com¬
mittee said, and they believed that no useful purpose would be served by
reopening the record before the Commission.
The committee is composed of Frederick H. Ecker, John W. Stedman and
Reeve Schley.—V. 149, p. 750.
196,920
*$471,377
Deprec. taken on plant &
equipment
;■
for
160,643
218,471
Int. on mtge. bds. of sub
Coupon int. on mtge. bds
debs,
$455,263
4,492
4,169
$1,582,077
5,039
4,964
$247,129
12,863
3,317
representing institutional holders of 1st mtge. bonds of the
deny a petition of the Western Pacific for
reopening of the reorganization case of that carrier.
The committee asserted that it was without knowledge of any agreement
between all parties to the proceeding as stated in the petition for reopening.
$6,389,193 $6,281,150
Total...
3248.
1939
Profit before int. & depre
Int. on notes & drafts
Res.
p.
Subs.)-
6 Mos. End. June 30—
&
941,085
209,252
$2,056,799 in 1938—V. 148,
Walworth Co. (&
74,425
,063,208
Surplus
After depreciation and obsolescence reserve of
x
z
73,690
reserve
.....$6,389,193 $6,281,150 I
Total
170,355
equalization
Price
935,923
stock,
cost
101,020
97,170
for taxes,
&c
in general
preferred exps..
148,994
170,353
payable
Res. for conting. &
charges and
Inventories
1938
111,286
Dividends
Bondholders Fight Reopening of Case—
A committee
3,225,800
175,803
46,753
Accts. pay. & accr.
732,259
as of Jan. 1,
123,995 shares of
,522,300 $1,522,300
3 ,225,800
Common stock
Cash.......
Other
Preferred stock—$1
goodwill,
Patents,
1939
Liabilities—
1938
$971,886
$973,990
1939, with accrued interest amounting to $95,698,299:
stock (no par).
common
company has asked the ICC to
Earns, per sh. on 32,258
'
1195
(7) Western Realty Co. will receive with respect to its claim in the prin¬
cipal amount of $50,000 together with $11,667 interest accrued and unpaid
Other income (net)
Gross income
Int. & other deductions.
complaint alleged that the defendants were selling
the capital stock of Watts Oil & Gas Industries, Inc., without a registration
statement covering these securities being in effect.
It was also alleged that
the defendants in the sale of these securities had been making untrue state¬
ments of material facts to purchasers and prospective purchasers.
The defendants consented to the entry or final judgment.
3,036
The Commission in its
Welch Grape
Net income
WJR, the Goodwill Station—Earnings—
Earnings for Year Ended Dec. 31
Operating revenues
—
x Operating expenses
Juice Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on
—
1938
$1,246,207
860,188
the common
$386,019
18,260
Operating profit
stock, payable Aug. 30 to holders of record Aug. 17.
A cash dividend of
25 cents in addition to a stock dividend of 5% was paid on June 15, last.
Dividends, interest, &c., other income
—V. 148, p. 2920.
Western
Provision for Federal income taxes
Jan. 1 to
■Week Ended Aug. 7—
1939
Gross
earnings (est.)
$270,002
Aug. 7
1938
1939
1938
$8,555,355
$236,111
x
stock (no par).
(3) Reconstruction Finance Corporation will receive in respect of the
$10,000,000 of new money provided (or the surrender of trustees' certificates
at their principal amount and accrued interest, to a like amount) and its
existing claim in the principal amount of $2,963,000, together with $899,870
of interest accrued and unpaid thereon to Jan. 1, 1939:
$10,000,000 new 1st mtge. 4% bonds, series A (being 100% of said new
money); $1,481,500 income mtge. 434% bonds, series A (being 50% of the
principal of said claim); $1,481,500 preferred stock, 5% series (being 50%
of the principal of the existing claim); and 17,995 shares of common stock
(no par).
will receive in respect of its claim in the principal amount of
together with $146,503 in interest accrued and unpaid thereon
1939: $2,445,610 preferred stock, 5% series (being 100% of
said claim; and 2,930 shares of common stock (no par).
Subject
to reduction by the application, prior to the date of issue of the new securities
under the plan, of any proceeds from the distributive shares of the company
or its subsidiaries under the Marshaling and Distributing Plan 1931).
(4) RCC
$2,445,610,
to Jan.
1,
principal of
(5) A. C. James will receive in respect of its claim in the principal
of $4,999,800 together with $1,249,950 of interest accrued and
thereon to Jan. 1, 1939; 72,350 shares of common stock (no par).
amount
unpaid
(6) Western Pacific RR. Corp. will receive in respect of its claim in the
principal amount $5,767,543 together with $1,980,429 of interest accrued
and unpaid thereon to Jan. 1, 1939; 44,850 shares no par common.
/
$378,376; notes receivable,
Liabilities—Accounts payable, $19,306;'taxes, other
than income taxes,
$11,923; provision for Federal income taxes, $68,622; capital stock ($5 par),
$650,000; earned surplus, $484,355; capital stock in treasury (500 shs.),
Dr.$11,133; total, $1,223,074.—V. 147, p. 3926.
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
declared an extra dividend of five cents per share
regular quarterly dividend of 10 cents per share on the
par value, both payable Oct. 2 to holders of record
Aug. 25.
Like amounts were distributed in each of the twenty-two pre¬
ceding quarters, prior to which the company made quarterly distributions
of five cents per share and in addition paid an extra dividend of five cents
The directors on Aug. 15
(2) Holders of existing 1st mtge. bonds will receive for each $1,000
principal amount thereof, together with $266.66 2-3 of interest accrued and
unpaid thereon to Jan. 1, 1939: $500 income mortgage 4M % bonds, series A
(being 50% of the principal amount of existing bonds), $500 preferred stock,
5% series (being 50% of principal amount of said bonds); and 5 1-3 shares
common
>•
$190; accounts receivable (after reserve), $99,426; accrued interest re¬
ceivable, $559; cash surrender value of life insurance policies, $17,637;
claims against closed bank, $6,727; land, buildings, broadcasting and
studio equipment & furniture & fixtures (after reserves for depreciation of
$138,826), $256,492; prepaid expenses, $12,444 total, $1,223,074
and Pullman contract,
and be assumed by the
company.
,
Balance Sheet Dec. 31,1938
Assets—Cash, $451,225; marketable securities,
follows:
of
:
Includes dej>reciation.
/
Plan—
The company has placed before the Interstate Commerce Commission a
petition for reopening of its reorganization case.
The road, at the same
time, submitted a plan of reorganization agreed upon among principal
creditors and the debtor concerning the distribution of securities which
differs only in minor details from the Commission's plan of June 21.
On June 21, the Commission issued a final order on the reorganization
of the road, but had not certified the plan to the court.
The treatment of existing securities under the agreed-upon plan is as
new
Cash dividends paid
-
Western Pacific RR.—Reorganization
$330,578
240,434
Net profit
$7,700,830
—Y. 149, P. 1041.
(1) Existing equipment trusts, Baldwin lease
aggregating $2,750,050 shall remain undisturbed
$404,279
—5,078
68,622
Operating income
Loss on securities sold
Maryland Ry.—Earnings-—
in addition to the
common
stock,
no
per share on Jan. 2,
The company also
on
1934.
paid
the common stock on
a
>
•
special interim dividend of 10 cents per share
Jan. 16, 1939, on Jan. 15, 1938, and on
Feb. 1
1937.—V. 149, p. 427.
York Railways
Co. (& Subs.)—Earnings—
12 Months Ended June
1939
30—
Maintenance
...
—
—
Other income (net).
Interest on long-term
Other interest—
debt
—
Amortization of debt discount and expense.
Net income
-V.
148, p. 3249.
$2,761,669
1,493,533
151,221
262,929
98,636
284,301
$516,210
14,261
-
Provision for retirements
Federal income taxes
Other taxes
1938
129,629
221,928
100,319
237,802
Operating revenues
Operating expenses
$471,049
7,629
$530,471
223,491
9,296
18,685
$478,678
257,663
1,622
14,115
$278,999
$205,277
$2,631,549
1,425,660
The Commercial & Financial Chronicle
1196
Aug. 19,
The Commercial Markets and the
1939
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Aug. 18, 1939.
Coffee—On the 14th inst. futures closed 2 to 3 points net
higher for the Santos contract, with sales totaling 59 lots.
The old Rio contract closed 3 points higher, with
virtually
business.
Half of the activity in the Santos contract was
no
in
switching for the
Brazilian
demand
of operators,
account
that
made
unchanged to Y franc higher.
the
market.
but it
was
Havre
Rio 5s in Brazil
were
the
ended
100 reis
higher, but cost and freight offerings to the New York Mar¬
ket
were unchanged.
Reports had it in some quarters that
Germany had arranged credits for the purchase of 300,000
bags.
On the 15th inst. futures closed 6 to 7 points net lower
for the Santos contract, with sales
totaling 23 lots.
There
was no business
reported in the Rio contracts.
Santos was
lower
noon
today with prices off 5 to 7 points during early after¬
in dull trading.
The Havre market was again closed.
Brazilian weather
was
fine with minimum
temperatures well
above^ the frost mark.
Domestic roasters were mostly
watching the market.
Milds were barely steady with Manizales at 12 Yc.
A cable from Rio today said that the coffee
department after making necessary up-country investiga¬
tions and admitting that a certain
percentage of the crop was
damaged in Sao Paulo from abnormal rains, resolved to adopt
less rigid classification of
"preferential coffee" and accept
rain damaged coffee in the sacrifice
quotas.
On the 16th
a
inst.
futures closed 4 to 7
points net lower for the Santos
contract, with sales totaling 32 lots.
No business was re¬
ported in the Rio contracts.
The market on the whole was
dull.
The Havre market was
Y franc either way compared
with last Friday's closing levels.
The spot price of Rio 7s
in Brazil was down 200 reis per kilo.
Prices as quoted by
primary markets were about the same as yesterday, and
roasters here were doing little but
watching for developments.
On the 17th inst. futures closed 3
points up to unchanged
for the Santos contract, with sales
totaling 24 lots. The Rio
contracts
registered virtually
coffee market
and the
were
no
business. Dealings in the
confined to the Santos contract
entirely,
activity in this department
was
relatively moderate,
with fluctuations confined to a
very narrow range. There
were losses of Y to
134 francs in the Havre market, but this
appeared to have little effect on domestic prices. Actuals
were quiet and
unchaged. While 7.75 cents was asked for
Santos 2s, average
description 4s could be bought at 6.65
cents and old crop 4s at as low as
6.10. Milds barely held
steady. No further news was forthcoming on the rumor that
Germany would soon be a heavy buyer of Colombian coffee.
Today futures closed unchanged to 2 points higher for the
Santos contract, with sales
totaling 31 lots. The Rio contract
closed unchanged to 2 points
higher, with sales totaling only
6 lots. Santos futures were 2 to 3
points improved in the
early afternoon on scattered covering in
September. The
Rio contract came to life and
1,500 bags were done at prices
unchanged to 3 points higher. The first trades were made in
July, 1940, deliveries. Havre futures were
franc lower to
1 Yi francs higher. Actuals were
quoted the same as yesterday,
but buyers' ideas of value were lower
and nothing of conse¬
quence was
extent
reported done.
Many in the trade feel that the
damage to Brazil's crop, which will not be
time, is an important factor.
prices closed as follows:
of rain
known for
some
Rio coffee
September
December
4.261 March
4.34
-4.341
Santos coffee prices closed
September
as
follows:
5.901 May
December
March...
6.04
-
[July
6.20
6.25
6.15)
Cocoa—On the 14th inst. futures closed 4
to 6 points net
The continued
lower.
heavy
speculative
liquidation of
September cocoa contracts was largely
responsible for the
further drop in values.
There was practically no
support,
and as a result the
price of the spot month dropped to 3.90c.,
the lowest level touched since
the price dipped to 3.83c. in
December, 1933.
A new series of low marks was
again
registered today, with 2 months under the 4c. level as
October sold off to
3.95c., 7 points under the previous low
mark.
Transactions totaled 395 lots, or
5,293 tons.
Switch¬
ing
operations
again made up a large share of the
turnover,
totaling 192 contracts, all of which were
September trans¬
ferred
into
the
distant positions.
Local closing: Sept.,
3.91; Oct., 3.95; Dec., 4.06; March,
4.20; May, 4.30.
On
the 15th mst. futures closed 5 to 6
points net higher. Trans¬
actions totaled 304 lots.
The
able firmness
cocoa
market showed consider¬
today.
A better feeling in Wall Street con¬
tributed to the improved undertone.
There was no pressure
present from primary markets.
Domestic warehouse stocks
were down 2,000 bags
today to
717,477 bags
a year
ago.
1,376,313, compared with
Local closing: Sept., 3.97;
Oct.,
4.01; Dec., 4.11; Jan., 4.15; March. 4.26; May, 4.35; July,
4.45.
On the 16th inst. futures closed 1 point higher to 1
point lower.
Transactions totaled 125 lots.
Trading was
the lightest in 2 weeks, with prices holding within a range of
2 to 3 points during most of the session.
There was a
decided pause in the heavy liquidation of the September
delivery that has been going on for several days past. There
now remains a week before first notice day against September
contracts, with 2,000 or more lots outstanding, according
to most observers.
and
Market
Futures
London
on
actuals
the London Terminal Cocoa
unchanged to lp£d.
again were the
principal buyers in the local futures market. Local closing;
Sept., 3.91; Oct., 4.01; Dec., 4.12; Jan., 4.16; March, 4.25;
May, 4.35.
On the 17th inst. futures closed 9 to 7 points net higher.
lower.
and
Manufacturers
were
trade
Transactions totaled 241 lots. The
today in
shorts
cocoa
market
was
strong
fair sized volume of business. Prices during late
afternoon were 6 to 8 points higher, with sales to that time
totaling 185 lots. There was some covering in the September
contract and a noticeable absence of any hedge pressure
New York warehouse stocks were down 3,000 bags to 1,367,773 bags compared with 737,684 bags a year ago.
Local
closing:
Sept., 4.06; Dec., 4.20; March, 4.33; May, 4.43;;
July, 4.52. Today futures closed 1 point up to 2 points net
a
-
lower.
Transactions totaled 563 lots.
Cocoa futures
con¬
tinued strong
today, with prices 1 to 3 points higher in active
dealings.
Sales up to the start of the last hour amounted
to 425 lots.
September was quoted at 4.09, up 3 points
There was a considerable amount of switching from Septem¬
ber to the more distant positions.
Local closing:
Sept.,.
4.07; Oct., 4.11; Dec., 4.20; March, 4.31; May, 4.41; July,.
-
4.50.
Sugar—On the 14th inst. futures closed unchanged to 1
point off in the domestic sugar futures market, September
closing at 1.85c., equal to the seasonal low established last
week.
Transactions totaled
accounted
for
half
of
which accounted for 64
94 lots.
The bulk of
difference of 6 points.
187 lots.
September trading
Including switches,
lots traded, the September sales were
the switching was into March at a
the
business.
The
raw sugar
market
was
dull.
It
is reported that few want to sell below the 2.90c.
basis, yet
refiners are not ready to pay more than 2.80c. which is
equal
1.90c., for Cubas, the last price paid.
The world sugar
contract closed 1Y points higher to
unchanged, with trans¬
actions totaling 126 lots.
London futures beyond August,
,
to
which is the final month of the second
crop year, were yd
higher to ^d lower.
Raws there were offered at 6s. 6d.,
equal
f.o.b. Cuban basis to 1.17c.
Refined was re¬
On the 15th inst. futures closed 2 points up to
unchanged for the domestic contract, with sales totaling 264
on an
duced lh£d.
The world sugar contract closed 1 to 2
points net
higher, with sales totaling 282 lots.
Domestic sugar futures
were
higher today in a fair sized volume of business as raws
were sold at 2 to 3
points above the last paid price.
Some
lots.
6,500 tons were traded in the first three hours.
The raw
sales, the first of the week, were both to McCahan of Phila¬
delphia.
Philippines, 200 tons due to arrive Aug. 21, were
sold at 2.82c., while 3,500 tons of
Cubas, second half Septem¬
ber shipment, brought 1.93c.
There was nothing new ip the
refined market.
The world contract was up about
H to 1
point during early afternoon as English refiners bought about
10,000 tons of Cubas, Perus and preferential at the basis of
6s. 4Kd. per cwt. or about 1.14c.
per pound f.o.b. Cuba.
London futures were
mixed, while sellers of raws were said
to be asking 6s. 6d.
On the 16th inst. futures closed 1 to 2
points net higher for the domestic contract, with sales
totaling 278 lots.
The world sugar contract closed 1 y2 to Y
points net lower, with sales totaling 151 lots.
The domestic
contract
held
steady
during most of the session.
There
raws reported.
While Cubas and
duty frees were offered at 2.85c., refiners were thought willing
in some instances to
pay 2.82c. for sugars to arrive in pre¬
ferred position.
The refined markets continued to drag
were
no
along.
further sales of
The world
contracts ruled
heavy during most of the
largely of liquidation in September in
advance of first notice
day Friday.
London futures were
mixed, closing Yd. higher to Yd. lower.
Raws there were
reported offered at the last price, 6s. 4^d. per cwt., with
buyers waiting.
session
as
a
result
On the 17th inst. futures closed 1
point net lower on all
active deliveries of the domestic
contract, with sales totaling
165 lots.
The world sugar contract closed 1 to
1points
lower, with sales totaling 250 lots.
Domestic sugar
were
unchanged to 1 point lower in the late afternoon,
with sales to one o'clock
totaling about 5,000 tons.
Sep¬
net
futures
tember-March
Raws
were
switches
were
reported at
5
and
4
points.
steady with no sales reported.
Duty frees were
held at 2.90c., while Cubas were 1.97c.
World contracts
were
Y to 1 point lower during early afternoon.
The an-
Volume
The
149
delivery will be
The next notice
day will be Aug. 31.
Sales in the first three hours were more
than 10,000 tons.
London futures were unchanged to %d«
lower, with August the only month declining.
Raws were
unchanged at 6s. 4%d.
Today futures closed 1 to 2 points
down for the domestic contract, with sales totaling 87 lots.
The world sugar contract closed % to 2 points net lower,
with sales totaling 209 lots.
The domestic sugar contract
was only moderately active, with prices about unchanged to
1 point lower.
There was nothing new reported done in the
raw market, where buyers appeared
less anxious. Cubas
were known to be offered at 1.97c., while duty frees were
at 2.90c.
The world contracts continued under the in¬
fluence of September liquidation and switching into 1940
positions.
During the early afternoon the list was 1 to 1%
points lower.
London futures were % to l%d. per cwt.
lower, while raws were still offered at 6s. 4%d.
nouncement that no
issued
tomorrow
Prices closed
notices for September
had
as
a
buoyant effect.
follows:
1.87 May
September
January
1.93
1-96
,
__1.88 July
1.91
March
Lard—On the 14th inst. futures closed 7 to 10
points net
heavy realizing today,
especially
lower.
There
was
some
September delivery, and as a result prices dropped 17
to 20 points.
Later, there was a rally on short covering, in
which prices recovered more than half the early losses.
Clearances of lard from the Port of New York today totaled
in the
24,000
pounds,
futures
were
today
were
destined
Hamburg.
for
3d. to 6d. lower
per
cwt.
Liverpool lard
Chicago hog prices
10c. lower generally, with sales ranging from
Western hog marketings were far above a
$4.45 to $6.20.
and totaled 56,700 head, against 45,000 head for
day', ast year. On the loth inst. futures closed 7
to 10 points net higher.
As a result of some rather sub¬
stantial short covering in lard futures, prices advanced 10 to
15 points on the active deliveries.
There was some profit
taking on the bulge, but it was not sufficiently heavy to
materially affect the early gains.
Export clearances of
American lard from the Port of New York today totaled
year ago
the
same
1,741,700 pounds, the heaviest in some time.
The lard was
for London and Southampton.
Liverpool lard
were 6d. to 9d. lower.
Hog prices at Chicago were
steadier, with sales ranging from $4.40 to $6.15. Western
hog marketings totaled 57,700 head against 44,100 head for
the same day a year ago.
On the 16th inst. futures closed
12 to 17 points net higher.
The lard market displayed
considerable strength today, prices advancing at one time
during the session 25 to 30 points over the previous finals.
The opening range was 2 to 10 points higher.
On heavyshort covering prices were lifted substantially higher.
The
official report from Washington that the Government intends
to relieve the surplus fats and oils situation in this country
within the near future, was the factor largely responsible
for the sudden uptrend of lard futures.
There was heavy
destined
futures
profit taking on the bulge, but substantial net gains were
shown at the close.
Liverpool lard futures were 3d. to 6d.
higher.
Western hog receipts totaled 46,300 head, against
41,500 head for the same day a year ago. Sales ranged from
$4.50 to $6.25.
Hog prices closed 10c. to 15c. higher.
On the 17th inst. futures closed 17 to 20 points net higher.
The market's rise today was due largely to heavy covering
on the part of shorts.
Since the official announcement was
made at the start of the week stating that the Government
planned to relieve the surplus fats and oils situation in this
country, the short interest has been quite active taking in
their lines.
There was also some good buying by trade in¬
terests
Lard exports as reported today were 76,500 pounds,
destined for Antwerp.
Liverpool lard futures were firm at
9d. to Is. higher per cwt.
Chicago hog prices on the close
were mostly 10 to 15c. higher, with sales ranging from $4.75
to $6.40.
Receipts of hogs at the principal markets in the
West were below a year ago'and totaled 40,400 head, against
47,500 head for the same day last year.
Today futures
closed 5 points up to unchanged.
The market held fairly
steady today, though volume was much lighter than recently.
Hogs continued to advance today, gaining as much as 20c.
.
in
an
active market.
DAILY CLOSING PRICES OF
LARD FUTURES
Thurs.
Fri.
Mon.
Tues.
5-00
4.92
5.00
5.1.5
5.27
5.40
October
5.05
5.05
5.20
5.22
5.32
5.37
5.40
5.45
5.52
5.25
5.62
5.37
5.80
5.45
5.97
5.57
5.97
December
5.20
January
5.27
5.60
5.17
5.57
May
Wed.
IN CHICAGO
Sat.
September
4.97
5.10
Pork—(Export), mess, $17.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $17 per barrel. Beef: (export),
steady.
Family (export), $20 per barrel (200 pounds),
nominal.
Cut Meats: Pickled Hams: Picnic * Loose, c.a.f.—
4 to 6 lbs., 13%c.; 6 to 8 lbs., 12%c.; 8 to 10 lbs., 10%c.
Skinned, Loose, c.a.f.—14 to 16 lbs., 18%c.; 18 to 20 lbs.,
16c.
8 to
Bellies:
10 lbs.,
Clear, f.o.b. New York—6 to 8 lbs., 14c.;
13%c.; 10 to 12 lbs., 11 %c.
Bellies: Clear,
Dry Salted, Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs.,
6%c.; 20 to 25 lbs., 63/gC.; 25 to 30 lbs., 6%c.
Butter:
Creamery, Firsts to Higher than Extra and Premium Marks:
22% to 24He.
Cheese: State, Held '38, 17 to 19c. Eggs:
Mixed Colors, Checks to Special Packs: 13% to 18%c.
oil business has been relatively quiet,
quoted schedules holding unchanged ad 8.1 to 8.3c.
Quotations: Chinawood:
Tanks—21; Carl&ds, drums—
Oils—Linseed
with
1197
Commercial & Financial Chronicle
22 bid.
Crude:
Coconut:
Tanks—.02% bid; Pacific"Coast,
spot—.02% bid.
Corn:
Crude, West, tanks, nearby—
.04% to .05.
Olive: Denatured:
Drums, carlots, ship¬
ments—79 bid; spot 80 bid.
Soy Bean: Crude, Tanks,
West—.04% bid; New crop—.03% bid; L.C.L. N.Y.—
.063
bid.
Edible:
Coconut:
76 degrees—8% bid.
Lard:
prime—8%c. offer.
Cod: Crude: Norwegian,
light filtered—30 to 31. Turpentine: 29% to 31%. Rosins:
Ex.
winter
$5.30 to $7.50.
Cottonseed
contracts.
Oil sales
yesterday, including switches, 121
Prices closed .as follows:
Crude S. E., val. 4%.
October
5.55®
December
5.66®
January
5.43®
5.55®
November
September
Rubber—On the
February
n
March
5.67 April
14th inst. futures closed 1
5.73® 5.76
5.73® n
5.85®
5.85®
n
to 6 points
higher.
Transactions totaled 2,500 tons, of which 2,040
exchanges.
Spot standard No. 1 ribbed smoked
sheets in the actual market advanced to 16 ll-16c.
The
net
tons were
Akron rubber tire maker was again reported
of actual rubber today.
Other than
above, there was little activity on the
local exchange.
Rubber stocks in England for the week
ended Aug. 12 amounted to 54,258 tons, a decrease of 866
tons from the week preceding.
Local closing: Aug., 16.49;
Sept., 16.53; Dec., 16.63; Jan., 16.64; March, 16.68.
On
the 15th inst. futures closed 5 to 8 points net lower.
The
market ruled easier today, with trading very light.
Out of
1,350 tons traded, 210 tons were exchanged for physical
rubber.
Activity was confined largely to factory accounts
selling September position and buying the March.
Trade
operations in September and December made up the re¬
mainder of the trades.
The outside market was quiet.
one
large
the principal buyer
the exchanges reported
as
1 ribbed smoked sheets in the actual
to 16%c.
Crude rubber consump¬
by the
general
trade expectations, the estimates having ranged between
44,000 and 45,000 tons.
Local closing: Sept., 10.21; Dec.,
.10.52; March, 10.85; June, 11.13.
On the 16th inst. futures
closed 1 to 5 points net lower.
Transactions totaled 213 lots.
Crude rubber futures were active and somewhat firmer after
Spot standard No.
market declined
l-16c.
tion of 43,880 tons during July, as reported today
Rubber Manufacturers' Association, was in line with
opening 4 to 11 points lower.
Sales to early afternoon were
I,910 tons.
In the late trading the market ruled steady and
prices held at the highs of the day.
The London market
was steady, with prices about unchanged.
Singapore was
quiet, with the list l-16d. lower.
Local closing: Sept.,
16.47; Dec., 16.50; Jan., 16.51; March, 16.52; May, 16.53.
On the 17th inst. futures closed 5 to 7 points net higher,
with sales totaling 73 lots.
The crude rubber market was
relatively quiet and steady after the opening, with prices 2
to 4 points up during early afternoon.
Transactions to that
time totaled 360 tons.
The London market was quiet with
prices unchanged, while Singapore closed 1-16d. in dull
trading.
Local closing:
Sept., 16.52; Oct., 16.54; Dec.,
16.56; March, 16.59.
Today futures closed 15 to 5 points
net higher.
Transactions totaled 228 lots. Rubber futures
were fairly active, with prices higher.
The list opened up
6 to 18 points above Thursday's close.
Transactions in the
forenoon were 1,670 tons, of which 50 tons were exchanged
for physical.
The London market closed steady about
l-16d. higher, while Singapore was dull with prices off 1-32
to l-16d.
Local closing:
Sept., 16.67; Oct., 16.65; Dec.,
16.63; March, 16.64; May, 16.66.
^
Hides—On the 14th inst. futures closed 5 to 6 points net
higher.
Transactions totaled 6,520,000 pounds, of which
600,000 pounds were exchanged for physical. The certificated
stocks of hides in warehouses licensed by the exchange
increased by 2,906 hides to a total of 1,414,709 hides.
The
domestic spot
with the
hide market was off sharply today in contrast
improved tone of the futures market. Sales were
reported of light native cow hides and branded cows at 11c.
and 10%c. a pound, respectively, representing a decline of
a full cent from the last previous business reported some time
ago.
The futures market worked rapidly higher during the
morning, the list showing gains at one time of 14 to 15
points above Friday's finals.
However, about half these
gains were dropped in the later session. Local closing: Sept.,
10.59; Dec., 10.94; March, 11.25; June, 11.54.
On the
15th inst. futures closed 38 to 42 points net lower.
This
sharp break in hide values was attributed largely to the
report that the Big Four packers had sold 126,000 hides on a
basis of 11c. for light native cows.
This, in spite of the fact
that smaller packers were reported to have previously sold
on this basis—influenced some rather heavy liquidation.
The
opened firm, with the opening range 1 to 11 points
On the news above referred to, prices fell off rather
sharply, closing at about the lows of the day. The strength
of the securities market made little impression on the hide
market today.
Transactions totaled 9,480,000 pounds.
Local closing: Sept., 10.21; Dec., 10.52; March, 10.85; June,
II.13.
On the 16th inst. futures closed 20 to 16 points net
lower for the new contract.
Transactions totaled 444 lots.
The raw hide market was active and lower today, with the
list dropping sharply about 25 points after opening 6 to 17
points below yesterday's close. Transactions m the forenoon
were 13,040,000 pounds.
This was a continuance of yester¬
day's late price break and it is believed that packers have
shown that it is their intention to keep hides moving and if
they cannot be sold at one price, they will do so at another.
market
higher.
The Commercial & Financial Chronicle
1198
Local
10.01;
closing: New contracts: Sept.,
March, 10.67; June, 10.97.
On the 17th inst. futures closed 6
the
no
Dec.,
i
10.33;
t
points net higher for
contracts, with sales totaling 121 lots.
There was
business reported in the old contract.
The market ruled
new
decidedly heavy during the early session. In the late after¬
good buying developed and this with some short
covering lifted prices from the low opening levels, which
showed net losses of 5 to 17 points, and prices at the close
showed substantial net gains. Local closing: New Contracts:
Sept., 10.07; Dec., 10.39; March, 10.73.
Today futures
closed 20 .to 17 points net lower.
Transactions totaled 312
lots. The market ruled weak during most of the session, due
largely to rather heavy liquidation, influenced very likely
by the ominous outlook of the political situation abroad and
<
noon some
■
the
reflection of
Local closing:
10.84.
Ocean
in
the
securities
market.
Freights—The undertone of the freight market
quite firm and tonnage offerings in nearby posi¬
continues
tions
uneasiness
this
Sept., 9.87; Dec., 10.19; March, 10.56; June,
still
are
rather
limited,
observers
included: Grain: St. Lawrence to United
Charters
state.
Kingdom-Continent,
September, 1-15, basis, 2s. 9d.
Sugar: Part cargo, Cuba to
Kingdom-Continent, end August-early September,
17s.
Cuba to United Kingdom-Continent,
September,
to United
17s. 6d.
Cuba to United
Kingdom-Continent, September,
Kingdom, end September, 17s. 6d.;
Antwerp-Rotterdam-Amsterdam,
17s.
3d.
Grain:
St.
iLawrence-Atlantic or Gulf to United Kingdom-Continent,
end August-early September, 2s. 9d. from St. Lawrence or
Atlantic range, 3s. 3d. from Gulf.
Scrap: Atlantic range
to United Kingdom, two ports loading, one port discharge,
18s. 6d., 6d. less for one port loading.
Gulf to Japan, Sep¬
tember, about 23s. 6d.
Pacific Coast to Japan, September,
$4.20.
Gulf to Japan, October, 23s.
17s. 6d.
Cuba to United
Coal—There
were no
unusual
stove and nut at $4.25 per ton, at tidewater landings,
while others are quoting $4.15 per ton for the similar grades.
Quotations
on the line were advanced in some quarters to
$4.75 per ton for egg and stove, $4.60 for nut and $4 for egg.
Operators here state that dealers who have the
room
and
can
afford to buy coal, are taking all they possibly can, believing
that the current levels are the lowest they may find this year.
Retail prices are still unchanged.
The demand for anthra¬
1939
Crack double extra silk in the spot
in the No. 1 contract.
unchanged at $2,693^.
The Yokohama Bourse
closed 3 to 7 yen higher, while grade D in the outside market
remained unchanged at 1,265 yen a bale.
Local closing:
No. 1 Contracts: Aug., 2.63 A; Oct., 2.44; Nov., 2.36A;
Dec., 2.31
Jan., 2.26.
On the 17th inst. futures closed 13^c. down to 2c. net
higher. Transactions totaled 50 lots in the No. 1 contract,
while in the No. 2 contract only 2 contracts were sold.
Raw
silk dealings today were dull, with sales up to midday total¬
ing only 210 bales in the No. 1 contract, and 10 bales in the
No. 2 contract.
Trading was mixed, with prices irregular.
Crack double extra silk in the spot market was down Aq. at
$2.69.
The Yokohama Bourse finished 3 to 9 yen lower,
while grade D in the outside market was off 10 yen at
1,255 yen a bale.
Local closing: No. 1 Contracts: Aug. 2,
2.623^; Oct., 2.53; Nov., 2.35; Dec., 2.32; Jan., 2.28; Feb.,
2.25^. Today futures closed 33^ to 3^c. net lower. Trans¬
actions totaled 116 lots.
Trading in the silk market was
confined to the No. 1 contract during the early part of the
day, with prices holding steady after opening unchanged to
3 lower.
Sales totaled 630 bales up to midday.
Crack
double extra in the spot market was off 2c. at $2.67.
The
Yokohama Bourse closed 9 to 10 yen lower, while grade D in
the outside market was off 10 yen at 1,245 yen a bale.
Local
closing: Aug., 2.59; Sept., 2.50; Oct., 2.41; Nov., 2.32H;
Dec., 2.29A; Jan., 2.263^; Mar., 2.23K.
market
was
developments in the anthra¬
egg,
19,
at 1,265 yen a bale.
Local closing: Aug., 2.62^; Oct.,
2.443^; Dec., 2.33; Jan., 2.30; March, 2.263^.
On the 16th
inst. futures closed lc. up to 4c. net lower for the No. 1
contract.
There was virtually no business in the No. 2
contract.
Sales in the No. 1 totaled 113 lots.
The market
was mixed in dull trading.
The opening range was H to 6c.
lower.
Up to early afternoon sales totaled 500 bales, all
COTTON
cite situation the past week.
Price competition in the whole¬
sale anthracite field continues.
Several operators are offer¬
ing
Aug.
Friday Night, Aug. 18, 1939.
The
Movement
of the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 101,982
bales, against 72,192 bales last week and 73,404 bales the
previous week, making the total receipts since Aug. 1, 1939,
209,466 bales, against 152,466 bales for the same period
of 1938, showing an increase since Aug. 1, 1938, of 57,000
bales.
cite coal other than dealers
stocking, is reported as rather
quiet.
According to figures furnished by the Association
of American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
July 29, have amounted to 1,313 cars, as compared with
1,444 cars during the same week in 1938, showing a decrease
of 131 cars, or approximately 6,550 tons.
Wool—Sentiment
in
the
wool
cidedly
optimistic—especially as
nouncement of a survey of fall
trade
is
reported as de¬
the result of the an¬
business undertaken by
the National Association of Retail Clothiers and Furnishers
which showed that 73% of the member firms expect substan¬
tially better business this fall than
a year ago.
The
survey,
which covered both industrial and rural areas, showed
8% of the member firms expecting
Another item of interest
was
any
only
decline in fall volume.
Sat.
Receipts at—
Galveston
Brownsville
_
Mobile....
Pensacola, &c
Silk—On
the
14th
bales
tract.
on
inst.
futures
closed
2
1,764
3,617
2,121
899
4.618
8,356
1,041
5,113
1,093
807
511
266
93
11
contract and 2 to
71Ag.
7
the No. 1 contract and 20 bales
on
the No. 2
con¬
today's operations consisted of Japanese
switching operations.
Selling came from scattered trade
and importer sources.
There also was some purchasing for
hosiery mills noted in the forward months.
Futures at
Yokohama were 8 yen higher to 6 yen lower, while Kobe
came
through 1 to 10 yen higher.
Spot sales in both Japan¬
markets amounted to 625 bales, while futures transac¬
tions equaled 3,950 bales.
Local closing: Contract No. 1:
ese
Aug., 2.62K; Sept., 2.54^; Oct., 2.44; Dec., 2.32^.
Con¬
No. 2: Aug., 2.59K;
Sept., 2.42; Dec., 2.25; Jan.,
2.20; Feb., 2.19.
On the 15th inst. futures closed unchanged
to lc. net higher.
Transactions totaled 97 lots.
The raw
tract
tract up to
unchanged,
was
firm
on
sales of 360 bales in the No. 1
early afternoon.
while
quotations
Crack double extra in
—
1,778
'
—
—
«.
-
—
»
-
—
—
437
49
•
—
5,119
—
49
54
54
869
752
2,513
198
452
502
•
M
""21
...
"419
-
—
358
—
502
—
255
591
Lake Charles
Norfolk
"21
195
""38
Baltimore
Totals this week.
12,042
17,037
15,713
8,925
16,833
752
31,425 101,982
following table shows the week's total receipts, the
Aug. 1, 1939, and the stocks tonight, compared
total since
with last year:
The No. 1 contract
on
the
No.
1938
1939
Receipts to
Aug. 18
This
Week
Galveston
11,855
Brownsville
15,990
Houston
27,037
33,971
Corpus Christi
Beaumont
Since Aug
1 1939
20,199
22,201
48,467
82,072
This
Stock
Since Aug
1 1938
Week
5,374
7,227
X
437
27,191
1,360
Pensacol a & G' port
49
Jacksonville
54
4,356
11,897
255
1.309
'1,505
2.387
54
2,513
2,634
Savannah
.....
z206
1
Charleston
60
"752
"""783
""90
"452
Lake Charles
1,009
1,609
169
Wilmington
Norfolk
New York
544", 800
618",657
145,810
30,571
342,778
47,145
53,968
163,413
16,318
594,664
60,711
z5,103
1,739
147,143
30,673
11,033
15,521
27,775
..
23,088
102,207
49
Mobile-
1938
593,575
X
14,724
45,595
.
8",370
New Orleans
1939
476,433
~
—
97
1
—
794
1,355
142,564
28,093
6,219
10,317
25,793
—
■
-»■
100
____
100
1,148
775
3,599
■
Boston
A
—
"502
"1,838
209.466
73,033
~
965
101,982
Baltimore
3,192
725
2
was
were
x
Receipts included in Corpus Christi.
z
152,466 1.857,869 2,290,749
Gulfport not included.
Jn order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1939
Galveston
11,855
Houston
27,037
New
1938
1935
1936
Savannah
1,315
8,535
10,763
437
Mobile.
16,520
35,081
13,320
255
2,513
Orleans.
1,505
1,158
3,354
1,157
2,488
8,370
Charleston
Wilmington.
