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®US.
ADv
(\UG
LIBRARY
Uf
20 1038
I
.
ommctrialf
COPYRIGHTED IN 1938 BY WILLIAM B. DANA COMPANY,
NEW YORK.
ENTERED AS SECOND-CLASS MATTER
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
William B.Dana
VOL. 147. '»-edw,,k,y 35c.n^coP,-
NEW YORK, AUGUST 20, 1938
William
cor.
BANK
THE
The
President
N E W
BROOKLYN
i
OF
NEW
YORK
Insurance
YORK
Corporation
chase is
era-
ditionally a bankers' bank.
For
Member Federal Deposit
C«TY
OF
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NATIONAL BANK
OF
Chartered 1866
NO. 3817.
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COMPANY
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Financial
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Angeles Railway Corporation submitted to the Railroad Commission
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Exchange dated as of
July 1, 1938, relating to the above-mentioned securities.
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pro¬
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of such issuance by an order dated
August 1, 1938.
of
State of
the
Copies of the Plan and Agreement of Exchange and Letters of Transmittal
have been
not
or
will be
received
sent to
copies
of
all known bondholders.
such
Plan
and
All bondholders who have
Agreement
of Exchange should
Company of their correct addresses.
Bondholders may obtain
copies of the Plan and Agreement of Exchange and Letters of Transmittal
from the office of the Treasurer of the Los
Angeles Railway Corporation or at
the offices of the
depositaries.
advise
the
Depositary
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Angeles,
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Los
National
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and
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National
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Trust
Association,
Street,
San Francisco, California.
485
California
1938
|
ommntiw
Vol. 147
AUGUST 20, 1938
No. 3817.
CONTENTS
Editorials
page
The Financial Situation
1084
Politics and the Nation's "No. 1 Economic Problem"..1096
Secretary Hull's Address to
a
Troubled World..
1098
Comment and Review
Gross and Net Earnings of United States Railroads for
the Six Months Ended June 30
1100
The Business Man's Bookshelf
Week
on
the European Stock
1105
Exchanges
1088
Foreign Political and Economic Situation..
Foreign Exchange Rates and Comment
...1089
1093 & 1136
Course of the Bond Market
1104
Indications of Business Activity
1106
Week
on
the New York Stock
1087
Week
on
the New York Curb Exchange..
Exchange
1135
News
Current Events and Discussions
1117
Bank and Trust
Company Items
General Corporation and Investment News
.1135
.1180
Dry Goods Trade
1222
State and
1223
Municipal Department-.
Stocks and Bonds
Foreign Stock Exchange Quotations
..
1139 & 1147
Bonds Called and Sinking Fund Notices
1141
Dividends Declared
1141
Auction Sales..
1141
New York Stock
Exchange—Stock Quotations.
1148
New York Stock Exchange—Bond Quotations. .1148 & 1158
New York Curb Exchange—Stock Quotations
1164
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock and Bond
1168
Quotations.
-.1170
Canadian Markets—Stock and Bond Quotations
1174
Over-the-Counter Securities—Stock & Bond Quotations. 1177
Reports
Foreign Bank Statements
1092
Course of Bank Clearings
1136
Federal Reserve Bank Statements
1145
General Corporation and Investment News.....
1180
Commodities
The Commercial Markets and the
Crops..
1212
Cotton
1214
Breadstuffs
f
1219
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce
Street, New York City.
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer: William
D. Rtggs, Business
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foreign subscriptions and advertisements must be made In New York funds.
The Financial Situation
EVENTS of the past week or two have conspired invigoration ofan extraordinary recrudescence andand
has witnessed the older imperialism, economic rethe spotlight unpityingly
internato turn
upon
another interna-
other, and a rededication of national governments to
politics and the danger, if not the actuality,
economic and financial "independence" and isolation.
In
tional relations.
tional
armed
of
The- United States has of
have
conflicts
and
men
where for
a
women every¬
long while past,
have
we
now
entered
a
where international
stage
relations and international
policies in all their manifes¬
tations and in all their im¬
cry
unto heaven for saner
and
more
dispassionate
than
consideration
had
have
they
the
since
out¬
break of the World War in
Abroad, nationalism
1914.
run
only threat¬
riot is not
the
of
world, but is at the
the
ening
ment
peace
mo¬
apparently approach¬
bankruptcy
or may not be
ing economic
which it may
possible to conceal further
from the
people. At home,
the
have
we
State
and
Secretary of
President
the
urgently calling upon the
world for
more
orderly and
rational
dealings
nations
at the same
among
the
time
Tuesday evening last
on
culture
announces
of Agri¬
plans for
take the
we
following:
"Economic
financial stability,
social stability, and in the last analysis, po¬
litical stability, are all parts of an arch resting
upon the foundation of trade.
No modern
industrial nation can maintain proper exist¬
ing standards of living without international
stability,
Raw materials and other commodities
trade.
indispensable for the maintenance of in¬
dustrial
markets for
likewise
indispensable for its economic life.
Shut off
from international trade, nations face deteri¬
the
processes; and foreign
of a nation's products
sale
are
"As trade
mounted
barriers
on
years),
war
barriers
be reduced
the pressures
or
needed
to
access
between
nations must
of nations to gain
materials and to equally
raw
markets by conquest of
additional territory and tactics of the mailed
foreign
necessary
fist would become intensified."
Few informed students of world affairs will
find
much
these
in
questioned.
sentences
They constitute
that
an
can
of the trend of international affairs
account
by perhaps the least ardent advocate of typi¬
cal
New
Deal
nostrums
and
possibly the
of
member
sanest
President's
the
official
family.
It is
of deep regret that the Secre¬
of facts for which he is quite
possibly not by any means fully responsible,
was
unable to be as convincing when he re¬
a
policies of this sort lead to
periodical
viewed the efforts of the present
tion
to
cope
with
the
Administra¬
thus
situation
pre¬
Here is what he said:
"Against this world background this coun¬
try embarked upon a program for the reduc¬
tion
or
elimination of excessive trade barriers
The Usual
The
find, if
possible,
mula" for
this
In
also, it must be obvious to
the
all
world that, apart
from feeble gestures
in the
form of trade agreements,
and it has
the
tirelessly urged
imperative
need
of
upon
other nations
pursuing
a
similar
course.
the
Administration
been from the first,
now,
fy
or
has
and is
not inclined to modi¬
ameliorate the strong¬
ly nationalistic flavor of its
policies
in
the
economic
"Concurrently with efforts to restore inter¬
commerce
upon
this constructive
national
basis,
other nations—parallel and complemen¬
tary policies in the field of finance, restora¬
tion of stability of foreign exchanges and of
upon
monetary
The fact is that
out the world the
through¬
approach
to international relations is
inadequate, unrealistic and
National¬
aggrandizing.
ism, particularly economic
nationalism,
was
in
many
conditions and the inviolability of
and undertakings."
financial obligations
The
sphere.
have also pursued—and have urged
we
fact
is
that
work of the present
the
less
said
about
Administration in
matters
that have to do with currencies and finance
Unfortunately, the trade treaty
hardly be considered a
good beginning.
Yet, lest it be supposed that these short¬
comings are wholly those of the existing re¬
gime in Washington, let it be remembered
that the President and his spokesmen have
the better.
program
been
at best can
obliged continually to defend even these
steps in the direction of greater
faltering
sections of the world
ram¬
enough, in all
the
out¬
science,
before
economic sanity.
the
current lack of order
and
good
The World War
naturally did nothing to reduce the intensity of naadvisability
destroy popular belief in the
of policies designed to bring national
economic self-sufficiency.
in interna¬
manners
tional
and
relations,
to
disturbingly if vaguely
about "cooperation'' among
"democracies" for the pres¬
international
ervation
of
law
order, naturally
and
refraining in this
tion
from
connec¬
comment
such steps
of
upon
own as
our
Neutrality Act. Mean¬
and
both here
abroad, each nation
tinues its
to
con¬
unceasing efforts
perfect and to enlarge its
economic self
sufficiency
-
and isolation,
increase
to
by whatever means are at
hand the advantages
nationals
over
other countries.
is there any
eral
of its
those
of
Nowhere
apparent
realization that
gen¬
con¬
flicts, yea, even wars and
of wars, are all but
rumors
inevitable
as
long
so
world is
tively
small
the
a
rela¬
composed of
number
of
large and powerful nations
vying
with
one
another,
each to grow
and
of the other,
prosper
and each determined to be
break of general hostilities in 1914.
tionalistic feeling, or to
to
at the expense
con¬
pant
the
officials
country,
while,
time,
"for¬
deplore
the
same
and to
a
tiding them over.
wont
are
ods.
markets. At the
to
development of
critical situations,
discriminations and other unfair trade meth¬
passed the Trade
Agreements Act for the achievement of these
purposes.
Since then our country has vigor¬
ously engaged in trade-agreement negotia¬
tions with an increasing number of countries
be
to
seems
the
await
Approach
general practice
abroad
and for the elimination of uneconomic trade
In 1934 the Congress
proper
war.
els of wheat
foreign
of
any
the
setting, lead to catastrophic
dumping 100,000,000 bush¬
upon
crises,
which could, in
matter
reason
are
obviously
international rivalries and
talk
tary, by
It is
inevitable that beliefs and
be
admittable
self-sufficiency
concerned.
as
cessive trade
as
and economic isolation
side
every
the movement toward
economic nationalism gathered momentum,
it became only too clear that either the ex¬
(in post
exception
no
general rule, at least
far
so
oration and decline.
sented.
that the Secretary
to the
From the radio address of the Secretary of
State
are
plications almost literally
been
course
A Problem-—But No Solution
thought¬
of
consciousness
but
or
distressingly in the
been
ful
degree
one
In recent
years
the world
wholly independent of the other.
Perception
seems
equally lacking of the fact that economic self-suf-
ficiency,
even
if theoretically possible in some in-
stances, must in all cases result in a less abundant life,
or,
if the fact is understood, it is regarded as of less
Volume
Financial
147
than what is believed to be^ national
importance
security.
This
at
general world situation is in this country
present manifesting itself most distressingly in
of locking
the world. Equally naive is it to suppose that we
can
establish
restore "economic balance" by gov-
or
ernmentally imposed restrictions on production and
the subsidizing of exports, or by any of the other
the No. 1 economic
problem of the country has
such
policies of
vogue
for some such purpose. The
the cost of virtually rebuilding our economic system,
long series of Washington Adminis-
a
What we have done to date to "solve" the domestic problems raised by the world international situation (partly at least a product of our own blunder¬
ings of the past) is to pretend that these problems
have their origins elsewhere, ignore them, or at-
as
reason
The trouble is
that, having cut ourselves off, economically speaking, from the outside world, refusing to take foreign
trations, including the existing one.
products freely, we have rendered ourselves unable
normal
sell
in
is to be found
designation, the
a
much in the South
so
now
in the tariff and related
promptly and properly met with the counterassertion that if the South does in point of fact deserve
methods
fact is that the kind of "balanced abundance" that
is allegedly sought can under existing international
conditions not be effected by any means except at
been
to
as a consequence
in economic isolation from the rest of
The President's recent reference to the South
ucts.
not
up
agricultural prod-
connection with the market for
as
and richer economic life
themselves
,
1085
Chronicle
make matters
amounts
of cotton
abroad, and to
have set out upon a
worse
crusade of
tempt to patch up remedies which prove one after
the other to be
no
remedies at all. Apologists for
production, market rigging and withheld
this method of dealing with a distressing situation,
supplies, the whole program serving admirably to
when they are obliged to recognize some of the basic
give ambitious foreign cotton growers the opportu-
facts of the current state of affairs, are wont to assume a defeatist attitude, saying that the whole
world beyond our borders is slightly mad, extremely
selfish, and unalterably determined to make it impossible for us to enter the world markets with our
curtailed
nity they have long desired to become established
serious
as
competitors.
exist in other crops
Closely similar situations
directly
or
indirectly dependent
foreign markets.
upon
goods in
Wp Havp
a
°
Nn Fypiisp
normal
way
*
and in normal amounts, the
'
only thing for us to do being to proceed as best we
Programs of economic self-sufficiency and isolation
priori of
are a
more
where and in any
circumstances, but there is less
for them in this
excuse
where else in the world.
with the abundance and
sourees, we are
a
country than perhaps anyIt is true of
variety of
course
our
that,
natural re-
better position to attain some-
self-sufficiency than
approaching economic
thing
any
in
than doubtful wisdom any-
other nation, but the cost nonetheless must be,
being, exceedingly heavy, and we are
and in fact is
unable
to
may
to adjust ourselves to the world as we
extremely high barriers to the importation
erect
of
goodg from abroad, nor the last or the most re-
i«ctant to let
that
ourg wag
fairg at home
become
it be known in
the task of
no
uncertain terms
looking after our own af-
(g0 it was said), and that we
convinced
that
we
had
could get along very
well while the rest 0f the world remained enmeshed
jn
controversy and retaliatory
restrictions,
plead national defense against powerful
An old Fallacy
neighbors who eye our resources, our territory or
our
find it.
They forget that we were by no means the last to
obvious greed.
with
colonies
What
we appar-
For
us
this is no new situation in some respects,
can
not bring ourselves to understand is that
economic
autarchy would be costly business, and
The policy of economic isolation, although called
by other names at various times, is an old one. We
that such
attempts as we have for years been mak-
have in relatively recent years passed
ently
ing to reach in part at least such a status have cost
us
abroad
is
desirability of "protecting"
The
heavily.
wage earners
everywhere preached, and the
leader with the acumen or courage
either in
protest
does not
it
our
from competition from "pauper labor"
seem
or
political
to raise his voice
in counsel of moderation simply
to live at the
present moment.
Yet
ought be as plain as a pikestaff even to the way-
faring
man
that the wage earner in the textile in-
for example, has been "protected"—if in-
dustry,
deed he has been
Southern cotton
protected—at the expense of the
farmer
and those who earn their
living working for him.
workers who have
been "protected" against competition from "pauper
wages" abroad have been so favored to the detriEqually clear is it that those
ment
true is
a
the
conclusion of hostilities in 1918 we virtually exeluded imports of many products by erecting
walls about us of unprecedented
of duties have since been increased
stances, and the really
tariff
proportions. Rates
in many in-
effective rates were again
raised when the dollar was devalued.
Throughout
nearly the whole of the first decade of this
self-im-
posed economic isolation we, not being willing to
see our export trade reflect the results normally to
be expected from such a policy, "loaned" foreign
peoples huge funds which in effect were used to
for our goods. The sellers of American prod-
pay us
ucts obtained their funds, but the lenders
have been
and the corn farmer,
obliged to write much the larger part of their investments off as a charge to experience and folly.
little less obvious although hardly less
fact that this "protection" has been af-
these so-called loans would never be repaid, that
of the
Possibly
through, or
almost passed through, a cycle of policy in respect
of these matters. Within a very few years after the
wheat
grower
forded at the expense
of wage earners in other in-
dustries which would be doing
much better had for-
eign mhrkets been open to the manufacturers
of
goods where American mills enjoyed a natural com-
advantage over those abroad. It is, of
demonstrably absurd to suppose that the
people of this country at large can enjoy a fuller
petitive
course,
When it became clear that many, if not most, of
these advances in the final analysis amounted to
gifts of our products to foreigners, we came to the
conclusion that we would do no more foreign lending—a resolution that we have faithfully kept—but
despite the fact that much the larger part of the
world's free gold is now stored in our vaults, our export trade languishes, our farmers are demanding
1086
and
Financial
getting subsidies, and large amounts of farm
products
for all practical purposes the property
are
of the Federal Government which has not the
slight¬
est idea what it can do with them.
Here in brief
the moment
the
to be
we seem
unwilling to
brake,
route to take.
to the
We face
right
Sooner
or
sitting with
latet
our own
diverging paths. At
reach
foot
our
decision
a
on
which
must turn either
we
to the left.
We cannot indefinitely
avoid deciding whether we wish virtually to remake
or
economic
our
structure, reducing agricultural
tivities to those
for domestic
have
until
they, too,
meanwhile
man
branches
have had
or
are
industry which
purely domestic basis,
a
excess
in other industries where labor is
tected from pauper wages
in earnest to
istence
of
suffering the cost of absorbing the
power
of
promote,
normal
or
abroad,
else
or
of affairs created
pro¬
to work
go
rather to permit, the
international
no
conceived.
of
state
by the New Deal. It existed long
before this most recent version of mercantilism
has
ex¬
interchange
goods. This, let it be definitely asserted, is
ever
Indeed the present
was
Administration
developed its program of trade treaties to
large the flow of goods back and forth
borders.
the
This program,
surface
of
the
istrations made
even
to scratch the
sur¬
that such
about the
tations
are
spite
the
same
us
crusade
exaggerated
nationalism
in
with the world indefinitely de¬
nationalism—provided of
ministration
volving
situated geographically
almost daily producing. We could doubt¬
are
our
so
policies as these do not so readily bring
political crises which the several manifes¬
of
Europe
we
less remain at peace
course
the Ad¬
carefully and wisely refrained from in¬
in other people's affairs in
against the
crasser
nomic nationalism.
some
idealistic
forms of cut-throat
But how much
more
intemperate expression to their displeasure at.the
behavior of other
nations, and talking vaguely about
"cooperation" with certain other countries
hold international law which
virtual
extinction,
were
now
that
to
up¬
is threatened with
to take off their coats and
get to work removing the beam from
our own eyes—
is, forthwith forsake the paths of ultra-nation¬
alism
for
those
leading to normal and mutually
profitable international economic relations!
It is
said, of course, and with truth, that
of this sort would not be in accord with the
ideas of the
haps in
a
inclined to favor
educational
out
policy
popular
and
a
our
per¬
history,
policy of high protectionism,
require much spade work of
persuasive nature to procure
support for such
a program.
But neither
an
gen¬
were
people in 1932
or 1933 prepared to accept with¬
question many of the nostrums which the New
Deal managers have since devised and made
The
shall
same
selling effort that
was
popular.
required to
mar-
popular support for much of the New Deal
would without doubt have produced similar results
had
it
been
employed in behalf of
more
rational
other problems of similar origin
many
tendencies
URRENT
in
statistics remain much
Member bank
the
official
banking
along anticipated lines.
deposits with the 12 Federal
reserve
increased
Banks
Reserve
$39,673,000 in the week
ended Aug. 17, largely because of
heavy expenditures
by the
Treasury in Washington from its general
account, which reduced that item by $36,716,000.
Excess
of the member banks
reserves
over
legal
re¬
quirements advanced only $10,000,000, however, to
$2,930,000,000,
the required
increased modestly owing to gains in
apparently
deposits with
the
the
member
as
banks
reserves
themselves.
In
long run
expected to mount, although
be broken from time to time through
reserves
excess
be
can
the trend may
Treasury borrowing, "tax payments and
developments. Possibly of greater significance-
than these modest
changes in the banking picture
further indications
of
expanding loans by local
porting mepiber banks, here in New York.
loans
of the
New
York
are
re¬
Com¬
reporting member
banks advanced $10,000,000 in the statement week,
and this increase comes on top of a gain of $17,000,000
in the
preceding week.
for such gains,
immense
and
This is, of
and it
room
since business loans
much
the
course,
season
be noted that there is
need
for
improvement,
at their low of the current
Brokers loans
ago.
advanced
collateral
may
were
depression two weeks
$9,000,000
on
the
in
security
weekly
period.
Monetary gold stocks of the country continue to
the
mount,
advance for the
$19,000,000 and the total
now
weekly period being
standing at $13,052,-
000,000. The Treasury still refrains from reimbursing
itself for such
acquisitions, and gold certificate hold¬
ings of the 12 regional banks declined $500,000 to
$10,632,407,000.
With
currency
in circulation
now
undergoing its seasonal expansion, other cash of the
Federal Reserve Banks decreased slightly, and total
reserves
to
of
the
regional institutions fell $3,555,000
$11,032,117,000.
Federal Reserve notes in actual
circulation advanced $14,558,000 to $4,150,214,000.
Total
a
day, that the people of the country,
degree not before equaled in
and that it would
the
good
a
are
farm problem on their hands—
a
Federal Reserve Bank Statement
eco¬
encourag¬
ing it would be if the President and the Secretary of
State, instead of giving lugubrious and sometimes
eral
and
have
to
mercial
Fortunately
willingness is in evidence, both
to boot.
heavy
of course, hardly scratches
effort
no
Until that
certain
similar
situtaion, but previous admin¬
largely
this Administration and those which follow it
our
across
large for
It is
question of willingness to undertake the task in
en¬
face.
are
a
earnest.
policy of
a
convinc¬
any
obtain support from the country at
now
ac¬
important foreign markets
upon
foreign policies. Nor is there
ing reason to suppose that the President could not
required for the production of goods
consumption, and pursuing
retrenchment in those
now
economic
Aug. 20, 1938
freer trade and less financial isolation.
the domestic results of
are
economic nationalism.
Chronicle
deposits
with
account
banks
variations
reserve
198,000;
balance
a
Federal
the
dropped $12,670,000 to
consisting of
balances
Reserve
$9,236,367,000,
a
Banks
with
the
gain of member
by $39,673,000 to $8,085,-
drop in the Treasury general account
by $36,716,000 to $802,104,000;
a
decline of
foreign bank balances by $1,400,000 to $115,867,000,
and
a
drop in other
$233,198,000. The
at
82.4%.
of
$14,227,000
to
ratio remained unchanged
Discounts by the regional banks declined
$242,000 to $6,632,000.
off
deposits
reserve
Industrial advances
were
$149,000 to $15,816,000, while commitments to
make such advances receded $27,000 to
Open
market
holdings
of
bankers'
$13,740,000.
bills
held
at
$540,000, and holdings of United States Government
securities
were
similarly motionless at $2,564,015,000.
;
Financial
147
Volume
The New York Stock Market
Chronicle
1087
New York Stock
Exchange remained unchanged at
STOCK prices drifted idly this week on the New !%• the New York Stock Exchange the sales at the
market, with the trend faintly upward.
On
York
Dealings
as
to the many
of
course
extremely small scale, for there
were on an
appeared to be
good deal of general uncertainty
a
pertinent developments and the future
the
market.
however, of the
There
trading of last week.
the
little
more
marked the
that
hovered around
Price levels
figures established in that
most of the current
repetition,
no
was
declines
severe
during
movement
week, and finally turned upward a
vigorously yesterday.
In consequence,
gains of 1 to 3 points
can
be noted in leading industrial
stocks, for the week
as a
whole, while utility and rail-
road issues advanced
of the market is
volume of
trading.
In contrast with the
active sessions of recent
York Stock
The mood
moderately.
more
perhaps better reflected by the small
Exchange
weeks, dealings
were
barely
relatively
on
the New
the 500,000
over
half-day session on Saturday last were 396,200 shares;
on Monday they were 593,710 shares; on Tuesday,
614,400 shares; on Wednesday, 596,050 shares; on
Thursday, 446,610 shares, and on Friday, 825,680
shares. On the New York Curb Exchange the sales
*ast Saturday were 46,420 shares; on Monday, 78,470 shares; on Tuesday, 80,480 shares; on Wednes-
day, 93,695 shares; on Thursday,
and on Friday, 97,725 shares.
83,055
shares,
Declining tendencies were again the order on
Saturday of last week, bringing the total number
of trading days on the Stock Exchange up to six
where lower values were a prevalent feature of the
market.
Trading for the day was practically exempt from all outside influences, and extreme narrowness of transactions was descriptive of the short
share mark in most sessions this
week, and on Thurs-
session.
day they dipped under that diminutive level.
The
most
any
slight improvement, but trading volume for the full
smallest
turnover
recorded
was
Thursday for
session since the advance started June 20.
The
session
principal influence making for idle markets
and
uncertain price trends
naturally is the unsatisfactory tendency of trade and industrial reports,
Anticipated gains in this important sphere have been
realized only in small
part, as yet, and the question
remains whether the movement will continue
broader scale.
some
is the
foreign situation at all helpful.
market
doubtless
nervousness
and
recurrent
that
sweep
all
Much of the
but
continuous
Monetary
remains
unallayed,
highest officials of
despite
the
impends.
the
Nor
be attributed to
can
Europe.
over
tempering
any
of the leading grains still
close to the lowest levels of recent
years.
or
the
on
Commodity markets fail to supply
stimulus, with
any
at
war
scares
uncertainty
many
denials
by
leading nations that fresh
Premier
Edouard
found it necessary to
appeal to the
Daladier
French people,
Thursday, for support of the Government and abstention from
so
gold hoarding and capital exports.
many uncertainties
trend
plainly is to await further developments.
dealings also
Treasury bonds
and
With
surrounding the markets, the
some
fresh
below
was
trial and political
a
in
a
trans-
closed off from their best highs of the day, but
aged to show gains of fractions
the finish.
The market
on
up
man-
to two points at
Wednesday failed to
maintain its two-day stride and gave way to irregu-
larity.
While nothing sensational occurred in the
market the present week, progress was not lacking,
hut old rumors pertaining to the business situation
abroad were reawakened, and tended in a degree to
upset the market's equilibrium.
ing
On Thursday trad-
extremely dull and irregular affair.
With the market caught in the doldrums, price
was
an
changes proved mostly of a negligible character,
Share volume, too, suffered a drastic reduction,
the main holding to their levels of the previous day.
Evidence of fresh strength came to light after the
year were
noted.
Possi-
scanned
and
portfolios
generally
With important new corporate bond
lacking, dealers turned again to the listed
accumulated
blocks
of
highest
grade
obligations for offering to institutional investors.
Speculative railroad and other bonds were mixed,
with
were
equities opened the morning session with prices in
unchanged pending the disclosure in about
and
and while traders
States
United
small scale.
a
\
were
weeks.
market
news,
values pushed somewhat higher in rather dull trading. Likened to that of the previous session, prices
mid-day recess and
flotations
was
actions. The slight advantage gained the day before
was carried over into Tuesday's session, and equity
list.
two
Encouragement
receptive humor, caution continued to feature
operations
held
some
given to the market in the form of favorable indus-
bilities of the Sept.
quarter-date Treasury financial
were
normal.
for the
witnessed
in fair demand but poor supply,
highs for the
were
occur were
Monday
being the smallest in a period of two months.
Yesterday sales volume increased moderately and
on
were
fractional.
small
In the listed bond market movements
and
Price changes that did
part
slight upward tendency apparent.
In the
was
quite general throughout the
As compared with the close
on Friday of last
week, prices finished yesterday at moderately higher
levels.
General Electric closed yesterday at 42%
against 40
on
Friday of last week; Consolidated
Edison Co. of N. Y. at 26% against 26; Columbia
Gas & Elec. at 6% against 6%; Public Service of
N. J. at 29% against 29%; J. I. Case Threshing
Machine at 91 against 87%; International Harves-
commodity market wheat touched fresh lows for the
ter at 58 against 56%;
movement
73 against 70%; Montgomery Ward & Co. at 46%
other
on
Monday, but rallied thereafter, and
agricultural
items
general tendency.
followed
Base metals
Foreign exchanges
were
On
the
touched
touched
no
York
Stock
8
stable.
movements
on
were
26 stocks touched
new
year,
American
&
Tel.
Tel.
at
141%
against
140%.
Western Union closed yesterday at 27% against
27%
on
Friday of last week; Allied Chemical & Dye
stocks
130% against 123%; National Cash Register at 28%
while_3 stocks
against 26; National Dairy Products at 13% against
43
On the New" York Curb
stocks touched
against 45%; Woolworth at 45% against 46%, and
at 179% against 172; E. I. du Pont de Nemours at
Exchange
high levels for the
newjowlevels.
Exchange
more
same
great moment.
New
new
the
firm against the dollar
were
Tuesday, but in other sessions the
small and of
much
Sears, Roebuck & Co. at
new
low levels.
high levels and
Call loans
on
the
15; National Biscuit at 25% against 23%; Texas
Gulf Sulphur at 35 against 35%; Continental Can
at 44 against 44%; Eastman Kodak at 174 against
'
•
j
Financial
1088
Chronicle
house Elec. &
20
at
Mfg. at 102% against 98%; Lorillard
against 20%; Canada Dry at 18% against
the
In
171; Standard Brands at 7% against 7%; Westing-
Aug. 20, 1938
National Distillers at 24
as
The steel stocks
against 57 on Friday of last week; Inland Steel at
55%, and Youngstown Sheet & Tube at 35% against
36%.
European Stock Markets
yesterday at 58%
72% against 73%; Bethlehem Steel at 56% against
In the motor stocks, Auburn
Auto
closed
2.73%c.
Paris closed yesterday at
on
against 2.72%c. the close on Friday of last week.
irregularly changed for the
are
United States Steel closed
week.
cable
yesterday at $4.88% as
against $4.87% the close on Friday of last week, and
cable transfers
"
exchanges,
foreign
London closed
on
17%; Schenley Distillers at 18 against 17%, and
against 24.
the
of
matter
transfers
PRICES were marked principal European finan¬
exchanges in all| the lower this week on stock
cial centers,
in
largely because of war fears, but also
part because currency developments renewed all
apprehensions felt periodically in Europe re¬
yesterday at 4 against 4 on Friday of last week;
the
General Motors at
garding the stability of various Continental units.
47% against 44%; Chrysler at
72% against 68, and Hupp Motors at 1% against 1.
In the rubber group,
Goodyear Tire & Rubber closed
The British
market
clines of the week
fairly stable,
was
followed
were
On the Paris Bourse
early de¬
as
by improving price
yesterday at 28% against 26% on Friday of last
levels.
week; United States Rubber at 45% against 42%,
prevailed until Premier Edouard Daladier on Thurs¬
and B. F. Goodrich at
day issued a general denunciation of gold hoarders
road shares closed
24% against 22%.
The rail¬
yesterday at higher levels.
Penn¬
sylvania RR. closed yesterday at 20% against 20%
on
Friday of last week; Atchison Topeka
at
36% against 34%; New York Central at 18%
Union Pacific at 89 against 86%;
against 17%;
Pacific
Southern
Santa Fe
at
18% against 17%; Southern
Railway at 12% against 12%, and Northern Pacific
at
official
capitalists who feel
French
The
the franc.
the franc is
Berlin
Stock
sinking spells, which ended abruptly on Thursday
because of intervention
show
now
by the banks. German share
heavy depreciations,
the
that
recessions
latest
clear
to fears of war induced
Anaconda Cop¬
closed yesterday at 34% against 33%
per
of last
on
Friday
week; American Smelting & Refining at 47%
against 46, and Phelps Dodge at 35% against 33%.
Trade and industrial
in view of the poor
but
these advances
Steel
state of general business,
only be regarded
can
as
36.4%
week
a
ago,
month ago, and 83.2% at this time last year.
a
Production
Aug. 13
at
were
zation.
was
of
electric
for the week ended
power
reported by the Edison Electric Insti¬
2,133,641,000 kilowatt hours against 2,115,-
countries,
European
ing
ments orders
statistics
trade
Holland
little
are
still
of
in
Trading
London
the
on
cars
This
Aug. 13
by the Association
was an
increase of
ing week, but
a
were
reported at 589,561
of American
5,511
cars over
decline of 184,221
Railroads.
the preced¬
cars
from the
similar week of 1937.
As
indicating the
sections.
mar¬
Exchange
Gilt-edged stocks lost ground
Europe,
weak.
British industrial stocks
and
department reflected
The decline at London
favorites.
Not
movement.
home industrial
gold,
much
continued
support
was
extended the
list, and fresh recessions were re-
copper
and other mining stocks. In¬
ternational issues likewise remained soft.
cheerful
against 62%c.
September
Chicago closed yesterday at 53%c.
the close
at
on
Friday of last week.
as
The
on
against 51%c.
yesterday
was
as
16.32c.
Friday of last week.
against 8.27c. the close
as
In London the
pence
per
the close
against 16.00c. the close
ounce
as
against 19%
per
yesterday at 42%c., the
Friday of last week.
pence
was
Friday of last week, and spot
silver in New York closed
on
on
Friday of last week.
price of bar silver yesterday
on
on
rubber
Domestic copper closed yester¬
on
and
commodity
on
Wednesday,
stocks
were
while international issues
mistic
day
in
The tone
although gilt-
Industrial
modest demand,
responded to more opti¬
reports from New York.
were
slight
The spot price for
day at 10%c., the close
close
against
Friday of last week.
Friday of last week.
ounce
as
spot price for cotton here in New York closed
yesterday at 8.42c.
19%
at
September oats
Chicago closed yesterday at 23%c.
22%c. the close
the
corn
more
on
shares still leading the
with gilt-edged
Tuesday,
was
edged stocks still reflected unsettlement.
as
Friday of last week.
were
losses both in
closed
yesterday at 64%c.
also
Anglo-American trading
was
on
the dis¬
on
Commodity shares drifted lower, while the
kets, the September option for wheat in Chicago
close
was
turbing reports of immense war games in Central
corded in
of the commodity
course
Stock
fairly active last Monday, with prices easier in all
international
for the week ended
exports, with imports
changed from earlier months of the year.
Continental securities and
freight
arma¬
The foreign
Britain, France, Germany and
declines
reflect
because
probably
the increase.
on
this time last year.
revenue
largely
Meanwhile, trade and industrial reports in¬
847,000 in the previous week and 2,300,547,000 at
Car loadings of
due
were
by the German test mobili¬
dicate that business is well maintained in the lead¬
by the American Iron and Steel Institute
40.4% of capacity against 39.4%
tute
inadequate.
operations for the week ending today
estimated
at
reports reflect slight gains,
against
as
prices prevalent up to two months ago, and it is
against 16, and Atlantic Refining at 23% ex-div.
copper group,
The
Exchange suffered another series of
against 23%.
In the
upward on
further devaluation of
Exchange controls also
contemplated.
values
Friday of last week; Shell Union Oil at 16%
no
will be avoided, the French Premier declared.
yesterday at 54% against 53
ard Oil of N. J. closed
confidence in
no
market turned
that
assurances
Among the oil stocks, Stand¬
12% against 11%.
on
and of French
good deal of hesitancy
a
Dealings
on
Thurs¬
quiet, with gilt-edged issues still under
pressure.
British industrial
stocks showed
only small changes in either direction, while com¬
modity shares
securities
were
were
equally uncertain. International
depressed by unfavorable overnight
British funds were steady
reports from New York.
in
a
and
quiet session yesterday, while industrial stocks
commodity issues showed small gains.
national
securities
The Paris
Bourse
the
servance
of
business
was
downward.
were
was
Inter¬
neglected.
closed last Monday
in ob¬
Assumption Day feast, and when
resumed
on
Tuesday the trend was
Currency developments occasioned ner-
Volume
for the franc
vousne&s,
under
Financial
147
the
quoted
was
limit
lower
Rentes, French equities and inter¬
national securities all lost
were
ground, but gold-mining
conspicuous exception.
a
apprehensions
stocks of
were
all
The currency
followed by keen demand for the
gold mining companies and for the actual
metal in the London market.
dencies
slight fraction
Premier Daladier promised would
sterling which
not be exceeded.
shares
a
francs to the pound
of 179
noted
were
descriptions
Irregular upward ten¬
Wednesday at Paris. Rentes of
in demand, but those with a
were
the
tempting prospect of huge German purchases
of American cotton and other
provided
creased
ditional
for
national
were
slightly better, while inter¬
gold-mining shares remained in excellent
demand.
ment
stocks
The
Bourse
on
Daladier.
currency
franc
The
improve¬
owing largely to the reassuring
Thursday,
statement
registered general
International securities
since
were
were
equities, although a few issues improved.
Nervousness
regarding the international political
situation unsettled the Berlin Boerse in the initial
5
week, and sharp declines in quotations
the rule.
were
Leading issues showed drops of 2 to
points, and hardly an exception was noted in this
Fixed-interest
trend.
ward
securities
was
recorded
countries in
losses
the
previous
day.
The most
severe
registered in heavy industrial stocks,
were
but others
to 7
of
those
also
Liquidation
soft.
were
points, and
many
Declines ranged from 2
lows for the
year were
continued Wednesday,
was
on
issues
There
declines
showed
the Ger¬
up
demand, and
some
more
were
another weak
the
opening
on
equities.
and
stocks
tion
a
se¬
of
few
ery
operated through the banks, and the decline
was
halted
by this factor than by
any
ordinary
buying. Gains and losses were about equally numer¬
ous
A sharp and general rally devel¬
at the close.
3 to 6
Demand
points.
with leading issues
was
by President Roosevelt and
relations with the rest of the world.
Thursday, when he declared at Kings¬
ton, Ont., that the United States would not tolerate
from
threat
any
other country that might tear
Canada from the British Commonwealth of Nations.
the
little
circumstances this statement seems
given
less
than
sheer
effrontery,
good for all groups of
unable
meet
to
any
threat of this nature.
if the President had in mind
words
can
trade
American
in
a
statement
Brinkmann,
nomics
were
made,»in
Berlin
by
Dr.
Rudolph
State Secretary in the German Eco¬
Ministry, and in a rebuttal by Secretary of
Hull.
State Cor dell
Dr. Brinkman declared in
an
address before the American Chamber of Commerce
in
to
for
bilateral arrangement in which Ger¬
by German goods.
The German official ex¬
pressed regret over the fact that the Reich remains
on
the State
Department "black-list," and held out
The com¬
of
nations that hope for American aid
of another great war, and the usual
event
the
denunciations
from other countries.
However ad¬
intentions, Mr. Hull assuredly is the
mirable
his
world's
foremost exponent
of wishful thinking in
grimly realistic field of international relations.
Roosevelt
made two
addresses on
President
Thursday, the first being devoted to broader ques¬
international
relations, while the second
concerned mainly
with his pet project of the
of
tions
Lawrence
The latter
waterway development.
speech was delivered as part of a program
a
new
address, made at Queens Univer¬
sity in Kingston, dealt with international
the
opening
international bridge in the Thousand Islands
The earlier
area.
Canadian
affairs on
Mr. Roosevelt reminded our
neighbors that civilization is interna¬
largest
scope.
tional, and he dwelt on the long
tradition of amity
border.
"We in the Amer¬
both sides of the long
expand its business with the United States, on
a
Tuesday, offered a peace
by the Secretary brought the usual chorus
acclaim from
in
icas
purchases of American products would be paid
a
hardly be considered well chosen.
by the Administration in recent years.
Germany, Wednesday, that the Reich was eager
man
than
that differed in no important detail from
many similar programs sponsored unavailingly
on
the basis of
more
program
St.
FUNDAMENTAL differences inaired this week
German and
policies
nothing
be
Even
by Mr. Hull, delivered in an interna¬
tional radio broadcast on
was
Germany
no
friendly gesture toward the British Commonwealth,
securities.
Trade with
for there is
shred of evidence that London and Ottawa would
up
equities, and gains also appeared in fixed-income
Mr.
virtually extended the Monroe Doctrine
to Canada on
the
oped yesterday in Berlin,
Foreign Policy
melange that constitutes the official view
our
the
changes of significance. The Reich control machin¬
more
gen¬
afforded in either of the addresses of the
was
curious
After
Thursday, prices improved
closings showed only
are
Secretary of State Cordell Hull, but no clarifica¬
ments
Boerse,
general purpose,
Even the benefits extended to other
this week
made
The statement
to 17 points, while prominent
resistant than
this
TWO highly important declarations on the for¬
eign policy of the Washington Administration
some
again receded 2 to 7 points. Fixed-income
curities
on
little
was
arrange¬
reciprocal trade agreements
American
his
instances.
to
noted.
market, with the recessions sensational in
man
trade
eralized, Mr. Hull pointed out.
In
Tuesday at Berlin, with the declines comparable
with
multilateral
to
unsuitable
remain
of world trade.
a
joined the down¬
Another weak session
tendency.
on
the Secretary said, bilateral and barter agree¬
Roosevelt
session of the
goods, he
replied,
polite refusal to abandon the tra¬
sharply lower in slow
trading yesterday, and losses were prominent also
in French
Hull
they result in diminution rather than increase
were
Rentes
quiet and lower.
German
ex¬
changes market, and both rentes and French equities
registered wide gains.
a
Mr.
increasing the trade of this country with Ger¬
intentions made by Premier
improved in the foreign
more
Although he would be happy to find a basis
ments
industrial
to take
statements
adherence
ments.
far
French
were
these
Thursday, with
many,
strength than franc-pegged issues.
dollar bonds might be bettered if the
on
To
in¬
were
wares
Even the German debt
correspondingly.
United States
said.
agricultural products
German,
of
takings
our
payments
guarantee against exchange fluctuations developed
more
1089
Chronicle
the
are
longer a far-away continent, to which
eddies of
bring
no
tinued.
a
no
controversies beyond the seas could
interest and no harm," the President con¬
"Instead, we in the Ameriqas have become
consideration to every propaganda
every
general
staff
beyond the
office and to
seas.
The vast
1090
Financial Chronicle
amount of
and
the
our
strength of
factors in
Happily,
the vigor of
resources,
world
our
have made
men
whether
peace,
we
formed
our commerce
vital
us
choose
or
hopes
understanding,
can look clear-eyed at these possi¬
bilities, resolving to leave no pathway unexplored
which may, if our hopes are
realized, contribute to
the
of the world.
peace
disappointed,
we
can
Even if these hopes
each
assure
other
hemisphere at least shall remain
wherein civilization
flourish
can
a
that
are
this
strong citadel
unimpaired.
The
Dominion of Canada is part of the sisterhood of
the
British
Empire.
I give to you
people of the United States will
if dominion of Canadian
other
that the
assurance
suggestion
ameliorate
to
the
of President
conditions
tion
already has been given the question of destina¬
tion
of
the
countries
refugees, with
little
open their
gates and permit entry by the unfortunates.
delicate
problem remains of
the Berlin
to
able
The
semi-official approach
a
Government, with the aim
of
reason¬
emigration arrangements, and London reports
indicate that
task.
Mr.
Rublee will make this his first
"It is realized that if
by
inducement which Nazi leaders will consider worth
any
while,"
was
few Latin American
a
inclined than others to
more
Germany is to do any¬
thing for the refugees she must be offered some
soil is threatened
by Mr. Hull
which
idly by
not stand
empire."
The address
Roosevelt,
under
600,000 political and religious refugees are expected
to emigrate from Germany alone.
Some considera¬
not.
and we, in friendship and in entire
you
Aug. 20, 1938
the
at
than
more
a
a
marks.
In the endeavor thus
dispatch to the New York "Times"
rendition of his familiar theme of "world
law and
conferred
international
re¬
suggested, Mr. Rublee
head of the American
venture and
order,"
opposed
as
to
"military ad¬
international lawlessness."
Correctly
enough, the Secretary pointed out again that
nation in the world must
the
to
course
ranged,
participate in determining
taken.
The
United
was
democracy.
reiterated
In furthering this aim, Mr.
seven-point program "based on
a
principles of world law
Altering somewhat the
ciples previously
and
international order."
order
in
national
which
such
proclaimed, Mr. Hull
were
first for economic reconstruction
of
States
as a matter of course, on the side of
peace,
order and
Hull
be
every
as
prin¬
international
well-being and sta¬
Respect for the basic principles of inter¬
national law, and allied with this
the observance
Mr.
modifying them
arises, comprised the
when the need
for
next two items.
means
Hull then called for
abstention from
use
from interference
"voluntary self-restraint,
of force in
in
the
nations, and the settlement
esses
the fifth
of
other
of
made up
of
for general
earlier
apart
mutual
understanding
cooperation in
suggestions.
supply, however,
tion of the actual
from
ments.
was
International collaboration for in¬
exchanges and for
the
failed to
armaments
the next item, while the final recommenda¬
was
ment
progressive reduction of
point.
tellectual
pean
affairs
differences by proc¬
of peaceful
negotiation and agreement." Limi¬
tation and
tion
pursuit of policy and
internal
course
such
was
the
What
advance¬
Mr.
Hull
any genuine indica¬
of American
foreign policy,
glittering and appealing senti¬
It is doubtless
symptomatic that the Euro¬
dictatorships denounced
the
speech, while the
democracies welcomed
it, French opinion even going
so
far as to
regard it as an assurance that the
United States would
wage war in behalf of Czecho¬
slovakia.
habit of
The
lectures
which
Mr.
reading to the
world
at
be supplemented
ness
no
Hull
is
in
the
large might well
by definite declarations of aloof¬
from the affairs of other
doubt that sentiment in
terton, chief of the British group, and other spokes¬
men.
When plans and
proposals are sufficiently
advanced, Mr. Rublee is expected to proceed to Ber¬
for quiet and tactful discussions with
Reich
lin
authorities.
nations, for there is
the United
States de¬
mands such aloofness.
gees
in recent years
tors" to
Refugee Conference
actual
Europe
who
prob¬
and
States of
were resumed in
was
London, Monday, after the
George Rublee, Washington
lawyer,
appointed permanent director of the Inter¬
governmental
Refugee
no
difficulties.
Central Europe
FEAR that Central Europe war
another world
soon
ished this
an
in
in
week, despite
Committee.
This
group,
war games
War
one
merge
Europe has furnished
on
frequent
and
form
a
In recent months
more
reasons
even
Spain for such apprehensions, for the German
annexation of Austria
supplied evidence of the
lessness with which the Nazis
in
Germany
being hardly distinguish¬
able from the start of the next.
than
in
scares are so
Europe that they tend to
continuum, the end of
Central
may take its rise
was somewhat dimin¬
unprecedented scale.
their
plans for taking part
vakia and
then
moving
on
about German
ruth-
are
likely to proceed
or
all of Czechoslo¬
down the Danube and
possibly into the Ukraine.
There
is
little
doubt
intentions, but it also is clear
that
Czechoslovakia will have French assistance in the
event
of
Russia
is
unprovoked
bound
to
aggression
aid
by
the
Reich.
Czechoslovakia if France
does so, and the attitude of the British
Government
is
hardly less equivocal, despite the care exercised
by British spokesmen in refraining from actual com¬
mitments in advance.
man
authorities
but the
be
are
In these
circumstances, Ger¬
not
likely to start hostilities,
danger always remains that the world will
precipitated into another major conflict through
untoward and uncalculated events.
War fears
last
were
especially pronounced over the
week-end, owing to impending German army
exercises
was
potential refugees from the
totalitarian
countries
numbers of refu¬
inclined to permit the "visi¬
are
that
involved
assumed the appearance
EFFORTS to solve the graveflood of
humanitarian
lems occasioned
by the
appears that
remain, and that aspect of the refugee prob¬
lem thus offers
maneuvers
arrival there of
Meanwhile, it
which have received considerable
the foundation
and
treaties, together with
length this wek with Myron Taylor,
delegation; the Earl of Win-
called
bility.
of
at
are
on
mentioned
as
national conflict.
out
incident, the
such
the
of
a
a
entire
nation
and
test mobilization.
The
scale that
Aug. 15 freely
the date for the start of
When that date
was
an
inter¬
passed with¬
cheerfully pushed
rumor mongers
forward their evil prognostications to
Sept. 15, with
the explanation
will be at their
that the German
height.
thing but reassuring, and it
Berlin Government is
war
games
Such predictions
may
are
then
any¬
be added that the
displaying its usual lack of
Volume 147
finesse in
at
Financial
carrying
fant is that such
practical test mobilization
on a
critical moment in
a
war
European affairs.
the appearance of
their extent.
to all the
games are common
large nations and the German
But the
maneuvers so
far have
differing from the others only in
More reasonable than the
Berlin intends to start
another
that
rumors
conflict
world
are
suggestions that the Keich, through its display of
armed
the
force, desires to impress
Czechoslovakia
upon
futility of resistance in the event of
Chronicle
adequate.
1091
The utilities, textile and other industries
came in for similar criticisms.
These debates, in¬
deed, seemed to center about all the inherent weaknesses
that always afflict countries that attempt an
unreasonable degree of State control of economic
affairs, and political regimentation
stifles
individual
initiative
and
on a
scale that
enterprise.
The
sociological law is here apparent that communism
and socialism tend to reduce all production and
show-
endeavor to the capacity of the least competent ele-
on the issue of the Sudeten German
minority,
Diplomatic aspects of the Sudeten German ques-
ment of society, whereas capitalism tends to raise
a
down
tion remained
unchanged this week,
the British
as
all efforts toward the level of the most gifted and
capable.
mediator continued his discussions with Czech and
Sudeten
leaders.
achieve little
great
a
Runciman
than
more
that would be
of
Lord
even
to
start
It
is
indicative
when
officials expect no overt act
the
is
harvest
that
well
Czechoslovakian
by the Reich, pending
completion of the Runciinan investigation and the
submission of suggestions for
In
view
of
the
Chamberlain
Great
desire
to
Britain
of
settling the dispute.
Prime
conclude
an
Minister
Neville
between
agreement
and
Germany, the report crops up
periodically that Lord Runciman will lean heavily
to the German side in his
ish mediator
said
was
But the Brit-
proposals.
over
the last week-end to be
unimpressed by the contentions of the Sudeten German
leader, Konrad Henlein, that autonomy for the
minority offers the only practicable solution. After
conference
a
President
with
Eduarcl
Lord
Benes
Runciman
returned
situation
the
Sudeten
ment
is
a
taken, officially.
German
for
proposals
spokesmen rejected
Govern-
settlement
problem
the
autonomy which would only be a prelude
incorporation of the Sudeten German area in the
The
door
was
left
open,
however, for fur-
ther conversations.
week in the conflict between Spanish loyalists
their advanced positions across the Ebro and Segre
Rivers, taken in surprise attacks late in July and
ear1^ this month wMch brought to a halt the insur8ent operations against Valencia.
urgent drive toward Almaden. gained headway,
with the loyalists furiously defending this impor-
tant mining center. Attacks and counter-attacks
brought little actual change in the battle lines,
of
lives, it would hardly
that Russian Soviet economic affairs have
in recent months.
velopments
Cabinet resulted. International aspects of the war
were n0^ greatly altered. Semi-official accusations
of last week that Ital? was supplying the insurgents
with fresh war materials brought a charge in Rome,
Wednesday, that France still is supplying the loyal*sts, and there is no need to doubt either assertion.
A good deal -of nervousness existed in Europe re-
with official red
esses
are
This
was
that
a
cost
appear
The
so
bound
afford
Japan-China-Russia
tape that ordinary economic proc-
INTERNATIONAL tension remained acute in the
I
Far East this week, despite the truce between
admitted
kufeng
even
in
the official discussions
adopted
substantially
as
presented,
area near
hostilities
nese
truculence
dress
this
In his final ad-
were
not
The Russo-Japanese
resumed, beyond
a
clash
on
Sakhalin Island, last Saturday, in which two Japa-
of
126,800,000,000 rubles.
the junction of the Siberian, Man-
chukuoan and Korean borders.
expenditures of 124,000,000,000 rubles, and
border sentries
was
were
wounded.
A good deal of
apparent, however, both in the mili-
presentation, Finance Commissar Ar-
tary situation and in the official and semi-official
Zvereff admitted that the financial system of
seny
the
ill
can
The loyalist regime accepted the plan last month,
revenues
was
Franco
Soviet Russian and Japanese troops in the Chang-
budget,
on
General
acceptance and loss of his Italian and German aides.
inordinately slow and immensely costly.
budget by both houses of the Supreme Soviet,
calls for
foreign "volunteers," most reports
that
improved
terminated, last Sunday, with the adoption of
new
of
It is notorious that Russian de-
bureaucracy-ridden and
are so
A minor reorganization of the
internal friction.
suggesting
"purge" has occurred which
thousands
a*
General Fran-
dsco Franco hurled his weary troops against the
Government lines again and again, but the military
statements merely told of numbered hills being
taken and retaken. In southwestern Spain the in-
garding insurgent acceptance of the British plan for
Russian Soviet Economics
a
were lacking this
and insurgents, notwithstanding heavy fighting on
three br°ad fronts. The loyalists held grimly to
withdrawal
ALTHOUGH
ar
IMPORTANT military changes
beaded by Premier Juan Negrin once again faced
virtual
Reich.
W
calm view of
through grants of equal citizenship, language and
other rights, and repeated their demands for that
to
*1
ivi
Barcelona dispatches of Wednesday made it clear
that the duly constituted Spanish Government
Tuesday,
his
On Wednesday
of
C*
country
on
to
retreat, leaving the impression that
the
L
panis
large gain in view of the tendency
wars
advanced.
'
will
saving of time, but
a
possibly
~
political pronouncements at Moscow and Tokio, and
country remains chaotit.
attributed,
a
This state of affairs
Moscow dispatch to the New York
"Times" states, to
slipshod methods, incompetence
and
of commercial, industrial
the
other
tendency
and
enterprises to accept the State funds without
concern
about
sion, it
was
profits.
In the
course
of the discus-
a
renewal
si on
no
surprise.
Changkufeng
was
The political
truce
occa-
regarding
followed last Saturday by
a
simi-
possession of heights that the Russians claim to be
in their
the
additional
between the two great
lar military agreement, which left the Japanese in
emphasized that Russia has plenty of
grain and other food resources, but the supplies of
large cities nevertheless always appeared in-
of the fighting
rivals for ascendancy in the Far East would
own
area,
according to old
maps.
Situa-
tions of this nature provide plenty of tinder for
fires.
The
Soviet
Foreign
Office last
Financial
1092
Chronicle
bills,
Sunday issued a statement to the effect that Japa¬
troops had
by
small advance, and the irritability manifested
a
Paris
2l//Zo from 2%%, while in Switzerland the rate
regarding a few yards of territory furnishes a suf¬
ficient illustration of the tension that still exists.
remains at
still
is
satisfactory explanation,
no
Friday of last week.
on
call at London on Friday was lA%> At
the open market rate was lowered on Monday
on
to
There
9-16%
against
as
Money
violated the armistice agreement
nese
Aug. 20, 1938
1%.
mean¬
Bank of England Statement
while, of the real reasons for the full month of
intermittent
Nor has any
hostilities.
basis been
provided for the assumption that Japan and Russia
will
hereafter
peaceful
The
adjust their
border differences
means.
Japan
forced
respect.
hold
the invaders
upon
developments this week, and
situation remained
Eastern
this
downstream
that
war
China provided no new
the Far
unchanged in
Huge Chinese armies continued to
Kiukiang,
near
135 miles
some
the Yangtze from Hankow.
on
state that 1,000,000
Chinese
Some
soldiers
are
employed in the defense of the provisional capital,
with
the
sheer
some
degree for the lack of modern equipment and
mobility.
weight of numbers making
in
up
Shanghai reports of Wednesday indicated
that 70 vessels
a
£327,775,880
attended
undeclared
reports
by
THE further gain the £47,925 in Aug. 17 showed
statement for of week ended bullion, which
thought the total
were
on
their way up
the great river
artery with Japanese reinforcements, and another
It is
fall
cities
would
since the Chinese authorities
river
to
end
not
the
off
fell
activities
far
the
up
Unable
invasion.
the
to
to
claim
real
£2,776,283
the Japanese
command
again
once
on
loss in discounts and advances and
The discount rate
unchanged at 2%.
Below
show
we
the
figures with comparisons for previous years:
STATEMENT
ENGLAND'S COMPARATIVE
OF
BANK
Aug. 22,
Aug. 21,
Aug. 17,
Aug. 18,
Aug. 19,
1938
1937
1936
1935
£
£
1934
482,623,000 490,974,774 444,539, 984 400 ,440,360 379,370,305
15 ,902,035
37,393,340
20,107,000 28,540,330 23,561, 648
139,789,668 125,030,695 135,923, 599 130 ,797,834 117,801,210
Circulation..
Public deposits.
Other deposits.
88,499,571
36,531,124
95,965, 825
39.957, 774
93 ,897,881
104,641,164 107,137,487
28,453,884 27,815,704
Bankers' accounts.
86,408, 310
83 ,489,999
30.958, 985
27 ,953,636
105,722,857
34,066,811
Other accounts...
Govt, securities.....
Other securities
re¬
airplane bombing of helpless civilians in
a
on govern¬
Of the latter amount,
gain in securities.
36 ,899,953
12
82,099,542
35,701,668
84,504,709
16,054,392
9,677. 449
28.1%
Securities
6,187,053
23.9%
37.80%
36.44%
46.93%
2%
2%
2%
2%
2%
5,770,557
21,281, 536 15 ,001.804 10,283,835
21,628,651
53 ,468,951
72,846,622
36,801,106 60,322, 394
327,596,867 327,775,880 244,862, 378 193 ,909,311 192,216,927
6,462,076
21,991,808
...
Reserve notes & coin
sorted to
Loans
£5,075,000 and those
£2,328,082.
was a
a
which
28.1% from 23.4%
to
decreased
securities
remains
accounts"
respectively. The
last year it was 23.9%.
other securities
£448,201
The latter consists of
"other
£446,596
proportion rose
week ago;
Disct. & advances...
progress,
and
£355,778
reserve
ment
and
accounts"
£7,-
£792,000 while other
rose
deposits declined £802,374.
"bankers'
Chungking, in preparation for unending
resistance
Public deposits
418,000.
war,
busily have been trans¬
governmental
£7,370,000 in note
contraction of
a
already clear, however, that the
of the Wuhan
ferring their
by
circulation, the reserves increase amounted to
great Japanese drive toward Hankow thus is fore¬
shadowed.
to £327,596,867, compared with
As the increase in gold was
up
a year ago.
,951,832
44,973,000
Coin and bullion
Proportion of reserve
Hankow and other
China.
In
used
were
struction
a
population centers deep within
single raid last Saturday, 70 airplanes
by the invaders, and the death and de¬
they wreaked
to
be
their end of
Shanghai.
have
ties
controlling the international
way
were
in
areas
set up to
but the loyal Chi¬
of dealing with such incidents, since
reported.
International
protested
formally
on
of the Japanese
Settlement authori¬
Wednesday
against
alleged Japanese violations of Shanghai's neutrality.
Discount Rates of
rates
Present
at
the
leading centers
francs, compared with 88,904,533,080 francs a year
Credit
Rate in
Pre¬
Effect
Date
vious
Established
are
Argentina..
Data via
Mar.
...
4
Belgium...
3
1 1936
July
1 1935
May 30 1938
Aug. 15 1935
Pre¬
Rale in
Rate
Effect
Date
Established
Rate
Hungary
4
Aug. 24 1935
India...
3
Nov. 29 1935
4
Ireland
3
June 30 1932
4H
May 18 1936
6
Chile
4
Jan.
24 1935
4H
Java
3
Colombia..
4
July
18 1933
5
Jugoslavia
5
Feb.
1 1935
6K
5
July
1 1936
6
7
_
Mar. 11 1935
_
Lithuania..
3
Jan.
4
Jan.
2 1937
4
Oct.
19 1938
England...
2
June 30 1932
Estonia
Italy
Japan.....
Czechoslo¬
vakia
1 1936
francs
holdings showed
rent
of bills
at
years
ago
items with
a year ago
Below
The
it
reserve
was
we
ratio stands
52.78% and two
furnish the various
comparisons for previous years:
BANK
3.29
3H
Morocco
5
Norway
3H
2H
5H
4«
Poland....
H
6X
3H
4H
Portugal
4
...
Apr.
6 1936
OF
FRANCE'S COMPAR4TIVE STATEMENT
Jan.
14 1937
May 28 1935
Changes
5
for Week,
m
Gold holdings
Credit bals. abroad.
a
4
bills
discounted.,
5
b Bills
bought abr'd
Aug. 11 1937
4H
Adv. against securs.
6
Note circulation
South Africa
3H
May 15 1933
4
Credit current accts
May 12 1938
3
Spain
5
July
5H
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
6
Jan.
41937
7
Switzerland
1^
Nov. 25 1936
2
2
Dec.
2 1936
2
._
4H
Dec.
7 1934
10 1935
Aug. 14, 1936
Francs
Francs
c
No change
—1,000.000
55,808,328,520 55,716,766,210 54,847,875,214
12,106.467
16,025,956
22,979,393
French commercial
5 1938
Dec.
Rumania
Aug. 12, 1937
Francs
4
Dec. 17 1937
Jan.
Aug. 11, 1938
Francs
3.65
Sept. 25 1934
...
cur¬
685,000,000 francs while the items
59.17%.
4
Holland
pre¬
shown in creditor
was
unchanged.
47.40%;
5
..
change, the total remaining at
bought abroad and temporary advances to
State remained
2ki
Greece
no
and
gold
Bank's
and 54,847,875,214 francs the
accounts of
France
Germany
The
respectively.
An increase
Finland
4 1934
bills
registered
55,808,328,520 francs, compared with 55,716,766,210
3H
2
Denmark..
before.
year
commercial
3H
Canada
Danzig....
French
decreases of 1,000,000 francs, 490,000,000 francs
87,000,000
4H
4H
Bulgaria...
H
the
francs
abroad,
vious
Aug 19
Country
84,359,565,865
balances
discounted and advances against securities
now
Aug 19
and
ago
shown in the table which follows:
Country
contraction in note circulation
vious year.
any
rates
a
francs last year
Foreign Central Banks
THERE have been noofchanges during the week in
the discount
of the foreign central
banks.
Bank of France Statement
THE statement for the week endedof 1,126,000,000
Aug. 11 showed
assassinations of the reputed tools
were
|F
francs, which reduced the total to 100,224,536,130
Chinese puppet-regimes
a
*
The Japanese authorities also
foster the aims of the aggressors,
nese
great, if not ex¬
a
liabilities
using rather dubious methods to gain
actly heroic, scale.
seem
were on
to
Bank rate...........
—490,000,000
6,097,590,850
8,546,905,272
6,224,541,877
1,244,628,530
898,478,082
743,650,652
3,966,710,126 3,480,453,231
3,588,648,237
—1,126,000,000 100224,536130 88.604,533,080 84,359,565,865
+685,000,000 17,503,541,806 16,666,273,155 8,330,186,136
No change
—87,000,000
Temps, ad vs. with
out int. to State..
Propor'n of gold
No change
40,133,974,773 23,878,126,645
7,567,218,000
52.78%
59.17%
on
hand to sight Hab.
+ 0.17%
47.40%
Includes bills purchased In France,
b Includes bills discounted abroad. c Au¬
thorized by convention of June 18, 1936, laws of June 23, 1936, convention of
June 30,1937, and decree of June 29, 1938. The last Increased the June 30, 1937,
a
Foreign Money Rates
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
were
as
on
Friday of last week, and 9-16% for three-months
allowance of 20.000.000,000 francs to
francs have been taken.
30,000,000,000 francs, of which 18.050.000,000
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine,
per franc;
gold valuation
was
previous to that time and subsequent to Sept. 26, 1936,
Sept. 26, 1936, there were 65.5 mg.
49 mg. per franc; prior to
of gold to the franc.
Volume
Financial
147
Bank of
bid
Germany Statement
1093
Chronicle
and
7-16%
bills running for four
asked; for
months, 9-16% bid and %% asked; for five and
THE quarterly statement dated Aug. 15 showed a
139,000,000 marks,
six
which
buying rate of the New York Reserve Bank is %%
loss
in
reduced
Notes
circulation
note
the
outstanding
marks
and
the
total
of
to
before
year
marks.
6,290,400,000
totaled 4,756,228,000
a year ago
marks.
4,240,336,000
Reserves in foreign currency, silver
and other coin,
for
marks
and
Bank's
gold holdings again showed
total remaining at
the previous year.
checks
change, the
no
and 72,411,000 marks
year
advances of
in
THERE have been no changes this week banks.
in the
rediscount
of the Federal Reserve
rates
The
following is the schedule of rates
the
for
classes
various
of
DISCOUNT
marks.
The
ratio is
reserve
1.21%, compared
now
in effect
the
different
OF FEDERAL RESERVE BANKS
RATES
Rate in
Federal Reserve Bank
Effect on
Date
Previous
Aug. 19
Established
Rate
Boston
Sept.
2, 1937
Aug. 27, 1937
1
Philadelphia
IX
IX
Richmond
1M
2
Sept. 4, 1937
May 11, 1935
IX
Cleveland
daily maturing obligations of 95,097,000
now
at
paper
Reserve banks:
New York
and in other
2
2
IX
2
Atlanta
1.58%
Below
we
a
year
and 1.83% two
ago
furnish
different
the
ago.
years
with
items
com¬
IX
Aug. 27, 1937
Aug. 21, 1937
Chicago
IX
Aug. 21, 1937
2
St. Louis
with
1X
2
Minneapolis
IX
Sept. 2, 1937
Aug. 24, 1937
IX
Sept.
3, 1937
2
Aug. 31, 1937
Sept. 3,1937
2
IX
Kansas
parisons for previous years:
City
Dallas
«;
San Francisco
Course of
No
Res've in for'n currency
Bills of exch. & checks
-.
Silver and other coin—
Advances
Investments
-
Other assets
Reichsmarks
Reichsmarks
Reichsmarks
change
72,411,000
69,312,000
19,497,000
70,773,000
—9.692,000
10,601,000
24,524,000
5.435,000
+ 158,000
5,724,000
5,981,000
—239,470,000 5,826,252,000 4,871,665,000 4,306,428,000
167,424,000
+ 35,119,000
176,764,000
185,282,000
33,264,000
46,893,000
—5,446,000
30,184,000
+ 168,000
403.400,000
529,082,000
847,381,000
—9,250,000 1,158,152,000
591,661,000
709,347,000
Liabilities—
Other
—95,097,000
625,059,000
+ 15,319,000
300,321,000
250,907,000
639,809,000
215,638,000
+ 0.03%
liabilities
863,041,000
1.21%
1.58%
to note circul'n.
from
New York
dollars
The supply of
unchanged
pro¬
demand is
only modest effective
re¬
rates
paper
continued from last week, with business on an
The Treasury in Washington
extremely small scale.
sold last
count
Monday
further issue of $100,000,000 dis¬
a
bills due in 91
average
rate
days/and awards
of 0.047%, computed
bank discount basis.
Stock
Call loans
were
on
at an
again were offered at 1%% f°r maturities
days, and 1%% for four to six months datings.
New York
ruling quotation all through the week for both
and renewals.
this week.
90
quiet,
no
The
new
market for time money
transactions having been reported
Rates continued nominal at
134%
up
to
days and 1%% for four to six months maturities.
The
demand for prime
very
good this week, but business has been restricted
commercial
due to the short supply of paper
are
paper
has been
available.
Rates
The
no
paper
has been limited.
change in rates.
Dealers' rates
reported by the Federal Reserve Bank of New
York for bills up to
and including 90 days
cable
The
interests.
compared with
sight bills,
has
transfers
$4.8734 an(l $4.89%
the
is
are
34%
a
been
a
week
a
between
range
of
ago.
extraordinary demand for gold and
dollars in London
tions of
chiefly
as a
result of trading
foreign hoarders and speculators.
opera¬
Between
July 30 and Aug. 13, inclusive, gold on offer in the
London open
market at the time of price fixing totaled
than
870,000
on
later each
an
below
$34.77,
not
was
gold
As
was
on
premiums
at
this
a
week
was
the
well
dollar equivalent
price at which it
was
profitable to
Only occasionally
equivalent exceed this price,
suprising that
more
of
and sometimes
generally at
gold for export to New York.
did the dollar
it
additional turnover
an
£15,000,000
opening price.
London
gold in
Besides the £18,-
entire month.
day accounted for
above the
more
offer at price
on
offer at the fixing hour other transactions
approximately
take
happened that
rarely
£10,000,000 of gold has been
fixing time for
of
has
It
£18,870,000.
so
that
than $4,000,000 of
taken in London for export to New York.
other occasions in recent weeks
canceled when the
after the
gold has been
New York only to be
higher premiums offered for gold
engaged for shipment
Now,
THE market forthis week. The demand has been
prime bankers' acceptances con¬
tinued quiet
European
outstanding feature of the foreign exchange
market
Bankers' Acceptances
good but the supply of
for
range
to
morning's fixed price afforded the banks
London at
as
under
insistent demand for gold and
of
and arbitrageurs an opportunity to
quoted at %%@1% for all maturities.
There has been
an
part
bankers'
for
Throughout
was
continues
are
of between $4.87 3-16 and $4.89 9-16 last week.
between
Money Rates
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Stock
loans
the
on
$4.87% and $4.88 7-16, compared with
annual
an
the New York
on
Exchange held at 1% for all transactions, while
time loans
to 90
loanable funds remains
Bankers bill and commercial
ported.
were
evidence
in
pound and the franc
this week has been between $4.87 1-16 and
range
The
rates is to be recorded in the New York money
but
The
rencies, and there is
$4.88%
Money Market
ANOTHER week of dull business and
digious,
trends
the
causing lower quotations for all major cur¬
pressure
range
market.
<:'■
1.83%
Propor'n of gold & for'n
curr.
.
STERLING exchange shows hardly any deviation
during the past
several weeks.
—139,000.000 6,290,400,000 4,756,228,000 4,240,336,000
Notes in circulation
Other daily matur.oblig.
2
Aug. 15, 1938 Aug. 14, 1937 Aug. 15, 1936
Week
Reichsmarks
Assets-
Ot which depos. abr'd
2
Sterling Exchange
C hanges
Gold and bullion
2
STATEMENT
REICHSBANK'S COMPARATIVE
for
un¬
Discount Rates of the Federal Reserve Banks
5,-
446,000 marks, in other assets of 9,250,000 marks
The Federal
from 1 to 90 days.
holdings of acceptances remain
in bills of exchange and
marks,
239,470,000
The bill-
changed at $540,000.
A decrease appeared in deposits
9,69^,000 marks,
of
The
70,773,000 marks, compared with
69,312,000 marks last
abroad of
168,000
respectively.
marks
15,319,000
bills running
Reserve Bank's
investments and other liabilities recorded increases,
namely 158,000 marks, 35,119,000 marks,
months, %% bid and 9-16% askecl.
as
a
resell the gold in
profit.
during the past several
years,
it has been
practically impossible for foreign exchange observers
to
interpret or explain the vagaries of the foreign
exchange movements and quotations.
In fact foreign
exchange traders responsible for the operations in
every
market
guidance.
are
One
at
a
loss for safe principles of
conclusion
to
be
drawn
is
that
Financial
1094
managed
Chronicle
whole the continued depression in international trade
operations have failed of their
currency
Aug. 20, 1938
having an adverse effect on British interests.
objectives from whatever angle the question is studied,
is
The failure has been
Preliminary figures supplied by the British Board of
the
perhaps
adoption of the tripartite
Commenting
Trade show
currency agreement.
F. Woodlock, writing from
"Thinking It Over" said in a
London for his column,
Street Journal":
recent issue of the "Wall
whose education,
such
"To
a
and
passenger
of
amount
Soaked
when
cent
study quite
reduce
can
to
change in sterling of one-eighth of
The position of Great Britain's coal industry has
The decline in coal exports is largely responsible for
days
one
per
rates, but net revenue dropped nearly
been growing steadily worse since the World War.
sense,
this writer is in the recollection of
as
a
Last Octoapplied to freight
was
12% for the first six months ending June 30, with
increased expenditures accounting for one-half,
vagaries of the dollar present an appearance which
no
general increase of 5%
ber
one
London gold market today and the
the
1893,
The British rail-
position is extremely unfavorable.
way
foreign exchange and 'gold' was obtained in the panic
of
and
over exports
with £31,132,000 in July, 1937.
it is, in the mystery of
as
balance of imports
a
re-exports during July of £31,913,729, as compared
the present scramble for gold and
on
Thomas
Mr.
dollars,
conspicuous since
more
the unfavorable import balance,
'rush item' for the ticker service, and an
Provincial bank clearings, which largely reflect the
of $1,000,000 gold would affect the stock
state of trade and production outside London, con-
a
was
export
market, he finds it difficult to accustom himself to
present-day phenomena.
,
.
Does dollar
.
ex-
tinue to decline.
Provincial clearings for July showed
aggregate decline of 16.3% compared with last
an
following a decrease of 19.4% in June.
change determine the gold price as it is fixed daily
year
by the 'four honest men,' or does the gold price fix
gate clearings for the first seven months amount to
The
the dollar rate?
"The
of
to be sometimes
answer seems
and sometimes the other.
one
fixed point in
one
gold paid by
that
the whole affair is the price
Treasury, $35
our
sterling rate fluctuate after the manner of
To
gold from London to New York costs
move
trifle less than 25 cents
a
double
a
an
consequently
ounce;
dollar-sterling rate combined with
a
sterling gold
a
price which works out at a price of about $34.77
delivered in New York is the
gold
'gold point' at which
moved from London to New York,
be
can
From which it follows that other
rise in the
a
gold price
(a fall in sterling) and vice
London for
dollars,
A demand in
versa.
result of trade requirements
as a
capital movements,
or
things being equal,
rise in dollar exchange
means a
by purchase and shipment of gold.
supply of dollars in London
absorbed by an import
its sale in the open
Undoubtedly the
....
,
tamties
of
movement
same
lative
interests,
be
can
seizing
question that
no
of
rumors
on
gold
loans has likewise stimulated these
Under
pressure
\
normal
1
.
August and
,
f
.
,
.
seasonal
./>.
,
,
a
c
of tourist demand for
several weeks
the
United
•
^
v
an
earlier
I.,
Ih
and
i
i
States
purchases.
,.
-
autumn
end of
.
a
£
for
r
.
demand
.
,
a
n
dollars
a
for
in
offer still
above the
offer at
was on
Friday £1,257,000.
on
the week ended Aug. 17,
as
reported by the Federal
Reserve Bank of New York,
follows:
was as
gold movement at new york.aug. ii-aug. 17, inclusive
[
2,537,000from Canada
1
E*v°r"
None
|
*n.435,000total
xi
i
than usual.
t
•
t»
<*>
|
Nel Chmse in SStwoS™''" Acc<"""
Note—We have been notified that approximately $622,000 of gold was
f£reT ^or
On
exports
0/the
forei
account
^
Meanj
i.
pciiuu
placement of American by domestic issues.
A10
AAA
bl/
metal
on
imports or
were no
ld held earmarked for
decreased
,A
,
the week ended
Thursday there
On Friday
$1)125,000.
\
.
c
i.
*
AOK
AAA
$9,012,000 of gold was received, of which $4,625,000
I
L,
A
came from England and $4,387,000 from Canada,
,
^
There
were
nQ6
A
no~
of the metal
tg
w held earmarked for ford
rt
v
,
AA~
v.
ch
or
in
account<
^
a
±
±
a
Canadian exchange continues its tendency toward
to
,n 1S 1^'^es ment in American
uow
on
At the Port of New York the gold movement for
war
issues
JpreV™a. 0
placed
was
On Saturday last there
Thursday £1,433,000, and
.
.
given rise
' I®
the sharp decline in British domestic
overseas^ trade accompanied there hesitancy to
by has resulted
Bntish industrial
invest
fixed price.
was
for unknown destination,
as
the fixing hour £1,385,000, on Monday £1,058,000,
on Tuesday £1,176,000, on Wednesday £600,000, on
large export balance of
supplies for storage have
a
x
In the past
currencies.
British
-
rt
t
•
the
and
demand
All the
market during the
of gold at premiums
quantities
collateral for
as
11
foreign
i.
usual
as
After price fixing time there
larger
currency
circumstances
.
£
however
i
i
materials and
open
reported at the time of price fixing
as
specu-
intensified by the practical cessation
is
week
officially stated
The recent
the pound begins toward the
on
.
offer in the London
on
714,000 from Australia
upon
the British ban
0
gold
,
devaluation, have aggravated the trend.
removal
quoted at
are
largely responsible for the
are
time there
against bills is in supply at J^%.
9-16%, and six-months' bills at 19-32%.
uncer-
foreign funds into gold and dollars.
At the
money
$8,i84,ooo from England
fears and monetary
,
Call
Two,- three-, and four-months' bills
market in London."
war
Europe
a
of gold from New York and
tp,
in
Contrariwise
theoretically be
can
Every provincial
year.
Money continues abundant and easy in Lombard
Street.
theoretically be covered
can
drop of £131,890,000, compared with
a
corresponding period last
city shares in this decrease,
Around
per ounce.
figure the London gold price and the dollar-
star.
£757,267,000,
the
Aggre-
\JL
r
A
,
,,
firmness, with discounts gradually narrowing m
J
A
\T
J
A
terms
the United States dollar.
Montreal funds
,
,,
TT
.,
,
0,
n
,
,
d duri
the week between
?.16% and a cUseount of ^%.
The
following tables show the
rate on parjg
1c
tbe
open
MEAN london
LONDON
a
mean
i
dlscount of
London check
market gold price, and the
CHECK 1?atf. on parts
RATE ON PARIS
_
.:
Wday, Aug.Ta,:.
,
The British domestic trade
position cannot be said
to show signs of improvement from the evident
reces-
xuSday,
Aug
ie"
Wednesday, Aug. 17
Aug. 18
178.90
Friday,
lvlllo
178.90
Thursday,
m.88
Aug. 19
178.90
LONDON OPEN MARKET GOLD PRICE
london open m.
_
sion which
began with the latter half
and
are
there
of 1937.
comforting indications, but
Here
on
the
Saturday,
AuiT 13
142s?9d.
a^! wIIIIlS 8Md.
| Wednesday, Aug. 17___142s. 4}^d.
!
™,ay'
SllliS
Volume
Financial
147
(FEDERAL
FOR GOLD BY THE UNITED STATES
PRICE PAID
RESERVE BANK)
Saturday, Aug. 13.
$35.00
35.00
35;00
Wednesday, Aug. 17
___$35.00
Monday, Aug. 15
35.00
Tuesday, Aug. 16
35.00
Aug. 18
Aug. 19
Thursday,
Friday,
ally
the waterfronts of Marseilles and other ship¬
on
ping ports, have increased the anxiety.
There is
tion and
Referring to day-to-day rates sterling exchange on
Bankers'
sight was $4.87 1-16@$4.87 5-16; cable transfers
$4.87%@$4.87%. On Monday sterling was steady,
with an easy undertone.
The range was $4.87 1-16
@$4.87 3-16 for bankers'
sight and $4.87%@
Saturday last
for
$4.87 5-16
dull in limited trading.
was
Tuesday the
On
transfers.
cable
displayed a
sight was
$4.87%@$4.88 5-16; cable transfers $4.87 9-16@
$4.88%. On Wednesday while the dollar continued
to be favored, sterling showed greater firmness. The
range was $4.87 13-16@$4.88% for bankers' sight
and $4.87%@$4.88 7-16 for cable transfers.
On
Thursday exchange on London was steady but the
pound continued under
slightly
dollar
favored.
was
but
pressure
Bankers'
undertone.
firmer
The range
was
$4.87 13-16@
$4.88% for bankers' sight and $4.87%@$4.88 3-16
for
On
transfers.
cable
steady.
The
range
bankers'
sight
and
transfers.
was
fairly
$4.87 9-16@$4.88%
$4.87%®$4.88 3-16 for
Closing quotations
for demand and
mercial
Friday sterling
was
Friday
on
were
$4.88% for cable transfers.
for
cable
$4.88
Com¬
sight bills finished at $4.87 7-16, 60-day bills
payment (60 days) at $4.87%, and 7-day grain bills
at $4.87
11-16.
Cotton and grain for payment
closed
$4.87 7-16.
at
The
whereas the stabilized rate since devaluation in
dollar the franc is ruling
due
pound.
extremely
May
In terms of the
easy,
but this is
largely if not entirely to the appreciation of the
In the
May 5 devaluation,
de facto stabiliza¬
or
tion, the drop in the franc represented about
from the average rates
This brought the
preceding 10 months.
to the lowest level since 1928
war
devaluation.
9%
of the "floating franc" of the
and
Officially the
was
new
currency
the third post¬
franc
was
linked
only to the pound and the unofficial dollar stabiliza¬
tion rate of 35.80 francs—making the franc worth
2.79
cents—assumed
a
answer
to attacks
the franc, to
order the expul¬
sion of
"foreigners" conducting
on
said that the
Aug.
18, in
"black bourse,"
a
undercover operations in foreign
exchange.
It
or
was
police and the Surete Nationale had
gathered evidence against 18 small private exchange
offices whose directors
activities before
to
the
ordered to explain their
were
judicial committee.
a
This action followed
an
appeal by Premier Daladier
Nation for renewed support
of the Govern¬
ment in face of "international difficulties and attacks
on
He asserted that his Government
the franc."
opposed to further devaluation of the franc.
said:
"The Government is
control of
was
He
resolutely hostile to both
foreign exchange and
the franc.
devaluation of
new
They would have for
a consequence
the
rupture of international solidarity, which is the most
effective
guaranty of the peace of Europe."
Premier
evidently
crurrency
The
had reference to the tripartite
agreement.
He
characterized
saying:
"At the
gold hoarding
same
as
mistake,
a
time purchases of gold and
hoarding of gold, which stopped for several months,
resumed
with
This
intensity
most
on
European
hoarding of gold, which is
an
evil
country, is moreover an error for those who
abandon themselves to it."
The
Belgian
currency
is showing renewed weakness
despite the strong position of the Belgian banking
situation. The weakness of -the belga must be attrib¬
uted
entirely to the decline in sterling with respect
and to the weakness of the French franc,
to the dollar
is
16.95
Belgian unit can never be entirely
Par of the belga in terms
dissociated.
of
the
future
week the
This
cents.
between 16.82 and
16.84%.
of the dollar
spot rate ranged
The marked weakness
belga is reflected in the sharp discount on
belgas.
Between Aug. 9 and Aug. 17 30-day
belgas ranged between a discount of 5
under spot,
and
on
and 7 points
Aug. 17 90-day belgas were 35
points below the basic cable rate.
The
value of five dollars to the
Consequently the fall in sterling during the
pound.
gold and
on
from which the
dollar with reference to sterling.
into
Government
steady, ruling around 178.90 francs to the pound,
should be 179 francs to the
funds
impelled the
for the
In terms
French
of
movement
dollars
markets.
FRENCH francs continue under severe pressure.
of sterling the franc has been fairly
improvement in the business situa¬
Britain, is again adversely affected by the growing
have
Continental and Other Foreign Exchange
real
no
France, like the United States and Great
international trade depression.
$4.87%; 90-day bills at $4.86%; documents for
at
1095
Chronicle
ease
German
shown during the past
mark,
so-called free
the
few weeks in the
or
gold mark,
past several weeks is reflected in a lower dollar rate
merely reflects the decline in sterling, as the German
for francs.
exchange control arbitrarily maintains the
In the
past two weeks the franc ranged between
2.72% and 2.74 9-16
of 2.79 cents per
is
as
franc.
against the assumed parity
discount
On Aug.
of
17 30-day francs were
4% points under the basic cable rate,
On Aug. 9 90-day
under spot.
against 2% points on Aug. 9.
francs
were
at a
at
a
discount of 7% points
The discount widened in the last few
days to bewteen
10% and 10% points below spot.
Undoubtedly the movement of French hoarding
funds into
gold and dollars has much to do with the
The underying condi¬
changed for many months. Uneasi¬
present weakness of the unit.
tions have not
ness
on
concerning both internal politics and war threats
every
baneful influence
renewal of strikes, especi¬
side continue to exert
and in the last few
days
a
a
mark in
relationship to the movements of the neigh¬
boring currencies.
On
The fundamental weakness
clearly indicated by the spreading discount for the
currency.
close
Aug. 17 Berlin bourse authorities were
to
suspend trading in
as
blocks of shares were
a
forced
number of important stocks
dumped
on a
market under¬
weeks of steadily declining quotations. All
industry is suffering from a dearth of liquid
mined by
German
capital, its resources having been drained off by the
Government's efforts to find funds for rearmament
through heavy taxation and continuous short-term
loans.
policies of a controversial
combined to create a danger¬
Aside from any monetary
nature
ous
which may have
scarcity of capital, there can be no question that
Germany's export trade has been going from bad to
worse.
In this respect
difficulties of many
the country only shares the
other industrial nations.
Barter
Financial
1096
Chronicle
arrangements heavily relied upon to supply a market
and
and cable transfers at 24.53, against
24.53
for German manufactured
in
a
number of important
goods have broken down
Aug.
of
18
that
state
Hull indicated that
State Cordell
Secretary of
24.48%
24.48%.
•
♦—
instances.
dispatches
Washington
Aug. 20, 1938
a
held relatively steady by the
EXCHANGE onbethe South American countries
continues to
exchange controls. The official quo¬
several national
all, move in strict
sterling-dollar quotations.
Argentine paper pesos closed on Friday at 32.52
for bankers' sight bills, against 32.49 on Friday of
last week; cable transfers at 32.52, against 32.49.
The unofficial or free market close was 25.60@25.65,
reciprocal trade agreement with Germany is out of
tations, when permitted to vary at
the question
relation to
unless Germany is ready to abandon its
Mr. Hull said that the United
would be glad to find a basis for
present trade policies.
States naturally
increasing trade with Germany, but that the system
which
on
Germany operates is based on bilateralism
and
reported to have remarked that this
of trade
(balance
barter.
He is
not
runs
only
between two countries)
as
contrary to the principles on which the
against 25.85@26.10.
Brazilian milreis are quoted
(official), against 5.90. Chilean exchange is
at 5.90
quoted at 5.19 (official), against 5.19.
nominally quoted at 22.30, against 22.15.
Peru is
♦—
United
States
making
is
trade
but
agreements,
features Far Eastern countries presents
EXCHANGE on theof importance. Aside from the
usually ends by failing to increase world trade.
The following
no new
table shows the relation of the lead¬
ing European currencies to the United States dollar:
New Dollar
Old Dollar
Parity
Parity
b
France (franc)
3.92
13.90
16.95
Italy (lira)
5.26
19.30
8.91
32.67
40.20
2.72% to
6.63
Belgium (belga)
68.06
c
Switzerland (franc)
Holland (guilder)
a
New dollar
parity
as
Range
This Week
a
16.82
2.73%
to 16.84%
5.26% to
5.26%
22.89
to 22.94%
54.49% to 54.75
before devaluation of the European currencies
between Sept. 30 and Oct. 3, 1936.
b Franc cut from
c
On May
gold and allowed to "float" on June 30, 1937.
5, 1938 the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a
franc.
The London check rate
at
j
Paris closed
on
Friday
178.78, against 178.90 on Friday of last week.
In New York
at
on
sight bills
the French center finished
on
2.73, against 2.72%; cable transfers at 2.73%,
quotations on the Far East move in sym¬
pathy with sterling, the currencies continue to dis¬
play ease in consequence of the demoralization of
Far Eastern trade resulting from the Sino-Japanese
Japan continues to send gold to the United
shipments have brought the total
war.
States and recent
shipped since March 8, 1937 to $352,800,000. In
addition, it is understood that within recent weeks
about $25,500,000 has been earmarked for Japan.
Closing quotations for yen checks yesterday were
28.47, against 28.41 on Friday of last week. Hong¬
kong closed at 30.58@30%, against 30.55@30%;
Shanghai at 17.27(§^17%, against 16%@16%; Manila
at 49.85, against 49.85; Singapore at 56.94, against
56.80; Bombay at 36.41, against 36.40; and Calcutta
at 36.41, against 36.40.
so
Antwerp belgas closed at 16.84%
against 2.72%.
for bankers'
fact that
Gold Bullion in European Banks
sight bills and at 16.84% for cable trans¬
fers, against 16.83 and 16.83.
Berlin marks
were
40.12 for cable
Final quotations for
40.10 for bankers'
transfers, in comparison with 40.09
Italian lire closed at
and 40.09.
sight bills and
5.26 for bankers'
sight bills and at 5.26% for cable transfers, against
5.26% and 5.26%.
Exchange on Czechoslovakia
finished at 3.45%, against 3.45%; on Bucharest at
0.74%, against 0.74%; on Poland at 18.87, against
18.87, and on Finland at 2.16%, against 2.16.
Grbek exchange closed at 0.89%, against 0.89%.
bullion (converted into pounds sterling at
THE following table indicates the amounts of gold
par
of
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable yesterday (Friday); comparisons
are shown for the
corresponding dates in the previous
four years:
1938
1937
1936
£
£
ln34
1935
£
Banks of—
£
£
England
327,596,867
327,775,880
244,862,378
193,909,311
192,216,927
France
293,728,209
438,783,001
573,289,944
650,542,626
2,905,800
3,008.600
2,394,350
3,225,300
Spain
c63,667,000
87,323,000
88.092,000
90,774,000
90,569,000
Italy.
a25.232.000
25,232,000
42,575,000
59,741,000
69.657,000
Netherlands
♦
293,246,138
2,497.650
123,403,000
105,490,000
54,900,000
75,304,000
Germany b.
71,950,000
EXCHANGE ontrendscountries neutral during the
the manifest for
weeks.
Nat. Belg-.
84,919,000
103,513,000
106,542,000
49,161,000
100,534,000
Switzerland
113,041,000
83,452.000
25,895,000
45,480,000
19,813,000
These currencies
29,234,000
49,832,000
24,072,000
Denmark
6,539,000
6,549,000
6,553,000
7,394,000
15,393,000
7,397,000
7,442,000
6,602,000
6,604,000
6,602,000
6,577,000
war
follows
many
in close
relationship to ster¬
ling. The comparatively greater weakness in guilders
is due in large measure to the increased interestshown
by the Amsterdam market in American securities.
Swiss francs are fractionally firmer, due chiefly to
the fact that refugee funds are seeking safety in
Switzerland.
move
The statement of the National Bank
Sweden
..
Norway
Total week.
Prev. week.
a
1.077,810,676 1,067,575,668 1,065.209,729 1,149,923,555 1,245,055,353
1.075,496.151 1,039 3»0.465 1.065.011.759 1,146.942,731 1.239,681,626
Amount held Dec. 31,
an
increase in
gold holdings of 31,800,000 Swiss francs
week, the total gold stock standing
at 2,826,000,000 Swiss francs and the ratio of gold
to total sight liabilities at 85.47%.
Opinion is growing in financial circles in Denmark
that a reduction in the bank rate may be expected
within a very short time.
The present rate of 4%
was fixed on Nov.
19, 1936.
The probability of a
reduction is based on the economic position of the
country and an increase in cash holdings of private
over
the previous
£530.050.
at
Amsterdam finished on Friday
at 54.69 against 54.49 on
Friday of last week; cable
transfers at 54.70, against 54.50; and commercial
sight bills at 54.65, against 54.43.
Swiss francs
at
transfers,
sight
22.94
against
checks
22.90
and
and
at
22.94
22.90.
for
cable
Copenhagen
checks finished at 21.79 and cable transfers at 21.79,
against 21.75 and 21.75.
Checks on Sweden closed
25.16% and cable transfers at 25.16%, against
25.12 and 25.12; while checks on Norway finished at
at
of which is now
available. Also first
a
year,
the previous revaluation took
place on Sept. 26,
1936.
when the gold was given a value of 49 milligrams to the franc as compared with
66.5 mgs. previously.
On the basis of 65.6 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
Politics and the Nationfs "No. 1
Economic Problem"
If it
were
not for its
campaign implications, the
report on the economic problems of the South which
presented to President Roosevelt
was
from
his
or
tour
would
less
sweeping
on
for
b Gold holdings of the
of April 30, 1938, latest figure
*
Bankers'
closed
c As
report since Aug. 1, 1936.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
of gold 0.9 fine, equal to one franc: this was the second change in the gold's value
more
banks.
1930, latest figures available,
Bank of Germany are exclusive of gold held abroad, the amount
reported
within less than
of Switzerland for the week ended June 16 shows
62,543,000
on
his return
probably be filed with other
surveys
which
New
Deal
agencies have produced, to be read at leisure and
consulted
when
important legislation particularly
affecting the South
pressing
for its
as
was
proposed.
comprehensive presentation of certain con¬
ditions in the South which not
at
are
a
Gloomy and de¬
it is, however, it is well worth reading
only place the region
disadvantage in comparison with others but
also, in themselves, matters of serious national
Volume
Financial
147
concern.
Prepared
by
tee
of 22
report continues, depend
advisory commit¬
risks which would
by the Central Statistical Board, it
be accepted
authoritative,
as
From that
if not as
even
South, the
cotton alone—a one-
on
system which subjects them "year after year to
crop
Southerners, and with its factual state¬
ments checked
may
an
More than half of the farmers of the
Emergency
National
the
Council with the assistance of
1097
Chronicle
appall the
business man."
average
gamble flow high interest charges, heavy
States, in¬
mortgage debt, tenant farming and share-cropping,
cluding Oklahoma, which form the "South" whose
frequent removals from farm to farm, and failure to
altogether conclusive, for the thirteen
condition
economic
produce at home the food supplies which the popula¬
it reviews.
The first of the 15 sections into which the
is divided
mated
has
a
tion needs.
report
its
points out that the South, with an esti¬
population in 1937 of
higher birth rate than
more
any
own
from outside.
row
than 36,(>0'0,000,
Lacking capital and credit sufficient for
needs, the South has been compelled to bor¬
The
report does not let slip the
opportunity to point to the "outside financiers who
other region, trans¬
have
reaped
excellent, dviersified climate and soil, and a great
and
dividends," and to the
variety of natural resources, including a production
"virtually all of its large industries and
of
its
facilities which
portation
most part
for the
are
nearly two-thirds of the Nation's crude oil and
two-thirds of
than
more
natural
its
Yet, in
gas.
the poorest
are
dustries of its
Lacking in¬
in the country.
trade the richness of its
There are,
South
on
ures
for
consider itself
the
adequately paid."
The remainder of the
report is largely a comment
the statements just quoted.
upon
The soil of the
.
to be sure, some encouraging industrial
In the manufacture of cotton textiles the
1933-34, "considerably higher than those in
North," although
1919 to 1933
a
valuable
seed
development in the manufacture of cot¬
South, the report notes, has suffered greatly from
unintelligent exploitation and waste which a prodi-
tant for
gal use of fertilizers—three-fifths of the national
and iron industries for
good.
make
The
development
of
hydroelectric plants is extensive, but a naturally
adequate
flood control, has interfered with farm¬
superabundant
drainage or
supply,
water
without
ing and favored the spread of malaria.
the
In spite of
high birth rate, migration to other regions has
depleted the normal supply of labor and left the
South
"The
"land of the very old
a
and the
very
young."
of the South—the dis¬
population problems
ucts for
products, cigarette manufacture is impor¬
Virginia and North Carolina and the coal
a
and the
high cost of credit, the major problem which
all industry in the South is that of
almost
faces
freight rate differentials."
rates
producer who tries to "build up a large-scale produc¬
tion
on
the
decreasing cost principle," since "in mar¬
keting his products over the wall he is forced to ab¬
placement of agricultural workers by machines, the
serious deterrent to the
expect, then, what the report goes on
show, namely, a low level of both public and pri¬
vate income and
that
needs
wages
The
of
low income level imposes.
a
in
the
country, and
maintain
to
schools
those least able to pay,
is
tax resources are too
or
other public services
in the form of sales taxes."
situation,
as
pictured in the report,
deplorable, and the health situation, due mainly
small incomes and consequently low stand¬
ards of
living, shows
a
high percentage of sickness,
suffering and unnecessary death, although progress
being made with industrial health programs.
lack
of
The
ordinary sanitary equipment in both rural
and urban areas is
estimate
families
faces not
one-half
in
the
appalling, and
the
of
South
on a
conservative
approximately 8,000,000
should be
rehoused.
Labor
only low wages but also the problem of
finding work, whether on farms or
will afford
a
decent
pant.
specific remedies for the
gency
The National Emer¬
Council, in its letter of transmittal, remarks
that there is "no
simple solution," that "the solution
participating along with State, county, city, town
and township government," and that "there must be
to very
is
no
must be
piled its tax burden on the backs of
The educational
offers
for public
"Under these circumstances
standard.
proper
the South has
\.
report
Industrial
resources
and farm income, the report finds, are the
lowest
small
the straitened
The high
South's economic develop¬
conditions which it describes.
America must face."
One should
freight charges."
policy is also sharply criticized as "an equally
ment."'
productive workers—are the most pressing of any
to
Differences in freight
operate as an artificial barrier to the Southern
tariff
occupations, the emigration of skilled and educated
The report points out,
however, that "in addition to absentee ownership
sorb the differences in
traditionally Negro
Alabama, and forest prod¬
number of States.
proportion of adult workers to dependents, the dis¬
substitution of white workers in
paid "as reported from
wages
considerably less." There has been
are
ton
outlay—cannot
earn¬
cotton mills investment, on the basis of fig¬
ings
quantity to meet its needs, it might
sufficient
in
of
authority
occupies "a dominating position," with
goods
If the South received such
many
policy-making
to outside managements whose other
over
features.
soil, its minerals and for¬
ests, and the labor of its people for goods manufac¬
tured elsewhere.
"turned
has
against the South's best advantage."
the South has been forced to
own,
which
outside financing of
interests often lead them to exercise their
spite of its great natural wealth, "its people as a
whole
rich harvest in the form of interest
ones"
small
powers
a
elsewhere, that
living, and child labor is ram¬
part political, with the Federal Government
participation also by industry, business and schools,
and
by citizens South and North."
cisms which the Council makes
a
number
If the
it
will
are
of
South
instances, the remedy to be sought.
suffers from
continue
lowered.
Yet the criti¬
obviously imply, in
to
suffer
a
high protective tariff,
until
the
tariff
duties
If freight differentials handicap the
development of large-scale Southern industry, the
handicap will remain until the Interstate Commerce
Commission changes its
freight rate policy. By im¬
plication, the States or the United States, or both,
should do much more than they have done for flood
control, and something should be done to raise the
minimum
terms,
of wages,
level
and relieve
drain of outside
Since
there
provide credit
has been
easier
ownership and control.
is
nothing really new in
so
what the
Administra¬
long in discovering the economic
report sets out, one wonders why the
tion
on
Southern industries from the
Chronicle
Financial
1098
plight of the fcoath, or why, if the conditions
Secretary Hull's Address to
World
were
known, it has shown so little concern about them.
In
agriculture
whose
region
a
depends
almost
limit acreage and production and
either
crop,
their
for
enabled the planters to get
or
eminent loans.
ing upon a single crop—cotton in some places, tobacco
others—has not been
in
remedied
by
any-
thing that the Administration has done, while
world demand is
far
as
ers
are
concerned, the cotton
off today
worse
than they have
as
grow-
been,
ever
Nothing whatever has been done by the Administration to lower tariffs except
through Secretary Hull's
reciprocal tariff plan, and none of the reciprocal
tariff treaties that have been
negotiated has mate-
rially enlarged the market for Southern products
added to the South's
purchasing
of electrical power
use
or
which is in progress
hazardous
to
in the region in which it op-
the Congressional investigation
but until
erates,
has been completed it will be
whether the net results of the
say
Authority's activities have been economically beneficial
not.
or
combined
a
just at the conclusion
political tour and vacation, in the
of which Mr. Roosevelt assumed to tell the
course
people of several States how they should vote, in-
evitably gives the report
character
which
a
political and campaign
amount
no
of
disclaimer
seems
likely to efface. By exhibiting in striking colors the
economic
well
have
shortcomings of the South, the report
the effect of
may
dividing Southern opinion
into the two classes of those who resent the
exposure
and
those
who, conceding its essential
accu-
will look to the Administration for remedy.
racy,
implication in behalf of the American
well, Secretary Hull, in a radio address
as
Washington
of
condition
the
to
world
Corporation and other Federal lending agencies, and for legal proceedings against utility holding companies and alleged industrial monopolies
nance
the
it
political
was
use
to which the report would be put,
dissipated
Barnesville, Ga.,
by
on
Mr. Roosevelt's
August 11.
speech
Referring at
at
some
length to the report, which he had received the day
before, and to the fact that Federal as well as State
action would be
needed, he emphasized the need of
vigorous support in Congress by Senators and Rep-
resentatives
"wholeheartedly in
sympathy"
with
No
could have
have
South, in other words,
can
ence
a
way,
how much
or
guess.
things in the American way.
"menacing development" which, he declared,
sents the nations
world," he asked, "to be determined
by universal reliance
resort
to
supported the New Deal
on
pretty loyally,
may well ask itself what it has got out of
how much it is
likely to get out of it
it, and
by remaining
meek
and
subservient
for
another
two
armed force and frequent
poverishment, loss of individual independence and
international
anarchy?
Or will practices of peace,
morality, justice and order under law, resting
upon
sound foundations of economic
well-being, security
anq progress,
in international
lations?"
that
guide and
The
govern
question is well put and the
hopes
one
Hull's
may
re-
answer
be given is obvious, but Mr.
attempt to connect the question
it
now
presents itself with its historical background
was
not very
successful.
as
The World War, he explained,
legacy of deep-seated maladjustments" but
a
passionate desire" for peace, and for
1919 "considerable progress
a(je after
"The rapid growth of economic
dec-
a
made."
was
nationalism," how-
he added, "culminated in 1929 in world-wide
ever,
depression, undermined the whole structure of world
and of law and order
WOuld appear to,
primary
crash
the
among
mark if
he
the nations."
thinks,
that economic nationalism
of the 1929 debacle,
cause
or
as
was
he
the
that the 1929
particularly responsible for undermining
was
national law and order.
Certainly he cannot have
forgotten the reparations controversy, the persistent
efforts
of Great Britain
Germany in subjection,
Italy
as
or
and France to
keep
the growth of Fascism in
influences adverse to international harmony.
What he
to
was
show,
trying to do,
to find
was
a
reading of his address
an
opportunity to
tariff policy.
corn-
"Economic sta-
all parts of an arch resting upon the foundation of
trade.
years
and
side,
.
as
.
.
As trade barriers mounted
on every
the movement toward economic nationalism
gathered momentum, it became only too clear that
either the excessive trade barriers between nations
mTsst be reduced
access
more*
upon
aggression, with resultant autarchy, im-
last analysis political stability," he contends, "are
job in his
South, which has
the whole
pre-
today with "a clear-cut issue." "Is
bility, financial stability, social stability, and in the
what will be done will be
Meantime the
address would
Secretary Hull put in the forefront of his speech
,
anybody's
an
the nations whose conduct it by infercondemned, and upon others that were urged to
look at
■
however, what possible effect
Congress
a
that will take orders and let him do the
own
given
once
of interest
are
have
than
doubt the complete
upon
mend his reciprocal
Roosevelt, but unless he
more
one can
thought that such
approval of the candidacy of Lawrence Camp.
needs of the
under-
an
lays down and the proposals which he of-
one wonders,
fers.
seems
to Mr.
was one
sincerity of the Secretary of State in the doctrines
which he
Southern needs, and went on to declare his
opposition to the re-election of Senator
George and his
The
have prompted
warning and counsel, of
which Mr. Hull has
to
ness
public expression.
Mr. Hull is wide of
doubt of
which
course
lying assumption of national wisdom and righteous-
vantage to the South.
any
some
other nations
see
lofty sentiments, idealistic appeals, and
economy
was
the
appears to
combinations of
whose financial control is represented as a disad-
If there
and
apply to any specific world situation. It
0f those
ais0 "a
by the Reconstruction Fi-
at
address, and only by inference could it be held
"left
loans
affairs
No special reason
pursue.
port for the Federal wages and hours legislation, for
of
expounded
States would like to
the United
The report makes what look like clear bids for
sup-
the extension
Tuesday,
on
length the policy of the United States in the present
the future of the
The release of the report
of
at
The Ten-
power.
Valley Authority has increased somewhat the
nessee
people
more
except through the device of govThe fundamental weakness of rely-
crops
tion and by
control market-
ing, but it has not thereby enlarged the market for
Troubled
a
Speaking, of course, in behalf of the Administra-
wholly upon the two crops of cotton and tobacco,
the Administration has been pouring out millions to
,
Aug. 20, 1938
esisary
to needed
or
the pressures of nations to gain
raw
materials and to equally nec-
foreign markets by conquest of additional
Volume
Financial
147
Chronicle
A look over the
territory and tactics of the mailed fist would be¬
intensified."
come
United
States,
To
he
this
meet
continues,
possibility
offered
the
Trade
the
1099
ations in which
to
be
European field discloses few situ¬
Secretary Hull's proposals
applied.
Most nations
Agreements Act of 1934 and, besides negotiating a
economic reconstruction
number of
tive needs
treaties, "has tirelessly urged
nations the
course."
upon
imperative need of pursuing
It is
other
similar
a
disturbing to remember, however, that
while the situation in
regard to trade barriers, in
and
are
likely
proceeding with
are
according to their respec¬
and they will hardly be
resources,
spurred to greater activity by outside urging.
nation has
No
formally rejected "the basic principles of
international law"
its
in
dealings with other
na¬
Europe and the Americas, has somewhat improved,
tions, but much difference of opinion exists regard¬
political controversies in Europe
ing the meaning and
been both
Asia have
and
multiplied and intensified.
The contro¬
and their
of
scope
of the principles
some
applicability in current situations.
Inci¬
versy
which most agitates Europe at the moment—
dentally, the treatment of the American neutrality
that
between
laws
Germany
Czechoslovakia—can
and
by the Roosevelt Administration has tended
certainly not be attributed primarily to Germany's
to
desire for trade
trality in general.
The
access
or
which
program
to
raw
materials.
Secretary Hull's
embodies
proposals is that propounded at the conference at
Buenos Aires in
December, 1936.
As summarized
confuse rather than
clarify thought about
of treaties when the
ance
the peace
experience of Europe with
treaties and the agreements relating to
Abyssinia
recalled,
are
to
or
uphold only isuch
changes
as are
which, in the Secretary's statement, is introduced
out in
spirit of mutual helpfulness and
by "we believe in,
dation" in view of the failure of the
by the Secretary it
The
first
point
covers
support and
we
"economic
is
each of
points,
seven
we
recommend."
reconstruction,"
re¬
garding whose nature, however, nothing is said. The
second
national
law" for the
relations.
observance
of
The
government of inter¬
third
is
"respect for and
treaties," including modification of
treaty provisions "by orderly processes"
the internal affairs
of
nations "be
their
which
of
differences
agreement."
duce
other
nations and
be
they
by "peaceful negotiation and
prepared to limit and progressively
are
point commends "collaboration
between and among
and the freest
re¬
circumstances under
to "be prepared," however, not being
A sixth
and
settle¬
a
fifth point recommends that the
A
armaments," the
indicated.
tween
as may
A fourth point is non-interference with
necessary.
ment
tions
representatives of the nations,
possible intellectual interchange be¬
their peoples, to the end that
among
to
even
made by "orderly processes carried
So
with
accommo¬
League of Na¬
attempt the task of treaty revision
which the Covenant
point is "adherence to the basic principles
of international
a
the
assigns to it.
recommendation
abstain
to
using force to further national policies and to avoid
counsel
seems
of view.
No kind
to
dissuade
almost
or
fantastic
from
either
Germany from pressing its expansion
and how
intermeddling be discouraged
can
may
be promoted and peaceful adjustment of
controversies be made
seventh and last
point
ation in such ways
more
urges
readily possible."
"international
and by such methods
The
cooper¬
as may
be
practicable for the advancement of this program."
If
noble
sentiments,
clothed in
dignified
a
political quarrel in Czechoslovakia?
tions in
a
the
feared
Most
reduction of their
enemy
are
also
or
armaments, but only
enemies that
particularly
are
prepared to disarm. Just what kind
of "intellectual
interchange" Secretary Hull has in
mind is not clear from his
tary Hull's expression of American beliefs and hopes
ought to be potent.
reason
to
the
it
Unfortunately, there is little
expect that it will have such an effect.
Editorial comment
by the European press interprets
speech in contrary
ways, some
journals seeing in
nothing but platitudes joined to
a
in
advocacy of it in his ad¬
lack of under¬
Germany
tent of its
address of
to
a
latter view
general assurance of help if help
color, perhaps, is given to the
by President Roosevelt's explicit
ise, in his speech at Kingston, Ontario,
of American
minion
was
tion
were
on
Thursday,
support for Canada in case the Do¬
attacked
by
any
foreign Power.
with
Great
Britain which the latter
desires, but it is not,after all,
to
This
certainly going a long way toward the coopera¬
a
pledge of
greatly
any
of action outside of the American continents.
the
prom¬
kind
From
European point of view, it amounts as yet only
an
Executive extension of the main
principle of
the Monroe Doctrine to include Canada.
or as
are
long
not freely open
as an
intolerant
systematically derides and, to the
every
system different from its
August 16
ex¬
political
own.
wonder, accordingly, why the
was
made. There
was no
American
need
people for peace and their hope that the
nations may
be able to
without war,
for if the desire and the hope
compose
their differences
are
not
by this time well known, reiteration cannot be of
any consequence.
any
was
too vague
was
to indicate
"isolation," the in¬
to justify connecting it with
country or any situation. The indictment of the
"manifestations of
Hull framed is
ently
one
of the
disintegration" which Secretary
forcible, but it is not
new.
Appar¬
must conclude that Secretary Hull, aware
dangers in the international situation, feels.
that the
can
If the intention
abandonment of so-called
dication
Some
Nazi
proclaim again to the world the desire of the
standing of the European situation, while others
needed.
Italy,
ability, seeks to undermine
economic
profess to find in it evidence of increasing American
is
those of Fascism
One is still left to
some
cooperation and
or
Communism
as
practices cannot be frankly debated
to discussion in
or
na¬
Europe would probably be quite ready to
consider
when
lan¬
could change the policies of nations, Secre¬
guage,
that
now
Great Britain has undertaken to settle out of hand
doctrines and
all
point
plans by force if it concludes that force is necessary,
lems of others and of
to
The
degree of moral suasion is likely
dress, but its range will be limited as long
are common
from
interference in other nations' internal affairs.
thereby understanding by each country of the prob¬
problems that
neu¬
It is useless to preach observ¬
best contribution that the United
States
make is to reaffirm from time to time the
prin¬
ciples of international conduct which it espouses,
in the
hope that its appeals to reason may in time
be heeded.
it may
abroad
points.
The danger of such an attitude is that
not increase respect for the United States
or
lessen
any
of
the
evils
to
which
it
1100
Financial
Gross and Net
Chronicle
Aug. 20, 1938
Earnings of United States Railroads for the
Six Months
Ended June 30
With the "recession" of late 1937
into
year
States
deepening this
necessary to go
back to the immediate post-war
full depression, railroads of the United
a
of 1920 to find
a
able to make
were
only
net
1938,
1937 and the opening days
of 1938 the
was
tion, and
the
collapse
that
developed
Rut
recommendation from
a
Congress enact
reported
of
the
President,
sible.
ket advance that
If the stock
bring.
high
all other
our
this
observers
wage
scale, exceeding anything known
railroad employees
and
it
as upon
were
restored to the 1929 levels,
top of that compensation was added which,
was
estimated at the time, would increase rail
glance the inroads
a
that
under
placed
keen
many
Federal
on
legislation,
and
the
special
further heavy inroads
on
with
business,
placed
the
in
the
what
early last
revenues
might be regarded
figures
gross
as
normal.
highly revealing,
are
none
costs
the less, for
a
In recognition of the dilemma faced by the rail-
21.58%. For reasons set forth more adequately
below, but which relate mainly to the record high
wages which the carriers had to pay, the managers
reduce
costs
of
gross
operating
be
expenses
could
operation to
cut
only
controls
Unification of the
the carriers
over
was
concluded
with
inordinately, being cut to $304,542,359 in the first
Mr.
half of
while permanent solutions are
this year
period of 1937,
a
from $528,152,626 in the similar
decline of $223,610,267,
Jan. i to June 30—
1938
Mileage of 136roads.
expenses
Net earnings
(81.35%)'
$304,542,359
would
be
difficult
nificance of the
is necessary
the
to
even
in
the
years
1932
being studied, Con-
,
.
1
financial and operating
,
difficulties between
now
and the convening OI the
.
Congress."
No precise intimations were given
as
Congress adjourned in June without any remedial
1929, while net
of
suggestion that,
might well enact some immediate legislation
"in order to prevent serious
next
figures thus presented.
diminutive
a
overemphasize the sig-
is to point out that
started
pression
(—>
gress
many
held advisable, and
$528,152,626 -$223,610,267 42.33%
levels
and
All that
gross revenues
railroads for the first half of
under
or Dec.
(74.64%)
ceeded those for the worst
years
that
(+)
235,619
—838
0.35%
$2,082,853,003 —S449.634,747 21.58%
1,328,675,897
1,554,700,377 —226,024,480 14.53%
si,633,218,256
Ratio of expenses to earnings
It
inc.
Roosevelt
234.781
Gross earnings:
Operating
1937
42.33%.
or
two suggestions,
both to subsidies and to Government ownership or
operation of the railroads.
thus suffered
one or
advised that Mr. Roosevelt objected
was
amounting to 14.53%.
revenues
to
April 12 by the President, in a special
on
654,897 from $1,554,700,377, the drop of $226,024,480
Net
re-
reme-
results were transmitted
that contained only
message
Congress
■
The
measures.
Congress
The
$1,328,-
to
year
Commission to submit recommendations for
dial
any-
receipts fell.
the
quested the members of the Interstate Commerce
or
unable to
President Roosevelt early in
roads,
decline of $449,634,747,
thing like the degree that
were
to this generally adverse trend,
against $2,082,853,003 in
period of 1937,
There
few offsetting factors, in the first half of the year,
The two sets
the similar
gen-
increased
also, the railroads had to contribute
way,
to the demands made by government.
much under
the first half of this
year
of doing business have been
sharply and steadily by this Administration, and
in this
amounted only to $1,633,218,256 in
revenues
were
kept high despite these circumstances, for
eral
paralysis, however,
year were
govern-
Maintenance costs
were
Even
comparison with the early part of 1937 fails
since rail
The ordinary taxes exacted from the rail-
ments added to the burdens.
ordinary
by this Administration.
to reveal the full effects of the
of
of
way
the
many
taxes
the earnings of the various
roads by the Federal, State and municipal
competition
punitive regulations and restrictions, and the
Rail-
the carriers to meet such charges made
interference
obstacles
year,
road pension system payments also became general
preferred to call the "Roosevelt depres-
private enterprise
in
on
systems.
other
even
handed down, wages of
were
sion," owing to the heavy taxes, the Government
and
respon-
important contributing factor is the
an
operations for the first half
business paralysis
a
thus
labor costs upwards of $100,090,009 annually.
make plain at
year
by
is
economic life.
Statistics of railroad
caused
railroads,
which
under the Federal mediation awards of last
began late in June foreshadows
aspects of
But
Before those awards
mar-
gains, natural forces possibly will mitigate the
difficulties that crowd upon the
carriers,
the period to 1929, which the railroads had to pay
lies in
improvement and in the enlarged traffic
that such advances would
of the
etched, the general business decline that
started last September naturally is mainly
being, therefore, the real hope
owners
the plight
For
1 sharply
and
accomplished to relieve the rail-
transportation managers and
were
endeavoring to obtain concessions from
as
the form of deferred interest payments,
Legislature adjourned in June nothing
For the time
forced to
certain large holders of their fixed obligations in
President
remedial legis-
some
were
& Ohio RR. and the Lehigh Valley RR.
more
so
Congress did not choose to heed the
whatever had been
such
more
good deal of official atten-
a
vaguely-worded suggestion
business
and
more
Ste. Marie IiR. and the Erie RR.
im-
two
admit their inability to meet fixed debt charges.
At the beginning of August, this year, the Balti-
last
The plight of the carriers became
even
the
agen-
generally good and only faint signs
of
Roosevelt that
of the
financial reflections
portant systems of the Minneapolis St. Paul & Sault
alarming that it gained
roads.
severe
against the similar period of 1937, when
September and gradually became
when
the customary
country declined sharply in the first half
pronounced.
lation.
than they did in the early half of 1938.
worse
are
In the final days of
visible
were
Nor
of such situations lacking.
as
business
of
Gross and
earnings of the principal transportation
cies of the
of
fared
showing dur-
a poor
ing the six months that ended June 30.
year
period during which the railroads
1938
hardly
of
ex-
of the depression
1933.
the nature of the immediate
The Interstate Commerce Commission appeared
to be at least
a
Commission
March
worst
de-
delayed
ruling
is
carriers
last
it
little more aware of the pressing
nature of the problem than was the President.
far
Indeed,
legislation, and
legislation whatever having been enacted,
fell
revenues
of the
f0
8
the
on
year
down
a
On
long-
application made by the
the
for
handed
a
general 15% increase of
Volume
147
Financial
freight rates.
been
Some small advances of rates had
permitted previously, and in its March ruling
the Commission met the carriers
lialf-way, through
permission to advance rates from 5% to 10% on a
selected
list
of
important
commodities.
in¬
The
were
effected at the end of March, and
although original estimates indicated that revenues
creases
might advance
much
as
because of the rate
made
a
mockery of the predictions and the actual
remained
revenues
exceedingly
less
than
carriers.
half
It
is
the
the
computed to
were
advances
noteworthy,
On
modest.
the freight rate gains
average,
be
$200,000,000 annually
as
increases, the business paralysis
by the
requested
that Com¬
moreover,
Chronicle
1101
entirely lacking this
the overshadowing busi¬
year,
ness
paralysis made all the monthly comparisons
highly unfavorable in 1938, regardless of such fac¬
tors.
The
situation
in
January was quite suf¬
ficiently unfavorable, but in February and March
the
results
were
bad
so
that
searched for 18
years to find
ditions.
records
In those two months the net
The comparison for
that month of 1937
to
earnings
less than half of the net returns for the
of 1937.
had
equally disastrous
same
April of this
be
con¬
were
months
year
with
only slightly less unpleas¬
was
ant, but May results improved slightly and in June
the
comparison
unfortunate.
reasonable, although still
was more
In
the
following table
show the
we
missioner Charles D. Mahaffie
presented a dissent¬
comparisons of the totals for each of the different
ing opinion to the effect that the freight rate in¬
months of the semi-annual
would prove
creases
also
applied to
insufficient.
ICC
the
fares to 2y2c.
passenger
a
for
decided
against such
position
increase
reduced
were
an
on
advance
affect
the
the first half of the year.
however,
added
that
to the
revenues
$30,000,000
of Eastern
financial
will
them to
increase
the ICC
to
their
Preceding
March
April
May
June
of
revenues."
greater willingness
the part of
on
relinquish to the railroads the
Preced'g
235,422
—21.98
234.851
235.620
—25.04
234,828
235,829
—23.69
233,928
234,372
—22.70
234,759
235,547
—19.76
234,626
235,501
Inc.
236,041
(+) or Dec. (—)
Year
Year
Given
Preceding
January..
$46,633,380
$77,971,930
—$31,338,550
—40.19
Amount
Per Cent
February.
35,706,600
77,778,245
—42,072,645
—54.09
March
54,102,703
111,501,626
—57,398,923
—51.48
April
48,713,813
55,483,001
63,936,587
89,532,796
—40,818,983
—45.59
85,335,563
86,072,702
—29,852,562
—34.98
—22,136,115
—25.71
May
Weather
Encouraged by
Year
Given
—15.77
Net Earnings
operations,
every
Per Cent
Amount
Month
appli¬
the
Mileage
Year
$278,751,313 $330,959,558 —$52,208,245
250,558,802 321,149,675 —70,590,873
282,571,467 376,997,755 —94,426,288
267,741,177
350,892,144 —83,150,967
272,073,108
351,973,150 —79,900,042
281,607,108 350,994,558 —69,387,450
February
be
opportunity should be afforded to permit
this evidence of
January
by this
carriers
condition
cants," said the Commission, "is such that
reasonable
Given
June
approximately
"The
change.
It is generally estimated,
Increase (+) or
Decrease (—)
Year
The higher rail fares
and net earnings figures for
gross
Gross Earnings
Year
July 6, when permission for
granted.
was
April 14, but
on
placed in effect late in July, and thus did
were
not
arbitrarily
periods:
Month
raise
to
After long consideration the Commission
reversed its
the
permission
mile in coaches from the
2c. rate to which such fares
last year.
Eastern railroads
conditions, always important in railroad
were not
half of 1938.
The
especially adverse in the first
carriers went
through the ordi¬
narily bad winter months of January and February
without
experiencing
the
swept
Ohio
disastrous
such
Valley
in
the
floods
several
as
preceding
Early in March, however, Southern Cali¬
mana¬
years.
gerial functions which properly belong to them, the
fornia
carrier executives resumed their efforts to increase
storms, which overtaxed the drainage systems and
freight rates to the full extent desired last year,
caused
but
as
a
decision
on
this
The railroad wage
which deserves
of
the
point still is awraited.
problem remains
special consideration.
depression
conditions
that
thorny
a
one,
In the light
developed
gressively beginning last September, it
pro¬
obvi¬
was
ously advisable for railroad employees to share in
the
adversities
industry.
notice
on
afflicted
that
the
Accordingly, the railroad
April 26 that
wages
transportation
managers
filed
would be cut 15%
on
July 1, but this entirely reasonable step promptly
was
combated
by the railroad brotherhoods of
em¬
The exorbitant demands of labor under
ployees.
well
was
the
visited
was
much
damage to the railroads of the
to other
as
the weather
1937
by heavy and continuous rain¬
enterprises.
comparison unfavorable
half-yearly
period.
ditions in the first half of
of
summer
this
banner year
against
con¬
1938, and also in the deep
contrast favorably with the
year,
ample tonnage in grains, cotton and
The moisture fall
products.
Western
the
as
Agricultural
of 1937, and suggest that the carriers
will be offered
other
area,
Only in this respect
"Dust
Bowl,"
was
good
even
in
railroads,
the
and
together with the rest of the country, will at least
be
spared the crop shortages that developed in 1934
and 1936.
This very
difficulties
this Administration could not be better illustrated
the
than
fact accentuates the nature of
companies.
by
a
blunt refusal of the representatives of the
employees to accept any reductions whatever, even
though it
was
all the rules of
A mutual
pointed
reason
out again and again that
demanded such concessions.
agreement was found impossible, in these
circumstances, and the entire matter was placed in
the hands of
a
Federal mediation board
It is clear that the railroads
it is to
this
the
be
on
Aug. 4.
require this relief, and
hoped that the mediators will recognize
fact, but the award naturally
cannot
affect
operating statistics for. the first half of this year.
Turning
now
to
a
month-by-month comparison of
We turn
that
now
to
currently
face
the
railroad
customary consideration of
our
leading trade and other statistics, and their effect
upon
railroad
In order to do this in
revenues.
simplified form
we
have
a
brought together in the
subjoined table the figures indicative of activity in
the
more
important industries, together with those
pertaining to grain, cotton and livestock receipts
and
revenue
months of
freight
1938,
as
car
loadings for the first six
compared with the corresponding
period in 1937, 1936, 1932 and 1929.
tion it will be
readily
seen
On examina¬
that the output of all
earnings for the first six months of this year with
the industries covered
those for the similar
find that
scale
as
uniformly unfavorable in the
year,
the falling off in the case of steel production
results
were
almost
period of 1937,
1938 semi-annual tabulation.
and
other
carriers in
strikes
the
depleted
first half of
we
Although steel, motor
the
earnings
1937, and
were
of
the
almost
was on a
very
greatly reduced
compared with the first six months of last
having been particularly severe, reaching
(accord¬
ing to the figures compiled by the American Iron
and Steel
Institute)
no
less than 62%.
It follows,
1102
Financial
too, that the number
moved
of
by the railroads
of
cars
was very
in the first half of 1937.
of cotton at the Southern
outports
hand, receipts
much
were very
larger, and the receipts of the various farm prod¬
ucts, too—with the single
much heavier than
a
6 Mos. Ended June 30
exception
of rye—ran
year ago.
1938
1937
1936
1932
1929
Aug. 20, 1938
PRINCIPAL CHANGES IN NET EARNINGS FOR THE SIX MONTHS
freight
revenue
much smaller than
On the other
Chronicle
ENDED
Pennsylvania
Norfolk & Western
Production
cars,
(passenger
12,262,979
11,835,360
11,781,578
Southern Pacific (2 roads) 11,165,818
Erie (2 roads)
8,628,013
Dul Mis & Iron Range..
6,973,037
Great Northern
6,691,566
Southern
5,645,073
Reading
5,042,682
Louisville & Nashville..
4i935,823
New York N H & Hart..
4,832,847
Atch Top & Santa Fe
4,324,024
M St P & SS Mario.....
Baltimore & Ohio
Western
2,788,298
2,488,660
871,448
3,225,443
Grand Trunk Western._
Boston & Maine
Building (000):
Constr. contr. awarded b $1,294,272 $1,493,236
$1,237,340
$667,079 $3,667,983
Elgin Joliet & Eastern—
Pere Marquette.
Northern
Coal (nettons):
Bituminous.c
Pa. anthracite-d—
153084000 224559000 200831000 144588000 257847000
24,107,000 28,256,000 29,569,000 24,162,000 35,517,000
Freight Traffic:
Car loadings, all
(cars).e 14,230,302 19,040,175 16,483,794 14,107,820 25,516,953
Cotton receipts, South¬
ern ports (bales).f...
1,546,471
1,214,779 1,324,806 3,394,799 1,929,832
Livestock receipts g:
Chicago (cars)...—
Kansas City (cars)...
43,781
42,092
42.657
76,467
106,072
27,798
32,352
30,191
41,640
51,006
Omaha
10,744
11,298
11,831
25,173
39,153
(cars)—
Western flour and grain
receipts h:
Flour (000 barrels)...
Wheat (000
9,587
9,519
11,899
59,497
103,620
100,155
59,982
25,582
30,275
34,383
21,732
37,862
39,161
7,113
10,665
3,601
Rye (000 bushels)
133,779
37,179
21,690
6,200
11,441
7,873,026 19,706,593 13,528,226
Steel ingot production.1. 10,819,144
Lumber (000 cubic feet):
Production, m
m
.....
Orders recelved.m..
28,768,960 21,276,097
5,168,814 21,640,960
7,697,210 29.036.247
v'1 ' '• 1
United States
States
east
of
4,405,272
6,234,282
6,574,853
6,124,319
4,780,006
4,782,030
Bureau of the
Rooky
5,717,863
5.811,884
5,786,765
2,917,286
9,750,588
3,705,269 10.095,057
3,558,828 10,187,411
Mountains),
W.
b F.
Dodge Corp. (figures for 37
Bituminous Coal
Commission
cNational
e
Association of American Railroads,
f Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
city.
hNew York Produce Exchange,
k "Iron Age."
I American Iron
in each
Steel
Institute,
m
National
Lumber Manufacturers
(number of
Association
reporting xnilis varies in the different years).
With
the
railroads
of
earnings alike, it is
Not
are
in
to deal
come
a
country
consonance
single road reports
gross
are very
and
70 in the
a
with
an
the
or
same
when
excess
gross
latter), and embrace roads and
following table
we
(both
PRINCIPAL
in
and
gross
of
excess
IN
MONTHS
GROSS
net),
Chicago & North West..
Lehigh Valley
Bessemer & Lake Erie.._
Central
New York Chic & St L._
Illinois
......
Grand Trunk Western..
Del Lack & Western
St L-San Fran (2
roads).
Wheeling & Lake Erie..
FOR
Delaware & Hudson
Western Maryland
Chic R I & Pac (2 roads)
Central of New Jersey..
Texas & Pacific
Atlantic Coast Line
a
sys¬
Delaware &
Hudson
Chicago & North West..
Chicago & East Illinois..
Central of Georgia
Alton
Lake Superior & Ishpem.
N O Texas & Mex (3 rds)
Colo & Southern (2 rds).
Spokane Portl & Seattle.
Chicago Great Western.
_
Det & Toledo Shore Line
Chicago R I & Pac (2 rds)
Maine
Central
Clinchfield
...
Northwest
Pacific
Yazoo & Miss
Valley
Richmond Fred &
Pot..
Central Vermont..
Alabama Great Southern
Chic Indianap & Louisv.
Illinois
Terminal
Total (70 roads)
$215,123,300
roads
arranged
are
decrease of $25,820,909.
a
hardly to be told that when the
in
groups,
geographical
or
great districts, the Eastern, the Southern and the
all the different
as
earnings alike.
the
of the net
in
case
several
than
53.50 %
by
mary
plained,
Det Toledo & Ironton
St Louis-Southwestern._
Cin N O & Texas Pacific
Western Pacific
Central of Georgia
Chicago & East. Illinois.
Long Island
Chic Ind & Louisville
Yazoo & Miss Valley...
Chicago Great Western.
Colo & Southern (2 rds).
Alton
Central Vermont
Lake Superior & Ishpem.
Internat'l Great North..
Richmond Fred & Pot..
2,695,368 Northwest Pacific
2,633,675 Montour
2,596,515 Penn Read SS Line
2,572,336
2,404,931
Total (83 roads)
And the decreases, too, in
40%, and in the
over
case
of
region (New England district) and
region
(Western
district)
and 57.58%, respectively.
is
groups
below.
as
less
no
Our
sum¬
As previously ex¬
the roads to conform with the
we group
classification of
the
different groups
and regions
ICC.
The
boundaries of the
are
indicated in the
footnote to the table:
SUMMARY
BY
GROUPS
District and Region
-Gross Earnings
6 Months Ended June 30—
;
1938
Eastern District—
$
New England region (10 roads)..
1937
Inc. (+) orD<?c. (—)
4*
,
70,668.537
85,236,704
-14,568,167
17.09
208,652,872
-104,483018
25.91
317,759,625
-131,172058
29.21
937,304,277—250,223243
26.69
229,764,336
Total (52 roads)
403,135,890
448,931,683
687,081,034
Central Eastern region (18 roads)
in
In the
THE
Southern region (28 roads)....
Pocahontas region (4 roads)...
268,280,412
125,803,419
-38,516,076
14.35
-33,600,173
26.70
•
..
92,203,246
..
Total (32 roads).
321,967,582
394,083,831 —72,116,249
18.29
Northwestern region (15 roads)..
Central Western region (16 roads)
174,439,297
309,435,053
20.68
Southwestern region (21 roads)..
140,295,290
219,924,112
366,830,070
164,710,713
-24,415,423
14.82
624,169,640
751,464,895—127,295255
16.93
(136roads).1,633,218,256 2,082,853,003 —449,634747
21.58
Western District—
Total (52 roads)
SIX
Totalalldistricts
M St P & SS Marie
Seaboard Air Line
com¬
gross
particularly heavy, reaching
are
instances
the Great Lakes
Decrease
Missouri-Kan-Texas
regions
prising these districts—show losses in both
Southern District—
are
$2,377,147
2,258,066
2,040,973
1,933,427
1,866,878
1,769,959
1,693,431
1,684,969
1,508,465
1,430,148
1,318,258
1,303,605
1,256,690
1,137,188
1,022,744
1,011,147
1,004,687
967,418
890,062
875,553
870,639
864,280
861,561
806,127
789,023
728,393
711,715
632,493
629,081
628,461
600,178
577,852
549,212
544,600
538,153
527,484
524,363
District and Region
6Mos.End. June 30
Eastern District—
Mileage
1938
New England region
Great Lakes region.
6,944
1937
6,985
26,520
Cent. Eastern reg'n 24,730
24,799
15.64
Net Earnings
1937
Inc.WorDec. (
)
$
$
%
1938
26,347
-45,484,815
-57,395,017
$
41.82
58,021
58,304 130,671,666 247,928,149 —117,256483
47.28
38,678
38,747
6,042
6,046
44,720
Total.....
12,186,321
23,017,560 —10,831,239
49,169,136 105,762,006 —56,592,870
69,316,209 119,148,583 —49,832,374
46.96
53.50
Southern District—
Southern region
Pocahontas region.
50,047,097
29,896,272
70,270,712
28.77
-20,223,615
-25,768,031
46.29
44,793
79,943,369 125,935,015 —45,991,646
36.52
45,887
46,091
17,938,414
Cent. Western reg'n 56,741
56,913
29,518
49,466,537
Total
55,664,303
Western District—
Northwestern reg'n.
Southwestern region 29,412
Total
132,040
Total all
132,522
26,522,373
42,287,760 —24,349,346
70,614,737 —21,148,200
41,386,965 —14,864,592
57.58
29.94
35.91
93,927,324 154,289,462 —60,362,138
39.12
districts.234,781 235,619 304,542,359 528,152,626 —223,610267
42.33
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:
EASTERN
DISTRICT
New England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the Canadian boundary between
New England and the westerly 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
Chicago through Peoria to St. Louis and the Mississippi River
River, and north of the Ohio River to Parkersburg, W. Va.,
east of a line from
to the mouth of the Ohio
and
a line thence to the southwestern
River to its mouth.
corner
of
Maryland and by
the Potomac
SOUTHERN DISTRICT
Southern Region—Comprises the section east of the Mississippi River and south
of the Ohio River to
$441,263,545
These figures cover the operations of the
New York Central and the
leased lines—Cleveland Cincinnati
Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of
$54,545,129.
The reader needs
30. 1938
Denver & Rio Gr West..
6,582,988 Nash Chatt & St Louis..
6,272,403 N O Tex & Mex (3 roads)
6,154,504 Pittsburgh & W Va
6,071,141 Det & Toledo Shore Line
5,946,357 Maine Central
5,793,131 Clinchfield.
5,726,256 Monongahela
5,194,177 Ala Great Southern
4,962,348 Spokane Portl & Seattle.
4,938,890 Virginian
4,785,240 Illinois Terminal...
4,782,176 Chicago St P M & O
4,720,610 Gulf Mobile & Northern
4,307,844 Dul So Shore & Atlantic
3,792,183
3,232,473
Virginian.
cluding Pittsburgh & Lake Erie, the result is
Great Lakes region (24 roads)
and net:
gross
EARNINGS
ENDED JUNE
$66,974,851
New York Central.
a47,889,515
Baltimore & Ohio.
26,399,528
Southern Pac (2 roads).. 18,812,964
Chesapeake & Ohio
16,705,033
Norfolk & Western
15,718,047
Union Pacific
12,857,752
Atch Top & Santa Fe._. 12,579,751
Erie (2 roads)
11,540,45 )
Great Northern
11,260,841
Southern
9,613,257
Louisville & Nashville..
8,665,105
Dul Mis & Iron Range..
8,496,693
Reading
8,236,099
Missouri Pacific
8,032,982
Chic Mil St P& Pacific..
7,210,249
Elgin Joliet & Eastern..
6,664,838
Pittsburgh & Lake Erie.
6,655,614
.
and
$500,000, whether
Decrease
Pennsylvania
New York N H & Hart..
Chicago Burl & Quincy.
Northern Pacific..
Seaboard Air Line
1,299,523
1,234,345
1,183,385
1,072,366
996,358
986,112
882,557
866,694
857,642
850,409
765,785
744,384
716,137
705,549
696,048
691,978
688,933
632,774
631,776
616,962
597,326
582,392
574,324
555,410
501,937
a These figures-cover the operations of the New York
Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
part of the country.
decreases, and in both
CHANGES
Pere Marquette
Boston & Maine.
Wabash...
of
show all changes for the separate
amounts
or
Chicago Burl & Quincy._
Wheeling & Lake Erie...
net earnings, while the
instances for very large amounts.
increases
we
long (totaling 83 roads in the former
decreases, too
roads for
net
roads and systems.
increase in
tems of all classes and in
every
numerous
whole
and
gross
losses, above that amount, in both
net,
The
as
surprise to find that the
no
with the separate
|500,000 in either
lists of
Atlantic Coast Line
Northwestern*
the
recording heavy decreases in both
results
Pittsburgh & Lake Erie..
Lehigh Valley.
Missouri-Kan-Texas....
and net
Census,
d United States Bureau of Mines,
and
.
Western—as well
Note—Figures In above table Issued by:
a
Chic Mil St P & PacificDel Lack & Western....
1,363,466
Central of New Jersey
3,019,583
2,930,626
2,886,898
2,866,932
2,699,416
2,519,567
1,991,170
1,981,196
1,885,684
1,855,446
1,852,029
1,803,758
(2 rds)
Maryland
divisions, according to their location, all the three
Iron & Steel (gross tons):
Pig iron production.k..
St Louis-San Fran
142,537
28,553
—
9,423
54.514
61,689
6.080
Barley (000 bushels)
9,808
67,429
160,440
bushels)..
Corn (000 bushels)...
Oats (000 bushels)...
Shipments,
Pacific
Wabash
....
$1,461,848
1,401,082
1,390,225
1,381,730
Union Pacific
Western Pacific
4,318,386
4,127,499
3,674,784
3,514,898
3,424,737
3,384,949
3,247,492
New York Chic & St L..
1,203,874
Decrease
Chesapeake & Ohio.....
Bessemer & Lake Erie
trucks, &c.).a_.
1938
30.
Det Toledo & Ironton.__
Cin N O & Texas Pacific.
Texas & Pacific
16,788,661
Missouri Pacific
Automobile (cars):
JUNE
Decrease
New York Central—_ _a$23,301,342
eastern
a point near Kenova. W. Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas
Virginia,
east
Region—Comprises
of
Kentucky
and south of a line from
and
the section
the
Ohio
north
of
River north
the southern
to
Parkersburg to the southwestern
thence by the Potomac River to its mouth.
boundary of
Parkersburg,
corner of
W. Va.,
Maryland and
Volume
Financial
147
WESTERN
Northwestern
Region—Comprises the section adjoining Canada lying west of the
a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
to the Pacific.
.•
Southwestern
Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico.
We
add
now
months.
It
detailed
our
shows
the
statement for the
six
each
sep¬
results
for
road
arately, classified in districts and regions, the same
as
in the
foregoing
summary:
Eastern
1938
1937
1938
1937
Region—
$
$
$
S
3,658,612
3,704,655
1,372,590
19,337,976
24,276,866
3,543,246
New England-_
606,340
742,211
—94,914
7,373
Central Vermont.
2,343,237
3,347,924
29,732
612,124
&
Maine
1938
1937
$
$
$
Inc.
or
Dec.
$
—189,399
6,967,983 —3,424,737
1,561,989
Can Nat System—
Inc.
or
Dec.
5
8,818,346
830,804
48,695,337
7,884,895
449,674
2,617,191
23,075,308
689,719
41,987
9,779,936
1,872,400
45,583
470,102
3,706,488
1,556,413
—866,694
172,970
—130,983
9,481,510
+298,426
2,489,362
—616,962
—17,233
62,816
677,250
—207,148
5,510,246 —1,803,758
3,737,212
8,812,220
1,281,706
6,102,410
1,622,181
400,523
50,907,645
1,263,265
489,288
2,060,848
86,650
1,158,055
431,151
81,399
9,447,944
195,174
1,063,612
—574,324
3,461,930 —1,401,082
282,036
—195,386
1,472,407
—314,352
—207,541
638,692
175,508
—94,109
15,093,017 —5,645,073
307,635
—112,461
roads)-.229,764,336 268,280,412
50,047,097
70,270,712 -20,223,615
7,309,881
645,906
42,969,081
6,628,205
Mississippi Central.
378,314
Norfolk & Southern.
2,277,620
Seaboard Air Line.. 21,091,881
Gulf & Ship Island
Illinois Central
Yazoo & Miss Vail
Southern SystemAla Gt Southern.
3,008,819
7,118,789
1,021,787
5,609,048
1,460,497
266,702
41,294,388
1,028,823
Cin N O & Tex P.
Ga South & Fla..
Mobile & Ohio...
N O & Northeast.
North Alabama..
,
Southern
Tennessee Central..
.
Gross
Pocahontas
Net
1937
1938
1938
$
$
Chesapeake & Ohio.
-Net-
New England
Boston
1937
$
Region—
District
-Gross-
Bangor & Aroostook
1938
Southern Region—
Total (28
EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO JUNE 30
Net-
Illinois Central System—
Central of Georgia
Region—Comprises the section south of the Northwestern pegion
Chicago to Peoria and thence to St. Louis, and north of a line
Kansas City and thence to El Paso and by the Mexican boundary
west of a line from
from St. Louis to
1103
-Gross-
Great Lakes Region, north of
Central Western
Chronicle
DISTRICT
46,773,384
Norfolk & Western. 32,338,947
Richm Fred & Pot.
4,166,092
Virginian
8,924,823
1937
S
Inc.
$
or
Dec.
S
63,478,417
48,056,994
4,710,692
9,557,316
15,471,433
829,894
4,139,843
27,306,793- -11,835,360
21,718,081 -12,262,979
1,427,220
—597,326
5,212,209 —1,072,366
92,203,246 125,803,419
29,896,272
55,664,303—25,768031
......
Total (4roads)...
9,455,102
Can Nat Lines in
-102,287
-582,392
Total
South
trict (32
Dis¬
roads).321,967,582 394,083,831
Dul Winn & Pac—See Northwestern region.
-Gross-
Can Pac Lines in
1,419,112
Can Pac Lines
1,443,506
267,333
329,520
—62,187
in
391,635
Vermont
605,474
—358,349
-77,412
—180,937
1,988,728
—688,933
Dul So Sh & Atl—See Northwestern region.
Minn St P & SS M—See Northwestern region.
Spokane International—See Northwestern region
5,715,637
6,577,198
1,299,795
Maine Central.
34,702,358
41,285,346
5,473,543
10,306,390 —4,832,847
1,094,132
1,457,262
744,429
1,160,304
—415,875
1,399,498
Connecting-
Rutland....
1937
S
Inc.
or
Dec.
$
Can Nat System—
C N Lines in N E—See New England region.
-
23,188
163,450
—186,638
347,812
2,001,936
70,102
2,520,889
472,343
1,851,966
9,215,370
6,456,512
11,925,046
205,855
686,756
388,739
4,550,761
1,430,223
—392,437
-1,381,730
—40,670
—986,112
+311,375
—705,549
-2,866,932
-6,973,037
-6,691,566
—43,080
—850,409
+ 193,159
-3,019,583
—716,137
Grand Trunk Western—See Great Lakes region.
C. P. Lines in Me—See New England region.
1,796,262
-191,084
160,561
—351,645
Dul So Sh & Atl..
MStP&SSM..
Spokane Internat.
(10roads)..
70,668,537
85,236,704
12,186,321
23,017,560—10831,239
Chic & North West.
Chic St P M & O.
Great Lakes
1938
Region—
1937
1938
$
$
Cambria & Indiana.
543,370
Chic Great Western
-Net
-Gross-
$
658,539
122,438
1937
Inc. or Dec.
$
263,983
Vermont—See
Great Northern....
Green Bay & West..
Lake Sup & Ishpem.
Minn & St Louis...
New England region.
Northern
Dul Winn & Pac—See Northwestern region.
8,225,452
Chic Mil St P & Pac
Dul Missabe & Ir R.
S
—141,545
Can Nat System—
Can Nat Lines in N E—See New England region.
Grand Trunk W_
$
C P Lines in Vt—See New
N Y Ont & West—See Great Lakes region
Central
1938
$
Can Pac System—
NHY&Hartf..
Total
-Net—
1937
Region—
Central Vermont—See New England region.
Dul Winn & Pac.
555,552
733,073
New Haven System
N Y
1938
Northwestern
Maine...
79,943,369 125,935,015—45,991646
Western District
Grand Trunk Western—See Great Lakes region.
Can Pac System—
—13,586
3,501,312
Del & Hudson
10,169,861
13,007,628
13,402,334
2,043,263
3,039,621
21,600,098
353,866
26,320,708
420,678
3,925,222
6,624,638
-2,699,416
46,423
86,866
1,184,932
2,049,212
473,625
1,169,673
—696.048
31,915,410
43,416,055
4.608,678
13,247,565
-8,638,887
6,348.438
—516,525
5,233,480
162,775
—163,653
581,898
1,531,178
714,086
—40,443
Det & Tol Sh Line—
—44,625
620,206
29,432
1,534,777
783,718
1,146,417
—996,358
Del Lack & Western
Detroit & Mackinac
Pacific...
Spokane Portl & S..
England region.
841,893
1,419,745
10,775,463
12,816,436
335,081
391,177
36,361,249
42,432,390
7,537,217
8,165,678
7,882,070
9,019,258
51,680,315
44,470,066
11,349,748
2,853,055
41,207,930
29,947,089
707,947
842,899
1,309,325
341,907
3,861,080
4,001,869
24,245,075
30,399,579
4,295,479
3,583,764
.
-3,514,898
Total (15roads).. 174,439,297
Erie
New Jersey & N Y
341,455
381,260
—26,776
—37,650
+ 10,874
N Y Susq & West.
Lehigh & Hud River
1,551,451
686,962
1,705,559
19,997,882
1,753.559
509,473
658,915
—149,442
845,985
1,977,570
25,934,239
187,361
267,161
—79,800
399,660
527,621
—127.961
4,245.249
6,236,419
-1,991,170
1,511,333
2,300,356
873,964
1,350.712
1,201,657
161,152
525,648
—364,496
Net
1938
$
$
Region—
42,287,760—24,349,346
1937
$
—
Inc. or Dec.
$
—476,748
674,173
17,938,414
1937
1938
Central Western
Erie System—
219,924,112
-Gross-
Lehigh & New Engl.
Lehigh Valley—...
Monongahela..
Montour
New Haven System—
*\T V Oontrol T 1
3,097,596
3,423,875
117,545
68,505,570
510,054
—392,509
Alton...
.138,942,439
10,123,892
8,144,231
1,181,276
14,447,916 —4,324,024
7,133,084
2,038,918
—857,642
9,624,920
780,419
1,156,528
480,643
326,713
161,822
-1,855,446
—394,659
Bait & Ohio—See Central Eastern region.
Staten Isl Rap Tran—See Central Eastern region.
Burlington Route—
Chi Burl & Quincy
Ft Worth & D C.
40,228,502
2,874,003
3,174,807
46,500,905
7,769,474
3,702,088
3,369,466
9,826,771
862,484
12,203,918
1,264,002
385,760
805,803
556,034
125,003
91,262
Den & Rio Gr West.
nop
N Y Central
81,085,321
Bait & Ohio System—
Colo & Southern.
N Y N H & Hartford—See New England region.
N Y Ont & West.
Atch Top & S Fe
Denver & Salt Lake.
186,831,954
23,731,434
Pitts & Lake Erie.
5,787,769
12,443,383
—134,886
N Y Chic & St Louis
16,690,873
21.885,050
3,869,812
7,544,596
-3,674,784
Rock Island System—
Pere Marquette
Pitts & Shawmut—
11,377,099
16,339,447
813,716
4,061,208
-3,247,492
Chic R I& Gulf..
316,506
—37,692
—11,455
—349,725
+ 75,391
—201,710
242,590
Pitts Shawn & No..
47,032,776- -23,301,342
2,384,681 -2,519,567
—26,237
Chic R I & Pac..
508,677
66,976
52.041
+ 14,935
2,196,560
244,397
609,533
—365,136
Northwest Pacific
Southern
18,669,947
2,065,471
161,612
405,386
—243,774
2,780,076
23.455,187
5,710,702
-2,930,626
Pacific.
1,269,293
69,376,875
roads)—298,652,872 403,135,890
49,169,136 105,762.006—56,592,870
-Gross-
Central Eastern
1938
$
$
Akron Canton & Y.
-Net
1937
1938
Region—
1,026,641
62,300,119
741,554
$
1,135,517
1937
$
272,185
5,938,245
Western Pacific
Inc.
or
114,158
416,482
1,807,446
Bait & Ohio.
—554,495
753,394
2,584,981
6,801,595
1,649,657
_
Chic & East Illinois.
111. Mid—
—
Chic Ind & Loulsv.
3,875,948
Det Tol & Ronton^
2,446,043
5,111,436
2,493,263
_
Elgin Joliet & East.
Terminal...
Missouri Pac 8ystem
10,051,529
17,137
—66,415
1,092,951
428,805
361,440
802,124
480,363
646,512
21,833,107
667,901
916,850
2,263,972
3,865,312
1,148,449
-11,781578
+ 18,662
-4,127,499
—882,557
—239,096
—555,410
-1,461,848
-3,384,949
—501,937
Total (16 roads)..309,435,053
8,378,112
8,231,743
1,942,326
5,179,553
4,312,921
11,776,274
3,122,344
—1,525
4,061,084
1,975,508
730,021
84,016
241,557
—157,541
10,842,187
12,160,445
167,524,652 234,499,503
2,102,500
41,826,071
2,037,391
58,614,732
+ 65,109
-16788,661
2,671,477
16,791,667
31,768,321
9,118,261
8,318,333
—482,580
3,709,728
—190,397
4,893,113
10,534,092
3,139,691
2,731,264
—291,183
-1,183,385
-5,042,682
-1,363,466
-1,852,029
449,243
Pennsylvania System
Pennsylvania.
Reading System—
Penn Read SSL.
2,147,114
Central of N J.
14,195,152
Reading.
23,532,222
Western Maryland.
6,422,893
4,526,150
Wheeling & L Erie..
....
roads)-.317,759,625 448,931,683
5,491,410
1,776,225
879,235
69,316,209 119,148,583—49,832374
Region—
77,271
—631,766
19,982,397
-9,151,071
320,371
16,174,693
104,201.
—49,136
-1,299,523
—112,006
-1,234,345
roads).687,081,034 937,304,277 130,671,666 247,928,149
-117256483
108,966
70,614,737 —21,148200
-Net
1937
1938
S
1937
$
Inc. or Dec.
$
643,131
44,620
82,780
—38,160
St L-8an Fran..
20,262,907
797,922
6,630,145
Kansas Okla & Gulf
1,111,053
Louisiana & Ark
2,894,644
La Ark & Texas....
571,240
Midland Valley....
590,764
Missouri <fc Arkansas
460,417
Mo-Kansas-Texas.. 13,017,435
24,680,436
St L San Fr & Tex
688,237
6,821,197
1,096,005
2,886,089
646,640
685,134
548,502
15,275,501
1,393,745
143,226
2,390,988
518,069
943,898
52,881
210,693
31,464
1,798,925
4,385,814
38,055
2,366,113
557,044
932,645
159,929
291,643
68,111
3,780,121
-2,992,069
+ 105,171
+24,875
—38,975
+ 11,253
—107,048
—80,950
1,745,218
6,503,935
701,915
628,496
853,938
1,084,455
—152,023
—455,959
Island.
Frisco Lines—
Kansas City South.
—36,647
-1,981,196
Mo Pac System—
Beaum St L & W.
1,566,933
5,954,723
Internat Gt Nor..
Missouri Illinois—See Central Eastern region.
Missouri Pacific..
37,077,250
1,334,231
4,181,846
45,110,232
1,573,695
4,639,650
S A Uvalde & Gulf
595,504
Texas & Pacific--
12,566,624
662,188
15,138,960
260,429
NOTex&Mex..
StLBrownsv&M
City-Ada-Atoka
213,294
5,809,652
491,781
1,646,412
—64,804
3,601,898
64,549
10,128,038 —4,318,386
-270,501
762,282
1,989,673
—343,261
100,416
—165,220
4,992,123
-1,390,225
93,046
—28,497
Northwestern Pac—See Central Western region.
St L Southwestern
1938
$
775,937
24,853,503
Charles & W Caro
1,099,709
Cllnchfleld
2,784.224
Georgia
1,659,138
Louisv & Nashv.
36,817,753
Nash Chatt & St L
6,621,268
West Ry of Ala.
771,358
Columbus & Greenv
561,296
Florida East Coast.
6,329,496
Georgia & Florida.
497,354
Gulf Mobile & Nor.
3,225,393
.
.
_
2,182,130
2,626,461
—444,331
1938
1937
Inc. or Dec.
$
S
1,946,486
920,649
27,258,434
1,326,563
3,590,351
1,910,656
46,482,858
7,511,330
855,216
639,712
5,873,277
640,592
3,825,581
105.966
16,299
6,283,994
248,772
1,108,271
187,704
6,825,727
1,228,369
52,370
64,822
2,480,609
—13,541
901,011
23,670,247
771,120
3,835,016
96,819
5,849,763 —2,014,747
244,515
—147,696
Total (21 roads)..140,295,290
1937
253,503
122,707
8,169,678
469,824
1,741,045
388,644
11,761.550
1,262,729
103,478
101,392
2,022,990
60,740
1,367,028
—147,537
—106,408
164,710,713
26,522,373
41,386,965—14,864592
Texas Mexican
$
Atl Coast Line System—
1,658,166
10,664,167
20,328,362
554,872
Texas & New Orl.
—-Net—
-Gross-
Southern Region—
8,894,208
Southern Pacific—See Central Western region.
Southern District
Atl Coast Line
49,466,537
Southern Pacific System-
Total Eastern Dis¬
Atl Birm & Coast
366,830,070
690,916
Burl—Rock
Okla
Atlanta & W Point
1,139,426
271,235
75,157,871 .14,875,170
623,568
—7,805
7,623,214 —1,125,379
$
1938
Southwestern
88,011,669
783,196
See Southwestern region.
Missouri Illinois..
Long Island
10,831,326
-Gross-
61,612,141
Staten Isl Rap Tr
Bessemer & L Erie.
84,847,954
—302,324
Alton—See Central Western region
trict (52
—70,560
—64,621
—627,367
Dec.
$
Bait & Ohio System—
Total (18
633,257
4,196,702
Texas & N O—See Southwestern region.
Union Pacific
Utah.
Illinois
568,636
3,569,345
Southern Pacific System—
Tol Peoria & West..
Chic &
2,288,085
36,736,598
St L Southwestern—See Southwestern region.
1,635,143
...
Wabash
Total (24
2,279,855
34,110,153
421,691
Wabash System-
335,977
256,466
1,325,921
Pitts &WVa
Ann Arbor
Nevada Northern..
-1,885,684
—221,052
—632,774
—200,940
-4,935,823
—34,360
—51,108
—36,570
+457,619
—74,281
—466,017
Total Western Dis¬
trict (52
Tot8l
roads).624,169,640 751,464,895
1633 218256 2082,853003 304,542,359 528,152,626 —223610267
(136 roads)
The
them
was
93,927,324 154,289,462—60.362138
&11 districts
grain
traffic
over
Western
roads
(taking
collectively) in the first six months of 1938
on
a
greatJy increased scale
as
compared with
Financial
1104
the
period last year, the increase, in great
same
measure,
Receipts at the Western primary markets
of
five
the
cereals—wheat, corn, oats, barley and
rye—combined, in the first half of 1938 aggregated
295,894,000 bushels
as
against 170,630,000 bushels in
1937, 250,805,000 bushels in 1936.
Going further
back, comparison is with 205,354,000 bushels in the
first six months of 1932 and
sponding period of 1929.
361,385,000 in the
corre¬
The details of the Western
grain traffic, in our usual form, are set out in the
present:
now
we
Flour
6Mos.End.
June 25—
Wheat
Corn
Oats
Parley
Rye
(bush.)
(bush.)
(bush.)
(bush.)
(bbls.)
(bush.)
1938—.
5,006,000
6,478,000
61,870,000
8,203,000
4,535,000
904,000
1937
5,157,000
5,480,000
20,753,000
5,689,000
5,188,000
2,286,000
11,209,000
14,180,000
2,845,000
1,969,000
12,398,000
7,027.000
1,910,000
2,218,000
■
Chicago—
-
Minneapolis—
1938
1937
m mm.
11,079,000
m-m
1.968,000
«.
6,820,000
2,780,000
4,921,000
1,157,000
105,000
75,000
791,000
698,000
2,005.000
274,000
mmmmmt
1937
17,153,000
3,070,000
1938
4,468,000
163,000
9,968,000
357,000
1938.—
425,000
1937
362,000
1,775,000
185,000
5,442,000
359,000
Toledo—
1,955,000
1937
......
3,112,000
3,056.000
90,000
44,000
1,870,000
1938
1,010,000
2,987,000
76,000
115,000
Detroit—
1 GQtt
"67:666
1937..—
"2:666
54,666
80:666
63", 000
Indianapolis & Omaha—
1938
m •
5,057,000
m'Jm'm
15,742,000
5,488,000
3,976,000
''m
1937
11,388,000
6,841,000
5,000
106,000
397,000
St. Louis—
1938
2,735,000
4,516,000
21,503,000
2,397,000
915,000
97,000
1937
2,916,000
3,974,000
10,515,000
4,055,000
1,211,000
167,000
1938
1,128,000
1937
1,056,000
293,000
317,000
690,000
1,801,000
1,435,000
455,000
586,000
13,514,000
7,603,000
1,081,000
1,841,000
1,043,000
20,867,000
5,950,000
819,000
1937
14,639,000
5,207,000
927,000
m
m
m.
m
mmmm
~
mm
St. Joseph—
I
1938.—.
799,000
1937—.
1,518,000
562,000
887,000
Wichita—
1938
6,804,000
47,000
2,000
8,630,000
48,000
29,000
1938
229,000
1,383,000
94,000
116,000
59,000
1937—.
345,000
752,000
554,000
76,000
17,000
mmmm.rnm
1937
--mmmm
------
Sioux City—
Total all—
9,587,000
67,429,000
160,440,000 28,553,000 34,383,000
5,089,000
1937
9,808,000
54,514,000
61,689,000 25,582,000 21,732,000
7,113,000
Coming
to the cotton traffic
now
roads, this, too,
both
was
very
over
Southern
much larger than
last
as
regards the overland movement of the
staple and the receipts of cotton at the Southern
outports.
Gross shipments
half of 1938 totaled
overland
in
first
the
111999022367465780-.
28
-
776,560 bales in the previous
119932208786657--—
19243
as
quan¬
against
452,305 bales in
1936; 218,967 in 1932, and 475,570 in the correspond¬
ing six months of 1929.
In the following table we
give full details of the port movement of cotton for
1 to
GROSS
second-grade bonds have shown
a
toward the year's top levels.
have continued firm at the year's best
Price movements of
somewhat erratic.
1936742-.—
1911-
—
U. S. Governments
-
+ $120,332,208
+ 11.44
+ 179,089,522
+ 15.27
1,339,539,563
1,309,006,353
1,366,304,199
1,486,043,706
—28,958,798
+ 56,349,506
—2.16
1,731,460,912
'
1,946,395,684
1921
1922.
2,602,347,511
—
-
-
-----
1925.--
—-
-----
—
—
—225,987,341
+ 23,096,456
—7.31
2,905,912,090
3,062,220,645
+ 151,648,890
+ 5.22
—324,823,450
—10.61
2,184,221,360
2,688,007,639
—503,786.279
—18.74
—584,680,093
—26.78
—168,965.008
—10.57
+ 214,374,745
+ 15.17
+-5,259,590
+0.32
1996, have
Medium-grade and
lative railroad bonds have continued to lose ground.
re¬
specu¬
Chicago & St. Louis 6s, 1938, have dropped 34 point to 48.
Upon announcement of the Interstate Commerce Commis¬
the 1st 4s,
1959, advanced, closing
Chicago Great Western
on
Friday at 20%,
up
3% for the week.