1937
5,374
14,724
4,356
862
631
243
1
_
16,168
11,906
16,274
1,721
11,461
1,898
1934
10,943
15,567
10,605
3,072
4,430
1,513
37
Norfolk
"""452
"""169
146
96
"""207
839
All others
51,318
46,650
78,473
51,403
36,439
24.878
Total this wk_
101,982
73.033
149,210
76,336
96,074
71,884
Since Aug. 1__
209,466
152.466
285,032
163,405
225,110
194,831
con¬
about
easier.
the spot market was lc. higher at
2.69The Yokohama Bourse closed 1
yen lower to 3 yen
higher, while grade D in the outside market was up 10 yen
■'
up on
The bulk of
silk market
11,855
15,990
27,037
33,971
8,330
20", 403
8,898
1,026
•
.» —
■
The
Total
3,017
to
6k£c. net
the No. 2
Transactions totaled 1,210 bales, including 1,190
contract.
Fri.
836
-
Savannah
was
higher for the No. 1
Thurs.
2,028
the report that the British gov¬
planning to buy large quantities of wool goods
stated that British officials were looking into
sources of supply, although
up to now Yorkshire has been able
to fill the needs of the Empire.
In fact, it declares, American
manufacturers continue to complain of competition from
British wool goods.
However, it is reported that mills in
Yorkshire in the last few weeks have been so busy, they have
not been pressing for business here.
Business in the wool
goods markets this week, however, was reported as spotty.
Wools in Boston are reported holding firm, though nothing of
any material importance is developing just at present.
The
only mark-up recently in fine wools has been in the graded
fine French combing which has advanced a cent to an
asking
price of 68c. to 71c. Mills are reported balking at 68c. to 70c.
on original
bag territory.
It
1,450
7,634
60
....
ernment was
here.
Wedl
Tues.
3,328
1,152
6,606
2,812
A
Houston
Corpus Christi.
New Orleans....
Jackson vi 11
Man.
1,196
The exports for the week
ending this evening reach a total
Great Britain, 11,625
to France, 9,932 to Germany, 1,882 to Italy, 3,485 to Japan,
395 to China, and 8,991 to other destinations.
In the
corresponding week last year total exports were 60,086 bales.
of 50,282 bales, of which 13,972 were to
Volume
Commercial & Financial Chronicle
The
149
seasoo to date aggregate exports have been 120,683
bales, against 138,890 bales in the same period of the previous
season.
Below are the exports for the week.
For the
'
i
Week Ended
Exported to—
•
Aug. 18, 1939
Ger¬
Great
Exports from—
France
Britain
194
Galveston
Houston
286
84
6456
4,061
302
New Orleans
the
situation.
912
Mobile
"463
1,882
9,924
9,605
966
1,650
17
17
Pensacola, &c
477
"426
51
Norfolk
Total
1938
4,273
Total
1937
9,311
From
'
•
.
8,991
14,920
2,527
3,485
24,796
6,722
4,678
:
50,282
7,458
1,882
20,304
6,059
60,086
11,218
58,292
395
9,932
11,625
6,112
13,972
Total
1,484
1,020
670
350
San Francisco...
"160
"266
1424
Los Angeles.
Exported to—
Aug. 1,1939/0
Ger¬
Aug. 18, 1939
Great
Exports from—
Britain
France
194
Galveston
6,364
10,242
9,677
Corpus Christ!
10,939
1,286
Houston
286
Brownsville
New
Mobile.
275
8,169
1,617
260
4,208
10,702
2,032
87
615
"615
"112
1477
"300
400
__
1937.;..
1,102
24,895
19,272
27,209
11,672
34,868
16,560
40,704
120,683
20,569
1,095
11,292
40,354
8,698
21,890
27,976
1938...
60
138,890
140,851
692
28,222
Total
"266
2~848
200
350
Francisco
Total
14,825
87
Norfolk
Total
3,017
1,976
"463
1,882
Savannah—.
San
19,606
39,461
912
Pensacola, &c.
Los Angeles
16,429
1,372
9,070
4,266
1,392
1,120
—-_
5,535
6,820
.
2,821
8,812
620
"328
2,869
2,006
.
.
Orleans
3,853
1,378
2,592
2,846
Total
Other
China
Japan
Italy
many
9,537
14,800
"266
8,056
32,555
Canada—It has never been our practice to
NOTE—Exports to
include in the
virtually
give
concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of June the exports to the Dominion the present season
above table reports of cotton shipments to
Canada, the reason being that
overland, and it is impossible to
all the cotton destined to the Dominion comes
returns
have
the
been
23,601
exports were
month of the preceding season
months ended June 30, 1939, there
11 months of 1937-38.
corresponding
In the
bales.
For the 11
16,632 bales.
235,335 bales exported, as against 228.366 bales for the
were
In addition to above exports, our
telegrams tonight also
shipboard, not
give us the following amounts of cotton on
cleared, at the ports named:
On
Ger¬
Other
many
France
Foreign
800
Houston.
Orleans.
_
Stock
wise
200
200
1,344
8,023
1,388
377
Galveston
New
Leaving
Coast¬
Other
Britain
1
Shipboard Not Cleared for—
Aug 18 at—
4,000
4,7 4
1,904
76
Total
60
200
200
Savannah
Charleston
2",045
"975
f,070
11,342
3,153
4,189
2,734
1,050
Mobile
469,733
536,917
331,653
142,364
28,093
45,100
25,793
250,263
6,700
7,833
11,125
1,500
1,122
Norfolk
Other ports...
Total 1939-Total 1938
Total 1937
The official
577
1,379
2,757
943
10,618
12,754
4,996
27,953 1,829,916
21,356 2,269,393
14,213 1,210,363
2,682
2,980
1,328
quotation for middling upland cotton in the
day for the past week has been:
18—
Sat.
Mon. Tues. Wed. Thurs. Fri.
New York market each
Aug. 12 to Aug.
Middling upland
—
9.29
9.39
9.24
9.29
Premiums and Discounts for Grade
9.32
9.27
and Staple—The
gives the premiums and discounts for grade and
staple in relation to the grade, Basis Middling %, established
table below
for deliveries on contract on
Premiums and
.
—
grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over J^-inch cotton at the 10 markets on Aug. 17:
discounts for
7A
15-16
1 In. &
Inch
Inch
■
7A
15-16
1 In. A
Inch
,
Longer
Inch
Longer
Spotted—
White—
on
Good Mid
.75
on
St.
.20
on
.32 on
.06 off
.07
on
.18
.73 off
.81
.63 off
.08
on
.56 on
.69 on
St. Good Mid..
.50
on
.63
Good Mid
.42
on
.55 on
.67 on
Mid
.29 on
.41
on
.53
on
•St. Low Mid.. 1.50 off 1.45 off 1.40 off
Mid
Basis
.13
on
.25
on
•Low Mid
St. Low Mid
.61 off
.51 off
Mid.
Fair
Mid
St.
on
.25 off
1.42 off 1.36 off 1.31 off
Low Mid
•St. Good Ord. 2.15 off 2.13 off 2.11 off
2.74 off 2.73 off 2.72 off
•Good Ord
.42
on
.53
on
.41
on
.53
Low Mid
.36 off
.52 off
.44 off
.61 off
.77 off
.69 off
1.56 off 1.51 off 1.48 off
Mid
.13
on
.25
on
.51 off
2.90 off 2.90 off 2.90 off
•Low Mid
Yel. Stained—
1.18 off 1.11 off 1.05 off
Good Mid
.39 off
1.42 off 1.36 off 1.31 off
•St. Good Ord. 2.15 off 2.13 off 2.11 off
2.74 off 2.73 off 2.72 off
•Good Ord
•St.
1.70 off 1.66 off 1.65 off
MM
2.33 off 2.31 off 2.31 off
•Mid
Gray.64 off
Mid
.45 off
.75 off
.67 off
1.45 off 1.40 off 1.36
•Mid
*
.55 off
.83 off
Good Mid
St.
concerning the European political
was awaiting inauguration of the
new cotton contract in the local market next
Tuesday. Open¬
ing prices were 1 point higher to 2 points lower in light and
somewhat mixed trading.
The trend was slowly downward.
Southern spot markets today were 5 to 10 points lower, with
middling quotations ranging from 8.48 up to 9.28c., averaging
9c. at the 10 designated spot markets.
On the 14th inst.
prices closed 4 points lower to 2 points higher. The opening
range was 2 points higher to 1 point lower in light and mixed
trading. Early buying orders came from abroad, but during
the morning Bombay turned actively to the selling side in
the distant months, while there also was some Wall Street
liquidation of nearby deliveries
Pressure of Southern offer¬
ings, however, was limited, and after the trade and locals
had absorbed the contracts, prices responded to a moderate
demand during the afternoon.
On the whole the market
moved irregularly within a 10.point range.
Foreign liquida¬
tion accounted for early losses of 4 to 8 points, but prices
later recovered on local buying, influenced by heavy rains in
Alabama and absence of rains in Oklahoma.
A prominent
cotton firm had reports that rains early last week in the
Western belt had added 300,000 bales to crop prospects in
that area.
On the 15th inst. prices closed unchanged to 7
points net higher.
The cotton market displayed a firmer
tone today in a moderate volume of sales.
Shortly before
the end of the trading period the old contract list was 5 to 8
points above yesterday's closing levels. At noon the market
was 6 to 11 points higher.
Buying by Bombay and Liverpool
interests and trade price fixing lent support to old cotton
futures contracts this morning and prices opened unchanged
to 2 points higher I
Far Eastern interests bought March and
May against sales in October and December.
Liverpool
houses were buyers in October and March.
Offerings were
supplied by spot interests, brokers with New Orleans con¬
nections and commission houses.
Hedge selling was re¬
latively light, although there were scattered hedge placements
in the 1940 months.
Futures on the Liverpool Exchange
closed unchanged to 3 points higher today on brisk buying by
Bombay and trade interests. On the 16th inst. prices closed
12 to 3 points net lower.
The cotton market displayed an
easier tone today in a moderate volume of transactions.
A
short time before the close of business active months regis¬
great
uncertainties
The trade also
tered losses of 1 to 4 points from the closing levels of
the
preceding day. Around midday prices were unchanged to 5
points lower. Futures were unchanged to slightly lower at
this morning's opening as New Orleans liquidation, foreign
selling and hedging encountered only mediocre support in
the form of trade price fixing and professional buying.
Brokers with Bombay connections sold October and De¬
cember and there appeared to be some Continental selling in
the 1939 positions.
Wall Street houses also had small
selling orders. Price fixing centered in December, although
mill accounts were scattered buyers in the other active
positions. New contracts met little demand aside from some
mill buying in October and December and a little pro¬
fessional absorption. Offerings were light.
On the 17th inst. prices closed unchanged to 5 points net
higher.
The market was more or less mixed, with prices
fluctuating within a narrow range.
Shortly before the end
of the trading period the entire list was 8 points above to
2 points below yesterday's finals, with the October delivery
showing the. only loss of the day.
Responding to a fairly
brisk trade and foreign demand, futures advanced 3 to 4
points in the old contract this morning, while new contracts
were up 2 to 5 points.
Bombay houses were fairly active
buyers in the distant positions, while further support came
from Liverpool dealers and Continental firms.
Brokers
with
Orleans
New
off
Speculation
in
cotton
for
future
delivery during the
ers
to take
continues
either side of the market, and trading therefore
more
or
less
in the
doldrums.
The European
ment
the
that
title to lint
ment
Commodity
intends
to move surplus
active
day.
as
well
had
taken
lint in whatever manner is
Around midday the market was 3 points higher to 1
point lower. Opening trade in futures was light this morn¬
ing.
Buying came from foreign interests, principally Bom¬
and from trade houses with
bay and Continental accounts,
price-fixing
Offerings
were not broad, although
Orleans and spot house selling and hedging
orders.
changed to 3 points higher.
liquidation
Corporation
loan was that the Govern¬
showed an advance of 3 points to a
points from the closing levels of the previous
prices closed 4 to 6 points net lower. The
market continued its declining tendency today, influenced
by further scattered domestic and foreign
the
positions
points
On the 12th inst.
in
Futures failed to reflect any immediate reaction.
Today prices closed 1 to 5 points net higher.
Prices for
cotton futures displayed an irregular tone today in a limited
volume of sales.
A short time before the close of business
tions.
is
lots
possible.
there was New
situation
Credit
in the Government
being watched closely, and this is
playing its part as a restraining influence in cotton opera¬
political
scattered
action in the cotton trade here to the
decline of 2
past week was relatively quiet, with price trend irregular.
There was little in the way of incentive to encourage trad¬
took
in October and December.
The immediate re¬
Government announce¬
absorption
all
Not deliverable on future contract.
connections
and there also was a small amount of trade
1940 months,
•Mid
on
.61 off
St. Low Mid
.55
on
Even
Mid
on
.29
Mid
St.
2.21 off 2.20 off 2.18 off
Tinged—
Good Mid
St.
on
.52 off
•St. Low Mid— 2.23 off 2.21 off 2.21 off
Extra White—
Good Mid
...
Mid
for the current month
lower.
13,565
5450
1,513
2,982
738
Brownsville
moderately increased Southern hedge selling." New lows
were established as the market dropped
There was nothing in the news to account for the
market's heavy appearance, but there was a lack of buoyancy
throughout the session. Demand was limited to a moderate
volume of routine trade price fixing in addition to a little
Bombay demand at narrower differences.
There was little
inclination to take a position over the week-end in view of
as
10,858
"l95
l"228
4",266
3,010
Corpus Christi—
1,682
1,202
1,972
7,463
2,259
Total
Other
China
Japan
Italy
many
1199
in
the 1940 contracts.
on
the
Prices
opening,
change advanced 2 points as
old futures were up 1 to 4
on
contracts opened un¬
Futures on the Liverpool Ex¬
trade price-fixing and Bombay
while
new
buying absorbed light offerings.
The Commercial & Financial Chronicle
1200
Market and Sales at New York
The total sales of cotton
week at New York
For
the
below how
same
on the spot each day during the
indicated in the following statement.
of
the reader,
we
also show in a
are
convenience
table
days.
the market for spot
and futures closed
19,
1939
on
Delivery—The Commodity
Exchange Administration of the United States Department
of
Agriculture makes public each day the volume of sales
for
future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures
Contract
Spot
Aug.
Volume of Sales for Future
given in bales of 500 lb.
are
gross
Total
weight.
Open
Old
New
Old
New
Old
New York
New
Aug. 11 Aug. 12 Aug. 14 Aug. 15 Aug. 16 Aug. 17
Contracts
Aug. 17
Saturday
Monday
Tuesday
W ednesday
Thursday..
Friday
...
1939—
....
...
October—Old.....
...
.
—
......
;
.......
New
....
14,000
16,300
18,300
17,000
33",200
19^666
43",800
29,300
5,100
...
New...
...
12,400
11,300
25"700
1,200
26,800
1,600
1,100
542,500
6,100
500
...
December—Old
303,200
1,300
1940—
Total week.
Since Aug.
January—Old..
1.
4,470
4,470
■
—_
■
>
-
i
-
2,500
New
New
....
Nominal
Nominal
Nominal
Wednesday
Thursday
Friday
...
Nominal
Nominal
....
Futures—The highest, lowest and
9" 100
12", 100
18~4~8O6
200
2,800
5,200
43,800
18,300
16,600
1,900
10,700
359,500
1,000
6,800
2,100
5,400
4,100
4,000
5,200
109,600
.....
13"; 100
3~400
9,500
New............._
Barely steady..
Steady
Steady
Barely steady..
Steady
Steady
Nominal
2,900
7* 300
...
—
July—Old.....
Saturday.
Monday
Tuesday
100
IO"3O6
...... .
May—Old.
Old
4,700
31500
16,900
_
New
Futures Market Closed
Spot Market Closed
5,000
3",600
.
.
.....
60,900
New,............:.
March—Old, .
100
,
3,300
500
600
Inactive months:
September, 1939, old
Steady
Barely steady
Steady
300
November, 1939, old
Total all futures....
Steady
100
83,300
52,400 130,400
83,000
81,900
72,900 1,577,600
Open
New Orieans
closing prices at New
Aug. 9
Aug. 10 Aug. 11 Aug. 12 Aug. 14 Aug. 15
Contracts
Aug. 15
York for the past week have been as follows:
1939—
Saturday
Aug.12
October—Old-.
Monday
Aug. 14
Tuesday
Aug. 15
Wednesday
Aug: It)
Thursday
Aug. 17
Friday
Aug. 18
New.
Aug.anv)
Closing.
8.81/2
8.76/2
Range..
Closing
8.72n
8.79/2
8.74/2
8.72/2
8.82n
Range..
8.77- 8.84
8.69- 8.75
8.69- 8.75
8.73- 8.77
8.78- 8.79
8.70- 8.78
8.74 —
8.73- 8.85
Closing
8.74
8.69
8.72
8.77
8.84- 8.86
Range..
8.84
Closing.
8.87/2
8.84/2
8,69n
8.67/2
8.67/2
8.61/2
8.65/2
i~,oo6
"800
"966
2",650
2',boo
1,350
2~550
"400
*350
"900
"550
150
-
900
"466
"ioo
100
15,250
8.150
9,100
12.200
0.7*0
248.050
8.80/2
8.77/2
8.74/2
8.82/2
.
Range..
8.61- 8.68
8.54- 8.62
8.59- 8.69
8.54- 8.60
8.55- 8.60
8.58- 8.62
Closing.
8.61- 8.62
8.60
8.60
8.54
8.58
8.60
8.72- 8.80
8.69- 8.71
8.71- 8.75
8.73- 8.76
8.73/2
8.70 n
8.75
8.74/2
8.47- 8.52
8.43- 8.49
8.53- 8.53
8.45- 8.47
Closing.
8.47
8.47
8.47/2
8.41/2
—
Range..
Closing
8.60/2
.
8.58/2
8.42/2
8.43/2
8.37/2
8.41/2
8.43n
8.56/2,
8.55/2
8.44 nj
8.59/2
8.33- 8.38
8.38- 8.48
8.33- 8.39
8.34- 8.41
8.38- 8.40
8.37
8.38/2
8.40
8.33
8.38/2
8.40
—
—
—
Range..
Closing.
1938
up
as
1937
639,000
113,000
621,000
54,000
1,019,000
144,000
575,000
138,000
58,000
10,000
1,163,000
248,000
253,000
11,000
by
well
49,000
22,000
15,000
"19,666
242,000
598,000
1936
752,000
108,000
16,000
14,000
6,000
....
Total Continental stocks
289,000
656,000
81,000
8.60- 8.62
8.51- 8.55
8.58- 8.61
8.56/2
8.54/2
8.58/2
8.57/2
8.25/2
8.30/2
737,000
150,000
124,000
9,000
62,000
55,000
11,000
137,000
11,000
8,000
6,000
7,000
418,000
Total European stocks
817,000 1,761,000 1,041,000 1,155,000
57,000
74,000
63,000
49,000
114,000
101,000
135,000
91,000
Egypt, Brazil,&c.,afl't for Europe 265,000
211,000
175,000
211,000
Stock in Alexandria, Egypt
168,000
255,000
74,000
90.0C0
Stock in Bombay, India..
759,600
982,000
766,000
765,000
Stock in U. S. ports
1,857,869 2,290,749 1,224,576 1,199,423
.Stock in U. S. interior towns
2,417,522 1,927,836
788,408 1,132,176
U. S. exports today
15,256
10.135
8,141
8,497
India cotton afloat for Europe
American cotton afloat for Europe
Mar. (new)
8.32 n
April (old)
Range..
8.28/2
8.29/2
8.31/2
8.48/2
8.43/2
8.50/2
8.50/2
Total visible supply
8.20- 8.26
8.15- 8.25
8.22- 8.32
8.17- 8.24
8.20- 8.26
8.23- 8.25
8.20
_
8.21- 8.22
8.23
Of the above, totals of American and other
descriptions are as follows:
American—
Aprll(new)
Range..
Closing.
May (old)
Range..
Closing.
May (new)
8.22- 8.23
8.24
8.37- 8.43
8.41-
8.42-
8.40/2
8.38
8.43/2
8.43/2
8.13/2
8.08/2
8.13/2
8.16/2
8.31/2
—
8.17- 8.18
8.46- 8.46
8.29/2
8.25/2
8.36/2
—
Liverpool stock
Range..
Closing.
June (old)
Range..
Closing.
—
8.45
8.46
__6 ,470,647 7,612,720 4,275,125 4.701,096
„
.
119,000
20,000
63,000
„,
Manchester stock
Bremen stock
Havre stock
21,000
14,000
114,000
1,857,869
Other Continental stock.
8.11/2
8.12/2
June (new)
Range._
.
American afloat for
U. S. port stock
Europe
U. S. interior stock
U. S. exports today
7.96- 8.06
8.04- 8.11
8.00- 8.04
8.02- 8.06
8.06- 8.08
8.01/2
Range..
Closing.
8.03
8.04- 8.05
8.00/2
8.04
8.08/2
East Indian. Brazil, &c
Liverpool stock...
8.24- 8.29
8.28- 8.30
8.21/1
8.2/i
8.30
Manchester stock
Bremen stock
—
—
Range..
Closing.
8.29- 8.29
8.22n
—
2,417,522
15,256
Total American-
8.01- 8.05
July (new)
Range for future prices at New York for the week ended
Aug. 18,1939, and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Option
4,641.647 5,360,720 2,599,125 2,924,096
_
„
Other Continental stock
Indian afloat for Europe.
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India.
...
Total East India, &c
Total American
1939—
Aug
7.46 Apr.
11 1939
8.12
7.30 Jan.
24 1939
Oct. old
8.69 Aug.
16
8.85
Aug. 15
7.26
10 1939
Oct. new...
8.84 Aug.
9.16 Aug.
9.18 Aug.
17
8.90
Aug. 15
8.84 Aug. 17 1939
7.49 Feb. 23 1939
Sept
.
Jan.
Oct.
3 1938
1 1939
1 1939
8.90
Aug. 15 1939
7.49
Feb.
23 1939
July
26 1939
.
old
new
8.54 Aug.
8.69
Aug. 15
7.26 Jan.
26 1939
8.99
8.80
Aug. 15
8.69 Aug. 16 1939
8.80
Aug. 15 1939
8.43
Aug. 14
8.53
Aug. 15
7.29 Jan.
27 1939
8.83
July
26 1939
8.33 Aug. 14
8.51 Aug. 16
8.48
Aug. 15
7.36 Apr.
20 1939
8.75
Aug.
1 1939
8.62
Aug. 15
8.51
Aug. 16 1939
8.62
Aug. 15 1939
8.15 Aug. 14
8.37 Aug. 16
8.32
Aug. 15
July
Aug. 15
7.58 May 22 1939
8.37 Aug. 16 1939
8.62
8.46
8.46
Aug. 15 1939
July old
7.96 Aug.
14
8.11
Aug. 15
8.24
17
8.30
July
Aug.
7.96 Aug. 14 1939
8.24 Aug. 17 1939
8.49
July
1940—
Jan. old
—
Feb.
old...
Feb.
new...
Mar. old
Mar.new.__
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
old...
402,000
34,000
75,000
37,000
32,000
57,000
265,000
168,000
759,000
450,000
55,000
115,000
69,000
41,000
74,000
211,000
255,000
982.000
421,000
73,000
39,000
40,000
25,000
63,000
175,000
74,000
766,000
437,000
-
48,000
54,000
45,000
78,000
49,000
211,000
90,000
765,000
1,829,000 2,252,000 1,676,000 1,777,000
4,641,647 5,360,720 2,599,125 2,924,096
6,470,647 7,612,720 4,275,125 4,701,096
5.14d.
4.78d.
5.78d.
6.74d.
9.32c.
8.42c.
10.08c.
12.03c.
7.29d.
4'.lid.
Tanguis, g'd fair. L'pool
4.84d.
3.92d.
5.73d.
C.P.Oomra No.l staple,s'fine.Liv
4.25d.
3.89d.
Peruvian
14
8.69 Aug. 16
569,000
218,000
219,000
89,000
40,000
33,000
133,000
70,000
97,000
184,000
97,000
79,000
56,000
18,000
65,000
101,000
135,000
91,000
2,290,749 1,224,576 1,199,423
1,927,836
788,408 1,132,176
10,135
8,141
8,497
—•
Havre stock....
Nominal.
Apr.
1939
bales
Stock at Venice and Mestre
Stock at Trieste
8.37- 8.43
Range..
Closing.
made
this week's returns, and
consequently all foreign
brought down to Thursday evening.
To make
the total show the complete figures for
tonight (Friday) we
add the item of exports from the United States for
FYiday
only.
Stock at Rotterdam
Stock at Barcelona
8.61/2
Feb.(new)
Range..
.
as
Foreign stocks
are
Total Great Britain
Stock at Bremen
Stock at Havre
8.47/2
8.61/2
Mar. (old)
50
are
Stock at Genoa
8.42n
35",500
8.46- 8.48
8.45/2
Feb. (old)
Jan.new
follows.
as
Stock at Manchester
Jan. (new)
new.
7,550
Supply of Cotton tonight,
telegraph, is
Stock at Liverpool
(old)
Range..
Dec.
11.650
Aug. IS—
Jan.(1940)
Dec.
afloat
figures
Dec. (new)
Range..
Closing.
34",450
r
New..............
as
Range..
Nov.
"450
July—Old
cable and
8.68/2
Dec. (old)
_
150
2,800
8.90/2
Range..
Range..
Closing
85,150
—
The Visible
Nov. old.
200
74,500
—
Nov. (new)
n
200
1,950
Nov. (old)
Closing
July (old)
3,200
4,050
150
Total all futures
8.88- 8.90
Closing
5,100
4,100
8.87- 8.87
Oct. (new)
Closing
2,850
2",850
New..............
May—Old——
New......
8.79/2
Closing
1,600
4* 350
March—Old.....
8.83/2
_
Closing.
600
3",600
New....:
8.76/2
Oct. (old)
k
3,400
4^850
...
—.
January—Old...
Sept. (new)
.
....
...
1940—
(new)
Range..
1
*
December—Old.......
.
^
—
New .........
5.08d.
5.44d.
6.98d.
5.lid.
7.54d.
5.54d.
Continental imports for past week have been 92,000 b lies.
The above figures for
1939 &how a decrease from last
week of 30,335 bales, a loss of 1,142,073 from
1938, an
increase of
195,522 bales over 1937 and a gain of 1,769,551
bales
over
1936.
Apr.new...
May old...
May new...
June
June
old...
27 1939
new..
new
Aug.
18
26 1939
8.30 Aug. 18 1939
At
the Interior Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out in
detail below:
Volume
The Commercial & Financial Chronicle
149
Movement
19, 1938
Movement to Aug.
Aug. 18, 1939
to
1201
Closing Quotations for Middling Cotton onWeek Ended
Towns
ments
Week
18
1,253
Receipts
Season
Week
18,647
112
201
5,838
25
62
835
23
79
1,205
1,325
1,017
415
66,407
22
29
16
154,286
37
37
685
46,663
""38
185
Selma--
—
47,327
....
.
Ark.,Blythev.
City
Helena.
13
""22
Little
79
Rock
M,
8.90
•»
8.90
8.85
8.92
8.74
8.69
8.72
8.77
9.15
9.25
8.75
9.09
9.13
46,039
Norfolk
9.30
9.25
9.25
9.20
9.20
296
52,373
Montgomery.
9.05
9.00
9.00
8.95
144
85,363
9.24
9.24
9.19
24,260
Augusta
Memphis
9.28
166
9.10
9.05
9.05
9.00
28,104
23,477
8.85
8.80
8.80
8.75
"291
9.00
8.95
8.95
5
22,649
8.48
8.44
8.44
8.90
8.39
338
91,176
18,400
60,227
10
1
6~196
Blulf.
"249
1,086
95,723
2",048
"255
4
49
62
39,073
3
69
310
159
458
135
11,943
687
715
143
2", 024
12
79
110
52
385
Atlanta
1,000
2,390
2,000
71,728
358
1,305
4,082
29,311
13,873
24,169
127,690
Augusta...
2,651
4,826
2,597
116,448
3,219
1,586
900
1,100
900
31,800
200
100
448
751
762
23,720
1,048
712
53,300
New Orleans Contract Market—The
27,469
"260
...
34,300
Macon.
Houston..
Little Rock..
Dallas
....
...
Rome..
La., Shrevep't
711
"""779
Miss., Clarksd
25,563
12
for
8.4
the past week have been as follows:
1,581
73,392
""45
240
3,209
245
47,638
467
1,105
966
44,767
256
377
526
30,967
68
107
659
24,767
522
1,008
1,593
57,793
661
1,124
551
50,288
Jackson
378
379
377
16,908
100
232
442
22,669
""32
62
547
15,187
38,109
"16
24
2
29
199
2,411
7,862
2,521
2,062
3,232
8,216
3,237
79
100
137
1,365
20
36
94
Thursday
Friday
Aug. 17
Aug. 18
Mo., St. Louis
N.C., Gr'boro
382
523
1,369
250,654
150
298
Tenn., Mem's
1,816
16,603
5,225
2,438
24,671
55,731
2,751
72,564
553,396
8,096
4,559
28,035
(new)
8.67 Bid
8.61 Bid
Mar .(old).
8.48- 8.49
8.44- 8.45
71,540
"288
""io
3,633
2,466
89
116
25
436
"l84
38,044
115
288
453
38
■;
288
"237
Austin
58
132
38,243
306
306
315
1,500
Dallas
32
Paris.....
""23
""23
1,791
3,075
1,023
29
12
109
10
4
4
429
468
"115
34,847
16,663
12
40
32,885
116.003
49.434 2417.522
30,587
67,022
2,185
32,759
22,348
460
10
1
4,318
29
3,933
1,954
2,666
Marcos
Texarkana.
Robstown..
Waco
Tot., 56 towns
Includes the combined total of 15 towns
8.58 Bid
8.56 Bid
8.33
8.28
8.43 Bid
8.40 Bid
(old),
8.14
(new)
8.24 Bid
above
show
totals
'36.235 1927,836
8.63 Bid
8.35
8.49 Bid
8.15
8.49 Bid
8.18
—-
8.29 Bid
—
Tone—
8.32 Bid
that
the
Quiet.
Quiet.
Quiet.
Steady.
Old futures
Steady.
Steady.
Steady.
New futures
Steady.
Stent
Stea^v.
Steady.
Steady.
Spot...
Census
Aug.
Report
statement
stocks
interior
have
1939 and 1938:
COTTONSEED
RECEIVED,
1938
8.37c.
for middling
1930
1937
10.17c.
1929
1936
12.13c.
6.70c.
ON
upland
New York
at
have been
years
1923-..--25.40c.
as
on
1939
(TONS)
On Hand at Mills
July 31
1938
1939
1938
437,969
311,344
426,289
Arkansas
459,400
627,299
159,405
290,704
Georgia
624,214
365,635
288,546
186,396
668,322 1,028,759
289,924
144,057
277.790
178,844
284.791
179,986
475,466
176.313
366,825
606,961
California
follows:
310,305
191.731
688,304
150,605
282,868
547
994,927
21,816
1,247
Alabama
—
1922
21.90c.
1921
13.00c.
1913-
12.00c.
Mississippi
1928
18.85c.
1920
35.00c.
1912
11.80c.
North Carolina
1935-. —-11.80c.
1927
20.00c.
1919
30.55c.
1911
12.50c.
Oklahoma
1934
13.15c.
1933---— 9.25c.
1926
18.30c.
1918
35.70c.
1919
15.90c.
South Carolina
1925
23.60c.
1917.
22.65c.
7.60c.
1924
28.10c.
1916.---.14.40c.
1909-.--_12.80c.
1908
10.40c.
.
HAND
Aug. 1 to July 31
1938
1939
11.00c.
18.35c.
—
AND
Aug. 1 to July 31
State
1915--.-1914-----
—
CRUSHED,
Crushed
Quotations for 32 Years
1931
Production—On
Received at Mills*
Aug. 18 for each of the past 32
9.32c.
Oil
Bureau of the
hand, and exported for the 12 months ended with July,
on
;
quotations
Cottonseed
of
v.
Census issued the following
showing cottonseed received, crushed, and on
12 the
week last year.
New York
1939
8.49
8.61 Bid
hand, and cottonseed products manufactured, shipj>ed out,
Ip Oklahoma.
during the week 16,549 bales and are tonight
489,686 bales more than at the same period last year. The
receipts at all' the towns have been 2,298 bales more than
The
8.58
8.68 Bid
8.35
—
8.095-8.10a
8.19
8.82 Bid
8.56
(new)
438?
decreased
same
8.69
5,763
18,596
12,246
51
Brenham..
the
mew)
July
8.91
8.805-8.85a 8.765-8.79a 8.785-8.82a
8.51
495,248
7,505
1,421
8.85- 8.87
8.68
8.57
133,351
7
12,510
g g2
8.64
2,905
3,048
13,256
16
Texas, Abilene
8.795-8.80a
8.70
23,796
424
15 towns *
The
g gg
8.955-9.00a 8.915-8.94a 8.925-8.94a
May (old).
8. C.. Gr'ville
*
(old),
(old),
Oklahoma—
San
Oct. (1939)
1,761
""35
Yazoo City
8.47
Aug. 16
Jan.(1940)
Vicksburg..
8.95
Wednesday
(new)
10,552
11,804
8.78
8.42
Aug. 15
Dec. (old).
15,375
8.78
8.90
Tuesday
(new)
Greenwood
...
9.27
8.95
Aug. 12
Columbus..
Natchez
8.90
Saturday
189
4
9.00
9.22
leading contracts in the New Orleans cotton market for
22,087
32,515
8.95
closing quotations
122,375
Columbus..
4,622
1,000
1,066
Athens
8.80
38
3^908
Friday
8.72
8.85
9.15
37,090
640
W
Wed'day Thursday
8.77
8.99
8.95
Mobile
Tuesday
8.80
9.15
Walnut Rge
Ga„ Albany..
Pine
8.84
15
146,443
Newport
Saturday Monday
9.19
33,997
462
5,638
1
Savannah....
46,540
Hope
Jonesboro..
Aug. 18
Galveston
New Orleans.,
131
289
Montgom'y
19
955
"456
1,156
4
Aug.
48
19,837
9,296
50,253
Eufaula
Slocks
Week
Aug.
Week
Season
335
Ala., BIrm'am
Forest
Stocks
Ship¬
ments
Ship¬
Receipts
9.35c.
—-
Louisiana
*.
10,922
4,156
4,783
269,950
611,248
14,104
282,540
274,622
283,889
181.732
11,961
20,222
26,222
15,294
5,882
41,798
7,795
3,670
782
Overland Movement for the Week and Since Aug. 1—
We
give below
2,942
54,504
All other States
1932
180,725
366.314
356,646
437,174
424,977
1,068,257 1,760,548 1,194,826 1,601,267
181,651
273,638
186,426
266,195
3,264
1,552
12,610
182,073
8,039
United States
4,258,904 6,621,356 4,470,611 6,325,733
119,880
337,118
Tennessee.—
Texas
statement showing the overland movement
a
for the week and since
Aug. 1,
made
as
up
from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
1939Since
Aug. 18—
Shipped—
•
.
Via St. Louis
.
.
Week
Aug. 1
2,521
3,225
_
Via Mounds, &c
Via Rock Island.....
8,135
8,375
302
302
_
COTTONSEED
OUT, AND ON
HAND
Produced
Since
3,237
2,275
337,118 and 42,394
PRODUCTS MANUFACTURED, SHIPPED
On Hand
Season
Hem
Aug. 1
Aug.\
Aug. 1
Shipped Out
Aug. 1 to
to
July 31
On Hand
July SI
July 31
8,575
6,746
Crude oil
(lbs.)-
296
69
Via Virginia points.
Via other routes, &c
Includes 5,531 and 899 tons seed destroyed at mills but not
hand Aug. 1 nor 76,505 and 153,884 reshipped for 1939 and 1938, respectively.
-1938Week
283
~162
454
3,847
4,124
11,401
11,177
3,965
13,180
12,679
26,019
Via Louisville
*
on
813
1938-39
1937-38
Reflned oil (lbs.)
1938-39
*33,833,717 1,409,188,525 1,365,468,952
11,141,266 1,961,485,735 1,954,346,359
3487,927,952 bl295785,809
1937-38
441,052,343 1,753,368,933
214,611
2,023,523|
1938-39
Cake and meal,
*73,352,913
33,833,717
a558,854,702
487,927,952
1937-38
41,952
2,830,420
2,117,340
2,657,761
Hulls (tons)
1938-39
133,153
1937-38
43,422
Llnters, running
1938-39
bales......
1937-38
457,464
61,547
1,161,069
1,625,932
1,115,916
1,470,528
1,216,118
1,536,201
1,088,527
1,074,611
30,534
1,828
37,785
42,607
25,712
65,433
36,727
30,534
36,592
7,379
56,469
85,443
61,720
31,341
56,230
36,592
(tons)
39.673
22,819
54,769
1,842
965
3,483
197
493
Hull
9,878
237
10,672
630
5,329
24,437
lb
.14,088
Deduct Shipments—
Overland to N. Y., Boston, &c...
Between interior towns
.
.
502
fiber,
500-
1938-39
1937-38
bales
120,794
214,611
78,104
133,153
484,853
457,464
Grabbots, motes
Total to be deducted
6,028
12,213
11,874
28,550
8,060
.
27,460
10,945
26,219
lb.
500
&c.,
1937-38
bales
Leaving total net overland *
♦
*
1938-39
Includes
11,339,523 and 6,399,896 pounds held by refining and manufacturing
establishments and 12.855,220 and 13,594,470 pounds in transit to refiners and
Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 8,060 bales, against 10,945 bales for
the week, last year, and that for the' season to date the
aggregate net overland exhibits an increase over
a year ago
consumers
a
Aug. 1, 1938, and July 31, 1939, respectively.
Includes
£.199,739 and 13,267,355 pounds held by refiners,
brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 3,414,470 opunds In transit to manufacturers of shortening,
oleomargarine, soap, &c., Aug. 1, 1938, and July 31, 1939, respectively,
and
7,696,711
b Produced
from
1,376,061,144
pounds
of crude
oil.
of 1,241 bales.
1939
In
Sight and Spinners'
Takings
Week
Receipts at ports to Aug. 18---._101,982
Net overland to Aug. 18
8,060
Southern consumption to Aug. 18120,000
Total marketed
Interior
Came
stocks
in
230,042
*16,549
excess
into
Total
sight during week...213,493
in sight Aug.
18
North. 8pinn's'takings to Aug. 18
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR 11 MONTHS
-1938-
Since
Aug. 1
152,466
26,219
265,000
556,926
*12,527
188,978
*5,648
443,685
*37,527
73,033
Item
Oil
59,334
406,158
21,788
*
Week—
1937—Aug. 21
1936—Aug. 22
1935—Aug. 23
Bales
—283,410
..194,738
—
.
.177,056
1935
years:
Bales
.
—..671,553
..475,309
—
472,448
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
42,912
54,420,224
4,423
43,654
14,571
pounds
bales of 500 pounds
•
253,761
■
4,285
Amounts for July not mciuaea above are esu,bi9 pounds refined,
warehouse
for
consumption,"
and
584.000
refined,
"entered
warehouse."
Since Aug. 11937
1936
3,882,163
15,072
193,234
*714,800
*57,784,996
Linters. running bales—..—-—
from
previous
2,460,921
4,807,607
87,936
46,649
♦Decrease.
Movement into sight in
refined, pounds
Cake and meal, tons of 2,000 pounds
Cake and meal, tons of 2,000
1938
178,028
Imports—Oil. crude, pounds
183,330
544,399
1939
Exports—Oil, crude, pounds
Linters
29,346
JUNE 30
Aug. 1
10,945
105,000
...
ENDED
Since
Week
209,466
27,460
320,000
Census
&c.,
Report
on
Cotton Consumed and
in July—Under date of Aug.
15,
1939,
on
Hand,
the Ceosus
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the months of July,
1939 and 1938.
Cotton consumed amounted to 521,405 bales
of lint and 74,032 bales of linters, compared with 578,448
The Commercial & Financial Chronicle
1202
Aug.
19,
1939
bales of lint and 71,655 bales of linters
distribution of cotton in the United States for the 12 months
£48,453
ended July 31, 1939, are
statement:
Number I shows the principal items of supply
and distribution; Number II the comparative figures of
stocks held on July 31, 1938 and 1939; and Number III,
further details concerning the supply and the distribution.
in June , J939, and
bales of lint and 61,559 bales of linters in July, 1938.
It will be seen that tjhere is an increase in July ,1939; when
compared with the previous year, in the total lint and linters
combined of 85,425 bales, or 16.7%.
The following is the
JULY REPORT OF
COTTON CONSUMED, ON HAND, IMPORTED AND
(Cotton In running bales, counting round as
The
quantities
bales
EXPORTED, AND ACTIVE COTTON SPINDLES
half bales, except foreign, which is in
presented in the following tabular
statements.
are
are
counted
given in running bales, except that round
half bales
as
Linters
lent 500-lb. bales.
foreign cotton in equiva¬
ana
not included.
are
500-pound bales)
Cotton
Cotton Consumed
on
I—COTTON
GINNED,
IMPORTED, EXPORTED, CONSUMED,
AND DESTROYED IN THE UNITED STATES FOR THE 12
MONTHS ENDED JULY 31, 1939 (BALES)
Hand
July 31
During—
Ginnings from Aug. 1, 1938, to July 31, 1939
Cotton
Twelve
In Public
Spindles
Months
Year
In Con¬
suming
Storage
Active
Ended
Establish¬ & at Com¬
During
States——j
New England States
,
July 31
ments
presses
July
(.Bales)
Cotton-growing States
(Bales)
(Bales)
(Bales)
(Number)
1939 521,405 6,800,246
861,656 11,620,955 21,915,363
1938 448,453 5,747,978 1,262,532 9,645,907 21,915,394
1939 442,138 5,813,404
681,708 11,586,745 16,526,873
1938 381,104 4,880.044 1,030,748 9,509,117 10,659,862
1939
144,847
858,714
03,598
29,765 4,760,550
1938
55,239
15,609
12,050
707,503
188,128
159,771
170,933
35,101
54,851
63,403
54,007
47,870
21.133
22,967
4,546
8,348
1939
1,623
25,178
16,198
8,177
4,192
25,179
1938
3,250
2,562
6,501
5,876
290,732
208,379
99,724
1930
All other States..—
1938
4,445
4,684,256
627,940
13,387
571,276
Included Above—
1939
Egyptian cotton...—..
1938
1939
1938
607
08,586
83,884
18,622
0,187
/ 1939
Other foreign cotton
74,032
61,659
846,904
715,405
,
Amer.-Egyptian cotton..
39,797
2,112
3,607
...
mum
im
W
WW
1938
+ + m
101,480
12 Mos. End. July 31
July
1939
1938
1939
2,995
2,644
75
Egypt.....————
————
1938
47,728
43,499
22
fi44
744
16,491
43,598
49,023
British India
9,494
3,072
14,412
4,777
25,020
21,809
All other............-----.....--..
1,481
120
4,156
48,040
6,643
15,840
25,047
149,780
159,015
-
"i~795
——
Total
Linters imported during
II months ended June 30, 1939, amounted to 43,654
equivalent 500-pound bales.
In consuming establishments
In public storages and at compresses
Elsewhere (partially estimated) la
(Running Bales—See Note for Linters)
13,032,611
—
1939
7,815
2,892
14,913
14,699
France.——....
—————
Italy.............................
Germany---..———
Spain.........-...—.............
Belgium
....
1938
,
1939
1938
401,370
338,023
275,943
321,335
30,707
4,398
22,234
9,303
885
10,755
88,260
616,305
864,278
1,551,843
715,850
505,379
653,945
1,260
189,524
2,444
20,845
T, 629
Japan. ...........................
China...—........—————
18,755
1,706
69,575
300
85,829
Canada.——
14,102
7,415
12,759
4,699
229,048
746,592
090,513
22,786
245,955
89,694
All other.—
———
...
Total
106,531
36,102
195,700
3,326,840
5,598,415
hand Aug. 1, 1938, total
6,938; France, 4,140; Belgium, 473; Germany, 3,607; Italy, 1,784; Denmark, 140;
Canada, 821; Panama, 49; British West Indies, 1; Japan, 1,762; South Africa, 105.
Loans
on
Title
1938
to
Cotton
Older
Extended
Loan
One
Year—CCC
,
The announcement added:
;
recent weeks, loans on approximately 400,000 bales of the 1938 crop have
been repaid and the cotton has been released.
The GOO has acquire
title to the approximately 1,670,000 bales of 1934
crop cotton which were under government loans.
These loans were past
due and the principal, plus accrued interest and carrying charges, was in
of the market value of the cotton.
cotton provides stocks from which
Taking title to this 19:^4 loan
shipments can be made of such bales as
may qualify for delivery under the agreement with the British Government
for the exchange of cotton for rubber.
It is anticipated that only a small
part of this 1934 loan cotton will be found to be of the grade and staple
which will meet the specifications for this transaction.
On Sept. 1, 1939, the CCO will acquire, in a similar manner, title to the
approximately 5,270,000 bales of 1937
crop cotton which are under govern¬
ment loans.
Cotton will be drawn from this stock to complete the deUvery
of the types of cotton required under the cotton-rubber exchange agree¬
ment.
The loans, on the 1937 crop cotton are also past due and the prin¬
cipal, plus accrued interest and carrying charges, is in excess of the market
value of the cotton.
Since CCO loans are of the non-recourse type, the Corporation acquires
title under the terms of producers' notes and loan agreements by crediting
thereon the principal amount loaned plus all accrued interest
nd charges.
Supply and Distribution of Domestic and Foreign
Cotton in the United States, Season of 1938-39—The
preliminary report for the several items of the supply and
11,465,356
——
137,254
23,267,903
Net exports (total less 1,983 reimports, year ended
June 30)
Consumed.-
3,324,857
6,860,246
66,000
13,032,611
-
Destroyed (baled cotton)
Stocks on hand July 31, 1939, total
In consuming establishments
In public storages and at compresses.
Elsewhere (partially estimated; -a
861,656
11,620,955
,
550,000
_ _
Aggregate distribution
Excess of distribution over supply_b—
23,283,714
15,811
Includes cotton for export on shipboard but not cleared; cotton coast"
wise; cotton in transit to ports, interior towns, and mills; cotton on farms, &ca
b Due principally to the inclusion in all distribution items of the "city
crop," which consists of rebaled samples and pickings from cotton damaged:
by fire and weather.
AND
STATISTICS
DISTRIBUTION
FOR
LINTERS
(Not Included in Cotton Statistics Above)
Stocks of linters Aug.
1, 1938, were 864,859 running bales; production
during 12 months ended July 31, 1939, 1,115,916; imports 44,870 (partially
estimated); exports 213,054; consumption 846,904; destroyed 16,000; and
stocks July 31, 1939 955,000.
,
••
'
•'
•'
•'
-Y:<'
.
'V.■
■
v"1
...V..,"'
••/?"■(
Returns
by Telegraph—Telegraphic advices to us this
evening denote that progress of cotton in Texas was good
in the extreme south
portion and extreme west but poor to
only fair in most other sections.
In the central and eastern
portions of the cotton belt advance was generally satisfactory.
Rain
_
Rainfall
Days
Texas—Galveston
Inches
1
0.08
0.03
0.61
0.08
0.08
0.09
1.06
0.46
0.30
0.04
0.04
0.04
0.16
.
_.
1
.
Austin
3
..
Abilene.
1
.
Brenham__
1
.
Brownsville.-----
1
.
Corpus Christi.
1
.
2
.
El Paso
.
4
.
Kerrvi lie.
1
.
Luling__*___
Nacogdoches
_
—
1
.
—
2
.
Palestine
1
.
Paris
■
Taylor.
Oklahoma—Oklahoma City-
Little Rock._:
...
_
_
_
_
_.
Shreveport--.
Mississippi—Meridian.
.
.
Vicksburg
Alabama—Mobile.
Birmingham
Montgomery
....
.
-
.
Florida—Jacksonville.
0.89
i
5
1.54
1
3
1.50
1.27
1
6
5
0.11
5.77
4.21
9.40
6
-Thermometer——Low
Mean
75
84
96
98
95
58
71
68
72
73
76
86
82
85
97
71
1.02
92
1.00
73
84
88
77
93
94
1.01
■
:>
84
62
1.02
64
74
1.02
99
70
73
72
1.00
1.00
98
95
1.02
95
86
86
86
67
70
1.00
1.04
82
88
86
68
70
67
73
94
94
97
93
70
84
85
83
85
68
72
72
71
70
71
85
84
83
80
84
82
Pensacola.
.
5
2.26
91
71
81
1
.
Miami
Tampa
0.44
2
dry
:
_
..
..
...
Louisiana—New Orleans
0.12
3
.
Arkansas—Fort Smith
0.01
1
High
1.02
dry
San Antonio
0.15
11.68
89
77
71
83
5
92
82
.... .
;.
.
Atlanta....
Augusta
.
.
Macon.
South Carolina—Charleston.
North Carolina—Charlotte
Asheville
_.
—
Tennessee—Memphis.
1.60
80
72
82
92
2.14
92
5
1.36
3.02
3.56
1.04
0.08
0.86
0.55
88
70
70
71
73
69
81
4
0.80
4.61
1.72
89
91
71
5
6
.
....
Wilmington
3
5
-
Georgia—Savannah
The 1938 crop loans were made on 4,480,000 bales of cotton.
These
loans averaged 8.85 cents per pound; they were made on the basis of 8.3
cents for middling J^-inch cotton with adjustments in rates for higher and
lower grades.
At the present market prices many producers have an equity
in the 1938 croo cotton on which the loans have been extended.
During
excess
131,854
11,602,610
—
.
Stocks-—The
Secretary of
Agriculture announced on Aug. 17 that the Commodity
Credit Corporation has extended the maturity of its loans
on 1938 crop cotton one year to
July 31, 1910; that it has
taken title to the remainder of the 1934 crop cotton under
government loans; and that in order to acquire the necessary
additional cotton for delivery under the cotton-rubber ex¬
change agreement with Great Britain, it will take title on
Sept. 1,1939, to the 1937 crop cotton which is under govern¬
ment loans.
1,262,532
9,645,907
625,000
—
Imports (total less 17,926 reexports)
Ginnings during 12 months, total
Crop of 1938 after July 31, 1938——
Crop of 1939 to Aug. 1, 1939
Dallas
STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
in 1938, as compiled from various sources was 27,870,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for the
year ended July 31, 1938, was 26,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 147,000.000.
Takes
11,533,439
-—
establishments
;
In public storages and at compresses
Elsewhere (partially estimated)_a
Amarillo
Note—Linters exported, not included above, were 10,820 bales during July In
1939 and 20,864 bales in 1938. 213,054 bales for 12 months ended July 31, in 1939
and 274,625 bales in 1938. The distribution for July 1939 follows: United Kingdom,
WORLD
11,533,439
.
on
In consuming
274,768
—
—...—
1,262,532
9,645,907
625,000
III—SUPPLY AND DISTRIBUTION OF DOMESTIC AND FOREIGN
COTTON IN THE UNITED STATES FOR THE 12 MONTHS
ENDED JULY 31. 1939 (BALES)
SUPPLY
12 Mos. End. July 31
July
Country to Which Exported
—
31,
1938
861,656
11,620,955
550,000
_
Total------
JULY
Note—Foreign cottons included in above items are 123,193 bales con¬
sumed; 111,516 on hand Aug. 1, 1938, and 76,036 on hand July 31, 1939.
Exports of Domestic Cotton—Excluding Linters
United Kingdom.——.—
STATES
Distribution—
Country of Production
Other Europe..
UNITED
(BALES)
Aggregate supply
(500-Pound Bales)
Mexico...—
COTTON IN THE
1938 AND 1939
OF
1939
Imports of Foreign Cotton
Peru....—
——
....
1
China..——
6,860,246
66,000
-
II—STOCKS
J)
<# m
Not Included Above—
Linters..
Consumed-.
Stocks
m «• <•* -
11,602,610
131,854
3,324,857
—.
Destroyed (baled cotton)
July
United
Net imports--.
Net exports
4
3
.
5
Chattanooga
1
5
Nashville
4
...
_
.
92
90
85
88
95
94
92
81
82
81
64
79
75
74
81
71
69
82
82
70
81
The
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Aug. 18, 1939
Feet
New Orleans
Above
zero
of aguge-
1.7
Memphis
Above
zero
of gauge-
Nashville
Above zero of gauge-
8.5
9.4
2.2
3.3
Shreveport
Vicksburg
Above zero of gauge.
_
_;
-Above
zero
of gauge-
Aug. 19,1938
Feet
7.1
16.6
11.1
3.4
18.9
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The
figures
do not include overland receipts
nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Volume
The Commercial & Financial Chronicle
149
Manchester
Week
Plantation
Receipts from
Stocks at Interior Towns
Receipts at Ports
End.
1939
1938
1937
1938
1939
1937
1938
1939
1937
May
ly.
15,932
17,042
28,231
Nil
Nil
16,953
14.112
25,457
2692,155 2216,336 1162,626
2667.674 2194,843 1107,259
Nil
26.
Nil
Nil
17,425
Nil
Nil
Market—Our report received by cable to¬
states that the market in both yarns
night from Manchester
and cloths is
steady.
Nil
June
23.761
2635,929 2167.585 1064,946
9.
16,177
20,059
23,325
2600.639 2138,409 1030,520
Nil
Nil
23,331
27,019
15,944
2570.117 2119,356
998,705
Nil
7,966
Nil
23.
36,239
24.113
19,653
2541,961 2100,776
964,392
8,083
5,532
Nil
«0_
26,909
22,893
15,752
2512,919 2081,164
930,969
Nil
3,282
Nil
7.
26,363
17,684
17,059
903,027
4,043
Nil
Nil
14.
33,685
32,676
2490,599 2053,520
2462,476 2024,282
873,772
5,562
44,437
63,370
1939
1938
Nil
16.
2.
8 A Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
July
21.
'
Demand for home trade is improving.
We give prices today below and leaye those for previous weeks
of this and last year for
comparison:
Nil
17,870
1203
58,075
43,924
17,371
28,601
28.
73,527
53,593
55,199
848,935
828,147
2444,446 1997,556
2434,289 1978,400
3,438
Nil
17,198
d.
19
2
73,404
49,379
68.215
2441,606 1951,616
811,182
80,721
22,595
72,192
51,885
94,093
2434,971 1933,484
2417,522 1927,836
796,150
64,657
788,408
85,433
(1) That the total receipts
plantations since Aug. 1, 1939, are 196,939 bales
in 1938 they were 114,939 bales and in 1937 were 253,120
bales.
(2) That, Although the receipts at the outports the
past week were 101,982 bales, the actual movement from
plantations was 85,433 bales, stock at interior towns hav¬
ing decreased 16,549 bales during the week.
The above statement shows:
193
takings
obtainable; also the
sight for the like period:
are
or
out of
amounts gone
Upl'ds
s.
d
d.
@ 9
3
5.54
9K@10H
9
4H@
9
8H@ m
9
@9
3
5.48
9
9
3
@
9
6
4.46
8V»@ 9%
9X@WX
91$@10
9
@
9
3
5.49
@
9
3
4.43
9
@
9
3
5.77
8%@ 9X
8X@ 9H
9
@
9
9
@ 9
3
5.76
8X@ 9X
9
@
9
3
4.69
9
@10
9
@
9
3
5.66
9
9
9
4H
4.83
30__
9
@10
9
@ 9
3
5.62
9X@10X
9
1^@
1X@
9
&X
4.96
9
@10
9
@
9
3
5.61
9
3
@
9
6
5.16
@10
9
@
X@
9
@10
@10
9
@10
7X
4.68
3
4,54
July
7
9
3
5.52
3
5.23
8Ji@ 9K
10X@ 9
8 IQX© 9
IX
5.40
9X@19X
9^@10J*
9X@10X
9X@10X
8H@
9H
8 \0X©
9
IX
5.28
9X@10X
il¬
8H@ 9H
8 10H@
9
IX
5.22
9
ls..
8H@
8 10^@
9
IX
5.14
9
14
9
21._
8H@ 9X
28._
8
9
4
4.88
4X
5.06
9
1X@ 9
IX@ 9
4X
4.99
9
1X@
9
4X
4.89
@10
9
@
9
3
4.78
@10
9
@
9
3
4.78
9
Aug.
4l_
9M
Shipping
News—As
shown
/ on
a
previous
the
page,
exports of cotton from the United States the past week have
reached 50,282 bales.
The shipments in detail, as made
from mail and telegraphic reports,
up
follows:
are as
Bales
GALVESTON—To Copenhagen, Aug.
12, Topeka, 58
58
To Gdynia, Aug. 12, Topeka, 441--.,
441
To Gothenburg, Aug. 12, Topeka, 196
196
To Havana, Aug. 12. Margaret Lykes, 286__
286
To Buena Ventura, Aug. 12, Margaret Lykes, 133
133
To Bremen, Aug. 10, Schwanheim, 286
286
To Antwerp, Aug. 15, City of Joliet, 22
—22
To Ghent, Aug. 15, City of Joliet, 16
16
To Havre, Aug. 15, City of Joliet, 194
194
To Rotterdam, Aug. 15, City of Joliet, 50
50
HOUSTON—To Liverpool, Aug. 11, Planter. 5,551
5,551
To Manchester, Aug. 11, Planter, 1,912
_
1,912
To Bremen, Aug. ll.Schwaheim, 1,543
1,543
To Hamburg, Aug. 11, Schwanheim, 429—
429
To Japan, Aug. 17, Goyo Maru, 1,228
1,228
To China, Aug. 17, Goyo Maru, 195
195
NEW ORLEANS—To Havre, Aug. 11, San Mateo, 102
102
To Dunkirk, Aug. 11, San Mateo, 200--200
To Genoa, Aug. 11, Nicolo Odero, 1,882
1,882
To Rotterdam, Aug. 12, City of Joliet, 300
300
To Japan, Aug. 10, Kogu Maru, 263: Aug. 12, Feinbrook, 200—
463
To Antwerp, Aug. 15, Boschdijk, 50-50
To Rotterdam, Aug. 15, Boschdijk, 200200
To Gdynia, Aug. 15, Trafalga, 200200
To Riga, Aug. 15, Gorm, 16
:
16
To Buena Ventura, Aug. 12, Santa Marta, 200
200
____
1938
1939
Takings,
Week and Season
Week
Season
Week
Season
...
__
_
—.
Visible supply Aug. 11_
Visible supply Aug. 1
American in sight to Aug.
7,662,984
6,500.982
7,858~941
6,634", 188
213",493
183,336
406,158
29,000
21,000
10,000
64,000
38,000
1,800
24,000
7,907,314
8,392,899
12,000
44,000
12,000
544,399
29,000
25,000
49,100
22,000
6,796,475
7,303,687
6,470,647
6,470,647
7,612,720
7,612,720
325,828
194,828
833,040
507,940
131,000
325,100
294,594
202,594
92,000
780,179
509,379
270,800
18.
Bombay receipts to Aug. 17Other India ship'ts to Aug. 17
Alexandria receipts to Aug. 16
Other supply to Aug. 16*5-Total supply
14,000
•
1,000
Deduct—
—
_,
-----
Visible supply Aug. 18
Total takings to Aug. 18 a
Of which American
Of which other.
_
*
Embraces receipts in Europe
a
This total embraces since Aug.
from Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
mills, 3 iO.OOO bales in 1939 and 265,000 bales in 1938—takings
being available—and the aggregate amount taken by Northern and
foreign spinners. 513,0i0 bales in 1939 and 515,179 bales in 1937, of
which 187,910 bales and 89,850 bales American.
—
Southern
To Liverpool, Aug.
not
To Manchester,
India
Cotton Movement from AH Ports—The
of Indian cotton at
for three years,
To Manchester, Aug.
To Gdynia, Aug. 15,
receipts
have been
Since
Receipts—
Aug. 1
Week
29,000
14,000
Bombay
To Havre, Aug. 17, Winston
To Abo, Aug. 15, Topeka, 32
1937
Since
Since
Week
Aug. 1
29.000
64.000
Week
Aug. 1
32.000
16,000
Since Aug.
For the Week
nent
China
Britain
Total
1
Conti¬
Japan &
Britain
nent
China
Total
To
To
To
Bombay—
4,000
67,000
71,000
1,000
6,000
90.000
97,000
1938
2.000
2.000
8,000
12,000
2,000
8,000
49,000
59.000
1937
2.000
1,000
3,000
2,000
13,000
61,000
76,000
1939.____
Other India:
2.000
10,000
12,000
9,000
16,000
25,000
10,000
11.000
21,000
14,000
24,000
38.000
3,000
5,000
8,000
3,000
21,000
24,000
1937„_..
14,000
67,000
83,000
10.000
22,000
90,000
122,000
13,000
8,000
33,000
16.000
32,000
49,000
97,000
1937.....
5.000
6,000
11,000
6,000
34,000
61.000
100,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
15,000 bales.
Exports from all India ports record an increase
of 50,000 bales during the week, and since Aug. 1 show an
increase of 25,000 bales.
Alexandria Receipts and Shipments—We now
receive
cable of the movements of cotton at Alexandria,
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
weekly
Egypt.
a
two years:
To Enschede, Aug. 13, Winston Salem, 160
To Oporto, Aug. 13, Winston Salem, 50
MOBILE—To Liverpool, Aug. 5, Colonial, 673
1939
1938
50
673
65
912
10
7
51
—
426
Hamburg, Aug. 14, Lehigh, 426
SAN FRANCISCO—To Great Britain,
((), 350-
350
-
670
Japan, (?), 670
*
LOS ANGELES—To Canada, Aug. 9, Kingsley, 60—
To
To Japan, Aug. 14, Hohkai Maru, 415;
To China, Aug. 14, Kamakuia Maru,
To
Total
200
100
—
50,282
—-
—
-
60
1,124
Kamakuia, Maru, 709—
200
India, Aug. 14, President Hayes, 100
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
July 28
43,000
575,000
139,000
Forwarded
Total stocks.
—-
Of which American.
Total imports
Of which American
-
Of which American..
Alexandria, Egypt,
Aug. 16
160
—
To Manchester, Aug. 5, Colonial, 65
—
To Havre, Aug. 9, Warrier, 912
PENSACOLA, &c.—To Liverpool, Aug. 12, Yaka, 10——
To Manchester, Aug. 12, Yaka, 7
NORFOLK—To Manchester, Aug. 16, McKeesport, 51
Amount float
..
3,686
375
4,266
287
—.
-
,
To
2,000
12,000
—
363
84
966
50
Winston Salem, 350; Aug. 16, Belguque, 616
13, Winston Salem, 50
—_
Havre, Aug. 13, Winston Salem, 2,387; Aug. 16, Belguque,
1,299.
----Dunkirk, Aug. 16, Belguque, 375
Bremen, Aug. 13, Kiel, 4,266.
—Rotterdam, Aug. 13, Winston Salem, 287
1
all—
1938—
1939--
—'
—
To Ghent, Aug. 13,
To Antwerp, Aug.
Great
Jap'n &
Salem, 6,156
To Enched, Aug. 17, Winston Salem, 40
—
To Rotterdam, Aug. 17, Winston Salem, 363
BROWNSVILLE—To Liverpool, Aug. 13, Winston Salem, 84
To
Conti¬
2
50
To Ghent, Aug. 17, Winston Salem, 850---.
To Antwerp, Aug. 17, Winston Salem, 150
Exports
Great
579
1,595
1,100
653
70
50
147
loO
6,156
32
850
150
40
...
-
To Varburg, Aug. 15, Topeka, 147
To Reval, Aug. 15, Topeka, 100
1938
1939
__
1,340
1,642
1
14, Planter, 579
Topeka, 1,595
To Vejle, Aug. 15, Topeka, 70
To Uddevalla, Aug. 15, Topeka,
cabled,
follows:
as
Aug. 17
—
1,236
1,774
—;
To Gothenburg, Augf. 15, Topeka, 1,100—
To Norkoping, Aug. 15, Topeka, 653
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as
from—
15, Aquarius, 1,236—.
Aug. 15, Aquarius, 1,774
To Bremen, Aug. 16, Clachen, 1,340
To Hamburg, Aug. 16, Clachen, 1,642
CORPUS CHRISTI—To Liverpool, Aug. 14, Planter, 1,680- —1,680
6 Estimated.
Total
d.
...
Cotton
1938.
s.
9
9_,
from the
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
d.
Middl'g
to Finest
16._
79,061
33,753
67,385 141,468
73,033 149,210
s.
ings, Common
Twist
23__
39,231
4.
18. 101.982
9
26
34,411
Aug.
11.
d.
Cotton
32s Cop
May
Nil
44,437
s.
8 A Lbs. Shirt¬
-
24,000
6,000
128,000
10,000
Aug. 4
57,000
615,000
160,000
23,000
4,000
99,000
31,000
Aug. 11
42,000
597,000
147,000
26,000
1,000
122,000
22,000
Aug. 18
43,000
575,000
139,000
24.000
6,000
128,000
31,000
Liverpool market for spots and futures
of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
1937
each day
Receipts (cantars)—
This week.
5,000
9,300
220,000
248,000
Since Aug, 1.
9,000
10,500
This
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
Monday
Saturday
Spot
Tuesday
Wednesday
Thursday
Friday
A fair
A fair
Moderate
business
business
demand.
doing.
doing
Market,
Quiet.
Quiet,
12:15
P. M.
h
Quiet.
:
Export (bales)—
To Liverpool
To Manchester, &c
To Continent & India
ii",66o
To America
•
1,000
3,000
22,000
1,000
3,000
1,000
3,600
4,000
21,000
1,000
27,000 18,000
29,600
14",66O
900
3".66o
1,300
9,000
3,000
11,300
100
Futures
Market
opened
Total exports
l
11,000
Note—A cantar is 99 lbs.
220,000 cantars and the foreign shipments 11,000 bales.
Market,
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug.
4
16 were
P. M.
f
-I
5.12d.
5,17d.
Mid .Upl'ds
Quiet;
Quiet;
un¬
5.14d.
Quiet but
5.13d.
Quiet;
5.10d.
to steady; un¬ 2 to 3 pts. dec. to 1 pt
decline.
advance.
dec. changed to
2 pts. adv.
Quiet but
Quiet;
Quiet but
Quiet but
Quiet;
2 to 4 pts. stdy.; 2 to stdy.; 2 to 3 to 4 pts. stdy.; 1 to
3 pts. adv.
decline.
4 pts. dec. 3 pts. adv.
decline.
2
to
4
pts. changed
decline.
4
pts.
5.14d.
Stdy.; 1 pt. St'dy, unch
to
2
pts.
advance
Steady
2 to 4 pts.
advance
Prices of futures at
Liverpool for each day are given below:
Aug. 12
Thurs.
Wed.
Tues.
Mon.
Sat.
Fri.
Noon Close Noon Close
Close Noon Close Noon Close Noon Close
18
d.
d.
H to y±c. net higher. Wheat values
trading today, scoring gains of
cent from early lows, or about He. from yester¬
Pit brokers said most of the buying was that
previous sales and apparently was
inspired to some extent by weakness in securities, which
some dealers linked with uneasiness over the foreign politi¬
day's close.
"shorts"
of
d.
d.
d.
d.
d.
d.
d.
d.
New Contract
d.
covering
October(1939)-.
4.38
4.32
4.34
December
4.35
January (1940)..
4.34
4.30
4.30
4.32
4.32
4.81
4.29
4.29
4.30
4.31
4.32
4.35
4.32
4.34
4.34
4.32
4.31
4.31
4.32
4.33
4.34
cal
March.........
4.32
May
4.35
4.32
4.32
4.34
4.34
4.32
4.31
4.31
4.32
4.33
4.34
to all-time record
July....
4.32
4.30
4.30
4.32
4.32
4.31
4.29
4.31
4.31
4.32
4.33
October
4.31
4.29
4.33
4.31
4.36
4.34
4.34
December..!.-..
March
4.32
4.34
May
4.35
-
4.30
4.34
4.35
•
-
-
4.36
»
J'
4.37
—
*
—
..
4.31
..
m
-
4.32
4.33
4.33
•»
"4.34
mm
-
-
-
f
4". 36
4.35
«.
m
•
4.36
4.37
program
Friday Night, Aug. 18, 1939.
exceptionally slow the past week,
mills reported the demand to be very quiet.
During
days of the week shipping instructions were
net
On the 14th inst. prices closed H to %e. net
Gains of a cent brought wheat prices to the best
10 days.
The session today was moderately active.
ago.
level in
and the prospective United States wheat subsidy
effective tomorrow. Under the new plan export¬
report sales possibilities to the Government, with
guarantee exporters against
Open inter¬
wheat bought in the domestic market.
on
est in wheat tonight was
DAILY CLOSING
97,891,000 bushels.
PRICES OP
WHEAT
Sal.
82%
No. 2 red..
PRICES
CLOSING
OP
Man.
Tues.
82%
WHEAT
IN
NEW YORK
Wed.
Thurs.
83%
IN
82%
FUTURES
Fri.
83%
83%
CHICAGO
'
H to
Export sales of North American wheat were estimated at
50,000 bushels from Canada to the United Kingdom.
The
Department of Commerce reported that total stocks of wheat
in the United States held by mills on June 30 were 112,881,275 bushels, a sharp increase from the 68,012,346 held a
year
losses
DAILY
higher. A late rally lifted wheat prices on the Chicago
Board today a cent from the early lows to net gains averag¬
ing about He.
The wheat market started steady, but weak¬
ness at Winnipeg, where prices were down more than a cent
and closed H to %e. net lower—influenced the Chicago
Board market and helped to produce a decline of about He.
higher.
will
the latter having the right to
Buying
interest was reported as
reported to be moderately heavy.
Wheat—On the 12th inst. prices closed
developments, to continued pressure of
European political
Argentine wheat, increased subsidy on United States flour
ers
the first three
priced below 50c. a bushel, com¬
pared with 65He. for September wheat in Chicago. Cables
attributed the decline abroad, in the face of disturbing
exports,
and
lows for the contracts now being quoted.
October delivery there was
4.38
BREADSTUFFS
Flour—The flour market showed little change.
Liverpool fell more than lc., in some cases
situation.
4.39
m'mmrm
4.37
4.34
4.36
4.33
mm*
4.33
-
4.36
4.31
"4.31
4.34
.
4.32
'
4.29
* *"
'
'
July
-
4.32
.*■" "*
January (1941)..
4.35
4.36
4.33
4.31
1939
late
in
upward
almost a
to
19,
Today prices closed
turned
Aug.
Aug.
TAe Commercial & Financial Chronicle
1204
Towards the close, however, some of the early gains were
Prices fluctuated erratically most of the time, dip¬
erased.
z/8e. in early deabngs, then rising a full cent.
Hedging of new wheat, though abnormally light, and mill
purchasing, together with some short covering, comprised
the bulk of the dealings.
Continued underlying support was
derived from the prospect that a substantial portion of this
season's crop will be held off the market temporarily as
collateral for Government loans.
However, uncertainty as
to the extent of this holding, as well as the effect of the export
subsidy program, tended to check market activity.
A
Canadian report crediting the Federal Minister of Agricul¬
ture with the belief that a crop no greater than last year's
may be expected, attracted attention.
Germany was re¬
ported to have arranged to take 10,000,000 bushels of
Rumanian wheat.
On the 15th inst. prices closed unchanged
to He. lower.
After an early display of strength, wheat
prices today reacted about a cent from the session's highs—
the best quotations recorded here in almost two weeks—and
closed fractionally lower than yesterday.
Interest in grains
was small and prices were affected by comparatively minor
transactions.
While traders were inclined to go slow on the
selling side, believing that the loan program is taking a large
quantity of wheat off the open market, there was little in the
trade news to inspire buying.
Hedging sales contributed to
the late weakness.
Absence of selling pressure permitted
maintenance of steady prices in the wheat pit, and as a result
of scattered purchasing, some of which was credited to mills—
the market scored gains of about He. at times.
While no
definite figure was available as to the amount of wheat being
held off the market, the volume is believed to be large in
view of the unusually light hedge selling in the pit as the
spring wheat harvest progresses.
On the 16th inst. prices
closed H to iy8c. net higher.
Wheat prices reached the
best level in two weeks on the Chicago Board today, advanc¬
ing more than a cent a bushel at times.
Strength at Winni¬
peg, where wheat advanced more than a cent a bushel, and a
fair demand in the Chicago market for September contracts,
combined to give the market its upward movement.
Sep¬
tember contracts reached 66H» up 1 He. from the previous
closing.
December was up iy8e. at the maximum and May
a cent.
Trade on the Chicago Board was light.
Liverpool
reflected yesterday's downturn here, opening unchanged to
H down and then declining slightly further.
Renewed
pressure of Argentine shipments was a depressing factor on
ping about
Tues.
Wed.
September
64 %
6 514
65
66
65%
66
December
64%
64%
65%
65%
65%
May
64%
65%
64%
65
Sat.
Season's
High and
When
79%
May
December
80
May
May.
68
September
...
July
DAILY CLOSING
Mon.
Thurs.
Fri.
65%
65%
65%
Made
I
Season's Low and When Made
31, 19391 September
60%
July 24, 1939
26. 19391 December
62%
July
24, 1939
28, 1939|May
63%
July 24. 1939
WHEAT
OF
PRICES
Sat.
-
-
FUTURES
Mon.
Tues.
IN WINNIPEG
Wed.
November.
Thurs.
Fri.
December
....
May
50%
52%
52
51
52%
52%
50%
51%
52%
51%
53%
53%
51%
52%
52%
53
53
55%
October..
55%
55%
56%
56%
56%
51%
Corn—On the 12th inst.
prices closed H to y8e. net higher.
Corn showed strength throughout the session and finished
at about the highs of the day.
Export demand for United
States corn, however, remains flaU
September contracts
were supported throughout the session, apparently due to
expectation of another sharp decrease in local stocks during
the coming week.
On the 14th inst. prices closed y to ye.
net lower.
Corn moved upward with wheat early in the
session, but later developed independent weakness due to
light shipping demand and an increase in volume booked to
arrive here.
The total reported booked was 123,000 bushels.
Progress of corn in Illinois was reported as good to excellent,
although B. W. Snow said ear rot had appeared in several
counties.
Advanced ears are starting to dent.
On the
15th inst. prices closed y to Ho. net lower.
Corn prices
continued to show independent weakness, dipping as much
as He. at times.
The market was influenced by indications
of increased country offerings and bearish reports concerning
the handling of corn which will be turned over to the Govern¬
ment in default of 1938 loans.
On the 16th inst. prices closed
H to Ho- net higher.
Corn opened slightly lower and later
declined about He.
The market received enough support
at that level, however, to lift prices back not only to the
previous closing levels, but a substantial net gain was shown
at close of today's session.
The Government's weekly crop
summary said corn continued to make satisfactory progress
rather generally in the principal producing areas, with condi¬
tion mostly good to excellent in central and eastern portions
.
of the belt.
On
the
inst. prices closed unchanged to He. off.
advanced slightly at times, but in the later
session the market ruled rather heavy, being influenced
somewhat by
good receipts and favorable weather con¬
ditions for maturing of the crop.
Today prices closed H
to
%c. net lower.
Corn prices were slightly lower, due
partly to continued slowness of export trade, despite the
fact that Argentine competition has diminished.
However,
Corn
17th
prices
South
Africa
terest in
is
corn
exporting increasing quantities.
was 36,925,000 bushels.
DAILY CLOSING PRICES OF
Sat.
No. 2 yellow...
DAILY
59%
CLOSING PRICES
September
43%
42%
45%
May
Season's
High and
56%
..i
December.
54
May
46%
Oats—On
the
CORN
Mon.
58%
IN NEW YORK
Tues.
58%
Wed.
43%
42%
45%
42%
41%
45
58%
43%
42%
45%
When Made
I
Season's Low and
Jan.
4, 1939(September
38%
8, 19391 December
39%
July 31. 19391May
42
June
12th
Thurs.
59
Fri.
58%
OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
December
September
Open in¬
tonight
43%
42%
45%
When
July
July
July
42%
42%
45%
Made
25.1938
26, 1939
26.1939
inst.
a downward trend today after
advancing in early dealings to the best level of the month.
prices closed ye. 1°
net
higher. Oats were fairly firm in a light trade, being influenced
largely by the firmness of wheat and corn markets.
On
the 14th inst. prices closed yc. lower. Oats improved slightly
in the early dealings, but later fell off in sympathy with
Trade here reflected
wheat and corn's downward trend.
evidence
reported
the English market.
On
the 17th
inst.
The wheat market
into
of
more *
prices closed unchanged to %c. lower.
developed
a decline at Liverpool, and 'there was
switching of hedges from September contracts
deferred
deliveries.
Chicago Board reflected to
pool
was
goes
wheat
also
to
some
follow
the
some
The
late
reaction
on
the
extent the failure of Liver¬
upturn
here
yesterday.
talk that the export subsidy program,
There
which
into effect Saturday, may depress foreign prices.