In
a
generally slow and inactive utility bond market,
interest has centered around the debentures of International
—0.30
—116,628,506
—3.86
1,870,196,058
1,632,939,310
+237,256,748
+ 14.53
—
2,083,250,357
1.869,614,084
+213,636,273
+ 11.42
-
1,633.218.256
2.082.853.003
—449.634.737
—21.58
—
NET
EARNINGS
Year
Year
Given
Preceding
$371,591,341
..
Per
Increase (+-) or
Decrease
Cent
(—)
+25.98
+ $76,640,239
$294,951,102
408,380,483
371.562,668
+ 36,817,815
+ 9.91
378,852,053
J.
404,569,430
375,407,648
373,442,875
394,495,885
347,068,207
—25,717,377
—6.36'
373.370,171
400,242,544
—.
•
—
343,835,677
— .
394,083,458
—0.54
—2,037,477
+ 26,788,669
+ 7.18
—50,660,208
—12.84
+ 47,615,343
+ 13.55
+42.28
393,225,507
562,838,773
+ 166,141,381
555,683,025
—7,155,747
—1.27
265,705,922
540,911,505
—50.88
265,007,159
—67,446.584
—25.64
+ 141,808,030
530,420,651
265,325,144
263,029,233
169,082,335
312,088,627
—275,205,583
—316.985
+ 218,332,024
+83.87
+ 69.96
649,131,565
597,828,199
531,566,924
651,828,563
+ 117,564.641
+22.12
597,855,833
—54,000.364
+ 58,807,728
—8.28
656,663,561
727,905,072
656,848,197
+ 71,056.875
+ 10.82
727,923,568
713,906,228
702,553,020
—16,035.003
—2.20
559,476,894
195,582,649
—.
310,890,365
-.
.....
1935—
—
developed
1,
2%.
up
+ 16.36
—24.39
—147,407,933
—23.83
—149,889,660
+ 30,679,039
+-71,353,026
—41,593.457
+-75,765,722
—31.80
+•76,553,043
+ 16.94
—223,610,267
—42.33
of
a
classes
—9.95
+ 20.16
Demand for
the transit unity bill by
resulted
the State
International Tel. & Tel. 434s,
% for the week; the 5s, 1955, at 73
Transit 4J4s,
1966,
6634 while Interborough Rapid Transit
5s, 1966, have advanced 234 to 64.
investment
+ 9.54
+ 20.58
plan to pay off the 434s,
Brooklyn-Manhattan
have gained 234 at
—1.83
—13,059.449
+ 114,947,201
—199,587,164
1939, while interest in the tractions
Constitutional Convention.
+8.83
528,152,626
on news
on
—0.12
818,154,445
618,507,371
471,340,361
321,452,887
346,640,179
417,993,205
375,859,793
451,648,720
451,625,515
528,201,763
304,542,359
.-.
from favorable action
have
Other utility bonds of all
displayed
a
slight
weakening
tendency.
Changes in the industrial bond section of the market have
Great
Northern 43^s, 1976, at 7612 were off 1% points; Southern
Pacific 434>s, 1981, have lost 34 point at 46
New York,
sion's plan of reorganization for the
+4.55
—9,132,430
1,632,996,080
700,846,779
817,500,221
618,567,281
471,189,438
321,450,701
352,131,926
417,993,205
376,399.748
up
+0.81
+ 131,448,135
—
-----
—
Jan.
—2.38
2,183,918,659
1,599,191,879
1,413,361,745
1,627,736,490
1930.
due
+ 9.62
3,086,129,793
2,865,947,474
2,887,608,623
3,022,413,801
3,011,796,048
2,901,379,728
3,057,560,980
2,737,397,195
1928—
—
+ 15.39
—2.46
711,888,565
—
+ 12.81
+ 358,015,357
+ 18.46
—
—
+ 11.78
+265,635,870
1,889,489,295
2,074,114,256
2,326,657,150
—2.76
+23.37
—67,476,090
—63,399,701
1925—
1931-
—39.998,560
+328.012,578
+205,066,407
+ 181,848,682
1,447,46 4,542
1,403,448,334
1,741,329,277
+480,926,565
-
1926...
—5.72
2,605,203,228
3,091,934,815
2,864,512,167
2.890,965,666
3.(20,982,478
3,018,008,234
1,430,226,871
1,627,736,440
—
1914-„-_
+ 9.97
—85,033,426
2,738,845,138
2,665,747.212
—
1909-
1913---
+4.30
+ 136,168,743
1,599,138,566
...
1929..
Per
Cent
(—)
$1,051,853,195
1,172,481,315
2,071,337,977
2,339,750,126
2,684,672,507
2,671,369,048
1923
Decrease
1,310,580.765
1,365,355,859
1,502,472,942
1,401,010,280
1,407,465,982
-
were
1173^, while Union Pacific 5s, 2008,
and net
$1,172,185,403
1,351,570.837
-
---
1939, closed at 10034,
high-grade railroad bonds have been
dropped 1 point to 113^.
Receding
Tel. & Tel. and the New York traction issues.
prices.
Norfolk & Western 4s,
mained unchanged at
gross
Increase ( + ) or
Year
Given
June 30
the former
tendency
38,274
15,222
16,794
2,384
EARNINGS
Year
—
toward moderate declines this week, high-grades have held
76,385
back to and including 1909:
1938-
The Course of the Bond Market
Whereas most
14,483
32,811
12,954
6,842
14,287
2,515
earnings of the railroads of the country for each
year
_
past six years:
32,640
3,314
764,079
138,668
21,757
50,915
8,010
760,373 1,806,866 2,667,753
comparisons of the
1927
year;
613
936,245
subjoined table we furnish a summary of
six months'
1929
have
162
1,150
1,546,471 1,214,779 1,324,806
1922--.
795,294 bales (the largest
tity for the period in all recent years)
well up
877
Jacksonville
1915----------
the
6,447
17,323
Jan. 1 to June 30
1938
year
9,899
19,912
2,733
5,046
14,418
Norfolk.
1934--.-
905,000
524,000
m+mmmm
30",288
738
—
Wilmington.
1931
m
22:627
2,303
126
Lake Charles
1930——
Kansas City1938
26", 654
Charleston....—...
1924--.
Peoria—
41,963
—
—
Milwaukee—
556,416
66,707
40,247
38,701
Brunswick..
Jan.
Dvluth—
298,179
23,089
14,814
15,593
27,393
4,727
18,342
17,609
Mobile
Pensacola..
the
GRAIN RECEIPTS
679
1,991
18,304
2,312
New Orleans
Savannah
95
584,245
54,690
13,859
Beaumont.
563,066
108,000
396,864
15,300
288,521
372,263
16,304
6,783
472,272
67,333
20,270
34,363
Corpus Ghrlstl
1933
1934
172,587
173,565
9,353
192,955
155,373
4,438
11,065
608,805
139,385
389,230
&c
Houston,
1935
1936
1937
1938
413,643
Galveston
In the
WESTERN FLOUR AND
1936, 1935, 1934 AND 1933
1938, 1937,
Total
table
SOUTHERN PORTS FROMjJAN. 1 TO JUNE 30,
RECEIPTS OF COTTON AT
being due to the very much larger corn
receipts.
Aug. 20, 1938
Chronicle
been small this week, only
the most part.
risen
34 to 7534-
Among oil bonds the best gain has been
scored by Houston Oil
103.
534s, 1940, with a rise of 1 point to
Building bonds have shown a better tone, the Certain-
teed Products 534s, 1948,
75.
changed.
gaining 334 points at 7634-
On
United Drug 5s, 1953, have fallen 3% points
Miscellaneous issues have remained largely un¬
the other hand,
to
fractional gains being scored for
In the steel group Otis Steel 434s, 1962, have
Financial
147
Volume
While acute weakness has
which have declined 2
registered
some
(Based
All
S.
PRICES
given in the following tables:
,
(REVISED)
MOODY'S BOND
t
YIELD
(REVISED) t
AVERAGES
(Based on Individual Closing Prices)
Average Yields)
Corporate by Groups
by Ratings
Domes¬
All 120
120 Domestic Corporate
120 Domestic
1938
Domes¬
by Ratings
Corporate by Groups
Daily
tic
Averages
Corp.
120 Domestic
120 Domestic Corporate *
120
Govt.
Bonds
on
Foreign bonds have continued within narrow limits.
Moody's computed bond prices and bond yield averages
are
additional gains.
MOODY'S BOND
U.
developed in Italian 7s, 1951,
% points to 73%, Japanese issues have
1105
Chronicle
*
tic
P.
U.
Indus
Baa
RR.
107.69
97.95
77.84
83.06
104.30
110.43
Aaa
Corp.*
Aa
12107348
Baa
Aa
Aaa
P.
RR.
U.
4.10
Aug. 19--
3.19
3.58
4.12
5.52
5.11
Indus
3.76
112.39
98.28
115.57
112.39
98.11
115.78
107.69
97.78
77.72
83.06
104.30
110.43
18
4.11
3.18
3.58
4.13
5.53
5.11
3.76
112.42
98.11
115.78
107.69
97.61
77.72
82.93
104.11
110.63
17
4.11
3.18
3.58
4.14
5.53
5.12
3.77
110.63
16
4.11
3.17
3.58
4.15
5.53
5.13
3.76
112.39
98.11
116.00
107.69
97.45
77.72
82.79
104.30
112.32
98.11
115.78
107.69
97.28
77.84
82.79
104.30
110.43
15
4.11
3.18
3.58
4.16
5.52
5.13
3.76
112.30
98.11
115.78
107.69
97.45
77.84
82.79
104.30
110.43
13
4.11
3.18
3.58
4.15
5.52
5.13
3.76
112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
110.63
12
3.18
3.58
4.14
5.51
5.12
3.76
112.37
98.28
115.78
107.69
97.61
78.33
83.19
104.30
110.63
11
4.10
3.18
3.58
4.14
5.48
5.10
3.76
104.30
110.63
21
4.10
10
4.10
3.18
3.59
4.14
5.47
5JL9
3.76
9
4.09
3.18
3.58
4.13
5.47
5.09
3.76
8
4.08
3.18
3.56
4.13
5.45
5.08
3.75
6
4.08
3.17
3.56
4.13
5.46
5.07
3.76
5
4.09
3.18
3.56
4.14
5.46
5.08
3.76
4
4.09
3.18
3.57
4.14
5.47
5.09
3.76
3
4.09
3.18
3.57
4.14
5.46
5.09
3.76
2
4.09
3.18
3.57
4.14
5.46
5.09
3.76
1
4.09
3.18
3.58
4.14
5.45
5.08
3.76
29
4.09
3.19
3.57
4.15
5.44
5.08
3.76
112.37
98.28
115.78
107.49
97.61
78.45
83.33
112.26
98.45
115.78
107.69
97.78
78.45
83.33
104.30
110.63
112.22
98.62
115.78
108.08
97.78
78.70
83.46
104.48
111.03
112.17
98.62
116.00
108.08
97.78
78.58
83.60
104.30
111.03
112.16
98.45
115.78
108.08
97.61
78.58
83.46
104.30
110.83
110.83
112.13
98.45
115.78
107.88
97.61
78.45
83.33
104.30
112.12
98.45
115.78
107.88
97.61
78.58
83.33
104.30
110.83
112.16
98.45
115.78
107.88
97.61
78.58
83.33
104.30
110.83
104.30
110.83
98.45
112.15
115.78
107.69
83.46
78.70
97.61
—
Weekly—
78.82
83.46
104.30
110.83
July
112.17
98.45
115.57
107.88
97.45
112.04
97.95
115.35
106.92
97.11
78.08
82.70
104.11
109.84
22
4.12
3.20
3.62
4.17
5.50
5.13
3.77
112.12
96.94
114.72
106.92
96.28
76.17
80.96
103.74
109.44
15
4.18
3.23
3.62
4.22
5.66
5.27
3.79
112.04
96.28
114.51
106.73
95.78
75.12
79.70
103.38
109.44
8
4.22
3.24
3.63
4.25
5.75
5.37
3.81
111.96
95.29
114.09
105.98
94.97
73.76
78.20
103.02
109.05
1
4.28
3.26
3.67
4.30
5.87
5.49
3.83
71.36
75.82
102.12
108.46
June 24
4.37
3.26
3.71
4.41
6.09
5.69
3.88
4.53
3.31
3.75
4.53
6.52
6.09
3.91
4.38
3.23
3.64
4.40
6.23
5.69
3.89
4.36
3.22
3.62
4.36
6.24
5.65
3.90
4.37
3.23
3.60
4.37
6.28
5.63
3.93
4.27
3.20
3.56
4.26
6.06
5.45
3.88
4.21
3.21
3.54
4.21
5.87
5.25
3.88
6.
4.28
3.24
3.58
4.29
6.02
5.42
3.90
April 29—
4.38
3.26
3.62
4.37
6.28
5.61
3.98
4.43
3.27
3.68
4.43
6.32
5.69
4.03
4.54
3.33
3.76
4.55
6.52
5.83
4.13
6.53
5.75
4.18
111.80
93.85
114.09
105.22
93.21
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
107.69
112.05
93.69
114.72
106.54
93.37
69.89
75.82
101.94
108.46
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
111.77
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
78.70. 102.12
109.44
111.94
136--
3
108.66
95.46
115.35
108.08
95.62
71.68
111.82
96.44
115.14
108.46
96.44
73.76
81.22
102.12
95.29
114.51
107.69
95.13
72.11
79.07
101.76
May 27
109.24
111.54
108.85
Apr. 29.. 111.42
93.69
114.09
106.92
93.85
69.37
76.76
100.35
108.27
111.48
92.90
113.89
105.79
92.90
68.97
75.82
99.48
108.08
91.05
66.99
74.21
97.78
106.17
22_.
14-.
91.20
110.08
112.66
104.30
8..
109.69
91.05
112.66
103.74
91.05
66.89
75.12
96.94
109.58
88.80
112.45
102.66
89.10
63.28
71.15
96.11
22
8—
104.30
Mar. 25-.
110.34
91.97
113.89
106.92
92.43
66.03
75.01
98.45
106.73
18-
109.97
93.21
114.72
107.11
93.37
68.17
76.76
99.14
80.08
108.46
109.05
69.78
110.57
94.81
4..
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
108.46
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
Feb. 25..
110.50
115.35
95.46
11-
18-
110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
81.61
71.15
94.49
Jan.
110.16
94.81
114.51
108.27
28..
110.07
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
116.00
109.05
96.78
73.31
83.33
100.18
96.61
110.52
6.92
6.11
4.23
4.49
3.27
3.62
4.46
6.62
5.76
4.09
4.41
3.23
3.61
4.40
6.40
5.61
4.05
4.31
3.20
3.51
4.27
6.24
5.34
4.03
5.01
4.00
—
4.18
3.18
3.49
4.17
"5.88
25
4.16
3.18
3.49
4.17
5.81
4.92
4.03
4.21
3.19
3.50
4.22
5.92
5.00
4.07
4.23
3.18
3.51
4.24
5.99
5.03
4.08
4
109.05
21..
4.68
11
106.92
4_.
3.85
18
107.69
98.45
3.79
3.34
4.31
3.24
3.55
4.33
6.11
5.22
4.09
4.08
4-
Feb.
108.08
11-
3.33
4.70
Mar. 25—.—
107.88
99.48
4.55
4.55
1
105.04
1..
—
4.34
3.23
3.59
4.31
6.23
4.20
3.17
3.51
4.19
5.91
5.09
3.99
14
4.12
3.14
3.47
4.14
5.72
4.89
3.97
7
Jan.
5.37
4.14
3.16
3.46
4.16
5.77
4.86
4.02
28
14..
110.15
97.95
116.64
109.84
97.61
75.47
86.07
100.53
109.24
7..
109.97
97.61
116.21
110.04
97.28
74.89
86.50
99.66
108 46
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
Hlgh 1938 112.42
98.45
166.64
110.24
97.95
78.82
87.21
104.48
111.03
Low
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low 1938
4.09
3.14
3.45
4.13
5.44
4.81
3.75
104.67
92.43
101.41
106.17
112.45
High 1937
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.89
3.25
3.42
3.95
4.92
4.30
3.88
3.84
3.21
3.44
3.98
4.74
4.21
3.84
1938 109.58
High 1937 112.78
Low
106.54
94.81
1937 107.01
118.16
113.89
107.30
109.84
83.60
71.46
94.49
96.28
104.30
Low
1
1 Yr. Ago
Aug.19'37 108.99
101.94
110.83
114.30
100.88
85.65
94.97
102.12
109.64;
100.35
88.22
96.44
102.84
109.64
Aug. 19, 1936.
2 Yrs.Ago
Aug.19'36 110.71
*
102.84
110.43
115.41
of
published in the issue of July 23,1938, page 488.
Policies and Economic
Industrial Price
pages.
Institution.
Washington:
cases
as
well
The
Brookings
$2.50.
This book develops at
ticular
as
length and with reference to par¬
to
general
situation,
a
topic which
Economic Progress,"
was placed first by the authors among the goals of distributive
reform, namely, "the gradual but persistent revamping of
price policy so as to pass on the benefits of technological
progress and rising productivity to all the population in their
role of consumers."
The proposition, which challenged at¬
tention widely in the business world, brought out expressions
of opinion no one of which seems to the authors entirely
applicable to American business as a whole.
Without con¬
tending that any rate of price reduction could necessarily
be established and maintained by any one industry or by
previous publication, "Income and
whole, the authors feel that denial of price
applicable to many
lines of American industry in the present state of scientific
progress, invention and the improvement of schemes of
business organization and operation" is "a counsel of despair
wholly unsupported by the facts."
It is from this standpoint
that they examine the question of industrial price policies,
excluding specifically the question of wages and confining
their attention to "administered" prices—those, that is,
that are fixed by executives with control over operations as
industry
reduction
as
as
as
price-maker.
With Chapters VIII and IX the inquiry
early and a later period of price-fixing or regula¬
tion by large corporations, with informing examination of
the emergence, growth and present character of "big busi¬
ness," while with Chapter X, on "group solidarity and Gov¬
ernment participation in price-making," we reach the period
of the New Deal.
A spirited final chapter on "Dynamic
Price-Making" comments upon the office of the industrial
executive as now "the birthplace of prices for an increasing
number of industrial products," the connection between the
price level and a controlled productive mechanism, the
development of a price-making procedure which "starts from
the consumer's want and purchasing power" and seeks to
satisfy both, the limitations on the ability of a large corpora¬
tion to abuse its power, and the need of justifying the freed9m
of economic enterprise which the American business executive
demands by the use of that freedom "aggressively in the
public interest."
Business administrators are likely to find
this book one of the most interesting and suggestive of all
the Brookings Institution's recent publications.
turns to an
By Edwin G. Nourse and Horace D. Drury.
314
principles, trade associations, legal and admin¬
financial control) which affect
and business
istrative influences, outside
the
Progress
well
Years Ago—
yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used in computing these indexes was
a
2
These prices are computed from average
level or the average
in
1937..---.
Year Ago—
Aug. 19, 1937—
a
Purchasing Power
"a business policy broadly
prices.
material relating
generally to the long-time movement of prices and the rela¬
tion of price trends to profit trends.
The next five chapters,
consider economic progress through change in the type of
goods produced, large-scale production in relation to cost
(including concentration and size of the market), capacity
operation, unit cost and the price structure, market consid¬
erations affecting price policy, and external controls (custom
The first two chapters
present statistical
Introduction
An
Control Based
A.
Colwell.
pages.
New
on
By
to
Qualitative
Credit
the Theories of Stephen
Ralph West Robey.
York:
Prentice-Hall,
163
Inc.
$2.50.
Stephen A. Colwell, born in 1800, died in 1871, was a
successful iron merchant who in 1859 published a book,
and Means of Payment," which has been pro¬
impressive single work on banking pioAmerica before 1860" and one which stamps its
"a writer of the first rank."
The premises regard¬
"The Ways
nounced "the most
duced in
author
as
ing the credit system on which Colwell based his analysis
of monetary theory, as summarized by Professor Robev, are
and money of account are independent of each
agencies of commerce," that "credit and the credit
that "money
other
as
system
are
concerned with money of account, not with
1106
Financial
money," and except for artificial legal relationships 4'are
more concerned with money than they are witn other
commodities," that the credit system provides, not a sub¬
stitute for money but a means of dispensing with its use,
that neither convertibility into specie, nor a bank's reserve
position, nor the national gold supply, but "the exchange
value of the goods upon which the credit is based" deter¬
mines "the soundness and acceptability of bank credit,"
and that "the successful operation of the credit system rests
upon the completeness with which debts and credits are
Chronicle
Aug. 20,
1938
Houston's "Annual Financial Review
99
no
canceled."
These
propositions, which Professor Robey finds to
less
more or
be
conflict with present accepted theories, par¬
in
ticularly with those of the "managed currency'" school of
but which he believes cannot successfully be
refuted, are expounded and appraised in detail in Part I
of the present book under the heads of money and money of
account, banking, bank notes, and prices, interest and for¬
eign exchange.
Part II, on "The Problem of Credit Con¬
trol," develops further certain phases of the general theory
which Colwell left incomplete.
The topics here are credit
and economic instability, credit and purchasing power,
the bases of "fiat" purchasing power, and credit regulation
and management.
Under the first head, Professor Robey
concludes that in the field of money and credit the "primary
at the moment is an exhaustive study of the
need
relation of various kinds of credit to the economic system."
What is said in the subsequent chapters appears to be di¬
rected to developing certain aspects of such an
inquiry.
Until the analysis is completed, however, Professor Robey
concludes that while "we can perhaps protect ourselves
against some of the more obvious extreme misuses of credit,
all efforts at control will be more or less failures,
as they have been up to the present, and we shall not be able
to gain from the credit system the benefits that correct man¬
agement and supervision should bring within our reach."
economists,
...
.
.
.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 19, 1938.
Reports from
many
tinue favorable.
with
decided
a
and
sections of business and industry
Predictions of
quickening of
warranted
more
by
continued
a
pace
con¬
upward trend
time
as
goes
on.
According to the "Journal of Commerce," business activity
continued to climb steadily higher last week, with the busi¬
index
ness
rising to 77.7
compared with
as
revised figure
a
of 75.4 for the previous week and 102.6 for the
a
year
motive
the
activity
first
A
index
made
registered
slight
steel
same
period
operations,
substantial
index
an
production
slackening in
is noted
by
at top
were
output was
the
the
gains.
number
all
Auto¬
100
over
levels for 1938.
second
of
rate
"Iron Age" in
but fundamental conditions
ing for
of
for
since January; car loadings gained about
last week, while crude oil runs-to-stiils and bitu¬
kilowatt
industry
exception
time
over
minous coal
tric
the
for the
components
2"Vic/o
With
ago.
are
highest
recovery
its
in
current
described
as
Elec¬
since Jan.
the
1.
steel
summary,
still encourag¬
continued upward trend of moderate proportions.
Much of the slow improvement which has
brought the steel
ingot rate for the current week to 41%, up 1 point, comes
from
a
widely scattered buying
in small
lots, the periodical
states.
Structural steel is reported having made a
greater
gain than other products, largely as a result of Governmentfinanced projects.
The publication attributes
part
of
the
recent gain to
also featured in the current "Review":
Having the official sanction of both the Toronto Stock
Exchange and the Montreal Stock Exchange, the review
a record of high and low prices of all listed stocks
and bonds extending back a number of years.
Information
is also given on the larger producing gold and base metal
mines, as well as the industrial companies.
Individual sales
records are posted of the Toronto, Montreal, Calgary and
Vancouver exchanges, along with a tabulated form of au¬
thorized commission rates.
In addition to the membership
of the Toronto and Montreal exchanges, a representative
list of brokers in other Canadian cities is given, together
with details of Dominion and Provincial financing, bank
contains
and
debits
states
on
that production
an
ascending
of
scale,
automobiles
Ford
assemblies of 1938 models,
shortly
on
1939 models.
recent commitments
new
while,
models
steel
will
scrap
and
Steel
prices,
is
expected to start
Willys
orders from
gaining, but
have
publication further
having
and other makers
business is expected until
new
on
are
The
no
are
resumed
to follow
Detroit
against'
further placing of
September, when initial
been
which
nearly
completed.
runs
"Mean¬
rising too fast for
the steel companies, have eased at
Pittsburgh, Chicago and
Philadelphia, being off 25c. at Pittsburgh and 50c. at the
other two centers.
The "Iron Age" composite has fallen
to $14.41 from $14.83 last week."
Production of electricity
in the United
the
were
States totaled 2,133,641,000 kilowatt hours in
week
ended Aug. 13, a drop of
7.3% below the corre¬
sponding week last year, the Edison Electric Institute re¬
vealed.
Output for the latest week rose 17,794,000 kilo¬
watt hours above the
previous
week's total of 2,115,847,000,
marking the fifth successive weekly gain in production and
second best week this year.
Largest increase in turn¬
over, judged on a week-to-week basis, was made in the first
the
week
year,
of
January.
Compared with the same week of last
however, output this week was 166,906,000 kilowatt
hours under the total of
2,300,547,000 kilowatt hours at that
Engineering construction awards for the week total
$44,479,000, an increase of 3% over the corresponding 1937
time.
week,
but
a
decrease of 42%
week ago, as reported
from
the
vital
information
otherwise
Primarily the annual financial review
record for stocks listed
has
difficult
to
was
compiled
as
a
the two Canadian exchanges, but
on
assumed the position of being the "Blackstone" of
now
Canadian finance.
The "Review," or "Blue Book," as it is more familiarly
known, is compiled and issued by Houston's Standard
Publications, with offices at 184 Bay Street, Toronto.
current week's total
brings the 1938 cumulative construction
$1,656,628,000, a 1.1% gain over the $1,638,159,000
for the 33-week period in 1937.
Public construction is 53%
above a year ago, but 35% below last week, while private
awards are 59% and 60% lower, respectively, than last year
and
last
high volume of a
by "Engineering News-Record."
The
Residential building contracts awarded
week.
reflected
July
increase
an
according to the F.
8.5%
of
over
the
1937
in
level,
W.
Dodge Corp.
This was the first
volume reported by the
statistical agency since July, 1937.
The Federal Housing
increase
the preceding year's
over
Administration
applications
reported from Washington, moreover, that
insured mortgages increased last week,
for
contrary to usual seasonal trends, raising hopes that the
home-building volume would continue to reflect substantial
increases
over
Association
the
of
1937
mated
$240,924,393,
July figures
1937.
level
American
earnings of class
gross
ahead.
months
The
that
total
announce
railroads during July approxi¬
one
compared
were
the
in
Railroads
$292,983,939
with
17.8% below last
year,
July,
in
and 34.7%
below the 1930 figure.
Freight revenues, totaling around
$189,845,553 for the month, were 18.5% under last year's
figure and 32.3% under the 1930 level.
Passenger revenues
for
the month totaled $31,248,582, the Association
9.7% less than in 1937 and 42.8% less than in 1930.
Association
of
cars
last
of
American
freight
revenue
Saturday.
This
Railroads
were
was
an
or
23.8% compared with
due
and
trucks
advanced
to
in
a
the
sharply
said,
The
reported today 589,561
loaded during the week ended
increase of 5,511 cars, or 0.9%
compared with the preceding week;
week
hand.
other
obtain.
have ingots
on
distribution, marking the 38th consecutive
for the publication.
This year's book contains 1,236 pages, covering some 1,600
Canadian corporations, a significant comparison with the
first edition, when 126 company analyses were covered.
Easy reference is provided to details on the various companies,
the book giving their latest balance sheets, changes of divi¬
dend and market records, histories, description of plant and
properties, details of funded debt, &c.
The following are
year
mobiles
billets
"Annual Financial Review" for 1938 has just
Houston's
been released for
building up inventories of raw steel, as some'
companies find they cannot give quick deliveries unless they
and
Toronto,
Canada: Houston's Standard Publications
volume to
this fall appear more
developments
Available.
Now
Edition
1938
year
United
from
a
ago.
the
decrease of 184,221,
Production of
States
and
preceding
auto¬
Canada
week,
this
chiefly
resumption of operations by the Ford Motor Co.,
a
but the level
still
well under last year.
According to
Reports, Inc., output for the week
totaled 23,940 units, a drop of 69,399 from the 93,339 units
produced in the like week of 1937, and 10,150 above the
previous week.
Another week of abnormally warm weather
Ward's
was
was
Automotive
experienced in most sections of the country, with maxi¬
mum
temperatures
degrees,
or
over,
ranging from
above 90 degrees to 100
everywhere east of the Rocky Mountains,
excepting the Appalachian sections and locally in the ex¬
treme Northeast.
East of the Mississippi River they were
mostly from 92 degrees to 98 degrees, while in the transMississippi States an extensive area had 100 degrees or
above.
at
The highest
Kansas
temperature reported was 104 degrees
City, Mo., and Huron,
S. Dak.
This mid-West
has
area
experienced high temperatures during much of
the summer, with maxima of 100 degrees or over reported
every week since the first of
and Northwestern
July.
While some mid-Western
sections of the country are still too dry,
the generally fair and warm weather east of the Mississippi
River, where moisture is mostly ample, made an ideal grow¬
ing week.
Considerable improvement is noted in the South¬
east,
especially with less rainfall and
more
sunshine.
the New York City area there was much discomfort
In
during
the early part of the week as a result of the long sustained
period of
the
hot and humid weather, but the last two days
big city has been enjoying fine cool weather.
Today
Volume
it
fair and
was
Financial
147
erate
The forecast
burgh, 60 to 66; Portland, Me., unchanged at 66; Chicago,
Cincinnati, 60 to 62; Cleveland, unchanged at 68;
Detroit, 66 to 68; Charleston, 76 to 78; Milwaukee, 68 to 70;
Savannah, unchanged at 76; Dallas, unchanged at 76;
66 to 68;
Kansas
Mo., 78 to 80; Springfield, Mo., 72 to 74;
Oklahoma City, unchanged at 72; Salt Lake City, 62 to 64;
Seattle, unchanged at 54; Montreal, 60 to 68, and Winnipeg,
unchanged at 64.
City,
♦——
Present Improvement in Business Unmistakable,
Col. Leonard P. Ayres of Cleveland Trust
Says
Co.—
Not Long Enough to Insure Durable Recovery but
Harvests Regarded Element in Its Favor
In noting that "business has been improving for two
months,'' Colonel Leonard P. Ayres, Vice-President of the
Cleveland
Trust
adds that "industrial production and
Co.,
general business activity were better in July than
and
them
the
of
most
gains have
increased, so far in
Bulletin," issued
"Business
Freight Car Loadings in Week Ended Aug. 13
Total 589,561 Cars
Loadings of
and
tonight
66 to
was
Revenue
partly cloudy with mod¬
was
Saturday.
Overnight at
68 degrees; Baltimore, 66 to 70; Pitts¬
temperatures
Boston it
here, with temperatures ranging from
warm
66 to 80 degrees.
1107
Chronicle
in June,
1938, totaled 589,561
from the
freight for the week ended Aug. 13,
revenue
preceding week,
It
from the total for the like week
147,017
cars,
in
advance
corresponding week two
in
stock
year
prices.
be
of the
one
will
lower
abundant
look.
in
largest
than
harvests
The
agricultural
those
last
of
a
harvests in our history.
but nevertheless the
year,
most
The prices
prospective
favorable factor in the economic out¬
danger
the
factor is
threatening
is unmistakable,
business
in
constitute
most
of another great war
recoveries from depressions have been sus¬
tained
by increased expenditures by business
enterprises for enlarged
plants, improved equipment, and the financing of new undertakings.
So
far in this upturn few signs of such increases have appeared.
All recovery
periods have been marked by increased borrowings from banks, but this
time such advances have not as yet taken place.
The flow of new funds
into
existing and
week of 1936.
The first 18 major railroads to report for the week ended
Aug. 13, 1938 loaded a total of 280,112 cars of revenue
freight on their own lines, compared with 276,454 cars in
the preceding week and 360,821 cars in the seven days
ended Aug. 14, 1937.
A comparative table follows:
AND RECEIVED
FREIGHT LOADED
REVENUE
new
increased
for
Loaded on Own Lines
Aug. 6
1938
it
not
or
improvement
of
our
is
facilities
of production
and
distribution.
19,941
24,391
4,759
4,826
5,944
Baltimore & Ohio RR
23,884
23,995
33,259
13,063
13,964
16,015
Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul & Pac.Ry
Chicago & North Western Ry...
19,439
18,893
23,708
8,269
8,668
10,438
6,794
6,830
Aug.
Aug.
Mon.
Aug.
Tues.
Aug.
Wed.
Aug.
Thurs. Aug.
Fri.
Aug.
17,011
19,690
21,720
7,135
7,326
8,593
14,752
14,755
17,366
8,956
8,897
10,874
2,375
2,291
3,492
1,364
1,571
1,539
International Great Northern RR
1,970
1,822
2,249
1,825
2,134
2,288
Missouri-Kansas-Texas
3,822
4,019
5,174
2,370
2,225
2,979
RR
13,046
Y. Chicago & St.
16,695
6,644
6,816
8,785
30,019
31,371
38,623
4,494
42,155
5,559
30,372
4,495
New York Central Lines
13,546
31,002
Missouri Pacific RR
N.
8,152
7,956
Louis Ry._
in
146.0
147.1
200.4
228.1
Low—Nov. 24
144.6
1938 High—Jan. 10
143.1
143.1
143.8
"Annalist'!
152.9
130.1
Low—June 1
16,914
23,527
3,670
3,801
51,007
49,545
71,051
33,309
30,902
44,447
3,948
4,167
5,969
3,730
3,978
4,762
Marquette Ry
Pittsburgh & Lake Erie RR
4,526
4,274
6,574
3,992
4,207
28,250
26,898
7,298
8,716
5,195
35,146
5,774
7,233
5,142
Southern Pacific Lines
6,524
6,549
8,039
Wabash Ry_
7,244
280,112 276,454 360,821 158,161 158,719 201,563
Total
LOADINGS
TOTAL
CONNECTIONS
RECEIPTS FROM
AND
(Number of Cars)
Week Ended—
Aug. 13, 1938
Index
of
Wholesale
ended Aug.
13, according to the "Annalist,"
Aug. 14, 1937
Aug. 6, 1938
23,243
27,497
Illinois Central System
26,646
23,499
25,674
St. Louis-San Francisco Ry
11,441
11,282
31,862
14,842
61,330
60,455
74,201
sland & Pacific Ry.
Chicago Rock
Total
The Association of American
This
Aug. 6 reported
Railroads in reviewing the
follows:
decrease of 182,132 cars, or 23.8%
ing week in 1937 and
week in
as
freight for the week ended Aug. 6 totaled 584,050
revenue
was a
a
below the correspond¬
decrease of 335,731 cars, or 36.5%
Loading of revenue freight for the week of Aug.
4,653
cars
or
above
the
6 was a decrease of
below the preceding week.
8-10ths of 1%
Miscellaneous freight
cars
below the same
1930.
224,705
loading totaled
preceding week,
but
cars,
an
increase of 574
decrease of 75,697 cars below the
a
corresponding week in 1937.
Loading of merchandise less than carload lot freight totaled 149,243 cars,
an
increase of 1,319 cars
cars
above the preceding week, but a decrease of 19,355
below the corresponding
Coal loading amounted to
week in 1937.
90,927
cars, a
decrease of 8,679 cars below the
preceding week, and a decrease of 20,648 cars below the corresponding
In
week
1937.
Grain and grain products loading
Weekly
Commodity Prices—-In Week Ended Aug. 13 Shows
Lowest Prices Since Dec. 25, 1934
week
4,301
18,699
Pennsylvania RR
cars
the
9,675
Norfolk & Western Ry
cars.
141.7 Two Weeks Ago, Aug. 5
No Index Month Ago, July 19
141.1 Year Ago, Aug. 19_142.5 1937 High—Apr. 5
12
13
15
16
17
18
19.
Decline
8,301
15,996
19,683
15,304
Gulf Coast Lines
week ended
Moody's Commodity Index advanced from 141.7 a week
ago to 143.8 tliis Friday.
Prices of silk, cocoa, rubber,
wheat, corn, hogs and cotton were higher. Coffee and steel
scrap declined, and there were no net changes for hides,
silver, copper, lead, wool and sugar.
The movement of the Index during the week was as follows:
Sat.
1937
18,768
Loading of
Fri.
Aug. 14
1938
1938
Atchison Topeka & Santa Fe Ry.
of private funds for the
stimulating a new flow
Moody's Commodity Index Advances
In
1937
investing.
private
production,
whether
out
Aug. 14 Aug. 13 Aug. 6
1938
enterprises depends on business confidence in future
expenditures for improvements and extensions of the
transportation, communication, public utilities,
and trade,
tend to be self-perpetuating because they yield profits, some
of which are in turn reinvested.
By contrast emergency public expendi¬
tures tend to be suf-terminating, for they cannot be indefinitely continued.
We shall know much more about the nature of this recovery when we find
of
Received from, Connections
Weeks Ended1—
Weeks Ended—
Privately-financed
facilities
CONNECTIONS
FROM
(Number of Cars)
Lavish expenditures of Federal money are not adequate substi¬
prospects.
tutes
business
important
our
the
Aug. 6, 1938, loadings were 23.8% below those for the like
week of 1937, and 19.8% below those for the corresponding
week of 1936.
Loadings for the week ended July 30, 1938,
showed a loss of 24.4% when compared with 1937 and a
drop of 21.2% when comparison is made with the same
Pere
the Orient.
All
drop of
depression is one year old this month,
improvement
present
a
23.8%
For the week ended
ago.
years
renewed
this
of
and
year ago,
Aug. 13
bottom
the
that
The
June.
but it has not
yet lasted long enough to let us know whether or not it is producing the
developments that would ensure a durable recovery.
One important funda¬
mental element in its favor is that we are probably going to have this
The
a
0.9%
cars or
cars, or
19.9%, from the total loadings for
or
been well held, and some of
August."
In the company's
Aug. 15, Colonel Ayres goes
depression was
for it began
in August of last year.
It was initiated by a drastic fall in stock prices,
and the recent beginning of recovery was marked by a sudden and vigorous
probable
seems
reached
decrease of 184,221
a
to say:
on
increase of 5,511
cars, an
totaled 51,519 cars, an increase of 808
week, and an increase of 5,583 cars above the
above the preceding
In the Western districts alone, grain and grain
corresponding week in 1937.
products loading for the week of Aug. 6, totaled 37,141 cars, an increase
of 3,300 cars
above the preceding week, and an increase of 7,642 cars above
the corresponding
week in 1937.
Live stock loading amounted to
11,276
cars, an
increase of 448 cars above
prices dropped to the lowest point since the
latter part of 1934.
"As has been the case for the past
four or five weeks, farm and food products were the prin¬
the preceding
week, but a decrease of 2,229 cars below the corresponding
week in 1937.
In the Western districts alone, loading of live stock for the
and cotton particularly hard
hit," says the "Annalist," which states that its weekly
index of wholesale commodity prices was 79.3 (1926 equals
100) on Aug. 13 as compared with 80.3 in the preceding
week and 94.8 a year ago.
"Prices are now the lowest
since the week ended Dec. 25, 1934, when the index was
ing week, but a decrease of 1,798 cars below the corresponding week in
commodity
cipal
sufferers,
78.5,"
On
new
both
with
grains
the announcement, from which we also quote:
[Aug. 8] the Government released its first estimate of the
crop, and on Wednesday its estimates of the grain crops.
In
week of Aug. 6, totaled 8,497 cars, an increase
Poorest
above the preceding week,
cotton
the
instances
indicated
harvests
were
above
trade
expectations,
sharply
lower,
fodder.
Lard
"ANNALIST"
reflecting
more
liberal
but
a
INDEX OF
Ore loading amounted
in
to 22,998 cars, a decrease of 84 cars below the
1937.
Coke loading amounted to
4,487
preceding week, and a decrease of
in
All districts, reported decreases
in
cars,
5',158
(1926==-100)
(.Saturday)
(Saturday)
cars
below the
compared with the corresponding weeks
Four weeks In January
j.
10, 1937
(Wednesday)
Aug.
Farm products
74.8
77.4
102.6
Food products
70.7
72.0
85.3
Textile products
Fuels
58.9
58.9
1937
1930
2,256,423
2,714,449
3,347,717
2,155,451
2,763,457
3,506,236
2,222,864
2,649,894
2,986.166
3,529,907
weeks in April
3,712,906
4,504,284
Four weeks In May
2,185,822
3,098,632
3,733,385
Four weeks In June
2,170,984
2,962,219
3,642,357
2,861,762
3,794,249
4,492,300
584,050
766,182
919,781
17,087,250
22,798,260
27.675,967
F'our weeks in February
Aug. 6, 1938
of 59
below the corresponding week
1937 and 1930.
Four weeks In March
13, 1938
a decrease
cars
1937.
1938
WHOLESALE COMMODITY PRICES
Aug.
1937.
decrease of 12,065 cars below the corre¬
dropped to the lowest level in many years.
WEEKLY
above the preced¬
preceding week, and a decrease of 52,563 cars below the corresponding week
and
Livestock prices were also
supplies as a result of cheaper
heavy selling broke out in those commodities.
cars
sponding week in 1937.
says
Monday
of 776
products loading totaled 28,895 cars, an increase of 1,020 cars
Five
Five
weeks In July
...
....—
75.3
Week of Aug. 6-.
Total
85.8
85.5
90.6
96.5
96.6
109.2
69.1
69.1
70.4
Chemicals
87.4
87.4
89.8
Miscellaneous
71.4
71.5
79.5
for separate roads and systems for the week ended Aug. 6,
1938.
During this period only 13 roads showed increases
79.3
80.3
94.8
when
Metals...
Building materials.
—
All commodities
In the
following
we
undertake to show also the loadings
compared with the
same
week last
year:
Financial
1108
Total Revenue
Railroads
Total Revenue
from Connections
1937
1938
1936
1938
from Connections
1937
1938
1937
Eastern District-
543
574
494
921
1,150
1936
1938
1937
1,904
2,912
1,158
1,710
3,022
1,164
307
418
429
863
948
285
400
320
2,681
2,949
8,281
3,640
3,892
22,151
7,408
21,186
12,092
14,959
493
437
513
670
175
174
683
917
85,365
99,995
96,837
52,391
63,199
16,826
2,475
19,522
3,826
6,956
20,596
2,847
23,175
4,352
15,267
8,897
11,142
2,737
8,880
4,181
1,282
359
444
7,419
3,665
7,693
1,682
2,238
MobiJe & Ohio
Nashville Chattanooga & St. L_
1,132
323
7,856
1,701
9,105
Norfolk
2,358
Piedmont Northern
36
32
58
109
Richmond Fred. <fe Potomac...
1,208
3,243
7,544
1,479
4,438
8,096
984
1,503
Seaboard Air Line
4,142
8,197
6,037
5,137
1,978
6,846
7,747
18,344
6,497
Tennessee Central
377
413
438
109
136
1,053
_
221
8,007
1,707
476
Chicago Indianapolis & Louis.
721
1,567
—
8,411
1,844
20
Maine
801
6,521
Bangor & Aroostook..
&
Total Loads Received
Freight Loaded
Railroads
Southern District—tConcl.)
Ann Arbor..--——
Boston
CARS)—WEEK ENDED AUGUST 6
Total Loads Received
Freight Loaded
1
Aug. 20, 1938
Chronicle
RECEIVED FROM CONNECTIONS (NUMBER OF
REVENUE FREIGHT LOADED AND
1,536
Central Indiana
Central Vermont
Delaware & Hudson—
Delaware Lackawanna & West.
Detroit & Mackinac
2,580
600
168
346
358
10,793
3,285
13,319
5,283
12,611
1,633
9,570
5,071
1,699
Detroit Toledo & Ironton
Detroit <fc Toledo Shore Line—
Erie
Grand Trunk Western
3,894
136
205
1,146
6,423
New York Central Lines
1,552
30,0i9
1,145
7,735
2,988
3,862
2,512
42,242
8,344
10,672
Maine Central
2,508
Monongahela.
2,834
Montour
166
2,769
3,578
2,473
6,148
Pittsburgh & Shawmut
177
307
246
Chicago St. P. Minn. <fe Omaha.
Duluth Mlssabe & I. R
33
Duluth South Shore & Atlantic.
606
Elgin Jollet & Eastern
—
Ft. Dodge Des Moines & South.
4,925
514
534
444
185
264
16,044
25,658
22,279
2,862
3,390
514
540
520
537
545
3,192
2,101
7,375
10,912
3,000
2,364
40,105
10,659
Pittsburgh Shawmut <fe North..
9,150
1,549
7,956
4,188
3,978
10,257
34
239
Pere Marquette
Chicago Mllw. St. P. & Pacific.
1,674
31,371
1,714
5,415
6,909
5,021
Pittsburgh & Lake Erie
Chicago & North Western...
1,016
8,050
25
998
Northwestern District—
7,215
1,945
764
5,639
6,323
L
Total.
907
14,534
5,964
1,542
784
N. Y. Chicago & St. Louis
1,187
2,885
1,977
2,174
20,650
2,722
21,114
4,027
22,309
1,123
9,126
1,533
8,103
4,494
4,293
4,167
New York Ontario & Westtern.
Southbound...
872
37
10,570
-
Southern System
Winston-Salem
1,823
2,080
148
40,510
N. Y. N. H. <fe Hartford
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley..
137
957
Southern
1,627
Chicago Great Western
Great Northern
—
Green Bay & Western
2,541
7,326
3,793
154
59
287
6,481
Lake Superior &
Ishpemlng
995
5,252
Minneapolis «fe St. Louis
Minn. St. Paul <fc S. S. M.
Northern Pacific
2,115
5,534
9,519
Spokane International
Spokane Portland & Seattle—
337
332
337
227
472
2,036
1,734
2,016
1,841
1,474
92,744
133,949
124,622
39,459
49,950
19,941
3,256
24,278
3,625
20,936
3,177
4,826
1,865
2,193
230
601
314
45
162
Chicago Burlington <fc Qutncy..
15,996
678
914
6,356
8,916
2,229
2,597
16,717
1,456
12,700
2,871
8,346
1,726
11,576
17,071
2,273
13,889
6,830
Chicago & Illinois Midland
823
904
2,028
1,229
2,713
819
2,315
2,961
2,693
2,324
247
534
584
24
291
332
336
198
241
Pittsburgh & West Virginia
785
1,158
1,204
1,160
1,739
Rutland
595
667
609
782
940
Wabash
5,195
3,182
5,569
4,745
5,957
4,838
6,549
3,730
114,509
149,792
146,109
120,012
156,198
381
585
541
002
720
23,995
2,804
33,729
7,294
31,724
13,964
1,387
18,051
1,784
2,577
2,997
3,992
7,845
2,475
88
1,782
2,234
7,292
10,615
Wheeling & Lake Erie
Total
Total...
Central Western District—
Atch. Top. & Santa Fe System.
Alton..
Alleghany District—
Akron Canton & Youngstown..
Baltimore
&
Ohio--....
Bessemer & Lake Erie
254
Buffalo Creek & Gauley
216
6
1,213
1,292
14
19
5,671
5,801
9,772
10,656
Cornwall
569
Cumberland <fe Pennsylvania
205
921
47
61
Denver & Rio Grande Western.
304
27
38
Denver & Salt Lake.....
80
121
1,12
39
14
764
799
2,069
907
1,290
71,622
13,787
16,973
1,198
66,144
13,698
2,138
1,146
49,545
11,457
4,972
Pennsylvania System
Co
...
(Pittsburgh)...
1,396
45,247
10,171
30,902
13,347
2,576
14,137
7,549
8
34
34
2,611
3,331
3,253
4,854
5,768
140,299
157,429
146,087
80,822
110,688
West Virginia Northern
Western
Maryland
Chicago & Eastern Illinois
583
—
Penn-Reading Seashore Lines..
Chicago Rock Island & Pacific.
Colorado & Southern
216
...
532
Valley
Long Island
Union
7
904
Central RR. of New Jersey
Reading
332
2,922
5,075
Cambria & Indiana
Ligonier
5,797
Bingham & Garfield
1
11
1,002
City
Terminal
1,200
921
872
984
2,048
1,345
1,042
1,516
246
352
231
675
1,151
1,974
1*985
82
119
877
1,096
1,217
527
668
42
Missouri-Illinois...
176
174
22,632
23,803
23,786
3*983
5,124
276
295
426
1,068
1,452
13,596
14,528
13,637
....—
Nevada Northern
.....
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
Toledo Peoria & Western
Union Pacific System
Total
1,713
3,146
1,728
Fort Worth & Denver
Illinois
6,166
.....
42
7,644
8,716
132
231
202
8
12
1,732
1,685
1,882
2,089
2,163
101,734
116,363
107,928
43,766
55,428
Utah
Western Pacific
Pocahontas District—
18,893
16,914
4,463
23,125
24,127
8,068
10,424
24,181
22,491
3,801
4,383
Virginian
4,442
3,790
984
Total
40,270
51,748
50,608
12,853
Chesapeake & Ohio
Norfolk & Western
Total
...
Southwestern District—
888
.
;
International-Great Northern..
Southern District—
Alabama Tennessee & Northern
175
334
243
130
218
Atl. & W. P.—W. RR. of Ala..
644
852
800
1,253
1,421
Atlanta Birmingham & Coast..
730
844
836
604
684
Coast
120
195
229
2,655
2,260
1,571
2,134
1,659
2,054
187
Louisiana & Arkansas
Atlantic
379
217
3,185
2,169
City Southern
240
188
982
1,257
1,776
1,498
Kansas Oklahoma <fc Gulf
Kansas
340
174
2,291
1,822
Fort Smith & Western........
Gulf Coast Lines
172
176
101
Burlington-Rock Island
15,695
1,975
2,116
1,490
2,294
1,772
1,363
1,107
1,046
7,029
7,748
7,409
4,152
4,220
Louisiana Arkansas fe
97
115
141
402
498
3,466
4,404
3,953
2,120
2,545
Litchfield <fe Madison
223
137
283
775
987
420
Line
Central of Georgia
462
449
872
990
Midland Valley......
Missouri & Arkansas
637
827
636
245
329
Charleston & Western Carolina
Texas
196
216
160
239
304
4,019
13,584
5,116
16,832
4,605
2,225
3,119
16,101
6,816
9,110
1,161
1,555
1,376
1,378
1,985
Columbus & Greenville
254
299
281
339
400
Missouri-Kansas-Texas Lines..
Durham & Southern
164
104
178
549
553
Missouri Pacifio
Florida East Coast
457
409
395
533
483
Quanah Acme & Pacific
140
139
31
39
40
87
116
St. Louis-San Francisco
6,540
8,733
8,041
1,123
979
1,326
1,505
St. Louis Southwestern
2,185
2,445
Texas & New Orleans
5,731
3,741
7,603
2,292
6,430
4,662
167
305
20
45,129
Clinchfleld
Gainsvllle Midland
943
Georgia
629
582
392
1,340
1,740
1,092
18,285
20,137
1,593
21,374
821
Illinois Central System
7,888
11,755
Louisville & Nashville
17,146
21,015
20,007
4,234
4,628
162
154
151
201
101
295
356
130
4,390
2,414
4,084
219
77
50
42
34
32
32
56.906
55,473
29.936
37,047
2,990
281
195
64
3,348
1,765
2,741
3,388
96
721
Georgia & Florida
Gulf Mobile & Northern
Macon Dublin & Savannah
104
Mississippi Central
Note—Previous year's figures
"Annalist"
*
revised
Index
Monthly
574
Texas & Pacific
Wichita Falls & Southern
Wetherford M. W. <fe N. W
Total
Previous figures.
The
Activity
Business
of
was
Advanced 4.3 Points During July
as
leading durable goods industries
many
joined in the recovery, according to the
York)
report, issued
changes
index
was
is
4.3 points
of
activity to 78.6
This compares
"Annalist"
(New
The net result of these
Aug. 17.
on
increase
an
of business
for June.
for
sub¬
"Annalist"
the
in
from 74.3
(preliminary)
with the year's low point of 73.8
May and last year's high point of 111.2 for August.
"It
obvious, of course," continues the "Annalist," "that busi¬
ness
is still very much
The combined index, for
depressed.
in
depression."
highest level since last November, although several leading consumers
The report, by H. E. Hansen,
also said,
part:
seasonal
mand
in
gains,
adjusted
both
basis
continued
to
steel
and
despite reduced
lumber
for
advanced
to
rose
decline.
a
pig
new
The
high level
textile
recorded
contrary
production
for
the
industries
year.
were
on
a
Zinc
more
to
De¬
the automobile industry.
activity in
substantially and
Preliminary reports indicate that
more
than
trial
activity
continued
the
industries
iron
seasonally
stantial
•
most
cotton,
the
to
usual
and
rise.
seasonal
boot
amount.
and
shoe
production
increased
by
Partly because of increased indus¬
partly because of weather conditions, power output
Shipments of nearly all kinds of commodities increased,
significant
development being
a
substantial gain in miscellaneous
loadings.
It
is
difficult
to
determine how much
of
the
gain
is attributable to replenishment of
depleted inventories.
has
taken
buyers
The
market.
be
plants
are
place
still
is
apparent,
very
mitments.
but
cautious
nearly
about
all
making
trade
in business activity
That
reports
large-scale
some
tell
stocking
us
forward
that
com¬
.
.
in a position to order much new
.
in
automobile
production
does
not
appear
to be
Instead, dealers
It
now
seems
further
a
are
being given a
chance to further reduce
likely that the seasonal low point in production
usual this year.
Shutdown of the Ford
than
earlier
drop. in
sharp
production
Of greater
in August.
reports of contrary to seasonal gains in new car
are
July.
outstanding development in the non-durable consumers' goods indus¬
a
record demand for rayon yarn.
After allowance for seasonal
The
tries
..
have not been
decline
reached
caused
in
this
steel
importance, however,
sales
in activity is largely attributed
and to some stocking.
consumers
is expected to place orders for a sub¬
week.
Railroads,
despite some
significance because it was not dictated by conditions in the
great
inventories.
will
.
.
continued
any
sales
of
in revenues,
equipment.
increase
miscellaneous
industry, however,
amount
improvement
of
The
steel.
purchases by
automobile
The
was
but
before
adjustment
for
long-time
trend,
deliveries
were
70% greater than in June and 226% above the lew level for last Decem¬
ber.
After allowance for
the steel upward long-time trend, the index
stood
near
record.
Cotton
production
active,
and silk consumption rising after allowance for seasonal fluctuations.
rayon
buy much
increased
fluctuations
Production
in the adjusted index of steel ingot production
to
example, still stood fractionally below the low point for the
1921
of the combined index
the rise
in
factor
important single
failed
to
increase
most
gain of 11.6 points
a
to the
Business activity in theUnited States in July showed a
stantial
3,776
seasonal
level
the
consumption
movement;
last October.
per
our
As
a
the usual
the highest level since
below the
sizable dent in backlogs built
day continued to advance contrary to
adjusted
Sales of cotton
level of production.
up
1937, but was still below the previous high
for June,
...
index
rose
to
goods, however, declined and 6tood
result, mills put a
by the large sales in June.
The position
of the lumber industry improved as orders rose
11% above
production.
manufactured products, miscellaneous
freight car loadings showed a contrary to seasonal gain and our adjusted
index rose to the highest level since last March.
All other loadings, on a
seasonally adjusted basis, also increased, except ore.
L. c. 1. merchandise
loadings gained only fractionally, but on a tonnage basis the increase may
have been greater as cars may have been more fully loaded.
Coal ship¬
ments
increased substantially, partly,
it is believed, in anticipation of
the level
for
Reflecting
July, 1937, and were 35% greater than
increased
higher coal prices.
demand
for
Volume
I—THE
TABLE
Financial
147
"ANNALIST"
INDEX
AND
ACTIVITY
BUSINESS
OF
COMPONENT GROUPS
»
1109
Chronicle
An increase of
of
vance
0.5% in the cost of fats and oils
1.5% in the price of lard.
Freight
car
May, 1938
June, 1938
July, 1938
chiefly due to an ad¬
reported for other
were
lard compound and peanut butter, <
which advanced slightly.
The cost of sugar and sweets, with a drop
of 0.7%
72.9
70.6
69.3
67.8
loadings
Miscellaneous
was
Lower prices
items in the group with the exception of
65.8
65.0
movement which
77.8
continued its downward
,
of sugar was mainly responsible for the decline.
began in the fall of 1937.
A decrease of 0.8% in the price
83.1
80.3
Electric power production
*93.4
X91.7
M anuf acturlng
x69.2
x59.5
59.4
48.4
36.8
37.9
of decreases reported from 23 cities and increases from
42.8
37.5
40.9
two cities
*103.1
88.7
81.1
94.4
86.8
87.8
78.7
Other
Steel Ingot production
Pig iron production
Textiles
105.0
Cotton consumption
Wool consumption
91.1
The average decline of 0.2% in the July food cost index was the net result
(3.2% ), declines in fresh fruit and vegetable costs
was
64.0
71.9
71.3
123.8
72.8
66.5
*113.7
99.5
109.8
*41.0
X44.2
46.9
Lumber production
66.0
61.5
59.6
Cement production.
60.3
Silk consumption
Rayon coasumption
Boot and shoe production
Automobile production
.
In addition,
age.
largest increases,
2.6%
and 2.5%
respectively.
,
6.4%
64.9
64.6
75.8
65.5
X74.3
than
A rise of
increases.
Little
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
July
1933
Area
Regional
12 June 14 May 17 July 13 July 15 July
1938
States
80.0
England.
United
1933
1923-25=100
1938p
1938
1937
15
1929
1932
80.2
79.1
85.9
68.3
79.3
78.4
77.0
84.5
68.9
Atlantic
80.9
80.8
80.1
86.2
70.1
106.2
North Central
80.8
82.0
80.5
87.3
68.7
109.2
62.5
West North Central
82.5
83.7
82.0
89.7
66.3
108.3
85.9
69.2
South Atlantic
77.9
77.6
77.5
85.6
67.0
104.9
86.4
77.3
East South Central
73.7
73.5
72.5
82.9
62.3
104.7
82.0
83.8
87.5
West South Central
77.6
76.2
76.4
82.0
62.5
103.4
102.4
82.7
78.0
94.0
Mountain
83.8
83.5
82.1
90.0
67.3
108.2
111.2
102.5
84.9
75.1
87.5
Pacific
77.0
77.2
76.4
82.3
66.0
102.5
106.5
102.9
86.1
71.4
82.0
98.4
103.3
89.1
74.6
78.5
87.8
107.1
92.0
76.0
75.3
81.3
110.5
96.7
82.4
77.5
1934
1935
1936
1937
1938
New
January
79.5
104.3
92.3
87.2
79.6
67.5
Middle
February
78.4
105.7
89.0
86.7
83.2
66.1
East
March
77.4
106.9
89.5
84.4
84.6
April
74.1
107.1
94.1
82.8
May
73.8
109.0
95.9
81.8
June
x74.3
107.8
97.6
July
*78.6
108.9
August
«.
—
-
-
-
September
-
'■
October
November
December
*
average
73.8
INDEX SINCE JANUARY,
COMBINED
of these cities
Rock.
57.0
II—THE
both
in the price of butter contributed to the increase reported for
58.7
Three-Year Average
TABLE
In
sharply, contrary to the general move¬
rose
ment, and egg prices showed greater
57.4
*78.6
well above the aver¬
Little Rock and Jacksonville registered the
prices of potatoes and carrots
55.2
Lead production
Combined index
were
reduction of 1.1 cents per pound in the price of bread
a
reported for Milwaukee.
63.5
Mining
Zinc production.
In the
27 cities.
showing the greatest decreases, Springfield (3.9% ) and Milwaukee
'
-
Preliminary.
x
-
Revised.
p
106.5
108.4
Preliminary.
United States Department of Labor Index of Wholesale
Commodity
Prices
Declined
0.06%
Week
During
Ended Aug. 13
Retail Costs of Food Down
0.2% During Month Ended
July 12, According to United States Department
Labor
of
A decline of
7.6% in the cost of fresh fruits and vegetables
drop of 0.2% in the retail food cost index be¬
tween June and July, Commissioner Lubin of the Bureau of
Labor Statistics, U. S. Department of Labor, announced on
Aug. 4.
"In contrast with this sharp break in fresh fruit
and vegetable costs, the average cost of meats advanced
2.5% and egg prices registered an increase of 7.2%," Mr.
Lubin said.
"Changes for other commodity groups were
relatively small."
The Commissioner further reported:
resulted in
Decreases
a
were
reported from 23 of the 51 cities included in the Bureau's
Prices of 39 of the 84
index and were most marked in the central areas.
5 showed
items decreased, 40 increased and
no
The July index for all foods was 80.0%
This
of the 1923-25 average.
lower than July, 1937, when the index was 85.9.
6.9%
July, 1929 index, which stood at 106.5.
The cost of cereals and bakery products decreased
and July, continuing
0.4%
between June
the steady decline which was first reported in August,
Prices held comparatively stable for items in the group.
1937.
est relative
changes
were
decreases of 0.9%
Meat costs,
upward since March, advanced 2.5%
which have tended
Higher costs were reported from 43 States and prices rose
during July.
for 17 of the 21 items in the group.
a
gain of 4.1%
and for lamb
2.1%
.
The
.
average
increase for the pork items was 2.8%
The price of roasting chickens declined 4.2%
1.1%
.
The
for canned red
for canned pink salmon.
smaller decreases
for chemicals and drugs and housefurnisbing goods.
COMMODITY
commodities remained unchanged from last week.
Lower
prices for agricultural commodities together
for calfskins, tankage, pepper and copra caused
1.3%
drop
The index, 71.1, is 2.2%
.
The index for the semimanufactured articles group dropped
level of
month ago, 74.3.
a
It is 14.1% lower than it
reached since early in Nov., 1936.
of
1.1%
from
Commodity Group
80.2
79.1
85.9
68.3
91.4
91.8
92.2
95.7
75.6
97.9
Meats
99.3
96.9
95.2
107.8
79.3
125.9
76.2
76.0
77.2
80.9
63.8
101.6
68.0
63.4
60.5
68.0
49.3
91.3
61.7
66.0
62.5
69.0
62.4
107.2
60.3
65.2
61.1
67.0
62.4
108.3
Canned
78.0
78.2
78.5
83.5
70.5
98.5
Dried
59.2
76.3
Beverages and chocolates...
—
Dairy products
Eggs
Fruits and vegetables
Fresh.......
........
Average prices of industrial commodities advanced 0.1%
shows
Increase of 0.2%
4.9% from Aug. 14 of last year."
Department of Labor in its announcement quoting
Mr. Lubin as above, also stated:
The farm products group declined
the past four years.
and
barley,
oats,
cern,
55.1
103.5
70.4
74.2
110.6
of
68.0
79.5
49.9
93.3
63.3
63.8
64.3
65.1
56.5
72.6
in the
price of butter.
Higher butter prices were reported from 44 of the
Prices for other items in the group showed little or no change,
51 cities.
the largest
relative change being a decline of 1.1% for cheese.
decrease of 0.3%
The average
for fresh ndlk resulted from a drop of 2 cents a quart in
Scranton, Pa., with smaller decreases in five other
5.2% from
tomatoes,
prunes,
in the average cost of all fruits and vegetables was
7.6%
in the cost of the fresh products.
sharp drop of 14.6% in the price of potatoes was the most important
in
this
were
decline.
19.8%
for green
Other significant decreases reported
for cabbage, 21.2%
beans.
for carrots, 16.5%
The price of lettuce rose 19.2%
for cereal products and
meal, canned peaches and pears, raisins,
beef,
lamb,
mutton,
cured and fresh
Prices of dried apricots and
The foods
for the corresponding
group
index, 72.2, is
week of 1937.
Falling prices for fats, oils, and tankage were responsible for a decline
showing
at the level of a year
ago.
decrease of
were
3.0% lower than it was at this time last month and 16.5% lower than it was
0.3% in the chemicals and drugs group index.
As
a
corn
cured and fresh
coffee, and corn oil were higher.
in prices
of
eggs,
during the second week of August as a
for meats, and 1.2%
edible tallow, and cottonseed and peanut oils.
seasonal increase of 7.2%
The decline of 6.6%
Higher prices
pork, dressed poultry (Chicago), glucose, lard, pepper, granulated sugar,
of
the result
hogs, lambs, cotton,
Individual food items that were cheaper were oat¬
vegetables.
meal, flour, hominy grits,
canned
cities.
Current egg costs are
steers,
month ago and 23.4% from a year ago.
a
result of decreases of 3.5%
Egg prices were higher in all of the 51 cities included in the index,
.
cows,
Wholesale food prices fell 1.8%
fruits and
than seasonal increase of 1.8%
wheat,
The current farm products index, 67.0, shows decreases
potatoes (Chicago).
66.9
Sugar and sweets---
a
rye,
for livestock
Quotations were lower for
reported for calves, live poultry (New York), lemons, oranges, and white
59.3
This advance was due entirely to a more
to the lowest level reached in
for grains and 3.0%
apples, alfalfa seed, tobacco, dried beans, and onions.
67.4
between December, 1937 and June, 1938.
2.5%
Decreases of 7.0%
poultry largely accounted for the drop.
59.0
in the cost of dairy products followed a steady
an
The
66.8
The advance of 0.2%
The
from July 16 to Aug. 13 and a
It
67.7
decline which amounted to 13.8%
according to
products and foods."
placed the group index, 81.8, at the highest level reached since
increase
66.7
Preliminary.
the month and
over
periods, respectively.
year
Fats and oils.-
p
decrease
The large group of "all commodities other than farm products" fell 0.4%
during the week and shows decreases of 0.5% and 8.2%
106.5
80.0
Cereals and bakery products—
All foods..
a
from a year ago.
decrease of
July 12 June 14 May 17 July 13 July 15 July 15
1929
1937
1932
1938
1938
1938p
to the lowest point
The group index, 82.0, shows
month ago and 8.0%
a
0.1% to the
was a year ago.
Wholesale prices of finished products declined 0.5%
mid-May.
1923-25=100
with falling prices
the raw materials group to
below the corresponding week of
below that for the week ended Aug. 14, 1937.
July and 16.5%
GROUPS
Three-Year Average
registered
products, metals and metal products, building materials, and miscellaneous
the index for "all commodities other than farm
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY
were
The hides and leather
products and fuel and lighting materials groups advanced slightly and textile
Beef, the most important sub-group,
only other price decreases reported for the group were 1.9%
salmon and
for
In addition to farm products and foods,
Tne price of white bread is now 1.4% lower than a year ago.
white bread.
showed
The great¬
for soda crackers and 0.7%
The Commissioner added:
4."
change.
Compared with
a year ago, current food costs are lower for all commodity groups except
eggs, which are at the same level as a year ago.
The current food cost index
is 17.1% above the level of July, 1932.
It is, however, 24.9% below the
is
Weakening prices for farm products and foods, principally
grains, livestock and poultry, meats, fruits and vegetables,
and cereal products, largely accounted for a decline of 0.6%
in the United States Department of Labor, Bureau of Labor
Statistics' index of wholesale commodity prices during the
week ended Aug. 13, Commissioner Lubin announced on
Aug. 18.
"Wholesale commodity prices have fallen steadily
for four consecutive weeks," Mr. Lubin said, "bringing the
all-commodity index of over 800 price series to 77.9% of the
1926 average, or back to the level of early July.
The index
is 1.3% lower than it was a month ago and 11.0% lower than
it was a year ago.
The combined index is 0.3% above the
year's low point which was 77.7 during the week ended June
The
factor
for the fresh items
for celery and 31.3%
and spinach and sweet
a
of minor
price decreases in
goods group index dropped 0.1%
were
No changes were reported
of drugs and pharmaceuticals and mixed fertilizers.
result
.
furniture, the
housefurnishing
Average wholesale prices of furnishings
stationary.
The index for the fuel and lighting materials group advanced 0.4%
cause
of rising
prices
for anthracite and
gasoline.
be¬
Wholesale prices of
bituminous coal and coke were firm.
Sharp increases in prices of steer hides and
goat
skins together with a
advance in leather caused the hides and leather products group
minor price
for the canned and dried items were
and 11.7%, respectively.
Changes
relatively unimportant.
The cost for
the canned
and for the dried products advanced
mained steady.
potatoes showed
0.4%
increases
of 30.6%
products dropped 0.2%
index to rise
0.3%
In the textile
.
Beverages and chocolate
declined 0.2%
ported for every item in the group.
,
with slightly lower prices re¬
.
Calf skins and luggage averaged lower and shoes re¬
products group, higher prices for women's silk hosiery and
raw
jute were offset by lower prices for cotton goods, raw silk, silk yarns
and
burlap with the result that the group index remained at 65.5.
Financial
1110
The index for the metals and metal products group remained at last week's
Scrap steel averaged higher and pig tin
of the 1926 average.
level, 95.5%
In lumber, chiefly cypress and yellow pine lath,
0.3%
advance of
An
timbers, together with higher prices for common building
brick, counter-balanced a decrease of 0.4% for paint materials, such as
Cbinawood oil, linseed oil, and turpentine, with the result that the building
flooring and
materials group index was
unchanged at 89.3.
is
interesting to observe that the residential
period,
behind
while
last
20%
is
year,
two-family houses, which
and
one-
because,
as
well
augers
relatively few of the large low-
yet,
housing projects have progressed to the work
public
and they are therefore yet to be included in the Dodge statistics.
awarded for non-residential building in July show a slightly
than seasonal decline of 11% from June and continue to run behind
Contracts
corresponding
the
Crude rubber advanced 1.8% .;
of
month
.
last
year.
*
numbers for the main
The
construction, comprising public works and utilities,
yet begun to show the effects of the Federal spending program.
July record is down 5% from last month and 22% below July of
last
and pulp declined 0.2%
The following table shows index
year.
Heavy engineering
groups of commodi¬
five weeks and for Aug. 14,1937, Aug. 15, 1936, Aug. 17,
ties for the past
in
is
future
term
near
It
seven-month
A review of the detailed residential figures for July shows
projects and
rental
stage
more
wholesale prices of cattle feed fell 3.0%
During the week ended Aug. 13
the
for
1937.
this
during
the entire gain
that
Average prices for structural
heating fixtures did not change.
steel and plumbing and
and paper
record
Aug. 20, 1938
of
months
seven
ahead of 1936.
lower.
was
Chronicle
1935. and Aug. 18, 1934.
has
(1926=100)
not
combined,
Aug.
Aug,
July
July
13
6
30
23
Commodity Groups
1938
1938
1938
July
Aug.
Aug.
Aug.
Aug.
16
14
15
17
18
1936
1938
1937
1936
1935
1934
All commodities.*..,.--—-.
77.9
78.4
78.6
78.7
78.9
87.5
81.1
80.5
76.1
Farm products————
67.0 *68.7
68.6
69.3
70.7
87.6
83.6
80.3
all
contracts
awarded,
July,
aggregate
$239,799,000,
of
value
The
for
and
building
which
heavy
only
is
engineering
4%%
below
June, but 25% behind July of 1937, which was the highest month in
This peculiar phenomenon in
year.
of
The
better
for
contracts
months'
seven
1937
accumulative
of
the
due primarily to the letting
was
$130,000,000
than
of
work
public ownership.
for
$1,534,071,000, while
15%
below the
68.9
period in 1937, is substantially ahead of any other
same
Foods
72.2
73.5
74.1
74.3
74.4
86.5
82.6
85,4
74.1
Hides and leather products..
92.5
92.2
92.5
92.4
92.1
108.6
94.2
90.1
65.6
65.5
65.7
65.8
65.7
76.9
70.6
70.5
78.9
STATES
since 1931.
EAST
THE
OF
71.1
77.4
CONTRACTS AWARDED—37
CONSTRUCTION
84.2
Textile products—
year
77.7
77.3
76.9
75.4
Metals and metal products..
95.5
95.5
95.4
95.3
95.3
95.6
86.3
85.8
89.3
89.3
89.2
89.3
89.3
96.7
86.9
85.1
86.4
Fuel and lighting
78.0
materials..
77.4
MOUNTAINS
85.9
Building materials
ROCKY
75.2
Chemicals and drugs—
77.2
77.4
77.0
77.0
77.1
82.0
79.2
78.7
87.8
87.9
87.9
87.9
88.0
92.7
82.6
81.7
82.9
71.1
67.2
70.3
New Floor
of
Space (Sff.
Valuation
Ft.)
75.9
Housefurnlshing goods..
No.
Projects
72.3
72.3
Miscellaneous
72.6
72.6
72.6
77.4
Raw materials..
71.1
72.0
71.7
72.2
72.7
85.2
81,1
*
74.3
74.4
74.4
74.4
74.3
86.5
75.5
*
82.0
82.4
82.8
82.8
82.9
89.1
82.2
*
21,579,000
3,188
11,579,000
1,703
150,000
79,258.000
17,648
Non-residential building..
Public works and utilities.
*
Finished products-
12,757
1938—Residential building
*
Semi-manufactured articles--
Month of July—
33,308,000
$239,799,000
$87,978,000
72,563,000
*
other
farm
All
than
80.3
80.8
80.8
80.7
87.5
80.6
80.5
77.6
81.7
81.6
81.6
81.6
86.0
79.6
78.0
78.4
1937—Residential building
10,136
20.579,000
$81,046,000
Non-residential building....
3,764
24,754,000
Public works and utilities
products and foods..
Not computed,
80.6
81.8
products
commodities
farm
*
Total construction.
than
other
commodities
All
1,461
479,000
139,137,000
101,420,000
15,361
45,812,000
$321,603,000
Erroneously reported last week as 78.6.
x
Total construction
First Seven Months—
Wholesale
Commodity
Prices Declined
During the
Reaching Lowest Level Since
1934, According to National Fertilizer
1938—Residential building
Non-residential building..
69,697
121,911,000
$487,016,000
21,033
85,159,000
Public works and utilities.
9,931
1,609,000
506,283,000
540,772,000
100,661
208,679.000
$1,534,071,000
76,047
23.287
157,241,000
124,028,000
7,557
3,259,000
$597,352,000
706,031,000
511,456,000
106.891
284,528.000
$1,814,839,000
Week Ended Aug. 13,
December,
Total construction
Association
1937—Residential building
Continuing the downward trend of the previous week, the
Non-residential building..
Public works and utilities.
wholesale commodity price index compiled by the National
Fertilizer Association fell from
to
73.1%
the
in
recorded since
low
ous
week
Total construction.
74.0% in the preceding week
Aug.
ended
13,
the
lowest
point
NEW CONTEMPLATED
WORK
ROCKY
December, 1934, and comparing with a previ¬
in
record
the
recession
current
in the first week of June last.
Based
of
MOUNTAINS
73.8% reached
the 1920-28
on
REPORTED—37 STATES EAST OF THE
1938
1937
aver¬
No. of
of 100%, the high point so far for the present year was
age
78.5% in the middle of January, and the high point for the
entire
period was 88.8% recorded in July, 1937.
recovery
A month ago the index
87.5%.
The
Association's
Aug. 15, went
Lower
for
week's
farm
at
last
wool,
spring's
for
cotton
ficient
shown
low
current
and
offset
to
increase
an
the
date
of
certain
foodstuffs
in the
index
group
point.
With
the
index
decline.
In
semi-finished
food
marked
of
farm
the
higher quotations for silk.
group
slightly
declines
in
miscellaneous commodities.
during the week
the
price of steel
higher than
taking
much
it
$235,076,000
349,662,000
13,045
$95,830,000
5,591
3,796
2,785
417,732,000
1,532
157,570,000
182,538,000
31,422
$1,002,470,000
18,373
$435,938,000
142,209
$1,321,012,000
30,299
1,488,714,000
1,936,205,000
125,963
27,307
9,354
1,028,754,000
13,788
186,296
$4,745,931,000
162,624
$2,870,280,000
Total construction...—
Total construction
the
was
metal average,
in
the
second
suf¬
were
also
index to register
Electric Output for Week Ended Aug. 13, 1938, 7.3%
Below
the result of another
The Edison Electric
preceding
week
there
were
19
declines
and
28
light and
ended
PRICE
power
Aug.
decrease
of
of
13,
Latest
Aug.
Month
Aug. 6,
1938
July
2,115,847,000 k.w.h.,
a
14,
year
72.0
74.2
85.2
59.3
61.9
63.7
81.2
81.8
77.4
Farm products....
63.7
a
73.4
'
Regions
Aug.
13.
New England
Middle Atlantic.
65.8
67.7
86.6
47.2
47.9
48.6
57.8
Grains
50.5
54.4
59.8
91.9
Livestock
71.0
73.1
74.9
92.3
78.9
78.7
86.5
77.5
77.6
77.5
86.7
.
8.2
Textiles
58.4
59.2
58.9
Metals
89.1
89.0
88.4
106.2
Building materials
Chemicals and drugs
78.8
78.9
79.1
94.2
94.7
95.6
72.3
July 30.
Aug. 6, 1938
1938
Week Ended
July 23, 1938
7.7
6.6
5.3
0.3
x0.5
13.2
13.5
15.8
5.3
3.8
4.3
4.3
4.6
6.7
4.5
4.7
17.2
14.4
17.3
19.3
4.9
2.6
3.9
3.2
7.3
6.4
7.2
7.7
86.1
94.2
1938
YEAR
Week Ended
75.2
7.1
6.1
PREVIOUS
Week Ended
xl.l
Pacific Coast
.
a
estimated
1.6
Rocky Mountain
Miscellaneous commodities
was
7.6
Southern States
78.9
Fuels..
1938,
13.6
Central Industrial.
West Central
Cotton
is
decrease of 6.4% from the like
Week Ended
73.4
77.1
This
corresponding
the
ago.
Major Geographic
Fats and oils
k.w.h.
for
output
PERCENTAGE DECREASE FROM
1937
Cottonseed oil..
17.3
the
week
Ago
16, Aug.
1938
2,133,641,000
was
from
The output for the week ended Aug. 6,
Year
A oo
Week
13,
1938
Foods
10.8
1938,
7.3%
1937, when production totaled 2,300,547,000 k.w.h.
INDEX
(1926 1928=100)
Preced'g
Week
Group
Bears to the
Total Index
23.0
re¬
industry of the United States for the week
to be
Per Cent
25.3
Year Ago
port, estimated that production of electricity by the electric
week
WHOLESALE COMMODITY
Compiled by the National Fertilizer Association.
Each Group
a
Institute, in its current weekly
scrap.
advances.
WEEKLY
905,086,000
in
than
The only group
$936,440,000
a
declines
more
declines
Fractional
Residential building
Non-residential building
Public works and utilities
in
place
sank to
price
group
were
were
declines outnumbered advances
during the week by 39 to 8; in
preceding week 36 price series included in the index declined and 18
advanced;
Valuation
Projects
Non-residential building
declining and
prices
product
textile
goods
Food prices
index.
still
was
largely responsible
were
the all-commodity
Price
the
23,046
Valuation
Public works and utilities
by the indexes representing the prices of building materials, fertilizer
materials and
rise
The
grains and livestock,
low
new
at
ago
Projects
Month of July—'
Residential building..
First Seven Months—
17 items included
only three advancing.
cotton,
under
announcement,
products and
sharp drop in
generally lower, with
was
year
a
to say:
on
for
prices
last
74.7%, and
stood at
No. of
1.3
.
..
.3
Fertilizer materials.
69.9
70.0
69.6
.3
Fertilizers
77.1
77.1
77.1
Farm machinery
97.9
97.9
98.1
xIncrease.
78.6
.3
Total United States.
96.4
100.0
DATA
FOR
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
Change
All groups combined
73.1
74.0
74.7
Week Ended
87.5
1938
1937
1938
1936
1932
1929
from
1937
May
Construction Contracts Awarded in
July
The building
continues
in
industry, paced by residential construction,
July
to compare
records than do the other
more
favorably
with
heavy-goods industries.
past
Accord¬
ing to compilations of the F. W. Dodge
Corp., the valuation
of all residential contracts awarded
by July, 1938, was
$87,978,000, which is $6,932,000 ahead of July of last year.
The
improvement
bring the total
in
July
seven months'
residential
figure to
a
construction
was
7
1,939,100
May 14..
sufficient
to
point just 18% behind the first
1,967.613
May 21
1,967,807
1,973,278
May 28
June
...
4
June 11
June 18
June 25
July
2
1,878,851
1,991,787
1,991,115
2,019.036
2,014,702
2,176,363
2,194,620
2.198,646
2,206.718
2,131,092
2,214,166
2.213,783
2,238,332
1,928,803
1,947,771
1,429,032
—10.3
—10.5
1,961,694
1,435,731
1,704,426
—10.6
1,954,830
1,922,108
1,425,151
1,705,460
1,381,452
1.615,085
1,945,018
1,989,798
1,435,471
1,689,925
—10.1
1,441,532
1.699.227
—9.8
2,005,243
2,029,639
1,440,541
1,456,961
1,702,051
1,723,428
—10.9
—11.8
—10.0
1,436,928
1,688,434
1,598.492
2,238,268
—10.0
July
9
1,881,298
2,096,266
—10.3
1,956,230
1,341,730
1,592,075
July
16
2,084,457
2,298.005
—9.3
2,029.704
1,415.704
1,711,625
July
July
23
2,084,763
2,258,776
—7.7
1,433,993
30......
2,093,907
2,256.335
—7.2
2,099,712
2,088.284
1,440,386
1.723,031
2,115,847
2,261,725
—6.4
2.079.137
1,724,728
2,133,641
2,300,547
—7.3
2.079,149
1,426,986
1,415,122
Aug.
6
Aug. 13
1,727,225
1,729,667
Volume
Total
Value
of
Imports of
Exports and
Merchandise
EXPORTS
IMPORTS
6 Mos. End. June
Grand Division and Country
6 Mos. End. June
0Concluded)
Months
First Six
1111
Chronicle
Principal Countries for
Divisions and
Grajid
by
The
Financial
147
1937
Department of Commerce
Western
the tables
are
Iran
293,202
19,562
15,981
10,230
205
639
4,401
1,652
3,104
2,280
..
Iraq
complete:
504,737
1,858
iii-i ———i
(Persia)
Aden.
The following
Palestine
...
1,193
1,675
.........
OF EXPORTS
DIVISIONS AND COUNTRIES
Southern and Southeastern
(Corrected to June 28, 1938)
British India
1,658
244
257
1,226
9,011
1,994
7,602
6,881
(including Burma)
83,049
307,968
199,762
Burma.
17,104
6 Mos. End.
June
1,342
4,769
115,485
720
636
10,914
12,769
1,771
55,288
Netherlands Indies*
1938
1937
1938
11,382
1,103
41,511
1,871
3,408
Philippine Islands
Slam
$
$
$
$
75
3,698
...
French Indochina*
1937
Grand Division and Country
31,128
......
Ceylon.—.—...
IMPORTS
EXPORTS
771
55,649
-i—.iw—w--..—
British Malaya......
6 Mos. End. June
17,989
British India
(000 Omlted)
Value In Thousands of Dollars
202
117
1,409
469
..
Turkey
IMPORTS INTO, THE UNITED STATES BY GRAND
OF GENERAL
569
81,682
Syria.,
INCLUDING REEXPORTS FROM, AND VALUE
122
1,429
'
1,213
6,030
Saudi Arabia—.—...........
VALUE
S
272,351
179
.....
grand divisions and principal countries for the first six months
1938 and 1937.
$
12,617
showing the merchandise imports and exports by
of the years
1938
1937
$
299,106
Asia.
its report
1938
$
Aug. 4, 1938, issued
on
Other Asia
4
63.023
7,564
35,428
3,624
2,791
66,536
41,769
1,290
1,599
56,319
238
174
1,067
2,426
1,536,562 1,592,137
961,063
Eastern.
204,807
169,739
180,788
83,210
381,982
390,165
244,035
China
213,350
119,669
Japan..
12,037
11,032
125,144
61,945
5,678
2,142
111,023
21,838
245,093
31,327
4,278
3,561
165,641
21,525
247,713
243,772
North America.
1,683,421
402,408
Grand total.
241,460
210,390
116,568
1
26
119
63
3,822
3,570
Hongkong.
Kwantung.
Northern.
Canada*--.
Greenland
--
Miquelon and St. Pierre Islands*.—
Newfoundland and Labrador
6
*2,959
3,070
1,943
895
58,534
43,976
47,873
50,334
6,970
Australia
31,902
35,842
33,938
New Zealand
3,739
2,603
Oceania.
154,695
Southern.
Mexico..-...—.——————-.
Central America
136,890
176,814
124,365
53,771
24,724
34,268
24,399
35,374
27,757
19,517
23,485
11,126
11,396
15,109
British Oceania..
480
342
544
160
French Oceania*.
469
293
742
468
70,267
60,643
58,568
27,305
12,762
12,201
13,596
5,517
1,316
1,493
2,120
890
1,236
2,568
Africa
Mediterranean
542
Costa Rica*
Guatemala*..
Honduras*.....—......—
Nicaragua*
-
(including Canal Zone)...
Panama
681
2,384
3,943
2,582
1,562
12,395
—-■
581
2,052
British Honduras—.............
3,430
3,074
1,203
2,330
6,066
3,169
2,153
2,292
"
5*611
Panama, Republic of...—
662
785
480
6,436
9,780
Italian Africa.c
6,649
1,215
49
94
95
Morocco.....———
2,505
1,807
1,072
628
341
842
50
98
74
790
57,505
48,442
44,972
21,789
357
20
410
67
1,275
1,082
1,195
294
2,038
41,026
2,063
35,068
1,070
2,411
2,433
2,330
1,675
1,131
1,206
6,650
2,286
16,054
7,793
563
Tunisia*...........—....
Egypt—
*1*863
Spanish Africa—Canary Islands.
Other Spanish Africa
302
4,562
77,092
1,949
2,005
240
187
505
301
187
Ethiopia
Belgian Congo
2,524
3,487
1,934
—
...
————
...
Trinidad and Tobago
Indies
Cuba*
2,655
3,748
1,734
40,466
2,879
741
547
British Africa:
966
East..
816
706
South—Union of South Africa
97,916
4,632
60,322
2,679
21,706
9,578
45,050
3,094
14,599
...
Dominican Republic..-Netherlands West Indies*.
2,219
'
Other
Africa.
1,131
1,024
160
West—Gold Coast. —.-i
Nigeria
82
Haiti*.
1,982
1,501
1,352
1,644
..............—
137,985
158,501
242,810
40,678
49,120
40,361
Liberia.....;
..
204
176
728
404
152
315
551
3,152
Other British West Africa
2,104.
4,094
1,140
1,886
364
462
481
549
3,692
3,095
58
14
678
Madagascar*..
Other French Africa,* N. E. S
35,873
North Coast
651
521
310
—
Portuguese Africa—Mozambique
Other Portuguese Africa
18,627
19,038
555
Colombia*...
28,048
23,950
482
1,034
1,726
66
68
29,074
10,720
159,880
Countries with which reciprocal agreements
are
in effect,
c
Includes Trlpoll-
9,701
83,496
*
14
74,428
Venezuela.
491
453
20,931
......
(Netherlands)*
Surinam
French*
489
345
220
Guiana—British-
2,200.
2,499
2,201
9,533
French Africa, North, East, South:
130,737
—
...
'
Other British South Africa
9,772
French West Indies*.—.—
South America
........
450
—
Other British West
— ..............
76,200
West Indies and Bermuda
Jamaica
.
6,794
117,955
1,649
Salvador*
Barbados
Algeria*.. ...
7,008
1,718
78,223
Panama Canal Zone
British—Bermuda
1,049
2,287
5,244
2,579
1,631
70.336
anla and Cirenaica
(Libya), Eritrea on the Red Sea, and Italian Somaliland.
July Chain Store Sales Continue Gains
East Coast.
Chain
Argentina
39,857
Brazil*
28,919
49,537
30,654
1
3
1,
Falkland Islands.
86,400
61,922
20,744
47,248
14
310
307
584
465
5,341
2,994
10,973
1,864
West Coast.
22,879
25,885
42,569
Bolivia..
2,286
10,403
2,532
12,500
1,913
Paraguay
Uruguay—
Chile...
2,011
8,180
Ecuador.
24,529
677
'
364
31,839
1,803
18,139
1,002
8,940
8,250
5,024
582,820
670,787
436,808
258,813
488,357
588,909
347,987
189,729
1,454
746
44,187
42,432
12,561
13,583
67,898
1,271
18,444
14,073
1,445
23,952
28,248
1,641
728
Peru
.
trade
store
in
July extended the gains made in
June, nearly all departments enjoying the further improve¬
business, according to the current review by "Chain
ment in
Store Age," although
July sales this year are off as com¬
pared with July, 1937.
business
*
of
activity in the field,
.
'
measured
by the index compiled by that publication, advanced to
108.2 of the 1929-1931 average for July taken as 100 from
106.3 (revised) in June.
The index in July, 1937, stood
The level
as
at 114.5.
Europe
-
Northwestern and Central
:
index
355
16,412
51,656
12,661
30,435
5,138
920
418
28,292
14,772
26,370
12,184
6,976
20,051
4,821
12,551
255,566
112,233
8,868
51,429
37,402
58,608
33,809
530
377
437
5,376
5,644
8,156
8,762
609
Hungary
....
;
Netherlands*.....
Norway
Sweden*...
Switzerland
United Kingdom..
Northeastern.
Estonia
Finland*...
820
592
266
Latvia
49,080
250
339
591
406
11,707
Lithuania
13,485
7,394
9,043
Union of Soviet Socialist
Republics.
Southwestern.
27,926
18,894
37,789
11,658
12,434
49,161
Poland and Danzig
43,442
39,099
129
209
Azores and Madeira Islands.
304
183
2'
165
21,042
9,829
15,912
14,851
130
80
83
253
409
924
1,348
2,470
Spain
Southeastern.
24,622
5,034
9,137
68
Portugal
29,843
7,437
5,749
7,900
—
284
40,461
6,435
1,890
Gibraltar
Italy
112.2
to
was
sales of
of
index
from
the variety chain
110.0
in
June.
group
The
in
July,
July
1937,
120, unchanged from June of that year.
26,308
565
—
Ireland
700
207,694
France*
Iceland
77
5,407
8,122
74,872
54,623
Denmark
Germany, b
662
3,455
42,315
10,897
30,054
Belgium*
Czechoslovakia, a.
2,609
42,681
16,785
3,832
38,592
44,831
2,819
100
Austria, b
The
increased
4,492
10,573
10,429
•
1
1,476
5,222
The drug group index
June.
was
123.4 in July against 120.4 in
index advanced
In the same two months of 1937 the
from 129 to 131.
apparel chain group index was 112.0 in July against
and 124 in July, last year.
The index for the grocery chain group was approximately
The
109.7 in June,
100 in July against
98 in June and 105.6 in July, 1937.
preliminary index for the shoe group was 120 in
July against a revised index of 140 for June and 130 for
July, last year.
The
Increase in Average
Industries
Industrial
Weekly Earnings in Manufacturing
June Reported by National
During
Conference
Board
An increase of half an hour in the length of the average
contributed to an increase in
weekly earnings from $23.38 in May to $23.77 in
June, according to figures released by the National Industrial
Conference Board.
Average hourly earnings were the same
in June as in May.
In noting this, the Conference Board on
Aug. 1 further said:
work week in manufacturing
average
Among the 25
industries covered by the Conference Board's regular
monthly survey, Increases in total man-hours worked
Albania
.....
Bulgaria
.
....
Greece
Rumania
Yugoslavia
*
265
460
283
33
3,462
1,381
Malta, Gozo, and Cyprus Islands...
3,202
1,136
2,196
1,857
1,147
1,811
Countries with which reciprocal agreements are
ment
became
effective
April
16,
Germany beginning May 6, 1938.
1938.
in effect,
b Statistics
a
Reciprocal agree¬
for Austria Included with
following:
Wool.
•leather tanning,
12.6%; iron and steel,
6.8%
;
were noted in the
9.1%; boot and shoe, 8.6% ;
lumber and mi 11work, 6.6% ; furniture, 3.4% ; meat
packing, 3.3% ; rubber, 1.0% , and hosiery, 0.6% .
The index of employment was lower in June than in May for the 25
industries combined, but was higher in the case of each of the industries
listed above and also in
work per
the paper products industry
Average hours of
week were longer in all of the Industries showing an increase in
the auto-
total man-hours with the exception of hosiery, and also rose In
mobile,
Financial
'
1112
week.
per
•'
this year with those of a year
is indicated by the following figures:
CHANGE
PERCENTAGE
Payrolls..
Hourly earnings—
—,—
1938,
1937
—16.2%
—2.5%
Cost of living
earnings.-
Ileal weekly
+ 1.6%
—14.0%
—26.4 %
Employment
-17.2%
length of average work week.
JUNE,
Weekly earnings
-39.1%
-38.2%
-
COMBINED, JUNE,
25 INDUSTRIES
IN
COMPARED WITH
Total man-hours..-..
Sixteen Percent Decrease Noted in Bank Debits
Debits
accounts,
individual
to
reported by banks
as
in
leading cities for the week ended Aug. 10 aggregated $6,326,-
000,000,
17% below the total reported for the preceding
below the total for the corresponding week
or
week and
16%
responsible
activity in the canning and preserving industry was
Seasonal
When tabulations for the
employment 6hows a slight
net drop, but payrolls continue to show a net increase.
Increased payrolls
in the fur and fur goods, shoe and men's clothing industries were sufficient
to keep the net increase in payrolls.
Only four out of the 11 representa¬
tive industries
reported net losses in employment this month, namely,
clothing and millinery, printing and paper, metal and machinery and
for
large
a
the
of
part
rise
in
forces.
omitted,
The chemical and stone, clay and glass groups showed
manufactures.
wood
net
preserving industry are
and
canning
comparison of conditions in June of
A
ago
in only one industry,
reached the level of 40 or over
However,
and silk industries.
chemical,
packing, have the hours of work
meat
1938
Aug. 20,
Chronicle
Monthly reports from a fixed list of
to June, 1914, indicate that the
average June to July movements are decreases of about 1.1% in the num¬
ber of employees and about 1.4% in total payrolls.
Index numbers of July, based on the average of the three years 1925-1927
as
100, were 72.3 for employment and 64.9 for payrolls.
These reports
are
collected and analyzed in the Division of Statistics and Information
under the direction of Dr. E. B. Patton.
The reporting factories during
July employed
348,261 workers and had a total weekly payroll of
practically
at all.
net change
no
representative
factories,
back
going
$9,082,001.
of last year.
$5,775,000,000, compared with $6,983,000,000 the preceding
week and $6,861,000,000 the week ended Aug. 11 of last year.
reported on Aug. 15 by the Board
of the Federal Reserve System:
These figures are as
of Governors
Net
I net.
Aug. 10, 1938
Aug. 3, 1938
1—Boston
17
8357,498,000
$423,107,000
$411,054,000
2—New York
15
2,651,259,000
3,296,018,000
3,119,162,000
382,030,000
Aug. 11, 1937
New
greatest
payrolls
by five
reported
were
New York State in
districts in
employment.
had
Albany-
July.
York City were the only two which showed
New York City payrolls were up slightly.
percentage
the
the
net
steel
greatest
metal
clothing
forces,
industry,
the
Utica
and
contributed
group
machinery
and
and
greatly
seasonal
largely responsible for the net
Seasonal expansion in the larger
clothing group
men's
the
percentage
the
in
gains
in
in
rise
in the
increases
men's
net
increase in payrolls.
expansion in the iron and
Buffalo
activity
Centers
Federal Reserve District
in
Buffalo
In
Week Ended—
of
declines
net
and
employment
industrial
seven
Schenectady-Troy and
to
No.
the
both
in
increases
of
out
RESERVE DISTRICTS
FEDERAL
BY
SUMMARY
Both Employment and Payrolls
Five Industrial Districts Increase
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted to
was
industry.
18
320,232,000
382,129,000
25
385,355,000
461,449,1X10
525,377,000
Rochester raised employment to levels which
March, and the shoe
canning and preserving industries
also showed seasonal increases.
Expansion in the cotton goods factories of Utica caused net increases in
24
285,756,000
271,243,000
both
26
246,419,000
201,102,000
244,496,000
205,851,000
856.617,000
1,057,725,000
1,099,085,000
machinery industry
41
3—Philadelphia
4—Cleveland
5—Richmond.-.—.-
—
.
6—Atlanta,.
7—Chicago......
— -
clothing
were
payrolls
steel
218,975,000
17
135,512,000
154,789,000
245,041,000
265,532,000
155,054,1X10
282,755,000
Gains
28
men's
195,041,000
11—Dallas
18
165,761,000
179,072,000
180,632,000
12—San Francisco
29
566,100,000
650,370,000
647,608,000
274
$6,325,937,000
$7,612,262,01X1
$7,498,826,1X10
Total
and
and
factories,
tion
industry.
in
activity this month
followed
in June.
lull
a
employment in Binghamton-Endicott-Johnson City
payrolls
their
showed
considerable
a
for
but
fall,
Schenectary-Troy
clothing
dress
women's
most
of the
Most
concentrated
were
millinery
and
prepara¬
laid
factories
in employment and payrolls in
losses
severe
the
in
metal
and
The
increase.
clothing industry in New York City reported expansion in
workers.
and
metal
The
Syracuse reported net gains, especially in iron and
in
losses
exceeded
shoe
the textile
in
employment
plants, where renewed
211,819,000
9—Minneapolis
16
nearly normal than they have been since
more
and
10—Kansas City
8—St. Louis
in
factories
off
Albany-
and
machinery
groups.
Decrease of
0.2% from June to July in Cost of Living
Wage Earners in United States Reported by
of
June, to July,
The cost of
living of
Employment
in the United States de¬
wage earners
clined 0.2% from June
creases in all groups of
to July, because of moderate de¬
expenditures except fuel and light,
according to the National Industrial Conference Board.
Living costs in July were 2.7% lower than a year ago, and
13.8% lower than in July, 1929, but 20.6% higher than at
the depression low of 1933.
Under date of Aug. 8, the Con¬
ference Board also announced:
Food prices in July were 0.2%
them
They
declined
0.6%
year
however, 38.1%
were,
Clothing
they
a
and 5.9%
ago,
level
below July,
marily to
was
0.1%
July.
was
a
The increase during the month-interval
seasonal increase of 0.6%
in coal prices.
which
concerning
is
8.5%
was
due pri¬
was
The cost of
ascertained
higher in July than in January, due to
gas
gas
an advance in
the index
and electricity in July of this year
10.6% lower than in July, 1929.
but 0.5%
1929,
+ 5.7
Syracuse
Binghamton-Endicott-Johnson City.
+ 1.4
+ 5.3
New York City--
a
year
ago,
and 8.0%
The purchasing value of the dollar
was
115.6 cents in July as compared
with 115.3 cents in June, 112.5 cents in July,
Pennsylvania During July
in Employment and
in
Wages in Delaware
number of wage earners employed in Pennsylvania
manufacturing industries in July was about the same as in
June, while wage disbursements and working hours declined
about 2%, according to figures released Aug. 18 by the
Federal Reserve Bank of Philadelphia, which says that
from June to July, some improvement in activity is
The Bank further says:
1937, and 100 cents in 1923.
Relative
Indexes of the Cost of
Importance
Living. 1923=100
P. C. Inc.
Dec.
or
in
(+)
(—)
from
Family
July,
June,
1938
1938
Food *
33
.81.7
81.9
Houslnar
20
86.6
occur
payrolls
as
compared with substantial decreases which seasonally
from June to July.
This in effect is also true of plants manufacturing
furniture, shoes and leather goods, and rubber tires and goods.
12
73.5
In the
of metal products, employment increased more than usual, while
The
goods
payroll index for those establishments
which
produce consumers'
from about 77 in June to 79 in July, while that for the durable
rose
ment for
case
payrolls
than seasonally expected.
more
The composite index of employ¬
all reporting
industries at 69 was at about the
June, while the payroll index
Compared with
on a
a year
same
level
seasonally adjusted basis increased
ago,
as
in
some¬
the volume of employment continued
25% and that of payrolls 38% smaller.
Average working time continued at about 31 hours
with
a
high of 32 hours in March and May this
July, 1937.
a
Week,
Earnings in July averaged almost 69 cents
as
compared
with 37 hours in
year and
an
hour
or
about
86.7
6 o += a i
June, 1938,
indicated.
Reports from textile and clothing mills showed betterment in employ¬
ment and
what.
Item
—8.5
June—Gain
as
goods industries declined from 54 ot 52.
higher than in the spring of 1933.
1
Same
+0.1
—6.6
The
lower than in June, and 1.6%
higher than
—2.0
—-
Employment
About
+ 3.6
+ 0.5
Albany-Schnectady-Troy
declined
The cost of sundries in July was 0.1%
lower than in July,
+ 2.8
+ 1.7
and
semi-annually,
The index of electricity rates declined slightly from January
The combined index of
+4.4
+ 3.5
Utica
"when allowance is made for the usual seasonal decreases
from June to July, to exactly
In July of this year, however, it
year ago.
information
of gas rates.
to
as
lower than in July,
higher than in the spring of 1933.
1929.
a
electricity,
which made
higher than in the beginning of 1934.
The cost of fuel and light increased 0.5%
same
,
prices receded 0.5% from June to July, and in the latter month
1929, but 21.1%
the
0.1%
lower than in July, 1929.
4.4% lower than in July, 1937, and 24.8%
were
+ 3.7
Rochester.
lower than in
•
only slightly from the June level,
lower than
Buffalo
higher than in
spring of 1933.
Rents
Payrolls
Factory
lower than in June, 6.8%
July, 1937, and 24.9% lower than in July, 1929, but 33.7%
the
1938
City
National Industrial Conference Board
Budget
to
July, 1938
the
79.3
67.7
the
months;
previous three
a
year
ago
hourly earnings
67.9
employment conditions in Delaware, the Bank
says:
79.8
Women's
in
as
As to
73.9
Men's
same
amounted to 71 cents.
Fuel and light
84.1
Weighted
aver, of aU items
100
97.5
1UUCACO
U1
Delaware reported
employment and payrolls from June to July.
a
marked expansion in plant activity.
ever,
an
increase
of 3%
in
Working time also indicated
In comparison with
the number of wage earners declined 28%
a year ago,
how¬
and payrolls and working
hours 32%.
86.5
86.7
115.3
+0.3
♦
—0.2
115.6
Purchasing value of dollar..
pilVO
??!
86.4
97.4
30
82.4
86.5
Gas and electricity
Sundries
83.7
82.9
5
Coal
Manufacturing industries in
Weekly
Report
of
tli
for July 12, 1938, and June 14, 1938.
Lumber Movement,
Aug. 6, 1938
Week
Ended
The lumber industry during the week ended Aug. 6, 1938,
production and
66% of average 1929 shipments.
Production was about 62%
,
Employment and Payrolls in New York
Increased
Seasonal
from
June
New
York
June, and
July
Contrary
to
Usual
Trend
State
payrolls
of the
that
Contrary to the usual
in
to
stood at 63% of the 1929 weekly average of
State Factories
seasonal lull
factories
rose
about
in
increased
corresponding week of 1929; shipments, about 65% of
week's
Manufacturers Association
1.0%
a
since
state¬
liminary
highest
on
reports
the
State.
from
2,390
Miss
repre¬
Miller
con¬
from
ering the operations of important softwood and hardwood
mills.
based
about 68% of that
the National Lumber
regional associations cov¬
orders,
about
2.0%, according to
issued Aug. 12 by Industrial Commissioner
Frieda S.
Miller. - These percentage changes were derived from
pre¬
tabulations,
new
week's orders, according to reports to
ment
sentative factories throughout
tinued :
shipments;
July, employment
was
Reported production in the week ended Aug. 6, 1938,
as heavy as in the previous week, which was the
nearly
from
lower
of
the
in
the
year
to
date.
dropped slightly
New orders, though
otherwise highest reported
Shipments
preceding 1938 peak week.
the
July weeks, were
Volume
Financial
147
in 12 months.
New orders in the week ended Aug. 6,
below the corresponding high week of last year.
business was 4% above output in the week ended
New
Cooperatives
1938,
2%
were
Aug. 6; shipments were 1% above production.
Production
and shipments were, respectively, 21% and 8% lower than
during corresponding week of 1937.
National production
1113
Chronicle
oranges and
of
their
686,000 left
farmers
business—the
Out
over.
provide additional
of this,
Farmers
in-
reported for the week ended Aug. 6 by 5% fewer mills was
other citrus
0.4% below output (revised figure) of the preceding week;
shipments were 8% below shipments; new orders were 9%
below orders of the previous week.
The Association further
selling everything
are
onions
from
to
type of farm supply, paid the expenses
every
by
covered
year
$25,380,000
dividends, and $13,306,000
age
to
which
in
buying virtually
1936
$38,-
had
the survey—and
paid to farmers as patron¬
was
plowed back into cooperative business
was
operating capital.
California,
profiting from cooperative sales of
oranges
and
followed
reported:
feet
of
week
softwoods
orders
of
537;
orders,
feet;
Southern
Pine,
orders
above
new
mills produced 210,990,000
and
hardwoods
combined; shipped 214,056,000 feet;
219,996,000 feet.
Revised figures for the preceding
ended Aug.
Mills,
were:
245,000
1938,
6,
production,
Coast
shipments, 232,-
feet.
240,456,000
West
feet;
211,819,000
Northern
and
Hardwood regions reported
6, 1938.
The 6ame
production in the week ended Aug.
Southern
and
but
Pine
Production
production.
above
hardwood
84
from
mills give
Identical
a
and
was
business
feet
218,441,000
Citrus
for
Indiana,
Illinois,
Ohio,
Washington
several
and
other
cooperatives in California, Florida, Arizona and Texas paid their
members
amounting
dividends
patronage
gross
Second largest amount of payments was
grain
marketing
cooperatives,
$2,564,000;
poultry
associations,
$1,164,000,
and
fruits
and
in
1936.
creameries,
cooperative
$2,045,000;
vegetables
$6,043,000
to
from oil and gasoline, $4,294,000;
$3,035,000;
feed
cooperative
other
than
citrus
stores,
berries,
and
$1,410,000.
*
Rayon
feet.
Production
Since
During Second Quarter Smallest
1934, According to "Rayon Organon"—Daily
Shipments Broke All Records During July
Rate of
Production of rayon yarns
by United States mills for the
June quarter was the smallest for any three-month period
since 1934, states the current issue of the "Rayon Organon,"
published by
Economics Bureau, Inc., New
indicated resumption of demand,
however, it is expected that third-quarter production will
York.
show
Reports
204,127,000
ago it was 259,534,000 feet; shipments were, respectively,
and 223,412,000 feet; and orders received, 213,080,000
year
205,281,000
Mill
new
production of 417 identical softwood mills was
Last week's
feet
reported
reported
206,761,000 feet.
as 5,135,000 feet,
or 21%
above production.
Shipments as reported for the same week were
6,840,000 feet, or 62% above production.
Production was 4,229,000 feet.
feet, and
also
reported
Hardwood
Western
0.2%
or
Reports
by Minnesota, where cooperative marketing of butter, milk and
cheese, grain, livestock and other products boosted the income of thousands
of producers.
Patronage dividends amounting to $1,000,000 or more were
508
shipments above output.
All
orders below those of corresponding
week
of
1937;
Southern Pine, Southern
Cypress and Northern Pine
reported shipments above the same week of 1937; all regions but Northern
Hemlock reported production below the 1937 week.
Lumber orders reported for the week ended Aug. 6, 1938, by 438 soft¬
wood mills totaled 214,861,000 feet, or 4% above the production of the
same
mills.
Shipments as reported for the same week were 207,216,000
regions
regions
feet,
amount of patronage refunds,
gross
States.
During the week
booked
fruits, received the largest
the
Textile
With the currently
substantial
a
figure, said
an
increase
tne
over
low
second-quarter
announcement by the Bureau Aug. 6, which
continued:
Rayon yarn production for the June quarter amounted to 53,300.000
pounds, compared with 57,500,000 pounds in the first quarter of 1938 and
a
quarterly average of 78,100,000 pounds for the year
The low
1937.
production for the June quarter was due to slow demand, the usual seasonal
in July Newsprint Production in Canada as
Compared with June—Figures of North American
Output
Increase
An
of 852 tons in
increase
to
accounts, which further stated:
A
year
production totaled 316,194 tons and shipments 293,671 tons.
ago
Canadian mills operated at 59.5% of rated capacity,
During the month
in June and 58.7% in May.
against 57.0%
the United States increased from 141,055 tons in June
145,318 tons, while overseas shipments fell from 52,257 tons to 47,260
Shipments
to
to
tons, the latter figure being a gain of
the
year
Total
15.9%
over
the corresponding month
before.
North
with shipments
First Quarter
output in the period was
286,796 tons, compared
At June 30 North American stocks totaled
of 301,659 tons.
Second Quarter
57,500,000
70,800,000
69.000,000
724,139 tons against 767,520 tons at the end of May.
1937
07,100.000
-
1930.
The sudden favorable change which
tion,
Says Bank of
Montreal
for
Province of the
vesting proceeds in Canada, fulfilment of earlier hopes
good crops' of the main staples in every
Dominion seems assured," the Bank of Montreal states in
its copy report dated Aug. 18.
"In the Prairie Provinces,"
says the bank, "harvesting is well under way in Saskatche¬
wan and southern Alberta, while in Manitoba, where wheat
cutting is nearing completion, threshing returns indicate that
yields generally will be fair to good." In part the bank also
says:
daily rate of yarn
continued
has
in
Hail damage is heavy at scattered
points.
grain cutting is general with indications of good yields
In Quebec,
fodder, corn, roots and tobacco are all doing well.
crop,
have
and
Tomatoes are a large
In Ontario, where frequent rains
delayed harvesting operations during the past week, the prospects are
but the yield of apples will be light.
good average yields of all the main crops, with apples
for
somewhat below
average.
|3In the Maritime Provinces crop prospects generally are favorable, though in
New Brunswick and some parts of Nova Scotia (excessive moisture is caus¬
ing some deterioration of yield.
age
Apples are sizing well, with indications of
In British Columbia yields of grain will be below aver¬
good average yields.
good quality, roots gen¬
promising.
but potatoes are growing well, tomatoes are of
erally are satisfactory, and tree fruits are
♦
Agricultural Cooperatives Throughout Country Paying
of
Over
agricultural co¬
operatives in 48 States are not only marketing farm prod¬
ucts for their members and purchasing farm supplies co¬
paying them cash dividends, in addition,
$25,000,000 annually, according to a statement
Aug. 4 by the Farm Credit Administration, which
but
operatively,
of
more
issued
than
also said:
Officials
stocks dropped
paying
pays
the 12
survey
association
patronage
ness.
Most
owned
by
of
Banks
for
Cooperatives, who have just
completed a
the typical dividendthree hundred farmers
of farmer cooperatives, report that
with
a
membership
of
two or
dividends amounting to $6,000 or $7,000 on a year's busi¬
these co-ops also pay limited dividends on their stock
farmer
members.
*
measured
by the
to a
"Organon's*
To meet the demand,
As a result,
3.1 months' supply as compared with 3.9 in
Actual poundage stocks of yarn held on July 31 approximated the
The practical
of 1937.
doubling of shipments during the past month, the paper
"First
was
the improvement in general business psychology concurrent
with the adjournment of
"Second
"Third
was
was
Congress, the rise in security prices, &c.
the fear that rayon yarn prices would be raised.
a
normal seasonal increase in
yarn
demand for fall fabric
production; this movement was accentuated by the indicated fall popularity
of rayon
and rayon-mixture fabrics.
"Fourth was the buying up by converters of the
of available rayon
were
the season, but at prices
The sudden
relatively small quantities
fabrics at the prevailing below-cost-of-production prices
similarly, firm orders
change
placed for fabric to be delivered later on in
which were still very favorable to the buyer."
in rayon
market conditions causes the "Organon"
note of warning.
a
Petroleum
Its
and
Products—Five-Day
Production
Again in Texas—Crude Stocks Again
Decline After Temporary Rise—Daily Average Oil
Week Seen
Production
Up—Mexican Oil Enters United States
Restoration of the
five-day production week in Texas is
expected to be ordered in September, according to reports
from the monthly proration hearing of the Texas Railroad
Commission held in Austin on Aug. 19.
The turn in the
trend of declining stocks of crude oil and gasoline has brought
about a complete change in sentiment in producing circles
in the Lone Star State and the general feeling is that cur¬
tailment is in order if the crude oil price structure is to be
maintained.
Texas was the Reader in the broad curtailment move last
spring that pared stocks of crude oil and bolstered a market
badly hit by pressure of over-production of oil. Other major
oil-producing States followed its lead then and there is no
to doubt their willingness to again follow any general
production curtailment move should the Railroad Com¬
mission decide to put its Saturday-Sunday shutdown order
in effect again.
At the present time, Texas is operating on a
6-day production week, Sunday seeing all of the wells in the
State closed down.
After
showing
response
of
nation-wide
as
with 473 for June.
reason
their bid for farm business,
making
$25,000,000
Reports FCA
Annually,
In
Dividends
Cash
Members
shipments,
Grasshopper
yields.
Saskatchewan and crops in affected areas are
being cut early to avoid further loss.
the rayon yarn market
has become more serious in Eastern
Saskatchewan, causing a further decline in prospective
damage
over
producers naturally were forced to draw upon surplus stocks.
to strike
Rust damage to non-resistant wheat
came
states, was due to a combination of causes:
favorable conditions continuing as har¬
"With generally
73,800,000
08,400,000
only be called amazing.
can
index of 843 for July, compared
these
Canada Seem Assured,
82,000,000
72,500,000
during the four-week period from mid-June to mid-July, states the publica¬
total holdings at the end
Crops in
Fourth Quar.
The daily rate of shipments of rayon yarn by American
producers during July was the largest for any month in
the history of the industry, being equal to almost double the
June shipments, states the "Rayon Organon."
Further
details, as reported by the Bureau, follow:
June.
Good
Third Quarter
53,300,000
79,000,000
1938
The
American
stocks held.
202,546,
in
tons
yarn
Quarterly production of rayon filament yarn in the United States follows
(in pounds):
July production of Canadian
compared with 201,546
June, was reported by the Newsprint Association
of Canada on Aug. 11.
Shipments dropped from 208,476
tons to 205,490 tons, according to the figures supplied by
the Association, it is learned from Montreal Canadian Press
amounting
newsprint
influences, and the adequate size of the
a
sharp rise in the final week of July in
to loosening of production
control in the nation's
leading oil-producing areas, stocks of domestic and foreign
crude resumed their downward trend during the Aug. 6
week. The United States Bureau of Mines report placed the
decline
for that
period at 1,108,000 barrels, which pared
17-year
stocks to 287.406,000 barrels which is still near the
Financial
1114
low
set in
Domestic stocks
January a year ago.
1,027,000 barrels while holdings of
barrels
were
off
foreign oil dipped 81,000
•
An increase of
33,050 barrels in the nation's daily average
production of crude oil during the Aug. 13 period lifted the
total to 3,295,000 barrels, according to the American Pe¬
troleum Institute.
This total compared with the market
demand estimate of the Bureau of Mines for August of
3,438,100 barrels daily, set in the Federal agency's monthly
forecast.
Broad increases in output in Oklahoma, Kansas
and California offset declines in other oil areas to establish
this substantial net increase.
Production in Oklahoma gained 16,700 barrels to hit a
daily average of 439,600 barrels while California's increase
of 16,800 barrels broadened the average there to 669,200
barrels.
Kansas reported a gain of 13,450 barrels to hit
165,200 barrels daily.
A decline of 2,150 barrels was shown
in Texas where production slid down to 1,387,850 barrels.
Louisiana operators pared 5,750 barrels from their daily
average to send it down to 256,000 barrels.
Many of the
smaller oil-producing areas showed lower production totals.
September market demand for crude oil was estimated by
the United States Bureau of Mines at a daily average of
3,444,000 barrels daily. This represents a gain of 6,200 bar¬
over the estimate for the current month but is 221,700
barrels under the average daily output for September last
rels
year and 7 % less than actual demand for crude oil a year ago.
The Mexican picture was marked by reports that oil from
border was entering the United States through
Houston for the first time in a long while although it was not
weekly report.
In the initial week of August, refineries ran
at 78.5% of capacity.
Daily average runs of crude oil to
stills mounted 80,000 barrels to 3,295,000 barrels.
The sharp increase in refinery operations was held re¬
sponsible in part for the failure of motor fuel stocks to de¬
cline as much as the seasonal trend would indicate.
Hold¬
ings of finished and unfinished gasoline were off only 993,000
barrels during the Aug. 13 week, according to the American
Petroleum Institute survey.
This pared stocks to 77,387,000
barrels.
Refinery stocks were off 213,000 barrels and bulk
terminal holdings down 818,000 barrels.
Stocks of unfin¬
ished motor fuel were up 38,000 barrels.
Gas and fuel oil
stocks gained more than 1,500,000 barrels to hit a new high.
The local market was strong with only scattered weak
spots in the retail gasoline market.
Invocation of the
Feld-Crawford Act by all major companies recently strength¬
duction in
American
tariffs
crude oil from
on
South
the
American country.
Among the oil men who appeared in
opposition to any tariff reduction were Russell B. Brown, of
the Independent Petroleum Association; M. C. Mallon, of
the Pennsylvania Crude Oil Association; E. B. Reeser, of the
Oil Producers Agency of California, while E. O. Thompson,
Chairman of the Interstate Oil Compact Commission pro¬
tested by wire against any such change.
In commenting upon the present tariff, Mr. Brown con¬
tended that lowering the duty on Venezuelan crude might
affect the "excellent" wages paid by American oil companies.
"The
admission to
our
help maintain our American standard of living," he
declared. "Wage scales of the American petroleum industry
are greatly in excess of those prevailing in Venezuela.
The
American standard of living makes it impossible to compete
with the cheaper labor in Venezuela."
J. B. Scott, acting as a spokesman of the Anthracite
Institute of New York, and the retail solid fuel industry,
held that additional imports of Venezuelan oil would almost
"ruin" the anthracite coal industry and throw more miners
out of work.
Other representatives of this and other indus¬
tries voiced similar contentions in their plea for the main¬
tenance of the present tariff on Venezuelan crude oil.
There were no crude oil price changes posted.
Prices of
Typical Crudes
per
Little change
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
$1.80
Lima (Ohio Oil
Co.)
L
1.25
Corning, Pa
the
19.
The Federal agency placed the probable demand at 47,000,000 barrels, which is 0.5% under the actual demand for the
corresponding month in 1937.
Representative price changes follow:
Aug. 17—Gas prices were cut to 15 cents in Pittsburgh, tank, against
18 cents for major companies.
Rusk, Texas, 40 and over
Socony-Vacuurri-.
Tide Water Oil Co
.07%
.08%
Richfield OIKCal.)
Darst Creek
I.35
Central Field, Mich
1.30
Sunburst. Mont
Mod-Cont't, Okla., 40 and above..
1.30
Huntington, Calif., 30 and over...
1.22
Rodessa, Ark., 40 and above
1.25
Kettleman Hills, 39 and over
90
over
Petrolia, Canada
BURGH—REFINERY
MOTOR
FUEL
MARKET
RATE
STOCKS
WAR
BREAKS
SPURTS
ONLY
TO
SLIGHTLY
OUT
IN
YEAR'S
.05%
04%-.04%
| North Texas
|
$.04%
(Bayonne)
Fuel Oil, F.O.B.
Refinery
$0.95
Terminal
or
..$0.90
1.95
'
1.75'
Diesel....
.03%-.04
ITulsa...
.03%-.05
| California 24 plus D
| New Orleans C
$1.00-1.25 Phlla.. Bunker C
N. Y. (Bayonne)—
BunkerC..
I New Orleans_$.05%-.05%
$.04
Los .Angeles..
Gas Oil, F.O.B. Refinery or Terminal
iChicago—
I
28-30 D
N. Y. (Bayonne)—
$.04%
27 plus
i
$.02% .03
Tulsa
I
..$.053
..
Gasol'ne, Service Station, Tax Included
i
New York.
z
Newark.
Brooklyn.
x
.
J
.195
$.17
$.159, Buffalo.
.1851
Boston....
.15
Philadelphia..
Not Including 2% city sales tax
Daily
Production During Week
3,359,900 Barrels
Oil
Crude
Average
Ended Aug 13, 1938, Placed at
The
Petroleum
American
estimates
Institute
the
that
daily average gross crude oil production for the week ended
13, 1938,
Aug.
42,050
the
3,359,900 barrels.
was
barrels
the
from
week's figure
current
calculated by the United
This was
gain of
a
of the previous week, ant
output
barrels
below the 3,438,100
was
States Department of the Interior
to be the total of the restrictions
imposed by the various oil-
producing States during August.
for the four weeks ended Aug.
Daily average production
13, 1938, is estimated at
daily average output for
the week
1937, totaled 3,718,600 barrels.
reported by the Institute follow7:
Further
3,335,800 barrels.
ended
Aug.
details
as
The
14,
Irrfports of petroleum for domestic UBe and receipts in bond at principal
United States
a
daily
121,714
four
ports for the week
of
average
barrels
weeks
for
ended
the
compared
ended
week
13 totaled 1,067,000 barrels,
ended Aug.
barrels,
152,429
Aug.
with
daily
a
139,571
and
6
of
average
daily
the
for
13.
Aug.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
Aug.
totaled
13
134,000
barrels,
a
daily average of
19,143 barrels
20,786 barrels daily in the four weeks ended Aug.
compared with
13.
Reports received from refining companies owning 89.0% of the 4,159,000barrel
estimated
indicate
basis,
that
daily
the
3,295,000
potential
industry
barrels
as
of
a
companies had in storage at
pipe
lines
unfinished
as
the end
of
gasoline
Total gasoline
and
refining
whole
crude
oil
refineries,
the week,
of
during
United
States
Mines
the week, and that all
bulk terminals,
in
transit and in
74,387,000 barrels of finished and
barrels of gas
146,261,000
the
of
capacity
to stills, on a Bureau of
ran
daily
and fuel oil.
production by companies owning 88.1% of the total daily
of
the country
amounted to
9,974,000 barrels.
FINISHED AND UNFINISHED
13. 1938
WEEK ENDED AUG.
GASOLINE AND GAS AND FUEL OIL.
Daily Refining
Crude Runs
Capacuty
to Stills
Stocks of
Finished and
Stocks
Unfinished Gasoline
of
Unfin'd
Daily
Reporting
tial
Total
P.
C.
P.
Aver¬
Poten¬
C.
Oper¬
At Re¬
age
ated
fineries
Gas
in
Finished
District
and
Terms., Nap'thc
Distil.
&c.
Fuel
Oil
PITTS¬
HIGH-
LOWER—LOCAL
FIRM
Pittsburgh was hit in mid-week by a resumption of the
gasoline price war with independent distributors cutting
service station prices to 15 cents a
gallon, against prices of
18 cents a gallon maintained
by the major companies.
Since the major companies now own
only the "super-stations"
and have turned over the
ownership-management of the
bulk of their stations to their
employees because of chain
store taxes, social security legislation and other factors, they
longer control the retail price market.
nearly two full points in refinery operations
lifted the total to 80.4% of capacity, a new high for the cur¬
rent year, according to the American Petroleum Institute's
no
ports...
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Rate
PRODUCTS—PRICE
-.05%
.06%-.07
Orleans.
Gulf
07%
Tulsa
New York—
1.42
1.22
-
New
.07 %
1.42
2.10
REFINED
$.07%
.08%
Gulf....
Shell Eastern
$ 05
Chicago.
.07%
Warner-Quinlan..
Other Cities—
New York—
Texas
Oil N. J.-$.07%
Stand
1.09
1.17
Illinois
Refinery
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
New York—
CRUDE RUNS TO STILLS AND STOCKS OF
$1.27
1.35
Edlorado, Ark., 40
Western Kentucky
Smackover, Ark., 24 and
in the September domestic motor fuel de¬
mand picture was shown in the estimate released by
United States Bureau of Mines in Washington on August
refinery capacity
Barrel at Wells
both
this widely approved move are proving satisfactory to
the oil companies and the distributors.
markets of low-cost Venezuelan oil
cannot
price structure and the beneficial results of
ened the general
below the
possible to ascertain whether or not this oil was from wells
seized by the Cardenas Administration in last March's
sweeping expropriation decree.
The rumors current in the
trade were that an American company had further contracted
for Mexican crude for delivery in the United States but no
official verification could be obtained at press time.
In Mexico, further spread of the expropriation decree's
effect was seen possible in the news that the oil group set up
by the Mexican Government following its expropriation
move had started drilling operations on the properties of the
Mexican Petroleum Co. of California at Chapacacao in the
State of Vera Cruz, reported in United Press dispatches.
While this company was not mentioned in the March 18
seizure order, its properties were seized at that time along
with the property of other foreign oil companies.
It is a
subsidiary of Standard Oil Co. (N. J.)
The Committee for Reciprocity Information, currently
holding hearings in Washington on the proposed VenezuelaUnited States trade treaty, heard representatives of the oil
industry, and others, voice steadfast opposition to any re¬
Aug. 20, 1938
Chronicle
Appalachian.
146
129
88.4
103
79.8
1,061
13,151
1,820
Ind., 111., Ky
Okla., Kan.,
529
489
92.4
451
92.2
6,980
4,356
East Coast.
_
669
486
669 100.0
72.6
6,168
1,055
248
1,097
735
9,310
525
13,811
4,319
452
383
84.7
281
73.4
355
.201
56.6
140
69.7
3,192
1,739
2,708
Inland Texas
110
310
1,992
Texas Gulf-
833
797
95.7
768
96.4
7,014
265
2,024
12,730
174
168
96.6
127
75.6
1,578
715
418
3,383
Mo
-
La. Gulf
No. La.-Ark.
91
58
63.7
42
72.4
143
72
Rocky
89
62
69.7
56
90.3
1,319
97
814
821
746
90.9
522
70.0
9,136
2,203
1.183
94,984
3,702
89.0
2,976
80.4
38,489
25,471
2,860
640
Mtn.
California
Reported
319
457
Est. unreptd.
302
851
6,667 143,291
260
2,970
xEst.tot.U.S.
Aug. 13 '38
4,159
4,159
3,295
41.349
26,111
6,927 146,261
Aug.
4.159
4,159
3.215
41,562
26,929
6,889 144,699
Z3.395
37,917
23.553
7,370 109.712
6'38
An increase of
U.S. B. of M.
xAue. 13*37
xEstimated Bureau of Mines' basis,
z
August, 1937, dally average.
Volume
Financial
147
DAILY AVERAGE CRUDE OIL
PRODUCTION
July 30, but
(Figures in Barrels)
ESTIMATED
Four
of Mi,
Week
Dept. of
Slate
Interior
Allowable
Aug. 1
Aug. 13,
1938
Ended
when compared with
the
PRODUCTION
STATES
ON
DATA
THOU8ANDS OF
PRODUCTION
NET
SOFT
OF
WITH
COAL
CRUDE PETROLEUM
OF
TONS)
Aug. 14,
1938
(IN
Ended
Aug. 13,
1937
from
Previous
UNITED
COMPARABLE
Week
Weeks
Change
Ended
Calcu¬
lations
of 24%
increase
an
corresi)onding week fo 1937.
a
B.
1115
Chronicle
Week
Calendar Year to Date
Week Ended
c
(August)
Aug. 6, July 30, Aug. 7,
Oklahoma
529,700
428,000
439.600 + 16,700
429,850
648,900
Kansas.
169.300
165,500
165,200 + 13,450
157,150
206,050
Panhandle Texas
71,850
North Texas
75,400
29,300
...
West Central Texas...
West Texas
73,100
+ 50
83,150
77,550
29,200
218,900
—1,550
—2,650
33,750
240,700
75,000
—1,000
97,550
—2,350
+ 400
100,100
439,800
471,400
^
236,850
+ 1,400
237,700
270,600
production
217,450
Southwest Texas.
+ 2,760
215,050
228,000
1,377,800
bl614805 1,337,850
North Louisiana
—2,950 1,391,400 1,530,250
82,200
Coastal Louisiana
.
.
Total Louisiana
256,100
256,715
+ 700
81,750
86,550
173,800
..
5,900
965
983
7,430 180.352 260,884 305,148
984
1,663
1,238
1,422
5,315
Coal equivalent of weekly output.
5,312
5,849 164,815 170,341 134,401
127,650
Includes for
a
b Total
of
—6,450
181,400
of historical comparison and statistical convenience the
semi-anthracite and anthracite outside of Pennsylvania,
purposes
lignite,
barrels
6,000,000 B. t.
Total Texas.
5,792
Crude Petroleum b—
440,500
Coastal Texas
produced during the week converted to equivalent coal assuming
barrel of oil and 13,100 B. t. u. per pound of coal,
u. per
31 full weeks ending Aug. 6,
175,150
Sum of
c
1938, and corresponding 31 weeks of 1937 and 1929.
261,700
256,000
—5,750
263.150
53,900
55,800
+ 850
56,500
151,400
+ 2,000
PRODUCTION
OF
PENNSYLVANIA
COKE
BEEHIVE
122,050
60,000
ESTIMATED
(IN
ANTHRACITE
AND
NET TONS)
32,200
148.100
Week Ended
Arkansas
Eastern
1929
1937
1938
1937
a—
Total, including mine fuel...
Daily average
218,960
.....
East Central Texas...
East Texas
1938
1938
Bituminous Coal
—2,600
62,200
48,950
61,990
147,400
50,950
+ 3,900
59,150
58,700
Montana
13,600
13,700
—50
13,650
17,950
Colorado
5,500
112,300
3,600
—150
3,65(3
5,450
106,650
—150
104,050
114,100
Calendar Yeat to Date
Michigan
Wyoming
•
New Mexico.
107,000
44,850
California
649,300
2,690,700 +25,250 2,676,900 3,042,200
C615.000
658,900
676,400
669,200 + 16,800
incl.
Total,
fuel
a
These
3,359,900 +42.050 3,335,800
3.718,600
Bureau of Mines' calculations of the demand for domestic crude oil
are
based upon certain premises outlined in its detailed forecast for the month of August.
As demand may be supplied either from stocks or from new production, contem¬
withdrawals
plated
from
crude oil
stocks
must
estimate of demand to determine the amount of
b Effective Aug.
c
1.
be
new
deducted
from
the
1938
1937
1937
1938
1929
c
c
colliery
540,000 1,000,000 435,000 27,164,000 31,011,000 40,766,000
166,700
90,000
72,500
148,800
169,900
223,400
a
Comm'l production, b.
950,000 413,000 25,847,000 29,460,000 37,831,000
513,000
Beehive Coke—
United States total
Total United States. 3,438,100
Aug. 7,
Pa. Anthracite—
Daily average
Total east of Calif.. 2,788,800
July 30.
Aug. 6,
1938
11,300
—
9,400
1,567
1,883
Daily average
58,000
558,800
2,157,100
4,132,800
9,667
3,004
11,597
22,219
Includes washe'ry and dredge coal, and coal shipped by truck from authorized
a
b Excludes colliery fuel,
operations,
c
Adjusted to make comparable the number
of working days in the three years.
Bureau's
crude oil to be produced,
ESTIMATED WEEKLY PRODUCTION OF COAL. BY STATES
Sunday shutdowns continued through August,
(In Thousands of Net Tons)
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.
[The current weekly estimates are based on railroad carloadings and river "ship¬
revision on receipt of monthly tonnage reports from district
ments and are subject to
and State sources or of final annual returns from the operators.]
Week Ended
Gas Utility Revenues
July
State
Dip in First Six Months
July 30 July
1938 p
Domestic customers served
265,900
over
by manufactured and natural
15,898,100 on June 30, an increase of
the number reported on the same date a year
it
was
announced
utilities totaled
gas
ago,
Aug.
on
16
by
Paul
Ryan,
Chief
Statistician of the American Gas Association.
gated
wras
$421,092,700 for the first six months of 1938.
This
a
decrease- of 2.4%
from the corresponding period
1937.
of
users
decreased
revenues
from domestic customers gained 1%.
Manufactured gas industry revenues totaled $187,617,700
for
the first
six months,
3.1%.
manufactured gas declined
uses,
2%
increase of 2.0% from a year
industrial
Revenues from
ago.
an
and
commercial
users
of
Revenues from domestic
such as cooking, water heating, refrigeration, &c., were
more
3
3
202
263
217
42
22
61
53
80
72
67
87
75
122
1
1
Arkansas and Oklahoma
Colorado
-
-
Revenues
months
of
to
gas industry for the first six
$233,475,000, a loss of 5.7% from a
15.8%,
year ago.
Revenues from industrial uses decreased
while revenues from domestic uses declined 1.4%.
The
power
quantity of natural gas used
in generating electric
75,751,300,000 cubic feet.
This represented
an
389
74
165
s
s
600
.595
705
776
914
208
198
228
244
273
Iowa..
44
49
34
51
57
Kansas and Missouri
82
80
93
119
98
134
639
593
750
687
906
735
115
101
133
135
217
202
25
24
30
27
44
42
3
4
3
3
14
17
Montana..
38
38
44
36
51
41
New Mexico
22
20
31
24
47
52
Kentuck y—Eastern
-
Maryland
Ohio
.
11
13
17
13
North and South Dakota
1,268
>■
451
87
814
810
305
286
385
392
460
854
1,327
-
Pennsylvania bituminous
1,354
2,035
1,987
2,762
3,680
113
84
100
84
96
Texas..
14
13
22
14
26
Utah
22
28
47
29
53
87
248
239
241
221
230
239
27
23
32
26
33
37
1,332
1,341
1,898
1,670
2,052
1,519
364
408
478
484
704
866
75
60
82
79
115
Tennessee
West
84
-
.
Virginia—Southern
a
Northern b
Wyoming..
Other Western States
*
98
5,900
\
*
*
1
c.
bituminous coal...
Total
during the six months ending June 30 amounted to
322
*
*
e
s
Illinois
Washington
natural
the
amounted
s
Indiana
Virginia..
than for the corresponding period of 1937.
1923
1929
r
2
Michigan
9.5%, while
1936
r
197
Alabama...
Western
Revenues from industrial and commercial
1937
1
Alaska
Georgia and North Carolina
Revenues of manufactured and natural gas utilities aggre¬
1938 p
Aver.
1| July 27
23 July 31 Aug.
s4
s4
9,654
7,450
7,814
5,850
23
11,208
1,000
Grand total
641
575
1,145
1,242
1,950
6,900
Pennsylvania anthracite d
6,491
8,389
8,595
10,896
13,158
increase of
a
2.2% from the corresponding period of 1937.
and
AI1U1UUUD
on
UU
IBC
^
Mb
.
Ufc
the B. & O. in Kanawha, Mason and
w.,
'nh"""1'.
^
Clay counties,
*** •»
w
~ • 9
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada and Oregon,
d Date for Pennsylvania
of the Bureau of Mines,
anthracite from published records
July Anthracite
Shipments Total
2,360,764 Net
Tons
Shipments of anthracite for the month of July, 1938, as
reported to the Anthracite Institute, amounted to 2,360,764
net tons.
This is a decrease, as compared with shipments
during the preceding month
and
when
of June, of 1,507,803 net tons,
1937, shows a decrease of
compared with July,
60,740 net tons.
Shipments by originating carriers
(in net tons)
are as
follows:
for
entire month,
p
e Average
weekly rate
Preliminary,
r Revised,
s Alaska, Georgia, North Caro¬
with "other Western States."
* Less than 1.000
lina and South Dakota Included
tons.
July Production and Shipments of Portland
Portland
The
industry
cement
in
1938,
July,
Cement
produced
10,967,000 barrels,
shipped 10,163,000 barrels from the
mills, and had in stock at the end of the month 23,271,000
Production and
barrels, according to the Bureau of Mines.
of Portland cement in July, 1938, showed de¬
of 5.4% and 16.9%, respectively, as compared with
shipments
July, 1938
Lehigh Valley RR
Central RR. of New Jersey
Del., Lackawanna & West. RR.
Delaware & Hudson RR. Corp..
June, 1938
383,892
611,476
Reading Co
719,590
734,674
475,289
167,556
300,130
319,280
175,488
205,716
262,490
568,127
318,718
July, 1937
511,065
306,316
221,180
297,098
N. Y. Ontario & Western Ry..
90,030
372,441
351,727
160,770
Lehigh & New England RR...
88,861
323,240
58,826
69,774
2,360,764
3.868,567
2,421,504
Pennsylvania RR
Erie RR..
250,613
—
Total
306,468
June, 1937
923,214
782,186
321,085
569,965
402,712
484,818
355,926
105,619
134,838
4,040,363
creases
1937.
July,
lower than
Portland
a
turing
plants
Commission reported that
except
included in lieu
mills
0.4%
were
reports for
The
of
value
mill
one
for which estimates
have been
of actual returns.
the
shipments—45,586,000 barrels—in
as $66,992,000.
the first half of 1938 is estimated
According
The National Bituminous Coal
stocks at
received by the Bureau of Mines, from all manufac¬
July,
totals
Weekly Coal Production Statistics
cement
year ago.
statistics given below are compiled from
The
for
1,631,000
with
In
an
the
the
to
the
first
of
barrels
reports of producers,
half of 1938 include
high-early-strength
estimated mill
following
the shipments
approximately
Portland
cement
value of $3,013,000.
statement of relation
of production
to
production
of soft coal showed little change in the week
ended Aug. 6.
The total output is estimated at 5,792,000
capacity the total output of finished cement is compared
with the estimated capacity of 100 plants at the close of
net tons, a decrease of 108,000 tons, or 1.8%, from the pre¬
ceding week.
Production in the corresponding week of 1937
amounted to 7,430,000 tons.
July, 1937, and 161 plants at the close of July, 1938:
RATIO OF
PRODUCTION
TO CAPACITY
The United States Bureau of
stated
that
production
of
Mines, in its weekly report,
anthracite in Pennsylvania for
the week ended Aug. 6 amounted to 540,000 tons, a decrease
of
460.000
tons, or
46% in comparison with the week of
May,
1938 April, 1938
July, 1937
The 12 months ended..
_
July, 1938
53.1%
The month
50.2%
49.8%
47.4%
37.7%
47.8%
40.8%
41.0%
41.3%
41.8%
June,
193*
Financial
1116
SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT BY DISTRICTS IN JULY
PRODUCTION,
(In Thousands of Barrels)
Chronicle
Aug. 20, 1932
Yesterday (Aug. 17), however, tension eased and prices strength¬
in tin plate are still considered ample for current
Europe.
Inventories
ened.
requirements and tin-plate operations are now around 30% of capacity.
abroad look for improvement in demand for tin from this side
Observers
Stocks at End
Shipments
Production
District
1938
1937
1938
2,189
2,013
2,138
N. J. and Md
New York and Maine—
Eastern Pa.,
1937
1937
2,036
855
810
779
724
1,847
1,158
1,028
827
940
650
2,980
2,379
1,011
1,023
1,224
1,504
1,149
1,219
981
991
2,106
1,740
2,814
2,302
2,521
1,065
Fla. & LaEastern Mo., Ia., Minn. & 8. Dak
W. Mo., Neb., Kan., Okla. & Ark
15,
41.950c.;
11,
Aug.
41.600c.;
16,
•(
1,114
PRICES OF METALS ("E. &
DAILY
1,751
1,132
1,017
Wis., III., Ind. and Ky
Aug.
,y>-.
4,143
1,097
--
Ohio, Western Pa., and W. Va..
41.725c.;
41.725c.; Aug. 13,
41.500c.; Aug. 17, 41.775c.
12,
Aug.
Aug.
tin,
Chinese
1938
4,824
fall, along with higher prices.
99%, was nominally as follows:
the
during
o/ Month
Straits
Electrolytic Copper
Lead
Zinc
New York
New York
St. Louis
St. Louis
4.75
1,319
1,141
2,507
900
518
958
648
1,689
AUg. 11
9.900
9.975
43.350
4.90
4.75
631
630
606
507
715
1,758
2,425
1,977
1,027
9.900
9.750
43.125
4.90
4.75
353
273
329
Aug. 12
Colo., Mont., Utah, Wyo. & Ida.
Calllornia..
257
451
520
9.900
9.725
43.125
4.90
4.75
4.75
938
958
925
Aug. 13
839
1,356
1,376
9.900
9.675
43.000
4.90
4.75
4.75
Oregon and Washington.—---—
569
249
Aug. 15
549
193
776
657
Aug. 16
9.900
9.650
42.900
4.90
4.75
4.75
9.900
9.675
43.175
4.90
4.75
4.75
11,597
10,967
12.237
10,163
23,370
9.900
9.742
43.113
4.90
4.75
4.75
Va., Tenn., Ala., Ga.,
Texas
.
-
-
Dom.,Refy. Exp., Refy.
M. J." QUOTATIONS)
Tin
Aug. 17
Total.-..
-
23.271
Average
week ended Aug. 13 are:
Domestic copper f.o.b
refinery, 9.900c.; export copper, 9.917c.; Straits tin, 43.267c.; New York lead*
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc, 4.750c.; and silver, 42.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
Average prices for calendar
BY MONTHS
CEMENT
(In Thousands of Barrels)
Stock at End of
Month
Shipments
Production
Month
_
.
AND STOCKS OF FINISHED PORTLAND
SHIPMENTS,
PRODUCTION,
4.75
Louis, as noted.
the basis of cash, New York or St.
All prices
in cents per pound.
are
Copper, lead and Jzlnc quotations are based on sales for both prompt and future
1937
1938
1937
1938
1937
1938
deliveries; tin quotations are for prompt delivery only.
In
6,616
4,534
4,689
4,390
5,837
8,443
3,916
5,163
4,575
24,393
25,059
5,879
25,622
7,983
10,361
10,535
7,879
10,272
11,890
7,259
10,402
January
8,678
12,645
12,237
12,291
10,163
-
February
March..
—
April
11,634
May
June:—
11,163
—...
10,967
the trade,
domestic copper prices are quoted on a delivered basis; that is,
As delivery charges vary with the destination, the
figures shown above are
22,262
Export quotations for copper are reduced to net«t refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f. price—Hamburg.
24,011
23,370
9,752
delivered- at consumers' plants.
24,361
22,979
25,747
25,493
10,932
25,023
a22,467
September————
11,597
11,894
11,223
12,773
11,374
11,190
9,248
8,188
22,634
December
7,047
4,792
The c.i.f. basis commands a premium of 0.325c. per pound
quotation.
\
Havre, and Liverpool.
21,565
November...
22,875
net prices at refineries on the Atlantic seaboard.
De¬
England average 0.225c. per pound above the refinery basis.
21,388
October
livered prices in New
a24,939
July—
August
—
—
above f.o.b. refinery
23,271
22,940
Daily London Prices
Lead
Tin, Std.
Copper
Copper, Std.
Zinc
Electro.
3M
3M
(.Bid)
Spot
41%
417i«
194
195
40 'u
Aug. 15
403n
40%
40%
45%
193%
192%
39»i6
39"ie
45
191%
Aug. 17
39"I«
40*,s
45%
192%
194%
193%
192%
193%
Spot
Spot
3M
14%
14%
14%
14%
Aug. 16..
3M
14%
Aug. 12
46%
45%
Spot
13»,8
141,8
13»„
13i3u
'
116.478
Total
-V...
—
114,010
—
.
■
...
.Ww--
'
Aug. 11
Revised.
a
Metals—Demand
Non-Ferrous
for
Copper
for
Export
Improves—Consumption of Metals Here Expands
145,8
137„
1311,8
13",«
141,8
13i5u
141,8
13%
13%
135,8
135,8
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'
"Metal
Mineral
and
Markets,"
in
its issue
of
Aug.
18,
reports that trading in non-ferrous metals was inactive here
last week,
with quotations on the - major products un¬
changed.
The July copper figures were favorable, but
failed to influence the market largely because of apprehen¬
sion
political developments on the Continent.
over
mestic
outlook
remains
of
copper,
metals,
slightly
tion
market
London
yesterday
lessened
sellers
anxiety
for
copper
the
over
unsettled
was
most
of
advices
from
situation
political
the
on
become
week,
but
stocks of
and
deliveries that
the
Continent.
over
nervous
Those
and
Aug.
c.i.f.
for near-by
week
total
sales
for
producers,
be
Sales
in
The July
statistics
of 28,299 tons,
and
on
States
of
10%c.,
closed firm at
The quotation
the
better than
industry were even
copper
addition to
reduction
a
to
of
40,006
customers
gen¬
world stocks of refined
in
of
13,348
up
abroad
made
of
well
as
tons,
126,533
tons
record.
up
(domestic)
duty-free
here.
as
of
113,185
copper,
In fact, total
foreign
of
tons
lea<)
scended
here,
lower
of
aware
than
this
estimates
that
estimate
the
in
July
requirements
basis
of
the
held at
of Government-financed projects, as private undertakings are still
in
a
American
on
shipments
for
August
New
York,
Smelting
of
to
buy metal
'
decline
abroad
on
the
naturally
causing
Houston, Tex., 1,200 tons for
N. C., and
90%
about
except
as
2,000 tons for
There is
Domestic
was
covered
Co.,
the contract
same
much
output of zinc in the first
year.
period
this year totaled
period
4.75c.,
and
London
concern
Sales of
seven
Shipments to
St.
A
market
for
zinc,
the
here.
the
Common
common
grades for
months of the year
amounted
consumers
in
the
January-July
against 369,165
tons
in
the
the
4,400 tons, with
price competition on fabricated structural steel and re¬
are to
follow shortly on 1939 models.
Steel orders from
business is expected until September, when initial runs on new
models
placing of 3,363 tons of rails by the Erie.
The machine tool industry reports more promising prospects for a
On top of
a
shop equipment is developing among industrial users that have not
A Toronto, Ont., company is expected to buy
machines for munitions work.
As the time approaches for announcement
which according to precedent may come
far in
fall rise
28% increase in orders in July over June, interest
several hundred lathes and milling
of
an
intention to raise
quotations, nor is there any further dis¬
industry-wide wage reductions.
the third
of fourth quarter steel prices,
late this month, there is no positive
On
basis of results thus
the
quarter, some steel companies have estimated that
breakeven point has been lifted somewhere between 60 and 65%
of price
reductions and
the
their
because
freight rate absorptions made necessary
by
elimination of basing point differentials.
Meanwhile, steel
scrap
prices,
which were rising too fast for the steel
companies, have eased at Pittsburgh, Chicago and Philadelphia, being off
25c. at Pittsburgh and 50c. at the other two centers.
portant mill buying and a more plentiful supply
The absence of im¬
of scrap account for the
downward trend, which has lowered "The Iron Age" scrap composite price
to
$14.41 from $14.83, last week's average, which was attained as a result
of eight consecutive
Despite the current declines, the
weekly advances.
market undertone is strong and
a
30%
further rises probably would accompany
sizable gain in mill purchases.
same
quiet week was experienced in the tin trade here, as prices abroad
reflecting apprehension about the political situation in Central
were
In the railroad field the absence of important buying draws attention to
Louis.
Tin
eased,
Reinforcing bar awards
a
tons
The largest structural steel awards
office building in Des Moines, Iowa, and 1,650 tons
Detroit against recent commitments are gaining, but no further placing of
new
last year.
189,063
Durham
On the latter product concessions of several dollars a ton
and other makers
in
tons
period last
an
at
All of these projects are
below published resale prices have been given.
and
settling
269,938 tons, covering all grades, which compares with 337,771 tons in
the
keen
inforcing bars.
buying.
13 amounted to 1,552 tons, against 4,765 tons in the
Shipments by the Prime Western division were excellent,
for the last week, against 3,031 tons in the week
previous.
Galvanizers are operating at about 60% of capacity, against
35% a month ago.
to
Navy Department building
a
building in
6,300 tons pending in new projects.
in
previous.
5,348
a
bridge in Indiana.
a
for hangars at Rantoul, 111.
Pro¬
tons.
the week ended Aug.
totaling
1,200 tons for
illustrative of pump priming activities.
indication of
the
of
4.75c., St. Louis, for Prime Western.
week
bridge in Orange
a
will have been nearly completed.
zinc in
London dropped to the equivalent of slightly less than 2.90c. per pound.
The market here was quiet last week, though sellers' ideas remained firm
at
Fort Lewis, Wash., 1,800 tons for
1,200 tons for a Chamber of Commerce
the
Zinc
action
of
County, N. Y., 1,500 tons for hangars at Belleville, 111., 1,300 tons for
cussion
centered
relatively
30,500 tons, including about 5,000 tons for a dam in California, 4,300 tons
over
St. Joseph Lead reported sales of its own brands in the East at a premium.
Attention
were
low at 10,500 tons, new projects out for bids make the fairly large total
for airplane hangars at
The trade
40,000
around
be
basis.
good
a
which
Refining
&
greatly
minority.
Although fabricated structural steel lettings in the week
recently been in the market.
4.90c.,
widely
In specific items, structural steel
small lots.
is showing a greater gain than other products, largely through the impetus
Consumers
abroad.
interest
hurry to
no
continues
show
quick
by customers unless they have ingots and
new
Uncertainty
week.
buying
in
were
companies find they cannot give the
some
de¬
33% for September.
Quotations
as
demanded
which
London,
in
structure
preceding
however,
will
price
restricted
situation,
Consumption,
the
over
political situation
needed.
ducers
was
apprehension
even
Europan
are
ing this week, Ford and Willys having resumed assemblies of 1938 models
moderate during the last week, sales totaling 2,600
tons, against 3,079 tons in the previous seven-day period.
Producers here
experienced
steel,
hand.
Production of automobiles is expected to start an ascending scale, start¬
Lead
Demand for
raw
one
up
,
Much of the slow improvement that is taking place comes from
the second
were
deliveries outside of the United
The monthly high in
129,577 tons in April.
was
on
scattered buying, usually in
were
tons.
were
for the current week is estimated at 41%
A part of the gain is attributable to the building up of
bridge in California,
In
abroad
largest
date
to
the holdings of blister were reduced by 11,707 tons, making
reduction
Deliveries
copper
month
is
confident
are
the
gradually expanding,
that August deliveries
here
.
erally anticipated.
deliveries
17 as low as 9.25c.
for
account
of ,copper
those of July.
basis.
total
domestic
for
instances,
most
larger than
business also
European
as
Consumption
tons.
will
Valley
Japan.
to
16
high- aR the equivalent of 10.10c. c.i.f.
the week totaled 4,608 tons, against 6,676 tons in
previous.
13,276
and
a
shipment
basis, whereas Japan paid
Domestic
the
17
Some foreign business was booked on Aug.
billets
the fact that
dropped below domestic parity booked a good tonnage on Aug.
on
Age" in its issue of Aug. 18 reported that the
recovery
pace in steel operations and new
business has
slackened a bit, but fundamentally conditions are still en¬
couraging for a continued upward trend of at least modei ate
proportions. The publication further stated:
country
this
London
improved.
Pace Slackens
The "Iron
point over last week.
encouraging
more
on
Ingot Production Slightly Higher But Recovery
Steel ingot output
Copper
this country who might have
in
Steel
The publication further reported:
'
The
The do¬
actual consump¬
lead and zinc still expanding.
In minor
lower prices were named for quicksilver
by some sellers.
steadied
with
satisfactory,
All are in pounds sterling per long ton (2,240 !b.).
prices.
This week's steel production rates show steadiness at
average continues, a
gain at Youngstown to 42%
to
40%
,
a
two-point gain to 36%
,
a
Pittsburgh, where
at Chicago, a one point
four point gain in the Cleveland-Lorain area
four point rise in southern
Weirton district, up four points to
Ohio to 58%
74%
,
,
while the Wheeling-
continues to lead the industry.
Volume
Financial
147
As American steel
making gains slowly, the recession in Great Britain is
causing anxiety there and
a
realization that armament business alone is not
Chronicle
August bookings have been at
widely diversified
COMPOSITE PRICES
AGE"
Finished
Aug. 16, 1938.
One week ago
One month ago
2.300c.
2.512c.
and do considerable
About
between two
are
2.512c.
May 17
2.300c.
1937
2.512c.
Mar.
9
2.249c.
1936
2,249c.
Dec. 28
2.016c.
0
Mar. 2
Mar. 10
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
Apr. 24
1.945c.
Jan.
2
1933
1.953c.
Oct.
3
1.792c.
May
2
1932.
1.915c.
Sept.
6
1.870c.
Mar. 15
Oct. 29
Nov. 1
1930
2.192c.
Jan.
7
1.962c.
1927
2.402c.
Jan.
4
July
2.212c.
Based on average of basic iron at Valley
furnace and foundry Irons at Chicago.
One week ago
One month ago.
$19.61
19.61
Philadelphia,
One year ago...
23.25
Southern Iron at Cincinnati.
and
Valley,
Buffalo,
Numerous bridge and waterpower projects
developing tonnages of structural steel
plans
ployment and
waterworks and similar
projects
buying will result within
0
16
9
20.25
Feb.
18.73
Aug. 11
Nov.
17.83
May 14
Mar.
19.73
1935
5
1934
17.90
May
1
16.90
Jan.
27
1933
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
0
Jan.
7
15.90
Dec.
16
4
17.54
Nov.
1930
1927
National rate of operation last week held at 40%
Jan.
Detroit gained
14 points to 52%
2.5 points to 42 and eastern Pennsylvania
unchanged at 54%
loss at
No.
on
1
steel
melting
heavy
quotations at Pittsburgh. Philadelphia
and Chicago.
adjustment
.
ing the situation somewhat.
large
consumers have
As
$11.00
17.75
Dec. 21
12.67
June
13.42
Dec. 10
10.33
1.
offset to this it is believed a number of
an
relatively small stocks and will be forced to buy when
steelmaking rates have risen further.
Prices
holding well in most cases
are
but the advance has been checked.
Change to
new
models continues to hold automobile production to low
with
14,771 the
General Motors made 9,800 compared with
previous week.
idle, with
no
10,800 the
13,790 units, compared
Chrysler assembled 1,100 compared with 800 and Ford was
All other makers made a total of 2,890 cars,
production,
Finished steel shipments by the United
June
Aug.
9
Mar. 30
1930
1935
12.92
7
Nov. 16
9
Mar. 13
9.50
Apr. 23
Sept. 25
Aug.
8
6.75
Jan.
6.43
July
5
Dec.
9
441,570 tons, 7.6%
total
13.00
12.25
1932
8.50
Jan.
1930
15.00
Feb.
18
11.25
States Steel Corp. in July were
lower than in June at 478,057 tons and comparing with
1,186,752 tons in July last
3
12
1934
1933
For
year.
months shipments this year
seven
3,451,924 tons, compared with 8,801,026 tons in the same period
last year.
Steel ingot production in July was 1,982,058 gross tons,
1,638,277 tons in June,
an
increase of 21%
15.25
The American
nounced
Iron
and
Steel
Jan.
13.08
17
Institute
Nov. 22
Aug. 15
on
that
that the operating rate of
1937—
1937—
IQlfi
1938—
67.3%
July 12...-.82.7%
July 19
82.5%
July 26.84.3%
Aug.
2
85.5%
Oct.
18
55.8% Jan.
24—32.7%
Oct.
31
Aug.
Nov. 22...—31.0% Feb.
July
5
25
52.1% Jan.
Nov.
1
48.6% Feb.
Nov.
—
8
41.0% Feb.
Nov. 15...—36.4%
30.5%
7-1-30.7%
14
Feb.
31.0%
21.....30.4%
28
30.4%
30.7%
29.0%
26.1%,
9
May 16
May
May 23
May 31
6
26.2%
13
27.1%
June 20
June
Aug. 16—.83.2%
Nov. 29
29.6% Mar.
7
Aug. 23
Dec.
6
27.5% Mar. 14
32.1%
June 27
28.7%
Aug. 30
83.8%
84.1%
5
Sept.
22.4%
32.3%
36.4%
37.0%
39.8%
Dec.
13
27.4% Mar. 21
33.7%
July
7
71.6%
Dec.
20
23.5% Mar. 28
35.7%
July
11.i
Sept. 13
80.4%
Dec.
27
19.2% Apr.
July
18
Sept. 20
76.1%
Apr.
4.....32.6%
11
32.7%
Sept. 27
.74.4%
66.1%
Jan.
3
25.6% Apr.
18..-.32.4%
Jan.
10
11.. —.63.6%
Jan.
17.—29.8% May
Oct.
Oct.
4
1938—
25
Aug.
1
July
2
Aug.
Aug. 15
"Steel" of Cleveland, in its summary of the
lower than in July, 1937, at 4,556,304 tons.
advance resulted in the composite price
is
iron and steel
dropping 5 cents, to $14.58.
This
significant only of the rapid pace at which prices had been advancing
over
the past month or more.
The iron and steel composite is 2 cents higher
composite is unchanged at $57.20.
at $36.51 and the finished steel
World
conditions
show little
change,
Great Britain's markets being de¬
Italy will join the inter¬
five blast furnaces being blown out.
pressed,
national wire syndicate.
South Africa is considering anti-dumping duties
against steel products from the United States.
Steel ingot production for the week ended Aug. 15, is
placed at slightly better than 41 % compared with 40 % the
previous week according to the "Wall Street Journal" of
Aug. 18. Two weeks ago the rate was 38%. The "Journal"
further reported:
U.
Steel is estimated at 32%
S.
3114%
two
against 47%
unchanged from the week before and
Leading independents are credited with 50%,
weeks ago.
in the preceding week and 43 M%
two weeks ago.
The following table gives a comparison of the percentage
with the nearest corresponding week of previous years,
preceding.
Independents
U. S. Steel
Industry
of production
together with the
approximate changes, in points, from the week immediately
39.4%
40.4%
8
32.0%
30.7%
27.8% Apr. 25
nearly 57%
July production
Slight adjustment in prices of steelmaking scrap after the recent rapid
28,0%
June
29.3%
29.9%
84.6%
9
448,429 tons, compared with 381,883 tons in June.
an¬
telegraphic reports which it had received in¬
steel companies having
98% of the steel capacity of the industry will be 40.4% of
capacity for the week beginning Aug. 15, compared with
39.4% one week ago, 36.4% one month ago, and 83.2% one
year ago.
This represents an increase of 1 point, or 2.5%,
from the estimate for the week ended Aug. 8, 1938.
Weekly
indicated rates of steel operations since July 5, 1937, follow:
dicated
compared with
Weekly production in July
.
was
was
1927
Higher
and easing is apparent in some centers.
seems necessary
prices have brought out increasingly large supplies at some points, dampen¬
Low
High
$14.83
21.92
1937
was
The 3-point
and the 4.5 decline at Chicago
compared with 2,596 the week before.