The
political
situation
attracted
little
attention.
European
Traders said
that the wheat market is
deriving
some
sup¬
port from an improved domestic statistical situation, result¬
ing from the reduced 1939 crop and recent disclosure that
the
as
carryover
from last
season,
while
big as had been expected earlier.
very
large,
is not
Elevator interests
were
market, but some hedging was in
evidence.
On the 15th inst. prices closed unchanged to He.
lower.
There was very little of interest in this market,,
trading being light and without special feature.
On the
16th inst. prices closed y2e. to %e. net higher.
With the
bullish influence of advancing wheat and corn markets, and
some short covering in oats, values in the latter market were
substantially higher at the close.
On the 17th inst. prices closed He. lower to He. higher.
Trading was light and of a mixed character.
Today prices
closed He. higher to He. lower.
Trading was light and
without
in
the
oats
special feature.
/'
Volume
"
DAILY
The Commercial & financial Chronicle
149
CLOSING PRICES
OF
Sat.
Fri.
Thurs.
Exports from—
28%
28%
28%
28%
28%
28%
2HH
28%
28%
December
29%
28%
28^
29
28%
29
26*1
May
27%
to
DAILY
CLOSING
New Orleans.
PRICES
Sat.
Three Rivers
December
May.
40
42%
43%
44%
Season's
High and
58%
December
58
40%
42%
44%
39%
41%
43%
The destination of
July 1, 1939, is
48%
DAILY CLOSING
PRICES
ibb"666
107,695
90,201
these exports
Mon.
Sat.
October
37
December
38
38%
37%
May.
DAILY
CLOSING PRICES
Wheat
34%
33%
34%
December
May.
34
33%
34%
34
33%
34%
32%
33%
Since
Week
Since
Aug. 12
July 1
Aug. 12
July 1
1939
1939
1939
Barrels
Bushels
Bushels
United
Kingdom.
51,400
Continent
So. & Cent. Amer.
West Indies.
285,490
59,871
11,045
18,500
20,250
...
100,000
*4*3* 452
3,018,000
90,201
545,529
3,395,000
visible
supply
of grain,
GRAIN
STOCKS
Corn
Oats
Bushels
Bushels
New York
12,000
539,000
297,000
Baltimore
869,999
11,000
841,000
4,384,000
12,766,000
219,000
4,776,000
8,910,000
Galveston
..
Fort W orth
.........
Hutchinson
..
St. Joseph..
Omaha
_
.........
Sioux City
"
....
43%
59%
Chicago, cash
54%
j,
........
.47-55
M11 waukee
Flour
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
,
m
^
^^ ^
^
18,000
Milwaukee.
Rye
641,000
804,000
28,000
224,000
33,000
1,848,000
573,000
1,229,000
71,000
169,000
118,000
865,000
5,000
133,000
1,000
2,800,000
432,000
774,000
..
..
..
Buffalo
"
?
..
253,000
33,000
afloat..
Total Aug. 12,
Toledo
559,000
8,000
167,000
274,000
187,000
215,000
453,000
189,000
69,000
82,000
66,000
11,000
111,000
Louis..
St.
Peoria
35,000
35,000
Kansas City
20,000
664,000
798,000
Omaha
49,000
Joseph.
St.
Wichita
Sioux
m
110,000
71,000
J
m,~
**
Note—Bonded grain not
on
Tot. wk. '39
Same wk '38
398,000
374,000
Same wk '37
393,000
Since Aug.
1939
28,000
7,000
3,000
1,000
2,000
6,000
30,000
1*11*666
444,000
22,000
21,000
157,000
123,000
517,000
1,000
34,000
125,000
3,536,000
495,000
20,000
457,000
12,000
343,000
84,000
23,000
78,000
6,000
159,000
630,000
240,000
46,000
173,000
1,618,000
271,000
504,000
285,000
754,000
3,954,000
60,000
3*36*666
808,000
866,000
*46*666
680,000
3,215,000
2,148,000
109,000
1,800,000
1,261,000
5,000
2,000
3,784,000
1,036,000
150,000
3,510,000
1,129,000
1,183,000
580,000
208,000
116,000
967,000
2,000
*25*,000
included above:
8,376,000
7,893,000
6,951,000
Oats—Buffalo, 55,000 bushels; total,
Canal, 366,000; total, 6,860,000 bushels, against 2,608,000 bushels in 1938.
Bushels
Canadian—
Corn
Bushels
Oats
Rye
Bushels
Bushels
Lake, bay, river & seab'd 41,050,000
Ft. William & Pt. Arthur 12,424,000
2,542,000
1,012,000
27,579,000
12, 1939.. 81,053,000
Other Can. & other elev.
Total Aug.
Barley
Bushels
3,073,000
.138,000
767,000
586,000
1,155,000
919,000
3,034,000
6,627,000
1,491,000
6,108,000
8,376,000
6,627,000
7,893,000
1,491,000
6,951,000
5,108,000
Summary-
145,943,000 16,852,000
81,053,000
.
......
12, 1939..226,996,000 16,852,000 15,003,000
9,384,000 12,059,000
The world's shipment of wheat
and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Aug. 11 and since July 1, 1939 and July 1, 1938, are
shown in the following:
—
~
Since
Week
Exports
~
Corn
Wheat
46,000
m.
Since
Week
Since
Since
July 1,
Aug. 11,
1939
1939
1938
1939
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
July
Aug. 11,
M*
m'J* m m
1,
July 1,
July 1,
m:
-
5,000
91,000
8,000
28,000
753,000
419,000
7,000
290,000
10,560,000
14,667,000
18,121,000
2,922,000
4,642,000
4,744,000
2,747,000
m+m
*4,666
5,000
39,000
•
50,000
55,000 bushels, against 617,000 bushels in 1938. Wheal—New York, 450,000 bushels;
45,000; Bjiffalo, 1,222,000; Erie, 1,029,000; Albany, 3,748,000;
12,000
1,398,000
City.
Buffalo
4,101,000
7,416,000
2,099,000
7,202,000
1,371,000
4,215,000
4,900,000
23,883,000
Black Sea.
790,000
1,437,000
408,000
Argentina.
3,537,000
6,488,000
19,115,000
876,000
8,179,000
No. Amer.
Australia
.
India
27,697,000
12,568,000
10,352,000
15,790,000
6,648,000
78,000
323,000
28,300,000
34,000
557,000
779,000
3,433,000
23,612,000
19,371,000
Other
countries
1
842,000
1938
1937
40,000
237,000
m m m ^
6,000
Barley
Bushels
1939..145,943,000 16,862,000
13,000
656,000
102,000
54,000
907,000
10,000
Indianapolis
Rye
Bushels
76,000
7,000
17,000
49,000
New York afloat,
Total Aug.
Barley
bush 56 lbs bush 48 lbs
3,777,000
214,000
...
.........
Canadian.........;
bbls 196 lbs
Duluth—_
..
American..
of the last three years:
Minneapolis
.........
afloat
Wheat
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Chicago
2,018,000
36,000
12,560,000
159,000
372,000
2,821,000
12,128,000
13,592,000
160,000
3,641,000
..
Detroit
All the statements below
Receipts at—
1,001,000
8,816,000
..
On Canal
40 lbs. feeding
rail....... 58 %
..
On Lakes
3.25
Barley, New York—
No. 2 yellow, all
39,504,000
9,841,000
..
..
!.
Duluth
Rye, United States c.i.f..
Corn. New York—
5,911,000
..
Kansas City
Minneapolis....
Oats, New York—
No. 2 white
Wheat, New York—
No. 2 red, c.i.f., domestic.. 83 JManitoba No. 1. f.o.b. N. Y. 62
...
Wichita..
.1.50
1
2,000
New Orleans...—.
......
GRAIN
161,000
138,000
50,000
1,000
comprising the stocks in
and
Wheat
Chicago
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.59@5.00
4,000
113,000
350,000
20,345,000 4,873,000 26,087,000
Bushels
United States—
Peoria
Coarse
66,000
43,000
at principal points of accumulation at lake
seaboard ports Saturday, Aug. 12, were as follows:
Rye flour patents...
...3 -75( 14.05
Seminola, bbl., Nos. l-3.-5.80( >6.10
Oats good
...2.35
Nom.
Bushels
86*666
granary
FLOUR
Hard winter clears
1939
Bushels
12,762,000
121,500
610,313
Indianapolis
Spring pat. high protein..5.05@5.20
Spring patents
.....
4.75@5.05
Clears, first spring
—4.30@4.55
Hard winter straights..—4.75@4.95 Corn Hour—.......
Hard winter patents...
4.90@5.10 Barley goods—
July 1
1939
8,126,000
4,375,000
163,000
12,000
107,695
Total 1939
follows:
were as
Since
Aug. 12
"
1.104,000
1,887,000
27,000
6*500
Other countries...
St. Louis
Closing quotations
.
Week
Brit. No. Am. Col.
33%
32%
34
34 %
33%
34%
Corn
Week
Barrels
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
October
27*666
below:
as
1939
WINNIPEG
Thurs. Fri.
37%
37%
37%
38%
38%
38%
40%
41
36^
37%
229,000
348,000
245,000
for the week and since
July 1 to—
Wed.
Tues.
60,000
and Since
FUTURES IN
RYE
OF
248*666
------
Philadelphia
May
*6*0*666
Exports for Week
When Made
July 24,1939
July 24,1939
Aug. 12,1939
When Made
I
Season's Low and
May 31, 1939 September
39%
May 31, 1939(December.... 41%
July 28, 1939(May
43%
18*666
Flour
The
40%
42%
44%
40%
42%
44%
51,000
3,018,000
113,000
3,395,000 4,873,000
Same week 1938
Fri.
Thurs.
Wed.
Tues.
Mon.
38,695
35,000
Barley |
Bushels
398,000
Total week 1939..
CHICAGO
IN
FUTURES
RYE
OF
35,000
43,000
172,000
1,196,000
483,000
Total 1938
40 %
42 ^
September
134,000
Sorel
the trading.
September
Rye
Bushels
264,000
371,000
Montreal
Rye—On the 12th inst. prices closed yfc. up on active
deliveries.
Trading was quiet, with the undertone steady.
On tha 14th inst. prices closed ^c. off to yfc. up.
Trading
was light, with a rather heavy undertone prevailing during
most of the session.
On the 15th inst. prices closed \io,.
lower to unchanged.
This grain was exceedingly dull, with
prices moving within a very narrow range.
On the 16th
inst. prices closed %c. to 3^c. net higher.
With all the other
grains trending upward, it was only natural rye values should
follow the general trend.
On the 17th inst. prices closed unchanged to %c. off.
Trading was light and without feature.
Today prices
closed unchanged to %c. higher.
There was no noteworthy
feature,
Oats
Bushels
Houston
27%
27
28
27%
27%
283^
27%
27
27%
28%
27%
27%
26 %
28
Flour
Barrels
Albany
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
27%
Corn
Bushels
New York
...
October.
December
Wheat
Bushels
29%
28%
May
28^
Season's High and When Made
I
Season's Low and When Made
September... 33%
May 25, 19391 September
24%
July 25,1939
December.
84%
May 25, 1939(December..
26
July 25, 1939
May
,29?*
July 31. 1939(May
27%
July 24,1939
September
1205
CHICAGO
FUTURES IN
Mon.
Tues.
Wed.
OATS
813,000
795,000
....
22,525,000
30,495,000
40,521,000
1,557,000
8,943,000
13,130,000
2,523,000
13,802,000
2,333,000
7,501,000
4,391,000
5,494,000
8,577,000
9,676,000
4,6.53.000
680,000
3,752,000
2,200,000
1,988,000
7,722,000
5,435,000
Total...
10,401,000
61.417,000
74,255,000
5,533,000
32.214,000
53,885,000
Weather
Total receipts of flour and grain at the
for the week ended Saturday Aug. 12, 1939,
seaboard ports
follow:
Report for the Week Ended Aug.
16—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 16, follows:
Flour
Wheat
Corn
Cats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Rye
Barley
Relatively high temperatures prevailed during the week in most of the
and rather generally from the Ohio Valley northward and east¬
western States had a warmer than normal week.
However, between the upper Mississippi River and Rocky Mountains
cool weather for the season prevailed, with the weekly mean tempera¬
tures ranging mostly from 3 degrees to 6 degrees below normal.
The rela¬
South
York.
62,000
31,000
*2*666
*3*666
*46*666
11,000
2,000
140,000
106,000
1,196,000
31,000
19,000
24,000
64,000
24,000
143,000
2,000
24,000
35,000
eb'ooo
119,000
Philadelphia
New
Baltimore. J
New Orl'ns*
Galveston..
Montreal
5*1,000
__
Sorel
248,000
4,000
19,000
Boston
bush 56 lbs bush 48 lbs
483*666
..
i"o"o",666
398,000
Three Riv's
263,000
2,440,000
290,000
101,000
5,000
348,000
9,210,000
61,649,000
12,988,000
2,924,000
473,000
3,796,000
274,000
3,145,000
1,998,000
279,000
35,000
218,000
8.581,000
66,524,000
69,338,000
3,806,000
Tot. wk. '39
Since Jan. 1
1939
....
Week 1938.
Since Jan. 1
1938
*
on
2,437,000 11,084,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Aug. 12, 1939, are shown in the annexed
statement:
ward. while the more
tively warmest weather occurred in the northeastern and far northwestern
States, where the week was 4 degrees to 6 degrees warmer than normal.
Maximum temperatures were not unusually high, except in a few limited
areas comprising northwestern Louisiana, western Arkansas, eastern Okla¬
homa, and northeastern Texas, where they were 100 degrees or above,
while a limited area in eastern Montana reported similar readings; also in
the far Southwest, the interior of western Oregon, and in the Great Valley
of California.
The highest temperature reported was 107 degrees at Fresno,
Calif., on the 14th.
In much of the Northeast and Lake region the tem¬
perature did not reach 90 degrees at any time during the period.
"■«
Moderate to substantial rainfall again occurred over most sections east
of the Rocky Mountains, although in the dry northeastern States from the
Potomac Valley northward the amounts were mostly light.
The heaviest
rains occurred in the east Gulf area, resulting from the tropical disturbance
of the latter part of the week.
However, the area of unusually heavy
rainfall was not extensive.
Some of the heaviest weekly totals reported
were as follows; Tampa,
Fla., 4.4 inches, Apalachicola Fla., 6.0 inches
and Pensacola. Fla., 9.2 inches.
West of the Rocky Mountains the week
was practically rainless, except very locally.
For the first half of August rainfall was above normal generally from
the Ohio Valley and Lake region westward to the Rocky Mountains.
The Commercial & Financial Chronicle
1206
Texas and much of New Mexico.
In parts of the upper Mississippi Valley and the lower Great Plains the
amounts for this period were more than twice the normal, while in the
northern Plains they were mostly from about iy2 times normal to twice
Also
In
western
Oklahoma
the normal amount.
Further
.
showers east of the
widespread
.
Rocky Mountains improved
conditions in many places where rain was needed and the moisture situa¬
tion is now favorable rather generally from the central Great Plains East¬
Northeast.
Showers of the week were especially
helpful from the Lake region westward to the Rocky Mountains, and in
considerable sections of the Southwest, the latter including much of New
Mexico and western and southwestern Texas.
Also, rains in the South¬
eastern States were mostly helpful, although there was some damage to
crops and land In a few sections by heavy rains attending the tropical
ward.
except
the
in
disturbance.
,
,
Tennessee—Nashville: Progress and condition of cotton good; bolls
forming and maturing satisfactorily.
Condition of early corn rather poor
in west, good to very good in central and east, and now ripening; condi¬
tion of late good to very good, except rather poor in some eastern areas
where dry.
Tobacco firing on eastern uplands, where condition fair to
poor; much in good condition.
Hay, truck and pastures mostly good.
.
northeastern area showers were again spotted, mostly light,
general rain is still needed from Maryland northward and north¬
eastward.
In New England rainfall in general was inadequate and mois¬
ture is needed in all sections, especially so in the south where droughty
conditions persist; streams, lakes and reservoirs are low and wells failing.
Shallow rooted crops have been much affected, but the main potato and
apple crops have not been harmed materially.
In New York pastures and late row crops show general improvement
over much of the State,
but severe droughty conditions continue in the
lowfer Hudson Valley and on Long Island.
There was very little rain in
New Jersey and Maryland and moisture is badly needed in these States.
In Pennsylvania there were additional good local showers, but many sec¬
tions are still dry.
Elsewhere from the eastern Plains eastward the mois¬
ture situation is generally satisfactory.
In the Southwest considerable improvement is reported from New Mex¬
ico the San LuisValley of Colorado, western Texas and locally in Arizona.
Elsewhere droughty conditions continue, although in Utah ranges show
some improvement from recent rains.
Droughty conditions prevail gen¬
erally in the Pacific Northwest, being Intensified during the week by high
temperatures and sunshine.
There was some local frost damage to tender
vegetation in central Rocky Mountain districts.
1939
19
localities, except in south and some hill sections where so.l too dry; si ght
shedding in a few localities due to too much rain; opening in south and
picking in extreme southwest.
Corn good to very good in most northern
and central portions; rather poor to good elsewhere.
Weather favorable
in most of central and north; unfavorable elsewhere.
THE DRY GOODS TRADE
In the dry
and
Aug.
Arkansas—Little Rock: Progress of Cotton good to excellent nearly all
western
a
Small Grains—In Northwestern
States, the threshing of small
grains
progressed under mostly favorable weather.
Because of better moisture
conditions grain sorghums show considerable improvement in the Great
Plains area.
Harvesting of early rice is progressing in central Gulf sec¬
tions.
In midwestern sections recent rains have improved the condition
of the soil for plowing and this work made good progress.
In Kansas
the western
Ereparation forpart of this State. along, although moisture is still needed
fall seeding is well
l
Corn—The corn crop continued to make satisfactory advance rather
generally in the principal producing areas, with condition mostly good to
excellent in the central and eastern portions of the belt.
In Kansas some
recovery is shown since recent rains in the eastern third of the State, while
in Oklahoma progress of late corn is fair.
In Nebraska advance was
good where the crop had not been previously ruined by drought, while
in eastern South Dakota favorable response is reported.
In Minnesota
corn
is mostly excellent.
In Iowa the general average continues very
New York,
Friday Night, Aug. 18, 1939
Largely due to the oppressive heat and the ensuing small
attendance in the stores, retail business during the past week
made a somewhat less favorable showing, although com¬
parisons with last year continued to reveal moderate gains.
A less satisfactory response to August promotion sales was
noted; on the other hand, good initial buying of back-toschool items made itself felt.
Department store sales, the
country over, for the week ended Aug. 5, according to the
Federal Reserve Board, were 9% above the corresponding
week of last year.
In New York and Brooklyn stores an
increase of 7.9% was registered, while Newark establish¬
ments showed a gain of 7.6%.
Trading in the wholesale dry goods markets was fairly
active as retailers placed a fair number of belated orders
on
merchandise.
summer
A
moderate
amount
of
orders
fall
goods was also received, with predictions that a
substantial pickup in such purchases later in the month
may be anticipated.
As expected, the recent advance in
denims was quickly reflected in the arrival of larger orders
on
overalls.
Sheets and pillow cases also moved in fair
volume, whereas piece goods were neglected.
Business in
silk goods was again handicapped by the
high price of raw
on
silk which
to
caused
manufacturers
concern
to
broadsilk
weavers
as
well
as
of silk
from the
hosiery, resulting in further con¬
siderable diversion of business to the synthetic field.
Trading
in rayon yarns continued
active.
Labor troubles in the
largest acetate plant, coupled with the steady decrease in
surplus yarn stocks, and the further shifting of demand
from the silk field, resulted in
growing delivery difficulties
from wind and heavy
for
food to excellent; a little seed Maryland, New Jersey In the more eastern
badly needed in corn has been saved.
and much of Penn¬
tates rain is
sylvania.
.
Cotton—In the Cotton Belt temperatures were mostly seasonable, al¬
though considerably above normal in northeastern sections.
Rainfall was
moderate to heavy in the eastern half of the belt, but spotted and irregular
In general, progress of the crop continued satisfactory
Mississippi Valley eastward.
While there was some local damage
rain attending the tropical disturbance, harm from
this cause was not widespread or serious.
In the western belt develop¬
ment was poor to only fair in considerable areas.
In Texas progress was good in the extreme south and extreme west,
but locally poor to only fair in most other sections; there was some further
deterioration in north-central and west-central districts/ although consid¬
erable improvement is reported in some west-central portions since recent
rains; picking is progressing.
In Oklahoma progress was mostly fair to
good, except poor in some western localities, due largely to infestation of
flea hopper; the first bale was ginned on August 8.
In the central and eastern portions of the belt advance was generally
satisfactory, except for a few localities.
There was too much rain and
cloudy weather in some east-Gulf districts which favored weevil activity.
High humidity and rains in parts of the northeastern belt were also favor
able for weevil.
Picking is progressing in the southeastern belt.
in the western half.
The
Weather Bureau furnished the
following
resume
of
conditions in the different States:
somewhat
Temperatures
Virginia—Richmond;
All
rainfall until close of week.
crops
above
little
normal;
good progress; late hay harvested.
good condition and curing favorably.
Corn good to excellent,
too rank growth in central.
Cotton continues fair to good.
Apples coloring.
Tobacco
but
some
North Carolina—Raleigh; Generally adequate rains, except none
in west Piedmont.
Condition of corn very good and progress good.
locally
Prog¬
cotton fairly good; condition good; normal shedding on coastal
unimportant elsewhere; moderately favorable for weevil activity
account high humidity and too much rain locally.
Conditions favorable
for housing and curing tobacco.
Truck, fruits and vegetables satisfactory.
ress
of
plain,
South Carolina—Columbia:
Favorable
temperatures
and
rainfall
im¬
proved late crops and pastures.
Progress of cotton generally good mostly
matured, exceot extreme northwest where many bolls; opening fairly well,
but picking retarded by rains.
ToLacco marketing well advanced.
Too much rain, excessive in
extreme north¬
to too wet to cultivate. , Progress of cotton
rather poor; picking slow and crop damaged by
wind and rains.
Sweet potatoes good.
Some seed bod® arid fields dam¬
aged by storm rains.
Tobacco fair.
Citrus good; wind damage to young
gruit slight.
Florida—Jacksonville:
west.
Soil moisture ample
rather
poor;
condition
Alabama—Montgomery. Adequate rains, but too much in central and
Soil moisture now ample.
south at end of week.
Condition and progress
fairly good; picking beginning in central and south.
Corn and
crops good progress; mostly fair to good condition.
Pastures
and livestock very good.
.
of cotton
vegetable
Mississippi—Vicksburg:
Mostly
afternoon
thundershowers
in
west»
locally for late-planted corn.
Too much rain in
accompanying inland progress of Gulf storm.
Some openinu beginning on early planted cotton with progress good in
delta counties, but fair locally elsewhere.
Progress of late-planted corn
poor to fair, depending upon local rains, with early planted maturing
rapidly.
with
more
rain
needed
extreme east and
on
coast,
Louisiana—-New Orleans
Progress
of
cotton
very
good;
opening
rap¬
and picking begun in south.
Old corn maturing.
Cane making
good growth.
Harvesting early rice well under way.
Some sweet potato
digging.
idly,
Texas—Houston: Temperatures favorable generally.
Adequate rains
extreme south, southwest, extreme west,
and Panhandle, but rains
badly needed elsewhere.
Progress of late corn poor generally and condi¬
tion mostly poor; early continues in fair condition, but drying rapidly.
Preparation of land for fall-wheat seeding made good progress in Pan¬
handle.
Progress and condition of cotton good in extreme south and
extreme west and fair to locally poor in other sections; further deteriora¬
tion and some blooming on top and shedding in north-central and westcentral, though considerable improvement noted in many localities of
latter area following recent rains; picking expanding favorably to north
and rapid progress in south.
Ranges improved greatly in southwest and
improved steadily in northwest and extreme west.
Citrus and rice made
in
favorable progress.
Oklahoma—Oklahoma City: No rain, except a few scattered showers
and more needed in most of south and east.
Much plowing ac¬
complished and nearly completed in northwest and north-central.
Prog¬
ress of cotton fair to good, except poor in some western localities; first
bale ginned August 8; condition poor in southwest and south-central,
mostly fair elsewhere.
Progress of late corn fair; early mostly made;
condition rather poor.
Gardens, pastures, grain sorghums, and minor
In east
cro^s
mostly improved by last week's rain.
of the affected yarns.
Cotton
Goods—Trading in the gray cloths
Prices held quite steady, although
a fair amount of second-hand
offerings at slight concessions,
came into the
market, but was readily absorbed.
Retarding
factors were the recurrent nervousness
displayed by the
security markets over the trend of events abroad, and the
resulting further moderate reaction in raw cotton values.
Supporting influences, on the other hand, were the more
encouraging reports from finished goods markets, and the
fact that mills,
notwithstanding the present scarcity of
orders, refused to shade their current official list prices,
their firm attitude being
due, on the one hand, to their
generally improved financial position, and, on the other
hand, to the continued strict observation of the curtailment
markets remained dull.
schedules
now in force.
Business in fine goods remained
quiet, although prices ruled firm, reflecting the existing
substantial backlog of orders enjoyed
by most mills.
Fancy
dress goods moved in good
volume, and growing interest
was shown in challis
type cloths.
Closing prices in print
cloths were as follows:
39-inch 80s, 6%c.; 39-inch 72-76s,
6c.; 39-inch 68-72s, 5%c.; 3834-inch 64-60s, 4%c.; 3834-inch
60-48s, 4% to 4^c.
^
Georgia—Atlanta; Lack of rain felt in much of north and middle unti1
adequate amounts Sunday.
Progress of cotton fair to good, with good
boll development in north; opening rapidly and picking good advance in
south.
Mostly unfavorably hot and soil too dry for pastures and truck,
except last 2 days.
some
Domestic
Woolen
Goods—Trading
in men's wear fabrics gave
early moderate revival in sales.
A fair
amount of reorders on fall
suitings was placed by clothing
manufacturers, and moderate activity developed in the
new lines of
tropical worsteds and gabardines, with the result
that scattered price advances for some of these fabrics were
indications of
an
announced.
Overcoatings and topcoatings, on the other
hand, remained inactive, and additional complaints were
foreign woolens
somewhat, re¬
flecting the gradual decrease in the existing backlog of orders.
Reports from retail clothing centers made a less favorable
showing, due largely to the retarding influence of excessive
temperatures.
The inventory position of the majority of
stores continued,
however, to be regarded as distinctly
favorable, promising an early increase in replenishment pur¬
chases.
Business in women's wear goods turned
inactive,
partly owing to greater hesitation on the part of garment
manufacturers, in view of disappointing public response to
current retail promotion events.
Prices, however, held
steady, predicated on the substantial accumulation of con¬
tracts in producers' hands.
_
heared about the
growing competition of
in this market.
Mill operations receded
Foreign Dry Goods—Trading in h'nens expanded moder¬
ately.
The results of the recent Linen Show were regarded
mildly encouraging, and style forecasts for the coming
season
claim a substantially increased interest in linen
fabrics.
Reports from foreign primary centers, while stres¬
sing the improved demand on the part of United States
importers, held out little hope for a real pickup in activities
until the present political tension is removed.
Business in
burlap remained quiet, but prices hardened slightly, ir line
with the tend in Calcutta where predictions of a
smaller
jute crop were a strengthening influence.
Domestically
lightweights were quoted at 4.15c.; heavies at 5.45c.
as
Volume
The Commercial & Financial Chronicle
149
1207
4.
Local legislation.
5.
Amendments to the State Labor Department Act.
A very small number of non-controversial general matters.
o.
Specialists in
Gross and Net
Net
indebtedness of the general
departments of the 48 States as at the close of their respec¬
tive fiscal years ended in 1937, was $3,275,676,810, or
$25.53 per capita, according to a report released today by
Director William Lane Austin, Bureau of the Census, De¬
partment of Commerce.
The net debt of the general de¬
partments as at that date was $2,424,647,870, or $18.90
per capita.
These data, are exclusive of the debt of publicservice enterprises, which are separately reported by the
Bureau for 1937.
This report is number eighteen of a
series of summaries of State finances now being prepared by
Illinois & Missouri Bonds
Stifel. Nicolaus & CoJnc.
Founded 1890
105 W. Adams St.
314 N. Broadway
DIRECT
CHICAGO
WIRE
LOUIS
ST.
the Division of State and Local Government in connection
News Items
Alabama—Legislature Passes Measure Limiting Municipal
Duplication of Utility Facilities—With only two dissenting
votes the lower house of the State Legislature on Aug
15
approved a Senate bill which will prohibit municipalities from
duplicating existing electric light plants without first exhaust¬
ing every means to effect a purchase.
The bill had already
passed the Senate with four negative votes, and was sent
to Governor Frank M. Dixon, where it seems assured of
approval.
Under
the
measure
any
Alabama municipality now
make an offer to purchase
price offered is not accept¬
able. the utility may make a counter proposal.
If the deal cannot be
successfully negotiated in this way the Alabama Public Service Commission
is authorized to fix a price.
the
with the restoration of the annual report on
tistics of States after a lapse of five years.
decision of the
Public Service Commission either party can
appeal to the courts through condemnation proceedings and if the munciipality wins, the utility must sell or permit a duplication of its service and
suffer the consequences.
If the municipality loses, it must refrain from
duplicating the service.
Interests antagonistic to Alabama Power Co. are
loudly condemning the bill, but its provisions were agreed upon Dy both
utility and municipal interests before the bill was passed by the Senate
where it originated.
Ruling Blocks Immediate Issuance of
Refunding Bonds—An Associated Press dis¬
patch from Little Rock on Aug. 16 reported as follows:
Arkansas—Court
$140,000,000
The State Supreme Court, in a four-to-three decision today, blocked
Bailey's plans for an immediate refunding of the State's
$140,000,000 highway bond debt.
The court held invalid an emergency clause attached to the refunding
Act by the recent sDecial Legislature, but declined to pass, at this time , on
constitutionality of the Act itself.
The emergency clause was designed to make the Act effective at once, and
was described by the Governor as essential to his refunding plans.
Without
the clause the Act would not be effective until Oct. 30, a month after the
date on which the proposed refunding would have to be carried out under
Governor Bailey's proposals.
Although the Arkansas Supreme Court denied the validity of the emer¬
gency clause of the refunding Act, that measure tfvill come into effect in
three months and make possible action early next year toward refunding the
$140,000,000 callable bonds of the State, it was pointed out in Wall Street
municipal bond circles.
The emergency clause was appended to give the
measure immediate effect, but the Act was so drawn as to permit sections
not held
unconstitutional to become effective in the usual way, 90 days
Governor Carl E.
after passage.
Some minor
.
.
.
points of law raised by the court can now be tested in the
friendly litigation, it is Delieved, and arrangements thus facilitated for
refunding of the debt when the next call dates are imminent, early in 1940.
Division by the court on a four-to-three basis was considered a good indica¬
tion that no other important points of constitutionality will be raised.
usual
exclusive of indebtedness for public-service enterprises.
The gross total
1937 consisted of $2,982,578,371 funded or fixed general
obligations, $40,525,035 funded or fixed revenue obligations, $114,222,998
contingent debt, and $138,350,406 short-term or floating loans.
Analysis of
the total debt by these classes, by States, is given in the accompanying table.
The amount of State debt reported does not include the total amount
of indebtedness upon which the States are paying debt service.
States in
several cases and under varying conditions have assumed the liability for
payment of all or a portion of interest and principal of specific issues of
xs
indebtedness for
Funded or fixed general debt consists of bonds or other obligations, in¬
cluding special-debt obligations to trust funds sometimes termed "irre¬
ducible debt," outstanding in the name of the State and agencies of the
State.
Revenue obligations are bonds or other obligations issued by the
State or its agencies, the payment of which is made exclusively from the
revenues of a specified income producing property or system, for the acqui¬
sition, construction or improvement of which the obligation was issued.
It
is expressly understood that the obligation is not a general debt of the
State and that there is no recourse to any taxing power for payment.
Con¬
tingent debt consists of those debts of the State incurred or assumed in
the interests of minor civil divisions from which the State exacts payments
for debt service.
While contingent debt represents an obligation of the
State, it rests ultimately upon the minor
term or
tions,
digest in handy booklet form has just been
Kaiser & Co., Russ Building, San Francisco,
prepared by
which is de¬
signed to be of value to the general municipal investor,
cluding as it does, among other interesting subjects,
in¬
the
the migrant labor
hazard as well as a review of the
more
prominent municipal credits.
In addition to debt
statements, tax collection statistics and operating results and
legal safeguards, considerable attention is given to analysis
of long-term economic trends.
"Thirty Thursday" proposal,
situation, the earthquake
Georgia—Special Session Expected in September—Governor
Rivers plans to call the General Assembly in special session
the first week in September, according to news advices from
Atlanta.
to run.
Only one State—Florida—had no gross indebtedness at the close of
The gross debt of the other States ranged
from 39 cents per capita for Nebraska and 41 cents for Wisconsin to $80.71
the close of the fiscal year 1937.
capita for Arkansas and $64.87 for South Dakota.
The gross debt of the general departments of the States in 1932 was
$2,895,845,000; in 1922, $1,162,651,000: and in 1913, $422,797,000.
The
gross debt for 1937 is not comparable with the figure reported as gross debt
for the prior years, however, because the amount reported for 1937 is
exclusive of outstanding warrants and public-service enterprise debt, which
were included in the prior years'totals.
Net debt reported for 1937 is the amount of funded or fixed general and
revenue
obligations less sinking fund assets.
Contingent and floating
debt are not included in funded or fixed debt.
The net debt, total and per
per
capita, for 1937, and per capita net debt for 1932 computed on the same
basis as for 1937, are reported in the accompanying table.
Three States—Connecticut, Florida and North Dakota—and the Terri¬
of 1937.
tory of Hawaii, had no net debt for general departments at the close
Connecticut had outstanding $1,100 general obligation bonds past due
adjourned its 1939 regular session sine
die March 18,
obtain enactment of high-
defeating Administration efforts to
yield revenue measures which Governor Rivers said would have financed
his program.
The State concluded its 1938-39 fiscal year with a paper
deficit of approxiately $8,000,000
.
Although the Governor did not indicate what subjects would be included
in his call, the financing of school teachers' salaries, now in arrears about
$4,000,000, and of increased social security benefits was expected to be
the principal matter before the legislators.
Georgia—Special
Legislative
Session Expected Shortly-—
According to the Atlanta "Constitution" of Aug. 13, Gov¬
ernor Rivers will limit his call for the forthcoming special
ses ion of the General Assembly to as few subjects as Dossible
but it will be broad enough to include all matters concerning
finance and the report
of the House Economy
the Chief Executive went
draft his summons to the Legislature.
it was
The
learred
formal
as
call is expected to be
Committee,
into seclusion to
ready by Aug. 26
with the session
there still is a possibility that the gavel sounding
fall on the n orning of Sept. 5, the day after Labor Day.
A large nun ber of members, including Senate President, John B. Spivey,
have requested the Governor to delay the opening to Sept. 11, giving various
personal reasons for their requests.
As matters stand it appears that the Governor s call would include:
1. Taxation and finance, including appropriations.
2. Discussion and action on the report of the House Economy Com-
starting on Sept. 11, but
3
consisted of gross debt (including special assessment,
debt) less sinking fund assets: and included
enterprise debt.
The figures for gross debt less sinking
for thee prior years, therefore, are not comparable with the
1932 and prior years
contingent, and floating
public-service
fund assets
reported for 1937.
.
r
•
.
of public-service enterprises, the gross debt of which
$91,057,078, and the net debt $77,418,929, are presented in detail in
a separate number of the Summary of Finances of State Governments, 1937.
An intercensal inquiry on the amount of State and local government
debt was made by the Bureau in cooperation with the Treasury Depart¬
ment in 1937, and the report thereon was published by the Treasury De
net debt
Legislation looking toward a
civil service for all
State "Hatch
non-policy making employees.
bill," probably including
^
,
The indebtedness
was
partment.
unit, for
The gross and bet debt, by types of governmental
in that report were as follows:
1937 and 1932, as given
Indebtedness of States,
Municipalities and Other Local Units,
and 1932
(Amounts in
$3,286,2*>0
10,060,560
6,247,773
State.
Municipal
Other local
by States, 1937
a
Thousands)
-Net Debt-
-Gross Debt-
1937
1932
1937
1932
b$2,482,295
9,186,068
52,770,469
8,934,827
5,889,236
$2,895,845
10,341,728
6,338,839
6,029,813
$19,576,412 $17,594,532 b$17,698,176
a Statistics for 1932 from Bureau of Census report "Financial Statistics of
State and Local Governments, 1932."
bReal estate mortgages of $121,300,000, resulting from rural credit
loans, held by the State sinking funds of Minnesota, North Dakota and
South Dakota, are not deducted from gross debt, in the Treasury Depart¬
$19,594,553
ment's
report.
.
,
^
^
.
'
a.
.
,
all State and
and 1932. Of
the gross debt reported, State debt was 16.8% in 1937 and 14.7% in 1932;
of the net debt. State debt was 15.7% in 1937 and 14.0% in 1932.
The
present a comprehensive total of
for the United States for the years 1937
foregoing figures
local indebtedness
Massachusetts—Legislative Session Ends After Tax
Meas¬
Legis¬
lature, which increased levies on liquor, dog-race wagering
and inheritances, and approved a tax of two cents a package
cigarettes, prorogued at 9:58 p. m. on Aug. 13 after its
longest "day" in history—35 hours and 30 minutes.
Many
of the members were reduced almost to exhaustion and
disgruntled at the failure to obtain additional compensation
ures
Are
Approved—The 1939 session of the State
on
for their
services.
Resentful at Senate
the opening will
-
but
presented, and a sinking fund offsetting this amount.
North Dakota
and Hawaii had sinking funds in excess of the amount of their funded
or fixed general obligations.
The net debt of the general departments of
the other States ranged from 39 cents per capita for Nebraska and 41 cents
for Wisconsin to $80.44 per capita for Arkansas and $59.25 for Louisiana.
Gross debt less sinking fund assets in 1932 amounted to $2,360,958,000,
or $19.07 per capita; in
1922, $935,544,000, or $8.64 per capita; and in
1913, $345,942,000, or $3.57 per capita.
These totals as computed for
not
Total
The Legislature
after thrice
Short-
civil divisions benefited.
floating debt consists of bond anticipation notes and similar obliga¬
represented by bonds or other obligations having a period of
not
years
or
Investor—A
Prepared for Municipal
California—Digest
California
financial sta¬
Gross debt includes the amount of indebtedness outstanding at the end
of the year for all public funds of the general departments of the State, and
bonds of local units of government.
provisions of this
served by a private electric system, must first
the local plant and distribution system.
If the
From
Debt, by States: 1937; and Comparative
Debt for 1932—The gross
activites undertaken late in the afternoon
to overturn
bv which a salary increase bill was defeated, Governor
Saltonstall issued a stern warning that he would leave the State
House and thereby prevent a final adjournment, unless methods he pro¬
tested were abandoned.
.
.
a
roll-call vote,
Leverett
,
The efforts of a
substantial majority to jam through a
bill to increase
legislators' salary from $2,000 to $3,000 for services during the first
biennial session in history were blocked as the Senators voted to sustain
an executive veto against
the salary increase.
the
The Commercial & Financial Chronicle
1208
the kouse the veto was surprisingly overridden by a roll-call vote
of 156 to 70, with Speaker Herter, for the first time in the session, declining
In
to
support the Governor and openly sponsoring the payment
titional $1,000 to both Senators and Representatives.
The
the veto,
Senate sustained
but the ultimate decision
of
was
an
aid to localities for the first
deferred
half
the strain, while a score of
elderly members
were
ill
as
a
of
2.
-
A $3,000,000 transfer from surplus State sinking funds, when available.
A $2,000,000 loan from the State Teachers Pension and Annuity Fund,
4. Use of $2,000,000 proceeds of railroad grade crossing elimination
bonds, for which no legislation was needed.
3.
5.
Highway fund diversions of $2,000,000 next year; to await legislation
next year.
Bills were passed fixing the State relief share at
share at
a
75% and the municipal
25%, provided aggregate relief costs do not exceed $15,000,000
year.
Municipalities
were
authorized
to
borrow
money
or
issue
bonds
for
relief funds, pending receipt of funds from the State later in the year.
The House approved the bill of Senator Arthur F. Foran, introduced
after
a
special
message
recommendation by
Governor A.
Harry
Moore,
would permit increases from $30 to $40 a month as the maximum
which
allowance.
The Governor was expected to approve the
measure shortly, making New Jersey the first State to fall in line with
Federal Social Security amendments which provide Federal .matching of
State grants up to $40 monthly.
old age assistance
Another piece of emergency
legislation adopted authorizes municipalities
immediately without limitation as to amount in antici¬
to issue relief bonds
pation of receiving State aid.
The municipal relief bonds can be issued
without regard to existing debt restrictions.
Relief Bills Approved by Governor—A United Press dispatch
on Aug. 17 had the following to report:
from Trenton
only appropriations
over
$70,000,000
another to the extent of nearly $20,000,000.
$1,515,030,416 while the figure for June 30, 1938
South
and
In
was
$1.444,253,288.
revenues were
Dakota—Rural
$15,289,-776.
Credit
Debt Refunding Planned—
plan for the voluntary refunding of the rural credit debt
of the State, which now totals $36,869,000, has been sub¬
mitted to the Rural Credit Board at Pierre by Millard G.
Scott, director of the board, with a recommendation for its
adoption (see V. 149, p. 1064).
Governor Harlan J.
Bushfield, Chairman of the board, is submitting the plan
to the State Supreme Court for an opinion as to its
legality.
Lehman Bros, of New York and Chicago will act as re¬
funding agents for the State when the plan is adopted.
A
longest sessions
struction,
or
of
Revenue from taxes for general purposes of
government for 1938-39 were
State
adjourned at 5 a. m. (EDT).
It will return Sept. 25 to consider horse
racing legislation and to clear the calendars for adjournment until after
the November election.
The relief program was approved in an executive caucus attended by
all members of both houses before separate passage in the Senate and
Assembly.
Aside from the bond issue, it included:
1. A $8,000,000 diversion of highway funds for relief, with the provision
that the balance of $1,802,829 in free road funds be used for road con¬
"represent
extent
year
$344,486,271 and other
all-night session, which broke the relief financing
harassed the Legislature since January and kept it
in New Jersey history.
The Legislature
had
kind
the
receipts of $823,260,205 and expenditures of $767,818,661. Figures for the fiscal year 1937-38 showed receipts totaling $782,875,039 and expenditures of $800,878,192
v
The action came after an
that
one
last
to
A condensed statement of receipts and disbursements for the fiscal year
Jersey—Relief Program,
of the
words
taxes
19o8-39 shows total
Adopted hy Legislature to
Legislature voted on Aug. -13 to
submit a $21,000,000 bond issue proposal to the electorate
in November as part of a $33,000,000 two-year relief fund.
one
than
more
the localities of this State depended upoo outside
sources for balancing their budgets to the extent of $289,024,861."
A consolidated balance sheet as of June 30,1939 shows a total assets item
challended in the courts.
in
the Comptroller said,
locally-shared
Federal aid of
prolonged session.
the confusing and bitter climax was reached, it was disclosed that
State tax for this year would be $18,000,000, while the 1940
figure would be $16,000,000.
Because of a previous distribution of $19,200,000 in gasoline fund taxes to the cities and towns, their net burden
was reduced to $8,400,000 for this year and to $4,400,000 for next year.
Maintaining the fiction that the Legislature does not function on the
Lord's Day, the official time set for the prorogation was 11:55 p. m. Satur¬
day. the hour at which the legislative clocks were stopped.
This provoked a furious controversy early in the evening as several
Democrats demanded that the
House .Journal include the fact that a
sitting was conducted on Sunday.
The Democrats contended that all
business transacted after midnight Saturday was illegal and would be
deadlock
include
other
result of
As
Session—The
time accounted for
total
"These figures,"
not
the actual
New
the
from the general fund and reflected directly in the State's budget: and do
the
End
of
appropriation expenditures of the State.
State aid figure is $198,874,215.
prevailed.
Extreme bitterness flared among the resentful legislators at their failure
to obtain the extra compensation they sought.
Two Senators collapsed
from
1939
operations of the State for the year ended June 30, highlight
of which, according to Mr. Tremaine, is the fact that State
ad-
This was a futile gesture because on the
next vote the Governor was again sustained, but only by a single vote.
The margin was narrowed because of the departure from the State House
of several Senators who previously had been recorded against the proposed
reconsideration
as
Aug. 19,
The primary purpose of the plan is to liquidate completely the debt a8
as possible by application of
equal annual debt service instalments
soon
which
can be met readily by the State.
The plan provides for the issuance
of new refunding bonds in exchange for an
equivalent amount of out¬
standing bonds up to $21,500,000 of the $36,869,000 of bonds now out¬
standing.
The new bonds will mature serially between 1950 and 1959,
both inclusive, and each bondholder will have the right to select any of
the ten maturities in exchange for his present holdings, until the amount
available in each maturity is exhausted.
In presenting the plan, Mr. Scott said "the entire rural credit bonded
,
debt
and all
interest
thereon
will
be
retired
in
20 years through equal
annual instalment payments of approximately $2,500,000.
At the present
time we are faced with princpal and interest payments due in the next
two
years
of
approximately
$12,600,000
and
further
heavy
payments
in the following years.
"The proposed plan
provides for a voluntary exchange of outstanding
bonds for new refunding bonds, thus enabling the State to take full advantage
of the present favorable bond market.
"Our experience with partial refunding operations in the past has been
costly both in interest rates paid and to the credit rating of the State.
It is believed that the successful carrying out of this program will result
in
an
improved credit rating for the State of South Dakota which will,
favorably the rating of every city, county and school dis¬
in turn, affect
trict
in the
State and will result in
local units of government will pay."
United
more
favorable
interest rates which
V'W; >5
States—Municipalities Hold Their Own, Or Im¬
Financial Positions—An indication that most Ameri¬
are holding their own, or
improving their financial
positions this year was shown recently in a survey of munici¬
palities of 20 States by the Municipal Finance Officers'
prove
can
cities
Association of the United States and Canada.
Cities in eight of the States—Iowa, Wyoming, Arizona, Kansas, Ne¬
braska, Louisiana, Oregon and West Virginia—are better off financially
than a year ago, according to reports by the Association's
representa¬
tives, who for the most part are municipal finance officers in their States.
The financial condition of cities in
eight other States has remained about
the same, while cities of the remaining four States in general have slipped
below their 1938 positions, the survey showed.
A great majority of the cities reporting
improved financial positions said
this was due in part to better tax collections and operation on cash income.
Other reasons given were improved local
conditions, better business, lack
of debt, new sources of revenue, and use of Federal
grants-in-aid.
Cities which are holding their own, but can gain no ground, attributed
this to costs of unemployment relief, incrcses in old age
pension recipients,
low crop prices, and too many governmental loans followed
by increased
operating costs, according to the survey.
Tax limitations were termed a
■■
Bills
designed to raise $33,000,000 for relief in New Jersey, approved
by a coalition of Republicans and Democrats at an all-night session of the
Legislature last week, became laws yesterday.
The monev raised by the measures will be used to finance relief for
1939 and 1940.
Gov. A. Harry
Moore refused to sign
one
of the bills,
transfer of $3,000,000 to relief from the State sinking fund,
it to become law by filing it with the Secretary of State.
providing for
but permitted
The other bills authorize submission of a $21,000,000 bond proposal to
the people in a referendum, the diversion of a total of $5,000,000 from
State highway funds, utilization of $2,000,000 from the sale of railroad
grade crossing bonds and borrowing of $2,000,000 from the State Teachers
Pension fund.
York City—Comptroller Advocates t(Breathing Spell
Spending"—Comptroller Joseph D. McGoldrick, in his
annual capital budget message to the City Council, the City
Planning Commission, and the Budget Director and his
associates on the Board of Estimate, advocated on Aug. 13
that the city observe a "breathing spell on spending" and
begin next year to reduce its non-exempt public debt by
increasing its unencumbered borrowing margin $10,000,000
a year to save $60,000,000 by 1945.
New
on
During that period, he said, a total of $240,000,000 could be authorized
new capital projects, but authorization for any one year should not
$40,000,000.
This yearly limit, he continued, would contribute to building up the
debt margin, and in turn, a reduction would follow in annual debt service
charges—the largest single item in the expense budget.
"No sound reason is apparent," the report said, "which would prevent
us from increasing
our margin by $60,000,000 between now and 1945.
The fact that since 1910 the debt has been reduced only in the years 1934
and 1935 need not deter the Board of Estimate from assuming the obligation
of reducing it regularly from now on.
Nor should our basic needs prevent
such a policy.
|"The capital emergency which confronted the city six years ago has
gradually disappeared with the completion of scores of hospitals, schools,
baby health stations, subways, prisons, fire and police stations, public
markets, parks, parkways, playgrounds, swimming pools, libraries, high¬
ways and other governmental buildings.
In 5% years more than $650,000,000 of city funds and Public Works Administration money has been
spent to remedy the critical condition which existed in 1933."
With this recent capital building program "so comolete" that the "great
pressure has
considerably abated," the Comptroller said, "intelligent
administration of local government now calls for a breathing spell on
spending."
for
exceed
He added:
"One further reason underlies the policy which I propose.
Because of the costly but essential Delaware Aqueduct project now under
way to replenish our dominishing water supply, there is no immediate
prospect for a decrease in our exempt debt.
Any decrease, therefore,
in non-exempt debt would in part
compensate for the rise in the exempt
classification."
now
hinderance in
one State.
The significance of tax collection In relation to a city's financial condi¬
was noted by the Association.
Cities reporting improved financial
tion
position said this hinged directly upon good collections.
Cities which failed
to hold their 1938 positions attributed it to failure to enforce revenue col¬
Expenditures in excess of appropriations, decreasing State aid
and increased relief burdens were also contributing causes.
The Association reported a "general feeling" among its State represen¬
tatives, that many activities are being forced upon cities without com¬
pensating revenues, and that the degree of home rule is not so great as it
should be.
They believe also, that expenditures should be limited to re¬
ceipts, that tax collections should be more rigidly enforced, and that as¬
sessments should be based on full value of property.
In addition, legis¬
latures should be more carefully informed about the needs of municipali¬
ties, and cities should cooperate to a greater extent, according to the survey.
Federal grants-in-aid were cited by several cities as a helpful influence
in the improvement of local financial conditions.
Other cities, however,
named this same factor as a harmful Influence which encouraged addi¬
tional spending.
lections.
Ten States
Survey Tax Structures—With an eye toward im¬
revenue systems, at least 10 States this year
have ordered special studies of their tax structures, the Fed¬
eration of Tax Administrators reported on Aug. 11.
proving their
All east of the Mississippi River except one, the States include Hlinois,
Indiana, Kansas, Maryland, New Hampshire, New York, Ohio, Pennsyl¬
vania, South Carolina and Tennessee.
In addition, tax study commissions in Michigan and New Jersey
continuing studies begun in 1938.
Bond
bonds
in
connection
with
the
elevated
demolition
phase
are
Proposals and Negotiations
ARIZONA
The debt margin which the Comptroller advocated be built
up, was
$68,939,537 as of July 1, an increase of $31,161,331 over March 1 of this
year, when it was at an all-time low of $37,778,206.
Against the present
margin, he said, the city may soon have to deduct $25,000,000 worth of
assessment
.
,
BONDS
Markets in all Municipal Issues
of
transit unification.
McGoldrick
Mr.
estimated
the
expansion
of the
city's debt-incurring
based on redemptions of existing and estimated future non-exempt
debt from both budget funds and from accretions to the
sinking funds for
the redemption, of this debt.
The expansion, he said, would be about
as
follows:
1940, $65,500,000; 1941, $63
power,
1943,
REFSNES,
500,000 1942, $60,000,000;
$62,000,000; 1944, $57,500,000; and 1945, $61,000,000.
New York
State—Municipal Aid Total Reported Heavy in
Fiscal Year—State Comptroller Morris S. Tremaine has
made public his condensed financial report of governmental
ELY, BECK & CO.
PHOENIX, ARIZONA
ARIZONA
NOGALES,
Ariz.—FISCAL STATUS SUMMARIZED—The
follow¬
ing statement was issued by the Town Treasurer:
In common with many other municipalities during the depression years,
the above city was forced to delay the payment of bond maturities.
This
I
Volume
The
149
Commercial & Financial Chronicle
condition was brought about by special assessment debt, abnormal tax
delinquencies and bank closings and was aggravated by the Arizona corpora¬
tax litigation which delayed tax payments by many of the larger
corporations.
Bondholders agreed to a mild interest reduction and re¬
arrangement of maturities, and the city, increased the 1935-36 tax levy of
$28,558 to $53,375.50 for 1936-37, and to $83,645.41 for 1937-38.
Pay¬
ments of these greatly increased levies have been excellent.
The fiscal year of the city is from June 1 to May 31.
City taxes are
collected by Santa Cruz County.
The first instalment of taxes is due in
tion
Tax collection figures are
November and the second instalment in May.
not
ordinarily completed by the county until some time in June, so that the
are not usually reported to the city at the time
second half tax collections
therefore impossible to furnish complete
figures, but it should be noted that total
collections of current and delinquent taxes for the last three years have
totaled $186,028.51, against total levies for the three years of $165,578.71.
of the audit as of May 31.
It is
and correct current tax collection
all State, County
BUILDING, ST. LOUIS,
KREMMLING, Colo.—BONDS SOLD—A $25,000 issue of 3M% semi"
water bonds is reported to have been purchased on July 15 by a
Denom. $1,000.
Dated July 15, 1939.
Due $1,000 from
annual
local investor.
1940 to 1964, inclusive.
MONTROSE,
ELECTION—An election is said to
the issuance
Colo.—BOND
scheduled for Sept. 19 in order to have the voters pass on
$100,000 in
revenue
b«
or
refunding bonds.
CONNECTICUT
both
of New York
and
Charles
W.
Scranton &
Haven, as
of New
Co.,
1Mb, at par plus $9,824.25 premium, equal to 101.3099, a basis of about
1.27%.
Dated Aug. 15, 193S and due Aug. 15 as follows:
$84,000 from
1941 to 1943 incl. and $83,000 from 1944 to 1949 inci.
Re-offered to
yield from 0.35% to 1.50%, according to maturity.
The following other
bids were submitted for the issue and in each instance the interest rate
& Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
COLORADO
CALHAN, Colo.—BONDS SOLD—It is reported that $21,000 3H%
refunding water bonds have been purchased by Charles J. Rice & Co. of
Denver.
Denom. $500.
Dated Aug. 15, 1939.
Due as follows: $500 on
Aug. 1, 1940, and $500 on Feb. and Aug. 1 in 1941 to 1960.
BRIDGEPORT, Conn.—BOND SALE—'The $750,000 series D coupon
refunding bonds offered Aug. 15—V. 149, p. 1057—were awarded to a
group composed of Harriman Ripley & Co., Inc., Hemphill, Noyes & Co.,
ARKANSAS BONDS
Markets in
1209
MO.
was
fixed at
1M % '■
Bidder—
.
R. L. Day & Co., Cooley & Co. and Edw. M. Bradley & Co
Lehman Bros., Phelps, Fenn & Co., R. W. Pressprich & Co.
The
Premium
'
$9,592.50
and
6,825.00
Bridgeport City Co
6,067.50
Estabrook & Co. and Putnam & Co
ARKANSAS
Halsey, Stuart & Co., Inc., Blair & Co., Inc., G. M-P. Murphy
& Co. and R. F.
ARKANSAS, State of—BOND SALE DETAILS— In connection with
loan fund bonds to Walton, Sullivan &
the sale of the $250,000 revolving
Co. of Little Rock, at a price of 100.06, as noted here—V. 149, p. 1057—
it is now stated that the bonds were sold as follows: $145,000 as 3-^s, ma¬
March 1: $9,000 in 1940 to 1942; $10,000, 1943 and 1944; $11,000,
1948; $13,000, 1949 to 1951, and $14,000 in 1952;
due on March 1; $15,000 in 1953 and 1954;
$16,000, 1955 and 1956; $17,000, 1957 and 1958, and $9,000 in 1959, giving
a basis of about 3.59%.
turing
on
5,827.50
D. White & Co
4,852.50
Griggs Co
Lazard Freres & Co., Union Securities Corp. and First of Michi¬
gan Corp
Harris Trust & Savings Bank, The Northern Trust Co. and R.
Chemical
1945 to 1947; $12,000,
Bank
Securities
the remaining $105,000 as 3>£s,
&
Trust,
Kean,
INDEPENDENCE COUNTY (P. O.
Batesville), Ark —BONDS SOLD
house bonds were purchased on
by the Citizens Bank & Trust Co. of Batesville.
Aug. 9
2,100.00
1.62%.
to
District notes.
District; $300,000 Oakland School District; $175,000
School District, and $82,000 Alameda Unified School
Dated Aug. 29, 1939, and due on Dec. 29, 1939.
DISTRICT (P. O. Burbank), Calif.—BOND
has been called for Sept. 22 to
$485,000 in school construction bonds.
BURBANK SCHOOL
ELECTION—It is reported that an election
vote on the issuance of
CALIFORNIA. State of—WARRANTS SOLD—It is stated
tlTaTKamer
& Co., Weeden & Co., and Heller, Bruce & Co., all of San Francisco,
jointly, were awarded on Aug. 14 a block of $3,817,749 general fund regis¬
tered warrants at 4%, plus a premium of $5,000.
This represents a net
interest cost basis of about 3.72%.
Warrants are to be dated Aug. 18 and
expected to be called for retirement about next May 28.
They are
being reoffered at 100.37 to yield approximately 3.50% to the anticipated
date.
■/, ,v
are
call
(P. O. Los Angeles), Calif.—SCHOOL
BOND SALE—The $150,000 issue of Alhambra City High School District
bonds offered for sale on Aug. 15—V. 149, p. 1057—was awarded to the
Anglo California National Bank of San Francisco, as 3s, paying a premium
of $922, equal to 100.614, a basis of about 2.94%.
Dated July 1, 1938.
Due from July 1, 1940 to 1961, inclusive.
LOS
ANGELES
COUNTY
Dated Aug. 1, 1939.
Prin. and int.
the County Treasury.
The bonds will be sold
Denom. $1,000.
Dated Aug. 1, 1939 and due Aug. 1 as follows: $8,000 from 1940
Re-offered to yield from 0.20% to 1.80%,
Other bids:
1954, incl. and $5,000 in 1955.
payable in lawfu
for cash only and
Calif .—MUNICIPAL POWER BOND ELEC¬
TION TO BE CALLED—The following letter was sent to us on Aug. 8
by H. F. Orr, City Attorney, P. O. Box 449, Ventura:
In answer to your inquiry regarding the proposed issue of $1,200,000
in bonds by this city for construction or acquisition of a muncipal power
plant, you are advised that it is the intention of the City Council to call
a special election to
be held on Nov. 7 for this purpose.
These would
be tax-supported bonds and would require a two-thirds vote to carry.
If the bonds carry it is the recommendation of our engineer, Lester S.
Ready of San Francisco, that the existing plant or distribution lines of
the Southern California Edison Co. be acquired by condemnation rather
than constructing a competing system.
It is estimated that condemnation
proceedings and litigation wrould require two or three years to consummate
SAN BUENAVENTURA,
probably be sold at public sale as is the custom, but this
the City Council will control.
Further information will be sent you when available.
is a matter which
O. Visalia), Calif.—SCHOOL BOND OFFER¬
until 10 a. m. on Aug. 29, by Gladys
ING—Sealed bids will be received
$3,0C0 Sierra Union School
5%, payable M-S. Denom.
Due $300from Sept. 1,1940 to 1949, inclusive.
County Clerk, for the purchase of
District bonds.
Interest rate is not to exceed
Dated Sept. 1,1939.
submitted must be firm for 10 days
subsequent to the date
description
maturity
price asked.
The offer must specifically state exactly what coupons
are attached
and wil jbe delivered with the bonds for the price asked.
Bonds that are in default of interest must be offered at a flat price, which
and
price shall be understood to
maturities of past due
be the price asked for such bonds
defaulted or unpaid coupons attached, and
with all
notice is
right
is reserved to
reject
any
and all offerings or portions of
Clearwater), Fla.—BOND REFLNDINQ
CONTRACT A WARDED—It is stated that the refunding contract involving
$351,000 county-wide general bonds; $3,419,000 county-wide road and
bridge district bonds, and $5,010,900 special road and bridge district bonds
has been awarded to Leedy, Wheeler & Co., and the Clyde C. Fierce Corp.
Refunding proposals had been submitted by four groups over a week ago,
but had been rejected by the board.
On Aug. 11th, the board received the
PINELLAS COUNTY (P. O.
revised proposals.
,
,
.
,
_
_
Representatives of Leedy, Wheeler & Co., and the Clyde C. Pierce Corp.,
agreed to furnish the county commissioners with money by Oct. 31 to
purchase the county-wide bonds totaling $3,827,000, and the board
issue refunding bonds for that amount.
Representatives of the refunding
agents agreed to deposit that amount in a bank and as evidence of
faith have on deposit with the county commissioners cashiers' checks
totaling $30,000.
'
* v.
.
,
Afrf
One-third of the bonds will draw 3M% interest, the remainder 4%.
Maturities will extend over a 25-year period and the refunding agency will
receive fees of 2J^% of the bonds refunded.
^
.
The refunding agents agree to buy or exchange, by Jan. 1, road and
bridge bonds of district No. 13, totaling $1,252,000, for which the county
will give refunding bonds for that amount.
A fee of 2M % will be
will
good
,
_
charged
byFor6theUremain1ngnroad
bridge bonds, totaling $3,800,000,
refunding agents agree to purchase or exchange in one year, and
charge a fee of 3% of the total refunding.
Council contemplates submitting a pro¬
posed charter amendment, the provisions of which will be prepared by
O'Melveny, Tuller & Myers, expert bond attorneys of Los Angeles, the
amendment to authorize the issuance of revenue bonds by a majority
vote for the acquisition or construction of any regular public utility, or
for the addition to any existing utility.
The city had owned and operated
its water utility for about 15 years.
If and when bonds of either description are issued by the city they will
$300.
All offerings
opening, i. e., through Sept. 11, and must state full name,
and serial numbers of bonds, interest rate, date of issue, date of
of
The
Supervisors.
TULARE COUNTY (P.
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and special
road and bridge districts therein, as follows:
Brevard, Broward, DeSoto County, Punta Gorda S. R. & B. District
No. 3, and S. R. & B. Districts Nos. 4, 5 and 6.
Moore Haven District
No. 8, and Palmdale District No. 9 only, Glades, Hardee, Indian River
S. R. & B. District No. 1 and Quay Bridge District only, Jensen S. R. &
B. District, Levy District No. 7, Monroe, Okeechobee, Osceola, and Palm
Beach S. R. & B. Districts Nos. 3, 8, 17, Cross State Highway Bridge
District and Sarasota.
offerings.
and accrued interest.
Bids will be received for all or
any portion of the bonds of each issue.
In the event that the bidder sub¬
mits a proposal to purchase a portion of the bonds, the bid shall designate
specifically the bonds bid for.
All bonds sold to a bidder bidding for a
portion of the bonds shall bear the same rate of interest, and bids for varying
rates of interest for the same block or portion of the bonds of any issue will
be rejected.
Enclose a certified check for not elss than 3% of the amount
of the bonds of each issue bid for, payable to the Chairman Board of
Stewart,
FLORIDA
FLORIDA (State of)—BOND TENDERS INVITED—'The State Board
of Administration will receive until 10 a. m. on Sept. 1, at the Governor's
office in Tallahassee, sealed offerings of matured or unmatured original or
$2,000
follows:
at not less than par
the purchase.
At the same election the City
F. W.
price of 101.095, a basis of about
$1,000
Calif.—BOND OFFERINGS—Sealed bids will be received until 10 a.m. on
Aug. 22, by L. E. Lampton, County Clerk, for the purchase of the following
5% semi-annual bonds, aggregating $60,000:
not to exceed
money at
a
hereby given that if any such coupons nave been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
. ■
Sealed envelope containing offerings of bonds shall plainly state on its
face that it is a proposal for sale of road and bridge bonds.
Separate tenders
shall be submitted covering the bonds of each county, but any number of
such sealed offerings may be enclosed in one mailing envelope.
LOS ANGELES COUNTY SCHOOL DISTRICTS (P. O. Los Angeles)
$25,000 Potrero Heights School District bonds.
Due on Aug. 1 as
$1,000 in 1940 to 1944, and $2,000 , 1945 to 1954.
20,000 Newhall School District bonds.
Due on Aug. 1 as follows:
in 1947: $2,000, 1948 to 1956, and $1,000 in 1957.
15,000 Newhall School District bonds. Due on Aug. 1 as follows:
in 1940 to 1946, and $1,000 in 1947.
lj^s, at
according to maturity.
Oakland High School
Unified
public
STRATFORD (Town of), Conn.—BOND SALE—'The $125,000
bonds offered Aug. 11—V. 149, p. 608—were awarded to
welfare
Aug. 17, by G. E. Wade, County Clerk, for the purchase of the following
not exceeding 5% tax anticipation notes aggregating $917,000:
$360,000
Berkley
and Equitable
Co.
Corp
Home & Co. of Hartford, as
-—It is reported that $40,000 court
Taylor &
5,467.50
and
the
will
GEORGIA
ATLANTA, Ga.—CERTIFICATES SOLD—It is said that the city
recently the following certiifcates aggregating $1,050,000, at a price of
sold
par:
1,
1,
water revenue certificates.
Denom. $5,000.
Dated Oct.
1939.
Due on Oct. 1, 1940; April and Oct. 1, 1941, and April
1942.
Interest payable A-O.
$500 000 1%
550,000 214 % sanitary department revenue certificates.
Denom.
Dated Sept. 1, 1939.
Due from Sept. 1. 1940 to 1959.
$1,000.
Interest
payable M-S.
IDAHO
RIRIE, Idaho—BOND OFFERING—It is stated that sealed bids
be received until 8 p. m. on Sept. 5, by Tom Miller, Village Clerk, for
purchase of $12,500 coupon
refunding bonds.
will
the
Interest rate is not to exceed
The Commercial & Financial Chronicle
1210
4%, payable A-O.
Dated Oct.
1, 1939.
Denom. $500.
Due in 2
to
14
years.
The bonds shall be redeemable at the option of the village on or
after five years after date of issuance thereof.
Bidders shall be required to
submit bids specifying:
(a) The lowest rate of interest and premium, if
any, above par, at which the bidder will purchase such bonds; or (b) the
lowest rate of interest at which the bidder will purchase such bonds at par.
None of the bonds shall be sold for less than par and accrued interest to
date of delivery.
Enclose
payable to the village.
a
certified check for 5% of the
amount of
bid,
CHICAGO, III.—DEBT TO COME WITHIN LEGAL LIMIT—For the
first time since 1930, the City of Chicago's bonded debt will
be within its
legal limit, R. B. IJpham, City Comptroller, said Aug. 13 in a report to
Mayor Edward J. Kelly. Bonded debt of the city went above its legal limit
in 1930 as a result of a reduction in the valuation of taxable property.
On
Jan. 1, the city will retire a total of $11,115,000 of its $107,373,000 in general
corporate fund bonds. This will leave a net of $96,258,000.
Bonded debt of the city is limited under the State law to 5% of the total
of taxable property.
In 1930, when the taxable property was valued at
$3,788,895,000, the city's bonded indebtedness of more than $140,000,000
was within the debt limit.
Valuations in subsequent years, however, have
a
rate faster than bond retirements.
Reduction of the
city's bonded indebtedness to $96,258,000 on Jan. 1
place ft within the debt limit.
This is conditioned on the fact that
does not reduce by more than $22,533,000 taxable property of
valuations of $1,948,049,000 for 1938.
On Jan. 1, $7,935,000 of the city
corporate fund bonds will mature.
Of this $5,935,000 will be paid off, and
the remaining $2,000,000 will be refunded at lower coupons, the report said.
will
the
assessor
CHICAGO, III.—FUNDS AVAILABLE FOR PAYMENT OF CERTAIN
SCHOOL
19,
1939
CLINTON, Iowa—CERTIFICATES SOLD—It is reported that $30,000
semi-annual fire equipment certificates have been purchased by the White-
Phillips Corp. of Davenport.
Due $2,000 on Nov. 1 in 1940 to 1954, incl.
DOVER TOWNSHIP RURAL.INDEPENDENT SCHOOL DISTRICT
NO. 2 (P. O. Eldorado), Iowa—BONDS SOLD—It is stated that $2,200
bonds
schooi
Union,
as
were
sold
on
Aug.
11 to the First
National Bank of West
3s.
MAHASKA COUNTY (P. O. Oskaloosa), Iowa—BONDS SOLD— It is
funding bonds have been purchased
by Vieth, Duncan & Wood of Davenport.
Due on Nov. 1 as follows:
$10,000 in 1946; $6,000, 1947, and $5,000 in 1948.
said that the $21,000 2 %% semi-annual
ILLINOIS
been reduced at
Aug.
WARRANTS—J. M. McCahey, President of the Board of Educa¬
tion, recently announced that money was available for payments on account
principal and interest accrued on all outstanding and unpaid educational,
building, and playground tax anticipation warrants of the city issued against
the educational, building and playground tax levies for the year 1929.
of
Holders of warrants are requested to communicate with the Board of
Education for further information with respect to extent of payments to
be made at this time.
LAWRENCEVILLE, 111.—BOIVD SALE—An issue of $15,000 3H%
cemetery bonds was sold to Lewis, Pickett & Co. of Chicago, at a price of
104.02, a basis of about 2.93%.
Due $1,000 each year from 1940 to 1954
incl.
MARCUS, Iowa—BONDS SOLD—It is reported that the following bonds
aggregating $66,500, have been purchased by the Carleton D. Beh Co. of
Des Moines:
$55,000 3H%
street improvement, and $11,500 2
sewer bonds.
MARION COUNTY fP. O. Knoxville), Iowa—BONDS SOLD—We
are
informed by H. Bybee, County Auditor, that $35,000 refunding bonds were
contracted for this spring, the award going to the best bidder, Vieth, Dimcan
&
Wood of Davenport.
Dated Aug. 1, 1939.
MARSHALLTOWN, Iowa—MATURITY—It is now reported that the
$10,000 grading fund bonds sold to W. D. Hanna & Co. of Burlington, as
19<s, at a price of 100-30, as noted here—V. 140, p. 1058—are due $1,000
from Nov. 1, 1941 to 1950, giving a basis of about 1.70%.
SLOAN
CONSOLIDATED
SCHOOL
DISTRICT
(P. O.
Sloan),
Iowa—BOND SALE—The $35,000 school construction bonds offered for
sale
on Aug. 14—V. 149, p. 1058—were awarded to the Carleton D. Beh
Co. of Des Moines, as 3s, paying a premium of $55, equal to 100.157,
according to the District Secretary.
STANHOPE,
Iowa—BOND
OFFERING—Both sealed and
open
bids
will be received
by C. B. Wing, Town Clerk, until Aug. 22, at 1 p. m„ for
the purchase of $7,500 water works bonds.
Dated Sept. 1, 1939.
Due on
Nov. 1 as follows: $500 in 1941 to 1951, and $1,000 in 1952 and 1953. All
bonds maturing on and after Nov. 1, 1947, shall be callable on Nov. 1,1946
on any interest payment date thereafter at the option of the town.
All
bids shall specify the rate of interest and, all other things being equal, the
and
bid of par and accrued interest or better for the lowest interest rate will be
given preference.
Prin. and int. (M-N) payable at the Town Treasurer's
office.
WAPELLO COUNTY
ST. DAVID SCHOOL DISTRICT, III.—BOND SALE—The $8,000
3^% gymnasium bonds offered Aug. 14—V. 149, p. 1058—were awarded
to Negley, Jens & Rowe of Peoria.
INDIANA
DeKALB
by Fred Pohlson,
offered
sale
for
on
KANSAS
power
HAMMOND
SANITARY
DISTRICT, Ind.—BOND OFFERING—
G. B. Smith, City Comptroller, will receive sealed bids until 2 p. m. (CST)
on Aug. 24, for the purchase of $300,000 not to exceed 3
y* % interest coupon
sewage
were
COUNTY
(P.
O.
Auburn),
Ind.—BOND SALE— The
house repair bonds offered Aug. 10—V. 149, p. 609—•
were awarded to the Auburn State Bank.
Dated July 1, 1939 and due as
follows:
$2,000 July 1, 1940; $2,000 Jan. 1 and July 1 in 1941 and 1942,
and $2,000 Jan. 1, 1943.
$12,000 3%
(P. O. Ottumwa) Iowa—BONDS SOLD—It is
County Treasurer, that $65,900 funding bonds
Aug. 16 and were awarded to the Carleton D.
Beh Co. of Des Moines, as 2 y2s, paying a premium of $151, equal to 100.229,
a basis of about 2.48%.
Dated Aug. 1, 1939.
Due on Nov. 1 as follows:
$20,000 in 1953; $37,000, 1954, and $8,900 in 1955.
stated
disposal
plant and appurtenances bonds.
Dated Sept. 1, 1939.
Due $10,000 Jan. 1, 1941 to 1970.
Rate of interest to be
of 1%, and must be the same for all of the bonds.
Prin¬
interest payable at the City Treasurer's office.
The highest
Denom. $1,000.
COUNTY (P.
CRAWFORD
O. Girard), Kan.—BONDS PUBLICLY
OFFERED—A $60,000 issue of 2^ % coupon semi-annual public assistance
bonds is being offered for general investment
by Beecroft, Cole & Co. of
Topeka, at prices to yield from 0.50% to 2.15%. according to maturity.
Denom. $1,000.
Dated Aug. 1, 1939.
Due $6,000 from Aug. 1, 1940 to
1949, incl.
Principal and interest (F-A) payable at the State Treasurer's
office in Topeka.
Legality approved by Bowersock, Fizzell & Rhodes of
Kansas City, Mo.
in multiples of
cipal and
bidder will be the
one
KENTUCKY
who offers the lowest net interest cost to the Board
of
Sanitary Commissions of the district, to be determined by computing
on all the bonds to their maturities and
deducting there¬
from the premium bid, if any.
The bonds may be registered as to principal
only. No bid for less than the par value of the bonds, plus accrued interest
to the date of delivery, will be considered.
The bonds shall not be in any
respect the corporate obligation or indebtedness of the city, but shall be
and constitute the indebtedness of the district of the city as a special taxing
district.
The bonds with the interest thereon, shall
be payable out of
special taxes to levied upon all the taxable property in the district of the
the total interest
city.
The bonds shall
be issued
and
offered for sale under and pur¬
are
suant to provisions of an Act of the General
Assembly of the State, entitled
"An Act concerning the Department of Public
Sanitation, &c," approved
March 9, 1917, and all acts amendatory thereof and supplemental thereof,
and will be sold subject to the approving opinion of Chapman &
Cutler, of
Chicago.
Enclose
bonds bid
a
feast 3% of the
certified check for at
par value
of the
for,
INDIANAPOLIS,
Ind. TEMPORARY LOAN— The $25,000 tempor¬
149, p. 909—was awarded at 1% interest, at
$1.40 premium, to a group composed of the Fletcher Trust Co.,
Union Trust Co., Indiana National Bank, American National Bank, Mer¬
chants National Bank, Fidelity Trust Co. and the Indiana Trust
Co., all
of Indianapolis.
Dated Aug. 15, 1939 and due Nov. 13, 1939.
ary loan offered Aug. 15—V.
PENDLETON COUNTY PUBLIC SCHOOL CORPORATION (P. O.
Falmouth), Ky—BONDS PUBLICLY OFFERED—A $210,000 issue of
3H% coupon semi-annual school bonds is being offered by the Bankers
Bond Co. of Louisville, for general investment, at prices to yield from
2.00% to 3.50%, according to maturity.
Dated July 1, 1939.
Due
July 1, as follows: $8,000 in 1941 to 1943, $9,000 in 1944 and 1945* $10,000
in 1946 to 1949, $11,000 in 1950 and 1951, $12,000 in 1952 and 1953, $13,000
in 1954 and 1955, and $14,000 in 1956 to 1959.
Non-callable for five years;
callable in the sixth year at 105; and thereafter at a premium of H of 1%
lower each year until par is reached; thereafter at par.
Principal and
interest payable at the Falmouth Deposit Bank.
The proceeds of this issue
will be used to retire two issues of bonds presently outstanding, bearing
interest at the rates of 4?^% and 4% and called for payment as of Sept. 1
and Oct. 1, respectively, and to provide funds for necessary capital im¬
provements on school buildings.
These bonds are secured by a closed first
mortgage on all of the school properties in the county school district, which
are valued
at $332,000.