20.50 [
1938
Wheeling
1 point to 30.
Birmingham at 50 and St. Louis at 30.
,
Pittsburgh brought the rate to 30%
preceding week.
(Based
13.08
Consistently in¬
Cleveland 3 points to 41, Youngstown 3
,
levels, last week accounting for
One month ago.
One year ago
of capacity, in spite of
Chicago.
creased rates at nearly all other centers served to balance these declines.
1
Scrap
$14.33-(
bridges,
Sharp recent advances in scrap have carried prices to a level where re¬
July
Nov. 24
1937
Aug. 16, 1938, $14.41 a Gross Ton
One week ago
short time.
a
which bids will be asked this month.
on
loss of 3 points at Pittsburgh and 4.5 points at
resulted in 33.5%
$19.61
June 21
Steel
Govern¬
work progresses.
as
being advanced with unusual speed to give early em¬
are
considerable steel
In several States recent elections have authorized bond issues for
Low
High
1938
1936
repair work.
leading producers.
points to 43, Cincinnati 7 points to 65, New England 5 points to 40, Buffalo
Pig Iron
Aug. 16. 1938, $19.61 a Gross Ton
car
15,000 tons of oil line pipe for a Wyoming company was divided
ment work
Low
High
1938
needs of
exception
The latter continue to remain out of the market,
except for the New York Central, which plans to buy 28,600 tons of rails
Steel
Based on steel bars, beams,
2.300c.
One year ago
of those used by railroads.
tank plates,
wire, rails,.black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
2.300c. a Lb.
Sellers find buying is
indicating a general increase in
sources,
This applies to all classes of steel, with the possible
consumers.
THE -IRON
better rate than in July and that in turn
a
exceeded the June rate, though each rise was small.
from
sufficient for maintenance of the present rate.
1117
50
32
on
+3
1937
Aug. 15 stated:
Conditions in the steel industry continue to show improvement at a
rate.
this is considered
as
as
the starting
a
but
corrective measure.
82
—1
8314
—1
—1
6614
—1
75
—1
1935
49
1934
1932
2214
5114
1414
1931
33
+1
55
—314
22
—3
22 J4
—314
—314
49
—2
53
—5
35
+ 14
+1
14
31
+1
62
—
49
—2
95
—2
8614
—314
1930
5414
1929
90
—3
of 1939 model automobiles seems likely to require
1928
75
78
66
6814
—
with
the
Federal
Reserve
deposits
with
from
Additions to member bank
of $37,000,000 in
decreases
Federal Reserve
banks and $16,000,000 in
deposits and other Federal Reserve accounts
and increases of $19,000,000
in gold stock and $5,000,000 in
Reserve bank credit, offset in part by
in money
Excess
to
be
Treasury
increases of $19,000,000
in circulation and $19,000,000 in Treasury cash.
of member banks on Aug. 17 were estimated
reserves
approximately $2,930,000,000, an increase of $10,-
7214
Aug. 17, 1938
$
ndustrial
advances
(not
+ 214
+14
14
+
63
14
Increase
Banks
During the week ended Aug. 17 member bank reserve
non-member
15
—2
1927
balances increased $39,000,000.
arose
13 14
that
General conditions point strongly in
that
large tonnages of steel during September.
reserves
41
+2
+ H
+1
— IX
direction and production
Week
—1
70 14
point of the substantial improvement that has been
looked forward to for months.
The
83
1933
With Labor Day only three weeks away many observers are setting
date
slow
The comparatively sharp rise of recent weeks has been checked,
41
1936
markets,
1938
(+)
or Decrease
Since
Aug. 10, 1938
$
(—
Aug. 18, 1937
$
Including
$14,000,000 commltm'ts—Aug. 17)
Other Reserve bank credit
—
Total Reserve bank credit
...
16,000,000
+ 5,000,000
*
—5,000,000
+ 3,000,000
2,587,000,000
13,052,000,000
+ 5,000,000
+ 22,000,000
+ 19,000,000
+ 525,000,000
2,724,000,000
+ 1,000,000
+147,000,000
Member bank reserve balances..... 8,085,000,000
+ 39,000,000
6,485,000,000
2,386,000,000
Treasury deposits with F. R. bank..
802,000,000
Non-member deposits and other Fed¬
eral Reserve accounts.....
605,000,000
+ 19,000,000
+1,341,000,000
—15,000,000
Gold stock
Treasury currency
Money in circulation
......
Treasury cash
.......
...
*
+ 19,000,000 —1,286,000,000
—37,000,000
+ 646,000,000
—16,000,000
+ 7,000,000
Less than $500,000.
000,000 for the week.
17 will be
The statement in full for the week ended Aug.
found
on
pages
Returns of
1146 and 1147.
Changes in the amount of Reserve bank credit outstand¬
ing and related items
were as
follows:
{+)
or
Decrease (—)
Since
7,000,000
Aug. 18, 1937
$
—11,000,000
1,000,000
2,564,000,000
+38,000,000
Aug. 17, 1938
$
Bills bought
U. 6, Government securities
Chicago—Brokers'
Loans
Below is the statement of the Board of
Increase
Bills discounted
Member Banks in New York City and
Aug. 10, 1938
$
—2,000,000
Federal Reserve
Governors of the
System for the New York City member
banks and also for the Chicago member
banks for the current
week, issued in advance of full statements
banks, which will not be available until
of the member
the coming Monday.
Financial
1118
Chronicle
assets and lubilities of weeklY REPORTiNG member banks
1
jn arms, ammunition
anMrnloS ^onHrs)
New York City
-
Amis—
investments—total..
Loans—total-—
Commercial
Industrial
and
Loans and
—
Aiqi17 Aztnil° A^ol^
*
7.542
7,527
8,330
$
2,942
2,915
4,021
j
$
$
1,848
527
and
men
to the Spanish
that connection a Rome dispatch of Aug.
York "Times" Said:
Chicago
Atoil7 ^fooo0
In
rejection of the British plan for withdrawal of foreign combatants.
2,007
520
Loyalists.
17 to the New
Diplomatic quarters believe that one reason for the violent anti-French
campaign in the press is to create an excuse for the Spanish Rebels'possible
5
1,838
1938
20,
706
Great prominence is given to
German official
news agency reports
under
Burgos datelines confirming the alleged French intervention in Barcelona's
O^n maS pSJS?-".:::::::
133
132
ill
to
20
11
Loans to brokers and dealers.
508
499
1,136
28
27
53
Other loans for purchasing or
The alarm registered by part of the French and British press over
fovor.
the German military manoeuvres is considered "artificial" and to be-in-
spired by anti-fascist elements that, it is asserted, are trying th mobilize
"
118
118
135
89
79
103
2 781
2 780
2 937
banks-."-Y-Y.l"in
Loans to
12
2
875
s3t
128
99
856
875
against France and Czechoslovakia.
q??
127
Associated Press Paris advices of Aug. 17, discussing the
582
Franco-British
► United States Government.-
773
786
403
rSSv? with1 FedRw ."banks!I
3*339
3,301
50
2,388
50
49
32
34
26
70
69
65
212
204
139
483
486
451
51
52
62
Cash in vault......
world public opinion against Germany by accusing her of aggressive plans
14
'
'
guaranteed" by
Obligations tuiiy
12
...
-
Balanees with domestic banks..
Other assets—net.
,
While insurgent
Time deposits.
6,224
660
-
-...
-
6,229
638
2,453
Foreign banks—...
—
account".—*-
—
-II—I
...
1,527
1,520
464
464
ants in Paris
Keturns
with
Wlin
aild
or
*yr
the
tnc
Insurgent sources expressed
7
7
250
248
241
u
i
t
Banks
u
c
the
or
j
Commercial,
York
for
101
hnnki
DanKS
Reserve
iteserve
the
tne
themtnem
same
101 lead-
brokers
to
following
demand
deposits-adjusted.
and
and
agricultural
$24,000,000
dealers
all
at
increased
loans
increased
reporting
$25,000,000
$17,000,000
member banks.
New
in
York
in
Loans
City
and
$20,000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased $14,and of obligations fully guaranteed by the United States Govern-
000,000,
ment
$4,000,000, and holdings of "other securities" declined $1,000,000.
Demand
deposita-edjusted increased $41,000,000 fa New York City,
$17,000,000 in the San Francisco district and $14,000,000 in the St. Louis
district,
and declined $13,000,000 in the Philadelphia district and $11,000,000 in the Cleveland district, all reporting member banks showing a net
increase of
$58,000,000 for the week. Time deposits showed
week, and Government deposits declined $6,000,000.
Deposits credited to domestic banks declined $15,000,000
no
net change
for the
to New York
Oily, $13,000,000 fa the Chicago district, and $38,000,000 at aU reporting
member
banks
a
•
rviv™,wr.v.TT
summary of the
and
no
i
borrowings
4.
.
.
V
Aug. 10.
on
•
,v
principal assets and liabilities of the
(+)
Decrease
or
Aug. 3, 1938
$
Loans and
$
investments—total—..20,611,000,000
8,199,000,000
loans
for
purchasing
carrying securities
Real estate loans
Loans to banks
Obligations
fully
guaranteed""by
United States Government
Other securities
-
A sudden counter-attack today that marked
574,000,000
1,159,000,000
106,000,000
The civil
13
war
in Spain
+20,000,000
—734,000,000
—127,000,000 +
—2,000,000
—6,000,000
—31,000,000
—5,000,000
+474,000,000
+64,000,000
+1,428000000
-34.000,000
,
+9o,ooo!ooo
+ 685,000,000
+.5.s:000:000
DnrJBr
—6,000^000
~38.ooo.ooo
—275,000,000
—42,000,000
—68,000!000
1Fr\nc°-B,ritishQP1^n
Volunteers from Spam
V
Press
Says France Is Fur-
on
the Ebro front
ment
on
was
troops
the
Spanish Loyalist and Insurgent forces
reported this week although Govern-
were said to have
Almarlfm mewnvTr
rumorea
tnat
blocked
an
Insurgent drive
an insur^enh arive
are^j ¥eanwhlle't was
„
bpamsb Insurgents would reject proposals by
Lxreat Britain ana France
designed to remove foreign troops
from the Spanish civil war.
The Italian press this week
charged that
rranee
had resumed sending substantial help
lroops
Advance
Meanwhile
on
Hankow
Manchuquoan border
this
week
flip
os
Russian
and
near Cbangkufeng,
Jananese Foreign
rvi**
J, ^
HUSSian dllll uapd. ©be
o
g
Offices worked out terms of a truce designed to end the
,
of recent conflicts.
causes
The
issue of Aug. 13, page 964.
worn
™rnnlpfo7l nr. An*r
our
of discord and the
causes
been agreed to were referred to
an armis^ce
Sf+HpTrmr+
Military details of the
13
On
the
dflV
settlement weie completed on Aug. lo.
un tne same ua.y
the
Turkish
Government, which had protested because
Japanese diplomats in Balkan countries held an official
meeting on Turkish soil, closed the incident when Japan
a Ijrotest that the conference was
of a private
nature.
Ascribing the Russo-Japanese truce, Associated Press
advices from Tokio, Aug. 13, said:
The
War
Office
had
announced
signed
a
today
that
memorandum
Soviet
Japanese military
themselves to avoid
and
pledging
^urther inci.dents
<>ver th& disputed area on the Siberian-Korean-Manchu-
Urncommunfque
said both sides had retired approximately 90 yards from
tfae
crest
of
Changkufeng, which puts the hill between them and ends the
which the troops actually were
facing each other.
The
condition
in
agreement
nishing Aid to Spanish Government
Japanese
Resistance in
Relations between Soviet Russian and Japanese armies,
at the
stationed
Quieted
+9io.ooo;ooo
+5,000,000
Italian
A deadlock between
i
•
incidents
-.;-
,
Manchukuoan
on
~China Abolishes Japanese Concession
-ZZS
rePlied t0
'430!000,000
314,000,000
xpected
Japan Conclude Armistice
fc>order
in
+4,000,000
—1,000,000
—20000000
-
..
,
fact tliat
+i5;ooo,ooo
^
.
Russia and
—27,000,000
Spanish Loyalists and Insurgents Appear Deadlocked
,
rail-
referred to in the "Chronicle"
was
'
representatives
8.
a mountain and
nageOfio
'
—540,000,000
WRhdFr7w»r^ peCti-°n
Withdrawal of Foreign
stiffening of Government
Reports f'0m Bf oelona said a fleet.of25 Government planes had fought
over the Ebro and shot down two, losing one of their
—3,000,000
...
for
tor
a
own>
■
—5,000,000
Foreign banks
„
20 Insurgent craft
+ 34,000,000 —1,718,000,000"
5,889,000,000
nDerScdb^nks--.
Borrowings
.
was
-
+51,000,000 —1,720,000,000
Liabilities-
United States Government
deposits
_
ad^ hurled into the darkness when they refused to surrender.
^ tbe mountain top Government guns can pound the Insurgent
front-line base. Cabeza del Busy, and Insurgent supply lines.
,„T1,e counter-attack was the. first strong action by the Government on
tb? southwestern Spanish front since January. It indicated that General
Miaja had decide to take a stand on the Castuera-Almaden Railway near
whf+' ^fosses 'he Zugar River, about 14 miles west of Almaden
Ab^5 40 milee northwest of Almaden, along the Guadiaua River a
aecolld ^urgent force aiming at Almaden was being held to a standstill
by constant guernlla raids of G^l Miaja s troops
t0 the northeast of this battle zone the Ebro River front in South
'j;'/VT'+:v%
2,365,000,000
—
,
,
+14'000'000
1,650,000,000
Balances with domestic banks
_
Tanks rumbled along a hillside to the mouth of the railway tunnel on
tbe ea8te™ 8ide «' the mountain. Government, shock troops followed.
shielded by heavy artillery fire. Within two hours the eastern mouth of
thQ tunnel was in Government hands and Government forces had crossed
the mountain, taking positions at the western opening of the tunnel,
Govemmeat dispatches said 100 Insurgents with machine guns and
riflee had been trapped inside the tunnel. They were killed by hand gren-
00,000
'
.
way tunnel, three miles east of Cabeza del Buey.
The town lies about 20
miles west of Almaden. The Insurgents, in control of Cabeza del Buey,
bad been preparing a new tbrust against what had been for days a steadily
receding defense line when General Miaja s men struck.
Aug. 11, 1937
3,093,000,000
6,550,000,000
393,000,000
Reserve with red. Res. banks
cash in vault
622,000.000
'
*.
resistance gave General Jose Miaja's men control of
Mj&S00,000
~~u~u
tt
.■
of gaining British goodwill even if it meant giving up Mussolini's troops,
(—•)
t24:000:000
or
—
+.
The progress of recent fighting in Spain was described as
follows in Associated Press ad vices of Aug. 16 from Hendaye,
on the Franco-Spanish border:
Meet Staunch
oi?S^rV;;::::::::
other
.
_
reported almost to have convinced the generalissimo of the advisability
Commercial, industrial and agrl-
^securities —k—!-
by Paris
An indication of this was seen in the demotion of Franco s "pro-British"
Since
Auo. 10, 1938
Loans—total
than three weeks, was believed
General Franco that he would be unable to
pers0nal adviser in foreign affairs, Jose Antonio da Sangroniz, who
0f Am?
Increase
Assets--
more
win the war without the continued support of Premier Benito Mussolini's
Italian ?,la^
'iqqq1clianSes for tiie week
ended Aug. 10, 1938, follows:
year
ministerial crisis
Catalonia was reported generally unaltered.
'
Weekly reporting member banks reported
A
a
Tbe 8trength shown by the Government's armies, which have taken and
maintained the offensive for
observers to have convinced
-
System respecting the
body of reporting member banks of the
week ended With the close
industrial
City and
of
out
came
apparently stronger than before, with Premier Juan Negrin firmly In control
i
rederal
principal changes for the week ended
Aug. 10:
Increases of $24,000,000 in commercial, industrial and agricultural loans, $20,000,000 in loans to brokers and dealers fa securities, and
$58,000,000 to
"No."
Government, meanwhile,
of all factors and pledged to fight the 25-months-old conflict to the end.
l
10:
the
well be an out-and-out
as
The Spanish
condition statement of weekly reporting member banks in
shows
belief that the insurgent note, handed to
6
Federal Reserve System for the
of businss Auc.
of
Britain's representative, Sir Robert Hodgson, in Burgos yesterday, would
following will be found the comments of the Board
returns of the entire
Spanish
a census
then proportionate withdrawals from each side.
raise so many technical objections to the London plan that the reply might
_
1,483
Member
figures
Iltoures
the
covering
and
5o
of Governors of the Federal Reserve
Now
The
528
week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
cities
war."
world
57
As explained above, the statements Of the New York and
Chicago member banks are given out on Thursday, simul-
The
the end of the non-intervention
"Europe's little
684
Reserve System for the Preceding Week
ing
mean
the British
insurgent inform-
52
^
r
In the
halt
to
answer to
a secret,
686
24
1,482
"volunteers"
the
_
Complete
fonenuslv
taneousiy
predicted its terms might
committee's scheme
448
1,870
530
...
1,482
1,526
8
2,421
274
279
—
Borrowings...
5,998
720
10
0
"
deposits:
Domestic banks..
selves
GeneralissimolFrancisco Franco's
Government on July 23 accepted the plan, which provides for
Demand deposits—adjusted
Capital
for withdrawal of foreign troops from
plan for sending foreign fighters home remained
jliabilities—
Jn°ff-bank
pian
Spain, said in part:
guaranteed
the truce,
Reports
on
deSUe\
gaid
were
would avoid actions likely to break
the situation, including the positions of troops and all other
communicated to the two governments, the communique
adding that
probabIy
that both sides
wB0Uld
a map
si
The War Office also
marking troop positions at the time of the truce
"ed toda/
said
that
commanders of
both
sides
regarding the removal of bodies from the disputed
From Changkufeng Hill, on Aug. 13,
following Associated Press accounts:
we
had conferred
area,
also quote the
Volume
With
honor
an
Financial
147
of
guard
eoldiers
Soviet
the
on
all
stood
yesterday
afternoon
the
on
the Tumen
of the
Changkufeng incident.
A
booming Japanese
arranged
tions,
6:15
at
River
The
p.
gun
diplomatically
highest
Lieutenant-Colonel,
personally
and
a
All
Japanese
escorted
Korea, a
to the top of
northern
in
army
correspondent
this
ten
The military
in March.
days
depot at Chinchow burned in May, with a
500,000
■.
these
establishments
losses,
unofficial
pended
heavily.
guarded
were
tell
largely
are
activities
Chiangchufeng, Changkufeng's sister hill near-by, to view the formalities.
The officer said he was confident the Changkufeng incident was ended.
addition
In
instances
to these
of sus¬
certain
when
increase
and
army
They expect the
insist.
officers
there
should
come
under
names
with
Soviet
of
if
a
war
Russia.
would place the
Japanese on the eastern slope of Changkufeng, with Russians holding the
western shore of Long Lake (Lake Khasan), as at present.
He said the
to
numerous
units that have attacked in various areas
origin,
communist
of
of
smaller
sabotage.
informants
The difficulties with irregular
end.
the
of
commander
Wednesday,
Moscow
in
their
announced
m.
negotia¬
rifle volley
marked the opening of the
noon
for
destroyed in June.
was
loss.
yen
burned
Dairen
stores at
The military supply
; 1
at
oil
goods depot there
hummock
negotiating the military details of the settlement
beside
Naval
on
and Soviet officers
war-scarred
this
of
crest
Japanese
and
east
the west standing at attention in a small knot, Japanese
1119
Chronicle
said
He
Japanese would be
details
border
and
garrison
being worked
quite satisfied with
out
this arrangement.
the last
month's fighting at 3,000, which, he said, was three and one-half times
greater than the Japanese losses, although he said no official count had
yet been made on either side.
If both sides were not very glad to cease firing, the impression was
gained today of a universal atmosphere of relaxation and relief from the
constant specter of death and the dangers of war.
The
officer
Japanese
estimated
the
in
casualties
Russian
Japanese troops, meanwhile this week, encountered stub¬
Chinese
born
in
resistance
drive
their
the
on
A dispatch of Aug. 16 from F. Tillman
Hankow to the New York "Times" reported the
Durdin at
of the Japanese offensive as follows:
Chinese
miles
south
of
back
on
than
taken here tonight to indicate abandonment of
Japanese attempts to drive directly to Nanchang, instead of concentrating
the attack on Juichang, about 21
miles westward of Kiukiang, possibly
with the intention of outflanking the Chinese positions in the mountains
changpu
below
evacuations were
Kiukiang.
\
struggle for Juichang continues between
the hills
few miles north of the city.
a
both sides
official
Chinese
used
and
press
The
instances before retreating in the face of Chinese
of gas is not mentioned.
Appeals are being sent to
type
masks.
Hankow for
continue to insist the Japanese have
reports
several
in
gas
attacks.
said to be heavy.
are
-
Red Lake between Juichang and the
Yangtze attempted on Sunday to land 600 men at the western end of the
lake, whence, it is presumed, a flank assault on Juichang was contem¬
plated.
The landing party is said to have been repulsed.
As if marking the route of advance toward Hankow along the south
bank of the Yangtze, the Japanese on Saturday virtually wiped out the
town of Yangsin, on the main highway from Juichang to Wuhan, in two
air raids Saturday.
Details of the raids were brought to Hankow yesterday
by a Central News Agency correspondent, who witnessed the raids.
The bombs, he said, fell all over the town, setting houses afire so that
nearly
building was
every
About
operating
launches
Japanese
500
on
by flames.
Yangsin was an
either wrecked by bombs or razed
he said, were killed and 800 injured.
people,
military center.
important
Yangtze.
Chinese and
Hwangmei and Susung.
Japanese strength at Hofei, Tungcheng and Shucheng, in Ankwei
north of the Yangtze, is being watched as possibly indicating a
Relative
forces
intention
obtained north of
quiet
to
attempt
a
Japanese
Increased
Province,
Yangtze floods beyond Hwangmei,
caused by the
further south.
Wusueh and Kwangtsi
fears of an
attempted landing at the west end of that lake for an attack on Tienchiachen,
where the strongest Chinese fortifications between Kiukiang
lake
vast
a
Hankow
and
created
The
located.
are
overflow have caused
by the Yangtze
waters
within
are
a
few
miles of
Tien-
chiachen.
Disease
and
taking the heaviest
is
in
Japanese troops
here
fronts.
the
from
nese
toll thus far in the war among Chinese
the Yangtze Valley, according
intelligence
from
Nanchang
10% of the
by illness.
similar situation on the Japa¬
say
reports
indicate
a
stantial
that
at least
country in
The
continue to inflict sub¬
dispatch
They say the irregulars are
China.
Hsinking, Man-
added:
officers admit that Chinese irregular units remain active
which Japan established a protectorate after wresting it
damage.
Japanese Army
the
communist-inspired.
disasters in industry pointed
from within.
Japanese here admitted their fire insurance rates have been tripled
in a year becasue of fires and explosions extending from Tsitsihar, near
the northeast border, to Dairen on the south.
The Tsitsihar power plant was destroyed twice by fires.
Officials put
damage at 500,000 yen (the Japanese yen is worth a fraction over 28
cents), but unofficial estimates were 1,500,000 yen. Saboteurs of a "certain
foreign power were blamed.
Last November all telephone and telegraph communications from Hsin¬
to
unofficial
king
south
that
last
some
Four
the east
yen.
least thirty and possibly
Italian
100 plants destroyed, among
victories and
war
when
Tokio ordered
Shanghai
except
ports
herpes.
until
sealed
mained
and warehouses
in
the World
Hankow concession when China
War.
•
Chinese officialdom.
housed
have
establishment of the
feeling
last
here
Germany lost her
cause
Tientsin.
military and
the
moved
Hankow a year
from all Yangtze Valley and coastal
Japanese property at Hankow re¬
executive branches of the Chinese
November.
Since then Japanese residences
exodus
an
and
embraced the Allied
Russia voluntarily gave up her concession
Great
Soviet regime.
after
Britain followed, 11 years ago,
Government, although, by
local influence through
special office administering the area under the Chinese
from
pressure
Nationalist
the
agreement, Britons residing in the concession exert
representation in a
Foreign
Office.
1
■.
Mexico's 12%
Additional Duty
week
ago
on
Exported Products
given in these columns a
relative to the new Mexican export
(page 906)
the Department of Commerce at Washington makes
available further details received from the office of the
tax,
Under the
Attache at Mexico City.
American Commercial
Aug. 9, there is established an additional export
12% ad valorem on exported products when the
effective
duty of
price of
products in Mexican currency exceeds the
average
Mexican
these
decree, published in the Diario Oficial and
price during the month of February,
of Commerce further reports:
The
prime
decree,
is to
1938.
The Department
stated in the preamble of the
absorb a certain percentage of the
of this measure, as
purpose
enable the Government to
profits realized by Mexican exporters as a
result of the depreciation of the
the same time to subsidize the importation
products, thereby offsetting in part the increase of their prices
within the country, resulting from this exchange depreciation.
The
products to be affected by this decree will be determined by a
committee constituted for this purpose,
which will also determine the
valuation of these products tor the payment of the tax.
One-half of the proceeds of this tax will be used to pay a subsidy of
20% ad valorem, in Mexican currency, on imports into Mexico of products
regarded by the committee as necessary to the domestic economy.
The
remainder of the income from this tax is to be used by the Government
peso
in recent months, and at
of essential
in
carrying out its social
program.
Postponement of Plans for Offeringfofj[ $25,000,000
Argentine Government Bonds
"""Delay in the offering of $25,000,000 4^6 % bonds of the
announced this week, under¬
writers having been advised on Aug1. 16 by Secretary of
Finance of the Argentine Government, that he wished to
postpone, for the time being, his plans for public issuance of
Republic of Argentina was
York market.
in the offering was noted in these
the dollar bond in the New
Previous delay
In its issue of Aug. 17 the
"Times" said:
at least for the
destroyed the military food and clothing
depot near Mukden
was
missed
'•
'
'•
■'1
Government yesterday to call
present, the Issuance of its $25,000,000
off,
of 4 Vi% bonds here,
invest¬
complete sur¬
prise.
No explanation of the action was given either in Argentine financial
circles in Washington or in Buenos Aires, leaving the bankers and potential
investors in the dark as to the cause of the postponement.
The decision
was announced
by the Financial Attache of the Argentine Legation in
Washington.
While the proposed issue will be continued in registration
with the SEC, the underwriters could give no indication as to when, if ever,
ment
the
reach the market tomorrow, took the
community, as well as the
underwriters for the loan, by
Speculation in investment circles whether the
Government had abandoned its plans in this market in favor of
without foundation, as it is generally
bondsfrould be offered.
Argentine
more
favorable terms elsewhere was
conceded that the borrowing
than either in London or
could have taken place here on
better terms
The loan has been in registration
Buenos Aires.
originally scheduled for last
week, having been postponed pending enabling legislation by the Argentine
Congress, which subsequently had been passed.
the offering to the public
here since July 21,
*
Under date of
The
Aug. 177 United Press advices from Buenos
PWftiPPf Nip*
Aires stated:
Argentine.Government is expected to issue a communique explaining
withdrawal of plans to float a $25,00D,000 bond issue on the New
its sudden
York market, it was learned.
that the market at
The proposed
due August
Groppo said that one reason for
the present time was
unfavorable.
issue of $25,000,000 of sinking
15, 1948, had been registered
Commission at Washington.
used for the City
withdrawal was
...
fund external
bonds
with the Securities and Exchange
Proceeds for the most part were to have
of Buenos Aires in paying short-term
contracted during its
■
columns
New York
''
The sudden decision by the Argentine
Finance Minister Pedro
design.
put at 1,250,000 yen.
A nearby gasoline installation
being burned.
huge explosions rocked Mukden in late July.
Powder stores of
arsenal were destroyed.
Damage unofficially was put at 2,500,000
damage
narrowly
at
late
of
the only official explanation being
been
with
In June fire
and
mysterious
play dug up the cables, buried several feet underground.
hit hardest.
The first aviation assembly plant burned
at
has
March
tbem
of
out for three days,
were
children
Mukden
compilation
type of enemy working
different
a
Chinese
Japanese consular staff and Japanese nationals left
The
ago
under the
area
which had been scheduled to
chukuo, said that Chinese guerillas
The
after
extensive district to that of a
Hankow municipality, and renamed
status of the
changed the
administrative
streets
its
area
These advices added:
Chinese
special
the Kiukiang-Nanehang line are incapacitated
side.
from
The
Aug. 13, page 966.
Associated Press advices of Aug. 17 from
in
only foreign-controlled
concession.
tS reports reaching
...
returning
Foreigners
Chinese troops on
Chinese
Han¬
recognized by China on
that day as the Government commemorated the first anni¬
versary of its war against Japan by abolishing the Japanese
kow's
,
of Japanese launches operating between
Reports
in
Press advices from Han¬
Associated
in
Japanese
renewed drive westward through Luan or Hwoshatt
the difficulties
because of
the
other outside
each
facing
were
indicated
In addition to the information
have
patriotic societies.
A
economic necessity, like
is to wage war against Japan.
their main objective
kow, Aug. 13, that the French concession there became
>
Chinese and Japanese
Some of the heights
changed hands three or four times.
Counter-attacking at night, the
Chinese repulse the Japanese forces, only to have them retake the positions
in the daytime, aided by artillery and air bombardments.
The casualties on
bitter
A
troops in
for food, but
was
operate
their activity may be dictated by
part of
upon
'
had been pounding at the Chinese line south of Kiukiang
two weeks with little effect.
The Shahochen and Nan¬
The Japanese
more
hard
forces,
'
supplies and equipment.
for
pressed by the Chinese,
Kiukiang, abandoning large quantities of
Japanese
Teian.
said to be falling
were
Nanchangpu, about 12
Chinese Central News dispatch,
according to a
Kiukiang,
from
yesterday,
It
"bandits"
the
Government
Shahochen and
reoccupied
have
troops
of
the need
provisional
capital of Hankow.
progress
Most
public works program.
been
and floating debt
1120
Financial Chronicle
Member
Trading on New York Stock and New York
Curb Exchange During Week Ended July 30
Trading in stocks
sion
yesterday (Aug. 19), which amount was 20.90% of total
on the Exchange of 8,638,900 shares.
The pre¬
vious week ended July 23 (as announced by the SEC on
Aug. 12) round-lot purchases and sales of stocks for the
account of the members, except odd-lot dealers, totaled
4,907,978 shares; this amount was 20.63% of total trans¬
transactions
actions for the week of 11,892,010 shares.
The Commission also promulgated figures
by members of the New York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended July 30 the member
trading was 437,715 shares or 21.07% of total transactions
of 1,038,645 shares, while the preceding week
(July 23) the
members
amount of
trade in
stocks
for
602,340 shares, which
was
their
June 30
p The following announcement showing the total value of
commercial paper outstanding on July 31 was issued on
Aug. 16 by the Federal Reserve Bank of New York:
^ Reports received by this bank from commercial
own
account
dealers show
paper
total of $210,700,000 of open market paper outstanding on July 31,
Below
1
furnish
we
two-year comparison of the figures:
a
1937—
1936—
$210,700,000
Nov. 30
June 30
.225,300,000
Oct.
May 31
Sept. 30
Apr. 30
251,200.000
271.400.000
323.400.000 Jan. 31
331.400.000 Dec. 31
Aug. 31
329.000.000 Nov. 30
Mar. 31
296.600,000
July
Feb.
28
292.600.000
June 30
Jan.
31
299.300,000
May 31..
July
31.
$311,000,000 Feb.
31
31
324,700.000 Oct.
Mar. 31
279,200,000
28
$267,600,000
243,800.000
215,200.000
191,300,000
31
198,800,000
284,600.000 Sept. 30
286,900.000 Aug. 31
285,000,000 July 31
290,400,000
30
Apr
1937—
Dec. 31
a
1938.
1938, amounted to $225,300,000, and for July,
Outstandings for June,
1937,. $324,700,000.
1938—
showing the
relation of trading
Curb
as Reported
by New York Federal Reserve Bank—Total of
$210,700,000 July 31 Compares with $225,300,000
the New York Stock Exchange by
on
members, except odd-lot dealers, for their own account,
amounted to 3,631,597 shares during the week ended July 30,
it was announced by the Securities and Exchange Commis¬
Aug. 20, 1938
Commercial Paper Outstanding
Value of
197,300,000
205,200,000
187,600,000
in
21.22% of total volume
Bankers' Acceptances
of 1,418,970 shares.
The data issued
by the SEC is in the series of current
figures being published weekly, in accordance with its pro¬
gram embodied in its report to Congress in June, 1936 on
the "Feasibility and Advisibility of the Complete
Segregation
Outstanding Increased $525,442
30 Reported at $264,a Year Ago
July—Total July
748,032—$86,808,918 Below
During
During July the volume of bankers' acceptances increased
$525,442 to $264,748,032 July 30 from $264,222,590 June 30,
according to the monthly report of the Acceptance Analysis
of the Functions of Broker and Dealer."
The figures for
the week ended July 23 were given in our issue of
Aug. 13,
Unit
967. In making available the data for the week ended
July 30 the Commission stated:
Aug. 15.
This increase during July is the first in eight
months, the totals in the seven preceding months having
page
The data published today are based upon weekly reports filed with the
New York Stock Exchange and the New York Curb
Exchange by their
respectively members.
These reports are classified
follows:
as
New
York
York
Curb
Exchange
Reports showing transactions:
As specialists
Other than
as
Initiated
on
specialists:
1
New
York
issued
309
57
106
441
$351,556,950.
The increase
during July
due entirely to the gains in
was
domestic shipments and domestic warehouse credits.
The
loss from a year ago is attributed to decreased credits in all
classifications with import bills showing the greatest decline
106
343
._
of
year ago the July 30 total is $86,808,918 below that of
July 31, 1937, when the acceptances outstanding amounted
to
580
floor
Initiated off floor
Bank
been smaller each month and the total at the end of June
the smallest since the end of 1916.
As compared with
830
217
Reserve
was
Exchange
1,084
-
Federal
the
a
New
Stock
Number of reports received
of
of
The number of reports in the various classifications
may total more than
the number of reports received because, at times, a
single report may carry
entries in more than one classification.
ovei
as
The following is the report for July 30,
New Yoik Reserve Bank on Aug. 15.
$64,000,000.
issued by tne
BANKERS
ACCEPTANCES
DOLLAR
—BY
FEDERAL
OUTSTANDING—UNITED
STATES
RESERVE DISTRICTS
Note—On
the New York Curb Exchange the round-lot transactions of
specialists
"in stocks In which registered" are not strictly
comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock
Exchange odd-lot
dealer
as
well
as
Federal Reserve District
June 30, 1938
$27,824,718
191.634,544
8.945,050
$27,836,697
$36,499,151
190,665,924
2,572,058
771,374
1,422,817
8,191,846
2,200,753
832,227
1,504,713
8,187,081
333,379
2,047,162
351,235
1,989,602
260,110,533
13,396,406
2,166,000
555,424
1,658,514
12,649,569
313,962
275,364
20,729,720
^
257,366
21,395,753
21,302,997
$264,222,590
$351,556,950
—_
2. New York.
those of the specialist.
3.
SfodK TRANSACTIONS
Julg 30, 1938
$264,748,032
1. Boston.
ON THE NEW YORK STOCK EXCHANGE FOR
Week Ended July 30, 1938
Total for
Week
Per
Cent
a
8,686,900
—
-
...
*
5. Richmond...
6. Atlanta
ACCOUNT OF MEMBERS* (SHARES)
Total round lot volume
Round-lot transactions for account of members (except trans¬
actions for the odd-lot accounts of specialists and odd-lot
Philadelphia
4. Cleveland
...
...
7. Chicago
8. St. Louis
9. Minneapolis
10. Kansas City..
11. Dallas
13.
..........
July 31,1937
9,001,239
2,468,506
...
San Francisco
—
~4~3*5~888
dealers):
1.
Transactions of specialists in stocks in which they are
registered—Bought
Grand total
915,270
-
Sold
Increase for month,
949,420
$525,442.
Decrease for year $86,808,918.
ACCORDING TO NATURE
Total
2.
1,864,690
Other transactions Initiated
Sold
the floor—Bought..
on
1,167,740
Other transactions Initiated off the
floor—Bought
Sold
6.72
599,167
Based
Total...
3,631,597
162,520
255,220
„
In odd
417,740
lots—Bought.
11,381.319
63,005,803
BY ACCEPTING
BANKS
.$132,561,148
84,273,115
.
Total
.$216,834,263
—
6,361,820
MARKET
RATES
ON
AUG.
►
Dealers'
2.40
1,288,977
1,177,401
Sold
HELD
.
Days—
2.
70,777,197
53,805,407
1,599,322
Increase for month
CURRENT
Total
71,2(16,333
1,041,366
JulyZl, 1937
on
Bills of others
lot dealers:
In round lots—Bought.......
Sold
63,297,485
50,034,857
Own bills-.-..
20.90
Transactions for the odd-lot accounts of specialists and odd1.
$142,787,372
9,984,762
goods stored in or shipped
between foreign countries
3.45
1,789,840
1,841,757
Sold
$78,728,011
62,817,964
8,923,590
49,378,186
1,077,354
Domestic shipments
BILLS
Total—Bought..
June 30, 1938
$77,904,440
62,776,804
Imports
Exports
Domestic warehouse credits
Dollar exchange
290,050
309,117
Total
4,
CREDIT
July 30, 1938
584,520
583,220
Total..
3.
OF
10.73
30
PRIME
15,
BANKERS'
1938
Dealers'
Buying Rates Selling Rates
ACCEPTANCES
Dealers'
Days—
Dealers'
Buying Rates Selling Rates
STOCK TRANSACTIONS ON THE NEW YORK CURB
EXCHANGE FOR
ACCOUNT OF MEMBERS* (SHARES)
Week Ended July
30, 1938
Total for
Week
Total round-lot volume
they
registered—Bought
Total....
the floor—Bought
following table, compiled by
us,
bankers' acceptances
close of each month since June 30, 1936:
of
1936—
1937—
$316,531,732
315,528,440
308,112,141
315,000,590
330,205,152
349.053,490
372,816,963
31....I
Nov. 30
a
record
outstanding at the
£93$
Mar. 31
Jan.
31..—$325,804,395
30
Feb.
28
31.
1937—
$396,471,668
395,031,279
May 29
385,795,967
June 30..... 364,203,843
July 31
351,556,950
Aug. 31
343.881,754
June
30
307,115,312
292,742,315
278,707,940
268,038,573
264,222,590
Sept. 30
344,419,113
July
30
264,748,032
Apr.
30
30
387,227.280
Nov. 30
401,107,760
Dec.
31
Mar. 31
Apr.
30
May 31
346,246,657
348,026,993
Feb. 27
15.16
furnishes
H
Oct.
31
Oct.
343,065,947
Jan.
3.17
Total...
437,715
specialists—Bought
Governors of Chicago Stock Exchange Reduce Listing
Fees by About
50%—Also Set Time Limit for Free
Listing of New York Stock Exchange Stocks
26,835
30.165
2.74
84,107
60,356
144,463
The Board of Governors of the Chicago Stock Exchange
approved
193,190
244,525
Sold
The
of the volume
Dec.
31,375
57,000
Total—Bought
Total
9-16
Sept. 30
65,800
Other transactions Initiated off
the floor—Bought
Sold
Odd-lot transactions for account of
9-16
H
9-16
.....
34,425
Total
4.
%
180
June 30
are
314,916
Total
3.
150
7-16
July
134,980
179,935
on
7-16
y
H
......
Aug. 31
Sold
Other transactions Initiated
Sold
a
1,038,645
Round-lot transactions for account of members:
1. Transactions of specialists In
stocks in which
2.
Per
Cent
120
y
90.
2,466,378
7-16
60
Total
on
Aug. 10
a
joint recommendation of the Execu¬
tive
21.07
Committee and the Committee on New Business and
Public Relations for a reduction of approximately 50% in
the schedule of fees for regular listings, effective
ately.
immedi¬
The Board fixed the minimum fee at $1,000 and the
maximum fee at $10,000 for original listings with a gradu¬
on shares outstanding as follows:
ated scale based
Volume
Financial
147
Old Rale
New Rale
Up'to 250,000 shares
250,000 to
He. per share
He. per share
lie. per share
500,000 shares
500.000 to 1,000,000 shares
1,000,000 to 3,000,000 shares.
3,000,000 shares
also
set
the
New
York
on
listed without fee in
been
limit
time
a
per share
per share
per share
per share
listing stocks also
for
Total Dis¬
Name and Location of
Sept. 19, 1938.
v.-,;':.'
V'S
.
Total Dis-
Dividend
Including
bursem'ts
Declared
to Total
to All
Failure
Bant
Offsets
:'";3
Foreign Credits of Budapest, Hungary,
Aug. 15 through its Central Paying Agents in
New York, Schroder Trust Company, that it will redeem
coupons dated Aug. 15, 1938 on the City Savings Bank Co.,
Ltd., Budapest, 7 % Twenty-Five 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.
It is stated
that coupons presented in acceptance of this offfer, which
expires Feb. 14, 1939, and is made only to persons resident
outside of Hungary, must be transmitted to Schroder Trust
Company, 46 William Street, New York.
Bank
Assets
June
on
30
Totaled
$30,387,-
082,000, Exceeding March 7 Figures by $563,582,000
—Deposits of $26,815,894,000 Highest Since Dec. 31,
1936—Decrease in Loans and Discounts Reported
Hawaii
Comptroller of the Currency Marshall R. Diggs
on Aug. 12 that the total assets of the 5,248 active
banks in the continental United States, Alaska,
the
States on
June 30, 1938, the date of the recent call for statements of
condition, amounted to $30,387,082,000, an increase of $563,582,000, or 1.89% over the amount reported by the 5,256
active banks as of March 7, 1938, the date of the previous
call, and an increase of $50,011,000, or 0.16% over the
amount reported by the 5,299 active banks on June 30, 1937,
the date" of the corresponding call a year ago.
Loans and
discounts, including overdrafts, totaled $8,334,624,000, in
comparison with $8,631,366,000 on March 7,1938, and $8,812,895,000 on June 30, 1937.
In his further analysis of the
June 30 figures, Acting Comptroller Diggs says:
Investments in United States Government obligations direct and fully
guaranteed aggregating $7,987,716,000 decreased $104,446,000, or 1.29%,
since
and
Islands of
$231,479,000,
and
March,
Direct and
Virgin
indirect
2.82%,
or
obligations held
on
United
the
June
since
30
a
year
ago.
June 30, 1938, were $6,510,362,000
held
of $3,656,560,000, which included obligations of States, counties and munici¬
palities of $1,415,997,000, decreased $66,167,000, or 1.78%, since March,
and
$1,477,354,000,
and
$246,532,000,
Other bonds, stocks and securities
respectively.
since June 30,
6.32%,
or
1937.
of collection of
banks of $4,618,7, and increased
$988,979,000 in the year.
Cash in vault of $528,305,000 was $97,630,000
more than in March and $83,707,000 more than the amount held a year ago.
Total deposits on June 30, 1938, aggregated $26,815,894,000, the highest
since
Dec.
31,
1936, when the 5,331 active banks reported deposits
totaling $27,608,397,000.
Deposits on the recent call date showed an
increase of $577,652,000 since March, and an increase of $49,981,000 since
June 30 last year.
The aggregate of deposits on June 30, 1938, consisted
of demand and time deposits of individuals, partnerships and corporations
of $12,138,047,000 and $7,548,899,000, respectively; United States Govern¬
ment deposits of $394,272,000;
State, county and municipal deposits of
$2,106,342,000; postal savings deposits of $73,066,000; deposits of other
banks of $4,211,101,000, and certified and cashiers' checks, cash letters of
credit and
travelers' checks outstanding, &c., of $344,167,000.
Deposits
Balances
other
with
including
$8,922,250,000,
177,000, showed
reserve
items
cash
Federal
with
of $974,169,000
increase
in
process
Reserve
since March
by savings pass books amounted to $6,638,177,000,
evidenced
sented
an
and
banks
which repre¬
accounts.
15,941,369
stock
$1,572,900,000, representing a par
of $1,577,421,000.
The latter figure consists of class A preferred
of $248,885,000 ; class B preferred stock of $17,210,000, and common
stock
of
The
value
unimpaired
stock
capital
was
$1,311,326,000.
profits of $409,167,000, reserves
for contingencies of $159,309,000, and preferred stock retirement fund of
$14,030,000,
a
total
of
$1,700,919,000,
increased $19,457,000 since
March
and
Bills
$70,885,000
payable
of
increase
1938,
of
showed
$9,020,000,
The
undivided
of $1,118,413,000,
Surplus
31.08.
was
June 30,
decrease
a
$490,000
in
loans
of
percentage
June last
since
$7,731,000
in comparison
year.
discounts to
total
deposits on June 30,
1938, and 32.93
with 32.90 on March 7,
announcer!
25 Receiverships of National
Completed During July
makes
Aug. 15 the completion of the liquidation of
on
total
a
Banks
Diggs, Acting Comptroller of the Currency,
receiverships
of
stored to solvency
during the month of July, 1938.
This
1,167 receiverships finally closed or re¬
since the banking holiday of
disbursements,
including offsets
76.04
37.2
75.26
31.487
107,033
70.55
b3-29-34
1,441,850
245,335
100.51
101.64
103.64
104.9
104.5
107.83
611,092
53
Citizens National Bank & Trust Co.,
Terre Haute, Ind
73.22
78.39
12-17-31
992,374
Carrollton Nat. Bk., Carrollton, Ky__
First National Bank, Greenup, Ky_._
b4~25-34
666,878
82.36
b2-
1-34
454,007
109.54
105.5
First National Bank, Whitesburg, Ky.
First Nat. Bank, Hampstead, Md
6-17-32
489,409
86.64
82.7
3-10-33
83.1
b4-22-33
78.00
66.8
First Nat. Bk., East Rutherford, N. J.
b3-
1-34
728,948
1,360,168
501,918
85.69
Cherokee Nat. Bank, St. Louis, Mo..
89.19
85.8
b8-23-33
126,412
63.36
36.1
b9-20-33
353,230
84.32
75.1
9- 4-31
6,162,644
33,422
1,287,876
71.34
183,802
93.08
94.3
156,316
89.54
88.7
164,929
57.27
43.7
b3-26-34
752,566
102.73
101.00
a2- 8-38
d228,004
f99.87
elOO.OO
Maple
Shade
....
National
Bank,
First
National
Barneveld,
Bank
of
Trenton,
N. Y
First Nat. Bank, El Paso, Texas
...
a8-13-37
Pampa National Bank, Pampa, Texas.
Nat. White River Bk., Bethel, Vt
bl 1-13-33
First Nat. Bank, Anawalt, W. Va..._
10-15-31
4-28-32
Bayard Nat. Bank, Bayard, W. Va
First Nat. Bank, Pineviile, W. Va
Old Nat. Bank, Waupaca, Wis
Citizens
National
5-
1-30
52.927
35.4
35.4
99.83
100.1
Wisconsin,
Bank,
Rapids, Wis
Receiver appointed to levy and collect stock assessment covering
a
76.54
Maple
Shade, N. J
deficiency in
complete unfinished liquidation.
in conservatorship.
Principal dividend payment to deferred certificate holders,
c
d Date of reopening
allowed, to depositors and other
exclusive of the 42 restored to
for the purpose of delivery to the
.
shareholders' agent of
equity in assets.
In addition to
e
principal dividend payment, the single creditor received
100%
payment of Interest in full through the proceeds of
f Including $73,335 reported on date
collateral collections,
of first closing March 21, 1933.
National banks completed
Reference to the liquidation of
during June appeared in our issue of July
Increase
1937
in
Discounts
and
Loans
in
16, page 353.
of
State
Banks Over
Preceding Year—Survey by Committee
Bank Division of A. B. A. Shows Gain
of
State
of
$236,533,000
Loans
1937
the preceding year,
showed increase in
according to the seventh an¬
of condition of State supervised banks made
survey
by the Committee
Division
Bank
State banks
discounts of
and
over
nual
of
State Bank
on
Research of the State
Bankers Association.
American
the
On
31, 1937, total loans and discounts of the 10,119 State
supervised banks, it is stated, amounted to $13,108,126,000,
which was an increase of $236,533,000, or 1.8% over 1936.
Total investments were $14,754,049,000, of which $8,463,Dec.
291,000,
57.4%, were United States Government securi¬
cash, reserves and due from banks aggre¬
or
Combined
ties.
Total resources amounted to $37,520,-
gated $7,314,647,000.
447,000, total deposits were $32,193,818,000, and total capital
funds which include capital stock, surplus, undivided profits
and reserves for contingencies totaled $4,870,706,000.
The
survey,
years
items
which also showed decreases after more than three
of continuous upward trend in nearly all principal
resources and liabilities of State banks, is based
or
supplied by State Banking Departments of
covers 8,221 State commercial banks, 934
75 private banks, 337 stock sav¬
information
on
the 48 States and
and trust companies,
loan
ings banks, and 552 mutual savings banks.
It is announced
reveals that the combined resources of State
that the study
supervised banks "rose steadily from the end of 1933 to 1936,
but turned downward in 1937, amounting on Dec. 31, 1937,
$37,520,477,000, a decrease of $1,132,249,000, or 2.9% from
of 1936, which was the highest end-of-year total
to
the close
Resources at the end of 1937
resources reported
by these banks four years ago at the close of 1933."
In an introduction jointly signed by H. A. Brinkman,
during the five-year period.
remained
$6,902,669,000,
of
22.5% above
or
Trust
Harris
the
Savings
&
Bank
of
President of the State Bank Division; A. S.
Puelicher, President of the Marshall & Ilsley Bank of Mil¬
waukee, Chairman of the Committee on State Bank Re¬
Chicago,
Frank W.
search, and
form
in
is explained as follows:
that
the
report
each
bank
operating statement
own
its
State.
resources
and
This may be
liabilities,
statement
by its total
the
is
ratio
of such
It
the aim
may
and
items
of
Simmonds of New York, Secretary
Bank Division of the A. B. A., the purpose of
preparing
such
March, 1933.
Acting Comptroller Diggs stated:
Total
1,140,064
47,941
Farmers National Bank, Viola, HI
bll- 1-33
American Nat. Bank, Rushville, Ind..
4-25-33
In
Marshall R.
(110.53
6-33
2-
First-Sterling Nat. Bank, Sterling, 111.
the report
♦
of
85.76
alO-27-37
First National Bank, Secor, 111
of the State
1937.
Liquidation
52.55
66.67
197,100
6-15-32
Henry National Bank, Henry, 111
Vice-President
year.
and rediscounts of $1,289,000, a total of
of $4,246,000 since the previous call but
the
and
$429,859
b Formerly
announced
National
1-13-31
b1-12-34
value of assets sold, or to
by Acting Comptroller of Currency
Acting
First National Bank, Rogers, Ark
First National Bank, Chadwick, II1__Alliance National Bank, Chicago, 111..
on
National
Liabilities Claimants
Allowed
jell.7
The Cash Office of
announced
25
Per Cent
bursements
of
campaign in which the Exchange has
a
Per Cent
Date
Exchange which have been
Stock
Redemption of Aug. 15 Coupons on City Savings Bank
Co., Ltd., Budapest, 7% Bonds
on
INSOLVENT NATIONAL BANKS LIQUIDATED AND FINALLY CLOSED
OR RESTORED TO SOLVENCY DURING THE MONTH OF JULY, 1938
per share
national corpora¬
The time limit for these free listings is
to the list.
be
an
The following are the 25 National banks liquidated and
finally closed or restored to solvency during July:
engaged to add the issues of large
tions
to
He. per share
Board
The
*
He. per share
Over
listed
lc.
lc.
He.
He.
He.
1121
Chronicle
is
based,
institution
the
as
on
or
has been
compare
its
to
own
furnish information
in
principal balance sheet
with the average figures for banks
accomplished simply by dividing any item
of earnings and expenses, from a bank's
items
deposits, total capital funds, or the item on which
indicated in the table, thus placing the figures
the
same
bases
as
those shown
in the various tables.
hope of the officers of the State Bank Division that a careful
study of the report will give the members of the State Bank Division
nation-wide picture
a
of the condition and progress of State bank institutions,
80.37% of total
amounting to an
average of 66.95% of their claims.
Dividends distributed to creditors of
all
active
receiverships during the month of July, 1938, amounted to
$4,370,764.
Total dividends paid and distributions to depositors of all
receiverships from March 16,
1933,
to July 31,
1938, amounted to
and
enable them to submit themselves Jo ^elf-examination
appraisal, working toward greater profits through increased earnings
and
more
$915,566,961.
to
creditors
of
these
1,167
receiverships,
solvency, aggregated $462,388,063, or an average return of
liabilities,
while
unsecured
creditors
received dividends
and
by comparison
efficient bank operation.
The Research Council
tion, in
a
Existing
all
data
of the American
V
Bankers Associa¬
foreword to the survey, states:
circumstances demand that intensified consideration be given
bearing on the condition and operations of banks.
Sweeping
Financial
1122
changes
vital
the conditions under
in
Influences
banks
which
functions
their
on
factors determining
must operate are exerting
earning power and therefore on
and
It is clear that important adjustments
bank operations must necessarily be evolved in order to meet these
in
their soundness.
changes.
Chronicle
There is
Aug. 20,
maturity of
a
1938
similar issue of Treasury bills on
The Treasury Depart¬
bearing on the new offering said:
a
Aug. 24 in amount of $50,409,000.
ment announcement
They (the bilisj will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (ma¬
series of statistical tables, charts
The study contains a
and graphs accompanied by explanatory text which sum¬
marizes the major developments of State bank operations
during the year.
turity value).
No tender for an amount less than $1,000 will be considered.
multiples of $1,000.
must be in
Each tender
The price offered must be expressed
the
on
basis of 100, with not more than three decimal places, e.g., 99.125.'
Frac¬
tions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
Federal
of
Institutions
Member
Loan
Home
Bank
Possible Prompt Payment of Resi¬
dential Real Estate Taxes, Says Preston Delano
Make
System
institutions
Member
Federal
the
of
Home
Loan
Bank
the System, said on Aug. 13.
lie discussed the development
of a plan by which the home mortgage borrower each month
pre-pays to the institution holding his
one-twelfth of his taxes for the year.
said:
lien
Mr. Delano further
Every year a larger number of member associations
the
in advance to
prepare
The
plan
the favor
meets
arranging with
are
discharge tax obligations
of
borrowers,
since
it
as
is
earnings
The
paid
are
this
on
received
them
time.
In
from
The tax
cases
many
marked
a
effect
on
the
of tax
volume
municipalities,
It makes funds available to local
governments promptly and, on the other hand, reduces the need for shortterm borrowing to meet budget expenditures.
The mortgagor welcomes
revenue:
the
by
Any program
delinquency and
bank or trust company.
payment of taxes is
prompt
boon
a
to
have
the depression proves that neglect of
period caused thousands of foreclosures that other¬
been
1938, ail tenders received at the Federal Reserve Banks
More than
$4,500,000
dividends
as
received by Government agen¬
was
their investments in 1,343 savings and
on
loan associations during the first half of
1938, the Federal
Aug. 13. A tabulation
Home Loan Bank Board reported on
showed that practically every association paid a
for the six-month period.
The Board also rioted:
Board announced
dividend
by Congress to invest in qualified thrift associations which sought
to
expand their home-financing operations, dividends paid the
funds
Government
have
totaled
approximately $17,793,000.
Of the total dividends received
during the first half of 1938, amounting
to $4,538,000, $3,668,000
represents earnings on $211,997,610 invested in
shares by the Home Owners' Loan Corporation from a
$300,000,000 fund
authorized
by
Congress
Federal-chartered
chartered
to
in
1935.
associations
institutions
of
the
on
The
June
FHLB
outstanding
30
totaled
System,
HOLC
investments
$170,995,300.
HOLC
in
State-
In
investments
amount
an
outstanding
of
Government
investment
dividends for
the
six
months
of
$47,802,000 of United States
Treasury funds in Federal savings and loan associations, which was author¬
by Congress in 1933.
ized
Government's
undertaken
subsided
applied for, and his action in
on
the
reserves
the
any such respect
shall be final.
Those
Federal
Reserve Banks in
to
with
purchase
of shares
provide needed funds
the
The Treasury
for
in
the
various
associations
was
home-financing, but that need has
resumption of investments by the general public.
$285,722,000 Received to Offering of $100,000,000 of
91-Day Treasury Bills Dated Aug. 17—$100,493,000
Accepted at Average Rate of 0.047
Announcement
that
bids
of
$285,722,000 had been re¬
ceived to the offering of
$100,000,000, or thereabouts, of
91-day Treasury bills dated Aug. 17 and maturing Nov. 16,
1938, was made on Aug. 15 by the Treasury Department.
The tenders to the
offering were received up to 2 p. m.,
Eastern Standard Time, Aug.
15, at the Federal Reserve
banks and the branches
was
other
or
immediately available funds
bills will be exempt,
as to
principal and interest, and
on
an
gain from the saie or other disposition thereof win also be exempt, from
taxation,
estate and
except
inheritance taxes.
No loss from the sale
gift tax.)
(Attention is invited
a
to
or other
disposition of the Treasury bills
shall be ailowedas a deduction, or otherwise recognized, for the purposes of
hereafter imposed by the United States
any tax now or
or any
of its posses¬
sions.
Treasury Department Circular
issue.
No.
418,
as
amended, and this notice
conditions of their
govern the
Copies of the circular may be obtained from any Federal Reserve
Bank or branch thereof.
1
.
Market
Government Securities
Treasury During July
of
accepted.
were
made in
thereof.
Of
the tenders
Reference
to
the
received,
offering of
issue of Aug. 13, page 970.
The details of the result of the
offering, as made known
Purchased
by
transactions in Government securities for Treas¬
investment accounts in July, 1938, resulted in net pur¬
chases of $1,151,600, Acting Secretary of the Treasury Roswell Magill announced on Aug. 15.
This compares with
ury
$783,500 net purchases during June.
The
following tabulation
tions
in
Government
shows
securities,
the
Treasury's transac¬
by months,
since the be¬
ginning of 1937:
1937—
January
February.
.
March
.
.. _
_
_
.
15,351,100 sold
..119,553,000 purchased
April.....
..
May.....
..
June
..
....
1938—
11,856,500 purchased
3,853,550 purchased
January.,
February
12,033,500 sold
3,001,000 sold
24,370,400 purchased
March
23,348,500 purchased
4,812,050 purchased
...
April
2,480,250 purchased
12,510,000 purchased
May
4,899,250 sold
8,900,000 purchased
June
...
August.
September.
October
Tax
52,000,050 purchased
December
5,701,800 purchased
...
July
November......
.$14,363,300 purchased
...
783,500 purchased
3,716,000 purchased July
...v.
1,151,600 purchased
Exemption Discussed by President Roosevelt and
Acting Secretary of Treasury Magill
removal
advocated
exemption in the
case
by President Roosevelt of tax
of Government salaries and Govern¬
securities was discussed by President Roosevelt and
Acting Secretary of the Treasury Magill on Aug. 15, the
latter indicating this at his press conference on Aug. 18,
according to Washington advices that day to the New York
"Times" which in part stated:
ment
The President's views
$100,493,000
cash
Aug. 24, 1938.
in his message to
bills
possible thereafter, probably
ritting tenders will be advised of the acceptance or rejection thereof.
sub
The
remaining $870,000
from
The
Aug, 22,
right to reject any or all tenders or parts of tenders, and to allot less than the
amounted
$41,002,310.
The
came
as
The Secretary of the Treasury expressly
1937—
that
1,078 Federal savings and loan associations
paid average annual dividends of 3.56%, while 265 State associations
paid an average of 8.42%.
Since Government agencies were first author¬
ized
on
branches thereof
or
the closing hour wiLi be opened and public announcement of the
to
up
acceptable prices will follow as soon
following morning.
$1,151)600
The
,
avoided.
$4,500,000 Received by Government Agencies as Divi¬
dends on Investments in Savings and Loan Asso¬
ciations in First Half of 1938, Reports FHLBB
cies
,
.
Immediately after the closing hour for receipt of tenders
prescribe the terms of the Treasury bills and
Any study of
sustained
a
would
danger of tax
the
him.
to
that stimulates
home ownership.
taxes over
it eliminates
since
arrangement,
resulting penalties
wise
deposit
accompanied by an express guaranty of payment by an incorporated
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
money.
already has had
program
become
they
saves
of raising a substantial lump sum at one
remitted along with each payment on a loan.
necessity
money
a
of 10% of the face amount of Treasury bills applied for. unless the tenders
Payment at the price offered for Treasury bills allotted must be made at the
.
buyers to
due.
a sum equal to
Tenders from others must be accompanied by
ment securities.
are
System, now numbering nearly 4,000, are making possible
the prompt payment of residential real estate taxes in
hundreds of American cities, Preston Delano, Governor of
and from responsible and recognized dealers in invest¬
and trust companies
on
tax
exemptions were the same
as
he expressed
Congress in the Spring," Mr. Magill said.
The subjects of the controversial undistributed profits levy and lowering
of individual exemptions to broaden the income tax base were not discussed
he added.
...
Mr. Magill stated that be and the President reached no conclusions in
their informal discussion at luncheon
was
a
on
Monday.
Their discussion, he said,
preliminary to the conference between the President and Secretary
Morgenthau to be held around the end of the month at which administration
tax
policy for the forthcoming year is to be formulated.
The President's message to
to terminate tax
page
exemption
Congress in April urged action
given in our issue of April 30,
was
2777.
♦
our
President
in
Thousand Islands
Canada, Declares Responsi¬
bility for Getting Results in Development of St.
Lawrence Waterway Lies at Door of Two Govern¬
ments—Prime Minister MacKenzie King Sees Bridge
"Symbol of International Friendship and Good
Dedicating
International Bridge,
by the Treasury Department, follow:
Total applied for, $285,722,000
Roosevelt
Total accepted. $100,493,000
Range of accepted bids:
High,
99.991; equivalent rate approximately 0.036%
.
Low,
99.987; equivalent rate approximately 0.051%
.
Average price, 99.988; equivalent rate approximately 0.047%
.
(60%
New
of the amount bid for
at the low
Will"
price was accepted.)
Offering of $100,000,000 of 91-Day Treasury Bills
to
Tenders to
a new
be dated
Aug. 24, 1938
offering of $100,000,000,
or thereabouts,
91-day Treasury bills to be received at the Federal Reserve
Banks, or the branches thereof, up to 2 p.m., Eastern Stand¬
ard Time, Monday,
Aug. 22, were invited by the Treasury
Department on Aug. 18.
Tenders will not be received at
the Treasury Department.
The bills will be sold on a dis¬
count basis to the highest bidders.
They will be dated Aug.
of
24, 1938, and will mature
on
Nov. 23, 1938, and on the ma¬
turity date the face amount will
be
payable without interest.
In
dedicating
Aug. 18 the Thousand Islands Interna¬
the St. Lawrence River, President
Roosevelt declared "the bridge which we here dedicate is a
tangible proof that administration by two neighbors of a job
to be done in common offers no difficulty."
"At various
times," said the President, "both the people of Canada and
the people of the United States have dreamed of the St.
Lawrence and Great Lakes development.
They have trans¬
lated those ideas into plans which can easily be carried out.
In another part of his speech the President took occasion to
say that "I suppose it is true, as has been true of all natural
resources, that a good many people would like to have the
job—and the profits—of developing it for themselves. In this
case, however, the river happens to be placed in the hands
tional
Bridge,
on
across
Volume
Financial
147
of
our two governments, and the responsibility for getting
the results lies plainly at our doors."
"To put it bluntly,"
remarked the President, "a group of American interests is
here
gradually putting itself into a position where, unless
exercised, they may in time be able to determine
the economic fate of a large area, both in Canada and the
caution is
I*
handling of their
Naturally, no solution would be
major problem of government.
a
acceptable to either country which does not leave its government
master in its
problems
house.
own
.It is obvious today that some
,
.
entirely
economic
the
To
international, if only because of the sheer weight which
are
solutions have
on
the lives of peopie, as
well
as
inside any one country.
mind, the development of St. Lawrence navigation and power is such a
my
problem.
I look forward to the
dedicate, not
bridge
a
day when
across
Canadian Prime Minister can meet to
a
freely.
as
The St. Lawrence River is
countries.
God
I have done, a happy welcome on
than
more
cartographic line between our two
a
formed North America that the waters of an
so
pire drain into the Great Lakes basin.
inland em¬
The rain which falls in this vast area
finds outlet through this single natural funnel, above
this water, but the very water itself, to the
lasting and productive use of their respective peoples.
flow of these waters
which we now stand.
of the richest natural assets
one
which
access
to raw materials both from this Continent and from
underneath
and enhances commerce and
When
this bridge spells unlimited power;
The
permits
beyond the seas,
production.
of this kind is placed at our very doors,
a resource
countries
provided anywhere in the world.
water
runs
result the
between our two
Between us, we stand, therefore, as trustees for two
governments.
of
be used only by joint agreement
can
will use
either
friends.
I hope all our countrymen
common sense.
I know they will find,
shore, and for the right fellowship from neighbors who are also
Events of history have made that river a boundary, and as a
The development of natural resources, and the proper
fruits, is
guided by cooperative
it
The President further said:
United States."
1123
Chronicle
I think the plain
people of both countries agree that it is ordinary common sense to make use
of it.
Yet up to now the liquid wealth, which flowing water is, has run
in
large part unused to the sea.
I
really think that this situation suggests that
better arrangement than merely letting it
King of Canada, who likewise
participated in the dedication of the Bridge, stated in his
speech that "upon a bridge, itself a symbol of international
friendship and good-will, we are celebrating once again a
century and more of peace between the United States and
Canada.
When we reflect upon the disputed frontiers which
threaten peace in other quarters of the globe, we cannot but
feel that the ceremony in which we are participating has in
it something of significance to the worla."
In part he also
said:
hinds of
we can agree upon some
contribute
a
microscopic fraction
to the level of the North Atlantic Ocean.
Prim© Minister MacKenzie
The bridge which we here dedicate is a
by two neighbors of
visouly the
the
Our populations,
Indeed,
differ greatly from those of Europe.
Each
European countries have contributed most to their composition.
problems of race and creed and class; each has its
of our countries has its
full
measure
Nevertheless,
of political controversy.
the better way to secure
we seem
This international highway speaks of that better way.
vast undertaking,
In itself it is one
but it is made up of pieces of soild ground and a series of
Where solid ground has been lacking, and the way, in consequence,
bridges.
made
to have found
and maintain our peace.
impassable, bridges have been built.
Imposing structures they are,
ingeniously combining utility and beauty.
differences.
our
We have
St. Lawrence River
I suppose
no more
From
antiquity to the present, bridges have been built to span the spaces
an
of separation.
...
road-making, it is a great thing, Mr. President, to know
In politics, as in
how to build
In the art of international bridgebuilding there are
bridges.
two structures,
each with its association with the St. Lawrence and the Great
They stand out
Lakes, of which I should like to say just a word.
of international cooperation
ments
for the world of today.
.
.
This bridge of peace has
as monu¬
Each has its
and good-will.
message
.
armaments, the United States and Canada have settled
of reasoned discussion.
differences by the method and processes
A
the international bridge building of which I have
word in conclusion;
grown
human intelligence and
They
mean
we
faith in
foster and maintain.
.
.
.
both countries when I say that, not only
determined to preserve the neighborly relations, and the free ways
but that we earnestly wish to see
To that end,
building bridges, to throw the span of friendship
they become a part of the common
prepared to go on
heritage of mankind.
of our time.
and of freedom across the troubled waters
On
Wells
Island—prominent in the history of two nations—high State
officials met
throw open
the
to
on
"the biggest little bridge in the world" to cut a ribbon and
to tourist traffic another.link
between the countries.
The dedication was set for a place not far from where President
own
"muskies" in 1862
father, James Roosevelt, went fishing for
where Prime Minister
MacKenzie King's
own
Roosevelt's
or
from
grandfather, William Lyons
MacKenzie, fought in the historically famous "battle of the Windmill" in
the so-called "rebellion of
1837."
The dedication likewise marked the
nations, for not since
peace
100th year of peace between the two
border warfare of 1838 has a gunfire broken the
the
of the 3,000 mile boundary.
The dedication ceremonies were
"international rift bridge"
a
set for a spot near the boundary at the
tiny span that crosses a branch of the great
St. Lawrence River where it cuts across Wells Island, down the middle of
which runs the international boundary.
Bronze tablets and a brass strip across
nations line and here President
The bridge
in
itself comprises five separate spans, one huge suspension bridge
close to nine miles of road
bridge" and three
quick succession cross Canadian waters of the
One hundred years
which
St. Lawrence.
St. Lawrence, a few yards away, lies the rottening
Sir Robert Peel, a Canadian packet
Bnnk in a raid led
spans
of history is written on the spot of the American span
for on the bottom of the
ship captured, fired and
by William Johnson, river pirate after the war of 1812.
From Carleton Island, near
the bridge site, revolutionary war raids upon
organized in a British fort.
bridge route found later that they had fol¬
the Indian trails from Canada to the United States made
villages in New. York State were
Engineers who surveyed the
lowed close to
famous by
plainly at
Novelist James Fenimore Cooper and later historians.
Mr. Prime Minister, it
common sense was a
into action, and perhaps
It is
a
Common sense is sometimes slow in getting
that is why we took so long to build this one.
particular pleasure to me to meet you here, where a
gateway and not a
wide,
has always seemed to me that the best symbol of
bridge.
wall.
boundary is a
Between these islands an international gap, never
usually are, by the exercise of ability,
has been spanned, as gaps
United
St. Lawrence and Great Lakes development.
They have translated those ideas into pians which can easiiy be carried out.
While there has been
difference between
no
us
to the
as
object, history
compeis me to say that we were not able to arrange matters so that both
How would it do for a
peoples have had the same idea at the same time.
change, if, instead of each of
us
get the idea simultaneously.
having the idea of alternate intervals, we
I think
we are
rapidly reaching that happy
and desirable event.
I
am
clear that prophets of trouble
very
a
when they express the
waterway is not to take traffic away from
Actually, it creates
Such
activity.
are wrong
Lawrence waterway will handicap our railroad systems.
We know now that the effect of
new
possibilities,
new
businesses, new
waterway generates more railroad traffic than it takes
a
v";'-
away.
There is today a
'i'-'X-..
v"—
14-foot channel carrying traffic from the Great Lake
through the St. Lawrence River into the Atlantic Ocean.
If this were
deep®
easily be done—to 27 or 30 feet, every city on the Grea
ened which
can
Lakes,
inland, would become an ocean port.
now
The banks of the St. Lawrence Valley would become one of the great gate¬
ways
of the world and would benefit accordingly.
Here all that is needed is
cooperative exercise of technical skill by joint use of the imagination and the
which
two countries have.
our
Can any one doubt that,
will be
when this is done, the interests of both countries
Do
greatly advanced?
we
need to delay, and to deprive our peoples
employment and profit, or prevent our generation from
of the immediate
reaping the harvest which is awaiting us ?
Development of Natural Resources Major Problem of Government
Let
I consider that I have, myself, a particular duty in connection
understand.
St. Lawrence power.
The almost unparalleled opportunity which the
river affords has not gone unnoticed
the boundary.
a
by some of my friends on our side of
A conception has been emerging in the United States which
is not without a certain
that if
I am sure you will not mis¬
make, now, an unusual statement.
me
This is
magnificence.
If you were
familiar, you
of electric power, save only
to search the records which my government is
is allied to, if not controlled by, a single American group,
with, of course, the usual surrounding
sidiaries and
penumbra of allies, affiliates, sub¬
satellites
earlier stages of
was
basin,
of the great empires in history.
the Ontario-Hydro,
In
less than the conviction
would have a monopoly i nthe development of a territory larger
than many
this
no
private group could control the outlet of the Great Lakes
that group
development of natural resources on this continent,
normal and usual.
In recent decades, however, we have come to
implications to the public—to the individual men and women,
realize the
to business men,
big and little, and even to government
the ownership by any <group
itself, resulting from
of the right to dispose of wealth which was
granted to us collectively by nature
herself.
of their
Naturally, no solution would be
acceptable to either country which does not leave its government entirely
The development
fruits, is
of natural resources, and the proper handling
major problem of government.
a
master in its own
house.
bluntly, a group of American interests is heie gradually putting
where, unless caution is exercised, they may in time
determine the economic fate of a large area, both in Canada and
To put it
itself into a position
be able to
the United States.
Now, it is axiomatic
in Canadian-American relations that both of us
scrupulously respect the right of each to
determine its own affairs.
Some Economic Problems
For that reason, when
economic forces is
border
International
I know that the operation of uncontrolled American
slowly producing a result on the Canadian side of the
which I know very well must
great influence over
eventually give American groups a
Canadian development, I consider it the part of a good
question frankly. The least I can do is to call atten¬
neighbor to discuss the
tion to the
situation as I see it.
Our mutual
friendship suggests this course in a matter of development as
crucial as that of the St. Lawrence. Fortunately among friendly
increasingly being done.
Frank discussion between
neighbors is useful and essential. It is obvious today that some
great and as
nations today this is
friends and
economic
problems are international, if only because of the sheer weight
the lives of people, as well as inside any one
the solutions have on
which
country.
power
President Roosevelt's address at the dedication follows:
be placed in the
and the responsibility for getting the results
doors.
our
Roosevelt plans to snap the ribbon.
the island to the small "international
hulk of the
two governments,
our
the roadway mark the between-
from the American shore to Wells Island, plus
across
employ
has been true of all natural resources, that a good
as
In this case, however, the river happens to
would discover that literraly every development
dedication
by President Roosevelt and
Prime Minister W. L. MacKenzie King of the new $3,000,000
Thousand Islands international Bridge, United Press advices
from Alexandria Bay, N. Y., said:
Incident
development offered by the
power
At various times both the people of Canada and the people of the
with
of life, which are our priceless heritage,
we are
as acts of
for us a precious cultural and constitutional heritage, which
think I speak the mind of
'are
All stand
neighbors.
good-will.
it is our joint purpose to
I
needs and our common will to
naturally out of our common
live together as good friends and
Ob-
the larger scale to the resource of full
build and maintain the necessary facilities to
States have dreamed of the
which our international bridges are fitting symbols,
been speaking, and of
has
all their boundary
can
it is true,
for themselves.
vision
been the more significant in that while countries
the continents of Europe and Asia have been increasing their frontier
on
on
people would like to have the job—and the profits—of developing it
many
railroad lines.
There is indeed
practiced the art of building bridges.
striking symbol of unity, of intercourse and of friendship than a bridge.
applied
its magnificent possibilities.
fear that the St.
have learned to bridge
of international relations we, too,
In the realm
job to be done in common offers no difficulty.
same process
sea-going navigation and of complete
lies
Human nature is much the same wherever it exists.
after all, do not, in origin,
a
tangible proof that administration
To my mind, the development of
St. Lawrence navigation and
is such a problem.
the day when a Canadian Prime Minister and an Ameri¬
I look forward to
can
President can meet to dedicate, not a
very
bridge across this water, but the
itself, to the lasting and productive use of their respective
Until that day comes, and I hope it may be soon, this bridge
an open door.
There will be no challenge at the border, and no
water
peoples.
stands as
guard to ask a countersign.
must be, "pass, friend."
Where the boundary is crossed the only word
Financial
1124
Canada and the United States because
from systems which forbade them to think
freely and their descendants have insisted on the right to know the truth—
to argue their problems to a majority decision, and, if they remained un¬
convinced to disagree in peace.
As a tribute to our likeness in that respect,
Many of our ancestors came to
they wished to break away
United States "will not stand idly by" if
threatened by foreign aggression, President
Roosevelt declared on Aug. 18 in a speech at Queens Uni¬
is
,
the same.
British
the
Empire,"
part
added.
he
General,
Hyde Park station.
at
brief
bedded in education, build new spans to
order in which free nations can live in
world and bring forth an
out the
peace.
The President's address at the dedication of the Thousand
Islands Bridge is given in another
Roosevelt
President
item in this issue.
Social
Praises
Act—
Security
All Who "Need
"Short-Cuts to
Utopia" in Speech Celebrating Third Anniversary
Promises
Expansion
to Include
Warns Against
Protection"—He
Dominion.
conference
press
MacKenzie King and I both belong, suggested
qualities to keep our foothold in the shifting sands
present—humility, humanity and humor.
All three of them, im¬
re-establish free intercourse through¬
of the
of the
"I give
These advices added:
The President, returning to his home here, held a
receiving an
in
that we cultivate three
idly by if domination of Canadian soil is threat¬
other empire."
According to United Press advices from Hyde Park
President Roosevelt indicated yesterday (Aug. 19) that he
does not regard his pledge to aid Canada against aggresion
in his automobile
maintain good neighborship in ideas
ever
and of foreign relations.
My good firend, the Governorhonorary degree in June at that university at
government
not stand
extension of the Monroe Doctrine to the
will
Cambridge, Mass., to which
ened by any
an
of Canada who respect the educational tradition
you
public service hope and propose jto maintain it in the field of
in the
we
that the people of the United States will
to you assurance
Chancellor,
Mr.
of our democratic continent
as
"good-neighbor" policy of the United States and said that
this country
a
strong bond of friendship existed between
and Canada.
"The Dominion of Canada is
of Rights in your country and in mine is substantially
I note that the Bill
versity, Kingston, Ont., on the occasion of the presentation
to him of an honorary degree.
After the address at Queens
University, the President motored to a ceremony dedicating
an international bridge in the Thousand Islands, and later
on the same day returned to his home in Hyde Park, N. Y.,
where he expected to remain until late in August.
In his speech at Kingston, Mr. Roosevelt stressed the
as
should be the case.
It is right and just that this
policy.
Citizens of the
of
when we say that public opinion ultimately governs
That is what we mean
Dominion
sisterhood
become the national verdict.
in the long run,
Stand
Canada
total of these conclusions of educated men and women will,
and the sum
Roosevelt Says United States "Will Not
Idly by" if Canada is Threatened from
Abroad—Remarks
at
Queen's
University
Not
Intended
as
Extension of Monroe Doctrine to
President
Aug. 20, 1938
Chronicle
of Measure
(
He was told that Washington
interpreted his speech at Kingston, Ont., yesterday as an extension of the
celebrated
Monroe Doctrine.
anniversary
third
The
the
of
Aug. 15 by
on
Security
Social
Act
was
dinner in Washington, attended
a
by House and Senate supporters of the measure, at which
suggested that his questioners read the Monroe Doctrine for a direct
reply and added that he had made no mention of Latin-America in his
Roosevelt said in
President
address broadcast through¬
an
speech.
The
complete text of the President's speech is given below:
To the pleasure of being once more on
so
of gratitude
I am glad to join
the brotherhood
contributed and is contributing not only to the spiritual
the
college
was
not
prince or a potentate but it is a Power.
a
leasership for which
Constitution from accepting
our
title from a foreign prince, potentate, or Power.
Queens University is
Yet I
without
can say,
con¬
Civilization
is
national—it
not
is
international—even
though
be
the profit of education
That is
one
Thought is not anchored in
the
Wben, speaking recently in
ing of that tradition.
in the Americas know the sorrow and the
ability of men to understand each
similar vein in
a
of
war
than
tragic
more
of men's
among
is
succeeded
is
denied
by
which
because
bitterness.
impossible not to remember that
Americans have met
it
its
for years
that
North American
as
Yet
we
It
a
unhappy
few short houis the effect of that
in Montreal and New York, in Ottawa and in
Chicago, in
array were to
be set in
whisper had been registered
Washington, in Toronto and
Vancouver and in San Francisco.
Your business
men
wage
It
has
Instead,
a
assistance
bring
in the Americas have become
we
a
our
resources,
have made
us
Happily,
no
assure
The vast amount
seas.
we
choose
technic undeveloped Which may, if our
of the world.
no
hopes
Even if those hopes
civilization
can
flourish
are
look
pathway unexplored
are
realized, contribute
disappointed,
each other that this hemisphere at least shall remain
wherein
can
a
we can
strong citadel
The Dominion of Canada is part of the sisterhood of the British
Empire.
I give to you assurance that the
people of the United States will not stand
idly by if domination of Canadian soil is threatened by any other empire.
We are good neighbors and true friends because we maintain our own
rights with frankness, because we refuse to accept the twists of secret diplo¬
macy, because we settle
cuss
to be
our
common
our
disputes by consultation and because
problems in the spirit of the
scrupulously fair and helpful not only in
but each of
us
But there is
at home in
one
process
ought not to change.
have about
events
our
relations with
which
we
an
common
our
our
good.
we
dis¬
We seek
relations with each other
own
which ordinary men and
understand.
women
We cannot prevent our
opinion in regard to wanton brutality, in regard to
undemocratic
helpless
peoples,
All that
or
regimentation, in regard to misery inflicted on
in regard to violations of accepted individual rights.
any government, constituted as is yours and mine, can
to
help make sure that the facts
are known and
possibly undertake is
fairly stated.
No country
was
them
assure
27,500,000
than
more
needy
for the
know
men,
families—at
folks
with
and
million
itself
and
rendering its
own
verdict;
and women
2,300,000
spending
are
they
their
love;
by
of
care
last
more
their
years
in
than
600,000
sur¬
families;
own
health
And
it
families
child
and
has
the security
These
the
for
and
familiar
welfare
significance
:
/ VV-vVv:.'.
communities to whom
and
of
us
brought
have
services
all
for
who,
as
ex¬
added
citizens,
have
and the well-being of this great democracy.
yet we should
fulfilling an obvious
obligation to the citizens of the country, has been doing so only because
the citizens require action from their representatives.
If the people, during
not
be
accomplishments
unduly proud
But
chosen
social
beautiful
dream
the
that
the
for
the
still
would
might
are
impressive,
come
Administration or a "do-nothing"
be in the conversational stage—a
true in the dim distant future.
underlying desire for personal and family security was nothing
days of colonization and through the long years follow¬
the
worker,
things
loved and
years
Our Government, in
reactionary
a
security
the early
In
new.
ing,
had
years,
Congress,
three
of
of them.
he
the
farmer,
came
The
loved.
merchant,
the
man
of
property,
the
here to build, each for himself, a stronghold
stronghold
wished to protect were
was
his
home;
the things he
his family, his material and his spiritual
possessions.
His
security,
then
as
now,
was
bound
to that
of his
friends and his
neighbors.
But
Among
an
of
and
wits
the
shop
Nation
the
as
have grown
more
has
increasing
host
industry,
giant
were
no
developed,
as
invention, industry and commerce
complex, the hazards of life have become more complex.
of
man
fellow citizens, among
the often intangible
has discovered that his individual strength
This is true not only of the worker at
longer enough.
also of the merchant or
men had turned to
neighbors for help and advice, they now turned to Government.
Now this is interesting to consider.
The first to turn to Government,
the first to receive protection from Government, were not the poor and
bench
manufacturer
the
or
who
at
the
employed
ledger;
him.
it
was
Where
true
heretofore
lowly—those who had no resources other than their daily eamingB—but
the rich
and
the strong.
Beginning in the nineteenth century, the United
property owners, to industrialists, to merchants and to
for
men
and children receiving
all told; with this
women
least
people
being taken
are
significance
public
heart
at
age
/'.'.Vvv';.
has
It
ears.
to help bridge the gap between jobs.
wages
from
evidence
survey
life after old
income for
an
States
the
to
American
to
new
where thought is free can prevent every fireside and home within its borders
considering
and
far,
so
40,000,000 men and women work-*
than
more
voices.-
forces
people.
certainly cannot change and probably
This is the feeling
which they can
people from having
for
preacher and the idealist
unimpaired.
accomplished
about 40,000 blind people are assured of peace and security among
these
not.
or
friendship and in entire understanding,
clear-eyed at these possibilities, resolving to leave
and
harm.
no
the vigor of our commerce and the strength of our men
vital factors in world peace whether
you and we, in
to the peace
and
consideration to every propa¬
ganda office and to every general staff beyond the
of
interest
no
has
it
1,700,000 old
they
children
and
far away continent, to which the eddies
could
good vantage
jobs.
their
for
dependent
protection.
seas
a
who have earned credits under State unemployment insurance
roundings
panded
longer
their
provide half
and
wondered what effect this might have on their lives.
are no
This is
old-age insurance accounts have been received;
designed to
significance
assistance
felt it alike; your farmers and ours heard it alike; your young men and
beyond the
old today.
years
"social security"
term
significance
earners
laws which
ours
We in the Americas
the
from
-
ours
of controversies
what
over
ago
is
them
has
cash
for serious thought.
a matter
A few days ago a whisper, fortunately untrue, raced round the world that,
arriiies standing over against each other in
In
a
long look backward to its beginnings, to cast
a
applications for
system
retires
awake to
are
eye
years
whose
this
pushes it
greetings in earlier times
our
which to take
Today it has significance for
atmosphere
Canadians and
when
overseas.
knowledge that the casual assumption of
motion.
If the
Administration or
representatives.
reactionary
possibilities of future growth.
Five
brings to the
emotion
In
they have light-heartedly saluted
friends, without thought of dangers from
today must become
obvious
an
in full, follows:
Security Act is three
appraising
an
the
thought cannot advance.
It is
their
a
President's address,
point from
ers
the destruction
Truth
minds.
Forbearance
human
in
social
dream
The
here today know from experience that of all the devastations
is
none
aside.
the
Congress,
The Social
j:; y
processes
fulfilling
in
people,
"dosecurity would still be in the conversational
which might come true in the dim distant
chosen
beautiful
the
wreckage which may follow if the
other is rooted out from
nations.
us
Government,
from
action
had
years,
stage—a
Republic of Brazil, I included the Dominion of Canada in the fellowship
of the Americas, our South American neighbors gave hearty acclaim.
We
IVIany of
require
these
Our
of the country, has been doing so only because
future.
large sense we in the Americas stand char ged today with the maintain¬
a
was
them.
nothing"
rebounds to the equal benefit of the whole world.
form of free trade to which the leaders of every opposing political
party can subscribe.
In
citizens
during
land; and
any
of
proud
to the citizens
obligation
Ideas are not limited by territorial borders; they are the common
world.
unduly
that
observation—trite to most of us, is today challenged in some parts of the
inheritance of all free people.
speech
accomplishments of three years are impressive, yet we should not
These
Supreme Court.
our own
fantistic financial schemes."
or
said:
stitutional reserve, that the acceptance of the title which you confer on me
today would raise no qualms in the august breast of
the program
Although
heralded as non-political, he
praised the four co-sponsors of the measure in Congress
during 1935, including Representative David J. Lewis of
Maryland, who is opposing Senator Millard Tydings in the
Democratic senatorial primary this fall.
In praising the
results achieved by the Social Security Act, Mr. Roosevelt
Utopia
President's
the
Queens has
Canada.
of
SHfAn American President is precluded by
any
which
to
cuts
established, but also to the social and public leadership in
life
civilized
the
time
a very warm
for being admitted to the fellowship of this ancient and
famous university.
that
country
include "all those who need its
Canadian soil where I have passed
of the happy hours of my life, there is added today
many
sense
would be expanded to
protection," but at the same
warned not to be "misled by those who advocate short¬
the
out
passed
protective laws
designed,
in
the main,
to give security to
bankers.
True, the
Financial
Volume 147
little
often
man
profited
product rather than
by this type
but that was a by¬
of legislation;
motive.
a
not that
the working
his problems
known.
The powerful in industry and commerce had powerful voices, both
individually and as a group.
And whenever they saw their possessions
Taking
a
man
deliberately
not
was
of
view
generous
Government
the
working
man
to make
articulate
think
I
situation,
the
ignored
sufficiently
it
but
was
that
protection.
threatened, they raised their voices in appeals for Government
It
that
until workers
not
was
became
protective labor legislation
standards
life
of
they
still
gave
no
assurance
of
economic
security.
his job;
it did not guarantee him a roof; it did not guarantee him the ability to
provide for those dependent upon him or to take care of himself when he
Strength
skill
or
too old
was
of
arm
did
brain
or
guarantee a
not
man
work.
to
Men and
of
women
little to share
but
relatives
still young,
and
remaining years within the walls
spent their
or
Fatherless children early learned the meaning of
poorhouse.
a
burden to
the
to
or
but discarded
Men and women,
community.
their
work
economic
gainful workers, were drained of
as
sought—the
they
being a
still strong,
the
that
place
a
for
that
with health and the willing¬
themselves in the social and
and
insurance
become
Today
protection.
of
many
difficult
compensation because of the
These
a
and
of extending to the people of this country more
means
people of this
arising out of ill
adequate health and medical services and also to afford the
against
protection
some
economic
the
losses
health.
For
I
hopeful that
am
each
I am also confident
will bring further development in Federal and State social
year
security legislation—and that is as it should be.
In our efforts to provide security for all
warning, however.
One word of
misled by those
who advocate short cuts to Utopia or fantastic financial schemes.
We have come a long way.
But we still have a long way to go. There
is
still today a
frontier that remains unconquered-—an America unre¬
claimed.
This is the great,
the nation-wide frontier of insecurity, of
the American
human
ourselves
people,
and
want
let
This
fear.
not allow ourselves to be
us
the
is
frontier—the
America—we
have
set
reclaim.
to
and
Those
Helping
in
and
are
both employers and employees, who in their daily activi¬
women,
social security work.
to the first woman who has
making
today
of
Robert
who
have
had
F.
House of
•
Lewis
in the
York,
New
Maryland, who is known as
cause of social security; Senator
of
also
who
and
was
Congressman
successfully
bill
the
carried
who
Carolina,
and
Mississippi,
of
Harrison
Senator
pioneers
of
Wagner
I have so often thanked them privately,
distinguished careers in the public
as
long
David. J.
American
the
through
long its advocate;
Doughton of North
the Senate and the
Representatives.
They deserve and have the gratitude
to mankind.
a
deduct
Expenditures
$1,232,558,598 in Three
$887,946,272—Reserve Reported as $1,136,463,499
nounced
Magill,
on
Aug.
Acting Secretary of the Treasury, an¬
12 that the Treasury had spent $1,232,-
558,598.28 during the first three years of the Social Security
Act,
compared with receipts of $887,946,281.71.
Expendi¬
included the transfer of $690,000,000 to the old-age
as
tures
reserve
account,
which,
on
July 31, amounted
to
$1,136,-
463,498.56, of which $700,300,000 was invested in 3% special
Treasury notes.
Tax receipts in the old-age reserve ac¬
count between Jan. 31, 1937, and July 31, 1938, amounted to
$737,526,539.32,
ployees
crippled
for
services
service,
to the blind,
children, child
for
Federal payment
figure was
the
and
and
1,787.000
contributed
employers.
were
by
Social
the
Board are allowed to
Security
90% of the Federal tax.
States and Territories by July 31
Unemployment Trust
Fund,
from
had deposited $1,093,707,194.82
which they withdrew
a
total
of
$227,945,000 from Feb. 1, 1936, to July 31, 1938.
In
connection
Service
that
said
Thirty-two
the
with
of
one
health improvement
States
the
most
under the Act
already
are
An
address
rapidly
was
of
the
Public
expanding phases of
its program
attacking
Health
national
for industrial hygiene.
problems related
to occupational
workers, it was said.
President
by
officials
anniversary,
hazards of labor and the health of
marking the
Roosevelt
third
anniversary of the enactment of the Social Security Act is
given in another item in this issue of our paper.
Signing
of
Agreement
Trade
Reciprocal
United
and
States
Between
Ecuador
Announcement of the signing of a
reciprocal trade
agree¬
ment between the United States and Ecuador was made
State
the
by
at Washington on Aug. 10.
The
treaty is to become effective 30 days after its proclamation
Department
The State Department,
by the Presidents of both countries.
is
said, disclosed that the new trade agreement halves
further
"Panama" hats, which come largely
country. Associated Press advices
In
stated:
Ecuadorian
return,
by
tariffs
flour, lard and lubricants,
The "Panama"
United
the
from
38,265,000
em¬
lowered
were
among
American
on
automobiles,
other products.
hat duty was reduced from
25% to 12%%.
Last year
imported $573,821 worth of unfinished headgear made
States
Ecuador's corludovica palmata.
The
reduction
on
American
passenger
automobiles ranged
from
25%
50%.
provisions containing
mutual
guarantees of unconditional
most-favored-nation treatment with
respect to all forms of trade or payments control and two schedules listing
the tariff concessions which will be granted by each Government,"
it
treaty,
was
stated,
"consists
of
general
advices from its Washington
State Department officials
indicated their hope that the treaty will stimulate this
country's renewed drive for Latin American trade. In part,
The
Baltimore
bureau,
"Sun,'' in
11, reported that
Aug.
the "Sun" advices added:
Last
exports
year
$5,051,756,
from
the United States to Ecuador amounted to
1929, and imports totaled $6,043,554,
the highest figure since
figure somewhat under the totals of the two previous years.
Are
Protected
22% of this country's exports to Ecuador will
benefit
from
tariff
reductions and
26% are safeguarded against duty
increases.
Substantial reductions were made in the duties on flour, hog
In
the
lard,
trade agreement,
passenger
assured of
benefited
are
The
the
automobiles and lubricants and exporters of motor trucks,
tools,
office appliances
and certain electrical apparatus were
existing rates.
continued entry in Ecuador at
Altogether,
200 individual products
incorporated in the agreement.
export products on which concessions were granted by
it was explained, "consist almost entirely of tropical
the State Department reported, over
by the tariff schedule
Ecuadorian
United
States,
products which are not produced to any extent in
to
the United States."
the United States promised that bananas, coffee, cocoa
reptile skins and balsa wood will continue
this country free of import duties.
It also granted a
cinchona bark, kapok, raw
beans,
admitted
to
tariff
palm leaf hats, commercially known as Panamas.
be
lower
on
Federal
Asks
SEC
District
Court
Clerks
Transmission of Bankruptcy Papers, in
Expedite
Compliance
to
with Provisions of Chandler Act
The
Years—Treasury Receipts in Same Period Totaled
Roswell
approved
from the tax
Securities
and
Exchange
Commission
on
Aug.
11
letter sent to each of the 94 Federal District
Court Clerks, requesting their cooperation in transmitting
copies of bankruptcy papers to the Commission, under the
provisions of Chapter X of the Chandler Act. The letter,
which was signed by Samuel O. Clark Jr., Director of the
SEC's Reorganization Division, said in part:
made
Security
system
The 51
of all of us
for this service
Social
States $350,590,010.70.
to the
paid
dependent children, aid
to
unemployment compensation laws in the various States
In the agreement
Finally, I thank publicly,
men
aid
Employers Get Deductions
under
legislative action.
service—Congressman
one
sat in
American
for
four
ever
thems^ves to the almost superhuman task of studying all
problems, of examining legislation already attempted
nations, and of coordinating the whole into practical recommenda¬
other
tions
all,
of
for
health
the needy aged.
The unemployment insurance tax is an excise tax on payrolls, paid
solely by the employer and graduating from 1% in 1936 to 8% in 1938
and thereafter, on the annual
payroll of employers of eight or more.
In
this fund 301,792 employers have paid $150,416,831.69.
devoted
1934,
manner
child
the States to
by
paid
Tennitories comprising $60,001,847.82.
agricultural
„
the Cabinet of
the United States—Miss Frances Perkins—then and now the Secretary of
Labor.
Then to the unselfish commission of men and women who, in
of
First
Department has
representing grants to States.
the old-age insurance account.
Exports
anniversary would not be complete if I did not express the
gratitude of the Nation to those splendid citizens who so greatly helped
me
in making social security legislation possible and to those patriotic
men
made
were
and
Legislation
third
ties
behalf of the old-age
on
the same date.
old-age assistance grants, the Federal Government
premiums
welfare services and public health work.
Also included in the $504,204,188.20
a
Commends
This
also
The
the basis of studies and investigations now under
on
the Congress will improve and extend the law.
that
the
apart from
are
old-age assistance the Treasury
Grants
to
"Short-Cuts"
Against
Warning
way,
of
pensions
maternal
a
to
system
More recently,
country
on
from the South American
plan for liberalizing and extending the old-age
provide benefits for wives, widows and orphans.
national health conference was held at my suggestion to
of
development
consider ways
included
the American duty on
Conference
I directed the Social Security Board to give attention to
Some time ago
insurance
class is
paying one-half
it
This must be set aright, and it will be.
National Health
the
for
citizens are still excluded from old-age
nature of their
our
unemployment
employment.
by the Treasury
payments aggregating $504,204,188.20,
this
in
time.
increasingly
individuals to build
tbeir own security single-handed, Government must now step in and help
them lay
the foundation stones, just as Government in the past has
helped lay the foundation of business and industry.
We must face the
fact that in this country we have a rich man's security and a poor man's
security, and that the Government owes equal obligations to both.
National
security is not a half-and-half matter ; it is all or none.
The Social Security Act offers to all our citizens a workable and working
method of meeting urgent present needs and of forestalling future needs.
It utilizes the familiar
machinery of our Federal-State government to
promote the common welfare and the economic stability of the Nation.
The Act does not offer any one, either individually or collectively, an
easy life—nor was it ever intended so to do.
None of the sums of money
paid out to individuals in assistance or insurance will spell anything
approaching abundance.
But they will furnish that minimum necessary
to keep a foothold; and that is the kind of protection Americans want.
What we are doing is good.
But it is not good enough.
To be truly
national a social security program must include all those who need its
has
it
made
$17,674,043.86
self-confidence
and have a right to, the same security
assurance
find
will
of
system
Because
totaled
dis¬
Employers paying taxes for unemployment insurance into a State fund
forefathers
to
ness
in
In
investments
on
account
carrying out the provisions of the Act the Treasury
made
self-respect.
The millions of today want,
of
In
administration of
economic blight of the depression descended on the
our people were living in wastelands of want and fear.
too old and infirm to work either depended on those who
Long before the
Nation, millions of
had
Interest
reserve
While such laws raised the
passed.
was
through organization
articulate
more
In summarizing the Treasury report, a Washington
patch of Aug. 12 to the New York "Times" said:
needs and
his
1125
Chronicle
public
a
Section 77B
of the National Bankruptcy Act, relating to Corporate
Reorganizations, is to be superseded
by Chapter X of the Chandler Act.
Chapter X confers upon the SEC various duties and
with
functions in connection
proceedings for the reorganization of corporations under that Chapter.
In order that the
SEC may be informed of the nature and status of the re¬
perform the duties im¬
the various notices, petitions,
applications, orders, reports and other documents filed in the proceedings
organization
proceedings and may expeditiously
posed upon it, it was provided that copies of
should be transmitted to the SEC.
Accordingly the Commission has requested me to call to your attention
section
265(a) of Chapter X which
provides for the transmission to this
1126
Financial
Chronicle
Aug. 20, 1938
Commission of copies of all petitions, answers, orders, applications, reports
and other papers filed in all reorganization proceedings instituted under
stimulus
the Chandler Act
satisfactory condition exists."
after
or
on
Court for your judicial district.
herewith
number of copies
a
Further,
For
of
proceeding under Section 77B
Accordingly,
which
will
human
list
a
is
restricted
break
to
life
"In
valuable
or
of
case
1938.
Also
with
proceedings under Section
on
would greatly appreciate it if you could send
we
of all
British
us
proceedings insti¬
other
words,
or
Tom Girdler
Testifies at
Liberties
Final Session of
Committee's
Senate Civil
Investigation
of
the
British Labor Relations
Robert
the
Wagner
Labor
Relations
Act
in
Great
Britain
with
little
1937
governmental
not fixed by the
are
indirectly, except in sweated indus¬
ton
daytale
basis,
which
subject
are
sliding-
to
1937
of
two
cost
steel
Aug. 1
011
companies,
half-dozen communities and the Penn¬
a
$4,000,000.
than
Associated
Press
ad¬
7,000
men
quote added:
we
committee
testified
secretary,
than
more
guard duty during the strike
or
industrial
munitions
the
to
stand
by
totaled
when
the
the
Republic
$141,000,
Mr.
committee
Steel
Co.
Wohlforth
resumed
and
the
said.
hearings
He
the
on
strike.
of
Most
the
is main¬
peace
shop
who further such strikes."
maximum hours
various kinds of police
on
of
called
was
union
and
on
Youngstown Sheet & Tube Co.
that New Deal policies are resulting
in industrial turmoil.
On Aug. 13 a report by two officials
of the company said that the basic
principle of British labor
"tolerance," and that industrial
officials
by the Steel Workers Organizing Committee.
Purchases
and
charged, it is stated,
relations is
branch
all
on
flat
more
Wohlforth,
employed
were
called
urged
of
themselves)
strike
which
vices from
Liberties Committee, headed by Senator
Aug. 11 concluded its investigation of the
amendment
RR.
sylvania
endanger
may
imposed
the old principle of the eliding scale; in
of production or so much a day, plus bonus
State of Ohio,
1937 steel strike, when it heard
testimony by Tom Girdler,
Chairman of the Board of Republic Steel
Co., who
tained
steel"
Strike—Says New Deal Foments Industrial
The Senate Civil
the
the act
The Senate Civil Liberties Committee estimated
"little
on
where
it added.
the
on
a
a
on
"Little
Disputes—Comment
as
fairly
a
a
much
so
where
the "right to 6trike, picket, coerce
and that "it is a criminal
committeemen,
directly of
Wages are regulated
production,
on
acts
presence
Britain,"
employment
"minimum wages and
scale percentages,
their
criminal liability is
strike
all
Government, either
tries."
tuted under 77B in your judicial district in which the petition was
approved
that
feel
property."
general strike,
a
(including
said
It
after
or
between June 22, 1938, and the date of your receipt of this letter.
LaFollette,
Great
of
stewards, but not the workmen
connection
(name of the debtor and docket number)
Steel"
in
contract
a
officials
In
they
as
Government seldom intervenes
would like to obtain copies of all papers and documents
77B in your judicial district where the petition was approved
June 22,
X
after June 22, 1938.
on or
Board,
disputes.
hereafter
we
filed
are
Chapter
77B where the petition in
Labor
no
Voss and White reported that
intimidate
offense
approved
was
has
labor
for
Messrs.
you
and
Chandler Act,
the
apply to all proceedings pending under Section
such
pleased to send
your use we are
of that section.
276(c)
under section
"England
Sept. 22, 1938, in the United States District
the
committee
purchases
made
were
in May,
June and
July of last
year,
secretary reported.
inter¬
ference.
Mr.
lows in United
Mr.
Senator
Girdler's statement
Aug.
on
11
outlined
was
advices
of that
presented his version of the struggle in a lengthy statement
Robert M. LaFollette
(Progressive, Wis.).
Senator
however refused to permit him to open his
testimony by read¬
Chairman
to
LaFollette,
ing the statement,
ination
be
"At
made
LaFollette
Mr.
insisting the committee
to
adheres
to
rule
a
that
"exam¬
first."
time
any
opportunity
after
make
that
examination,
statement
any
said.
witness
any
explanation
or
will
he
have
desires,"
every
Senator
;
Girdler,
however,
released
his
statement
for
the
record.
In
he
it,
charged:
1.
New
Deal policies have plunged the country Into
unprecedented
2.
The Senate Civil Liberties Committee Is biased and the
current investigation
appears designed to "Bmear Girdler and whitewash C. I. O."
3. The Steel Workers'
Organizing Committee was guilty of coercion and Intimi¬
dation of workers during the drive In little steel.
4. C. I. O. is irresponsible and led
by Communists: Republic refused to sign a
contract with It because Its employees
objected to its principles; such a contract
would have meant an ultimate closed shop and checkoff
system.
5. The National Labor Relations Act Is biased
and unfair and should be amended.
As essential amendments he
proposed:
Division of the functions of prosecutor,
Judge and Jury; permit employers as well as
employees to file complaints; make
the Act conform to the bill of
rights, especially guaranteeing employers the right
of free speech in
commenting on labor drives; protect employees from coercion by
labor organizations as well as from
employer coercion.
1937
atmosphere
little steel
tense
was
struggle.
Among the spectators
I.
last
0.
his
presented
version
of
the
was accompanied by T. F.
Patton, Republic
Williams, chief of Republic police, and Donald
Vice-President.
White,
Senator
that
LaFollette
Republican
Board
"I'd have to
Senator Rush
were
Holt
(Dem., W. Va.), vigorous
for
C.
I.
asked
0.
agents
Mr.
interfering
were
Girdler
what
his
the
compensation
"Prior
I
the
with
mails.
was
as
Chairman.
figure it out," Mr. Girdler said.
$175,000.
I
think
social
I
got
10%
a
then.
cut
the
to
think
that
last
cut
figures
it
out
"The
me.
Board
of
Chairman, he said:
the
company,
two
Secretaries
Everybody else reports
Girdler
said,
however,
that
he,
the
to
superintendent of the Alliquippa,
Mr.
Girdler
have
could
said
those
as
laws
of
that
changed
airplane
one
&
and
the
indi¬
was
Girdler about his labor policies while
Pa., plant of Jones & Laughlin Steel Co.
are
certain
things
can't
you
do
that
then."
"In
1919,"
he
with
your
labor
said,
"you
Now
if
were
commended
if
you
had
close
practice."
men.
you
try
to
tell
them
anything,
it's
the
the
you
any
an
unfair
;
Girdler said the
Alliquippa plant went through a 1919 strike without
stoppage and, in fact, established production records.
He said his
would have
nothing to do with "outside
agitators."
"The
men
had to
we
took
care
restrain
Another
of
themselves," he said.
"In
fact,
sometimes
them."
United
summarized
that
the
Press
Washington
report of
the two
dispatch
of
Republic Steel
A112.
13
officials
follows:
as
The
statement
attracted
ing
report
of
President
Government and American
spent the summer
considerable
Roosevelt's
Federation
attention
special
of
Labor
in
view
of
commission
the
of
representatives
studying English and Swedish labor
laws
relations.
and
impend¬
employers,
which
1940.
Government
industrial
of
Great
has
Britain
has
come
to
the
conclusion
that
disputes can be settled in an amicable fashion
only by making
'neutral, just and equal' as between
employers and employees, and
by remaining in the background and
leading them to compose their differ¬
ences
among
themselves by reason and
understanding rather than bv
force of law," the statement said.
the laws
new tax
undistributed-profits tax lawr itself
only until Jan.
runs
$3,900,000,000.
deficit in this fiscal year of
a
If conditions do not improve by the time of the session
naturally will have to consider lowering income tax
we
1,
...
"But the fact is," he added, "that we face
some
by the next
legislation would be inevitable
because many miscellaneous taxes expire next June 30 and the
controversial
perhaps broadening the middle brackets.
exemptions
and
But I hope we won't have to do it.
"There won't be any new taxes if I can help it unless we have to raise
more
be
revenue to save
done
through
the credit of the country.
pick-up in
a
I would rather that it be
business and curtailment
of government
expenses."
Talking informally to
newspaper men,
Senator Harrison indicated that
hewould probably support general continuation of the "nuisance taxes" and
the current
subject
undistributed-profits tax rather than
of
reopen
the whole general
taxation.
"It will be necessary at the next session to have a tax bill," he
said, "but
I
see no reason
for
a
general revamping of the tax laws and look for
controversial
question
Congress will
pass must
to
arise
its
in
consideration.
The
no
highly
bill which
tax
be considered in view of the fiscal and general
eco¬
nomic conditions which at that time confront Congress,
"The bill is necessary because several of the miscellaneous
taxes expire June 30 and the Undistributed-Profits Tax Bill
1940.
At present it looks
as
though it will be
or
nuisance
expires Jan. 1,
necessary to extend the taxes
the miscellaneous items.
"It is impossible at this time to tell what Congress will do about the
distributed profits tax.
the inequities and
un¬
It is my opinion that unless we have not removed
hardships from the old law in this last tax bill it will be
"It is impossible to tell at this time what the reaction of the
country is
new tax
If it turns out that
it.
might have to
go
we
bill because
no
taxes have yet
been collected under
have not removed the discriminatory features, we
back to the old flat corporate tax."
Secretary Wallace Planning Export Subsidies for Wheat
—Expects to Announce Details Within Week—AAA
Fixes Subsidy of 26 to 30 Cents a Bushel for
ductions in Wheat Acreage Next Year
Re¬
Secretary of Agriculture Wallace
announced on Aug. 17
hoped to complete a plan to sub¬
sidize the export of about 100,000,000 bushels of wheat during
the current wheat year, thus assuring American farmers a
reasonable profit in world markets.
On Aug. 15 the Agri¬
cultural Adjustment Administration had announced that it
would pay domestic wheat farmers a subsidy of from 26 to
30 cents a bushel for compliance with a planting program
calling for a 31% reduction in acreage next year.
Details of Mr. Wallace's announcement regarding export
subsidies were given in the following Washington dispatch of
Aug. 17 to the New York "Herald Tribune":
that
industrial
The Republic
survey was made by O. M. White, Vice-President in
charge
of operations, and J. A.
Voss, director of industrial relations, who are in
charge of Republic's labor policies.
Republic was one of the "Little Steel"
firms against which the C.
I. O. conducted a strike in
1937 after the
firms refused to
sign a contract.
The
year
relations
Mr.
men
He gave this opinion in a discussion of the tax program faced
going to be to the
Chairman,
labor policies now are substantially
Laughlin when he was there "except that
there
quote what he had
we
follows:
Congress, in which he also stated that
next
pilot
Republic
Jones
that the revisions
so
dispatch from Washington,
a
continued without change.
and
President."
Board
as
vidual responsible to the stockholders.
Senator LaFollette questioned Mr.
same
$175,000."
was
responsibility between the
President
to
Mr.
to say as
on
was
your compensation as President?"
"Part of the time it was
$150,000 and part of the time it
Replying to questions concerning division of
President and the
revenues
From
Aug. 15, to the New York "Times"
security tax."
"What
report
would increase Government
would be unnecessary.
...
Styles Bridges (Rep., N. H.), who initiated
hearing at which Mr. Girdler charged before the Senate Post
Committee
except
Girdler
exemptions and increase the levies in the middle brackets
Congress meets, Senator Harrison (Democrat), Chair¬
man of the Senate Finance
Committee, was reported as say¬
ing however, on Aug. 15 that an upturn in business probably
when
foe, and Senator H.
year's
Office
was
While stating that it might be necessary to lower income
He
general counsel; James L.
B. Gills and Charles M.
C.
Mr,
as
Sees Possibility of Lowering of In¬
Exemptions Unless Business Improves
tax
Industrial
turmoil.
The
Tax
date:
Girdler
offered
Harrison
fol¬
as
come
Press Washington
within
a
week
Before the subsidies
tion
officials
will
he
are
confer
disclosed, Mr. Wallace and other Administra¬
with
Canadian
which will not interfere with the
authorities
to
draw
up
a
plan
reciprocal trade agreement in force be¬
tween the two countries.
Negotiations
will
be
conducted
jointly
with
under
whose
is
the
State
Department,
exporting wheat under a subsidy plan.
now
egis
the
trade
agreements have
been negotiated.
"We would want to handle the wheat subsidies in such
would be
no
could
a
system of export
be worked
agreements.
Canada
way so there
justification of dumping charges," Mr. Wallace said.
Earlier in the day Daniel C. Roper, Secretary
lieved that
a
out
of Commerce, said he be¬
subsidies for American surplus wheat jstocks
without conflicting with
the
Administration's*
trade
Volume
Financial
147
subsidies
ment sold about
to
not
are
new
for
New
the
Deal.
These subsidies cost
1934
In
$28,000,000 of northwestern wheat
large surpluses.
move
Of world exports of
Tried Out in 1934
Plan
Wheat
as
the govern¬
part of a scheme
government between
the
to
Mr.
Wallace
disclosed
State
Credit Corporation,
conferences
that
Agriculture
Finance Corporation.
in
were
Departments
among
progress
and
difficult
the
the
because Canada,
been made
Argentina,
Australia,
Russia and
Soviet
principal wheat-producing nations of the world, had bumper crops.
According to
Agriculture Department
the
This has
been
total
volume
of world
countries,
period
1909-'13.
663,000,000 bushels
averaged
the
measured by net exports of wheat-exporting
trade in wheat, as
in the
annually
drastically reduced in recent
pre-war
years,
the estimate for 1937-
'38 totaling only 495,000,000 bushels.
Before the
United States exports averaged 16%
war
1920-'24 the United States supplied 31% of the total
export trade in wheat.
By 1932 this country's share declined to 5 %, while for
is estimated at 98,000,000 bushels, or 19.8% of the
estimated it at 715,425,000 bushels.
Production'last year was 685.102,000 bushels.
The 10-year average was
546,396,000.
production
wheat
indicated
is
year average
as
bushels,
267,531,000
com¬
188,891,000 last year and the 10-
pared with 251,987,000 a month ago,
Production of durum wheat is also at a high
of 206,494,000.
mandatory under the
and that conditions of loans would be announced next week.
Wallace said that cotton loans
Farm Act
made
were
were
He said the loan rate would be about 8.25 cents a pound,
production was also at
52%
tion at
a
high level this year despite the cut
The crop reporting board recently estimated cotton produc¬
in acreage.
Production
decline in 1938 output of 6,958,000
11,988,000 bales, 700,000 bales above private estimates.
in 1937 was
18,946,000 bales, indicating
a
bales.
Associated Press Washington advices of Aug. 15 added the
following information regarding the AAA announcement on
proposed subsidies for reductions in wheat acreage:
The benefit payment rate compares
with 12 cents offered under this year's
Increased rates were promised for several other major crops.
program.
totaling $712,000,000 are expected to be available for the pay¬
Funds
the
year's
same
time,
AAA announced several other
the
phases of next
including a proposal that cotton growers plant for an¬
in a referendum to be conducted this fall,
crop programs,
other small crop and approve,
the
use
crop
This year's
of marketing quotas to restrict sale of their products.
The AAA hinted that it was possible corn growers
many
precisely
not
glowing since
Broomhall calculated an
after
Thus
nearly 130,000,000 bushels of the surplus will stay here unless the Gov¬
ernment succeeds in its plan to move out a minimum of 100,000,000 bushels.
Canada's share of the trade is put at 144,000,000 bushels, a gain of about
44,000,000
at
over
liberal total of 248,000,000 bushels for reserves.
The Dominion surplus is put
its actual exports last season.
216,000,000
bushels of
bushels.
Argentina
expected
is
to
112,000,000
export
probable surplus of 160,000,000.
a
Australia, which garnered the lion's share of the world trade last season,
130,000,000 busheis, is expected to fall back to about 96,000,000 bushels.
The
country's
surplus
figured
is
Russia, it is
140,000,000 bushels.
at
believed, will sell all of its estimated surplus of 40,000,000 bushels, about
into
the
were
considerable
and
appears,
season.
it, the export outlook is for a shift in the trade
before last
seen
business
extra
Australia, it
shipped last
sees
channels
year's subnormal
the United
to
will continue to benefit heavily from the preferen¬
providing,
of
trade
of the
much
recapture
course,
her
of
because
very
approximates
crop
France, it might be mentioned, does not
picture in spite of
a
crop
Argentina
appear
a
due
costs,
Russia
time.
figure the least predictable.
likely to have much to say
This, of
much above home needs.
is due to the high internal wheat price fixed
which would mean
seems
low production
normal this
remains the unknown quantity, with her export
course,
brought
Canada
crops
States and Australia.
tial duties the United Kingdom accords their grain.
by the Government,
prohibitive subsidy in order to meet world competition.
CCC Extends from Sept. 1 to Nov. 1 Time Within
It Will Purchase Corn Loan Paper
Which
The
Commodity Credit Corporation announced on Aug. 18
purchase from banks and
approved lending agencies eligible paper evidencing
loans made to producers under the 1937-38 corn loan pro¬
gram had been extended, under the same terms and condi¬
tions, from Sept. 1 to Nov. 1, 1938. These loans were made
on the basis of 50 cents per bushel of 2^ cubic feet of ear
corn testing up to
14H>% moisture, says the Corporation,
that the time within which it would
other
which also states:
According to the Corporation's records, banks and other lending agencies
carrying corn producers' notes aggregating $13,294,076.90,
27,335,770 bushels of
the
corn,
secured by
and such paper as meets the requirements of
Corporation, if tendered to the proper Loan Agency of the Reconstruc¬
tion
Finance Corporation prior to Nov.
plus accrued interest at the rate of 2H%
of the commercial belt,
of whom protested against a 20% acreage reduction
1, 1938, will be purchased at par,
.
from increased crop surpluses made further
reduction necessary to prevent "demoralization of farm prices and
income."
with prospects of the largest wheat
Faced
asked growers
acres.
surplus on record, the AAA
recently to limit seeding for next year's crop to 55,000,000
The area seeded to the crop now being
harvested
was
about 80,000,000
acres.
The announcement of an increase of more than 100% larger
estimates
indicate,
the AAA
announcement
probably will be smaller than in 1938.
crop turns
be
Land
out to be materially below present estimates, the
1939 allotment
use
for
be exempted in calculating compliance
home gardens to
Officials said this provision was made to encourage
production of food.
planted to oats, barley, rye, emmer, speltz or a mixture of these
be classified as soil depleting when such crops are used as nurse
Land
will not
general rate increases for motor truck operators in New
England and the central western territory.
The increases in central territory will amount to 334%
in addition to increases authorized in the general railroad
case this spring and will bring to 12% the mandatory
general rate increase in motor truck rates in that area over
March this year.
The increases are to go into effect on
rate
Oct. 5.
apparently made 1938 cotton loans mandatory under the new
The law requires a
pound
price of cotton on the 10 designated spot markets
the average closing
Farm Act.
loan program when the spot price dips below 52%
AAA officials said the prices at which loans must be made was
8.25 cents a pound.
of parity.
While declining
to
commit themselves definitely at this time, officials
the loans must be made."
said it "would appear that
The loans may range
cents a
This decision affects
New
New
York metropolitan areas
according to Broomhall, internationally-known grain author¬
ity.
Total needs are figured at 548,000,000 bushels as
against 512,000,000 during the 1937-38 season, it is noted in
the New York "Journal of Commerce" of Aug. 18, which
states that at the same time, however, it is estimated that
will have fully 872,000,000 bushels of
The "Journal of Commerce,"
available for export.
in its further advices continues:
This,
according to the trade,
will develop in
pronouncements in favor
explains the current fear that cutthroat
the scramble for business.
Toward
Broomhall's preliminary
estimate suggests that Canada and Argentine
fair way of recovering a
sizable portion of the world wheat trade
failures.
The United States and Aus¬
the losers in the export scramble, it is figured.
they lost last year because of crop
tralia will be
Self Regulation of Over-Counter Market
National
Formulated
Basis
by
Proposed
National
in
Security
Uniform
Traders'
Code
Asso¬
ciation—Covers Inter-City Transactions
As
definite step
a
counter
toward self-regulation in the over-theas desired by the Government
securities business,
recently enacted Maloney bill, The National Security
Association has formulated a Uniform Practice
Code, covering all inter-city security transactions of the
Association's 2,100 members, who represent 1,400 different
security houses in all parts of the country.
Local associa¬
tions of over-the-counter houses in various cities have put
uniform regulations into effect in recent years covering local
trading, but the present code of the national association is
the first attempt to formulate a uniform practice code cn a
national basis, says an announcement in the matter, which
in
Traders
also states:
The purpose
cause
of the Code is to settle some of the controversial points that
misunderstandings between traders in various cities of the country,
and to facilitate the
United States May Be Loser
a
between points in
Illinois, Indiana, Iowa, Kentucky, Michigan, Missouri, New
York (other than the part covered by the New England
decision), Ohio, Pennsylvania, West Virginia and Wisconsin.
Various official
of export subsidies, it is felt, have given ample
foundation for such fears.
stand in
and Northern New Jersey.
The Central States decision affects rates
Crop Year Figured at 548,000,000 Bushels
competition
generally the New England States,
south of Albany, including the
State
of
36,000,000 Bushels in World Wheat Needs
by Broomhall—Total Needs in Current
countries
York
most
Move
World wheat import requirements will show an increase of
about 36,000,000 bushels during the current crop year,
wheat
1^%.
increases.
Forecast
surplus
average
from 52 to 75% of parity, or from 8.25 cents to 11.80
pound.
of
England will
Commission directed these rates to be only temporary
on
Rise
'
The
and
will reopen the case after six months and order the motor
carriers in New England to show cause why their rates should
not be increased to the full amount of the recent railroad
The increase in New
for legumes or perennial grasses.
Farm administration officials said late today a crop of 8.20 cents a
about
Citing competitive conditions and destructive rate wars
which have all but demoralized the motor carrier industry
the Interstate Commerce Commission on Aug. 16 ordered
#
this year's programs announced by the AAA included:
with the farm programs.
crops
than present
"the acreage allotment
On the other hand, if the 1938 corn
increased."
Other changes from
home
said,
ICC Fixes Minimum Truck Rates
this year, might
of the feed grain next year.
Officials said problems arising
acreage
on
is
very
will be sold under quotas.
be asked to plant less
will
prospect
allowing the
are
ments, officials said.
At
Canadian
10-spot-market
parity.
Cotton
exported, chiefly because of the failure of
mandatory earlier this week when the average price of
seven-eights middling dropped to 8.20 cents a pound on the
average.
approximately
Last season
exportable surplus of 184,000,000 bushels for the United States, even
in the world
Secretary
of
This
to
level.
Loans
were
than last season.
56,000,000 bushels, or about
and Argentine hard wheat crops.
back
department's estimate of winter wheat production is 688,458,000
bushels this year, while a month ago it
new
90,000,000 bushels
As the trade here
Crop Well Above Average
Spring
of the world's wheat crops
more
7,000,000 less than
world total.
The
just closed.
10% of the probable international wheat trade.
of the world total.
In the five-year period
the 1937-'38 period it
expected to go
Continental imports in the
Non-European consumers are expected to take about
548,000.000 bushels. 440,000,000 are
increase of 31,000,000 over the
5,000,000 bushels
which recently sold about $300,000,000 of its notes.
Movement of American wheat surplus stocks this year has
more
an
The estimate allots the United States only
Reconstruction
The subsidies will be financed by the Commodity
and
Europe,
crop year
$6,500,000 and $7,000,000.
Treasury,
1127
Chronicle
ethical basis.
customs
or
between
The
H.
handling of over-the-counter trading on a smooth and
To eliminate the possibility of conflict with the local rules
of various cities, the Code will apply only when trades are made
different cities.
fipal draft of the Code has been submitted to Arthur
M. Byllesby
E. Farrell of
& Co., Chicago, President of the Association, and copies
Financial
1128
of the Association is com¬
of whom are not in a position to commit
their firms to adoption of rules of this character.
To cover this point,
each member will receive a letter requesting him to have his partners or
employer approve the adoption of the Code and voluntarily sign an agree¬
posed of individual traders, some
ment to
'
abide by it.
tion of securities,
'
„
comparisons, ex-dividend dates and
trading.
other phases of over-the-counter
committee headed by Willis M. Summers
York, and including Laurence B. Carroll
of Prescott, Wright, Snider Co., Kansas City, Mo., W. T. Patten Jr., of
William P. Harper & Son & Co., Seattle, Wash., William A. Lippman Jr.,
of Page, Hubbard & Asche, Los Angeles. Calif., John K. Ruckdeschal of
Stroud & Co.. Philadelphia, Pa., and William H. Taussig of I. M. Simon
The Code was
formulated by
a
Rose & Troster, New
of Hoit,
Co., St. Louis, Mo.
&
local associations in
Association
Traders
Security
National
The
the following cities
comprises 22 affiliated
and their surrounding territories:
Cleveland, Denver, Detroit,
State of Florida, Hartford, Houston, Kansas City, Los Angeies, Louisville,
Milwaukee, Minneapolis and St. Paul, New Orleans, New York, Phila¬
delphia, Portland, Ore., San Francisco, Seattle and St. Louis.
The New
York Affiliate of the National Security Traders Association is the Security
Cincinnati,
Chicago,
Baltimore, Boston,
Traders Association of New York.
The Code is made
public
National Security
To eliminate
the possibility of conflict with local rules or customs of various cities, these
regulations were compiled to apply only when trades are made between
(a)
Association in inter-city trading.
delivery of securities contracted for
undelivered portion
day.
(b)
buy-in due
Buy-in notices shall be presented by letter prior to 12 noon
vailing time in territory of buyer)
(pre¬
the day the buy-in must be insti¬
on
2:15 the following full business day, or a wire from seller to the effect the
stock is being shipped that day or is in transfer, in either case said wire to
contain certificate numbers.
In the event it is impossible to effect delivery
within the allotted time, or furnish certificate numbers in accordance with
conditions set forth
above, the originator of the notice shall endeavor to
buy-in the open market for cash the security in question and report by wire
before the close of his
business day the result of his efforts.
bought in, it shall be obligatory
where purchase
on
made,
was
with
If stock is
the part of the dealer who executes the
on
buy-in to provide full information including
of party
name
from whom
time of execution and
certificate
If it is impossible to buy-in the security within the
request.
buy-in in accordance
procedure mentioned above and continue this procedure until
the
a new
either party to the contract is able to complete delivery.
VIII—Shipping Charges
IX—Insolvency
When
firm
a
in involuntary
1
it is unable to meet its obligations, or is placed
announces
bankruptcy,
dealer having
a
open contracts with
delay, proceed to close out such
shall, without unnecessary
the best available market and send
said firm
contracts
immediately to the delinquent firm
in
a
confirmation of such purchases and sales and a statement showing status
X—Comparisons
H Dealers shall be required to send
yield basis shall have price
figures to regular delivery date—i. e. second full business day.
(e) Transactions in income bonds shall be flat irrespective of the fact
that such bonds may be paying interest except where a stipulated rate is
guaranteed in the indenture with additional payment made if earned—
.©., 2-4's.
In this case they shall trade "and interest" at rate of the
guaranteed amount stipulated on bond so long as total or partial default
of interest payments has not occurred or such intention been announce 1.
(f) Failure to take up a drait on the day presented shall make the re¬
ceiver responsible for the payment of interest to the date the draft is paid
and also any other incidental expenses incurred due to the delay in taking
transactions on
a
said draft including protest fees and wire charges.
(g)
a
"and interest" shall carry interest up
delivery is not made by that time.
delivery
permitting
local purchase and shipment.)
on
tuted, said notice to state that the securities due must be delivered before
delivery, but no longer than the seventh full
but not including day of
up
for receipt of delivery
of account after closing out the contracts.
(c) Municipal securities trading
Delayed
delivery date and may buy in the
Expenses, including insurance, postage and draft collection charges in¬
Interest on corpora¬
tion bonds shall be figures up to but not including said second day.
(b) Delayed delivery shall be due on the seventh full business day follow¬
ing date of transaction. On transaction in bonds, delayed delivery or seller's
option, interest shall be computed the same as "Regular Delivery"—i. e.. Up
business day in event
on a
after the tenth full business day following the
or
has been allowed to seller in distant cities, before
to time necessary
date of transaction shall constitute regular delivery.
(d)
on
curred in shipping securities, shail be borne by the seller.
I—Delivery of Securities
to
,
buyer when demanding delivery shall accept any portion of a
The
Delivery of securities on the second full business day following the
to second full business
(available
understood and agreed by both the seller and
so
date of trade in accordance with following procedure—(Reasonable period
dealers in different cities.
(a)
party) unless it is
buyer at the time the transaction takes place.
allotted time, it shall be necessary to institute
transactions between members of the
The following rules shall govern
to either
numbers
Traders Inter-City Uniform Practice Code
National Security Traders
exchange, shall also cease to be a delivery upon publication
or
purchased,
follows:
as
been foreclosed or are to be liquidated as a whole
Bonds which have
in any manner, where funds or other securities are being held for payment
VII—Buy-In Procedure
dividend claims, computation
buy-in procedure, shipping charges,
many
Aug. 20, 1938
A
delivery of securities, descrip¬
of interest, units of delivery,
detail such subjects as
The Code covers in
(b)
The membership
mailed to all members.
were
Chronicle
Claims arising from the acceptance of draft shipments in which ir¬
regularities may exist, such as adjustment of price, interest, protest or wire
charges and items of similar nature, should be presented immediately and
a
written confirmation of both
pur¬
chases and
any
sa.es.
Such confirmations shall be compared upon receipt and
discrepancies noted shall be checked back immediately and acknowl¬
edged by letter by both parties to the transactions.
XI—Ex-Dividend Date
____
In fixing an ex-dividend date in
a
security traded over-the-counter, the
principal factor is the geographical location of the transfer office to the
city in which the trade is made.
market
quotes a
It shall be the duty of the dealer who
stock to specify if the security is ex-dividend at the
on a
time he gives the quotation
mation if
a
the books.
and also specify "ex-dividend"
trade is consummated,
This will eliminate
up
on
his confir¬
to one day prior to the closing of
misunderstandings caused by
a
stock that
transfers in San Francisco selling ex-dividend in New York five
days
prior
closing of books, whereas San Francisco dealers would not quote it ex-
to
dividend
until
one
two
or
days prior thereto.
'
in
The provision shall not apply to forged,
event within ten days.
any
altered
or
stolen securities,
A
(h) Draft attached shipments shall not be presented on Saturdays ,and
to those territories in which banking
laws make it otherwise compulsory to
present drafts on Saturdays, it shall be
incumbent upon the dealer making
shipments to notify his bank that if the draft arrives at its destination on
Saturday, it is not to be presented until the following full business day.
Failure to issue such notification shall make the shipping dealer liable for
any expense
(i)
arising from refusal of the draft on Saturday.
option of the receiving house.
have
no
transfer it prior
claim
deavor to collect
the closing of the books
to
the seller for dividend
or
a
record
or
rights accruing
on
moral
date shall
such certificate
obligation, to
en¬
for
him.
On such a request made by the party who
transferred the stock the party receiving this request
may require
from the claimant presentation of the certificate, or a letter from the trans¬
same
has not
hoider
the security
of
a
written statement that claimant
the record date, and
on
future demand for said dividend
a
guarantee
against
was
any
rights.
or
XIII—Due Bills
"legal opinion" of a
must be accompanied by a
A
recognized bond attorney or a certified copy thereof.
Bearer
coupon,
and
corporation
security sold before it sells ex-dividend
the record
II—Units of Delivery
bonds,
municipal
participation
date must
contracts,
unless otherwise
*
$500 each.
Unless
AAA
.
agreed, shall be in denominations of SI,000 or
A-V
V
otherwise agreed,
cer¬
accompanied
by
ex-rights
or
delivered after
ana
due bill for the distribution
a
XIV—Adequate Description
Although it is difficult to place direct liability
shall be the
stock certificates and/or registered
be
to be made.
certificates and registered certificates of deposit delivered in settlement of
(b)
on
but may request seller, and the seller shall have
Unless otherwise specified at the time of transaction, all deliveries
of Municipal securities
(a)
buyer of stock who has the certificate in his possession in reasonable
time to
fer agent substantiating the claim,
Acceptance of deliveries prior to the due date specified in the contract
shall be at the
(j)
XII—-Dividend Claims
to
on the seller or buyer, it
duty for the good of all concerned, for both parties to a trade
specify all details of description, such
tificates of deposit for amounts in excess of the contract amount shall not
"with
be
"ex-rights,"
as
"ex-warrants,"
"flat," "part paid," &c.
acceptable delivery and where so presented shall be delivered against
warrants," "convertible,"
receipt pending transfer into suitable units of trade at which time settle¬
ment can be made on the amount
of the contract.
"when-issued," "registered,"
XV—General
Settlement of contracts
involving multiples of 100 shares shall be delivered in 100 share certificates.
"ex-stock,"
Where conditions arise that
rtading customs shall
govern
are
not
covered
by these rules, recognized
trading between members.
Ill—Delivery of Stock Registered in Name of a Corporation or Partnership
(a)
a
Unless specified in the endorsement, stock registered in the name of
♦
ship and not in the name of
result
of failure to
so
Any expense, incurred
corporation.
a
designate
on
as
a
the certificate, shall be borne by the
New
(b)
Delivery of stock registered in the name of
a
corporation shall not be
good delivery unless it carries on its assignment a statement signed by the
Transfer Agent, "Proper papers for transfer filed by the Assignor."
good delivery.
to
Securities with documents attached should be forwarded
the buyer against receipt,
the
providing transfer takes place in the state
located,
buying dealer is
or
should be forwarded,
draft,
via
through the seller's bank with instructions to advise the bank's correspond¬
ent
to transfer
the securities into the
name
of the bank's nominee before
delivering to the purchaser: thereby eliminating considerable loss of time
and the tying up of the purchaser's funds.
The latter having purchased
the securities in good faith is entitled to good deliver v.
endorsed
bonds shail not
statement
to the trustee for either issuance of
be
a
good delivery.
a
new
on
or
a
by the trustee certifying that the security will be accepted by
delivery
on
holding
or
gas
utility companies in
According to the
Commission, utility assets acquired under the new rule must
be
company
systems.
physically inter-connected with
owned
by the acquiring
company
utility
if that
assets
of
be located in the
the
acquiring
same
company.
service
already
company
electric company or, if the acquiring company
is
area as
is
an
a gas com¬
the utility
The Commission's
an¬
nouncement also says:
The total consideration paid by any company for utility assets acquired
pursuant to this rule shall not exceed in any one year
gross annual revenues of the
as a
VI—Called Bonds
Bonds shall cease to be
registered
receipt
certificate
him when presented for payment or transfer.
(a)
Exchange Commission announced
utility assets made by electric
pany, must
Dealers should require their customers to leave such securities
to be forwarded
Utility Assets in Holding Companies
Aug. 10 the adoption of Rule U-3D-13 under the Holding
assets
V—Mutilated and Endorsed Securities
Mutilated securities and
of
The Securities and
Company Act which exempts certain limited acquisitions of
IV—Securities vrith Documents
Securities with supporting documents attached shall not be considered
where
Ruling of SEC Exempts Certain Limited Acquisi¬
tions
seller.
a
v
■
business firm shall be construed to be registered in the name of a partner¬
$100,000
or
5% of the
acquiring company derived from its operations
public utility company during the preceding fiscal
year
whichever
sum
is the smaller.
cad
The rule forbids the payment of fees or commissions in connection with
for redemption except when an entire issue is called for redemption or when
such exempted acquisitions except to mutual or subsidary service
companies
transactions in
a
"called bonds"
are
upon
publication of notice of
dealt in specifically
as
such.
a
or
to persons or
companies not affiliated with the acquiring
company.
Volume
147
Financial
Chronicle
The acquiring company must
report on Form U-3D-13 within 10 days after
1129
Commenting on this comparison of income and outgo under
State unemployment insurance funds, Arthur J.
Altmeyer,
Chairman of the Social Security Board, stated that although
the first six months
may not be
making the acquisition.
The rule becomes effective Aug. 15, and
printed copies of Form U-3D-13
will be available at the offices of the SEC in
Washington before that date.
typical of future operations,
there
SEC
Proxies
Are
Solicited
Information—New
Must
Be
More
Given
Regulations Effective
Oct.
since various factors enter into the
figures reported.
Among
these it is pointed out are the number of
potential claims for
benefits accumulated at the start of the
system and the
1
The Securities and Exchange Commission on Aug. 11 an¬
nounced the first complete revision of its proxy rules since
rapidity with which the administrative organization of the
the original regulations were
adopted on Sept. 24, 1935, the
substantially expanding the amount of informa¬
tion which must be made available to
persons whose proxies
are solicited.
The latest rulings are based on the principle
that when a question is given to security holders for specific
action the essential information should be supplied them
far
so
State
rules
new
is possible.
as
tered
national
on
The regulations
securities
extent
1.
In
The
keystone of the
be
must
sent
"proxy statements,"
forth
set
of
the
the
be
his
In
requirement that
whose
standards
soliciting the
under
the
$1.72 in benefits for each $1.00 of contributions collected and used up
57%
of its total reserve in the
Unemployment Trust Fund.
Rhode Island's
experience, despite employees' contributions, was comparable.
That State
legibility, must
paid out $1.65 for each $1.00 it collected and used up 55.5% of its fund.
Although New Hampshire and Oregon paid out more than they collected,
(b)
of
they did not find it
proxy,
(c)
proxy,
These
the nature
solicitation
including all
financial
data
compensation
sometimes
are
dip
so
deeply into their
reserves as
For the 13 benefit-paying States
collecting contributions
basis,
paid to
required
necessary to
did West
Virginia and Rhode Island.-
of the security
power
and the rights of dissenting stockholders, and
certain
said:|
found their current payments
greater than their current income as reflected
in their deposits in the
Unemployment Trust Fund.
West Virginia paid
a
"proxy state¬
a
being solicited.
is
proxy
certain
meet
persons
on
the
addition,
the
is
person
must
proxy
of
expenses
socilitors.
which
be voted
to
revoke
to
each
the identity of
matters
holder
(d)
(a)
rules
new
to
put into operation, as well as the
unemployment within the State.
The
Of the 12 benefit-paying States which collect contributions
on a monthly
basis, four—New Hampshire, Oregon, Rhode Island, and West Virginia—
summary of the new rules, the SEC said:
ment"
agency has been
of current
announcement of the Board further
securities regis¬
cover
exchanges as of Oct.
for general satisfaction with the status of the
State funds.
It was emphasized that comparisons of the
experience of the different States must be made cautiously
Promulgates New Proxy Rules—Security Holders
Whose
was reason
comparison
between
current
deposits
and
on
a
quarterly
benefits is
current
less
conclusive.
Benefit payments during the first six months of 1938 can be
compared only with contributions collected for the first quarter, the second
to
included.
Another feature of
the new rules is that the security holder who is
being solicited must be given the opportunity to direct how his vote shall
quarter contributions not being due until after the close of the period.
Among these States, however, eight reported benefit payments in excess
be
of contributions during the six-month period.
cast
each
on
indicate
of
the
provide
must
proxy
how
he
items
under
definite
some
desires
hie
consideration.
vote
be
to
cast
whereby the authority of the holders of the
ingly.
Of
the
upon
"proxy
whom
of
the
solicitation
is
securities
information
must
conditions,
file
with
The
the
included
be
to
The
have
the
is
of the
one
structure,
is
paid represent
financial
Under
than in
certain
be omitted but in
may
given
submitted
the
in
to
prescribe
not
of
in
listed
are
any
in
it
on
upon
question is presented to security holders for their
essential information should be furnished them so far
the
rules
with
make
a
with
require
the
and
desiring
person
of the
"proxy
solicitation
time
statement"
begins.
The
must
be
rules
new
which
informal
for
be
must
opinions
his requests
present
benefit
the
filed
the
under
in
far
who
persons
suggestions
or
as
of
regulation.
new
in
advance
desire
this
the
of the States which
In
after
the
consider
solicitation
certain
solicitation.
In
to
allow
information
not
the
solicitation
may
information
given
there
be
in
STATUS
OF
STATE
AS
rules.
In
banks,
be
set
and
to
in such
have
the
to
the
to
or
be
determined
extent
In
is
a
securities
his
place
carried
in
by
in
for
the
to
for
custodians
name
limits
which
securities
such plan,
any
order
In
approving such
addition
to
tion,
a
with
reference
tions,
plan
the
his
if
a
under
or
of
copy
a
a
or
all
There
trading
JF4(b)
privileges,
but
pursuant to
proxies
held
Act
of
tions
1935,
the
regarding
new
with
securities
to
and
under
regulation
securities
$810,000
11,476,000
1,600,000
37.8
13.9
3,307,000
5,441,000
347,000
31.3
10.5
121.8
30.5
86.8
31.3
97.5
34.0
135.6
44.4
25.4%
9.2%
14,014,000
5,826,000
8,656,000
4,773,000
3,839,000
7,870,000
18,479,000
11,867,000
6,688,000
164.8
29,931,000
3,747,000
32.7
12.5
Vermont
1,320,000
1,963,000
27.8
9,234,000
13,867,000
545,000
7,964.000
84.8
West Virginia
in
171.9
57.4
29,465,000
38,124,000
5,130,000
59.2
13.4
8,628,000
11,723,000
3,967,000
128.2
33.8
1,910,000
961,000
109.8
9,881,000
34.7
10.6
125.1
36.1
181.2
52.3
122.4
44.3
Texas.
no
Wisconsin
also
$8,847,000
7,243,000
9,118,000
Rhode Island
an
55.5
•
Contributions Collected
1933.
Quarterly—
Alabama
Arizona.
California
new
Regula¬
registered
on
railroad
admitted
a
22,558,000
29,739,000
—
3,545,0(H)
Maryland
;
Massachusetts.
the
Public
Utility
of registered
or
5,755,000
28.0
6.8
41,137,000
59,058,000 12,848,000
Minnesota
10,923,000
16,662,000
4,855.000
84.6
29.1
70,435,000 105,053,000 37,766,000
7,409,000
10,596,000 3,605,000
109.1
35.9
113.1
34.0
Tennessee
a
types of solicita¬
holding companies
12,999,000
34.5
Pennsylvania.
unlisted
securities
Holding Company
is applicable to certain
4,983,000
7,552,000
2,012,000
2,606,000
8,296,000
Maine
reorganiza¬
to
national
14,871,000
2,785,000
92,875,000
20,908,000
Indiana
an
64.428 000
Connecticut
entry of
receipts.
U-12E-2
Rule
of
Oregon
of
evidenced
of
as
4,080,000
1,658,000
95,603,000 149,648,000 46,901,000
New York
Virginia
of
and
Earnings
North Carolina
Utah.
By virtue
butions
Jan. 1 to
2,200,000
New Hampshire
by
exchange, and by Rule AN18 with reference to securities of foreign issuers
depositary
Contri¬
Interest,
1938
$5,659,000
—
Mississippi.
and
American
Plus
June 30,
Monthly—
District of Columbia
Section 174 of that Act.
connection
in
reference
listed
not
Jan. 1 to
Contributions Collected
soliciting
is
Act
exempt if made subsequent to the
with
Fund
;
plan
exemptions appearing in the text of the
certain
to
Rule
1938
1937.
June 30
further exemption is provided by Section 77 of the Bankruptcy Act
by
Plus 1938
1938
new
respect
authorizations
Securities
the
Deposited
June 30,
of reorganization under the recently
Bankruptcy Act, or of authorizations to accept
of
June 30,
1937
the
of
is
receives
person
solicited.
is
in
nominee,
the
furnishes
proxy
registered
the
likewise
are
of
of proxies, consents
are
Chapter X of
name
Balance
Interest,
December,
Dec. 31,
C.
the
solicitations
person
a
butions
Benefits
that
of
operation
to
Contri¬
Through
to
however,
trustees, there
by
exempt
and
whose
person
the
are
solicitation
Solicitations of acceptances
enacted
in
or
solicitations
solicitations
and
solicitations
certain
the
relating
exemptions
his
the
exempted from
are
present
Paid,a
Plus
Trust
the future need
the
Contri¬
butions
Deposited
making
and
case,
FUNDS
ployment
State—
to
Louisiana
nominees,
to
Such
remuneration
material
the
relating
custody.
exemption
solicitations
of
brokers,
COMPENSATION
1938
provision
persons
such
practicable,
30,
in the
determined.
statement,
proxy
intention.
present
or
submitted
been
there
cases,
JUNE
Unem¬
proposal
a
taken,
sometimes
are
conditions
from
occur
of
is
vote
reasonably available to the
or
that
recognized
modify
Wisconsin
Ratio of Benefits
Paid to
anticipated at the time of the
questions
flexibility
forth,
of
types
dealers,
exemption
OF
is
authority intended to be conferred.
Several
UNEMPLOYMENT
as
has
actual
the
not
were
omitted
terms
Commission
before
terms
known
to matters
as
only
must
the
necessary
that
and
general
before
the
began payments earlier.
Any
connection
for a management to
which
questions
holders
order
made
is
Likewise,
security
be
regulation,
new
at times become necessary
that benefits
25
Balance
the
adoptjng
may
so
attached
of the
practicable.
it
Mississippi and
April, 1938,
smaller proportion of collections since the first of the year
a
case
to
the solicitation
of
in the Unemployment Trust
reserve
of 1938:
Furthermore, the Commission has adopted the policy
assistance
the material
requested to
copies
the
at
"waiting period" after the filing of the material
a
the Commission.
consultation
prepare
three
that
Commission
provision for
no
a
table furnished by the Board, shows, for
States, the balance in the Unemployment
Trust Fund on Dec. 31, 1937; the contributions
deposited,
plus interest from Jan. 1 to June 30,1938; the total amount of
benefits paid through June 30; and the ratio of benefits paid,
first, to contributions plus interest during the first six months
of 1938, and second, to the balance in the
Unemployment
Trust Fund as of Dec. 31, 1937, plus the contributions
deposited plus interest credited during the first six months
each
of
matters
based
is
1938, with
first six months of 1938 have been used in this comparison.
Schedule
what
way
holders, but
security
The items
2,
first began receiving claims in July, 1936, but only benefits
paid during the
any
already publicly
X-14."
statement"
"proxy
does
vote
a
"Regulation
Jan.
approximately 22 months' contributions.
Indiana began receiving claims for benefits in
issuance
certain
"proxy statement."
for
person
benefit-paying States, all except three began accepting claims
on
Fund covering
possible.
The
filed
of
in
financial
designated
regulation
new
be
specific action
is
the
question
for benefits
the
The
been
principle that when
as
the
directors,
each
to
as
be made to the material which
must
rules
information
14A.
Where
vote.
alteration of
be
information
certain
discretion
Of the 25
of
Utah, with the next
largest ratio, paid out $1.73 for each $1.00 collected and used up more than
45% of its reserve.
•
so.
election
the
covers
Maine had the largest ratio
It paid out $1.81 for each $1.00
collected and used up over half its accumulated fund.
and
proposition
confer full
to
do
may
of payments to contributions in this
group.
may
the Commission.
new
should
proxies
the
words,
will be limited accord-
proxy
however, this financial information
reference
event
he
proxy
give
to
the
or
of
must
intended
his
other
given
a
on
security holder wishes
soliciting
statement"
it
the
if
course,
persons
Where
In
whereby the security holder
means
71.7
21.8
2,476,000
—
3,361,000
1,530,000
172.9
45.5
8,245,000
11,979,000
2,609,000
69.9
21.8
Wisconsin started receiving claims in July, 1936; Mississippi and Indiana started
receiving
claims
in April,
1938; and all other States started receiving claims
in
January, 1938.
subsidiaries
thereof.
The
present
rules
apply thereafter
a?
will
contixue
certain
to
in
effect
solicitations
until
begun
Oct.
1,
before
1938,
and
will
Republic
that date.
Steel
Counsel for the
Unemployment Benefit Payments in 12 States Exceed
Current Deposits in Unemployment Trust Fund
Payments for unemployment insurance benefits for the
first
six
months
of
1938
deposited by the State
exceeded
current
contributions
in the Unemployment Trust
Fund in 12 of the 25 States paying benefits during this
period, the Social Security Boara announced on Aug. 16.
agency
Corp.
Calls
Wagner
Act
Unconstitu¬
tional—Presents Arguments Before NLRB
-
Republic Steel Corp. contended before the
on
Aug. 11 that the Wagner
National Labor Relations Board
Act is unconstitutional.
This argument was advanced
by
Day, attorney for the company, who appeared in
opposition to a proposed NLRB order directing the rein¬
statement with back pay of approximately 5,000 strikers.
Luther A.
The Board had held that unfair labor
pany were
responsible for the strike.
practices by the
com¬
In describing the hear-
Financial
1130
ing before the NLRB, United Press Washington advices of
Aug. 11 said:
Day contended that the Board was without jurisdiction to issue a
Mr.
Industrial Organization mem¬
Mr. Day said this pre¬
complaint in the case because Committee for
In
O. union from filing charges against Republic with the
I.
cluded the C.
Board.
...
made the charge that the Labor Relations Statute, already up¬
was invalid, but said he
Mr. Day
would not enlarge upon this point.
616 exceptions to the Board order
He referred to his 136-page brief and
violence
on
the part of some strikers barring all of them from reinstatement.
The NLIiB Chairman said that Republic had reinstated some of the strikers
and added:
Preparation of the report was aided by the counsel of an advisory com¬
of Southern citizens known for their interest in the region and
Day denied that Republic's unfair labor practices were responsible
for the strike and asked the Board to rule that the cause of the strike
was
section
According to the report, "the population problems of the
disproportion of adult workers
to dependents,
displacement of agricultural workers by machines, the
of white workers in traditionally Negro occu¬
the
substitution
The report also
They
for
under advisement after hearing counsel for both
case
hurtful not only to their
produced the present economic unbalance,
but to the country as a whole.
have
the
refusal of Mr. Girdler's firm to sign a contract.
The Board took the
It is their expressed hope and belief
thorough examination of the factors that
familiarity with its problems.
that the South will benefit from a
pations, the emigration of skilled and educated productive
workers—are the most pressing of any America must face."
''v' /"v."
■■.
"You didn't consider them outlaws, but you want us to."
Mr.
with what
mittee
South—the
Chairman J. Warren Madden challenged Mr. Day's reasonong concerning
being concerned primarily not
has, but with what the South needs.
the South
by which he contended the "Little Steel"
had been abridged.
presents in only a small degree the manifold assets and advan¬
possessed by the South,
tages
firm, headed by Tom M. Girdler, had been denied due process and that
other constitutional rights
report on the economic problems of the South.
a
The report
their
held in several respects by the Supreme Court,
to your request of June 22, 1938, there is transmitted here¬
response
with
engaged in "lawless and violent picketing."
bers
Aug. 20, 1938
Chronicle
sides.
says:
With the South furnishing the basis
not local problems alone.
are
population increase of the Nation, with Southern workers coming
the country in quest of opportunity, with the South's
the
into other sections of
large potential market for the Nation's goods, these problems
national.
are
Anthony Wayne Smith, attorney for the C. I. O., charged Republic with
"a vicious attempt
to break the law,"
and asked the Board to make its
order against the corporation more stringent.
The C. I. O. attorney asserted that Mr.
Day's argument
He argued that
should not be deducted from the back pay owed them by Republic or the
Board would be forcing the public "to bear the cost of Republic's unlawful
agencies if, and when, Republic gives them back pay.
Cents
Electric
for
at
Warm
Springs, Ga., Complained of by President Roosevelt
That of Municipally-Owned Plant, Says Preston
S. Arkwright of Georgia Power Co.
Preston S.
Arkwright, President of the Georgia Power Co.,
Aug. 13 that President Roosevelt, who com¬
plained that in 1924 he paid 18 cents a kilowatt hour for
electric current in his Warm Springs home, was patronizing
a municipally-owned plant at the time and not
Arkwright's
company, which at present is supplying the power for 1,9
declared
cents
a
on
kilowatt hour.
President
Roosevelt's reference
the
to
South's
United
16c.
was
made in his address at
Barnesville, Ga., on Aug. 11, given in
page 977-978.
The Associated
Press, in quoting Mr. Arkwright in advices from Atlanta
on
Aug. 13, reported him as saying that the President
in 1924 was getting his current from a small Warm Springs
company which purchased its power from a city-operated
plant in Manchester, Ga.
The Georgia Power Co., he said,
did not take over the Manchester plant and the Warm Springs
service until 1929 and since that time the price to the Presi¬
dent and the Warm Springs Foundation has continued to
drop.
As given in Associated Press advices, Mr. Arkwright's
issue
our
of
a
week
ago,
statement follows:
came
to
Georgia, he had to pay 18 cents
service at Warm Springs.
It
kilowatt hour for his electric
a
was this very
high charge for electricity, he
I
am
confident that Mr. Roosevelt did not intend to leave the impression
that the 18-cent rate
was
charged him by the Georgia Power Co.
,
me
and other people.
sons
annual
In fact, the lowness of
our rates was one
of the
rea¬
Mr. Roosevelt offered in urging us to acquire the electric properties at
Roosevelt first
Georgia he ob¬
to
came
interest
So
It
was
electric plant then being operated in
that little company which charged Mr. Roosevelt
-
produce
State
time first began supplying electricity to Mr.
of this company's
The application
Roosevelt.
regular rates brought about an immediate drop in the
and
as
Under
yield
does not
a
kilowatt hour, and
it has continued to drop since then.
At the present time Mr. Roosevelt is buying his electricity from us at his
home, the Little White House, for 1.9 cents
Springs Foundation is paying
an average
a«
kilowatt hour and the Warm
of only 1.6 cents
a
kilowatt hour.
gency
Emer¬
Council in Report to President Roosevelt—
Finds Section Has
it
to
Although the South abounds in real and potential wealth,
is hampered by an "economic unbalance hurtful not only
the
section,
National
of
to the country
Emergency
Roosevelt
study
but
dated
South
the
Council,
July 25 and
and
its
in
as
a
made
needs
a
whole,"
report
the
President
to
public Aug.
was
says
12.
undertaken
The
at
the
request of President Roosevelt, who in a message read at a
conference
of
Southern
spokesmen
in
Washington,
on
July 5, referred to the South as presenting "right now the
Nation's No. 1 economic problem," and he urged the draft¬
ing of a statement of economic conditions in the area "in
order that
in
we
July
may
do something about it."
9 issue
As
was
stated
(page 208), the President's message
Lowell Mellett, Director of
the National Emergency Council, who called the meeting.
Mr. Mellett, in his letter to the President submitting the
our
was
read
to
the conference by
report, says:
the
are
lowest
in
industries
important
the
interest
average
South
is at
similar
a
disad¬
the South from dividends and
$68.97
with
Southern
industries
the
for
rest
the
of
to outside
goes
in
comparison
in
management
dividends
other
similar
with
flow
which
States;
and,
levies
to
finan¬
result,
a
as
these
keeps the
have
circumstances
the
South
has
piled
State
of
means
but
the Northeast,
of its
protesting
59% of the
people
against
thus they
In
taxes.)
every
taxes.
the other hand, not a single State gets
on
sales
more
than
is
revenue
income from this source, and most of them
have
In
44%
get far less.
of the report it is stated that "low wages
have helped industry little in the South."
only
States;
sales
raised
the
on
(The poll tax
by
one
In another part
Not
stock¬
these
burden
its tax
citizens from voting in eight Southern
poorer
effective
no
Southern
elsewhere.
corporation
backs of those least able to pay, in the form of sales taxes.
they
curtailed
the
We also quote:
purchasing
power
which
on
local
industry is dependent, but they have made possible the occasional survival
inefficient
agriculture
when
has
well
lowered
It
and
into line
income."
be
unskilled
of
enough
not
the
skill
semi-skilled
and
While Southern workers,
conditions,
thoroughly
are
employment
such
by
workers,
bring
to
the
the workers.
of
in the report that "the farming South
tobacco for two-tliirds of its cash
out
and
It is further stated:
than
half
farmers,
crop
is
with
cotton
on
levels
working under modern
there
is pointed
depends
the
well-managed establishments.
trained
producers,
levels
wage
The standard of wages fixed by such plants and
concerns.
in modern and
even
of
its
subjected
business
farmers
All
depend
their eggs
alone.
cotton
on
which
to risks
after year
year
They
one-
are
appall
would
the
basket—a basket which
upset, and often is, by the weather, the boll weevil, or the cotton
man.
in
are
one
market.
South,
the
is the cornerstone of the
cotton
the
merchants,
hazards
high
fo
interest
the
farmer.
commercial
has
46
been
scattered
farm
land
The
their
risk.
in
the
in
the
capital
and
credit
South
outside
and
of
dividends.
The
lays
a
of
At
its
the
that
the
farm
check-up
one-tenth
of
on
the
insurance
their mortgages.
"there has never been enough
to meet the needs of its
It is likewise stated:
forced to borrow
the South has been
time
and
A
South
the
same
the
Bhare
than
more
mostly banks and
to foreclose
report,
own,
business
parts of
bankers
farming charge
far
20 years.
showed
corporations,
financiers, who have reaped
much
tions.
subject to
1934
in
farmers and its industry."
Lacking capital of its
cotton
finance
the last
for
forced
in
is
money
hands of
companies, which had been
who
men
many
and
men
result, the mortgage debt of Southern
a
growing steadily
counties
was
As
of
economy
business
manufacturers,
because
rates
normal
Enjoyed Relatively Little of Its
Wealth and Natural Resources—Industrial Wages
Lowest in Country
20
of the South disclosed that the
compared
reach
To quote from the
Economic Needs of South Outlined by National
in
their share of the cost of Southern schools and other institutions.
owners
price Mr. Roosevelt paid for electricity to 3.87 cents
and
from
meager
a
taxation
Because
1929 and at that
income,
labor
capita income in
per
profit
the
of
do not pay
.
The Georgia Power Co. took over these properties in
farm
its
in the form of dividends and interest, that State income taxes would
ciers,
average
kilowatt hour.
money
...
much
can
a
into
only $865, while in the remaining States it
$17.55,
only
was
country.
its power from a municipally-owned
IS cents
minerals,
turned
has enjoyed
...
common
survey
was
dividends
from
In 1937 the
vantage.
tained his electricity from a little company in Warm Springs which bought
Manchester, Ga.
be
hour, while in the rest of the Nation 25% rise
an
A recent
.
The situation is that when Mr.
forests,
can
the South
far
$1,219.
More
Warm Springs.
they
So
than laborers in other sections received for the
Moreover, less than 10% of the textile workers are
in industry
income
In
like
wages,
1937
In
work.
of
wage
averaged
for he has
repeatedly praised the lowness of this company's rates in conversation with
South—its
when
and purchase them.
than 52.5e.
more
efficient
said, which first aroused his interest in public utility rates.
only
less
hour
gbove this level.
of
In his speech at Barnesville, President Roosevelt said that when he first
South
its people need.
industrial
States.
an
kind
paid
holders
18-cent rate
which
credit to develop
The
the
Current
the
the
in
resources
relatively little of these benefits, simply because it has not had the
or
same
18
of
natural
soil—benefit
fertile
got
Charge
and
goods and services
He suggested, instead, that the strikers reimburse public relief
actions."
wealth
The
and
earnings of strikers on Works Progress Administration
relating to "private and public
part of the report
income" says, in part:
"an insult
was
intelligence of the Board."
to the
That
from
rich harvest in the form of interest
a
has
it
industry
had
hand
to
over
from
investors
to
the
control
wealthier
sec¬
...
scarcity
of local
credit
heavy burden both
on
Describing the South
market
and
the
results
sources
in
as
interest
rates
and
local governments.
individuals and
market
high
"the Nation's greatest untapped
in
business
American
which
can
expand most easily," the report continues, in part:
The
borne,
Nation
reach
the
other
no
instruments
are
no
or
buy,
an
language barriers,
of
power
resources—water,
of
materials—forest,
coal, oil
the
to
buy,
sell
now
extra
for
no
the
sold other
geographical obstacles, no
The people of
would buy—if they
be overcome.
and they
things the Nation needs.
and agricultural; its
mineral
and
movies,
acquainting
they have
as
being
the
the rest of
Radio,
cost.
scope
Southerners
they want to
abundance
stores
that
no
national
of
psychological difficulties
to
had the money.