Legality approved by Grafton & Grafton of
Louisville.
par plus
INDIANAPOLIS SANITARY DISTRICT, Ind.—NOTE SALE—The
$100,000 temporary loan offered Aug. 10—V. 149, p. 764—was awarded to
a group composed of the
Fletcher Trust Co., Union Trust Co., Indiana
National Bank, Mercnhants National Bank, American National Bank,
Indiana Trust Co. and the Fidelity Trust Co., all of Indianapolis, at
%%
interest,
as
follows:
For $50,000 dated Aug. 10, 1939, plus $6.30 premium;
for $53,000 dated Sept. 11, 1939, at $1.40
premium.
All of the warrants
mature Nov. 13, 1939.
The Albert McGann Securities Co. of Indianapolis,
second high bidder, named an interest rate of
% % and $6 premium,
JACKSON TOWNSHIP (P. O. Helmsburg), Ind.—BOND OFFERING
—Ralph Yoder, Trustee, will receive sealed bids until 2 p. m. (CST) on
Sept. 2, for the purchase of $25,000 not to exceed 5% interest bonds, as
follows:
$12,500 School township building bonds.
Due as follows:
$325 July 1,
1940; $325 Jan. 1 and July 1 from 1941 to 1958, incl. and $475
Jan. 1, 1959.
12,500 Civil township school aid bonds.
Due as follows:
$325 July 1,
1940; $325 Jan. 1 and July 1 from 1941 to 1958, incl. and $475
Jan. 1, 1959.
All of the bonds will be dated
Sept. 1,1939. Bidder to name a single rate
of interest, expressed in a multiple of
of 1 %.
The bonds are payable from
unlimited ad valorem taxes on all the taxable
property of the respective
taxing bodies. Legal opinion of Matson, Ross, McCord & Clifford of Indian¬
apolis will be furnished the successful bidder.
MUNCIE, Ind.—BOND OFFERING—John D. Lewis, City Comptroller,
will receive sealed bids until 10 a. m.
(EST) on Aug. 19, for the purchase of
$4,500 not to exceed 4H % interest series C
Aug. 26, 1939.
refunding bonds of 1939.
Denom. $500.
Due Jan. 1, 1947.
Bidder to
name a
rate
Dated
single
of Interest, expressed in a
multiple of H of 1%.
Legal opinion of
Matson, Roos, McQord & Clifford of Indianapolis will be furnished the
successful bidder.
SALEM TOWNSHIP
SCHOOL TOWNSHIP (P. O. Daleville), Ind.
OFFERING—Raymond C. Shirey, Trustee, will receive sealed
*lwS^uPtl1 10 a- m- 011 SePt- 5 for the purchase of $7,000 not to exceed
—BOND
4H% interest improvement bonds.
Dated Sept. 1, 1939.
Denom. $500.
Due $50° on July 1, 1940 $500 Jan. 1 and
July 1 from 1941 to 1946 incl.
and $500 Jan. 1, 1947.
The bonds are unlimited tax obligations of the
school township and the
approving legal opinion of Matson, Ross, McCord
Clifford of Indianapolis will be furnished the successful
bidder.
A cer¬
tified check for $500
payable to order of the school township, is required.
a
T^tPT£N,^?UN7Y (P* °- Tipton),
vTAom;
Ind.— WARRANT OFFERING—
Wo°lrictee» County Auditor, will receive
sealed
bids until 1
(CST) on Aug. 23 for the purchase of $20,000 not to exceed
tax anticipation warrants.
Dated Aug. 25, 1939.
Denoms.
chaser.
DueDec. 1, 1939.
Interest payable at maturity.
ing negotiated for the county general fund and will be
payable
heretofore levied and now in course of collection for
4%
m.
interest
to suit
pur¬
Loan is be¬
out of taxes
said fund.
fied check for
p.
A
PARISH
SCHOOL DISTRICT NO. 7 (P. O. De
La.—BOND SALE—The $12,000 issue of school bonds offered
Aug. 17—V. 149, p. 765—was awarded jointly to the First Na¬
tional Bank, and the City Savings Bank & Trust Co., both of De Ridder,
as 6s, paying par.
Dated Aug. 15, 1939. Due from Aug. 15, 1940 to 1949.
Ridder)
for sale
on
LAKE
PROVIDENCE, La.—BOND SALE—The $137,500 issue of
light plant revenue bonds offered for sale on Aug. 15—V. 149,
1058—was awarded to Hymas, Glas & Carothers of New Orleans, Fenner & Beane of New York and Kalman & Co. of St. Paul,
jointly, paying
a premium of $45, equal to 100.032, a net interest cost of about
3.89%, on
the bonds divided as follows: $101,000 maturing Sept. 1, $5,000 in 1940 to
1943; $5,500 in 1944 and 1945; $6,000 in 1946 to 1948: $6,500 in 1949;
$7,000 in 1950 and 1951; $7,500 in 1952 and 1953; $8,000 in 1954, and
$8,500 in 1955, as 4s, and $36,500 maturing Sept. 1: $8,500 in 1956; $9,000
in 1957, and $9,500 in 1958 and 1959, as 3 Ms.
water and
p.
LEESVILLE
SCHOOL DISTRICT (P. O. Leesville), La .—BONDS
an election held on Aug.
1 the voters are said to have
proposal to issue $40,000 school bonds.
DEFEATED—At
rejected
a
MAINE
PORTLAND, Me.—BOND OFFERING—John R. Gilmartin, City
Treasurer, will receive sealed bids until noon (DST) on Aug. 22 for the
purchase of $85,000 coupon refunding bonds of 1939.
Dated Sept. 1,
1939.
Denom. $1,000.
Due Sent. 1, 1949.
Bidder to name one iate of
interest in a multiple of M of 1%.
Prin. and int. (M-S) payable at the
First National Bank of Boston.
The bonds are uhlimited tax obligations
of the city and the approving legal opinion of Ropes, Gray, Boyden & Per¬
kins of Boston will
be furnished
purchase of
$25,000 issue of coupon district bonds.
Dated Sent. 1, 1939.
1, 1954 to 1958, incl.
These bonds will be issued
$1,000 each, with interest payable on March 1 and Sent. 1,
at such rate in multiples of M of 1% per annum as shall be specified in the
offer of the successful bidder for said bonds.
Both princinal and interest
are payable at National Bank of Commerce of Portland.
These bonds are
a
Due $5,000 from Sept.
in denom. of
exempt from taxation in Maine and from all Federal income tax and will
be issued under the supervision of and certified as to genuineness by National
Bank of Commerce of Portland, and their legality approved by Carroll S.
Chaplin,
legal
may
Portland, whose opinion will
papers incident to
IOWA
COUNTY
(P. O. New Hampton), Iowa—BONDS
SOLD—It is reported that $25,000 2M% semi-annual
funding bonds have
been purchased by the White-Phillips
Corp. of Davenport, at a price of
100*20.
be furnished
the purchaser.
All
this issue will be filed with said bank where they
be insnected.
Bonds will be delivered to the purchaser on or about Sept. 5. 1939, at
Bank of Commerce of Portland, Portland, Me.
All bids must
be for the total issue offered.
No bid of less than par plus accrued interest
will be accepted and the trustees reserve the right to reject any and all bids.
National
MARYLAND
ssioners
CHICKASAW
the successful bidder.
SOUTH PORTLAND SEWERAGE DISTRICT (P. O. South Port¬
land), Me.—BOND OFFERING—Sealed bids will be received until noon
(EST) on Aug. 25, by Harry A. Brinkerhoff, District Treasurer, for the
certi¬
3% of the warrants, payable to order of the Board of County
ls required.
Legal opinion of Matson. Ross, McCord &
Clifford of Indianapolis will be furnished the
successful bidder.
Cornm
LOUISIANA
BEAUREGARD
MARYLAND
(State
of)—REPORTS SURPLUS OF $4,714,878—State
reports a current surplus of $4,714,878 as of July 31, 1939. end of the first
10 months of the 1939 fiscal year, compared with a surplus of 83,813,866 at
end of the preceding month and $1,387,388 on July 31, 1938,
according to
the monthly balance sheet issued by State Comptroller, J. Millard Tawes.
The balance sheet showed surplus of $4,053,369 in special funds and a
8661,509 surplus in general funds, comparing with surplus and def'cit of
$4,378,133 and $564,267, respectively, on June 30,1939.
On July 31,
Volume
The
149
1938, there was a special fund surplus of $2,245,249 and a deficit of $857,861
funds. The general fund surplus does not reflect any portion of
annuity bond fund excess revenue estimated at $2,959,855 for the fiscal
year ending Sept. 30, 1939.
Uncollected taxes as of July 31, last, totaled $2,417,217 of which $1,983,516 is due from 1939 taxes, the balance being distributed over previous
In general
On July 31, 1938, uncollected taxes
$2,636,235 was due from 1938 taxes,
years.
which
totaled $3,318,018 of
the rate of interest, date of maturity, the dollar value and the yield.
Of¬
ferings will be accepted on the basis of the highest net yield to the City as
computed from the dollar price.
No bonds maturing beyond 1959 will be
accepted.
The city reserves the right on bonds purchased, which are de¬
livered subsequent to Aug. 30, 1939, to pay accrued interest up to that
date only.
Daley also announces that
(EST) on Aug. 30, to remain
callable refunding bonds to
the amount of about $500,000, under the following conditions:
If callable bonds are offered at a premium: (a) when the interest rate is
4H % or higher, the yield shall be computed to the first call date: (b) when
the interest rate is less than 4 }A %, the yield shall be computed to the third
call date.
If bonds are offered at par or less than par: yield shall be com¬
puted to the date of maturity.
Tenders C .11 show the purpose, the rate
of interest, date of maturity, the dollar va*ue and the yield.
Tenders will
be accepted on the basis of the highest net yield to the city as computed
from the dollar price.
The city reserves the right on bonds purchased,
which are delivered subsequent to Sept. 6, 1939, to pay accrued intere&b
MASSACHUSETTS
Mass.—BOND OFFERING—Andrew P. Carroll, City
Treasurer, will receive sealed bids until noon on Aug. 22 for the purchase of
$465,000 coupon municipal relief bonds.
Dated Aug. 1, 1939.
Denom.
$1,000. Due Aug. 1 as follows: $ 47,000 from 1940 to 1944 incl. and $46,000
from 1945 to 1949 incl. Bidder to name one rate of interest in a multiple of
Va of 1%. Principal and interest (F-A) payable at the National Shawmut
Bank of Boston. The bonds are unlimited tax obligations of the city and the
approving legal opinion of Storey, Thorndike, Palmer & Dodge of Boston
will be furnished the successful bidder.
Bonds will be engraved under the
supervision of and authenticated as to genuineness by the National Shawmut
CAMBRIDGE,
SALE—The $35,000
awarded to the
Dated Aug. 15,
Manchester Trust Co., second high
(P. O. Salem), Mass.—NOTE
ESSEX COUNTY
Fox Hill Bridge renewal loan notes offered Aug. 11 were
Marchants National Bank of Salem, at 0.06% discount.
and
1939.
The
of 0.069%.
15,
Dec.
due
a rate
Bonbouloir, City
21 for the pur¬
Dated Aug. 22,
1939.
Denoms. $50,000, $25,000. $10,000 and $5,000.
Payable May 21,
1940 at the National Shawmut Bank of Boston.
The notes are issued in
anticipation of 1939 revenue and will be approved as to legality by Storey,
HOLYOKE,
OFFERING—Lionel
Mass.—NOTE
11 a. m. (DST) on Aug.
chase at discount of $250,000 revenue anticipation notes.
Treasurer, will receive bids until
Thorndike, Palmer & Dodge of Boston.
HUDSON, Mass.—NOTE SALE—An issue of $10,000 registered water
14 was awarded to the Lee-Higgionson Corp. of
as l^s, at a price of 100.69, a basis of about 1.37%.
Due from
1940 to 1949, incl.
Next high bid of 100.339 for 2s was made by the
main notes offered Aug.
Boston,
Second National Bank of Boston.
NEW BEDFORD,
4
m.
the following day, for city
that date only.
FERNDALE,
Mich.—TENDERS
WANTED—Say
F.
Gibbs,
City
(EST) on Sept. 11, for
of the following:
$10,000 series A to E, incl. refunding bonds.
3,000 series F to I, incl. refunding bonds.
1,000 series A or B certificates of indebtedness.
1,000 series C or D certificates of indebtedness.
Tenders must fully describe the securities offered and the bonds or
certificates to be purchased by the city must be ready for delivery at the
City Treasurer's office or at the Ferndale Branch of the Wabeek State
Bank within seven days of date of mailing of acceptance notice.
nc.t
basis of about 1.74%.
Dated Aug. 1, 1939.
Due Aug. 1 as follows:
$45,000 from 1940 to 1946 incl. and $44,000 from 1947 to 1949 incl.
Prin.
and int. (F-A) payable at the First National Bank of Boston.
The bonds
are payable from unlimited ad valorem taxes and have been approved as
to legality by Storey, Thorndike, Palmer & Dodge of Boston.
Re-offered
by tne bankers to yield from 0.40% to 1.80%, according to maturity.
Second high bid of 101.097 for 2s was made by a group composed of Phelps,
Fenn & Co., Inc., Tyler & Co. and Kennedy, Spence & Co.
a
Other bids, also for 2% bonds, were as follows:
Bidder—
Sachs & Co., Lee-Higginson Corp., and
Ingen & Co
Kidder, Peabody & Co., Graham, Parsons & Co., Lyons
Bond, Judge & Co
First Boston Corp., and F. L. Dabney & Co
Goldman,
Rate Bid
B. J. Van
100.798
& Co., and
100.629
100.159
100.12
100.05
First National Bank of Boston
Perrin, West & Winslow
SOMERVILLE,
Mass .—NOTE
OFFERING—John J. Donahue,
City
Treasurer, will receive bids until 11 a. m. (DST) on Aug. 21 for the purchase
$500,000 revenue anticipation notes of 1939. Dated Aug. 22,
1939 and due in payments of $250,000 each on June 14 and July 12, 1940, at
the National Shawmut Bank of Boston.
Notes will be authenticated as to
at discount of
valdiity by the aforementioned
Storey, Thorndike, Palmer & Dodge of Boston.
genuineness and
sale to the city
SPRINGFIELD
TOWNSHIPS FRAC¬
NO. 3 (P. O. Clarkston), Mich.—
of Detroit obtained a 14-day option
on the $115,000 refunding bonds offered Aug.
15—V. 149, p. 766.
Due
April 1 as follows:
$3,000 from 1940 to 1942, incl.; $4,000 from 1943 to
1951, incl. and $5,000 from 1952 to 1965, incl.
Bonds maturing in 1963
and thereafter may be redeemed on any interest date on or after April 1,
bank, under advice of
SPRINGFIELD, Mass.—TEMPORARY LOAN—City Treasurer George
W. Rice borrowed $200,000 on tax anticipation notes at 0.08% discount.
Loan was made necessary due to delay in payment by the State of city's
share of gasoline tax revenues.
'
WORCESTER,
Mass.—NOTE SALE—The $500,000 revenue anti¬
cipation notes offered Aug. 14—V. 149, p. 1059—were awarded to the
Merchants National Bank of Boston at 0.16% discount.
Dated Aug. 16,
1939 and due Aug. 1 1940
The First National Bank of Boston, next
best bidder, name a rate of 0.165%.
AND
INDEPENDENCE
TIONAL
SCHOOL
DISTRICT
OPTION GRANTED—Coruse & Co.
1944.
O. Mount Clemens), Mich.—SEEKS RE¬
application has been made to the State
permission to issue $2,445,000 not exceeding
3H%. M-N, refunding bonds to care for a like amount of Covert Road
bonds bearing 49£% to 5^% interest.
Dated Oct. 1, 1939.
Denoms.
$1,000 and $500.
Callable after date or dates fixed by County Road
Commission.
Principal and interest payable at the County Treasurer's
COUNTY
MACOMB
munici-
Mass.—BOND SALE— The $447,000 coupon
fal relief bonds offered Aug.par plus $165.39 premium, equal to 100.037,
15 were awarded to Halsey, Stuart & Co.,
New York, as l%s, at
,
up to
p.
Manager, will receive sealed tenders until 8 p. m.
Bank of Boston.
1939
TENDERS SOUGHT—Mr.
ADDITIONAL
he will receive sealed tenders, until 10 a. m.
,
firm until 3
bidder, named
1211
Commercial & Financial Chronicle
FUNDING
(P.
AUTHORITY—An
Public Debt Commission for
office.
(P. O. Pontiac), Mich.—TENDERS WANTED
of Board of County Road Commissioners, will
10 a.m. on Aug. 21 of county highway im¬
provement (covert) refund, bonds. All tenders shall specify road assessment
district number, the bond numbers, the portion of each road (whether
county portion, township, city, or assessment district portion), and shall
stipulate the lowest price at which the owner/ will sell the bonds to the
sinking fund.
Bids to be firm through Aug. '24 and accrued interest on
bonds purchased will be computed to and including Aug. 31.
All bonds
must have Nov. 1, 1939 and subsequent interest coupons attached and must
be delivered to the Detroit Trust Co., Detroit, on or before Sept. 1, 1939.
Price must not exceed par and accrued interest.
Information concerning
•the extent of available funds on each of the several issues may be obtained
rom the County Road Commissioners.
OAKLAND COUNTY
—Lee O. Brooks, Chairman
tenders until
receive sealed
OAK, Mich.—TENDERS WANTED—Minnie N. Reeves, City
sealed tenders until 7:30 p. m. on Aug. 21, of series A
bonds.
Bonds purchased shall be delivered to the Detroit
Trust Co., Detroit, within 10 days after acceptance of tender.
Only offers
of bonds below par will be accepted.
A separate tender must be made of
each series.
Price must be quoted flat, all bonds tendered to have Oct. 1,
ROYAL
Treasurer, will receive
and B refunding
1939
and
subsequent
interest coupons
attached.
Money will be made
available before Aug. 25 on the tenders accepted.
Enclose a certified check
2% of the par value of bonds tendered, payable to the City Treasurer.
for
BIDS—No bids were submitted
offered Aug. 14—V. 149, p. 1059.
before July 22, 1941.
TRAVERSE CITY, Mich.—NO
$25,000 3% tax anticipation notes
July 22, 1939 and dye on or
for the
Dated
MINNESOTA
.
Minn.—CERTIFICATE SALE—-The $15,000 issue
of paving certificates of indebtedness offered for sale on Aug. 7—V• 149, p.
910—was purchased by the Thrall-West Co. of Minneapolis, as 214s,
paying a premium of $11, equal to 100.07, a basis of about $2,485%, to
final maturity.
Dated Aug. 1, 1939.
Due in from 2 to 11 years after date;
optional on any interest payment date.
FARIBAULT SCHOOL DISTRICT NO. 1 (P. O. Faribault), Minn.
—BOND SALE—The $22,500 issue of school building bonds offered for
DODGE CENTER,
MICHIGAN
CITY, Mich.—BOND OFFERING—O. A. Kasemyer, City Comp¬
troller, will receive sealed bids until 7 p. m. (EST) on Aug. 21, for the pur¬
chase of $500,000 not to exceed 3% interest coupon local improvement
bonds.
Dated Sept. 1, 1939,
Denom. $1,000.
Due Sept. 1 as follows:
$14,000, 1941; $10,000 in 1942 and 1943 and $8,000 in 1944 and 1945.
Rate of interest to be expressed in multiples of }£ of 1 %.
Principal and
interest (M-S) payable at the City Treasurer's office.
The bonds are issued
in anticipation of collection of special assessments and are general obliga¬
tions of the city backed by its full faith and credit.
A certified check for
2% of the bonds, payable to order of the City Treasurer, is required.
Purchaser to pay the cost of furnishing and printing the bonds.
Bids shall
be conditioned upon opinion of the City Attorney, cost of which will be
paid for by the city.
BAY
BENTON HARBOR, Mich.—BOND OFFERING—John F. Null, City
Clerk, will receive sealed bids until 4 p. m. (EST) on Aug. 28 for the pur¬
chase of $32,000 not to exceed 4 % interest coupon special assessment public
improvement bonds.
Dated Aug. 1, 1939.
Denoms. $1,000 and $500.
Due Aug. 1 as follows:
$3,500 from 1941 to 1948, incl. and $4,000 in 1949.
Rate of rates of interest to be expressed in multiples of M of 1 %.
Prin¬
cipal and interest (F-A) payable at the City Treasurer's office.
Bonds are
issued in anticipation of collection of special assessments and the full faith
and credit of the city are pledged for their payment.
Bids shall be condi¬
tioned upon the unqualified opinion of the purchaser's attorneys approving
the legality of the bonds.
Successful bidder to pay for legal opinion and
expense of printing the bonds.
City will furnish transcription of proceed¬
ings. A certified check for $500, payable to order of the City Treasurer, is
required.
DISTRICT, Dickinson County,
Harris & Co. of Chi¬
making public offering of $24,000 5% school building bonds at
prices to yield from 3% to 3.50%, according to maturity.
Due $1,000,
Feb. 1,1946; $5,000, Feb. 1,1948 and $4,000, Feb. 1, 1949; $6,000, March 1,
1949; $5,000, Feb. 1, 1950 and $3,000, Feb. 1, 1951.
BREITUNG TOWNSHIP SCHOOL
Mich.—BONDS PUBLICLY OFFERED—Stranahan,
cago
sale on
Bank
Aug.
as
15—V. 149, p. 910—was
l%s, paying a premium
after
GLENCOE, Minn.—BOND OFFERING—Both sealed
by F. X. Eickmann, City Clerk, until
will be received
DEARBORN TOWNSHIP SCHOOL
DISTRICT NO. 7 (P. O. Dear¬
$3,500 must accompany
each proposal.
opinion of Claude H. Stevens of Berry
the legality of the bonds.
DETROIT,
Mich.—TENDERS
Bids shall be conditioned upon the
& Stevens, of Detroit, approving
WANTED—John
N.
Daley,
City
Aug.
Controller, will receive sealed tenders until 10 a. m. (EST) on
23,
bids to be firm until 1 p. m. the following day, of bonds in the amount of
about
$440,000 for the Water
Board Sinking Fund, under
conditions:
If callable bonds are offered at a
the following
premium: (a) when the interest rate
is
higher, the yield shall be computed to the first call date; (b)
when the interest rate is less than 4M%. the yield shall be computed to
the third call date.
If bonds are offered at par or less than par: yield shall
be computed to the date of maturity.
Offerings shall show the purpose,
4Yi%
or
and auction bids
Aug. 28, at 7:30
% semi-ann.
1,
for the purchase of a $30,000 issue of not to exceed 2M
refunding bonds. Dated Oct. 1, 1939. Denom. $1,000. Due $3,000 Oct.
1940 to 1949. Prin. and int. payable at any suitable bank or trust company
designated by the purchaser. The approving opinion of Fletcher, Dorsey,
Barker, Colman & Barber, of Minneapolis, will be furnished.
Enclose a
certified check for $1,500, payable to the city.
p. m.,
Minn.—BONDS DEFEATED—At an election held
said to have rejected a proposal to issue $30,000
plant bonds.
I RONTON,
Aug. 7 the voters are
water
on
in
system filtration
KINNEY, Minn.—BONDS SOLD— It is reported
improvement bonds approved by the voters on Aug. 9,
by the State.
McKINLEY,
until 7:30
chase of
p.
m.
that $21,000 street
have been purchased
Minn.—BOND OFFERING—Sealed bids will
on Aug. 24, by J. Butala, Village Recorder,
be received
for the pur¬
semi-annual village hall and library build¬
Dated Aug. 15, 1939. Due $750 on Dec. 15
$3,000 not to exceed 4%
ing bonds.
in 1940 to
Denom. $750.
1943, inclusive.
are
born), Mich.—BOND OFFERING—Roy D. Renton, Secretary of School
Board, will receive sealed bids until 8 p. m. (EST) on Aug. 28, for the pur¬
chase of $182,600 not to exceed 4% interest coupon school bonds.
Dated
Sept. 1, 1939.
One bond for $600, others $1,000 each.
Due May 1 as
follows:
$34,000 in 1941; $35,600, 1942; $37,000 in 1943 and $38,000 in
1944 and 1945.
Rate of rates of interest to be expressed in multiples of
H of 1%. Principal and interest (M-N) payable at the District Treasurer's
office, the Manufacturers National Bank of Detroit or at the Chemical
Bank & Trust Co., New York City.
The bonds will be payable from
ad valorem taxes on the district's taxable property within the limititations
prescribed by Section 21 of Article X of the State Constitution and the
"Michigan Property Tax Limitation Act."
The State Public Debt Com¬
mission has been requested to approve the issue.
A certified check for
purchased by the Faribault State
100.15, a basis of about
July 1, 1941 to 1954; redeemable
of $35, equal to
Dated July 1, 1939.
Due from
10 years from date of issue.
1.73%.
MOORHEAD,
Minn.—CERTIFICATE SALE—The
$12,000 issue of
semi-annual sewer revolving improvement fund certificates offered for
Aug. 7—V. 149, p. 766—was purchased by the City Water and
Light Department at par.
Due $3,000 on July 1 in 1941 to 1944
3%
sale on
incl.
Minn.—BONDS SOLD—It is stated by Marshall B
Thornton, Village Attorney, that the following 3% semi-annual bonds
aggregating $60,000, approved at an electionheldon June 30-Jiave been
NASHWAUK,
sold to the State:
$50,000 street improvement,
and $10,000 sidewalk con¬
struction bonds.
sealed
VIRGINIA, Minn.—BOND OFFERING— It is reported that
bids will be received until 7:30 p. m. on Aug. 29, by J. G. Milroy Jr.,
Clerk, for the purchase of an issue of $100,000 general obligation improve¬
ment bonds. Interest rate is not to exceed 4%, Payable J-J.
Cated Sept. 1,
1939. Due Jan. 1, as follows: $16,000 in 1941 to 1943, $173)00 in
1945, and $18,000 in 1946.
Prin. and int. payable at the City
s
office. No bid will be considered at less than par and accrued interest to the
time of delivery of the bonds. The city will pay for the printing and
raphing of such bonds but each bidder must pay for the
if any Is desired.
The bonds are issued for the purpose of paying
construction, with the assistance of the Works Progress Administration, or
City
1944 and
Treasurer
lithog¬
approving opinion
for the
sewers,
streets,
sidewalks and parkways, all in the city. Enclose a certified
payable to Henry W. S. Tillman, City Treasurer.
check for $3,000,
MISSISSIPPI
HOLLANDALE, Miss.—BONDS SOLD—We are informed by the City
Clerk that $15,000 coupon water works improvement bonds were purchased
recently by O. B. Walton & Co., and the J. 8. Love Co., both of Jackson,
jointly, as 3%s, paying a premium of $1. Denom. $1,000.
Dated Aug. 1,
The Commercial & Financial Chronicle
1212
Aug. 19, 1939
1939.
Due $1,000 from 1940 to 1954, Incl., without prior option.
Interest
payable F-A.
(This notice supersedes the sale report given in our issue of
Second high bid of 100.108 for 2s was submitted by a group comprising
Northwestern National Bank & Trust Co., Minneapolis; J. M. Dain & Co.
Aug. 12—V. 149,
Piper, Jaffray & Hopwood, and Mannheimer, Caldwell and Co.
Third
was par for 2s, made by a group headed by Kalman & Co. and including
Wells-Dickey & Co., First National Bank and Trust Co., Minneapolis
The First National Bank of St. Paul and Edward L. Burton & Co., and
P.
1059.).
bid
MISSISSIPPI, State of—BOND OFFERING— Sealed bids will be re¬
a. m. on Aug. 31, by Greek L. Rice, Secretary of the State
Bond Commission, for the purchase of a $5,000,000 issue of coupon highway
third series bonds.
Interest rate is not to exceed 4 %, payable F-A.
Denom.
$1,000.
Dated Aug. 1, 1939.
Due $135,000 Feb. and $136,000 Aug. 1,
1950; $139,000 Feb. and $140,000 Aug. 1, 1951; $142,000 Feb. and $144,000
Aug. 1, 1952; $146,000 Feb. and $148,000 Aug. 1, 1953; $150,000 Feb. and
$152,000 Aug. 1, 1954; $154,000 Feb. and $156,000 Aug. 1, 1955; $159,000
ceived until 10
First Security Trust Co., 8alt Lake City.
VALLEY
Feb. and $161,000 Aug. 1, 1956; $163,000 Feb. and $164,000 Aug. 1, 1957
and $300,000 Aug. 1, 1958; $304,000 Feb. and $308,000
Aug. 1, 1959; $312,000 Feb. and $315,000 Aug. 1, 1960, and $318,000 Feb.
$167,000 Feb.
SCHOOL
DISTRICT
NO.
9
(P.
O.
Opheim),
m.
on
choice and serial bonds will b3 the second choice of the school board.
The
bonds witl not be sold for less than par value with accrued interest and all
and
$587,000 Aug. 1, 1961.
Rate or rates of interest to be in multiples
of 1 %.
No bid of less than par and accrued interest shall be con¬
sidered.'
Principal and interest payable at the State Treasurer's office,
or at the Guaranty Trust Co., New York.
The bonds shall be registerable
as to
principal only.
The bonds are payable as to both principal and
Interest from such portion of the gasoline or motor fuel taxes levied by the
State as may be necessary and fully sufficient for such purpose, or in ac¬
cordance with the provisions and definitions contained in the aforesaid
Chapter 130, Laws of Mississippi, 1938.
Under the terms of and as per¬
mitted by said Act, said bonds, together with the other bonds authorized,
issued and permitted under said Act, enjoy a prior pledge of such portion of
said revenues as may be necessary for the prompt payment of the principal
of and interest on said bonds, and it is recited, covenanted and agreed that
said taxes, to the amount necessary as aforesaid, shall be irrevocable until
all of said bonds have been paid in full as to principal and interest.
The
bonds will be issued and sold pursuant to Chapter 130, Laws of Mississippi,
1938, and resolutions adopted by the State Bond Commission, reference to
which is made for a more detailed description thereof.
The approving
opinion of Chapman & Cutler of Chicago, to the effect that such bonds are
valid and legally binding obligations of the State, payable solely as aforesaid,
will be furnished to the purchaser.
Enclose a certified check for 2% of the
par value of the bonds bid for, payable to the State Treasurer.
(
of M
bids must state the lowest rate of interest at which the bonds will be pur¬
A certified chick for $200 on each issue, payable to the
District Clerk, must accompany the bid.
chased at par.
nebraska
POTTER, Neb.—BONDS SOLD—It is reported that $66,000 3M%
semi-ann. refunding bonds have been purchased by Wachob, Bender &
Co. of Omaha.
SNYDER,
Neb.—BONDS
SOLD—It
is
that
reported
$8,700
3H%
semi-annual paving bonds have been purchased by Steinauer & Schwesser
of Lincoln.
new
jersey
ATLANTIC CITY,
N. J.—TENDERS WANTED—Director of Revenue
and Finance Frank B. Off announces that he will receive until Sept. 14,
at noon (DST), at the National Newark and Essex Banking Co., Newark,
sealed tenders of $24,651,000 refunding bonds and $2,285,000 refunding
water bonds of the city, bearing interest payable semi-annually and all
dated July 1, 1936, and maturing Jan. 1, 1973, at not exceeding a price of
par value and accrued interest.
The sum to be used in the purchase of the
refunding bonds is $365,000 and the sum to be used in the purchase of the
refunding water bonds is $35,000.
Each tender must specify the full name of the bonds and serial number of
J>
W
COUNTY
Mont.—BOND OFFERING—Sealed bids will be received until 2 p.
Sept. 14, by E. A. Walstad, District Clerk, for the purchase of the follow¬
ing issues of not to exceed 5% semi-annual bonds, aggregating $73,345.21:
$45,664.14 refunding, dated June 15, 1939, and $^7,681.07 refunding oonds,
dated Ju.y 1, 1939.
In each case, amortization bonds will be tne first
POPLARVILLE,
Miss.—BONDS SOLD—It is reported that $20,000
jointly by M. A. Saunders
&!Co. of Memphis, and the Bank of Commerce, of Poplarville, divided
s follows; $10,000 as 3Ms, the remaining $10,000 as 3s.
street improvement bonds have been purchased
the bonds
tendered.
so
At
the option of the tenderer,
tender
each
may
specify that the tender is for the purchase of all or none of the bonds tendered.
Each tender shall state the price asked, which price shall be understood to
be the price asked for such bonds.
Each tender must be accompanied with
missouri
CONWAY CONSOLIDATED SCHOOL DISTRICT (P. O. Conway),
Mo.—BONDS SOLD—It is stated by the Secretary of the Board of Educa¬
3M% school bonds approved by the voters at an election
held on June 27, have been purchased at par by the Baum, Bernheirher Co.
a
*
of Kansas City.
FLAT RIVER, Mo.—PRICE PAID—It is now reported by the City
Clerk that the $21,000 public sewer system and street improvement bonds
purchased jointly by the City National Bank & Trust Co. of Kansas City,
and the Mississippi Valley Trust Co. of St. Louis, as noted in these columns
—V. 149, p. 1060—were sold as 3s, for a premium of $210, equal to 101.00,
a basis of about 3.40%.
Dated Aug. 1, 1949.
Due on Feb. 1 in 1941 to
1959, inclusive.
NEVADA, Mo.—BONDS DEFEATED—At an election held on Aug. 1 the
voters are said to have turned down a proposal calling for the issuance of
$20,000 in street improvement bonds.
ST.
Mo.—BONDED DEBT REDUCED BUT DEFICIT IN- *
LOUIS,
CREASED IN FISCAL YEAR—Pamphlet report of the Comptroller of the
City of St. Louis for fiscal year ended April 10, 1939, shows that the deficit
was increased to $3,332,581 from $2,298,461 at the start of the fiscal year.
Total outstanding bonded debt was reduced during the fiscal year from
$82,231,000 to $77,414,000.
Bonds totaling $6,617,000 were purchased
and cancelled out of sinking fund.
Total revenue receipts for year amounted to $19,175,373, a decrease of
$1,319,781 from previous year and total expenditures increased $157,622
to $20,335,329.
montana
BLAINE
(P. O. Chinook), Mont.—BOND SALE—The
$81,613.93 issue of refunding bonds offered for sale on Aug. 14—V. 149,
p. 766—was awarded to Kalman & Co. of St. Paul, Peters, Writer &
Christensen of Denver, the Wells-Dickey Co., andBigelow, Webb &
Co.f)
both of Minneapolis, jointly, as 2Ms, paying a premium of $217, equal to
100.267, according to the County Clerk.
4^
'*** 1
.
,
r'BOULDER, Mont.—BONDS SOLD—It is reported that $22,750 \%%
refunding bonds have been purchased by the Union Bank & Trust Co. of
Helena. g|
W-i
COUNTY
(P. O.^Great Falls), Mont.—BOND SALE
DETAILS—It is now reported that the $157,000 refunding bonds pur¬
chased by a syndicate headed by the Northwestern National Bank & Trust
Co. of Minneapolis, as Is, for a price of 100.146, as noted here.—V. 149,
p. 911—are due on July 1 as follows: $31,000 in 1940 to 1943, and $33,000
in 1944; giving a basis of about 0 95%.
Denom. $1,000.
Dated Aug. 1,
city, for 1% of the face amount
■
CAMDEN, N. J.—BONDS SOLD TO PWA—Sidney P. McCord, City
Comptroller, recently advised that the sale of $418,000 4% school bonds to
the Public Works Administration had been completed.
Dated Dec. 1,
1938.
Due as follows:
$12,000 from 1939 to 1943, incl.; $17,000 in 1944
and 1945 and $18,000 from 1946 to 1963, inclusive.
HAMMONTON, N. J.—BONQ OFFERING—W. R. Seely, Town Clerk,
will receive sealed bids until 8 p. m. (DST) on Aug. 28 for the purchase
of $65,000 not to exceed 6% interest coupon or registered sewer improve¬
ment
bonds.
Dated
Sept.
1,
1939.
Denom.
$1,000.
Due
Sept.
1
as
follows:
$3,000 from 1940 to 1960 incl. and $2,000 in 1961.
Bidder to
single rate of interest, expressed in a multiple of M of 1%.
Prin.
and int. (M-S) payable at the Peoples Bank & Trust Co., Hammonton.
The sum required to be obtained at sale of the bonds is $65,000.
The
bonds are part of an authorized issue of $68,000 and are authorized pursuant
to the Local Bond Law of the State.
The bonds are unlimited tax obliga¬
name a
tions of the town and the approving
legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder,
a
certified check for 2% of the amount of bonds offered, payable to order
the town, is required.
NEW
PROVIDENCE,
of
J —BOND SALE—The $80,000 coupon or
registered refunding bonds offered Aug. 15—V. 149, p. 612—were awarded
to Campbell, Phelps & Co., New York, and J. S.
Rippel & Co., of Newark,
jointly, as 3s, at a price of 100.779, a basis of about 2.85%.
Dated July 1,
1939, and due $8,000 on July 1 from 1940 to 1949, incl.
Other bids:
Bidder—
COUNTY
CASCADE
certified check, drawn to the order of the
of the bonds tendered for purchase.
tion that $9,800
N.
Rate Bid
Int. Rate
•
Paine, Webber & Co.; Julius A. Rippel, Inc., and
Rogers, Gordon & Co
3%
II. L. Allen & Co
3%
MacBride, Miller & Co
3%
C. A. Preim & Co
3H%
M. M. Freeman & Co., and Union County Trust Co. 3 H%
J. B. Hanauer & Co
3H%
H. B. Boland & Co.._.
3M%
100.11
100.06
99.722
100.54
100.20100.17
99.815
'
RIDGEFIELD, N. J.—BOND SALE— The $39,000 park bonds offered
Aug.
15—V. 149, p. 1060—were awarded to the First National Bank of
North Bergen, as 3s, at a price of 100.25, a basis of about 2.97%.
Dated
July 1, 1939 and due July 1 as follows: $2,000 from 1940 to 1958 incl. and
$1,000 in 1959.
Other bids, also for 3s: H. B. Boland & Co., 100.23;
Ridgefield National Bank,
par.
1939.
New York State
PHILLIPS COUNTY (P.
O. Malta), Mont.—BOND SALE POST¬
PONED—We are informed by Norman Storbeck, Clerk and Recorder,
Board of County Commissioners, that the sale of the
$63,059.40 not to
exceed 5% semi-annual refunding bonds, which had been scheduled for
Aug. 11—V. 149, p. 611—was postponed because of an error in the notice
of sale.
This offering will be readvertised at a later date.
PONDERA COUNTY SCHOOL DISTRICT NO. 10
(P. O.
Mont.—BOND OFFERING—It is stated by Doris
Tilney
76
Conrad),
Newman, District Clerk,
NEW
YORK, N. Y.
Bell System
refunding bonds.
were to
Company
&
BEAVER STREET
Telephone: WHitehall 4-8898
Teletype: NY 1-2395
that she will receive sealed bids until Aug. 28, for the
purchase of $45,500
(We had previously reported that these bonds
Aug. 8—V. 149, p. 1060.)
Municipals
•
•
be offered for sale
on
PRAIRIE
COUNTY
SCHOOL
DISTRICT
NO.
5
Mont.—BOND OFFERING—We
(P.
O.
will be the first choice and serial bonds will be the second choice of the said
School Board.
If amortization bonds are sold and issued, the entire issue
may be put
one single bond or divided into several
bonds, as the said Board of
Trustees may determine upon at the time of
sale, both principal and in¬
into
terest to be
payable in semi-annual instalments during
from the date of issue.
a
new
Terry),
are informed by Geo. M.
Schott, District
Clerk, that he will receive sealed bids until 7:30 p. m. on Sept. 1, for the
purchase of a $30,762.50 issue of refunding bonds.
Interest rate is not
to exceed 3%, payable J-D.
Dated June 1, 1939.
Amortization bonds
period of 10 years
(P.
O.
Patchogue), N.
Y.—BOND SALE— The
$270,644 coupon or registered bonds offered Aug. 16—V. 149, p. 1060—
were awarded to Roosevelt & Weigold, Inc. and Bacon, Stevenson & Co.,
both of New York, in joint account, as lj^s, at a price of 100.14, a basis
of about 1.47%.
$91,000 town hall bonds.
One bond for $700, others $1,000 each.
Due
July 1 as follows: $11,700 in 1940, $10,000 from 1941 to 1943 incl.
and $5,000 from 1944 to 1953 incl.
178,944 public works bonds.
One
bond for $944,
others $1,000 each.
Due July 1 as follows: $18,944 in 1940 and $20,000 from 1941 to
1948 incl.
All of the bonds bear date of July 1, 1939.
If serial bonds
are issued and sold
they will be in the amount of $1,000
each, except the first bond which will be in the amount of $762.50 the
sum of $3,762.50 will become
payable on the first day of June, 1940, and the
sum of $3,000 will become
payable on the same day of each year thereafter
until all such bonds
are paid, interest and
principal on serial bonds shall be
payable at the office of the County Treasurer.
The said bonds, whether amortization or serial
bonds, will bear date of
June 1, 1939, and will bear interest at a rate not
exceeding 3% payable
semi-annual
on
deemable in full
the 1st day of June and Dec. in each
year, and will be re¬
on any interest
payment date from and after 5 years from
the date of issue.
The said bonds will be sold for not less than their
par value with accrued
interest, and all bidders must state the lowest rate of interest at which
they will purchase the bonds at par.
The Board of Trustees reserves the
right to reject any and all bids.
All bids other than by or on behalf of the State Board
of Land Commis¬
sioners must be accompanied by a certified check in the sum
of $500, payable
to the order of the Clerk.
(The above bonds take the place of the issue that
on Aug. 11—V.
149, p. 447.)
for sale
was
originally scheduled
york
BROOKHAVEN
Bidder—
Other bids
were as
Rate of Interest
Manufacturers
and
Traders
Trust
falo, and Adams McEntee & Co., Inc., New
York City_
Blair & Co., Inc., Geo. B. Gibbons & Co., Inc.
and Sherwood & Reichard, Inc., New York
City
Harris Trust and Savings Bank, Chicago
Securities Corp. and Estabrook & Co.,
New York City
A. C. Allyn Co., Inc., E. H. Rollins & Sons, Inc.
1.50%
$270,987.72
1.50%
1.60%
270.852.40
270,832.64
1.70%
271,507.35
1.70%
1.70%
1.70%
271,395.58
271,182.58
270,902.00
1.75%
271,169.05
Union
and B. J. Van Ingen & Co.
.Inc., New York
City
Halsey, Stuart & Co., Inc., New York City
G. Becker & Co., Inc., New York Citv___
The Marine Trust Co., of Buffalo, and R. D.
White & Co., New York City
A.
BUFFALO, N. Y.—FINANCIAL STATUS ANALYZED—A. detailed
YELLOWSTONE COUNTY DISTRICT
Mont.—BOND SALE—The $300,000 issue of
study
sale
factors, both favorable and unfavorable, in the investment firms'
affecting the credit standing of the city.
NO. 2
(P. O. Billings),
refunding bonds offered for
Aug. 12—V. 149, p. 611—was awarded to a syndicate
composed of
the Harris Trust & Savings Bank of
Chicago, Ferris & Hardgrove of
Spokane, and the J. K. Mullen Investment Co. of Denver, as 2s
paying a
priceofl00.ll, a basis of about 1.98%.
Dated Sept. 1, 1939.
Due $20,000
from March 1, 1940 to 1954, inclusive.
on
follows.
Amount Bid-
Co. of Buf¬
of the
city's
finances
has just
Lazard Freres & Co. of New York.
been
prepared
for distribution
by
The document sets forth the various
opinion,
FORT EDWARD (P. O. Fort Edward), N. Y.—BOND SALE—The
Sandy Hill National Bank of Hudson Falls purchased an issue of $40,000
1 H%
work relief project bonds.
Volume
GRAND ISLAND,
N. Y.—BOND SALE—The
$34,000 coupon or regis¬
1 bonds offered Aug. 14—V. 149, p. 1060—were
Co., Inc., New York, as 2.20s, at a price of 100.16, a
basis of about 2.18%.
Dated July 1, 1939 and due July 1 as follows:
$1,500 from 1940 to 1943, incl. and $2,000 from 1944 to 1957, incl.
Other
tered Sewer District No.
awarded to Blair &
i
bids:
Bidder—
&
2.40%
Trust Co
Traders
were
2H%
2.60%
100-33
follows:
Inc_
—
-
100.299
$2,000
1
^
1959 incl
18,000 series B of 1939 bridge
to
bonds.
Due $1,000 on July 1
from 1940
1957 incl.
Other bids:
Int. Rate
dated July 1, 1939.
Bidder—
Rate Bid
100.39
Roosevelt & Weigold, Inc
*,
1.60%
Goldman, Sachs & Co
1.60%
Marine Trust Co., Buffalo, and R. D. White & Co__-- 1 % %
Blair & Co., Inc...
1.80%
Halsey, Stuart & Co., Inc..
1.80%
Geo. B. Gibbons & Co. and Sherwood & Reichard, Inc.
2%
100.15
*00.179
100.187
100.049
100.28
BIRDSCHOOL
HUME, ALLEN, CENTREVILLE, CANAEDEA, GRANGER,
SALL, RUSHFORD, PIKE & GENESSEE FALLS CENTRAL
DISTRICT NO. 1 (P. O. Fillmore), N. Y.—BOND SALE—The
$28,000
school bonds offered Aug. 16—V. 149, P. 1060—-were
Bank of Albany, as 1.10s, at a price of 100.16, a basis
of about 1.05%.
Dated Aug. 1, 1939 and due Aug. 1 as follows: $5,000
from 1940 to 1942 incl.
$6,000 in 1943 and $7,000 in 1944.
Other bids:
coupon or registered
awarded to the State
1.20%
100.17
1.20%
D. White & Co
R.
Rate Bid
Int. Rate
Bidder—
Morgan Kennedy & Co
100.07
100.101
1.20%
—
George B. Gibbons & Co
Union Securities Corp
100.11
100.071
1.40%
1.40%
Blair & Co., Inc
100.159
100.089
134%
134%
Trust Co
Sherwood & Reichard, Inc
Manufacturers & Traders
OFFERING—H. E. Dana, Village Clerk,
will receive sealed bids until 4 p. m. (SDT) on Sept. 7, for the purchase of
$114,000 not to exceed 4% interest coupon or registered general improve¬
ment bonds.
Dated Sept. 1,1939.
Denom. $1,000. Due Sept. 1 as follows:
$10,000 from 1940 to 1949, incl. and $7,000 in 1950 and 1951.
Bidder to
name a single rate of interest, expressed in a multiple of 34
of l-10th of
1 %.
Principal and interest (M-S) payable at the Peoples National Bank &
Trust Co., Lynbrook, with New York exchange.
The bonds are payable
from unlimited taxes and the approving legal opinion of Dillon, Vandewater & Moore of New York City will be furnished the successful bidder.
A certified check for $2,280, payable to order of the village, is required.
LYNBROOK, N. Y.—BOND
MECHANICVILLE, N. Y.—BOND OFFERING—John S. Moore, Com¬
receive sealed bids until lp.m. (EST) on Aug. 23
for the purchase of $20,000 not to exceed 5% interest coupon or registered
home relief bonds.
Dated Feb. 1, 1939.
Denom. $1,000.
Due $2,000
on Feb.
1 from 1940 to 1949 incl.
Prin. and int. (F-A) payable at the
Mechanicviile Branch of the State Bank of Albany, with New York Ex¬
change., or at the National City Bank of New York.
The bonds are un¬
limited tax obligations and the approving legal opinion of Dillon, Vandewater & Moore of New York City will be furnished the successful bidder.
missioner of Accounts, will
National Bank of
First
R. D. White & Co., N.
B.
Halsey, Stuart & Co., Inc., N.
Due Sept.
emergency relief bonds.
$100,000 from 1940 to 1945, incl.
194:9 inclusive.
$1,200,000 series
K
PLEASANTVILLE,
■
—Interest Rate
Co.; Blyth & Co.,
Estabrook & Co.; F. S.
Moseley & Co., and others
Chase Nat. Bank; First Boston
Corp.; Smith, Barney & Co.;
Salomon Bros. & Hutzler, and
,
.
Rate Bid
B
A
Net Cost
100.13
2.319%
100.02
2.352%
100.01
2.353%
Bankers Trust
Inc.;
234%
2.60%
Vs
234%
2.70%
others..
Phelps, Fenn & Co., Inc.;
Laden-
burg, Thalmann & Co.; Blair
& Co., Inc.; Kean, Taylor &
Co., and others.........
2.70%
A—$1,200,000 issue.
B—$1,500,000 issue.
•
234%
notice of the public reoffering
by the successful banking group appears on page n.
OFFICIAL OFFERING NOT ICE—Official
of the bonds
NEW YORK, State oi—REPORT ON CIGARETTE TAX RECEIPTS—
"penny for 10" cigarette tax has yielded a net profit of $2,979,216 to the State since its inception, the Taxation Department revealed.
►. Nearly half the proceeds, $1,309,164 accrued through sale of stamps
officially in force July 1.
half daily for all residents
of the State.
mately $1,000,000 for the first
adopted by the Republican Legislature as a substitute for part
calculated to yield approximately
of Governor Lehman's tax program, was
$20,000,000 during the year.
f
NIAGARA FALLS, N.
Y.—BOND OFFERmu— wnliam D. Bobbins,
City*Manager, will receive sealed, bids until 11 a. m. (EST) on Aug. 21,
for the purchase of $480,000 not to exceed 4% interest series B coupon or
registered bonds, divided as follows:
1 as follows: $20,000 from 1940
1946 to 1949, inclusive.
Due Jan. 1 as follows: $20,000 from 1940
$240,000 public works bonds.
Due Jan.
to 1945, incl. and $30,000 from
i
} 240,000 public welfare
bonds.
^.——^.fo 1945, incl. and
$30,000 from 1946 to 1949, inclusive.
1, 1939Denom. $1,000. Bidder
to name a single rate of interest, expressed in a m iltiple of 34 or l-10th of
1%.
Principal and interest (J-J) payable at the Central Hanover Bank &
Trust Co., New York City.
The bonds are unlimited tax obligations of the
city and the approving legal opinion of Dillon, Vandewater & Moore of
New York City will be furnished the successful bidder.
A certified check
for $9,600, payable to orderof^the city, is reiuirei. 1
4 £ "j 1 *'l A %
All
of*the
bonds will be dated S8pt.
^LE'kWfufY.—BOkfjToFFERING—W.
receive sealed bids
until 1 p. m.
(EST) on
to
Rate Bid
100.28
Par
100.126
R. D. White & Co
100.18
ROCHESTER, N. Y—INCREASED BORROWING CAPACITY— The
city administration has a borrowing margin, under the constitutional debt
limit, of more than $11,500,000, according to the six months' financial
report submitted by Comptroller Louis Cartwright.
The margin of borrow¬
ing was announced as $11,589,121 as of June 30, 1939, as compared with a
figure of $8,055,182 as of Dec. 31, 1938.
The city's gross indebtedness as of
June 30 was $66,846,607 as compared with $72,076,167 as of Dec. 31.
Mount Pleasant
234 %
234%
2.70%
3%
Pleasantville
Bank & Trust Co., Pleasantville--
N.
SOLVAY,
registered
awarded to
a price of
$26,000 coupon or
Y.—BOND SALE—The
improvement bonds offered Aug. 15—V. 149, p. 1061—were
tne Lincoln National Bank & Trust Co. of Syracuse, as 1.60s, at
100.329, a basis of about 1.54%.
Dated Aug. 1, 1939 and due
Aug. 1 from 1940 to 1949,
Other bids:
incl.
Balir & Co., Inc
George B. Gibbons &
1.90%
1.90%
—
Sherwood & Reichard, Inc...
—
—.—
100-15
100.26
100.192
1-70%
- — -------
Gordon Graves & Co
$2,600 on
Rate Bid
Int. Rate
Bidder—
100.27
2.20%
Co-
STEUBEN,
DISTRICT NO. 1
(P. O. Holland Patent), N. Y.—BOND SALE— The issue of $30,000
school bonds offered Aug. 15—V. 149, p. 1061—was awsarded to Sherwood
& Reichard, Inc., New York, as 2.20s, at a price of 100.40, a basis of
about 2.17%.
Dated Aug. 1, 1939 and due $1,000 on Aug. 1 from 1940 to
TRENTON, REMSEN, DEERFIELD, MARCY. FLOYD,
WESTERN, AND RUSSIA CENTRAL SCHOOL
Other bids:
1969, incl.
Bidder—
'
_
_
,
Premium
Int. Rate
E. H. Rollins & Son, Inc
-
Roosevelt & Weigold, Inc
Traders Trust Co
Union Securities Corp
— —
Geo. B. Gibbons & Co_-„-A. C. Allyn & Co
„j_
Marine Trust Co. of Buffalo
R. D. White & Co
Manufacturers &
—
f§R-RR
132.00
95.70
§7.00
83.10
155.10
Ro'RR
83.97
2.30%
2.40%
2.40%
2.40%
2.50%
2.60%
------
-
2.70%
2.70%
$20,000
WILMINGTON, N. C.
Due Jan,
F. W.
Improvement 4i/2s
1, 1958-60 at
2.90% basis
CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich
Phone 3-9137
Va. 83
NORTH
CAROLINA
(P. O. Lexington), N. C.-PURCHASERS—
In connection with the sale of the $66,000 refunding bonds to the Wachovia
Bank & Trust Co. of Winston-Salem, at a price of 100.628, a net interest
cost of about 2.19%, for $34,000 as 134s, and $32,000 as 234s, as noted
here on Aug. 12—V. 149, p. 1061—it is now stated that Lewis & Hall of
Greensboro, and Vance, Young & Hardin of Winston-Salem, were asso¬
ciated with the above named in the purchase of the said bonds.
HENDERSON, N. C.—NOTES SOLD—It is reported that $15,000 rev¬
enue notes have been purchased by R. S. Dickson & Co. of Charlotte, at
134%, Plus a premium of $1.10.
LINCOLN COUNTY CP. O. Lincolnton), N. C.—BOND SALE—
The $142,000 refunding bonds offered Aug. 8 and fully described m V. 149,
p
912 were awarded jointly to the Equitable Securities Corp. of Nashville
and F W. Craigie & Co. of Richmond, at a price of 100.055, a net interest
cost of 2.539%, as follows: For $95,000 maturing Feb. 1: $10,000 in 1951,
$15 000 in 1952 to 1954, $20,000 in 1955 and 1956, as 234 s; and
maturing Feb, 1: $20,006 in 1957 and $27,000 in 1958, as
The next
DAVIDSON COUNTY
fas
$47,000
Wachovia Bank & Trust Co., Winston-Salem, for $55,000
2Mb and $87,000 2^8 at 100.078.
(This report supersedes the previous sale notice given in our issue of
highest bidder was
149, p. 1061.)
PASQUOTANK COUNTY (P.
Aug. 12, V.
O. Elizabeth City),
N. C.—BOND
scheduled an
in grammar
ELECTION—The County Commissioners are said to have
election for Sept. 4 in order to vote on the issuance of $160,000
school bonds.
NORTH
DAKOTA
Dak.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Aug. 30, by Gerald Klier, Village Clerk, for the purchase of
$7 400 village hall bonds.
Interest rate is not to exceed 4%, payable J-J.
Denom?. $500 and $400.
Dated July 1, 1939. Due on July 1 as follows:
$500 in 1942 and 1943, and $400 in 1944 to 1959.
Prin. and int. payable in
BIS3EE,
N.
Bisbee.
Dak.—BOND SALE—The $27,500 issue of 5% semi¬
bonds offered for sale on July 31—V. 149, p. 768—was
Allison-Williams Co. of Minneapolis, paying par, accord¬
City Auditor.
Dated July 1, 1939. Due from July 1, 1940 to
NEW SALEM, N.
annual refunding
purchased by the
ing to the
1955.
OHIO
SCHOOL DISTRICT, Ohio—BOND SALE—The
$350,000 tax deficiency bonds offered Aug. 14—V. 149, p. 768—were
awarded to the Dime Savings Bank Co. and the Firestone Park Trust &
Savings Bank, both of Akron, jointly, as 234s, at par.
Dated Sept. 1,
1939 and due on Oct. 1 from 1940 to 1946, incl.
Other bids:
Bidder—
Rate Bid
Bidder—
Rate Bid
AKRON
T. DonlgauT<Gi tyClerk^will
Aug. 23, for the purchase of
$35,600 not to exceed 5% interest coupon or registered public works bonds.
Dated Sept. 1. 1939.
One bond for $600, others $1,000 each.
Due July 1
as follows:
$3,600 in 1940 and $4,090 from 1941 to 19 43, incl.
Bidi3r to
or
coupon
Int. Rate
Bidder—
Roosevelt & Weigold, Inc
First National Bank of
sold, an average of four and
Proceeds slumped from approxi¬
half of the month to $770,000 for the last
half.
The tax,
SALE—The $32,800
and
During July, 1.825,625,140 cigarettes were
a
128.00
2.22%.
New York's
before the levy was
254.40
300.80
and $150,000 from 1946 to
Stuart & Co., Inc. and asso¬
ciates re-offered the bonds, all being dated 8ept. 1, 1939, at prices to yield
from 0.35% to 2.30%, according to maturity.
Other bids at the sale were
follows:
Y.—BOND
N.
— —
153.60
$20,000 series. A improvement bonds.
Due $2,500 on July 1 from 1940
1947, inclusive.
12,800 series B sewer bonds.
Due July 1 as follows: $800 in 1940
$1,000 from 1941 to 1952, inclusive.
All of the bonds are dated July 1, 1939.
Other bids:
1 as follows:
BONDS PUBLICLY OFFERED—Halsey,
Bidder—
-----
Buffalo
City..
110.40
501.00
342.00
registered general village bonds offered Aug. 15—V. 149, p. 1061—were
awarded to Sherwood & Reichard, Inc. and George B. Gibbons & Co., both
of New York, jointly, as 234s, at a price of 100.137, a basis of about
Ss-lo consisted of*
1,500,000 series of 1939refunding bonds. Due Sept. 1 as follows: $120,000
from 1950 to 1954, incl. and $180,000 from 1955 to 1959, incl.
as
-—,—
Y. City.
123.00
1.20%
1.20%
1.25%
1.25%
1.25%
1.30%
1.25%
1.40%
i
_
Y. City
Gibbons & Co., N. Y.
$143.00
1.20%
National Bank of Chicago
Manufacturers & Traders Trust Co.,
Geo.
Premium
Int. Rate
N. Y. City.
Paine, Webber & Co., N. Y. City
Union Securities Corp., N. Y. City
Goldman, Sachs & Co., N. Y. City
N.
Mineola),
O.
1, 1939 and due June
Bidder—
Y.—BOND SALE— The
$2,700,000 coupon or registered bonds offered Aug. 17—V. 149, p. 1060—
were
awarded to a syndicate composed of Halsey, Stuart & Co., Inc.;
Goldman, Sachs & Co.; B. J. Van Ingen & Co., Inc.; Stranahan, Harris &
Co., Inc.; Otis & Co., Inc.; G. M.-P. Murphy & Co.; Schwabacher & Co.,
all of New York, and Stroud & Co. of Philadelphia, as 2.20s, at a price of
100.036, a basis of about 2.1968%.
Sale consisted of:
(P.
basis of about 1.14%,
Dated June
$15,000 from 1940 to 1947, incl. and
a
Other bids:
N. Y.—
the First
1060—bear 334 % interest.
Narrowsburg—V. 149, p.
COUNTY
NASSAU
price of
1 as
$20,000 in 1948 and 1949.
of New York, as 1.20s, at a
Sherwood & Reichard, Inc.,
NARROWSBURG FIRE DISTRICT (P. O. Narrowsburg),
SALE DETAILS—The $4,800 fire truck bonds sold to
BOND
registered county home bonds
awarded to the Bankers Trust Co.
100.297,
HORNELL, N. Y.—BOND SALE—The $144,000 coupon or registered
bonds offered Aug. 17—V. 149, p. 1060—were awarded to the Manufact¬
urers & Traders Trust Co. of Buffalo, as 1.60s, at a
price of 100.429,
basis of about 1.53%.
Sale consisted of:
$23,000 series of 1939 home relief bonds.
Due July 1 as follows:
fromC140 to 1946 incl. and $3,000 from 1947 to 1949 incl.
32,000 series oi 1939 public works bonds.
Due July 1 as follows: $5,000
in 1940; $4,000, 1941 to 1943 incl.; $3,000 from 1944 to 1946 incl.,
and $2,000 1947 to 1949 incl.
35,000 series of 1939 public building bonds.
Due July 1 as follows:
$2,000 from 1940 to 1949 incl. and $3,000 from 1950 to 1954 incl.
16,000 series of 1939 public improvement bonds.
Due $1,000 on July
from 1940 to 1955 incl.
20,000 series A of 1939 bridge bonds.
Due $1,000 on July 1 from 1940 to
Y.—BOND SALE—The $160,000
offered Aug. 17—V. 149, p. 912—
ONEIDA COUNTY (P. O. Utica), N.
coupon or
100.044
and George B. Gibbons
& Co
All of the bonds will be
1%.
New York.
2.40%
Ira Haupt &Co
Sherwood & Reichard, Inc.,
A. C. Allyn & Co.,
single rate of interest, expressed in a multiple of 34 or l-10th of
Principal and interest (J-J) payable at the Chase National Bank,
The bonds are unlimited tax obligations of the city and the
approving legal opinion of Dillon, Vandewater & Moore of New York City
will be furnished the successful bidder.
A certified check for $700, payable
to order of the city, is required.
name a
Rate Bid
Int. Rate
,
Manufacturers
1213
Commercial & Financial Chronicle
The
149
'
CITY
For 2 34 % Bands—
McDonald-Collidge & Co
Merrill, Turben & Co
Fox, Einhorn & Co
For 2 34 % Bands—
Ryan,
Sutherland & Co
100.40
100.17
100.08
Provident Savings Bank &
Trust Co., Cincinnati
100.50
BancOhio Securities Co.,
Columbus
100.333
For 3 % Bonds—
100.62
Seufferle & Kountz
100.19
The Commercial & Financial Chronicle
1214
Aug.
19,
1939
Legality approved by Squire, Sanders & Dempsey of
Re-offered by the bankers to yield from 1% to 2%, according
office.
surer's
Cleveland.
to maturity.
MUNICIPALS
OHIO
RURAL SCHOOL DISTRICT (P. O. McConnellsOhio—NOTE SALE—The Citizens National Bank of McConnellsJuly 25 an issue of $4,743.11 refunding notes as 334s.
MANCHESTER
ville)
vllle purchased on
Due in 1941.
MINFORD
RURAL SCHOOL DISTRICT, Ohio—NOTE SALE—
The Security Central National Bank of Portsmouth purchased an issue of
$17,029.08 refunding notes as 3s, at par.
McDONALD-COOLIDGE & CO.
UNION
1001
CANTON
COMMERCE_BLDG., CLEVELAND
COLUMBUS
CINCINNATI
AKRON
NEWARK CITY SCHOOL DISTRICT, Ohio—NOTE SALE— The
Newark Clearing House purchased an issue of $52,000 two-year refunding
notes as 3s. at a price of 100.194, a basis of about 2.90%.
SPRINGFIELD
NEWTON
FALLS EXEMPTED VILLAGE SCHOOL DISTRICT,
Ohio—NOTE SALE—The Union Savings & Trust Co. of Warren purchased
OHIO
an
VILLAGE
ALEXANDRIA
SALE—The
National
First
$6,699.79 refunding notes
as
SCHOOL
Bank
of
3s, at
a
DISTRICT,
Barnesville
Ohio—NOTE
purchased
an
issue
of
price of 100.074.
ASHLAND COUNTY (P. O. Ashland), Ohio—NOTE OFFERING—
The Clerk of the Board of County Commissioners will receive sealed bids
until Aug. 21 for the purchase of $30,000 poor relief notes.
Dated Sept. 1,
1939 and due $10,000 on March 1 from 1940 to 1942 incl.
BAY VILLAGE, Ohio—BOND OFFERING—Charles F. Sutliff,
Village
Clerk, will receive sealed bids until noon on Sept. 2, for the purchase of
$51,000 4% refunding bonds, dividend as follows:
$37,000 series A bonds.
Denoms. $1,000, $500, $100 and $50.
Due Oct. 1
as follows:
$3,600 from 1943 to 1950, incl. and $4,100 in 1951 and
1952.
Callable in whole or in part at par on Oct. 1, 1948, or on
any other interest period,
A certified check for 1% of the bonds
bid for is required.
14,000 series B bonds.
Denoms. $500 and $100.
Due $1,400 on Oct. 1
from 1943 to 1952, incl.
Callable in whole or in part at par on
Oct. 1, 1943, or an any subsequent Oct. 1.
A certified check for
1 % of the bonds bid for is required.
All of the bonds will be dated Oct. 1, 1939.
Principal and interest
(A-O) payable at the First National Bank, Rocky River.
Name of School
BEDFORD CITY SCHOOL DISTRICT, Ohio—NOTE SALE—The
Huntington National Bank of Columbus purchased an issue of $14,845
as
BEDFORD
3
A>s.
CITY
.
SCHOOL
DISTRICT, Ohio—NOTE SALE—The
Huntington National Bank of Columbus purchased an issue of $19,101.28
refunding notes as 3Ms, at par.
CLAY
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P. O. New
Banking Co. of Ports¬
Boston),
Ohio—NOTE SALE—The Portsmouth
purchased an issue of $7,927.81 refunding notes
mouth
3s.
as
Due in 1941.
COLUMBIANA COUNTY (P. O. Lisbon), Ohio—BOND SALE—The
$110,000 poor relief bonds offered Aug. 11—V. 149, p. 768—were awarded
to George T. Lennon & Co. of Columbus, as
l)£s, at a price of 100.57, a
basis of about 1.04%,
Dated Sept. 1, 1939 andT due $11,000 on March 1
and Sept. 1 from 1940 to 1944, incl.
The BancOhio Securities Co. of
Columbus, second high bidder, offered a price of 100.20 for l^s.
CRESTLINE
EXEMPTED VILLAGE SCHOOL
DISTRICT, Ohio—
NOTE SALE DETAILS—The $10,887.75 refunding notes
purchased by the
Farmers & Citizens Bank of Crestline—V,
149, p. 1062—bear
interest and
are
2%%
dated Aug. 8,1939.
CUYAHOGA FALLS, Ohio—NEW ISSLE OFFERED—P. E.
Kline,
Inc. and Middendorf & Co., both of Cincinnati, are
making public offering
of $509,000 3)4% coupon unlimited tax
refunding bonds.
Dated Aug. 1,
1939.
Denom. 81,000.
Due as follows:
$30,000 June 1 and $31,000 Dec. 1
from 1941 to 1943, incl.; $30,000 June 1 and
$32,000 Dec. 1, 1944; $31,000
June 1 and $32,000 Dec. 1, 1945; $32,000 June 1 and
$33,000 Dec. 1, 1946;
$32,000 June 1 and Dec. 1, 1947; $23,000 June 1 and Dec. 1, 1948;
$13,000
on June 1 and Dec.
1, 1949.
Principal and interest (J-D) payable at the
City Treasurer's office.
Legality approved by Peck, Shaffer, Williams &
Gorman
of
BOND
Cincinnati.
CALL—Purpose of the above issue is to provide for the redemption
refunding issues which are being
of the outstanding portion of the
following
called for payment on Dec. 1, 1939:
Amount
Int. Rate
$63,000
14,000
39,000
76,000
77,000
10,000
230,000
Dec.
Aug. 24,
Aug. 29,
Aug. 28,
5,691.49
Aug. 28,
8:00 p.m.
20,318.57
38,302.89
2,631.69
Aug. 28,
Aug. 28,
Aug. 28,
8:00 p.m.
7:30 p.m.
8:30 p.m.
5H%
5%
Dec.
Dec.
Dec.
Dec.
1,
1,
Oct.
EAST PALESTINE CITY SCHOOL
—The
Salem Rural
DISTRICT, Ohio—NOTE SALE
issue of $20.-
SCHOOL
DISTRICT,
Ohio—NOTE SALE—The
First National Bank of Girard
purchased an issue of $25,688.85 refunding
notes.
3s, at
notes 8is
2^s.
par.
Ohio—NOTE SALE-
National Bank of Woodsfield purchased
$6,961.43 refunding
,
rpyUARTFORD RURAL SCHOOL
The Union
DISTRICT, Ohio—NOTE SALE—
Savings & Trust Co. of Warren purchased an issue of $6,330.18
as 3s.
Due in 1941. The Cortland Savings & Banking Co.
Cortland bid for 3s and the
Huntington National Bank -of Columbus,
for 334s.
ding notes
r*
of
Ar^RJ^l!IDJ?U^L SCHOOL DISTRICT
The Huron
NOTE SALE
(P. O. Norwalk), Ohio—
County Banking Co.
of
J4.i64.85 refunding notes
tional Bank of
as 3 34s.
Due in 1941.
Columbus bid for 334s.
■HENRIETTA
SCHOOL
DISTRICT
SALE—The Elyria Savings & Trust
refunding notes
as
234s, at
(P.
O.
Norwalk
purchased
The Huntington Na¬
Elyria),
Co. purchased
an
Ohio—NOTE
issue of $4,064.17
par.
S,F^?^JrnOUNTY, (P- °- Norwalk), Ohio—NOTE SALE DETAILS
■~£h? SI2.000 jpoor relief notes sold to the Willard United Bank of Willard
~~I1062—are divided as follows: $3,000 34s, due March 1, 1940,
and
$9,000 Is, due $4,500 on March 1 in 1941 and 1942. Price
paid was par.
JACKSON TOWNSHIP SCHOOL DISTRICT
(P. O. Burgeon),
Ohio—NOTE SALE—The Fremont
Savings Bank of Fremont purchased
an issue of
$3,345.55 refunding notes as 3 34s.
qJ^I'LL|:7S^Iv?L/^D.VILLAGE SCHOOL
SALE—The Third National Bank of
issue of $2,749.06
refunding notes
KENTONCITYSCHOOL
DISTRICT, Ohio—NOTE
Sandusky purchased
as
3s.
PWRTh3[ Yi
p.
an
an
issue of $21,626.20
S,CHP0L DISTRICT, Ohio—
913—bear 4% interest.
issue
Aug. 9
Ohio—NOTE SALE-The
ml $t'913£Z refunding notes sold to the Lodi
SCHOOL
an
Name of School District—
Antrim Township Rural (P. O. Nevada)—
Coldwater Village.
Dexter City Village
-
°old j!h°emx
INTERState Bank—V.
DISTRICT
National
of $4,764.09 refunding notes as 4s.
(P. O. Medina), Ohio
Bank of Medina purchased
nR^^?SioGHiS°iVNTTY (P\Po Youn?8town),
Ohio—BOND ISSUE
DEI AILS—-Pohl & Co. Inc. and
Seasongood & Mayer, both of Cincinnati,
associated with Charles A. Hinsch &
Co., Inc. of Cincinnati in the
were
bonds—V?
purchase on July 19 of $470,000 234% refunding
149
p
769
Dated Aug. 1, 1939.
Denom. $1,000.
Due $47,000 on Oct. 1 from
1941
to 1950, incl.
Principal and interest (A-O) payable at the
County Trea¬
Amount
$1,479.10
11,943.29
5,702.77
8,870.58
-
2,782.94
10,320.92
1,265.64
12,741.22
13,324.67
-
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sale
28,
26,
24,
31,
29,
30,
29,
28,
Date
18,106.82
—
-
-
Harrison Village
Aug.
Aug.
Aug.
Aug.
Aug.
20,
29.
24,
31.
28,
1:00 p.m.
2:00 p.m.
Holmes-Liberty (P.O. Sulphur Springs)—
4,891.23
Jackson Center Village—
Jacksom-Milton Rural (P.
7,321.96
—
Defiance)
North Canton Special
Paint Township (P. O.
Bloomingburg)
Parma City
9:00 p.m.
1:00
7:30
8:00
8:30
p.m.
p.m.
p.m.
p.m.
8:30 p.m.
8:00 p.m.
8:00 p.m.
F. D. 1,
———
-
—-
-—-
-
Port Clinton
8,651.05
O. No. Jackson)
Medina Village
Noble Township Rural (P. O. R
Exempted Village
8:30 p.m.
8:00 p.m.
8:00 p.m.
NEW OFFERINGS—Following issues also have been announed:
Name of School District—
Amount
Sale Date
Rural
Bloomfield
(P.
O. Jackson, Route
No. 1)
—
Garfield Heights City (P. O. Cleveland)-Greenhills Rural (P. O. 532 Courthouse,
$7,104.55
27,790.07
Aug. 28,
Aug. 30,
Cincinnati)
Mecca Rural (P. O. Cortland)
New Bremen Village
Prospect Village—
Dennison Exemoted Village
Dover Rural (P. O. Marysville)
Harpster-Little Sandusky Village
Harpster)
9,314.85
5,423.95
6,302.87
5,134.32
14,152.68
3,582.48
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
30,
25,
28,
28.
30,
31,
5,983.50
27,304.55
6,691.49
7,240.90
Aug.
Aug.
Aug.
Aug.
30,
30,
29
31,
—
—-
-
-
-
—
-
——
—
-
-----
—
Pickerington
Richland Township
sailles, R. 2)--.-
Rural
(P.
7:30 p.m.
noon
noon
8:00 p.m.
8:00 p.m.
8:3Q p.m.
2:00 p.m.
8:30 p.m.
(P. O.
Jackson City—------Milan Rural
8:00 p.m.
noon
8:00 p.m.
8:00 p.m.
Ver¬
O.
6,166.17
5,414.02
Sept.
1,
Aug. 30,
-—
McGuffey-McDonald Rur.(P.O. McGuffey)
Shalersville (P. O. Mantua)Washington-Cessna (P. O. Dola)
Waterloo Rural
6,784.12
5,115.32
5,025.45
10,424.83
—
OFFERING—The
following
have
proposed sales:
Name of School District—
Burbank
Columbia Township Rural (P.
bia Station)
8:30 p.m.
8:00 p.m.
30,
30,
30,
31.
31,
24,
8:00 p.m.
1:30 p.m.
noon
noon
8:00 p.m.
8:00 p.m.
28, 8:00 p.m.
30,
noon
the
to
list
of
Sale Date
Sept.
1,
Aug. 30,
8:00 p.m.
8:00 p.m.
O. Colum¬
4,198.74
7,719.18
4,633.23
Sept.
Sept.
Aug. 31,
8:00 p.m.
9:00 p.m.
6,256.45
-
Green
Ryral (P. O. Laings)
Saltcreek Township Rural (P.
ricksburg)
Vermilion Village
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
been added
Amount
$3,590.97
3,061.01
Chatfield
Sept. 5,
Aug. 21,
9:00 p.m.
8:00 p.m.
5,
6,
8:00 p.m.
O. Frede¬
5,175.86
OHIO BRIDGE COMMISSION (P. O. Columbus), Ohio—BOND
FINANCING ENJOINED—A temporary injunction restraining the com¬
mission from purchasing any more bridges or issuing further bonds was
¥-anted by Commonpreviously made public announcement of its intention
Pleas Judge John R. King at Toledo on Aug. 16.
he commission had
to
make public
award
Aug. 29 of $1,375,000 Sandusky Bay Bridge
on
refunding bonds—V. 149, p. 1063. The injunction, according to the
Chicago "Journal of Commerce" of Aug. 17, was issued in a taxpayers' suic
challenging constitutionality of the law under which the commission was
created.
Former State Senator James Metzenbaum, who brought the suit,
reportedly charged that the primary purpose in the enactment of the Bridge
Commission law, was not to abolish toll bridges in Ohio, but to allow the
bond comparies to make tremendous profits.
He, is stated to have, con¬
tended the law originally provided that bonds might be soid at private sale
and without advertising, that the commission had power to buy bridges
whenever it deemed the purchase to be expedient, that there was no restric¬
tion of any kind on price that might be paid, making an unlawful delega¬
tion of legislative power and consequently being unconstitutional.
Re¬
cently, the law was amended to provide for advertising and public sale of
revenue
bonds.
•
PROCTORVILLE SCHOOL DISTRICT, Ohio—NOTE SALE—The
First National Bank of Ironto purchased an issue of $5,841.49 refunding
notes as 3s, at par.
RAVENNA TOWNSHIP
SCHOOL DISTRICT
(P. O. Ravenna),
Ohio—NOTE SALE—The First Savings
Bank of Ravenna purchased
$8,105.47 refunding notes as 3s, at par.
SANDUSKY
DISTRICT,
nuntmgton National Bank of Columbus purchased
as 2.40s.
149,
on
Due in 1941.
refunding notes
7.Tn
follows:
Creston Village
GREEN TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Ironton,
R. No. 2), Ohio—NOTE SALE—The Portsmouth
Banking Co. of Ports¬
mouth purchased an issue of
$8,268.69 refunding notes as
muH^NIBAL RURAL SCHOOL DISTRICT,
The Citizens
C. H.)__
8:30 p.m.