The South has
raw
methods
little
things have "sold"
new
need
with
is already
conveniences
the South modern
since the
South
There
walls,
South
extent,
the
and
with
Americans.
tariff
"selling"
large
periodicals
public
of
cost
to
natural
gas;
its
ample
Its vast
extensive
transports-
Volume
tion
facilities—rail,
South
the
large
and
water
tremendous
a
part
and
the rest of
of
the rest
desires,
of
now
the Nation.
unfilled, could keep
them.
Such a
Both have
largely
relationship would help the South and the rest of the Nation.
because
lost
It
is
this
relationship
in
noted
the
does
of credit, the major problem
faces
almost
all
freight rate differentials."
The
and
of
This disadvantage works a
into the important
Nation's
of
the
Nation's
.
.
the
for
deterrent
is the
population,
to
high
the South's economic development has
tariff policy.
The South has been
country at the
they
Mellett, in his letter to the President, quoted in part
above, says:
One
faced
has
thing
clear
made
be
when
the
township
and
citizens,
patient consideration to the material condensed into this brief report
to assure that the citizens of the South do not hesitate to face the
their
seems
facts of the
F.
B.
University of Miami, Miami,
President,
Ashe,
Governor Carl
storm
for a considerable
had their day in
of the American
without
to
their
appraising
carefully
beginning
return,
only
not
Sound
degree,
consequences.
but,
here
people,
accepting theo¬
to
some
signs of it in a number of directions.
labor
radical labor program sponsored
more
leaders
is
fast
is
general
a
note
The
programs.
larger in the
Third,
now
both
to
and
Sixth,
long
They
in
emergency,
a
are
closely wedded to
Increasingly articulate, they are finding
the polls,
though as yet
even
it may be insuf¬
cause.
of
temper
revealing
are
care
less
less
becoming more calm,
business commitments,
people is
the
more
in
is
a
manifestation of the majority's desire to
than as the result of a beneficiary
growing
earning it rather
generous
Government.
Seventh, day by day the futility of hoping for a
through
an
relief workers is
speculation.
there
by
politics
in
experience
programs.
their
security by
attitude
of
significance is the fact that many of our
real
of
support at
carry
impetuous.
achieve
have
the general
Fifth,
ratio
than relief programs can bring.
permanence
more
accepted in
slowly. becoming unsatisfactory
growing
A
taxpayers.
And
conservative
to
Relief is
doubted.
and
life.
who
men
ficient
payment
of
realignment of forces is noticeable in the political aspects of
a
national
strength
There
effects of such
is looming
long-range
day
nationally
work,
relief
of
generally
recipients
more
the
over
inevitable
an
of many citizens.
value
expressing its desire for
public
of
program
is losing many adherents.
program
skepticism
of
realization
eyes
the
more
Only
caste.
Second, the spending-lending
is
by certain irresponsible
through a change of
they hope to reestablish their prestige in national affairs.
losing
sound peaceful program
Under
of dictatorships is becoming more apparent abroad.
means
but the great
cost of their over-ambitious programs has made their
economic position
most vulnerable.
A military annexation becomes a minor preliminary if
there is not a subsequent peaceful acceptance of the new authority.
In the course of time, it is my view that the trend towards a more
conservative program will grow and that the true conservatives will before
long be called on to salvage and make practical that portion of the
reform program which is worth saving.
threat
the
of
"strutted
have
dictators
war,
their
stuff,"
will be done about it.
Committee of Southern Citizens" assisting
preparation of the report included:
the
Dr.
This, in turn, would seem to assure—to use
present situation.
language—that something
own
The "Advisory
in
by
schools—and
named above in lending their time and
given by the men
The example
your
and
business
government,
North.
and
South
on
have
Seven Factors
difficulties
principal
are
the economic problems of the South are not
beyond the power of men to solve.
Another thing made clear, however,
is that there is no simple solution.
The solution must be part political,
with the Federal Government participating along with State, county, city,
town
is
We have the first
First, the
that is, that
people;
own
reforms
judgment
heedlessness
brought into perspective and when what the South
Nation is laid alongside what the South needs for its
the
offer
to
appears
by the South
to
desire for a concise statement.
meet your
individuals.
and
institutions
made to
been
has
roll
may
extremists
and
unwilling to complacently continue much longer
abroad.
the
The
report therefore does not attempt to be exhaustive.
On any one of the 15
topics discussed much more extensive treatment can be found in official
Government reports or in studies
that have been made by educational
Effort
theorists
The
Certain
and, like the end of all days in court, a verdict seems near.
are
our
Mr.
though the thunder
future.
Unless I completely mistake the present temper
Fourth,
of the South.
expense
so-called reform movement?
The
economic-political
the
conclusion.
that
passing,
the
of
peak
to
the develop¬
hardship par¬
its agricultural
sell
the
seen
point
be
in
court
.
traditional
generations to
we
to
time
Northeastern terri¬
products in an unprotected
world market and to buy its manufactured goods at prices supported by
high tariffs.
The South, in fact, has been caught in a vise that has kept
it from moving along with the main stream of American economic life.
On the one hand the freight rates have hampered its industry;
on the
other hand our high tariff has subsidized industry in other sections of
forced
Have
indications
can
area.
serious
equally
the
51%
containing
consuming
greatest
An
region,
movements
on
semi-finished* goods
materials, handicap
raw
Heimann adds:
retical
apply
manufactured and
products and
the South.
in
to say:
which
rates,
of
is that
the South
goes on
freight
with regard to shipments
This
been
It
Southern
many
agricultural
industry
ticularly
tory.
of
areas
some
ment
interterritorial
present
other
into
in
industry
only real lasting result is a staggering amount of
taxation."
In part, Mr.
that the
debt with its attendant burdens of
seems
"in addition to absentee
that
report
ownership and the high cost
which
exist.
not
1131
Chronicle
supplying
busy
the country
could make
Its growing
climate,
varied
its
air—and
with
trader
with vast needs
population,
a
Financial
147
Secretary Hull Proposes Seven-Point Program to Insure
World
Peace—In Address on American Foreign
Fla.
Policy, He Attacks International Aggression—
Urges "Way of Reason" to Determine World's
Bailey, Little Rock, Ark.
Louisville "Courier Journal," Louisville, Ky.
W. B. Bizzell, President, State University, Norman,'Okla.
Colonel P. H. Callahan, President, Louisville Varnish Co., Louisville, Ky.
Harry Bingham, publisher,
Future
M
L.
0.
Judge Blanton Fortson, judge, Superior Court, Athens, Ga.
Frank Graham,
President, University of North Carolina,
Chapel
Hill,
Carolina.
North
lumbia,
President,
past
Chamber of Commerce, Co¬
C.
S.
Lerov
Colonel
Miss
Hammond,
James
Attorney
Hodges,
Randolph
Lucy
Richmond,
Comptroller,
State
Mason,
Committee
representative, Atlanta, Ga.
H.
L.
Mitchell, Secretary-Treasurer,
for
Va.
Industrial
Organization
General
Tenant
Southern
Union,
Farmers
President,
Persons,
First
National
Bank,
Birming¬
Chas.
H.
La,
Petersburg, Fla.
Reynolds, President, Hendricks College, Conway, Ark.
J.
Vice-President,
Smith,
Peabody College,
Smith,
L.
Alexander
Speer,
andria," Va.
former
Braniff
Airways,
Dallas,
Tex.
proposed
Virginia
Servive Co.,
Alex¬
Skottowe
Carl White,
"by the most conservative estimates, 4,000,0000
should be rehoused.
This is one-half
that
families
ern
in
families
his
In
our
of the needs of the South the report says
the
South¬
of all
South."
address
at Barnesville, Ga., on Aug.
report and indicated that it was
11
(given in
about to be made public.
Although
better
no
than
of
Hesitancy
there can
it was
be
no
doubt that business today is
several months ago, there can also be
that the improvement has been some¬
hesitant than on previous occasions when com¬
doubt, however,
what
more
internal affairs of other nations, and the
of peaceful negotiation and agreement.
progressively reduce their armaments.
Collaboration between and among
the freest
representzftives of the nations, and
possible intellectual interchange
between and among their peoples,
each country of the problems of
thereby understanding by
to all may be promoted and peace¬
of controversies be made more readily possible.
such ways and by such methods as may
7. International cooperation in
be
practicable for the advancement of this program.
time there is a
disregard of the rights of others and a contemptuous
brushing aside of the rules of international morality.
All
Nations, he declared, must soon decide for themselves
whether the world's future is to be determined by armed
The
force
Despite Upturn, Business Reveals Some Uncertainty,
According to H. H. Heimann of National Associa¬
tion of Credit Men—Spending Program Indicated
Cause
abstention from use of force in pursuit of
Voluntary self-restraint,
Secretary said that at the present
wholesale
Aug. 13 issue, page 977),. the President referred to the
as
including, in connection there¬
when and as need therefor
carried out in a spirit of mutual helpfulness and
settlement of differences by processes
ful adjustment
In citing some
inter¬
of provisions of treaties,
others and of problems that are common
American Federation of Labor, Port Arthur, Tex.
of national and
accommodation.
to the end that
S. C.
Matthews,
Respect for and observance of treaties,
with, modification
arises, by orderly processes
6.
Association, St.
foundation
principles of international law as the guiding
5. That all nations limit and
Cotton
the
rules of conduct among nations.
policy and from interference in the
Public
..
•
as
stability.
Adherence to the basic
and governing
follows:
program as
reconstruction
Economic
national well-being and
4.
Tenn.
Nashville,
President,
G. Tillman, planter, Statesboro, Ga. '
Wannamaker, President, American
Joseph
J.
Pipkin, Louisiana State University, Baton Rouge,
W.
Poynter, publisher, St. Petersburg "Times," St.
Robert
S.
his
3.
Professor
J.
program
2.
C.
John
ham, Ala.
Paul
he pledged the United States to cooperate in a
for the restoration of sound economic relations,
international morality and the principles of international
law and justice.
Mr. Hull listed the principal points in
which
in
1.
Tenn.
Memphis,
designed
world peace was advocated on Aug. 16 by Secretary
of State Cordell Hull in an internationally broadcast address
to insure
Miss.
Picayune,
lumberman,
Crosby,
Adoption by all Nations of a seven-point program
"the way or
or
reason." The overwhelming majority of
mankind, he said,f'is determined to live in a world in which
lawlessness will not be tolerated, in which order under law
will
prevail, and in which peaceful economic
and cultural
relationships will be inviolate."
State Department officials said that they considered the
address the strongest Mr. Hull has made on American
foreign policy in more than a year.
The complete text of the speech is
All nations have a primary
parable sums of taxpayers' money were being dispersed to
stimulate an upturn in business, says Henry II. Heimann,
executive manager of the National Association of Credit
constant
Men, in his monthly review of business issued on Aug. 17.
Mr. Heimann observes that "there is now a continually
given below:
interest in peace with justice, in economic
These are
ments which
spending-lending program, far
this type of governmental
policy was first introduced." He goes on to say that "now
that our people have seen the results and have had time to
well-being with stability,
objectives
andin conditions of order under law.
Each of these objectives is today
of the world. AH governments and all
of this country.
seriously jeopardized in many parts
peoples should therefore be on guard against certain dangerous
imperil them, and be alive to the Issues involved.
Out of these
menacing developments there has arisen and
growing skepticism about the
the nations today a
beyond that which existed when
develop¬
there confronts
be determined
by universal
realize the inevitable failure
number
have
found
it
of such methods, an increasing
impossible to escape the conclusion
with
clear-cut issue: is the future of the world to
reliance upon armed force and frequent resort to aggression,
resultant autarchy, improverishment, loss of individual independence,
and
international anarchy?
and
order
Or will practices of peace,
under law, resting upon
being, security
morality, justice
wellinternational relations?
sound foundations of economic
and progress, guide and govern in
Financial
1132
bring nations
As modern science and invention
no
closer together, the
ever
when, in the very nature of things,
time approaches
these alternatives must prevail.
In
the other of
one or
smaller and smaller world it will
a
soon
longer be possible for some nations to choose and follow the way of force
and for other nations at the same time to choose and follow the
All will have to go in one direction and by one way.
reason.
the alternative
of
The first of
The other way leads, through exercise of
slowly achieved.
ditions of order based upon law,
giving security and facilitating
con¬
progress.
In the circumstances which prevail in the world today, no nation and
government can avoid participation in
determining which
country
is
throwing
no
be
The degree to which
will depend
on
each nation
the earnestness with
which it espouses and supports the principles on the side of which it chooses
to range
,
But out of it also emerged
passionate desire
a
and
among
Taken
high
a
as
whole,
a
and
For
those ends, and considerable
But unhappily the rapid growth of economic nationalism
aftermath
of the
culminated
war
in
1929 in
world
world-wide
following
economic
also convinced that
are
the present
reverse
armed conflict on
and of law and order among the nations.
analysis political stability, are all parts of an arch resting
No modern industrial nation
tion of trade.
standards of living without
commodities
can
international trade.
the founda¬
upon
maintain proper existing
Raw materials and other
indispensable for the maintenance of industrial
are
and foreign markets
for the sale of
nation's products
a
the last
are
Shut off from international trade, nations
pensable for its economic life.
face deterioration and decline.
As trade barriers mounted on every side, as the movement toward
econo¬
the
excessive
between
barriers
trade
nations
of nations to gain access to needed
pressures
necessary
be
must
reduced
the
or
raw materials and to
equally
foreign markets by conquest of additional territory and tactics
the
reduction
elimination
of
In
methods.
achievement
in
engaged
elimination
or
uneconomic
of excessive
trade
trade
discriminations
and
Since then
purposes.
trade-agreement
negotiations
countries and it has tirelessly urged upon
of pursuing a
our
with
country
an
program
for
unfair
trade
for the
act
has
the
vigorously
increasing number
basis,
we
other nations the imperative need
Government
have
also
pursued—and
commerce
have
urged
the field
upon
this
other
upon
of foreign
ex¬
changes and of monetary conditions, and the involability of financial obliga¬
tions and undertakings.
time has gone
as
the disintegration of the structure of
on,
world order under law and the abandonment
or
repudiation of the principles
underlying it have proceeded with staggering rapidity.
processes and methods of international
given
way
to
Orderly and peaceful
cooperation have in many regions
military aggression and armed force.
territory of sovereign
of
United
the
States,
with
people of this country are
which prevail
and
each
Today, invasion of
States, destruction of lawfully constituted
ments and forcible seizure of hitherto
the
govern¬
of
support
an
alert
day
program.
accurately visualizing
more
fully understanding the problems
more
involved in international relations.
are
Each
day's developments make
situation is profoundly
own
They are becoming increas¬
and
more
affected by
the fact that
more clear
what
our
happens elsewhere in the
world.
Whatever
be
may
expect
our
wishes,
own
remain
to
ment and starvation afflict other areas,
may try,
we
impairment of
escape
freedom is destroyed over
liberty,
When
trouble
impoverish¬
how
not, no matter
we can
our
economic well-being.
own
areas
there is
destruction,
eisewhere,
our
hard
When
ideals of individual
cherished political and social institutions
our most
When the
increasing
when
cannot
we
unaffected.
jeopardized.
are
dignity of the human soul is denied in great parts of the world,
and when that denial is
made
a
slogan under which propaganda is set in
motion and armies take the field, no one of us can be sure that his
country
even
his home is safe.
We well know, of course,
that
condition of
a
wholesale chaos will not develop overnight; but it is clear that the present
trend is in that direction and the longer this drift continues the
greater
becomes the danger that the whoie world may be sucked into a maelstrom
of
unregulated and
and
economic,
savage
political
and
military competition
conflict.
in
desire and
our
increasingly effective in
increasingly resolute
efforts to contribute along
our
with other peoples—always within the range of our traditional policies of
non-entanglement—to the support of the only
program
which
turn
can
the tide of lawlessness and place the world firmly upon the one and
roadway that
So far
in
our
can
which
everything
toward keeping alive and fostering and cultivating the various
power
most
we
only
lead to enduring peace and security.
this country is concerned, we shall continue to do
as
features of this broad and comprehensive
nations—parallel and complementary policies in
Unfortunately,
ominous drift toward international anarchy and
effect upon the present and future welfare of our own country.
of
similar course.
Concurrently with efforts to restore international
constructive
other
1934, the Congress passed the trade agreements
of these
a
barriers and
members.
gigantic scale which, if it comes, will destroy not only
a
Hence it is necessary that as a Nation we become
Against this world background this country embarked upon
are
the long run check
ingly concerned over the spread of international lawlessness and its adverse
of the mailed fist would become intensified.
for
of which they
other program can in
no
appropriate contribution to the carrying out of this
or
mic nationalism gathered momentum, it became only too clear that either
over
convinced
public opinion in this country, has earnestly sought and is seeking to make
processes;
likewise indis¬
progress
are
spiritual attainments of our modern civilization.
elsewhere
Economic stability, financial stability, social stability, and in
We
the material achievements of past centuries, but the precious cultural and
as an
catas¬
Political controversies and conflict, aggravated and intensified by
world-wide depression, undermined the whole structure of world economy
trophe.
continuous
long-view objectives.
welfare and with it that of the world community
The
progress was made.
envisages
program
toward
offers to all nations the maximum of possible advantage
and the fullest possible opportunity to safeguard and promote their own
that
decade following the peace of Versailles, the peoples of the
a
this
road
open
the conditions
worked earnestly toward
be practicable for the advance¬
as may
that this program
peoples everywhere for enduring peace, order and progress.
Collapse in 1929
by such methods
ment of this program.
The
nations.
among
in such ways and
itself.
The World-War left a legacy of deep-seated maladjustments within
be promoted and peaceful adjust¬
readily possible.
more
We believe in, we support and we recommend international cooperation
We
the ultimate decision
between
and among their peoples—to the end that
of controversies be made
ment
and
Consciously or unconsciously, every
of its attitude and action, positive or
negative, toward one course or the other.
will influence
will
course
recommend collaboration
we
of the nations, and in the freest possible in¬
problems that are common to all may
fundamental.
The issue is
and
support
we
1938
20,
thereby understanding by each country of the problems of others and of
the weight
taken.
in,
tellectual interchange between
moral
international obligations and treaties to
restraint and observance of
believe
We
Aug.
and among representatives
leads through military adventuring to international
ways
through centuries of struggle, toil and sacrifice, civilized nations
which,
have
way
the result of which Is chaos and loss of the precious values
lawlessness,
Chronicle
sincerely
believe, to which
program,
give
we
our
a
in
program
constant
which
support,
and
earnestly recommend to all other governments and peoples for
general adoption.
As
we
and
more
more
nations
accept this program and demonstrate their
will to work
together for the restoration of sound economic relations, of
international
morality, and of the principles of international law and justice,
it will become
clear—even to the nations which
more
reliance solely
their
on
a
now
profess to place
policy of armed force—that the overwhelming
majority of mankind is determined to live in
world in which lawlessness
a
will not be tolerated, in which order under law
will prevail,
and in which
peaceful economic and cultural relationships will be inviolate.
independent political entities, inter¬
»
ference in the internal affairs of other nations, wholesale violation of estab¬
lished
treaty obligations, growing
disregard
of universally accepted prin¬
President
Tydings
ciples of international law, attempts to adjust international differences by
armed force rather than by methods of pacific settlement,
contemptuous
brushing aside of rules of morality—all these appalling manifestations of
disintegration seriously threaten the very foundation of our civilization.
Inasmuch
the
as
processes
of disintegration
and
deterioration
in
in¬
ternational relations are plainly spreading in many directions, the curative
be
processes must
no
less broad in scope and more effective in character.
Not only has the rebuilding of a sound economic structure become
absolutely
but the re-establishing of order under law in relations among
essential,
Nations has become imperatively necessary.
intensifying
all Nations adoption of
upon
Hence, while continuing and
effort to promote economic reconstruction, the
our
ment of the United States has
economic reconstruction and
Govern¬
enlarged the scope of its effort and is urging
comprehensive
a
program
embracing both
revitalizing of principles which
are
indispens¬
be
the people of this country.
no
President Roosevelt on Aug. 16 added two more prominent
Democrats to the list of those he seeks to "purge" in forth¬
coming primaries, when at his press conference he opposed
Senator Tydings of Maryland and Representative John J.
O'Connor of New York, who is Chairman of the House Rules
Committee. Senator Tydings is opposed for renomination by
Representative David J. Lewis, while James H. Fay'seeks
the Democratic nomination from the
doubt
are
seeking
as
are
we
to
We want peace;
the preference and desire of
we
want security;
we
to proceed along that
way.
cember,
sought at the conference
1936, to broaden
On this problem
based
on
Buenos Aires in
De¬
combined economic and peace
program by
peaceful Nations everywhere adoption of a
our
proposing and urging upon
program
at
principles of world law and international order.
the sentiments expressed
want
Our practical
the Government of the United States has been and is
constantly at work.
we
This
calls for constant reaffirmation, revitalization, and stressing of
fundamental principles.
Its essential points cannot be too often stated.
We believe in, we support and
and
as
the foundation
we
recommend to all Nations economic
of National and international well-being
stability.
We
we
support and
as
we
recommend
adherence to the
He
made
a
Nations.
a
including, in connection therewith, modification of provisions
by orderly processes carried
spirit of mutual helpfulness and accommodation.
We believe in, we support, and
abstention from
use
we
recommend
of force in pursuit of
voluntary self-restraint,
policy and from interference in
the internal affairs of other nations, and the
settlement of differences by
of peaceful negotiation and agreement.
processes
We believe in, we support, and
,
Tydings
on
we
recommend to all nations that they
be prepared to limit and progressively reduce their armaments.
we
an
editorial which appeared
could be attributed directly to him.
men
(Messrs. Tydings and O'Con¬
a
less than twenty-four hours after
came
last minute revision in
strengthen
his Social
.
.
he bad
Security anniversary address to
pat on the back for Representative David J. Lewis, 69-year-
old New Dealer and veteran liberal, who is waging a
heated campaign to
gain the Maryland Senatorial nomination.
He minced
words today.
no
He called for Lewis' election in Maryland
and the nomination of James H.
York District.
Fay, who is
a
Fay
over
O'Connor in the Sixteenth New
Deputy Collector of Internal Revenue
was
defeated by O'Connor by a scant 100 votes four years ago.
In commenting on this latest move
by Mr. Roosevelt, a
Washington dispatch of Aug. 16 to the New York "Times"
?,
President Roosevelt had not identified the
outset, and when
a
source
of his statement at the
correspondent remarked that it read strangely like an
editorial he had read somewhere recently, Mr. Roosevelt turned
unsmiling
to the questioner and remarked that the observation was
entirely correct,
but that he
of treaties, when and as need therefor
arises,
out in
York
Philadelphia "Record" and explained that
papers
bluntly called for defeat of the two
His attack
basic
the guilding and governing rules of conduct
We believe in, we support and we recommend
respect for and observance
of treaties,
prepared statement
by the
said:
believe in,
principles of international law
among
New
nor) in the forthcoming primaries and defended his right to oppose them.
program
reconstruction
a
in the New York "Post" and the
as
problem is that of finding and; employing the best methods, of keeping our
eyes and our feet upon the better way, of co-operating with other Nations
Toward its solution,
Sixteenth
Congressional District against Mr. O'Connor.
From United Press advices from
Washington Aug. 16
The President read from
progress and prosperity—for ourselves and for all Nations.
that
"Purge"
to
Senator
Representative
O'Connor—Urges
and
Defeat of Both in Primaries
People Want Peace
can
Extends
quote:
able for restoration of order under law.
There is and there
Roosevelt
was
making the editorial his
own statement.
On only one other occasion has President Roosevelt made
comment to express
article
by
a
his views publicly.
use
of editorial
Last Christmas Eve he adopted
New York columnist to express his sentiments
on
an
Christian
charity.
It
an
was
with obvious enjoyment that Mr. Roosevelt read
editorial setting forth his position.
across
That
passages
was over
especially
pleasing to
slowly through
Occasionally he smiled
him.
Once
he
as
he
came
laughed outright.
the observation that in American politics any one can attach
Volume
himself to
a
Financial
147
When
he
had
completed the reading
editorial
of the
Roosevelt
Mr.
that should be added to the list, he
Mr.
Other
reactions
for one day.
Barnesville
Eugene Talmadge, himself a target in the
fired
Roosevelt
"the President had
6wiftly.
came
conservatives,"
"dyed-in-the-wool
at
George, the veteran
"broad objectives
Walter F.
Senator
Senator whom the President criticized for his position
on
have
the
which the
President
planned to go through such areas on his summer travels.
But to these the
answer was always the same: he had no travel plans beyond his trip to Can¬
ada beginning tomorrow, except for his scheduled non-political visit to
Tennessee next month.
party
Government,"
the
and
fight."
asserted:
"We
just
said,
Correspondents
"purge"
might
from
be
States
applied
having
whether the
inquiring
Court Bill
As to the
as
a
to
contests
primary
began
then
his
Camp,
first
Test
the defeated
regarded as a test of New Deal
was
loyalty In his primary campaign activity, the President said it was not,
he regarded his negative answer as a fair reply,
and that
of the Democratic platform and because
facts in the
of what it proposed had been
98%
Then he observed in the form of a question that the
achieved anyway.
would not prevent continued use
case
of the assertion.
George of Georgia,
"march through
Mr. Roosevelt had not read all of the speech of Senator
who
likened
the
President's
attack
him
on
another
as
Senator's
He was
words himself
Georgia," but the President said he had been pleased to note the
that the
statement
To
Senator's record at Barnesville.
question regarding the reaction to his Georgia speech, the President
a
said there had been little
"I
believe
*3fcWhen Pennsylvania officials
quoted as saying that he planned a
speech for Governor Earle,
were
trip through that State to make at least one
the President replied that there were
lots of places that he would like to
Invitations had been re¬
but he had been unable to plan definitely.
48 States, including, he said
laugh, Maine and Vermont.
a
of
people of
the
Georgia
are
he
with the President,"
leadership
Talmadge called attention to Georgia's county unit system for pri¬
maries—a
under which
system
votes—as
Senator
Gainesville,
his
in
react
candidate high in a county gets all its
race for the seat of Senator George.
a
four-man
factor in the
a
Speaking at
favor
indicated
he
in
he
believed
recent
developments
splitting votes.
bill, court
Atlanta
balcony that the events had "cleared the last remaining doubt as to
revision
hotel
George,
and
the verdict"
"I
am
who
voted
Government
in
against
the primary
thing through to
and
determined
to
"that the Georgia people are ready to fight
Georgia are capable
finish and prove that we in
a
our
run
an
Sept. 14.
on
confident," he said,
this
the original wage-hour
told a crowd from
reorganization,
own
affairs."
Death
of
Adolph Lewisohn—Investment Broker
Philanthropist Was 89 Years Old
and
Adolph Lewisohn, investment banker and philanthropist
City, died on Aug. 17 at his summer home in
Lake, N. Y.
He was 89 years old.
Death was
ascribed to a heart attack.
Mr. Lewisohn was born in
of New York
Saranac
He
Germany and
States 71 years ago.
was
ceived calling for his appearance in all of the
with
70%
He had received not more than 10 or 15
or none.
letters in all, a circumstance he attributed to the hot weather.
go
pitched
of the Roosevelt Ad¬
accomplishments
on
Georgia primary was up to Georgia voters.
pleased, the President said, because he had used the same
in attacking the
post-Barnesville speech
ministration since 1932.
would
it The reason was, he said, because the court plan had not been a part
begun to
District Attorney for north Georgia,
States
"and I believe they will show their appreciation of his
by sending the man he approves to the United States Senate."
answer to the question of whether a vote for or against
Supreme Court reorganization plan
United
\.
r
■■■
Mr.
Mr.
£, In
de¬
right to do it."
a
of
laughed long and loud, but remarked
that those he had already supplied should be enough
Governor
that
clared
Asked whether there were any other names
besieged with questions.
was
Former
speech
hot one, the President said parenthetically.
1133
Chronicle
That's
political party whether he believes in its program or not.
a
& Sons in New York, and
came to the United
President of Adolph Lewisohn
headed
also
mining companies, including the Ten¬
many
Corp., the Central Development Co., the Miami
Copper Co., and the South American Gold and Platinum
Co.
Funeral services were held yesterday (Aug. 19) in
nessee
George Asks Georgia Citizens to Oppose
"One-Man Rule" of Democratic Party—Answers
Challenge of President Roosevelt in Campaign for
Senator
|
Renomination
Opposition of President Roosevelt to the renomination of
Democratic Senator Walter F. George of
at
Waycross, Ga., urged the people of that State to engage
in
a
control
the
of
incident
remarks
ported in
address,
Senator
to
"Chronicle"
the
Aug. 15,
on
The President's
party."
Democratic
George's campaign were
13,
of Aug.
page
freedom
liberal
of
In his
977.
declaring him
an
"must allow
party."
In
his
first
11],
[Aug.
succeed
indorsed
firmly,
"I
have
Mr.
given
President
President's
the
16
years
Attorney,
to
in the United
"uneven contest
an
powers,"
but
of
George
enormous
en
incumbent
an
route to Washington from a fishing
it was the first time he had publicly
Democratic
Senator.
"I
Federal
To the
said
funds
notice
he
was
"Then
flowing into this
by
"headlines in
the
papers
State."
that your cannot
now
it was at least the aftermath of
(referring to Sherman's march)
and extended his Civil War analogy when
cried:
this
answered
"We
our
over
Then his wife died and he became less active
before
question
ballot boxes and when honest
when Federal bayonets stood guard
men
walked down under the shadow
bayonets in alien, carpet-bagging hands and cast honest ballots for the
During the past few years he was
am
"I
am
Georgian, bred and
a
a
born, a full-time Georgian, my friends.
I fought the party's battles in Congress and I have
Democrat.
my
hand
in
political contest of the national business of my
no
He cited
He
made
The
no
Alfred E.
direct attack
Mr.
on
of the national party.
Senator
measures
for President Roosevelt in 1932 and 1936 and for
Smith in the campaign of 1928.
his support
Governor
and leader
of
declared
the last six
he
had
Roosevelt's qualifications
as
President
Under
Atlanta,
Beginning with Grant, who used to
He was an
N. J., he knew the last 15.
Roosevelt and occasionally had tea with
V-:.
him in the White House.
Five doctors and several members
of the family were understood to have
'
From the New York
"Times" of Aug. 18 we quote:
worthy causes.
There are in New
like the Lewisohn Stadium at City College
Lewisohn gave generously to
Mr.
York monuments of his generosity
Mines at Columbia University.
supported
to
a
"most
of
the
major
reform
years."
date
presidential
of
Aug.
assertion
12
that he
Associated
was
out
Press
advices
from
hoting that Georgia's Democratic political align¬
ments were tested that
day by President Roosevelt's declara¬
tions in behalf of Lawrence
S. Camp for the Senate, added,
in
-"iy...
part:
But there are hundreds
philanthropies unrecorded, for Adolph Lewisohn took a
where the need was real.
Thousands of orphans have
of
been
enabled to hear
delight in helping
enjoyed a happy
thousands have
fine music at popular prices through his vision and
he endowed, and hundreds of
for improvement in prison conditions,
movement which he considered
generosity.
He worked ceaselessly
spared himself in any cause or
just.
18 it was stated:
Lewisohn Sta¬
made a brief farewell address
to the audience of 17,000, in the course of which he expressed his gratitude
to "that charming old gentleman," Adolph Lewisohn, for having provided
the amphitheatre that has housed these concerts for the last 21 seasons.
Last bight's concert was the final one of this season.
None present was aware of Mr. Lewisohn's death, and Mr. van Hoog¬
straten's words were received with cheers and applause. Mayor La Guardia
was in the audience, seated in the rows directly behind the reserved section.
At the close of the
dium,
intermission of last night's concert at
Willem van Hoogstraten, conductor,
The following from
When
asked
Albany Aug. 17 is from the same paper:
tonight on the death of Adolph Lewisohn,
for comment
Governor Lehman,
brother-in-law of Mr. Lewisohn's daughter, issued
the
following statement:
"I am
patron of
in
the death of Adolph Lewisohn when I
boyhood. Mr. Lewisohn was a leader in
philanthropist and a sympathetic
deeply grieved to hear of
have known ever
since my early
of the country, a great
music and art.
He will always be remembered for his leadership
in which he was a pioneer. His was a long and
of useful and unselfish service.
Mrs. Lehman and I extend our deep
enlightened child-care,
full life
sympathy to his family."
...
of touch with
"broad objectives of the party and the Government," the Senator said the
President, "like all human beings, sometimes received misinformation."
Referring
people around him but Presidents unques¬
live next door to him in Elberon,
the business life
party."
former
known for the active social life he led.
,
old friend of President Franklin D.
fought the party's battles upon the hustings; and now for 16 years I have
withheld
,,
Mr. Lewisohn had all sorts of
record.
"I
A'
entertaining than any other man of his age in the
tionably were his favorite company.
George told in terse sentences of his background and his legis¬
There were tears in his eyes as he said:
Senator
1
country.
redemption of this State."
lative
1879, and
in business, devoting much
Active Social Life
Likewise in the "Times" of Aug.
Georgia."
through
Butte, Mont., in
for about 30 years.
of his time to philanthropy.
buy Georgia."
yell, the perspiring veteran termed Mr. Roosevelt's speech
march
Senator George asserted,
war,"
worried
not
accompaniment of hand-clapping, shouted encouragement and an
occasional rebel
"second
on
and he never
George
serve
it was booming.
They first entered the copper business in
carried
childhood in the homes that
Roosevelt's efforts to unseat him made the
of whether the people "are capable of choosing their
Mr.
said
servants."
about
part in the copper business when
and the School of
as
May 27, 1849.
been at his bedside.
the challenge."
dominant question one
Senator
His brother, the
they formed the
added
result."
speech, delivered
defeat
for
Senator
of
District
Thursday
Germany,
private schools in that city he came to America in
former Governor
are
trip, attracted national attention,
he
Federal
Camp,
our
to
fear of
no
"I accept
him,
called
Barnesville, last
in
Eugene Talmadge, whom Mr.
also assailed, and W. G. McRae, Atlanta attorney.
Immediately
Roosevelt finished speaking,
Senator George stepped up and
Roosevelt
The
S.
Lawrence
The other candidates
after
Roosevelt,
termed the almost unprecedented battle
have
we
Mr.
the gray-haired lawmaker, veteran of
him,
States Senate,
because
since
address
made a speech of welcome.
After attending
1867 at the age of 18.
late Leonard Lewisohn, had preceded him, and together
company of Lewisohn Bros, that was to play so large a
in Hamburg,
born
was
He probably did more
George's speech, Associated Press
Aug. 15 from Waycross said :
advices of
He
He presented the stadium
Each year
of the City of New York.
walked to the front of the platform and
opinion and speech if it is to remain a true
In summarizing Senator
lover of music.
symphony concerts the little gray-haired man
at the first of the summer
of liberal¬
enemy
He asserted that the Democratic party
ism.
re¬
Senator said that the President
the
"misinformed" in
was
a
Mr. Lewisohn, 89, was a great
which bears his name to the College
fight for the right of free suffrage and aganist "one-
man
own
18 said:
Georgia was again
challenged on Aug. 15 by Senator George who, in a speech
told
City.
In a brief biographical note regarding Mr.
Lewisohn, the New York "Journal of Commerce" of Aug.
New York
Gov.
Lehman
and Mayor La Guardia were among the
honorary pall bearers at
Temple *Emanu-el in New
the funeral services yesterday, at
York City, the others being:
Harlan
Thomas D. Thacher, Di. Nicholas
Murray Butler, Dr. John H. Finley, Frederick P. Keppel, Professor E. R.
A. Seligman, George Blumenthal, Paul Baerwald, Henry Morgenthau Sr.,
James Speyer, Clarence Mackay, Albert Shaw, George Gordon Battle,
George McAneny, Sol Stroock, Warden Lewis E. La wee, Walter W. Price
Former Governor
F. Stone, Judge
Alfred E. Smith, U. S. Supreme Court Justice
Irving Lehman, Judge
and Sanford Bates.
....
:/
Financial
1134
.
Death of
Joseph L. Buttenwieser, Real Estate Operator
and Philanthropist
Joseph L. Buttenwieser, real estate operator, philanthro¬
pist and former President of the Federation for the Support
of Jewish Philanthropic Societies of New York City, died
suddenly on Aug. 17 of a heart attack at South Poland,
Maine, where he had been spending a vacation.
Mr.
Buttenwieser resided in New York City.
In a sketch of his
Chronicle
Prior to that he
Mr. Buttenwieser
was
Before
E. B.
For 28 years he served on
the Board of Directors of the Hebrew Technical
was
as
President and trustee of the school.
He
Trustee of the Hebrew Sheltering Guardian Society and Chairman of
the committee which built the orphanage at
He endowed the Clara Buttenwieser
PleasantvilJe, N. Y.
Unger Memorial Foundation, which
Mr.
Buttenwieser
was
a
and Phi Betta
Club, the North
of Commerce of the
Shore Country Club
Kappa.
|g
Mr.
Buttenwieser, who was 73 years of age, had been
engaged in the real estate business in New York for 51 years.
One of his sons, Benjamin J. Buttenwieser, is a partner in the
banking firm of Kuhn, Loeb & Co. Among the tributes to
Buttenwieser's memory was the following from Paul
Felix Warburg, Chairman of the Business Men's Council:
Mr.
Philanthropic and communal organizations in New York
Joseph L. Buttenwieser.
philanthropy
gave to
as
His
freely
was a
as to
much
owe
the conduct of bis
own
business.
Aug. 18 by the
The resignation of Edgar B. Dunlap as Counsel for the Loan Agency of
refusal
his
Ga., has been requested by the D'rectors because of
his
discontinue
to
political activities in the face of repeated
requests made by the Corporation in line with its policy to have its employees
from active
participation, aside from voting their convictions, in
political campaigns.
the
Dunlap
time the following communication to Mr.
made public by the RFC:
same
was
Edgar B. Dunlap, Esq.
Federal Reserve Bank Bldg.,
Atlanta, Ga.
The
Directors
resignation
of the Corporation
have instructed
me
to
request your
Counsel for the Loan Agency at Atlanta, effective Aug. 20,
as
Mr. Wm. J. Hobbs of North Carolina attached to the Washington
1938.
staff has
been
selected to succeed to
your
duties.
Your cooperation
in
effecting this transfer will be appreciated.
CLAUDE E. HAMILTON Jr., General Counsel, RFC
In
According to special advices Aug. 18 from Atlanta to the
New York "Times" Mr. Dunlap replied as follows:
"I acknowledge your telegram dated today demanding my resignation as
method
of financing the work of the affiliated societies, and we who followed him
in that work are
on
to
great organizational ability, which be
Federation he helped lay the foundation for a sound and permanent
following announcement was issued
Corporation:
the RFC at Atlanta,
At
member of the Chamber
State of New York, the Harmonie
Dunlap Requested to Resign as Counsel for RFC
Atlanta, Ga., Because of "Political Activities"—
Reconstruction Finance
Mrs. Clara B. Unger.
ter, the late
news¬
Reply by Mr. Dunlap
refrain
is affiliated with the Stuyvesant Memorial House, in memory of his daugh¬
local
was on
at
here, In 1883, and in 1887 took his law degree at New York University.
Institute and had been active
associate editor of the "Insurance Field"
was
joining the "Insurance Field" he
in Louisville.
papers
The
graduated from City College
1938
20,
in its New York office and at the head office in Louisville.
activities the New York "Sun" said:
Born In Philadelphia,
Aug.
counsel for the Atlanta loan agency of the RFC.
deeply in his debt.
"This of
follows the
course
conversation
in
Washington with
and
you
Mr. Schram and myself, in which you demanded that I cease my activities
in
Death
Charles
of
W.
Hunt,
Former
Member
Federal
Trade Commission
Associated
17.
Press
He
was
of the Iowa
erms
advices
1924 to
in the Iowa
no
complaint of my work and
expressly stated that if I ceased my activity for Senator George everything
from
*
"I told you I had as much right to be active in this campaign as District
Attorney Lawrence Camp and his assistants and that I would continue to
help Senator George to the extent of
my
ability.
"This morning I had a telephone call from Mr.
Farm Bureau Federation.
"I told him he
1932, when he
appointed by President Coolidge while serving
State
You made
Schram stating that in
view of my statement he would have to demand my resignation.
He served as a member of the commission from
retired.
George.
would be all right.
Charles W. Hunt, a member of the Federal Trade Commissiou in the Coolidge and Hoover administrations died in
Washington on Aug.
Washington stated:
behalf of Senator
as
secretary
Earlier, he had served two
Legislature.
would have to request my resignation in
received your telegram today, making this demand.
to
preserve
State
independence and integrity
my
as
citizen
a
writiDg and I
I accordingly resign
of the soverign
of Georgia.
"I have been associated in this work for five years and my connection
Governor
Lehman
Bankers
as
of
New
York
with you and the directors has been most pleasant.
Appoints
Trustees of Insurance Fund of
Savings
Savings
"I realize that you personally and the directors of the RFC are
helpless
in this matter.
Regards."
Bank Life Insurance
Governor
Lehman,
through State Superintendent of
Pink, announced on Aug. 18 the ap¬
pointment of four trustees of the General Insurance Guaranty
Fund of Savings Bank Life Insurance to serve without com¬
pensation.
The men appointed are:
Jesse A. Fraser Transferred from
Insurance Louis H.
^ Andrew Mills Jr., President of the Dry Dock Savings Bank of New
York City, and President of the Savings Banks Association of the State of
New York; Edward A. Richards, President of the East New York
Savings
Bank of Brooklyn; William G. Green, President of the New York
Savings
Bank, Manhattan; Smith Sheldon, Turstee of the Monroe County Savings
Bank of Rochester.
Paul Taylor, Deputy Superintendent in
Bank Life Insurance, is a trustee and
charge of Savings
presides at the meetings.
These men, all well known in
savings bank circles, will
assume
their duties at once.
They are in charge of the
Guaranty Fund for Savings Bank Life Incurance which
becomes effective the first of next
year.
Their function is to
act as an advisory board for the assistance of the
Superin¬
tendent of Insurance in
directing the affairs of this new
phase of insurance, and have direct supervision of the
General Fund authorized by
Chapter 471, amending the
Insurance Law and establishing Life Insurance
Departments
in Savings Banks, which passed
April 6 of this year.
Practical work necessary for the
setting up of these de¬
partments in such savings banks as elect to make use of this
privilege is going forward in the Insurance Department's
Albany office, where Deputy Superintendent of Insurance,
Paul Taylor, is in
charge.
He is working with Carl F.
Yietor, for 11 years Assistant
Insurance in the State of
Actuary of Savings Bank Life
Massachusetts, where this type of
Savings Bank Insurance has long been in operation.
The
signing by Governor Lehman on April 6, last, of the bill
permitting savings banks in New York State to establish
life insurance departments was noted in
these columns
April 9, page 2300.
Superintendent Pink, on Aug. 18, said:
"Savings Bank Life Insurance is not intended to compete
with ordinary
insurance, it rounds out a circle of vital
land Office of
Washington to Cleve¬
RFC, Succeeding Loring L. Gelbach,
Who Has Become Officer of Central National Bank
of Cleveland
The Reconstruction Finance Corporation on Aug. 12 an¬
nounced the transfer of Jesse A. Fraser, Assistant Chief of its
Examining Division, Washington, to the Cleveland Office,
Loring L. Gelbach as Manager, Mr.
Gelbach having accepted a vice-presidency in the Central
where he will succeed
National Bank of Cleveland.
Elmer
F.
Andrews
Federal
Assumes
Wage and
24—Miss Frieda S.
Industrial
Post
Administrator
as
of
Hour Law—Act Effective Oct.
Miller Becomes New York State
Commissioner
Elmer F. Andrews
on
Aug. 16 took the oath of office
Administrator of the Federal
as
Fair Labor Standards Act of
1938—the so-called wage-and-hour law. Signed by President
on June 25, it is to go into effect on Oct. 24.
Its
Roosevelt
text
was
given in
ment of Mr.
our
issue of July 16,
Andrews
as
page
Administrator
326. The appoint¬
was
noted in
these
columns
July 23, page 516. With his appointment to his new
post Mr. Andrews has resigned as New York State Industrial
Commissioner^
missioner
He
terminated
his
duties
as
State
Com¬
Aug. 10, when Miss Frieda Miller was sworn
into that office succeeding Mr. Andrews.
Miss Miller had
been connected with the State Labor Department since 1929
as head of the Division of Women in
Industry. This week
she named as Acting Director of the Division Miss Kate
on
Papert. The latter has been
On
a
member of its staff for 11 years.
Aug. 15 Mr. Andrews, accompanied by Secretary of
Labor
insurance service.
in Washington with President
according to Washington advices
on that
day to the New York "Herald-Tribune" said that
he planned, as soon as he completed the drafting of his budget
and the appointment of his staff, to name committees to fix
minimum wages and maximum hours in the textile and
groups
cotton garment
Its purpose is to enable the lower income
to secure their families at the lowest possible rates
consistent with sound protection."
♦
John
M.
Francis
Named
to
Act as Deputy Superin¬
tendent of Insurance in New York
Until Oct. 1
Louis H. Pink,
Superintendent of Insurance of New York,
Aug. 17 the appointment of John M. Francis
as Deputy Superintendent to
do special work for the In¬
surance
Department between now and Oct. 1.
On that
announced
date Mr.
on
Pink
expects to announce the appointment of a
permanent deputy superintendent, who, he said, probably
will be
some
one
Since November,
news
in the ranks of the Insurance
1931, Mr. Francis has been
Department.
an
insurance
reporter on the "Journal of Commerce," New York.
Perkins,
Roosevelt.
conferred
Mr. Andrews,
industries. These had been chosen for first
consideration, he explained, because the employers as well
as the
employees had expressed a desire to have their status
under the act determined.
^
In
was
Associated Press advices from Washington Aug. 13 it
stated:
Labor Department officials estimated yesterday that ah many as 4,000,000
workers—about
shorter
1,750,000
more
than
Congress counted on—might obtain
working hours ultimately under the new wage-bour law.
Estimates
as to
the maximum number who would receive wage increases
by the time the law's provision for
a
general 40-cent-an-hour minimum
takes effect—in 1945—remained unchanged at "upward of 1,000,000.
Regarding exemptions
clear
for
"seasonal"
industries,
officials
said
.
it
.
.
was
Congress had intended such concessions only for industries which
operate in particular seasons and not for those which operate on
round basis but have employment
peaks in certain months.
a
year-
Truly seasonal
Volume
Financial
147
industries will be permitted to work their
mum
employees in excess of tne maxi¬
work-week fixed by the law without being required to pay
and one-half for
them time
printed in "Money & Commerce" of Aug. 6, which went on
to
overtime.
say:
The
in
Resignation
New
signs
The
K. Worcester as Vice-President
Exchange—Robert L. Fisher Re¬
of Dean
York Stock
Secretary
as
New
York
announced on Aug. 17
that Dean K. Worcester, Vice-President, and Robert L.
Fisher, Secretary, have resigned, effective Oct. 1.
Mr.
Worcester has been connected with the Exchange since
Aug., 1929, and Mr. Fisher since Sept., 1933.
In the New York "Times" of Aug. 18 it was stated:
It is understood that
no successor
paid president, William McC.
been merged largely with those of the new,
Martin Jr.
There is
successor
be appointed.
to Mr. Worcester is to
reorganization late in the Spring, have
The duties of his office, since the
be taken
the main
modern
40
of
feet,
Isaac
R.
a
business accountancy course at
of
Brooklyn,
the Commercial High School
the announcement of the Exchange, which
says
added:
In
in the Stock Exchange commission
1900 he took charge of margins
house of
Stock
Sidenberg &
Exchange
1904, he became manager for another
In
Krause.
house, contimuing with the firm until its dissolution
security
investments
large realty
and
in that
He continued
holdings.
in
included many
1915, when he was appointed to manage an estate which
capacity until his employment by the Stock Clearing Corporation on Feb. 1,
1920,
In
first teller in the Day Branch.
as a
1922 he
advanced to assistant manager of the Day Branch,
was
in 1924, to first assistant manager.
Day Branch.
and,
appointed
Clearing Corporation and General Manager
Assistant Secretary of the Stock
Of the
On November 1,1929, he was
He was made Assistant Vice-President in
October,
1933, and Vice-President in May, 1938.
Mr. Payson,
who has resigned, has been an officer of the
1928, and President
Stock Clearing Corporation since Oct.,
since Oct., 1933.
The Exchange also "announced the appointment of Ivan
Wright to its executive staff.
He will be attached to the
President's office.
Mr. Wright has had varied experience,
both in business and in academic work.
He has served with
corporations, banks, investment firms and brokerage
and on the faculties of the University of Illinois,
University and the University of California, at
Berkley.
many
firms,
Columbia
«
National
Small
Men's
Business
Association
Initial Convention at Pittsburgh Sept.
Hold
to
13-16
The first convention of the National Small Business Men's
will take place at
Association
Pittsburgh, where it will be
will be opened by DeWitt
Emery, President and founder of the Association.
Small
business men from all over the country as expected to attend
held
from
Sept.
13
16.
to
It
the meeting,
and according to the announcement "the con¬
vention
provide
will
Business"
Small
results
are
gathering."
Each
and
so
far-reaching
expected
to
outgrowths
as
occur
this
from
The announcement also said:
resolution
action
sounding board for the "Voice of
economic and political
a
and
it
presented
be
be
will
said
cannot
taken
delegates
up
discussion
compelled to accept
were
any
platform in totum.
The
resolution
national
vote
and
will
political
be
voted
by
upon
If
conventions.
party
State roll
40%
or
calls
just
of
more
the
as
in
the
delegates
against any one resolution, it will be referred back to the committee
five
delegates (pro and con)
will be given the privilege of expressing
their views from the platform.
President
Dr.
Alfred
Emery
P.
will
Haake
preside
the convention
Kiroack
is
ITEMS
ABOUT
over
the
sessions,
giving the keynote speech.
with
Howard
manager.
BANKS,
TRUST
COMPANIES,
&c.
«
The Citizens Saving - Bank,
Street in New York City has
located at Bowery and Canal
applied to the State Banking
Department for permission to open a branch office at No. 570
Lexington Avenue,
♦
Securities Corp.
Mellon
nounced that James N.
Land,
of Pittsburgh,
now a
Pa., has an¬
partner of Smith, Bar¬
& Co. of New York and formerly an officer of the
Guaranty Trust Co. of New York, will become a Vice-Presi¬
ney
Of the
corporation
Commerce" of Aug. 13.
dent
,
on
Sept. 1, according to "Money &
♦
Pa., it is learned from advices from that city,
150
feet
the shape
All
being removed
are
of
the
of
present offices
the
to one
large open office,
in the
28 by
public lobby.
geles
Mr.
"Times"
and
bond
by
on
of
acquainted
Glover
serve
banking department of the California
Mr.
the
enters
Pacific
new
investment
Sterling.
Coast
position
experience.
department,
bank's
added:
10,
Aug.
in
his
has
been
Future
investment
THE
plans
and
with
elected
of
eastern
investment
background
Treasurer,
Mr.
committee,
CURB
a
George Sehindhelm,
Sterlnig,
will
a
of
17
circles,
years
of
Manager of the
post previously
who
continues
to
he announced later.
EXCHANGE
Trading on the New York Curb Exchange was rather quie^
during the present week. With the possible exception of the
short session on Saturday, price movements, for the most
part, pointed upward. As the week progressed there seemed
to be less concern over the European political situation,
which probably was the chief reason for the general improve¬
ment.
The volume of transfers, however, was exceedingly
light throughout the week.
Light trading with moderately lower prices were the out¬
standing characteristics of Curb market dealings during the
brief session on Saturday. Little pressure was apparent and
the changes were small.
Irregularity prevailed and early
dealings were without special feature other than appearance
of a heavy tone in the oils, with Gulf and Imperial receding
fractionally, while Humble Oil was down 1 % points at 663^.
Anxiety over events in European financial and political
centers probably accounts for the lack of interest.
Trading
on the Curb Exchange in the two-hour session aggregated
only 46,000 shares. Prominent among the stocks closing on
the downside were: Electric Bond & Share $5 pref., 3 points
to 50; Ferro Enamel, 1% points to 18%; Humble Oil, 1%
points to 66%; Safety Car Heating & Lighting, 2 points to
66; Standard Power & Light pref., 2 points to 23, and United
Gas 7% pref., 2% points to 05%.
The Curb market advanced on Monday, after six suc¬
cessive days of declining values.
Gains were of modest
proportion for the most part and trading was light. There
was
less concern over Europe's political troubles, which
probably accounted for the improvement. The turnover for
the day was 78,000 shares, compared with 154,000 shares on
Friday, the last full day. The volume was the smallest for
any full day during the current month.
Noteworthy among
the gains were: Agfa-Ansco Corp., 1% points to 36%;
Aluminum Co. of America, 1% points to 106; Aluminium
Ltd., 23^ points to 117%; Hormel (George), 2% points to
20%; Puget Sound Power & Light $5 pref., 1 point to 41,
and United Shoe Machine, 1% points to 75. Wide declines
were confined mostly to odd lot sales, as for example AxtonFisher A, off a point at 33; Singer receded 3 points to 233
on a transfer of 50 shares, and Florida Power & Light lost
point at 46%.
The public utilities showed little change in
either direction.
Stocks
resumed
their
upward
trend
on
Tuesday and
trading remained quiet. Although down somewhat from the
high levels of the day, closing prices were up fractions to
2 or more points.
Indications seem to suggest that the
European war tension is diminishing momentarily, at least,
and to some extent market sentiment was aided. Unwilling¬
ness to sell, rather than a desire to buy, seemed to account
for the firmer tone.
Virtually all groups of stocks partici¬
pated in the recovery. Metal shares moved higher with the
easier export prices. Aluminum Co. advanced
3% points to 109% and Aluminium Ltd. gained 43^ points,
at 122. New Jersev Zinc closed at 65, a gain of 1 point, and
Pierce Governor added a point at 20. Oil shares also showed
improvement. On Monday Humble Oil Co. declared a 623^c.
dividend, payable Oct. 1, same as a year ago; last previous
payment, as of July 1, was 37%c.
Humble Oil closed at
69%, up 2% points.
Other advances of note included
Babcock & Wilcox, 1% points to 25^; Chicago Flexible
Shaft, 1% points to 723^; Childs pref., 2%, points to 48;
Lion Oil, 1% points to 24; Margay Oil, 2 points to 18; NilesBement-Pond, 1% points to 36K; Pepperell, 1 point to 72,
and United Shoe Machine, 1% points to 763^.
Trading continued quiet on the Curb market with moder¬
ately higher prices in some sections of the list on Wednesday.
The forward trend continued for most of the session, but
toward the close the market showed a mixed appearance and
prices were rather irregular at the finish. The turnover was
slightly higher than on Tuesday. There is nothing in the
picture at the moment to influence stock prices either
news
Important additions and improvements are being made
to the banking home of the Merchants National Bank of
Allentown,
by
rest, despite
Application has been made to the New York State Bank¬
ing Department by the Manufacturers Trust Company of
New York for permission to open a branch office at Con¬
stitution Mall, Washington Square, World's Fair grounds,
Flushing (Queens County), New York.
The
30
addition
an
present structure in
of the
Bank of
Los Angeles, Calif., was announced on Aug. 9 by W. H.
Thomson, Executive Vice-President of the institution. Mr.
Glover succeeds E. C. Sterling. In noting this, the Los An¬
a
individually for
of
the
there is being installed new low type coun¬
room
end
rear
Halliday has been appointed President of the
Stock Clearing Corporation, effective immediately.
He suc¬
ceeds Laurence G. Payson, resigned.
Mr. Halliday began
his career in the financial district as a runner after finishing
of
rear
The appointment of W. Wayne Glover as Manager
held
Halliday Named President New York Stock
Clearing Corporation Succeeding L. G. Payson
Resigned—Ivan Wright Named to Executive Staff
R.
construction
the
working counters.
building
the
at
investment
bank's
Isaac
the
to
hanking
metal
the
banking
by the board of governors next Wednesday.
up
include
"L."
an
In
ters,
Widely
possibility, it is indicated, that the question of Mr. Fisher's
may
of
"Is..
•
a
changes
dimensions attached
front
Stock Exchange
1135
Chronicle
one
way or
the other. Trade reports, however,
gradual increase in business.
reflect the slow but
pean
oils
political situation remained calm.
showed steadiness and in som^
continue to
The Euro¬
Public utilities and
instances advanced
1136
Financial
somewhat.
Rubber
7
at
against 5; Ford of Canada A
at
19%
against 1934; Glen Alden Coal at 634 against 6; Humble Oil
at 7034 against
67%; Lake Shore Mines at 5334 against
51%; New Jersey Zinc at 65 against 64; Newmont Mining at
73
^against 71 and Standard Oil of Kentucky at 1834 against
DAILY
Aug. 20, 1938
Aluminums
pushed ahead early and then ex¬
hibited softening tendencies. Axton-Fisher was up 2
points
at 33 before encountering resistance and closed at 32.
Newmont Mining advanced 3 points at 75.
Niles-Bement-Pond,
Raymond Concrete Pile and Reed Roller Bit all gained a
point or better. Other stocks closing on the upside included:
American Superpower pref., \}/i points at 15; Casco Prod¬
ucts, 1% points at 17%; Dayton Rubber, 1% points at 13%;
Electric Bond & Share $0 pref., 1 point at 55; Grumman
Aircraft, 1% points at 11%; Pacific Lighting pref., 1%
points at 107%; Pennsylvania Salt, 2 points at 156%,and
United Gas pref., 1% points at 96.
The Curb market moved narrowly on
Thursday and the
trend at the close was irregular.
Prices drifted aimlessly for
the most part and changes were fractional and without
special significance.
The turnover of 83,fXX) shares was
slightly less than on the preceding day. Some issues were
able to score moderate gains early in the session and then
proceeded to back and fill within a narrow range.
News
of the day bearing on the financial situation was rather un¬
certain, neither better nor worse than that developed on
recent days.
Aluminum shares again provided forenoon
leadership, with some tapering off later. At their best prices,
Aluminum Company sold up 1% at 110% and Aluminium
Limited rose 1% at 122.
Also, at the days best, new highs
for the year were registered by Grumman
Aircraft, up % at
11/4; by McWilliams Dredging, up % at 20%; and by
Weisbaum Bros., up % at 8.
Later an odd lot of Singer ad¬
vanced 6 points at 239.
Jones & Laughlin and Insurance
Co., of North America had a point or better gains, while
National Sugar and Sherwin Williams each
sagged a point.
Draper dropped 3 points at 60.
Standard Oil of Ohio re¬
sponded to declaration of 25c. dividend to stock of record
Aug. 31 (same as June 15 payment) by lifting a point to 2.
On Friday the Curb market advanced somewhat and
the
volume was slightly higher than on
Thursday, the turnover
for the day being 98,000 shares, as
compared with 154,000
shares, on Friday a week ago.
Industrials were active par¬
ticipants in the upturn and public utilities remained in a
narrow range for the
greater part of the session, but picked
up somewhat in the afternoon.
Oils were steady, advancing
fractionally.
Metal shares continued their upward trend;
Aluminum Co. gained
3% points and Aluminium Ltd.
tacked on 134 points, closing at
11334 and 121% respectively.
Lake Shore Mines, New
Jersey Zinc and Newmont Mining
all advanced a point or more.
As compared with Friday of
last week prices were
generally higher, Aluminum Co. closing
last night at 11334 against
105% on Friday a week ago;
Aluminium Ltd. at 12134 against
117; American Cyanamid
B at 2234 against
2234;. Carrier Corp. at 23 % against 2234;
Fisk
Chronicle
TRANSACTIONS
AT
THE
NEW
YORK
CURB
We
collect
drafts
documentary
drawn
on
United States and
on
MANUFACTURERS
PRINCIPAL
OFFICE
BROAD
55
or
foreign countries.
TRUST
AND
clean
of the
part
any
FOREIGN
COMPANY
DEPARTMENT
STREET, NEW YORK
European Representative Office: 1, Cornhill, London, E.C. 3
Member Federal Reserve
Member New
York
Member Federal
RATES
EXCHANGE
FOREIGN
System
Clearing House Association
Deposit Insurance Corporation
CERTIFIED
BY
BANKS TO TREASURY UNDER TARIFF
AUG.
13.
1938,
TO AUG.
FEDERAL
ACT
OF
RESERVE
1930
19. 1938. INCLUSIVE
Noon Buying Rate for Cable Transferi in New York
Value in United States Money
Country and Monetary
Unit
Aug. 13
Aug. 15
Aug. 16
Aug. 17
Aug. 18
Aug. 19
S
S
S
%
Belgium, belga
.168191
S
.168211
.168277
.168252
.168272
$
.168293
Bulgaria, lev
Czechoslov'la, koruna
Denmark, krone—
.0123.50*
.012325*
.012350*
.012325*
.012350*
.012350*
Europe—
.034507
.034505
.034505
.034532
.034519
.217403
.217430
.217757
.217843
.217756
.217709
EngPd, pound steri'g 4.871875
4.871250
4.878906
4.880833
4.878750
4.877291
.021446
.021490
.021512
.021530
.021506
.021490
.027234
.027229
Finland, markka
France, franc
.027268
.027282
.034514
.027277
.027270
Germany, reichsmark
Greece, drachma
.400777
.400616
.400800
.401000
.400933
.400818
.008935*
.008935*
.008939*
.008942*
.008948*
.008944*
Hungary, pengo
Italy, lira.-Netherlands, guilderNorway, krone
.196650*
.196625*
.196600*
.196625*
.196625*
.196625*
Poland, zloty
—
...—
.052603
.052612
.052603
.544911
.544905
.545833
.546244
.546855
.546622
.244732
.244722
.245137
.245212
.245140
.245034
.188375
.188233
.188266
.188300
.188300
.188266
.052603
.052600
.044200
peseta
—
Sweden, krona
.044212
.044195
.007346*
.007325*
.007335*
.007335*
.007332*
.057500*
.057.500*
.057500*
.057500*
.057500*
.057500*
.251118
Rumania, leu
.044166
.007341*
Portugal, eecudo
Spain,
.052605
.251125
.251525
.251618
.251521
.251437
.044191
.044150
.228866
.228877
.229027
.229094
.229172
.229161
.023175*
.023150*
.023100*
.023175*
.023150*
.023175*
Chefoo (yuan) dol'r
.161250*
.161083*
.16.5000*
.166250*
.166250*
.170416*
Hankow (yuan) dol
.161250*
.161083*
.165000*
.166250*
.166250*
Shanghai (yuan) dol
.160937*
.160812*
.165000*
.165625*
.165625*
.170000*
Tientsin (yuan) dol.
.160000*
.159875*
.164062*
.165000*
.165000*
.169375*
.304250
.304250
.304062
.304500
.304812
.304734
Switzerland, franc.
Yugoslavia, dinar...
—
Asia—
China—
dollar.
Hongkong,
British India, rupee..
.170416*
.363290
.363157
.363629
.363735
.363681
.363540
Japan, yen
.283864
.283856
.284305
.284479
.284284
.284107
Straits Settlem'ts, dol
.566625
.567500
.567812
.568625
.568500
.568062
3.881250
3.881750
3.887500
3.889125
3.887875
3.885937
Australasia—
Australia, pound
New Zealand, pound. 3.912500
Africa—
3.912250
3.918500
3.920500
3.918875
3.916687
South Africa, pound. 4.823303
4.821875
3.828333
4.830937
4.830833
4.827187
.995527
North America—
Canada, dollar
Cuba,
.995625
.995957
.995683
.995898
.995996
.999333
.999333
.999333
.999333
.999333
.999333
.197500*
.197000*
.197000*
.197500*
.197500*
.198000*
.993125
.993125
.993541
.993229
.993437
.993593
.324780*
.324790*
.325180*
.325440*
.325290*
.325170*
.058300*
.058300*
.058340*
.058440*
.058440*
.058550*
.051683*
.051750*
.051766*
.051766*
.051766*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.566625*
.566600*
.565800*
.565800*
.565800*
.566600*
.641275*
peso
Mexico, peso
Newfoundl'd, dollar.
.641066*
.641880*
.642371*
.642115*
.641845*
South America—
Argentina,
Brazil,
peso
mllrels
Chile, peso—official.
"
Colombia,
Uruguay,
•
exportP080
peso
Nomina? rate.
EXCHANGE
COURSE OF BANK CLEARINGS
Stocks
Bonds (Par Value)
Bank clearings this week will again
(Number
Week Ended
of
Aug. 19, 1938
Foreign
Shares)
Saturday
Domestic
Foreign
Government
Corporate
46,420
78,470
$376,000
$10,000
Monday
841,000
21,000
Tuesday
$7,000
40,000
80,480
749,000
3,000
Wednesday
Thursday
18,000
770,000
93,695
21,000
4,000
1,188,000
83,055
1,163,000
989,000
Friday
1,009,000
946,000
15,000
21,000
5,000
97,725
11,000
978,000
479,845
$5,064,000
$91,000
$85,000
$5,240,000
Total..
—
Sales at
New
York
Week Ended Aug. 19
1938
Stocks—No. of shares.
$393,000
902,000
Jan. 1 to Aug. 19
Curb
Exchange
a year ago.
loss for
is
a
1938
479,845
1,150,805
27,758,093
$212,899,000
91,000
98,000
4,505,000
8,694,000
85,000
66,000
3,947,000
7,113,000
Week
$5,240,000
$5,584,000
$221,351,000
$306,075,000
Ending Aug. 20
Chicago......
...
Boston...
Kansas City
St. Louis
ENGLISH!FINANCIAL MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
British
Aug. 15
19 7-16(1
142s.9d.
£75%
Holiday
£102%
1960-90
Holiday
£113%
The
price of silver
Bar
on
the
same
N.Y.(for'n)
Closed
Treasury
(newly mined; 64.64
U.
Thurs.,
Aug. 18
Aug. 17
19 7-16d.
19%d.
Fri.,
Aug. 19
71,300,000
—5.8
—20.1
290,000,000
+0.7
172,913,000
93,594,798
81,300,000
—13.2
—18.9
—12.3
—17.5
—13.4
655,980,945
$3,766,946,785
784,997,315
—16.4
$4,083,840,621
816,768,124
Eleven cities, five days
Other cities, five days
55,831,853
$3,427,859,676
—
Baltimore
145,977,000
104,268,314
81,855,340
87,130,728
$4,551,944,100
917,429,675
—10.3
$4,900,608,745
$5,469,373,775
—10.4
—24.6
—23.3
—23.3
—9.0
~19%d.
142s.8 Hd. 142s.4%d. 142s.5%d. 142s.6%d.
£75
£751-16
£75**
Total all
cities, five days
All cities, one day
—11.0
)
W. L
States
Aug. 16
19%d.
Wed.,
£75
3%%
£102**
British 4%
L
Tues.,
Detroit.
Cleveland..
$2,383,622,582
270,453,170
Cent
120,379,000
78,598,554
62,783,646
66,824,156
48,334,434
,
Pittsburgh
The
Mon„
...
San Francisco
CABLE
1937
$2,245,531,231
216,147,310
292,000,000
150,043,942
75,917,403
..
...
Per
1938
New York
Philadelphia
Sliver, per oz__ 19 9-16d.
Gold, p. fineoz. 142s.9d.
Consols, 2% %_ Holiday
Our
$290,268,000
Foreign government..
Sat.,
Aug. 13
Friday of 5.8%.
Clearings—Returns by Telegraph
74,111,762
$5,420,000
Foreign corporate
as
week ended
1937
$5,064,000
Total
the
comparative summary for the week follows:
1937
Bonds
Domestic
show a decrease com¬
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. 20) bank clearings from all cities of the United States
from which it is possible to obtain
weekly returns will be
10.4% below those for the corresponding week last year.
Our preliminary total stands at $4,900,608,745, against
$5,469,373,775 for the same week in 1937. At this center
pared with
there
Total
£113**
per
ounce
£102**
£102**
£113%
£113%
Total all cities for week
£102%
£113%
(in cents)
in the United
days has been:
42%
42%
42%
42%
42%
64.64
64.64
64 64
64.64
64.64
S.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly in the above the last day of
until
the week in all
FOREIGN
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the 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.
give below
a
record for the week just passed:
cases
has to be estimated.
In the elaborate detailed statement,
EXCHANGE RATES
We
however, which
we
present further below, we are able to give final and complete
for the week previous—the week ended Aug. 13.
For that week there was a decrease of 14.3%, the aggregate
results
of
clearings for the whole country having amounted to
$4,755,672,822, against $5,547,986,215 in the same week in
1937.
Outside of this city there was a decrease of 16.9%,
Volume
Financial
147
1137
Chronicle
the bank
clearings at this center having recorded a loss of
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 register a loss of 12.1%, in the Boston
Reserve District of 14.6%, and in the Philadelphia Reserve
District of 8.5%.
In the Cleveland Reserve District the
totals are smaller by 30.5%, in the Richmond Reserve
District by 6.2%, and in the Atlanta Reserve District by
10.8%.
In the Chicago Reserve District the totals record
a
falling off of 24.5%, in the St. Louis Reserve District of
16.5%, and in the Minneapolis Reserve District of 11.5%.
In the Kansas City Reserve District there is a decrease of
16.6%, in the Dallas Reserve District of 15.0%, and in the
San Francisco Reserve District of 12.3%.
12.0%.
In the
following
we
furnish
by Federal Reserve
a summary
districts:
Week Ended Aug. 13
Clearings at—
Inc. or
1938
Dec.
1936
1935
%
Seventh Feder al Reserve D istrict—Chic ago—
463,147
393,630
+ 17.7
297,612
520,035
75,174,788
108,134,167
—30.5
106,155,000
83,438,450
2,376,942
2,995,052
—20.6
2,977,137
1,878,904
1,097,615
Mich.—Ann Arbor
Detroit
Grand Rapids.
Lansing
—32.2
1,114,253
—13.5
1,753,942
1,132,405
17,886,000
—8.4
16,897,000
1,061,872
4,078,089
1,473,136
4,771.773
20,445,686
—27.9
1,119,394
1,157,031
Wayne
Indianapolis
South
1,707,477
963,812
16,386,000
Ind.—Ft.
Bend
Tcrre Haute.
Wis.—Milwaukee
18,119.638
la.—Ced. Rapids
Des Moines
111.—Bloomington
Chicago..
Decatur.
718.502
14,396,000
773,973
—14.5
4,969,921
4,090,045
—11.4
21,997,026
16,477.452
+0.2
1,003,081
17,969,670
6,781,374
1,230,557
1,227,510
9,004,234
8,212,183
+9.6
3,187,085
Sioux City
3,456,996
358,650
—7.8
848.533
2,941,998
—6.7
3,669,811
384.125
247,074,570
759,287
3,282,276
332,522,353
—25.7
302,456.186
253,287,172
874,878
—13.2
855,194
656,667
334,605
284.534
3,898.607
—15.8
4,262,542
2,715,280
953,021
1,721,199
—44.6
1,165,598
Peoria....
1,340,815
—13.1
1,108,767
1,175,039
1,189,878
386,772,552
512,534,365
—24.6
490,183,852
393,009,150
Rockford
SUMMARY OF BANK CLEARINGS
1937
Springfield
Total (18 cities)
912,738
Inc.or
Week End. Aug. 13, 1938
1937
1938
1936
Dec.
1936
Eighth Federa
Federal
*
S
I Reserve Dls trict—St
Lo uis—
Mo.—St. Louis._
72,800.000
87,100,000
—16.4
86,400,000
77,600,000
207,144,097
242,442,213
—14.6
246,350.837
217,816,561
Ky.—Louisville..
27,673,272
33,991,776
—18.6
32,460,353
27,831,135
"
2,730,554,059
3,106,997,762
—12 1
3,188,669,806
3,469,680,589
Tenn.—Memphis
13,890,857
15,786,637
—12.0
14,503,878
12,548,963
PhiladelphialO
"
330,957,345
361,629,567
—8.5
361,955,174
334,350,204
111.— Jacksonville
4th
Cleveland..
5
"
221,798,363
319,059,986
—30.5
289,423,014
228,569,432
5th
Richmond
6
"
120,544,180
128,541,712
—6.2
126,022,158
116,298,763
Boston
2nd
New
York. 13
3rd
%
%
Reserve Dists.
1st
12 cities
%
*
.
6th
Atlanta
10
"
129,580,643
145,342,640
—10.8
137,787,383
115,824,273
7th
Chicago
18
"
386.772,552
512,534,365
—24.5
490,183,852
St. Louis...
4
"
114,885,129
137,517,413
—16.5
133,914,231
x
x
521,000
639,000
—18.5
550.000
439,000
114,885,129
137,517,413
-16.5
133,914,231
118,419,098
Quincy
118,419,098
9th
x
393,009,150
8th
x
Total (4 cities).
Minneapolis 7
"
100,093,821
113,145,073
—11.5
118,074,118
91,797,057
Ninth Federal
10th Kansas City 10
11th Dallas
6
"
127,966,983
153,417,352
—16.6
147,451,185
139,976,942
Minn.—Duluth..
"
56,829,821
66,846,777
—15.0
65,933,851
48,488,852
Fran..ll
"
228,545,829
260,511,355
—12.3
259,110,495
216,540,998
12th San
Reserve Dis trict—Minn eapolis
3.382,652
4,050,274
—16.5
3,860,881
2,639,617
Minneapolis
67,710.898
74,797.688
—9.5
82,196.791
St.
22,293,430
27,647.293
—19.4
25.962,998
61,580,451
21,957,397
2,227,140
Paul.
2,300,717
2,301.645
—0.1
Total.......112 cities
4,755,672,822
5,547,986,215
—14.3
5,564,876,104
5,490,771,919
S. D.—Aberdeen.
713,443
731,769
—2.5
Outside N. Y. City.....
2,122,173,783
2,555,130,005 —•16.9
2,492,888,278
2,124,903,231
Mont.—Billings
716,867
786,001
—8.8
—3.0
332,431,564
2,000,860
601,187
550,223
273,700,610
N. D.— Fargo
32 cities
298,252,486
307,392,671
add
now
our
2,830,403
+ 5.1
2,393,939
2,467,322
113,145,073
-11.5
118,074,118
91,797,057
detailed statement showing last week's
figures for each city separately for the four
years:
Tenth Federal
Reserve Dis trict—Kans
Inc.
1937
$
$
First Federal
511,779
559,217
91,855
—11.7
148,118
130,901
2,448,147
2,934,903
—16.6
3,037,785
2,314,091
Omaha
28,698.216
1936
30,586,249
1
%
$
—8.5
568,995
656,670
2,119,519
—5.7
2,008,446
1,832,680
—14.3
214,512,699
187,226,122
594,905
Fall River
629.826
207,790,017
684,391
—8.0
604,507
Lowell
327,833
373,012
—12.1
308,582
New Bedford..
573,675
—17.8
659,662
2.627,322
1,822,485
—8.4
2,856,230
2,558,741
—15.2
1,779,272
1,353,408
8,607,264
2,150,249
11,264,123
—23.6
9,762,135
3,312,037
4,176,106
—20.7
3,391,629
11,076,374
2,990,147
8,228,000
9,316,600
—11.7
9,413,000
8,029,100
443,096
441,227
+0.4
398,005
492,148
3,450,477
2,811,194
106,642,754
—17.7
100,149,656
97,279,528
—22.7
3,415,966
3,256,760
+ 13.5
842,204
845,702
—10.3
798,590
545,290
-16.6
147,451,185
139,976,942
Colo.—Col. Sprgs
Pueblo
613,277
Total (10 cities)
127,966,983
153,417,352
Joseph
890,794
2,115,372
787,831
Springfield—-
698,076
2,869,676
2,064,490
—23.7
3,647,296
784,543
683,876
St.
178,061,633
33,448,026
—14.9
2,819,725
Mo.—Kan. City.
—12.3
3,336,003
87,729,877
Wichita
2,353,093
2,545,155
Kan.—'Topeka
1935
32,728,497
2,001,612
or
Dec.
1,999,147
Mass,—Boston,.
95.873
—46.7
162,544
Lincoln
Reserve Dist rict—Boston
Portland
City
143,843
Hastings
Clearings at—
1938
as
76,729
143,451
Neb.—Fremont..
Week Ended Aug. 13
Me.—Bangor
755,199
2,975,814
Total (7eltle8).
We
677,170
100,093,821
Helena
Canada...
1
Worcester.
....
Conn.—Hartfori
New Haven.
^
R.I.—Provldenc
Total (12 cities)
242,442,213
—14.6
a! Reserve D istrict—New
York-
207,144,097
N. Y.—Albany..
Binghamton
306,110
246,350,837
217,816,561
10,727,194
+29.1
—8.7
15,322,896
1,016,199
28,900,000
28,000,000
1,001,724
35,000,000
—20.0
34,700,000
Elmira
407,431
646,555
—37.0
667,825
Jamestown
685,702
847,516
—19,1
Buffalo
New York
Rochester
Syracuse
Westchester Co.
Conn.—Stamford
N.
J.—Montclalr
Newark.*......
Northern N. J
2,633.499,039 2,992,856,210
6,312,121
8,680,343
3,417,506
3,973,834
3,002,914
3,016,953
3,903,742
3,236,045
350,019
296,876
18,640,661
15,117,971
27,367,050
21,799,508
Total (13 cities) 2,730,554,059 3,106,997,762
Third Federal
Reserve Dis trict—Phila
552,731
618,197
509,610
—12.0 3,071,987,826 3,365,868,688
—27.3
7,562,968
6.625,701
—14.0
«
3,644,640
2,463,839
3,631,056
+0.5
—17.1
2,289,783
3,576,245
2,946,157
—15.2
305,927
297,497
—18.9
19,736,665
15,832,606
—20.3
27,066,579
29,926,969
—12.1 3,188,669,806 3,469,680,589
delphi
519,379
—23.9
531,163
364,468
+ 45.7
258,867
438,404
—41.0
1,361,057
349,000,000
—12.4
1.281,296
909,073
Scranton......
1,192,913
320,000,000
1,234,019
2,090,024
320,000,000
1,269,486
2,674,606
^ilkes-Barre..
1.022,671
852,832
York
1,514,019
2,718,400
1,841,234
3,645,900
—25.4
4,821,000
330,957,345
361,629,567
—8.5
Philadelphia
Reading
N. J.—Trenton
+ 5.8
1,230,923
1,003,113
—14.1
8,285,437
—18.2
42,379,216
16,337,875
36,549,637
6,776.527
Galveston
1,556,000
2,347,000
—33.7
2,290,000
746,012
877,418
—15.0
754,415
2,542,000
878,387
3,193,446
3,751,221
—14.9
2,941,422
2,053,663
56,829,821
66,846,777
-15.0
66,933,851
48,488,852
Wichita Falls..
La.—Shreveport
Twelfth Feder al Reserve D lstricr—San
Wash.—Seattle..
Spokane.....Yakima
Ore.—Portland.
.
Utah—S. L. City
Francisco.
441,959
409,426
708,293
404,618
284,045
259,811
—8.3
348,000,000
1,335,543
—7.6
1,294,860
2,270,750
—8.0
+ 19.9
2,125,909
1,341,076
—17.8
1,656,736
1,082,689
1,532,495
5,808,000
1
.
Fourth
#.
—17.2
37,528,139
10,634,000
1,143,205
—29.0
990,292
570,172
27,263.355
30,617,635
—11.0
33,179.795
31,640,758
12,484,650
16,534,561
—24.5
14,012,979
3,766.810
12.073,253
4,126,260
—1.8
3,889,200
—11.9
133,897,000
146,174,000
—8.4
—11.1
4,053.139
X
Cincinnati
X
ft' ■/
X
Youhgstown
—19.0
—29.1
56,479,603
88,409,518
13,549,400
—31.1
11,753,200
1,235,302
Columbus
Mansfield.
59.366,613
103,141.892
1.743,759
—29.2
1,456,663
X
.
89,966,511
X
141,258,322
X
—36.3
X
131,324,030
X
VS-A
46,467,352
69,455,746
12,777,100
1,192,061
X
98,677,173
221,798,363
319,059,986
—30.5
289,423,014
228,569.432
—6.9
2,004,766
2,223,853
—9.9
2,211,290
1,390,915
228,545,829
260,511,355
-12.3
259,110,495
216,540,998
Grand
tota.
Fifth Federal
Va.—Norfolk
Richmond
Reserve Dist rict—Richm ond—
326,379
2,261,000
4,755,672,822 5,547,986,215
—14.3 5,564,876,104 5,490,771,919
Outside NewYork 2,122,173,783 2,555,130,005
—16.9 2,492,888,278 2,124,903,231
cities)
Week Ended Aug. 11
Clearings at—
Inc. or
39,652,533
—21.1
360,989
150,249
—16.9
2,425,000
+ 14.0
2,493,000
35,420,193
—6.0
870,396
—14.7
66,383,283
—10.7
20,494,297
61,270,360
17,813,192
—6.2
126,022,158
116.298,763
Md.—Baltimore
57,142,037
D.
C.—Wash'g'D
20.192,602
34,781,185
1.030,984
66,981,796
22,613,162
Total (G cities).
120,544,180
128,541,712
S. C.—Charleston
969,629
33,696,053
943,909
Sixth Federal
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nvilleAJa.—Birm'ham.
Mobile
Miss.—Jackaon..
Vlcksburg.
La.—New Orleans
Reserve Dist rict—Atlant
3,657.250
16,120,294
46,800,000
+ 13.8
105,330,601
96.606.651
34,853,199
—7.0
86,356,106
73,415,670
27.524,000
—21.0
58,266.437
43,899,152
Vancouver
15,577,528
18,186,907
—14.3
17,259,036
14,481.726
Ottawa
20,488,021
4,832,902
2,433,023
4;846,701
3,990,666
1,821,613
1,634,069
22,649,106
—9.5
25,619,027
4,925,539
2,426,598
5,207,290
4,473,754
—1.9
3,651.119
14,777,542
3,705.634
+0.3
2,311,207
4,088,588
4,565.367
1,213,984
1,698,984
2,370,625
Quebec
Halifax
Hamilton
......
St. John
...
3,538,736
2,927,707
+4.0
285.092
467,388
445,219
+5.0
424,728
407,021
1,167,251
1,180,850
531,781
—1.2
1,256.454
1,287,844
—13.7
607,050
395.682
882,730
749,984
746,002
—6.6
870,751
—5.3
959,618
655.381
—5.5
604,900
200,720
—6.4
Peterborough
187,795
594.685
744,231
231,717
567,155
+4.9
626,077
623,267
684,894
—9.0
530,673
504,504
977,333
960,615
+ 1.7
987,559
804,203
2,138,064
290,885
637.255
2,518,779
—15.1
2,318,866
1,902,149
375,506
—22.5
311,966
727,944
—12.5
692,598
632,374
—
582,441
540,013
+ 7.9
510,889
493,065
Chatham.......
498,179
541,597
—8.0
545.898
391,458
409,244
Lethbrldge
Saskatoon
Moose Jaw
458,824
824,159
Fort 'William...
710,454
704,742
13,126,620
56,200,000
44,500,000
Kitchener
974,472
1,004,226
12,128,000
—7.7
15,764,211
1,406,669
1,825,842
—23.0
1,359,817
750,803
Windsor
756,774
Prince Albert—
11,416,000
13,751,635
1.130,669
Moncton
Kingston
.X
X
162,903
—31.2
101,859
203,304
29,663,541
34,988,638
—15.2
30,495.253
27,226,473
X
Total (32 cities)
Total (10 cities)
129,580,643
145,342.640
—10.8
137,787,383
Estimated,
266,355
760.600
217,908
677,027
324.829
526,062
—7.9
488,393
1,072,570
+ 10.2
1,051,480
838,540
298,252,486
307.392,671
—3.0
332,431,564
273,700,610
115,824,273
♦
2,803,649
484,359
Sudbury
X
3,331,340
1,182,605
Sarnla
112,078
X
1,409,138
1,473,381
2,232,165
—9.9
—11.4
—7.2
—20.5
4,150,570
—9.0
17,016,980
52.800,000
—7.7
—7.2
298,988
....
Sherbrooke
—23.5
+6.5
1,759,916
2,727.427
3,797,023
3,272,050
3,575,042
16,184,503
1,032,771
948,501
1,726.152
2,052.523
3,314,279
311,034
Brandon
—8.0
14,238,000
18,354,587
789,995
—6.9
—10.8
2,168,191
3,456,290
2,946,891
Edmondon
Regina
—5.3
*875,000
13,207,000
16,948.816
91,180,757
91.229.650
89,849.950
3,974,418
2,961,995
1935
103,842,021
Medicine Hat—
a—
1936
%
Winnipeg..
Brantford..
Nashville.
Dec.
Montreal
New Westminster
Tenn.—Knoxville
1937
$
London
413,585
2,721,000
1,168,430
(112
Victoria
W.Va.—Hunt'ton
2,565.568
1,436,858
Stockton
Colgary.
Total (5 cities).
2,637,450
Santa Barbara.
Toronto
\-,V •'{'
3,809,597
119,066,704
3,018.232
1,569,287
334,350,204
'
48,109,119
73,150,231
9,337,200
Cleveland
Pa.—Pittsburgh
X
3,447,372
148,752.299
9,670,000
3,164,032
1,543,721
San Jose
Canada—
Feder al Reserve D istrict—Glev eland-
Ohio—Canton
361,955,174
.
31,948,151
—21.9
9,326,000
2,811,489
Pasadena
San
Franc isco—
41,768,888
1938
Total (10 cities)
5,462.052
32,632,885
7.723,000
811,937
3,426,750
Calif.—L'g Beach
Total (11 cities)
a—
395,269
Bethlehem
Lancaster
1,294,677
50,291,024
Ft. Worth
894,694
Pa.—Altoona
Chester
District—Da Has—
1,370,133
11,405,097
914,702
Reserve
43,187,703
..
Dallas
Total (6 cities)
13,850,205
;,
Eleventh Fede ral
Texas—Austin.
x
No figures available.
Financial
1138
Chronicle
Aug.
©*s f
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COMPARATIVE PUBLIC DEBT STATEMENT
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July 31, 1938
CO
2,215,917,913.00
2,038,904,384.85
Net bal. in gen. fund...
2,116.011,179.99
.—I
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eo
Gross debt less net bal.
;
|W
,coeo
X
b285.70
a283.90
b285.75
*
"M
$34,076,791,317.79 $34,948,822,402.45 $35,075,380,470.75
in general fund
Gross debt per capita—
I
f
-i
X©f©0©©t-©Xffi©
odeoHBifsiffiffl
X © —iffif©t-MXff©
of Int.
per annum on Interestbearing debt outstand¬
ing (percent)
rate
Revised,
CO* N ©*
f
HrtH
$36,715,695,702.64 $37,164,740,315.45 $37,191,391,650.74
Gross debt...
a
*
HffiOSMt-©HX©
■'VV-.y
Computed
H
,
CONCOO-iOfClOO
4.196
2.395
iH
eo* J
©
U
SSI
M©
S*_T -<*_T f ©*o"t- X co f"
$129.66
of Int.
per annum on interestbearing debt outstand¬
rate
ing (percent).
.
w-l
H
$12.36
SO
N
co —
$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
Gross debt per capita...
,00
jO
ffi'f
m m
!N-TOO
© oowooosw-*
Computed
©
i©
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© CO
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,
t- O
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net
fund...
nT
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Oi
h
Gross
i
i-ooox^
CON "f d
—I
Debt
$1,282,044,346.28 $26,596,701,648.01 $16,026,087,087.07
1,118,109,534.76
74,216,460.05
300,803,319.55
Net bal. in gen. fund...
© ©
•r
Lowest Post-War
Was at its Peak
Pre-War Debt
Gross debt.
©
:Z
I
1938
20,
IO
1930,
When War Debt
1917,
l
IV
xZ'
Dec. 31,
Aug. 31, 1919,
Mar. 31,
I
i5
ct<.o
,-o«
'.a
(On the basis of daily Treasury statements)
©fOiOCO
f x © x
IXt-© —
LOtOONXOONOO
NON ©
i
mm
b Subject to
us
2.589
2.579
M t-© ©
X_©
Jt ffi* © — O f t-* H ©* 00
«*©©,H©©M —i M f ©
MX©XCOt-HfX
©
©
X
CIMNN-iOM
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1.0 © ©
INXMCSMM
fXH-HOX©©M©
i-f h
icoxo-Hox
©*x*
_
HOLDINGS
J
Wcot-
I
I ©
11-
co
©* J ©*
— f
July 1, 1938
1938
Aug. 1, 1938
497,138,578
512,478,802
Net silver coin and bullion
493,661.620
Net United States notes-.
Net National bank notes-
1,914,139
702,308
921,897
1,353,384
Net Federal Reserve notes
11,938,480
12,342,170
13,777,498
515,508
439,555
378,678
,
>
t-* M*
I
CO
9,619,097
7,026,698
8,734,294
7,590,599
I
I
I
id
I
I ©
iio
i
t
934,602,979
156,039,431
986,245,420
150,039,431
707.229,904
778,563,548
830,205,989
*4
:S
I
•
•
I
ri
I
I
l
ix
!©*
BNN
-H
X <M
1-f I-I
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.
I
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12?
*1042 059,367
156,039.431
i
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i J«
8,598,462
9,266,785
863,209,395
<N
CO
eoco©N©_©©
©*M O*M*M*-f*
M_©_nf
gfSs
202,039
9,217,942
7,117,884
i x
MNIvifl^OO
© © H
«9
1,229,859
12,386,363
Net Fed Res. bank notes..
—i
oj co -i n -< © eo
"
$
439,060,870
iNO
i©h
J ©*
—i O
»—I
MX
387,760.544
514,070.194
2,422,824
338,201,514
rtS,
«_M *f
I— M
$
$
$
Net gold coin and bullion-
co_x_r-©_i> ©
©" 01 M X*
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"5
©
,
COO!
compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first of May,
June, July and August, 1938:
June 1,
M
I
© <N
The following
May 1, 1938
HHH
2.597
revision.
TREASURY MONEY
©
H
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ea_axoo — x oi
m* © ©* t— r>T ~r co" t- ©*
t- ©
886,019,936
Net subsidiary sliver
!
Minor coin, &o
—
Total cash In Treasury
.
Less gold reserve fund
510,994,567
2,248,714
2.871,295
I
MM
oi
©©X — M©f"-MMO
MXNtCNONOOCl
COM—'©XCO©©®t—©©
t-x©M-<Jit>.©eo©©tS^feoooiot^X©©-^©
.
co s
©* —* —r ©—
—
cox-H©©cooie><Tf©
x co
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©
156,039,431
©
©
INOI
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©.
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©
t—
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O 0-J
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M* ffi* ©* O* © Oi -f N." oi
©* ©* i-»* ©
I© MM©
O >-i ©
I
.
r~IO^0i X ©—l -«f -H
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f
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i
Cash balance In Treas..
'
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Dep. in spec'l depositories
i
,
account
Treas'y bonds.
Treasury notes and cer¬
728,164,000
To credit Treas. U. 8..
679,077,000
16,068,704
28,608,208
2,145,865
2,985,939
To credit dlsb. officers.
Cash In Philippine Islands
Deposits In foreign depts.
Net cash in
Treasury
and In banks
Deduct current liabilities
.
Available cash balance
i
COM'
tificates of Indebtedness
Dep. In Fed. Res. banks.. 1,359,930,216 1,203,137.586
Dep. In National banks—
14,061,203
28,724.951
610,534,000
929,359,113
585,434,000
777,224,848
<-*
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i
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M
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15,380,811
28,889,530
r-1
16,363,528
28,909,589
1,606.307
1,738,384
1.889,887
2,870,735
2,909,903
2,807,880
2,845,192,890 2,708,041,330 2,419,017,730 2,298,649,668
156,323,475
203,099,817
182,638,488
141,121.594
©X©
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fill
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REPORT
ON
GOVERNMENTAL
1
I
9
•
^5
MONTHLY
I
,
.
.
© t-
M
X
RATIONS
AND
CREDIT
AGENCIES
AS
OF
1938
monthly report of the Treasury Department, showing
as of June 30,
1938, of governmental
corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for July 30, 1938.
The report for June 30 shows in the case of
agencies
financed wholly from Government funds a
proprietary in¬
terest of the United States as of that date of
$2,800,656,320,
which compares with $2,753,962,321
May 31, 1938.
The Government's
proprietary interest in agencies financed
partly from Government funds and partly from private
funds as of June 30 was shown to be
$1,277,188,360.
This
compares with $1,260,225,854 as of May 31, 1938.
In the
case of these Government
agencies, the Government's pro¬
prietary interest is the excess of assets over liabilities, ex¬
of
interagency
items,
less
the
O —
t-
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I
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©
O
IX
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i ©
i-ah©
i © ©
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privately-owned
interests.
l
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I ill
la?5!
and liabilities
clusive
Jf"M*
•)£
.O
CORPO¬
The
assets
M
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JUNE 30,
i©X
i©if
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2
1
coin
I
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IrtNU)®-!
Includes on Aug. 1, $489,208,001 silver bullion and $4,849,106 minor, &c.,
included In statement "Stock of Money."
I
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I
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2,688,869,421 2.566.919.73012.215.917,913 2,116,011,180
♦
as
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FOOTNOTES FOR ACCOMPANYING TABLE
a
Non-stock (or Includes non-stock
proprietary Interests).
b Excess
Deficit
c
Interagency
assets
(deduct).
(deduct).
\
d Exclusive of Interagency assets and
liabilities (except bond Investments),
e Also includes real
estate and other property held for sale
f Adjusted for
Interagency items and Items In transit,
g Includes legal reserves and undivided
h
1
Subject to qualification
Includes
U.
S.
profits totaling $6,469,125.
RFC, CCC and FHA.
as Indicated under liabilities of
Housing
Corporation, U. 8. Railroad Administration, U. 8.
Spruce Production Corporation, and notes received on account of sale of surplus war
supplies.
J Includes Disaster Loan Corp.; Electric
Home and Farm Authority: Farm Credit
Administration (crop-production and other
loans); Farm Security Administration;
Federal Prisons Industries, Inc.: Indian
Rehabilitation loans; Inland Waterways
Corporation;
Federal
National
Mortgage Association;
Puerto
Rico
Recon¬
struction
Administration; Rutal Electrification Administration; The RFC Mortgage
Company; Tennessee Valley Associated
Cooperatives, Inc.; Tennessee Valley
Authority; loans to railroads,
municipalities, &c., and Interagency Interest held by
the United States Treasury.
k Net after deducting estimated
amount of uncollectible obligations held by the
Farm Credit
Administration.
h
I Includes $4,463,613
due to Federal Land banks from the U. S. Treasury for
to paid-in surplus.
Shares of State building and loan
associations, $40,962,310; shares of Federal
subscriptions
m
savings and loan associations, $170,764,300
n
_
Less than $1,000.
° A®8®ts not classified.
Includes only the
United States,
q
r
In liquidation.
Represents capital stock,
amount of capital stock
held by the
8fl.
paid-in surplus,
and
other
proprietary Interagency
Interests which are not deducted from the
capital stock and paid-in surplus of
the
corresponding organizations.
•
t
Excludes unexpended balance of
appropriated funds,
Preliminary
statement.
a
S
H
gs§!|
Kj8sS©H-a6ip3,g„
Volume
THE
Financial
147
ENGLISH
GOLD
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 3, 1938:
■,
1
,
411,750
on
of England
PRELIMINARY
Wednesday.
There has
been renewed activity in gold and business has been on a
large scale.
The firm tendency of the dollar was possibly accentuated by
developments in the Far East and prices showed a considerable advance,
today's quotation being 142s. %d.
The further disturbance of the political
situation caused a keen demand from the Continent and the amount of
gold disposed of at the daily fixing during the week was about £6,950,000
of which about £3,000,000 was done today; supplies came mostly from
official quarters.
Quotations:
Per Fine Ounce
Per Fine Ounce
July 28
141s. 5d.
July 29—
141s. 6Hd.
July 30-—141s. 6a.
The following were the
Aug. 2——
Aug. 3
Average
-
-----
142s. %d.
142s. kd.
141s. 7,6d.
UNITED
British East Africa
British India
Australia
New Zealand
Canada
117,867,240.00
$196,561,740.00
4% % bonds of 1947-52
4% bonds of 1944-54
Belgium
Switzerland
Netherlands
98,000
37,837
5,668
55,819
7,492
-
Other countries
Norway
Switzerland
Sweden......----....Other countries
—
352.993,450.00
544,870,050.00
|
818.627,000.00
755,433,500.00
3% bonds of 1946-48
3bonds of 1949-52
3% % bonds of 1941
3% % bonds of 1943-45
3%% bonds of 1944-46
2%%
2% %
2% %
2% %
2%%
2% %
2%%
2%%
2%%
£410,600^
Verde £60,000.
&
iP
454,135,200.00
3% bonds of 1951-55
£3.747,984
£2,788,359
Continuing the downward reaction seen at the end of last week, the week
under review opened with a fall of %d., prices on July 28 being quoted at
19 5-16d. for cash and 19 3-16d. for two months, delivery.
The lower
rates deterred sellers and in the absence of offerings prices showed a slight
improvement.
Buying by the Indian Bazaars yesterday, possibly in¬
fluenced by the firmness of the dollar, resulted in a rise of 3-16d. to 19 9-16d.
and 19 7-16d., but the advance was not maintained and today, with buyers
holding back, there was a decline of yd. to 19 7-16d. and 19 5-16d., for
834.453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,874,400.00
491,375,100.00
-
2,611,095,150.00
1,214,428,950.00
1,223,495,850.00
1,626.687,150.00
981,827,050.00
1,786,146,650.00
bonds of 1955-60
bonds of 1945-47
bonds of 1948-51
bonds of 1951-54
bonds of 1956-59
bonds of 1949-53
bonds of 1945..
540.843,550.00
450,978,400.00
918,780,600.00
-
bonds of 1948
bonds of 1958-63....—.....—.——
value):
Series A-1935
Series B-1936
Series
21,846,029.950.00
-
—p
U. S. Savings bonds (current redemp.
.....—... ..............
$180,905,624.00
333,913,612.50
C-1937—440,315,017.75
Series C-1938...
261,281,062.50
58,113,356,09
—.—.—
Unclassified sales....
—
1,274,528,572.84
the respective deliveries.
The outlook is rather uncertain,
should
489,080,100.00
3% % bonds of 1940-43
3% % bonds of 1941-43
3% % bonds of 1946-49
3,701
Gold shipments from Bombay last week amounted to about
the SS. Strathnaver carries £350,600 and the SS. Conte
silve r
1,036,692,900.00
894,587
778,466
Finland...
393,230
MexicoNetherlands
$758,945,800.00
3%% bonds of 1946-56
3% % bonds of 1943-47
37,917
356,785
'21,964
329,359
__
France
28,894,500.00
Treasury bonds:
299,504
Morocco
the
the
$49,800,000.00
2% % Postal Savings bonds (16th to 49th ser.)
5.000
39,122
Bombay
Syria
THE
1938
Bonds—
£981,579
United States of America.
31,
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
Exports
£1,697,266
13,091
390,394
65,600
23,962
OF
STATEMENT
DEBT
STATES JULY
daily Treasury statement, is as follows:
United Kingdom imports and exports of gold,
Imports
Africa
$30,000
The preliminary statement of the public debt of
United States July 31, 1938, as made up on the basis of
registered from mid-day on the 25th ult. to mid-day on the 30th ult.:
British South
Amount
Liquidating agent: E. A. Ray, care of the liquidating bank.
No absorbing or succeeding bank.
'
gold reserve against notes amounted to £326,July 27 showing no change as compared with the previous
Bank
LIQUIDATION
Aug. 9—The First National Bank of Lewis, Kan
—
Effective July 1, 1938.
Liquidating committee: Ben Bordewick, C. E. Hawley and G. W. Wells, care of the liquidating
bank.
<
,
GOLD
The
VOLUNTARY
MARKETS
SILVER
AND
1139
Chronicle
but for the immediate future the market
level of prices.
Adjusted Service bonds of 1945
$314,032,550.00
...
500,157,956.40
(Government Life Insurance Fund series)..
be fairly steady at about the present
814,190,506.40
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 25th ult. to mid-day on the 30oh ult.:
Imports
'
Eire
Other countries—
'
■
Exports
■:
y£l2,576
Aden & Dependencies—
Germany. ..—
Norway.
x£2,000
1,949
—.
8,640
.
1,022
1,163
Other countries.
X3 949
x
Coin
of legal tender in the
United Kingdom.
Kingdom,
United
y
Coin
not
£23.401
of legal
tender in the
Quotations during the week:
LONDON
IN
-Bar Silver
:
per
IN
Oz. Std.-
July 28--.19 5 16d.
July 29-..19%d.
July 30---19iHjd.
Aug.
2—19 9-16d.
Aug.
3- -.19 7-16d.
Average--.19.412d.
YORK
cents
cents
cents
cents
2-—-43 cents
July
July
July
July
Aug.
19 3-16d.
19 5-16d.
I9%d.
19 7-16d.
19 5-16d.
19.300d.
NEW
(Per Ounce .999 Fine)
27
43
28—
.43
29———
----43
30-—.—————43
2 Mos.
Cash
.
—
— ————
——
The highest rate of exchange on New York recorded during
from July 28 to Aug. 3 was $4.92% and the lowest $4.89.
the period
Highest price
Average
Per Oz. Fine
2 Mos.
141s. 6**d,
140s. 8%d.
19 ll-16d.
18 13-16d.
19.20l9d.
19 13-16d.
18 15-16d.
_.19.3558d.
Lowest price
Bar Gold
Oz. Std.—
Cash
141s. 2.5d.
Treasury Norn—
2%% seriesD-1938, maturing Sept.
1%% series E-1938, maturing Dec.
2%% series A-1939, maturing June
1% % series B-1939, maturing Dec.
1% % series C-1939, maturing Mar.
iy8 % seriesD-1939, maturing Sept.
1% % series A-1940, maturing Mar.
iy% series B-1940, maturing June
l%%seriesC-1940, maturing Dec.
% series A-1941, maturing Mar.
1%% series B-1941, maturing June
1%% series C-1941, maturing Dec.
1% % series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
1% % series C-1942, maturing Dec.
1%% series A-l943, maturing June
Aug. 13
Boots Pure Drugs
Man.,
Aug. 15
4%
42/-
5/-
Centrai Min & Invest-
£23%
76/3
£23 %
£23 %
Cons Goldfields of 8 A.
103/6
£52
Cable & W ordinary
Canadian Marconi
Courtaulds S & Co—_
De
Distillers
31/6
Co.
5/-
76/3
76/3
34/1%
£8"i«
Beers
£51 %
30/6
£8%
Electric & Musical Ind.
97/3
12/6
Ford
17/6
97/12/3
17/9
4/3
£8%
4/3
Ltd
Gaumont Pictures ord.
96/3
12/3
17/6
4/3
Fri.,
Aug. 19
40/102/£51%
5/£23 y
£8%
£8%
75/7%
30/9
Foreign
4/9
1/9
2/22/6
140/6
£13*4
75/6
2/1%
21/9
139/9
£13%
75/6
2/21/6
140/3
£13%
£13%
Rand Mines
£9ht
£9%
£9hs
£9%
£9ht
RioTinto
£13%
£13%
17/6
£13%
£13%
£13%
17/6
98/9
17/6
98/9
Hudsons Bay Co
Imp Tob of G B & I... Holiday
London
Midland
Box....'
Metal
Ry_.
...
Roan Antelope Cop M.
17/6
75/9
.
Rolls Royce
100/-
Royal Dutch Co
£38%
98/9
£37%
£38
Shell Transport.
£4%
£4%
£4%
Unilever Ltd
United
Molasses-
Vickers
West
37/6
2/3
19/9
——.
37/6
22/3
,19/9
Witwatersrand
Areas
'
£7%
—
■
37/9
22/1%
20/-
75/9
£38
£4%
38/3
22/3
20/-
£7»u
£7«i«
3,655,000.00
4,121,000.00
Alaska Railroad retirement fund series.
Postal
Savings System series,
21/6
140/£13%
75/9
17/4%
98/9
£37%
£4%
38/—
21/6
19/9
£71u
45,000,000.00
Corporation
1939 and 1942
105,000,000.00
Government life Insurance fund series,
maturing June 30,1942 and 1943...-—...
'
25,000,000.00
Federal
Deposit
Insurance
$24,800,000.00
2% % Unemployment Trust Fund series, maturing June 30, 1939
872,000,000.00
Treasury bills (maturity value)
Total interest-bearing debt outstanding
—-----
m s00 0m QO
1,053,526,000.00
.
--
-$36,641,937,719.24
Matured Debt on Which Interest Has CeasedOld debt matured—Issued prior to Apr.
1,1917
(excluding Postal Savings bonds)
-
2%% Postal Savings bonds..
3% %, 4% and 4% % First Liberty Loan bonds
of 1932-47....
$3,911,440.26
43,640.00
14,351,400.00
-
4% and 4%% Second Liberty Loan bonds of
1,320,850.00
1927-42
4%% Third"Liberty Loan bonds of 1928
4%% Fourth Liberty Loan bonds of 1933-38—
3% % and 4% % Victory notes of 1922-23
Treasury notes, at various interest rates
Ctfa. of Indebtedness, at various interest rates.
-
-—
Treasury bills
2,116,550.00
22,830,250.00
661,950.00
20,788,650.00
4,944,200.00
35,000,000.00
241,650.00
$346,681,016.00
———————
Treasury savings certificates—
■
106,210,580.26
—
Debt Bearing No Interest—
United States notes
-
—
156,039,430.93
$190,641,585.07
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
STOCK
$10,560,300,950.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1939
BANKS
from the office of the
PREFERRED
502,000.00
maturing
2%
Less gold reserve
NATIONAL
series
June 30. 1940 and 1942
"»• ;
£7h«
fund,
Service retirement
Canal Zone retirement fund, series 1940
to 1943
97/12/17/4%
4/9
1/10*4
21/6
140/9
A
68,200,000.00
maturing June 30, 1941 and 1943
Thurs.,
Aug. 18
40/103/£51 %
5/£23 %
75/7%
31/6
97/1%
12/17/3
700,300,000.00
ma¬
461,600,000.00
series, maturing Dec. 1.
41 /I %
102/-
41/9
103/3
£52
5/3
BritLsh Amer Tobacco-
267,775,600.00
1939 to 1943
4%
2%
Wed.,
Aug. 17
Tues.,
Aug. 16
15, 1942—
15, 1942..
15, 1942..
15,1943.*
to 1943
2%
Sat.,
15,1939..
15,1940—
15, 194015, 1940..
15,1941..
15, 1941..
15,1941..
$17,738,700.00
433,460,900.00
1,293,714,200.00
526,232,500.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143.300.00
232,375,200.00
4% Civil Service retirement fund, series 1939
received by cable
as
15,1939..
15,1939..
15, 1939..
3% Old-Age Reserve account series, maturing
June 30, 1941 and 1943
——
LONDON STOCK EXCHANGE
Quotations of representative stocks
each day of the past week:
15,1938—
15, 1938—
$9,146,922,950.00
4%
THE
$24,131,310,769.24
-
3% Railroad retirement account series,
turing June 30, 1942 and 1943
Statistics for the month of July 1938:
-—Bar Silver per
Total bonds
Deposits for retirement of National
Federal Reserve bank notes
bank and
fractional currency
and Treasury savings stamps, unclassi¬
Old demand notes and
Thrift
247,319,736.50
2,031,728.28
3,250,301.39
fied sales, &C--------------------------
ISSUED
443,243,351.24
Amount
Aug, 5—The City National Bank & Trust Co. of Battle Creek,
Battle Creek, Mich.
Sold to RFC
'
Total gross
$70,600
debt.-.----.-------------------------------$37,191,391,650.74
COMMON CAPITAL STOCK INCREASED
CURRENT
Ami. of Increase
Aug. 5—The City National Bank & Trust Co. of Battle Creek,
Battle Creek. Mich.
From $50,000 to $150,000
$100,000
COMMON CAPITAL STOCK REDUCED
Amt.
of Reduction
Aug 5—The First National Bank of the City of Superior, Superior,
Wise.
From $200,000 to $150,000$50,000
Aug. 5—The City National Bank & Trust Co. of Battle Creek,
Battle Cfteek, Mich.
From $220,600 to $50,000
170,600
-
—Newburger,
their
NOTICES
Loeb & Co. announce that Roland J. Lozier has joined
organization as customers man at their 500 Fifth Avenue,
N. Y. C.
office.
&
Co., has become associated with the New York Stock
H. Hentz & Co.
Wollman
Exchange firm of
Eiser, formerly a partner in the firm of W. J.
—John George
---
.
^
-jv.
1140
Financial
GOVERNMENT RECEIPTS
Chronicle
Aug. 20, 1938
•Month
ANDjJEXPENDITURES
of Government
Trust
receipts and disbursements for July, 1938
96,989,789
Month
Special Accounts
Receipts—
—
Rural Electrification Administration
Reconstruction Finance Corporation.
Other
1937
...
Internal revenue:
$
Incorn etax...
Miscellaneous Internal
revenue
Unjust enrichment tax....
Taxes under Social Security Act
i.
Taxes upon carriers and their employees.
Customs
57,140,978
221,071,975
361,348
53,081,739
32,139
40,648,801
31,336,786
446,445
23,100,996
...
...
bl,202,865
b48,732
1,375,052
b60,974,548
2,552,642
$
47,032,021
185,316,092
305,814
—
cl0,545,495
bl,363,825
1,391,922
b259,790,844
b54,636,951
Transactions in checking accounts of governmental
agencies (net), Ac.:
of July-
1938
103,469.565
accounts
Commodity Credit Corporation
Export-Import Bank of Washington
and
%
Expenditures (see note 1)—
and 1937:
General
1937
$
enabled to place before our readers today the details
we are
of July-
1938
Through the courtesy of the Secretary of the Treasury,
Chargeable against Increment
on
gold:
923
Melting losses, Ac.........
Payments to Federal Reserve banks
(Sec.
■
30,141
13b,
Federal Reserve Act, as amended)—....—.
For retirement of National bank notes....
3,386,420
"6,072",295
Unemployment trust fund:
Miscellaneous
Investments
receipts:
...
All other...
Investments
10,815,256
1,779,078
1,591,550
9,368,381
.....
Other miscellaneous.
—
16,585,642
2,165,737
3,480,208
14,586,070
.......——
.
.
—
receipts.....
311,092,419
.....
a
-
...
River and harbor work and flood control
a—
Reclamation projects a
Panama Canal.....
....—
deficiency .....
Railroad Retirement Act...
.........
Social Security Act..........
...
——
United States Housing Authority a
District of Columbia (U. 8. share)
......
National defense a—Army
...
Navy
a................■■
Tenant Act.
Civilian Conservation Corps a..............
Farm Credit Administration a.——
Tennessee Valley Authority..'
Interest on the public debt....
Refunds—Customs
Internal
........
.....
revenue
Processing tax
on farm
products
Subtotal
69,975.391
4,143,067
15,632,733
15,068,605
4,409,037
60,168,787
3,631,995
18,158,281
13,742,897
3,470,465
1,570,781
b634,266
833,057
5,885
248,377
400.563,000
Cash—Treasury bills.
Treasury
39,901,178
339,245
4,542,304
39,122,366
duction in interest rate
29,485,534
classified sales).
on
32,958,084
46,230,057
48,985,049
23,906,640
48,086,187
57,649,386
2,376,045
26,744,116
3,144,516
3,930,536
13,042,942
2,568,416
3,099,061
1,074,453
b902,536
Sub-total.
3,702,793
12,286,335
1,305,381
1,714,523
590,255
Special series*
Works Progress Adminlstrtaion.....
337,380,132
Railroad retirement account (notes)
Civil service retirement fund (notes)
2,000,000
72,700,000
374,000
Aid to home owners:
3,070,604
654,613
2,130,313
3,579,918
3,356,639
84,262
2,866,629
8,642,097
3,659,212
20,000,000
135,708,000
Cash—Treasury bills...
3,338
1,202,079
639,211
12,726,419
Federal Housing Administration
Security Administration...
Certificates of indebtedness...
Treasury notes
Treasury bonds
United States savings bonds—
——
"l" 948*668
19,170,967
...
Fourth
f b45
b5,516
....
Liberty bonds
Postal Savings bonds......—...
Other debt items........
196,634,443
.....
;
5,776,996
22,449
Old-age reserve account
Government
employees'
(United States share)
19,184,815
b76,580
17,892,986
38,000,000
22,000,000
retirement
75,106,600
1,000,000
Debt retirements (sinking fund, &c.)
Total
47,000
Railroad retirement account (notes)
Civil service retirement fund (notes)
73,255,000
125,255,000
137,400
Canal Z one retirement fund (notes)
677,193,111
Sub-total
v
Excess of receipts
Excess of expenditures
451,450,746
268,032,475
1K000
...
Postal Savings System (notes)
Federal Deposit Insurance Corporation (notes)..
30,550
762,543,166
expenditures
1,500,000
Sub-total
Special series:
Adjusted service certificate fund (certificates)
Unemployment trust fund (certificates)
Foreign Service retirement fund (notes)
5.
239,765,495
Treasury bonds
42,000,000
10,000,000
135,106,600
7,212,645
553,059,042
Exchanges—Treasury notes
funds
Subtotal
550,950
884,950
712,460
18,613
4,207,725
Sub-total
Transfers to trust accounts, Ac.:
Railroad retirement account
485,300
198,360
National bank notes and Federal Reserve bank
bl,215,249
5,307,697
Loans A grants to States, municipal's, Ac..
Loans to railroads
b469,299
212,814,000
196,950
976,150
10,000
4,488,177
11,900,600
...
-
notes
1
533,950,000
20,650
1,451,700
6,872,158
—
—
———
216,251,540
...
3. Revolving funds (net):
Agricultural aid—Farm Credit Admlnlstr
Public Works:
532,365,465
Adjusted service bonds...—5,427,200
bonds-.-..-..-.....
423,500
First Liberty
Miscellaneous:
Administration for Industrial Recovery
142,391,000
580,757,377
Market operations:
1,516,471
6,293,099
...
Emergency housing
United States Housing Authority.'
Subtotal
"2,000, odd
Expenditures—
22,838,302
-
Home loan system
189,000
...
Total public debt receipts.
914,728
127,350,140
367,000
469,000
175,000
Government life insurance fund (notes)
Federal Deposit Insurance Corporation (notes).
785,033
"71.300,000
459,000
Canal Zone retirement fund (notes)
Alaska RR retirement fund (notes)
172,205,345
16,959,835
All other
,
*'•
Adjusted service certificate fund (certificates)..
Unemployment trust fund (certificates)
Old-age reserve account (notes)...—..—
Sub-total.
highways
29,066,000
41,000,000
Exchanges—Treasury notes.
Treasury bonds..........
3T.883~404
293,622
River and harbor work and flood control...
Rural Electrification Administration
1,584,050
38,000,000
Adjusted service bonds.
Postal Savings System (notes)
...
38,124,415
388,390,415
758,500
Sub-total.
mortgages
Public works (including work relief):
Reclamation projects
J4
43,727,877
444,290,877
"4,495"262
Foreign Service retirement fund (notes)
Federal Land banks....................
Subtotal
notes....
Treasury bonds
Mortgage Corporation—re¬
Relief
Farm
350,266,000
.......
Market operations:
Agricultural aid:
Public
......... ...
Public Debt Accounts
630,411
405,739,929
Farm
.
Receipts-
2. Recovery and relief:
Federal
56,278,147
bl
409,160,637
49,803,026
Veterans' Administration
Agricultural Adjustment Program
Farm
124,715,843
—
'
Public highways a....
Postal
"3",129",936
18,665,882
321,368,858
Benefit payments
Excess of expenditures.
'+;r":
1. General—Departmental
Public buildings a
41,000,000
46,357
779,513
2,000,000
8,061,676
....
Excess of receipts or credits
Expenditures—
200,000
38,000,000
..............
Benefit payments.................
Railroad retirement account—Investments.......
Total
Total
35,970,000
■—
Old-age reserve account:
Panama Canal tolls, Ac
Seigniorage
29,066,000
....
Withdrawals by States
Proceeds of Government-owned securities:
Principal—foreign obligations
Interest—foreign obligations
....
1,047,000
—
Excess of receipts...
1,518,000
554,106,042
241,283,495
26,651,335
Total public debt expenditures...
291,081,970
—133,387,000
—20,650
—1,451,700
+ 137,452,000
Excess of expenditures.................
Summary
Excess of expenditures
Less public debt retirements
451,450,746
137,400
30,550
Excess of expenditures (excl. public debt retirem'ts)
Trust accounts, increment on gold, Ac., excess of
451,313,346
268,001,924
receipts
321,368,858
129,944,488
3,386,420
Less National bank note retirements
Total
excess of
268,032,475
expenditures
56,278,146
■
211,723,778
6,072,295
Increase in the gross public debt
Gross public debt at beginning of month or
year...
Gross public debt this date
126,558,068
—99,906,733
26,651,335
37,164,740,316
291,081,971
36,424,613,732
(+)
or dec.
(—) in the
gross
public debt—
Certificates of indebtedness..
Treasury
—
-
notes
Bonds
+31,079,859
Other debt items
—22,449
—196,950
—976,150
+21,161,328
—18,613
National bank notes and Federal Reserve bank
notes.
205,651,483
+85,430,488
37,191,391,651
Inc. (+) or dec. (—) in general fund balance
Inc.
Market operations—Treasury bills
—4,207,725
—7,212,645
—108,009,665
+150,208,970
+134,661,000
+ 140,873,000
+26,651,335
+291,081,970
36,715,695,703
Sub-total
Special series
Total
Additional expenditures on these accounts are included under "Recovery and
relief" and "Revolving funds (net)," the classification of which will be shown in the
a
Trust Accounts, Increment
Receipts (see note 1)—
Trust
on
Gold, &c.
Increment resulting from reduction In the
weight of
the gold dollar
Unemployment trust fund
Old-age reserve account
Railroad retirement account-
102,563,625
85,888,731
22052
4,63+011
35,486 288
38,000 000
22,000,000
31,525
13,548,524
29,525,210
42,000,000
10,000,000
202,702,976
180,993,990
b Excess of credits
(deduct).
c Includes credit of
$94,000,000, being a reversal of a charge in the same amount on
July 1, 1938, representing a transfer of funds by the Commodity Credit Corpora¬
tion to the Reconstruction Finance
Corporation for the purpose of making com¬
modity loans.
Note
treated
Total
7 of the daily
Treasury statement for the 15th of each month.
»
accounts.
Seigniorage
statement of classified receipts and expenditures appearing on page
1—Beginning Dec, 31, 1937, transfers from the General Fund have been
receipts instead of offsets against expenditures.
The figures for the month
as
and the fiscal year 1938 have been revised accordingly and in that respect disagree
with the figures published prior to Dec. 31, 1937.
Volume
Financial
147
Company and Issue—
TREASURY CASH AND CURRENT LIABILITIES
The cash
the items stood
July 30, 1938, are set out in the following.
The figures
are taken entirely from the
daily statement of the United
States Treasury of July 30, 1938.
holdings of the Government
CURRENT ASSETS
Assets—
as
AND LIABILITIES
GOLD
Gold (oz. 371,925.316.2)
$13,017,386,067.21
i
Total
$13,017,386,067.21
Liabilities—
$2,893,360,299.00
7,817,950,860.38
8,936,329.82
Gold certificates—Outstanding (outside of Treasury)
.
Gold certificate fund—Board of Governors, Fed. Res. System..
Redemption fund—Federal Reserve notes
Gold
156,039,430.93
reserve..
Note—-Reserve against $346,681,016 of United States notes
and $1,168,972 of Treasury notes
ury notes of
of 1890 outstanding.
Treas¬
1890 are also secured by silver dollars in Treasury.
Exchange stabilization fund
1,800,000,000.00
341,099,147.08
....
Gold in general fund
..$13,017,386,067.21
Total
Assets—
Silver
SILVER
$1,048,928,961.86
503,628,743.00
(oz. 811,280,993.9)
Silver dollars (oz.
389,525,355.9)
J
Total
$1,552,557,704.86
Liabilities—
Silver
certificates
outstanding...
$1,529,602,167.00
1,168,972.00
21,786,565.86
....
Treasury notes of 1890 outstanding
Silver in general fund
$1,552,557,704.86
Total
1141
Chronicle
Page
Date
-
Bridge Co., 1st mtge. 7s. --Oct.
Chicago Union Station Co. 3 M8 guar, bonds, 1951
-Sept.
1
1
Oct.
Sept.
5
727
108
1030
1
566
Bear Mountain Hudson River
Cities Service Oil Co., 5 Ms 1927
Cleveland-Cliffs Iron Co. 1st mtge. 4 Ms, 1950
Colon Development Co., Ltd., 6% pref. stock
567
Aug. 20
735
Aug. 23
x3332
Sept. 1
736
Sept. 1
736
Oct.
1
111
Oct. 15
1034
Jan. 1, *39
Consolidation Coal Co., 25-year s. f. bonds-Dakota Power Co. 1st mtge. 6s, 1938
Des Moines Gas Co.. 5% bonds, 1956
Detroit Edison Co., 5% bonds series E. 1952-Diamond State Telephone Oo. 6M% pref. stock--
Dominion Gas Co., 5% coll. trust bonds,
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A & B
Firestone Cotton Mills, 20-year 5s
Firestone Tire & Rubber Co. of Calif., 15-year 5s-
Jan. 1, '39
Sept. 1
Sept. 1
-
-
Gelsenklrchen Mining Corp., 6-year 6% notes
Sept. 1
Hamilton Cotton Co., Ltd., 1st mtge., 5Ms, 1948Sept. 19
Hazleton Water Co. 1st mtge. 5s,
SeDt. 1
(Walter E.) Heller & Co. 7% cum. pref. stock and 10-year
268
890
890
890
741
113
573
4% notes
Sept. 14
1038
Indianapolis Power & Light Co., 1st mtge. 5s, 1957
Oct. 11
Langendorf United Bakeries. Inc.. 6%% 1st mtge. bonds-_Sept.
272
1
Luzerne Comity Gas & Electric Corp., 1st mtge. 6s, '54-_Sept.
1040
1
Mc Coll Frontenac Oil Co., Ltd., 6% 20-year bonds
1040
Oct.
1
Manila Electric Co., 1st mortgage 5s, 1946
1040
Aug. 23
424
Mengel Co. 1st mtge. 4%s
---Sept.
1
Morgan Engineering Co., 1st mtge. 8s, 1941
896
Sept. 1
Nord Railway Co., 6%s, 1950
1044
Oct.
1
Omaha & Council Bluffs Street Ry., consol. mtge. bonds- -Aug. 24
899
Ottawa Lt., Heat & Pow. Co., Ltd., 5% ref. mtge. bonds -Oct.
751
1
Pearl River Valley Lumber Co. ref. inc. bonds. 1945
x2383
Sept. 1
Public Service Co. of Nor. 111., 1st & ref. mtge. bonds.. ..Oct.
901
1
San Antonio Public Service Co., 1st mtge. 6s
Jan. 1 *39 x3679
*
San Antonio Gas & Electric Co.Ust mtge 5s, 1949
1206
Sept. 1
San Antonio Traction Co.
J
San Diego Water Supply Co. 5% bonds, 1955
584
Aug. 20
Scott Paper Co. 3 M % deb. bonds, 1952
584
...Sept. 1
Southern California Edison Co., Ltd., debs, series 1940
and 1945
755
Sept. 1
Southern Gas Utilities, Inc., 1st mtge. 6Ms, 1939
904
Sept. 1
Southern Light & Traction Co. 5% bonds, 1949
585
Sept. 1
905
Spang Ohalfont & Co., Inc., 1st mtge. 5s, 1948
Oct.
3
*
Toledo Edison Co., 1st mtge. bonds, 1962
1209
Oct. 13
xl898
(Raphael) Weill & Co.. 8% preferred stock
Sept.
1
908
Virginia Elec. & Pow. Co., 1st mtge. 4s, 1955
—-Aug. 26
Warner Co., 1st mtge. 6s
909
Aug. 26
137
Wheeling & Lake Erie Ry., series D ref. bonds, 1966-----Sept.
1
-
-
GENERAL
Assets—
FUND
$341,099,147.08
Gold (as above)
Sliver—At monetary value (as above)
21,786,565.86
8,598,462.00
1,241,366.02
487.966.635.43
;
Subsidiary coin (oz. 6,219,912.5)..
Bullion—At recoinage value (oz. 897,973.1)
At cost value (oz. 890,677,610.0)a
Minor coin
4,849,106.17
2,248,714.00
12,380,362.50
202,039.50
1,229,859.00
4,417,678.90
777,224,848.12
585,434,000.00
...
...
United States notes
Federal Reserve
notes...
Federal
bank notes
Reserve
.....
......
National bank notes
Unclassified—Collections, &c
—
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities
*
Announcements this week
National and other bank depositaries:
16,363,527.55
28,909,589.28
1,338,409.96
1,469,469.95
1,889,886.74
To credit of Treasurer United States
To credit of other
Government officers
Foreign depositaries—To credit of Treasurer United States
To credit of other Government officers
Philippine Treasury—To credit of Treasurer United States
$2,298,649,668.06
Total
Liabilities—
$8,317,982.98
3,836,721.96
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Board of Trustees. Postal Savings System:
59,300,000.00
19,004,218.70
70,745,424.42
5% reserve, lawful money
Other deposits
Postmasters, clerks of courts, disbursing officers, &c
...
Deposits for:
x
Pages in Vol. 146.
DIVIDENDS
Dividends
first
we
grouped in two separate tables.
In the
bring together all the dividends announced the
are
current week.
show
the
Then
follow with
we
a
second table in which
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" in the week when declared.
we
The dividends announced this week are:
335,031.62
21,099,108.39
Redemption of National bank notes (5% fund, lawful money)..
Uncollected items, exchanges. &c
Per
Share
Name of Company
$182,638,488.07
Holders
When
Payable of Record
Balance today—Increment resulting from re¬
duction in the weight of the gold dollar—
Seigniorage (silver) (see Note 1)
Working balance
Agricultural Insurance Co. (Watertown, N. Y.)_
Alabama Water Service, 86 pref. (quar.)
Alexander's Dept. Stores, Inc. (increased)
$141,921,323.34
450,669,804.31
1,523,420,052.34
_
2,116,011,179.99
Total
a
$2,298,649,668.06
-
The weight of this item of silver bullion is computed on the basis
of the average
month of June, 1938.
the difference between the cost value
and the monetary value of silver bullion revalued and held to secure the silver
certificates issued on account of silver acquired under the Silver Purchase Act of
cost per ounce at the close of the
Note 1—This Item of seigniorage represents
1934 and under the President's proclamation dated Aug. 9, 1934.
Note 2—The amount to the credit of disbursing officers and certain agencies
was
$2,544,037,872.73.
today
________
American Chain & Cable
—
Preferred
(quar.)
American Cigarette & Cigar (stock dividend) —
Payable l-40th sh. of Amer. Tobacco Co.
com. for each sh. of Am.Cigarette & Cigar held
Preferred (quar.)
American Discount Co. (Ga.)___
:-
following securities
were
sold at auction
on
Wednesday
of the current week:
Shares
$
Slocks
10 National Shawmut Bank of Boston,
4 Alabama Great Southern RR., par
50 Incorporated Investors, par
par
ver
Share
22
$12%
$50
58%
17%
-—
$5
By Crockett & Co., Boston:
$ per Share
12%
3
....$60 lot
$2,000 lot
27%-27%
10
44
Stocks
Shares,
4 United States Trust Co., Boston, Mass., par
$10
—
167 New Ocean House preferred
1,044 Baush Machine Tool Co. common
50 Garage Construction Co...
—
43 2-10 Massachusetts Utilities Associates preferred, par $50
2 Units
Wiley-BIckford-Sweet Corp
60 New Hampshire Fire Insurance
Co.,
par
$10....
By Barnes & Lofland, Philadelphia:
,
Shares
$
Stocks
13 Bryn Mawr Trust
Co., Pa.,
8 West Philadelphia Passenger
par $10
Ry. Co., par $50....
-
per
—
Share
7%
15%
Percent
Bonds—
$1,000 No. 801-823 South St. (Rexy Theatre) 1st 5s, 1940
$55 lot
$2%
Associates Investment
J15c
50c
—
50c
(quar.)
SIM
50c
—
$1
Extra
25c
;
$1
Birmingham Fire Insurance Co. (Penna.)
B-G Foods, Inc., 7% preferred
Bloch Bros. Tobacco Co
t$3M
37 Mc
7 5c
S3
Brlggs & Htratton Corp. (quar.) —_
Brown Oil Corp., 6% cum. pref. (s.-a.)
Buffalo Niagara & Eastern Power,
First preferred (quar.)
pref. (quar.)
Canadian Western Natural Gas, Lt.,
mm
mm
mm
—James
Talcott,
Inc.,
has
been appointed factor for Chiko
Fabrics
Corp-. New York City, distributors of silks and rayons.
—Equitable Securities Corporation, 40 Wall Street, N. Y. C., has issued
the August issue
—Ralph T.
in charge
of their Southern Financial Review.
Dimpel has become associated with F. L. Salomon & Co.
of their unlisted securities department.
REDEMPTION
CALLS
AND
mm
mm
'mm
mm
mm
mm
mm
_
—
_
—
FUND
75c
Si
10c
$13 M
25c
Below will be found
a
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
last date for
„
Date
A, B, C & D
Co., $6 preferred stock
Page
1
727
Aug. 22
Sept. 11
1027
1027
AUentown-Bethlehem Gas Co., 1st mtge. 3 Ms, 1965- ...Sept.
Associated Gas & Electric Co., debentures 1986 series
Baton Rouge Electric
Consolidated Rendering Co. (irregular)
Continental Steel pref (quar.)
Cook Paint & Varnish (quar.)
(quar.)
— .
—
Zellerbach Corp. (interim)
Brook RR. (quar.)
preferred (quar.)_
Du Pont de Nemours (E. 1.) (interim)
Preferred (quar.)
Crown
Delaware & Bound
(quar.)
— -.--
Duquesne Light Co. (quar.)
list of bonds, notes and preferred
Company and Issue—
------
Clark Equipment Co., preferred (quar.)Coast Counties Gas & Electric, 6% pref.
Debenture stock
NOTICES
stocks of
5''c
SI
25c
Si M
UK
70c
SIM
15c
Si
12Mc
12
Dominion Foundries & Steel,
SINKING
—
Economy Grocery Stores
Edison Bros. Stores, Inc. (quar.)
5% cumulative preferred (quar.)
Electrograpbic Corp. (quar.)..
Preferred
—
...
(quarj-
E1 Paso Natural
1 Aug. 20
July
Sept.
Sept.
Sept.
20
15
6
6
2
Sept. 30 Sept. 15
Aug. 25 Aug. 20
Aug. 15 Aug.
4
Sept. 1 Aug. 26
Sept. 30 Sept. 10
15 Sept. 15
Sept. 1 Aug. 15
sept. 30 Sept.15
Sept. 3(j Sept. 15
Sept. 30 Sept. 15
Sept. 20 Sept. 15
Aug. 25 Aug. 15
Oct.
1 Sept.10
Oct.
1 Sept. 10
Aug. 20 Aug. 10
Oct.
1 Sept. 20
Aug. 15 Aug. 10
Oct.
Sept. 15 Sept.
2
Aug. 31 Aug. 22
Oct.
1 Sept. 15
Nov.
1 Oct.
Oct.
1
Sept. 1
Sept.2(
Sept. 1
Sept. 1
15
Sept. 5
Aug. 23
Aug. 31
Aug. 15
Aug. 15
1 Aug. 15
1 Sept.
8
1 Sept.
8
Sept. 26 Sept. 2
Sept. 26 Sept. 2
Sept. 6 Aug. 20
Sept. 30 Sept. 20
Sept. 15 Aug. 29
Sept. 15 Aug. 22
Sept. 30 sept. 15
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Sept. 15 Aug. 31
Sept. 15 Aug. 15
Aug. 22 Aug. 15
Oct.
1 Sept. 15
Sept. 1 Aug. 19
Sept. 1 Aug. 19
Oct.
1 Sept.13
Aug. 20 Aug. 16
Sept. 1 Aug. 20
Sept. 14 Aug. 22
Sept.
-
(quar.)
1 Sept.
sept.
Oct.
Hill RR (quar.)
Chicago Flexible Shaft (quar.)
Chicago Rivet & Machine
Christiana Securities Co
Preferred
itsiM
$i
SI
Citizens Finance (Lowell) (quar.)
Clark (D. L.) Co. (irregular). —
NOTICES
50c
t25c
tsi
Oct.
July 25
Sept. 15
Sept. 15
Sept. 15
Ht. & Pow
6% preferred (quar.)
Chesapeake & Ohio—
Preferred (quar.)
Chesebrough Mfg Co. (quar.)--—
Chestnut
40c
SIM
Bulova Watch Co. (quar.)
— —
California Art Tile Corp, class A prefCanada Cement Co., 6%% preferred.
Canada & Dominion Sugar Co. (new)
Canadian Int'l Investors Trust, 5% preferred—
Churngold Corp
CURRENT
sim
75c
50c
Asbestos Corp., Ltd. (quar.)
Extra
Referred (quar.)
Badger Paper Mills, Inc—
Beech-Nut Packing Co. (quar.)
By R. L. Day & Co., Boston:
15c
$1M
10c
American Radiator & Standard Sanitary—No ac tion
SIM
Preferred (quar.)
40c
American Safety Razor (quar.)
(quar.)
Anglo-Canadian Telephone, class A
SALES
AUCTION
35c
American Investment Securities Co
American Telephone & Telegraph
The
75c
$1%
Gas Co., 7% preferred (quar.)
Ely & Walker Dry Goods (ouar.)
Empire Power Corp., $6 cum. preferred (quar.)
Participating stock-Emporium Cap well Corp
—
Esquire-Coronet, Inc. (quar.)
—
Federal Mining & Smelting, pref. (quar.)
75c
Oct.
SIM
UK
Oct.
SIM
Oct.
10
25 Oct. 10
15 Sept. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10
24
15
1
1
1
1
15
10
25c
25c
62 Mc
25c
SIM
$1M
25c
SIM
50c
25c
30c
SIM
Oct.
25 Oct.
Aug. 27
Aug. 31
Aug. 31
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
22
22
20
20
1
1
15
20
25
Financial
1142
Pet
(quar.)__.
Fiscal Fund. Inc., stock dividend
Stock
div., payable in beneficial
87 He
Oct.
l
Oct.
1
2H%
Sept. 1
Sept. 10
60c
Sept. 15 Sept. 5
Sept.15 Aug. 26
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 20
West
Wright-Hargreaves Mines, Ltd. (quar.)
Oct.
Yellow Truck & Coach Mfg., preferred._______
81 H
Youngs town Sheet & Tube, pref. (quar.)
81H
—
Honolulu Oil Corp.
Hooker Electrochemical Co. (reduced).——
HoskinsMfg. Co
Humble Oil & Refining
Huron & Erie Mtge. Corp. (quar.)_:
—
__
International Harvester
Safety Razor, class A (quar.)
Irving (John) Shoe Corp., 6% pref. (quar.)__
Katz Drug Co., pref. (quar.)..
Keystone Custodian Fund, K 1 (s.-a.)
—
Kerlyn Oil Co. class A (quar.)
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Lake Shore Mines, Ltd. (quar.)
Langley's, Ltd., 7% conv. pref
Gold Mining
Lexington Utilities Co. 86 H pref. (quar.)
Lexington Water Co., 7% pref. (quar.
Life & Casualty Insurance Co. (Tenn.
Lily-Tulip Cup---.—-— _____
Loew's Boston Theatres (extra)
Lone Star Cement Corp.
Ludlow Mfg. Associates
MacKinnon Steel Corp., 7% cum. pref........
—
___ _
_____
Macassa Mines. Ltd. (quar.)
Magma Copper Co.......
—
Maryland Fund, Inc....
Mayer (0.) & Co., Inc
8% preferred (quar.).
8% preferred (participating div.)
May Hosiery Mills, class A (quar.)..
Preferred (quar.)...
McKenzie Red Lake Gold Mines (quar.).
Michigan Cities Natural Gas (quar.)
Milnor, Inc..
Mock Judson Voehringer
Preferred (quar.)
;
...—
— ...... —
—
— _
______—....
-
~
—
—
_
—
Monarch Machine Tool...
Morristown Securities Corp.
National Dairy Products....
Preferred A and B (quar.)
National Oats Co. (quar.)...
Neisner Bros., Inc
—
—
—
Newberry (J. J.) Co. (quar.).
Newmont Mining Corp
New England Telep. & Teleg. (quar.).
Oahu Sugar Co., Ltd. (monthly)
Oneida, Ltd. (quar.)
....
7% preferred (quar.)
Parafnne Cos., Inc
Preferred (quarterly).......
30c
t8iH
Pennsylvania Electric Service, class A (quar.)..
Peopies Drug Stores (quar.)
Preferred (quarterly)
Pet Milk Co. (quar.)..
Philadelphia Co., $5 preferred (quar.)
$6 preferred (quar.)
Philadelphia Germantown & Norristown RIi.-
,
i
75c
30c
25c
... — _
.___
......
_
25c
81H
81H
50c
Photo-Engraving & Electrotypers, Ltd
Potash Co. of America (increased)
Preferred (semi-annual)
Public Service Co. (N. H.), $6 pref. (quar.)
1
Sept. 15 Aug. 31
Sept. lS.Sept. 1
Sept. 15 Sept. 1
II Sept. 8
Sept. 15 Sept. 1
Oct.
1 Sept. 10
Oct.
Sept. 1
Oct.
Sept. 1
Sept.
'Sept.
Aug. 20
Aug. 15
Sept. 15
Sept. 15
Aug. 31
Aug. 31
Sept. 1
Oct.
Oct.
IVi
81"
—
...
15 Oct.
Oct.
30c
_
_.
Rich's, Inc., 6H% preferred (quar.)
Oct.
50c
—
$5 preferred (quar.)......
_...:
Public Service Electric & Gas., 7% pref. (quar.)
85 preferred (quar.)
_■
Raybestos-Manhattan, Inc
Rheem Mfg. Co. (quar.)
15c
20c
______
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
30 j Sept.
1
15 Aug. 31
15 Sept.
1
30 Sept. 15
Ruberoid Co. (no action).
San Joaquin Light & Power 7% prior pref. A(qu)
preferred (quar.)
6% prior preferred A (quar.)
6% preferred B (quar.)
Schenley Distillers (no action).
Preferred (quarterly)
prior
■'t
25c
Sept. 15
Sept. 15
Sept.15
Sept.15
_
Shenango Valley Water 6% pref. (quar.)
Simon (Wm.) Brewery (quar.)_____,
Sept. 22 Sept. 2
Sept. 1 Aug. 20
Aug. 31 Aug. 18
Aug. 31 Aug. 18
Aug. 15 Aug. 10
2c
2c
37 He
10c
—
35c
—
81H
(quar.)
10c
.
(Ky.) (quar.)
Standard Oil Co. (Ohio) common (quar.)
5% cum. preferred (quar.)
Sterling Brewers, Inc
Sutherland Paper Co.
■_
Swift & Co. (quar.)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (guar.)
Tampa Gas Co. 8% preferred (quar.)
7% preferred (quar.)
Talcott (James), Inc
First preferred (quar.)
Thew Shovel Co., preferred (quar.)
United Gas & Electric Corp. common (quar.)
Aug. 20
Sept.
July 26
July
Sept. 15:Aug. 31
1 Aug. 19
Sept.
Sept. 20 Sept. 10
Aug. 31
Sept.
Aug. 31
Sept.
Oct.
Sept. 30
5c
_
Holders
Payable of Record
Oct.
1 Sept. 10
Aug. 31 Aug. 20
Aug. 25 Aug. 18
Sept. 10 Sept.
1
Sept. 1 Aug. 20
Oct.
1 Sept. 15
Aug. 31 Aug. 18
Sept. 1 Aug. 18
Sept. 15 Sept. 6
Oct.
1 Aug. 26
Oct.
1 Aug. 26
Oct.
5 Sept.
5
Oct.
1 Sept. 10
and not
nounced
give the dividends announced in previous weeks
yet paid.
The list does not include dividends an¬
this week, these being given in the preceding table.
we
25c
_
10c
37 He
81H
25c
81H
Payable of Record
Company
Abbott's Dairies, Inc. (quar.)
Acme Steel Co. (quarterly)
25c
Addressograph-Multigraph (quar.).
Agnew-Surpass Shoe Stores (s.-a.)__
35c
30c
25c
20c
Extra.
81H
Preferred (quar.)
Alabama & Vicksburg Ry. Co. (semi-ann.)
Allied Laboratories, Inc. (quar.)
?ls
ll'i
Allegheny Steel Co., preferred (quar.)
Alpha Portland Cement
(quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
American Arch Co
50c
!ig
25c
_'
American Box Board Co..
6c
American Business Shares
American Can Co..
75c
5c
81H
81H
12Hc
American
Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly)
American Forging & Socket Co
American Home Products Corp. (monthly)
American Indemnity (increased)-.
American Insurance (Newark) (s.-a.)
B (quar.)_.
2.
81
81X
t8IH
81H
25c
Atlantic Refining Co
75c
5jc
Corp., 6^pref. (quar.)
Atlas Powder Co
40c
Avery (B. F.) & Sons
$1.05
Baldwin Locomotive Works preferred (s.-a.)
Bangor & Aroostook RR. Co
63c
2oc
25c
25c
SIX
25c
SIX
SIX
75c
30c
25c
25c
32c
f
6% preferred
Valley Mould & Iron, $5H prior pref. (quar.)__
Viking Pump Co
Preferred (quarterly)
Virginia Electric & Power, 86 pref. (quar.)
Oct.
Oct.
Sept.
Sept.
Sept.
43 He
Oct.
82
a.16 2-3 Oct.
t81
Oct.
25c
Sept.
iSept.
60c
.Sept.
81H
ISept.
1
_
1 Aug. 20
Sept. 15 Sept.
1
Sept. 1 Aug.
5
Sept.
15
29
20
15
Sept.
Brown Shoe Co., Inc
25c
Sept.
Buckeye Pipe Line Co
25c
Sept.
Bullock's, Inc_
50c
Sept.
Sept.
Dec.
Nov. 25
Oct.
Aug. 12
July 30
Buute Bros., 5% pref.
14c
—
4
10c
(semi-aunual)
$1
^
tS 1
12
22
15
20
26
11
26
Oct.
Aug. 11
Sept.
1
Sept. 15
8ept. 15
Sept.
Aug. 15
Sept.
Oct.
XSIX
±81X
Sept. 30
Oct.
Oct.
3ept.30
Sept. 20
Aug. 31
Sept. 20
XSIH
six
tsi
SIX
(J. I.) Co., preferred (quar.)_
Caterpillar Tractor
Sept.
Sept.
Sept.
50c
(quar.)
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
81X
SIX
Preferred (quar.)
Central Arkansas Public Service 7% pref
25c
Central Cold Storage Co. (quar.) — Central Illinois Public Service $6 pref—
- -
Oct.
:s2
Canadian Oil Ltd., 8% preferred (quar.)
Canadian Wire & Cable, preferred (quar.)
6% preferred
Sept.
_____
Canadian Industries, Ltd. A & B
Preferred (quar.)
Central Ohio Steel Products
Central Tube Co
Sept.
40c
Canadian Fairbanks Morse (resumed)
t81
1-81
-— — _
—
centrifugal Pipe Corp 'quar.)
Century Ribbon MilN. preferred fquar.)
Champion Paper & Fiber Co «W, pref. (quar.)__
Chartered Investors, pref. (quar.)
Chicago Corp., preference—
Chicago District Electric Generating Corp.—
$6 preferred (quar.)
annas
Aug.
37 He
81H
Burroughs Adding Machine
preferred (quar.)
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.)
t'ambria Iron Co
Aug.
Aug.
81H
SIX
(quar.)
5% pref. (quar.)
Case
Sept. 1
Sept. 1
Sept. 15
Sept. 15
Aug. 20
Aug. 29
Aug. 29
Sept. 15
jept.
1
Sept.
1
Aug. 20
Sept.
1
Sept. 1
Aug. 31
1 Sept.
Sept.
Aug.
1
Sent.
1 Sept.
Oct.
Sept.
due
Sept. 15
Sept. 15
Sept. 17
Sept.
16 Dec.
Oct.
$2
SIX
81
Sept.
Sept.
Sept.
Dec.
Sept. 15 Sept.
50c
Bristol-Myers Co. (quar.)
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. & Messenger Co. (quar.)
Brown Fence & Wire class A (s.-a.)
Sept.
Sept.
50c
Oct.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Borden Co., common (interim)
Boston Fund. Inc
Brewer (C.) & Co., Ltd. (monthly)
Oct.
81H
5c
12Hc
Berghoff Brewing (quar.)
Bethlehem Steel Corp. 7% preferred (quar.)
5% preferred (quar.)
Bird & Son, Inc.. 5% pref. (quar.)
Birmingham Water Works, 6% pref. (quar.)_
Blue Ridge Corp., 83 pref. (.quar.)
Opt. div. of 1-32 sh. ol com. or cash.
Canfield Oil Co. 7% preferred
Oct.
'doc
18Hc
SIX
Bellows & Co. class A (quar.)
Class A (quar.)_
Carman & Co. class A
Oct.
1X%
81H
SIX
Cumulative preferred
Bangor Hydro-Electric Co. 7% pref. (quar.)___
6% preferred (quar.)
Barlow & Seelig Mfg. class A (quar.)
Bayuk Cigars, Inc
1st preferred (quar.)
Beattie Gold Mines, Ltd
Belding Heminway Co
1
68 He
_
81X
(quar.)____.
Corp. preferred
Associated Dry Goods 7% preferred
6% preferred (quar.)
5
15c
1
Sept. 1 Aug. 19
Sept. 1 Aug. 19
Aug. 31 Aug.
5
Oct.
3 Sept.
6
Sept. 1 Aug. 10
Hept,
1 Aug. 20
Sept. 15 Sept. 1
Sept. 1 Aug. 15
Sept. 1 Aug. 12
Sept. 1 Aug. 12
Sept. 15 Aug. 22
Sept. 1 Aug. 20
Sept. 10 Aug. 31
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 1 Aug. 18
Sept. 15 Aug. 31
Oct. 15 Sept. 30
Aug. 20 July 29
Aug. 31 Aug.
3
Sept.16 Sept.
50c
__
Archer-Daniels-M idland
Sept.
81H
Sept.
Sept.
25c
Armstrong Cork Co. 4% preferred (initial)
Sept.
Aug. 20
Aug. 20
Sept. 15
Sept. 15
Nov. 25
20c
Oct.
%IH
Sept.
Sept.
Sept.
1
40c
Artloom
Atlas
1 Aug. 15
Sept. 16
1 Aug. 15
15 Sept. 1
30 Aug. 20
1 Aug. 17
1 Aug. 17
1 Aug. 17
1 Aug. 20*
1 Aug. 25
Dec.
Oct.
(quar.)
com.
15
I Aug. 19
1 Aug. 18
Sept.
Sept.
25c
5c
(111.) (quar.)
&
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
97 He
American Laundry Machinery (quar.)
American Metal Co
American Smelting & Refining Co.
American Sugar Refining preferred
15
1 Aug. 15
1 Aug. 15*
1 Sept. 15
Sept. 6
1 Sept.
6
1 Aug. 20
20c
Extra
com.
Sept.
Sept.
Sept.
Oct.
50c
62 He
82H preferred (quar.)
83 preferred (quar.)_
American Tobacco Co.
Dec. 31 Dec.
Sept.
American Elec. Secur. Corp. partic. pref
Preferred
Dec. 31 Dec.
Sept. 39 Sept. 15
$1H
American Dock Co. 8% preferred (quar.)
*_
American General Corp. 82 preferred (quar.)__
American Investment Co
Sept. 1 Aug. 15
Sept. 12 Aug. 22
Sept. 22 Sept. 2
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct.
■Sept. 15
Oct.
Sept. 8
Oct.
Sept. 15
Oct.
1 Sept. 14
Oct.
Sept. 16
Sept. 1 Aug. 15
Sept. 24 Sept. 1
Sept. 1 Aug. 15
Sept. 30 Sept. 15
UH
pref .(qnar.)_
American Capital Corp., Drior pref. (quar.)___
American Chicle Co. (quar.)
Sept.
37 He
_
1H%
7% preferred (quar.)
luc
Nov.
_
SIX
Aluminium Ltd., pref.
75c
75c
_
43 He
Allied Products Corp. class A com. (quar.)____
Allied Stores Corp., 5% pref. (quar.)
40c
30c
_
Holders
IVhen
Name of
Butler Bros.,
1H%
_
1 Aug. 20
Sept.
30c
z5c
_.
Upressit Metal Cap Corp. 8% pref. (quar.)
6 Aug. 25
25c
Standard Oil Co.
_
Below
Burma Corp., Ltd., Amer. dep. rec. (final)
Sontag Chain Stores Co., Ltd. (quar.)
Southeastern Greyhound Lines—
6% non-conv. preferred (quar.)
Southington Hardware Co
Southland Royalty Co
South Shore Utilities Assoc., $1 H pref. (quar.)_
Staley (A. E.) Mfg. Co. cum. pref. (quar.)
Utah Power & Light, 7% preferred
Sept.
81H
Extra
Sioux City Stockyards Co. pref. (interim).
Common dividend action deferred.
Preferred (quar.)
;
United States Playing Card Co. (quar.)
Extra
United States Plywood Corp. conv. pref
United States Tobacco common
Preferred
31
31
3
26
15
25c
*4
15
15
15
10
1
Aug.
Aug.
Aug.
Aug.
Aug.
10c
______
_
1 Sept. 22
noc
...
_
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Sept.
Sept.
Sept.
Sept.
Sept.
81H
_____
Second Canadian Investment Co. preferred
Selby Shoe Co. (quar.)_
Shattuck (Frank G.) (quar.)
81H
81H
81H
81H
Oct.
Schiff Co.
(quarterly)
7% preferred (quar.)
5H %preferred (quarterly)
Sears, Roebuck & Co (quar.)
t75c
81X
__
_
Common (quar.)
7%
Winter & Hirsch, Inc___
7% preferred (quar.)
_______
Worthington Pump & Machinery, pref.
62p
81H
...
.
Sept.
1 Sept. 20
1 Aug. 15
15 Sept. 30
Sept. 15 Sept. 5
10c
Sept. 10 Aug. 27
25c
Sept. 15 Sept. 2
81
Aug. 31 Aug. 11
10c
Sept. 26 Sept. 11
Oct.
1 Sept.
1
Oct.
1 Sept. 15
40c
Oct. 15 Sept. 20
60c
Sept. 1 Aug. 25
37 He
Sept. 15 Aug. 31
Oct.
1 Sept. 15
$1H
60c
Aug. 15 Aug.
5
8 He
Oct.
1 Sept. 10
25c
Oct.
1 Sept, 12
Oct.
1 Sept. 12
Sept. 15 Sept. 1
tS:
Sept. 22 Aug. 24
Sept. 30 Sept. 10
81H Sept. 15 Sept. 8
1 Aug. 20
Sept.
81H
Oct.
12c
1 Sept. 15
37 He
Sept. 15 Sept. 1
81.35
Aug. 27 Aug. 22
75c
Sept. 29 Sept. 15
81H
Sept. 1 Aug. 13
Sept. 15 Aug. 31
tSlH
5c
Sept. 15 Aug. 31
25c
Sept. 15 Aug. 31
2c
Sept. 15 Aug. 31
25c
1 Aug. 24
Sept.
1 Aug. 24
82
Sept.
25c
1 Aug. 24
Sept.
50c
Aug. 30 Aug. 24
81
Aug. 30 Aug. 24
3c
Sept. 15 Sept. 1
2c
Sept. 15 Sept. 1
1 Aug. 20
10c
Sept.
15c
Sept. 12 Sept. 1
Oct.
1 Sept. 15
Sept.
Aug. 23
Oct.
10c
Sept. 15
Oct.
2uc
Sept. 1
Oct.
81H
Sept. 1
25c
Sept.
Aug. 20
25c
Sept. 15 Aug. 31
I Sept. 16
50c
Oct.
50c
Sept. 15 Aug. 31
Sept. 30 Sept. 9
Sept. 15 Sept. 5
12Hc Sept. 15 Aug. 31
43 He
Sept. 15 Aug. 31
50c
Sept. 27 j Sept. 10
81
Paton Mfe. Co. 7% preferred (quar.)
Peerless Corp
10c
Virginia Water Service Co. 86 pref. (qu.)
When
1938
Oct.
Harrisburg Gas Co., 7% pref. (quar.)
Hein-Werner Motor Parts Corp
Hewitt Rubber Corp
-
Lava Cap
t37Hc
Extra
Green Mountain Power Corp., $0 pref..—...
International
20c
Agricultural Co
Wentworth Mfg.Co. (resumed).
West Coast Telephone Co. 6% preferred
SIX
SIX
•81H
— — -
81H
Virginia Public Service, 7% preferred (quar.)._
Waialua
Sept. 15 Aug. 15
shares
6% preferred (quar.)_
Per
Share
Name of Company
Walker & Co
bank and insurance stock series.
GamewellCo., preferred (quar.)_ _______
General Cigar Co
Georgia Power Co. $6 pref. (quar.)
$5 preferred (quar.)
-Globe-Wernicke Co., 7% pref. (quar.)
Great Western Electro-Chemical Co.—
Aug. 20,
Holder*
Payable of Record
62 He
(guar.)
Feltman & Curme Shoe Shop, preferred
First National Store
on
When
Shaie
Name of Company
Chronicle
—
Chicago Yellow Cab Co. (quar.)
Chrysler Corp
- - - - - Cincinnati New Orleans & Texas Pacific Ry.—
Preferred (quar.)
— --- — Cincinnati Union Terminal 5% pref. (qu.)_____
6% preferred (quar.).-City Ice & Fuel, preferred (quar.)
-
25c
3c
toe
81H
SIX
SIX
Aug. 15
Sept. 12
Aug. 15
Aug. 15
Aug. 15
Sept. 5
Aug. 20
Aug. 20
Aug. 10
Aug. 15
Oct.
Nov.
Nov
Sept.
Sept.
5jc
Sept.
SIX
Sept.
25c
25c
81 X
81 X
SIX
81X
5
Aug. 19
Sept. 15
Aug.
1
Oct.
Aug. 15
1
Aug. 15
Sept. 1 Aug. 19
Sept. 14 Aug. 16
Sept.
1 Aug. 15
Sept. 19
Dec. 19
Oct
1
Jan.
1
Sept.
1 Aug. 22
Volume
Financial
147
Share
Company
Name of
Dec.
Coca-Cola Co
Oct.
Sept.12
Harbison-Walker Refractories Co. pref. (quar.)_
Hart-Carter Co. conv. preferred (quar.)
Coca-Cola International Corp
Oct.
Sept. 12
Sept. 6
Aug. 19
Hartman Tobacco Co., pref. (quar.)
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Aug. 19
Aug. 26
Hecla Mining Co
Colgate-Palmolive-Peet Co., 6%
Sept.
Sept.
Sept.
Dec,
Oct.
pref.
Sept.
Sept.
Sept.
Collins & Aikman Corp. (quar.)
Preferred (quar.)
_
Columbia Broadcasting A&B
Columbia Pictures Corp. v.tc (payable i n
Columbian Carbon Co. (quar.)
—
A (quar.).
$6 preferred B (quar.)
$634 preferred C (quar.)
Compania Swift International (quar.)
Confederation Life Assoc. (Toronto) (quar.)—
Quarterly
'
—_
1
1
1
Sept.15
534 % preferred (quar.)
—
—
$13*
— -
Copperweld Steel Co..
Imperial Mills, Ltd., 5% pref. (quar.)_
Crane Co., 5% cum. con v. preferred (quar.)
Creamerifsof America, Inc., preferred (quar.)..
Crown Cork & Seal Co., Ltd., $2)* % pref. (qu.)
Crown ?ellerbach Corp. $5 pref. (quar.)
Crum & Forster Insurance Shares A&B
Cypress-Abbey Co
Dayton Power & Light Co., 434% Pref
(quar.)
Delaware Fund, Inc. (initial)
Dentist's Supply Co. of N. Y. (quar.).
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Denver Union Stockyards pref. (quar.)
Detroit Gasket & Mfg. preferred (quar.)
Detroit Gray Iron Foundry (semi-annual)
Deere & Co., preferred
1
1 Nov. 19
1
1 Oct.
23 Dec. 23
1 Aug. 20
Aug. 15
5 Dec.
20
Nov. 10
Aug. 10
2-10-39
12
12
10
18
Sept.
Aug.
Aug.
Sept.
Aug.
25c
Dec.
Nov. 18
25c
Aug. 31 Aug. 22
U50c
$13*
Sept. 1 Aug. 20
Sept. 30 Sept. 20
Oct.
(quar.)
31 Dec.
20
-—
........_
pref. (quar.)
Dec.
$13*
$13*
$134
Mar. 31 Mar. 20
June 30 June 20
Sept.
Sept.
•ill
—
Oct.
$134
$634 preferred (quar.)
Oct.
$134
(quar.)
Aug. 10
1 Aug. 10
15
Sept.
Oct.
Sept.
Aug. 20
Aug. 20
Aug.
5
Sept.
Sept.
Sept.
40c
25c
Aug. 15
Aug. 31
Sept.
Sept.
$1
Sept. 20
Sept. 20
Oct.
Oct.
._
Nov.
56 He
Jan.
15c
75c
._
50c
$13$
50c
50c
25c
Corp..
Sept. 17
Dec. 24
Oct.
56 3* c
—
-----
3c
Aug. 25 Aug. 19
Sept. 1 Aug. 15
Sept. 1 Aug. 15
1 Aug. 17
Sept.
1 Aug. 15
Sept.
1 'Aug. 15
Sept.
Aug. 25 Aug. 15
Oct.
1 Sept.15
Oct.
LSept 10
_
I*referred (s.»a.)___;.
rs & Traders Life Insurance (Syracuse)
$23$
Federal Compress & Warehouse (quar.)_
Federal Insurance Co. (J.C. N. ,1.) (quar.)
40c
Sept.
1 Aug. 20
35c
Oct.
1 Sept. 20
1 Aug. 15
Farm
$13$
preferred (quar.)
50c
Finance Co. of Amer. (Bait.), class A&B (quar.)
Class A preferred (qu r.)____
Firestone Tire & Rubber, pref. (quar.)
■___
(M. H.) Co. (quar.).
....
Florida Power Corp. 7% preferred A (quar.)
7% preferred (guar.)
.......
Ford Motor Co., Ltd. (Canada) A&B (quar.).
Fishman
_
Motor of Canada. 6H%
Pref
(semi-ami
)
Franklin Rayon Corp.,
$2 34 prior pref. (quar.).
Freeport Sulphur common (quar.)
Fuller (Geo. A.) 7% pref. (quar.)..
Gatineau Power Co. (initial quar.)
Preferred (quar.)
Gaylord Container Corp
534 % convertible preferred.,
General Cigar Co., Inc., preferred.
General Candy Corp., class A (quar.)
General Motors Corp
$5 preferred
._
Gleaner Harvester Corp
Opt. div. payable in cash or common stock
Globe Democrat Pub. Co. 7% pref. (quar.)
Golden Cycle Corp
Goodyear Tire & Rubber Co. $5ccnv. pref. (qu.)
C. or ham Mfg. Co
Gossard (H. W.) Co—
___:
Grace National Bank (N. Y.)
Grand Union Co. $3 conv. preferred.
Great Atlantic & Pacific Tea—
Preferred (quar.)
Great Northern Paper (quar.)
—
—
15c
$13*
W
$23*
6234c
Nov.
50c
Sept.
$13*
20c
$13*
25c
Oct
Sept.
Oct.
t\XUc
$13*
Sept.
Sept.
Sept.
25c
Sept.
15c
Sept.
$13*
$2
$13*
$1
Nov.
Oct.
Aug.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
1 Oct.
15
20
20
15
15
15
15
27
20
25
15
22
20
1
31
31
16
10
11
15
Aug. 20 Aug. 15
Sept.
Sept.
Aug. 20
Aug. 31
Aug. 15
12c
$534 preferred (quar.)
—...
— _
__
Oct
1
Oct.
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 31
Aug. 31
Sept. 16
25c
3%
25c
$1
$13*
25c
25c
....
40c
t50c
pref
25c
$134
(quar.).
Hancock Oil (CaJif.) class
Cla«s A&B (extra)
Oct.
25c
43 3* c
Hackensack Water Co. 7% preferred (quar.)
Hale Bros. Stores (quar.)
___..
Haloid Co. (resumed)
—
Hamilton Cotton Co., Ltd.,$2 conv.
Hamilton Watch Co. (quar.)
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
$1*4
$134
UH
(quar.)
Griggs Cooper & Co. 7% pref. (quar.)
Gulf States Utilities $6 pref. (quar.)
Preferred
15c
8Hc
$134
Sept.
Sept. 30 Sept.
Sept. 30 Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept.
Aug.
Sept.
Aug.
35c
__
Extra
Great Southern Life Insurance Co.
Sept.
Sept.
Aug.
Maryland Mines (monthly)
Oct.
50c
Inland Steel Co
(quar.)_
International Business Machines Corp.
International Nickel Co. (Canada)
Iron Fireman Mfg. v. t. c. conv. (quar.)
25c
A&B (quar.)
.
50o
$1H
$15*
JlOc
vtc com.
t50c
30c
—
30c
quarterly
$1)*
Jantzen Knitting Mills pref. (quar.)
Jewel Tea Co., Inc. (quar.)
$1
$15*
pref. (quar.)
$15*
Keith-Albee-Orpheuin 7% preferred$15*
Kemper-Thomas, 7% special pref. (quar.)
$15*
7% special preferred (quar.)
$1)4
Kendall Co. cum. prof, series A (quar.)—
25c
Kennecott Copper Corp..
•_
Kentucky Utilities, 7% Jr. preferred (quar.) — 87)4c
t37Hc
KnudsenCreamery Co. $1)4 class A (quar.)
Kobacker Stores, 7% pref. (quar.)
$15*
30c
Kresge (S. S.) Co
- — -$1)4
KroehlerMfg. Co. 6% class A pref. (quar.)
$1)4
6% class A preferred (quar.)
40c
Kroger Grocery & Baking Co
$1)4
6% preferred (quar.)
$15*
7% preferred (quar.).—
—
Lake of Woods Milling, pref. (quar.)
$15*
$15*
Lake Superior District Power, 7% pf« (quar.)__
6% preferred (guar.).
(quar.)
7% preferred (quar.)
7% preferred (quar.)
Lanston Monotype Machine.
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., 4% prof..
iig
Leslie Salt Co. (quar.)
Oct.
Sept.
Sept.
Sept.
Sept.
Sept. 1
Aug. 15
Aug. 25
Aug. 10
Aug. 19
Aug. 19
Aug. 20
Aug. 20
Aug.
15
Sept.
1
Sept.15
Sept. 2
Aug.
19
Aug. 15
Aug. 15
Preferred
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
refunding participating pref
Extra
2
1
Oct.
|Nov.
Sept.
I Sept.
Sept.
1
Aug. 10
20
1 Sept.
l.Oct.
20
l|Aug. 15
1 Aug. 15
1 Aug. 15
5
Sept. 15 Sept.
3
Dec.
6
Oct.
Oct.
I1
Sept.
Sept.
Nov.
25c
$15*
Sept.
Sept.
Dec.
Aug. 19
Sept.15
Sept. 14
Aug. 31
Aug. 14
15 Aug. 31
1 Aug.
1
1 Aug.
1
1 Aug. 16
llAug. 16
1 Oct. 26
_
Sept.
1 Aug.
24
l'Aug. 24
l'Aug. 10
1 Sept. 15
Oct.
Sept. 10 Aug. 25
50c
—
Dec.
25c
$3)4
67c
66c
10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
Sept.
1 Aug.
10
Sept. 30 Sept. 30
Aug. 30 Aug. 20
Sept. 30 Sept.20
31 Oct.
21
Oct.
67c
66c
$2
Nov. 30 Nov. 19
$2
$1
2Uc
(quar.)
$1)*
$1 h
—
pref. (quar.).__._
oreferred 'guar.)
Louisville Gas & Electric A&B vquar.)__
Louisiana Land & Exploration Co. (quar )
Lunkentieimer Co. 6)4% pref. (quar.)
6 H % preferred (quarterly) _.
.
. . McClatchy Newspapers7% pref. (quar.)_
7% preferred (quarterly)
McColl-Frontonac Oil (quar.)
Mclntypre Porcuuine Mines Ltd
McKesson & Robbins preferred (quar.)
$3 preferred
MacMillan Co. (quar.)
—
Macv (It H.) & Co (quar.)
Madison Square Garden.
._...
.. --Magnin (I.) & Co. 6% pref. (quar.)___
Lord & Taylor 1st
Co
25c
25c
$1)*
$1)4
3754c
10c
$154
-— -
75c
75c
25c
50c
20c
$154
20c
$1)4
$154
$1
25 c
Quarterly
_
Chemical Co. $4 54 class A pref (qu.)
Moore (W. Ii.) Dry Goods (quar.)
Quarterly
Morris (Philip) & Co., Ltd., Inc.-5% conv. rum. preferred series A (initial)
Morris Plan Insurance Society (quar.)
Quarterly
- - — Mt. Diablo Oil Mining & Development
Motor Finance Corp, (quar.)___
Muncie Wrater WTorks Co., 8% pref. (quar.)____
Murphy (G. C.) Co
Muskogee Co. 6% cum. pref. (guar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)._
6% preferred (quar.)
Mutual Telephone (Hawaii) (quar.)
__
National Biscuit Co. pref.
(quar.)
National Lead Co_
Preferred A (quar.)
Preferred B (quar.)
Monsanto
-
—.....
_
-.
.
1 Aug. 20
1 Aug. 20
Dec.
1 Nov 21
1 Nov. 21
Dec.
Oct.
1 Sept. 17
Sept.
1 Aug. 17
Sept. 24 Aug. 31
I*
Sept. 15 Sept.
Oct.
1 Sept. 21
Jan.
1
Dec
21
Sept. 15 Aug. 15
Sept.
1 Aug.
1
Sept.15 Sept. 1
Sept. 15 ,Sept. 1
Aug. 25 Aug. 10
Sept.
1 Aug. 12
Aug. 31 Aug. 16
81 )*c
75c
Minneapolis-Honeywell Regulator—
4% class B preferred (quar.)
Sept.
Sept.
10c
150c
$).r;
May Dept. Stores (quar.)
Mead Corp. preferred A (quar.)
$55$ preferred B (quar.).
Metal Textile Corp., partic. pref. (quar.).
Middlesex Water Co. (quar.)
Aug. 25 Aug. 15
Aug. 20 July 20
Aug. 31 Aug. 30
50c
(quar.)
Dec. 31 Dec. 21
1 Sept. 21
Oct.
Jan.
3 Dec. 24
435*c
43 5* c
25c
Masonite Corp. (extra)
_
10*
25 Aug. 15
1 Aug. 20
12 Sept.. 1
Sept.
30c
(quar )
—
Loose-Wiles Biscuit Co.. 5%
-
1 Aug.
30 Sept.
20 Aug.
Dec.
40c
40c
$1.10
—
Longhorn Portland Cement Co.—
5% refunding participating pref.
-
22
I Nov. 21
67c
Lone Star Gas Corp
Corp.
ljSept. 15
l'Aug.
Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
$1.10
Loew's Inc. common
Preferred
Oct.
Sept.
50c
guaranteed (quar.)
Monthly
Monthly
Monthly
Monthly
8% preierred (quarterly) ——
8% preferred (quarterly)
Masonite
1 Nov. 10
Dec.
65c
25c
$154
(quar.)...
Manhattan Shirt
31
Aug. 31 Aug. 25
Sept. 20 Sept. 6
Sept. 30 Sept.10
25c
Special guaranteed (quar.)-- —.—
Original capital
—
Original capital
.L
Loblaw Groceterias class A and B (quar.)—Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe (monthly)
5%
Dec.
.
Aug.
_.
Little Miami RR. special
Aug. 10
Sept. 30
Sept. 12 •
Aug.
8
Aug. 15
Oct.
Sept. 22
Sept.
Aug.
5
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Sept. 1 Aug. 10
Sept.
Sept.
$1
62)4c
$1
Le Tourneau (R. G.) (quar.)
Libby-0wens-Ford Glass
Life Savers Corp. (quar.)
Special.
—
Liggett & Myers Tobacco (quar.)__
Class B (quar.)__.
---Lincoln National Life Insurance (Ft. Wayne) —
Lincoln Stores, Inc. (quar.)
7% preferred (quar.)
_
301
Nov. 15
Aug. 15
Aug. 16
Aug. 11
Aug. 20
Aug. 15
Aug. 15
Aug. 15
Aug. 12
Aug. 19
Aug. 19
Nov. 15 Nov.
Lanais Machine
Link Belt Co
East St. Louis & Interurban Water Co.—
Ford
Idaho
Kaufmann Dept. Stores,
$13*.
Federal Light & Traction
Fifth Avenue Coach
$1?*
6% preferred (quar.)
International Harvester preferred (quar.)_
International Mining
Sept. 15 Aug. 31
Aug. 10
Sept.
V
..
.
Dominguez Oil Fields (monthly)
Dominion-Scottish Investors 5% preferred
Early & Daniel Co., pref. (quar.)
Falstaff Brewing
$1>*
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
__
45c
$1)*
$1)4
Jan.
7% preferred (quar.)...
—
6% preferred (quar.).
—
Electric Shareholdings, preferred
Opt. div. 44-1000th sh. of com. or cash.
Electrolux Corp. (quar.)
Elgin National Watch Co.. —
Elizabeth & Trent on RR. Co. <semi-ann )
5% preferred (semi arm )____
Empire Casualty (Dallas) (quar.)
Emporium Capwell Co. 4)4% pref. A (quar.)
434% preferred A (quar.)
Emsco Derrick & Equipment (quar.)
Equity Corp $3 preferred (quar.)
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co., 6% conv. pref
Fajardo Sugar Co. (Porto Rico)
37 He
$D*
8Mc
Indianapolis Water Co., 5% pref. A (quar.).—
Ingersoll-Rand Co
Sept.
Quarterly
Extra.
.--
(quar.)
Horn (A.C.) Co.,7% non-cum.pr. partic.pf.(qu.)
6% non-cum. 2d partic. preferred (quar.)
Horn & Hardart (N. Y.) pref. (quar.)
Huntington Water Co.. 7% pref. (quar.). — --
1 Sept.10
Sept.
Eastern Township Telephone. ... —
Eastman Kodak Co. common (quar.)
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Partic.
preferred
Dictaphone Corp
Preferred (quar.)
.
Dec.
37 He
10c
Jan.
Sept.
3-1-39
..
Hobart Mfg. classA (quar.)
$3 J*
Dec.
Preferred (quar.)
Sept.
$2
stock
Imperial Life Assurance Co. (Canada) (quar.)__
Quarterly
Dec.
—...
Eastern Shore Public Service, $6
& management
Aug.
Sept.
15c
Sept.15
1 Aug. 15
Oct.
Quarterly
Par tic. preferred
Preferred
Oct.
Dec.
Diamond Match Company (quar.)
Preferred (quar.)
Preferred (quar.)
(quar.)
common
Oct.
1 Aug. 31
Sept.
1 Aug. 15
Aug. 20 July 30
Sept.
1 Aug. 20
Sept. 1 Aug. 15
Sept. 15 Sept. 1
Sept. 1 Aug. 22
(quar.)
Curtis Publishing Co. $7 preferred
('cabman's Sons 7% preferred
Cuneo Press, Inc. pref.
Dixie-Vortex Co., class A
Dr. Pepper Co. (quar.)_.
common
Class B
15c
50c
—
15
7
16
1
15
22
16
Sept.20
Aug. 15
Sept.
Sept.
Sept.
30c
50c
Class A
Sept. 15 Sept. 1
Sept. 1 Aug. 10
Sept. 15 Aug. 31
Sept.
1 Aug. 13
Aug. 31 Aug. 19
Sept. 30 Sept. 20
Sept.15 Sept. 1
Crum & Forster pref. (quar.)
■_•
Aug. 15
Aug. 15
Aug. 12
1 Sept. 15
Sept. 30 Sept. 6
1
Sept.10 Sept.
Oct. 15 Sept. 30
Cosmos
Oil Co.
Heyden Chemical Corp. (interim)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Hires (Chas. E.) Co., class A com. (quar.)
75c
5c
6
Oct.
Oct.
$1)*
(quar.)
*
Consolidated Oil Corp., pref. (quar.)
Continental Can Co., Inc., $434 Pref. (quar.)..
Devonian
Aug. 15
Oct.
Connecticut Power Co. (quar.)
Continental Oil Co
.__
22
22
20
18
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Oct.
$1)*
-
Hooven & Allison Co. 5% preferred
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
50c
$1
Holt (Henry) & Co. participating A
Homestake Mining Co. (monthly)
Oct.
Consolidated Cigar Corp. preferred (quar.)
Consolidated Edison Co. of N. Y.,Inc
Preferred A
Sept.
$1 !4
31 Dec. 25
1 Sept. 15
Dec.
Connecticut Light & Power common
Consolidated Gas of Bait, (quar.)
$1M
Sept. 1 Aug. 15
Sept. 30 Sept. 25
.....
.
Oct.
7% preferred (quar.)
A.) Co., $5 preferred
_
Commonwealth Utilities $7 preferred
Aug.
Aug.
Sept.
Aug.
$1M
Hanna (M.
Sept.16 Sept. 2
Sept. 10 Aug. 19
Sept.10 Aug. 25
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Dec.
1 Nov. 15
stock)
Columbus & Xenia RR
15c
of Record
Sept.
Sept.
15c
Hanes (P. H.) Knitting Co. (quar.).
Class B (quar.).
Aug. 20
Aug. 10
Aug. 10
Nov. 10
Nov. 10
$134
8734c
City of New Castle Water Co., 6% pref. (qu.)__
Cleveland & Pittsb. RR. Co., reg. guar, (quar.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Payable
Share
Company
Holders
When
Per
When I Holders
Payable of Record
Per
Name of
1143
Chronicle
$2)*
$1)4
$1)4
Nov
30 Nov
Nov. 15 Nov.
29
5
Sept.
1 Aug. 19
Sept. 10 Aug. 31
Aug. 22 Aug. 10
Sept.
Aug. 10
Sept.
Aug. 15
Aug. 15
Sept.
8ept.
Aug. 15
Sept.
Aug. 20
Sept.
Aug. 24
Sept.
1 Aug. 20
Aug. 20 Aug.
4
Dec.
1 Nov. 10
Oct.
1 Oct.
1
Jan.
2 Jan.
2
e
Sept-
Aug
15
$1
84
Sept.
Aug. 27
$1
Dec.
Nov. 26
lc
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept. 28 Sept.
25c
$2
75c
$1 H
$1)4
$154
20c
$15*
12 He
$15*
$1 H
15
19
1
20
9
15
Dec. 28 Dec. 15
Sept. 15 Sept. 6
Aug.
Aug. 12*
Sept.
Sept. 16
Sept. 2
Sept.
'Nov.
1 Oct.
14
1144
Financial
Per
Name of
National Container Corp. (Del.)
National Power & Light Co., (guar.).
Nebraska Power Co. 7%
6% preferred (guar.)
Newberry (J. J.) Co., pref. (quar.).
New Amsterdam Casualty (seini-annual)
New Jersey Zinc Co
New York & Queens Electric Light & Power
Preferred (quar.)
Niles-Bement-Pond Co
Nineteen Hundred Corp. class A (quar.)__...
Nioissing Mines, Ltd
Norfolk & Western liy. (quar.)..
North American Edison Co., pref. (quar.)
North Pennsylvania KB. (quar.)..
Northeastern Water & Electric Co. pref. (quar.)
North River Insurance (N. Y.)
Northwestern Public Service, 7% pref
Sept.
Sept.
Sept.
Nov. 15 Nov.
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Yeast (liquidating)..
Nova'sc^t/alight & Power pref.
Oahu Ry. &
*2
SIX
(quar.)
15c
Land Co. (monthJy)
SIX
SIX
Ogilvie Flour Mills preferred (quar.)
Ohio Oil Co. preferred (quar.)
Ohio Power Co. preferred (quar.)..
Ohio Public Service Co. 5% prer. (monthly)
50c
58 l-3c
$2
10c
50c
Oshkosh B'Gosh, Inc. (quar.)
$2 con v. preferred (quar.)
Oswego & Syracuse RR. Co. (a.-a.)
Co
Preferred (quar.)
Parker Pen Co. (quar.)
Parker Rust-Proof Co
Parkersburg Rig & Reel (quar.)
Preferred (quar.)___.
Patterson Sargent Co. (quar.)
S2X
15c
Otis Elevator
SIX
—
-
-
-
25c
20c
40c
SIX
25c
lc
Paymaster Consol. Mines, Ltd. (initial)
Pender (D.) Grocery, class A (quar.)
Penick & Ford Ltd
Peninsular Telephone Co. common (quar.)
iC
Dec.
1
22 Aug.
1
19 Aug. 31
Aug. 15
25 Aug. 15
1 Aug. 10
10 Aug. 25
1 Aug. 20
1 Aug. 20
15
15
Sept. 1
Sept. 15
Sept. 1
Sept ..15
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Sept.
Aug.
Sept.
Aug.
Aug. 20 Aug.
Sept.
Sept.20
Sept. 20
Sept. 1
Sept.
Sept. 1
Sept. 1
Sept. 1
Sept. 15
Sept. 1
Sept. 15
13
12
19
15
8
15
15
15
15
19
19
_5
Aug. 31
Auk. 31
Aug. 15
Aug.L 0
Aug. 20
Aug. 20
Aug. 15
Sept.
1
Aug. 2D
Sept.
1
Sept.15
Oct.
1
4uc
Jan.
1 Dec.
7% A preferred
Penn State Water Corp., $7 pref. (quar.)__.
SIX
Nov
Pennsylvania Power Co. $6 preferred (quar.).-..
$6.60preferred (monthly)...
Pennsylvania .salt Mfg
Pennsylvania Water & Power (quar.).^
Preferred (quar.)
Peoples Gas Light & Coke Co
Peoples Telephone Co. (Butler, Pa.)—
SIX
6% preferred (quar.).,.
Petroleum Corp. of Amer. (stock
SIX
55c
$1
$1
SIX
$1
dividend)
Payable at the rate of one share of Consol
for.each five share of Petro¬
leum Corp. of America held.
Peoples Water & Gas $6 preferred
Peterborough IIR. Co. (s.-a.)
Pfaudler Co. 6% preferred (quar.)
...
PharlsTire & Rubber (quar.)
Phelps Dodge Corp
.
..
Philadelphia Co. oreferred (semi-annual)
Philadelphia Electric Power pref. (quar.)
Philadelphia Suburban Water, 6% pref
Phillips Petroleum Co
Phoenix Hosiery Co., 7% preferred
Pioneer Gold Mines of British Columbia
Pitney-Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Coke & Iron, $5 pref. (quar.)
Pitts Ft
W. & Chicago Ry.—
7% preferred (quar )
preferred (quar.)
7% preferred (quar.)..
7% preferred (quar.)
—.—
7% preferred (quar.)
7% preferred (quar )
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quar.)
7% preferred (quarterly)
Pollock Paper & Box Co. 7% preferred (quar.)..
7% preferred (quar.)
Portland & Ogdensburg Ry. (quar.)
Potomac Electric Power Co. 6% pref. (quar.)...
15
15 Nov.
6
Sept. 1 Aug.
Sept. l'Aug.
Sept. 1 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. l.Aug.
20
20
20
31
15
15
10
Sept. llAug. 31
Sept. 26 Aug. 22
Oil Corp. com.
5
H% preferred (quar.)
Prentiee-ilall, Inc. (quar.)
$3 preferred (quar.)
Procter & Gamble preferred (quar.)
Public Electric Light Co., 6% pref. (quar.)
Public Finance Service, Inc., $6 pref. (quar.)__.
Public National Bank & Trust (N. Y.) (quar.)..
Public Service of Colorado 7% pref. (monthly)..
6% preferred (monthly)
5% preferred (monthly)
Public Service of New Jersey
—
8% preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Pullman, Inc
Purity Bakeries Corp. (quar.)
Quaker Oats Co. pref. (quar.)
Radio Corp. of America, B pref. (quar.)
1st preferred (quar.)
Reading Co., 1st preferred (quar.)
2nd preferred (quar.)
Regent Knitting Mills, $2 pref. (quar.)
Republic Insurance Co.
...
Sept.
5
9 Aug.
25c
50c
Oct.
19
10
9
SIX
Sept.
50c
Sept.
Sept.
Aug.
Sept.
1 Aug.
1 July
1 Aug.
Oct.
1
87 y2c
tloc
10c
75c
Oct.
12
29
19
Aug. 20 Aug.
SIX
1
1 Sept. 15
1 Aug. 19*
Sept.
Oct.
4 Sept. 10
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
12-10-38
3-10-39
6-10-39
0-10-39
12-10-39
SIX
Sept.
Aug. 20
$1X
SIX
Dec
Nov. 21
SIX
50c
SIX
SIX
70c
75c
six
SIX
SIX
37 Xo
Sept. 15 Sept. 15
Dec. 15 Dec. 15
Aug. 31 Aug. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept
Aug. 19
Sept,
Aug. 19
Sept.
Sept,
41 2-3c Sept
50c
50c
50c
Aug. 25
Aug. 20
Aug. 31
Sept,
Oct
58 l-3c Sept
50c
Sept
Sept
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Aug.
10 Sept. 20
llAug.
1 Aug.
1 Aug.
30 Sept.
15 Aug.
15 Aug.
15 Aug.
15 Aug.
15 Sept.
15 Aug.
Aug.
Aug.
Oct.
Oct.
50c
50c
40c
30c
12Xc
six
six
15
15
15
1
15
15
15
15
15
24
15
1
Sept. 14
Sept.
7
Aug. 18
Sept. 22
Sept.
Aug. 15
Aug. 25:Aug. 10
Sept. 15 Aug. 31
Sept.
Oct.
Oct.
37Xc
SIX
Sept.
1 Sept.
1 Aug.
1 Aug.
1 Aug.
1 Aug.
Sept.
1 Aug. 26
Oct.
1 Sept.
Sept.
Sept.
Sept.
Sonotone
15c
2019
12
12
15
62 He
25c
15
Steel
Corp. pref. (quar.)
Soundview Pulp Co. pref. (quar.)
South Bend Lathe Works (quar.)
SIX
South Carolina Power Co. $6
SIX
30c
pref. (quar.)
25c
South Porto Rico Sugar Co. (quar.)
IVeferred (quar.)
2%
Jc
6% preferred series B (quar.)
Southern Pipe Line Co
Spear & Co. 1st & 2d preferred (quar.)
Spencer Kellogg & Sons, Inc. (quar.)__
Spiegel, Inc., $4X preferred (quar.)
Standard Brands. Inc., pref. (quar.)
Standard Cap & Seal (quar.)
$I
30c
SIX
SIX
—
40c
40c
Preferred
(quar.)
Standard Dredging Co. preferred (quar.)
Standard Oil Co. of Calif, (quar.)
4uc
25c
10c
'Extra
25c
Standard Oil Co. (of Indiana) (quar.)_._
Sterling Products, Inc. (quar.)
Storkline
95c
Furniture
Strawbridge & Clothier prior pref. A__.
Stromberg-Carlson Teleg. Mfg. pref. (quar.)—
Stuart (D. A.) Oil, Ltd., partlc. pref. A
Sun Oil Co. (quar.)
Preferred (quar.)
—
Swift International Co.,
deposit certificates
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines (registered)
Tennessee Electric Power Co. 5% pref. (quar.)_.
6% preferred (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Terre Haute Wrater Works Corp., 7% pref
Texas Gulf Sulphur (quar.)
Texas Pacific Coal & Oil Co. (quar.)
Tidewater Assoc. Oil Co. (quar.)...
Preferred
Power 8% deb. A (quar.)__
7 X% debenture B (quar.)
7% debenture C (quar.)
6X% debenture!) t,quar.)
Scott Paper Co. (quar.)
Seaboard Oil Co. (Del.) (quar.)
Second Investors Corp. (R. I.). $3 pref. (quar.)_
Secord (L.) Candy Shops (quar.)
Seeman Bros., Inc. (quar.)
...
Title Insurance Corp. of St. Louis
To burn Gold Mines (quar.)
Extra
Toledo Edison Co. 7%
6%
5%
pref. (monthly)
preferred (monthly)
preferred (monthly)
Trane Co. preferred (quar.)
Truax-Traer Coal 6% pref. (quar.)
5H% preferred (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
208 So. La Salle St. Corp. (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Gas Co. of Canada (quar.)
Union Tank Car Co. (quar.)
United Biscuit Co. of Amer. (quar.)
Preferred (quar.)
United Dyewood Corp. pref. (quar.)
Preferred (quarterly)
United Fuel Investment, Ltd., 6% preferred
United Elastic Corp
United Gas Corp., $7 preferred (quar.)
United Gas Improvement (quar.)
Preferred (quar.)
'
United States Steel, 7% pref. (quar.)
United Verde Extension Mining
Servel, Inc
Preferred
75c
75c
62 He
25c
ProfprrMd
II
SIX
SIX
SIX
Sept.
Sept.
Sept.
Sept.
(Sept.
lOct.
18
l'Sept. 15
Jan.
3 Dec.
Sept.
1 Aug. 15
17
Oct.
luc
SIX
Sept. 15
Sept. 15
Sept. 15
Sept.
Aug. 15
Oct.
Sept. 15
sept.
Aug. 15
Oct.
Sept. 15
Sept.
Aug. 20
Sept.15 Sept.1
Sept.
1 Aug. 11
Oct.
Sept. 24 Sept.
Sept.
Sept. 30 Aug. 31
Sept.
1
50c
Oct.
SIX
Oct.
50c
Sept. 20 Aug
50c
Dec.
25c
Oct.
Oct.
1 Sept. 15
Aug. 2u July 28
Sept. 15 Aug. 20*
Sept.
1 Aug. 15
1
Feb.
1
SIX
SIX
SIX
50c
10c
— -
2H%
2H%
5jc
SIX
SIX
$1
Dec.
Sept. 9
Aug. 17
Aug. 17
Sept.
10 Dec.
1
1
Oct.
Aug. 15
Aug. 15
Sept. 8
Sept.
Sept.
Oct.
Sept.
Sept.
Aug. 20
Oct
Oct.
8
10
SIX
SIX
S2X
Dec.
Nov. 15
Dec.
Nov. 15
Sept.
Aug.
1
Sept.
Aug.
Aug. 26 Aug.
Aug. 26 Aug.
Aug. 26 Aug.
Sept. 1 Aug.
Aug. 20 July
16
25c
—-
SIX
six
—
,—
Sept.20
Sept.
1
Sept.
1
Sept. 10
Sept. 15 Aug. 26
Sept. 15 Aug. 26
Sept.15 Aug. 26
Oct.
3 Sept. 24
Oct.
3 Sept. 24
sept.
I Aug. 15
Aug. 31 Aug. 15
Sept.
Aug. 15
—
:
75c
Warren (Northam) Corp. $3 pref.
(quar.)
Washington Railway & Electric Co.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (s.-a.)
Weill (Raphael) & Co. 8% pref. (s.-a.)__
„
$9
$4
10c
Weisbaum Bros.-Brower
12 He
5dc
(quar.)
Extra
$1
(quar.)
25c
SIX
Western Auto Supply Co
Western Cartridge Co. 6% pref. (quar.)
Westinghouse Air Brake Co . quarterly
15
15
15
19
30
31 Sept. 30
25c
Oct.
50c
Westinghouse Electric & Mfg
Aug. 31 Aug.
Aug. 31 Aug.
Oct.
1 Sept.
Sept.
Aug.
Oct.
Sept.
Oct.
Sept.
Sept.
Aug.
20
87 He
Preferred
Westmoreland, Inc. (quar.)—
Westvaco Chlorine Products, (quar.)
—
25c
25c
Williamsport Water Co., $6 pref. (quar.)
SIX
$2
SIX
SIX
8
8
15
10
17
15
Nov.
Oct.
15
50c
Nov.
Oct.
15
60c
Sept.
25c
(quarterly)
v—'
20 Nov. 30*
1 Sept. 15
Nov.
—
—
Sept.
.
(quar.)
Wrlgley (Wm.) Jr. Co. (monthly)
Wool worth (F. W.) Co.
25c
Monthly
Yale & Towne Manufacturing Co
Transfer books not closed for this
—
Oct.
15c
Oct.
Aug. 10
l'Aug. 20
1 Sept. 20
llSept. 9
dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
]
31*
25c
Vicksburg, Shreveport & Pacific Ry
Preferred (s.-a.)__
Virginia Fire & Marine Insurance
Vulcan Detinning Co. pref. (quar)
Walgreen Co., 4H% pref. with warrants
Walker (H.) Gooderham & Worts, Ltd
Extra
1 Sept. 15
1 Sept. 15
Sept. 30 Sept. 18
SIX
SIX
7% preferred (quar.)
Vapor Car Heating Co., Inc., 7% pref. (quar.)_
7% preferred (quar.)
Vick Chemical Co. (quar.)
Wesson Oil & Snowdrift
15
Sept. 15
10 Sept. 20
Sept. 1 Aug. 15
30c
40c
(quar.)
15
15
1 Aug.
Oct.
50c
Waltham Watch Co. 6% pref.
Prior preferred (quar.)__
1 Aug.
1 Sept.
1 Aug. 15
1 Sept. 15
Oct.
Van Raalte Co., Inc
*
Sept.
Sept.
$2H
S3X
50c
Van Norman Machine Tool Co
Preferred
9
1 Aug. 12
Sept. 3o Aug. 31
50c
60c
Liquidating dividend.
Universal Insurance Co. (quar.).
Upper Michigan Power &; Li
Jght Co.
6% preferred (quar.)
6% preferred (quar.)
i.
Sept. 15
Oct.
Oct.
Oct.
Sept. 1 Aug. 19
1 Sept.12
Sept.15 Aug. 25
Sept. 1 Aug. 20
Sept.
6 Aug. 17
12 Xc ■Aug. 31 Aug. 20
Aug. 22 July 22
|Aug. 22 July 22
58 l-3c Sept.
1 Aug. 15
50c
Sept. 1 Aug. 15
41 2-3c Sept.
1 Aug. 15
SIX
Sept.
1
Sept.15 Sept. 1
SIX
Sept.15 Sept.
1
SIX
Dec. 15 Dec
1
SIX
Oct.
1 Sept. 17
50c
50c
Sept. 30 Sept. 12*
2oc
Sept. 15 Aug. 20
30c
Aug. 15
Sept.
25c
Aug. 16
Sept.
Nov.
Oct.
14
SIX
Oct.
Sept. 9
SIX
Ian.
Dec.
9
six
Aug. 15
t$l Sept.
SIX
Winsted Hosier Co
25c
15
15
25
10
Oct.
15 Oct.
5
Sept.
Aug. 15
Sept. 30 Aug. 20
Sept. 30 Aug. 20
25c
Extra
20
15
15
15
15*
19
15
25c
Extra
Sept. 15
Sept.15
Sept.15
1
1
15
15
31
1
Oct.
Oct.
Sept.
15 Sept.
1 Aug.
1 Aug.
15 Aug.
llAug.
10c
15
24
1
15
15
53c
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey Railroad & Canal (quar.)__
United States Envelope preferred (s.-a.)
United States Gypsum Co. (quar.)
Preferred (quar.)
United States Guarantee (quar.)
United States Pipe & Foundry Co., com. (quar.)
Common (quarterly)
United States Playing Card (quar.)
Oct.
Septl5.
50c
20
15
Sept.
Oct.
$2
40c
60c
SIX
SIX
SIX
SIX
SIX
5
50c
50c
60c
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Aug.
Sept.
Aug. 30 Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept. 15 Aug.
Sept.
Aug.
United Light & Railways, 7% prior pref. (mo.). 58 l-3c
58 l-3c
7% prior preierred (monthly)
53c
6.36% prior prei erred (monthly)
Whitaker Paper Co. 7% pref. (quar.)__.:
—
Will & Baumer Candle Co., Inc., pref. (quar.)__
Sept.
5c
5c
SIX
SIX
SIX
$1.80
25c
Nov. 30
Oct.
SIX
1^50c
Sept. 15
Sept.
Sept.
Sept.10
Sept. 15
Sept. 15
Sept.
Sept.
25c
Tilo Roofing Co. (quar.)
Timken Detroit Axle pref. (quar.)
Timken Roller Bearing Co
Dec.
Oct.
20c
25c
SIX
(quar.)„
75c
Savannah Electric &
12Hc
SIX
SIX
—
Superheater Co
Sept. 1 Aug. 15
Sept. 20 Sept. 9
Sept. 1 Aug. 19
Sept. 30 Sept. 14
SIX
Quarterly
1
18
12
15
15
15
2
2
Southern California Edison Co., Ltd.—
75c
St. Joseph Lead Co
St. Joseph Water Co., 6% pref. (quar.)
San Francisco Remedial Loan Assn. (quar.)
1 Nov.
Nov.
(S. Morgan) Co. (quar.)
Preferred
8c
25c
Payment is made to common stockholders of
South Porto Rico Sugar Co.
Rustless Iron & Steel, pref. (quar.)
20
Sept.
Sept.
six
SIX
Russell & Co
l'Aug.
Aug. 20 Aug.
2UC
87 He
(Texas) (quar.)
1 Aug. 19
l.Sept. 24
Oct.
15c
37m
Opt. div. cash or 1 sh. pref. for each $100 div.
Reynolds Metals Co., 5H% pref. (quar.)
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% pref. (quar.)_____
6% preferred C & D (quar.)
Roiland Paper Co., Ltd., 6% pref. (quar.)
Roxborougn Knitting Mills, Inc.—
Participating preferred (quar.)
Sept.
SIX
$2
SIX
SIX
Reeves (Daniel) Inc. (quar.)
(quarterly)
'quarterly!
Sherwin-Williams Co. 5% pref. (quar.)
fSIX
SIX
Sept. 15 Aug. 27
Sept.15 Aue.
Oct.
Sept.
Aug. 25 Aug.
Sept.
1 Aug.
Oct.
1 Sept.
Sept. 20 Sept.
Sept. 20 Sept.
■'
40c
Quarterly
10c
25c
Simonds Saw &
Smith
10
1
Aug. 12
l Aug. 12
1 Aug. 16
1 Sept. 15
10 Aug. 19
14 Sept. 2
1 Aug. 17
15 Sept. 3
Holders
When
Payable of Record
Socony-Vacuum Oil Co., inc
1 Aug.
Sept.
6% preferred
Per
Share
Name of Company
1 Aug.
Oct.
Aug. 20, 1938
Holders
Payable of Record
Sept.
Sept.
Sept.
Sept.
Sept.
pref. (quar.).
>
Northwestern
When
Share
Company
Chronicle
Volume
Financial
147
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing ^House
week
The
issued
statement
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 17, 1938,
in comparison with the previous week and the corresponding
Clearing House is given in full below:
MEMBERS
OF
STATEMENT
HOUSE
NEW YORK CLEARING
THE
OF
Aug. 17, 1938 Aug. 10, 1938 Aug. 18, 1937
Time
Deposits
Deposits,
Profits
Capital
Net Demand
Undivided
*
*
Clearing House
date last year:
AUG. 13, 1938
FOR THE WEEK ENDED SATURDAY,
ASSOCIATION
Average
Average
Surplus and
Members
$
Bank of Manhattan Co_
20,000,000
National City Bank
77,500,000
Chem Bank & Trust Co.
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,355,000
Cent Hanover Bk&Tr Co
21.000,000
71,027 ,500
c743.826.000
15,000,000
18,409 ,400
108,772 ,300
248,000.000
499,601,000
61,411 .100
4,238 ,900
463,737,000
Corn Exch Bank Tr Co.
Flrst National Bank....
10,000,000
Irving Trust Co
50,000,000
Continental Bk & Tr Co.
4,000,000
Chase National Bank—
100,270,000
Title Guar & Trust Co..
1
,800,000
5,000,000
9,058 ,600
97,240,000
27,846 ,700
8,176 ,500
9,084 ,100
295,479,000
7.000,000
Public Nat Bk & Tr Co.
7,000,000
Includes
*
As
per
deposits in
e
75,428,000
82,889,000
912.881.700
9,662,590,000
4,655,467,000 4,639,798,000 3,357,474,000
reserves.
Secured
U.
by
Govt,
S.
obligations
direct or fully guaranteed
Other bills discounted
Total
bills
foreign branches: $271,302,000;
1,788,000
Industrial
United
are
not
Bn
226,408,000
363,960,000
189,779,000
226,408,000
363,960,000
189,779,000
210,233,000
780,147,000
780,147,000
725,029,000
785,838,000
__
785,664,000
739,604,000
66,000
__
notes
Total bills and securities.
Federal Reserve
_
_.
66,000
3,995,000
123,969,000
9,857,000
5,093,000
157,630,000
Bank premises
15,224,000
12,443,000
4,225,000
149,134,000
9,857,000
15,369,000
...
y.
.
....
of other banks...
notes
Uncollected Items-.
..
... .
... _...
.
All other assets..
12:
332,270,000
182,526,000
Total assets.
91,000
10,038,000
5,619,956,000 5,578,573,000 4,282,373,000
OF
WITH THE CLOSING
HOUSE
CLEARING
IN
5,486,000
4
"Times"
NOT
1,086,000
3,699,000
States Government securities:
Treasury
trust
1938; State, June 30, 1938;
As of July 5, 1938.
following are the figures for the week ended Aug.
INSTITUTIONS
213,000
advances
Bonds
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
returns
8,003,000
213,000
3,690,000
Bills bought in open market.
2,489,000
5 S6,436,000; c $7,886,000;
„
New York
1,605,000
discounted.
Due from foreign banks....
The
1,276,000
329,000
5,514,000
294,000
1,494,000
Total U. S. Government securities.
$37,697,000.
x
4,543,941,000 4,526,180,000 3,278,462,000
1,743,000
1,237,000
1,237,000
77,269,000
112,381,000
110,289,000
647.651,000
official reports: National, June 30,
companies, June 30, 1938.
_...
;
Treasury bills...
523,125,000
Totals
Total
t
Bills discounted:
54,063,000
2,301,000
43,011.000
2,201,000
8,133,000
28,552,000
2,300,000
49,847,000
e794,558,000
13,047,000
12,500.000
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
d $121,309;
38,623,000
77,650 ,900
1,086 ,700
25,000,000
Other cash
7,516,000
55,009,000
91,666,000
48,974,000
24,551,000
2,807,000
5,400.000
1,439,000
132,268 ,700 dl,955,959,000
45,141,000
3,705 ,900
500,000
Fifth Avenue Bank
Bankers Trust Co
_
39,485,000
170,965,000
182,010 .400 51,317,495,000
474,551,000
45,129 .400
hand and due from
on
United States Treasury.x.
Redemption fund—F. R. notes
9,431,000
146,580,000
13,479 ,700
420,774,000
25,920 ,500
X58.700 ,000 a1,464,204,000
485,558,000
54,904 ,400
6,000.000
$
$
Assets-
Gold certificates
S
Bank of New York
York
New
i
The
City.
York
New
the
by
1145
Chronicle
FOR THE WEEK ENDED FRIDAY, AUG. 12, 1938
NATIONAL AND STATE BANKS—AVERAGE FIGURES
BUSINESS
Liabilities—
F. R. notes in actual circulation
939,160,000
912,211,000
903,910,000
Deposits—Member bank reserve acc't.. 3,846,859,000 3,798,756,000 2,878,992,000
U. S. Treasurer—General account....
39,950,000
400,889,000
376,940,000
__
Res. Dep.,
Loans,
Dep. Other
N.
Other Cash,
Banks and
Cross
Investments
Bank Notes
Elsewhere
Trust Cos.
Deposits
$
$
$
S
$
Disc,
Manhattan—
and
Including
Y. and
Foreign bank...._______.......
Other deposits
41,044,000
179,635,000
...
Total deposits.
4,444,478,000 4,433,747,000 3,070,302,000
20,904,600
140,700
7,645,900
20,554,000
450,000
5,984,000
2,420,000
2,994,000
27,119,300
—
Trade Bank of N. Y.
4.850,495
272,535
1,562,172
211,737
5,728,300
6,783,900
271,100
1.509,000
367,900
8,091,700
Surplus (Section 7)....
92,000
664,000
753,000
5,793.000
Surplus (Section 13-B).______
Grace National
Sterling National
26,300,000
People's National
4,959,000
—
Reserve for contingencies
Loans,
Y. and
S
12,817,200
3,185,200
1,552,161
860,641
1,243,512
*1,318,644
25,618
1,056,800
407,900
27,262,800
*9.814.400
687,600
Fulton..
vances
35,281,400
*42,764,524
3,944,00f
5,349,000
77,494,000
3,112,000
38,106,000
Kings County......
32,757,453
2,252,692
9,872,010
66,000 111,201,000
39.376.887
65,159,785
3,878,000
.
t "Other cash" does not include Federal Reserve notes
78,449,450
—
bank's own Federa
or a
Reserve bank notes.
x
These
over
100
Federal Reserve as follows: Empire, $7,509,900; Fiduclary, $674,950; Fulton, $5,252,900; Lawyers, $9,228,000; United States,$25,43?,456.
*
83.7%
895,000
10,549,102
Brooklyn—
Brooklyn
86.9%
231.00C
21,213,900
9,575,265
12,469,904
—
1,112,000
224,000
for foreign correspondents._....
11,673,035
*5,562,900
*9,479,300
210,108
50,198,700
-
Fiduciary
Federation
9,117,000
86.9%
S
66,462,200
18,794,600
Empire
51,474,000
7,744,000
5,619,956,000 5,578,573,000 4,282,373,000
Deposits
$
51,074,000
Gross
Trust Cos.
$
$
Manhattan—
Banks and
Elsewhere
N.
Cash
Disc, and
liabilities.
Dep. Other
Investments
152,390,000
50,966,000
51,943,000
7,744,000
8,210,000
2,584,000
2,499,000
Total
Res. Dep.,
119,469,000
8,210.000
All other liabilities..
COMPANIES—AVERAGE FIGURES
TRUST
141,912,000
50,959,000
51,943,000
7,744,000
Capital paid in....
Brooklyn—
Lafayette National..
75,318,000
76,042,000
42,444,000
191,658,000
are
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
to
cents
59.06 cents,
these certificates being
worth leas to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
Includes amount with
under the
provisions of the Gold Reserve Act of 1934.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement
items of the resources and liabilities
These
figures
are
issued by the Board of Governors of the Federal Reserve System, giving the principal
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 Federal Reserve
System
upon
the figures for the latest week
appears
in
our
The comment of the Board of Governors of
department of "Current Events and Discussions,"
•mmediately preceding which we also give the figures of New York and Chicago reporting member banks/or a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
of loans as reported in this statement, which were
described in
of loans and discounts.
This classification has been changed primarily to show the
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 "all other loans," as formerly.
The changes in the report form are confined to the classification
amounts of (1) commercial, industrial and agricultural loans, and (2)
it was made known that the new items "commercial, industrial and agricultural loans" and "other loans*
securities" and "otherwise secured and unsecured."
»
Subsequent to the above announcement,
would each be segregated as "on
A more detailed explanation
Federal
of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON AUG. 10, 1938 (In Millions of Dollars)
ASSETS AND LIABILITIES
Total
ASSETS
Boston
New York
Phila.
$
Reserve Districts-
$
$
$
$
$
Atlanta
Chicago
St. Louis
$
Cleveland Richmond
$
%
$
Dallas
San Fran.
$
Mlnneap. Kan. City
$
$
20,611
1,110
8,344
1,136
1,766
606
552
2,852
655
355
624
490
2,121
8,199
585
3.307
419
662
229
284
823
287
153
245
228
—
977
agricul. loans
3,899
269
1,575
193
256
99
154
468
178
71
151
144
331
Open market paper
Loans to brokers and dealers in secure.
336
63
143
19
11
2
24
622
21
504
16
574
32
260
82
221
Loans and Investments—total
Loans—total
Commercial, Indus, and
11
3
34
5
5
16
20
3
5
30
5
1
4
3
10
34
37
16
15
79
13
7
12
14
55
58
172
32
28
92
48
21
377
carrying
Other loans for purchasing or
securities..
1
6
22
106
3
79
2
2
1
5
4
6
1
1
1,513
115
525
97
164
67
74
116
32
63
39
43
178
obligations
Obligations fully guar, by U. S. Govt..
7,669
366
2,999
340
740
282
142
1,352
206
148
210
171
713
833
94
97
64
14
47
40
130
Other
3,093
128
1,205
283
267
61
83
454
98
40
122
51
301
6,550
349
3,431
226
357
147
103
1,087
176
82
159
101
332
1,159
Real estate loans
Loans to banks
Other loans
-
United States Government
securities
Reserve with Federal Reserve
Cash, in vault
31
34
43
223
123
66
17
37
18
11
61
11
6
12
11
20
134
158
148
270
135
127
425
123
120
285
211
229
73
560
82
105
35
38
83
23
16
22
26
208
15,009
5,193
1,022
6,745
753
1,043
412
337
2,237
418
267
481
400
894
258
1,030
293
747
199
183
875
186
119
144
133
1.026
430
8
112
20
18
13
23
84
15
2
18
25
92
5,889
—
393
1,271
banks
..—
1,650
2,365
—- -—
Balances with domestic
Other assets—net.
Bank..
2
232
2,491
297
348
202
192
909
273
128
361
193
263
LIABILITIES
Demand
deposits—adjusted
Time deposits..
United States Government
.
....._—
deposits..
Inter-bank deposits:
Domestic banks
314
Foreign banks
10
275
5
1
1
8
700
19
"295
15
17
22
5
19
6
6
3,655
240
1,611
226
361
93
90
376
90
56
------
......
1
1
12
4
------
""289
83
334
...
Borrowings
Other liabilities
Capital
account
—
95
Financial
1146
Chronicle
Aug. 20, 1938
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 18,
banks at the close of business on Wednesday. The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
showing the condition of the 12 Reserve
for the System as a
Reserve Agents
returns
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
Discussions."
for the latest week appear in our department of "Current Events and
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 17. 1938
Aug.
Ciphers (000) Omitted
Three
Aug. 10,
Aug. 3,
July 27,
July 20,
July 13,
July 6,
1938
17,
1938
1938
1938
1938
1938
1938
June
29,
1938
June
22,
Aug.
18,
1937
1938.
'
%
ASSETS
c.
%
10,632,40'7
9,111
390,591i
$
$
$
S
$
10.632,90'
8,68()
$
S
$
9,884
374,414
10,635,921
9,381
406,522
10.635.915
9,900
411,562
303,051
11.045,93f
11,019,225
11,051,83£
11,057,374
9,145,119
6,005
6,054
13,755
10,633,40(
10,633,42*
9,99(
406,95£
9,m
401,12£
11,063,721
11,050,37*
10.634,921
10,634,921
9,09*
421,221
8,831,946
t394,08f
10,632,90'v
9,43'7
397,011
11,032,1 11
tl 1.035,675
ll,039,25< I
Other bills discounted--
3,72'
2,901
3,77(
3,091
3,331
3,12'
t4,165
t3,16C
4,467
3,11*
3,261
4,704
3,254
6,111
3,580
3,454
4,533
Total bills discounted
6.63J
6,874
6,46(
7,325
7,585
9,266
7,958
9,691
9.508
18,288
Other cash *
Total reserves.,
.
.
10,122
Bills discounted:
by U.
Secured
3,
S. GovernmeE
guaranteed..
direct or fully
54C
54{
531
53 £
540
540
537
537
537
3,073
15,81*
15,96£
15,641
16,30*
16,214
16,274
16,361
16,590
16,535
21,007
744,101
1,196,181
744,1Of
1,196,18*
623,722
744,10£
1,196,18*
744,105
744,105
1,190,876
1,174,105
1,157,713
629,040
645,805
744,105
1,165.105
654,805
744,105
1,141,819
623,725
744,105
1,174,105
645,805
744,105
1,165,105
623,722
Bills bought In open
654,805
678,091
635,969
2,564,011
2,564,015
2,564,01£
2,564,015
2,564,015
2,564,015
2,564,015
2,564.015
2,564,016
2,526,190
2,588,184
2,588.354
2,590,095
2,588,871
2,590.833
2,590,595
2,568,558
market-
Industrial advances—
.
Treasury bills
Total U. 8. Government
Other
securities
.
732,508
securities
Foreign loans on gold.
------
Total bills and securities...
Gold held abroad
-
------
2,587,003
2,587,394
2,586,667
....
180
"""180
181
181
""180
""180
183
183
""l83
23,032
589,565
44,486
51,280
23,587
507,628
44,486
*50,674
22,948
26,602
593,833
44,581
47,486
25,552
644,090
44,578
46,027
20,252
547,727
44,486
49,585
23,516
534,141
44,559
49,113
585,567
44.577
44,837
19,505
520.057
44,616
44,953
22,473
549,768
44,621
42,560
14,327,663
14,249,621
14,290.948
14,303,421
14,351.414
14,396,457
14,303.512
14,271.986
14.307.574
12,471,975
4,150,214
4,135,656
4,138,706
4,109,643
4,124,138
4,134,161
4,174,869
4,124,442
4,108,568
4,238,391
8,045,525
838,820
117,267
247,425
8,074,340
774,757
8,187,723
8,273,069
627,928
128,957
149,500
199,602
242,816
8,040,951
863,897
138,612
227,441
7,921,888
928,590
267,742
8,073,675
770.193
134,865
227,997
6,743,874
732,462
125,243
257,455
8,201,896
723,989
deposits
8,085,198
802,104
115,867
233,198
295,508
140,513
Total deposits...
9,236,367
9,249,037
9,240,795
9,302,883
9,279,311
9,272,770
9,206,730
9,270,901
9,295,486
7,239,678
589,541
133,953
147,739
27,683
32,774
560,292
133,814
147,739
27,682
32,810
9,110
539,276
133,785
147,739
638,000
521,301
133,570
147,739
27,683
32,846
13,604
646,593
133,706
147,739
27,683
32,845
9,553
571,624
133,667
147,739
27,683
32,846
8,354
549,504
133,569
147,739
145,854
27,683
32,810
9.602
597,151
133,760
147,739
27,683
32,810
8,822
27,683
32,846
12,179
27,490
35,838
Due from foreign banks
Uncollected items.
Bank
premises
...
All other assets...
Total assets.
.
"*227
25,444
643,160
45,501
43,966
LIABILITIES
Federal Reserve notes In actual circulation—
-
Deposits—Member banks' reserve account—
.
United States Treasurer—General account.
Foreign banks
Other
Deferred availability Items.
123,956
126,908
226,518
155,689
All other liabilities
9,392
513,223
133,829
147,739
27,683
32,809
9,645
Total liabilities.
14,327^663
14,249,621
14,290,948
14,303.421
14,351,414
14,396.457
14,303,512
14,271,986
14,307,674
12,471,975
82.4%
82.4%
82.5%
82.5%
82.4%
82.4%
82.3%
82.5%
82.5%
79.7%
697
704
727
879
975
1,097
1.368
1,506
1,686
2,478
13,740
13,767
13,809
13,731
13,432
13,500
13,468
13,649
13,600
15,249
5,031
5,340
4,916
5,478
5.662
"7.369
6,286
7,807
7.556
16,083
325
302
255
529
612
418
247
471
477
397
743
694
426
418
417
536
527
477
477
920
411
383
628
613
570
528
503
355
403
666
Capital paid In
Surplus (Section 7);
Surplus (Section 13-B)
Reserve for contingencies-
Reserve note liabilities combined
Contingent liability on bills
foreign correspondents
132,533
5,598
purchaset
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
122
155
241
284
324
415
395
581
595
222
6,632
6,874
6,466
7,322
7,585
9,266
7,958
9,691
9,508
18,288
open market...
4
1,286
Total bills discounted...
1-15 days bills bought in
16-30 days bills bought In
31-60 days bills bought in
61-90 days bills bought in
...
110
125
201
105
307
239
69
107
open market...
117
137
125
105
168
275
216
69
107
90
open market...
23
70
90
23
86
83
229
298
1,555
open market...
275
239
37
110
110
131
129
128
142
3,073
"""202
Over 90 days bills bought In open market.
------
Total bills bought in open market..
540
539
539
540
540
537
537
537
1,046
1,123
1,728
1,885
1,233
1,269
1,239
1,290
783
184
249
193
47
58
277
305
171
160
426
563
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances.
540
1,201
1-15 days industrial advances...
614
469
380
367
283
229
286
316
691
1,150
13,331
1,034
934
920
445
13,524
13,960
13,849
18,662
767
Total industrial advances.
569
730
626
611
13,101
13,487
13,132
13,527
13,293
15,816
Total U. S. Government securities
16,308
16,214
16,274
16,361
16,590
16,535
21,007
92,335
118,893
106,776
117,172
20,246
86,493
171,040
236,036
1,978,175
112,246
174,203
128,893
104,170
181,285
215,480
1,966,996
173,696
215,480
192,780
58,034
1,995,268
81,361
92,335
192,780
229,401
1,968,138
92,271
193,257
1,973,993
86,493
87,710
215,480
223,779
1,950,553
1,955.310
1,951,474
2,278,079
2,564,015
Over 90 days U. S. Government securities
15,647
87,710
83,330
237,520
160,187
1,985,153
.
15,965
88,950
103,830
213,6.50
172,432
1-15 days U. S. Government securities
16-30 days U S. Government securities
31-60 days U. 8. Government securities
61-90 days U. S. Government securities
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,526,190
1-15 days other securities...
16-30 days other securities...
31-60 days other securities...
88,950
215,480
*
81,361
65,661
•
......
61-90 days other securities...
Over 90 days other securities.
Total other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
4,433,662
4,455,659
4,472,648
4,458,193
4,418,328
292,334
324,019
331,521
338,487
283,324
293,886
4,416,044
307,476
4,554,501
316,110
4,150,214
In actual circulation
4,445,959
310,303
4,431,040
297,956
Held by Federal Reserve Bank
4.135.656
4,138,706
4,109,643
4,124,138
4,134,161
4,174,869
4,124,442
4,108,568
4,238,391
4,539,632
4,539,632
4,528,632
4,528.632
4,528,632
4,542.632
4.543.632
4,533,632
6,986
7,810
4,531,632
8,505
4,593,632
8,267
4,448,170
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total
•
x
collateral
"Other cash" does not include Federal
These
are
5,694
5,629
------
------
4,545,261
Reserve
4.545,326
notes,
6,292
5,449
------
4.534,081
------
4.534,924
6,615
------
4.535.247
4.550.899
1934, these certificates being worthless
provisions of the Gold Reserve Act of 1934.
4.550.61s
4.541.44?
4.540.1371
4,631,539
t Revised figure.
certificates given by the United States
Treasury for the gold taken over from the Reserve banks
cents on Jan. 31.
17,907
20,000
......
when the dollar was devalued from 100 cents to 59.0<J
to the extent of the difference, the difference itself having
.
been appropriated as profit tby the Treasury und«T
Volume
1147
Chronicle
Financial
147
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
EACH OF THE 12 FEDERAL RESERVE BANKS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Three Ciphers (000) Omitted
ASSETS
Gold
certificates
on
and
$
Cleveland Richmond
Phila.
$
$
%
hand
New Yorl
Boston
Total
Federal Reserve Agent at—
Atlanta
$
due
from United States Treasury
235,889 2,026,714
$
727,491
185.914
291,772
229,674
307,759
461,532
992
1,151
901
635
577
368
814
202
315
1.093
110,289
30,446
24,854
20,701
13,757
53,240
14,839
9,3§7
17,690
14,871
39,293
651,830 4,655,467
9,112
390,598
Total reserves
313,979
609,772 4,543,941
827
1,237
10,632,407
Redemption fund—Fed. Res. notes..
Other cash *
697,970
San Fran
S
$
$
$
AUG. 17, 1938
Dallas
St. Louis Minneap. Kan. City
Chicago
S
$
$
AT CLOSE OF BUSINESS
492,970
723,975
335,581
250,281 2,080,531
322,966
239,875
309,664
201,100
767,877
41,231
11,032,117
Bills discounted:
Secured by U. S. Govt, obligations
direct and (or) fully guaranteed..
3,724
50
1,494
561
277
417
107
185
80
108
41
196
208
Other bills discounted
2,908
60
294
610
141
401
536
15
60
57
167
330
237
Total bills discounted.
6,632
110
1,788
1.171
418
818
643
200
140
165
208
526
445
Bills bought In open market
Industrial advances
540
40
213
55
49
23
19
67
2
2
16
16
115
448
135
847
1,197
80,920
1,119
21,310
427
32,270
34,428
24,657
60,348
97,013
2,381
3,690
3,243
736
744,105
1,196,188
56,940
226,408
69,727
1,478
36,921
91,535
363,960
66,972
107,662
59,355
51,876
130,083
39,638
189,779
56,137
30,948
27,050
67,828
27.832
34,257
17,863
55,345
47,728
112,089
58,446
33,204
53,375
623,722
Treasury notes
28,858
20,668
50,585
127,224
111,196
278,831
114,411
73,430
118,631
84,963
207,946
129,543
111,973
279,546
114,688
74,716
119,282
86,352
209,626
Treasury bills
2,564,015
196,203
780,147
230,771
240,262
2,587,003
Total U. S. Govt, securities
Total bills and securities
198,734
785,838
235,240
241,465
14
66
18
17
8
7
22
3
2
5
5
1,567
4,225
1,618
1,440
1,495
2,251
855
3,490
24,848
1,545
1,950
29,400
3,115
470
75,409
1,266
27,956
3,286
4,934
1,825
26,860
2,314
2,039
1,597
2,182
1,675
4,241
470,695
336,656
465,598
149,134
46,234
premises
44,486
2,968
9,857
4,752
63,732
6,117
49,213
2,654
1.846
21,403
2,094
All other assets
51,280
3,379
15,369
5,002
5,356
3,114
2,392
785,834 1,042,102
521,608
389,996 2,447,211
Bank
13
180
23,032
589,565
Due from foreign banks
Fed. Res. notes of other banks.
Uncollected
38
15,816
U. S. Government securities—Bonds.
Items
Total assets
•
57,310
915,802 5,619,956
14,327,663
4,518
18,066
315,716 1,016,489
LIABILITIES
4,150,214
355,884
912,211
302,574
406,886
195,652
142,130
956,784
172,154
131,935
165,741
75,757
332,496
8,085,198
F. R. notes In actual circulation
439,666 3,846,859
376,940
25,972
354,290
226,202
168,306 1,261,777
224,368
125,314
45,925
226,325
106,974
562,100
28,591
27,457
44,948
8,404
41,044
11,429
2,685
3,385
3,385
5,113
179,635
2.020
483,017
37,026
10,739
10,589
479,155 4,444,478
402,696
541,371
262,635
61,103
13,389
14,323
48,161
Deposits:
Member bank reserve account
U. S. Treasurer—General account..
802,104
Foreign
115,867
Other
bank
233,198
deposits
Total deposits
9,236,367
34,947
13,891
25,953
3,502
2,298
5,122
1,738
6,455
3,213
883
2,566
8,288
13,566
213,553 1,366,596
260,278
177,137
259,184
200,382
628,902
78,444
27,500
18,086
30,347
4,190
3,613
1,142
28,406
30,163
3,940
3,892
934
1,776
10,292
9,805
2,121
2,000
283
710
13,267
3,925
2,908
22,387
4,667
3,153
3,409
730
1,429
545
2,000
1,007
3,176
1,401
1,602
1,215
738
847
398
652
7,118
1,186
1,001
1,894
351
542
56,394
141,912
Capital paid In
133,953
147,739
9,408
50,959
47,733
12,216
9,900
51,943
13,466
Surplus (Section 13-B)
27,683
2,874
7,744
4,411
Reserve for contingencies..
All other liabilities
32,774
9,392
1,448
8,210
739
2,499
4,988
447
on bills purchased
foreign correspondents
697
68
465,598
400
1,483
470,695
336,656
26
88
22
17
21
21
53
19
585
237
433
51
3,297
32
1,811
*
224
13,740
Commitments to make Indus, advs
53
1,366
3.878
315,716 1,016,489
389,996 2,447,211
521,608
72
Contingent liability
for
1,270
180
785,834 1,042,102
915,802 5,619,956
14,327,663
89,190
4,086
4,964
589,541
Total liabilities
36,039
5,019
21,232
4,471
5,626
Deferred availability Items.
Surplus (Section 7)
29,116
"Other cash" does not Include Federal Reserve notes.
FEDERAL RESERVE NOTE
STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Federal Reserve notes:
$
Chicago
S
%
%
%
%
%
San Fran.
Dallas
St. Louis Minneap. Kan. City
s
$
$
379,778 1,000,924
323,241
429,035
204,824
158,583
985,992
185 776
137 676
176,295
82,477
23,894
88,713
20,667
22,149
9,172
16,453
29,208
13,622
5,741
10,554
6,710
383,569
51,073
4,150,214
355,884
912,211
302,574
406,886
195,652
142,130
956,785
172,154
131,935
165,741
75,767
332,496
4,539,632
5,629
390,000 1,010,000
70
1,757
327,000
434,000
205,000
164,000 1,010,000
188,632
141,500
180,000
85,500
404,000
703
318
699
190
80
142
199
526
445
4,545,261
390,070 1,011,757
327,703
434,318
205,699
164,500 1,010,190
188.712
141,642
180,199
86,026
404,445
297,956
Held by Federal Reserve Bank
In actual circulation
held
%
Atlanta
Cleveland Richmond
Phila.
S
%
4,448,170
Issued to F. R. Bank by F. R. Agent
Collateral
New Yorl
Boston
Total
by Agent as security
for notes Issued to banks:
Gold certificates
hand
on
and
due
from United States Treasury
Eligible paper
Total collateral.
500
Rates
quoted
Bid
7 1938
Sept.
....
Sept. 14 1938
Sept. 21 1938
Sept. 28 1938
Oct.
5 1938
13 1938
19 1938
26 1938
New
Nov.
2 1938
Nov.
9 1938...
Nov. 16
—
0.09%
THE
PARIS BOURSE
0.09%
1938
Figures after decimal point represent one or more 32ds of
point.
Banque de 1'Union
Canadian
Pacific
Bid
Rate
Maturity
June
151943...
1X%
101.13
101.15
15 1938...
ltf%
101.24
101.26
Dec.
Dec.
151941...
1H%
1K%
102.15
102.17
101.26
101.28
Dec.
102.15
102.18
102.20
102.14
102.16
103.20
103.22
104.1
104.3
2%
2^%
105.1
105.3
102.13
102.15
2^%
100.3
Mar. 15 1942...
June
102.13
Mar. 15 1940...
Sept. 15 1939...
IX%
1H%
1^%
1^%
June 15 1940.
Dec.
15 1940...
15 1942...
15 1939...
1 K%
101.29
102.31
Dec.
151941...
\Vs%
102.17
102.19
Sept. 15 1942...
Mar. 15 1939...
1H%
101.24
101.26
June
Mar. 15 1941...
ltf%
102.22
102.24
Ashed
Cle Distr d'Electrlcite
Sept. 15 1938...
15 1939
LJjjo
443
£2
oq
495
""
lm
200
"Ho
Closing prices of representative stocks as received by cable
each
216.50
219
443
450
J-510
J.->30
27o
485
275
483
621
617
620
....
1,190
1.200
760
741
371
1,220
1,552
'£12
Nord
du LittoralHOLI-
IIOLI-
DAY
........
DAY
-
R^tes Perpetual"3%
day of the past week:
Rentes 4%,
750
^71
IIIIIIIIII
1.559
1,548
Aug.
Aug.
Aug.
7,350
7,060
1917
1018
nlnt£l&%
Aug.
rS^%
£22
1.190
765
747
371
Llqulde
"RpntFS 4%
'
}.gO
Energle Electrique du
PeSfne?^1
-•
1932" A" I.
a
".
B:::::::::
7.350
7.060
0^4
480
7,360
7,100
7,700
7,760
7,070
9,580
6,850
7,780
9,680
6,840
101
105
S'oobSnCAC.::
148
148
144
Schneider & Cie....-
1.980
1.000
115
Deutsche Reichsbahn (German Rys.pf.7%). 122
Dreadner Bank (5%)
107
Farbenindustrie I. G. (7%)
—...145
Mannesmann Roehren (5%)
104
Reichsbanks (8%)_.-.182
Siemens & Halske (8%)
185
Verelnlgte Stahlwerke (5%)
100
114
122
107
144
102
180
183
99
114
113
112
113
122
122
122
122
106
106
105
106
58
74
1.276
558
125
392
59
72
1.260
5.)
71
1.278
143
Ford
.....
Societe Generale Fonciere
Societe Lyonnalse
Societe Marseilles
Tubize Artificial Silk preferred..
Union d'Electrlcite
Wagon-Li ts
x Ex.
dlv.
84.50
84.00
Deutsche Bank (6%)
Rentes
5%
1920
RovaTDutch
Par
142
142
144
101
99
101
104
177
176
174
176
180
178
177
180
98
96
97
99
Soctete Francalse
7,030
7,660
142
(4%)105
19
7,400
7,170
7,670
9-580
143
•Per Cent of
Allgemelne Elektrlzitaets-Gesellschaft
Berliner Kraft u. Llcht (8%)
18
371
7,670
101
17
....
OjuoU
145
16
....
O>910
103
15
1932
1,31v
Oj^lO
104
13
Aug.
.
1,580
;:r "27fc^,
7,710
9,610
6,800
1.990
1,014
Aug.
.
231
21,300
447
Lyonnalse— —
Lyonnalse cap
NordRy
Orleans Ry 6%
BERLIN STOCK EXCHANGE
233
21,300
615
496
Lyon(PLM)
THE
238
21.600
614
6,700
218.60
Eaux des
L'Alr
*»!or
435
Francs
200
""III-II-IIIII
Commercial de France...
Kuhlmarm
6,650
490
Courriere
Energle Electrique
Francs
6,640
,3o2
CU^ST'6 Traraatla"tl,,U0-co5PsANat'ODa"d'E8COI"Pte
Credit
Francs
232
21.800
619
Canal (te Suez cap
Credit
16 Aug. 17 Aug.VS Aug. 19
Francs
1,175
436
Bas
Parlslenne-
Cie Generale d'Electrlcite
Int.
Int.
received by cable
6,640
Francs
Bank of France
Banque de Paris et Des Pays
Aug. 19
Maturity
Exchange,
1163.
Quotations of representative stocks as
each day of the past week:
Ashed
New
Averages—See page 1163.
Francs
Bid
Stock
York
Aug. 13 Aug. 15 Aug.
Rate
the
0.09%
0.09%
Oct.
Quotations for United States Treasury Notes—Friday,
a
on
0.09%
Oct.
the
at
Daily, Weekly and Yearly—See page
Stock and Bond
0.09 %
Oct.
Securities
Exchange—See following page.
Transactions
Ashed
Bid
Ashed
0.08%
0.08%
0.08%
0.08%
0.08%
0.08%
0.09%
Aug. 31 1938
York Stock
for discount at purchase.
are
Aug. 24 1938
Aug. 19
Government
States
United
United States Treasury Bills—Friday,
6,830'
1.945
559
559
126
123
387
385
83.75
I
....
...
60
....
Aug. 20,
1148
Stock and Bond Sales—New York Stock
1938
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transaction
account Is taken of such sales In computing the range for the year.
United States Government Securities
Below
furnish
No
of the day.
the New York Stock Exchange
on
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm /Mortgage
the New York Stock Exchange during the current week.
Quotations after decimal 'point represent one or more 32ds of a point.
we
Corporation bonds
a
on
Daily Record of U. S. Bond Prices!Any. 13 Aug. 15 Aug. 16 Aug. 17 Aug. 18 Aug. 19
High
Treasury
4Kb, 1947-52
118.28
119
119
119.4
Total sales In $1,000 units.
High
114.19
113.14
Low
113.14
2Kb, 1956-59.
106
106
2J*s. 1958-63...
107.13
103.26
103.24
103.24
103.25
103.24
103.26
76
5
6
2
■
....
103.4
High
Low
I
.
5
102.15
102.16
102.12
102.11
102.14
102.14
102.9
102.10
102.15
102.14
102.9
102.10
280
52
104.28
104.26
104.28
104.27
104.26
104.27
104.28
104.26
104.27
10
5
106
105.28
105.28
5
(High
-i Low.
104.23
104.23
Total sales in $1,000 units...
1
■
5
106.3
105.28
(Close
2
47
;
•
Low.
(Close
2Kb, 1948
103.5
11
102.12
.
Total sales in $1,000 units...
110.9
103.5
103.4
11
11
^
]
2J*s, 1945.
103.4
103.7
6
102.12
■-
107.12
....
110.9
Total sales in $1,000 units...
'
103.7
103.8
102.12
2
....
1
110.9
(Close
'
.
103.7
1
....
(High
107.12
107.13
....
----
•
6
103.5
103.10
103.4
103.4
„■
Close
•
103.8
103.4
Low.
...•
107.12
-
107.13
Low
(.Close
Total sales in $1,000 units..
._.—•
103.24
103.25
103.26
Total sales in $1,000 units...
.
3Ks,1943-47.
103.26
103.26
High
Total sales in $1,000 units..
fHIgh
« -
103.26
Low.
...
106
Low.
-
103.21
Close
Close
-
....
103.22
Total sales in $1,000 units..
5
High
i.'
•
103.22
High
113.14
Close
10
Low.
Total sales in $1,000 units...
I
Total sales in $1,000 units.
1
1
High
*
(High
3%b, 1941-43
105.5
2Mb, 1951-54.
114.19
Total sales in $1,000 units...
3^ 8.1940-43.
105.4
105.2
Close
114.19
-
105.2
105.3
Total sales in $1,000 units.
(Low.
I Close
ZHb. 1946-56
105.2
105.3
2KB, 1948-51
10
1
105.5
105.3
Low.
Treasury
119.4
118.28
High
Close
Low.
Close
4s, 1944-54
Daily Record of U. 8, Bond Prices Aug. 13 Aug. 15 Aug. 16 Aug. 17 Aug. 18 Aug-19
119.4
119
118.28
II-I
106.3
«.
-
«
-
18
104.23
'
-
*
-
ti-m-
~
•'
'•'»
«
V
-
3
(High
High
107.28
*107.27
102.8
102.7
102.11
102.8
102.9
Low.
2Kb, 1949-53
102.3
102.3
102.8
102.7
102.9
102.7
102.6
102.8
102.7
102.9
102.7
102.9
'
3^8, 1941
107.27
Low
Close
—'
107.27
....
Total sales in $1,000 units...
';
3
....
....
J
-
107.28
-
3
Federal Farm Mortgage
3 j*s, 1944-64
*3
(High
•{Low
107.3
107.2
107.2
109.23
109.24
109.27
109.26
(Close
109.23
109.22
109.24
109.26
109.26
109.23
109.24
109.27
109.26
109.26
Total sales in $1,000 units...
Federal Farm Mortgage
(High
1
3
2
5
5
Total sales in $1,000 units..
109.26
3s, 1944-49...
.....
109.23
Low.
109.24
109.23
109.24
3Xb, 1944-46.
109.24
109.23
10
6
Total sales in $1,000 units...
Total sales in $1
109.26
109.25
109.26
Federal Farm Mortgage
109.26
109.27
109.26
11
6
108.26
108.27
108.27
108.26
108.27
108.27
(High
Low.
-
»
CloBe
W
Total sales in $1,000 units...
.....
m
-
108.26
108.27
6
2
3
....
...
.
108.20
High
3Kb,1949-52.
-
,
—..(Low.
«*>
•
-
-
-
—
-
106.10
106.10
3
3
108.20
»
106.4
mi
3
24
■
105.3
105.3
—
....
,
....
105.3
:
....
------
5
..
"Ill
(High
Low.
:
106". io
»
ioelii
106.10
106.12
106.12
106.11
106.12
106.13
106.11
1
~
106". 13
106.10
l
•
m
108.23
106.12
72
f»
'
«-
-
"
'
Close
-
106.4
106
-
106.1
(Close
3s. series A, 1944-52
106.12
106.12
Low.
•
106.14
~
106.12
106
Total sales in $1,000 units.
Home Owners' Loan
108.23
108.20
-
-
(High
2Kb, 1942-47...
»
27
»
CIOSG
'
4.
106.16
*
106
Total sales in $1.000 units.
3 KB. 1946-49.
29
if
'
106.12
'
Low.
Federal Farm Mortgage
4
107.4
...
(High
3s. 1942-47....,
1
108.27
26
107.6
-
106". 16
2
109.26
....
...
106.10
109.27
-
2
106.10
000 units...
.
107.4
107.3
2
Low.
•
*109.27
,
-
106.10
(Close
High
27
107.3
Low.
High
5
28
107.2
Close
3 KB, 1943-45.
102.3
(Close
Total sales in $1,000 units
107.28
*.
•
....
J
-
*
(High
108.23
-
1
5
Hlgn
108.4
•{Low.
108.4
108.4
(Close
3s, 1946-48
Total sales in $1,000 units...
Home Owners' Loan
108.4
108.4
108.5
108.6
102.27
102.26
102.27
102.28
102.22
102.25
102.26
102.25
102.25
Close
Total sales in $1,000 units...
102.22
108.10
108.6
108.6
108.6
....
102I22
2Kb, series B, 1939-49..■ Low.
Total sales in $1,000 units...
■
108.6
Home Owners'Loan
-
-
»
102.27
2
102.26
7
4
102.27
5
102.28
7
1
106.21
1 Low.
-
.
i.
-
106.26
106.22
106.23
106.26
3
ales in $1,000 units...
29
23*8, 1942-44
106.23
15
106.26
106.22
4
2
104.5
104.7
104.11
104.10
104.8
104.7
Low.
104.4
104.5
104.10
104.8
104.6
Close
Total sales in $1,000 units...
104.4
104.5
104.10
104.8
104.6
104.6
Odd lot sales,
104.6
....
2Mb. 1945-47.
24
14
31
Low.
106.19
(Close
106.19
Total sales in $1,000 units...
1
104.6
104.3
104.4
104.4
104.6
104.3
106.22
106.22
106.23
106.22
106.22
17
....
104.6
104.6
5
4
3
t Deferred delivery sale.
above
table
includes
only
sales
of
coupon
Transactions in registered bonds were:
109.20 to 109.20
....
......104.3
to 104.3
106.22
106.19
....
104.6
7
Treas. 3 J*s, 1944-46
Treas. 21955-60...
1
4
106.22
3
Note—The
bonds.
60
106.23
106.19
High
104.6
Total sales in $1,000 units...
*
High
2J4b, 1955-60
104.6
106.22
106.21
(Close
Total
106.23
106.21
....
(High
3s. 1951-65
3
104.3
(Close
Total sales in $1,000 units...
(High
(Low.
53
5
United States Treasury Bills—See previous page.
United States Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW
'for
Saturday
Tuesday
Wednesday
Thursday
Friday
the
Aug, 13
Monday
Aug. 15
Aug. 16
Aug. 17
Aug. 18
Aug. 19
$ per share
$ per share
$ per share
? per share
$ per share
Shares
*50
5178
5178
*50i8
12334 *119
12334
44
*3934
44
41%
*39i2
4078
10%
10%
1034
*20
20%
2334
27
27
*27i2
28i2
58'4 58%
58i8
58%
*119
*3934
*3912
10*8
20%
1
l%
1034
1078
lis
1034
834
lis
11
1
1078
11
175s
8l2
173
*9
914
18
*1712
18l2
*S18
834
17612
10'%
1038
13
*12%
934
10
*60i2
4712
6212
*16
17
48*4
2i2
*1
1078
1
14
8%
5812
III4
*11
173
28i8
1
14
*11
1034
*20
11%
10
175
*9
*1214
934
*6012
48%
17
10i8
6212
4914
1714
238
1914
72
44
9i2
*834
*lli2
1734
9
11
213.4
28i8
5934
Hs
1078
On Basis
Hs
1U2
958
10
14
18
9
177% 178
*93s
10
12%
10
*62l2
4734
*17i2
238
*17l2
70%
12l2
103s
1078
Ills
1034
1034
1
1
*1
D8
1034
*1
1D4
III4
11
9
9
9
9%
9
1112
12
912
914
10
*1U2
17i2
914
14
11
1D2
1778
914
18
400
Par
4K%
3.800
200
600
4,600
600
4,400
*178
*9
*12i2
180
9%
10
17812
178
*9
10%
*9
13U
1012
6412
10i8
64i2
4912
4834
1758
212
50i4
48%
*17%
4978
4834
212
*17l2
70l2
1914
2%
*17%
17912
10%
13
10
*63
76'2
77
77
1778
*51l2
18i2
18
55
55
55
79
18
*54
12%
1758
2%
70i2
18
19
700
600
1,300
178
103«
12
12
1278
1034
J8i2
1,500
934
~*8% ~9%
64
18
1,100
2,800
13
300
1,200
conv
pref
•Adams Express
Address-Multlgr
""966
10-34
13,900
300
9,400
2%
1734
*2%
*17l2
1,100
500
19
"""766
7058
80
7058
77%
72
79
79
79
1.300
18%
1778
18
18
18%
3,400
56
54
54
56
Bid and asked prices; no sales on this day.
*54
$
In receivership,
72
a
25
40
Def. delivery,
28
1.10
Air Reduction Inc
No par
Air Way El Appliance.No
par
Alabama & Vlcksb'g Ry Co 100
3
June
52
8
share
July 25
per
Highest
share $ per share
36
Nov
55
Mar
"37"
Nov
69"
Mar
85
Aug
11934 July 21
42i2 Aug
1
Jan 14
43-%
22
1284 July 19
Aug 9
17%
Oct
28%
29i2 Aug 11
6534 July 25
16%
Oct
36
Jan
44% Nov
80%
5%
Jan
15%
"Feb
52
Dec
778 Nov
Oct
22% Mar
Feb
3
8'4 Mar 31
Apr 16
.100
2
8
Oct
9984 July 25
146
Oct
15s Jan 7
1778 Jan 12
17% Jan 12
173s Jan 12
1
Oct
5%
11
Oct
5934
Feb
11
Oct
59
Feb
10
Oct
58% Feb
52% Feb
45% Mar
Aug
95
No par
78 Mar 31
war.
100
6% June 17
war.
100
5
war.
100
Mar 30
5i2June
734June
115s Mar
4% Mar
$2.50 prior conv pref.Wo par
Allegheny Steel Co
No par
Allen Industries Inc
per
l%July 11
67
Aug 3
67
Alaska Juneau Gold Min_..10
Allegheny Corp
5K% pf A with $30
5 K % Pf A with $40
5K% pf A without
4
6% Mar 30
14% Mar 31
16% Mar 31
40
May 2
5s Mar 30
No par
Corp
$
share
119f>g July 19
30% Mar 23
No par
Adams-Millls
per
Lowest
Highest
36% Feb
100
No par
1
17
18
31
30
133s Feb
%
17% Jan 12
2134 Jan 17
10%
Oct
13
Oct
6
6%
Oct
166
Jan
Aug
Feb
Oct
2378
258%
17%
33%
2178
Mar 31
68% July 28
49
Dec
85
34U Mar 31
11U Apr 1
1% Mar 26
54% July 25
19«4 July 26
3% Jan 11
34
Oct
83%
3934
50
10
Mar 30
24
Jan 12
19
Amerada Corp
No par
Am Agrlc Chem
(Del) ..No par
American Bank Note
10
55
May 27
78
July 13
49
Mar 26
8434 Aug
Oct
101%
10
Mar 30
23% July 19
10
Oct
41%
Jan
60% July
50
Dec
75%
Feb
Allied Chemical & Dye-No par
Allied Kid Co
64'2
49%
1734
S
Abbott Laboratories...No par
Abraham & Straus
Acme Steel Co
H8
1214
18
*8U
*9
9i2
IOI4
55
105s
64
*51l2
*
5178
*5D8
52
52"
*5D8
12334 *116
12334 *116
12334
44
*3934
44
*3934
44
*3912
41
♦39%
41
*39l2
41
11
11
11
11%
ID4
ID4
*20
21
*20
21
*2018
21
2858
2834
*27l8
2812
2834
2834
60%
6H2
60
60%
60l2
62'
*1
Us
Ds
*1
li4
Ds
64
2l2
19U
7058
78%
1838
78
51i2
*3934
Year 1937
of 100-Share Lots
Lowest
Albany & Susq RR
212
*17%
7134
76%
1838
19%
72
238
*1712
*70l8
13
50'2
12334 *116
*39i2- 41
1
*7
9%
*3934
1U4
9
*8
1
5012
*115
Range for Previous
Range Since Jan. 1
STOCK
Week
$ ;per share
YORK
EXCHANGE
124
Allied Mills Co Inc
Allied Stores Corp
5% preferred
No par
4i2 Mar 26
38
100
conv preferred
6% preferred
n
New stock,
46U
.50
r
Cash sale.
Mar 31
85s Mar 28
No par
Allls-Chalmers Mfg
No par
Alpha Portland Cem...No par
Amalgam Leather Co Inc
1
6%
Mar 31
7
5
x
ADr 27
Ex-div.
y
10% Aug
184
July 19
llU July 20
1478 July 25
12
July 19
Ex-rights.
5
5
145
7%
10
6%
8%
1%
Nov
Dec
Oct
Oct
Aug
Jan
Mar
Mar
Jan
Jan
Oct
87s Mar
Oct
52% Mar
11478 Mar
51% Nov
53%
Apr
Mar
Jan
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 2
147
HIGH
SALE
PRICES—PER
SUA RE,
CENT
NOT PER
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Aug. 13
Aug.lb
Aug. 16
S per stare
S per stare
$ per share
*38
3912
*132%
96
....
96
*168% 170
24l2
25
*40%
1834
*10934
*110
45
19-%
...
117
*15
,
*38
39
*132%
9534
96
*168% 170
25
1834
*10934
25%
*42%
*10934
117%
*15
734
1178
734
1178
*10%
11
*75
76
4-8
*534
*170
434
10
500
3l2
*18%
8%
15
334
20
8%
15
*10
1078
4
4
24
24
*4034
42
*134
2
*16%
*7%
11%
10%
10%
5
4%
*534
97
18%
8%
*168% 170
27
46
1934
43
43
....
8%
*7%
1I78
10%
10%
*75
5
5
10
*534
*170
16
33%
*26%
1078
4
*134
16%
7%
16%
7%
20%
20
20
64%
*60%
1334
14
*2634
5
5
*34
36
34%
29%
143s
30
30
*28%
14%
155
5
5%
14%
14%
156
18%
*77%
77%
77%
18%
7734
*18
19
18
18%
*18%
13
13
13
13
30
30
29
29%
13%
*29%
65
15
15
23%
*102% 107
*18%
19%
140% l4034
*82
84%
86%
86
*143% 149
23
29
34%
30%
1478
155
18%
160
77%
19
19%
77%
18%
19%
7778
18%
13
13%
31
*29%
85%
7
7
6%
934
9%
90
19%
14034 141
*82
83%
*155
6%
534
3734
38
37%
38
7%
42
7 %'
*30%
3278
7%
40
*40%
33%
42
*18%
19
"109% 110
16
16
*3
3%
29
29
"120
7%
*30%
105
5%
5%
7%
*30%
33%
78
78
18%
18%
18%
5%
*15%
*234
...
104
9%
51%
50
90%
*50%
42
4 2 3i
5%
*
5%
9%
5%
78
"~9%
42-%
*9%
5%
9%
5%
78
41
34%
50
19
19%
*109% 110
1,200
100
*
111
Mar 30
14934 Jan 10
140
Oct
58
Mar 30
57
Dec
99
Jan
5834
Dec
99%
Feb
128% May
150%
Jan
20%
29%
Feb
50
42%
90%
41%
9%
*9%
*9%
10
9%
5%
10
5%
*
5%
5%
934
5%
78
78
934
50
*57g
*
6%
6
Mar 30
86 1st preferred.....Wo par
No par
68
Apr 16
Preferred
23% Mar 31
American Woolen
1,700
...100
Amer Zinc Lead & Smelt
25
*67
75
70
70
*65
75
*34%
35
*34%
35
*34%
9%
*68%
10%
74
9%
*69
Copper Mining
7% preferred
100
Armour&Co(Del)pf7% gtd 100
1,100
Arnold
Artloom Corp
100
6% 1st preferred-
*52
May 12
7% 2d preferred—.....100
56
July
Assoc Investments Co ..No par
27
Mar 30
5% pref with warrants..100
72
Mar 29
72
*83
88
*83
88
16
90
*84
90
*82
90
10
85 pref without warrants 100
Atch Topeka & Santa Fe.-lOO
36%
35
35%
33%
3478
14,800
55
20%
.54
5534
2,200
100
21
22%
7%
2,100
Atlantic Coast Line RR...100
900
Atl G & W I SS Lines._Wo par
34%
35%
34%
36%
34%
51
52%
20%
53%
53%
54
53%
21
20-%
21
21
20%
7
*6%
54
21%
7
54
21
7
*6%
*9
10%
*9%
11
*10%
11
1078
23
23%
23%
23%
23%
23%
23%
*108
*108
110
'108
110
109%
112
108% 108%
8
8
8
8%
8%
8%
8%
8%
8%
*4434
47
47
46%
46% *45li> 47
*46%
47
53
53
54
53%
53%
54
53% 53% *53
*115%
*115%
*115%
*115%
*6
*6
*6
*6
634
6%
7%
6%
6%
4
378
37g
3%
3%
4%
378
378
37g
3
3
*234
3
*2%
3
*2%
2%
2%
20
*18
20
*18%
19%
*18%
19%
*18%
19%
438
4%
4%
438
4%
4-%
4-%
4%
4%
..
9
9%
878
93«
9%
9%
8%
8
8%
778
8%
34%
92%
19%
9%
93S
9%
*33%
*33%
34%
*33%
34%
*85
93
*90
93
*90
93
10%
19
10%
30
18%
10
*26
19
10%
30
19%
10%
19%
10%
30
*26
9
714
11
11
x23%
108
8%
9%
34%
92%
19.%
8
*45%
8%
46%
*53
54
'115%
*6
11
11
11
11
30
*26
30
34%
94
*90
19%
10%
*26
1734
15%
*43%
54%
15%
97%
*22%
17%
15%
*16%
*47%
25%
24%
*
431*
44
55%
1534
97%
23
173.4
15%
25
54
26%
2434
54%
56%
55
18%
18%
45%
5634
44
18%
16
16
*17
25
*16%
1534
98%
24
17%
16%
25
51%
*45
51%
15%
15%
15%
*95%
23%
98%
*95%
23%
*22%
17%
16%
17
*44
25%
24
17%
26%
2434
26%
25
Bid and asked prices; no
27
25%
18
*44%
45%
4434
5534
1534
46
57
15%
55%
57%
15%
98%
98%
233i
4434
54%
1534
*98%
46
55%
15%
99%
23%
98
15%
"98
18%
16%
18%
16%
18
16
*17
25
*16%
*45
51%
*45
26
25%
27
26
sales on this day.
25%
25%
*22%
18'%
23%
19
25
16%
*16%
16%
25
51%
*45
18
16%
26%
25%
25'%
26%
t In receivership,
58
Dec
101
Jan
83
Nov
125
Mar
33
Dec
57%
Feb
Feb
88
June
40
May 27
71
Jan 14
66% Dec
14
Mar 31
27% Jan 12
18
Oct
55% Mar
4% Mar 26
6% Mar 26
7
14% Jan 10
5
Oct
29
9
Oct
18
Oct
17% Mar 31
10178 Apr 12
5% Mar 30
38% Mar 26
Mar 29
Jan
3
4% Apr
1
2
Mar 25
12% Mar 30
2% Mar 29
8%July
2738 July 20
109% Aug 11
97g Jan 10
48% Aug 8
58
July 25
Mar
3
7% July
6% Jan
358 July
20% Jan
19
12
13
25
47g Aug
6
119
10138 Sept
7%
39%
Dec
Oct
9434 May
104
Feb
,
44
Jan
37
Mar
116% Feb
18% Mar
52% Mar
38
Nov
94
101
Dec
133
4%
Oct
3%
Dec
2
Sept
15
Dec
Mar
18%
3634
Mar
Jan
Jan
Feb
9% Feb
52% Mar
9% Jan
2%
Oct
13,900
19,800
11% July 25
5
Oct
2334 Aug
100
4
Mar 31
11
8%
Oct
100
6% Mar 29
4012 Mar
4734 Mar
3,800
200
20
Baltimore & Ohio
4% preferred.....
50
Conv 5%
preferred
Corp
12,000
900
10
300
29
Mar 31
100
10
Bangor & Aroostook
86
Jan 21
No par
5
Mar 23
7
30
Oct
89
Dec
233gJuly 25
13% July 20
10%
734
Oct
Dec
30% Aug
2
20
Nov
10% Mar 30
2138 July 19
10
Oct
Bayuk Cigars Inc
Mar 30
17% July 19
preferred
Beatrice Creamery
No par
100
25
No par
9
109
Apr 9
11% Mar 30
90% Apr 29
115
Jan 31
18% July 25
96% Jan 17
Beech Creek RR
600
31,000
1,500
500
50
25
9
30% Mar 12
Beech-Nut Packing Co
49,000
2,000
20
94% Apr 2
5% Mar 31
115% July 18
No par
Belgian Nat Rys part pref
Belding-Heminway
5
Bendix Aviation
Beneficial Indus Loan._Wo par
No par
Best & Co
Bethlehem Steel
(Del) .No par
20
100
5% preferred
7% preferred
Apr
75%June 27
8% Mar 29
15% Mar
267„ Mar
39%May
12% June
75
31
31
27
14
Mar 31
5
5
15% Mar 31
a Def. delivery,
n
New stock,
r
100
Cash Bale,
x Ex-dlv.
Dec
Oct
Oct
Jan
Feb
Jan
Aug
2
15
Oct
50% July 26
6578 Jan 11
29
Dec
88% July
30% Feb
2334 Jan
6234 Jan
41
Oct
105% Mar
16% Jan 12
14
Oct
99% Aug
85% Nov
22% Dec
13% Nov
19
Mar
6
19% July 25
1734 Jan 20
55
July 25
35% Jan 17
3038 July 27
Bobn Aluminum & Brass
Jan
42
35%
20%
2884 Feb
10534 Mar
43% Feb
II434 July
1534 Feb
Dec
No par
Boeing Airplane Co
32
115
82%
8%
Blaw-Knox Co——.
Biumenthal & Co pref
Feb
Feb
43% Mar
Oct
Jan 11
1,800
1,900
29%
9034
45
110%
Oct
Nov
83
23% Aug 10
4,000
6,500
13%
92
738
29
10% Mar 31
13% Apr 4
37
May 10
20%May 27
108
Oct
July 19
17%June 3
9% Mar 30
Bloomingdale Brothers.Wo par
9%
9
Bigelow-Sanf Carp Inc.Wo par
Black & Decker Mfg Co No par
100
Oct
5
85 preferred w w
100
10
13% Jan 11
36
July 21
98
July 19
21% Mar 29
Barnsdall Oil Co
1st
12% Mar 30
July
50
5%|% preferred
51%
26%
27
9
Jan
July
2434 Mar
Mar 30
Barker Brothers.
18
Aug
17<%
100
6
1,100
18%
75
72% July 29
36% Aug 10
Dec
Baldwin Loco Works v t C--13
11
18
Oct
Nov
6
Feb
106
105
No par
(The) -.3
16%
Dec
36
$5 prior A
5
Jan
70% Mar
Dec
Wo par
20%
18%
*22
50
2%
126
Oct
Oct
Aviation Corp of Del
30
18
*22
6% preferred..
Barber Asphalt
17%
18%
45%
1834
Atlas Corp
Atlas Powder
4?8
Feb
99% Mar
"3", 300
,
18%
4% conv pref series A...100
2,400
18
17%
18%
1734
18
18%
1734
18%
1778
*15
15%
1534
1534
15%
15%
153s
15%
15%
15%
1534
*112% 11434 112% 112% *112% 11434 *112% II434 *112% II434 *112% 11434
16%
*16
*16%
17%
16%
16%
*16
16%
1631
16%
16%
1634
*967g 100%
*9678 100%
*9678 100%
*96% 100%
*9678 100%
*96% 100%
*
*
30
*28%
30
*28
30
30
*—.
30
30
*112% 115
*112% 115
*112% 120
"112% 120
*112% 120
*112% 114
*7%
8
8
*7%
778
778
*7%
77g
*7-%
8%
*7%
8
*74%
*74%
77%
77%
*7434
7734
*7434
7734
*7434
7735
*7434
7734
22
22
2134
22%
23%
227s
21%
22>%
21-%
2178
21% 22%
17%
July J 9
Feb
Mar
1334
3278 Nov
2
9
11
Jan 1?
121%
111
70
Austin Nichols.....—.Wo par
878
34%
Oct
7134
100
4%
9%
8%
9%
34%
Oct
Jan
Jan 12
3
19%
4%
Feb
Aug 16
*234
*18%
4%
93
Feb
46
Aug 16
5% conv preferred
100
Atlas Tack Corp...—Wo par
...
11634 May
37%
10%
42
2%June
8%
*26
25
100
Oct
Dec
Feb
87
jAuburn Automobile.-Wo par
7%
1934
100
300
7
2% Dec
22
Feb
111
84
1,200
8
93
5% preferred...-.
Atlantic Refining....
3,300
Oct
Jan 22
4
7%
19%
100
200
2434 Aug
22% Mar 31
378
9
93
5% preferred..
2,900
7
9i4
*34
23%
108
9
9%
8%
1834
738
*9%
23%
....
*22%
7
97
Oct
80
Mar 29
88
34
69% Mar
Oct
96
Jan 11
24% Nov
738July 13
4
*82
51
72
Jan
39
Tl% July 1*9
1
*83
20%
19
14%
10
217jj Aug
110% Aug
100
Goods
Dry
87
9%
34
Feb
2% Mar 30
Pref erred...
Associated
84
9
79'%
Feb
84
8I.1
9%
Oct
.5
Corp
87
4%
*27%
Dec
84
*18
Feb
96
87
*2%
Jan
20
57
*83
3%
79
Oct
30
*82
*6
Dec
3%
No par
Constable
Jan
Feb
25%
47% July 25
50
100
107
9% July 25
94% Jan 31
7% preferred
300
Apr
Oct
MarlO
86 conv pref..No par
Armstrong Cork Co...Wo par
87
*115
6
82
24% Mar 26
5% Mar 25
200
~3_,66O
84
8
Apr
378 Mar 26
28% Mar 28
Co of Illinois.....5
Armour
*81
*52%
97
Oct
Oct
Jan 11
Mar 29
Oct
8
Jan
Jan
Jan
3%
July 25
May 26
10% Mar 31
4%
187
738 July 19
43 June 29
50
21
29
AnchorHockGlass Corp No par
86.50 conv preferred.Wo par
*82
*45%
6
6
38
Copper Mining..50
Anaconda W & Cable ..No par
35
*108%
Aug
July 25
300
Anaconda
91
43
900
""'166
84
75
35
11
3% Mar 31
88% Aug
143% Aug 11
8% July 27
12% Jan 12
91
Aug 1
4% Mar 30
25
Mar 26
1
85 prior conv pref
"3",600
*34%
23
1
378 Mar 28
10
84
*68
*9
Apr
Am Water Wks & Elec. Wo par
78
*68%
23
130
Mar 30
75
*6
58% Mar 31
100
82
40
Jan
Jan
2578
116
*50%
56%
14334
"""166
52
24" ""Dec
Oct
*120
*120
*120%
104% *100
104%
100% 100% *100
5%
534
534
578
5%
5%
90%
Jan
Dec
73%
26%
Oct
4% July
4234
Jan
Feb
14
31% Aug 8
121% Mar 2
100% Jan 18
7
July 19
*50%
4234
Jan
68%
148
10478
1
July 14
*50
7%
154
117% Mar 14
20% July 21
Mar 31
43%
Oct
IO534 Mar
12% Mar 30
Mar 31
52
22%
Feb
101% Mar 31
2
80
7
Jan 18
10
35
*6
11%
20
*65
33%
Nov
u-20
90%
Mar
125
Andes
43
Feb
68
..100
Am Type Founders Inc....10
5,700
29
July 30
6% Mar 31
June 10
7,400
...
36
Oct
145% Aug 19
3434 Jan 10
A P W Paper Co
No par
Archer Daniels Midl'd.Wo par
2%
*29%
Dec
Oct
200
*15
3
30
Jan
7%
Dec
Jan 11
Feb
24% Dec
Nov
31
29%
170
101% Aug
46
21% Mar 30
Jan
Feb
Jan
Dec
41
14
16%
87%
72%
45% Mar
122
300
*2%
*29%
*50
78
Preferred
Jan 17
6884 Mar
129% Feb
31% Dec
Oct
Aug 11
12
Sugar Refining.. 100
Oct
Aug 19
15% Mar 31
No par
Oct
Feb
29'% Mar
13% Jan
15%
63%
15%
136
200
3
*34%
*69
Dec
16%
2-%
16%
30
*258
*29
75
74
Nov
26
2434 Nov
125
Am Sumatra Tobacco..No par
Amer Telep & Teleg Co...100
41
35
*71
American
89
*4719
978
130
.100
__
"V, 300
60
100
56
Mar 29
45% Apr
25
90%
78
"9%
103
25
...25
110
112% July 30
29% Jan 18
1534 July 25
35% JaD 11
56*4 Jan 12
6% preferred
45,600
Oct
2078 Jan 12
Common class B
4,900
Oct
3
7% Mar 26
22% Apr 1
28% Mar 31
.No par
2,400
77g
Oct
10%
15% Mar 31
.
Ship Building Co .No par
Amer Smelting & Refg.Wo par
Preferred.100
24
7%
53
American Seating Co
Amer
Jan
434 Mar
74% Jan 17
17% July 25
5% Jan 12
38% Jan 12
9%
Jan
27% Feb
1734 Mar
5878 Feb
American Safety Razor..18.50
58
100
Mar 30
Jan
6878
Oct
80% July 20
conv pref
Mar 31
1334
Oct
534 Dec
14% Oct
Mar 29
4H%
25
American Stove Co
7%
14
Oct
Oct
140
9
100
100
7%
July 19
4234 Aug 19
2% June 23
20% July 20
8% July 19
2434 July 21
17
July 20
165% Jan 12
2278 Jan 15
3% Mar 29
San'y .No par
Preferred.
American Rolling Mill
American Tobacco
110
Mar 30
Mar 29
16% Mar 31
300
*34%
978
20
19
14
*68
9%
2% Mar 31
23
99% Mar 30
Amer Steel Foundries ..No par
American Stores
No par
9%
*68%
9%
Mar 31
27
148% July
13% Mar 30
Am Rad & Stand
9,200
3478
42%
1934
11% Mar
5534 Mar
5238 Mar
June 17
900
19
Oct
10
2,800
33%
42%
2%
20%
32%
1%
Oct
28-%
8
"""906
41%
19%
109% 109%
15%
15%
5% July 19
Oct
6% preferred.
534
39%
33%
Feb
Oct
100
5%
39%
41%
21
3
145%
534
39%
33
Oct
44
American Snuff.
90
*1834
734
par
3,400
*30%
Jan
Jan 18
12
26
*14534
41
587s
No par
13,900
534
*37%
*30%
Dec
Mar 29
100
*80
14%
No par
""700
7
2
100
56
10%
207g July
Mar 26
12
50
No par
200
7
38%
Mar 29
18%
97g
Oct
May 26
86
84%
Jan
Mar
5%
2
141%
84%
84%
87
17
225
2934
*15%
3
534
700
1334
50
*46
*50
9%
33%
734
18%
Oct
Oct
31
900
2934
48%
134%
5
175
7% Jan 12
4138 July 20
3738 July 20
20
13,900
7
10
Products._.l
86 preferred
85 preferred
900
Jan
2% Oct
17% Dec
4% Mar 30
12% Mar 29
800
13%
Jan 22
6% July
177
Jnn
99% Mar
13% Mar 29
5% Mar 30
6% conv preferred
100
American News Co new No par
Amer Power & Light...No par
25,400
20
5% July 2
25% Feb 25
12% July 20
1
6,000
Jan
33%
9
1,500
Apr
Aug
29
Oct
10
Fdy Co. .No
112
Oct
Jan 22
Preferred
150
Oct
Nov
100
Amer Mach &
Oct
90
2
Mar 29
Amer Mach & Metals..Wo par
Amer Metal Co Ltd.—Wo par
300
3334 Aug
86
80
Amer Internat Corp
No par
American Locomotive. .No par
200
3,600
Oct
Feb
Jan 18
4
6% non-cum pref
11%
104%
6% July 25
30% Mar 26
1% Mar 30
13% Mar 28
800
1,300
4,400
Oct
83
June 20
2% Mar 25
177
6% preferred...
36
Jan
3034 Mar
69
..No par
American Ice
Feb
23% Mar
No par
American Home
Jan
71
Oct
No par
200
174
Oct
Oct
2% Mar 30
600
Oct
15%
Feb
Feb
5%
8%
12%
100
American Hide & Leather
15178
8034
9% July 19
$7 preferred..
200
*80
....
5%
50
42
42
87
*145% 150
1,500
121
14% July 20
16% Jan 12
No par
Amer Hawaiian SS Co
160
Dec
Mar 29
No par
$6 preferred.
Oct
Dec
69
Dec
5
$7 2d preferred A
100
28
109
20%
Aug
8% Mar 30
100
Encaustic Tiling.. 1
Amer & For'n Power
Highest
share $ per share
4% Mar 29
American Crystal Sugar.... 10
European Sees
Mar 31
104% Aug
per
July 19
9
600
300
17
Am
103%
678
*42
16%
101
*100
96%
*45
*50
34%
*120
5%
*18%
140%
84%
10%
*30%
30
30
*103
934
40
110
110
*24
13
1334
2934
31
46
4638
135% *132
5534
5534
145%
145%
27
26%
*734
8
14
*13%
24
24%
103
10634
18%
19%
14078
141
634
89
160
77
7%
*80
41
*155
77
10%
7%
19%
100
88%
160
678
50
3
85
38%
*18%
30
141%
734
*41
3
19%
6
19%
*29%
107
*534
42
*109% 110
*15
16%
24%
6
34
*4
10%
7
33%
15%
19%
*29%
45%
84%
10%
42
*18%
120
*100
38
15
18%
*12%
3834
534
16%
18%
13
*145% 150
89
*80
534
*23%
18%
31
8534
86
10%
89
6
141
8334
86
*14434 149
7%
9%
*534
*18%
*18%
86
*143% 149
2334
23%
*103% 10678 *103
19
140% 140%
*82
84%
9%
*80
23%
*102% 107
*18%
23
4
*4
46%
4734
45%
45%
4678
46%
45%
46%
*130
134
*12834 135
*131% 135% *13134 135% *132
*55%
*55%
5534
5534
5534 *55% 5534
*55%
5534
*141
145% *144%
145% *141
145% *141
145% *141
26%
27%
27%
26%
26%
26%
27%
26%
27%
8
8
8
8
77g
*734
778
*734
8%
*13%
*13%
14
13%
13%
*12%
14
*13%
14
23%
*10%
378
4%
4%
3434
3438
x33%
33%
3438
*115
119
119
118% *115
*27
29
*27%
29
*27%
29
5
5
5
5%
5%
5%
34
34
*34
3414
34%
34%
30
30
30
30
*28%
3078
14%
15%
1434
15%
1434
15%
160
*155
18%
1578
1434
20
14%
5%
1878
78
*15%
*60%
63
7%
2034
4%
4%
4%
34
33
33%
33% 34%
*115
*112% 119
118% *115
29
19%
878
*16%
7%
19%
60%
7%
*4
34
160
16%
*4
5
14%
61%
15%
4%
42%
2
16%
7%
20
60%
34
18%
21%
61%
42
*134
29%
*156
20
23%
42
7%
19%
8%
116% Aug 12
Amer Express Co..
7
23%
1%
16%
17%
*18%
88% Mar 31
J(AllegCo)25
Colortype Co
10
Comm'l Alcohol Corp..20
Amer
10
16
11%
4%
24%
4234
178
16%
7%
334
9% Mar 29
89% Feb 18
—
American
American
42% Jan 3
132% July 30
100
27
Cable Inc.Wo par
5% preferred
American Chicle
3
160% Mar 30
12% Mar 30
100
6% 1st preferred
"2" 600
*15%
42
7%
1,200
2,400
5
share
No par
.—.100
Am Coal Co of N
""366
Apr 21
per
8
168% Aug 19
32% July 25
53
July 25
22% July 25
117% Aug 19
Preferred
Am Chain &
8
share
70% Jan
Lowest
Highest
23% Mar 31
25
Preferred......
100
200
per
114
100
American Car & Fdy...No par
1,500
378
10%
5 H% conv pref
American Can
800
7,900
8
Am Brake Shoe & Fdy .No
par
100
3,900
9
26%
42
3,200
9
334
10%
Par
30
378
19%
4
10%
200
2,500
4
10%
5%
Year 1937
100-Share Lots
Loicest
Shares
500
*170
4
4
*16%
*27%
*534
10
500
17%
17
2834
*534
*170
734
12%
10%
On Basis of
Week
76
478
*15%
1%
34
500
10%
*75
157S
10%
*15%
10%
*23%
*112% 119
5
9
2
4
4
76
5
9
27
42
13%
*75
5%
10
12%
*18%
*1%
20
76
734
8%
12%
10%
*7%
9
*41%
*61
10%
*11%
*10%
8%
12
19
*23%
19%
share
Range for Previous
Range Since Jan. 1
YORK STOCK
EXCHANGE
_...
9
2
14%
*15
..
378
19%
25
42
64%
19%
*15
37S
2
*61
per
19
8%
*14
8
...
7
7
Aug. 19
4
3%
19%
*23%
*4034
99
2534
<
*38
39
38%
38%
132% 132% *132%
99
100%
9778
98%
16838 1683S
*1683S 170
2534
27
25%
26%
43%
44
*42%
45
19
19%
2034
1934
38%
....
26%
500
*170
334
4
38%
*132%
76
*75
10
.500
334
*10%
S per share
12
12
76
*15
$ per share
Thursday
the
Friday
Aug. 18
*15
*7%
8%
12
10%
5
*534
Aug. 17
*15
*75
*170
j
/
18%
19% 20
*10934
110% 110% *109%
116% 116% *116% 117% *116% 117-%
11738 11738
19%
....
Wednesday
97%
*168% 170
43%
*112
39
96%
25%
41
*38
*132%
,
1149
July 25
20% July 19
y Ex-rights.
Oct
20
Jan
129%
Feb
6934
Feb
38
Jan
9
Oct
1538
Dec
50
Dec
16
Oct
4934 Mar
21
Oct
48%
2978 Mar
32% Jan
94%
Jan
Feb
1 Called for redemption.
New York Stock Record—Continued—Page 3
1150
LOW
AND
SALE PRICES—PER SHARE,
HIGH
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 13
Aug. 15
Aug. 16
Aug. 17
Aug. 18
Aug. 19
Week
$ per share
♦94
95
3 per share
S per share
S per share
$ per share
$ per share
♦4614
*111%
17
2934
314
♦22i2
10%
3034
461%
14
171#
30'4
3%
25
1012
3112
*94%
46
*11%
16%
96
*94
4634
*45
46%
14
17
*11%
13
16%
30
31%
30%
*3%
3%
25%
*3%
23%
10%
10%
*24
10%
31%
32%
38'4
*134
*36
40
*36
38i4
39
39
39
2
8I4
*712
934
3034
1634
*3314
*8%
934
30%
1634
36
9
11
1034
93
*87
514
5%
38
38
*39%
*31
17
934
*32
*8%
10%
*87
5%
38%
19%
36
9%
5%
39
4%
33%
20
14%
14%
19
16
16
Si2
*2034
3l2
10%
22
312
10%
22
*33
37i2
»18i4
1912
*10%
*32%
*18%
*20
20%
19%
*49%
50
3%
*49%
17#
7%
16%
17%
*40
*9
5%
39
36
9%
11%
93
17#
7%
16%
18
10%
10%
35
*18%
*20
19
20%
*49%
1%
50
2
7%
16%
17%
.7%
16%
18%
*40
-
6%
1%
7%
36
5%
*20
14%
18%
2%
*8
*15%
8
8%
22
3%
3%
*38
*38
8%
8
8
*7%
*37%
44%
79
*39
44%
79
40
40
*77%
79
17
378
*16%
*3%
17
3%
*38%
*77%
16%
3%
39%
5%
4,700
41%
2,400
5,800
3
200
JBUsh Terminal.—.J...N0 par
8%
300
*15%
1578
70
8
8%
22
1,300
*21%
100
5% conv preferred..——.30
*3%
10%
378
10%
2,300
Butte Copper & Zinc——_—5
600
Byers Co (A M)
..No par
Participating preferred.-100
Byron Jackson Co
No par
20%
20%
1,000
1%
7%
1612
18%
20%
*49%
1%
50
778
16%
*3*,000
1%
8
17%
18%
8%
19%
6,900
2,700
10,700
6%
6,000
1
tBush Term Bldg gu pf ctfs 100
Butler Bros
...—10
California
Packing
13
Canada Dry Ginger Ale—5
Canada Sou Ry Co
100
25
5
No par
21
Capital Admin class A..
$3 preferred A
-
*39
16%
*78%
16%
44%
80
16%
""*200
Carpenter Steel Co.———5
3%
3%
3%
3%
3%
900
91
90
90
90
91
92
87
90
*90
91%
*115
*115
117
117
*115
117
♦115
117
116% 117
50
50
49
49%
50
50%
50%
50
49%
48%
49%
106% *105
106%
*10434 106% *104% 106% *104% 106% *105
106% *105
22%
22% 23%
23%
24%
23%
22% 2234
22% 23%
22%
23%
*88
90
*88
90
*88
90
88
90
90
88%
*90%
93
22
22
21
21
20
21
23
22%
22% *22
22%
23%
2,400
Carriers & General CornCase (J I) Co
100
87%
100
49%
70
*65
1934
4%
♦65
70
*65
70
20
*1978
20%
4%
4%
*20%
4%
21
4%
4%
*107% 108
*9
11%
*578
5%
*90
6
5%
99
42%
8%
*33%
*97
5
5
*90
99
107% 108
*10
11%
*5%
*4%
*90
43%
42%
8i
8%
35
33%
*97%
8%
34%
98
24%
*97%
23%
24%
*23
8%
35
9
Preferred...
500
7% prior preferred—.—100
Celotex Co
*65
69
66
66
*20%
20%
20%
20%
700
4%
4%
4%
4%
108% 108% *107% 108%
12% *10%
11%
11%
4%
4%
3,600
*4%
43%
9%
6
9%
35
97%
97%
25
6
600
200
Century Ribbon Mills—ATo
6
*88%
43%
42%
25
35%
*96
9%
36
100
25
*4%
*5*400
978
6,500
3778
9%
37
*96
810
100
20
1,300
Certain-Teed Products
Common
_
11
*9
12
*10
11%
*10
25%
11%
11%
200
Checker
*37
39
*37
39
*37
39
*37
39
39
39
400
29%
*76%
29%
Chesapeake Corp
No
Chesapeake & Ohio Ry
*%
\
234
7g
334
2%
*34
334
*12
*%
*1%
1%
3%
13%
*34
*76%
*%
2%
2%
%
♦%
2%
2%
*2%
%
*%
78
3%
13%
3,
*13%
13%
*13%
%
%
*%
1%
1%
3%
14%
*1%
1%
1%
%
*3%
1
3%
14%
35%
*42
1
30
29%
*77
*%
*%
3%
35%
43%
*42
*77
29%
%
*77
"""%
2%
%
4%
*13%
14
13%
%
i"
*3%
14%
4
3%
14%
35%
14%
14%
36%
36%
*35
43%
43
43
*40%
*%
1
4
800
4
*3%
4
200
14
*35
36
43%
*40%
%
*%
43%
%
2
*1%
1%
1%
2
2
*1%
1%
1%
*10%
16%
9%
1%
11%
16%
9%
1%
1%
*10%
16%
1%
*1%
11%
*10%
16%
1%
11%
16%
16%
*16
9%
9%
9%
9%
45
*32%
*68
1034
69%
*32%
z67%
10%
*68%
*49
62
*49
66%
1034
*4%
21%
4-%
22
*111% 113
24%
*59%
38%
21%
*4
*21%
*112
45
69%
*32%
67%
10%
69%
62
*49
62
70
10%
4%
4%
24%
*22%
113
25
93
*59%
93
39
39
39
21%
21%
21%
*25
25%
*122%
*123%
131% 131% 134% 134%
59
59
*1000
59
59
*1000
11%
1134
11%
96
95
95
*32%
33%
33%
33%
*97
105
*14%
*6%
*8%
26%
15%
7
978
*6%
9
19%
19%
*18
19
*86
*97% 105
26%
14%
15%
7
*6%
*9
*6
19%
18%
10
9
14
*13%
13%
37%
*32
38
46%
*103
1%
11%
*1%
*10%
17%
9%
17
62
*49
*59
60
*1000
12
12%
*97% 105
*97% 105
26% *....
26%
"15% 15%
15%
15%
*6%
7%
7%
7%
*8%
*8%
9%
12
*63%
65%
*64
*43
60
*43%
47%
71%
*14%
6%
8%
8%
9
*6
9
*19%
19
92
*90
93
19%
18%
90%
13%
*13%
13%
*32%
38
6%-
65
64
60
*43
47%
6%
64
60
48%
*107
51%
110
9%
1%
10%
1%
36
37
26
26
200
30
600
18
90%
*12%
*32%
6%
64%
*43
46%
38
6%
65
59
48%
Clark
2,700
50
600
300
95
300
34
35
2,500
5%
50
160
8%
9
64%
64%
5878
46%
500
4778
*43
3In receivership,
1*3*000
5,800
a
•
200
6,100
Def. delivery,
Oct
Dec
5
Apr
7
Jan
3
May
8
5
2% Dec
Dec
Dec
Oct
1% Jan 10
5% July 22
16%.July 20
37
July 22
44
July 27
1% Jan 20
3
7
July
"19% July 26
10% Aug 6
\42
July 27
Jan
Oct
%
Mar 29
Mar 30
Oct
1%
Jan
*12% Jan 12
May 31
34
1% Jan 10
2% Jan 12
.
J"75% July 25
£13% Jan 12
78 Dec
2% Dec
634 Oct
28% Dec
34
Dec
1%
Oct
1
Oct
6%
Oct
12
Oct
3
Oct
36
Oct
46%
11
Dec
Oct
74% July 19
57
Dec
Feb 28
*• 5% July 19
*27
July 21
58
Doc
2
Oct
<
160
'113% Aug 17
28% Aug 8
76
Jan 27
45%May 11
25% July 22
124
Aug 1
142% Aug 3
60 May 17
976
May 5
13% July 25
17% Dec
10234 June
19% Dec
82
Oct
24% Nov
13% Dec
110% Dec
9334 Oct
56% Jan
8%
Oct
Aug 8
37% July 29.
95
Dec
18
Dec
87%June 29
97
Aug
9834 Nov
June 24
29
Feb
9% Mar 30
20
Jan 15
78
May 31
20
3% Mar 31
4% Mar 29
4
Apr
13% Mar 29
13
Mar 29
53% Apr
9
Mar 30
27% Apr 1
5% Mar 30
96
11% Jan 10
10
79
57
May
50
May 16
65
Mar 30
50
100
84
Mar 38
Dec
Dec
16% Dec
65
Nov
10
Oct
2534 Dec
z4% Oct
z68% Oct
64% Dec
30% Dec
80
Dec
Dec
Dec
12% July 29
5
Mar 29
2
Mar 31
Ex-dlv.
Dec
86
22% Mar 30
x
8
7%
1634
34
25
Commonwealth Edison Co_-25
Jan 18
Jan
11% Oct
5% Dec
6
107
1
No par
Jan 15
Aug
26
July 29
56
Jan 31
5% Mar 30
19
19
25
19
19
13
6
105% Aug 11
31%Mar31
90
June 30
22% July
22% July
98% July
16% July
35% July
9% Jan
23
3
8
8% Jan 12
10
Cash sale,
31
5
100
$6 preferred series
r
89
1
9
7% Mar 30
«fc Sou.-No par
New stock,
5
Jan
Mar 25
976
6% preferred series A...100
n
Oct
Nov
■
57% July
No par
Commonw'lth
1,400
5
89
Mar 30
100
16,200
25% Nov
z40
Mar 28
111
No par
13,500
100
3% Oct
18% Oct
103% Dec
12% July 20
2
38% Jan 17
48% Mar
Mar 31
105% Mar 30
Comm'I Invest Trust-.Wo par
$4.25 conv pf ser '35.No par
Commercial Solvents..Ato par
6,200
4
10
10% Mar 31
$2.75 conv preferred .Wo par
Columbia Gas & Elec—Afo par
4M% conv preferred
Mar
30% Jan 12
1
15% Mar 26
67% July 2
32% Mar 29
100
5% preferred
Commercial Credit
July 23
2% July 8
15% July 19
July
10% Mar 26
Colo Fuel & Iron Corp. iVo par
Colorado & Southern
100
v t c
10% July 25
40
106
Oct
Dec
Oct
13% Mar 31
Columbia Pict
6%
3434
Oct
No par
100
13%
8
1
106
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B.
2.50
Columbian Carbon v t c No par
38
49% Aug
Sept
2
35% Mar 31
100
100
95
3
25
No par
92
2
1% Jan 10
5% Jan 10
3% Mar 30
No par
600
Oct
3%
Apr
12
No par
18%
4
6% July 25
1% Feb 23
4
July 7
Mar 24
18%
July 25
8% Jan 10
104
4
2
""*600
*12%
Dec
Jan
8
5
19%
*32%
6%
19%
Aug
1
par
19%
*87
May
Mar 22
4% 1st preferred
Dec
June 14
54
Beacon Oil
Dec
90
14
1
....100
conv preferred
Colonial
900
June
10
Collins & Aikman
Dec
13
Jan 12
94
Mar 29
59
preferred
Dec
1% Mar 28
Cluett Peabody & Co—No par
Preferred
..100
6%
Nov
97
%Mar 31
.
Coca-Cola Inter Corp. .No par
Colgate-Palmollve-Peet No par
Oct
13% Nov
278 Oct
25% Aug 10
June 15
—.100
Coca-Cola Co (The)
Class A__
90
Oct
....No par
Molybdenum
37% Dec
Jan 17
Dec
Oct
22
Ctev El Ilium $4.50 pt.No par
Clev Graph Bronze Co (The).l
Climax
Oct
Nov
June
37%June
10
Equipment.-...-No
4%
May 11
678 Mar 31
par
....
28
3
Apr 18
8
2
Clev & Pitts RR Co 7% gtd.50
"2,500
*90
104% *103
104% *103
103
103
104%
10478 10478
51%
51%
53
53%
62
53%
53%
51%
53%
52%
107
107
*107% 111
*107% 110% *107% 111
*107% 110
9%
10%
10%
10%
10
10%
10%
10%
10%
1078
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
36
35% 35%
36
35%
36
35%
35%
35%
35%
26
26%
26% 26%
26% 26%
26
26%
26%
26%
Bid and asked prices; no sales on this day.
""*500
6*300
8
Corp
Oct
Dec
6%
106
% Mar 29
25
6'H% preferred
City Investing Co:
City Stores
"
*6
Chrysler
44
96
1
No par
City Ice & Fuel
9%
Nov
878 Mar 31
% Mar 28
% Mar 26
par
6% preferred
100
Chicago Yellow Cab.. .No par
Chlld-s Co
Oct
v
% Aug 17
2% Mar 26
100
Chlckasha Cotton Oil
.
80
Apr 26
No par
preferred
Oct
Dec
% Mar 18
1% Mar 23
div No par
tChlc Rock Isl & Pacific... 100
7%
July 13
1
4
10
108% Aug 17
6
cum
100
12
11%
preferred
($2.50)
600
60
104% *103
50%
9*9*900
*97% 105
26%
26% *....
16
15%
16%
6%
6%
19%
18%
13%
*59
conv
Chile Copper Co
*97% 105
*
*6
48%
*32%
*1000
~12%
19%
*18%
38
2,500
62
33%
6%
978
4%
4%
k4%
4%
4%
4%
*23
25
24
*22%
*22%
23%
113% 113% *113%
*113%
25% 25%
25%
*26%
25%
27
93
*59% 93
*59%
*59%
93
39
39
39%
38%
39
39%
22% 23%
21%
21%
22%
21%
123% 123% *121% 123% *121% 123%
*134% 137% *134
136%
136% *133
*59
""*655
17
*49
62
133%
6%
11%
71
35
13%
500
*10%
33%
*32
1%
a;71
95
19%
""*500
11
71%
*89
*6
178
72
*10%
45
94
6%
47%
%
1%
*%
*1%
94
6%
46%
$3
8
Oct
18
100
Chicago Pneumat Tool _iVo
Pr pf
4978 Dec
Aug
Oct
Oct
100
Preferred
100
978
45
73%
11
*3234
69%
71%
10%
69%
3,800
Dec
40
27% Mar 30
5% preferred
100
t Chicago & North West'n.100
300
34
19%
14%
72
45
1000
"*12%
13%
36
Oct
18%
2
70
1,000
1%
36
95
6%
66
46%
*49
*1%
12%
5% July 25
100
tChlc Mil St P & Pac__A7o
43%
35
61%
*63%
93
69
M9%
100
Oct
July 25
97
June 18
1,100
*40%
♦89%
*87
*32
*
12
*18%
*13
*43
25%
39%
22% 22%
123%
135% 136%
*59
59%
90
*85
6%
39
19%
18%
90
,
25%
*59%
4%
25
113
*1000
Tsf *
*95
*
113
70%
10%
69%
*32%
69%
10%
14
14%
36%
1%
9%
14
Oct
6
24
4
4% Mar 30
4% preferred
100
tChlc Ind & Loulsv 4% pf.100
Chicago Mail Order Co
5
%
Oct
Oct
2%
July 25
26% Mar 29
tCbicago Great Western..100
14
5%
16%
58
8
100
preferred
Oct
120
Mar 28
22
1,000
Oct
10
107% July 25
5
25
1,000
Oct
Dec
June 30
3% Mar 31
par
10,600
1
%
1%
1%
6%
July 19
18% July 20
4% Jan 12
17% Mar 31
%
6%
15
Jan 17
Mar 26
5
tChlc & East 111 Ry Co
Oct
2% Oct
24% Dec
10% Oct
5% Dec
July 25
89
Mar 30
July
94
*2%
4
35
Oct
Oct
40
Jan 3
Mar 31
Jan 4
100
Cab
Preferred series A.
1
134
16%
9-%
45
68%
""*100
1
*1%
16%
%
*%
*3%
1%
*%
*10%
8,700
14
1
11
3078
*13%
%
1%
*%
*10%
29%
*7678
*%
%
4%
1
%
2%
%
*3%
3
1%
..
»%
3
4%
4
29%
2%
Oct
Dec
52
4
No par
*9
25%
11%
25%
11
29%
6%
76
8
Aug
8% Aug
Mar 25
Mar 31
100
pf
Dec
24
90
1
6% prior preferred
Cham Pap & Fib Co 6 %
Dec
99% April
7
Mar 26
Cerro de Pasco Copper.No par
39
29%
7
21
Jan 13
3
2
100
11
30
Jan
28
par
Preferred.
44
8
8% Jan 10
42
July 25
May
19% Aug
Central Vloleta Sugar Co—19
5%
99
6
9%
35
98
24%
400
42%
43%
36
100
11%
11%
Oct
5% Dec
25% Jan 7
72% July 21
46
—100
107% 107%
5%
99
16
*4%
preferred----.
Central Foundry Co
1
Central 111 Lt 4H% pref-100
Central RR of New Jersey. 100
*88%
5%
99
5%
Jan
1
Feb
Dec
45
12% Mar 26
Central Aguirre Assoc. .No par
*37
29%
9
82
..No par
70
10
47
21l2July22
Mar 30
2%
62%
98%
29%
100%
100
15*600
700
Dec
24% Jan 11
63% Apr 14
12% June 13
Caterpillar Tractor
No par
5% preferred
100
Celanese Corp of Amer.A'o par
20%
*90
43%
4,400
20%
6
6
5%
99
42%
43
100
24
*107% 108
*9%
11%
578
6
*65
—10
Carolina Clinch & Ohio Ry 100
117
*115
28
22
4% Mar 31
34% Mar 28
1
80
50
Feb
4% July 25
13% July 21
12% Mar 30
37% Apr 29
40
40
53%
2% Jan 10
10% Jan 11
18% Aug 6
*16%
*76%
*16%
*3%
Dec
Dec
24
Mar 30
*78%
18%
3%
87%
Feb
22,
Aug
17%June 30
10
July 19
Mar 31
Aug
23%
6
11
8%May 27
34
59%
23% July 25
16% Aug 6
22% July 25
3% Jan 15
*15% Mar 30
15% Mar
Oct
5% Jan 20
Mar 30
\5%
16%
*16%
3%
15% Dec
54% Jan 11
i20 Mar 31
ill
Cannon Mills
Jan
50% Aug
Oct
1
100
28
Oct
34
39
Mar 31
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy ..No par
100
Dec
3
7
51
79
*76%
16
2234 Dec
Jan
18
Mar 31
8%
*7%
Aug
6
10
8
13
8
13
Aug
45
Canadian Pacific Ry
25
July 26
—-50
Callahan Zinc Lead
Dec
41
No par
preferred—
11
Jan 24
Mar 26
6
46% Apr
6% July 21
165g Mar 30
2% Mar 30
share
93
15%
93
14% Mar 31
1% Mar 28
4% Mar 26
6% Mar 30
5%May 31
—100
Debentures..------
39%
*38
'
40
Burlington Mills Corp
5%
*40
*7%
No par
Co
8%
"*500
*38
8%
Bullard
per
Oct
Oct
10% July 13
12% July 25
Mar 26
3
Highest
76%
21% Jan 11
15% Mar 26
13% Mar 31
6% Mar 29
No par
Burroughs Add Mach__Aro par
134
7%
39%
Bulova Watch
900
1978
6%
39%
25
100
-
-—No par
4,400
3,900
*19
*40
preferred
Budd Wheel
18%
'20%
*49%
...
No par
Budd (E G) Mfg
share $
39
Jan 12
6
Jan 10
Aug 6
2% Jan
10% July
13% Jan
3% Mar 31
5
preferred
per
Aug
1% Mar 25
3% Mar 26
5% Mar 30
%
July 19
40% Aug
,.100
Bucyrus-Erle Co
share
July 28
July 12
3
*27%May 27
5% Mar 26
5?8 Mar 31
75
Apr 18
15
19%
Feb
41
21
35
7%
28
Bruns-Balke-Collender.No par
7%
Mar 30
37
14%
*32%
2
Mar 29
5% Mar 31
series A.No par 'a:16% Mar 31
iU0% Mar 29
18%
*2%
10%
50
86 preferred
350
4%
34
35
6%
39%
33%
*20%
14
Brooklyn Union Gas—No par
Brown Shoe Co-.No par
7%
*32%
19%
6%
*8
1,900
1,200
*10%
18%
*38
*4%
Mar 23
$6
93
5%
*37%
4%
33%
20%
15
18%
2%
8%
16
*21%
19
8
5%
39
2
Bridgeport Brass Co—No par ■
4,200
3,600
39
May 31
16% Mar 31
preferred
No par
Bklyn-Manli Transit.-iVo par
11%
5%
39
14%
19%
33%
4%
25%
12%
34%
38%
Brooklyn & Queens Tr. No par
"*300
11
2
15
100
Bower Roller Bearing CO--17
200
9%
*87
June
800
34%
11
9
18
9%
93
48
Brlggs & Stratton.—.No par
Bristol-Myers Co.-.-—
5
*32%
'
96
5
100
8%
*87
6
Jan
18,900
34%
11
11%
Apr
40
Boston & Maine RR
300
per
82
5
Corp—
Borg-Warner
$
share
12% Mar 30
8%
93
Borden Co (The)--
per
Brlggs Manufacturing—No par
*32%
9%
18%
40
100
17
16%
*8
300
1%
17
17
40
*8%
10%
17
*40
38%
39%
*1%
32
20%
15%
19%
2%
8%
15%
8
22
3%
10%
35
19%
20%
50
*33
39%
32%
38%
40
11%
20%
14%
3%
5,300
32%
16%
33%
15%
*8%
*21%
11%
34%
38%
10%
16%
33%
8%
*15%
8%
*21%
3%
10%
*32%
18%
20%
*49%
12,400
10%
33%
2%
17
32%
3%
24%
33%
2
8%
5*705
16%
*24
Class B
Bond Stores Inc
~
31%
3%
32
33%
20%
*7%
3%
24
10%
"""ieo
46%
12%
10
32%
20%
8%
31%
*11%
17%
4%
18%
*45
$
No par
No par
1
15
Bon Ami class A
96
32
5%
39
46%
12%
17
8%
478
3
11
35
19
20
50
11
*94
Par
1938
Year 1937
Lowest
Highest
Lowest
Shares '
8%
10%
32%
*8%
*87
96
*1%
4%
15
8%
*32
1%
9
4%
19
2%
8%
15%
8%
22
3%
3%
9%
16%
5%
39
18%
*2%
22
1%
32%
478
14%
—
6%
*32
*87
18%
*2%
8%
*8
10
31%
17%
107#
11
93
1912
6%
40
10%
31%
17%
10
33
17
185#
3
87#
16
8i2
6%
40
40%
11%
33%
*8
32%
*40
*36
8%
4%
17#
7%
16%
17%
24%
40
32%
2
*30%
*3%
*23%
10%
*36
*1%
14
ia4
7%
16%
17%
4
*23%
10%
*8%
18%
*15l4
»*94
46%
46%
*11%
13
17%
16%
31%
31%
23%
107#
33
1%
14
*6l2
96
*3%
8%
1912
♦2%
17
3078
1%
3234
32
46%
*11%
8%
4%
412
167#
31%
4
*94
40
31%
3834
*33
96
,
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
NEW
for
20,
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
Aug.
Aug
Oct
3
1
Oct
45
May 11
34
Oct
28
May 11
Jan
y Ex-rights.
H Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
147
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Sales
CENT
STOCKS
NEW YORK
for
Saturday
Aug. 18
$ per share
$ per share
Shares
Thursday
Aug. 17
5 per share
$ per share
$ per share
$ per share
*7%
8
*714
8%
*7%
9
*7%
8%
23%
233g
12
2314
23l2
12
23%
24%
24%
12
13i2
1434
*11%
24
12
13%
14%
9
*8
*7%
14
14%
14%
*7%
9
67
8378
1%
*64i4
837s
*li4
8
8
25%
*98%
2534
*514
512
9 •%
*758
*64>s
*8312
*H4
*8
99
9is
*7l2
♦llSg
14%
6712
8378
H2
14%
66
*64%
83%
1%
1%
437g
8
26%
26%
27%
9834
99
99
99
512
9i8
9'
4
5%
9%
534
'102% 110 "
*3%
3%
%
4
87
87
1412
1434
2158
2234
2t8
1434
2134
15%
22%
2%
33
1%
487S
*48i2
68
*16734
97
2
97
1%
32%
16
50
1%
3134
*16%
48%
1%
33
16%
48%
68
...
7834
7834
*78
32%
33%
9
31%
40
32%
*75
90
%
6is
6%
412
4%
3278
*75
%
*78
80
3414
34
*78
88
15%
2134
2%
97
*95
1%
1%
33%
*16%
*48
49
*48
70%
...
*32%
37%
34
34
1234
12%
*7334
3234
79
33%
*7334
34%
88
*75
90
*76
6%
414
4%
4%
69%
18
7%
7l2
714
7l2
7%
51
52%
52I2
54
5%
5212
514
51%
5
5%
5
22l2
23ig
22%
*32%
*32%
12%
80
6%
4%
5
*32%k37%
*32% 134
12% ^12%
*78
6%
4%
*61%
*16%
69%
23
*61%
17
7%
4%
69%
17
734
22%
4%
*61%
*16%
7%
52
53
5%
*%
*6%
5%
23%
5%
22%
33
69%
17
7%
*75
80
75
75
*75
80
*72
80
*72
443s
24
44%
4438
*42
24
46%
24
734
*42%
24
46
24%
734
*44%
*23%
46
24%
734
16
*9
912
*10714 1 0834
1834
19
2412
13l2
19%
24i2
13i2
2014
*6
*15
714
16
23%
*6
*15
16
9%
*9i8
10
9%
'107% 10834 *107% 10834
1838
1912
18%
19%
*23
24%
24% 2434
*1314
14
13%
13%
20%
2158
2034
22%
7
7
634
714
7%
7%
*1
2
*114
134
*1%
1%
*102
103
*10212 1 0334 *102I2 104
*33s
334
*3%
434
*338
434
*6
978
34
28i4
3912
*33i2
28i4
*38
918
9i«
15%
15
*743s
*6
*33%
29
29
*3734
40
914
15
*73%
*13
76
1334
*31%
20%
32l2
2014
3134
34
*512
47i8
*125
*18
1034
*312
*9%
*107
*6
978
34
*3314
*12
914
15
7778
13
32
122i2 124
*13278 13412
*118% 1195s
*100
115
125
127
634
*1%
*103
600
170
*162
170
6,000
80 *
34%
*3%
23
80
10
40
46%
25
1,000
60
200
2,800
33%
8,400
Dome Mines Ltd new..Wo par
*5%
5%
*5%
5%
27% July
4%June
115
*6
*33%
27%
3%
*9%
*105
129
3%
13%
115
338
*9%
*105
3984
1534
*74
*10%
21
12
"""166
170
*162
130%
170
*162
*19
170
20%
4
4
8%
9
2%
8%
*234
10i8
10%
36%
10%
36%
*31
34
36%
34
*2934
30i2
1%
10%
36%
*32%
29%
10
*35
103s
36i2
8%
234
10%
9
2%
8%
*2%
10%
10%
37
37
*32
35
*24%
2
*1%
2
2
2
3
234
3
234
234
4%
234
4%
2%
4%
12
*4
14l2
1412
14%
14%
2%
1434
7
12
2
34
34
34
34
*6%
3334
30
30
30%
30%
3034
*5%
234
4%
12%
15%
2
7%
35
5
*2%
2%
*4
4%
12%
1434
15
2%
1434
*134
*6
7%
35
*29«4
*12
35%
3034
12%
1234
*11%
1234
*12
♦77
82
*77
82
*77
82
*77
82
*85
93
*85
93
*85
93
93
*134
6%
2
234
4%
2%
4%
12
15
2%
6%
*29%
*12
12%
*12
30%
12%
*77
82
*77
93
*85
5%
3%
4
5%
*334
"5%
3%
5%
*334
"5%
3%
*1%
1%
1%
1%
*1%
1%
*1%
1%
"5%
*2112
2212
*22
23%
*22%
23%
23%
2334
*85
89
*85
89
*85
88
85
85
*33
333s
23
*33
33%
21%
*33
33%
*20%
22
*2018
*
21%
33%
*20%
33%
22
Bid and asked prices; no sales on this day.
*23
85
*33%
*20%
5%
47%
157% Dec
121
Oct
^80
Nov
Jan
Jan
25% Apr
IO884 Apr
8184 Mar
135
Mar
Dec
3
Jan
3
Oct
17%
234
Oct
1438
%
1% Jan 7
13% Feb 7
6% July 14
3
70
Dec
127
Jan
21% July 18
"12
Dec
43
Mar
8% Aug 11
56
Aug 10
6
July 19
2434 Aug 5
75
Aug 9
4
Oct
87
Jan
39% Dec
i
^
2
a
8%
46% Aug 19
2884 July 25
834 July 20
4% Jan 24
734 July 6
39% Feb 28
29% Aug
Jan
8% Mar
2384 Mar
Dec
86
Jan
Nov
62
Feb
27
Oct
6
Oct
18%
Jan
12%
Oct
24
Feb
Oct
19% Nov
20% Nov
■
109
Jan
27
Nov
96%
3184 Mar
8
Oct
29
13
Oct
5838 Mar
^5
8% Feb 25
Jan 12
109%
18% Nov
Jan 20
2% Jan 10
20% Feb
24
15% Jan 11
23% Aug 8
108
Jan
54%
A
15% Aug 17
11% July 29
10834 Aug 5
25% Feb 25
25
Oct
Oct
Jan
Oct
24% Mar
10% Feb
146% Jan
22
May
134 Oct
±88% Dec
a
5
12%
Oct
Oct
'29% Dec
30
18%
Oct
76%
36%
30
Oct
40%
Jan
May
Feb
Feb
Feb
5
Dec
1238 Mar
14384 July
17
5
2
Mar 30
Apr 23
Dec
23
Apr
10
Oct
29
Mar
60%
Oct
96
Mar
15
Oct
25
Feb
27
Oct
41%
4634
Feb
584
26%
21
77%
Jan
Jan
Doc
55
Jan
July 19
8%
Dec
39%
Jan
1%
Oct
8%
Jan
11
8
July 18
10
17%
Jan
115
Jan 27
106
Nov
122
Jan
98
Nov
180%
Jah
Feb
14
438 Aug
13384 Aug
6
Oct
Mar 30
10% Jan 17
700
Elec & Mus Ind Am shares....
Electric Power & Light. Wo par
par
2%May 27
6% Mar 29
22% Mar 31
par
18
par
2134Mar 31
par
%Mar 26
Electric
(The)
Boat
600
37
preferred$6 preferred
200
300
2
6
Corp
3
50
33
Apr
6
94% Apr
5
700
400
Eureka Vacuum Cleaner
2% Mar 29
38% Mar 31
40
3,500
Ex-Cell-O Corp
2
Exchange Buffet Corp .No par
170
Fairbanks Co 8% pref
100
Fairbanks Morse & Co.No par
400
Fajardo Bug Co of Pr Rico..20
100
preferred
Federal Min & Smelting Co 100
...100
Federal Motor Truck..Wo par
Federal Screw Works..No par
Federal Water Serv
23%
Federated Dept Stores.Wo par
85
23%
*83%
400
89
300
33%
22
33
3334
1,200
Fed Dept Stores 4 M % pf.. 100
Fidel Phen Fire Ins N Y..2.60
*20%
20
Fllene's (Wm) Sous Co.No par
delivery,
n
New stock,
r
A.Wo par
Cash sale,
Marl6
4
Jan 11
1384 July 20
2
2
31% Mar 7
2
July 20
45% July
4134 July
26
July
7
4484 Aug
198
Aug
150
Apr
164
Nov
15%
Dec
234 Dec
14% Dec
334 Oct
3% Oct
Feb
Jan
87
Jan
22
Oct
44%
Jan
14%
Oct
29
Jan
Jan
1
33
Nov
60
Feb
Aug 13
100
Nov
Jan
7
July 1
57%June 30
63% Aug 12
3
Oct
115%
1734
41
Oct
78%
Jan
45
Nov
81
Feb
July 25
51
Nov
86%
934
109
66%
2%
6%
884
Jan 11
1% Dec
Oct
Oct
Jan
3
4%
Jan
6
8%
5
Oct
3
Oct
1
Feb
7%
Oct
6
y
Feb
16
24
13
25
27
19
12
June
Feb
Mar
45%
Oct
5% Jan
14% July
16% July
2% July
11% Jan
Ex-dlv.
16
27
Oct
6% Jan
15
x
37%
26%
92%
6%
4
9
Nov
Nov
26
31
112
144
June
31
30
27
31
30
67
April
52% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
1% Mar 31
12% Mar 30
67% Jan 4
22% Mar 30
Federal Light & Traction—15
$6
137
117% Aug
116% Mar
2% Mar
5% Mar
10% Apr
1% Mar
3% Mar
19%May
22%May
6% Mar
3
100
Mar 29
l%Mar 29
1 a4 June 21
234 Mar 30
5
—5
1,700
Mar 31
46
Wo par
Equitable Office Bldg-.Wo par
JErie Railroad
100
4% 1st preferred
100
4% 2d preferred
100
Evans Products Co
Mar 31
Feb
preferred
4,400
"
17
5%
36
"
Jan
10% Mar 30
3
300
a Def.
56%
28% July 25
Electric Auto-Lite
300
t In receivership,
Dec
30% Dec
8% Oct
Jan
Jan
Feb
13% Mar 30
14,200
4,200
2,600
22
July 19
94% Jan 17
37
28s4
100%
Oct
79% Nov
157
..Wo par
Eltingon Schild
13s
23%
34
4
44% Jan 11
Dec
5
3
2,700
Preferred
"5%
6%
28% NOV
56% Feb
Aug
115
Mar 23
"V.766
4
*334
Nov
Jan
1%
4
21
Mar
93
*334
Dec
Feb
Oct
121% Mar 31
J).Wo par
6% cum preferred.
100
Eaton Manufacturing Co
4
*95
H2
88%
34% July 25
14% July 19
82
Oct
22% Nov
77
71% Jan
171% Jan
10% Mar
16%
Eastman Kodak (N
82
*85
Jan
3
Oct
Apr
Jan 12
900
1,300
2,200
6%
37
50%
153
17
"l",306
2
70% Aug 17
167% July 22
5% July 25
36% July 19
113
July 25
2538Aug 3
10% July 7
30% Jan 17
Oct
115%
284
35
Jan 12
2%
2
29%
5%
334
5
6%
56
Oct
9% Oct
4634 Nov
7% Jan 12
181
July 25
171
Apr 20
21% Aug 10
5% July 25
300
29%
334
5
*134
35
24
3584 July 25
19% July 25
Oct
Oct
%
Jan 12
700
300
35
"138
434
15
5%
23
134 Jan 15
135%
4,800
3
37% Deo
106% Dec
Oct
Oct
Oct
5%
4
June 30
Jan
5% Jan
IO984 Feb
69% Jan
108% Deo
2584 Jan
4284 Jan
3% Feb
49
July
35% Mar
Oct
57%
1234
15%
Oct
July 29
102
preferred
100
Engineers Public Service
1
$5 conv preferred
Wo par
preferred w w..Wo par
4
65
373s Apr
3784
130
Endlcott-Johnson
12%
Oct
107%
109%
360
5
Oct
Oct
1
13% Apr
5284 Apr
92% Aug
4
1
200
2%
4%
2%
49
1034
7%
Jan
Jan
Feb
24
6% non-voting deb
100
$4.50 preferred
...No par
El Paso Natural Gas
*1%
10%
1%
34
Mar 30
Duquesne Light 5% 1st pf.100
Eastern Rolling Mills
5
500
34
*95
*95
*95
*95
"
*4
12%
*11
*85
4%
2%
11%
3034
12%
*95
1%
234
Oct
76% Aug
80
24%
44%
108%
68
105%
Oct
38
19
112% June 28
11% July 26
36
July 25
17% Apr
Dec
2%
Oct
Jan
Jan
Feb
17% Aug
90% Mar 31
13034Mar 31
109% Apr 1
11134 Jan 3
3% Mar 31
200
*63
2
100
138
68
*63
No par
& Co..20
....No
Wo
Elec Storage Battery..No
Elk Horn Coal Corp newWo
*63
68
......
11,300
68
*63
22
13%
Maris
600
6434
68
1
10%
36%
32%
2934
*61
Oct
100
108
Jan
Jan
Mar 30
5
6% Mar 25
134May 6
8% Mar 28
Wo par
10%
36%
6334
*63
63%
7
5
7
4
5% Jan 12
7% Jan
% Jan
24% July 19
(E I)
Oct
49%
40% Aug
10% July 29
15
Mfg conv A Wo par
preferred
Nov
3%
1034 July 13
103% July
Mar 26
8%
92
June30
63s July 21
877s Jan 27
3
*6034
65
*2
2934
1%
24%
100
31
Duplan Silk....
834
32%
*28%
*1%
24%
44%
584
I884
Wo par
*2%
63%
*61
4%
1134
7
24%
63%
4I8
1112
218
*2134
*28%
*1%
8%
Oct
No par
Du P de Nem
9,500
170
25%
*43
44%
44%
53%
108% *108
108% *108
108% *108
5%
5%
5%
5%
5%
5%
*57
57%
*56%
58%
58%
*56%
58%
2%
'Ik
37%
3234
2934
1%
.
1
4% Oct
21% Dec
12
No par
Class B
115
20%
4%
27%
108
2l2
4'8
1138
*5%
29%
1%
24%
37%
3234
*28%
*1%
24%
44%
3
1034
*162
2034
2%
334
Mar
12% Aug 18
2884June 2
No par
Dunhlll International
600
arl2834 133
Mar
95
34% Aug 16
8% Jan 20
54% July 25
140% July 7
Dresser (SR)
3%
13%
87
Oct
Dow Chemical Co
400
*10%
Oct
63
Douglas Aircraft
"12",000
*17
65
65%June17
Dominion Stores Ltd..Wo par
48
132
*105
Co
Class A....
3
Jan
Jan 15
68
II
Ltd. Wo par
5% pref with warrants.. 100
Dixie-Vortex
1878
5
Dlstil Corp-Seagr's
"""166
Mar 30
2084 Jan
31% Jan
6% partlcp referred
25
Diamond T Motor Car Co..
1,800
132
*3%
*9%
25
No par
Diamond Match
800
1534
78%
12%
100
preferred
5%
Devoe & Raynolds A ..No par
30
"""966
3%
13%
115
9%
33%
27%
*38%
46%
48%
48%
49%
132% 133% *130% 132
*17
21
*20
22%
*10%
12
*10%
12
8%
4%
2%
2%May 31
4%June 11
Det & Mackinac Ry Co...100
434
Doehler Die Casting Co No par
r
434
Mar 31
600
8i2
*234
Mar 26
76
Detroit Edison...
260
8i2
*278
5
1
100
Delaware Lack & Western..50
"""160
20%
33%
5%
26%
8%
3
2l2
Mar 31
JDenv & R G West 6% pf.100
7%
1%
4
32
2534
2
7% Mar 29
100
20%
33%
*5%
4634
26%
2
Delaware & Hudson
Mar 30
9
10
DIesel-Wemmer-Gilbert
26,700
32
26,
212
20
Preferred
900
6%June 4
102% Jan 3
1334May 27
1984 Mar 29
20%
33%
2634
*4i2
Wo par
32
25
68
Deere & Co new
15,700
12%
26
*63
4% Mar 29
13% Mar 29
Conv 5%
32
25%
63%
13% Mar 31
5
preferred
25
Davison Chemical Co (The).l
Dayton Pow & Lt 4 M % pf. 100
15% """166
Oct
86% Aug 17
1% Jan 11
8% Aug 8
30% July 25
■
Mar 31
18
No par
20%
20%
4%
6?
pref-.lOO
Davega Stores Corp
734
8
Cutler-Hammer Inc newWo par
3,100
32%
2134
34%
*19%
3%
*61
1
Cusliman's Sons 7%
$8 preferred
June
3% Mar 30
12% Mar 30
48% Jan 11
...1
32%
*20%
33%
*74
4
5i8
5812
35
Wo par
Class A
78%
13
20%
5i8
Preferred
Curtiss-Wright
*73%
*12%
15%
78%
13
32
20s4
34%
4
*56%
(The)..Wo par
10
1534
20%
48
50
934
15%
*38%
9%
*15%
4
10812 109
58%May 31
12 May 25
43s Mar 31
9
*6
20%
*24%
*44%
Curtis Pub Co
Mar 29
3
100
Cudahy Packing
1,900
5% Mar 31
40
9%
15%
78%
12%
*3%
19%
3%
23%
23%
*44%
53%
108% 108%
5%
5%
5634
57
No par
Cuba RR 6% preferred
100
Cuban-American Sugar
10
69%
19,100
9,200
70
(The)
Preferred
5%
19% Mar 31
Apr 8
88June 30
100
40
9%
334
2534
2378
Cuba Co
Mar 29
58
preferred...Wo par
conv
Crucible Steel of America..100
*38%
126% 12834
1%
5
40
434
1'934
*1%
35
Corp
28
*6
3%
2412
U4
*2334
*4378
$2.25 conv pref w w..Wo par
Pref ex-warrants...-Wo par
60
5,900
Wo par
28
9%
29%
21% Apr 5
5% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
28%
*3%
34
19i4
3434
2934
1%
Jan 31
Preferred-
104
1
a:53
1
162
Apr 12
284 Mar 26
Apr
Apr
Mar 31
Zellerbach
434
5
19
Crown
July
Jan
40
conv
Crown Cork & Seal
Jan
26
27
16
25
Mar 26
Jan
22
Oct
17% July
26% July
234July
103% July
85
"""206
5,200
7
1
19%
Dec
27
26
29
31
30
25
Co
Dec
Oct
10
share
8
7934 Dec
21% Mar 30
%May 26
21% Mar 30
per
19% Feb
45% Mar
5%
5
June 17
Highest
1
7%
6
19% Jan 17
10% July 21
147s July
Jan 12
preferred
100
Cream of Wheat ctfs...Wo par
5%
37%
8
55
*100
25
100
Dec
89% July
*28
*38%
*162
Corn Products Refining
Preferred
20
Apr 18
6
5
Continental Steel Corp. No par
Corn Exch Bank Trust Co..20
9% Aug ;
July 21
8% July 13
28
Mar 31
107
1
Continental Oil of Del
per
934May
8% Mar
1% Mar
65% Mar
36% Mar
.20
Motors...
share
4% Oct
$
share
10
Crosley Radio Corp....Wo par
"moo
128% 130
134
134
134
134
134
134%
134% *132% 134% *133
119
*118
*118
*118
120
11934 *118
11934 *117% 120
116
116
115% 115% *115% 116
115% 115% *115% 116
115% 115%
5%
5%
*512
534
5%
5%
*5%
534
534
534
534
534
172
174
171
171
173
173
*171
174
172
174
*17H8 173
*162
Continental
per
78
100
34,50 preferred
Wo par
Continental Diamond Fibre..5
Continental Insurance...32.50
Crane
"""400
*1%
1%
preferred
Continental Can Inc
Coty Inc
800
% Aug 18
2% Mar 19
Wo par
8%
10,500
934
10%
108% 108%
1834
19%
24% 24%
*1234
14
21% 2238
7
104
Class B
Mar 30
434
9%
33%
*28
*100
2
Mar 31
7
Container Corp of America.20
Continental Bak cl A..No par
"1~206
17
46
Mar 26
I
4% Mar 26
33%
20% 20%
2034
34
3378
34%
34%
578
*5%
6
*5%
5%
48
4734
47%
48
48%
128
*130
135
*12414 135
22
*18
22% *18
23%
1034 *10'8
12
*10%
1134
334
*3%
378
3%
13i2
*912
13%
*9%
13%
115
7
103
4,800
69%
2,200
15%
15%
15%
*9
*9%
934
934
10834 10834 *10734 108%
19
19%
18%
19%
25
25
24% 24%
*1234
13%
*1234
14
2034
21%
20%
22%
7
10
434
*6
*1%
600
300
24%
*15
103
4,100
634
*15
*6
1,700
2,000
"""BOO
784
*6
17
5
Jan
34
9%
34
28%
15%
*73%
*11%
31%
23
100
500
%
*72
80
*42
Consol Film Industries
_.l
$2 partic pref
No par
Consol Edison of N Y..Wo par
88
22%
22%
71
w
5% preferred v t c
100
Consumers P CoS4.50 pfWo par
7%
54%
5%
5%
100
7% preferred....
6M% prior pref w
300
17
52
100
No par
"""loo
59,300
*6%
4%
*61%
4%
Mar 29
9834 Mar 24
2% Mar 31
%
634
Mar 29
484 Mar 30
35 preferred
No par
Consol RR of Cuba 6% pf_100
tConsolidated Textile..Wo par
Consol Coal Co (Del) v t C..25
"""400
50
34
13
6
11
88% Apr 16
2% Mar 30
*168%
*168%
*7334
3334
*6%
16
*48
48%
68%i6934
A
Mar 29
$5 preferred
.Wo par
Consol Laundries Corp
.5
Consol Oil Corp
..No par
17%
88
6i2
69l2
17
_
34%
80
%
16
*15
100
1%
33%
4%
4%
434
434
4%
4%
33
3334
32% 3334
32% 33%
111% 112% *111% 11234 *112% 11234
24% 24%
*24% 24% *24%x.24%
*8
*8
*8 J* 884
834
834
33
33
34
33%
33%1 33%
*%
*6118
2234
*534
500
1
3% Apr
4% Mar 29
55
Apr 1
20
17,500
1,300
1,300
18,400
15%
1%
32%
32%
*16
33%
16%
*95
96%
*1%
%
16
15%
15%
22% 122%
2% JS 2%
15%
23%
2%
*%
70
22%
2%
%
*15
22 %
15%
2134
58
*638
*61%
714
993s
534
5%
5%
9%
9%
9%
9%
9%
934
*102% 110
*102% 110
*102% 110
*3%
3%
*3%
4
*3% _3%
%
%
%
%
% jflt %
*334
4%
4%
*3% * 4%
4%
*17
*17
*17 4a19
I884
19%
*87%
88%
*87%
*87% ^88%
88%
69%
*168%
*168
123s
*8%
*3034
*32i4
*32ig
12%
*
1%
8%
A
Consolidated Cigar
$
15
Conn Ry & Ltg 4
% pref. 100
Consol Aircraft Corp
1
220
26%
9934
8%
2634
5%
*95
97
4i2
45S
4%
4l2
33
3212
34
33%
1123g 1123s *112
112%
24% 24%
*24i8 24i2
*8
9
*8%
9
3U2
3178
32%
32%
*3214
37l2 *32%
37%
*327s
3414
*32% 34%
1238
127s
12%
1234
4%
327g
1123s
24%
24%
3212
*1%
*734
26%
99% 1.99%
5% m 5%
*8
26%
.
6,200
15%
*112
86
44
44
44I4 4478
447g
43% 44% *43% 44%
44%
112
112
*11134 112
*11134 112
*11134 112
*11134 112
*9
9
9
9
9
9%
9%
934
*9%
34
33
33
34
33
33% 33%
33%
33%
15%
68
86%
*1%
300
100
3218
---
*64%
734
2.800
Lowest
Highest
% per share
Conde Nast Pub Inc...No par
97%
32
68
64%
86
8
Par
Congoleum-Nairn Inc.-Wo par
Congress Cigar
No par
3,700
12,200
4,600
li8'
3134
15i2
*48
68
86%
1%
8
*7%
*1134
14%
Year 1937
of 100-Share Lots
Lowest
400
23%
2%
2
*95
33
1>S
4
18%
8%
On Basis
2,700
7%
24%
934
13%
14%
734
64%
7%
24%
7%
24
12
13%
14%
7%
2334
*734
*11%
*14%
99%
5i2
*17
9%
1%
*7%
4
44%
86%
25%
19
112
*9
1%
*8
68
8i8
89
2%
84%
13%
15%
8%
26l2
*87
98
*16734
*4%
66
83%
*17l2
145s
217g
*95
*110
8%
4%
19
21%
2%
15
9
88%
*17%
*84i2
*7%
*11%
25%
98l2
*102% 110
*10278 110
3U
3%
*338
3l2
%
%
%
*4
*784
14%
,
Range for Previous
Range Since Jan. 1
STOCK
EXCHANGE
Week
Wednesday
Any. 13
Tuesday
Aug. 16
♦llSg
1
the
Friday
Aug. 19
Monday
Aug. 15
i
1151
39
Aug
8
34% Feb 19
14% July 20
82
July
92
July
99%May
5% Aug
4% July
1
6
17
10
25
2% July
26
1
July 21
90
July 27
3584 July 25
x21% July 14
Ex-rights.