8:00 p.m.
8:00 p.m.
ADDITIONAL OFFERINGS—Other offerings of the same character are
OTHER
CLEVELAND
CITY
SCHOOL
DISTRICT.
Ohio—NOTE)
SALE-The Huntington National Bank of Columbus
purchased an issue of
$73,681.60 refunding notes as 234s, at par.
CITY
-
—
EAST
GIRARD
-
-
1934
an
-
Smithfield Village
Struthers City
Union Rural (P. O. Washington,
Aurora Village$3,389.05
Buckskin Valley Village (P. O. South Salem)
7,676.74
Cedarville Twp. Rural (P. O. Cedarville)— 11,719.85
Garrettsville.
3,430.88
1936
Huntington National Bank of Columbus purchased
419.22 refunding notes as 234s, at
par.
-
-
FURTHER OFFERING—The following are also scheduled to be sold:
Name of School District—
Amount
Sale Date
1, 1933
1, 1933
1, 1933
1, 1934
1, 1934
Dec.
/
Sale Date
Aug. 29,
1:00 p.m.
Aug. 15, 7:45 p.m.
Aug. 29, 8:00 p.m.
$1,594.37
25,688.85
Leroy Rural (P. O. Painesville, R. D.)_-_
1,794.62
Mount
Victory-Dudley (P.
O. Mount
Victory)
5,622.68
Nevada Village--3,080.56
St. Mary's City
16,965.04
— -
Waldo Townshio Rural (P. O. Waldo)
Dale of Issue
6%
bV2%
534%
6%
534%
Amount
District—
Burkettsville Rural
Girard City
as
funding notes
issue of $19,899.10 refunding notes.
OHIO (State of)—NOTE OFFERINGS BY SCHOOL DISTRICTS—The
following is a record of note offerings announced by school districts during
the past week.
The particulars in each instance are similar in that bidder
is required to name an interest rate of not more than 4 % and the obligations
will be subject to call after Nov. 30 in any year.
Proposals must be accom¬
panied by a certified check for 1 % of the issue.
Tabulation shows name
of the district making the offering, amount of loan, date of sale and hour
set for opening of bids:
CITY
The Ohio National
refunding notes
as
SCHOOL
DISTRICT, Ohio—NOTE SALEpurchased an issue of $52,335.44
Bank of Columbus
2Ms, at
par.
SIDNEY CITY SCHOOL DISTRICT, Ohio—NOTE SALE—Gillis»
Russell & Co. of Cleveland were awarded an issue of $24,474.55
two-year
refunding notes
SOMERSET,
as
2Ms, at
a
price of 100.04.
Ohio—BOND
OFFERING—Dwight
Bowman,
Village
Clerk, will receive sealed bids until noon on Sept. 30, for the purchase of
$3,000 4% waterworks revenue bonds. Dated Jan. 1, 1939.
Denom. $500.
Due $500 on Jan. 1 from 1942 to 1947, incl.
A certified check for $50 is
required.
-
STARK
COUNTY
(P.
OFFERED—The Provident
O.
Canton),
Savings
Bank
Ohio—BONDS
&
Trust
Co.
of
PUBLICLY
Cincinnati
is
making public offering of $140,500 2% refunding bonds.
Dated July 1,
1939.
One bond for $500, others $1,000 each.
Due Nov. 1 as follows:
$28,500 in 1943 and $28,000 from 1944
to
1947, incl.
Principal and interest
Volume
(M-S)
refund
payable at the County Treasurer's office.
The bonds, issued to
a like amount of outstanding road and general bonds, are direct
obligations of the county payable from an ad valorem tax levied against all
the taxable property therein within the limitations imposed by law.
Legality
approved by Squire, Sanders & Dempsey of Cleveland.
COUNTY
(P.
O.
New
Philadelphia), Ohio—
$39,300 poor relief notes offered Aug. 14—V. 149,
P. 1064—were awarded to Otis & Co. of Cleveland.
Dated Aug. 1, 1939
and due March 1, 1943.
TUSCARAWAS
NOTE SALE—1The
Successful bid was par plus a premium of $27.51 for 1KSOther
by Paine, Webber & Co. and the Ohio Savings & Trust Co.,
Philadelphia.
were
UNION-SCIOTO SCHOOL DISTRICT (P. O.
No.
1215
Commercial & Financial Chronicle
The
149
bids
New
Chillicothe, R. F. D.
Bank of Chillicothe
8), Ohio—NOTE SALE—The First National
purchased $12,408.87 refunding notes as 3Ms, at par.
DISTRICT (P. O. Lindsey),
Ohio—NOTE SALE—The Lindsey Banking Co. purchased an issue of
$1,528.64 refunding notes as 3s.
Due in 1941.
WASHINGTON TOWNSHIP SCHOOL
the gross debt of the city at
lowest since 1930.
the end of 1940
"With respect to the city debt, that is, the outstanding
fund assets, the end of 1940 will find the city's net debt
which will be the lowest the net debt of the city has been
debt less sinking
at $369,742,600,
since 1927," the
amuses, and concluded that
would be $518,080,660. the
commission declared.
The Commission also asked the city treasurer
an
ordinance calling for the appropriation
PITTSBURGH,
Pa .—BOND
$750,000 coupon
SALE—The
100.21, a basis of about 0.93%. Dated Aug. 1,
Aug. 1 from 1940 to 1944, incl. Other bids:
Bidder—
Lehman Bros.; Hemphill,
Schmertz & Co
1939 and due $150,000 on
1%
1%
Peoples-Pittsburgh Trust Co
Union Securities Corp. of New York
Halsey, Stuart & Co., Inc
-
No.
i
,
Long Distance 787
of —GOVERNOR
State
OKLAHOMA,
REDUCTION—Governor
CALLS
Phillips,
6, Mercer),
TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BOND SALE— The $10,000 coupon school
CONFERENCE FOR
hoping to
avert
need for
SAPULPA, Okla.—BOND REFUNDING URGED—It is reported that
voted at a recent meeting to indorse the move¬
ment on the part of the city to refinance and refund approximately $717,000
in city bonds, acting upon the recommendation of Mayor Dan Odell and
City Auditor Kohlenberg.
.
the Chamber of Commerce
SCHOOL DISTRICT NO. 74 (P. O. Mehama),
that $500 warrants have been
Ore.— WARRANTS SOLD—It is reported
Commission.
COUNTY SCHOOL DISTRICT NO. 33 (P O.)
Box 1416, Portland), Ore.—BOND OFFERING—Sealed bids
until 8 p. m. on Aug. 24 by A. Braun, District Clerk,
for the purchase of a $10,000 issue of school bonds.
Interest rate is not
to exceed 6 %, payable M-S.
Dated Sept. 1, 1939.
Denom. $1,000.
Due $1,000 Sept. 1, 1940 to
1949.
Prin. and int. payable at the fiscal agency of the State in New York
City, or at the County Treasurer's office.
The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
Enclose a certified check for $200.
MULTNOMAH
Route
4,
be received
SCHOOL
CAROLINA
SOUTH
ABBEVILLE, S. C —BONDS SOLD— It is stated by G. C. Douglass,
City Treasurer, that $270,000 4% electric revenue bonds were awarded
jointly on July 31 to R. S. Dickson & Co. of Charlotte, Hamilton & Co. of
Chester, and the Southern Investment Co. of Charlotte, for a premium of
$20,034.36, equal to 107.42, a basis of about 3.45%.
Dated as of Nov. 1,
$5,000 in 1942 to 1946, $6,000 in
SILVERSTREET CONSOLIDATED SCHOOL DISTRICT NO. 58
O. Silverstreet), S. C.—BOND OFFERING—It is stated by Henry
Havird, Secretary of the Board of Trustees, that he will receive sealed
bids until noon (EST), on Aug. 30, for the purchase of a $10,000 issue of
coupon school bonds.
Dated Jan. 1, 1940.
Denoms. $500 and $1,000.
Due Jan. 1 as follows: $500 in 1941 to 1954, and $1,000 in 1955 to 1957,
dependent upon the interest rate named by the bidders.
Bidders are in¬
vited to name the rate of interest the bonds are to bear in a multiple of
M of 1%.
Prin. and int. (annually Jan. 1) payable at the South Caro¬
lina National Bank, Newberry.
These bonds were authorized at the elec¬
tion held on April 22, by a vote of 62 to 50.
A two-mill levy on dll the taxa¬
ble property is pledged to retire the bonds.
The approving opinion of
B.
V. Chapman of Newberry, will be furnished.
Enclose a certified
check for $100, payable to the district.
P.
ff
.4.
SOUTH
DISTRICT, Pa.—BOND OFFERING—W. E.
of School Directors, will receive sealed bids
11, for the purchase of $68,000 not to exceed
Watters, Secretary of Board
until 7 p. m. (EST) on Sept.
3% interest coupon refunding bonds.
Dated May 1, 1939.
Denom.
$1,000.
Due Nov. 1 as follows: $5,000 from 1940 to 1949, incl. and $6,000
from 1950 to 1952, incl.
Callable in whole or in part, in inverse numerical
order, on Nov. 1, 1940 or on any subsequent interest date, on 30 days'
advance published
notice in a Schuylkill County newspaper and one
Registerable as to principal
1947 to 1951,
$9,000 in 1952 and 1953, $10,000 in 1954 and 1955, $11,000 in 1956 to
1958, $12,000 in 1959 and 1960, $13,000 in 1961 and 1962, $14,000 in 1963
and 1964, $16,000 in 1965 and 1966, and $17,000 in 1967 and 1968.
PENNSYLVANIA
ASHLAND
from 1941 to 1950, inclusive.
WILKINSBURG, Pa .—BOND SALE—The issue of $140,000 coupon
14—Y. 149, p. 9l5—was awarded to E. H. Rollins &
Sons, Inc. of Philadelphia, as 2s, at a price of 101.26, a basis of about 1.86%.
Dated Sept. 1, 1939 and due $10,000 on Sept. 1 from 1942 to 1955, incl.
Second high bid of 101.117 for 2s was made by Singer, Deane & Scribner
and Barclay, Moore & Co. in joint account.
Due Nov. 1, as follows:
DISTRICT NO. 66 (P. O. Eugene), Ore.
—BONDS SOLD—It is reported that $2,700 school bonds were sold on
Aug. 10 to the First National Bank of Eugene, as 3s.
will
bonds
1938
OREGON
LANE COUNTY SCHOOL
MARION COUNTY
R. D.
offered Aug. 7—V. 149, p. 617—were awarded to Singer, Deane & Scribner
of Pittsburgh as 2Ms, at a price of 100.633, a basis of about 2.40%.
Dated
bonds offered Aug.
special session of State Legislature, to boost revenues, called State institu¬
tional and departmental heads, and collegiate governing boards, into con¬
ference for Aug. 28 to map program to cut $5,000,000 from general fund
budget for this fiscal year, in attempt to avoid deficit.
sold to the State Bond
620.00
4,920.00
IK %
— --
Aug. 1,1939 and due $1,000 on Aug. 1
OKLAHOMA
BUDGET
L-
-
750.00
674.25
427.50
222.75
82.50
SPRINGFIELD
Oklahoma City, Oklahoma
19
1,020.00
1%
1%
1%
1%
1%
1.10%
National City Bank of New York
Northern Trust Co. of Chicago
$1,049.25
and Moore,
Singer, Deane & Scribner
AT&T Ok Cy
Premium
Int. Rate
Noyes & Co., and Phillips,
Salomon Bros. & Hutzler
Municipal Bonds Since 1892
current
bonds offered Aug. 15—V. 149, p. 771—were awarded to the First
National Bank of Pittsburgh, as Is, at par plus $1,575 premium, equal to
expense
Lazard Freres & Co.;F. S.Mosely& Co.,
Leonard & Lynch
R. J. EDWARDS, Inc.
city council
1940 budget.
to transmit to
of $28,638,947 in the
$22,151,929 would be used for interest on the outstanding
debt and $6,487,018 for retirement of various term loans.
The 1940 re¬
tirements show a gross reduction of $2,419,975 under this year for which
$8,352,317 was appropriated with $22,706,605 for interest.
Of this sum,
DAKOTA
municipal
ELKTON, S. Dak.—BOND SALE—The $15,000 issue of
auditorium bonds offered for sale on Aug. 7—V. 149, p. 915—was pur¬
chased by Fred A. Gefke, of Sioux Falls, as 3Ms, paying a premium
$116, equal to 100.77, according to report.
of
SCHOOL DISTRICT (P. O.
WEBSTER INDEPENDENT
Dak.—BOND OFFERING—It is reported that
Grace Huntington, Clerk of the
S.
will be received by
Webster),
sealed and auction bids
Board of Education, for
until Aug. 28, at 3 PSept. 1, 1939. Due
only.
the purchase of a $40,000 issue of refunding bonds,
Interest rate is not to exceed 4%, payable J-J.
Dated
Legality to be approved by Saul,
$5,000 on Jan. 1 in 1941 to 1948, incl.
bonds and the approving legal opinion
& Barber of Minneapolis.
published in Philadelphia, at a price
of 103.
Interest M-N.
Bonds will be issued subject to approval of the
Pennsylvania Department of Internal Affairs.
A certified check for 2%
of the bonds bid for, payable to order of the District Treasurer, is required.
Ewing, Remick & Saul of Pittsburgh.
DISTRICT (P. O. Washington,
District Secretary, will
7, for the purchase of
$30,000 coupon school bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due $3,000 on Oct. 1 from 1941 to 1950, incl.
Bidder to name a single
rate of interest, expressed in a multiple of K of 1%.
A certified check for
$1,000, payable to order of the District Treasurer, is required.
Legal
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
CHARTIERS TOWNSHIP SCHOOL
R. D. 1), Pa.—BOND OFFERING—Edison Welsh,
receive sealed bids until 8 p. m. (EST) on Sept.
successful bidder.
(P. O. Pittsburgh, Crafton Branch, R. D.
OFFERING—J. Scott Walker, Township Secretary,
7:30 p. m. (EST) on Sept. 5, for the purchase
of $30,000 coupon, registerable as to principal only, road bonds.
Dated
July 1, 1939.
Denom. $1,000. Due July 1 as follows: $1,0G0 from 1940
to 1949, incl. and $2,000 from 1950 to 1959, incl.
Bidder to name a single
rate of interest, expressed in a multiple of K of 1 %.
Principal and interest
(J-J) payable at the Bridgeville Trust Co., Bridgeville.
Sale of bonds is
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Township will furnish and pay for' approving legal
opinion of Burgwin, Scully & Churchill of Pittsburgh.
Bonds will be
printed and paid for by the township. A certified check for $1,000, payable
to order of the Township Treasurer, is required.
This is the first issue of
No.
5), Pa.—BOND
will receive sealed bids until
bonds by the
TENNESSEE
BRADLEY COUNTY CP. O. Cleveland), Tenn.—BONDS SOLD—It
reported that $50,000 4% semi-annual school bonds have been
at private sale by C. H. Little & Co. of Jackson, paying a premium of
equal to 100.31.
,
.
7:30 p. m. (DST) on
bonds.
Dated Sept.
Sept. 6, for the purchase of $15,000 coupon
COUNTY (P. O. Centerville), Tenn.—BOND SALE—
issue of coupon semi-annual highway bonds offered for sale on
HICKMAN
Equitable Securities Corp.
100.708, a
to 1952,
Aug. 14—V. 149, p. 771—was awarded to the
of Nashville, as 3 Ms, paying a premium of $88.50, equal to
basis of about 3.12%.
Dated July 1, 1939. Due from July 1, 1940
inclusive.
The second highest bid was an offer of $62.50 premium on
3Ms, made by
Nunn, Shwab &
Co. of Nashville.
JACKSON, Tenn.—BOND SALE—'The $160,000 issue of refunding
bonds offered for sale on Aug. 15—V. 149, p. 1065—was awarded to C.
Little & Co. of Jackson as 2s, less a discount of $2,100, equal to 98.68, a
basis of about 2.20%.
The purchaser agreed also to pay for the printing
of the bonds and the legal opinion.
Dated Sept. 1, 1939.
Due on Sept. 1
in 1941 to 1950.
H.
KNOXVILLE, Tenn .—NO BOND
township.
CRESCENT TOWNSHIP (P. O. Glenwillard), Pa .—BOND OFFER¬
L. Mohney, Township Secretary, will receive sealed bids until
ING—B.
township
1, 1939.
Denom. $1,000.
Due $1,000 on Sept. 1
incl.
Bidder to name one rate of interest, expressed in
a multiple of K of 1 % and payable M-S.
Sale of bonds is subject to approval
of proceedings by the Pennsylvania Department of Internal Affairs.
A
certified check for $500, payable to order of the Township Treasurer, is
required.
Legal opinion of Burgwin, Scully & Churchill of Pittsburgh will
be furnished the successful bidder.
FREELAND
SCHOOL DISTRICT, Pa.—BOND SALE— An issue of
Pa .—BOND OFFERING—3ohn B. Marsland, Borough
sealed bids until 8 p. m. on Aug. 21, for the purchase
of $54,000 4% coupon bonds.
Dated July 15, 1939.
Denom. $1,000.
Due July 15 as follows:
$2,000 from 1940 to 1945, incl.: $3,000, 1946 to
1956, incl.; $4,000 in 1957 and $5,000 in 1958.
After July 15, 1944 the
bonds may be called on any interest payment date.
Interest J.J. Regis¬
terable as to principal only.
A certified check for $500, payable to order of
thr Borough Treasurer, is required.
MOOSIC,
Secretary, will receive
PHILADELPHIA,
PA .—PROSPECTIVE DEBT REFUNDING AT
COST—City officials here are beginning to look forward to
possibility of saving large sums annually through refunding of high
coupon bonds beginning in 1941 and covering a period of nine years there,
after.
The Sinking Fund Commission recently emphasized this prospect
in citing the improved credit position of Philadelphia.
It was pointed out,
for example, that approximately $9,000,000 city bonds bearing a 5M%
coupon can be called in 1941 and probably refunded at much lower interest
rates.
The commission projected the city's debt position to the end of
1940, taking into its calculations the maturity of $16,750,000 in city debt
in 1940 and the proposed issue of $5,000,000 in city bonds to retire mand¬
TENDERS RECEIVED—It is stated
by A. P. Frierson, Director of Finance, that no
bonds dated Jan. 1, 1933, maturing on Jan.
tenders of 25-year refunding
1, 1958, to the amount of
$25,000, were received.
TEXAS
from 1941 to 1955,
$40,000 delinquent tax bonds was sold on Aug. 1 to a group composed of
Burr & Co., Barclay, Moore & Co., both of Philadelphia, and Moore,
Leonard & Lynch of Pittsburgh, as 4Ms, at a price of 100.30.
is
purchased
$155,
The $12,500
COLLIER TOWNSHIP
The district will furnish the printed
of Fletcher, Dorsey, Barker, Colman
ANDREWS
COUNTY (P.
O. Andrews). Texas—BOND
SALE
DETAILS—It is now reported that the $110,000 2M% court house bonds
sold to James, Stayart & Davis of Dallas, at a price of 100.095, as
here—v. 149, p. 1065—are described as follows:
Dated June 1, 1939.
Denom. $1,000.
Due March 1, as follows: $8,000 in 1940 to 1942,
in 1943 to 1947, and $9,000 in 1948 to 1951.
Principal and interest
payable at the First National Bank, Fort Worth.
Chapman & Cutler of Chicago.
noted
$10,000
(M-S)
Legality approved by
BALLINGER, Texas—BOND
by the City Secretary
SALE DETAILS—We are now
that the $10,000
W. N.
informed
3% street improvement bonds sold
here—V. 149, p. 1065—
Edwards & Co. of Fort Worth, as noted
were purchased at par. Coupon bonds, dated July
Due from 1944 to 1954.
Interest payable J-J.
to
1,1939. Denom. $1,000.
BELTON, Texas—BOND TENDERS INVITED—It is stated by W. M.
Ferrell, City Secretary, that he will receive sealed tenders until Aug. 31
at 5 p. m. of refunding bonds, series 1937, dated April 1, 1937.
The
amount of funds on hand and available for the purpose of purchasing the
bonds is $24,000.
All offerings should be firm for 10 days.
LOWER
the
BRYAN, Texas—BONDS VOTED—At the election held on Aug. 1 the
said to have approved the issuance of the following bonds, aggre¬
voters are
gating $160,000: $80,000 1K% electric light, power system and sewer
tem bonds, and $80,000 2M% semi-annual electric light, power system
sewer
system revenue
sys¬
and
bond3.
LEFORS, Texas—BONDS SOLD
Secretary that $42,000 revenue
Public Works Administration.
City
by the
TO PWA-It is stated by the
bonds were purchased as 4s at par
The Commercial & Financial Chronicle
1216
(These
for
on
the bonds that
offered by Aves & Wymer of Houston
public investment, subject to the outcome of the election, as noted here
are
were
July 22—V. 149, p. 617.)
CARROLLTON
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Carrollton), Texaa—BONDS SOLD—It is reported that $10,000 school
bonds approved by the voters on April 15, have been purchased
by Geo. L.
Simpson & Co. of Dallas.
EL PASO, Texas—BOND OFFERING— It is stated by G. R. Daniels,
City Auditor, that he will receive sealed bids until 10 a. m. on Sent. 14,
for the purchase of the following coupon bonds aggregating
$533,000:
to
1946, and$14,000in 1947 and 1948.
Denom. $1,000.
The bidder is required to name the rate of interest the
Split interest rate bids will be acceptable, but the rate
must be a multiple of K of 1%.
Prin.andint. (MN) payable at the Cherr ical Bank & Trust Co., New York,
No bid will be considered for less than
are
to bear.
par and accrued interest.
The bonds are issued to refund 5% bonds dated
1919, full voted 40-year tax pledge obligations of the city which
subject to call for redemption on any interest paying date after 20 years
from date of issue by publishing notice of such
redemption at least 30 days
prior to the interest date.
Bidders must furnish their proceedings, legal
Nov. 15,
are
opinion and blank bonds.
payable to the city.
Enclose
a
certified check for not less than 3%,
FLOYDADA,
Texag—BOND TENDERS INVITED—It is stated by
S. E. Duncan, City Secretary, that he will receive sealed
tenders of re¬
funding bonds, series 1935, dated March 1, 1935, up to Aug. 29.
He
reports that the city has approximately $5,000 with which to purchase
to 1964, inclusive.
124,000 water bonds as 3s.
Due from Sept. I, 1940 to 1964, incl.
OFFERED
FOR
INVESTMENT—1The
successful
bidders
reoffered the above bonds for general subscription at prices on the bonds
maturing from 1940 to 1960, to yield from 0.40% to 2.50%, according to
bonds and only tenders of less than par and accrued interest will
be con¬
The city will accept the lowest offer or offers sufficient to exhaust
on hand
for such purpose and reserves the
right to accent or
reject any portion of the amount of bonds that may be offered
by any
maturity.
WASHINGTON
MARYSVILLE,
Wash.—BOND OFFERING—Sealed
one person.
INDEPENDENT
SCHOOL DISTRICT (P. O. Fort
is now reported that the $30,000
recently, as noted here—V. 149, p. 1065—were
purchased by the Brown-Crummer Co. of Dallas, at par, divided as fol¬
lows: $5,000 as 2%s, due $1,000 from April
10, 1940 to 1944; the remain¬
ing $25,000 as 3s, due $1,000 from April 10, 1945 to 1969.
will
bids
be
re¬
ceived until Aug. 21 by H. F. Pfremm, Town Clark, for the purchase of
an issue of $100,000 water revenue bonds.
Interest rate is not to exceed
payable J-J.
Denom. $1,000.
Due July 1 as follows:
$2,000 in
1940. $3,000 in 1941 and 1942, $4,000 in 1943 and 1944, $5,000 in 1945 to
1954, $6,000 in 1955, and $7,000 in 1956 to 1959.
The bonds are subject
to call in whole or in part in the year 1947 and thereafter at each semi¬
annual interest paying date in inverse order of their maturity.
These
5%,
bonds
authorized at the election held
were
PUYALLUP,
on
June 6
by a vote of 101 to 14.
Wash.—BOND
ELECTION—We are informed by the
City Clerk that at the general election on Nov. 7 the voters will be asked
to pass on the issuance of $350,000 in bonds for the
purchase of the privately
'owned power distribution plant.
STEVENS COUNTY SCHOOL DISTRICT NO. 91 (P. O. ColvilH),
Wash.—BONDS SOLD—It is now reported by G. H. Inkster, County
Treasurer, that $5,000 5% semi-annual school bonds were purchased on
May 1 by Arthur E. Nelson & Co. of Spokane.
Dated May 1, 1939.
WEST
the funds
DAVIS
1939
registered
semi-annual bonds, aggregating $1,24.3,000, offered for sale on Aug. 15
—V. 149, p. 1066—were awarded to a syndicate composed of Phelps, Fenn
& Co.: Stone & Webster and Blodget,
Inc.; Paine, Webber & Co., all of
New York; Mason-Hagan, Inc. of Richmond: Mackey, Dunn & Co. of
New York, and Thomas A. Bain & Co., Inc. of Norfolk, paying a price of
100.133, a net interest cost of about 2.44%, on the bonds divided as follows:
$1,118,000 general improvement bonds as 2.40s.
Due from Sept. 1, 1940
sidered.
FORT
19,
two issues of coupon or
BONDS
$287,000 refunding bonds.
Due Nov. 15, as follows: $12,000 in 1940 and
1941. $13,000 in 1942 and 1943, $14,000 in 1944 and 1945,
$15,000
in 1946 to 1948, $16,000 in 1949, $17,000 in 1950 and
1951,
$18,000 in 1952 and 1953, $19,000 in 1954 and 1955, and $20,000
in 1956 and 1957.
/
133,000 school refunding bonds.
Due Nov. 15, as follows: $9,000 in
1940 and 1941, $10,000 in 1942 to 1944, $11,000 in 1945 and
1946,
$12,000 in 1947 and 1948, and $13,000 in 1949 to 1951.
113,000 water works refunding bonds.
Due Nov. 15, as follows: $11,000
in 1940 and 1941, $12,000 in 1942 and
1943, $13,000 in 1944
bonds
Aug.
NORFOLK, Va.—BOND SALE—The
VIRGINIA
CHARLESTON, W. Va .—BOND ELECTION— It
is reported
that an
election has been called for Sept. 6 in order to have the voters pass on the
proposed issuance of $375,000 in bonds, divided as follows:
$325,00r river¬
front boulevard, and $50,000 street improvement bonds.
Davis), Texas—BONDS DESCRIBED—It
construction
bonds sold
HARLINGEN
INDEPENDENT
SCHOOL
DISTRICT
O.
(P.
Har-'
ingen), Texas—BONDS SOLD—It is now reported by Ira E.
Eells, Dis¬
trict Secretary, that $16,000 5% semi-annual school
athletic field house
bonds were purchased at par last June by the First National
Bank of Harlingen.
Due $2,000 from May 1, 1940 to 1947, inclusive.
HIDALGO
COUNTY
(P.
O.
Edinburg), Texas—BONDS PUR¬
CHASED—It is stated by B. F. McKee,
County Auditor, that the county
has purchased the
following refunding bonds:
Road District No. 1, a
total of 23 bonds at a price of 78: Road District No.
2, a block of 18 bonds
at
76: Road District No. 3, 9 bonds at 73.50: Road District No. 5, 10 bonds
Road District No. 6, 18 bonds at
84.50, and Road District No. 8,
at 85.
13 bonds at 73.50.
Also purchased were 20 water improvement
refunding bonds at
of 88.
McALLEN
SCHOOL
DISTRICT
(P.
a
price
O.
McAIIen),
of
the
$62,250
3% semi-annual electric revenue bonds to the
of Chicago, at par, as noted in these columns on
May 20, it is now officially reported that:
"The City of Barron entered into a contract with the Channer Securities
Co. of Chicago whereby the Channer Securities Co. was to purchase $62,250
Channer Securities Co.
in
Electric Revenue Certificates.
The sale was to have been completed
In order to make all of the proceedings leading up to the
by June I, 1939.
original issue legal, a special bill had to be passed by our State Legislature
and be signed by the Governor of the State.
The Legislature has passed
the bill but the Governor has been slow in signing; however, we expect that
the bill will be signed and that the contract will be carried through.
In the
we have reduced the issue to $56,500.
"The bonds are to be of the denomination of $1,000 and bearing interest
meantime
at the rate of 3
%, payable semi-annually and the bonds
are to be paid one
The first half of the issue is non-callable and the
each month until paid.
Texas—BOND
$300,000 refunding bonds.
ODESSA
INDEPENDENT SCHOOL DISTRICT (P. O.
Odessa),
Texas—BONDS SOLD—We are informed by John H. Head. Business Man¬
of the Board of Education, that $75,000 2M %
registered school build¬
ing construction bonds were purchased by James,
Stayart & Davis of
Dallas, at par.
Denom. $1,000.
Dated April 1, 1939,
Due from 1940
to 1949 incl., optional seven years after date of
issue.
Int. payable A-O.
ager
CREEK
COMMON SCHOOL DISTRICT
(P. O. Fort
Worth), Texas—BONDS SOLD—The County Superintendent of Schools
building bonds have been purchased at
States that $5,250 4% semi-annual
by the State Board of Education.
par
sale
last one-half is callable in inverse order."
PURCHASE AGREEMENT—It is
reported that the State Board of Educa¬
tion has agreed to purchase a block of
VILLAGE
WISCONSIN
BARRON, Wis.—ADDITIONAL INFORMATION—In connection with
the
KENOSHA,
Wig.—BOND OFFERING—Sealed
bids
will
be
received
until 2 p. m. (CST) on Sept. 1 by A. E. Axtell, Director of Finance, for the
purchase of the following not to exceed 4% semi-annual refunding bonds
aggregating $61,000:
$12,000 school, series of 1927: $15,000 school, second
of 1923; $22,000 high school, series of
1924, and $12,000 school,
series
S6ri08 of 1928 bonds
Dated Sept. 15, 1939.
Denom. $1,000.
Due Sept. 15, 1953.
Prin. and
int. payable at the City Treasurer's office.
The bonds will not be sold for
less than par, and the basis of determination shall be the lowest rate of
interest bid by the purchaser.
Bidder must pay accrued interest at the
rate borne
by the bonds from the date of the bonds to the date of payment
of the purchase price.
The call for bids is on this basis:
A par bid with
the rate of interest which the bidder will accept over the period stipulated
by the bonds.
The city will furnish its own completed bonds and the
approving opinion of Chapman & Cutler of Chicago.
Enclose a certified
WAXAHACHIE SCHOOL DISTRICT (P. O.
Waxahachie), Texas—
BOND SALE DETAILS—In connection with the sale of the
$150,000 con¬
struction bonds to a syndicate headed by the First National
Bank of Dallas,
at a price of 100.17, as last noted here on June
24, it is now reported that
check for $500, payable to the city.
as follows:
$70,000 maturing Jan. 1, $4,000 in 1940 to
1949, $5,000 in 1950 to 1955, as 3J^s, and $80,000 maturing Jan.
1, $5,000
in 1956 to 1959 and $6,000 in 1960 to
1969, as 3 j^s.
Dated Nov. 1, 1938.
Prin. and int. payable at Chase National
Bank, New York.
These bonds
until 8 p. m. on Aug. 23 by Leo J. Landry, District Clerk, for the purchase
of a $38,000 issue of refunding series E bonds.
Interest rate is not to
ad valorem taxes levied
int. payable at the District Treasurer's office.
the bonds were sold
constitute direct general obligations of the entire
city and are payable from
on all taxable
property located therein, within the
limits imposed by law.
Legality approved by the Attorney General and
W. P. Dumas of Dallas.
WICHITA
COUNTY WATER IMPROVEMENT DISTRICT
NO. 1
Wichita
Falls), Texas—BONDS OFFERED TO PUBLIC—An
issue of $1,431,000 4K% semi-annual
refunding bonds is being offered
for public investment by a syndicate
composed of Fenner & Beane, B.
J. Van Ingen & Co., C. F. Childs &
Co., all of New York: Kalman & Co.,
of St. Paul, Dillingham &
McClung, of Houston, Investment 8ervice
Corp.. Rauscher, Pierce & Co., both of Dallas, Mahan, Dittmar & Co.
(P.
of
O.
San
Antonio
and
Crummer
&
Co.
of
Dallas.
Dated April 1, 1938.
follows: $95,000 in 1953: $69,000 in
Denom.-$1,000.
Due April 1. as
1954; $125,000 in 1955; $113,000 in 1956: $111,000 in 1957:
$125,000
1958: $116,000 in 1959; $132,000 in I960; $133,000 in
1961; $116,000 in 1962; $157,000 in 1963; and $139,000 in 1964.
Principal and in¬
terest payable at the Mercantile National
Bank, Dallas.
These bonds
in
part of a total authorized issue of $3,373,000 issued to refund a like
outstanding callable bonds at a lower rate of interest and on a
revised maturity schedule which will result in a
substantial saving in in¬
terest charges to the district, and constitute direct
and general obligations
of the entire district and are
payable from unlimited ad valorem taxes
levied on all taxable property located therein.
These bonds have been
validated by final decree of the District Court of
Wichita County and will
be registered by the Comptroller of Public
Accounts, all as provided by
law.
Legality to be approved by Dillon. Vandewater & Moore of New York.
are
a
amount of
UTAH
City.
VERMONT
O. Enosburg Falls),
$1,000.
to
1956 incl. and $2,000 in 1957.
Due Sept. 1
as
follows:
^ H A FT S BUR Y FIRE DISTRICT NO. 1 (P. O. South Shaftsbury),
)r 77?
>SALE—The $15,000 coupon water bonds offered Aug. 15—
•A' if, L P1066—-were awarded to the Vermont Securities, Inc., of
°,r<i as
at 100-15, a basis of about 2.49%,
Dated Aug. 1,
..
19,39
and due $1 000
Bidder—-
on
First Boston Corp
Bond. Judge & Co__
Due Sept.
1, 1954.
Prin. and
Bonds will not be sold for
less than par value.
Bidders will be required to furnish suitably engraved
bonds and legal opinion at their own expense.
Enclose a certified check
for
2% of the
par
value.
TOMAHAWKi Wis.—BONDS SOLID—A $47,700 issue of refunding
bonds is reported to have been purchased at private sale by the Channer
Securities Co. of Chicago.
WELLINGTON
(P.
O.
Wilton), Wi*.—BOND
SALE—The
$16,000
issue of 2% semi-annual highway bonds offered for sale on Aug. 12—V. 149,
p. 1066—was purchased at par by Paine, "Webber & Co. of Chicago.
Dated
Oct.1,1939.
WEST
Dueon April 1 in 1940 to 1942.
ALLIS,
Wis.—BOND OFFERING— It is stated by Fred A.
Sanlader, City Clerk, that he will receive sealed bids until 10 a. m. (CST)
Aug. 29 for the purchase of an issue of $120,000 not exceeding 3%
on
semi-annual school bonds.
Dated July 1, 1939.
Due $8,000 in 1945 to 1959.
Rate of interest to be
in a multiple of
of 1%, but no bid combining two different rates of
interest shall be accepted.
Prin. and int. payable at the City Treasurer's
office.
These bonds must be sold and disposed of for not less than par and
accrued interest to date of delivery.
Bidders must furnish their own legal
opinion and blank bonds.
Enclose
a
certified check for not less than 5%
of the bonds bid for.
CANADA
Aug. 1 from 1945 to 1959 incl.
Other bids:
Int. Rate
!
Rate Bid
3%
IIIi:
inn
3%%
101.02
1^9
an
issue of $13,200
3% bonds at a price of 100.58.
JOLIETTE, Que.—BOND SALE— The $133,000 bonds offered Aug. 14
—V.
149, p. 1066—were awarded to Hanson Bros, of Montreal, at a price
of 101.61 for $64,500 30-year serial 4s and $68,500 10-year serial 3 Hs. \
TORONTO, Ont.—BOND SALE—An issue of $500,000 improve
ment bonds
was sold to J. L. Graham <fc Co. and Burns Bros. & Denton,
both of Toronto, in joint account.
Due from 1940 to 1951, inclusive.
NORTH
YORK
TOWNSHIP
(P.
O.
York),
Ont.—BOND SALE—
An issue of $100,000 improvement bonds, due serially from
was sold privately.
1940 to 1944.
incl.,
ST.
JOHN
(City and County), N. B.—BOND SALE—T. M. Bell &
Co. of St. John purchased $24,000 3H%> improvement bonds, due $12,000
each in 1947 and 1948, at a price of 99.76.
This report of the sale corrects
that given in V. 149, p. 1066.
Other bids:
Bidder—
RaUTBid
Dominion Securities Corp. and Nesbitt, Thomson & Co..»
99.58
Eastern Securities, Ltd
1
V-~99.06
Laurence Smith & Co
VIRGINIA
Due serially
in 10 years.
NEW
Vt —BOND OFFERING—The
Town Clerk will receive
sealed bids"until 1:30 p. m. (EST) on Aug. 25 for the
purchase of $54,000 town bonds.
Denom.
$4,000 from 1944
4%, payable M-S.
1, 1939.
Denom. $1,000.
Dated Sept.
purchased
July 23 have been purchased by the First Security State Bank of
Salt Lake
(P.
exceed
GODERICH, Ont.—BOND SALE—Harrison & Co. of Toronto have
TOOELE, Utah—BONDS SOLD—It is stated by J. S. Gallaher, City
Manager, that $40,000 city hall bonds approved at an election held on
ENOSBURG
SHOREWOOD SCHOOL DSTRICT NO. 4 (P. O. 1701 E. Capitol
Drive, Milwaukee), Wis.—BOND OFFERING-—Sealed bids will be received
98.72
98.65
97.53
-
Nagle & Co
F. J. Brennan & Co
HENRICO
COUNTY
(P.
O.
Highland
Springs), Va .—BONDS
AUTHORIZED—The County Board of
Supervisors is reported to have
passed resolutions recently calling for the issuance of the
following bonds
aggregating $740,000: $700,000 Westhampton Water
Supply, and $40 000
Lakeside Water Supply bonds.
SHERBRCCKE,
Catholic
School
Que.—BOND
Commission
SALE—The~$50,000
3%
Roman
bends offered Aug. 14—V. 149, p. 1066—
Hansen Pres. of Montreal, at a price of 100.77, a basis
of about 3.39%.
Due serially in 15 years.
The Banque Canadienne
Nationale of Montreal, second high bidder, offered a price of 100.36.
were
awarded to
@FedFRASER