Jan
Feb
Jan
23% Mar
3588 Mar
28% Mar
6% Dec
14% Jan
34% Mar
1%
7%
Oct
Oct
28
Jan
23%
Oct
71%
Jan
26
Oct
70
Jan
29%
Jan
634
Jan
7% Oct
7234 Dec
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
2
Oct
11%
Feb
2%
Oct
11%
Feb
6
Jan
Oct
1434 Dec
1%
z65
22%
20
Oct
4384 Mar
108% Mar
Oct
45%
Jan
Dec
3984
Feb
If Called for redemption.
New York Stock Record—Continued—Page 5
1152
LOW
SHARE,
SALE PRICES—PER
HIGH
AND
Monday
1
Wednesday
Tuesday
.
Aug. 13
Aug. 15
Aug. 16
Aug. 17
$ per share
$ per share
$ per share
20%
*88*2
32%
19%
20* 4
251 2
*24* 2
98
32* 2
*15*4 21
*1*4
2* 8
*27*2 28
*100% 103
*18
181
*01
Aug. 18
40
29
29
2%
4%
*13%
*14*4
*9334
6*4
14%
2*.
155*
0*4
47
15
47*4
4%
4%
22
67
25* 2
*24*2
25*
21
*19%
21
*19%
20
2
*1%
28*2
66
275*
14
*14
17
90
*93%
95
44%
457*
121% 121%
121% 121%
*33
*37%
86
7*2
7*2
9
9
*104
106
*134
*104
17«
18%
4J
19%
12478 125
*122
125
*104
1
*8
7%
9%
106
1%
%
9%
9%
*104*2 106
2
*1%
19
20
20-%
21
*85
0478
*85
94%
*85
1%
2134
94'x
1%
22
1%
1%
1%
1%
1%
21%
*21%
22%
31
2212
31%
23%
31%
23
31%
*21%
3134
23
23*2
13%
13*2
14
14
13%
*15*2
17%
17%
99*8
107S
17%
978
"\y
60
*58
*
934
*58
12*4
*55*4
*
9%
12*2
12%
5934
*55%
22
22
22%
*46%
50
*46%
2%
2%
83
2%
2%
*72%
22*4
54%
25%
*93%
23%
22%
.55%
43#
4*2
4*4
*61 *2
63*2
1%
6%
1*4
*61*2
1%
6%
6*8
1%
11*2
16
*3034
2%
2*2
*72%
1%
*11%
*15%
65%
26*4
96
26
*92
*1%
1578
29
29
2278
23%
28%
23%
12*2
1978
26%
12%
*12%
*135
20*2
26*2
....
19%
*26
*135
11%
11%
15%
11%
58
58
57%
58
23
23
23
23%
50
46
46
207g
277«
26%
94
94
94
4%
62*2
*4*2
1%
1%
1%
1%
6%
178
11%
0%
6%
1%
6*2
6%
*1%
1%
123s
23%
12%
21
12%
16%
28%
22%
12%
*1078
*16
28*2
*22%
12%
21%
26%
16%
28*2
23%
12%
*4
5
5
11%
*4%
*16%
16%
11%
1
*78
1%
5
18*2
18%
18%
18*2
*10%
18%
*26l2
18%
27*4
*26%
27*4
*26%
27
*26*2
27
*26%
34
*33
34
*33
34
*33
34
*33
341
*96
98
98
98
98
94%
*94
100
29
29
29
*129
140
*129
140
129
129
*5%
*70
2%
*96
6%
75
2%
99
*534
6*2
*70
75
2%
2%
*96
98
*92% 100
8*2
*8*4
8%
*17%
1778
*17*8
*95
98
*92% 100
30
29% 29%
29%
*120% 140
*120% 140
*5%
a70
2%
96
6%
70
2%
96
*5%
o70
*2*2
*96
6%
70
2%
98
98
98
*92% 100
*30
31%
*120*2 140
*512
6%
70
70
2*2
2%
*96
99
149% 149% *147% 149*2 *147*2 149% *147% 149%
17
17
17
17
17%
17%
16%
17
62
62
59*2
60
•59*4
61*4
60*2 60*2
*131
131
*131
*56*4
134
60
7%
7%
*96
105
131
*56%
60
*977S 105
*9678 105
*97
105
*16
*16%
20
*17
19
20
7%
*96
*131
*56%
*97
*17*4
7%
105
134
60
105
19%
44%
43
42% 43*2
44*2
43*8
*111% 113*2 *111% 113% *111
113% *111% 113%
11
12
*10%
1234
107s
*10%
11% *11*4
*15*2 16%
16%
16%
*15%
16% *15%
16*2
43
*105
106
65
65*2
2978
1378
6734
*9678
7%
99
*43*2
45
*28*2
13*2
*64
77S
105
44
105
*105
65%
66
28
*65
29%
14%
66%
*9678
99
99
7%
8
8
45*4
43%
1378
43%
106
65*2
60
29
29
14%
*65
*105
653s
*28
106
65%
44
29%
2%
44%
44%
2%
2%
*2
7
7
*6%
8
2978
29*2
8%
29%
1%
1078
*17%
1%
29%
29*2
29%
29*2
8*2
1%
107s
8*2
8%
8%.
8%
8%
9
1
1%
1
1%
1%
1%
11%
11%
11
18%
37%
*18
19%
*36*2
38
6*2
5*2
5*2
Bid and asked prices; no sales on this day.
43%
8*8
43%
2*4
37
*5*2
9
11
14%
122%
60*2
Jan
15*4
Feb
8*2
Oct
19
Dec
110
106
111
z99
Feb
Feb
Mar
Jan
Dec
5%
Jan
2012 Jan 15
17
Oct
65*8
Feb
95
85
Nov
117*2
Jan
1*2
238 July
July 21
50
Nov
24
Aug
Oct
2078
Feb
56
Oct
Dec
88% Feb
29% Mar
6*4
37i2June 18
67
July 20
27*4 Jan 11
61 *2 Jan 19
33s July 18
37g Jan 11
80
Jan 17
49*2
Oct
90*4 Mar
19*8
Deo
51*2
Jan
Oct
58*8
07§
Feb
8*4
Feb
13
Mar 30
37
Apr
1
1% Mar 26
1
Gold & Stock Telegraph Co 100
2i2May 27
0O*2 Apr 20
Goodrich Co
No par
10
Mar 31
5% preferred
.No par
Goodyear Tire & Rubb.No par
32
June 18
.....
(B F)
15*8 Mar
69'4June
2% Mar
52*4 Mar
preferred.. .No par
Gotham Silk Hose
Preferred
No par
100
-
Motors
31
Aug
6
9934 Aug
6
30
5% July 19
65 June 29
Jan 12
2
7l2
2*4
13%
18*4
19
Apr
20
Jan
1
Mar 31
8
Mar 30
Aug 6
July 19
Jan U
Jan 10
July 18
Great Western Sugar..No par
Preferred.
100
5
30
23*2 Aug 19
15*2 Jan 12
123s Mar 31
23*2 Apr 8
Apr 12
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
3
9*4 Mar 30
20
preferred
2584 Aug 9
011s July 19
10%May 20
135*2 Aug 17
122
100
Green (H L) Co Inc
0%
1
preferred
7%
Hall
July
6
13% Mar 30
7'4 Mar 31
7% Feb 4
78 Mar 31
100
Water
25
.
24
25
30
.10
preferred class A
Printing
5
Mar 25
12
Mar 81
Hamilton Watch Co ...No par
30
60
1,100
10
100
30
700
200
2,500
6%
preferred
24
32
Aug
6
Jan 14
Jan 22
__]
Corp
(GW)
""40
2,200
900
10
Motors
.2
25
80
380
delivery,
Oct
20*2
Dec
23l2
129
Oct
Dec
60*2 Sept
15*2 Oct
60
7*2
Nov
Oct
7% Dec
78 Oct
12
3*4
12
Oct
3484
Jan
Feb
36
Jan
20%
Feb
Dec
31
Feb
Feb
5
Oct
1784
Jan
55*4 Dec
1*2 Oct
106*2
Feb
8
Jan
130
Aug
8
r734 Jan 19
71*4 Aug 12
80
Dec
120
Feb
Nov
166
Jan
Nov
5% Dec
60
Nov
May
102
No par
6
stk.No par
....100
1
Mar 10
Mar 30
40*2 Jan 4
8312 Jan 26
Mar 31
23i2 Mar 30
1
May 7
..100
3
Mar 29
20% Mar 30
0% preferred series A...100
12
Leased lines 4%
RR Sec ctfs series A
23
100
1000
Mar 30
Apr
x
6
Mar 30
3% Apr
Er-div.
2
y
2
20
Mar
46
Jan 10
Feb
81
125
Jan 31
140
884 July 25
July 23
95
19*2 Aug 6
65*4 July 20
132i2 July 13
58*4 Aug 11
99
Aug 10
98
Jan
58*2 Mar
3*8 July 26
98
July 29
Mar 20
42^4 Mar 31
12084 Jan 19
100
Cash sale,
Jan
17% Mar
69*2 Mar
Dec
10
.No par
100
r
484
59
Oct
129
preferred ...No par
New stock,
Mar
1078 Feb
11*2 Mar
121
7
Apr
Mar 19
preferred
39*2 Mar
98
105
Mar 28
preferred
Jan
Mar
64*4 Mar
108
40
com
May
Oct
80
B
Jan
Deo
Mar
Oct
23*8 Deo
26*2 Apr
484 Oct
1784
22%
28*2
6684
42*4
145*2
Oct
5
n
10
Nov
5
300
Dec
19»4 Dec
Jan
Feb
Feb
18
i2June 15
6*8 Mar 30
% 20
22
152*2 Feb 17
5,600
19
6%
2784
48%
47%
Oct
Dec
Jan
Jan
92
7,700
36%
Oct
1*8
13
Jan
Feb
95
4,900
19%
15
8
4,800
37
Oct
Jan
1,600
12
3
10
484
Jan 18
11% June
5%
Oct
July 21
No par
household Fin
100
1%
Mar
3434 July 25
preferred...No par
preferred
13*2
96
98
48*8 Apr 1
17*2 Mar 31
5%
Oct
140
300
Class
65
47% Mar
141
100
684 Mar 26
7%
10*8 Oct
72i2 Dec
3*4 Dec
Mar 29
17
conv
6
87®4 Mar
Deo
June 23
10i2Mar 25
5%
June
10*2 July 20
21*4 Jan 15
46
5
500
"206
35
Feb
50*2 Mar
May
"7", loo)
20
28
Apr
July 25
Mar 11
115
Jan
1284 Dec
81
No par
new.
0% cum preferred
[ershey Chocolate
conv
22
.
Oct
Dec
100
Hercules Powder
54
Jan 12
6i2 July
2
z83%
25
Preferred
Hercules
184 Jan 10
28
Apr 28
4*8June 3
50*4 Mar 31
l*4June 14
7034June
5i2 Mar 25
100
Hecker Prod
1178 Aug 10
Oct
15
120
HeJme
6
1*8
83
6% preferred
100
Hat Corp of Amer class A..1
6)4% preferred w w
Hayes Body Corp
Hazel-Atlas Glass Co
17*2 Aug
43
8834June 30
.100
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrao.No par
100
Def
95
Oct
8
1534 July 19
50
1
Gobel (Adolf)
Goebel Brewing Co
Hackensack
10
1C0
2%
a
Nov
8
Mar 29
*2
6%
95
8
100
44
*5%
8
Mar 29
300
37
June
Mar 25
5,300
9
1%
100
5
5,000
87g
1*8
Jan
Feb
Mar 28
1478
8
30
4378
Mar 29
No par
..No par
preferred
5%
Dec
9*2
61
4^% conv preferred
conv
16
13l2
No par
Brothers
GUdden Co (The)
55
6
Jan 10
3
8%
4434
*6%
29%
Mar 29
Jan
3334
Jan
1038 July 20
12
30%
.
1
June
88
Oct
20
8% preferred
100
Gulf Mobile A Northern... 100
10
8*4
t In receivership,
Oct
Oct
Oct
600
11
6%
Feb
70*2
1938 Aug 19
11*8 Feb 20
01
Feb 26
5,600
99
8
Dec
3l2
"200
65
*64*2
*96
*28%
14%
Jan
Feb
21*2
2588 July 19
50
June 30
106
*105
99
8%
29%
•
11*8
16*2
*9678
8
31
8%
1%
10%
6%
11*8
*15%
99
14%
29
*5%
65*2
44%
43%
112% 112%
*96
8*4
.7%
6%
16%
106
Jan
124
July 22
45
34*4 Mar 29
60
99
*6%
*5*2
x64h
11*8
28%
Oct
978 July 23
12i8 July 22
12234 Aug 19
Greene Cananea Copper
100
Greyhound Corp (The).No par
5M% preferred
...10
Guantanarno Sugar
No par
1,000
36,600
5,600
66%
*2
37%
*105
44
Mar 31
14l8May 23
19
112
4838 Aug 19
40
105
*18
*28%
8
37
11*8
*15%
*56%
*97
20
*65*2
2%
3734
112
60
105
31
*7
20
*17%
43%
134
14%
66%
*2
*18
*97
*133
*66
8
*37
*56%
Mar 31
Aug
35
105
14%
66%
2%
10%
18%
*36%
*5%
*132% 134
7%
7*2
*96
*65
14%
*2
11%
20*2
7%
105
66*2
*6%
10%
*18%
7%
*96
25% Mar 31
U178 Apr 25
2112 Mar 30
%
J% Jan 11
No par
Green Bay A West RR
17%
7*2
7%
7%
7%
*96
105
*97% 304
*14?% 149% *147% 149*2
17
1534
16
*16%
*58
59
*59
61%
60
20
27
*33
29
*56*i
1,000
22%
94%
134
500
46
*4%
*96
99
*40
*16%
29
*96
23
49
23
1%
96%
6
*37%
22*2
4%
98
2%
14,400
....
*78
29
75
22%
26*4
26%
*135
4%
*16%
96*2
May
1
700
*16%
*96
117
Grand Union (The) Co
4,300
4%
*17%
3
53 conv pref series ...No par
Granite City Steel
No par
Grant (W T)
..10
12%
*4%
17%
125
200
23*2
22%
*17%
4
200
28%
*16%
177«
Jan
2i2Mar31
12%
20%
11%
*17%
657b
5
23%
11%
*17%
384
64*2
Oct
Granby Consol MSA P
28%
*8
Nov
48
1
12%
11%
8*2
177«
33
Aug 17
17
30
30
% Mar 29
23%
*107S
17%
8%
Glmuel
2,400
6*8
*1%
1678
8%
2
69
8*2 Mar 23
Razor..No par
preferred
Graham-Paige
16%
*8*4
conv
5,400
1*8
46
8%
55
1%
6*2
1%
12
*61
22%
5
1
Aug
3
6%June 13
110
22%
118
37
Jan
9
62*2
49
Jan
Jan
Mar 25
25
Gillette Safety
600
-
11112 Aug 17
98
400
21%
10834June 28
% Mar 30
...100
35,400
26*4
Feb
1
Corp .No par
preferred
4%
29
-
Jan
44U
General Tire <fc Rubber Co. .5
95%
16%
*11%
*8*4
6
i_.
Insfru
28%
*4*2
*40
8%
177«
*70*4
*2*4
100
1,600
17%
1
700
1,800
500
46
11%
9,900
*28*2
*22%
12%
*40
17
300
16
46
15%
11%
*%
Gen Time
0%
16
22*2
49
100
19,100
8,600
16%
*40
16*2
11%
138
647S
Oct
12
46
2158
26%
26*4
*135
Oct
28*8 Nov
2834
*16
22*4
».
34
36*4 July 20
13
*1078
*37*4
22*4
-
45l2 Jan 10
Gen Theatre Eq Cor p.. No par
95
1%
152
27U Mar 31
2278 Mar 30
Gen Steel Cast 50 pref. No par
27%
1%
6%
126% Mar
52*4 Jan
Dec
750
94
1%
6%
1%
Oct
Dec
z99
Aug
1,000
58%
62*2
60
22
11
Jan 24
28
Jan
Jan
27%
*61
Mar
Feb
preferred
38,20C
1,500
4%
Feb
65
70*4
50
2478
58%
4*2
22
20%
2638
26*8
135% 135*2 *135
49
*37%
*37%
22%
*22*2 23
26*2
—
*16*i
34
*61
62%
1%
1
27%
57%
Feb
14
32i2 Mar
584
4878
83
24
57*4
153
Oct
Oct
Oct
Oct
2%
2*2
57%
2*2
6'4
14i4
Feb 23
6% Mar 29
100
1
Oct
5
117
Oct
500
2*2
*73
24%
4%
2,300
preferred.
Gen Realty & Utilities
0%
15*2 Mar
105*4 Jan
80*2 Feb
19*2 Jan
Oct
Nov
Oct
50
*2%
22%
95
*15%
*2838
22%
1238
20%.
22%
24
*4*4
*1%
*10%
58*2
*45'8
23%
83
72
121
203s July 20
Oct
6*2
91
31*2 Nov
1
17%
13
2%
*73
Mar 30
10U4 Apr 9
l*4May 21
12% Mar 30
85*2 Mar 19
Signal...No par
Gen
Railway
35
1
2,300
13*4 July 19
2078 Mar 31
108*4 Apr 1
4
No par
Jan
Jan
Feb
Aug
8i2 July 27
July 12
51 *g July 25
1U8 July 27
135
July 28
55s July 25
100
Mar 30
No par
Ink
Printing
50 preferred
Gen Public Service
33
106*4
19*2
14
*58%
83
95
22%
*8
2%
*2%
2%
4*4
63%
1
*26%
58*2
23%
50
General
Oct
18
9%
*457s
No par
10%
14
934
13%
No par
No par
Common..
z39% June
24
*15%
*72*2
*55
_
preferred
Gen Outdoor Adv A
15% July
Deo
2*8 July 25
9*2
*58*8
94
1
*33
2%
w
600
10
Dec
2484 July 25
3738 July 20
19%
9?8
60
13%
58%
23%
27*8
22*2
18%
2%
—
99%
56%
26%
1
*16
2%
2%
_
...100
preferred
7*2 Mar
Oct
3
11%
1534 July 19
50
11
50'4
No par
Jan
Mar 25
187S
1278
58*2
23%
No par
Mills
1*8
Jan
Jan
32%
15*8 Mar 31
19%
60
No par
Oct
Jan
83
133s Mar 29
99*8 *—..
•
~
No par
No par
P\>ods
General Motors Corp
J5
2i2 Mar 31
5*4 Mar 31
18
Feb
18%
...No par
18%
"
55*4
*16*4
*16*4
*4*.4
*16%
10
*15%
*
23%
56*4
27*2
*40
16*8
9%
17*i
99%
18%
22 %
48
1578
"l7%
100
Gen Gas & Elec A
0%
115
Deo
64*2
135
General Refractories...No par
1%
23
33%
*
100
54.50 preferred
General
0%Mar 31
Apr 12
5
40
978
2,800
1%
14
23%
22
21%
*40
*21%
32*4
*46%
49
49
22*2
1,000
_
94%
23
13%
*37%
21%
*37*4
*85
1*2
94%
1%
13%
17%
13
157S
28%
21*4
23
13%
61
19%
3.178
12%
2%
83
20*2
13%
13
2%
2
23
58
83
*1%
31*2
58
2%
1%
*85
200
700
8%
14
58
2%
2%
*72*2
42
8
23
13%
*15%
58
2*2
42
21
60
9%
48% 158,600
122% 122%
1,200
32
17*4
99%
18%
46%
*21*2
94%
General
110
8
1%
20*2
21
*15*2
99% *....
18%
17%
978
9%
63%
22%
122% 123
31*2
24%
13%
20
50
"900
*93s
97g
978
978
*105*2 106
*105% 106
1%
21%
*31%
2234
*85
69
8
Mar 29
..No par
General Electric
50
*68*2
*123
29
$0 conv pref series A .No par
*35
68*2
68%
8*i
4,900
50
*35
Mar 29
No par
A
June 15
4b Mar 31
6
preferred
7%
13i2June 25
48
82
General Cigar Inc...—No par
m''
.100
Oct
par
No par
7% cum preferred
100
45,600
4,600
1%
20
3%
68
41
41%
4238
40*2
4034
42
35*4
35*2
35%
36
35%
36*8
*111% 118
111*2 111*2 *111% 118
7«
3,1
*34
%
%
%
12478
47
44%
46*2
45%
4538 46%
121% 122
*121% 122% *121% 122%
*37
41
39
39
*37% 42%
7%
9%
*01
4%
500
50
$8 1st preferred
Class
4%
Nov
4
5
No
500
68
69
5
50
preferred
24
*60
68
Corp
Gen Am Transportation
General Baking
40
25*4
25%
25*2
25*2
*116*2 120
*116% 120
*35
$6
.
*22
4%
88
77b July 25
Investors...No par
Cable
24
68*2
Container
Amer
Oct
MarlO
Mar 30
9% Mar 29
3
Inc
5H% conv preferred
Gen
General
*22
50
68
Industries
3,600
24
*110*2 120
Gaylord
m
2,000
3,100
Wood
12
24
66
Gar
Oct
Dec
2%
4ig Mar 29
l%Mar 29
2% Mar 31
85
preferred...
11%
66
3178 Aug 8
234 July 2
57g July 19
18
July
7
18
July 20
94
Aug
2
1
Bronze..
22%
27%
j
l",100
....
12
*60
-
Sept
197« Mar 30
10
13
General
12
*25%
«,
Feb
Apr
98
55s Jan 12
43
July 15
Gaznewell Co (The)....No par
Gannet Co conv $0 pf..No par
700
12
65%
.
10*8
*131
12
25%
300
«.
47
10
10%
4%
25*4
9*2
106
10
46*2
*131
—
65*2
*35
48
12
*116% 120
7%
*7%
*9%
*
1,100
7%
*98% 100
*98% 100
*47
6%
*7*2
5
111*2
111% *11078 111% ♦111
*h
1
%
%
h
%
44*2
51
6%
5
*111
4334
15*4
*49
7*2
7*2
10
10
*131
36
124 78
*15
51
6%
4%
11%
41%
324
15%
*49
48
48
10
....
35%
125
*14%
*7%
*98% 100
48*2
9%
14%
8
*98% 100
48
*6%
51
14%
*49
7h
*7*2
6%
6%
6*:
6*2
68
103*4 Aug
1%
2% Mar 31
25
Apr 13
10
400
14
95
39%
125
*12%
14
*93%
Galr Co Inc (Robert)...
39*2 Mar
Oct
Oct
74
Gabriel Co (The) ci A..No par
Dec
Jan 10
22
900
Dec
15
80
Mar 29
2,900
22
20*2 Dec
11% Oct
6
July 25
Aug 25
Mar 31
2,300
41% Mar
107% Feb
52% Mar
46% Feb
58*2 Feb
Oct
11
2%
4*2
share
per
Oct
Nov
16%
90
27
50
conv
Highest
share $
per
33*2 Jan 10
10
Foster-Wheeler
6
Jan
3
Mar 25
29*j
4%
14
21
85
*2
2*2
4*2
4%
*12%
2478 July 20
2984 July 20
100
4H% conv pref
$
share
25Js Jan 15
96*4 July 25
347« Feb 11
Mar 29
287«
2*2
10
per
18
29
2h
4%
Apr 7
lUMar 20
JL5
5
J FollaDsbee Brothers..No par
Corp
100
Food Machinery
29
100
16
35%
68*2
Florshelm Shoe class A .No par
40
43,
14%
40%
50
19%June 13
$7
95
35%
67%
40
2,000
*13%
*14%
39%
*35
19
75
47j
*56%
*93%
35
67*2
*3%
24% Mar 30
1078 Mar 20
No par
60
16
40*8
50
100
500
95
3434
*66%
2
29*.
102
18*8
«i'
-
15%
39*4
*35
-
*93%
9*2
*00
•
No par
40
26 3
2*4
14%
*114% 120
-
Fllntkote Co (The)
*29*2
4%
51
48
*101
»
Apr 14
Florence Stove Co
preferred——No par
Francisco Sugar Co
No par
F'k'n SlmonACoInc 7% pf 100
Free port Sulphur Co.
10
*3%
40
29*2
2*
4',
34
*1%
29*2
70
*56%
47
*29*2
14*.
14
100
18*
18%
70
*3%
29*
*2%
4%
12,900
101% 1017 S *101
19*
800
223
102
18%
70
25'
21
Lowest
Highest
share
10i4 Mar 31
34
2
per
6% preferred series A...100
First National Stores..No par
25*4
*19%
29
5
Firestone Tire A Rubber...10
937 8
21%
*1%
Pot
2,300
217 »
33
21
29
*56*4
21%
*90
213 8
*32%
29
101% 102
18%
183
*56%
75
*3%
43
*29%
40
29
*89
2
28
*1%
*14*4
*25
25
120
2178
132*2 132% *131
4%
*4%
*4*4
11
11*4
307g
22
22%
22%
107jj
22
33
21%
*24%
*49
9%
1034
323^
l
25* 2
21*
14*2
7%
7*2
*98% 100
9%
321 2
61
14%
*49
937 8
32%
20
*24*2
6*2
♦6%
148
25
29*.
95
9*2
*57
40
*93%
48
*116.
33
21* 2
21%
937 8
*90
94
28
J 8* 2
*14* 4
7%
7*2
*98% 100
*131
2
28
95
51
48
21
2*«
4*2
15
16
14*2
*49
!
75
3%
*29%
29*4
2*i
43«
*12%
4
l
25*
*63
21* 2
Range for Previous
Year 1937
100-Share Lots
Lowest
Week
Shares
*19*4
32
21*
18
2
21%
Aug. 19
? per share
J
*89
95
102
102
70
*3*4
*29%
21* 2
20%
*88%
32
20%
*24*4
*19*4
2
*27%
203 1
On Basis of
STOCK
EXCHANGE
$ per shore
$ per shan
2D 4
21%
YORK
NEW
the
Friday
Thursday
.
Range Since Jan. 1
8TOC K8
Sales
NOT PER CENT
jot
Saturday
Aug. 20, 1938
Aug 10
112l2 Aug 19
1384 July 19
25*4 Jan 12
108 May 27
66
Aug 15
11
Oct
39*4 Dec
83
10*8
15*2
93
784
15*2
117% Aug
1578
Jan
39%
Feb
64
Dec
135*2
07»4
Feb
Jan
Nov
111
Jan
Dec
37
June
Oct
Nov
Dec
Oct
109
Oct
z3984
Oct
5284 Feb
120% Jan
3084 Mar
43*2 Jan
11484 Mar
53*4 Deo
307g July 26
1578 July 19
21
Dec
41
Jan
0
Oct
277b
Feb
66
Aug 12
44
Oct
73
Jan
100
June 28
78*2
Dec
94
Mar
984 July 20
53% Jan 13
434
Oct
17*2
Oct
90*2 Mar
578 Jan
157g Jan
37
3% July 14
1*8
9% July 14
31*4 Aug 6
3*2
Oct
Oct
Jan 13
4
Oct
17S Jan 10
July 25
24*8 July 25
1*8
Dec
8
Oct
38
10
14
23*4
Feb
4*4 Aug
Mar
10
Oct
67*2 Mar
8
34
Dec
72
July 25
5
Dec
25*2 Mar
387s Aug
8
Jan
Ex-rights,
Jan
t Called for redemption.
Volume
New York Stock Record—Continued—Page 6
147
Sales
•ft1#
Saturday
Aug
.
Monday
Aug. 15
$ per share
13
$ per share
*7*2
8*2
*7
26*4
2678
92l2
*90
91
*143*4
834
Tuesday
Aug. 16
Aug .18
Aug. 19
S per share
§ per share
$ per share
Shares
*7
9%
8%
*7%
27%
29
28
28%
95
95
*94
9734
73*2
*143*4
72l2
14**8
14*4
*5
5*4
57g
2112
*47g
5*4
5
57g
57g
21
2114
2114
21
89
85*4
85*4
85*4
57g
2114
85*4
578
21*2
*85*4
43s
4%
11*8
234
1178
234
24
24
*155
161
55*4
*143*2
*47g
5*4
57g
4%
25l2
24%
24%
168%
*162
161
573g
~6~ "
3*2
3*2
3*2
9*8
9*8
9*8
9*2
4778
48ig
140
878
2434
93g
39
40*8
"
6
163
6
48%
39
41
*23%
2434
*23%
*34
34%
34
34
20%
20%
20%
68
21
20%
*65
71
*65
70
70
71
66
8*8
83g
8*8
8*2
8*8
8*4
13
8%
87g
13*4
13
76
77*2
8%
8%
13*4
13%
13*4
76
*11
12
*11
12l2
*20*8
21
*20*8
21
124
67
67
90**8
90*2
8934
8*4
76
*116
*11
124
*127
128
*127
64
64
64
64
*64
19%
*19
92%
20*2
*19
*10
1078
*18
23
23
11*4
92%
*120
80
80
*78
84
*78
84
*10*8
11%
*10
10%
934
7*4
*91*2
39%
1034
*26*4
7*4
40*4
29*2
*7%
92%
39%
1034
*26%
2%
*23%
15*2
1834
*6%
29%
16%
16%
7
7
95
10*8
*10
40
10*4
10%
1034
1034
2778
*26%
3
*2%
*23*8
27
27
*26*2
*212
27g
*23*8
-•J-
*1438
15*2
18*4
18*8
*2i2
*23*2
*14%
2912
18*s
*6*8
*28%
16*4
16*4
7*4
*6*a
*28
16*2
-
«.
w-
16
183S
7*4
29*2
16*2
15
*10*8
15
*19l2
24*2
13
23*2
13*8
*5
6*2
*534
*10*8
*18*2
17
17
13
13
17*4
*14%
18*4
*6%
29*2
2734
3
-
■
16
1878
7*4
*20
24*4
13%
6*4
*13
13%
*47g
13
6*4
17*4
177s
18%
21*2
21%
6*4
18%
21%
5%
*34
1
*3i2
*26*8
31
*29*2
37g
2634
9%
30l2
*29*2
45
4418
44*2
*7*4
*31*4
734
7*8
33*2
*31*4
z997g
100
*98
*11734
*11
1834
21%
4
*3%
4
27
27*2
27*4
*9
934
27%
9%
2934
49%
7%
*3%
*9
29*2
30*2
2934
46*2
46*2
49
47%
7*4
33*2
9978
7%
33
*98
7
7*8
33
*33
33%
*9734 99%
101*4 101%
99*4
*101
103*2 zl02
102
101
101
*170
180
*170
175
175
175
*168
179
173g
17
17
17
17
17
17
*30*2
3134
46*4
30*2
31
3034
31%
31%
32%
47
*44*4
18%
47
45
*44
*44
18*4
18*4-
18*2
46*4
4534
108
*105
45*8
*105
178
178
178
51
51
50*2
434
*4*4
20
*19i2
4**8
*
19*8
18%
4634
108
2
51
4%
20
51*4
4%
j
5%
34
*3*2
27
*2%
*23%
*14%
28%
27g
7%
29%
1634
6%
19%
18%
300
200
•
30
1,500
100
20%
5,300
23
1300
•
-
-
31
..
*28
29
*28
29
*28
*123
24*2
24*2
25*8
25*2
25%
257g
43
43*2
43*2
44*4
4334
45
14*4
*13*4
14*i
*13*4
14*4
30
30*4
30
30*2
*13*2
30
30
178
7*4
*13s
*6*2
*11*8
13
678
7
1334
1«4
*13*4
*1%
*6*2
11%
7
*13*4
134
1%
812
12
7
14
134
1%
1%
*6*2
8*2
12*2
*11*4
7*4
*13*4
5**8
5*2
5**8
5*2
*1%
5*2
11*4
11*4
11*4
11*2
11%
134
7*4
14
134
5*2
11*2
29
-
*
25*2
25%
44%
45'4
*13%
29*8
14*4
29%
1%
*6*2
1%
*11%
*7
600
Lerner Stores Corp
9,900
Llbby McNeill A Llbby
17%
31%
31%
300
Liggett A Myers
1,300
180
*17%
3078
300
17%
31%
500
1,600
45
46
400
19
19
1,200
47*8
20%
*13*4
29
*20%
2034
*13
12*2
8
1334
*1%
5%
5%
1234
14*2
13%
2
Link
Belt Co
11*4
1138
22*8
*3*4
4*8
50*2
51
26
26*2
161
*156
48*2
483j
6*8
6*8
25
*20*8
'
*84
12*4
11*8
95
13*2
113s
91
*78
•
11%
22i2
*3*8
5034
*26
*156
12
11%
23
22%
3%
51
27l2
161
49*2
49*2
7
7
*20*8
*85
25
95
*3*4
5034
*26*2
12%
23%
334
52*2
27*2
3",200
170
1,400
100
7%
preferred
Nashville—..100
Ludlum
Steel
1
MacAndrews A Forbes
10
6%
-
No par
preferred
23
*85
23
12
14
734
160
77g
1334
2,400
1%
*13
""600
14%
15%
1,110
12%
12
23
2234
*3%
51%
51 s4
27
27
95
*85
95
12*4
12*4
12*4
12*4
*13*4
13%
11*4
11*4
11%
11*2
11*2
11%
*78
91
*78
91
Bid and asked prices; no sales on
*78
91
this day.
700
2734
*156
49
634
23
161
4934
684
23
1,300
1,400
500
95
13%
11%
_
*85
95
1334
*13%
14
1,666
11%
11%
11*2
1,300
91
*78
t In receivership,
5
91
a Del. delivery,
%May
r
2
7
7
Cash sale,
Jan 28
78 Mar 30
18*4 Mar
5i2Mar
14is Mar
2% May
1
Martin-Parry Corp
n New *cock.
Mar 31
3i2 Feb
1
3,600
52
27*2.
Mar 30
1*4 Mar 31
100
No par
Masonlte Corp
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores... 10
Maytag Co
No par
53 preferred w w
No par
53 preferred ex-warr.No par
56 1st cum. pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
Oct
Dec
47*2
Jan
14
Dec
Oct
8
Oct
24*4
277s
41*2
Jan
6
10*8
Deo
24
6
Dec
17*4 Mar
9*4
Oot
Oct
97
Dec
4*4
Oct
*8
Dec
278 Deo
22*4 Dec
8
23
Jan
Jan
Mar
2778 Mar
5U2 Feb
203
Feb
24*8 Mar
3*4 Jan
18*2
Jan
Oct
43*2 June
21*8 Feb
Oct
58*s
33*8 Dec
79
Jan
Jan
Oct
15*8 Mar
3312 July 28
100*4 Aug 8
103*4 July 25
23
Oct
29
Aug
Deo
113*4
Feb
114
Jan
21*2 July 21
56*4 July 18
107*8 July 1
2*4 June 25
56
July 25
534 July 25
22*4 July 22
106
Jan 18
21*4 July 25
143i2July
18*8 July
5
7
56*2 Jan 10
21*4 Jan 12
31% July 19
Aug
Mar 26
Shirt—.—...25
Exploration..1
Marine Midland Corp
5
Market Street Ry._—— —100
6% preferred
100
6% prior preferred
100
100
4
22
5
48
Marshall Field A Co ...No par
52
*85
*78
3%
Feb
35*2 July
29*8 Jan
1578 Jan
Jan 10
9
July 27
Oil
Co
July 25
Jau 14
29
9
(Glenn L.)
1*8 Jan 12
5*4 Jan 13
Mar 29
16
5*4 Mar 26
2% Mar 26
Martin
Dec
15*2 Deo
14
July
Jan 21
45s Mar 30
Maracatbo
2012 Aug 19
25
117*4 July 28
7*4 July 25
126
No par
Bros
4,900
7,000
3%
53*4
23
Mar 29
X Manhattan Ry 7% guar. 100
Modified 5% guar
100
12%
23%
27*2
*20*8
22
No par
Magma Copper...
7l2 July 20
116% Mar 30
Manhattan
1334
12
23
13*4 Mar 31
125
Apr 1
12% Mar 31
2978 Apr 20
12i2May 27
Mandel
8*2
*6*2
22*2
23
June 22
18U Mar 31
*4 Mar 29
200
4,000
634
92
..—10
1
V,2o6
1%
1%
5%
4834
Mar 31
Manatl Sugar Co.
*
5%
161
26
10
12%
*156
*156
161
*156*4 161
*48*8
487g
48%
49%
49*2
7
634
678
6%
67g
Apr 18
*4 Mar 26
2478 Mar 30
23%
334
52
Mar 31
No par
Gard—No par
12
*26
Mar 25
12i8 Mar 31
Madison Square
14%
29%
1%
5*8
3*2
29
2% Mar 28
Louisville Gas A El A..No par
1434 July 25
11
Apr
Mar
82
83*2
151
Oct
May
175
Jan
83*2
I434 Mar 31
Louisville A
8
Jan 12
Jan 12
71
Oct
.25
...100
10
—100
600
1778 Aug
Dec
Jan
Mar
18*4
A...No par
800
Jan 22
20
Jan
Mar
37*2 July 25
48
July 5
Corp No par
Lorlllard (P) Co
19*2
109*2
69*8
20*2
46*4
9%
23*2 May
Long Bell Lumber
preferred
Dec
28*4 Nov
6*2 Oct
17*4 Dec
1*4 Oct
Oct
Lone Star Cement
5%
Oct
80
Jan
Jan
Feb
15*2
102
Biscuit
4
92l2 Aug 18
July 25
11
Aug 6
3012 July 19
3
July 25
30*8 July 23
110
Jan
Mar
Feb 28
No par
Loose-Wiles
23*8
27*4
zl8
No par
500
Mar
14*8 Mar 31
2014 Mar 26
Loft
1,000
Mar
29
Aug 16
2,600
2,500
Jan
121
Oot
175
6,600
preferred
46
9
Apr
Macy (R H) Co Inc
23
*3%
Mar 30
Feb
Oct
33*2 July 28
50% Aug 8
81
Jan
136
Nov
19i2 July 19
858 July 13
31
July 23
Jan
64*4 Nov
15*8 Deo
115*j Apr
7
44
Jan
126
80
Mar 30
81% Mar 31
155
Apr
Aug
Mar
May 27
1184 July 20
8*8 July 19
11
Mar 30
30
87*s
35
29
25
157
Jan 10
Mar 29
Mar 29
65i2 Nov
120
July
Mar 30
6
33
Inc
Mar 29
23% Mar 31
Liquid Carbonic Corp ..No par
Loew's Inc
No par
56.50
4
Mar 29
178
193s
678
1934
Wks.No par
No par
Lima Locomotive
Jan
% Mar 26
Corp...No par
6% 2d preferred
Marlln-Rockwell Corp
22
13*2 Mar 30
4,600
*13%
29*2
127
Deo
4478
30
3,400
4434
14%
Oct
Sept
49
Oot
Mar 26
45
44%
1%
8%
-
Nov
Oot
15
Mack Trucks Inc
24%
29*2
-
Dec
9
20*j
Nov
18
2534
44
7%
14
29
V
70
13
19
Feb
36*8 Jan
107*2 Apr
26*2 Jan
15
Mar 29
8% Mar 31
3i8May 13
10% Mar 31
8
99% July 25
8
No par
5
25
100
Lily Tulip Cup
Mar 26
12% Mar 31
25
25%
I84
5*2
1%
29
*123
*123
7%
22
Tobacco—25
Series B—
Preferred
3
Mar 30
9
No par
Corp
98*2
10034
*168
19
46
Savers
Life
Feb
15i8 Mar 31
2i2 Mar 26
5
Fink Prod Corp
300
Jan
19
-.50
1
6% conv preferred
Lehman Corp (The)
33*2
99%
10034 10034 *100
179
Lehigh Valley Coal
Mar 26
1% Mar 29
1258 Jan
Llbbey Owens Ford Gl.No par
1,300
*97
Apr
3
7
33*2
98%
Mar 29
4*4 Mar 29
100
30*2
4978
67g
8*2
12%
12
50
No par
Lehn A
30
*13%
29*2
*1%
*6%
12%
4% conv preferred
Lehigh Valley RR
200
48%
*28
•
Aug
95
2,300
4734
47%
*105% 108
*105% 108
*105% 108
2
2
2%
2%
2%
2%
53
5234
51*4
52%
52%
53%
5234
438
4%
4%
4%
4*2
4%
4%
*123
*123
Lee Rubber A Tire
934
4
101*2 *101
101*2 *101
101%
101*2 *101
101*2 *101
101*2 *101
20
20
20
1934
19%
1934
20%
1934
19*2
19*2
1934
1958
138
138
138
138
138
*138
138*2
137% 137*2
138*2 138*2 138*2
17
17
17
16*2
*1634
1634
16%
16*2
16*2
16*2
16*2
16*8
40
41
40
42
*40
40*2
40%
*40*2 4134
4134
40*2
*40*4
18
18
*39*2
1734
17%
17%
41%
1734
17*2
17*8
1734
17*8
*28
July
72
Lehigh Portland Cement—25
27%
*101
*123
120
June
1578
Jan
xll6
Jan 15
113% Apr 30
44% Mar 30
No par
5
Bryant
200
7%
33%
20%
Lane
2,400
*87g
Feb 10
Mar 31
24
—100
No par
%
2
2034
preferred
Lambert Co (The)
5%
5*4
30%
19
'
2,800
6%
*11734
5*8
*34
334
*3%
27%
267g
48*4
48
20%
«*
4734
18*2
47
20
w—
B
34
*29%
4734
*33
-
13%
—
8*8 Dec
8
A Co
5*4
9
7
«
20
•
8*8 Nov
3
100
24
23
Feb
Oct
2638May 27
6i2 Mar 31
100
1434
19%
23
110
Oct
6*8
80
Class
3,300
*5*8
Oct
4
1
-
-
17
13
65
8
Kennecott Copper
1,700
2934
24
July 22
IO34 July 7
1078 July 7
15*4 July 19
77
Aug 3
12*4 July 25
_
No par
Keystone Steel A W Co No par
Kimberly-Clark
..No par
Kinney (G R) Co
1
58 preferred
No par
55 prior preferred...No par
Kresge (S 8) Co
-.10
Kresge Dept 8tores....No par
Kress (8 H) A Co.....No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
19%
7%
*11
72
Feb
Kendall Co S6 pt pf A ..No par
16*2
678
Mar
30
1,300
11
1634
52
24,300
7%
*29
9
*43
45
18*2
46*2
*105% 108
20
*26%
2%
*17%
48
2
18%
*168
*17
28%
13%
*11734
5%
%
*34
4134
24
*5%
*22
92
Jan
49*8
85
39%
1034
19
Feb
57*2
28*4
Feb
Oct
2*4
63
92
15*2
19%
10
Deo
19*2
Jan 21
14*8
92%
39%
1034
-
Oct
34
6
24i2 July 21
21% July 15
15
July 19
30
73*8 Mar
135*4 Jan
19*4 Sept
68*2 Sept
Oot
6% Mar 30
100
Stores.SI2.50
—5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
800
Dec
Deo
Jan
15*4 Apr
Jan
18*4
48i2 Jan 21
12i2 Apr
l0i2May
11
-
Nov
6*4
29*2
1678
Oct
6
preferred
4%
"
84
7*2
37
12778 May
5
10%
7%
1434
24
\
*9
634
22
3*8
26'g
934
*9
16%
19
22
5*4
*338
26l2
W
15
78
78
-
*11%
5*8
*34
-
15
*11734
5
5
3
•»
*12
1634
21%
*117*2
5*4
5*4
*21*8
26%
•
*28
----
21%
*2118
*11734
107g
29*2
1678
16%
*13*8
6*2
*2*2
*23*2
*15%
187g
634
-L
95
*78
10
Oot
13*8 July 25
Kayser (J)
10*2
Oct
16
5% Feb
Kaufmann Dept
80
Oct
17»
6
5% Mar 29
200
10*4
3
100
200
80
7*4 Jan 12
478 Jan 11
117| Jan 21
Kan City P A L pf ser B No par
13%
10*4
Jan
24l2 July 20
120*2 Aug 11
20
Apr
Apr
Jan
78
Southern
Mar
Aug
Nov
49*4 Apr
12% Mar 25
118
Mar
Kansas City
Mar
162
138
130
1,100
July
120
Jan U
July 30
Jan 24
.
--
11%
111*2
11*2
28*2
9*8
63*2
189
Mar 29
10
Jan
127*1 Nov
53*2 Nov
68
22
80
Oct
122
Preferred
*19
*77
18*4
.100
20
Oct
Oct
No par
5,300
Oeo
2
Johns-Manvllle
96
128
13%
Dec
1"
6
13*4 Jan
64*4 Apr
30
16
1
*19%
13*2
92
Oct
23l2 July 23
63
preferred
19
*1234
Oct
No par
$6
22
13%
Oct
20
July
131*4 Mar
33*8 Feb
Mar 28
.100
*19%
21
*12%
„llj
Jewel Tea Ino
93
--
Oct
200
*127
11
6*4
378
Feb
June 17
.No par
1
Corp
143
58*4 Nov
Island Creek Coal
107g
*19
39*4
Inter type
Oct
Jan
47*2 Apr
24*4 July 29
35*4 Jan 24
46% Mar 30
Dept Stores. No par
Preferred
30
32
600
69*2
*120
I
13
*91
Interstate
2,200
*10
21
634
100
No par
Kalamazoo Stove A Furn
13
95
preferred
Telep A Teleg
Foreign share ctfs...No par
200
13
397g
7%
Inter
2214
144
12
..100
20%
19
6*8
150
13,900
3,200
Oct
Deo
Nov
28
Shoe....No par
19
23
11*4
21%
3834
International Sliver
20
19
*91
International
Jones A Laughlln St") pref. 100
*12*8
634
100
5*8
15
72
70
140
Highest
share $ per share
156
4738July 25
214 Mar 30
No par
200
3
62*4 Feb 23
July 23
115g July 20
Jan 19
28% Mar 26
19% Mar 31
..100
International Salt
4.
Aug
18% Mar 31
100
preferred
130
13
95
pref
conv
5%
300
Jan 17
4% Mar 29
3678 Mar 31
Internat Rys of Cent Am.. 100
290
Mar 25
132
15
20
*19
11*4
*19%
40
5%
100
65*2
20
39*4
Preferred
124
*67%
1
65
*19
*10
*116
9
2
Inter Paper A Power Co
13%
7478
11%
2034
Mar
3% Mar 31
Int Nickel of Canada..No par
_
May 27
6*4 Mar 31
Corp
64%
64
20*2
93*2
128
*127
6434
*19
69%
*12is
*91
1078
9334
128
6434
124
>67%
25
9,600
13,400
834
2034
48
141
Internat Mining
34,800
87g
*11
678 Mar 30
Int Mercantile Marlne.No par
400
•»
168
Mar 29
Int Hydro-Elec Sys cl A
3,300
June 30
Mar 31
June 10
2
100
82
13
10
19
12
29
80
Internet Harvester....No par
12,000
70
*73%
12
197g
*19%
*18%
634
1078
*193g
75
207g
*120
*120
*120
*120
75
*116
500
10*4 July
30% Aug
99
Aug
143
Aug
per
Mar 26
100
2
Agricultural._2Vo par
Prior preferred
15
100
Int Business Machines.No par xl30
500
share
Mar 26
Mar 30
No par
No par
Iron
per
1678 July 25
518 July 21
6*4 Jan 13
26i2 July 21
98
Apr 25
5% July 7
1358 Aug 6
378 Jan 17
15
Internat
700
33*2
21%
13
*20
69
Interlake
110
Feb
No par
1,400
834
*11
124
128
6434
87g
13%
12
*67%
128
128
13%
8%
76
*116
91%
89*2
*127
8%
8%
*4%
47
20%
20%
68*2
68*2
9
"13%
*75
2078
*65
834
-
8%
12
76
*11
207g
*116
68*8
68
8%
8*2
1,400
Mar 29
Mar 25
56%June 17
7% Mar 30
3% Apr 1
278 Mar 26
X Interboro Rap Transit...100
Interchemlcal Corp
6% preferred
Intercont'l Rubber
9,900
41%
4%
47*2
2434
*65%
8%
34%
1,200
5,900
1,200
9%
*19
*34
*20*8
2434
135
No par
Lowest
Highest
$
share
14% Mar 31
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
1
49%
*23%
*317g
47g
47
100
preferred
Inland Steel
140
87S
3934
2434
22%
20*2
40
*4%
47
6%
~
334
48%
*23*2
3412
*19
39
4%
46
^
1,200
9,000
6
*136
*23*4
*34
90
9%
46
*19*2
124
4834
140
9
-
4
60
9%
9%
*4
4*4
•
per
10
Preferred
57g
*3*2
9
*45
3478
*67
334
4%
20
*116
►
~6~~
45*2
2434
*19
*76
47%
*136
9%
«
*155%
"
*4
*34
1234
164
140
9%
39%
4*4
45%
4034
234
*23%
49%
*136
9%
4%.
12
57%
*155%
6%
*57g
4
*3%
9
9%
9%
48*2
140
*86
5834
*3*2
9%
9*4
163
57*4
*155%
4
4734
24
*143%
72%
72%
15%
147g
14%
*47g
5*8
5%
6%
6*2
6%
21%
21%
20%
90
90
*8534
4%
4*4
4%
12 j:
12%
12%
2 34
234
234
24%
24%
24%
164
165*2 166%
58
58%
57%
73"
5
No par
No par
Industrial Rayon
Ingersoll Rand
600
,
5%
20%
24
6%
*3%
*9*8
*136
234
"4",800
:
44
438
47
*24
140
9
39
38*4
4*4
*44
483g
47*8
*136
9*8
59
56
*155*2
4*2
12
2%
5
57g
21%
85*4
4%
12%
27g
85%
12*4
3
5
99
lOO-Share Lots
Lowest
Par
Indian Refining
8*2
28%
98
8%
*143%
*72%
15%
14%
*5*2
28%
98
73
14%
*7
28
27%
*96
''
72*2
4%
11%
*234
3*2
*136
15
4i2
56
5634
*155*4 1573i *155*4
6
578
578
73*2
14%
1178
4*2
11*8
*234
*23*2
161
*143%
72%
*7
Friday
•
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
Week
5 per share
95
73*4
1434
EXCHANGE
Thursday
14
^72*4
NEW YORK STOCK
the
Wednesday
Aug. 17
28
2634
STOCKS
JOT
ifLOW AND HIGH SALE PRICES—PER SHARE. NOT PER CENT
1153
25
30
30
30
24
Mar 29
19*4 Mar 31
33
Nov
14
Oct
43% Dec
99*4 NOV
1
June
32
Oct
2*8
Oct
17*8 Dec
101
Oct
63
Aug
2678 July
8778 Aug
110
378
125
10*4
43*4
110
14*2
Deo
28*s
147*4
Oct
28*4
48*2 Nov
13*8
26*4
Oct
Oct
123*8 Nov
99
36
25
Deo
8*4
18*2
Oct
15*8
Oct
63
Jan 10
6
Dec
20*2 Jan 13
10
Oct
9
9
Jan 13
16
July 23
2*4 Jan 11
Jan
Feb
Jan
Jan
Mar
41*4 Mar
Dec
8
Jan
May
Feb
132*2 Feb
6214 Mar
58*4 Mar
17*8
15*4 Feb 25
33*4 July 25
2*4 July 19
Jan
Feb
75*4 Mar
Oct
15*8
Feb
Jan
Mar
i678""jan
39
Jan
412
9*2
Oct
16*2
Oct
29*8
Jan
1*4
Oct
634
Feb
Jan
5*2
14*4
Feb
34
Oct
Dec
734May 11
Aug 6
3
Oct
20
Jan
6*4
Dec
39
Jan
2*4May 11
13s
Oct
678 Mar
51*4 Mar
7*2 Jan 11
l%May 12
16
2978 July
14%
27*4
4%
55l2
30i2
July
July
Jan
Aug
July
6
25
25
24
8
19
24
142
7*4
10
Dec
Dec
Oct
3*2 Mar
3078 Mar
29*4 Apr
Oct
1378
Jan
20
Oct
74
Feb
22
Dec
41*4
1*4
Jan
2
165
Feb 23
May
165
Jan
28i2 Mar 31
51
July 19
33*4
Dec
66
Mar
8
4*2
Oct
15*2
Jan
2S*4 July 26
21
Apr 22
20*4
Dec
44
Jan
35
June
45
Jan
5
8*4 Mar 31
91l2 Feb 10
93
Nov
111
Jan
11*4 Deo
36
Jan
6
Mar 23
61
Mar 31
1234 July 26
83
Aug 11
156
Aug
3i2 Mar 26
163sJune
1
20
75
x
Mar 29
Apr
Ex-dlv.
y
778 Aug
16
Jan 18
Ex-rlghts.
7*4
266
Oct
Oct
24*8 Feb
106*4 Mar
Called for redemption.
New York Stock Record—Continued—Page 7
1154
SALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT PER CENT
ffit
Thursday
Aug. 15
Aug. 16
Aug .17
$ per share
I
Aug. 13
Wednesday
$ per share
$ per share
$ per share
.
17*2
17*4
*1034
16%
1714
10%
10%
*1038
47
47!4
47
47*2
19>2
1984
7
34%
34%
197a
67s
34i8
203s
*078
*8%
8%
8%
90
*85%
*12i|[
66
*48%
50
47*8
47%
20*4
21
1934
7
6%
35%
90
35*8
*34*4
35%
*834
9
9
9
90
90
*85*2
13*4
*85*2
*1278
*6034
80
*85*2
14
14
14
14
70
70
67
67%
50
*48
50
*47*2
49
49
13'4
J33s
*13*4
14
411,1
42
42l2
10*4
*4212
4434
10%
1734
10*8
17%
10*4
17*2
25
108
92
*
*90
92
*74"
*62
69
18
24
24
10*4
1734
*2334
110
111
111
*77%
*109
6
6*4
6
*64
68%
*64
6*4
09
77*2
111
*'4
*2
*'4
*2
*12
lh
♦%
lh
**2
134
*%
134
178
*1
15i2
15*2
*15*8
1534
15
*238
258
9*8
*23g
2%
9*4
9
8%
*1
178
881
9
1%
*14
*1%
1*4
1*4
2%
*H4
*2%
*2i8
258
*2%
1538
1478
*14
*91
15i8
9234
*110
113l2
44%
91
9134
112i2 112I2
45
4584
46*2
1*4
2%
I47g
9112
91*8
45
134
46%
15
2%
9
92
112
45%
47*4
36
*35*4
36
35*4
35*4
37*2
*35
37*2
35*2
20%
1258
127S
2378
678
24
40
40
678
*12
56
»
8i2
-
58
9i2
25%
25%
7
6%
4834
14%
56*2
45
*12
14%
57
8%
58
*5C
m'm'm.
834
m.
58
9%
*80
*45l2
25l2
15i8
*112
*112
24
8
2434
8%
1178
2334
27
15
15*4
112i2 112I2
113
♦101&8
*14158
1912
63S
57
17
*2634
*7214
*7478
*3
1134
-
-
-
-
83s
858
5*2
~
*8*2
-
-
*112
-
24%
*17*2
19
8*2
5%
24%
19%
13
-
23
*20
*65
4012
104
24*8
*1734
24*2
24
19*2
*17%
12%
24%
13%
i3%d 13%
24%
2434
8%
*4%
«
„•».
-
V
24%
4,700
19
6%
25*2
58*2
5834
17*4
*25*2
17*2
5834
17%
26*2
*2534
*72
75
*74%
-
600
6,100
11%
1612
165s
32
32
17l2
15*8
18*s
1534
26l4
27
3334
3334
*74%
3
3
12
12
\m
*11%
*3
^
„
23
*21
23
*21
23
*20
*65
73
*65
73
*65
73
1,100
-
-
-
-
_
„
'
40
*35
40
*38
*38
40*2
40
39%
104
103*4 *100
*101% 104
*101% 104
*101% 104
11*4
*5*2
11*4
*5%
11*4
11*4
*5*2
11*4
*5%
167«
16*4
17
10%
17*4
1634
17*4
16%
1634
17%
*32
34
32
32
32
33
32*2
33
34
*31*4
19
1738
183s
1778
18
18%
18%
17%
18*4
19%
16
17
1678
16*2
17
17
*16*4
16*4
16*4
16%
26
26
2734
2034
2734
26% 28
27*2
28*2
26%
*3i2
8%
4
34-%
34%
3434
3434
4
*3*2
4
♦3%
9%
4
*3i2
812
*8*2
978
*8
934
*34
3%
9%
*8%
34%
*3434
3%
*3*2
10
10
5,000
1,000
60,800
2,000
9i8 Apr
3484 Mar 20
95
4
0
Mar 29
Apr
37% Mar 29
Mar 25
15i2Mar31
Jan 17
Mar 31
3712 Apr 12
(The) Pa..10
70
..No par
...No par
1
No par
New York Central
No par
N Y Chic A St Louis CO...100
5%
*34
514
1%
*78
678
67s
678
*42
*40
46
*B8
78
*166% 170
*104
106
19%
20
*54%
55
9%
938
*9634 100
*8H2 84
12
11%
5*8
*78
5*8
1
1
678
678
7
*634
45
*40
*5g
78
167*2 16712
104l2 104l2
1938
205«
54i2
5412
9*8
9*4
*9634 100
83l2
11*2
12*8
*104
84
12%
97
*94
97
397s
*32*2
3934
278
23*2
*2l4
234
23%
*136
12
12%
3934
234
97
*94*2
97
393.1
*32*2
3934
2%
2*2
*2%
10*2
1038
10%
10%
20
2634
27
27
2312
912
104
7
7
2214
2278
....
68&S
8
4i8
1734
7
*114
69*2
-
-
8,900
Ohio
3,200
5,300
Oliver Farm Equip
16
Oil
Co
105
110
7
*7%
7*2
800
Oppenhelm Coll A Co ..No
22*4
2234
23
22%
2234
23*2
3,400
140
-
21*4
*114
69
*136
10%
4634
21%
*45*4
60
«
~
-
70
8
8
4
4
*4
18
-
~
5
17*2
18
7
7
*12i4
15
*12%
27
27
2634
1538
27*4
*7*4
*1234
2634
8
140
9%
8
10*4
22
*136
9%
*136
140
934
16%
16*4
106
106
140
934
10*8
*43
453.1
*44
45*2
*42
21%
*20%
*45%
21*2
*20%
21
60
*45*4
-
-
-
60
60
*114
*114
71%
*12%
2634
on this
71%
8*4
5
1834
8
13*2
27
day.
71
*7%
300
"
8
71%
7%
4
4
19
*6%
13*4
2634
13*4
8
27
8
4%
18
300
180
19
*6%
f In receivership.
4~6OO
4*2
*12%
26%
preferred
Steel
8*2
13%
27
a
120
90
100
3,500
Def. delivery,
June
1
Mar 31
29
July 19
Jan
37
Mar
Oct
4184
Nov
98i2
01
284
5
Oct
Oct
317s Mar
1278 Jan
253g Jan
110
Oct
135
Jan
113
Nov
137
Mar
38
Oct
2
Jan
5414
Dec
97
Feb
2
Oct
284 Jan 10
984 Mar
4%
Jan 10
Oct
20i2
Feb
1
Oct
Oct
65s
153a
76%
Feb
3
7% July 7
1% Jan 15
105s Jan 24
02
Oct
Oct
30
1% Jan 11
i2
Oct
Jan 13
180
Oct
272
102
Apr
114
198
55i2 Aug
14l8 Oct
48% June
4
Jan
Jan
July 13
3
Oct
1788
Aug 17
9384 Jan 13
93
Oct
104%
Jan
91
Oct
105
Jan
14i2 July 25
8
11
100
95
9%
305s Mar
July 15
May 12
30
32i2 July 13
314 July 29
25
July 29
1
Oot
•
13g
15
Dec
Oct
53i2
Jan
678 Mar
Oct
40
1478 Jan 10
9
Oct
3278 Feb 23
19% July 25
24
Nov
22% Apr
73
Apr
20i2 Feb
108
Aug
612
90
4
Oct
Nov
114
Jan
Feb
Mar 28
9i8 July 19
5i2
Oct
193s Mar
28l2 July 19
20i8
Oct
45%
Jan 14
132
July 20
12
56
125
Jan 12
Jan 11
10
1
Mar 30
40
Mar 30
0
0i8
48
Nov
Oct
140
Dec
97
1234 Dec
28
50
Jan 12
44
Dec
75
Jan
115
Apr 19
114
May
115
June
215s Aug
8
74% July 29
51% Nov
23
Mar 30
11U Jan 17
x9%
Dec
2i2Mar20
55s Jan 11
20
July 28
212
7i2
Oct
153*
Oct
40
No par
334 Mar 29
914 Mar 20
*2284 Mar 30
x
Ex-dlv.
v
9i2 July 19
15% July 23
2984 July
Ex-rlghts.
1
■
Mar
Jan
10334 Aug
10i2 Mar 25
5
Jan
Feb
243s Mar
10
Cash sale,
Jan
Feb
June 21
Pacific Finance Corp (Cal).lO
Pacific Gas A Electrio
25
r
Jan
3478
57%
...No par
preferred
Jan
Jan
484 Mar
243s July 20
3
3914 Apr 28
115
Apr 19
100
1st preferred
Jan
Feb
65U Mar
1O0»4 Jan 17
June
30U Apr
No par
Pacific
New stock,
40
03s Mar 31
Owens-Illinois Glass Co..12.50
n
10%
6484 Mar
109
Mar 29
122
$5.50 conv 1st pref-.No par
Outboard Marine A Mfg
5
2d
Nov
Feb
Feb
Sept
1384 Mar 25
100
Pacific Amer Fisheries Inc
Coast
Dec
9
12i2 July 21
19% July 23
Jan 18
4
No par
Preferred
70
18
Otis
Oct
Deo
38 Jan 10
8312 Apr
par
No par
Outlet Co
*114
71
Otis Elevator
0%
«.
3", 900
47
*20*2
*45%
*7%
*4*4
1834
*7*4
1434
27
Bid and asked prices: no sales
23%
16*2
6%
9
1284 Mar 30
9
May 20
19i8May 31
7i2 Mar 30
Omnibus CorptThe)vtc No par
8% preferred A
100
7
87
18s Mar 30
No par
105
16%
02
Oot
Jan
75
No par
7
*42
69i2
11
Jan
2218 Dec
12i8
13i8
5714
Oct
0«8 Mar 31
1
106
17*2
*7%
23*2
27*4
Dec
434 Jan 11
1134Mar 1
120
Apr 25
111
Apr 28
93i2 July
10*2
3
3734 July 23
25
2634
4l2 Jan 14
125s Aug 2
1384 Mar 31
4534 Apr 1
57g Mar 30
87i4May 3
Telegraph...50
10%
Deo
Mar 25
NorthernStatesPowerCo.$5pf 1
27%
75
Mar
3s June 10
Norwalk Tire A Rubber No par'
Preferred
50
10*2
80i8
Dec
72
38
.100
2634
30
75
100
UsJune 10
25s Mar 30
i2 Jan 5
484 Mar 29
No Amer Edison $0 pf. No par
Northern Central Ry Co.-.50
7
106
95g
60
-
16*2
23*2
*20
Deo
Feb 23
15
Northwestern
600
Dec
Dec
30% Nov
54
50
*103
*136
10
21*8
60
1634
*20
97
175s
20%
03i2
38*4 Jan 12
133
Pacific
Jan
Jan
99% Aug
26U Nov
Mar 30
100
Northern
6178
1434
Oct
100
0% preferred
North Amer Aviation
Dec
Oct
Adjust 4% pref
100
North American Co..-No par
7*4
*103
140
912
16*2
*20
18,700
Norfolk A Western
Jan
Jan
10i2
14 Mar 20
Shlpbldg Corp part stk..l
7% preferred
100
I Norfolk Southern
100
7*4
104
*136
*21
1134
9*4
11%
*94*2
*32%
26*2
46
•
200
84
10*4
2118
*4514
7
9934
*82*4
16
*42
4
*98
84
2534
46
*7%
6,700
9934
*82
I6I4
20l2
1734
*2%
9%
*98
12*4
9%
400
55
84
IOI4
2012
*45>4
67l2
*81%
1134
*94%
*32%
26
*42
*114
9%
70
9,900
20*2
100
100
234
23%
11%
140
912
9*4
400
104% 104%
*54%
9*4
9%
*98*4 100
100
%
168% 168*2
105
54*4
*2l2
2234
105
54%
9*4
*94*2
16*2
*166% 171
45
%
34
54*4
*32%
714
*40
45
*%
5414
2%
106
1,000
Mar
171
150
22i2 Jan 10
514 Mar 20
Conv preferred
100
t N Y Ontario A Western..100
6%
44
Oct
2
N Y
20
97
*7
2,000
1*4
7
55
*81*2
1138
*21
5%
Oot
July
1238 Mar 31
N Y Lack A West Ry Co.. 100
t N Y N H A Hartford
100
*%
18
163
127
Aug 17
July 25
15%
par
7
20%
3978
*101
106
5*8
18is Apr
18
No par
1*4
20
2I2
10%
25i2
1534
*40
34
5*4
20%
*32%
23
*%
6%
1,100
20%
*94
*21
45
*%
*5
1%
2034
*54*4
*81 *2
6%
*166*4 171
104
20*8
1
*40
7s
166*2 167
104
5*4
*%
45
*5g
5*8
63
Mar
Oct
14
Aug
1%
Mar
38
412
2H2 July 25
Mar 30
*60
35
Dec
Mar 29
110
1%
Oct
1784
Mar 25
101
63
Feb
7
50
1%
3878
2018 Feb
112i2 Mar
112
May
245s Mar
1078 Jan
10
50
*60
57% Aug
17
32
10% pref
t N Y Investors Inc...No
1%
Oct
Oct
99i2 Nov
N Y A Harlem
*134
Oct
514
4
Jan 18
115
*60
Dec
Jan 14
115
1®4
10012
104i2
40
*109
1^4
Oct
106
*112
*60
Oct
12
Mar 31
115
178
5*4
Oct
13
FeO 11
115
*134
514
Jan
Jan
Feb
July 20
*109
*60
Jan
3384
70
*112
«
183s
333s Mar
107
103i2
99i2 Apr 20
4i2June 28
9% Mar 31
20
Mar 20
1
Jan
Mar
Dec
26
28
100
100
2458
Aug
39
July 7
Aug 18
75
2i2May 24
7% Mar 31
1458 June 17
58
Apr 5
Feb
Mar
13
Aug 16
July 29
1
Feb
115
2
31
Dec
May
71
90
Feb 25
115
•
113
Oct
17
145
July 7
July 25
*109
1%
113
Oct
018
30
*112
%
6
2534 Aug 18
159% July 13
18
Aug
85
July 25
46i2July 25
3058 July 29
16% July 27
23
115
*60
24
82
115
*14
47i2 Mar
Oct
4
Jan
*112
%
Oct
8
Mar 31
14i8 Mar 31
21
*109
*14
10
Oct
115
%
12i2 Jan 10
18
July 21
1434 Aug
1034 Jan
Oct
03
Jan
Oct
Dec
5
115
**4
20%
3
44
55
40
Feb
Mar
July 29
54
838 Jan 12
prior preferred-..100
prior preferred
100
36%
90
108i2
66%June 30
*109
3s
Dec
Mar 29
6
*112
**4
15% Aug
993s Mar
4484 Mar 31
123
38
Oct
Apr
25
115
*'4
978
1378 Aug 19
*109
%
Dec
Jan
Dec
Nov
1314 Mar 29
preferred
4U
50
164
N Y Air Brake
Jan
10712 Aug
109
Sept
102
Mar 30
*111
*i4
Oct
July 22
143
5%
Nov
105
15l2 July 22
58
1
Industries
6% Mar
12U Mar
4078
10612 Aug 15
10% July 27
3
6% preferred series A...100
50
z71
July 19
Aug
1034 July 19
034 July
263s Aug
207g July 26
17i8 Mar 29
NYC Omnibus Corp..No par
New York Dock
No par
10
125s Dec
Mar
June
700
10
34i2 Mar
51
June
5,200
4
Oct
Dec
Oct
Apr
Jan
154
Newport
984 Mar
34
Feb
50
127
Co
Jan
Oct
5%
1U
1%
9812 Aug
100
Nelsner Bros Inc
6%
Oct
Dec
2
26
5
1
5% pref series A
X New Orl Tex A Mex
35%
*8%
No par
Lead
Aug
2% Jan
5i8 Mar
15
1884 July 25
110
Dec
78
1% July 25
1734 Jan 13
3% Jan 12
3i2 Mar 29
3i8Mar 30
1714 Mar 31
lli2 Apr 1
4H% conv serial pref...100
Newberry Co (J J)
No par
*5l2
34i8
100
No par
preferred A...
Natomas
34
10i8 Mar
Dec
Oct
150
100
National Tea Co
300
12*4
2234
73
108
12
8%
0%
„
3*4
Dec
4%
60
1434 July 29
5H%
200
*35
34
10
10
National Supply
$2 preferred
200
73
Mar
Mar 31
8
0
__5
100
National Power A Light No par
National Steel Corp
25
5,500
4,600
18*4
26%
124
6% preferred B
100
Nat Mall A St'l Cast Co No par
60
59*4
73
7%
Oct
Oct
98%
Jan
Feb
034 Mar 30
Corp
preferred
National
100
*100
*512
.No par
Nat Gypsum Co....
6,400
164
*163
164
167*
141% 142*4 *141% 145'*
*20
2034
2034
21%
6*4
6%
0*4
6*2
Mar
15%
Nat Enam A Stamping.No par
26,000
,
120
50
Nat Distillers Prod
...
Nov
64% Jan 13
7% pref class A
7% pref class B
Nat Dept Stores
300
Jan
53
87
48i2 Mar
38i2
l0%May 27
1,100
100
Oct
05
5%
Oct
2234 July 25
5% pref series A w w
100
Nat Bond A Share Corp No par
8%
*21
75
♦35
*3734
•
8%
5%
*65
23
80
-
*112
8*2
*4%
94i2 Jan 26
July 13
111
Aug 17
8
July 19
72
July 21
84 Jan 10
H4 Jan 11
91
358s Mar
10i2Mar31
12i2Mar 31
«
122
Oct
Mar
11% Mar 31
106% Mar 30
105% Mar 30
•
Oct
Nov
60i2
No par
*112
14
15
87
46
Nat Bond A Invest Co.No par
30
Jan
2878 July 25
July 28
2834 July 25
8]4 July 26
Register
41
72U Mar
20% Feb
2278 Jan 11
Mar 30
pref
Oct
111
Mar 25
Biscuit
cum
Cash
45s
69
Nat Dairy Products...No par
46%
Dec
33«4 Nov
Oct
Nat
2434
12
*65
50
14
16% Jan 13
47i2 July 25
12% July 25
4784 Mar
Dec
400
89*8
Feb
Oct
Dec
Dec
200
8*2
24*2
*44%
*80
Jan
10*8
3
16%
6l2 July 25
24% July 25
30
13,000
5%
*17*2
89%
86
30%
1212
7% Mar 22
7%
Dec
4
Acme
National
3712
21
8% Mar 30
100
Feb
93i2 Aug
20
Nat Aviation Corp
800
101
Deo
39% Jan 13
Nashv Chatt A St Louis..100
24,500
Apr
Dec
50
July 21
57*4 July 27
3838 Aug
12,800
9%
1878
*80
Mar 31
National
80
3,700
3484
10
66i| Dec
Jan 25
08
Mar 31
46*2
5
2438
14
Jan
1
Nash-Kelvlnator
11,800
10*4
112i2
22%May 27
27*2
27*2
28%
2784
28%
15
14%
15%
1334
14*2
*112*2 121
*11234 121
*11234 121
5
17*2
*20
*102
113
*112
9%
14
1234
13*4
*8*4
8*2
8%
8-%
25
2534
25%
2534
*157*8 159
*157% 159
*15%
16*2
10*2
10*2
25
15%
I2l2
125s
13*4
13%
24
24
24*4
2414
2434
24% 25%
*162% 164
164
+16238 164
*162% 164
143
143
♦1415s 145
*142*4 145
145
2038
19l2
2014 20*4
20%
20*4
20*2
612
014
6*4
6*2
6%
6*2
6*2
58
57*2 58*2
57l2
57*4
58*2 59%
17
18
173S
17*2
17%
18%
18%
277g *26% 27*2 ♦26*2 27
26% 20%
75
75
75
*7214
*73l2
73% 73%
*7478
*7478
*74% v3
*3
3
*3
3l2
3*2
3%
12
12
12
12
12
12
1134
12I8
9,400
Jan
Dec
25
26%
26*2
*434
9%
1
Co
Munslngwear Inc
13
934
5
Murphy Co (G C)
No par
6% preferred
100
Murray Corp of America...10
Myers (F A E) Bros...No par
564
''
Jan
19
78i2
preferred...No par
Brass
$7 conv
50
16
25*2
Mull Ins Mfg Co class B
"400
*50
50
Mueller
14%
Mar 30
10U Mar
4712
Oct
11% Mar 29
No par
1,800
150
10
share
per
21
Sept
28i2 Jan
42i2 Jan
42i2 Mar
0
9
1534 July 22
Dec
28iS Dec
3% Jan 11
2
Wheel..
53s
11% July 21
23s Jan 8
5
2,300
57*4
*13*4
153«
*
*i:i£J
*53#
Morrell (J) A Co
Aug
84 Mar 30
Jan
Morris A Essex
87
0
Aug
114 Mar 25
May
Motor
41
i
%June 22
% Mar 28
10%May 27
1% Mar 26
4«4 Mar 29
07
2,800
26*2
7*4
6%
2
111
Motor Products Cor p.. No par
*106*8 110
8%
834
9%
*1234
24
1878
26
Mar 31
10
4,800
20%
14*4
Mar 20
i8 Feb
No par
preferred
Montg Ward A Co Inc No par
48,500
*106% 110
13*4
27
24
*17l2
25*2
13%
8%
$4.50
290
14
10*4
100
100
100
20
Monsanto Chemical Co
2,300
94*4
114
14
12%
15%
88g
5l2
600
19%
13
♦112
838
*5
17
19%
13*4
24%
Preferred series A
$ Missouri Pacific..5% conv preferred
Mohawk Carpet Mills
700
20
13*8
8*4
25
26
15i8
112l2
No par
300
24U
26
Mo-Kan-Texas RR
37
10*4
♦155i8 1601S *156*8 160*8 *15634 160*8
1514
1514
1534
1534
15%
1512
15%
91
*80
*80
88 *2
*80
89*8
89*8
45*2
47l2 *4512 47*2
*44*4
45i2
47%
*1434
1,100
36
8
24i8
500
2%
47%
934
4
35
...100
100
10
4
1
49% Jan 28
100
Apr
1
1
preferred
4% leased line ctfs
Mission Corp
7%
134
41
lSUJune
jMlnn St Paul ASS M...100
36
13*4
1234
8*4
2438
5*4 Mar 31
12% Mar 30
No par
$0.50 preferred
100
200
15%
*15*2
93%
6%
100
4% conv pref series B
Minn Mollne Pow Imp!
*4
1«4
46
1778
1258
157
Minn-Honeywell Regu.No par
4,600
6*4
*34%
52
June 13
208* Mar 30
50
35*2
8%
32% Apr
3i8 Mar 30
14 May 31
11
18
72
4
pf~100l
36*2
10*8
958
Mld-Contlnent Petroleum..10
Jan
10
46*4
*50
5
64*2
114
14%
5
Miami Copper
Apr
500
*34%
19%
13%
834
*50
Merch A Mln Trans Co.No par
Mesta Machine Co
6% Mar 20
55
60
Apr 25
700
57
—1
50
Co (The)
6% conv 1st pref
Mengel
4,100
*12
No par
No par
$6 pref series A
89
9%
*52
57
*106
Apr 12
Mllw El Ry A Lt 6%
lit
.2%
45
70
Apr
1
6%
100
preferred
70
9
*40
conv
100
2
93%
Mar 20
No par
15*2
2%
9
113
5
8% cum 1st pref
1
9334
7
*37%
2,800
2%
15*2
12l2
8ls
2334
157
25*2
678
*38*4
58
*13
12l2
8 >8
14%
*12
*12
145s
56
56*2
10612 106*2 *106*8
838
8*4
8%
934
12i8
14%
7
*50
18
*12%
14*8
*56
-
834
*58
1334
40
684
40
1334
56
*106
20
25
25
19*2
4,100
25*2
*3514
*35
I934
13*4
30
1
Stores
$5.50 pref ser B w w.No par
Melville Shoe
No par
170
600
No par
preferred
Mead Corp
40
500
45*2
35*2
36
37l2
187s
J 3'a
24U
"l'ioo
1
15%
conv
Mc Leila n
6%
2
113
35*2
19%
238
834
2%
15%
9234
*34
19
800
Midland Steel Prod
*1
15
2%
9*4
1%
1*8
2%
15%
*3514
18%
10i2 July 18
$3
500
300
6
*1
15
2%
112
112
112
Dee
Oct
60
64*2
'4
*%
**2
*1
Oct
18%
111
%
1»4
*14
1%
4778 Aug 5
20i8 Jan 12
8% Jan 10
35i2 July 25
30is
13%May 27
5% Mar 29
27 June 14
79
*110
1%
%
15i2
2I2
35% Mar 25
90
6
h
212
Mclntyre Porcupine Mines..5
MoKeeeport Tin Plate
10
McKesson A Bobbins
5
1,900
900
*78%
68*8
%
*1
7,300
14
*
90
♦14
*15ls
7»4
4,100
10*2
10*4
18%
18%l
*23«4
25*2!
106*2 106*2
18%
Dec
123s July 27
20%
25
11
Jan 31
MoGraw Elec Co new
Highest
share $
per
Mar 20
44%
10*2
$
% per share
7
1,400
*44
share
10
5
14
per
1
49
4334
$
McGraw-Hill Pub Co..No par
67%
4%
*19%
*13*4
108
*
76
6
4334
107% 107% *104
76
434
20
*13*4
4334
10*2
18*4
90
*62
19
14
*13*4
4334
10*4
77
110
434
20%
90
*74*2
69
5
20
92
6*4
6
6
578
♦02
108
*
110
110
*109% 110
1734
25*2
*24*4
*101
76*2
76l4
70
5*8 H 5
Year 1937
Lowest
Highest
200
"70
07
19»4
Par
1,100
14
*69
70
Range for Previous
100-Share Lou
Lowest
90
70
934
17l2
17*2
*85%
14
14%
41%
24
9%
*6034
1934
*101
40%
1934
6%
3434
834
*60
14
5
108
47
the
17%
10%
46%
20%
6%
3434
8%
*10%
70
20
95s
11
67*2
67
50
4978
17*4
20%
6%
*10%
40%
6912
69%
2358
17%
7
5
23%
17
47%
20
*101
Shares
21
*34
85s
90
*66
5
$ per share
1734
11
11
207s
14!2
5
$ per share
11
*4834
478
*20
Week
6%
*34*4
*8%
34*4
13
77
60
*1034
Aug. 18
47*4
2034
67s
678
*8512
13
*07%
17*2
1938
20,
EXCHANGE
Friday
Aug. 19
1
*1038
11
On Basis of
STOCK
YORK
NEW
JOT
Tuesday
Monday
.
Range Since Jan. 1
STOCKS
Sales
*
Saturday
Aug.
Jan
Feb
Mar
4
Oct
27U
Feb
10i2
Dec
32»4
Jan
22
Oct
38
Jan
1 Called for redemption.
Volume
LOW
AND
New York Stock
147
HIGH
SALE PRICES—PER
Record—Continued—Page
Aug
Wednesday
Aug .15
Aug. 17
$ per share
$ per share
$ per share
13
.
J per share
38
38
3818
1512
15l2
.
3814
38
38
2,000
Pacific
14%
15
15
15
1,200
Pacific Mills
145
*144
146
*144
146
*25
27
*25
27
*25
*13
13I2
13
13
I84
46
*44
*9414
8%
9912
*9414
8%
85
*81 x2
84
9i«
934
934
*25
46
29
212
*39
40'8
16i2
*144
146
*25
27
*25
27
*25
27
13
13
1284
1234
1,200
5
5X8
5
5i8
16,400
8«4
884
*710
734
*712
1«4
134
1«4
134
4534
884
I84
46
*7'2
*1%
*45i4
9912
*95
134
*94X4
9i8
9%
*82i4
9%
21Z
25i2
2%
2%
*40
16l2
17
2
2
2
16i2
*1%
16i2
2
2%
*2
8%
83s V
8I2
834
8%
8%
10%
1034
1034
ID4
11
7i2
53X8
8234
7%
53 lg
*52
8i8
5312
83l2
83
84
2
2
*2
1078
714
7X4
*52
5318
8234
83
2I8
2's
438
4X2
7%
*414
*4i«
83i4
*2
14
*1312
1934
14
*13%
14
2034
20
28%
*23
24%
*23
20i2
28i2
-
*113
-
-
32)2
*434
'•
U
33
5%
—
33X2
*4I8
*11X4
14
*31l2
28is
28i->
15
*14
15
*14
12
13
27
*3314
*14
15
113s
1134
11%
12
7X2
3358
348s
35X2
7's
3312
35i2
3413
33
35i2
3510
35%
35i2
7%
*
66
~*i%
3
*3
*%
h
118l2 118i2
*
66
2
3%
*2
x2
%
*6
7X2
59
*6
59
s16
*3
4
*3
*36
40
*36
7%
712
2478
734
23%
23%
46
46
*41
115
*91
2334
115
6%
2534
*5
6%
*24
*24
2534
*6
634
*6
69
*5214
*153
7'2
7%
13i2
45
45
*25
3178
*33io
39
*4
*57
*46
48
29
*26'2
31%
38
39l2
*%
34
38
h
*7%
8
2384
400
20
115
6%
*5
24i8
24l8
*57
300
69
3034
*25
3034
36
46l2
*25
36
*12
38
34
2,300
14
300
47
8
*4
8
*5
8
*4X2
8
*5
8
12i2
12X2
12
12%
12
12l2
12%
12%
12%
1234
320
*x2
%
IH2
*x2
*%
%
200
2214
2214
22
22i
23i8
23i8
*9is
9%
IOI4
93g
*9i8
9%
*2%
2%
2%
9%
2%
1
*34
%
*34
%
*34
*2i2
8X8
2%
234
234
8X4
8X2
9i2
*5s
2%
8i8
*8
*24
8'8
*'2
%
4
22%
22%
*9)8
IOI4
23X4
*9%
23x4
IO1.1
1014
*9%
%
2314
IOI4
*9%
934
*9%
10
*914
10
934
10
*2l2
3
*2i2
3
*2l2
*34
3
*212
3
%
*2%
8i4
284
2%
%
2%
8%
*8X4
8%
*8
9
*8
9
%
8%
9
*8
9
26i2
26
26
56
56X4
116X2 116i2
29%
29i8
66X4
561.4
116 X 2
116'2
29X4
*95
*9514
*110
29
97
1 lOXo *110
97
110X2
*11714 124
*8%
,
%
*11714 122ig
138
139
138
140
140
138l2
119
*116
117l2 *116
116l2 *116
31
31
31
30i8
30i8
3034
30'4
140
120
10%
11
10%
1034
92X4
86l2
*89
9214
*85l2
86%
12%
1214
1238
12I8
1112
6%
11X2
*11X2
634
*80
56
214
*20
7i8
100
*80
5638
1134
12
20
20
26
*1512
18
12%
1234
1234
*11X2
6%
7%
*80
5634
2i2
I6I4
*23
1214
91
8512
*20%
*80
57%
13
100
12
13%
21
21 x2
17
*23
24%
20
*18
20
69%
*4512
8
8
69%
8I4
11
*9X4
1078
*12
13
9X2
15
*65i2
75
*6512
68
*66X4
68
2's
17
*55
54li
14i8
*27i2
2i8
17%
17%
2
*67
74
68%
"20
2
2%
2
2%
2
2%
I8I4
4,900
2%
18%
17%
14l8
2934
*27
17%
17%
1734
59
*55
54
1734
57
55
54%
1434
14%
18%
*55
54
I4I4
*55
•
*
1434
*14%
1434
30%
78
*
*27
30%
*27
30%
*27
30i8
*71
80
71
*70
*
59
*_
59
14%
*
59
1334
"l334
1334
~14~
14
"l334
1384
*i.3i2
1334
"l3%
*92i4
97i2
*92X4
97X2
*93
97i2
*94l2
97i2
*93
4134
9I2
4214
57X2
*5
7%
*10'8
*17
*2478
*1'4
39
734
7%
11X2
*10l8
18i8
26i2
17
734
1034
10%
4214
41%
*53
*5
"
7%
57l2
-
-
-
-
8'4
*2514
*1 '4
38'4
*78
1
%
2
2X8
214
lli2
*11
m2
17
39
•
42
57X2
*5
134
10
9i2
41%
*53
*1634
18%
26i2
26
1%
39
%
2X4
25i2
*H4
IOI4
934
42!4
42l2
*53
*5
5712
..
.
734
*1012
*1634
25%
.
*934
IOX4
41%
42%
*53
*5
57X2
-
-
-
IOI4
2,700
*5
-
...
.
m
m
m.
mm
m
m
10
Common
m.
Rhine Westphalia Elec A Pow.
Richfield Oil Corp
No par
734
734
7%
1034
1034
100
Rltter Dental
17l2
*16%
18i2
100
Roan Antelope Copper Mines.
*2512
*
26i2
26l2
26>2
114
\h
*H4
1%
4034
4034
4034
*%
1
*%
214
1
%
*214
%
*%
214
~
1112
4034
Bid and asked prices; no sales on
2,100
mmm
Reynolds Metals Co...No par
6J4% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
734
41
^
"766
10
100
100
7% preferred
5H% preferred.
*16i2
*1X4
1%
this day.
2x4
2i2
{ In reoelvership.
Deo
7
8,400
1,100
------
2,100
1
200
2x4
800
a Def. delivery,
Mfg
Ruberold Co (The)
{Rutland RR 7% pref
St.
Joseph
Lead
No
par
Oct
a
New stock,
r
x
Oct
Feb
Oct
31
Feb
Oct
86
Feb
Oct
518
6i2
Oct
05'2
Jan
114i2 Mar
118i2
Jan
4314
30*8
91
103i2
117
Oct
5284
Jan
Oct
112U
128i2
Feb
Jan
Oct
Oct
140'8
Jan
Sept
102i8
Jan
1131s
72ig
Jan
Feb
Mar 29
June 10
Mar 30
307| Jan 17
13i2July 20
July 21
24i2 Jan 11
29ig Jan 18
22
Jan 13
2512
Oct
884
Oct
85
Oct
243s
Feb
Feb
107
2334
584
Oct
13'8
434
Dec
1878
Oct
1234 Mar
214
Jan
115
Nov
Dec
80
Jan
Oct
10ig ^pr
37's i. ug
96i2 Dec
44
Feb
19'2 Dec
20
Dec
20
L
26
Dec
29i2
18x8
Dec
47
Di 0
Mar
<)C
Mar 22
30'g Jan 15
30
Deo
49
Jan
27ig Jan 25
6% July 19
23
Dec
43*4
Jan
Oct
I33g
58
July 26
39
11
Jan 10
June 10
3%
Jan
Dec
83
Jan
7i2
Deo
30
Mar
11 % July 20
784
Dec
13i2 July 13
175g July 25
984
Oct
35i2 Mar
8i8
Oct
2918 Mar
2238
Feb
~
2
28
74
July 22
0U2 Nov
68
Aug 16
69
li2Mar 30
3
Jan 10
40
'
Apr
llJ4May 31
39'2 Mar 29
38
May 20
778 Mar 30
17U Mar 30
05
Apr 27
02i2 Feb 24
10i2June 9
843s Apr 25
458 Mar 30
33»4 Mar 30
5114 Jan 31
5i2June 21
Ex-dlv.
18
25
y
94U
110
9x2
Jan
Feb
Feb
12x4
Oct
Dec
124
60
Dec
llOU Mar
493s Apr
47U Mar
Apr
183s July
7
9
87
Jan
8
26
Dec
98
85
Jan 21
7034
Dec
139
04XS Jan 21
17«i Jan 7
00
Nov
9ix2July 27
80
1214 July 26
40i2 Jan
8
58i| Jan 11
13l2 July 21
20®4 Jan 19
27
13
Oct
65
Mar 25
Mar 31
Dec
Jan 13
73
7i2 Apr 11
14i8 Mar 30
5
I84
20% July 25
75ig Jan 15
8xt Jao 7
8% July 30
13
Cash sale,
Jan
Jan
Jan
2i2
.
June
li8June
25i2May
%June
li8 Mar
{St Louis-San Francisco... 100
6% preferred
100
Feb
378
I5i2
3178
Oct
Oct
20
33ig
1178
84
132
par
...10
ll2
110
100
No
2978 Apr
22i2 Aug
Oct
9
12i2July 21
339 Jan 13
li8 Jan 22
453 Jan 17
10% July 21
1058July 25
8ixs Jan 17
57l2 Aug 5
122x4May 18
35i2 Jan 13
98ig Jan 12
111
July 29
I23i| Jan 13
Jan
Jan 14
49i2May
5
*10l2
8
13
Jan
3
June 13
9*8 Mar 30
Rensselaer A Sar RRCo-.-lOO
1734
26X4
40'4
2i2
1
Class A
Oct
143
9
—10
lix2
40
*2i4
Reliable Stores Corp..-Wo par
Reo Motor Car
x2
4714 Mar
Oct
3414 Mar 29
5
Apr
1
SijMar 30
100
Remington-Rand
8i2
116
18
5
Rels (Robt) A Co 1st pref. 100
'
5,600
38i2
1%
4% 2d preferred
28
13i4June 21
234 Mar 25
50
60
4% 1st preferred
Jaa
Deo
8
Jan 12
8i8May 20
Real Silk Hosiery
Deo
4
5
Jan
1038June 17
110
42
57l2
8
Apr
45
Mar 29
9
Preferred with warrants..25
mmm~m
10i2
41 %
*53
8
18
4m
97 x2
*53
Jan
Deo
»4 Nov
30
Ja« 13
50
6% conv prior pref ser A. 100
Revere Copper A Brass
6
1334
95
6
25
59
*9214
93g
Dee
45
Jan
Rayonler Inc....—
52 preferred
Reading
Republic Steel Corp...Wo par
6% conv preferred
100
14%
*133s
30
24
600
72X2
71
8
7
Wo par
1st pref..No par
26,600
5334
so
*28
m
57
5334
Dec
8i4May 20
Apr 19
100
Reliance MfgCo
"3". 200
*65
59
59
1,400
__
1534
68i2
55
♦
9l2
14
1514
74
55
59
"iOO
10
*67
*54
*40
*12
Mar
23
21%May 27
No par
preferred
Preferred
*65
55
14i2
29l2
1514
122
1484June 20
•
74
59
100
14%
15
~
68l2
*52X4
14i8
11
*914
*12
1512
-
*67
*54
*80
*7l2
9%
«■
*65
5414
100
11
13
1514
10
*7%
mm
74
68
59
*80
69%
300
68
*65i2
21S
17%
2ig
*45l2
10
*12
1434
69%
Dec
37U Mar 31
17gJune 2
100
*45l2
Mar
32
132
conv
53.50 conv
100
5%
69%
*914
13
1434
7414
*66X4
9i2
*12
13
14%
1434
5,400
25
*4512
Mar
43
{Radio-Kelth-Orph....Wo par
"l",500
2i2
100
6978
July
20
Oct
Raybestos Manhattan.No par
57'2
21X2
900
*57i2
112
55 preferred B
2%
*514
141
Oct
8
4®4 Mar 31
6OI4 Jan 31
*20ig
5%
Apr
4*8
88i2 July 19
1434 July 29
IOI4 Jan 14
734 July 7
80 May 11
5834 Aug 9
5*8 Jan 11
5%
"
5%
9714
9X4 July 25
1684 Jan 12
52
Aug 5
30
July 29
Radio Corp of Amer...Wo par
5" 500
*16
100i2 Aug
100
3,200
100
5%
Dec
32,900
12%
24
48s4
98U Jan 18
1734
20
Jan
1414 Aug
74i2June 18
6%
.
2012
*16
Jan
70X2
4i2
112
...No par
Pure Oil (The)
I8X4
Oct
81
.
l'.ioo
12%
*24
Pullman Inc
Oct
Dec
11
Aug
Jan
Feb
Aug
4
Mar 28
Mar 25
333s
Oct
25
preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp..10
*
.
2014
25
*9X4
12,500
"
.
*16i2
20
1434
III4
I6I4
*15X2
*514
*7x2
6,200
12X2
*23
*514
*45i2
*7'4
7% preferred
8% preferred
117
Mar 31
80U Mar 31
10178 Apr 23
Wo par
100
100
100
6% preferred
56
Aug
2014
165s Jan 10
34 Jan 19
2538 July 25
25
30
3912 Mar 31
Pub Ser El A Gas pf 55.No par
J
-
20'«
578
55 preferred
J*
Dec
117
Mar 29
25
"300
36
July 12
Jan
Jan
Jan 17
8
0
30
25
Jan
July
04
July
8
No par
87x4
May 10
12
115
'MMMO
July
7i2 Jan 17
May 21
%June
15s Mar
4®4 Mar
4l2 Mar
13®4 Mar
Jan
2084 Apr
May 28
5% pf (ser of Feb 1 '29).100
12%
18i2
Procter & Gamble
20
Nov
Aug 17
15
5
Oct
5%
7i2 July 25
67
July 20
174
Mar 14
% Mar 31
50
95i2 Aug
90
7
5i8 Mar 29
li2 Mar 20
Feb
Oct
9i2
74i2
6
Inc.. 1
3ig
Oct
12
Oct
6
Pub Serv Corp of N J._Wo par
20i8
25
Co
Jan
Oct
1
260
2%
57i2
Car
steel
5% conv 1st pref
5% conv 2d pref
14
Dec
9
3,300
7%
5714
2X2
18'2
5%
2,200
21i2
56%-
Pressed
—
June 21
UJune
No par
Oct
52
Mar 30
23
{Postal Tel A Cable 7% pf. 100
700
12i2
*80
Class B
'
m
3,000
M
13i«
7
100
*20
*514
*12
^
«.
214
4
85
1
Porto Rio-Am Tob cl A. Wo par
-
500
91
13
Term Coal Corp
Feb
25
3
Jan
20i2 Apr
IH2 Apr
6% preferred
100
Pittsburgh & West Va
100
Pittston Co (The)
Wo par
Plymouth Oil Co
5
160
*1112
7%
53i
11
-
8084
13
Pitts
Jan
7i2
65
378 July 20
July 19
478May 20
712 Mar 29
5 hi 1st scr conv prior pref 100
IOOI4
Dec
1%
27
»64
July 12
145
....100
Jan
Dec
184
Oct
9
41
100
62
60
Mar 29
378 Mar 30
Pond Creek Pocahon..Wo par
Poor & Co class B
No par
-
140
85'4
12i2
6%
57
12l2
2014
*1534
*1534
1034
*89
85)4
*1H2
*80
2%
2U2
1314
21%
17i2
*20
10%
91
12%
1212
714
50l2
2%
2lo
23
10%
8514
534
*7
<•
32%
*1534
*23%
*23
9i2
32
3134
7% pref class B
54i2
30'a
3>4 Mar 31
May 5
No par
100
*
834
140
Pittsburgh Steel Co
Feb
5978 Mar
8'4 July 23
50i2Mar
20
pref
No par
Pitts Ft W & Chi 7% gtd pf 100
Plttsb Screw & Bolt..-Wo par
1314
18i2 Nov
34i2 Nov
Mar
43
40
conv
Jan
4438 July 19
Mar 31
4
100
700
116i2
*89
85l2
7
100
5634
2%
2034
12i2
20i2
15x4
1134
20l2
1612
8%
*8X4
800
'■m
%
2%
116i2 *116
3II4
lli2
*89
80is
*1112
100
214
2%
13934 13934
*116
3112
11
IIX4
91
85%
7X8
*20 lg
*15i8
10%
*89
12
*56
2X4
2034
*34
10i4
25
25
*24
26%
2512
24l2 25%
56Xi
56i2
5634
56%
5034
56l2
56%
5614
116% 11612
11734 11734
11714 118
11714 11734
30
29i8 29l2
29%
29i2
2934
29% 30
*96
*95ii
97%
97%
96%
*95%
*95%
97X2
110
111
*110
111
111
11012 110X2 110
*11714 123X8 *118X2 125
*11812 123% *11834 123%
*137
*89
*9%
*25
*116
*8478
8
12i2
%
*2212
*12
2%
*5
6% preferred
1
Aug 10
2
Pitts Coke & Iron Corp No par
260
100
Oct
Aug
»n
pref... 100
conv
5% pref class A
84
3
48'2 Mar
87
Aug
90
3034
38l4
21% Mar
133
20*2 Jan
220
*l2
Oct
136
PJllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
55
734
734
*13
Pierce Oil 8%
100
6i2
*6
Jan
Jan
93g
30U Jan 18
100
Feb
Mar
91
June 25
Pltts.C.C.St.L.RR.Co.... 100
Pittsburgh Coal of Pa._-.lO0
2334
45
*9l"
47
1
2,100
Apr 12
4*8 Mar 30
38 May 4
27U Mar 31
6
Preferred
*1541'
*45
*%
84
Phoenix Hosiery
Jan
17
25
14 Mar 20
.7514 Mar 29
100
4
40
Mar 28
114
No par
Oct
Oct
4i2 Jan 12
Z664 128,400
13,200
3
11
Jan
214 Mar 20
Phillips Petroleum....Wo par
Rights w 1_.
*3
14
37
Phillips Jones Corp.
7% preferred
7%
49
4034
*3612
"7%
7%
*12
47
36
*6
Mar
65i2
Oct
1U Arp 25
No par
Oct
Dec
50
Phlla & Read C <fe I
63
22
Dec
50
5% conv pref series A... 100
40%
3
175s Mar 31
Philip Morris <fc Co Ltd... 10
5014 Mar
1 1634
iiox4 Sept
9
37l2 Jan 12
67
July 12
234 July 26
100
*45
69
*154l2
*25
700
Dec
30'4
8X4 July 13
3778 Aug
4,000
13i2
30
4»4 Jan
7% preferred
Oct
July 25
38i8 Jan 15
43
13i8 Jan 11
100
3%
x2
Feb
Feb
Feb
Oct
7®4 Mar 30
00
12i2
76i2
2934
Dec
Petroleum Corp of Am
5
Pfelffer Brewing Co
No par
No par
Jan
Oct
2i4
27
112i2 Feb
36i2 July 20
0'4 July 22
1734 July 25
Jan
638
20
Feb
15
{Phlla Rapid Trans Co
64
10384 Mar
Oct
24X| Jan 15
Mar 23
30
U4
31
8^ Mar 29
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
Oct
Nov
57i2 Nov
15
No par
56 preferred
2
15
131
6%
14
45
1,100
512 Mar 20
17% Mar 20
100
123
7i2
*57
"784
7%
*12!2
13%
4612
39
69
*153
"734
7l2
13%
1312
*26
84
69
1,500
17,400
1®4 Mar 20
100
122
25
*6
7,000
Mar 29
2i2
37
558 July 25
July 25
15i2 Jan 11
Mar 30
22ig Mar 20
.100
5% prior preferred
5% preferred
*125
2334
*24
110
Aug 18
30
14i8 Mar 31
19i4Mar28
100
Pet Milk
7%
*2%
*%
7%
*5
6%
Pere Marquette
•»
66
45
6l2
400
"*!%
115
10
50
par
Peoria & Eastern
«,
-
-
36%
2464
*41
25
6X2
*15312
"7%
*7l2
13x2
*4318
*5X2
*24
612
*57
*153
~
0%
2534
612
69
*52i4
*1112
*512
*24
7
Pennsylvania RR
Peoples Drug Stores...No
2i2 Mar 30
IOI2 Mar 30
100
—
36
*_
3%
*23%
par
No
l%June 13
700
—
*7%
40
*91
115
10
4%
35
734
Corp
34i2
—
*35%
2%4
45X2
*91
J
4
No par
6% cum pref.
100
People's G L & C (Chic).. 100
■'
1034
*3
2334
2334
115
200
17,000
*1014
7%
*36i2
7%
*43
4512
*9l"
13l2
15
49
*7%
2334
*
46
*91
734
734
85l2 July 25
2i2 Jan 10
4%
4II4
4
56
Mar 31
*14%
*6
"64
l3l2July 23
8x4 Aug 17
Mar 30
55
20
*45
40
*36i2
Mar 26
41
730
y40i2
*3
4
40
*36i2
16,500
1334
4ll2
2564
*3
3%
40
7%
Jan
Jan
237s Mar
7«g Feb
3212
49
40%
7%
l0i2
Oct
2034
*34
x2
*45
41
39%
29% Aug
8
35i2
*%
*6
7%
*45
4012
Oct
Mar 31
8S4 Mar 31
1334
l2
Jan
Feb
Feb
12
314 Jan 10
3,300
28%
1312
12112 124
120x2122
129
12634 126% *123
34i8
Oct
20
3%
Jan
Jan
Oct
18i2
Oot
35i2
*2%
26s4
D4
29
3%
Oct
4
*24
2
8
258 July 19
57 conv pref ser A ...No par
Penn G1 Sand Corp v t c No par
66
Jan
200i2
10X4 July 23
Penn-Dlxle Cement
"*!%
2
2834
Oct
2084 Feb 23
300
*%
129
50
3914
*
July 29
Oct
lUMar 29
900
7%
30
10978 Mar
8i2
80i2
13
412
3434
1318 July 20
Mar
90
8I4
2514
35%
Feb 11
July 19
32i2 Nov
*95
Sept
4484
4i2
7%
35%
July 22
13l4July 19
Mar 29
Jan
Aug
312 Mar 30
12%
2X34
94
Feb
17i8
Oct
2514
*2%
121
7%
*45
40
~*i%
%
119
128
♦
3%
*123
119l2 120l2
7%
3534
35%
6534
50
Apr
128s
Oct
No par
1434
11%
Mar 31
2984
Oct
7
Pathe Film Corp...
37
*14
2
Dec
4
II84
Oct
Penn Coal 4 Coke
13
9x4 Feb 25
300
28i2
28l2
12X4
7%
3412
35i2
2
*2%
*12
June 27
1578 Jan 10
578 July
8%
*113
*33
15
12%
66
~*i%
2
*122
125
12%
7%
7X4
12
30
1
200
514
Jan
28
2%
*4%
149
July 27
*2
33%
Apr
41
Penney (J. C)
14
133
li2 Mar 30
1,000
20
Aug 11
31U Mar 31
2,800
28%
Jan
147
1
83l2
4l2
Jan
152
Parke Davis & Co
No par
Parker Rust Proof Co—.2.50
Parmelee Transporta'n. No par
58
27
44%
Nov
100
10
Jan
5384
Oct
110
65s Mar 31
1
Oct
10i8
110i2 Aug 17
Mar 26
05
10
Park & TUford Ino
Park Utah C M
1978 July 19
5,300
8
33%
30
1
100
share
per
x34'4
4D2 July
88*4June 21
5*4 Mar 31
100
6% 1st preferred
6% 2d preferred
Highest
share $
$ per
11%
*55
*113
-
37
29
28l2
-
—
33%
514
12
37
*33
-
33%
*4%
514
*834
36
*113
-
4% conv preferred
Paramount Pictures Inc
2%
19I2
29
No par
8314
*24
-
Parafflne Co Inc.
83
8
*2
20
14
*5
2%
100
share
per
8%
11
50
7%
8314
32x4 Mar3l
9U Mar 30
87
Apr 1
Patino Mines & Enterprise par
Peerlees Corp
3
Penlck & Ford
No par
4i2
3212
2812
*225s
56
8334
*2412
*13l2
32
434
758
55
8
19%
3214
*6
10%
4%
*113
39I2
10%
26X2
*23
*3178
*45
1112
8X4
1,100
No var
.No par
%
Range for Previous
Year 1937
Lowest
Highest
share
per
Lots
2%
812
8%
*13X2
*113
*121
17
*2
2%
8%
4I2
14
29
~*Yu
3"
17
*2
212
9%
*2314
20
*35
17
*16%
2%
4i2
19%
*14
700
2434
*2314
3212
28l2
3,700
4014
24
26
*1114
2%
40
25
*21l2
*1312
*23
17
2%
4014
53 X2
2%
*4%
412
2X2
401.1
4034
8%
100
Corp
5
6% preferred
100 xl32i2 Mar 30
PaclficTln Corp. (sp.stk) Wo var
lSUJune 18
Pac Western OH Corp
10
Mar 18
10
Packard Motor Car
No par
3UMar 30
Pan-Amer Petrol <fe Tramp
7
Mar 29
6
Panhandle Prod 4 Ref New—1
15s Aug 12
2,900
28
*25
Ltg
Pacific Telep & Tel eg
100
9l2
9%
28
*25
16,300
9l2
88
*83
912
9%
900
99X2
9%
914
85
2,500
46
*95
99i2
914
9%
25i2
2I2
39
45
*82
9X2
28
39
*95
9%
84
1234
1234
*43%
99l2
84
9%
*25X2
2i2
12%
46
9%
84
39X2
16l2
10X2
10
5%
46
28
*39%
*16
146
5
9%
*25X2
2I2
2U
*144
5%
914
9%
146
*7l2
1%
9912
*80%
*144
5
1%
*44
100
116i2 11612 *11612 121X2 *11612 121i2
27l2
1284
5»8
834
1%
Lowest
Par
38
145
1^8
Shares
1512
115
*7i2
Aug. 19
$ per share
38i4
115
884
Aug .18
S per share
Range Since Jan. 1
On Basis of 100-Share
Week
15Xo
115
*7i2
EXCHANGE
3734
115
5
NEW YORK STOCK
the
CENT
Friday
16
*15
117
5
NOT PER
Thursday
V
38i4
38
38i2
1512
15X2
*115
5
SHARE.
Tuesday
Aug 16
STOCKS
fnr
Monday
Sales
JOT
Saturday
1155
8
28
Aug
8
2X2 Jan 10
4614 July 25
Oct
1284
Oct
Nov
Apr
Apr
95«4
Jan
30*g
Jan
112
Jan
578
Dec
34U
4014
Dec
68
Jan
55
Oct
07
Jan
10'4 Nov
41s Oct
14
Feb
0i2
31i2
19i2
Oot
Feb
Dec
884
Dec
18'8
1714
Dec
Oct
1
Oct
20i2 Nov
38
Jan
June
Feb
984
05
Mar
13gJuly 20
1
Oct
4»4
Mar
338 July 20
U»
Oot
1U8
Feb
Ex-rlghts.
^ Called for redemption.
■
New York Stock Record—Continued—Page 9
1156
*LOW
'ANlfuiOHPRICES—PES
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 13
Aug, 15
Aug. 16
Aug. 17
Aug. 18
Aug. 19
Week
S per share
*3
6%
:
*6%'
*181z
*76
$ per share
5 Per share
19%
49%
7934
19%
19
7934
*76
*76
*86
96
*86
96
*86
*99
102
*99
102
*100
*13%
17%
17%
*3
To%
19
79%
77
77
14
17%
17%
18
76%
76
76
*%
*134
4*22
%
*5%
7
*%
*5%
6%
*5%
%
6%
46%
46%
%
46%
46%
46%
46%
%
*1%
%
*%
%
*1%
22
2%
22%
2%
22%
%
*134
2%
22
22%
%
%
22%
*3%
334
70%
16%
*3%
4
*3%
4
69%
J5>4
69%
15%
71%
6934
70%
71
16%
15%
16%
215%
16
16%
*15%
63
*59%
*3%
*6912
.
*15%
*59%
16%
63
16%
63
16%
*59%
77%
19
*76
19
600
78
>
2
94
86
86
10
101
101
00
*46%
%
*1%
22%
*3%
70%
15%
3%
72%
16
13%
*12%
18%
70%
*74%
18
%
18
2,300
100
%
1,400
.%
5
100
13%
76%
100
*4%
47
46%
47
3%
71%
15%
*%
*1%
22%
*3%
71%
15%
10
16
%
2%
22%
16%
10
62%
*59%
62
*59%
4%
*4%
*37%
9%
5
40
4%
*38%
*26
27%
800
1,400
%
2%
~
2~, 000
23
3%
74
15 J 00
16
4,400
16%
62
800
5
500
500
10%
39%
10%
26
20
7% preferred
Savage Arms Corp
Schenley Distillers Corp
*4%
434
36
36
9%
*25%
15%
*102
7
27
2%
27%
*25%
*2%
*88
92
*88
*86
95
27
89
*95% 100
*95%
*20%
21%
*20%
*13
15
*15
12.%
14%
*112%
*2%
*19%
*134
4%
36%
2778
9%
*25%
27%
*434
37
37
9%
26
10
26
3
18%
27%
92
89%
100
21%
17%
*2%
*18
3
19
28
28%
*90
91%
89
89
*95% 100
21%
*15
22
17
*2%
3
»2%
18
18
*17
*26%
*90
89
88
28%
91%
28%
*90
*85%
*95%
*95% 100
22
22%
17
22
*15
17
*134
150
*134
150
*134% 150
2234
2234
2278
22%
23%
23%
23%
1738
17%
1234
17%
12%
17%
1634
18%
12%
17%
17%
12%
17%
*25
3634
*25
*3
3%
41%
3%
9
23%
*3
"1%
23
23
*22
22%
*14%
2234
22%
22%
23%
14%
22%
*14%
15%
*40
42
42
*40
41%
3%
*22
8%
14.%
15
12%
*40
12%
12%
65
7h
*25
18%
12%
17%
17%
*3
3%
*3
*38
3%
8%
41%
3%
*8
*25
3%
41%
12%
12%
9%
23
13%
36
3%
*8
9%
*22
*3
*
~*3%
*8
30%
3034
30%
*25
37
53%
*24%
*25
53%
26%
67
527g
10
8%
834
7%
8%
9%
' 7%
5534
*55%
*125%
11%
*14%
15%
*40
42
*40
42
13%
63%
12%
25
25%
3%
3%
15
15
37
31%
31%
*25
26
*24
68%
*67
67%
10%
10%
9
9%
9%
9%
8%
8%
7%
55%
117g
*25%
55%
55%
125%
55%
*125%
11%
11%
"12 "
12
25%
25%
3%
15%
12%
25%
3%
16
17
28%
28%
24%
3%
16%
*28%
14%
*14
18%
26%
18
26%
26
3%
*25%
3%
15%
15%
28
14%
14%
*14%
18%
18
26%
734
26%
26%
26%
26
6
6
*35
7%
6
7%
41
*34%
41
*4%
5
*478
5
6%
44%
4%
6%
45
4%
6%
4434
45%
35
35
11%
11%
10%
438
35%
11%
9%
6%
4%
28%
8
28%
14%
7%
3%
7%
7%
6
6
14%
18%
26%
7%
5%
7%
*6%
*6%
*35
4%
6%
45
438
35%
35
11%
11%
9%
18%
26%
43%
*35
*4%
638
6%
45%
4%
35%
11%
4%
35-'%
11%
2134
%
*%
31%
12
5%
7%
*5%
7%
*6%
7%
5
6%
46%
4%
35%
11%
*35%
*4.%
6%
45%
4%
35%
11%
*25
37
67%
9%
10,000
8
9%
7%
57
*55%
55
*4%
4%
25
*45
54%
4%
*11%
*134
25
1%
1%
5
5
*5
17%
17%
3
17%
*2%
*13%
2%
*13
17%
4%
2
5%
17%
3%
17%
*45
*4%
*11%
2
*5
17%
*3
*1334
14
13%
*93
14
14
14
*90
95%
94
95
13%
1334
13%
13%
47
47
4534
10%
10%
6%
10%
6%
9%
9%
4
4
4
85
85
85
*5
5%
*7
10
46%
13%
x47
*45
25
*11%
2
*1%
5%
18%
3%
17
14%
95%
13%
17
*13%
13%
14%
*94
96
14%
14
5%
18
18
5%
18%
3
16%
13%
*13%
13%
13%
96
96
*94
13%
14%
*13%
xl3%
3%
10%
10%
10%
10%
10
6%
6%
6%
6%
6
9
9
9
9%
9%
9
9
4%
4%
4%
4%
4%
3%
4
*81
88
5%
*5%
5%
*7%
10%
24%
24
24%
33%
4%
33
33
*4
30%
10%
32%
*27%
10%
10%
2
2
*2
62
62
62
13
13%
13%
7934
80%
21
21
78%
2034'
32%
11
2%
62
1334
80%
21
86
*87
7634
22%
2634
*75%
76%
*21%
22
26%
10%
3%
10%
90
27%
9%
*4
*27%
10%
*2
62
4%
32
10%
2%
62
*81
88
5%
*7%
24%
*32%
*4
5%
10%
24%
33%
4%
*27%
10%
*2
*63
31%
10%
2%
64
13%
13%
78%
20%
87%
80%
80%
13%
81%
21
21
21%
75%
21%
26%
8%
13%
88
90
76
*75%
21%
26%
21%
27%
9
1
90
78
21%
27%
9
Bid and asked prices: no sales on this day.
*81
6
85
6%
9%
4%
"""3O6
400
3,900
900
"9", 300
300
2,100
24%
24%
*32%
4
4
4
10
*2
62
13%
80-%
20%
88
31%
10%
2%
62
13%
8034
21
89%
*30
31%
10%
2%
10%
*2
63
*62
8034
13-%
82%
21
21
13%
91
88
77
77
*76%
*21
22
*21
77
22%
27
27%
26%
834
(The)
1
26%
834
9
8%
{ In receivership,
a
Oct
Oct
20
Mar 29
59
8
126
5,100
Jan
Feb
44% Dec
18
Oct
4% Aug 1
17% Jan 10
32
July 20
1%
Oct
8
Oct
17%
7%
Dec
Oct
15%
22%
4%
Oct
Oct
10
6%June 13
50
15
26
Mar 30
22% Mar 30
4% Mar 30
Symington-Gould Corp ww._l
Without warrants
1
3%May 27
9
5
5M% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
34
50
Mar31
4
Apr
4% Mar 31
3% Mar 30
5
5
15% Aug 9
19% July 19
29% July 25
10% Jan 11
8% Jan 11
7% July 25
Jan 10
4
Oct
5%
34%
Oct
Oct
8
Jan 11
20
Mar 30
7
Mar 30
37% Aug 6
12% Aug 6
11% Feb 10
26
July 22
100
13
Mar 31
15
Mar 30
No par
53%June 23
2% Apr 13
35
Apr 12
2% Mar 31
59
15
Mar 24
15
1
Mar 31
2% Jan 13
5% July 19
20
Aug 9
...No par
Preferred
100
Thermold Co
1
Dec
5%June 29
47
No par
—
Oct
0%
Dec
4958 Aug 6
5% July 29
6% Mar 31
Oct
4%
41
32% Mar 30
2% Mar 29
24% July 25
July 26
5% July 13
56
Jan 13
5% July 25
Mar 24
2
Oct
23%
Oct
2%
36
Nov
Oct
Sept
4
July 25
1%
Oct
No par
10
5% Mar 30
10% Mar 29
19
July 25
6%
Oct
15% July 25
13%
Oct
No par
77% Apr 29
98
72
Dec
$6 preferred
31% Mar 30
8
12% Jan 12
8% July 12
11% Aug 6
478 July 19
87% July 29
6% Jan 10
10% Jan 11
26% July 19
38
July 19
77
No par
Truax Traer Coal
$1.50 preferred
Corp No
No
5% Mar
New stock,
Mar
16% Jan
15% Jan
54% Mar
Oct
4
Dec
10
Oct
8%
Oct
40
Sept
8% Jan
15% Mar
28% Feb
10% Jan
40% Jan
21% Feb
98% Aug
28% Feb
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
22%
5%
Oct
3%
Dec
82
4%
7
18%
25
2%
Dec
Oct
Dec
Oct
Nov
Oct
Jan
27% Jan
11% Mar
109% Jan
12
Mar
26% Mar
40% Mar
50
17%
Mar
Jan
6
Jan 13
44
Jan 11
39
Dec
94
Jan
Mar 25
12
July 25
7
Oct
25
Mar
Mar 31
7% Mar 30
Mar 31
1%
2% July 26
July 23
Oct
40% Nov
6
87a Dec
61% Nov
66
15% Aug
87
July 25
17%
Oct
6
78
Oct
23% Jan 12
30% July 25
22
Nov
19% Mar 30
100
22% July 21
20
100
Cash sale,
1%
17% Mar 31
55% Mar 31
59% Apr 20
No par
r
9% Mar
44
Mar 30
1% Mar 26
United Aircraft Corp
5
Un Air Lines Transport.. ...5
n
Jan
6
No par
Union Pacific
Jan
57% Feb
8% Jan
15% Mar
65% Apr
16
1
4% preferred
Union Tank Car
31
16% Mar 29
25% Mar 25
2% Mar 29
par
par
Twin City Rap Trans..No par
Preferred
100
Twin Coach Co
June 27
3% Mar 28
..No par
10
20th Cen Fox Film
July 13
15% July 23
52% Aug
Jan
Jan
55
1% Mar 28
Mar 31
Jan
Mar
Feb
8% Mar 28
8
Jan
Mar
13% Mar
93% Jan
13% Feb
par
10
Mar
48
par
Tlmken Roller Bearing. No par
Transamerica Corp.,
2
Feb
Mar
64
Thompson Prods Inc..No
Thompson-Starrett Co. No
34.50 conv pref
Tlmken Detroit Axle
Jan
Jan
July
Oct
3% Mar 30
pref
20%
61%
7%
47%
39%
20%
28%
33%
23%
17%
15%
Oct
3%
25
Tide Water Assoc Oil.
125
Jan
55
10
100
cum
77%
5% Oct
5% Oct
15% Nov
18% Dec
pref
Third Avenue Ry
Thompson (J R)
conv
57
Def. delivery,
Feb
Dec
30% July 25
Union Carbide A Carb.No par
Union Oil California
25
13,300
6,900
Jan
21
17% Mar 31
l%Mar 26
41
400
75
Oct
Superheater Co (The).-No par
Superior Oil
1
Superior Steel
100
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
200
Dec
5%
Oct
Ulen A Co
2,100
Mar
Aug
100
1,500
Mar
48
9
400
4,000
11,400
Dec
76
Dec
118
4% Apr 1
2% Mar 30
20
43
Nov
19%
53%
42
8
(The)
Jan
Jan
3
8% Mar 31
17% Mar 30
Jan
Feb
6%
Aug
Jan
Mar
Mar
50
July 25
119% Feb
100
Jan
Dec
27% Dec
26% Oct
30% May
12
8% July 29
July 20
Mar
Feb
17%
33%
45
No par
Jan
Feb
Apr
50
6%
34%
35%
35%
58%
27%
Jan
Jan
Aug
4
Jan 13
Transue A Williams St'I No par
300
72%
11
Tri-Continental Corp ..No par
400
65
Oct
Feb
Dec
%
5% Mar 29
3% Mar 30
No par
Trusoon Steel
'
Oct
14
June 17
Mar 30
"3",600
10
7
Jan 13
5
1
700
33%
4
2
July
Mar 29
Mar 30
500
July
May 28
4
400
Oct
Oct
6
8
101
*8
5
49
6,600
5%
5%
5%
10%
24%
32%
11% Jan 12
3% Jan 10
Oct
Oct
July 25
Jan 7
Feb 15
July 25
July 25
68% Aug 16
12% July 26
25% Mar 31
24% Mar 30
32% Apr 8
39% Mar 31
17% Mar 29
Transcont A West'n Air Inc.5
10,000
1,400
Oct
5
14% Mar 10
$3.50
3,200
2%
2%
lti7% Feb
7%
101
9% Mar 31
$3 div
82
82
*5%
*7%
24%
32%
*28%
Nov
Texas Pacific Land Trust...1
10
49%
6%
9%
85
16
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
800
14%
10
10%
6%
*0%
48%May 20
12% Mar 31
6% Mar 31
23%
28%
95%
48%
16%
107%
12%
14%
32%
8% Dec
10
The Fair.
97
13%
10%
*7%
50
3,700
3%
15
*3
49-%
24
•
3
4%
25
2
5%
19
4%
48%
*32%
9
•
Dec
Stokely Bros A Co Inc
6% preferred
30
Nov
Starrett Co (The) L S._No par
Sterling Products Inc
..10
Stewart-Warner
.5
Sunshine Mining Co
77% Mar
9% Jan
31
49
10
Studebaker Corp
Sun Oil
1% Oct
35% Oct
1% Oct
5% Dec
19% Dec
39
Standard Oil of New Jersey.25
60
*45
Mar
Mar
Mar
Jan
Mar
41% July 19
15% July 19
25
*54
*11%
*1%
65%
43%
60%
05%
1178
70% July 18
31
July 25
9% Jan 10
Mar 18
Jan
Jan
6% Mar 31
94
Jan
32%
35
Mar 30
Feb
Oct
Dec
29
June
17%
10
Standard Oil of Indiana
Stone A Webster
155
7% Mar 31
Standard Oil of Calif..No par
Thatcher Mfg
$3.60 conv pref
4%
Oct
par
1
Texas A Pacific Ry Co
25
2
5%
130
6%
42%
Oct
23
100
48%
32%
86
3
45
Mar 14
28
400
49%
24%
76%
*21%
26%
18
2%
5%
18%
*4%
*11%
*1%
Oct
10
3,300
4,700
50
20%
Jan
23% Aug
115
24
Talcott Inc (James)..
5%
Oct
Feb
25% July 26
17% July 25
Mar 29
22%
*4
Mar
1%
Feb
29%
19% Mar 26
%June 21
22
48%
32%
4'%
*5%
4%
25
5%
110
Oct
Oct
15% Mar 30
13
*19
48%
24
*4
45
4%
60
9%
13
1
10% Mar 30
1,600
60
4% July 25
July 19
11
par
1,400
*54
Jan 21
par
7%
60
3% July 21
5% Jan 12
8
*54
140% Mar 26
25
July 7
Mar 31
6
60
9
4% Mar 30
5%
*53
Aug
2
*6%
60
Dec
par
5%
7%
22
10
54%
40%
par
Swift International Ltd
■
Mar
July 20
par
2,200
10%
Mar
120
{Stand Gas A El Go...No
14 preferred
—No
$6 cum prior pref
No
$7 cum prior pref..-No
26%
21%
20%
197
Oct
l%June 13
26%
7%
10
*45
Mar 20
Oct
Apr
Feb
Nov
3% Jan 18
28
Jan 10
46
Apr
June
13% Jan 15
16% Jan 10
15
Mar
13
{Stand Comm Tobacco._-.-l
20%
7%
21%
20%
*11
Mar 25
4
No par
Swift A Co
10%
5%
2
1
1
Sutherland Paper Co
24
*4
par
No par
Sweets Co of Amer
23
5%
Mar 30
2
600
*21
*4%
17%June 17
2% Mar 29
29
Conv $4.50 preferred.No par
300
*18%
5%
54%
4%
par
100
Spiegel Inc
3,800
23
Nov
60%
102%
Dec
18%
23%
Dec
27
14%
*21%
*4%
19% Mar 31
4%
26%
34% July 21
Spalding (A G) A Bros.No
1st preferred...
Sparks Wlthlngton
No
Spear A Co
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
Splcer Mfg Co
No
29%
*18%
4
58
20
96
19
Jan
17% Oct
2% Nov
15% Dec
34% Feb
105% Feb
177a Mar
67
Mar 31
l6%May 24
Oct
8
Aug
128
Feb
7
24
114
Jan
Feb
44
Nov
5%
July
98
2
8
102
Apr
10% Mar 31
Apr 14
1% Mar 29
Feb
17%
June 30
Mar 28
May
111
91
88
13
8% Mar 29
14
65
0% Oct
24% Dec
1478 Nov
1
91
10
Oct
Dec
3%
44
Feb
Feb
42% Mar
Mar
Oct
18
11%
10%
93
98% Aug
34
120
Oct
14%
11%
10%
34% Jan 10
Dec
Oct
*28%
35
Jan 13
60
9
14%
700
22
Oct
17
18
4,500
9% Jan 11
30% Aug 10
3% Jan 17
Dec
15
1,200
"
18% July 20
Aug 2
105
12%
15
July 25
4,900
15,200
Jan 14
1158 July 25
27% Jan 27
3% Oct
49% Nov
21% Jan 10
3%
6%
6% July 19
48
Oct
22% Jan 12
16%
45%
4%
20% Jan 11
66
Jan 14
Oct
Oct
9% Mar 31
6% Mar 30
27
100
July 19
%
1%
16
8% Mar 30
25
43%
4%
6%
46%
4%
35%
Aug 11
18
45
100
*16
*4-%
Mar 30
% Jan 3
3
July 22
27% Feb 25
5% Jan 14
75% July 25
—100
Railway
5% preferred
3%
16%
29
*35%
Mar 30
7% Jan 11
47% July 21
% Oct
3% Oct
34% Nov
No par
Southern Pacific Co
24%
43%
5
6%
45%
4%
35%
11%
June 10
18% Mar 31
x84
Apr 1
25
Southern Calif Edison
2,700
1,600
100
6
2% Apr 5
14% Mar 30
—100
12
3%
51% Mar
98% Mar
3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
54% Apr
11% Mar
12% Mar 30
So Porto Rico Sugar...No par
12
23
*4%
14,800
8%
*125%
(
Dec
4% Mar 31
South Am Gold & Platinum. 1
300
12
Dec
71
034Mar 12
20% Apr 1
No par
10
Smith & Cor Typewr..-No par
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp 5H% preflOO
57
23
5%
10%
9%
*18%
*4
200
25%
67%
10
8%
*21
*54
18~206
54-%
*24%
22
1
3
Smith (A O) Corp....
Standard Oil of Kansas
3134
8%
23
10
9,000
2,700
37
54
6
Feb 23
Jan 4
85
Stand Investing Corp..No par
9
23
1038
200
1,400
27% Jan
June 14
45% Mar 31
25
$4.50 preferred
22
27% Mar
Mar 20
Square D Co class B
1,900
Feb
Oct
Mar 30
Standard Brands
2,900
113
11
36
6% preferred..
—100
Sloss Sheff Steel Sc. Iron...100
1,300
*"*866
Dec
4
10
Skelly Oil Co
8,000
1,500
2,900
3,000
*18%
*52-%
9%
780
x98
Jan
3
$3 conv preferred A..No par
12*,100
31%
31%
31%
*21
10
200
%
30%
*125%
43%
4%
46%
8
11,000
42
21%
*55
7%
55%
125%
24
14%
12%
13%
65
*6234
66
27%
28%
27%
734
7%
7%
10318 *102% 103%
*2%
2%
2%
4
*3%
4%
7%
8
8%
18%
18%
18%
67%
10
9%
200
23
23%
14%
*40
*67%
9%
8%
9%
7%
9%
100
*22
54%
24%
9%
7%
55%
10%
2,000
9%
12%
53%
24%
8%
3%
7%
*25
8%
*15%
*584
*6%
30%
31%
10%
8%
18
734
37
53%
07%
28
7%
31%
10
*23
54%
*25
67%
18
*6%
37
31%
32
24%
0%
53%
14%
28ia
*13
31-%
31
67%
V
53%
18
*27%
31%
3%
Feb 11
19
9% Mar 30
10
Mar 26
-
Southern
105
47
Mobile & Ohio Stk tr ctfs 100
*8%
23%
14%
54%
25%
125
12
31%
31%
33,900
14,100
8,300
"*3%
22%
23%
*13%
24%
67
9%
,
31%
2~66o
Jan
Mar 26
93
8% preferred
3%
41%
♦
9%
22%
12%
700
~
36
*3
3%
41%
3%
24
26
31%
*25
36
23
23%
22,500
~2~66o
1834
*25
3%
100
300
Mar
113
1% Mar 29
15% Mar 29
$6 preferred
2*666
13%
17%
*37
3%
330
*
19%
12%
17
3%
41%
36
100
17
17%
12%
4
7%
31
*15
17
17!*
64
64
63
62
63%
27
26
27
26%
27%
*26%
8
8
8
7%
7%
7%
734
*102% 103% *102% 103% *102% 103% *102% 103% *102%
2%
*2%
2%
2%
2%
*2%
2%
2%
2%
4 A
4
3%
3%
3%
3%
3%
3%
3%
8
8
8%
8%
734
8%
7%
7%
7%
19
*17
*1734
19%
18%
*17%
18%
*16%
18%
22
23
23
22%
22%
21%
21%
20%
21%
*U
*%
%
%
34
*%
*%
*%■;■% h
27
*85%
*95%
2134
99%
22
1,200
103
Dec
% Jan
Simonds Saw & Steel--No par
91%
95
99%
22%
Dec
80
No par
300
12,000
Jan
70
July 28
34% Mar 28
Co.No par
Union Oil
600
"l'ooo
28
91%
Shell
46
Jan 20
94
% Feb 10
3
Mar 30
Sharpe & Dohme
No par
$3,50 conv pref ser A.No par
Shattuck (Frank G.)..No par
Sheaffer (W A) Pen
20% Mar
37% Mar
81
14%June 10
No par
{Seaboard Air Line—No par
4-2% preferred...
-100
Seaboard Oil Co of Del.No par
Se&grave Corp
No par
Sears, Roebuck <fc Co..No par
Servel Inc
1
Sharon Steel Corp
No par
15 conv pref
No par
3
123,
36
63
27
*62
*27
28
91%
95
30
3,200
Dec
Mar 29
62
Scott Paper Co
18%
*135
150
1150
2234
22%
22%
22%
18%
12%
17%
17%
12%
16%
18%
12
*8%
*2%
18%
*135
23%
*
2%
18
2,100
Oct
Nov
8% Mar 29
5H% conv preferred—100
Sliver King Coalition Mines.6
Simmons Co
No par
Slmms Petroleum
10
*12
13
*12
13
*12%
13%
12%
12%
12%
12%
12.%
14%
15%
zl4%
14%
14%
1434
14%
14% j 14%
14%
14%
*113
*113
114
*113
114
114
114% *112% 114% *112% 114
2%
2%
2%
2%
*2%
2%
2%
2%
2%
2%
2%
19%
19%
19%
19%
19%
19%
19%
*19%
19%
19%
20%
150
16%
9%
16
16
16
16%
15%
15%
16%
16%
15%
16%
1534
104
*103% 104
*103% 104
*103% 104
105% *103
105% *103
7
7
6%
*6%
7%
6%
7
6%
6%
6%
7%
29%
29%
28%
28% 29%
28%
28% 28%
29%
27%
27%
*17
27
4%
36%
9%
9%
2%
18%
27%
*17
4-3
36
3%
10
18
Mar 24
,„
'
*412
36
share
79
100
1
..100
{Schulte Retail Stores
8% preferred—
Mar 30
Highest
1 per share 1 per share
58
No par
5
5H% preferred
May 28
per
per
08
—100
—100
100
5% preferred
6% preferred.
$
Mar 26
6
i2
{St Louis Southwestern—100
5% preferred—
-.100
Safeway Stores
—No par
10
100
*12%
18%
*74%
%
6
18
*74%
io
*86
101% 102
*13
14%
*13%
*%
Shares
6%
100
96
*86
94
101%
*3
*0% t___
6%
19%
*76
~19
46%
%
2'%
%
6%
$ per share
6%
6%
*18%
22%
%
*658
**40%
*3
0%
*0%
76
*74
$ per share
$ per share
13%
1734
13%
17%
14%
76
*74
6%
*6%
*6%
share
5% Jan 26
7% July 12
23% Jan 12
%
Range for Previous
Year 1937
Lowest
Highest
Lowest
Par
'
*3
6%
*3
—-
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
NEW
for
.
Range Since Jan. 1
8TOCKS
Sales
SHARE. NOT PER CENT
SALE
Aug. 20, 1938
Mar 30
11% July 19
5
x
Mar 30
Ex-div.
y
93
81
Aug 10
Jan
Ex-rlghts.
80
Nov
10%
Oct
5%
Oct
6%
Jan
100% Jan
18% Sept
111
28%
Feb
Feb
148% Mar
99% Jan
31% Feb
35% Mar
24% JaQ
1 Called for redemption.
iflE
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
147
HIGH
SALE
PRICES—PER
SHARE,
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Sales
for
Saturday
EXCHANGE
Tuesday
Aug. 16
Wednesday
Aug. 13
Monday
Aug. 15
Aug. 17
Aug. 18
Aug. 19
S per share
$ per share
S per share
S per share
S per share
*11
12
Shares
*11%
17
*11
1234
17
*11612 117
*11
12%
12
5534
*15%
57%
58
16%
*15%
2%
234
2%
2%
30%
30%
6
6
6
»8l2
*77i2
9
*8%
79
*77%
16%
117
16%
234
3034
56i2
16%
2%
56i2
*15
:
*11
16%
16%
*16%
16%
*116% 117
*116% 117
7i4
7%
*33
7%
34
60
60i2
34
*60%
10
10i8
*10712 10812
63.1
634
87S
*76
878
10
*9l2
85i4
*168
*75
*%
1%
*6%
7
10
85i4
169%
74%
*65
111
*3412
57l2
llllj
35
*46
*9%
2'8
4212
10%
9-%
*70
85
59%
16%
2%
31%
5%
8%
31%
6
10
*76
79
7%
34%
61%
10%
108
6%
8%
*80
6%
9%
87%
87%
88%
169% 169%
*7%
8%
*30% 34
19%
19%
*5%
169%
91
9%
8%
*30%
*19%
5%
10%
10%
74%
*65
40
40
5%
40%
5%
44
43%
44%
83%
61%
86%
62%
84
87
43%
85%
62%
67%
57%
110%
110
*34%
110%
35
5
5%
5%
62
62%
67%
58%
110
110%
34%
35
*66
57%
*46
...
5%
*9%
2%
31%
5%
8%
79
*76
79
7%
7%
35
61%
85
35
*46
...
81"
85
20
60
17%
2%
31%
5%
7,200
Q
*76
7%
"V, 500
36%
600
60%
61
10%
10%
108% 108%
1,800
6%
8%
6%
8%
*34
1
*%
7
*6%
7
*6%
7
9
9%
934
9%
9%
89
92%
93%
90%
89%
169%
169% *168 ' 169% *168
*8%
834
8%
8%
8%
*30%
33
*30%
34
34t
20
20%
19%
19% *19%
*5%
6
5%
*5%
6
*10
10%
10%
9%
9%
*65
*65
70%
74%
70%
41
42
40%
40%
41
5%
5%
5%
5%
4434
46%
45%
43% 44%
86
85
87%
87%
86%
62%
62%
63%
62% 62%
67
67
*66
67%
67%
57%
59%
59%
56%
58%
110
110%
110%
110% 110%
36
36
35
35%
35%
*46
*46
49%
49%
5%
5%
5%
5%
5%
10
9%
9%
9%
9%
2%
2%
2%
*2%
2%
*42%
52%
52%
*42%
2i8
42l2
2%
51
10%
74
*9%
10%
*9%
10%
*10
10%
*10%
10%
73%
73%
74
75
*75
77
*75
76
*9%
*69
74
*69%
*150
*150
46"
*150
...
*41
43
*41
*%
"4
34
...
*151
45
%
*%
30
*21
%
30
*21
%
*%
*%
*21
30
!
%
%
*41%
30
*21
%
30
21%
18%
1834
*26%
26%
*103%
35
' 35
35%
18
18%
18%
18%
18%
19%
18%
1812
28
27%
27%
*27%
28% *27% 27%
26%
106% *103% 103% *103%
106% *100
*103%
*35
35
35
*35
*3434
35
35% 35%
36%
*15
*15
16
16
*15
*15
17
15%
I oh
16%
16%
16%
*4
4
4
4
4%
4%
4%
4%
4%
4%
4%
4'8
25
26
26
24%
25%
26%
25% 26
25% 25%
25i4 2514
113
113
113% 113%
113l2
113% 113%
113%
113% 113% *113% 113%
*3%
*3%
4
*3%
4
3%
3%
*3i4
4
3%
*3%
3%
*10
12
*10%
13
*10%
*10%
11%
*9%
15%
13%
*10%
1234
*107
113
*107
113
*101% 113
*101% 113
*101% 113
*101% 113
60
60
*58
*57
61
*5512
64%
64%
*58%
64% *58% 64%
18i8
28
*100
118
*118
...
*1%
*2%
3%
*1%
2%
238
*2%
3
*2%
*7%
7%
*1714
7l2
1712
*86
89
*118
2%
1%
*3%
238
*7
H2
3i4
17%
*86
8
*19
12
12
26%
18%
27%
*2%
*34
3434
*7878
80
*83%
87
97
97
*86
3
3
42
*41
45
6%
38
3%
20
26%
3%
140
43
*41
20
3%
12%
27
800
*18%
1934
600
29%
*234
29%
3
1,600
*5
*%
2
26%
24%
99
*134
3%
7%
1 %
2%
27%
24%
100%
140
17
37%
*17
18
*29
2934
18
29%
*70
21%
21%
18
2%
*%
88
88
87
87
*86
121
121
*134
140
*5
*%
*2
27%
24%
15%
*14%
37%
*35
18
18%
18
29%
29%
*29
82
*70
22
22
29
82
*70
22%
22%
2%
*4%
4%
2%
5%
4%
48
*45
18%
18%
46%
46%
19
18%
*62
5
4%
2%
5
4%
*45
49
19
19
46%
46%
18%
19%
2%
5%
4%
*43%
*18%
45%
*18
*70
29
*29
18%
29%
82
*70
82
23
21%
22%
22%
70
400
""566
2
2
*1%
*15
16
*14%
15%
15%
15%
3%
3%
2%
2%
5%
4%
49%
3%
2%
5%
4%
3%
2%
5%
5
2,400
44%
45%
300
19
19
800
45%
45%
20%
3%
2%
5
5%
4%
4%
*44
49
19%
46%
19%
3%
2%
5
4%
49
19%
19%
45%
19%
45%
20%
*5%
4%
*44
19%
45%
19%
45%
20
*64
80
*37
38%
20
*64
....
38%
20%
""400
200
600
600
4,800
700
10,300
4,500
80
"""500
46
100
38%
*37
39
38%
48
*42
49
*44
47
*46'
48
*46
47%
94
*93
98
*93
96%
*93
95
*92%
95
*92
/ 97%
60
*69
71
*69
70
70
70
*67
71
*70
70
200
*29%
31
*30% 32%
18%
19%
18%
*102% 104
102% 104
19
19%
18
18%
*31
32%
19%
*69%
71
30%
31
19%
20
102% 103%
1778
102
18%
103
17%
18%
35%
*74%
36%
30%
35%
*74%
17
80%
17%
18%
1878
18%
3%
3%
3%
*
17%
30%
19%
36%
85
17%
19%
3%
18%
%02%
19%
*74%
85
35%
*74%
*17%
18%
*17%
19
19%
19%
35%
3%
36%
3%
Bid and asked prices, no sales on
3%
30%
30%
18-%
19%
104
*102% 104
*19
19%
19%
36%
35%
35%
85
*74%
85
*17%
18%
18%
20%
3%
this day.
19%
19%
*3%
4
46
20
20
600
60,500
80
1,800
10,200
35%
*74%
18%
36%
85
18%
""500
20
20%
4,700
*3%
X In receivership,
4
84%
21
May
86
Jan
151
Aug 12
135
Nov
164
Jan
54
Jan 12
29
Oot
108
Jan
34
%
1% Jan
1% Jan 10
25
Jan 17
Oct
Oct
4%
Jan
Jan
2% Jan
68% Jan
3938 Mar
16
Oct
9%
14%
Oct
97
Oct
115
Mar
3534 Nov
47
May
Oct
44%
Jan
18% Aug
5% Jan 21
32% Jan 21
"2%
Oct
Oct
18%
i2% Apr
74% Apr
116
Feb
Jan
Mar 31
65% July 22
118% Mar 21
2% Jan 11
4% July 23
50
Deo
98
Mar
11734
Feb
2
Oct
2%
Oct
Oct
Mar 21
Mar 29
4% Mar 30
Mar 31
30
par
17%May 18
114
2%
3% Feb
8% July 25
20% Jan 10
86
Aug 10
10% July 22
45
July 21
19% Aug 17
19% July 27
0% Deo
Oct
18
71«4 Deo
3% Oct
32
Oct
17
Oot
1284
Jan
122% Jan
10% Mar
18% Mar
10
Mar
19%
Feb
49
Feb
92% Aug
I884 Mar
51% July
19% Jan
8
Mar 26
6088
Feb
2
Mar 26
4
July 16
2
Oct
10»4
Feb
23
Mar 31
51
July 20
Deo
99% Mar
8
July 19
26%
484
Oct
18
Jan
Aug
33
Dec
69%
12%
35%
Jan
3% Mar 26
5
20
Mar 26
1% Mar 31
No par
45
6
478 July 15
Oct
778
2%
Oot
Jan
Jan
16% July 15
9
Nov
Oct
40
11
Mar 30
29% July 21
July 29
16
6
22
11%
Oct
1
17
Mar 30
31% July 25
20
Oct
38% Feb
6084 Aug
9*4 Feb
2% Jan
5
Mar 31
16% Mar 31
No par
Oct
2%
Nov
84
Oct
108
88
Oct
109
Feb
74
Mar 29
9734 Jan
3
76
Oct
103
Aug
110
Mar 31
preferred-..No par
....100
100
preferred
preferred
6%
70
a Dcf. delivery,
July
118
June 27
19
Feb 23
100
2% Mar 31
3
Mar 25
1%
10%
15%
01%
Mar 18
Mar 31
11% Mar
83% Jan
35
Mar 31
20% July 25
10»4 Oct
31% Nov
10*4 Oct
Mar 31
30
87% Nov
113
Oct
6784 Mar
167% Jan
170
30*8
39
27%
34%
Jan
Jau
May
Feb
Jan
21%
Dec
90
Jan
4
90
Dec
126
Aug
2 734
Jan 12
19
Oct
65
Mar
July 20
Mar 29
95
Jan
4
75
Nov
May 27
59
Jan 14
65
Dec
120% Aug
90»4 Aug
Mar 26
15% July 19
15% July 25
14%
Oct
23% May
6
Oct
33%
Feb
11
Jan 21
Jan
Jan 22
Oct
Oct
18%
3
8%
1%
Oot
46%
Jan
6% Sept
12
Sept
8% Mar 31
l%Mar 30
6
l%June 16
3%June 16
3
Mar 24
32
preferred.......—.-100
Mar 30
10% Mar 29
10
21% Jan 24
3% Aug 6
11
1«4
Oct
7
2
Dec
6% Jan 10
4%
5?8 July 19
60% Jan 21
21 »4 July 25
49*4
10%
Dec
Oct
Dec
Dec
3
Jan
4%
4834 July 13
22% July 21
34
Deo
11% Mar 29
12
Oct
42
Mar 29
72%July 19
64%
Oct
27
Mar 28
40
34
Dec
3984
36
Woolworth (F W) Co
.-10
WrorthlngtonP&M(Del) No par
Preferred A 7%........ 100
Prior pref 4)4% series... 10
Prior pf 4 )4 % conv series. 10
Wright Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale <fe Towne Mfg Co
25
Yellow Truck & Coach cl B..1
28%
55%
61%
20%
8%
Jan
3
65%
Jan
47
Jan
112% Mar
40*4
Dec
Deo
54
Nov
38
Oct
128
Mar
1
68%
Oct
70
Jan
Jan 31
39
July
5
21*4
Dec
21% July 25
7%
Oct
62%
37%
Feb
Jan
3
5)4% preferred
100
Youngst'wn Steel Door.No par
62% Mar 31
11% Mar 29
Mar 30
Mar 30
Mar 31
2% Jan
x
Deo
Aug
9% Mar 31
1
Feb
13*4
72
24
9
12%
91«4 Mar
Mar 31
Young Spring & Wire.-No par
No par
No par
Jan
6%
102
Mar 30
71
Youngstown S & T
July 20
684 Mar
Mar 30
100
Cash sale,
484 Mar
Oct
12
preferred..-No par
r
116% Jan
29% July
11«4 Mar
23% Mar
42
Willys-Overland Motors
1
6% conv preferred
10
Wilson & Co Inc
No par
New stock,
123% Mar
Oct
140
18% July 23
July 13
Feb
1%
10978 Jan 15
Jan 27
Mar
Aug
75
prior pref..-No par
White Dent'l Mfg (The 8 S) .20
Zonlte Products Corp
July 21
60
84%
1
22% Dec
1784 Oct
Mar 31
Apr 12
14% Mar 26
conv
Zenith Radio Corp
Jan 11
July 20
117% Oct
110% Apr
14% Dec
2% Oct
5% Oct
10
Westvaco Cblor Prod.-No par
Preferred
Jan 10
July 22
July
9% Mar 30
31% Mar 28
No par
Woodward Iron Co..
9
1%
3%
34%
28%
1
23% Oct
73% Nov
Mar 31
Mar 31
103
1st preferred
50
Weston Elec Instrum't.No par
Wilcox Oil & Gas
4% Jan 10
% Mar 23
-100
Westlngh'se Air Brake.No par
Westlnghouse El & Mfg
50
n
19"
122
0
preferred...:
100
Western Union Telegraph. 100
36
82% July 29
12%May 31
111% Jan
6%
$4 conv
July 30
100
2d preferred
Western Pacific..
35
358 Aug 5
1% Jan 28
39
10
100
preferred
Western Auto Supply Co
Western Maryland
White Sewing Mach—No par
93
38%
Oct
984
Mar
400
*42
Feb
135
6% June 20
1% Mar 31
37
40
9%
"*8~% "Feb
Deo
6% Mar 31
37
Oct
113
White Motor Co
*37
Oct
1
Jan
Jan
120% Feb 26
WThlte Rock Mln 8pr ctf No par
*37
2%
150
Mar 29
200
9,900
*64
Oct
37
20
13%
13%
7%
1%
100%
Oct
65
13%
13%
7%
1%
Mar
75%
126% Mar
Deo
5% conv preferred.......30
7%
2
105
Deo
48% Nov
8
Wheeling & L E 5^ conv pflOO
W heeling Steel Corp—No par
Preferred
100
13%
14
52% Nov
58
3
300
12%
*13%
Feb
4% Jan 20
1534 Jan 11
T,5o6
82
22%
118
June
13%June 10
No par
Class A
*7%
53
2%
18%
*62%
18
14%
2,500
11,800
7%
*81
14
*62%
37%
14%
.
13%
3
3
*35
140
7,300
52
3
14%
15
37%
24%
25
100% 103%
139% 139%
14%
15%
*35
37%
18%
18%
29%
29%
139
1,600
95
15
2%
27%
Jan
7238 Mar
Deo
43%
3
3
4%
""566
52
15
*234
27%
600
*81
1%
14%
7
Oct
19»8
105
74
WestPenn Power 7% pref.100
100
14
13%
14%
3
*34
1
2%
2%
26%
27
24%
24%
99% 101
Oct
102% Jan
102% Jan
34 conv
500
53
*7%
2
*5
240
3%
July 16
Mar 30
1% Apr 22
West Penn El class A..No par
6%
95
7%
*1%
3%
120% 120%
116% 116%
1634
17%
3-%
3%
*5%
7%
*%
n
2%
2%
Mar
43% Feb
15% Mar
22% Mar
1% Mar 26
40
14
13%
7%
3%
89
*86
23% Mar
70
%June 9
25% Mar 31
71
Apr 8
70
Apr 1
82%May 28
7%
*50
12%
*7%
1%
13%
89
Feb
No par
80
*81
53%
14
95%
53%
95
53%
*13%
7%
95%
172
Wells Fargo & Co
1
Wesson Oil & Snowdrift No par
100
95%
Jan
154% Nov
584 Deo
29% Deo
16% Oct
3«4 Oct
6% Oct
Deo
Jan 22
6% Mar 31
Wayne Pump Co..
110
95
*81
53%
12%
82%
82%
95%
Jan
Feb
Nov
42
l%Mar 23
33 convertible pref..No par
300
82%
20%
3478
137
47
Aug
Juue22
116% July 19
No par
Webster Elsenlohr
Oct
Nov
53
37
No par
pref
5%
100% Feb
3% Jan
100
No par
conv
Oct
6
July 21
13% Jan 14
30% Aug 11
.100
Warren Fdy <& Pipe
Waukesha Motor Co
""600
*78%
7
27%
24%
35
83
1
2%
99% 102
*134% 139
*35
15%
3%
33.85
Oot
June 20
2138 July 25
No par
J Warren Bros
100
83
120% 120% *120% 120%
116% 116% *116% 117
*17
18
*17%
18
*3%
20
2,000
138
*%
96%
116% 116%
17%
17%
3%
3%
*5
7%
*%
1
2%
2%
25%
27%
24% 24%
99% 101%
*%
3
96%
95
.
*234
82%
*53
*12%
30
*78%
*81
7%
178
29
27
79%
83%
96%
54
14
19%
79%
95
12%
19%
*11
82%
*5078
*7%
2634
19%
28%
2%
1%
87
*81
12%
26%
6%
8
107
1
Warner Bros Pictures
8,800
38
Nov
«4
4%
Jan
11378 Jan
10% Feb
2484 Mar
1% Apr 13
5% Mar 20
Ward Baking class A..No par
Class B
No par
Preferred..
.100
200
3%
*11%
79%
*95%
1,600
Mar
June 19
100
Preferred
100
500
70
Oct
Deo
20
50
100
Walk(H)Good & W Ltd No
500
*35
35
*83%
ki\
3
Mar 26
105
100
Walworth Co
Oct
3%
6%
Mar
Mar
30% Mar 30
14
Apr 9
2% Mar 29
15% Mar 30
4)4% pref with warrants 100
ii",7o6
17
Mar
3% July 25
14% Mar 31
6
10
Walgreen Co
Oct
112
78
97
No par
5% preferred B
9
45% July 29
11% Mar 31
100
Waldorf System
8684 Mar
72%
Mar 31
16
5% preferred
100
Virginia Ry Co 6% pref... 100
Vulcan Detinnlng
...100
10
63
Oct
Oct
36
%June 22
6
JWabash Railway
5% preferred A
Oct
62
Deo
May 11
27% Mar 30
% Mar 30
Virginia Iron Coal «fc Coke.100
200
Feb
-
7%June 13
100
10
3%
5%
37
Va El & Pow 36 pref ...No par
400
3
134
160
300
9% Mar
24
10% July 29
48
preferred
Oot
Jan
2684 Apr
100% Feb
24
9% July 20
1% Mar 26
100
Victor Chem. Works
Va-Carollna Chem
Deo
2%
Jan
Mar
65
5% July 21
No par
200
6
3%
13%
2634
Sales
74
Jan
Feb
July 13
3% Mar 30
Vlck Chemical Co
"156
10% July 19
35% Jan 12
24% July 20
6% July 13
12
July 19
114% Jan 10
100
300
6%
Mar 31
.
No par
7% 1st pref
1,800
1,500
12% July 25
96% July 25
172
July 2
9l%May'31
29% Mar 30
40
Apr 26
Vanadium Corp of Am .No par
Van Raalte Co Inc.5
10
.
71
No par
Preferred
800
9% Aug
July
1% Jan 18
9% July 23
80
70% Mar 5
63% July 25
25
preferred
16
101
July
•31
Mar
Vadsco
3,100
8
■31
Mar
900
20
80% Jan 10
8% July 25
36% July 20
67% Aug
11% Jan
38
No par
pref A
Oct
Oct
x55
600
35
3%
conv
Oot
6%
*44% Mar 31
Universal Pictures 1st pref. 100
^Utilities Pow & Light A
1
6
28%
2%
1%
36
Mar
8%
4078
6
100
Universal Leaf Tob
35
Oct
25%
50
Universal-Cyclops Steel Corp 1
35
1%
36%
*78%
*14%
1434
*2%
100
"""400
6%
*34
87
96%
*35
178
600
Feb
Deo
2
par
new
91
47% Aug 6
92% Aug 10
2% Mar 31
45% Jan
II784
17%
70
21% Mar 30
21
30%
Oct
44% July 25
7
July 25
Mar 29
20
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A..No par
700
37%
3%
17
35
80
16
*1234
7% pref.
19%
16
43
50
100
No
U S Tobacco new
1,000
6
*3%
3%
35
*83%
96%
*3%
*40%
3% Mar 30
5% Mar 26
No par
Preferred
~2~Ioo
June
13% Mar
10
Preferred..
U S Steel Corp
1,700
*35
6%
38
35
37%
82
45
35
*14
21%
*41
28%
18
8834
834
43
*85%
8%
*3
28%
2%
*%
*17
8%
42%
18%
88%
3
28%
88
*86
3
*12%
26%
88
*17%
24
8% 1st preferred
....100
U 8 Smelting Ref <fc Mln
60
200
*7% § 7%
*17%
18
3
*18%
2%
1%
7%
3
19
34%
3
*42%
*19%
*1434
26%
*%
*2%
*7
_
5
Preferred
1%
3%
3
1%
*3%
*2%
42%
19%
15%
19
*2%
3
*14%
15
26%
*35
*70
*11
1%
3
*19%
19
*34%
*78%
7%
%
2%
27%
24%
99
*133
3%
*1%
19%
15%
28
3%
*5%
%
134
26%
24%
97%
6
*35
8%
18%
121% 121%
120% 120%
116% 116% *116% 117%
18
8%
8%
42%
19%
3
3%
*10%
26%
90
*16%
*86
42
18%
27%
234
1%
*17%
*86
*14%
6
26
7%
18%
88%
8%
42%
14%
*35
3l8
3
*6%
19%
15
6
3
*2%
7%
17%
43
41
5%
*35
3
*19
14%
42
*39
17%
3
*42
*19
3i8
3
17%
89
7%
1%
3
162% Mar
4% Mar 29
100
U 8 Rubber
75,600
Mar
65
20
Oct
Dec
3% Jan 8
34% July 20
10978 July
Mar 26
5% Mar 30
...No par
preferred
Mar
4% Apr
May
%May
3% Mar 26
100
prererred.i.
Prior preferred
U 8 Pipe & Foundry
U S Realty <fc Imp
1,700
94,400
14,100
1,300
*118
*118
*1%
8%
42
19%
41%
1912
15
*13%
1%
3
8%
4234
8%
*42
*78
1,100
"4~6()0
Mar 31
8% Mar 30
5)4% conv pref
50
U S Industrial Alcohol. No par
U S Leather
No par
Partlc & conv class A.No par
400
....
*118
60
No par
U S Hoffman Macb Corp
300
""706
Mar 26
3
21% Mar 31
62
7%
170
46
34
%
21%
18%
27%
.100
3
8%
45
*42
46
10
15
110
36»4
7% Jan 12
10% July 18
Highest
$ per share $ per share
7
Oct
31% Feb
19% Jan 10
22% Mar 31
4%June
4% Mar 29
60
Apr 1
100
U S Freight
U S Gypsum
1,100
3,100
*151
*151
...
*41%
1
Mar 26
2
10
Cony
10
...
%
%
°4
*42%
4
No par
U S Dlstrlb Corp
1
share
Jan
U 8 & Foreign Secur...No par
35 first preferred
100
1,900
85
*80
1
per
14% July 29
19% Jan 11
118% Aug 19
65% July 25
39
No par
35 preferred
United Paperboard
300
900
Lowest
Highest
f
share
12% Apr
No par
100
United Electrlo Coal Cos
5
United Eng <fe Fdy
5
United Fruit
No par
United Gas Improvt...No par
10,300
per
6% Mar 31
14% Mar 31
110% Jan 20
No par
__
United Dyewood Corp
Preferred
300
79
7%
*35
2%
*42%
2%
4,600
2,400
9
3
United Carr Fast Corp .No par
United Corp
No par
33 preferred
No par
United Drug Ino
6
200
2%
31%
5%
2%
*41%
10
Preferred
United Carbon
1,500
*15%
10
10
United Amer Bosch
United Biscuit
"l"666
60
100-Share Lots
Lowest
Par
...
5%
*9%
*2%
5%
*80
7%
35%
61%
10%
109
6%
17%
118% 118%
*16%
5i4
10
11
*21
17
*%
*6%
*65
58%
*15%
2%
31%
5%
8%
10%
108
108
*107%
6%
6%
6%
8%
S%
8%
6%
67%
16%
2%
31%
5%
8%
10%
40
5%
56%
59
10%
38%
5%
42%
*66
59
62
7
10%
60
35
1%
9
17
119
62
85
12
17
7%
*%
74
,*11
*117
35
1% \
6
*10
*42
10%
33
19%
*46
51.4
62
60%
*5%
3912
5%
4318
85i4
67%
5612
7%
34
19%
62
*66
*77%
169% 169%
*8
8%
*30%
*61
79
7%
34
10%
8
42
*8%
86%
34
19l4
534
934
8314
9%
*9%
8
3914
5%
6
86
*3012
19i4
5%
*9l2
*51
31
6
107% 107% *107%
6%
*6%
6%
8%
8%
8%
82
*34
*6%
31
58
12%
17
117
Friday
Range for Precious
Year 1937
Range Since Jan. 1
On Basis of
Week
$ per share
Thursday
1157
Ex-dlv.'
3
y
50% July 25
104
July 20
Aug
5
22% July 25
43 s4
Jan 12
80% July 20
68
Dec
142,
40%
Jan
Jan
Feb
12% Dec
34% Nov
101% Mar
70
Oot
115
11%
2%
Dec
Jan
22% Jan 15
25% July
534 Mar
Ex-rlghts.
7
7
^ Called for
Oct
43% Aug
9%
Jan
redemption.
NEW
YORK
EXCHANGE
STOCK
Record, Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and intercut"—except for income and defaulted bonds.
Friday
Friday
Range or
Sale
Friday's
EXCHANGE
STOCK
Y.
Bid
Price
Week Ended Aug. 19
<k
Lov>
Ashed
No.
Loto
Treasury 4*a.......*--1047-1952
Treasury 4s_.
-..1944-1954
Treasury 3*8
....1946-1956
.......1940-1943
Treasury 3*s
A
O
J
D
M
8
J
Treasury 3*s_ .......-1941-1943 M
1943-1947 J
118.28
D
111.22114.23
5
110.8
106
106
2
105.21106.27
107.13
3
106.29108.2
«
110.9
2
6
107.4
108.14
♦Costa Rica (Rep of)
O
109.26 109.22
109.27
16
107.2
110.5
Cuba (Republic) 6e of 1904
34
107
110.3
11
105.27108.27
External loan 4*8 uer
105.19108.23
4*8 external debt..
D
....1946-1948 J
D
1955-19G0
M
Treasury 2*s
1945-1947 M
1948-1951 M
1951-1954 J
1956-1959 M
1958-1963 J
.1945 J
Treasury 2*8
1948 M
Treasury 2 Ms
1949-1953 J
Federal Farm Mortgage Corp—
—Mar. 15 1944-1964
M
-
-
•
•
-
-
2*0
15 1942-1947 J
1 1942-1947 M
..Mar.
1 1944-1952
May
108.6
8 104.6
Foreign
105.2
108.10
106.26
22
103.26106.26
104.11
139
101.24104.15
106.23
75
103.25106.23
105.5
105.2
12
95
100.26103.26
34
100.14103.10
102.16
401
«.
i' i
»
4.
105.28
*
S
104.27 104.23
D
102.9
102.6
101.19102.16
23
102.14106.7
104.28
19
101
102.11
93
106.3
104.28
99.18102.11
'
107.2
8
J
......
106
107.0
33
103.28 107.7
106.16
35
103.4
106.4
27
103.22 106.18
5
106.17
105.3
105.3
106.10
106.13
83
103.9
102.28
24
101.9
103.13
1942-1944
J
104.6
19
101.5
104.15
106.11
102.13 105,10
A
J
104.3
104.6
Akershus (King of Norway) 4s. 1968 M
♦Aatloquia (Dept) coll 7s A... 1945
♦External s f 7s series B
1946
♦External at 7a series D
*24*
6
10
5
6
10
......
8*
8*
8*
5
6
9*
9
6
9*
7*
8*
16
7*
7*
7*
3
8*
10
8*
sec s
f 7s 2d series. 1957
...
f 7s 3d series. 1957
.......
f 7s 1st series....1957
...
96
Antwerp (City) external 5s
1958
Argentine (National Government)—
8 f external 4*s_.
..1971 M N
A
A
O
81*
J
105*
105*
101*
81
1957 M S
.
89*
79*
78*
104*
104*
100*
31*
90*
1972 F
1955 J
f 7s_
1956 M N
J
.1957 J
♦Bavaria (Free State) 6*0
.1945 F
Belgium 25-yr extl 6*0
......
.1940 M S
External
h
.1055 J
.1955 J
f 6s
External 30-year ■ f 7s
A
*20*
106*
103*'
111*
100*
J
D
Ill*
extl s f 6s...1060 M t
TBergen (Norway)
♦Berlin (Germany) s f 6*s
.1950
♦External sinking fund 6s....1958
•Brasil (U 8 of) external 8s
.1941
♦External a i 6*b of 1926....1957
♦External 8 f 6*s of 1927....1957
♦7s (Central Ry)
.1952
Brisbane (City) s f 6s..
.1957
Sinking fund gold 5s
.1958
96
14
8*
sec s
1972
94*
......
9*
8*
s
8 f extl conv loan 4s Apr
25
s*
•External
♦External
External 6b of 1927
External g 4** of 1928
25
17*
*93*
♦External
Australia 30-year 5s
16*
25*
94*
8*
1945
8 f extl conv loan 4s Feb
27
*24*
......
8
1945
s
s
A
♦6*s stamped
External s f 4*-4*s
D
96
0
90*
59
82*
170
82
116
105*
59
105*
101*
31*
12
57
88
96*
88*
88*
99
106*
98* 106*
96* 102
78*
78*
2
28
15
100
22
19*
106*
6
103*
21
112
105*
23
108
100
107*
107* 115*
Canada (Dom of) 80-yr 4s
5s—
50
104
14
56
105
1942
105*
105*
102*
101*
Denmark 20-year extl 6s
External gold 5*8
External g 4 *s
...1955
100
Apr 15 1962
{♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5*s..l942 M S
1st ser 5 *b of 1926
1940 A O
2d series sink fund 5*8
1940 A O
...1969 A O
6*8 1st series
♦Farm,;Loan
s f
....
13*
13*
13
10*
J
D
13
12*
13
20
M
8
100
F
A
D
102*
10*
99
11*
11*
19*
19*
60*
60*
A
O
1949 J
1905 J
♦5*s unstamped
...1965
♦5*s stamp(Canad'n Holder) '66
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped
D
14
23*
100*
99
22
108*
93* 101*
-
104*
82
114
99*
101
23*
28*
21*
24*
22*
24*
23
30*
34*
1
24*
27*
25*
27*
23
43
31
25*
1949
♦7s
part paid
♦Sink fund secured 6s
27*
27*
1908
33
20*
30*
26*
7
22*
29
22*
2
19*
27
86
—
30*
~
77
77
77
1
70
20*
20*
20*
7
19
18
Haiti (Republic) s f 6s ser A....1952
♦Hamburg (State) 6a_
1940
♦Heidelberg (German) extl 7*s '50
Helslngfore (City) ext 0*8
I960
Hungarian Cons Municipal Loan—
♦7*8 secured a f g
1946
♦7s secured s f g
1940
♦Hungarian Land M Inst 7*8.1961
♦Sinking fund 7*0 ser B
1901
♦Hungary (Kingdom of) 7*8—1944
Extended at 4*s to........1079
24*
29*
3
-
27*
25*
22*
...1968 FA
♦tts part paid.
18
*29
"27*
.1964
18
18
2
16*
104*
J
10
104*
10
*12
14
*12
F
A
*12
*38
A
F
37*
37*
18
10
19
.
11*
37
18*
18
13*
69*
32*
43
18
M N
22*
104
1
10
J
29
2
104*
M N
i
1960 MN
1951 J D
.
13
...
-
.
-
55
.
12*
11*
...
.
11
37*
106*
1
-
-
70
57
57
75*
74*
59*
24
56
69*
66*
70
83
61*
81
54*
50*
54*
66
44
04*
41*
41*
41
35
21*
22
85
78*
♦Mexico (US) extl 5s of 1899 £.1945 Q
51
79*
70*
65
64
15
54*
42
35
35*
30
110
110
110*
17
112*
26
103
99*
79
105* 110*
109* 113*
104
98* 104*
97* 102*
92*
99*
98*
27
3
20
62*
34*
30*
J
99*
27
34*
34*
30*
7
34*
38
30*
25*
1960 A
O
30*
1960 A
O
25*
19
14
29
32
5
28
32
5
25*
26*
17
14*
19*
64
14*
19
19*
19*
19*
18*
19*
19*
19*
19*
54
15
35
15
19
19
19*
19*
19*
19*
19*
19*
19*
18*
19*
19*
7
15
19
18
15
19
19*
15
16*
17*
17*
12
14*
12*
4
12*
18*
27
12*
18
16*
17*
17*
16
16*
S
D
17
17*
17*
16*
.
*13*
8
8
14
.
.
-
-
20*
20*
4
13
19*
42
10
20*
19
19*
47
10
20*
17*
16*
25
25*
17
25
[25
20-year external 6s.....
External sink fund 4*s
External s 14*8
4s 8 f ext loan..
3
8
f 5s
ser A
2*
-
.
-
-
3*
2*
1
1*
59
62
57
32
13
13
50
52
6*
54
12*
1
12*
7
3*
3
07
13
13
38*
61
37
67*
*50
•54*
A
101*
100
97* 104*
100*
4
98* 103*
F
A
106*
101*
101*
107*
127
101*
1944 F
A
.
•
-
-
103* 107*
22
104
107*
106*
107*
41
1956 M S
106*
105*
106*
7
1905 A
1903 F
O
104
103*
104
56
A
103*
102*
103*
16
98* 103*
102*
20*
102*
2
20*
1
102* 103*
20
21*
Oriental Devel guar 08.. ......1953
Extl deb 5*s
1958
Oslo (City) a f 4*8
.1055
♦Panama (Rep) extl 5*s
1953
♦Stamped
-
O
Municipal Bank extl • f 58—1970 J D
♦Nuremburg (City) extl 6a
1952 F A
♦Extl
-
4
F
5s
M
B
MN
50
46*
A
O
102
J
D
98
,
99* 100*
99* 104*
50*
41
43*
44
46*
47
41
102
102*
17
96* 103*
483-S
98
44*
3
98
*47
1903 MN
...1903 MN
6*
1947 M S
♦Peroambuoo (State of) 7s
19
*24*
4*
3
A
1959 MN
(State) ext! 5s..1057
Apr 1958
Norway 20-year extl 6s
1943
a f
♦Peru (Rep of) external 7s....1959 M S
♦Nat Loan extl s f 6s 1st ser.. 1960 J D
19
2
13
13
New So Wales
External
-
52
8
16*
19
....
1958 M
21*
J
24*
4
1*
-
1*
59
1959 M S
1952 J D
19*
O
25
♦6a series A....
*
.
J
Milan (City, Italy) extl 6*s... 1952 A O
Mlnaa Geraes (State)—
♦Sec extl s f 6 *s
♦Sec extl s f 6*8
♦Montevideo (City) 7s
*1*
J
J
'33
J
-
-
of '13 assent (large)
..
-
44*
.
-
-
1
86
62*
57*
104*
40
49
32
47
18*
Jan 1961 J
24*
2*
1*
1*
1*
4s of 1910 large
4s of 1910 Bmall
30
Oct 1961 A
*24*
11
1
.
-
11*
♦6s of 1028
O
4s of 1904
J
24*
♦6s extl s f gold
♦Sinking fund 7s of 1926..., .1946 M N
♦Sinking fund 7s of 1927..., .1947 F A
1*
*1*
34*
35*
98
1*
1*
3
1*
...1964
53
31*
-
6
-
1
1*
♦Assenting
♦Assenting
♦Assenting
♦fTreas 6s
♦{Small
36*
20
7
-
*1*
....
32*
•
*1*
1 *
1954
34*
-
45*
23
27*
1
1*
♦4s of 1904
34*
11
20*
2
9*
1*
72*
......
63
9*
70*
62*
*40*
-
80*
65*
24*
6
*1*
J
1945 Q
53
.
70
12
*26
♦Assenting 5s of 1899..
♦Assenting 6s large
♦Assenting 5s small..
1
102*
*21*
♦Medellln (Colombia) 0*g....l954 J D
♦Mexican Irrtg assenting 4*g.l943 MN
60*
103*
67
70
73*
23
60*
......
(Province) 7*81950
73*
112* 117*
72
82
112*
J
11*
60*
i,
♦105
S
78*
12*
O
19*
4
114
31
O
D
70*
J
For footnotes see page 1163.
24*
♦22
A
52*
J
A
95
2
...
-
_
30
104* 108*
*21*
F
5
.1954
♦Cologne (City) Germany 6*s. 1950 M
Colombia (Republic of)—
i.5
96
*100*
J
61
*101*
♦Guar sink tundfds
1962 M N
♦Chilean Cons Munlo 7s
1960 M S
♦Chinese (Hukuang Ry) 5s...' 1951 J D
114
D
7s unstamped
1949
German Govt International—
♦5*8 of 1930 8tamped
27
22
21*
106
102*
60*
J
O
82
19
106
98
60*
102*
103*
1961 A
04
02
51
65
*20*
6
51
102*
1061 J
64
55*
2
61*
*100*
A
61
112*
Mtge)Bank'6*s... .1947
*59
....1941
♦Jugoslavia (state Mtge Bk) 7s 1057
♦Leipzig (Germany) s f 7s
1947
70
J
J
61*
02
55
70
3
21
*65
112
BlnklngjfuntPOs...
♦Colombia
61*
67
56
20
101*
♦External 8inklng|fund?6e1968 MN
♦Chile Mtge Bank 6*8
." 1957 J D
♦Sink fund 6*s of|1926
♦Guar sink fund 6s...
*61*
1
20*
95
106
70
A
A
61
106*
2
101*
*80
F
O
61
100
55
55
95*
106*
20*
Japanese Govt 30-yr s f 6*s_—1954 F A
Extl sinking fund 5*s
1905 M N
100
101*
101*
8
1960 A
♦Extl sinking fund 6s...Feb 1061 F
♦Ry ref extl a f 6s
.Jan 1961 J
♦Extl sinking fund 6s._8ept 1961 M
♦External
1962 A
83
5
64*
J
19*
96* 102
14
100*
100
A
1942 MN
104
94* 102
65
1967 J
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s.._1952 J
16
39
6s..July 15 1960 J
63*
*24
23
15*
e f 6s
Oct 15
♦6s Oct coupon on..
Chile (Rep)—Extl 8 f 7s
♦External sinking fund 6s...
98
129
J
Irish Free State extl a f 5s
13*
.1950 M S
101* 106*
16
102*
1948 J
♦El Salvador 8s ctfB of dep
Estonia (Republic of) 78
24
13
♦Farm Loan
61
.
18*
12*
10*
.1967
80-year 3s
30
105*
100
♦61
6*8 2d series
1969 A O
♦Dresden (City) external 7s... 1945 MN
3
.1944
♦Carlsbad (City) sf 8s
Cent Agrlo Bank (Ger) 7s
99*
*100
*63*
Customs Admins 5*8 2d ser. 1961 M S
20*
13
A
78*
Deutsche Bk Am part ctf 6s...1932
20*
15
Aug 15 1945 F
62*
23*
.1961
10-year 2*s
25-year 3*s
7-year 2*s
62*
19
19*
15
.1952 MN
102
100
65*
1
13*
.1960 A O
100
2
103
110*
65*
20*
-
.1977 M
♦Stabilisation loan 7*s
55*
64*
100*
-
100
O
J
96*
21
58*
64*
♦(Cons Agile Loan) 6*8
1958 J D
♦Greek Government a f ser 7S..1904 MN
O
J
.1967 J
.1968 MN
103
104
64*
20*
*
.1961 F
♦Secured sf7s.
5
102*
100
65
8*
8*
90* 100*
D
.
90
16*
24
101* 104
21*
1942
Sinking fund 8s ser B__
8*
J
MN
62*
80
40
5
5*
A
.1976
4*8-4 *s
External re-adj 4*b-4*s._..1976
External s f 4*s-4*s
.1975
8% external s f $ bonds
.1984
Bulgaria (Kingdom of)—
43
5
84*
69*
4*
A
s f
80
11
60
67*
3
*
♦Budapest (City of) 6s
.1962 J D
♦Buenos Aires (Prov) extl 6s....1961 M 8
♦6s stamped
.1961 M 8
Refunding
80
"67*
20*
O
J
92* 101*
92* 100*
2
57*
German Prov A Communal Bks
.1950 J
f 6s
102*
*102*
♦99*
55*
103
♦Lower Austria
20-year
"
1961
Csechoslovak (Rep of) 8s_,
External 7s stamped
A
1948
7s series C
S
Finland (Republic) ext 6s
1945 M S
♦Frankfort (City of) a f 6*s...l053 MN
French Republic 7*s stamped. 1941 J D
iMtge Bank (Colombia!
(Govt's)
High
106.23
102.28 102.22
8
O
♦Austrian
Low
101.27105.5
103,26
103.10
102.10 J 02.9
D
♦Gtd sink fund 6s
s f
57*
84*
*19*
A
♦Public wks 5*s...June 30 1945
103.4
103.5
D
♦Gtd sink fund 6s_..-.....-1947
♦External
"m"
1977
7*8 unstamped.
Agrlcultur
19
96
■
Sinking fund 6*8...Jan.15 1953
103.26 103.21
S
M
1949 F
38
& Municipals—
Govt
99
95*
1949
108.10
104.4
S
D
1944
A
C
ser
6
106.22 106.19
S
External 6s of 1914
108.23
106.22 106.21
M N
1 1930-1949 F
2*8 series B..Aug.
2*s series G
No.
99*
Since
Jan. 1
'
108.20
-
Home Owners' Loan Corp—
3s series A
99*
1961 M N
7s.
108.4
*
3s...........May 16 1944-1949 M N 106.10 106.10
Jan.
High
107.18110.25
107.28
Treasury 2*8
........
Copenhagen (City) 5s.•..•...1952 J D
25-year gold 4*8
1953 M N
{♦Cordoba (City) 7s
1957 F A
{♦7s stamped
1957 F A
J
Cordoba (Prov) Argentina 7s.. 1942 J
107.28 107.27
»
110.9
113.14
A
Treasury 2*s
.
119.5
1
113.14
-
106
M. S
„
116.4
114.19
113.14
«
8 107.12 107.12
1951-1955
8s.
12
114.19 114.19
-
D
...1949-1952 J
Treasury 2*s
FtClflQG
Bonds Sold
Asl
&
Low
1943-1945 A
Treasury 2 *8
Treasury 2*s
Treasury 2*8
Bid
:
1944-1946 A O 109.26 109.231109.27
1946-1949 J D 108.27 108.26 108.27
....
Treaaury 3*s_..
Treasury 3s
Treasury 3s
3*0
119.4
'"-"'tv'.■■
.1941 F
Treasury 3*8...
Price
Foreign Govt. &Mun. (Cont.)
I
Treasury 8*s.i.
Friday's
High
U. S. Government
Treasury 3*s-.
Treasury 3*s..
Treasury 3*s_.
EXCHANGE
Week Ended Aug. 19
Jan. 1
High
STOCK
NY.
Since
Flange or
Sale
BONDS
Flange
«Li
Week's
Last
Week's
Last
BONOS
N.
week's range,
shown in a footnote In the week in which they
Cash and deferred delivery sales are disregarded in tbe
tbey are the only transactions of the week, and when selling outside of the regular weekly range are
No acoount Is taken of such sales in computing the range for the year.
uniese
occur.
♦Nat Loan extl ■ f 6s 2d ser..1961 A O
♦Poland (Rep of) gold 6a
1940 A O
♦Stabilization loan s f 7b
1947 A O
J
♦External sink fund g 8a
1950 J
10*
10*
9*
7
10*
10
7
5*
4
7*
81
7*
7*
9*
11*
11*
36*
9*
9*
20
43*
9*
"55"
43*
3
37
11*
07*
55
55*
5
55
82*
36*
38
11
36
62
Volume
147
New York Bond Record—Continued—Page 2
BONDS
N
Y
STOCK
Last
S3
EXCHANGE
1947 F
1946 A O
•Extl sec 0J4a
1963 F A
Rio Grande do Sul (State
of)—
♦8a extl loan of 1921
1940 A O
♦6s extl b f g
1968 J D
♦7a extl loan of 1920
1966 M N
106 H
16
~29H
"I
Big Sandy 1st 4a...
7H
13
6
10H
""§H
9H
*8H
61 H
28 H
28 H
*20 H
2
14
3
9H
5H
6H
9H
65
"7
31
7
10H
10H
20 H
38
20
8%
1944 J
1907 M S
1955 M N
1st g 4Ha series JJ
1961 A O
{♦Boston A N Y Air Line 1st 4a 1955 F A
Brooklyn City RR 1st 5a
1941
Bklyn Edison cons mtge 3Ha.. 1906
1st 6s stamped
8H
7H
1950 J
*14%
9%
11
1940 A
O
1945 J
D
1946 J
D
S
8H
"9H
8H
"25 H
J
28 H
25 H
5H
11H
10H
13H
16
17
7H
11
9%
9%
29
25H
7H
13H
13
6H
23
47 H
26
24
*25 H
11H
24 H
20
(Kingdom
♦8s secured extl
♦7s series B sec extl...
1st Hen A ref 5s eertea B
1957
a f deb 3Ha
1950
Buffalo Gen Elec 4 Hs ser B
1981
Buff Nlag Elec 3Hs serlea C..1907
Buff Roch A Pitts consol
4HS..1957
27H
15
20 H
35
25H
26 H
66
20H
34H
{Bush Term Bldgs 5s
39
00 H
Calif-Oregon Power 4s
25
33
Canada Sou
*35
*28 H
40H
32 %
102 H
Consol 68
A
1971 J
J
45 %
44 H
46
46
41
00
1952 M
S
40
40
40
3
38
50
46
47 X
41
42
60 H
41
54 H
102 H
cons gu
ExternalsfSHsguar
1901 A
O
♦Uruguay (Republic) extl 8a...1940 F
A
s
f 0s
♦External
s
f 0a
47
"45 H
1978 F
1984 J
1961 J
38 H
64
2
40 H
63 H
43
17
37H
53
43
"42 H
A
3 Ha extl readjustment
J
Venetian Prov Mtge Bank 7B..1962 A O
♦Vienna (City of) 6s
1962 M N
♦Warsaw (City) external 7a
1958 F A
Yokohama (City) extl 0a
"5
"4 5H
41
44
2
38
50
38
42
67 H
69 H
45 H
fl45H
1904 M N
1979 M N
K
22
*37
D
51H
a45 H
42
~67H
48 H
"l
67 H
22
5
18
100
40 H
40
"36
51H
H
62
43 H
65
AND
INDUSTRIAL
COMPANIES
Coll trust 4s of 1907
1947 J
64
Adriatic Elec Co extl 7a
104 H
1952 A
1943 J
1st
cons
4s series B
0a with
assented
warr
Alb A Susq 1st guar 3 Ha
101H
1948 A
1948 A
45
conv
♦Coll A
6a
conv
1949 J
72 H
57 H
D
O
AI leg h A West 1st gu
4a
..1998 A
1942 M
1950
Guaranteed gold 5s
Guaranteed gold 5s
Guaranteed gold 6s
Alpine-Montan Steel 7a
1955 M
2030 M
American Ices f deb 5s
1963 J
70
87H 100
104 H
64 H
94
64
100
99
104H
78
105
ioiH
45*
45 j[
35
35
57
75 4
70
90
95 H 103 H
54
72 H
57 H
22
45
78
6s equip trust ctfa._
Coll trust gold 5s
.1944 J
D
99 H
"16
104 H
93
101
109
10
79
93
4
79
93
92
91
113H
90
33
4
58
35
27
100
63
30
99H 105 H
20
80
2
M N
113H
112H
113H
58
A
O
104
104 H
156
J
D
103 H
103
103H
71
110
111
13
99
6
98 H
106
95
100H
101H
112H 113H
99 H 104 H
99H 103 H
97H 115
84
100
98 H
97 H
98 H
136
88
98K
98 H
97 H
98 H
100
86H
98H
O
105 H
105 H
106 H
•
1995 Nov
*74 H
101
93 H
95
1995 M N
..
.
•
.
94
D
D
D
56
«
~
~
-
56
D
•
M
.
94
*93
93 H
95
-
94
«.
5
101
J
100
mmmmm
J
106 H
8
*97
106 H
101
73
98 H
----
107
11
106
106H
9
..1946 J
D
105
105
2
1944 J
J
1st 30-year 5s series B
*78 H
1944 J
J
83 H
86 H
mmmmrn
Atl Coast Line 1st cons 4a July 1962 M S
General unified 4Ha A
..1904 J D
{♦Auburn Auto
conv
67
May 1 1945 M N
1048 J
H
78
Oct 1952 MN
mmm
J
m
m
30 H
1948
.........
1969
52
s
f deb 4Hs (1938
1950
issue)
M
M
S
81
104 H
67 H
76
*45
30 H
*25
87H 100 H
95H 103 H
100
112H
98H 112
105
108
97
67
87%
42
69
94
68
17
53
78
11
63
77 H
88
45
76H
14H
32H
60
32 H
27
9
104H
52
36
-
-
-
75
2
m
m
mm
14
2d consol gold 4s
Warm Spring V 1st g 5s
1990 F
...1989
1941
J
J
M
60
15
30
85
98
98
99
38
40 H
38 H
19
41
124
D
20
O
41
Ret A gen 6s series C...
D
{^Chicago ft East 111 1st 0s... 1934
{♦C 4 E 111 Ry (new Co) gen 5a_1951 M N
♦Certificates of deposit
Chicago A Erie 1st gold 5s...-.1082 M N
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind ft Louisv ref 6a
1947
♦Refunding g 5s serlea B
1047
♦Refunding 4a aeries C
1947
♦1st 4 gen 5s series A
1900
♦1st A gen 0s series B..May I960
Chlo Ind ft Sou 50-yr 4s
1950
Chic L 8 4 East let 4 Ha
I960
M
J
J
J
J
"92 H
M N
12H
1
5
103 %
9
118H
94 H
94 H
18
53
93
"I2"
97 H 102
34 H
78 H
20H
161
15H
39H
42 H
131
37
21
39 H
19 H
21
97
15H
82 H
45
35 H
35
35 H
10
27H
70
28 H
l"09H
18H
15
96
11
102
101
H
9
58
93
95
87 H
3
91H
92 H
38
100
12H
11H
"31
14
12H
6
82
H
13
17K
281
12
22 H
12
13H
"l8
12
12
2
5
6H
J
D
{Chic Milwaukee A St Paul—
♦Gen 4s series A
May 1 1989 J
72
*50
23
22
%
23
23
23
23
1
J
25 H
25 H
1
♦Gen 4 H"
♦Gen 4Hs
{♦Chic Mllw
♦Conv adj
{♦Chic A No
♦General 4a
9
3
14H
2
1987 M N
1987 M N
15 H
16
6
A
15H
15H
16 H
331
11H
34
S
20
19
|»Secured 6Hs
1936 M N
*14H
1987 M N
1990 M
♦4H8 stamped
102
100 H
•
-
-
-
106 H
40
-
102 H
106 H
-
95
100
6
99
108
1
40
6
40
48
99 H 100
«
1948
117H
117H
117H
13
1960
128 H
128 H
128H
10
115H 119H
125H 129H
--May 1 2037
♦
1st A ref 4 Ha atpd.May 1 2037
♦1st A ref 4 Ha aer C.May 1 2037
1949
♦Conv 4Ha aeries A
♦1st ref g 6a
"64
14H
I960 F
112H
142
9%
3
M N
atpd Fed lno tax— 1987
1987
Fed mo tax
-------
9H
3H
F
Conv
103
100
99 H
100
Is""
HH
20H
85
107H
90 H
111H
81H 109
68
105
75
109H
90
90 H
8 H
17H
16 H
7H
56 H 108
22 H
16H
9
15
8H
13
9
14H
3
20 H
25%
A
♦Gen 5s stpd
♦Stpd 48 non-p Fed lnc tax
H
*18
J
♦Gen 4Ha
♦108H
97
103H 106
19H
*19
59 H
J
80
110H 121
85 H
97
85 H
97
lllH
J
38H
39
49
3H
J
B..May 1 1989
series C—May 1 1980
serlea E—May 1 1989
series F...May 1 1989
St P A Pac 5s A.. 1976
5s
Jan 1 2000
West gen g 3H»— 1987
40
14
97 H
72
74 H
95 H 106
00
♦Gen g 3 Hs series
19
85
60
64H
35H
7H
7H
86 H
112
*111H
17H
20 H
106H
109 H
*4H
13H
.
30 H
101
104H 104H
17
*4H
2
«
34 H
18
—...
J
15
•
40
20
IOIH I
*12
12
102
25
106
J
54
98 H
97 H
109H
89
112H 117
76 H
80 H
"26 H
79
"54" "04"
20
J
19H
For footnotes see page 1163.
"27
116
J
29 H
33
1st A ref 5a serlea C
109H
*75
"l3H
J
17H
Bell Telep of Pa 6e aeries B
93 H
*104
S
J
32
1951
4» stamped
1951
Battle Creek A Stur 1st gu 3a..1989
Beech Creek ext 1st g 3 Ha.....1961
51 H
"55"
87 H
19H
1943 J
94
109H
95
S
Bangor A Aroostook 1st 5a
Con ref 4a
98 H
*104 H
IoiH
1977
.1971
2000 M
Rel A gen M 5a aeries F
85
95 H
General 4s...—.......—-1968
1st ft ref 6s series A
""4
72 H
88
117H
18
Ref A gen 6a serlea D
4 He
110
6
103H
10
118
105H 109H
106H
*
1949
1st ft ref 4 Hs series B
15
1
97
S
10
9
107
101H
1949
Illinois Division 4s
0
4
50
Hi
'
7
9
95
16
28
*115H
73 H
76 H
31
50 H
81H
-
8H
26 H
%
*52-"
103H
12H
7
70
1939 M N
50
4
9H
35
*65
98
26
8
S
General gold 4 Ha
1992 M S
Ref A imp mtge 3Hs aer D..1990 M N
RAA Dlv 1st con g 4s
19H
15
A
S
88
35
10H
106
M
66
69
54
28
50 H
92
35
108
100 H
M N
47 H
6
35
M N
99
80 H
90
*109H
M N
104
86 H
94H 108
*70
71
92
35
4H
*8H
A
Ches A Ohio 1st con g 5s
114H
20 H
24
89
103 H
63
♦109H
O
73
5
55
105
108
111
115H
120H 125H
90
31
5
121
120 H
114H 118H
112H 110H
111
83
10H
109
6
20
*18
94
74 H
110
92 H
*27
01
79
6
22
98 %
83
9
49H
111
115H
114H "7H
♦Gen 4 Ha
Refund A gen 5a series A
1995 J
1st gold 5a
July 1948 A
PLEAWVaSyirel 4s
1941 M N
Southwest DIt let 8H»-5a
J
1950 J
Tol A cm DIt latref 4a A... 1969 J
J
87 H
10
85 H
117
112
*45
166 H
F
Chic ft Alton RR ref g 3s
1
*67
Baldwin Loco Works 5a atmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O
1995 J
87 H
44
14
105 H
105
107
16H
7H
6H
68 H
26 H
35H
14
60
*39
*6H
Chic Burl ft Q—111 Div 3H8--1949
83 H
52
1941
92 H
2
119H
118
*6H
A
Through Short L lBt gu 4a—1954
Guaranteed g 6s
1900
|*Cent RR A Bkg of Ga coll 5s 1937
6s extended to May 1 1942
Central Steel 1st g s f 8s
1941
Certaln-teed Prod 5 Hs A
1048
Champion Paper A Fibre—
s f deb 4H8 (1935 issue)
1950
76 H 103
75 H 103 H
82
102
84 H
*20
deb 4 Ha. 1939
Austin A N W 1st gu g 5a
97 H
92 H
1902
98H 110H
79 H 101
Atl A Charl A L 1st 4 Ha A
Second mortgage 4s
Atl Gulf A W I 88 coll tr 5a
*97 H
J
J
LAN coll gold 4a
AG A Dan 1st g 4a
111H
1989 J
A
Atl Knox 4 Nor 1st g 5s
96 H
J
Armour A Co (Del) 4s series B.1955 F
1st M s f 4a ser C (Del)
1957 J
1905 J
38
96 H
78 %
96 H
Potts Creek Branch 1st 4s...1940 J
100
Rocky Mtn Dlv 1st 4a
77 H
94 H
98
Trans-Con Short L 1st 4a
1958 J
Cal-Arl« 1st A ret 4 Ha A....1962 M
4
78%
"94 H
96 H
1948 J
20
125H
J
*60
1960 J
16
115H
124 %
mm
A
S
1955 J
115H
114H
m
May 1940 J
Ark A Mem Bridge A Term 6s_1904 M
.1965 J
13
Craig Valley 1st 6s
41
Conv 4s ofl905
114H
117H
120 H
37H
102H 106H
23
Conv gold 4s of 1910
Conv deb 4Hs
114H
116H
119H
119H
U7H
115H
25H
57
32
♦Stamped 4s
Conv gold 4s of 1909
4
36H
*27 H
1995 A
31
89 %
106 H
J
♦Adjustment gold 4a
50 H
93
*35 H
...1996 Q
Atchison Top A Santa Fe—
General 4s
92
.....1987
Ref A lmpt M 3 Ha aer E
4s
56
89
105H
Jan
9
44 %
115
38H
9H
8H
Central Foundry mtge 6a
1941 M S
Gen mortgage 6s
..1941 M S
Cent Hud 0 AE 1st Aref8Ha-1905 M S
Central N Y Power 8Hs
54
75
mm
95 H
100
30 H
*8H
119H
76
78 H
105 H 108H
110
111H
28 H
♦Mid Ga A At Div pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1940
General 4a
59 H
*108
119H
108 H
100 H
95 H
*110H
1901
1987
99 H
103 H
94 H
♦Chatt Dlv pur money g 4a. .1951
♦Mac A Nor Dlv 1st g 6s
1940
{♦Cent New Eng 1st gu 4a
Central of N J gen g 6s:...
59 Ji
101
J
Amer Wat Wks A Elec 0a ser A. 1975 M N
Anaconda Cop Mln a f deb 4 Ha 1950 A O
91
100
*107H
4H
1951
104H
♦Am Type Founders conv deb. 1950 J
73
116H
73 H
39H
"59" "80""
80
107
114H
35H
20
103 H
74
D
1960
99 H
J
77 H
106 H
102 H
29
12
64
106 H
95
1959
Cent 111 Elec A Gas 1st 5s
103 H
1907
J
1948 J
♦Ref A gen 5s series C
68
39
107
{♦Central of Ga 1st g 6s..Nov 1945 F A
♦Consol gold 6s
1945 M N
♦Ref A gen 5 Hs serlea B
1959 A O
Cent Illinois Light 3 Ha
100 H
10-year coll tr 6a
♦Cent Branch U P 1st g 4s
185
41
30
103 H
D
41H
103 H
g
A1952 J
aer
38
67 H
101
{Ann Arbor 1st
J
16H
J
♦Anglo-Chilean Nitrate—
5 f Income deb
D
I960 J
1949 J
25
M N
6Ha..
1949
5Ha...1940
Amer Telep A Teleg—
20-year sinking fund 6Ha...1943
3Ha debentures
1901
3Ha debentures
1960
1954 J
Deo 1
44
Amer IG Chem conv
conv
J
Collateral trust 4 Ha
{♦Car Cent 1st guar 4s
1
45 H
45
101
63
"94"
90 H
19H
20H
18H
5H
1
*35
78 H
82
9
42 H
*25
O
Canadian Pac Ry 4% deb stk perpet J
J
Coll trust 4 Ha
.1940 M S
1
Am
InternatCorp
66H
22 H
29
99H 105 H
99 H
92 H
106
*43
Guar gold 4Ha
Guaranteed gold 4 Ha
1950 F A
Guaranteed gold 4Hs..Sept 1951 M S
Canadian Northern deb 0 Ha
1946 J
J
6
56
56
10 H
42 H
105
47
*66
J
30
32 H
S
4
*6 %
Cent Pacific 1st ref gu gold 4a..1949 F
8
5
30 H
10 H
O
1957 J
33
91%
112%
113
31H
30 H
A
July 1909 J
J
Oct 1909 A O
1970 F A
June 15 1955 J D
28
93
92
1952
Foreign Pow deb 6a
57 H
31
31
O
24 H
*37 H
104 H
S
1951
Allia-Chalmers Mfg conv 4a
Am A
70
29 H
31H
105H
21
104 H 107 H
106
30 H
O
33
"27 H
1960 A
Allegh Val gen guar g 4s...
Allied Stores Corp deb 4 Ha
4 Ha debentures
101H
*71
1950 A
6s.
104 H
64
45
1946 A
♦5s stamped
86
*35 H
Alleghany Corp coll trust 5a... 1944 F
Coll A
98
*104 %
1943 J
Albany Perfor Wrap Pap 6a
65H
99H
37 H
99 H
98
99 H
D
107
D
Carriers A Gen Corp deb 5a w w 1950 M N
Cart A Adlr 1st gu gold 4a
1981 F A
Celotex Corp deb 4Haw w
D
1947 J
10-year deb 4^1 stamped...1940 F
Ala Gt Sou 1st cons A 6a
F
J
M N
1900 A
1902 A
gu
Caro Clinch A Ohio 1st 6s
{(♦Abltlbl Pow A Paper 1st 6S.1953 J D
Adams Express coll tr g 4a
1948 M 8
95H
94 H
*103H
99 H 104 H
*45
1960 M N
3H-4-4H% extl read)
4-4H~*H% extl read)
"22
A
1960 A
5s A
29H
28 H
102
1955 J
Canadian Nat gold 4 Ha
a f5Hs
Tokyo City 5s loan of 1912
F
{|»Burl C R A Nor 1st A coll 5s 1934 A
♦Certificates of deposit
{Bush Terminal 1st 4a
1952 A
27H
20H
6
99 H
D
M N
Brown Shoe
25H
1956 F
f 5 Ha
Taiwan Elec Pow
RAILROAD
1950 F A
1945 M N
1950 J
27 H
29H
22
27 H
105H
J
1947 M N
1962 M N
28
99
J
M N
1st lien A ref 6s series A
1962 M N
♦Silesia (Prov of) extl 7s
1958 J D
♦Slleeian Landowners Aaen 0e__1947 F A
♦External
J
1941 J
Bklyn Union El 1st g 5a
Bklyn Un Gas 1st cons g 5s
High
20 H
105
D
Bklyn Man hat Transit 4 Ha...1900 M N
Bklyn Qu Co A Sub con gtd 6S.1941 M N
"25"
8H
8H
73 H
19
*21H
60
27 H
95H
Boston A Maine 1st 5s A C
1st M 5s series II
9H
8%
Low
5
28H
*27H
1952
10 H
No.
99 H
12
5H
Jan. 1
105H
1906
0H
High
27 H
27 H
27 H
ser D..1960
3
9H
1936 J
(7s
s
4Ha
3Hsaf
Since
Asked
28 H
1959
Cons mtge 3Ha series E
conv debs
31
25
dk
*101
Debenture gold 5s
Secured
8ydney (City)
102 H 108 H
103 H 109 H
6Hb
32
"61H
1957 M N
1956 M
1968 J
a
♦Debenture 6s
1955
♦Berlin Elec El A
Undergr 6 Ha 1950
Beth Steel cons M
9
8
1952 M N
♦7a extl Water loan...
♦6a extl Dollar loan...
♦Saxon State Mtge Inst 7a
♦Sinking fund g 0 Hs..
Serbs Croats ft Slovenes
19
Range
Friday's
Bid.
Low
8
9H
Range or
Sale
Price
Belvldere Delaware cons 3 Ha.. 1943
♦Berlin City Elec Co deb 6
Ha.. 1951
♦Deb sinking fund
8H
j"j
Last
8®
11H
10 H
98 H
7%
♦7a municipal loan
1967 J D
Rome (City) extl 0Ha
...1952 A O
♦Roumanla (Kingdom of) 7a
1959 F A
♦8a extl secured a f
♦0 Ha extl secured sf
8an Paulo (State of)—
|*8a extl loan of 1921..
♦8a external
104 %
*106 H
29 H
S
♦Rio de Janeiro (CityoU 8a
♦February 1937 coupon paid
♦Saarbruecken (City) 6a
..1953
Sao Paulo (City of, Brazil)—
19
3
20 H
BONDS
STOCK EXCHANGE
Week Ended Aug. 19
22 H
23
62
23
Y.
Week's
Friday
High
7H
5H
83
♦20 H
20 H
Low
2
15
8%
8
♦75
106 H
No.
High
8H
7H
N.
Since
Jan. 1
Ast
dk
Low
A
1950 M
A
Bid
7H
♦Prussia (Free State) extl 6Ha.l951 M S
♦External s f 08
1952 A O
Queensland (State) extl ■ f 7s.. 1941 A O
25-year external 0s
♦Rhine-Main-Danube 7b
Range
Friday's
Price
Ferslgn Govt. &Munlc. (Concl.)
♦Porto Alegre (City of)8a
D
1901 J
♦Ext] loan 7 Ha
J
1960 J
Prague (Greater City) 7 Ha
1952 M N
s
Range or
Sale
Week Ended Aug. 19
1159
Week's
Friday
16
M N
M N
18H
16H
'♦15
'18H 117
9H
"ie"
"2
18H
10
"18H "~7
10H
J
D
D
9
9
J
D
9H
9H
5%
M N
.....
"~5H
5H
3
12
36H
30
20H
36
21
35 H
10H
7H
2H
13H
13 H
13H
14H
15H
16H
15
34H
13 H
4H
18
18H
18H
17H
22
18H
22H
7
12 H
7
11H
1
0H
59
3H
11H
7H
New York Bond Record—Continued—Page 3
1160
Aug. 20, 1938
Week's
Friday
Last
bonds
N.
Y.
STOCK
'"Bennett 'Bros & Johnson
(subj
T>lgby 4-5200
1965 A
Dow Chemical deb 3s
4
10
9%
*3%
P
1951
D
j
STOCK
||
EXCHANGE
Week Ended Aug. 19
SB.
Last
Range
Sale
1057i«
<fc
1834
1834
18
O
"834"
{♦Secured 4%s series A
♦Certificates of deposit--—...
1951 J
D
June 15 1951 J
Memphis Dlv 1st g 4s.--.--1951 J
D
Chic T H A So'eastern 1st 5s. .1960 J
D
Cold 3%s
Inc
gu
Low
"i05%
6
35
93
105%
105%
19%
*101%
M N
.1956
79
107
112%
103% 109%
18%
1434
22%
19%
10%
1834
15
14%
534
8%
30
7%
5
9%
13
5%
7
534
A
5%
52
.1965 A
5s 8tamped.
8%
3
834
4
5
107
*106%
105%
*65
O
*65
Erie A Pitts g gu 3%s ser B... 1940 J
Series C 3%s—
.1940 J
9
14
33
88
109
14
23
109%
106
110
105
100
55
71
86
86
♦Gen
conv
1*07%
106
107%
105%
95%
101
102%
62
33%
70%
19
24
99
16
53
19
19
19
4
13
51
17%
17%
3
12%
36%
1953 A
*14
15
20
*4234
1st mtge 4s series D__
.1963 J
J
1st mtge 3%s series E
.1963 J
J
3%s
.1951 M S
guaranteed
Chic A West Indiana eon 4s....1952 J
J
iBt&ref M 4%s series D.....1962 M
.1943 A
Childs Co deb 6s
9%
43
90
9%
42%
7834
♦Ref A lmpt 5s of 1927
46
67
♦Ref A lmpt 5s of 1930..—. 1975 A
O
45
36
64%
♦Erie A Jersey lstsf 6s..-.. 1955 J
♦Genessee River 1st s f 6s.. 1957 J
J
*40
50
36
*85
90
75
*60
96
107%
Cin Un Term 1st gu 6s ser C—..1957 N N
1st mtge guar 334s series D—.1971 IVI N
10234 107%
103
10534
10734
10434
107%
105%
10034
101
9034
8934
8734
O
.1967 J D
1st mtge 334s—-—
CIn Leb A Nor 1st con gu 4s—..1942 M N
105
101
S
{♦Choc Okla & Gulf cons 5s....1952 IVI N
Cincinnati Gas & Elec 3 %s
.1966 F A
.1943 J
105
105
7334
*1434,
10634
106%
10934
*10034
10834
10834
10634
99
1967 Ml N
14%
13%
13%
14%
J
43%
IVI
{♦3d mtge4%8-———— 1938
Ernesto Breda 7s
109%
-.1954 F
Fairbanks Morse deb 4s
90%
71
88%
71
92%
74
48%
80
1st lien
18
14
15%
1st Hen 6s stamped
74
71%
103%
*95%
*90%
*95%
99%
*90%
100%
Federal Light A Traction 1st 5s 1942
10234
10634
109%
10134
J
*35
.1993
D
*75
90
Ref & lmpt 4 348 series E
.1977
J
Cairo Dlv 1st gold 4s
1939
Cln Wabash A M Dlv 1st 4s. 1991
J
f 6a stamped
104
1942
..1942
s
99%
1954
f 7s
1946
{♦Fla Cent A Penln 5s
100%
1943
38
{♦Florida East Coast 1st 4%s._1959
*50
♦1st A ref 5s series A
10834
69
75
General 5s series B
Flat deb
90%
92%
73%
102%
75
75
s
30-year deb 6s series B._
10734
102
102
1956 J
5s International series—..1942
107% 110%
108%
10634
D
100
10634 109%
100
14%
14%
43%
1
38
105
85
101%
110
9734 105%
4s—. .1993
Clearfield & Mah 1st gu 6s
21%
"44
45
63
60
103
100% 103
102%
59
63
109%
102% 105%
40
1953 A
4s series D
90%
131% 132%
94% 108
38
40
.1953 A
♦Series B
102%
103%
24
cons g
♦Conv 4s series A
108
68%
101
♦N Y A Erie RR ext 1st 4s.. 1947 Ml N
Guaranteed 4h„_
/
102% 106
79%
102%
*102
4s prior.. .1996 J
♦1st consol gen lien g 4s
1996 J
{♦Erie RR 1st
11
Chicago Union Station—
O
40
20
20
79
*101%
*13%
106%
El Paso Nat Gas 4 %s ser A... ; 1951 J
El Paso A 8 W 1st 5s
.1965 A
51
65
8
.1944 A
4%
42
111% 114
105tm 109%
32
45
109
O
Electric Auto Lite conv 4s.—. .1952 F
High
71
71
D
M
Dec 1 1960
58——
No.
41
834
3%
M N
I960
20
93
Ed EI 111 Bklyn 1st cons 4s— .1939 J
Ed El 111 (N Y) 1st cons g 5s.. .1995 J
Jan. 1
57
834
734
834
73i
1952 m"s
♦Conv g 4%s
Ch St L & New Orleans 5s
East T Va A Ga Dlv 1st 5s
Since
Asked
High
*44
A
{♦Refunding gold 4s
—1934
♦Certificates of deposit
8
109%
*25%
Elgin Joliet A East 1st g 5s—. .1941 IVI N
F
J
112%
109
*35%
8
7%
10%
3
112
"112%
5%
42
*15
East Ry Minn Nor Dlv 1st 4s.. .1948 A
Range
or
Friday's
Bid
Price
Low
{{♦Chicago Railways 1st 6s stpd
Feb 1 1938 25% part paid
{♦Chic R I & P Ry gen 4s
1988
♦Certificates of deposit
2
113%
105%
113%
Duquesne Light 1st M 3%s.—J965 J
Y.
39
Week's
Friday
N.
10%
4%
*20%
{{♦Dul Sou Shore A Atl g 58—1937 J
BONOS
High
4%
4%
M
♦Detroit A Mac 1st lien g 4s—1995 J D
♦Second gold 4s
1995
D
Detroit Term A Tunnel 4%s„ 1961 M N
Randolph 7711
Cgo. 543
Vi. T. 1-761 -4- 'Bell System Teletype
Low
7
9
Gen A ret mtge 3%s ser G .—1966
135 So. La Salle St.
No.
7
1952! 4 O
Gen A ref M 4s ser F
One Wall Street
Since
Jan. 1
03 CO
5
D„19GljF A
•JGeD A ref 5s ser E
Chicago, III.
High
Range
!i
6%
6%
to plan).
Detroit Edison Co 4%s ser
Ask
4
A O
{♦Des M A Ft Dodge 4s ctfs—.1935 J
J
{♦Des Plains Val 1st gu 4 %s_ —1947 M S
MUNICIPAL ''BONDS
T,
&
Low
F
♦Ref A lmpt 5s ser B—.Apr 1978
York,
Friday's
Bid
Price
{♦Den A R G West gen 6a. Aug 1955
♦Assented
"New
Range or
Sale
EXCHANGE
Wreek Ended Aug. 19
..1974 IVI
74
59
74
104
97
104
"97%
99%
98%
100%
38
62%
6%
♦Certificates of deposit..
89%
91%
89%
97
7
6%
10
"5
1
"27
11
98%
95
98%
89% 100
,
75
90%
93% 100%
35%
40
49
64%
3%
8%
3%
8
2%
2%
1%
2%
Fonda Johns A Glov 4%a.——1952
Cleve Cln Chic & St L gen
J
St L Dlv 1st coll tr g 4s
1990 M N
8pr & Col Dlv 1st g 4g
1940 M S
J
W WVal Dlv 1st g 4s
1940
Cleve-Cliffs Iron 1st mtge 434 s. 1950 M N
J
Cleve Elec Ilium 1st M 334s... 1965
Cleve & Pgh gen gu 434s ser B. 1942 A
Series B 334s guar
1942 A
Series A 4 34s guar
Series C 334s guar
....
1942
1950 F
s
-
O
o
80
o
72
A
O
1958 J
10534 10634
104% 108
100
73
87
87%
81
73
7
77
25
71
10
6534
1943 A
57%
1
44
103%
J
10534
85
9634
6
101%
103%
25
105%
13
110%
3
*60
107%
10734
O
104%
104
O
10534
O
103
104%
102%
101%
101%
2234
110%
109
70
2
38
105
"90
107
320
103
10734
10634
104%
10554
105
110%
100% 101
107% 108%
10734 108%
107%
104%
10534
5
10434 10834
22
100
122
104
103%
52
101%
82
99%
2234
103%
2
65
56
19
10
2
101% 107%
102% 106%
105%
33
10034 105%
103%
21
104%
1
D
96
96
1951 F
A
105
105
1
103
104
12
100
105%
34%
106%
10
Dayton Pow ALtlst
A ref
1st A ref 4%s
1st mortgage 434s
.
J
334s 1960 A
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4
34s
J
D
1943 IVI N
1971 J
56
J
1969 J
108%
J
1969 J
J
s f 5s...1951 IVI N
Stamped as to Penuatax
1951 Ml N
{{♦Den A R G 1st cons g 4s
1936 J
J
see page
39
O
Den Gas A El 1st A ref
{♦Consol gold 4 348
37%
51%
1936 J
1163.
J
50%
*10834
10434
*10634
12
36
38
51%
39
109%
56
3
50
25%
34
*86
97%
99%
104
26
59
61
92
1977 J
85
102
"62%
64
"64_"
"60% "77"
51
101%
49
53
76%
80
67
64
76
76%
76%
94%
94
93%
86
68%
1950 A
Gulf A 8 I 1st ref A ter 5s Feb 1952 J
68%
*45
8%
*103%
O
*72
60
82
54
60
7
85
Gulf States Steel s f 4%s—
Gulf States Utll 4s series C_
1961 A
O
1966 A
O
105%
10-year deb 4%s
Hackensack Water 1st 4s
1946 A
O
55
*104%
106%
"94%
O
115%
70
A
♦Adjustment income 5s.Feb. 1957 A O
93
94%
99% 106%
100% 104%
106% 109
27
31%
106% 119%
106%
116%
74%
13
52
81
147
29
38%
99% 103
13
32%
"54%
54%
56
13
118% 122
40
61%
17
16%
18%
53
*28
102%
32%
30%
*122
...
A. 1957 F
70
91
76
106%
*30
1937 M N
82
90%
91%
71
93
J
81
106
71
J
10
55
8%
*45
J
103%
72%
*45
1949 J
89%
74
60
J
1999 J
99%
90%
96
J
94
104
69%
1952 J
94
71%
08
85%
O
ser
106%
95% 111%
102
93%
1946 J
1944 A
99
78%
84
99%
101% 106%
74%
94%
104
1946 J
1952 J
65
104
Illinois Bell Telep 3%s ser B..1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3%s
1951 J
8
15
1
1
17
136
109%
40
103
32%
49
123
110
4
2
J
85
85
J
*80
11%
24%
J
*46
102% 106%
Collateral trust gold 4s
1953 M N
44
Refunding 5s
40-year 4%8-_._
1955 M N
31
43
3134
54%
41
58%
35
52
10534 109%
28
59
•
Aug 1
*50%
37%
36%
47
6
51
3
44%
"*8
34%
54
47
112
31
48
39
58
38%
"37% "54"
44%
49
60
23
45%
84
82
78
*61
93
61
63
J
*50
65
47
72
Omaha Div 1st gold 3s
St Louis Dlv A Term g 3a
Gold 3%s
1951 F
A
1951
J
Western Lines 1st g 4s
16
47
50%
*65
108
9
A
93%
77%
"75"
s
J
Springfield Dlv 1st
106% 108%
1966 F
98
77%
D
105
107% 10854
15
834
1952 J
85
Cairo Bridge gold 4s.
1950
Litchfield Div 1st gold 3s. —1951
Loutsv Dlv A Term g 3%s._ 1953 J
103
107%
1234
1951 IVI
100% 110%
88
93
1952 A O
..1955 M N
106
12
109%
Collateral trust gold 4s
Refunding 4s
Purchased lines 3%s
98
9934 105
106% 108%
105"
O
106 34
83
167"
12
25
1951 A O
107
11%
21
13
37%
86
1950 A
♦Harpen Mining 6s
Hocking Val 1st cons g 4%s
Hoe (R) A Co 1st mtge
{{♦Housatonlc Ry cons g 5s
100
20
21
*25
1940 M N
Stamped...
105%
14%
98%
Feb
Gulf Mob A Nor 1st 5%s B
1st mtge 5s series C
89
23%
Extended 1st gold 3%s
1st gold 3s sterling
107%
107
'"l234
101
7
58%
"76%
Gen mtge 3%s series I
1967 J
♦Green Bay A West deb ctfs A.
Feb
98% 103 34
98% 10534
106%
1950 M N
D
26
99
104% 109
21
105
56
1973 J
56
10734
101% 106%
103%
1976 J
40
108%
44
*
Hudson A Manhat 1st 5s
.—.1943 J
6s series B extended to
1946.
General 4%s series D
General 4%s series E
General mtge 4s series G—
GeD mtge 4s series H
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
50
49%
106%
103%
1952 J
15%
10%
10434
35
105%
101%
13
29%
D
D
50
J
1734
1634
11%
1946 J
....1942 J
A
11%
14
103%
106
39
101%
D
Houston OH sink gund 5%s A. 1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
Hudson Co Gas 1st g 5s
1949 M N
10
105%
J
10234
24%
20%
92% 104
1966 M N
1951 J
10534
10534
97% 103%
~2o"
10734
106%
106%
105%
10334
104%
109%
3
*11%
54
105
107%
100
General 5%s series B...
General 5s series C
10934
96% 101%
99% 103%
100
105%
109% 11234
10934 112%
gu 5s... 1947 J
Great Northern 4%s series A.. 1961 J
105
10234 10834
10834
*12%
*11 %
*11%
108%
50
15
49%
97%
94
*108
J
39
98%
IVI N
92
J
10334
8
*49%
Gt Cons El Pow (Japan) 7s... 1944 F
1st A gen s f 6%s
....1950 J
10834
*10734
D "ios"
104%
J
10634
106%
J
50
49%
49%
105%
*16%
♦Good Hope Steel A Ir sec 73—1945
Goodrich (B F) conv deb 6a
1945
98
108%
A
39
*15
86
10934
104
85
6
{♦Ga A Ala Ry 1st cons 5s Oct 1 *45
{{♦Ga Caro A Nor 1st ext 6s—1934
1
108%
10134
103%
105%
100
7
49%
98
95%
104% 11234
106% 109%
2
49%
100%
57
95%
54
34
49%
1951
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 6s.. 1957
43
*104%
99%
1939
Grays Point Term 1st
J
Cuba RR 1st 5s g
1952 J
7348 series A extended to 1946— J
—
Gen Steel Cast 5%s with warr.1949
99
1970 M N
Cuba Nor Ry 1st 534s
92%
95% 103
.
A
86
11034
110%
10134
•Consolidation Coal s f 5s
1960 J
J
Consumers Power 334s.May 1 1965 IVI N
1st mtge 334sMay 1 1965 IVI N
1st mtge 334s
1967 M N
Crown Cork A Seal s f 4s.
Crown Willamette
Paper 6s
104%
10534
102%
Gen Motors Accept Corp deb 3s.'46 F
15-year 33*8 deb.
Gen Pub Serv deb 6%s
%
103% 103%
100
•
104%
—
38
*108%
.
Container Corp 1st 6s
15-year deb 6s
Crane Co s f deb 3 34 s
J
(Germany) 7s Jan 15 1945 J
D
♦Sinking fund deb 6%s
1940 J
♦20-year s f deb 6s
.1948 M N
2%
4%
-.
■
*120%
100%
Gotham Silk Hosiery deb 5s w w *46 IVI S
Gouv A Oswegatchie 1st 5s
1942 J D
Grand R A I ext 1st gug 4%s..l94l J
J
*108
J
J
17%
*38%
A
95%
O
*
D
49
A
conv deb 334s
1951 J D
{♦Consol Ry non-conv deb 4s—1954 J
J
♦Debenture 4s
1955 J
J
♦Debenture 4s
1955 A O
-
1949 J
.
65
o
1956 J
Gas A EI of Berg Co cons g 5s.
Gen Amer Investors deb 5s A. .1952 F
Gen Cable 1st s f 5%s A
1947 J
30
9434
D
*1%
*1%
Fort St U D Co 1st g 4%s
1941 J
J
Francisco Sugar coll trust 6s„ .1956 M N
40
1951 J
334s
106%
10134 10134
57%
"93
*3%
♦Gen Elec
"5
O
Consol Oil
For footnotes
110%
I63"
1951 J
334s debentures
1956 A
3 34s debentures
1958 J
♦Consolidated Hydro-EIec Works
of Upper Wuertemberg 7S-..1956 J
1st mtge
96
103% 10634
10734 11234
43
M N
Conn Rlv Powsf 334s A
1961 F
Consol Edison (N Y) deb 334s. 1946 A
334s debentures
1948 A
1st mtge 334s
71%
103
1968 J
♦Debenture 4s
97%
100
*104
A
1st mtge g 434s series C
1956 A O
1st mtge g 434s series D——.1957 J
J
1st mtge g 4s series F
1981 IVI S
1st mtge 334s series H
1965 A O
4 34s
..
79
D
1965 M N
Conv debs 334s
Conn A Passum Rlv 1st 4s
Conn Ry A L 1st A ref 434s
78%
99
9734
93
"86%
F
Commercial Invest Tr deb 3 34s 1951 J
Commonwealth Edison Co—
guar
87
•__
J
Commercial Credit deb 3348—.1951 A
234 s debentures
1942 J
Stamped
*
O
-1948 A
1955 F
1st mtge 334s series 1
61
106% 108
1973 A
4s_
100
*10134
*101%
J
Columbia G A E deb 5s..-May 1952 IVI N
Debenture 5s
Apr 15 1952 A O
Debenture 5s
Jan 15 1961 J
J
g
57
*106%
1972 A
f 434s series C———... 1977 A
Columbus A Tol 1st ext 4s
Columbus Ry Pow & Lt 4s
50
*105%
A
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 6s.. 1943
♦5s Income mtge
1970
Colo A South 434s series A— 1980
Columbia A H V 1st ext
60
A
1977
Cleve Union Term gu 634s
1st s f 5s series B guar.
95
O
1948 M N
Series D 334s guar
Gen 434s series A
41
98%
*105%
J
Gen A ref mtge 4 34s series B. 1981
Cleve Short Line 1st gu 4 %s—. 1961 A
1st
*91
*10634
*110%
O
75
57
55
9834
*52%
*63%
*97%
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
g
59%
J
1951
3%s_..1951
58%
J
1951 F
*45'
J
*65
A
55
52
52
"50"
"75"
95
60
Volume
147
BONDS
N.
Y.
Week's
Last
feS
EXCHANGE
STOCK
Week Ended Aug.
Range or
4 Sale
C 8
19
1161
New York Bond Record—Continued—Page 4
i
Friday
Price
Friday's
dk
Asked
BONDS
Range
3-a
N.
Since
Y.
1
Jan.
Bid
STOCK
Week's
Friday
^•*3
Last
EXCHANGE
Range or
Sale
Week Ended Aug. 19
§1
Friday's
Bid
&
Asked
CQ&5
High
No
1939 IVI N
*97%
"99"
.1959 IVI N
*71%
Price
1—
No.
43M
40
43%
41
29
49%
1963 J
4L%
41m
41%
4
28
46%
106M
106%
18
Low
Joint 1st ref 6s series A
1st & ref 4%s series C
Illinois Steel deb 4%s
1940 A
1950
{♦Ind A Louisville lstgu 4s
1856
Ind Union Ry 3 Ms series B—1986
Inland Steel 3Ms series D
1961
{lnterboro Rap Tran 1st 5s—1966
111 & Iowa 1st g 4s
106%
*
J
J
C:ji:
M
F A<2
64,
J J
7%
conv
*
Internat Paper
Telep A Teleg deb g 4 Ms. .1952
1956 J
D
Michigan Central Detroit A Bay
City Air Line 4s,
1940 J
J
*70
S
*70
85
89
85%
7
65
102%
18
100
102%
10
13
19%
2%
12
5%
12
19
48%
83
19
12
18
80
78%
17
35%
51
97%
19
80%
98
97 H
85 m
87%
79
85 m
Jones A Laughlln
4s ..1959 J
Mllw El Ry A Lt 1st 53 B
Steel 4%sA._1961 M S
4S..1990 A O
97
Kanawha A Mich 1st gu g
{{♦K C Ft S & M Ry ref g 48.1936 A
♦Certificates of deposit-----....
Kan City Sou
Ref & impt
1st gold 3s
5s
Kansas City Term
1st 4s
1st mtge 5s
74
74%
100%
73%
42%
2%
3%
58%
{{♦MSt P A S3 M
♦Karstadt
w w
stmp (par
cons
2
40
78%
{ ♦ 1st
cons
88
98%
90
♦25-year
20%
30%
16%
60
27%
75%
44%
74
"12
72
"26
68 %
70%
16
107%
22
105
22
*37
17 m
103% 108%
103% 106%
*23
—1961
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st A ref 6Ms--;
1954
Kinney (G R) 5 Ms ext to
1941
Koppers Co 4s ser A
1951
Kresge Foundation coll tr 4s—1945
3Ms collateral trust notes
1947
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
-1959
Laclede Gas Light ref A ext 6s. 1939
Coll A ref 5M8 series C
1953
Coll & ref 5 Ms series D
1960
*60
27%
91
95
95
156
150
156
80
71
95
88% 100%
95
103%
95
98%
"95"
*102 m
101%
95
FA
M
A
O
F
A
F
96
103
A
10
103%
99
"99 %
103%
103
S
99%
15%
83 M
15%
83%
53%
81%
53 M
53
100
81%
103%
95% 103%
85%
99%
1941
3 Ms
Lautaro Nitrate
♦
J
1975
1954
4s A
1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st & ref s f 5s. 1944
1st & ref 8 f 5s
1954
1st & ref. sf 5s
...—1964
1st A ref sf 5s
1974
Sec 6% notes extend to
1943
Leh Val Harbor Term gu 5s-—1954
Lehigh A New Eng RR
40-year 4s series B
♦General
♦Certificates
of
19%
12
—1981
FA
18%
17%
{♦Mo Pac 3d 7sextat4%.July 1938 MN
*60%
O
*16
♦Certificates of deposit
{♦Mobile A Ohio gen gold 4s.-. 1938
♦Montgomery D'v 1st g 58.-1947
M
1977
M
24%
M
26
♦Ref A ;mpt 4%s
notes.—.—--1938
♦Secured 5%
4s. 1991
41%
53%
49%
90
24
123
25
26%
260
22
M
102
70
95%
88
78
Pub Serv
1960
debentures—1965
1st mtge 4%s__—
—
90%
95%
102
31%
24%
34
50
58
48
71
58
48
65
89%
85
95
42%
A
106
O
A
O
106%
99
98
Montana Power 1st A rei
J
94%
93%
95
Montreal Tram 1st A ref 5s
J
99%
99%
99%
3%s_1966
1941
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4%s series C—1955
Gen A ref s f 5s series D
1955
Morris A Essex 1st gu 3%s
2000
Constr M 5a series A.—.
1955
Constr M 4 %s series B
1955
Mountain States Tel A TelGen A ref s f 5s series A
A
84
A
*—
A
80
J
58%
58%
54
54-
M N
51
51%
102%
*114%
*..._.
43%
30
62
46%
45%
46%
17
34
60%
Nassau Elec gu g 4s
J
20
18%
20%
78
11%
32
Nat Acme 4%s
J
20%
19%
21%
21%
32
Nat
IVI N
J
IVI N
A
O
A
O
A
O
F
39%
3%s—------.--1968
5s—1947
5%-.1941
Debentures
A—1978
13
33%
17
40
Nat
54%
52
128%
D
45
54%
A
64%
......*101%
103%
103%
100%
105%
......
J
1914 coup Off
1957 J
No 4 on '57
J
D
60
60%
O
*50
61
55
90
s
*82
84
80%
87
IVI
s
82
82
73%
IVI
s
82
82
88%
88%
82
87
10
73%
126%
121
80%
126%
126
121
121%
115% 125
79
60
80%
84
101% 106%
105%
105
105
100%
100%
100%
95%
47
90
90%
15
75
93%
84
84
3
74
90
106%
95%
81%
81
81%
102
3
19
65
gold 3s
4 Ms
*81
1945
*109
1952
*73
"76
69
*98
105%
98
.1955 IVI N
A
100
107%
98% 105
83% 102
1980
*97
96
85
107%
76
82
109
96
112
22
*26
A—1945
J
J
103%
D
103
D
1960
Manati Sugar 4s s f._...Feb 11957
{♦Manhat Ry (N Y) cons 4s_.1990
—2013
.
*48%
M N
A
O
of deposit..
j"~D
105%
103%
105%
.
page
1163
4
21
103%
106%
163
11
*%
A
O
*%
J
J
1914 coupon on
1977
1914 coupon off
1977
♦Assent warr A rets No 5 on *77
Nat RR of Mex prior lien 4%s—
{♦Assent warr A rets No 4 onl926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off
1951
♦Assent warr A rets No 4 on '51
80
111%
98%
---1965
Nat Steel 1st coll s 14s
{♦Naugatuck RR 1st g 4s.----1954
Gas cons 5s.—1948
Newark Consol
{♦New England RR guar
♦Consol guar 4s
5s—1945
*1%
A
O
J
D
*%
*%
107%
107%
Ml N
J
J
*55
D
*120%
*25%
J
J
J
J
D
N O A N E 1st ref A imp
1%
*1
1945
New Orl Great Nor 5s A
1%
1%
O
A
Tel A Tel 5a A—1952
1st g 4%s series B
1961
N J Junction RR guar 1st 4s._ 1986
N J Pow A Light 1st 4 %s
1960
New England
25%
F
fos"
108
95
*38
100%
100
100%
100%
69
69
*24
*28%
.1956
4%s series D..—-----1956
5%s series A.——-—-1954
93% 103%
♦1st
72
74
91%
♦1st
37
55
Newport A C
32%
69
34%
N Y Cent RR 4s scries
F
A
35
*30
A
F
*24
O
A
"34
31 %
34%
65
47
100%
100%
36%
♦1st 5s series C— -—-—.
50%
25%
123%
63
1983
4%s A 1952
97% 105%
"27%
126
*
108""
34
65
123%
A
A—1952
1st A ref 5s series B
—1955
New Orleans Term 1st gu 4s_ —1953
{{♦N O Tex A Mex n-c Inc 5s.. 1935
♦1st 5s series B—-.1954
1%
108%
125%
125%
Ml N
New Orl Pub Serv 1st 5s ser
25%
25%
20
33%
30
33%
30%
27%
32
17%
16%
19
20
10
23%
31%
34%
♦Certificates of deposit
Bdge gen gu 4 %s 1945
A—
1998
10-year 3%s sec s f
1946
Ref A Imot 4%s series A.-..2013
Ref A impt 5s series C
2013
Conv
For footnotes see
36
1%
AO
♦48 April
♦Certificates of deposit
McCrory Stores Corp a f deb 5s. 1951 IVI N
McKesson A Robblns deb 5 Ms. 1950 IVI N
65%
.....
*1
♦Assent warr A rets
129%
106
"90%
.....
*1
112%
J
♦4s April
100%
102%
*1
♦4 %s July
99
112%
"l"66%
IVI N
121% 126
129%
124%
A
F
65%
33
D
128% 131
128%
*110%
IVI
2003
A
J
105% 118
94% 100%
55%
63%
J
F
♦4%s Jan 1914 coup on... —1957
♦4%s July 1914 coup on
1957 J
107%
124
102%
National Rys of Mexico-
M N
F
stpd
1951
extended to
1946
Dairy Prod deb 3%s w W..1951
Distillers Prod deb 4%s—1945
23
107%
A
J
2003
♦Second 4s
58%
M N
M N
1946
♦Certificates
'
75
A
IVI N
Paducah A Mem Div 4s
ser
161
102
Mutual Fuel Gas 1st gu g
2003
A_.
1
64
M N
Mut Un Tel gtd 6s ext at
2003
4s
17%
85
21%
19%
23
85
s
Gen mtge 4Ms ser
.....
90
A
40
IVI
Maine Central RR
2
Monongahela West Peon
44
F
19%
1940
E16Ms.. .1944
25
72
J
Lower Austria Hydro
33
4%
19
4%
♦Certificates of deposit
♦1st A ref 5s series I
73
4
18%
M N
A
33
19% |
18%
18%
18%
1949
1980
♦Conv gold 5 %s
♦1st A ref g 5s series II
5%
19%,
18%
79%
S
Ati Knox A Cin Div 4s
"19%
—1978 MN
♦1st A ref 5s series G
18%
*16
28%
M
Monon 4s...
s
deposit
34
J
South Ry Joint
19
5%
28%
*75%
*36%
A—1969
1966
Louis A Jeff Bdge Co gu 4S....1945
Louisville A Nashville RR—
Mob A Montg 1st g
ivi
5%
19%
*30
Louisville Gas A Elec 3 Ms
St Louis Div 2d
ivi's
*32
Louisiana A Ark 1st 5s ser
series E
19
*16
1975
1977
4s
F
A
1st A ref 3%s
23
45
F
C
1
20
26%
18%
1951
1st A ref 4s series D
1
37
18%
37
O
1st A ref 4 Ms series
A
9
22
37
18%
F
A
1st A ref 5s series B__.
J
99%
1944
Unified gold 4s
35%
66
IVI N
58
35%
99
2003
Leh Val Term Ry 1st gu g 5s—. 1941
Lex A East 1st 50-yr 6s gu.._ 1965
Liggett A Myers Tobacco 7b—-1944
5s
1951
Liquid Carbonic 4s conv debs..1947
Little Miami gen 4s series A... 1962
Loews Inc s f deb 3 Ms
1946
Lombard Elec 7s ser A
-1952
♦Long Dock Co 3%s ext to...1950
Long Island Unified 4s
1949
Guar ref gold 4s
1949
4s stamped
1949
Lorillard (P) Co deb 7s
J
.1965 F
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit
Nash Chatt A St L 4s ser
General cons 5s
43
J
40%
IVI N
General cons 4 Ms
62%
39%
99
2003
2003
4s
60%
43
O
54
*30%
F
1940 J
4 Ms
"25'
61
J
27
-
Lehigh Val (Pa) cons g
*24""
D
A
52
*88%
S
35
J
Monongahela Ry 1st M 4s ser A '60
87%
O
3%
75
J
J
60
87
,
Leh Val N Y 1st gu g
1990
1962
1962
— 1978
Jan 1967
Mohawk A Malone 1st gu g
*50
A
M
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
90%
61%
31%
Lehigh C & Nav s f 4 Ms A
Cons sink fund 4 Ms ser C—1954 J
*65
6s
50
8%
3%
J
1978 J
{1st Chicago Term s f 4s
1941 M N
J
{♦Mo-Ill RR 1st 5s series A_1959 J
31%
90
J
7
7%
♦1st ref 5 Ms series B
47
•
D
IVI
7
3%
*3
75
48
Co Ltd—
1st mtge income reg
J
53
J
1997
2d gold 5s—
J
52
1942 FA
—1942 F A
RR—
1937 extended at 3% to.-1947 J
Coll tr 6s series A
Lake Sh & Mich So g
J
J
s
14%
11
Lake Erie A Western
5s
J
*50
Coll tr 6s series B._
3
7
♦Certificates of deposit
91%
156
103%
9%
3
3
*1%
25
-72" "72""
84%
J
*7%
J
J
1949
♦1st A ref 5s series F
72
M N
73
s
Prior lien 4 %s series D
92%
.
*60
J
*20
F
♦Cum adjust 5s ser A
99% 108%
104
*
4mb unguaranteed
19
J
IVI
-
41
27
93
*89%
Kings County El L & P 6s
51%
49%
*16
-.1949
5%s_.
20%
80
*25
"72~~
-
95
*31%
s
1946 J
14%
23%
.17%
*102
5s
5s gu as
40
41
17m
1961
Plain
104%
K
A—-1962 Q
♦1st A ref 6s series A
25%
70
(Rudolph) 1st 6s—1943 M N
$645).-1943
♦Ctfs w w stmp (par $925)—1943 M N
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4 Ms—1961
Stamped
1961
♦Ctfs
103%
M N
g4a Int gu *38
—.....1938
to Int
1938
30
106%
104%
D
4 Ms. -.1980 J
Kansas Gas & Electric
27%
70
104
104
..1934
con
78
97
27
"72
103%
*31%
1939
4s.-.1947 ivi
♦1st A refgold 4s
♦Ref A ext 60-yr 6s ser
14%
103%
{ {*Mil A No 1st ext 4 %s(1880) 1934 D J
1st ext 4%s
1939 J D
Con ext 4%a
93%
77%
1%
14%
J
{♦Minn A St Louis 5s ctfs
39%
96 m
106%
J
94
105
*22
1950 A O
Apr 1950 J J
1960 J J
O
D
94
85
*70
J
82
982
*83%
~27%
O
1961
1971
93%
J
75
2%
D
J
1940 A
{♦Mid of N J 1st ext 5s
{♦1st
James Frankl A Clear 1st
M
24
*26%
IVI N
77
...
70%
70
v
1951
1952
1979
Ref A impt 4%s series C
secured 3%s—
1952
6%
5%
S
{♦Mil Spar A N W 1st gu
{♦Mllw A State Line 1st 3%s—1941 J
57 m
73
Jack Lans A Sag 3%s
1st gold 3%s
89%
100%
68
f 7s
s
54
30
85%
%
5%
94
47%
99
6%
♦Miag Mill Mach 1st
74 %
70
6%
59
1977 M
♦4s (Sept 1914 coupon)
104%
103% 110%
99% 103%
60%
45 %
100 M
102
40
*78%
J
J
110
101
91
104
109%
40
46
-—-.1939 J J
Debenture 5s
-1955 f a
{♦Iowa Central Ry 1st A ret 4s. 1951 M 8
103%
16
78%
Conv deb 4 Ms
104
102
26
*13
"85 m
97
59
15%
86
72
109%
1977 M S
♦Mex Internat 1st 4s asstd
95
63
4
*13
A—1955 M
Int Rys Cent Amer 1st 5s B—1972 IVI N
1st Hen & ref 6%s
1947 F A
Int
Metrop Wat Sew A D 5 Ms
1950 A O
{{♦Met West Side EI (Chic) 4s. 1938 F A
13%
65
81
80
13%
91
34
:
3%
Ref s f 6s series
J
Mead Corp 1st 6s with warr._1945 IVI N
Metrop Ed 1st 4%s ser D
1968 IVI 8
18
71%
20
*55""
60
85 %
J
5s ser A A B—1947
*
98
68
10
53 %
97 %
J
O
75
85
79
42%
55
15
6s—-.1941 A
f
{♦Man G B A N W 1st 3%s... 1941 J
s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
70
106
34
101
J
.—-1956 J
Hydro El deb 6s
1944 A
s
129
59%
30 m
1942 M N
stamped
Marine
64%
58
♦1st g 5s series C.
Merc
60
I.
1947 A O
InterJake Iron conv deb 4s
Int
107%
6
107%
1st ext 4s
High
Taw
*81
100M
12%
96
98%
59
{tlnt-Grt Nor 1st 6s ser A- —1952 J
♦Adjustment 6s ser A. .July 1952 A
♦1st 5sseries B.—
—.1956 J
Internat
s
101H 107%
42 M
65
20
*98".'
95"
~87
86
64)
♦Certificates of deposit
Int Agric Corp 5s
*11"
Manila RR (South Lines) 4s
Marion Steam Shovel
3*4
...
1932 A O
notes. .1932 M S
—
105% 107%
100
T-
♦Certificates of deposit
«♦ 10-year 6s
{♦10-year
Low
Manila Elec RR A Lt s f 5s...1953 IVI
Ind. Bloom A West 1st ext 4s.-1940 A
Ind
Low
High
High
1963 J
St L A N
111 Cent and Chic
J
J
*110%
F
A
A
O
A
O
"53%
A
O
IVI N
...
64
65 %
77
78%
52
55
59%
57%
61
83
70
67
70
24
65
45
27
146
.
26%
101
New York Bond Record—Continued—Page 5
1162
bonds
n
-
r
Last
exchange
19
y: stock
!
Friday'*
hid
Friee
Loto
j
j
J
j
a
Hud River 3%s—1997
.....1942
Itel & lrapt 4 %s ser a
2013
Lake Shore coll gold 3%s—1998
Mich Cent coll gold 3 his
1998
n y Cent &
o
Debenture 4b
SJnce
i$
Asked
a
No
High
Low
83
83%
29
10
04
55
113
38
94 H
9QH
68
53
58%
84
Pennsylvania pal 1st 4 ks—1981 a
a
o
30
74
Pennsylvania rr cons g 4s
1943 ivi n
Consolid gold 4s
1948 ivi n
4s sterl stpd dollar May 1 1948 ivi n
m
39
37%
39
142
26%
02
a
48
46 %
48 %
109
30
77
51k
90
56
1953
—1963
f
---1951
f
Conv 5% notes..—-——-—1947 a
n y Edison 3kb ser d——1906 a
1st lien & ret 3%« eer
8
70
10
102
105%
31
05
96 k
108
98
102% 109 k
~54%
105 K
39%
48K
105%
106K
48 K
105
a
1966
e
60
69%
101%
*105%
54%
~70
a
f
his a
5s series b
n y Dock 1st gold 4s
46
55k
50 k
106
101
General 4Kb series a
General 6s series b
j
d
f
68-1948
a
123 K
123 K
123K
115%
115%
Debenture g 4ks
General 4%s series d._.
121% 125
112% 115k
n
3ks._—-2000
ivi n
n y Lack a West 4s ser a--1973
ivi n
4j4s series b--— -----——1973
♦n y l e a w Coal a rr 5%Sl042 m n
j
♦nyleaw Dock a Impt 6s 1943 j
n y a Long Branch gen 4s—-1941 m s
a o
}*ny&ne (BoetTerm) 48-1939
t*n y n h a h n-c deb 4s
1947 m
♦Non-conv debenture 3 kb--1947 m
a o
♦Non-conv debenture 3%s—1964
j
♦Non-conv debenture 4s—1955 j
♦Non-conv debenture 4s
1960 ivi n
♦Conv debenture 3 His
1960 j j
n y a Harlem gold
i
18
16
22
100
95
103
70
60
80
75
75
93
17
99%
*56%
*51
I
No
High
106K
110k
97
105 K
82 k
115K
116
104 K
82
92 H 102%
103% 109%
114
103% 111%
"87
96
104%
103%
♦109
115K
j
216
101k
86 k
f
94
83
100 k
110
High
100% 105%
106 K
ik
iiok"
Low
77
93
96
a
1970
1960
1905
74
17
95%
109% 120%
97 k
95
82
105 k
43
89% 111%
94
67
100
91
a
94 K
83 k
94 k
23
75
j
1981
-1984
1952
Gen mtge 4kb series e
Conv deb 3%s—
93 K
94k
17
82%
56
84% 101%
89
05%
a
82 k
Refunding gold 5a
45
81k
Pere Marquette 1st ser a
101%
*70
84
85
96%
*00
95
17%
13
19h
15
11K
17%
4
7
*103
40
3
7
60
4
8%
100
104k
107
63%
49%
80%
76%
64 k
19
50
70
114
h4k
32
99% 115
n
108 K
108
108K
2
105% 110
108
1
104
j
*104K
103 K
104 K
94 K
94 K
104 k
95 K
108 K
108K
13K
108K
4K
4k
15k
105k
97 K
70
1950
63
ivi
1980
3Ks deb—1952
113% 117
107
112%
64 K
j
d
H4K
63 K
70
2
63
75
*13
12
48 k
Apr
4ks series c
conv
112K
48
48
5s.—1956
1st 4s series b
1st g
116
111K
m
April 1990
8
116
Peoria a Pekln Un 1st 5Ks—1974 f
Phelps Dodge
*50"
a
1943
—1947
Peoria a Eastern 1st cons 4s—1940 a
♦Income 4s
n
Lake 6s—1940
♦n y a Greenwood
10
1968 j
—--1970 a
Peop Gas l a c 1st cons 6s
gold 4s-—1949
Purchase money
Gen mtge 3%s series c
Consol sinking fund 4kb
Jan. 1
Atked
101k 106%
n y a Erie-See Erie rr
n y Gas el Lt h a Pow g
"96"
Pa Ohio a Det 1st a ref 4 kb a.1977 a
4Ks series b
1981 j
73
f
a
*105K
68
35
bia
qq
93
73
45
Since
Friday'*
Penn Glass Sand 1st m 4ks—1960 j
a
43 K
Range
Range or
Sale
Low
Penn-Dlxle Cement 1st 6s a—1941 m
a
43%
Last
Price
f
1974
Ret 4 %s series c
..----1978
3-year 6s.-----------Oct 1 1938
4a collateral trust---—-----1946
1st intge 3%s extended to—.1947
1st guar
19
f
a
n y Connect 1st gu 4
Week Ended Aug.
05%
82 %
n y Chic & St Louis—
Ref 6 %s series
y. stock exchange
Week'*
Friday
High
67
79%
52
"54
n
Jan. 1
78%
83 k
Is
bonds
Range
Range or
Sale
Week Ended Aug.
Aug. 20, 1938
Week'*
Friday
.....
General 5s series b
13
12
19
14%
11
21
17 K
14K
*14K
*11H
1943 m
Phlla Bait a Wash 1st g 4a
11
13
20H
18k
23 k
19%
35
13
11
j
17K
rl7;cv'
17K
40
o
1940
♦Debenture 4s
------1957 m n
d
♦1st a ret 4His 9er ol 1927.-.1967
$♦ Harlem r a Pt Ches 1st 4s1954 m n
25K
25 K
25 K
3
:j*6;,4'-
8%
16%
61%
5
12
"9
13
23
0
51
1974 f
General g 4kb series c
General 4kb series d
1977 j
1981 j
d
d
Phlla Co sec 6s series a.
—1967 j
Phlla Electric 1st a ref 3Ks—1907 m s
!♦ Phlla a Reading c ai ref 68.1973 j
♦Conv deb 6s.
1949 m
j
13K
s
106
"l2
88
78%
15
105
14
14
115
97% 110%
99
109%
10
96%
109%
20
3
4
6%
79
—l®f8
♦Conv debenture 6s
♦Collateral trust 6s—
15 K
01k
j
^♦Philippine Ry 1st s f 4s—1937 j
PlUsbury Flour MUls 20-yr 6s.. 1943 a
Pirelli Co (Italy) conv 7s
1952 ivi n
Pitts Coke a Iron conv 4ks a.1952 ivi s
Pitts c c c a St l 4 Ks a— —1940 a
{♦n y Out a West ret g
4s—1992
n y a Putnam 1st con gu
0
4s-1942 a o
5%
4
uk
8
55
52%
108% 108%
*103%
a Pow 3%s.l965 m n
. 1958 j
j
a
1951 ivi n
81%
n y Steam 6s series a
— 1947
105%
105%
1st mtge 6s
---1951 ivi n
105%
1st mtge 6a
- —1956 m n
105%
X*fN y Susq a West 1st ret 6s. 1937 j
j
9%
*
{♦2d gold 4kb
- — -1937 f
a
♦General gold 6s
1940 f a
*7%
♦Terminal 1st gold 5s
1943 ivi n
*40
n y Telep 1st a gen s t 4kb—1939 m n
104%
104%
Ret mtge 3%s ser b
1907 j J
107%
n y Trap Rock lBt 6s
67
-—1940 j d
6s stamped
'im
-1946
*71%
X |»n y Weetch a Bost 1st 4kb 1946 j
j
4%
108
Niagara Falls Power 3%s
i960 m s
Nlag Lock a o Pow 1st 5s a—1955 a o
*108%
Niagara Share (Mo) deb fiks-1950 m n
*94%
Now! Ry ext sink fund 0%s—-1950 a o
a99%
99%
i ^Norfolk South 1st a ret 68.1961 f a
13%
11%
n y Queens El Lt
jn y Rys prior lien 0s stamp.
•
-
•
-
»
•
•
-
«
-
m* m.
-
109
92
104%
70
94 k
-
106
21
16
104
103
4
103
7
10
10
8%
6h
52
40%
104%
12
107%
4
67
1
6
4%
108
.
6
•
95
....
Series i
cons
Series j
cons guar
i©
11K
8k
52
104% 107
104k 108 K
62
—
4Kb
*104K
104
104
*104
100
109
*101
a
-1903
-1904 m n
*110
-1970
-1975
o
-1977 j
j
*36
o
.1900
o
3k
0%
104k 109 k
107 k 108 k
82
95k
1st gen 5s series c
118
21
104
105%
103%
97
f
a
102%
104%
104%
9
102%
103%
33
*113
115
*107
5
110
-
80% 101k
43 k
53
111
119h
97
100
99 % 104
101
107
96% 104 k
113k
116k
110
107
*45
23
23
70
*30
112%
71% 104%
108
-
40
52
47%
1
38
47
3
32
65%
55%
96%
-
-
-
106
109
1st 4Kb series d
1977 j d
Port Gen Elec 1st 4ks— -----i960 m s
tf ♦Postal Teleg a Cable coll 5s. 1953 j
Potomac Elec Pow 1st m 3kb. 1966 j
117%
90
106
*107
15k
117%
43
-
*109
9
102%
43
-
1962 f
1974 j d
1st gen 5s series b
24
105%
47%
1
27
95%
1948 j
Pitts y a Ash 1st 4s ser a
12%
s
102
94%
d
Pitts a w Va 1st 4 Ks ser a.. -1958
1st mtge 4kb series b
-1959
Porto Rlcan Am Tob
52
102
10
102%
*105
10 h
10%
102%
94 K
107% 117
110%
94% 112%
107
*110
d
Pitts Va a Char 1st 4s guar.. .1943 m n
1st mtge 4Kb Beries c
109
67
75
4ka
Gen mtge 6s series a
Gen mtge 5s series b
Gen 4Kb series c
105
103% 104%
105% 105%
a
8%
a
♦Oct 1938 and sub coupons.. 1945
100 %
93
d
-1963
-1957 m n
-1900
4s
guar
31
*105 K
a
-1949
32
o a
102%
gold
gold..—
13%
f
1974 ivi
1974 m s
♦^Northern Ohio Ry 1st guar 5a—
♦Apr 1 1936 a sub coupons-1945
*107 K
*106
*103
2
Ai
—-Nov 151909 mn
cons
77%
109
-1942 m n
11
104% 109%
101% 108%
103
110%
106
-1945 m n
a99%
*45
North Cent gen a ret 5s—
Gen a ref 4kb series a
Series f 4s guar
Series g 4s guar
15
54
92 k
105 K
—
Series e 3 kb guar
Series h
*85"
1
o
.1942
14K
104K
—
—
Series c 4Kb guar
100 h
100 k
60
74%
-
m n
106
7
-
105%
-
12%
58
105%
10%
m
♦Certificates of deposit
49
3
-»
83%
-
-
6
108%
104%
f
-
Series b 4kb guar
Series d4s guar
n y a Rlchrn Gas 1st 6s
Deb 5a series c
4
*75
4s_-1993
u'Norfolk a South 1st g 5s—1941
Norf a w Ry 1st cons g 4s
1990
North Amer Co deb 6s.—.—-1901
No Am Edison deb 6a eer a—1957
Deb 6%s series b—Aug 15 1903
0
7
8%
6%
---1955
♦General 4s
t*N y Providence a Boston
"14 H
105
1st 6s 1935 extended to 1950conv
Pressed Steel Car deb 5s
60
f deb 5s
s
*104
43
16
106 K
1951 j
1948 j
series b
1997
60
15k
16K
40
134
106K
83 k
*5
4%
8
97 %
9%
64
104%
55
18%
103% 108
74%
85
50
97
43
101
43
*33
97 k
35
107k
106k
82
j*Radio-Kelth-Orph pt pd ctfs
for deb 0s a com stk (05% pd)_—
{♦Debenture gold 6s
-.1941
Reading Co Jersey Cent coll 4s. 1951
Gen a ref 4Kb series a
1997
Gen a ref 4Kb
59 k
j
6s. .1942 j
x*Providence Sec guar deb 4s_. 1957 ivi n
^♦Providence Term 1st 4s
1956 m
Purity Bakeries
109%
115%
*102
8
32
28
42
82%
98
70
j
52%
48%
79%
60
73 k
75
10
58
93%
74 k
j
71%
60
74k
75
4
68
93
75
♦Ctfs of dep stamped
Apr '33 to Oct '34
coups—1945
28
Remington Rand deb 4Kb w w.1956 m
j
83%
82%
84
61
67
93 h
Rensselaer a Saratoga 6s gu—.1941 m n
f
50
49
50
51
41
Republic Steel Corp 4Kb ser a.1950 m s
Gen mtge 4Kb Beries b
—1901 f. a
o
f
a
28
*45
■
1997 q
2047 q
Ret a impt 4 kb series a
2047
Ref a impt 0s series b
2047
Ref a impt 6s series c
2047
Ret a Impt 5s series d——2047
it Nor Ry of Calif guar g 6s
1938 a
North Pacific prior Hen 4s.
Gen Hen ry a Id g 3s Jan
Northern State Power 3Ks
1967
Northwestern Teleg 4ks ext—1944
j
58
58
j
70%
1
55
68%
70%
j
6034
61
6
j
60%
61
2
40
62 k
70
53 k
88 k
46
79
45
80
104
"*70
104%
103%
100
Oklahoma Gas a Elec 3%s
4s debentures..
1966
1940
Ontario Power n f 1st g 5s.-—1943 f
d
d
a
104
...
97k
98%
14
38
38
38
2
23
23
10
20
24
30 x
30%
1
27
31%
29 k
30
11
27
32
29 k
30
29%
7
26
32
30
1
26%
32%
106
106
14
*103
105
♦Rhine-Ruhr Water Service 6s. 1953 j
j
f 7s
♦Rhine-Westphalia el Pr 78—1950 m n
113%
------
------
1940
1952 ivi n
J
J
103%
99%
20
98
69
91k 100
Rlchm Term Ry 1st gen 5s
1952
103%
101%
113%
29
♦Rima Steel 1st
1955 f
40
98k 104 K
98k 102
2
111* 114%
99%
103%
101%
113%
*110%
107%
114%
115
117
*115%
110
113
103
110
5
109
»
•
-
.
-
1901
J
101%
1962
J
75%
Pacific Coast Co 1st g 58
1946
Pacific Gas a el 4s series g—.1904
D
d
Iiok
110
111
23
1st a ret mtge 3%s ser h—1961
1st a ref mtge 3%s ser 1....i960
Pac rr of Mo 1st ext g 4s—1938
d
108%
104%
107%
108%
104%
34
Ref mtge
3%s
ser
c
1938
1966
1966
Paducah a 111 1st s f g 4kb
1955
Panhandle Eastern Pipe l 4s.-1952 ivi
Paramount Broadway Corp—
d
conv debentures
Paris-Orleans rr ext 5ks
Parmelee Trans deb 6s
Pat a Passaic g a e cons 6s
♦Paullsta Ry 1st ref s f 7s
75
103%
*66
70
J
*73
O
105%
D
103
*100
103%
1968
„
_
6
70
102 k 106
102 % 100 h
98 k 103
98
17
81
81
11
67
89
1942
8
Penn Co gu 3 Kb coll tr ser b—1941
Guar 3ks trust ctfs c
—1942
a
*101%
d
*97
90%
46%
122%
*100
d
Guar 3 kb trust ctfs d
1944
Guar 4s
*65
1952 im n
*93%
a
93
1
10
„
103%
82
62
45
1163.
2
69
96%
*119%
For footnotes see page
-
95
8
1903
.
80%
o
e trust ctfs
106k 111k
102% 108%
98% 104%
62
96%
80%
90%
1947
9
16
2
-
-
~
83 k
78k
92%
50
70
97 H 103 h
--
-
03
100
31k
60
102%
«
•
-
-
96
94
56k
103k
118% 120
-
75
-
57
00
-
106
105%
J
8
1949
ser
62
-
105%
105%
110%
110K 118%
90% 106 %
69
78K
45
85
—1944
2»-yeai 4s
15
54%
*50%
a
1st m s f g 3s loan ctfs
1955
Paramount Pictures deb 6a.—1955
3%s
42
101%
75%
100%
11
106
50
72
92
28%
94%
101
40
89% 107
103 K
3
-.
107%
114%
29k
♦Cons mtge 6s of 1928
1953 f a
♦Cons mtge 6s of 1930——1955 a o
Richfield oh Corp—
4s s f conv debentures
1952 ivi s
48
Otis Steel 1st mtge a 4kb
{♦2d ext gold 6s
Paclflo Tel a Tel 3%s ser b
12
104%
Ore-Wash rr a Nav 4s.
♦
4%
108% 10814
98
104«
71%
93%
94% 112
98m
s
103%
a
99%
103%
101%
d
Guar stpd cons 5a
-
15
24
103%.
Ontario Transmission 1st 5s. -.1945 ivi n
Oregon rr a Nav con g 4s——1946
Ore Short Line 1st cons g 6s.—1946
W-rW
87 k
89.k
106%
89%
102
13
23
4%
*107
103%
118%
88 K
j
6%
*5%
4%
------
84
100
88 K
♦Direct mtge 6s
j
t*Og a l Cham 1st gu g 4s.-.1948
j
♦Stamped-.
1943 m s
.1965 m n
1st mtge 4s
1907 m s
1st mtge 3%s—
j
-.1972
43
"I
106K
1946 j
104%
102K
113%
Purch money 1st m conv 5Ks *64 mn
♦Rhelnelbe Union
----
102 K
113«
102 K
Gen mtge 4Kb series c
1950 m n
Revere Cop a Br 1st mtge 4kb-1956 j
j
100 k 102
j
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
s
99 % 103 h
90
103 %
88k 104
83
100 h
s
f 7s
j
a
♦Rio Grande June 1st gu 5s—1939
j»Rlo Grande West 1st gold 4s. 1939
*20 k
*35
d
j
♦1st
con
a coll trust 4s a
Roch g a e 4Kb series d
Gen mtge 5s series e
.1949 a
38
o
17k
1977 m s
*|*r i Ark a Louis 1st 4kb-1934 ivi s
♦Ruhr Chemical s f 6s
1948 a o
j*Rut-Canadlan 4s stmp
1949
t*Rutlaiid rr 1st con 4Kb—1941
14
12k
*22 K
17%
14
j
*7k
10%
23
15
0
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st m 4% a. 1966
d
104 k
104 k
105%
12
o
103 h
14
j
103%
*105%
104%
St Jos a Grand Island 1st 4s.—1947
St Lawr a Adlr 1st g 5s
—1996
2d gold 6s
1966
j
13%
118% 121
107% 110
7%
14%
5%
12%
14
*6%
44%
20%
20%
*5%
j
♦Stamped.
22
.....
j
50
41
28%
*38%
*109k
1902 ivi
105%
34
41
*120 K
s
104
28%
12%
100% 100%
99% 104%
103
107%
10%
109
94
o
St Louis Iron Mtn a Southern—
♦fRlv a g Dlv 1st g 4s
♦Certificates ol deposit
*56 k
*♦8 l Peor a n w 1st gu 5s.„ 1948
St l Rocky Mt a p 6s stpd
1955
j
t*St l-San Fran
j
nr
lien 4s a—1950
♦Certifies tec of deposit
42%
04
59%
46
02
12
12
1
12
18]
58
58
1
50
69
11%
11%
2
Th
9%
11%
11%
Th
9%
10
27
7
10%
11
60
7K
14
9
18
0%
11]
j
1950 j "j
♦Certificates of deposit
♦Con m 4%s aeries a
.—1978 m~s
♦Ctfs of deposit stamped
^♦st l sw 1st 4s bond ctfs
1989 mn
59
*50
1933 mn
58
♦Prior Hen 6s series b
u
8k
8%
60
10
60%
15
1
8%
7%
8%
15
133
15]
13]
6
♦2d g 4s lno bond ctfs...Nov 1989
j
31k
31%
31%
2
20
{♦1st terminal a unifying 5s.1952
♦Gen a ref g 5s series a
1990
j
20 k
18
20%
19
13
j
15k
15
15%
14
9
38
BONDS
Last
I
N. Y. STOCK EXCHANGE
bid
Price
oj<>5
St Paul A Duluth 1st
High
No.
St Paul
*88
8
J
*98 m
99m
J
J
116m
h6m
J
*58
SH
1966 M
{{•Wabash RR 1st gold 5s
1939 IVI N
1939 F A
1940
1972
"l7
6m
8 A A Ar Pass 1st gu g 4a
1943
TSan Antonio Pub Serv 1st 6a—1952
San Diego Consol G & E 4a
1965
J
ill
110m
•107m
{♦Schulco Co guar 6 Ms
♦Stamped
1946
♦1st Hen g term 4s
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s
81M
109 m ll3i»i
108
1hm
104
112M
110
1939
1941
gen 6 Ms A.1975 IVI
♦Ref A gen 6s series B
1976 F
s
9m
9m
6«
9
9
9m
9m
55
A
15
6m
9m
8m
9m
5
7
13
9
9m
5
6m
13
{♦Wabash Ry ref a
♦Ref A gen 4Mb series C
♦Ref A gen 5s series D
1978 A O
A
O
24
30
Walker(Hlram)GAW deb 4MB-1945 J
D
24
31
Walworth Co 1st M 4s
1955 A
O
1955 A
O
A
O
A
O
F
A
12m
*2M
O
A
5h
7
7
6M
~76~"
""9
S
38
38 m
2
3Ms...2000 F
A
4
Warren RR 1st ref gu g
Wash Term 1st gu 3 Ms
1st 40-year guar 4s
*14m
3m
A
*3M
5m
10 m
5m
9m
18
A
{♦Alt A Blrm 1st gu 4s
1933
{♦Seaboard All Fla 6s A ctfs—1935 F
♦Series B certificates
1935 F
75
1941 M
8
4
22
13
"40
3m
2M
5m
4m
2M
3m
M
S
104m
J
D
52 m
J
J
Wash Water Power sf 5s
Westchester Ltg 5s stpd gtd._.1950 J
Gen mtge 3 Ma
1967 J
West Penn Power 1st 5s ser E..1963 IVI
Simmons Co deb 4s—
-.1952
A
Skelly Oil deb 4s—
1951
1950
1963
1962
1961
-.1965
Southern Calif Gas 4mb—
1st mtge A ref 4s
48
70m
~79m
"12
Western Maryland 1st 4s
28
61M
20 m
82
*21H
S
A
76 H
64
77m
79 m
98
{♦Western Pac 1st 5s
79m
97 H
97 H
20
98
J
103
103
103m
21
A
106m
106M
106m
16
A
110
104m
S
F
A
107
"~7
107%
42
109
M
104 h
106M
'iolli
A
109
""98
Southern Kraft Corp 4 Ms
1946
J
D
Gold 4 Ms
Gold 4 Ms
Gold 4 Ms
10-year Becured 3 M s
94 m
9
109m
87 m
83
91
58
35m
38
41
M
S
62
31m
A
47 m
46 m
54m
48 m
M N
47
45m
48
170
M N
46m
46
47 m
135
61
29
43 m
87
2
102
66
66 H
63m
63 m
1994
"75"
76
63
Winston-Salem S B 1st 4s
42 h
40
44
105
57 m
53
57 m
35
55
61M
81
.1956
59m
*65
1951
61
East Tenn reorg lien g 5s
1938 M S
Mobile & Ohio coll tr 4s
1938 M
*90
S
D
deb 6s B__. 1944
1944
C
Tennessee Corp deb 6s ser
1947 J
Tenn Elec Pow 1st 6s ser A
103 m
102
45
102m
O
J
36
{♦Third Ave RR 1st g 6s
.1952 J
J
""3
Toronto Ham & Buff 1st g 4s.. 1946 J D
1949 IVI S
Trenton G & El 1st g 5s
1953 J
deb A
1
70
88 m
3
69
23
6
20 m
24
5
48
75m
c
M
■
56
51 h
103m
103m
107 m
'"91""
107 m
91
*99m
100 m
6m
"7
23
96 m 101M
17
71
100
105 m
105
2
110m
19
92
100M
O
92 m
93 m
J
*106 H
10
79 m
D
101
J
94 H
105m 109 m
6m
8
106 H
15m
6m
5m
6m
5m
106M
D
7m
4
13
*9m
6m
5m
94m
91m 100 m
"10""
.1961 J
.
63
46 H
"103m
_
Service 4s.
77
14m
8m
5m
6M
104
106 M
J
9m
*3M
J
5
5m
96
63
102 m
102
102 m
.1961 IVI N
102m
Cash sales transacted during the current
e
week and not Included In the yearly
No sales.
during current week,
a Deferred delivery sale; only
week,
n Odd lot sale, not Included In year's range,
Cash sale; only transaction
r
transaction
during current
§ Negotiability Impaired by maturity,
t The
the dollar quotation per 200-pound unit of bonds.
Accrued
r
Ex-Interest.
price represented Is
Interest payable at
exchange rate of $4.8484
_
following lsja'llst of jthe New
been calledjln^their
.
York Stock Exchange bond Issues which have
entirety:
No sales.
■■■
{ Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act. or securities assumed by such
*
Deferred
week.
Bonds selling flat.
t
companies.
No sales transacted during current
Friday's bid and asked price.
♦
reorganized under
the current week and not Included
delivery sales transacted during
87
93 %
90
36 m
14
7%
20
52 m
89 m
in the yearly range:
No sales.
104
24m
3m
39m
9
71
45
105
.....
88 m
*57
63
Transactions
the
at
Stock Exchange,
New York
Daily, Weekly and Yearly
90
98
105
1955 IVI N
117m 120
103m
110
103
----
20
97
18
96
44
70
59 m
80
109m
1
105
United
Total
Municipal &
Stales
Bond
Bonds
For'n Bonds
Bonds
Aug. 19 1938
396,200
7m
5
7
116m
Monday
593,710
Tuesday
614,400
3,088,000
116m
u6m
him
113
Wednesday
596,050
Thursday
446.610
Friday
825,680
3,472,650
$18,555,000
Total
m.m
-
m
-
2
60
116
104m 113m
107m 114M
97
107m
109 m 116
A
35-year 3 Ms debenture
1970
1971
United Biscuit of Am deb 5s
1950
A
O
1952
.1953
1944
A
O
IVI
s
M
J
166,000
93,000
5,001,000
$3,870,000
$1,284,000
$23,709,000
3,886,000
111 h
32
105m
106
36
113m
113m
7
92
92 m
15
83 m
96
92 m
93
12
82
95 m
5
103
107 m
State and foreign——
77 m
Railroad and Industrial
a.
—
m.
92 m
107
107
107
73 m
73
75
79
3
73 m
73
*108 h
-----
—
-
—
103m
*20 m
♦112m
103
96
-
-
107
-
22 m
117
103m
69 m
60
19m
----
172
81M
109m
Jan. 1 to Aug.
Exchange
19
1937
1938
1937
1938
111 m
.
S
J
4,954,000
585,000
690,000
Week Ended Aug. 19
Sales at
106
O
M N
3,191,000
4,442,000
341,000
New York Slock
111 m
June 2008 M S
June 2008 M S
$2,235,000
457,000
650,000
897,000
624,000
3,989,000
3,030,000
4,323.000
9m
119
111m
1st lien & ref 5s
Sales
$49,000
178,000
$424,000
$1,762,000
2,363,000
109m
7m
-
1st lien A ref 4s
{{♦United Rye St L 1st g 4a-—1934
U S Pipe & Fdy conv deb 3M8-1946
U 8 Steel Corp 3Ms debs
1948
♦Un Steel Works Corp 6Ms A.. 1951
♦Sec s f 6 Ms series C—
1951
"95"
5
-
State,
Mtscell.
Shares
Saturday
3
----
-
Railroad &
Number oj
80
109m
m
debentures
1952
Union Pac RR 1st & Id gr 4s—1947
United Clgar-Whelan Sta 5s...
—
Ended
Week
—
28m
67
1962
34-year 3Ms deb
—
95 m
110
*24
.1945
50
-
120
*24
A
63m
84m 102
-
95
120
*108m
40 m
----
----
*104
95
175
52 m
48 h
*85
1952 F
.
3 Ms
3,472,650
4,008,370
169,375,108
261,725,995
$1,284,000
$6,275,000
$289,860,000
3,870,000
18,555,000
6,281,000
$88,980,000
151,865,000
23,873,000
884,806,000
1,443,001,000
$23,709,000
$36,429,000
$1,125,651,000
$1,965,177,000
Stocks—No. of shares.
Bonds
Total
232,316,000
27
116M
107
102 m 103 m
Stock and Bond Averages
38
5
38
7
27m
27 m
41
38
A—1947
38
38
6
27 m
41
Below
w—.1951
93
93 m
8
91m
94
91m
91m
10
73
92m
stocks and
92
93
24
78 m
94 m
47 m
49
11
45
55m
47
48 %
348
45
55
95
96
12
77
99
5a
1st 5s
Utah Lt A Trac 1st A ref
Utah Power A Light
30
range.
88 m
71m
93 m
104m
il6m
85
7m
J
{{♦Union Elev Ry (Cblc) 5s...1945
Union Oil of Calif 6s series A—.1942
♦Sink fund deb 6 Ms ser
73
Stocks,
,1953 J D
1st 6s dollar series
Tol & Ohio Cent ref A Imp 3Ms 1960 J D
1950 A O
Tol St Louis & West 1st 4s
1942 M S
Tol W V & Ohio 4s ser C
-
United Shipyards 4Mb w
104m
84 h
Tokyo Elec Light Co Ltd—
UNJRR4 Canal gen 4s
90
83
*85
105
108m
70
103 m 107 H
36
93M
71 H
1960 J
1st mtge sf 4s serC
81M
85
O
Tide Water Asso OH 3 Ms
70m
94
103m 106 m
109m 114
*82 M
D
A
111M
83
83
O
50
106 %
liiM
J
United Drug Co (Del) 5s
102 m
99
3
106M
1
J
51
87
87
87
106m
D
71 m
5%
101
{♦Wor A Conn East 1st 4Ms.. .1943
Youngstown Sheet A Tube—
"ft The
103m
.1937 J
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ms
105m 108
95
19
93
103m
1960 J
♦Tyrol Hydro-Elec Pow 7 Ms
Guar sec s f 7a..
82 m
119m 125
103
J
Tex Pac Mo Pac Ter 5 Ms A—..1964 M S
Tri-Cont Corp 5s conv
46 m
u2 m
.1980 J
Jan 1960
106 m
*111
1977 A
,1979 A
—,
*26
*103m
1943 J
2000 J
Texas A Pac 1st gold 5s
106
105 m
15
95
78 m
A
A
TexA N O con gold 5s
106
74 h
*101
D
4s
100
102m
*120m
1951 J
♦Adj Income 5s
97
O
.1953 J
77 m
S
48 m
47 m
1947 A
♦Certificates of deposit.
105
106m
1950 F
Third Ave Ry 1st ref
9
101
*103 m
Texas Corp deb 3Ms
Gen & ref 5s series D
101
2
"78m
Texarkana A Ft 8 gu 5 Mb A
Gen A ref 6s series B__
9
104m
102 m
92 m
gold 5s
Gen & ref 5s series C
5
34
D
Term A sen of St L 1st g 4mb—- 1939 A
1944 F
1st cons
Gen refund sfg4s
74
96
S
M
20
65
11m
S
M
74
97 m
105m
J
1951 J
72 m
61
75
100
109 m
104m
T02M
74 m
74
69m
64
11
A
,1943 J
28
35
105m
J
♦Studebaker Corp conv deb 6s. 1945 J
1950 IVI N
Swift & Co 1st M 3Ms
20 m
51m
96
58m
106M 110
11
D
15m
17
J
.1949 J
gen 4s
♦Certificates of deposit..
{♦Sup A Dul dlv A term 1st 4s *36 IVI N
65
49 m
108 m
J
1961 J
83
75
94 m
95m
D
So'western Bell Tel 3 Ms ser B— 1964 J
So'western Gas & Elec 4s ser D. 1960 MN
1946 F
45m
23 h
26
61
.1996
16
69
{♦Wis Cent 50-yr 1st
93
52
""47
1956
.1956
~73m
20
A
Wilson A Co 1st M 4s series A. .1955 J
83 m
104m
21 m
18K
1940 M N
{ {♦ Wllkes-Barre A East gu 5s. .1942 J
Wisconsin Pubi
St Louis Dlv 1st g 4s
TenD Cop A Chem
77
F
White Sew Mach deb 6s
Conv deb 3Ms
16
67 m
-1949 M 5
69 m
76
30 m
59
87
60
12
68 m
D.. .1966 M S
Wheeling Steel 4 Ms series A.. .1966
98 m
97 m 108 H
D
J
.1960 IVI
ser
93
73 m
20
S
.1950 IVI N
Wheeling A L E Ry 4s
68 m
19
21M
21m
Registered
100
30
1855
Tenn Coal Iron & RR gen 6s
110
20
S
25-year gold 5s...——.— .1951
100
94m
35
Standard OH N J deb 3s
120m
1
87 m
104
J
9
50
Staten Island Ry 1st 4 Ms
98 m 103
116
3
82
87 m
.2361 J
98 m
100
J
81
103 H
55
94
O
81
*104"
O
55 m
53
,1955 J
101m 105 m
J
48 m
♦{Spokane Internat 1st g 5s
Staley (A E) Mfg 1st M 4b
8
J
99 m
Devel & gen 6 Ms
Mem Dlv 1st g 5s
105m
West Shore 1st 4s guar...... .2361
54
—
105 m
*i05m
106 M
50
A
106 H
5
100
Devel A gen 6s
8
A— .1946 IVI
30-year 5s
1955
Devel & gen 4b series
109m
22
S
Southern Ry 1st cons g 5s
109
22 H
O
stamped
106 m 111M
J
D
So Pac RR 1st ref guar 4s
9
♦Westphalia Un El Power 6s.. .1953 J
IV1
J
10
107
105 m 108m
a—1977
1968
1969
1981
1946
San Fran Term 1st 4s
47
120
.1946 M
ser
♦58 assented
101M 105
1950
—
103
.1943 A
RR 1st consol 4s
A
110
107
.1977 J
Western Union g 4Ms
Natural Gas—
1st 4mb (Oregon Lines)
7
103 m 105m
121M 123
119 x
.1952 A
1st A ref 5 Ms series A
120m
98
94 m
24
90m 103 m
104 m 108
*109M
1st mtge pipe line 4Ms-1951
So Pac coll 4s (Cent Pac coll)_.1949 J
123
108m
107 m
1
122m
102 H
102 M
1952 J
West N Y A Pa gen gold 4s
~79m
F
J
4s
22
104
103 H
1966 J
1st mtge 3Ms series I...
West Va Pulp A Paper 4 Ms
*75m
M
F
1947 J
1st
96 m 104 m
51;
*98m
Southern Colo Power 6s A.
Southern
50
40
48
J
1961
104 m
85 m
29
106 m
103m
1939 J
82
63 m
106
*106
-
107m
71
50
106""
A
1945 F
—1945
52 m
104m
*40
*
Washington Cent 1st gold 4a—.1948 Q M
1st mtge 4s ser H
1951
1952
1935
1951
1946
1941
55m
68 m
1939 M S
"46
7
Mi
South Bell Tel & Tel 3Ms
14m
13m
100
19
67 %
{♦Warren Bros Co deb 6s
4m
8m
2M
h
66
*69m
Warner Bros Plct deb 6s.
39
7m
7
South A North Ala RR gu 6s
""42" "42"
15
107
106 M
106m
17 m
9
6m
*4
Socony-Vacuum Oil 3 Ms
2
42
20
11m
4
13m
3m
5h
o
1980 A
68 debentures
109 m 116
"l9~"
*13
13m
1945 M S
♦Debenture.s f 6Ms
30
23
1950
Oct 1949
1959
Sileslan-Am Corp coll tr 7s
30
"42"
20
30
♦Silesia Elec Corp 6Ms
15 m
24 m
*18m
*.—
12
29
f 7s
"39"" "45"
s
15
*27 m
Shlnyetsu El Pow 1st 6 Ms
35
16m
45
48
O
18
*27
Shell Union Oil deb 3 Ms
99m 105m
67 m
32
1941 IVI
28
♦Certificates of deposit
s
J
High
Lojd
27m
*30"
*14m
*114 m
6b aeries A
27
♦
*13
♦Certificates of deposit
{♦Siemens & Halske
"27 m
J
J
O
{♦Refunding 4a
35
J
J
M N
{♦Gold 4a stamped
♦Adjustment 5a
No.
47 m
1941
J
;
{{♦Seaboard Air Line let g
High
103 m
*43
A
1946
Asked
1954
♦Omaha Dlv 1st g 3 Ms
♦Toledo A Chic Dlv g 4s
45
110m
1989
48—1950
f 0Ms serlea B
♦Stamped
cons
♦2d gold 5s
Jan. 1
A
103m
103 m
J
Scioto V & N E 1st gu 4a
♦1st A
102m
109 m 118m
111M 111«M
H
M N
1942 M S
s
"~8
60 M
Santa Fe Pres & Phen 1st 5s
♦Guar
98
S
Since
Friday's
Bid
Low
Virginian Ry 3 M s series A
»h
11
Ranae
Range or
Sale
Price
98
7m
Mlnu A Man—
t Pacific ext gu 4s (large)
St Paul Un Dep 6tguar—
Last
Week Ended Aug. 19
High
Low
88
16
SH
J
N. Y. STOCK EXCHANGE
Jan. 1
.....
*8M
BONDS
Since
si
Friday's
A
Asked.
Low
D
con g 4a.-1968 J
J
{♦St Paul E GrTrk 1st 4Ma_„ 1947 J
{♦St Paul & K C Sh L gu 4 Ms. 1941 F A
Range
Range or
Sale
<5 ft.
Week Ended Aug. 19
Week's
Friday
Week's
Friday
.
1163
New York Bond Record—Concluded—Page 6
Volume 147
{♦Utll Pow & Light 5 Ms
{♦Debenture 5s
38
1944
1944
1947
1959
58.1941
Vandalia cons g 4s series A
1955
Cons s f 4s series B
1957
{♦Vera Cruz A P 1st gu 4 Ms—1934
{♦July coupon off
Virginia El A Pow 4a ser A
1955
Va Iron Coal A Coke 1st g 5a... 1949
Va A Southwest 1st gu 5s
2003
1st cons 5s
1958
Vanadium Corp of Am conv
38
47
A
F
O
A
a37m
105m
106m
'
41
J
1m
J
1m
104 m
104
as
5
m
106m
M N
106 m
M
S
*30
40
J
J
♦65
90
A
O
51
53
51
6
closing averages of representative
Bonds
'
Date
30
20
10
Total
15
Total
10
First
Second
10
Indus¬
Grade
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
Indus¬
Rail¬
Utili¬
65
trials
roads
ties
Stocks
109 m
Stock Exchange
10
'
2m
l06m
the daily
Stocks
*1
J
are
bonds listed on the New York
compiled by Dow, Jones & Co.:
106 m
104
105m
M N
J
39
104.99
88.98
141.31
19.75
107.03
91.96
51.94
45
Aug. 19.
46.05
35
28.31
----
139.33
19.64
107.06
92.09
51.45
105.21
88.95
75
Aug. 18.
45.42
75
27.70
----
19.77
45.46
105.24
89.05
61
27.94
51.76
39
139.03
92.14
Aug. 17.
107.04
19.80
45.33
107.04
91.91
51.60
105.23
Aug. 16.
27.96
88.95
138.44
27.76
19.41
44.84
107.04
91.55
51.80
105.35
88.94
136.98
27.57
19.43
44.61
107.01
91.65
52.35
105.26
87.07
136.21
8
Antr
1.4
>5®
New York Curb
1164
Exchange—Weekly and Yearly Record
Aug. 20, 1938
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (Aug. 13, 1938) and ending the present Friday (Aug. 19,1938). 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:
week
Friday
for
of Prices
Low
High
Price
Low
June
34
Feb
17
Apr
3#
300
36#
800
3#
34
9
Q
9#
9#
9#
300
X
#
200
1
fi
23
5# Mar
7# June
# Mar
400
Investors common...*
Air
Conv preferred
WfltTTftQi/S
Alabama
■
M>
50
Co
common..*
100
Jan
July
Jan
Ltd common.*
100
Amer Box Board Co com.l
Mar
68# May
63
Bowman-Blltmore
Mar
May
2#
Jan
104# 103#
103# 106
Breeze Corp
Jan
68
Mar
350
93
Apr
Apr
June
5#
Feb
67
Mar
126#
Aug
Feb
107#
Aug
123
2,000
400
115
8
1,600
X
#
94#
56
100
Mar
#
44
Mar
117
Aug
106#
16#
Mar
16#
J*
Jan
July
Jan
9#
400
Mar
56
July
6#
Mar
12#
July
2
9#
10
Mar
4#
#
24#
Aug
#
#
1#
Class A with warranta.26
25#
100
1#
1#
26#
100
25#
27#
2#
400
Amer Foreign Pow warr—
com—*
*
Amer Gas <k Elec com
PrGf6rr6(l
1
1
preferred
2#
300
111#
Feb
30#
25
25
Amer Lt <fe Trac com
*25"
"24# "25""
""75
"13# "l4#
23#
23#
17
17
X
#
23
23
45#
11
10
Republics
Amer 8eaI-Kap com.....2
Am Superpower Corp com *
1st preferred
*
45#
10#
""# """#
*
13#
6
3#
Anchor Post
Fence
Appalachian El Pow pref.*
3#
15
103
Common class A
.*
Preferred
10
6#
Arkansas P & L $7 pref...*
75#
Art Metal Works com
1
16
July
24#
May
11#
Apr
23
Jan
Apr
63#
Feb
X
16
Mar
30
3#
Mar
June
Mar
Apr
Apr
3
3#
3,400
6
6#
75#
900
96
#
2#
2#
1#
76
19#
Buff Niag & East Pr
pref25
1st preferred
4#
4#
July
*
July
*
Castle (A M) com
Catalln Corp of Amer
4#
Jan
7#
May
Aug
5
Mar
9
3#
Mar
4#
Mar
11#
Mar
10
July
70
Mar
70
Mar
*1#
T# ~T#
07
Mar
80
June
Steel Prod
Cent States Elec
warr
1#
Jan
Strip Co
Charls Corp
Jan
Cherry-Burrell
#
2#
Jan
100
#
Mar
500
300
#
6#
Mar
Mar
Apr
Mar
14
Mar
July
Jan
21
9#
8#
Jan
July
Jan
Jan
July
May
2#
Jan
Mar
2#
July
Tobacco—
23#
*
3#
13#
25#
400
19
4#
2,700
Mar
36#
July
4
7% preferred
;;0
Baldwin Rubber Co com.l
17
Bardstown Distill Inc.... i
Barium Stainless Steel... 1
Barlow & 8eellg Mfg A...5
Basic Dolomite Inc com..l
Bath Iron Works Corp...l
7#
1#
17
18
X
500
21#
7#
23#
7#
18#
4,900
17#
300
4#
May
7#
Aug
1,000
6#
Mar
18#
Aug
'MOO
17
Chic Rivet & Mach
4#
Chief Consol Mining
Chllds Co preferred
12#
"87"
100
Cities Service common.. 10
12#
"87#
1#
12#
5#
13
1
Mar
9#
Jan
200
1#
400
1
Mar
9
300
7
June
5
June
6#
4#
May
July
9#
Mar
3
May
July
12
1
com
"6#
6#
1#
12#
Conv pref
1#
Mar
500
8#
Mar
2#
Mar
pref
*
page 1169
Jan
Jan
Mar
Jan
Jan
Jan
25
Jan
3#
Aug
82
Jan
4#
23#
Feb
*
92
June
8#
83
June
1
Mar
2#
Jan
#
Jan
May
#
Apr
3
Mar
10
7#
Feb
Mar
4#
Aug
100
3#
June
5
5
Mar
40
200
175
5#
#
20#
'14
'118
48
47
>
8^
39#
8
16
48#
8#
3,000
7#
1,200
21#
5
46
72
7#
49
7#
67
26
Feb
700
4
Mar
Mar
13#
48
150
2#
7#
June
300
Mar
4
37#
"600
30#
Feb
39
100
3#
Mar
June
1
Jan
2#
36
36
7
Jan
Colon Developmen lord...
Jan
Aug
119#
Feb
150
5#
Mar
14#
Aug
14#
Mar
29#
Aug
7#
Aug
#
May
He
May
9#
Mar
11
July
Mar
34#
July
1#
#
Jan
Jan
*
"300
1
Mar
2#
0#
3#
2
Mar
12#
6#
3#
"6#
2#
2#
500
1#
May
June
4#
2#
___£1
Colorado Fuel A Iron warr_
Colt's Patent Fire Arms.25
4#
1#
5#
Jan
8#
20
1#
1#
Cohn & Rosenberger Inc.*
2#
47#
Feb
Cockshutt Plow Co com..*
16
11
Mar
Mar
conv pref
May
Mar
Mar
■
July
6%
»ie
53
2
4#
July
9#
Mar
20
63#
6#
79#
10
1#
12
June
100
1#
Alum Utensil Co
113
Jan
Mar
29
48
Apr
21
Mar
97
350
73
July
8#
7#
June
12#
72#
7#
Jan
Apr
10
Controller Co
1
Claude Neon Lights Inc..l
Clayton & Lambert Mfg..*
Cleveland Elec Ilium
*
Feb
Mar
Club
166
30
Mar
July
Julv
600
June
July
113#
#
Apr
3
5
1,700
Apr
Apr
1#
5
""150
147
32
Cleveland Tractor com
*
Cllnchfield Coal Corp.. 100
Jan
6#
Purchase warrants
Blckfords Inc common....*
1#
2#
10
115# 115#
13#
14#
*
Berkey & Gay Furniture. 1
June
100
100
Bell Tel of Pa 6#% pf.100
Benson & Hedges com
*
80
Apr
Mar
100
35
4#
12
1
85
Mar
17
Clark
4#
Mar
Mar
6#
40
3#
July
100
Jan
125
7
35
18#
1#
1#
250
7
39#
3#
Apr
51
1#
200
6#
*
250
Baumann (L) & Co com..*
Corp
Bell Aircraft Corp com
"80
300
*
City Auto Stamping
City & Suburban Homes.
7% 1st pref
100
Beaunlt Mills Inc com..10
$1.50 conv pref
20
Beech Aircraft
200
4#
Preferred B
July
2,200
1#
'""150
5
*
June
1
5#
7#
May
1,100
#
5
12#
Preferred
5#
600
5#
July
64
.1
30#
7#
7
100
4
Mar
1#
7#
24#
14
5
June
#
Apr
60
4#
5
2#
11#
7
X8#
Jan
Apr
17#
#
05#
17
10
com
Cities Serv P & L $7 pref-*
$6 preferred_..*
Baldwin Locomotive—
com.
3#
10
""3# ""3#
"l8#
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
30
1#
8#
110
Aug
200
Centrifugal Pipe
*
Chamberlin Metal Weather
15#
Mar
1#
1#
Jan
Feb
2
23#
Conv preferred
..100
Conv pref opt ser '29.100
Mar
3,400
#
Jan
60
23#
100
100
Mar
2#
July
Apr
Jan
23#
1
com
0% pref without
7% preferred
#
33
1#
"766
1
6#
5#
15
2#
July
700
Cent Pow & Lt 7% preflOO
Cent & South West Util 50c
500
31
Jan
1#
10#
#
23#
Cent Maine Pw 7% pref 100
Cent N Y Pow 5% pref. 100
"2,100
Mar
4
2#
3#
"u
15
*
com
700
He
10
500
2#
2
Preferred BB
Aviation <fe Trans Coro...l
Babcock & Wilcox On
1#
7
1
"I#
common
1#
10
3#
13
Mar
Mar
2
1#
Jan
Apr
June
Jan
100
4#
75#
4#
Jan
Jan
2
Mar
2#
22
Jan
#
2
Jan
28#
Feb
He
25
5
Mar
84
Jan
Warrants
Apr
Apr
19
May
Mar
25
July
4#
Jan
68#
#
w
July
May
hi
1#
#
14
3#
8
Jan
Mar
100
1
*16
10#
300
5
July
Cent Hud G & E
1,000
Products
July
3#
3#
Aug
#
10
18#
Aug
69
Hi
2#
Mar
Mar
June
6#
Automatic Voting Mach..*
Avery (B F)
5
July
50
#
Automatic
Mar
101#
*
hi
14
22#
1st preferred
Jan
12#
Jan
Apr
Apr
July
1#
""
July
39
*
Apr
14
5#
15
Jan
May
Aug
$7 div preferred
#
♦
Jan
40
18
7% 1st partlc pref
100
Celluloid Corp common. 15
Mar
Mar
1,800
Corp warrants
May
Apr
3#
Celanese Corp of America
»n
Atlas Plywood Corp
Austin Sliver Mines
Jan
2#
Too
1
common.
Feb
#
6#
Atlantic Coast Line Co..50
Apr
1#
Too
*
_.*
Jan
Jan
3#
10
1
com
He
1
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
88
*
4#
78
Atlan Brim Ingham & Coast
RR Co pref
100
18#
100
Carolina P A L $7 pref...*
104#
Aug
6#
May
May
Aug
700
"*2# "2#
*
Mar
Mar
4#
25c
Class B
Mar
#
"x
2#
21
20#
*
..1
Casco Products
59
oo
*
2,800
100# 101
20#
101
*
t c
Carib Syndicate
Carman & Co class A
Feb
500
Option warrants
v
B non-voting
Canadian Marconi
16#
4
#
Assoc Laundries of Amer.*
5#
Amer dep rets pref shs.£l
Calamba Sugar Estate..20
Jan
Feb
July
10
2,000
4#
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
$0 preferred
Carrier Corp
Carter (J W)Co
4
2#
100
4#
4#
6
Carnegie Metals
June
7#
75#
40
29
Jan
Mar
3#
70
1#
5
Carnation Co common...*
#
8#
900
14
1,300
6#
50
Jan
Jan
Mar
Mar
200
200
5
100
3#
Capital City Products—.*
#
preferred...
1
com
com
# June
47#
Aug
11#
Aug
Jan
7#
100
He
Jan
..1
Class A
see
Bruce (E L) Co
100
20#
*
Buckeye Pipe Line
$5
Jan
25
6#
20#
2#
*
Apr
11#
11#
102# 103
3
Jan
1
1
For footnotes
Mar
Cent Ohio
Common
conv
8
22
Class A pref.
20#
5
"moo
Amer deposit rcts__..£l
$2.50
Jan
Apr
33
350
23#
25
Brown Fence & Wire com.l
Apr
Assoc Gas <fe Elec—
Bell Tel of Canada
July
Aug
20
Industries
Bellanca Atrcraft
33
July
Cables & Wireless Ltd—
June
5
Ashland Oil & Ref Co
Purch warrants for
Mar
100
Cable Elec Prods
400
3#
He
Class A
15#
100
....*
Aug
3#
2#
Axton-Flaher
June
25
Mar
400
JArcturus Radio Tube.-.l
w
"le
33
June
3#
Arkansas Nat Gas com...*
6% preferred
6% prefxw
July
21
1#
Angostura Wupperman..l
Apex Elec Mfg Co com...*
Elec
Jan
#
21#
Burry Biscuit Corp._12#c
1,800
*
Preferred
9
Jan
Jan
Aug
10s
Am dep rets ord reg_.
Burma Corp Am dep rets..
55#
American Thread pref
Apr
Apr
26#
21#
Bunker Hill <fe Sullivan 2.50
3
""#
Jan
3*
May
Aug
Mar
100
2#
4#
27#
200
£1
Amer dep rets reg
July
June
10,000
Mar
3#
Jan
British Celaneee Ltd—
July
10
11#
J an
Mar
27#
14#
22
45#
#
10#
88
Mar
28#
#
American
June
22#
25#
30#
Amer Pneumatic Service.*
Amer Potash <fc Chemical.*
May
May
#
Amer Tobacco—
Apr
100
100
5#
70
'"Too
Am dep rets ord bearer£l
Mar
54
*
'"566
May
Mar
T655
25
7#
June
25
14#
"13#
1
Amer Meter Co
July
May
21
8
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
5#
Jan
June
7
27#
Apr
23
25
preferred
Mar
July
Apr
19#
$6 preferred
Brown Rubber Co
2
Mar
July
July
7#
*
Registered..
Feb
Apr
30#
1,200
4#
14
30
26#
Feb
30#
5#
Jan
Feb
July
21#
Mar
2#
Aug
15
Brown Forman Distillery. 1
104
Jan
Mar
1#
Apr
Jan
May
300
1X
3#
2#
4#
17
Mar
Jan
12#
Jan
Mar
July
31#
Apr
Mar
Jan
6#
3#
Mar
Aug
18
29
Mar
13
100
*
27#
Mar
Mar
July
28#
Class A
Apr
8#
200
*7
British Amer Oil coupon..*
July
#
5#
3#
Mar
19#
July
'i'300
Corp class B..... —
IBrown Co 6% pref
300
12#
2#
17#
2#
7% preferred
..100
Brlllo Mfg Co common..
1#
600
Mar
""4#
British Col Power class A.*
3,600
Mar
25
Class A
Mar
1#
1#
11#
12
26#
27#
110# 110#
5
5#
Mar
Jan
*"# ""#
July
1#
12
"4"
-.100
16#
15#
July
July
Apr
7#
2#
4#
5#
...
Preferred
30#
3" 900
1#
42
June
4#
400
7
Bright Star Elec cl B
July
Aug
"22# *23#
.20
Mach
Aero nautical... 1
70#
3#
22#
26#
110#
10#
*
Apr
16
25
Amer Hard Rubber Co..50
Amer Invest of 111 com...*
Apr
July
Aug
Mar
10
Bridgeport Gas Light Co.*
Bridgeport Machine.
Brill
Feb
12#
21#
#
...1
Class B
American General Corp 10c
$2.60 preferred
Mar
Mar
Apr
1#
2,000
26#
1
B
Cyanamld cUss A. 10
Class B n-v...
10
#
10#
56
Amer
Amer Fork & Hoe
Brewster
11
1
Brazilian Tr Lt & Pow
Jan
2,100
$3
Atlas
2d preferred
Feb
Aug
9
Mar
2#
July
9
June
10#
10#
100
..100
#
18#
34*
com.
1st preferred
1#
Mar
103# 107
14#
15
56
preferred..—
*
$5.60 prior pref
*
Amer Centrifugal Corp..l
Am Cities Power & I<*—
Class A
25
'"700
25
10#
Apr
3
""9#
"in "l#
*
Aug
British
Common class B
$5
7%
>SH
Mar
Bourjois Inc
Mar
High
Mar
'3~806
100
Borne Scrymser Co.j.
60#
15
121#
300
11#
com..
44#
10c
10c
common
Associated
Co
50
May
......
7#
10#
1, 1938
Low
5
1st preferred
40
Capital—
Amer Laundry
7%
57#
12#
100
American Book Co
Class A
Bohack (H C)
65
American Beverage com__l
American
Corp
10#
Range Since Jan
Shares
6#
1
53
#
#
113#
105#
Price
*
Apr
2
American Airlines Inc...10
6%
com
$3 opt. conv pief
Blumenthal (8) <fe Co
50
Goods Mfg.—*
6% preferred
$2
Blue Ridge
Jan
July
Aluminum Industries com *
Class
Aug
1#
50
26
preference
Aluminium
9#
2
common—..1
Aug
Class A conv com.
6%
Bliss & La ug hi In com
16#
#
Allied Products com....10
Aluminum
Aug
Mar
pref
Aluminum
10#
Mar
corn.....*
Invest
conv
Bliss (E W)
Mar
Allied Internet Invest com*
S3
Week
*
com
July
56
preferred
75
Wauner's
37
#
33#
A1 lee & Fisher Inc com...*
Alliance
4#
for
of Prices
Low
High
Blrdsboro Steel Foundry <&
Machine Co com
*
65
*
Ala Power $7 pref
16
Jan
Jan
11#
«* mm #»«*-«» —
Southern. .50
Gt
1
*
#*
Jan
Feb
Week's Range
Sale
Par
High
2#
17#
36
Sales
Last
(Continued)
14#
3#
Air Devices Corp com
Range Since Jan. 1, 1938
Shares
class A.*
B
Agfa A nsco Corp com
1
Alnsworth Mfg common..6
Air Associates Inc com—1
STOCKS
Week
20
Acme wire v t c com
Aero Supply Mfg
Class
Weel's Range
Sate
Par
Friday
Sales
Last
STOCKS
4#
6#
200
3#
Mar
4#
3#
Mar
7#
61
5#
900
45
Mar
Columbia Gas & Elec—
Conv 5% preferred..100
Columbia Oil & Gas
1
3,300
June
Mar
4#
Jan
July
14#
Aug
4,500
Warrants
Commonw Dlstrlbut
47#
2#
13#
3#
Columbia Pictures Corp.
Commonwealth & Southern
he
22#
23
'""175
Aug
Jan
#
Feb
1
Mar
28
18#
Mar
25#
#
Apr
#
1
Community P & L $6 pref *
Community Pub Service 25
Community Water Serv._l
60
16
1
Jan
July
Jan
May
Jan
Volume
West's Range
for
Sale
of Prices
Low
High
Week
Price
1
6
1434
500
6
7234
11,400
"""466
Consol Min & Smelt Ltd.5
59
1
4
Consol Retail Stores
Cont G & E 7% Prior pt
Apr
700
61
4
48J5
Apr
6434
234
Mar
•u
"134 "l"34 """566
July
34
34
735-834
Continental OU of Mex—1
"ili
Mar
234
50
6734
71
7035
7035
June
134
200
434
434
100
Apr
May
500
435
334
1,200
§Contlnental Secur com..5
Cook Paint & Varnish—*
May
634
Cont Roll & Steel Fdy—*
Mar
Mar
J4 preferred
735
734
6
TVs
6
Jan
8134
154
535
Jan
July
80
Jan
34
1035
Jan
July
Feb
4
1034 June
Arp
434
400
Jan
July
5
6434
Mar
Mar
935
Jan
61
*
Cooper Bessemer com
*
13 prior preference
*
Copper Range Co
—*
Copperweld Steel com.. 10
May
134
70
8% preferred
100
Consol Royalty Oil
10
Consol Steel Corp com—*
July
11634 June
400
1
Consol Gas Utilities
July
74
Mar
Aug
July
654
Mar
55
200
Feh
654
Jan
334
334
113
100
5% pref class A
135
834
50
134
834
135
835
'3"206
300
£1
Cramp (Wm) & Sons com.l
Crocker Wheeler Elec
5
*
Croft Brewing Co
1
Creole Petroleum
300
2134
634
34
2135
535
34
400
»u
3
334
334
Mar
*200
334
6% preferred..
134
2134
Cuban Tobacco com vtc.*
"""35 ""134
"400
24
20
250
100
334
334
Mar
1
Mar
June
Jan
7*
Jan
Mar
234
May
Jan
102
100
635% preferred
Curtis Mfg Co (Mo)..—5
Darby Petroleum com—5
9%
400
934
934
12
14
Dayton Rubber Mfg com
12
100
12
Mills.*
14
800
634 June
534 Mar
10
May
m
35
17
1
Dennison Mfg 7% pref. 100
Derby Oil & Ref Corp com*
25
Class A
300
234
235
Apr
Apr
334
Dejay Stores
235
Jan
134
Feb
2734
Jan
835
Jan
July
Mar
Mar
2
Mar
134
1
"234
Detroit Paper Prod
1134
July
Jan
154
Feb
18
25
com.*
635% preferred
554
1334
2234
July
754
Jan
Jan
40
334
Jan
Feb
58
935
15
July
Aug
Jan
Hartford Elec Light
r334
Hartford Rayon vtc
2454
Feb
Hartman Tobacco Co
*600
335
Jan
Harvard
Jan
Hat Corp of Am
13
1634
July
Mar
Mar
6135
125
1034
Jan
130
47
Mar
21
100
1134
107
10
103
900
1155
534
1035
200
2,000
23
July
110
Mar
1134
9
Feb
"4335" "¥200
42~
20
92
Jan
"166
154
154
100
%
100
"11
Apr
I
300
34
255
June
1835
434
1954
500
635
634
200
14
"1534
1
com..5
"734
.___—*
*
2034
100
334
3 34
100
13
235
Hummel-Ross Fibre Corp 5
135
7
"1534
""300
135
735
22,000
Jan
14
1034
Apr
1634
July
54
Mar
434
Mar
134
10)4
Jan
July
Mar
5535
400
"55"
com—1
1
50
54
300
800
;v
5534
""334 "*335
42
Mar
6154
July
July
2
50
38
Mar
455
434
July
July
""360
2
Mar
35
Jan
"334 "334 ""160
Option warrants.......
1534
234
Mar
Mar
.535
134
254
60
Apr
Apr
76
July
3
*
May
6
Jan
Mar
13
Jan
July
2
235
73 34
*
300
73 34
25
pref—*
Electrographic Corp
10
1
Electrol Inc vtc
1
1
24
3135
Jan
65
28
Jan
56
May
28
48
6% preferred...—-.100
634 % preferred
100
10c
1
Feb
June
Feb
6534
May
"260
28
Jan
5734
May
150
32
Jan
68
May
May
22
Feb
1054
Feb
15
Empire Dlst El 6% pf.100
Empire Gas & Fuel Co—
—
134
1654
Elgin Nat Watch Co
7% pref erred...—.. 100
8% preferred
....100
Empire Power part stock. *
Emsco Derrick A Equip..5
Jan
July
"4934 "4934
5035
51
18
51
25
48
18
v
50
1J16
'¥,100
1135
3,100
1754
634
34
Mar
Mar
Jan
May
1134
»i»
Jan
7
May
13
Jan
22
1134
Eureka Pipe Line com—50
July
31
Jan
15
t500
635
100
234
150
634
Apr
Mar
—
""150
18
"35"
"166
27
Mar
Mar
1434
1535
"3l"
2034
200
"so
6634
435
7034
435
34
34
2,200
100
he
1
535
534
1,300
2
634
1654
1
Fanny Farmer Candy coml
Fansteel Metallurgical
*
4
Mar
Apr
Mar
2035
Jan
Internat
Mar
655
July
434
Mar
834
Jan
Mar
535
July
July
1154
50
25
.1
2
Mar
900
12
Mar
1834
19
19
400
Flat Amer dep rights
1
34
(Phlla).lO
5634
5534
900
34
1635
455
12
600
200
1
7
635
5634
7
64 34
100
64 34
48
50
2,100
25
*4734
ord reg—£1
Ford Motor of Can cl A..*
Class B
..*
434
435
500
900
15
200
1535
June
1555
300
1334
Mar
32
Mar
1034
10
Am dep rets
1935
1934
435
1 935
600
1,200
60 34
Jan
Internat Radio
July
100 frcs
134
100
26
Mar
49
July
May
Mar
534
Jan
2034
July
Mar
2054
Aug
134
Mar
234
Apr
Mar
1634
6434
6334
6435
Class
A
B._
$1.75 preferred
—— —
750
1854
1934
300
34
1934
Mar
835
35
Apr
Feb
134
Mar
255
2554
34
400
234
2555
255
2554
355
1035
35
600
2,300
1034
55
1,100
400
Mar
235
5
June
Mar
Mar
34
100
Ian
M ar
6
35
100
35
Mar
735
35
May
2435
63.50 prior pref..
Warrants series of 1940—
Interstate
Apr
23
24)4
*
1
*
*
Vitamin—1
Home Equip. .1
Feb
6
Apr
»i«
4 34
International
134
Mar
4834
7
Internat Safety
Mar
735
6634
Motor of France—
Mar
35
Corp
1
Razdr B._*
International Utility—
Apr
1434
June
135
934
15
Apr
1
254
334
Feb
May
82
International Products...*
Mar
Jan
10
10
Jan
434
4834
Mar
635
1034
Mar
Ford Motor Co Ltd—
Jan
Feb
17
ru
Aug
Mar
1635
1435
Class
*
4634
Mar
534
15
Jan
Jan
335
1635
Mar
23
June
1654
June
Jan
32
June
734
34
3934
Jan
Mar
4835
1434
32
Jan
"400
1535
434
1154
A stock purch warrants.
Internat Metal Indus cl A *
Internat Paper & Pow warr
International Petroleum..*
Registered...
—*
Federal Compress A
Mar
""334 "334
Hydro-Elec—
Pref 63.50 series
Mar
135
1134
5
34
15
455
Mar
July
500
*
.*
10
*i»
Mar
234
Industrial Finance—
-.1
7% preferred
100
Insurance Co of No Am. 10
International Cigar Mach
Corp—
Mar
3
Vtc common.
Option warrants
Jan
66
320
..100
B
Jan
Mar
100
Indpls P & L 634% Pf-100
Indian Ter Ilium Oil—
Class
Aug
435
154
435
154
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain & Ireland
£1
Indiana Pipe Line..
10
Indiana Service 6% pf.100
Non-voting class A
June
434
Imperial Chem Indus—
Am dep rets ord reg..£l
preferred
18
2134
735
334
7%
Mar
Mar
12
1534
*
IHuminating Shares cl A..*
Mar
May
8
Securities. *
—
534
1134
9834
1
Zinc
Mar
235
50
Illinois
1,800
"3134
2034
3134
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
preferred
Mar
535
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric
Mar
20
fHuylers of Del Inc—
Common.
May
9
7034
Dlv arrear ctfs
Shareholding—
Common...-.-..——1
May
Apr
734
Hoe (R.) &
5%
Mar
435
334
Hussmann-Llgonier Co... *
435
Jan
1335
6
Humble Oil & Ref
135
13
"l5"
""835 "*934
Mar
40
Jan
June
July
12
Apr
Apr
"35"
Jan
*
Mar
Jan
Mar
1
20
20
Jan
Apr
35
2034
Preferred ww
24
634
334
Mar
535
Mar
Iron.25
334
"934
Jan
Jan
A...*
56 preferred series B—*
Easy Washing Mach B
*
Economy Grocery Stores.*
Edison Bros Stores....—2
100
135
20
26
May
31
57 preferred series
1954
Mar
52
Jan
254
1
Co class A...10
Hollinger Consol G M_,
Holophane Co common.
Holt (Henry) & Co cl A..*
Hormel (Geo A) & Co com*
Horn (A C) Co common—1
Horn & Hardart
—*
5% preferred
..100
Hubbell (Harvey) Inc...5
June
Feb
81
434
Hewitt Rubber common..5
1334
Mar
54
Heyden Chemical
10
Hires (Chas E) Co cl A...*
Mar
7
May
9
2
25
Heller Co common
Jan
Jan
Feb
834
33
50
154
A
July
654
934
Apr
Mar
755
3
11
11,400
300
Mar
334
2
154 June
3334 June
235
Class
Apr
434
35
254
Rubensteln
Helena
65
700
Florida P A L 57 pref
1,100
5 a. June
-*
com...5
6% preferred
50
Hecla Mining Co
25c
Jan
Apr
May
334
6
8
934
July
425
Flsk Rubber Corp
735
235
92
cl B com. 1
Mar
64
T366
Jan
6454
11735
72
Corp
Hazeltine
Mar
36
Feb
"42""
Brewing Co——1
Mar
1
25
134
6134
Mar
June
67
800
234
FIdelio Brewery
25
125
235
Hearn Dept Store
234
Amer dep rets...
Mar
534
335
*
1534
Ford
34
100
1,800
734
25
1
4134
56 preferred.
1,800
2535
25
Gulf States Util 65.50 pref
66 preferred
-*
Gypsum Lime & Alabast. *
Hall Lamp Co
*
Jan
15
Fire Association
35
835
125
Jan
61
Apr
Mar
934
35
60
100
7%, 1st preferred
9
38
Ferro Enamel Corp
Feb
934
Gt Northern Paper
25
Greenfield Tap & Die—*
16
15
Warehouse Co com
Apr
*1# May
835
34
60
Mar
39
—,
Feddera Mfg Co
Mar
89
1335
*
Non-vot com stock
May
-.100
Falstaff Brewing
10
10
Vtc agreement
3
Mar
Mar
Mar
2
11
"loo
Apr
May
26
16
75
"1335
June
100
.*
100
1335
Mar
435
1,000
preferred...
1434
Mar
Apr
May
434
Great Atl & Pac Tea—
3334
8
Fairchild Aviation
50
1235
9334
35
35
Aug
Aug
434 % prior preferrd.100
European Electric
63
1,300
30
9334
Mar
Feb
1034
Mar
""B
...
pref ww
634
1235
—
14
34
1
Equity Corp com
Esquire-Coronet
67 preferred
800
107
Eagle Plcher Lead
10
East Gas & Fuel Assoc—
conv
535
30
Godchaux Sugars class A.*
Class B
*
1335
10
July
134
16
200
5
635
14
10734
334
354
61?4
pref A
6
30
*
*
Gulf Oil Corp
B com *
Elec Shovel Coal 54
534
.*
Preferred
Apr
Mar
58
57
200
*
preferred
Gilbert (A C) common...*
extend
IGrand Natlon'l Films Inc 1
Grand Rapids Varnish.—*
Gray Telep Pay Station. 10
May
100
Electric
65
75
73
July
Mar
Mar
July
435
*
preferred
Aug
May
Dublller Condenser Corp.l
Class A
63
Georgia Power 66 pref.—*
July
234
934
934
Mar
2635
Gen Water G <fc E 00m...1
234
21
100
Elec Power Assoc
May
72
Mar
67
10
Eastern States Corp
Mar
1
835
100
6% preferred A
Mar
60
Duro-Test Corp com
1135
30
100
600
4834
35
Gorham Mfg Co—
134
32
"40
Apr
40
Gorham Inc class A
July
100
Elec P A L 2d
H
4834
35
1134
4834
preferred
conv
Apr
2e« May
65
Feb
General Tire & Rubber—
July
35
i~700
com—*
Draper Corp
Driver Harris Co..
56 preferred
800
Warrants
63
Mar
Mar
34
41
*
preferred
Mar
9
400
34
34
Goldfleld Consol Mines.. 1
24
100
13
13
June
June
2234
Dominion Textile
55 preferred.
J6
Apr
134
1634
Amer dep rets ord reg-£l
Gen Flreprooflng com
*
General Investment com.l
"'§34 "*334
Dominion Steel & Coal B
Elsler Electric Corp
100
*
July
"235 "234
Dobeekmun Co com
Elec Bond & Share
General Alloys Co
Gen Electric Co Ltd—
Aug
Mar
75
preferred.......100
Aug
134
134
134
>335
Corp...5
Distillers Co Ltd
£1
Divco-Twln Truck com_.l
Malleable
5%
735
Haloid Co.._——-...—5
Distilled Liquors
Eastern
Mar
80
Glen Alden Coal
200
30
32
10
Preferred
10
Diamond Shoe Corp com.*
6% preferred
Mar
28
20
Gilchrist Co.—
De Vilbiss Co com
Common........
18
25
Jan
5
134
134
14
Detroit Steel Products—*
Sulphur
75
32
80
conv
534
6% pref ww
—20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com.
Duke Power Co
21
32
80
preferred
conv
4%
1035
Preferred....————*
7% preferred
20
preferred.. .100
*3
Grocery Sts Prod com..25c
Grumman Aircraft Engr.-l
Guardian Investors
1
3734
Detroit Gasket & Mfg—
Domtn Tar & Chem
*
Jan
Mar
Gamewell Co 36 conv pf._*
Gatineau Power Co com..*
Jan
Jan
25
*
Jan
12
Mar
100
834
*
10
Cuneo Press Inc
June
735 July
35 May
1734 Mar
335 Mar
300
25
Crystal Oil Ref com
Jan
434
234
1354
14
Co com __ 25c
Preferred
•
72
900
A—*
Crown Cork Internat
25
Gen Rayon Co A stock...*
4
•4
3H
16
Aug
June
Mar
500
16
July
May
Mar
1434
535
634
934
1
July
Jan
634
100
734
17
Fuller (Geo A) Co com
8
July
100
734
1635
9
*934
30
354
Apr
100
1
2034
"ik "in
34
Crowley, Milner <fe Co—*
Crown Cent Petrol (Md).5
1
15
preferred
June
Mar
Jan
2M
454
Fruehauf Trailer Co
May
134
6334
35
100
*
5% conv preferred
Courtaulds Ltd
735
434
Mar
Low
454
General Telephone com .20
—.—-1
56 preferred A
Common
Conv
Week
5
Franklin Rayon Corp
1
Froedtert Grain & Malt—
1834
14
""266
u—
Cosden Petroleum com—1
Duval Texas
Shares
Price
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 66 pref
*
Corroon & Reynolds—
Durham Hosiery cl
for
of Prices
Low
High
Paif
15
Mar
11
400
634
535
7235
6 35
Consol Copper Mines
5
Consol GELP Bait com *
Davenport Hosiery
Week's Range
Sale
Fox (Peter) Brew Co
1434
634
V t c ext to 1946
Crown Drug
Last
High
Low
Shares
Compo Shoe Mach—
Consol Biscuit Co
Range Since Jan.
stocks
(Continued)
1,1938
Range Since Jan.
Last
Par
Sales
Friday
Sales
Friday
stocks
{Continued)
Common.—.
1165
New York Curb Exchange—Continued—Page 2
147
434
435
435
4 34
Feb
1,400
235
Mar
200
234
June
1, 1938
New York Curb
1166
Friday
STOCKS
Last
(Continued)
Week's Range
Sale
Par
of Prices
High
Price
Low
Interstate Power 17 pref..*
Investors Royalty
Iron Fireman Mfg v t
4
1
C-.10
Italian Superpower A
Jacobs (FL) Co
Jeaunette Glass Co
Range Since Jan. 1, 1938
for
X
7X
Mar
">X
Mar
Jan
National Candy Co com..*
7"
H
Mar
Jan
National City Lines com.l
aX
Jan
Jan
$3 conv pref
...50
National Container (Del).l
National Fuel Gas
.--*
X
5X
2
May
12X
X
7X
>X
June
3X
300
6,300
67
67
25
81 X
30
82
""20
31
500
24
27
100
52%
Apr
67X
Aug
61
"82"
Apr
73
Jan
68
Apr
85
Jan
21
Mar
24
May
21%
5X
5%
300
1"
38
rr.A
10
21X
Jan
7X
11X
Mar
Aug
H
28 X
1
225
12
12
12
100
dX
Nat Tunnel & Mines
Feb
Nebel (Oscar) Co com
8X
14H
Mar
Feb
37% June
11X June
6X Mar
38
May
37X
June
11
Aug
Feb
3X
Jan
July
85 X
Jan
New Idea Inc
13",400
71«
2,100
27 X
May
Apr
27 X
22X
25
100
"MOO
X
12X
2X
X
13
14
May
5X May
IX July
15
July
ax July
Jan
Feb
May
Mar
"it
Mar
11X
15X
IOX
19X
13%
14X
Jan
14.
Apr
Jan
Feb
25
Jan
3
July
May
Aug
Mar
Mar
22 X
7X
Mar
14X
14%
10,400
Mar
iax
9X
Aug
9%
1,400
ax
OX
Mar
10X
July
1%
14H
Common...
100
IX
500
1
Mar
IX
Jan
28%
24
100
Loudon
32%
120
283*
Aug
42
23 X
175
23 X
Aug
1%
24%
1X
34 X
300
IX
Mar
7X
7%
800
2X
9X
1%
7%
Packing
*
Louisiana Land A Explor. 1
Louisiana P A L $6 pref..*
5
X
88
Lucky Tiger Comb G M.10
Lynch Corp common
6
24
1
~|
IX
IX
400
preferred
*
Mapes Consol Mfg Co...*
Communlca'ns ord reg £1
*
5X
18
5%
7X
7X
14%
1
7X
14%
14%
45
19 X
19%
July
500
4X
Mar
10
50
11X
Mar
10X
99 X
200
20X
3,400
17X
200
3X
4
Common
European Oil com_._l
Nor Jnd Pub Ser 6% pf. 100
Mar
400
2
Mar
5
Mar
50
Jan
X
a
Aug
June
Apr
July
Jan
IX
Feb
Apr
29 X
Feb
.
_
85
74X
May
July
7u June
•is
3%
8X
2X
7X
"is
700
3X
3,700
2
900
5
•it
700
Jan
Jan
Jan
6
•u Mar
3X May
X
Jan
ax
8X
X
May
Jan
X
Apr
8X
May
"1#
Feb
Apr
15
Apr
108
July
7%
100
4H
"550
45 X
IX
IX
ix
200
IX
Mar
May
Mar
4%
4X
500
IX
X
X
5X
X
500
5X
X
X
75
900
Midland OH Corp—
$2 conv pref
Midland Steel Products—
$2 non-cum dlv shs....*
10X
10X
Ollstocks Ltd
Oklahoma Nat Gas
$3 preferred..
Mar
2 X
Mar
77 X
July
Mar
19X
Mar
Mar
6X
Mar
6%
conv
OX
Apr
10
Jan
20
91X
Apr
105
July
Apr
95
July
50
20
Mar
6
600
4
4
100
B
7X
81
7X
81
7X
81
3,900
1251
pref
ax
X
ax
1,000
'lax "39""
600
Oldetyme Distillers.
IX
5X
9X
July
Mar
Mar
89
May
X
H
Z%
36
36
Minnesota P A L 7% pf 100
Miss River Power pref. 100
8X
40
Mar
»X
ix
700
IX
Mar
2X
Feb
4x
200
3
Mar
4X
July
H
Mar
43 X
150
31
Mar
43 X
24
2 ax
400
12X
Mar
29
Aug
nx
Mar
27X
Aug
Apr
42
July
May
Parker Pen Co
Apr
10
Feb
43 X
Aug
Mar
IX
July
Mar
4X
July
ht
70
June
47
Apr
74
July
20
60
Apr
80
July
4
Mar
10X
700
ax
8X
18
Jan
153*
July
Mar
26
Aug
20 X
June
94
94
50
87
110
500
100
May
May
113
113
ioi X
1003* 101X
29X
125
363*
200
Mar
Mar
24X
Mar
2X
Feb
39X
Aug
78
Aug
110
July
69
June
103
com
July
May
Feb
2X
Mar
4X
June
Jan
11H
Aug
3,100
ax
3X
Mar
ax
July
Voehrlnger—
$2.50
6X
5%
6X
*
Apr
June
11331
1045*
Apr
94X
July
Mar
10X
10X
109X
93 X
8X
12X
Mar
Aug
2,200
ax
Mar
34
34%
450
21 x
Jan
35
July
95
97
125
89
May
100
July
IX
ix
800
IX
Mar
2X
Mar
3X
July
2X
2X
100
IX
4X
June
2X
Aug
6
Aug
20
com
tMoore (Tom) Distillery. 1
Mtge Bk of Col Am shs..
..1
ax
5X
ax
ax
ax
5X
3,500
900
{Mountain States Power.*
Mountain Sts Tel A Tel 100
Mar
iox<
iox
*
2,300
27 X
Mar
250
25 X
Apr
27%
Jan
107X 107X
225
98 X
46
Mar
108%
July
July
"ax "7"
"560
155
iox
105*
1 ax
1,500
4%
4X
4X
6,600
'33"
ax
ax
300
16
July
"33"
"~50
ax
400
June
19
May
23
18
Mar
35%
2X
21
Mar
Jan
Jan
ax
Jan
26
Apr
110
Aug
Aug
Jan
Feb
July
July
Feb
2X
July
2%
2%
8X
Mar
2X
2
7X
89%
*
*
Feb
4X
June
Jan
4X
Mar
9X
ax
July
X
Jan
2
7X
89 X
200
2X
2X
1,700
IX
Mar
7X
1,200
4X
May
175
79 X
Mar
91
84X
84X
154X 156X
50
May
June
Feb
12X
107X
2.50
3X
3X
7
Jan
June
July
Phillips Packing Co....
*
10
50
74
Mar
121M
67
67
200
59
72
67
73
100
54 H
May
Mar
24
Apr
Mar
3X
7X
500
ax
300
3X
3X
700
3X
800
3 H
Apr
4X
Aug
112H
29 X
7X
4x
7X
Feb
2X
IX
10X
93%
84%
160
Jan
July
July
Aug
July
72 X
Jan
86
July
24 X
Mar
8%
7%
May
July
July
Mar
117%
31%
Mar
4X
July
Mar
4
July
Feb
Phoenix Securities—
Common
121
Jan
Conv pref series A
10
Pierce Governor common
Pines Wlnterfront
1
12
July
Pioneer Gold Mines Ltd-.l
12X
8X
45*
IX
34X
Mar
Feb
June
8%
May
June
75*
50
June
6
Jan
May
13
iax
Phila Elec Co $5 pref.
Phila Elec Pow 8% pref 25
6
19 H
14
iax
Philadelphia Co com.,—*
100
Aug
May
Apr
Feb
200
July
12X
3X
3X
i4x
96
Aug
Mar
Jan
July
19
June
July
July
Mar
7X
Apr
87
1
27
Jan
Mar
65
2X
31
2
3 H
1 ax
Apr
31
45
Apr
X
10
Mar
30X
27 X
*
May
122
100
10
4X
29X
26 H
Pepperell Mfg Co
100
Perfect Circle Co
Pharls Tire A Rubber_...l
28
Moody Investors pref
Jan
Mar
July
Aug
July
27X
30 X
Mar
X
150% 150X
Montreal Lt Ht A Pow..
Jan
1
Pa Water A Power Co
Apr
4X
8X
24
20X
28X
*
2%
ax
.*
$6 preferred
Penn Salt Mfg Go
IX
17
July
9X
*
Pennroad Corp v t 0
1
Penn Cent Airlines com..l
Pa Pr A Lt $7 pref...
»
100
-
Jan
July
July
July
July
85
*
$5 pref erred
Penn Gas & Elec cl A
Penn Mex Fuel Co
Penn Traffic Co
200
17
97X
8X
10
30
100
$2.80 preferred
2X
17
com
34%
113
Penn Edison Co—
2X
Monarch Machine Tool-
Feb
14 J*
Mar
109
29X
6
Mar
109X
10
com
Jan
80
14X
Class B
*16
73X
79
iox
Parkereburg Rig & Reel-.l
Patchogue-Ply mouth M ills *
Pender (D) Grocery A
*
Peninsular Telph
Preferred
Aug
78X
72
Paramount Motors Corp. 1
June
2 H May
H
ZX
*
1
Feb
42
24
Pacific PAL 7% pref .100
Pacific Public Service
*
$1.30 1st preferred
Jan
Aug
ix
*
1
6X
X
4%
Pacific Can Co
7X
200
July
89
Apr
Mar
Apr
8X
IX
8X
7X
July
June
X
Jan
Jan
Aug
June
24X
ax
com
Jan
1X
Apr
Mar
July
July
*it
Feb
2X
aX
Mar
k
70
*
Pacific G & E 6% 1st pf.25
ax % 1st preferred
25
Pacific Ltg $6 pref
.*
Jan
Jan
July
75*
1
100
IX
9X
13 X
9X
4X
20 %
Oliver United FUters cl B_*
200
80 X
Jan
Mat
70
600
July
Jan
80
38 X
97
100
July
il4H
30
60
34 X
IX
June
20X
Mar
4
10X
..50
X
May
June
Jan
100
103
ax
j
9X
Pan-Amer Airways
Pantepec Oil of Venez
X
2
Jan
7X
7%
103
15
com.
Jan
81
28X
28X
5
com
July
7X
Jan
July
100
100
4X
100
10
14
72 X
42
IX
100
Apr
Mar
59 X
Mid vale Co
Mid-West Abrasive....50c
Jan
16 X
28X
Engineering..*
Novadel-Agene Corp
*
3X
j
62
18
72
73
Page-Hersey Tubes com..*
4%
July
Mar
Overseas Securities
X
July
12 x
Mar
Northwest
6% 1st preferred
Apr
51
36
15
10
com cl A
Jan
85
12
Ohio Brass Co cl B com..*
Mar
Mar
10
7%
100
Ohio Edison 16 pref
*
Ohio Oil 6% pref...... 100
Ohio Power 6% pref
100
Ohio P S 7% 1st pref... 100
Jan
X
Jan
X
ax
N01
Mar
Aug
Aug
July
July
900
7X
25
6% prior preferred
50
No Am Utility Securities.*
Nor Central Texas Oil
5
July
H
6
Aug
1
$6 preferred
*
North Amer Rayon cl A..*
Class B com
*
4X
Apr
June
June
"Six "aa"
65
1
124%
July
X
*
see
..5
Jan
X
Nor Amer Lt & Pow—
Aug
5
25
1
For footnotes
*
20 X
28
10
Murray Ohio Mfg Co
*
Muskegon Piston Ring .23*
July
106
100
Mar
20
*
Mountain City Cop com 5c
Mountain Producers
10
79
52
Nineteen Hundred Corp B1
Nor St Pow
30 X
Bumper Corp__l
Monroe Loan Soc A
Montana Dakota Utll.-.10
July
106
Class B common......5
Northern Pipe Line
Mar
ht
Mar
July
111
52
X
Jan
Mar
»
Nachman-Sprlngfllled
10
100
Aug
3
X
52
100
July
21
25c
1
Common
3X
125
4
X
45
1
5% 1st pref
5% 2d preferred
Jan
July
July
50 X
May
10
51
99X
55
Feb
•
Mar
50
N Y Water Serv 6% pf.
lOOj
Niagara Hudson Power-
55
Mar
17
29 X
Shipbuilding Corp—
Founders shares
Mar
400
X
1
A
July
Jan
5
Particlpat pref erred ..15
Metropolitan Edison—
Montgomery Ward
Mar
28
6J*% A preferred... 100
Monogram Pictures
Jan
Mar
13 X
ix
25X
28
...
Common
N Y
New York Transit Co
Mar
90
3X:
200
.__..,*
Feb
IX
7X
45
Merritt
Molybdenum Corp
$6 preferred.
Aug
25
2X
3X
Merchants A Mfg cl A...1--
Missouri Pub Serv
Feb
Mar
•3,3 v
IX
3X
10
Noma Electric
July
Aug
N Y Merchandise
Nlplsslng Mines....
Jan
Jan
4X
N Y Pr & Lt 7% pref-.100
July
2X
16
47
Memphis Nat Gas com...5
Midwest Oil Co
..10
Midwest Piping A Sup..
Mining Corp of Canada
Minnesota Mining A Mfg.*
IX
X
3X
8X
*
com
43
3:
16 X
N Y & Honduras Rosarlo 10
Jan
Jan
ox
79
Warrants
July
July
Mar
2X
Jan
IX
H Mar
12X May
*
com
Feb
July
18X
ax
N Y City Omnibus—
Class A pref
Nlles-Bernent Pond
Jan
Mar
Memphis P A L17 pref...*
Mercantile Stores com...*
Middle West Corp
Warrants
39
Mar
N Y Auction Co
Jan
Jan
Jan
June
500
9 JX
.
t c
600
Ti»
1
Newmont Mining Corp. 10
New Process Co com
*
7% preferred
100
McCord Rad A Mfg B...»
McWllllams Dredging...*
*
200
1
*
2o
2
Jan
X
7X June
105
42 x
43
Class A opt warr
3X
IX
200
May Hosiery Mills Ino—
$4 preierred w w
*
Sugar Co
2X
Feb
64
May
4
X
»1S
Mar
10H
Class B opt warr
Niagara Share—
7 X
24
1
18
Massey Harris common..*
Preferred
X
May
6X
*
Middle States Petrol
Class A v t c
"160
Jan
June
6
Mar
32
50
*
New Mex & Ariz Land
July
88
Mar
X Mar
X July
IX
Apr
29X June
Marconi Intl Marine
Gas A OU......1
Steel Tube..2.50
100
com
Jan
15
...I
conv
Oil
Mar
July
X
Manati Sugar opt warr....
Moore Corp Ltd
July
25H
650
Lone Star Gas Corp
Mock, Jud,
Aug
14
Mar
1
14
Jan
29
June
19
14
5
$6 pref
"w'Tx
New England Tel & Tel 100
New Haven Clock Co
*
I A) rig Island Lighting—
v
6% preferred...
$2 pref
49
3
Lockheed Aircraft
Class B
JaU
58 X
"ax
4X
1H
2,000
*
Mar
'X
May
3
Mar
—100
New Engl Pow Assoc
X
Mar
Loblaw Groceterias cl A
Mesabl Iron Co
Metal Textile Corp
7% preferred
Feb
12
IX
4%
July
Mar
Nestle Le Mur Co cl A...*
45X
200
Aug
July
64X
he
12 X
2
3X
38
2X
64
Jan
Mar
100
lix
"~X
Feb
Mar
2,800
64
'~7X
J&n
9
14 X
Mar
\v
5,500
11X
37
15
Neptune Meter class A—*
Jin
100
25
Participating preferred.!*
Chapman A Scott *
3X
6
Jan
38X
200
(Herman) Corp..5
12 X
102 X
'moo
1
23%\
Mead Johnson A Co
Nelson
Jan
k
Llpton (Thos J) class A.
Michigan
Michigan
Michigan
Michigan
July
July
2%
5
McColl-Frontenac Oil.
"""166
62
Nebraska Pow 7% pref. 100
Nehl Corp common—. ...*
1st pref..—-.——--—*
n
New Jersey Zinc....
Lion Oil Refining
Mexico-Ohio
Jan
Mar
95
14
Le Tourneau (R G) Inc..l
Master Electric Co
Aug
11X
June
*
200
53
2X
Lehigh Coal A Nav......*
Leonard Oil Develop...25
v t c
ax
nx
3X
*
J
1X
15 X
*
Marlon Steam Shovel
National Tea 5X % pref. 10
12.50
National Transit
63X
*52k
53 %
Lefcourt Realty common, l
Preferred
*
Mass Utll Assoc
Refining.*
ax
—*
Margay Oil Corp
National Sugar
Apr
700
4X
Conv part preferred—*
National Steel Car Ltd---*
Nat Union Radio Corp.-.l
Navarro Oil Co
*
Mar
61
6
May
6,300
.1
Jan
Mar
Langendorf United Bak—
Mangel Stores
—
Jan
7
May
Apr
12X
2
.*
common
1
"33""
"33"
62
July
July
7X
Mar
7X
nx
10
June
4
25
7
7X
12 X
Nevada Calif Elec com .100
Lakey Foundry A Macb.-l
Lane Bryant 7% pref. .100
Majestic Radio A Tel
Nat Service
Mar
May
IOX
99X
Nat Rubber Mach
July
5
"is
99%
National P & L $6 pref...*
National Refining Co—25
42
June
X
Nat Mfg & Stores com...*
National Oil Products
4
33
3X
'?
1
com
Mar
June
6X
z5%
99%
Nat Bellas Hess
Mar
IX
13X
Lake Shores Mines Ltd-.-l
Warrants
Jan
3
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
15
Jan
Aug
106
Feb
22
T800
Jan
Aug
July
Jan
Apr
106
38
111
Mar
4
ax
~~2~X ~~2%
43 X
32 X
Aug
1U6
10
7% preferred
6% pref class B
Tooo
19
High
Mar
3X
Mar
100
Locke Steel Chain
"x ~"x
Low
2,700
May
X
4%
67
Koppers Co 6% pref—100
Kresge Dept Stores
preferred
Lit Brothers common..
9X
»n
Knott Corp common
1
Kobacker Stores common.*
6%
8X
IIH
Klrkl'd Lake G M Co Ltd 1
Line Material Co
9
250
Klein (D Emll) Co com..*
Klelnert (I B) Rubber ColO
Class B
National Baking Co com.l
1
Range Since Jan. 1, 1938
400
X
4%
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% Pf B 100
6% preferre
D
100
Kingston Products
1
Klrby Petroleum
1
A...
for
Week
Shares
1,200
Ken-Itad Tube A Lamp A -
Class
Jan
Aug
High
17%
7% pref. 100
Keith(G E)7% 1st pref. 100
Kennedy's Inc
5
pref
Nat Auto Fibre com.
of Prices
11
Kansas G & E
conv 1st
Week's Range
Low
Price
10%
11
63*% preferred—-.100
6% preferred
..100
7% preferred
100
Jones A Laughlln Steel. 100
Julian & Kokenge com...*
4%
July
X
2X
Sales
Sale
Par
High
Jersey Central Pow & Lt—
Kress (S H) A Co
Last
(Continued)
Low
110
X
STOCKS
Week
Shares
5H
Aug. 20, 1938
Friday
17 %
.1
*
1
*
Irving Aur Chute
Exchange—Continued—Page 3
Sales
3
19X
19X
19X
100
20
20
200
z 10
H
1
3X
800
2H
5*
Mar
23
July
Mar
21X
Aug
Jan
1%
Jan
Mar
3X
Jan
Jan
Mar
page 1169
al
Volume
Last
(Continued)
Sale
Par
for
of Prices
High1
♦
_
6%
5%
37%
Jan
7%
July
Mar
39%
July
Southern Union Gas
"700
4%
Mar
10
July
50
Potrero Sugar
6%
34%
4%
Mar
62%
8%
300
8%
"7% "V%
52
52
"97%
"97% ~99*A
"500
%
"T%
5
Jan
Aug
1%
4%
,5%
700
Mar
2%
20%
"2%
200
21
2%
2%
700
5%
%
5%
%
5%
800
600
*
Gas
"e%
*
Prudential Investors
"ek "ek
"200
Mar
1%
June
July
Feb
Mar
Aug
Jan
10
20%
21%
80
84
21%
38%
6% prior lien pref__.100
84
10
*
Jan
Jan
Standard
103
July
Common class B
106
Feb
Preferred
6%
100
%
11%
U%
Reynolds Investing......1
Rice Stix Dry Goods
*
%
1
Rio Grande Valley Gas
4
%
June
Mar
7
Jan
4%
July
Jan
Mar
109
Aug
136
May
149
Aug
Marl
2%
16
Mar
10%
Aug
Feb
8%
%
Feb
July
1
Root Petroleum Co
2%
Russeks Fifth Ave
Rustless Iron A Steel
1
._*
Ryan Consol Petrol
*
Ryerson A Haynee conj._l
Safety Car Heat A Lt
*
St Lawrence Corp Ltd
*
*2 conv pref A
50
*2.50
conv
St Regis Paper com
5
preferred....... 100
Samson United Corp com 1
Savoy Oil Co
5
7%
Schlff Co
*
common
Scovlll Mfg
25
*
Scranton Elec *6 pref
Scran ton
7%
36
7%
8
May
35
July
66
3%
57
8
3
"ilk
5%
Aug
Mar
6
3%
Jan
Aug
Apr
%
96%
Apr
17
Aug
Mar
Feb
June
22% June
"l8% "l3%
28%
"400
600
1%
1%
8
7%
Trans
Jan
FeL
7%
80%
8%
%
3%
16
.1
stock... 1.5
25
*5.50 prior stock
Jan
July
Transwestern Oil Co
July
7%
200
.
80%
"id
3%
100
4%
Jan
65%
3%
July
2%
Aug
Jan
16
Jan
29%
Jan
700
16%
3%
Jan
26%
Mar
9%
Mar
1%
Jan
Mar
1%
July
11
June!
iv%
1
8%
8%
350
%
400
8%
72%
B
Mar
Mar
35
Aug
July
Mar
Jan
1%
4% June
17
Jan
200
1
*
common
Seversky Aircraft Corp_._l
Denn
Mining..5
Shawlnlgan Wat A Pow__ *
Sherwin-Williams com. 25
2%
6%
7
2%
7%
1,100
2,300
75%
Aug
Mar
75%
Aug
*3
cum
*3
114
114
10
Jan
Mar
3%
Jan
6
300
4%
%
June
7%
1%
June
11%
2,000
7
*6 1st preferred
%
Jan
July
115
July
114
Aug
•id
May
Jan
13%
July
dep rets ord
2
2%
1,500
1
4
4%
300
100
233
239
60
16%
1 %
2%
United Shipyards
Class
212
4%
Preferred
18%
2%
Mar
Aug
United Specialties
5%
Jan
4
Mar
254
5%
July
Jan
13
Mar
16
10
1
Card
AUg
U S Radiator com
.....1
4
4
4
700
1%
Mar
4%
Aug
"3%
13%
Mar
6%
Jan
14
600
Jan
14%
July
IJ
..nil
1%
1H
1%
900
1 %
Mar
1%
Jan
3%
2%
Mar
Mar
6%
3%
Jan
U 8 Stores Corp com
8%
9%
Mn
%
"3% ""3%
*7 conv 1st pref
2%
5
5
5% original preferred.25
6% preferred B
25
5%% pref ser es C
25
38
38
60
34%
Apr
27%
27%
300
25%
Mar
28%
July
2
Universal Consol Oil..-.10
25%
25%
200
23%
1%
Mar
26
July
Universal Corp vtc
July
Universal
Insurance..
4,300
May
Universal Pictures com
Universal Products Co
1
*
25%
preferred
100
30
Mar
June
2%
45
1
Utah-Idaho Sugar
For footnotes see page 1169
51-
Utah Pow A Lt *7
pref...*|-
2%
Mar
Mar
14%
July
Mar
Mar
4%
3",600
500
96
%
Mar
"id
Mar
%
2%
Mar
69
Mar
Aug
Feb
34
5%
July
Jan
Jan
Jan
100
1%
Jan
Mar
Mar
100
1%
1%
Apr
4%
Jan
2,500
2%
2%
22
13%
Mar
28%
July
900
Apr
Jan
77
3%
Jan
17%
Jan
24
Aug
Apr
70
May
5%
June
6%
July
230
%
June
1
8%
2%
July
212
Jan
Jan
Jun
Jan
8%
10%
July
Aug
1%
75
9%
300
1%
900
%
May
77%
9%
1%
32
50%
Mar
81%
July
30
39
Jan
42%
May
3
Feb
40%
40%
5%
5%
2%
3%
July
6%
Jan
600
June
"id
"id
100
%
Mar
8%
1%
July
Jan
61%
200
42
Mar
62
July
1%
400
1
Mar
50
22
Feb
1 %
29%
July
1,900
2
Mar
60
1%
29
•5%
29
5%
5
%
%
100
100
3
3
1%
2%
"3%
Mar
Aug
Feb
•id
Mar
1%
3,200
1%
Jan
2%
2,400
1%
Mar
17%
100
3%
3%
1,400
Aug
%
6%
%
%
Jan
Aug
Jan
1,100
%
1%
2%
17%
6%
3%
Feb
%
300
3
United Verde Exten...60c
Southern Colo Pow cl A. 25
7%
United Stores v t c_,
United Wall Paper
Mar
4%
3,400
8
Jan
Jan
15
65
—*
*
Soss Mfg com.
South Coast Corp com
l
Southern Calif Edison—"
May
Mar
»i«
*
100
39
10
62
U S Rubber Reclaiming..*
Sonotone Con
.
Mar
Mar
3%
%
"id
1%
—
Solar Mfg. Co
Smith (H) Paper MlUs..
1%
%
11%
100
2
1*
with warr
U 8 Playing
88
July
July
30
com...l
.1
U S Lines pref.
Jan
3
2%
U S and Int'l Securities..*
Jan
88
Sioux City G A E 7% pf 10»
3%
600
14%
U 8 Foil Co class B
July
Mar
Mar
Aug
4
14%
10
..1
com.25
—25
Mar
1st pref
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Jan
1%
cl A...1
B
Mar
Mar
July
7%
2
reg—_
.....
United Shoe Mach
Con v preferred
*
Simmons H'ware A Paint I*
3%
Apr
2
4%
United Profit Sharing._25c
Jan
Aug
Mar
600
United N J RR A Canal 100
Am
Aug
12%
35%
800
United Molasses Co—
10%
*22%
8
Mar
3
*
Apr
%
100
July
Jan
June
5%
6%
Milk Products—*
preferred
Mar
5%
%
%
June
18
*
A part pref
Preferred
*
July
2
10%
9%
Jan
107
106
300
Transport
Apr
66
Mar
2%
._.*
United
200
Aug
Aug
20%
Apr
1,200
*96%
%
2%
July
Jan
Apr
1%
*21%
7
Jan
July
Jan
2%
4
1%
Mar
pref. 100
United Lt A Pow com A.*
Common class B.._...*
Jan
16%
63
%
Option warrants
Aug
Aug
July
h#
94%
Mar
Feb
5
98%
94%
1
July
5
10
Tl%
1
1st *7 pref non-voting.*
Feb
Slmmons-Broadman Pub-
SImpUclty Pattern com
Singer Mfg Co
Aircraft
11%
62%
600
United Chemicals com...*
June
July
3%
Feb
Feb
July
July
200
300
Warrants
%
21%
Mar
Jan
5
21
%
50
paid-in..
*17.50
United
1%
106%
Mar
Union Traction Co (Pa)—
1% May
•n May
%
5%
18%
Mar
%
106
%
United Gas Corp com
Mar
104
21%
105%
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
2%
June
102
'18
%
Union Premier Foods Sts. 1
4
300
%
Jan
70%
Jan
5%
14
3
£1
1
Amer dep rets reg
5%
%
4
Investment
June
48%
85%
%
June
1%
10
10
United G A E 7%
Sentry Safety Control
Serrlck Corp (The)
May
Mar
56
106
com..*
Union
44
96
%
Un Cigar-Whelan Sts.. 10c
United Corp warrants.—.
49%
72
72
2%
96
*
10
Series B pref....
250
17
July
Apr
54%
Tung-Sol Lamp Works.—1
80c dlv. preferred
*
Ulen A Co ser A pref
*
Unexcelled Mfg Co
Mar
26%
Mar
50
1
Jan
May
700
Mar
60
1%
10
A..
Feb
2
Allotment certificates...
Shattuck
Class
25
800
4%
Jan
Mar
Mar
7%
July
June
%
1%
92% June
3% Mar
6%
July
2%
Tublze ChatUlon Corp...l
113
June
800
"75
Trunz Pork Stores Inc...*
July
29%
%
10%
*62~"
44
16%
Tri-Continental warrants..
Selfrldge Prov Stores—
Seton Leather
4%
1
6
18%
Mar
June
150
62
,
Jan
11
Screen—
Plct
Lux
Common
92
Selected Industries Inc—
Common
%
14%
Am dep rets def
June
1
Segal Lock A Hardware.. 1
Convertible
1,700
Union Gas of Canada..—*
*
*
»
600
23%
Am dep rets ord
15
*
Seiberllng Rubber com
Selby Shoe Co
%
1%
22%
*
Jan
July
%
*
%
Mar
Tobacco Securities Trust—
110
Warrants
Securities Corp general
Seeman Bros Inc...
Mar
Feb
%
3
1%
Mar
15%
7%
6%
31%
2%
"62"
Jan
Mar
Jan
Feb
26%
1
Constr*
Feb
9%
Feb
3%
100
350
Jan
8%
Aug
36%
300
"800
July
38
13%
Jan
Apr
Apr
300
4%
hi
Aug
3%
9%
Mar
2%
29%
5%
17%
4
May
4",600
29%
reg...£l
reg.._£l
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Apr
*2% "2%
4%
46%
Mar
,
July
16%
10
Mar
2%
11
4%
Mar
42
Jan
Mar
61
3%
Mar
7
""eoo
4%
9%
June
Feb
July
1
Mar
300
2
13
5%
22%
1%
Mar
Jan
Mar
29%
Tobacco Prod Exports—*
Mar
Mar
...—
Jan
55
Jan
5%
1%
5%
July
Mar
Jan
29%
2%
5
7%
4%
Mar
"~5%~May
Jan
35
Apr
Aug
2
17%
Tobacco Allied Stocks
July
2%
5
Tllo Roofing Inc
Jan
Jan
7%
3%
Tenn El Pow 7% 1st pf. 100
Texas P AL7% pref... 100
Texon Oil A Land Co
2
Tlshman Realty A
4%
29
900
1
Mines..
Apr
Mar
300
15
July
Apr
|
Jan
6%
*3.30 class A partlcipat.*
9%
July
12%
3
8
Mar
46%
30%
4%
69
June
8
"2%
1
Mar
4
Apr
5%
Superior Ptld Cement B._*
Teck-Hughes
June
2%
200
"5% "II
*
Aug
1
1%
3%
50
pref—
Technicolor Inc common.*
*
Scullln Steel Co com
conv
July
Mar
•id
Brook
Service pref
5%%
June
300
Apr
July
July
7%
11
%
100
1,800
5%
Jan
2%
100
Taggart Corp com
.1
Tampa Electric Co com..*
Tastyeast Inc class A...I
Taylor Distilling Co
1
75
3
22 %
23
3%
57
100
600
July
12%
8%
4%
8%
July
4%
57
4%
1%
June
75
67
July
1%
4
2%
67
4%
8%
13
100
"i%"'I%
Apr
10%
100
Mar
100
2
*
Sunray Drug Co...
Sunray OH
500
8
36
3%
300
Jan
Jan
July
2%
6%
May
*
Lace common
Scranton Spring
Water
7%
7%
pref
July
6
June
100
Jan
12%
5
*
Stetson (J B) Co com
Stinnes (Hugo) Corp
July
% June
49
*i«
Mar
24%
3%
48
Mar
3%
*
50
..20
Sterling Aluminum Prod.l
SterHng Brewers Inc
-1
Sterling Inc
1
May
May
-'1
*
Mar
»ld
6%
2d preferred
•id
"300
3%
400
200
1%
1%
25
100
preferred
5
Jan
22%
'2% "2%
300
8%
1st preferred-.j.4.
34
Mar
*
Royalite Oil Co Ltd
Royal Typewriter
6%%
Sterchl Bros Stores
Thew Shovel Co com
2%
9
%
11%
"n May
10%
Feb
19
4%
2%
20
*1.20 conv pref
Rossla International
June
3%
1
8%
5
17%
62
Feb
Rolls-Royce Ltd—
Roosevelt Field Inc
"*~50
20
100
200
June
23
Stein (A) A Co common.
Mar
10%
11%
8%
16%
90
150
%
1,100
4,700
"760
99
11
Sullivan Machinery
90
8%
Jan
Starrett (The) Corp vtc.l
July
H
ref___£l
6
June
99%
"22""
Wholesale Phosp
A Acid Works com
20
Co-
Rome Cable Corp com
22%
8%
Swan Finch Oil Corp
Voting trust ctfs
1
Rochester GAE6%pfD 100
Roeser A Pendleton Inc..*
Am dep rets ord
Standard
Stroock (S) Co
4
"8%
Jan
Mar
June
1
700
%
11%
3%
Radiator
July
9
2%
1
Richmond
100
July
7%
Steel Co of Can Ltd.....*
7%
*
.50c
5
Apr
23%
Reed Roller Bit Co
Reybarn Co Inc
%
Mar
Reeves (Daniel) common.
Reliance Elec A Eng'g
July
June
May
3%
Reiter-Foster Oil...
86
92
May
*
*
33
18%
Mar
1
4%
1%
33
Mar
5
July
29
Red Bank Oil Co
15
%
Standard Steel Spring
Standard Tube cl B
Apr
%
18%
1,500
1,600
Jan
13%
7%
18%
18%
23
Standard SUver Lead
10%
50c
com
Jan
17%
1
July
90
*3 conv preferred
Raytheon Mfg
July
14%
97%
Aug
47%
25
100
Feb
14%
Mar
"21"
39%
Mar
100
""20
2%
Apr
5
6%
24
May
6%
149*"
149"
145
Apr
11
18%
Jan
23%
'""5k "5k
Pyrene Manufacturing.. 10
2
100
200
*
175
42
300
14
11%
*
Jan
16%
40%
16%
2%
11
100
Standard Products Co
Aug
13%
Standard Oil (Ohio) com 25
5%
Jan
11
25
(Neb)
Jan
1%
2%
7%
7%
7
40%
400
13%
6%
Oil
17%
Mar
18
Mar
%
16 preferred
*
Puget Sound Pulp A Tim. "
Pyle-Natlonal Co com
5
Quaker Oats common
6% preferred
.100
Quebec Power Co
By A Light Secur com...
Railway A Utll Invest A..1
Raymond Concrete PileCommon
*
Jan
Aug
preferred
Standard Pow A Lt
.
preferred
%
preferred..20
conv
Aug
18%
23%
Jan
75%
Jan
% June
%
Jan
5
Aug
Jan
Standard Dredging Corp—
Common
1
*1.60
Feb
Mar
98
87
7% prior Hen pref
100
|Pub Utll Secur $7 pt pf. *
Puget Sound I' A L—
Jan
Mar
22%
July
Aug
11%
7%
39
%
12%
17%
Apr
22
Apr
•id
Standard Invest *5% pref*
Standard Oil (Ky)
10
July
Mar
May
Aug
1%
95
38%
5%
28%
Jan
Apr
14%
3
•id
Public Service of Okla—
15
com
Mar
103%
*
*7 prior preferred
16 preferred
100
600
6%
36
%
Standard Brewing Co
Standard Cap k Seal com.
Conv preferred
10
Public Service of Colorado-
6% 1st preferred
100
7% 1st preferred
100
Public Service of Indiana—
July
*
*
1
Aug
22%
Mar
3
19
Mar
6%
3%
5%
Mar
*
Aug
2%
Mar
2
reg—£1
ord bearer £1
July
37
3%
Am dep rets ord
16%
24
100
600
Spanish A Gen Corp—
97
5%
3%
2%
6%
35%
25
Stahl-Meyer Inc
Marl
he
3%
2%
2%
10
83
*
preferred
June
17
9%
1
*
Corp
Feb
33
Pressed Metals of Amer..
Prosperity Co class B
June
Aug
148
3%
.
Co...6
Am dep rets
Spencer Shoe Co
Feb
%
95
*
1
*
Prentice-Hall Inc
*6
Mar
2%
100
Premier Gold Mining
Providence
Jan
10
Pratt A Lambert Co
Producers
Jan
500
Power Corp of Canada.
6% 1st preferred
July
June
135
So West Pa Pipe Line..50
1%
200
3
3
Southland Royalty
South Penn Oil
Jan
106%
■: 6
%
~~7H"7K
Aug
High
Low
Shares
25
June
55
%
"~7%
Price
._*|
Preferred A
June
Mar
"600
8%
3%
common.._5
Powdrell A Alexander
Mar
Jan. 1, 1938
Week
South New Engl Tel.-.100
Southern Pipe Line
10
50
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
Polaris Mining Co.25c
for
of Prices
Low
High
Par
Pitney-Bowes Postage
Pitts Bess ALE RE
Week's Range
Sale
High
Low
Shares
Last
1938
1,
Week
Low
Range Since
STOCKS
(Continued)
Range Since Jan.
Week's Range
Price
Sales
Friday
Sales
Friday
STOCKS
Meter
1167
New York Curb Exchange—Continued—page 4
147
7
Jan
Jan
1%
Aug
2%
July
19
Aug
1
42%
15%
1
43%
June
3%
Jan
May
8%
June
3
15%
1%
7
Mar
8
Jan
100
9
May
16%
Feb
1,100
1
Mar
1%
Jan
100
31
Mar
44%
Aug
New York Curb
1168
Last
STOCKS
Sale
(Concluded)
Par
Utah Radio Products
Price
Week's Range
of Prices
High
Low
for
Range Since Jan. 1,1938
254
44
Priority stock
2%
44
44
25
"l"% "1%
*
*,«
100
1%
134
31H
June
136
100
12
600
234
256
600
"24"
~24~"
"ido
"T
24
Van Norman Mach Tool.5
"va
Apr
336
June
4534
July
July
June
%
Jan
Mar
236
Jan
~~9~
~w
"266
936
AlrcraftiCo
*
100
7% preferred
1% Mar
2034 June
July
11
25
Co
Wentworth Mfg
134
v/3
7 54
7%
~7 H
xG%
49
534
July
134
136
8134
May
Apr
5%
83
1
Jan
Jan
7334
134
1
107
Mar
107
104
------
336
334
1
.
f
27,000
Feb
54
12,000
76 34
10934
7234
7434
104
107
Jan
27.000
3,000
1%
5334
Jen
Mar
534
10936
7934
Feb
Apr
May
May
July
6,000
9734
Apr
107
Aug
5,000
98
Mar
104
July
8334
Mar
98
July
7134
Apr
43
Apr
July
9534
29,000
1952
9534
1 Empire Oil A Ref 5 34sl942 101 "m 101"» 10134 141,000
136
July
Ercole Marelll Elec Mfg
Mar
8
Aug
4%
Apr
8
Aug
334
June
Apr
Apr
7
1
"n June
0
Jan
634
334
434
Jan
Aug
Empire Dlst El 5s
52
Erie Lighting 5s
Federal Wat Serv 5 34s 1954
— —
— — —
52
107
107
1,000
76
1953
1907
634s series A
76
1,000
14,000
10234
58
Feb
Apr
101***1 Aug
56
10734
7834
Feb
Aug
July
8
Jan
Jan
Finland Residential Mtge
105
49
10
*10334 105
10334 10334
10134
May
20,660
10134
July
10534
Jan
101'M 101**1
3,000
101*m
10554
Jan
First Bohemian Glass 7s '57
*53
72
Aug
June
Banks 6s- 5s
stpd—.1961
Firestone Cot Mills 5s. 1948
10334
Feb
30%
Mar
75
85
85
86
7,000
70
Apr
8734
July
1634
May
2236
934
8134
Mar
Florida Power A Lt 5s. 1954
92%
9134
9334 117,000
74
Mar
9334
Aug
Mar
9234
9534
23,000
78
Jan
10434
102
Jan
General Bronze 0s
Aug
General Pub Serv 5s..1953
Apr
Apr
Apr
Apr
9534
234
734
634
Gary Electric A Gas—
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s.1950
9
Amer dep rets
Feb
6734
%
Mar
6%
Apr
Apr
Apr
June
6
va
Mar
4H
va
May
100
4%
2%
7%
9
1,000
58%
2
Jan
July
7
300
7%
8
Yukon-Pacific Mining Co.5
W
136
800
Mar
X
Jan
Jan
H* o>
1
Feb
Jan
BONDS
102
104
Jan
10334
Feb
Alabama Power Co—
——————
72
34
(Adolf) 4348—1941
Grand Trunk West 4s. 1950
Grocery Store Prod 08.1945
Guantanamo A West 0s '58
Hall Print 6s stpd
♦Hamburg Elec 7s
1st & ref 5s
—1946
1st & ref 5s
1951
1st & ref 58
1956
1st & ref 5s
1968
1st & ref 434s
1967
97M 100
.819,000
92%
92%
1,000
Jan
101
May
Amer G& El debt 5S-2028
MH
86%
Am Pow A Lt deb 6S-.2016
Amer Radiator 434s__1947
Apr
Apr
94
70%
05
Jan
106
31,000
1,000
9034
83*4
10534 June
107 36
Apr
41,000
106
10934
July
50,000
12,000
58 %
Apr
Mar
104
Aug
79
90
May
July
July
Arkansas Pr A Lt 6s..1956
43
Conv deb 534s
1938
Conv deb 4 His C.._ 1948
Conv deb 434a
1949
95
-
-----
18,000
2634
9434
104
65
Apr
65
51
June
59
29
Mar
4254
Aug
10734
5034
10234
7634
33
4,000
------
37,000
3,000
------
------
1,000
Jan
June
98
July
Jan
Feb
July
Mar
Aug
3434
May
28
June
2134
8336
Feb
Feb
97
9734
104
Feb
90
Apr
Apr
10334
Aug
103
Apr
10734
July
Aug
1234
May
15
June
43
Mar
68
July
43
Mar
6734
106
June
Feb
117
Aug
111 IT A Lt 1st 6s ser A. 1953
9934
9934 10034
39,000
8534
Apr
10136
July
102%
6,000
96%
Apr
103
July
1st A ref 534s ser B.1954
96
9634
23,000
79
Apr
9836
98%
48,000
88
Jan
1st A ref 5s ser C—_ 1950
9634
9234
92
93
53,000
70
Mar
94
Aug
July
43
36,000
30
Mar
8 f deb 5 34s.-May 1957
8334
83
8334
9,000
68
Mar
8634
July
9534
9734
6,000
79
Mar
9534
Apr
9734
July
Apr
86
July
95 %
*28
27%
9836
Aug
46
July
30
"s'ooo
62
90
July
Mar
34
July
634s series B
1953
20%
21)4
Mar
3234
July
5s series C
1951
31M
23,000
Mar
36
24,000
3,000
21
36
3034
36 %
23
75%
74
75 %
11,000
62
Apr
Apr
10034 101
22,000
9234
10036 101
65,000
26%
5s without warrantsl947
*7936
Mar
Apr
35
July
Aug
Indiana A Mich Elec 5s '55
41
July
5s
8134
10734 108
85
10634
54
4836
52
64
6436
Indiana Service 5s
1950
Feb
Aug
1st lien A ref 5s
1903
96%
Apr
101
July
♦Indianapolis Gas 5s A1952
Ind'polls P L 5s ser A. 1957
Feb
95
Mar
11234
11236 H2M
120
11934 12034
6 34s series C
57
Mar
1900
------
1998
-
-
Birmingham Eleo 434sl968
-
8634
7134
12236 12234
13734 13734
86
4,000
110H
117%
12034
1,000
129
May
21,000
70
16,000
5,000
Apr
Apr
Jan
3,000
55%
Apr
Jan
82
2,000
71J4
Mar
103
104
34,000
10134
Mar
104
10434
14,000
10034
Mar
9536
31,000
113 36 11334
8,000
7 1 36
8634
7 1 34
82
103
104
Birmingham Gas 5s...1959
Broad River Pow 5b..1954
Canada Northern Pr 5s '53
' '
-
Canadian Pac Ry 6s. .1942
Carolina Pr A Lt 5s.„1958
-
9536
Cedar Rapids M A P 5s *53
Central 111 Public Service—
9434
...1956
1st A rel 434s ser F.1967
8934
July
10334 104
4%b series H
1981
Cent Ohio Lt A Pr 5s..1950
98
73
11334
Mar
Mar
140
8734
7234
-
-
1952
------
87
10434
10834
68
115 34
Mar
Apr
July
July
2,000
91
June
108
108
1.000
10534
Mar
108
Aug
Jan
Iowa Pow A Lt 4 34s—1958
Iowa Pub Serv 5s
1957
6,000
9834
Jan
105
July
Jan
Isarco Hydro Elec 7s.1952
57
2,000
5234
Apr
63
78
Jan
85
Feb
39
Jan
53
July
July
Mar
May
July
99
July
July
23%
Mar
41
33
3434
66,000
24
Mar
41
53 34
5 3 36
9,000
3234
Mar
5734
July
10734
10734
May
6s series B
Isotta Fraschlni
Jacksonville
4434
80
72
104 34 10434
*7834
7s...1942
1955
Debenture 5s
1958
6434
Debenture 5s
1969
Cities Service Gas 534s '42
Cities
Service
Gas
Pipe
6434
10136
1966
68
1950
6434
5s series B
10234
------
45
5,000
44
1942
I..1947
4 34s series C
1961
Kansas Elec Pow 3 34s. 1966
Kansas Gas A Elec 6s.2022
10434
Jan
Kansas Power 5s
10134
Jan
44
3.000
32
Feb
50
8,000
100
Apr
100
Jan
10436 105
10434 10436
9834
Jan
Apr
10534
Jan
97
Mar
10134
July
112
Mar
11736
10234
Aug
Kentucky Utilities Co—
Jan
*101
634s series D
534s series F—
_
1947
_
83
83
Lake Sup Dlst Pow 3 34s '66
Lehigb Pow Secur 6s..2026
Jan
♦Leonard Tletz 7348-1946
Jan
5234
73
3,000
71
July
87
75
2,000
74
July
Feb
8,000
4734
Mar
9134
70
Lexington Utilities 5s. 1952
Libby McN A LIbby 5s '42
Long Lsland Ltg 6s...1945
July
Louisiana Pow A Lt 5s 1957
64 %
192,000
4334
Mar
6734
July
6434
38,000
4234
Mar
67
July
Mar
6734
July
Apr
10234
July
__
10034
•
w
—
—
—
—
♦7s without warr't8.1941
43
8034
9,000
9534
65
8434
Apr
Mar
84
July
July
10034
13,000
Apr
10054
Aug
8934
1,000
78
Mar
9036
July
8236
9834
83%
7,000
"65
Mar
84
July
1,000
93
9934
July
Marlon Res Pow 4348.1954
McCord Rad A Mfg 6s *45
9834
10034 10134
*2734 —
9734
9734
10434 10434
12,000
......
Jan
84
Apr
103
Jan
25
Mar
28
Aug
84
Apr
97 34
Jan
Mansfield MIn A Smelt—
6434
8,000
10134 102,000
18,000
8934
I....—...1969
Jan
1,000
8334
100
100
1948
10634
48,000
------
11736 H736
101
10134
8234
-.1955
Apr
103
'
1st mtge 5s ser H._.1961
July
6734
6334
6334
68
64
94
44
44
Aug
Gas—
5s stamped
41
44%
101
57
9834
Jersey Central Pow A Lt—
6,000
4334
72%
75
------
6s series B...
Cities Service 5s
Conv deb 5s
7,000
Service—
Iowa-Neb LAP 5s...1957
5s series
95
June
97
Aug
Apr
6534
6034 June
109
97
9534
84
Jan
1961
Jan
Mar
10134
Aug
Mar
July
7934
5,000
5534
5134
107
99
55,000
Jan
2,000
2,000
Jan
5834
7634
9536
3434
Aug
5534
5536
53
Apr
July
Mar
83
9436
3334
10534
3,000
48
Mar
Aug
10434
50
74
10034
Mar
July
5,000
Jan
Apr
Mar
8334
12,000
4934
90
105
10334
4.000
64
88
......
May
5734
July
97
6134
7,000
99
10534 10534
Mar
6,000
Mar
*9534
43
Jan
10,000
c
36
1958
99
......
May
8034
7334
98
Interstate Publi
——
5534
1952
1950
July
85
10634 107
6334
Aug
7934
Debenture 6s
434s series F
5,000
10436 10434
Mar
86
9734
-
Interstate Power 5s.-.1957
5s series D_
Jan
-
Jan
4534
10,000
32,000
5534
1957
7b series F
July
Apr
1961
11134
50
1955
Mar
6034
Chicago A Illinois Midland
Ry 4)4s A
1956
Chic Jet Ry A Union Stock
10734
Apr
Aug
Apr
23.000
Apr
Apr
July
5336
5 34s ex-warrants...1954
Cent States P A L 534s '53
Mar
Mar
5834
1,000
9434
10936
75
10436
-10934
3754
3334
3334
Cent Pow A Lt 1st 5s_1956
Cent States Elec 5s__. 1948
Aug
1,000
3,000
Mar
92
9834
10734
Aug
Mar
16,000
-
i
1834
99
8234
~-
64
35
8234
£
-
84
12,000
94%
85%
9834
6,000
11,000
38,000
14,000
98
Feb
3634
69,000
13,000
Aug
3436
11434 Jan
12234 Feb
12234 June
99
9834
103
110
10834 10834
5536
5634
10236 103
99
1968
-----
10034
Italian Superpower 08.1963
6s series E
2,000
International Power Sec—
49 a
International Salt 5s..1951
1st M 5s series B...1957
85
10636 10636
53
Jan
90
21,000
------
*11036
7s series E...
8036
86
1957
8034
101
Works—
1950
85
85
Indiana Hydro Elec 5s 1958
July
9434
*97
Indiana Gen Serv 5s_.1948
31
3334
88
Bell Telep of Canada—
1st M 5s series A...1955
-
0s series A..—...—1947
30 %
91%
—
Corp—
Jan
29 M
ioi"
Electric
20%
4,000
28
*8834
10234 10234
•3,000
9134
Mar
63
61
6334 147,000
40
Mar
6336
6134
6334
50,000
40
Mar
10036 10034
7434
7434
7534
10034
9936 10034
*128
12934
1,000
70
Jan
25,000
52
Mar
103
Jan
July
65
July
65
July
Memphis Comml Appeal
Deb 4 34s
1952
Memphis P A L 5s A..1948
Mengel Co conv 4 34s.1947
——————
-
-
-
10434
*8534
88
10434 10534
2,00..
18,000
------
49,000
90 34
90
Apr
104*4
76
Apr
100
Feb
Mar
106
July
2434
*27
95
9034
Apr
2834
Aug
June
97
1,000
30 000
Jan
104
65
*10134 10534
*62
70
95
101
100
Apr
83
Jan
87
Apr
95
July
92J4
May
6734
Feb
91
92
3,000
70
June
105
105
6,000
100
Apr
5,000
10134
93
July
Jan
10834 10934
1939
123
,12334
Metropolitan Ed 4s E.1971
Middle States Pet 634s '45
Midland Valley RR 5s 1943
90
90
2,000
75%
Jan
95
6334
6434
3,000
50
Apr
6434
Aug
98
9834
26,000
8834
Jan
9936
July
93 36
9434
37,000
83
Apr
9736
10234 10236
7934 80
6,000
8734
Apr
10334
7,000
6136
Mar
70
Mar
9434
Jan
10034
July
12534
35,000
Apr
129
July
2,000
10334
Jan
110
10334
17,000
*10336 104
1954
10034 July
7534 June
Mllw Gas Light 434s—1967
------
Consol Gas (Bait City)—
Aug
10634
12034
Feb
124
Aug
Jan
May
4s series G
Minn PAL 434s
1st A ref 5s
1905
6034
61
25,000
54
Apr
6534
Jan
10736 10734
1978
94 34
1955
102 J4
Mississippi Power 5s__1955
Miss Power A Lt 5s...1957
Miss River Pow 1st 5s.l951
61
For footnotes see page 1169.
-
108
2,000
6s with warrants... 1947
0s ser A Btamped—.1943
-
Jan
Jan
Feb
10734
30 54
Atlantic City Elec 434s '64
Avery A Sons (B F)—
Community P S 5s... 1960
-
08
July
111 Northern Utll 5s...1957
29%
Conv deb 534s
1977
Assoc T A T deb 5 34b.A'55
Atlanta Gas Lt 434s__1955
Conn Lt A Pr 7s A...1951
Consol Gas El Lt A Power
(B Ut) 334 s ser N
1971
—
83
July
4,000
—
Cities Serv P & L 5 34s. 1952
634s
1949
1,000
Apr
June
Aug
07
95
"27k"
1968
♦Commerz A Prlvat 5 34s'37
Community Pr A Lt 5s '57
------
53
8134
107
90
Jan
90
117
10734 May
Indiana
1950
1943
8,000
------
35
10334 10334
*107
10734
*8
25
65
------
July
42
117
Associated Elec 434S..1953
Associated Gas A El Co—
{♦Chic R.vr 5s ctfs
1927
Cincinnati St Ry 534s A '52
2634
15,000
Mar
81
107 %
96
117
Ark-Loulslana Gas 48.1951
1940
54
11,000
------w
7534
10454
*65
68
10734 10734
102
stp—1946
Appalac Power Deb 0s 2024
Chic Dlst Elec Gen 4 34s'70
Mar
*29
Hygrade Food 0s A...1949
6s series B
1949
87
July
9334
81,000
63
98
"90"
Amer Seating 0s
D..1957
98
♦Hungarian Ital Bk 734s'63
July
10954
10456
66
*3634
39
*103
104
96 34
98
034s ex-warrants—.1943
Houston LtAPr334s.l960
86
July
*9334
9034 May
76%
36,000
104
75
102 34
Apr
1,000
89
109
3334
Feb
—
7034
72 34
*60
64
8834
8834
*10734 109
*53
65
Houston Gulf Gas 6s—1943
78
92
106
Apr
*3034
♦Hamburg El Underground
A St Ry 534s
1938
Heller (W E) 4s w w ..1946
88
82
June
8034
8334
9154
5734
54
1947
1935
92
8834
8236
Aluminium Ltd debt 5sl948
Registered...
89
4934
02
7ft
5634
Georgia Pow A Lt 5S..1978
6s
1953
Glen Alden Coal 4s
1965
♦Gesfurel
Hackensack Water 5s. 1977
*103
94
f 74.
Gt Nor Pow 5s Btpd—1950
1
836
236
7834
Guardian Investors 5s. 1948
1942
Apr
Mar
July
May
9034
July
Mar
77
86
91%
July
Mar
Jan
Apr
Georgia Power ref 5s—1967
734
056
1%
75
6534
78
July
734
l
10,300
02
II'OOO
82 34
Gobel
5c
0% preferred
i
£1
Wright Hargreaves Ltd—*
20,000
~~83M
356
Feb
7834
77
Gen Pub Utll 634s A.1950
Gen Wat Wks A El 5s. 1943
Mar
Aug
89
♦General Rayon 6s A. 1948
May
Jan
89
89
Jan
3%
95
48,000
1,000
1,000
70
Apr
7834
80
July
Mar
------
80
July
14#
6 54
104
104
1940
534
1034
934
5%
2
com
Gen mtge 4 Ms
Consol Gas Utll Co—
June
June
June
Jan
Petroleum.....1
Woolworth (F W) Ltd—
5s
Aug
05
Mar
Woodley
Line 6s
10436
100
May
Wisconsin P & L 7% pf 100
Wolverine Portl Cement-10
Yards 5s
Mar
8,000
1%
1
6s series B
Aug
91
61,000
2
49
—*
ser
10636
23,000
75
300
Williams Oll-O-Mat Ht._*
Wilson Products Inc
Cent Power 5s
Mar
109
500
1
*
6s series G
May
June
93
76%
8
*
Weyenberg Shoe Mfg
Williams (R C) A Co
6s series C
110
108
Florida Power 4s ser C 1960
West Va Coal & Coke
Bethlehem Steel 6s
104
9734
2,000
12,000
10934
254
West Texas Utll *6 pref—*
Locom
Mar
Aug
July
Jan
3
*
♦Convertible 6s
98
Firestone Tire A Rub 5s '42
Vot tr ctfs com
Debenture 5s
Mar
July
Jan
Jan
9054
1036
336
1134
Mar
Jan
July
534
Mar
July
7234
5
Apr
100
Mar
5
4% June
VA Mar
103
Detroit Interaat Bridge—
Aug
Western Tab & Stat—
Conv deb 5s
9,000
8336
47
5
2%
100
Abott's Dairy 6s
10334 10434
26,000
Apr
*1
4,000
100
Westmoreland Coal Co—*
Baldwin
------
2,000
8734
July
Western Maryland Ry—
Wolverine Tube
10334
10834
106
11,000
------
High
July
8
3 54
3M
354
.1
Wilson-Jones Co
10334
10636
Jan
Low
0334 Mar
10034 May
1%
7734
100
100
20
7% 1st preferred
9734
36,000
4%
34
136
1
1.25
Western Grocery Co
98
8034
10134
9734
6434
98
10334
10834
10634
Shares
Mar
VA
0
1
Western Air Express
6434
High
Mar
5%
Wayne Knitting Mills—5
Welsbaum Bros-Brower..l
Wellington Oil Co
Mar
7934
Range Since Jan. 1, 1938
for
Week
of Prices
%
——*
Class B
Cuban Tobacco 5a.
July
30
Week's Rangt
Low
10134
*96
Jan
17%
336
83
Wahl (The) Co common.*
Waltt & Bond class A
*
Walker Mining
79%
Jan
2
Mar
59
7% pref-100
Vogt Manufacturing..—. ♦
Wagner Baking vtc
Mar
Cont'l Gas A El 5s.
Sales
234
Petroleum... 1
Va Pub Berv
Waco
June
Mar
7
600
Venezuela Mex Oil Co—10
Venezuelan
2
34
150
Price
High
%
12
100
1
5
Sale
(Continued)
Low
Class B
7% preferred
Valspar Corp corn
*4 conv pref
Last
BONDS
Week
%
*
♦
Utility <fe Ind Corp com..5
Conv preferred
7
JUtll Pow <fc Lt common..1
Utility Equities Corp
1
Friday
Shares
1
Aug. 20, 1938
Exchange—Continued—Page 5
Sales
Friday
80
85
55,000
10734 108
7,000
84
10734
Mar
Aug
10736
10834
July
July
Apr
July
Aug
81
May
89
May
11034
Apr
Volume
Last
Week's Range
of Prices
Low
High
Range Since Jan
for
Sale
1,
Missouri Pub Serv 5s. 1960
♦Munson SS 0%s ctfs. 1937
3
Nassau «k Suffolk Ltg 6s '45
*83
Deb 58 series B__„__2030
„
„
6s series A
1948
L
"56%
-
m
'
«.'•
Aug
Toledo Edison 5s
24,000
5,000
38
July
44%
Jan
49,000
108
Mar
110%
May
83%
118
57%
54%
54%
53%
53%
*105
89
m
58%
23,000
5,000
89
120
85%
115%
39%
July
July
6%s.
5%s.
90
89%
90
92
93
15,000
♦Income 6s series A. 1949
80%
July
89%
Mar
91%
July
Feb
93%
82
9,000
64
Feb
5,000
93
June
45
May
32,000
105
Apr
94%
95%
*104% 105
107%
95
N Y & Westch'r Ltg 4s 2004
51,000
88
Apr
73
*114
1954
Debenture 5s
1,000
107% 108%
73
♦Ext 4%s Btamped.1950
N Y State E & G 4Mb 1980
-
•«,
Aug
July
98
105%
Apr
112%
mmmmmm
Jan
Jan
113%
July
Aug
70
Apr
90
30
Mar
Mar
62%
51
4,000
45
87
87
2,000
48
49
No Amer Lt & Power-
1956
Nor Cont'l Utll 5 Ms-1948
5%s series A
109
No Indiana G & E 6s..1952
1966
104
1969
103%
4Mb series E
1970
N'western Elec 6s stmpd'45
99%
5s series C
5s series
5,000
105%
10,000
Apr
D
*104%
mm
95
N'western Pub Serv 5s 1957
94%
Ohio Power 1st 5s B..1952
.104
104%
104
104
103% 104%
mi
-m
U
m
99
1946
98
93%
Apr
104%
July
86%
Apr
100
102
99
Feb
105%
103%
103%
Apr
99%
Aug
AND
82
115M 115M
1,000
114
Mar
116%
113
55
Mar
77
28
30,000
Mar
34%
27;66o
74%
Mar
97
2,000
78 ^ Mar
92 M
92%
6,000
76
98 M
25,000
82
93%
115
103
..1968
Peoples Gas L A Coke—
4s series B
..1981
53 M
July
Portland Gas A Coke 5s '40
Jan
90%
July
98
July
Apr
64 M
Apr
8b %
July
12%
2.000
1,000
1st A ref 4%s ser D.1950
70 M
94 M
36,000
25,000
53 %
105%
Aug
108%
Apr
109
78%
82%
111
Mar
Mar
Jan
06
3,000
106
June
65
73 %
53 M
1,000
May
53
Apr
June
108
May
Jan
107%
July
Apr
97%
102% 103%
15,000
Feb
105%
68%
Apr
81%
81
25%
26%
30
*23%
26%
*23%
26%
*23%
26%
86
Aug
'47
♦6s ctfs of dep. ..Aug '47
♦6s ctfs of dep
Apr *48
(Dept
Antioquia
............
-
-
V
_
.'mm- m-mm
v.
mmmmmm
July
...
.
<-
Jan
20
-
W-
•
Aug
24%
i'
~
_
£'+•
m..
-
-
-
..
....
.......
.......
lumbia—
11%
*8
*8
11%
♦7s
ser
D ctfs of dep. 1945
*8
11%
Jan
22
64
104%
Aug
Mar
Jan
69%
July
Apr
108%
July
1,000
107
Apr
109
Aug
w
-
-
-
-
-
m
m
«
July
7
„
— m
-
W
Aug
8%
8%
10
3,000
99 M
1,000
29%
June
June
103
Jan
Jan
65
98%
20%
34
23
»
«
-
.
107
Apr
105
July
15,000
101%
Apr
105%
May
21,000
101%
Mar
106%
July
Apr
106%
Feb
60%
75
71%
3,000
23,000
59
70%
53
80
72%
33
25 M
7,000
*9
11
78%
78%
78%
Jan
May
Mar
26%
Aug
June
110%
Apr
15
May
July
5,000
21%
31%
July
96%
Apr
103
38%
Apr
104
23,000
Apr
107%
Aug
105%
May
105%
Mar
102
Mer
103% 104
*58%
63
5,000
102
Mar
54
May
1,000
81
90
July
Mar
3,000
81
Aug
61%
101%
103% 104
87%
131%
106%
...
104%
25,000
♦7s ctfs of dep
105
Apr
63%
Jan
70
Mar
84
July
71%
Mar
97%
JuJv
...
'47
*23%
24%
*23%
*17%
*24
Apr
108%
10,000
106%
103%
Apr
111
Apr
106%
Apr
56%
Aug
Aug
Aug
10
2,000
64
Feb
80%
"ilooo
21
Feb
24%
Aug
"lolooo
16%
Jan
24%
Aug
Apr
17%
June
96
Apr
102%
Feb
7
Mar
10%
6
Apr
10%
Jan
June
18
6%s.I959
♦Russian Govt 6%s...1919
♦6%s certificates
1919
8
*10
7%
♦Rio de Janeiro
♦5%s
%
XM
%
Jan
%
Mar
11,000
%
Jan
%
Mar
%
%
*%
*61
Jan
5,000
%
1945
"4I600
%
%
1921
1921
9,000
11%
%
l
64
20
45
Jan
Jan
Mar
1
Mar
65
%
Feb
Jan
Mar
35%
10%
7%
Aug
104M
Jan
Feb
Jan
10
"sloOO
12%
24%
*24
30
99% 100
July
102%
110 M
107% 108%
110% 110 %
104
104%
10.000
4s...I960
Sou Counties Gas 4 M8 1968
July
13%
18%
30
1947
♦7s ctfs of dep
♦7s....
102%
Mar
Apr
9%
10
24%
♦6%s ctfs of dep-,.1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s...1958
♦Santiago 7s
38,000
22%
30
*24
'47
6S.1931
6s stamped
1931
Mtge Bank of Columbia—
♦7s ctfs of dep
1946
July
107% 108%
July
Jan
18
♦7s ctfs of dep.Oct
108%
108M
Mar
19
30
*15%
24%
♦Mtge Bk of Chile
♦Santa Fe 7s stamped.
101%
Mar
25
30
♦7s ctfs of dep. May
♦Issue of Oct 1927-....-
May
9,000
22%
23
Jan
30
*24%
107
104% 105%
10%
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
♦5%s certificates...
Ltd—
Jan
Jan
13
*9
1951
♦6%s ctfs of dep.... 1954
♦Mendoza 4s stamped. 1951
Mar
22,000
*107%
11%
19%
19%
2,000
♦Medellin 7s stamped. 1951
Mar
59
10%
July
28
*57
"5I000
July
July
Jan
30
Mar
20%
73
24%
102%
59%
*23
20%
75%
9,000
30
June
"20%
(City) 7s...1939
(Prov) 6%s_1949
Jan
Feb
102
Jau
39
20
Apr
112
Scripp (E W) Co 5M8.1943
Scullln Steel 3s
1951
♦Hanover
Aug
102
100%
25
*10
9%
Feb
♦Schulte Real Est 6s.. 1951
21
10%
June
25%
20
"l0%
108%
25%
'47
♦Secured 6s........1947
Apr
May
15,000
21
21
1952
External 6%s
♦German Con Munlc 7s
(City) Peru 6%s '58
7s
1958
107
9%
July
98%
23,000
21%
42%
21%
♦Lima
21
1,000
14%
July
98
*40%
♦Maranhao
93%
29%
Mar
1,000
99%
July
June
Feb
Jan
28
1,000
99%
1953
5s
June
103%
27
Jan
Danzig Port & Waterways
80
Mar
Apr
14%
10%
Mar
2,000
22%
25
2,000
(Dept of)
6%s ctfs of dep.... 1950
Danish 5%s_
1955
♦Hanover
31,000
28
♦6s series A
102
Apr
77 M
Apr
Columbia ( Republic of)—
102
Feb
Mar
76 M
Aug
13
102% 103
14%
26%
27%
Jan
11%
6%
5,000
21
Aug
103% 103%
109
26%
*26%
80%
12%
1952
Feb
78
May
Apr
65
12%
*8
113
104
10%
10%
*9%
*9%
Cundinamarca
Jan
3,000
Feb
.......
21
Apr
102%
68
1,000
♦7%s ctfs of dep... 1946
Cent Bk of German State <fc
♦Prov BankB 6s B..1951
*18
110
7,000
July
21%
May
14
*18
130
103%
*8
20%
-------
•
♦6s ctfs of dep..Oct '61
145
1,000
73
1,000
85
73
.1
♦7 %8 stamped
♦6s ctfs of dep.-July '61
7,000
105
♦7s stamped
....
6
-
------
Buenos Aires (Province)
June
6,000
145
*72
mm
16
Apr
25%
mm
10
*11%
Bogota (City) 8s ctfs. -1945
Bogota (see Mtge Bank of)
July
48
20%
♦7s ctfs of dep; ....1948
105%
7,000
1951
Jan
Apr
,
4,000
65 M
108%
♦7s 3d ser ctfs of dep.'57
♦Baden 7s
1947
♦Caldas7%s ctfs of dep.'46
♦Cauca Valley 7s
194P
128%
90
''■J*
'mmmmm
of)
Feb
100
19
14
Carolina Pow 58.1957
July
24
Jan
17%
.
—
*8
*110% 111
Southeast PAL 6s...2025
Feb
82%
May
May
GOVERNME
dep. 1945
*130% 133
Sheridan Wyo Coal 6s 1947
72
7,000
July
85
MUNICIPALITIES
C ctfs of dep. 1945
{♦St L Gas A Coke 68.1947
L A P 6s B '52
103%
July
86%
96
B ctfs of dep. 1945
Sauda Falls 5s..
1970
Aug
June
105%
A ctfs of
Feb
108
LOCO
109
1968
95
55
105%
11,000
ser
Feb
61
2,000
*23%
8hawinlgan WAP 4%s '67
Jan
24,06.
106%
ser
Aug
79
21
*29%
104
2,000
July
97%
97
ser
Jan
94%
89
♦Ruhr Housing 6 Ms. .1958
1948
June
108%
Apr
♦7s
May
113%
108
Safe Harbor Water 4 Ms '79
♦Saxon Pub Wks 6s...1937
102%
Mar
Mar
20%
*79
1955
Feb
96
June
20 %
1952
Gas Corp 6M8.1953
San Joaquin
97
32
June
96
106%
4,000
Queens Boro Gas A Elec—
6Ms series A..
10,000
10
74
76 M
106
74%
10
103 M 103 M
.1966
Puget Sound PA L 5 Ms '49
1st A ref 5s ser C...1950
Apr
103
*7
*7
105
Ms series 1
1960
Pub Serv of Oklahoma-
99%
1,000
*7
103% 103%
4
July
105% 105%
♦7s 2d ser ctfs of dep.'57
104% 104%
102 %
July
109
20,000
♦7s 1st ser ctfs of dep.'57
142
-...
107
June
23.000
Jan
...1966
1980
Apr
106%
54%
Feb
34
1978
103%
105% 106
94%
93%
103%
110'«32 1107I«
1st A ref 4Ms ser F.1981
26
32,000
105% 105%
102
102%
52%
July
Mar
109
107%
1956
Sou Calif Edison
65
28.000
Mar
108M 108%
6% perpetual certificates
Sou
1,000
24%
Mar
Pub Serv of Nor Illinois—
B
1st 4 Ms series D
84
♦7s
Public Service of N J—
1st 4Mb series
July
Mar
99%
Servel Inc 5s
87
93
*22M
♦Ruhr
Apr
99
'59
4s series A
75
75
♦Prussian Electric 6s. .1954
4Ms series E
1,000
3,000
108
1961
Potrero Sug 7s stmpd.1947
4Msserles D
86
July
99%
86
4 Ms series F
5s series C
July
*78
81
♦7s ctfs of dep. Jan
July
94%
21
Potomac Edison 5s E.1956
f 1st & ref 5s
Aug
92
♦7s
Apr
*105
♦Pomeranian Elec 6s.. 1953
PowerCorp(Can)4MsB
90
Apr
11,000
3,000
*72
Phila Rapid Transit 6s
Aug
Feb
103
93
PhJla Elec Pow 5Ms..1972
1962
Piedm't Hydro El 6 Ms '60
Pittsburgh
Coal 6S..1949
Pittsburgh Steel 6s... 1948
July
82%
105
92
94 %
95 M
*112% 113
1961
4s series D
July
80
Feb
103
105 M 105M
*108% 109
Penn Water A Pow 5s. 1940
4Ms series B
109
Jan
64
105
92 %
Penn Pub Serv 6s C..1947
1954
Feb
53%
Agricultural Mtge Bk (Col)
May
Penn Ohio Edison—
D
96
1,000
75
July
93%
Apr
Apr
79
1,000
92
97
Deb 5Ms series B..1959
3,000
75
Feb
98
Aug
July
May
115M
98 M
83
4 000
*24%
83
-
5s series
103%
Co 5s
FOREIGN
38,000
Aug
1950
Feb
81
*23%
Aug
1971
6s series A
64%
July
105%
Jan
105%
1979
1st 5s
Penn Electric 4s F
July
82%
Feb
27,000
81
*24%
106%
Jan
103%
Penn Cent L A P 4 Ms. 1977
80%
Apr
94%
67%
106%
Jan
July
96
18,000
79
*114% 115%
72 M
74 M
*31
31M
88 %
90
89 %
Mar
57%
20,000
75
10,000
97%
54,000
Apr
1964
56
18,000
70%
104%
106% 106%
Wheeling Elec Co 5s..1941
Yadkin River Power 5s '41
Mar
Pacific Pow A Ltg 58.-1955
3s
105%
♦York Rys
69
Pafcific Ltg & Pow 5S..1942
Park Lexington
93%
July
100
92
Mar
109
100
July
8,000
Pacific Invest 5s ser A. 1948
28
23
102%
95%
2,000
1941
Jan
^
^
^
91
23
Wash Gas & Light 5s.l95o
Wash Ry & Elec 4s...1951
107%
103% 103%
79
32
106% 106%
195
deb
Jan
Pacific Gas & Elec Co—
1st 6s series B
Income
May
107
23
27%
June
84
♦5s
Apr
Aug
27%
90
6s.
103%
5,000
16,000
Feb
Waldorf-Astoria Hotel—
80%
12,000
Apr
1,000
24
86
July
------
Okla Power & Water Ss '48
Pacific Coast Power 5s '40
107%
104%
1951
58 conv debs
95
104
m
1st & ref 4%sser D.1956
Okla Nat Gas 4Mb
15,000
32,000
4,000
105%
107
1945
Ogden Gas 5s
103% 104
103% 104
99%
99%
Aug
62
Mar
89
89%
July
105
115%
52
67%
52%
Feb
July
Apr
U2%
1,000
4,000
58
*88
4%S
Aug
93
July
47%
80%
July
54
109%
65%
Mar
108% 109
67%
July
P S—
Indiana
Northern
108% 109%
Mar
79%
Feb
84
108%
103%
m
50
51
Nippon El Pow 6%s_.l953
Aug
Jan
United Lt & Rys (Me)—
Va Pub Serv 5%s A.
New York Penn <fe Ohio—
NYP4L Corp 1st 4%s'67
81
July
84%
101
108%
30
104
109
101
80%
101
N Y Central Elec 5 Mb 1950
Jan
0518m Aug
44
*70
Aug
86%
86%
1,000
66%
70%
104
July
74
9,000
92%
106%
Apr
26,000
*27 Me
60
Feb
Jan
75%
55
27%
27%
59%
Mar
99%
45
56
Jan
70
Mar
53
55
July-
102
May
115% 115%
61%
Mar
Jan
104%
39,000
85
105I»32 105%
July
118
100%
Mar
45
Apr
40
33I660
1051932
Twin City Rap Tr 5%
Ulen Co—
Mar
40
9,000
Jan
Mar
94
Leonard
Aug
Apr
82
85
see
82%
90%
104%
101%
*99
(L)
Apr
35,000
33,000
96%
June
95
69
13,000
1942
5%s
Apr
New Orleans Pub Serv
5s stamped
83%
Apr
21,000
1954
Debenture
Apr
80%
111
2,000
106
88
New Eng Power 3%b.1961
"l-i'-iv 'L''±
95
56%
«
54
New Eng Pow Assn 5s. 1948
Tletz
38
118
-
-
July
81%
81%
81%
1950
92
18,000
95
New Amsterdam Gas 5s '48
Conv deb 5s
Mar
91
*115% 118
2022
5s.
Jan
5%
38
Nelsner Bros Realty 6s '48
N K Gas & El Assn 5s 1947
95
80%
109%
Nevada-Calif Elec 5s. 1956
1% June
81% May
109% 110
-
p.
38
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4%a.l981
7,000
62%
95%
104
Feb
61
48%
56
Feb
High
Low
21,000
54%
104%
July
100
86
89%
90
Nat Pow & Lt 6s A...2026
%
Apr
7,000
99%
3%
83%
98%
Jan. 1. 1938
Range Since
for
Week
Shares
4,000
54%
Aug
72%
Mont&na Dakota Power—
1944
Range
of Prices
High
Low
Pr.ee
95%
Apr
54
17,000
72%
71
72%
Sale
(Concluded)
High
Low
Shares
Week's
Last
BONDS
1938
Week
Price
Sales
Friday
Sales
Friday
BONDS
(Continued)
5%s
1169
New York Curb Exchange—Concluded—Page 6
147
Debenture 3Ms
Ref M
1945
3 Ms.May 1 1960
Ref M 3 Ms B.July 1
1st A ref mtge
Sou Indiana Ry 4s
*00
*45
1951
S'western Assoc Tel 5s 1961
85
Feb
93
Apr
85
6.000
55%
99%
Aug
85%
July
4,000
93
Mar
Mar
105%
56%
July
50
Aug
54%
Aug
July
"51
3,000
Mar
56%
50%
51
1L000
50%
Aug
54
50%
51
48,000
37%
Mar
57
Mar
"50~
(stpd).... 194£
♦Convertible 6s
1935
6s
Conv 6s (stpd)_....1948
50 %
Jan
Aug
,
56%
July
16,000
36%
64
Apr
79
49%
49
49%
17\000
36
Mar
55%
July
♦Starrett Corp Inc 5s. 1950
32 %
32
32%
16,000
18%
Mar
32%
Aug
Debenture 6s_ Dec 1 1966
50 M
Corp—
2d stamped 4s
1940
2d stamped 4s
1946
Super Power of 111 4Mb 68
1st 4 Ms
1970
Stlnnes
50
*76%
51
78
5,000
11%
Jan
16%
June
July
Unde
year'
x
The following is a
list of the New
York Curb bond Issues which have
week
e
Cash sales transacted
during the current week and not
been called
included in weekly or
yearly range:
No sales.
Under-the-rule sales transacted
weekly or yearly range:
V
during the current week and not
Included in
No sales.
(Hugo)
55%
50 M
106
50%
43
Jan
58
Aug
55
July
55%
7,000
52%
23,000
39
Jan
104
Apr
106%
Jan
107%
1,000
6.000
103%
Apr
107%
Aug
106
106
107
Tennessee Elec Pow 5s 1956
85%
87%
15,000
65%
Feb
91%
May
Tenn Public Service 5s 1970
93%
96 M 310,000
57%
Feb
96%
Aug
16%
in their entirety:
July
{Standard Pow A Lt 6s 1957
Standard Investg 5 Mb 1939
16
July
value,
a Deferred delivery sales not Included In year's range,
n
not Included In year's range,
r Cash sales not Included In
Ex-dlvldend.
* Friday's bid and asked price.
No sales were transacted during current
*
Bonds being traded flat.
{ Reported in receivership.
range,
Mar
40
102% 102%
16%
16%
rule sales
the
39
102%
{♦Stand Gas A Elec 6s 1935
1961
Jan
No par
Aug
103
*16%
—1949
11%
Jan
*
5,000
15,000
99
84
So'west Pow A Lt 6s..2022
Debenture 68......1951
"
102% 103
*99 "
8'western Lt A Pow 5s 1957
So'west Pub Serv 6s.. 1945
48
99%
5,000
Apr
Apr
z
Deferred delivery sales
In weekly
or
transacted during the current week
and not Included
yearly range:
No sales.
Used Above—"cod," certificates of deposit; "cons," consolidated
cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting
voting trust certw» tea: "w 1," when Issued; "w w," with warrants-
Abbreviations
•cum,"
"v t c,"
without warrants.
stcr*"x-w"
1170
Financial
Chronicle
Aug. 20, 1938
Other Stock Exchanges
New York Real
Estate Securities
Exchange
Bid
Unlisted Bonds
B'way 38th St Bldg 7s 1945
33
63*s unstamped
Bid
Park Place Dodge Corp—
Income 5s 1952 v t c
Hio East 40th St Bldg 6s '53
Listed and Unlisted
Ask
Internat Commerce Bldg—
03*s
1943
Ctls of deposit
24
1945
Unlisted Bonds
75
Bryant Park Bldg 63*8 '45
11 West 42d St Bldg—
Ask
SECURITIES
CHICAGO
Closing bid and asked quotations, Friday, Aug. 19
Paal H.Davis & @o.
73*
Members
Chicago Stock Exchange
Chicago Board of Trade
New York Stock Exchange
6
New York Curb (Associate)
77
10 So. La Salle St.,
Baltimore Stock
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
Last
of Prices
Week
Price
tow
High
Stocks (Concluded)
Shares
Low
*
Atl Coast Line (Conn). .50
19
19
19%
480
22%
%
22%
45
17
%
85
""Hi
1%
1%
10%
17%
71 %
72
1133* 114%
101
94
%
%
9%
55%
Mar
100
U2%
Apr
Bait Transit Co com v t c
-*
1st pre! v t c
Black & Decker com.....*
Consol Gas E L & Pow—*
5% preferred
100
Eastern Sugar Assoc com.l
'U4%
20
16%
'noli
Houston Oil pref
107
100
40
17
110%
Mar
July
19%
June
28
Apr
1
Mar
Mar
72
18%
11
145
30%
405
80%
18%
Fidelity & Guar FlreCorplO
Price
Par
Barlow & Seellg A
116
Bendix Aviation com
Apr
Berghoff Brewing Co
Second pref
7%
1
-
16
7%
%
%
19
July
112
Aug
Mar
35%
Jan
18%
July
i%
1%
6
425
June
Aug
Merch & Miners Transp..*
13
13
100
New Amsterdam
Casualty 5
11M
1%
07
11%
1%
67%
218
North Amer Oil com_.__.l
55
59%
Apr
14%
15%
1,293
8%
Mar
Penna Water A Pow com.*
U S Fidelity A Guar
2
15%
8
% May
1%
10
50
7%
June
U%
350
6?*
June
13
21?*
233*
7%
4%
mm
mm
mm
mm
323*
8?*
Mar
233*
Aug
300
6?*
Mar
83*
May
5
200
4
Jan
Mar
6?*
193*
150
123*
Mar
223*
Jan
29%
323*
5,450
163*
Mar
333*
Aug
Brown Fence & Wire—
^
-
m.
m
m
m
Mar
17
17
50
10
20
Brach & Sons (E J) cap—*
20
200
14
Apr
200
6
53*
"
...*
Class A
Bruce Co (EL) com
5
....—10
133*
12?*
133*
10
10
10
Burd Piston Ring
com..__l
Jan
Butler Brothers
5% conv pref
rn'm
mm mm mm
10
Jan
16%
12%
July
1%
Jan
Central 111 Sec
Jan
17%
July
City Bonds—
mm'm
lien
pref
1?*
Chain Belt Co com..
"41
18%
19% $28,000
15
Mar
23%
Jan
Cherry-Burrell Corp com.5
21
22
15%
Mar
27
Jan
Chicago Corp common..*
1,000
99%
Jan
99 %
~
~
"
.
-
23*
May
Mar
10
July
Mar
243*
July
16
17
53*
175
%
1% ;i?*
933*
1,001
July
183*
July
3*
Mar
13*
July
Apr
97
Jan
253*
June
50
July
163*
July
100
41?*
143*
143*
14
14
23*
323*
80
180
1
Mar
90
33
50
12
123*
1%
June
Mar
Jan
213*
23* June
2,650
343*
Aug
733*
100
25%
383*
Mar
733*
%
Jan
80?*
July
%
25
%
Mar
1?*
Jan
%
%
1
%
Mar
3*
Mar
8%
1%
8%
250
7%
June
103*
1%
100
13*
Jan
2
May
Aug
May
Preferred
*
Week's Range
Range Since Jan. 1, 1938
for
400
Cities Service Co—
10
(New) com
Club Aluminum Uten Co.*
Sales
Friday
4*a» «• *
_
*•
'm-mmm
■
mm
Commonwealth Edison—
Par
Amer Tel A Tel
100
Boston A Albany
100
Boston Elevated
100
of Prices
High
tow
Low
High
140
1413*
1,362
87
89?*
131% 132
102
60
Mar
131%
273
108
Apr
50
50
503*
15%
15%
3%
10%
Class A 1st pref (stpd) 100
Class A 1st pref
100
1st pref class B
Boston Herald Traveler..*
Week
Shares
141%
100
Boston Edison Co
Price
New capital
25
Compressed Ind Gases cap*
110%
Mar
26%
1,850
22
Mar
28
163*
200
12
May
25
03*
63*
1,350
Jan
1083*
v t c pref part shares
.50
Container Corp of Amer.20
Continental Steel—
July
Prior pref
..100
..100
Class D 1st pref (stpd) 100
Boston Personal Prop Tr. *
Calumet A Hecla
25
Copper Range
53*
Mar
15*
Mar
33*
July
40
18%
Aug
203*
Aug
5
53*
53*
10
33*
June
63*
113*
123*
75
113*
Aug
16?*
Jan
11
1134
100
73*
Mar
143*
Jan
1,600
23*
Mar
115
53*
Mar
3%
3%
3%
200
13*
Mar
43*
July
2
2
2
14
1
Mar
3?*
July
2
2
2
7
Apr
33*
July
Dexter Co
3%
3%
3%
June
53*
July
Dlxte-Vortex Co
Apr
Jan
Dodge Mfg Corp com
Jan
Elec Household UtU cap.5
Jan
Fox
153*
12
12
5%
50
40
7%
13*
2?*
25
11%
7%
5%
41%
35
14%
15%
102
7%
15
30
865
83*
5%
12
May
June
52
113*
June
Jan
123*
103*
73*
33
66
303*
43*
Mar
19%
13?*
23*
153*
90
6
9%
46
314
Apr
Apr
Apr
43*
63*
150
9%
19
120
3%
5%
5
"~2%
5
5
100
38
Loew'sTheatres (Boston)25
100
65
May
Jan
com
com
*
com
113*
*
~
(Peter) Brewing com.5
9?*
Four Wheel Dr Auto cap 10
Gen Finance Corp com
1
53*
June
June
20
Goldblatt Bros Inc com..*
GossardCo (H W) com...*
Great Lakes D <fc D com..*
Mar
Jan
Helleman Brew Co G
Feb
73*
11
38
20
2%
11
2%
13*
19
400
12
3*
94
Feb
Mar
June
53*
40
t c.l
2%
24%
Linotype. *
Narragansett Racing Ass'n
_
North ButU
Old
4%
Colony. RR
100
1%
"~3%
*
50
Qunlcy Mining Co
25
20%
3%
Reece Button H/)le Mach 10
33*
8?*
193*
cap.l
63*
Aug
Houdallle-Hershey cl B
Aug
July
Torrlngton Co (The)
~~10%
_♦
Stone A Webster
9%
*
25%
Union Twist Drill Co....5
United Shoe Mach Corp.25
Preferred
25
13*
Mar
116
183*
Mar
5
840
Feb
113*
June
5%
50
4?*
Aug
6?*
Mar
150
23*
June
43*
Jan
1
13*
950
%
May
2?*
233*
Hupp Motors
*
150
13
June
250
6
Mar
17?*
19H
63*
1,600
73*
100
4
Mar
30
11
May
63*
13*
53*
Mar
15?*
July
50
83*
Mar
12
July
3*
June
2
Jan
Mar
110
July
33* June
7
1
173*
Jarvls (W B)
Jan
6
July
1093*
July
23*
Jan
Co cap
1
Joslyn Mfg & Supply com.5
Katz Drug Co com
1
55c
2,050
37c
Mar
Jan
3%
5
1%
15%
20%
170
19%
3
9%
9
233*
18%
"77%
41
Utah Metal A Tunnel Co.l
6
570
.
Ken-RadTube & Lp cm A *
Kentucky Utll Jr cum pf 50
23
May
24?*
Jan
257
146
15
13* June
May
20
1,076
8
10?*
Aug
12
July
Leath & Co
^
rnm
m
mm mmm
Lawbeck Corp 6% pref 100
554
5%
May
Mar
Kingsbury Breweries cap.l
Jan
La Salle Ext Unlv
5
com
23*
*
Cum pref
3?*
*
com
223*
205
17
Apr
28
July
25
15
Apr
22?*
July
Llbby McNeill & Llbby..*
July
Lincoln
18%
77%
643
50
40%
41
126
383*
Jan
90c
Jan
43*
Mar
803*
43
May
Printing
Lion Oil Ref Co
*
com
Loudon Packing com
163*
500
10?*
June
18?*
37
150
35
May
403*
Jan
4
2,200
3
Mar
53*
Mar
53*
83*
July
53*
3%
Mar
12
23
40
20
Mar
283*
68
100
53
Apr
70
Aug
33* June
5
Mar.
10
100
33*
300
H
23*
3*
2?*
450
293*
33*
223*
293*
43*
33*
%
350
50
Feb
13* May
Mar
16
13*
33*
32
Jan
Jan
Mar
Feb
July
500
23*
Mar
43*
Aug
15?*
Mar
223*
Aug
""233*
223*
50
7
7?*
650
6
Mar
4
50
2
Apr
43*
Aug
Mar
253*
Aug
223*
253*
1,950
163*
9
Jan
1,630
55c
Mar
*
1%
1?*
150
1?*
Apr
23*
July
7?*
85
53*
Mar
83*
Jan
3%
20
33*
31
13*
Mar
43*
July
M anhatt-Dearborn com..*
250
Marshall Field
2,650
3*
53*
Mar
July
%
12%
July
5%
5,650
23*
Mar
13*
14?*
5?*
Jan
13*
10
20
Jan
26
Bonds
Street Ry—
Series A 4%8
1948
72
72
$2,000
49
Mar
72
Aug
Series B
1948
75
75
3,000
50
Apr
75
Jan
5s
...»
""123*
53*
43*
Partic pref
*
Mlckelberry's Food Prod-
20
%
11%
Mer <fe Mfrs Sec cl A com.l
Warren (S D) Co..
Mass
Jan
7%
Waldorf System
Warren Brothers...
Eastern
50
4
7
*
com
Jan
15?*
9%
100
3%
15%
Aug
23
10
Jan
July
10%
9%
25H
Aug
18?*
68
Jan
3?*
5
583*
May
73*
19?*
com
Aug
123*
73*
Apr
Kerlyn Oil cl A
55?*
50
73*
Mar
6% cumul pref
Jan
365
3?*
May
5
100
583*
173*
4
1
75
87c
163*
"
2
93*
133*
20
150
36
Kellogg Switchboard com.*
79c
1,210
Jan
43*
55%
Mar
3%
110
Iron Fireman Mfg v t o..^*
June
Apr
July
1,600
International Harvest com*
1
73*
73*
14
11%
13*
July
81
Jan
July
143*
July
182
Jan
193*
13?*
4
155
63*
Mar
Jan
Aug
13
110
2%
600
123*
9
11?*
143*
'
1
com
15
8%
Illinois Nor Utilities pfd 100
104?*
33*
8
83*
28
23*
Aug
3
7
Hubbell. Harvey Inc com.5
13
Mar
Jan
13
*
com
1%
103
15
*
Shawmut Assn T C
130
20
1%
15%
(Ctfs of dep)
Pennsylvania RR
June
150
5
July
53*
15
"
Heln-Werner Motor Parts 3
47c
104
2.50
Pacific Mills Co
4%
2%
10
9?*
'■
3
13*
Jan
3?*
93*
14
Gen Household Utll—
Aug
33
5
4
5
Indiana Steel Prod com._l
1
4
July
9%
100
1,650
100
43*
*
Inc
14
23*
Mar
0
New England Tel A Tel 100
July
193*
23*
Preferred
Horders Inc
N YNH AHRR
73
23*
34
*
v
May
12
3%
10%
*
M ergenthaler
48
18?*
3%
10%
Hathaway Bakeries—
Mass Utilities Assoc
Jan
10
*
Jan
19
Isle Royal Copper Co...15
98
Deere & Co
203*
*
*
Aug
Dayton Rubber Mfg com. *
Decker (Alf) & Cobn comlO
Mar
3%
Preferred
95
65
13%
29%
Class A.
July
10
95
20
100
Co
July
173*
95
16
Eastern Steamship L com. *
Gillette Safety Razor
113*
Aug
40
May
Common
Employers Group..
Feb
14%
65
8
140
583*
2f
East Mass St Ry—
1st pref
July
83*
Jan
100
100
6?*
153*
48%
East Gas A Fuel Assn—
43*% prior pref
0% preferred
Jan
Mar
143*
83*
.
251
Cudahy Packing pre!..100
.100
Common
3%
Consumers Co—
Boston A Maine—
Gilchrist
25%
103*
63*
Jan
1493*
134
263*
Consolidated Biscuit com.l
Sale
Stocks—
Jan
50
23*
Mar
23*
Chicago Rys pt ctfs 1. .100
Exchange
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
Last
Jan
23*
6?*
173*
Chic & Northw Ry com 100
Jan
Chic Flexible Shaft com..5
Boston Stock
Aug
75
41
143*
*
19%
99%
10
100
923*
*
*
21%
99%
June
850
H
m mmm
1
Common
Bait Transit 4s flat. 1975
Interstate Co 5%
Jan
July
6?*
33*
163*
17
1
com.
A
4.600
Mar
May
213*
213*
CampbellWyant&Can cap*
Prior
..1975
1949
July
8
Central 8 W—
75
Preferred
5s flat
17
223*
153*
Jan
Mar
8
10
Jan
83*
3?*
8
30
Bonds—
Baltimore
Jan
10,400
8
19
mm
5
common
Mar
1
July
July
83*
Corp—
Borg Warner
June
7%
50
Aug
%
3
2%
22?*
1
Mar
38
1%
*
Mar Tex Oil
High
Mar
113*
Bliss & Laughlin Inc com.5
June
1%
83*
1
Binks Mfg Co cap
July
350
103*
*
w,
5
July
23*
Bunte Bros corn.
Mfrs Finance 1st pref...25
Low
Shares
11
Belden Mfg Co com
Jan
2%
20%
73%
2
com—5
10
Jan
75% Mar
27% June
11%
Week
C cap.l
(New)
1
Preferred
Fidelity & Deposit-
70
for
of Prices
Low
High
High
22 %
12%
Week's Range
Sale
Range Since Jan. 1, 1938
Aviation & Trans
Arundel Corp
Range Sines Jan. 1, 1938
Last
for
Sale
Par
Week's Range
Sales
Friday
Sales
Friday
Stocks—
CHICAGO
Exchange
283*
com
Middle West
Corp
cap
Conv preferred A
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
283*
140
19?*
Mar
283*
Aug
33*
33*
3?*
950
1?*
Mar
July
5
63*
53*
63*
2,850
43*
Mar
4%
7%
3*
3*
50
?<
Mar
2
53*
250
*
Last
Sale
Stocks—
Par
Price
for
of Prices
Week
tow
High
Shares
Range Since Jan. 1, 1938
Low
High
Common (new)
51%
200
36%
Q
Q
100
Advanced Alum Castings.5
Allied Products com
10
7%
2H
2%
250
2
9%
9%
200
6
Armour & Co common
1
9%
May
1
Feb
2
1?*
210
1
Mar
2
Jan
6
300
53*
Aug
7
July
24
50
18
Apr
273*
Jan
42
10
35
Aug
453*
47]%
24?*
m
26
22
23
7
7
250
1?*
1
52
July
Jan
10%
Mar
National Battery Co pref.*
Mar
4%
Jan
Noblltt-Sparks Ind com..5
June
10%
Aug
Northwest Bancorp com..*
Common..
*
5%
5%
5%
554
3%
Mar
6%
Jan
Aro Equip Corp com
1
8%
1%
200
8%
July
1%
150
5%
%
Apr
1
85%
1%
8%
Asbestos Mfg Co com
Mar
1%
Jan
Automatic Products com.5
Omnibus Corp (The) v t c. *
1%
1%
1%
100
1
Mar
1%
July
Oshkosb B'Gosh Inc com.*
July
42
mmm
*
Apr
5
For footnotes see page 1173.
63*
24
*
Preferred
51%
Jan
Feb
6
1?*
mm..mm
Montgomery Ward—
*
Adams Mfg Co (J D) com *
3
July
13*
100
Minn Brewing Co com
Modlne Mfg com
Monroe Chemical—
Abbott Laboratories-
5
100
7% prior lien
Sales
Week's Range
26
Midland Utll—
6% prior lien
Friday
Jan
Aug
1
Common
Stock purchase warrants
Midland United Co—
Chicago Stock Exchange
Mar
Northw Utll
7% pref.-100
7% prior lien
..100
47%
"22?*"
7
50
June
423*
453*
Aug
47?*
110
20
Mar
28
Aug
1,650
12
Mar
July
5
Mar
263*
8?*
193* May
"
1,370
143*
14?*
70
83*
Mar
44
44
44
100
183*
Apr
44
163*
163*
163*
100
15?*
Aug
193*
*73*
73*
50
5?*
Apr
mmmmm.mmm.mm
8
Aug
Jan
Aug
July
Mar
Volume
Financial
147
Par
Week's Range
for
Sale
of Prices
Low
High
1938
Week
Price
Stocks
High
Low
Shares
(Concluded)
Peabody Coal Co cl B com 5
6% pref.
..100
Apr
1
31
32
70
31
Aug
40
Apr
National Refining pref-100
National Tile
*
Penn Elec Switch
14%
15
150
11
Apr
15
Aug
Ohio Confection A
Patterson-Sargent
%
A 10
com
Penn Gas & Elec A com..*
Peoples G Lt&Coke
Potter Co
cap
1
1
Pressed Steel Car
1
8%
8%
8%
Process Corp com
*
1%
1%
Rath Packing Co com
24%
9%
Jan
Mar
36%
July
%
1%
Jan
8%
May
Aug
10%
July
%
Mar
3
July
Mar
109
Aug
3
195
100
85
440
106% 109
106%
10
June
24%
50
1
Quaker Oats Co common.*
Jan
50
33%
1
com
%
170
4
4
32%
100
200
%
16%
JaD
24%
Aug
100
1%
Mar
4%
July
5,350
%
Mar
2
Common vt
3%
Sangamo Electric Co
2
1
2
27%
200
15%
Mar
11%
250
6%
May
13%
72%
702
47%
Mar
75%
3%
3%
200
Mar
5%
Jan
17%
18%
300
Mar
18%
*
10
Apr
104%
3%
Jan
14%
Apr
15
8
16
Aug
11
Feb
Aug
16%
Aug
7%
8%
2,095
Mar
35%
3%
35%
36%
219
Mar
58
Mar
34
32
34
129
Apr
1
4
3
4
275
Aug
4%
4%
120
June
7
Feb
3
3%
910
1%
June
3%
Apr
1%
1%
200
1%
Mar
2%
Jan
..3
*
Seiberling Rubber
8% cum pref
...*
Troxel Mfg
U pson-Walton
3%
3%
1
8%
July
39
July
4%
Aug
34
July
5%
_
_
*
Warren Refining
1%
...2
July
.
18%
South w Gas & El 7% pf 100
Standard Dredge—
3% June
June
7%
100
Peerless Corp
Richman Bros
Aug
11%
Serrlck Corp cl B com
.1
So Bend Lathe Wks cap..5
1%
20
Feb
60
Apr
45
445
2%
11
16
.....
20
51
2%
11
High
Low
Shares
High
50
51
.....
July
104% 104%
Schwltzer Cummins cap..l
Sears Roebuck & Co com. *
Low
July
25%
10%
69%
24
*
com.
3%
1%
50c
com
Week
*
Van Dorn Iron Works
c
for
of Prices
Aug
50
24%
Raytheon Mfg Co—
Rollins Hos Mills
Week's Range
Price
Par
1, 1938
Range Since Jan.
Last
Sale
Range Since Jan. 1,
Last
Sales
Friday
Sales
Friday
Stocks (ConcludedI)
1171
Chronicle
2
13%
90
Jan
t
July
Watling, Lerchen & Hayes
Members
New York Stock
1
2%
2%
2%
900
1%
Mar
Convertible pref
20
Sunstrand Mach Tool com5
13%
rl3%
13%
450
7%
Mar
10%
10%
50
7%
Apr
13
Jan
26
26%
298
22%
Mar
29
July
18
18%
1,300
15
Mar
New York Curb Associate
Exchange
Common
Swilt International
15
Swift & Co
25
18%
5%
16
17
750
14%
Feb
17%
406
63%
Mar
86%
July
86%
*
com
89%
120
77%
June
94%
July
2%
2%
1,300
%
Mar
3%
July
1%
150
1%
Mar
2
Feb
80
14%
Mar
18
Jan
2%
589
5%
3%
Convertible pref
Wahl Co
1%
7
103
W'house El & Mfg com ..50
WlsconslnBankshares com*
Zenith Radio Corp com.
586
50
98% 103
4%
4%
Western Un Teleg com. 100
130
550
20%
4,555
18%
20%
*
1%
Mar
1
50
17%
27%
1%
17%
*
common
1%
17%
26
.*
com
Walgreen Co
18
17
*
Detroit Stock Exchange
Aug. 13 to Aug. 19, both inclusive, compiled from official
Utility & Ind. Corp—
Viking Pump Co com
Telephone: Randolph 5530
July
81%
5%
16%
Union Carb & Carbon cap t
U S Gypsum Co com ...20
DETROIT
Buhl Building
July
5%
Trane Co (Tho) common.2
Chicago Stock Exchange
Exchange
July
78%
Thompson (J R) com...25
Utah Radio Products
19%,
Mar
Detroit Stock
20%
Jan
Aug
27%
Aug
99%
Aug
106%
Aug
3%
May
5%
Jan
9%
May
25%
July
13%
*Sale
Par
Stocks-
Auto City Brew com
1
45c
Baldwin Rubber com
1
45c
200
7%
960
31%
34%
2,111
18%
"34%
45c
19
3%
502
3
1%
72%
W. D. GRADISON & CO.
Detroit Mich Stove com.-l
com__l
Detroit Steel Corp com.-.5
Detroit Paper Prod
Members
DIXIE TERMINAL
com......*
*
Frankenmuth Brew com_.l
Federal Mogul
Teletype: CIN 68
Fed Motor Truck com
Gar Wood Ind com
General Finance com.
Cincinnati Stock Exchange
Aug. 19, both inclusive, compiled from official sales lists
Aug. 13 to
Sales
Friday
Last
Par
Stocks—
Week's Range
Sale
of Prices
Low
High
Price
Range Since Jan. 1, 1938
for
WW
General Motors
Goebel Brewing
High
Low
Shares
Hoskias Mfg com
—
17%
20
Amer Ldy Mach
Burger Brewing
1%
*
*
....
_
Champ Paper & Fibre
04 %
50
3%
Cin Telephone
50
27%
*
.
20
31
111
18%
6%
May
9
1%
6%
95
3
3%
82
14
5%
*
.
25
14
27%
5%
8
8
*
16 %
*
17%
16%
17%
P & G
*
56%
56%
3%
28%
B
US Printing
30
10
.*
...
1%
325
1%
1%
Mar
May
1%
June
July
June
2% July
1,090
124
10
May
16
Jan
15
250
9
Mar
16
Aug
13%
14
300
3%
Jan
3%
July
Aug
371
6
Mar
5%
100
2%
Mar
5%
Aug
1%
935
1
Mar
2
July
6%
625
4%
Mar
7%
July
June
4%
Jan
43%
47%
5,180
25%
Mar
2%
1%
2%
2,855
2%
May
47%
3%
Aug
2%
1%
550
70c June
1%
9
9%
510
6%
Mar
12%
Jan
17%
Aug
16
July
"~9*
170
3
3
2
400
15
Feb
14%
9%
16%
13%
1,960
6
Mar
Jan
Jan
Jan
9%
1,835
5%
62c
60c
64c
1,700
37c
Apr
75c
Jan
2%
2%
350
1%
Mar
3%
Jan
57c
200
40c
Mar
75c
Jan
19
805
15%
Mar
19%
July
9
8%
18%
Apr
1
840
1%
Jan
29c
200
25c
Mar
55c
Apr
pref....10
250
3%
Mar
5
Feb
Michigan Sugar
Jan
Apr
100%
Jan
Micromattc Hone
5
Jan
52
75
Jan
85
July
25
,
Aug
105%
Aug
5%
May
Apr
28
July
Mar
7
Jan
22%
5
50
14
Apr
Apr
July
5%
9%
Mar
200
12%
Mar
17%
3%
17%
Aug
20
Apr
485
39%
Mar
57%
Aug
"6%
19%
375
8%
3%
10
9%
3,575
5
450
80c June
Mar
Feb
22%
Mar
4%
4%
Mar
2%
11
10%
July
July
5%
July
5
5
1,121
3%
Mar
Parke-DavLs com
40
40
31%
Mar
16%
16%
40%
16%
745
Parker Rust-Proof
100
14% June
9%
9%
150
2%
2%
900
1%
7%
7%
420
1%
2
300
4%
1%
2%
Mar
1%
Apr
com..*
*
com2.50
Parker Wolverine com—*
Penin Metal Prod com_..l
Pfelffer Brewing com.....*
Prudential Invest com—1
Packard Motor Car
~~2%
Apr
6%
41
Aug
Jan
20%
12
Jan
May
3%
Jan
Mar
May
8%
July
July
2%
Aug
40
com—1
*
Murray Corp com
3%
3%
18%
Motor Products com
2
7
Apr
16
Jan
June
5
June
Jan
30
July
3
Jan
8
June
86
1%
161
21%
10
1%
8%
54
1%
Aug
145
7%
Mar
10%
July
2
65%
Mar
80
Mar
72
72
Preferred ..........100
70c May
29c
May
8%
1%
*~8%
.10
Wurlitzer.
17
17%
56%
14%
3%
30
14%
*
Randall A..
U S Playing Card..
325
1%
3
10
*
74%
47%
McClanahan Oil com
Jan
6%
104
Lunkeuheimer
Mar
3%
Masco Screw Prod
Apr
90
8
5
Kroger............
May
com—1
1
Jan
9%
44
10
Kahn
1
36
1%
6%
10
Feb
443
10
5%
......
Kingston Prod com
7
5%
514
27%
July
100
3,754
July
105% 105%
Cin Union Term pref.-.100
.
Mar
2
80%
82
Cin Union Stock Yard...*
Goldsmith....
92 %
Kresge (S S) com...
5
Feb
2
21%
5%
5%
Klnsel Drug com
Aug
1%
6%
pref 100
Gibson Art..
3
3%
Aug
July
July
57c
Aug
85
3
8 %
Cin Street
Cohen (Dan)
105
35%
2%
com..*
com—1
Mar
19%
Mar
1%
25
25
*
Cin Advertising Prod....*
Churngold
Cin Gas & Electric
ISM
15
3
8
Baldwin
80
3%
Jan
Mar
15% June
1% June
13
13%
"l4%
Hudson Motor Car
Hurd Lock & Mfg
50
Jan
9%
14%
13%
*
B...
5%
Mar
4%
4%
*
Aluminum Industries
...
Grahain-Paige com
.1
Hoover Ball & Bear com. 10
Houdaille-Hershey
tsfst*
.
Jan
75c
Mar
13%
2%
3
1
com—.10
com.....l
35c June
4%
13%
1%
2%
13%
2%
Ex-Cell-O Aircraft com—3
BUILDING, CINCINNATI, O.
Telephone: Main 4884
High
Jan
».n
1%
1%
2%
2%
1%
1%
2%
New York Stock Exchange
Cincinnati Stock Exchange
600
1%
72%
68 %
1%
5
Lots
775
7%
Consumers
Detroit Gray Iron com
Week
Shares
1%
1%
1%
*
Burroughs Add Mach
*
Burry Biscuit com—12%c
Brown McLaren
*
Chrysler Corp com
5
Securities
of Prices
High
Allen Electric com....... 1
Range Since Jan. 1, 1938
for
Low
Price
Briggs Mfg com
Cincinnati Listed and Unlisted
Week's Range
Last
July
June
26
sales lists
Sales
Friday
-.2
Standard Tube B com....l
Stearns (Fred'k) pref...100
10
1
Tom Moore Dist com—.1
Union Investment com—*
Universal Cooler B
*
Warner Aircraft com..... 1
Timken-Det Axle com..
Tivoli Brewing com
Wayne Screw Prod com..4
Wolverine Brew com....!
3%
3%
3%
837
3%
3%
Rlckel (H W) com
3,353
10
100
100
Jan
4
4%
Jan
90
100
July
July
15
Aug
14%
Mar
2%
June
4%
Mar
600
40c June
1%
Jan
4
542
3%
May
6%
Jan
1%
1%
160
1 %
Mar
3%
Jan
70c
76c
1,030
65c
Mar
1 %
Jan
2%
2%
200
1%
June
3%
Jan
18c
70c
8%
701
60c
3%
4
100
3%
55c
"55c
14%
3%
'14%
20c
400
%c
July
%c
Jan
20c
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Wm.Cavalier & Co.
MEMBERS
GILLIS SKI RUSSELLcb.
i
■"
1
M
.
•
Union Commerce Building,
i
-I,
.
Los
Cleveland
623 W. 6th St.
Los
Cleveland Stock Exchange
Aug. 13 to Aug. 19, both inclusive,
Sale
Airway Elec Appl
-
City Ice & Fuel
Clark Controller..
Cleve Cliffs Iron pref
RaUway
Cliffs Corp vtc
Dow Chemical pref
-
Medusa Ptld Cement
8
8
10
8
62
10
4%
5%
Jan
35
Feb
Globe Grain &
39
July
20
Jan
Jan
Jan
54%
18%
64%
41%
June
19
May
32
Jan
11
Mar
21
July
117%
115
25
109
Jan
25
25
20
25
Jan
29
30
36%
30
10
26
Apr
36%
36%
20
31%
Apr
12% June
15%
5%
*
5
3
.
_
1173,
15%
20
5%
185
3
25
29
29
*
*
^
Jan
35
47
507
115
100
*
29%
170
19
19%
90
3%
2
22%
13
Aug
12%
July
9%
300
9%
90c 97 %c
200
17%
12%
20%
23
4%
3%
June
17%
100
Prods..*
*
Exeter Oil Co A com
1
Farmers <k Merchs NatllOO
General Motors com
10
Gen Pamt Corp com
*
Mar
June
18
May
Mar
6%
Mar
10
54
2%
1%
200
9%
14
22
900
2%
9%
100
July
6%
Jan
Apr
4
Jan
Apr
31
Jan
Mar
Mar
20%
July
Central Invest Corp...
Claude Neon Elec
9%
9
Consolidated Oil Corp
9%
9%
95c
50
4,200
Apr
6%
7%
Mar
Mar
52c May
18
Jan
9%
July
10%
July
1.00
Aug
365
365
20
340.
Apr
399
Jan
44%
48
8%
1,300
25%
Mar
48
Aug
100
6%
Mar
Mai
8%
5%
38%
8%
5%
38
5%
300
500
39
3%
May
25
9%
July
7
July
41
Aug
1.15
95c
1.26
16,700
65c
Mar
1.25
Aug
2%
100
1.30
Jan
2%
Aug
June
57%
Apr
12c
Apr
18c
Jan
Holly Oil Co.
Intercoast Pete Corp
2%
2%
35c
35c
37c
1,500
1
Lincoln Petroleum Co. 10c
5c
5c
5c
1,900
10c
10c
10c
1,600
Klnner Alrpl & Motor
10
48
*
Co—1
1
Holly Development
.
Aug
365
Milling..25
Hancock Oil Co A com—
High
Low
7,200
3%
Broadway Dept Stores
123
Week
Shares
3%
9%
17%
4
Bolsa-Chica Oil A com.. 10
Aug
16%
1, 1938
Range Since Jan.
for
4%
4
July
8
10%
18K
of Prices
High
Low
13
16%
54
Week's Range
Apr
10%
*
100
Price
High
16%
For footnotes see page
Par
Stocks—
Low
Shares
10%
Lima Cord Sole & Heel...l
McKee (A G) B
Sale
Range Since Jan. 1, 1938
1
*
100
Great Lakes Towing... 100
Jaeger Machine
Lamson & Sessions
of Prices
High
Low
for
Week
.*
Greif Bros Cooperage A..*
HaUe Bros pref.
Last
official sales lists
Sales
Friday
Soles
Week's Range
10
*
Teletype L.A. 290
both inclusive, compiled from
Bandlnl Petroleum Co..
pref-.100
Akron Brass Mfg-
Cleveland
Price
Par
Los Angeles
Angeles Stock Exchange
Aug. 13 to Aug. 19,
com'S.led from official sales listB
Friday
Stocks—
San Francisco Stock Exchange
Angeles Stock Exchange
A.T. & T.CLEV. 565& 566
Telephone: CHerry 5050
Last
Chicago Board of Trade
Exchange
Neu> York Stock
36
2c May
10c
Apr
1172
Financial
Last
Week's Range
Sale
Par
of Prices
Low
Price
Aug. 20, 1938
Sales
Friday
Stocks (Concluded)
Chronicle
Range Since Jan. 1, 1938
for
Week
High
Shares
Low
.
Lockheed Aircraft Corp-.l
Los Arm Industries Inc
2
14%
2%
Los Ang Investment Co_ 10
Menasco Mfg Co.,
I
Merchants Petroleum Co.l
30c
30c
30c
Mt Diablo OH M & Dev._l
60c
57 %c
60c
700
Nordon Corp Ltd....,
1
13c
13c
13c
1,000
Oceanic Oil Co
1
90c
85c
90c
1,400
.
High
:
14%
500
5%
2%
2%
100
2
4%
4%
4%
500
3% June
2%
2%
2%
3,600
14%
Mar
15%
3%
6%
3%
H. S. EDWARDS & CO.
Aug
Jan
Mar
UNION
July
80c
Mar
25c
Aug
35c
52 %c May
6c May
70c
Jan
21c
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
July
1.20
BANK BLDG.,
Tel. Court-6800
Jan
100
75c
May
July
Jari
120
BROADWAY, NEW YORK
Specialists in Pittsburgh Securities
Pacific Distillers Inc...._l
35c
32c
35c
300
30c
Mar
Pacific Finance Corp corn 10
Pacific Gas A Elec com. .21
13%
26%
13%
26%
13%
300
26%
100
9%
23%
Mar
Mar
29%
27%
29%
27%
29%
200
28
Mat
27%
100
25%
25%
25%
600
Mar
38
38
38
100
26%
18%
32%
28% May
30% July
Jan
27%
25% July
Mar
41
107
107
107
30
101%
Mar
107
3
Mar
6%
July
5
Mar
8%
2%
July
Mountain Fuel Supply.. 10
Aug
2%
3%
Jan
Natl Fireproofing Corp...5
Phoenix Oil com
25c
2c
2e
July
Pittsburgh Plate Glass..25
Aug
Pittsburgh Screw & Bolt.
Plymouth Oil Co.
6% 1st pref..
5% % 1st pred
25
25
Pacific Indemnity Co
10
Pacific Lighting com....*
6% preferred
__*
Republic Petroleum com.l
Richfield OH Corp com
*
._
4%
4%
4%
1,300
4oc
Apr
7%
7%
7%
1,800
Richfield Oil Corpwarrants
Roberts Public Markets..2
2%
2%
2%
900
3;::;:
3
3
200
2%
2
2
2
600
1.05
July
Apr
Ryan Aeronautical Co
Jan
15%
Mar
1
San J L & P 7% pr pref.100
6% prior pref
..100
Security Co units ben Int.
Sierra
116
116%
30
30
Trading Corp...25c
Signal Oil & Gas Co A..,.*
112
104%
Aug
23%
Mar
5c
Mar
12c
18
May
19%
Mar
31%
22%
33%
22%
23%
600
25
38%
38%
38%
10
...26
Original pref
6% pref B.
6 %% pref C
27%
27%
26
27%
25%
26
18%
32%
Jan
Aug
July
100
4%
Apr
712
1%
Mar
6%
3%
2,000
2c
May
5c
Apr
106%
July
4%
May
9%
July
15%
Mar
25%
July
Jan
3%
July
3
98%
98%
7
*
_
43%
7%
7%
56
20
31
5
22%
22%
Aug
Rey ner & Bros
com
*
3%
3%
100
July
104%
San Toy Mining Co
1
lc
lc
9,000
lc
Jan
Shamrock Oil & Gas
1
2%
34%
27%
2%
100
1%
Apr
35%
28
25%
120
22
Mar
26%
Aug
Jan
36%
100
Jan
45
65
2
r
3c June
4
Jan
July
Westinghouse Air Brake.
*
25 %
784
15%
Mar
28%
July
28%
July
101 %
98% 101%
62
62%
Mar
107%
Jan
500
Westlnghou.se El & Mfg. 50
23%
Apr
26
July
1,100
1,200
9%
Mar
110 %
110% 110%
190
Apr
112
Jan
43
10%
10
10%
21%
20%
21%
2,600
1,900
19%
18
20%
3%
3,100
100
12c
25%
100
2%
100
21%
34%
Mar
Jan
July
2% June
26
Aug
_
24
July
Jan
Unlisted:—
Lone Star Gas 6 % % pf 100
108
Jan
3%
Mar
46
8%
Mar
12%
Jan
17%
Mar
22%
July
0%
Jan
20%
Aug
3% June
6%
Jan
July
ST. LOUIS MARKETS
Mining—•
Blk Mammoth Cons MIOc
High
Mar
Apr
43
3%.
4%
27%
25%
31
3%
Low
50
43%
4%
200
43
Universal Consol OIL...10
Wellington Oil Co of Del.. 1
120
43 %
43%
4 %
United Engine & Foundry 5
Vanadium Alloy Steel
*
31%
.2
25
Range Since Jan. 1, 1938
Shares
High
July
Sunray Oil Corp
1
Superior Oil Co (The)...25
Transamerica Corp
Union OU of Calif..
Low
Price
Par
33%
24%
38%
17%
31%
Week
Jan
18%
2%
for
of Prices
35
25
Southern Pacific Co.... 100
Standard Oil Co of Calif..*
2%
(Concluded)
Mesta Machine Co.___..5
Jan
3,000
800
So Calif Edison Co Ltd. .25
3
20
10C
10c
10c
Stocks
Week's Range
Sale
Aug
53
30
Last
Jan
100
116%
104% 104%
104%
*
1.10 Mar
Sales
Friday
28c
28c
30c
3,000
Mar
39c
15c
13c 16%c
30,800
%c May
10%c
Aug
l
10c
10c
10c
400
6c June
22c
Jan
Imperial Development.25c
2c
2c
2c
2,000
le Mar
3%c
I. M. SIMON & CO.
Aug
Calumet Gold Mines, ,10c
Cardinal Gold
Apr
Mining
Business Established 1874
Enquiries invited
on
all
Mid-Western and Southern Securities
Unlisted
—
Amer Rad & Std Sanitary. *
Bendlx Aviation Corp._
MEMBERS
15%
15%
15%
100
9%
Mar
21%
21%
21 %
100
14%
Jan
23
Aug
10%
10%
10%
100
8%
Jan
12
Aug
24%
24%
24%
100
10%
Mar
24%
Aug
Montgomery Ward A Co.*
46%
46%
200
20
Mar
40
New York Central RR..„*
Paramount Pictures Inc.. I
18%
46%
18%
19%
600
10%
Mar
21%
July
July
9%
9%
9%
200
6%
Apr
11%
7%
July
July
.
Commercial Solvents Corp*
Goodrich (B F) Co
*
Radio Corp of Amer.....*
Studebaker Corp
..1
Texas Corp n'he)..
United Aircraft Corp
7%
5
58%
45%
27%
58%
100
5
Mar
5
Apr
8%
46%
30
38%
63%
July
York Stock Exchange
200
300
58%
Mar
New
St. Louis Stock Exchange
York Curb
Chicago
315 North Fourth St., St.
Louis, Mo.
Telephone Central 3350
July
St. Louis Stock
Exchange
Aug. 13 to Aug. x*4, both inclusive, compiled from official sales lists
Sales
Last
DeHaven & Townsend
Par
American Invcom
^Members '
Shares
Price
25
25%
*
33%
33%
34
70
17
17
5
1%
10
34
4%
34
25
3%
27%
3%
175
27%
110
5
1%
4%
Coca-Cola Bottling corn.. 1
PHILADELPHIA
NEW YORK
Columbia Brew
1513 Walnut Street
30 Broad Street
34
Dr Pepper com
5
com
3%
Eiy& Walker D Gs 1st pflOO
121
Emerson Electric pref. .100
com
1
70
Philadelphia Stock Exchange
70
Friday
Last
Sales
Week's
Sale
Stocks—
Par
Price
Range
of Prices
High
Low
Range Since Jan. 1, 1938
for
Low
Barber Co
i
s
10
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
.
.
Curtis Pub Co
com.
_
5
_
Gimbel Bros com.....
*
Lehigh Coal & Navigation *
Lehigh Valley
......50
_
_
Natl Power & Light
.1
50
111%
12%
112%
4%
2%
60
110
19%
4%
5%
185
4%
66%
"73%
4%
73%
20
974
12%
5
1%
20%
5%
6%
5
5
6%
2
July
Aug
Aug
St Louis Scr & Bolt com.15
Mar
Scruggs-V-B Inc
Mar
48
July
15%
5%
July
Aug
3
May
195
3
Mai
7%
July
190
4%
Mar
8%
Jan
July
1%
Mar
2%
Jan
14%
Mar
29%
30%
32%
Jan
851
3
3
20
5%
19%
Scott Paper.
480
1,854
30
5%
135
19%
1%
19%
29%
47
20%
Apr
2
Mai
Apr
1,001
4%
10%
20
35%
Mai
Feb
Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
Transit Invest Corp pref...
United Corp com.......*
2%
Preferred. .........._
*
United Gas Improve com.*
"16%
47
47
Natl Candy corn
1st pref
National Oats Co
8
55%
Aug
57%
July
36%
18
26%
Mar
Rlce-Stix Dry Goods com
1st pref..
.
8%
105
_
*
*
St Louis B Bldg Equip com*
com...
Preferred....,
Scullin Steel
10%
18%
12%
8%
4
2%
12
.5
7
...100
Preferred...
_*
.....
Aug
June
14%
Jan
Jan
48%
Aug
30c June
1,00
Feb
•
27
2%
10%
14
June-
11%
20%
July
12%
50
9
June
13%
July
8%
July
■
June
Jan
July
150
5
Mar
10
8
95
June
10
15
Mar
19
5%
97
4
Apr
105% 105%
2%
2%
7
99
June
Mar
105
19
12
6%
Aug
Aug
July
106
Aug
80
2
June
3
Jan
12
10
12
Aug
12
Aug
7
55
4
Apr
7
Aug
17
19
Apr
30
6%
30
Aug
7
7%
137
3%
Apr
9%
70c
*
com
70c
40
45c
June
1.23
1
"m
15
33%
tUnlted Railways4s_. 1934
t4s, c-d's
;
21%
Sterling Alum
com
Wagner Electric
com
6%
31%
6%
410
4%
June
7%
Jan
33%
753
16%
June
36%
Aug
21%
20%
21%
20%
$4,000
5,000
19%
June
28
Jan
19
June
27
Jan
July
Jan
Bonds—
San
Francisco Stock
Exchange
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
%
400
he
Jan
1
155
%
1%
22%
Apr
2%
Mar
278
Mar
3%
Jan
Mar
33%
11%
July
Jan
Anglo Calif Nat Bank...20
14%
14%
109%
June
Assoc Insur Fund Inc... 10
4%
4%
8
8
8
197
197
197
31%
60
3,308
;;
5%
June
6%
105
Warrants
27% May
116
8%
99%
Mar
Mar
6
$6,000
Sales
Friday
Feb
Bonds—
El & Peoples tr ctfs4s,1945
:;TTv
46%
20
Bank of California N A.80
108%
85
Apr
Jan
Apr
1
675
36
2%
9%
10%
107% 108%
_
Aug
105
30
""7%
Aug
July
May
100
Atlas Imp Diesel Engine..5
_
35%
4%
33%
10%
36%
%
he
%
Jan
18%
■
5%
100
Aug
2%
31%
Jan
Jan
19
*
100
com...
6%
Aug
55%
36
"36%
26
2%
23%
Jan
19%
45%
Jan
Mar
Jan
4%
7%
55%
..*
...
Mo Port cement com....25
5%
75%
10%
499
5
Aug
425
45
60c
4
*
20
Mar
80
13%
60c
..100
com
com
Jan
1,892
47%
4
5
June
4
Jan
10
105
6%
8%
31%
July
100
Aug
Mar
2
70
60c
Jau
Mar
322
Aug
121
12
July
Mar
20
29%
Jan
1%
Aug
Mar
48%
119%
Jau
21
May
11%
*
.
Mai
Mar
40%
June
June
48
com.
Hyde Park Brew com.. .10
Hydraulic P Brick com. 100
July
Jan
May
10%
6%
27%
*48%
Hussmanri-Ligonier
%
149%
23%
36
7%
29%
43%
12%
47%
11
4%
21%
25%
7%
Phlla Elec Po w pref
25
Phila Rapid Tr 7% pref. 50
Philadelphia Traction... 50
Salt Dome Oil Corp
1
Sun Oil Co
227
19%
115% 115%
*
Pennroad Corp vtc.
Pennsylvania RR
Mar
115%
_*
_...
Electric Storage Battery 100
General Motors.
...10
6%
141%
.
Chrysler Corp........
30
7%
7%
141 %
140
27%
60
6
Laclede Steel
American Stores. 2 i. *
American Tel & Tel... 100
25%
107
6%
42%
High
June
15
*45"
Knapp Monarch
High
20
25
205
8%
Hamilton-Br'n Shoe com.*
Preferred
Week
Shares
8
Grlesdieek-West Br com..*
Aug. 19, both inclusive, compiled from official sales lists
to
270
121
70
Fal,staff Brew
Aug. 13
Low
150
.1
Century Electric Co.... 10
New York Curb Exchange (Associate)
Range Since Jan. 1, 1938
Week
25%
Burkart Mfg com
Central Brew com
Philadelphia Slock Exchange
for
of Prices
Low
High
...*
Brown Shoe com
New York Stock Exchange
Week's Range
Sale
1874
Stocks-
\
Trade
t
Friday
Established
(Associate)
Board of
Chicago Stock Exchange
■
July
100
New
Aug
100
34% May
24% Apr
8%
46%
27%
7%:
46%
27%
tl S Steel Corp..........*
7%
7%
8%
2*
July
16%
Last
Sale
Stocks—
Par
Price
Week's Range
of Prices
Low
High
14%
5
Range Since Jan. 1, 1938
for
Week
Shares
152
Low
12
High
Mar
19
788
2%
Jan
160
4%
Jan
10
5
171
5%
Jan
Aug
May
Jan
Mar
197
19%
4%
19%
4%
19%
235
13%
Mar
22
*
4%
200
3%
Mar
Calif Packing Corp com..*
Aug
20%
20%
20%
816
15%
Mar
24
Jan
50
50
50
10
45%
Apr
52
July
Byron Jackson Co
Calaveras Cem Co
Pittsburgh Stock Exchange
Preferred
*
com
...50
6%
Aug
July
July
Aug. 13 to Aug. 1j, both inclusive, compiled from official sales lists
Carson Hill Gold Mln cap 1
Friday
Last
Sale
Stocks—
Allegheny Steel
Par
Price
com
*
17%
Armstrong Cork Co
*
39%
Sales
Week's Range
of Prices
Low
..*
16%
17%
39%
15%
Byers (A M) com..______*
Carnegie Metals Co
1
10%
10%
Blaw-Knox Co....
Clark (DL) Candy Co.__*
Columbia Gas & Electric. *
_______
Harb-Walker Refractors.
6%
_
1
Lone Star Gas Co.
.*
For footnotes page 1173.
Low
High
9%
com
5
C Neon El Pd Corp(Del).*
Coast Cos G & E 1st pf.100
2.20
23c
105
2.05
Mar
2.35
Jan
Mar
73%
July
Mar
9%
106%
9
Q
Q
105
105
105
Jan
July
Cons Chem Ind A
*
25%
25%
16%
684
10%
Mar
July
Creameries of Am Inc vtc. 1
4%
10%
10
6%
Crown Zellerbach com...5
Preferred...
*
12%
7%
9%
July
Jan
275
10
6%
101
Apr
July
Feb
290
22%
May
4%
25%
4%
150
3%
Mar
4%
Jan
13
79%
1,550
7%
Mar
14%
July
July
33
July
July
Jan
Jan
1.65
37%
21 %
1.75
July
2.35
800
47%
19%
13%
Jan
106%
Jan
1,295
Mar
Mar
'30c
May
1.65
2.15
Mar
50c May
Apr
99%
71%
11%
24%
3%
15c
10
2.10
30
100
1,425
3,625
67%
173
200
2.20
69%
17%
65c
25c
105
2.15
'
42%
7%
6%
29
99%
105
Central Eureka Mining... 1
Preferred.
..1
Chrysler Corp
7%
6%
18%
90c
*
Koppers G & Coke pref 100
Week
Shares
65c
,—
Devonian Oil Co.______ 10
Fort Pitt Brewing
High
25c
Caterpillar Tractor pf_.100
Range Since Jan. 1, 1938
for
19
90c
29
636
5
Mar
300
17
Mar
SCO
400
99% 100
70
10
1,738
9%
Jan
70c
15%
£6
6%
Feb
Mar
Apr
Mar
20
95c
32%
105
10%
77%
12%
77%
Mar
82%
Di Giorgio Fruit
pref-.100
23
23
23%
50
18%
Mar
28
Feb
Emporium Capwell Corp.*
13
13
13%
215
9%
Mar
14%
July
July
Preferred (w w)
50
Firemen's Fund Ins Co. .25
35%
35%
35%
20
26%
Mar
37
July
Gen Metals Corp cap..2%
General Motors com
10
11
July
Jan
July
84
83
84
140
290
10%
11
270
44
47
3,523
56
62
6
25%
Mar
88
Mar
11
Mar
48
Jan
June
%
Jul
y
A«g
Volume
Financial
147
Friday
Last
Sale
Stocks {Concluded)
Par
Price
General Paint Corp com..*
Sales
Week's
Range
Low
Range Since Jan. 1,
for
of Prices
8k
Gladding McBean & Co..*
1938
High
President of the Johns-Mansville
Karl
Week
High
Low
Shares
July
10
8k
8k
305
6k
10 k'
10 k
iok
250
6k
June
*
4k
4k
963
2k
Apr
12k
4k
Hale Bros Stores Inc
*
14k
14k
120
11 k
Apr
15
July
Hawaiian Pine Co Ltd..-*
21 k
21k
4k
14k
21k
100
20 k
Apr
29k
Davis, President, Stevens Institute of Technology; W. Averell Harriman,
partner, Brown Brothers Harriman & Co.; and Charles R. Hook, President,
170
13k
Mar
24
July
15
Aug
28
Feb
American Rolling Mill Co.
100
1,318
Class
15
17k
40
60
Pref
22 k
16 k
40
12
Apr
17k
Aug
40
2,501
10k
Aug
Britain is
President, and Harry Arthur Hopf, President of H. A. Hopf &
Mar
27k
27
27 k
490
j/ockheed Aircraft Corp_.l
14k
14
14k
572
5k
Magnin <fe Co (I) com....*
12k
12 k
12k
125
7
Marchant Cal Machine..5
of which
Apr
29 k
Aug
3k
10k
1
LeTourneau (R G) Inc
agement,
June
9
13
16
Mar
Aug
June
14k
14k
14k
652
13k
10k
14
680
1
2.40
2.30
Jan
Mar
8k
10c
13k
16k
July
Market Street Railway—
Prior pref
1
National Auto Fibres com 1
Natomas Co
9k
*
12
100
N Amer Invest com
N Amer Invest 5 k %
pf 100
Feb
16k
Aug
3,310
80c
Mar
3k
9k
2,232
3k
7k
Mar
10
1,600
Mar
12k
5k
5k
10
3k
Mar
8
Apr
30
30
30
12k
12k
12k
Occidental Insur Co
26
26
26
10
Occidental Petroleum
20
10
1
21c
21c
22c
6k
6k
Pacific Coast Aggregates 10
1.70
1.70
1.75
23
30
1,030
40
Jan
13k
Feb
28 k
17c
30c
June
5
May
2.05
Jan
1.40
23
Mar
29k
27
Mar
30k
27
1,833
25
-.25
*
30
29 k
30
1,656
27k
27k
27k
233
25 k
Mar
28
38k
38 k
734
32 k
Mar
41k
*
56 Dlv..
1st preferred
Pac Tel & Tel com
107k
—*
Executive
Active promotion of the congress in the United States is being
by Mr. Batt's committee.
20
131k
Apr
146
214
29k
Mar
50
45
45
Aug
July
50
234
50
58
Aug
new
International
June
»64
833
«64
Aug
««4
Aug
2.25
220
1.75
Feb
2.75
July
Paris, Amsterdam, and London.
July
the
7k
6k
6k
131
3k
June
13k
12
13 k
726
8
May
25
20 k
20
21k
924
i7k
June
29 k
4k
4k
880
i3k
13k
invitation
an
to
Congress
be
may
Information and registration forms for
obtained
Nathaniel
from
W.
Executive
Barnes,
Jan
Republic Petroleum com.l
Rheem Manufacturing
1
extends
World Congresses have previously been held in Prague, Brussels, Rome,
2S64
2.00
1
25
cordially
meetings," Mr. Batt said, in announcing
program.
»64
Puget Sound P & T com..*
unusual opportunity
minds from many countries—the Seventh
Congress
2.25
'
an
understanding of management and to effect an exchange
Management
complete
the Congress
recognize in
attend and to participate in these
the
50
a
carried on
"To all those who believe in the advancement
of experience on the part of alert
146
Fink
&
Founders,
Type
American
Inc.; Henry P. Kendall, President, the Kendall Co.; and Mr. Hopf.
to achieve
144
Lehn
Vive-President,
President,
Jones,
Jan
144
50
Vice-Chairman of the Co-ordinating com¬
as
Gesell,
R.
July
119k
10G
H.
Thomas
July
Apr
Philip Long Dist Tel Co—
Preferred
Co.;
July
87 k
Philips Petroleum rts w 1__
Plg'n Whistle pref
*
William
are
7k
50
45
Associated with Mr. Batt
19k
116k
industrialists
Trust Co. of New York, is the advisory body for the Congress.
mittee
Mar
108
Society for the Ad¬
by Willis H. Booth, Vice-President of the Guaranty
Mar
116
*
and financiers headed
3 k
Mar
Inter¬
the
«
13 k
99
Management Engineers,
Management.
385
100
International
of the
The American Congress Council, a group of distinguished
600
116k
com..
Jan
affiliate
American
Consulting
7
6k
19
100
Paraffine Co's
of
19
107k 107k
7
19
Association
vancement of
July
July
Leverhulme of Great
Viscount
City Managers' Association, the Life Office Management Asso¬
Products
July
The
of management—who
100
Preferred
the
Jan
26 k
Pac Pub Ser non-v com..*
Jan
Jan
27
38k
Deputy President.
Honorable
ciation, the Personnel Research Federation, and the
Jan
10 k
Pacific Gas & Elec com..25
5k % 1st pref
Aug
Right
Management Association, the American Society of Mechanical Engi¬
national
July
Mar
9k
300
6k
July
Mar
17
230
O'Connor Moffat cl AA..*
6% 1st pref.
is
the
Committee is the National Management Council, composed of the Ameri¬
July
12k
8k
12
5k
9k'
2.40
No American Oil Cons.. 10
Pac Light Corp com
Co.,
can
neers,
Menasco Mfg Co com
Man¬
Jan
35k
10k
The sponsoring group is the International Committee of Scientific
41
84
*
B
Dr. Harvey N.
General Foods Corp.;
Aug
22k
15
C. S.
U. S. Rubber Products,
July
10
15
and Public Relations,
Inc.; Clarence Francis, President,
1.20
8,700
17k
Included among those who will preside at the various sessions are
Ching, Director of Industrial
39k
1.20
37k
1
Jan
Technology;
of
Institute
Emporia"Gazette"; and John G. Winant,
Apr
90c
37 k
22 k
*
July
FordjMotor Co.;
Corp., W. J. Cameron,
of Massachusetts
66c June
1.10
37 k
Langend'fUtdBakAunstpd*
President
32 k
1
Home F & M Ins Co cap. 10
Honolulu Plantation Co_20
Compton,
Director, International Labor Office.
July
Golden State Co Ltd
Honolulu Oil Corp cap
T.
William Allen White,
Editor, the
Mar
Holly Deveiop Co
1173
Chronicle
Rayonler Inc com
Preferred
Richfield OH Corp com
Warrants
_
*
8
2.30
_
San J L & P 7 % pr pref. 100
122
6k
2.30
2.30
122
122
Aug
1.25
Mar
2.30
Aug
10
July
16 k
210
10
Apr
18
July
103k 103k
20
Mar
104
Aug
16
524
6
100
Southern Pacific Co
103k
*
33k
31
5
A. 25
100
20
20
20
30 k
30 k
30 k
80
18 k
18k
18k
80c
1,022
92k
33 k
1,000
375
33 k
Aug
Mar
25 k
30k
9k
Mar
22 k
Jan
70c
739
10c
July
70 c
Aug
1,338
25 k
Mar
34k
July
500
60c
Aug
1.20
Jan
310
10k
Mar
15k
July
Mar
12k
Jan
60c
60c
TldeWater Ass'd Oil com 10
13k
13 k
14
2
10k
10
10k
31
75c
8
7,654
75c
.
45c
Feb
21
20 k
21
1,262
17k
Mar
22k
July
10
Victor Equip Co com
1
Waialua Agrlcul Co
20
Western Pipe & Steel—10
19k
17 k
20 k
4,062
6k
Jan
20k
Aug
3k
100
2k
Ma-
4k
July
Jan
75c
3k
3k
28 k
28
19k
19k
Anglo Nat Corp A com—*
14k
6
50c
5
4
23
140
ence
the
Beginning
Detroit in 1924
of
July
111k
Apr
149 k
Jan
42c June
70c
Jan
sent to
Jan
the
80
11
Apr
5k
590
2
Mar
4
505
23
5
4
22 k
10
3k
6k
_
_
*
*
Dominguez Oil Co
Fibre Brd Prod pr pref. 100
for
an
200
Mar
3k
200
6k
Aug
6 k
Aug
601
lk
Jan
2k
Jan
100
28c
Jan
20
2 k
June
Apr
45c
45c
4
44
41
20
30
41
Pontiac, where he served
Sales
Manager, and later
tion systems,
Aug
43 k
formed
he
was
selected
When
General
as
He resigned in
July
authority
on
present automobile distribu¬
and one of his hobbies has been the studying of dealer opera¬
His goal has always been the reduction
tions.
is referred to as the "dealei's
44k
105k
was
appointed Vice-President.
was
and the
July
He was largely
Vice-President in Charge of Sales.
as
Mr. Blees is recognized as an
Jan
July
He came to
By 1929 he was president
1933 to enter the advertising business in New York City.
Feb
32 k
in
1930, Mr. Blees, one of the youngest executives in the industry, was
Buick-Olds-Pontiac combine
Feb
39 k
101k
30
been both rapid and spectacular.
minor Chevrolet executive.
50c
85
41
as any man
Kansas City, Mr. Blees' rise in the
retail salesman in
as a
6
456
44
105k 105k
His experi¬
and general management.
automobile dealers
financing plans used by dealers today.
In
Aug
4
105k
Aug
June
1.85
charge
responsible for the development of accounting and business systems and
Aug
23
13 k
44
General Electric Co....._*
5k
Mar
Aug
285
4
45c
5k
6k
lk
lk
_
3
17
3k
2k
6k
ik
1,550
a
as many
General Motors unit—Motor Accounting Company.
a
197
141k
as
automobile industry has
23 k
14k
25
_
in
industry.
Mar
14k
Polsa Chica Oil A
_
1924
He pioneered and developed many of the
finance, accounting, sales, service
covers
probably knows personally
May
52c
Claude Neon Lights com.l
Columbia River Packers.. *
in
vice-president irT charge of sales of Buick-
classes.
He
14k
50
25
50c
C tnadian Pacific Ry
Coen Cos Inc A com
Corp.
plans which have become standard practice in the industry.
car
Bendix Aviation Corp
General Motors
joined
Mr. Blees has had broad experience in the industry, having been in
of selling cars in all price
250
20
141k
Argonaut Mining Co.....5
He
years.
New York.
41k
28 k
Co. 100
Amer Toll Bridge (Del)
.1
Bancamerica-Blair Corp__l
twenty
executive sales capacity and was
Unlisted—
-
General Sales
United States of the
Mr. Blees has been closely identified with the automobile industry
nearly
83c June
600
Union Oil Co of Calif...25
American Tel & Tel
Mason, President of Nash-
Nash Motors Division of the corporation.
Aug
May
60c
60c
31k
Texas Consolidated Oil—1
Universal Consol Oil
by George W.
Manager in full charge of sales and service in the
Aug
Apr
18
Ilk
28
31k
60c
So Pac Gold Gate Co A..*
Treadwell Yuk Corp Ltd.l
made
was
Olds-Pontiac when he resigned in 1933 to enter the advertising business in
Standard Oil Co of Calif..*
Transamerlca Corp
—Announcement
Kelvinator Corp., of the appointment of William A. Blees as
July
6k
16
Signal Oil & Gas Co A
Soundvlew Pulp com
Aug
2.00
Shell Union Oil
5k % Pref
Mar
Apr
6
So Cal Gas Co pref ser
111
122
May
6
*
Aug
8k
Secretary, 347 Madison Avenue, New York, N. Y.
July
14 k
Mar
3
2.00
com
6k
Mar
4k
20
2.00
2.00
Schlesinger Co B F com. *
7% preferred...
-.25
_
Mar
9k
100
8
2k
no
2,435
5
13k
7k
June
As
protection of dealer profits.
a
of dealers' overhead expense,
result of this activity, he often
friend."
Although he devoted five years to the advertising agency business, he
the realm of the automobile as he was actively
practically remained in
30 k
125
26 k
May
35k
Feb
Hobbs Battery Co A..... *
1.90
1.90
1.90
100
1.00
Mar
2.00
Aug
identified with the supervision of one or more of the large automobile ad¬
1
Mines.. 1
2.35
2.35
2.35
180
1.50
Mar
2.35
Aug
vertising accounts during these years.
7k
7k
7k
423
4.95
Mar
8
1
35c
35c
41c
854
23c
Aug
50c
Jan
3.00
1,810
1.50
Mar
3k
July
Inc.,
28 k 'May
43 k
Aug
President
Hawaiian Sugar
Co
Holly Oil Co....
Idaho-Maryland
Itaio Pet of Amer com
-.1
Preferred
*
Kennecott Copper com
2.75
40
30
2.65
40
39 k
32
311
Aug
Matson Navigation Co
*
Aug
34k
Jan
M J & M & M Coas
1
18c
18c
19c
2,300
15c
Mar
38c
Jan
Mountain City Copper __5c
6k
6k
3k
May
He entered the national advertising agency of Geyer,
32
32
150
6k
550
Packard Motor Car com..*
5
5
5
315
Radio Corp of
6k
6k
6k
32
220
America—*
Riverside Cement Co A._*
Schumach Wall
Bd
8k
*
2.60
25
23 k
com..
So Cal Ed Ltd com
8
Standard Brands Inc—
1
Studebaker Corp com
Sup Port Cement com B__*
U S Petroleum Co
-.1
7k
10
95c
United States Steel com..*
59
West Coast Life Insurances
8
•
No par value.
a
8k
8
2.65
200
22k
23 k
8
485
127
7k
5
205
2.60
3 k
4 k
230
8
7k
90c
57k
8
major
of his
resident of Greenwich, Conn., but he will make
a
his_future home in Detroit.
—At
meeting
a
of the^Board of Trustees of the Title Guarantee and
Trust Co. held Tuesday,
24 k
July
of the Company to fill an existing vacancy.
7
June
Jan
4
Aug
Mar
Apr
10k
Aug
Mar
1.55
Jan
May
62 k
July
June
Ilk
Aug.
16, John B. Morton was elected a trustee
July
19k
Feb
40
557
56
Listed,
As Vice-
1937.
one
of Nash Motors advertising.
Feb
75c
8
x
Mr. Blees is
organization,
Mar
7k
2nd Llq. Dlv. Pay. Endorsed.
z
July
4
At present
Cornell & Newell,
New York early in
of this
2.00
10
59
Cash sale—Not Included In range tor year,
,
Manager
Jan
800
1.00
r
Apr
July
7k
8k
General
and
duties was the supervision
Jan
5k
,
8k
8k
10
10
9 k
Jan
Mar
Nash-Kelvinator's agency, in
6k
b Ex-stock dividend.
Ex-dlvldend.
v
Ex-rlghts.
Mr. Morton is well known in the construction engineering field and in
p
the practice
of his profession has gained a wide experience.
Baxter & Kennedy, Inc
He is Vice-President and Treasurer of Carey,
internationally known in the construction field, and was educated at Kenyon
College and Princeton University.
H—Fenner '& Beane, Board of Trade Bldg., Chicago, announce that Mr.
E. Worthington Walters is now
t In default,
associated with them as Manager of their
Mr. Walters was formerly associated with the Chicago
office of Thomson & McKinnon.
Joshua J. D. Derry, formerly Manager
Chicago office.
CURRENT
NOTICES
of
the
Chicago office,
has been promoted to
Western Manager of the
Company.
w—The
program
of the approaching Seventh International Management
Congress, announced by William L. Batt of Philadelphia,
Chairman of the
co-ordinating committee, contains scheduled addresses and papers by more
than
200 experts in the fields of administration,
production, distribution,
The Congress will open its five-day
general and technical sessions in Washington, D. C., on Septem¬
personnel, agriculture, and the home.
series of
ber 19, continuing
Jr.
Farroll
with
change, as co-managers
Roland
—William
Kenneth
has also
through September 23.
Gearhart
D.
—Fred
associated
B.
be the
most
management" and "economic
At the general sessions a feature will
presentation of both American and foreign points of view on the
important aspects of management in relation to
social and economic
problems.
01 Among
the speakers announced in the program are Cordell Hull, Secre¬
C. Roper, Secretary of Commerce; Lewis H. Brown
tary of State; Daniel
have
become
Stock Ex¬
*Paul Douglass have become associated with
Riley
—Charles F. Guild and Alden S. Blodget, formerly partners of Herrick,
Berg & Co. have become
main office, 60
management."
Liechtenstein
joined their Trading department.
||More than 2,000 Americans, and from 300 to 500 from other countries
expected to attend the Congress, a triennial event, the first to be held
and social aspects of
S.
members of the New York
in the Sales department and William O.
Thistle Co.
are
develop the two official themes
Benjamin
of their newly inaugurated trading department.
and
in the United States.
01 Speakers and contributors of papers will
of the meeting—"recent* developments in
and
Brothers,
—F. W.
associated with Orvis Brothers & Co. at their
Broadway, N. Y. C.
Vogell Jr. and H. E. Naething announce the formation of the
firm of Vogell &
Co. with offices at 2 Rector Street, N. Y. C., to deal in
unlisted securities.
—Bancamerica-Blair Corp.
in the Ellicott
announces
the opening of
a
Buffalo Office
Square Building under the supvervision of Harry Sharpe.
—Ira Haupt
& Co., 39 Broadway, N. Y. C., have prepared for
tion a circular reviewing
distribu¬
the progress of Philip Morris & Co., Ltd., Inc.
Financial
1174
Chronicle
Aug. 20, 1938
Canadian Markets
Provincial and
5)48
LISTED AND UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, Aug, 19
Bid
Province of Alberta—
-.Jan
1 1948
Oct
5s
1 1966
4)4s
/60>4
/59
Ask
62
July
12 1949
4)4s
Oct.
11953
99)4 100)4
96
97)4
Province of Manitoba—
4^8
-.Aug
1 1941
68----..—June 16 1954
58
Deo
2 3 959
1 1960
Mar
.——May
1 1959
4b
June
1 1962
109
110
4)4s
Jan
15 1965
116
117)4
6s
Sept 15 1943
94
95)4
4)4b
Mar
2 1950
94)4
96
4s
Feb
1 1958
107
103)4 104)4
Province of Quebec—
109)4 110)4
1118
109)4 110)4
108)4 109)4
111)4 112)4
Bid
Ask
June 15 1943
Nov
15 1946
Oct
4)4s
1 1951
85
86)4
86)4
88
80
82
perpetual debentures
6s
Sept 15 1942
4)48
Dec 15 1944
1 1944
July
5s
77)4
78 X
103)4 104)4
94)4
95)4
111)4 112)4
*
42)4
Niagara Wire Weaving...*
rnm^mmm
Bid
Ask
5s
1 1946
4)48......July
97
1 1954
——Dec
96)4
97)4
92)4
98)4
1 1960
93
4)48
5s
July
1 1969
5s
Oct
1 1969
6s
Feb
11970
4)48
4)4s
Bid
Ask
114)4 115)4
117)4 117)4
115)4 115)4
114)4 115)4
11654 117
119)4 120)4
11954 120)4
6)4s
July
1 1946
124)4 125)4
Jan
1 1962
3s
Jan
1 1962
109
97 H
110
98)4
Exchange
Friday
Par
Week's Range
24
June
32)4
Aug
48
Mar
74)4
Aug
*
29)4
29
30
208
23
Mar
31
10
150
Mar
155)4
Aug
50
5
11)4
July
155)4 155)4
100
Preferred
Ontario Steel Products...*
9)4
of Prices
Low
High
Price
103
Alberta Pac Gr pref—.100
Amal Eiec Corp pref
50
Associated Breweries
Bathurst Power A Paper A *
"*9 H
1.75
Brazilian Tr Lt & Power.*
'lik"
British Col Power Corp A. *
30 94
Shares
Low
124
100
Preferred...
*
4
50
5
11
45
9)4
103
16
5)4
Power Corp of Canada...*
Price Bros A Co Ltd
Power
17)4
—.*
100
26)4
28
15)4
125
UX
9)4
9)4
550
2.00
164)4 164)4
155
1.75
Feb
102 X
Aug
2)4
Mar
8)4
Mar
6X
20)4
July
830
51)4
21)4
48
51)4
21)4
860
58 X
July
20
17)4
Mar
23
14
14
15
10
Mar
17
108
108
100
108
Aug
56
Mar
71
54)4
Mar
68
July
July
Aug
Aug
Aug
Mar
Tos"
71
70
71
382
67)4
67
5)4
67)4
5)4
280
mmmmmm
2)4
25
2)4
2
mm
mmmm
416
Mar
147
166
Mar
Jan
2)4 June
17
June
Banks—
Canadienne
Mar
27)4
Apr
14)4
3354
4
105
3)4
Mar
5)4
July
3)4
4
45
2)4 June
4)4
July
Aug
Aug
3)4
103
3)4
103
16)4
14)4
16)4
29
27%
20
1.215
38
Apr
7)4
Mar
60
12)4
110
Jan
Jan
Feb
185
16)4
19 H
Jan
341
2
Mar
4)4
June
131
7
Mar
16)4
Aug
16)4
July
Aug
5
25
4,045
29
785
14
13)4
14
231
96
96
96
200
17
17
50
16)4
103
Aug
1 05)4 Mar
9
18)4
Mar
30
July
July
June
7)4
18)4
Mar
20
Jan
90
July
106
Jan
16)4
Mar
20
Jan
10)4
68)4
8
8
5
9
July
71
71
10
65
Mar
Canau an Cottons pref.100
99
99
95
99
Aug
108
Jan
Cndn Foreign Invest
15
15
12
11
June
19
Feb
3
1,992
2)4
Mar
4)4
Jan
650
1.50
Mar
4
Jan
5
Mar
8X
Jan
6)4
Mar
13)4
July
*
Canadian Indus Alcohol..*
*
M
..*
Con Mln A Smelt new...25
60"
Crown Cork & Seal Co...*
Distill Corp Seagrams....*
...*
'I sk
33)4
25
Dominion Glass.......100
Dominion Steel & Coal B 25
2)4
.2)4
6)4
10)4
58)4
18 X
15)4
33)4
17)4
100
13 H
2)4
6)4
3.216
10)4
355
69
1,589
47
Max
64)4
Jan
18)4
20
16
Mar
255
11
Mar
19)4
17)4
July
July
July
35
17)4
100
250
110
15
Mar
16
Mar
20
96)4 June
108
*
6)4
..1
*
....*
100
13)4
7)4
13)4
7)4
80
10
75
65
30
58
6)4
15)4
12)4
6)4
10
15 H
260
13)4
13 H
13)4
13)4
84
83)4
84
2,911
475
39
21
80
7)4
Jan
July
15)4
64
*
..100
Dominion Textile
Mar
9
16)4
Jan
Jan
July
*
160
160
Apr
178
Jan
213
32
197
Mar
223
Nova Scotia
100
308
310
37
295
June
305
July
Feb
100
188
189
141
170
Mar
191H
Mai
Mar
8)4
17
Jan
125
8)4
Mar
16
July
July
689
7)4
Mar
13)4
86)4
Aug
June
Mar
56
53
60
5
Mar
4
Mar
8)4
8)4
June
420
10
5
Mar
9)4
July
30
33
June
45
45
14J4
15)4
941
15
15
135
96
96
29
30
Imperial Oil Ltd..
*
Imperial Tobacco of Can_5
17 H
16)4
15)4
15)4
30)4
175
23
Apr
48
17)4
15)4
31)4
49)4
3,103
37
Mar
25)4
26
1,025
23)4
40
3)4
79)4
14)4
*
'Ik
7)4
9)4
7)4
10)4
30)4
22*
30
96)4
30)4
Montreal Tram ways... 100
69
68
73
McColl-Frontenac Oil.... *
.*
Preferred—
83 X
July
June
4J4
June
3)4
3)4
854
2)4
Mar
5)4
131
75
132
Feb
5)4
115
5
May
2154
2,600
17
Mar
53
Jan
Jan
"2lk
14
14
118
10
Jan
""26)4
26)4
27
779
27
Aug
27)4
30)4
31H
118
29)4
Apr
36
Jan
103
Jan
110
Feb
540 1.10
Mar
109k
......
109
110
1.80
21
106
1.95
21X
295
14)4
Apr
31
Mar
19 54
Jan
15)4
31)4
74
10)4
100
Mar
52)4
31)4
Aug
Feb
Mar
Mar
5)4
Aug
May
Mar
June
7)4 Aue
4)4 Mar
10
June
'"To
95
Apr
3,298
27
Mar
74)4
July
Aug
84
17)4
105
Feb
July
May
10)4
Aug
10)4
July
14
98)4
31
89
Feb
Mar
Jan
Feb
July
Aug
Aug
2)4 June
22
June
8
Apr
Jan
15
Feb
Jan
2.00
Jan
5%
cum
10
8
8
30
8
Feb
*
Can Vlckers Ltd...
90
*
pref...
7)4
9
440
3
Mar
135
18
Mar
1134
115
50
July
52
Can Vlckers 7% cum pf 100
Cndn Westlnghouse
*
40
51)4
City Gas A Elec Corp Ltd *
Commercial
41
51)4
52
25c
*
1.35
Commercial Alcohol pref. 5
Consolidated Paper Corp.*
Dom Oilcloth A Lin Co..*
""8 k
"5k
Alcohols
EaKootenayP7%
8)4
90
cm
25c
1,025
1.30
1.35
350
4)4
7)4
32
4)4
100
8)4
7,337
32
Fleet Aircraft Ltd
*
Ford Motor Co of Can A.*
25
5)4
11
7)4
1.00
130
25
25
9
May
11)4 July
Aug
70c
Mar
90c
Mar
1.85
July
4
Mai-
3X
Mar
32
Aug
Mar
9
Feb
434
9)4
32
8)4
Jan
July
11
19)4
"18"
11)4
19)4
1254
19)4
17
60
9
Mar
20
Aug
17)4
18
980
10
Mar
21)4
37)4
20
37
Mar
39
July
Apr
Jan
12
1,700
2,000
696
3)4
Apr
Mar
3
4)4
14)4
Jan
Mar
7X
8X
July
20 H
July
12
5
12
Mar
15
8
20
6
Mar
50
55C
Mar
8)4
1.00
Lake St John P A P... ...*
3
3
10
Mar
34
1.25
1.25
1.25
Jan
Jan
June
1.45
400
Mar
13)4
14
185
7
Mar
17
Jan
55
57
240
32)4
Apr
63
99
14
99
116
87)4
Jan
101
July
July
5)4 June
7)4 Mar
21
5)4
5)4
20
17
20
90c
*
100
Sou Can Pow 6% cm pf 100
106 H 109
100
1.50
4
1.00
46
10
1.60
92
68
Q
Q
United Securities Ltd. .100
Walkervllle Brewery
*
(H) Walk-Gooder A Worts*
Walker Good A Worts(H) *
52
1,955
90c
Power Corp of Canada
6 % cum 1st pref
100
pref
670
13
July
15
75
cum
Jan
7)4
6)4
8
SI
July
Aug
6)4
75
Montreal Island Power
Jan
July
Aug
8)4
7)4
1
Mackenzie Air Service.—*
MacLaren Pow A Paper. _*
July
25c May
37)4
12
International Utilities A._ *
Intl Utilities Corp B
Mar
17
6)4
Fr&ser Companies Ltd...*
Voting trust ctfS
.*
Freiman (A J) 6 % cum pf 100
Intl Paints 5% cum pref_20
5H
11
pf 100
EasternDalries7 % cm pflOO
Falrchlld Aircraft Ltd
5
Melcher* Distillers Ltd pf*
Mitchell (Robt) Co Ltd—*
Mar
15
13)4
Feb
14
July
Feb
20)4
2,740
Jan
Feb
7)4
21)4
14)4
25
85
2,177
133
100
Feb
Aug
107
8)4
98
846
Mar
2
1.20
Mar
275
47
8)4
*
1,051
107
100
1.20
90
8)4
10
735
4 '
*
20
10)4
82
July
554
21)4
Massey-Har 5% cum pf 100
McColl-Fron 6% cm pf. 100
1
July
Aug
107
131
*
Cndn Gen Invests Ltd
June
33
Cndn Light A Pow Co. .100
Cndn Pow A Paper Inv
*
June
11
Montreal Cottons pref.100
Mont L H A P Consul...
Can Nor P 7% cum pf.100
Can Breweries Ltd
15)4
40
*
*
Canada & Dom Bug (new) *
Canada Malting Co Ltd..*
18
110
Massey-B arris
131
British Columbia Packers *
Mar
14)4
Legare pref...
Brit Amer Oil Co Ltd
Mar
79)4
100
'""354"
Brewers A Distill of Van..5
11)4
10)4
International Power-
100
Feb
55
6)4
6)4
7)4
15
14)4
Beld'g-Corti 7 % cum pf 1C0
29
Aug
Aug
May
4
11)4
80
79)4
*
Mar
31
3
Mar
.100
.
9)4
25
4)4
4
82
*
Beauharnols Pow Corp..
107
78
107"
31
High
Mar
4)4 June
3)4 Mar
15"
...100
Bathurst PA PLtdB
25)4
Low
1.00
764
Howard Smith Paper.
*
Preferred...
...100
Hudson Bay Mining..
*
La fee of the Woods..
Aluminium 6% cum pf_100
Asbestos Corp Ltd
*
23
31
Abltibl PAP7%cum pf 100
6,256
1,590
425
45
5)4
100
3
7)4
45
Internat Pet Co Ltd....
6% cum pref
3)4
25)4
Ranoe Since Jan. 1.1938
Week
6)4
Aug
International Power
Abitlbl Pow A Paper Co— *
for
Shares
Price
7
July
July
b
Par
of Prices
Low
High
6
5)4
7)4
Stocks-
Week's Range
Sale
7)4
10)4
7)4
Sales
Last
6)4
Mar
*49k
Friday
*
Mar
*
100
Industrial Bonds
.330 Bay SL, Toronto
*
June
56
St., Montreal
._*
5
*
255 St. James
Spvfcs SL, Ottawa
Donnacona Paper A
3
Hamilton Bridge
Preferred
Intl Nickel of Canada...
56
Donnacona Paper B
75
6)4
5%
Municipal
Dominion Stores Ltd
685
56
Jan
Public Utility and
Jan
403
6
Aug
HANSON BROS Canadian Government
Jan
1,060
....
189
Feb
8)4
Gypsum Lime A Alabas—*
mmmmmm
10
4)4
70
m m m
70
m
70
—
84
4)4
Goodyear T pref inc '27.50
Gurd (Charles)
163
44
140
213
m
Mar
8
..100
Jan
163
176)4 177
213
m
June
4)4
4)4
Rights.
161
177
100
July
Feb
17
25
100
.100
Montreal
Jan
7)4
565
100
Mar
7
Jan
Converters.. 100
Preferred—
1.25
33
Montreal Curb Market
16)4
"lo"
—
Preferred
243
11)4
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
16 H
Industrial Accept Corp
May
3
July
June
Holnngei Gold Mines
July
3
Apr
2)4
100
Preferred
7
Mar
240
1)4
1.50
Mar
*
Preferred...—
2
11)4
100
3
108 M
1.15
June
General Steel Wares
2)4
34
Apr
July
9
26
Gatineau.
5)4
2)4
24
July
87
Foundation Co of Can
944
Aug
11)4
90
Canadian Bronze pref.100
Canadian Car & Foundry. *
Paper
Electrolux Corp...
5)4
6)4
289
Dryden
102
July
1,211
16)4
Preferred
5
16
13
Dom Tar A Chemical
95
1,902
18
102
30
96
....
55
Jan
28
11)4
16)4
Dominion Coal pref.
19
Jan
31
Can Wire & Cable cl B—.*
Dominion Bridge
Mar
Apr
June
11)4
14
Cockehutt Plow..
14
Mar
13
Canadian Pacific Ry
130
July
July
12
94
Class B—
20
17)4
Jan
16)4
Mar
26
*
Canadian Cottons
Mar
8H
10
*
Rights..
9)4
2,190
20
10)4
—
256
17)4
*
Preferred-
July
30
14
Canadian
107)4
56
Celanese.
15
17
25
*
125
14
_..*
Winnipeg Electric A
Mar
July
July
122
49
17)4
5)4
Steel Co of Canada......*
Preferred
July
33)4
18
mmmmmm
Sherwin-Williams of Can.*
Preferred
100
Feb
Aug
46)4
17)4
mm-m»m
*
100
*
50
St Lawrence Paper pref 100
Shawinlgan w A Pow
»
Jan
100
Preferred 7%
10
Feb
11
July
28
Canada Steamship (new).*
Preferred
50
Preferred
107
7
Apr
10
*
Preferred
Canadian
June
56
_*
Can Forglngs class A
Can Northern Power
124
99
;
High
3)4
—...*
Building Products A
June
124
mmmm1
ESTABLISHED ISIS
15)4
-*
100
Canada Cement.
25
.1
99
22
*
...*
Range Since Jan. 1,1938
26)4
28
*
Bruck Silk Mills
2
47
mrnrn-mmm
mm
.
.f*
Agnew-Surpass Shoe—...»
Preferred——
100
B
99
22
47
Ottawa L H A Power pf 100
Week
Acme Glove Works Ltd—1
-
30
May
Aug
9)4
INCORPORATED
for
Sale
Bell Telephone. -
Aug
65
2,956
Sales
Last
(N) Grain
43
Royal
4s....
Montreal Stock
Bawl!
High
Apr
73
Commerce
Grand Trunk Pacific Ry—
Aug. 13 to Aug. 19, both inclusive, compiled from official sales lists
Stocks—
Low
34)4
Canadian Northern Ry—
Sept
1 1951
June 16 1955
Feb
1 1956
July
1 1957
4)48.
4,415
32)4
mmmmmm
Ask
Canadian National Ry—
42 H
32)4
70)4
United Steel Corp
Viau Biscuit
Dominion Government Guaranteed Bonds
Bid
42
Range Since Jan. 1, 1938
for
Week
Shares
73
A preferred
Sept
Range
*
Saguenay Power pref
St Lawrence Corp
4)4s
s
Noranda Mines
Quebec
Canadian Pacific Ry—
4s
Price
Par
National Breweries
Penmans
Railway Bonds
Canadian Pacific Ry—
oj Prices
Low
Hig>
Ottawa Electric Ry
1 1981
Prov of Saskatchewan—
5b.
117
Sale
Stocks (Concluded)
Week
Ogilvie Flour Mills
97)4
106
Sates
Last
Ask
U0H 111)4
118)4 117)4
121)4 123
4)48—-May
Apr 15 1960
4 Ms
Apr 15 1961
Province of Nova Scotia—
4)48
Sept 15 1952
4 Ms
Bid
1 1942
99
Prov of New Brunswick—
5s
Oct
5s.
5s
60)4
Prov of British Columbia—
68
Frovlnoe of Ontario—
Exchange
Friday
Jan
99
104
10
Jan
Aug
1.00
Mar
X
Jan
July
June
108
Aug
May
15
Mar
200
1.10
Apr
2
July
Mar
45
July
19X
Aug
42
43
319
32)4
19)4
♦
6)4
July
19)4
587
17)4 May
49c
4,500
Mines—
Aldermac
*
46c
Alexandria Gold....
1
lc
Arno Mines
*
*
Copper Corp
No par value
45c
Mar
67c
Jan
lc
lc
1,000
lc
Mar
2c
2)4c
1,300
lc
Apr
3)4c
2)4c
Aug
420
Jan
Volume
1175
Chronicle
Financial
147
«c
Canadian Markets—Listed and Unlisted
Montreal Curb Market
(Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Pries
330
Feb
30c
500
24He
Feb
46c
Mar
31c
305
32o June
57c
Jan
6*c
900
6*c June
13Hc
Feb
8c
1,500
3c May
8c
Feb
4*C
1,000
3c June
10c
Feb
Canadian Oil pref
C P R
28c 28 He
2,085
24* June
Jan
Canadian
Bidgood-Kirk Gold
Big Missouri Mines
1
1
30c
25c
Bouscadiliac Gold
1
6*c
5c
Bornwlee Mines (1936)
1
Bulolo Gold Dredging...5
Cndn Malartlc Gold
8c
4c
'28*e
1.03
1.00
"~32c
31c
30*C
33*
36c
Car tler-Malartlc G M Ltd 1
1
Cons Chibougamau Glfds. 1
Dome Mines Ltd
*
~33*
Mar
62c May
14,100
20c
Mar
41c
2,575
20,500
8,300
1,700
27*
June
35
Duparquet Mining Co
1
4c
4*c
1
2~18
2.10
2.25
Eldorado Gold M Ltd
1
2.25
2.23
2.30
Falcon bridge Nickel
Francoeur Gold M Ltd
*
5.85
5.85
350
30c
34c
11c
11c
5,000
672
~
"34c
*
9c
9c
1.20
1.25
52*
50c
Kirkland Gold Rand Ltd.l
Klrkland Lake Gold
1
Lake Bbore Mines
1
53*
Lapa-Cadillac
Macassa
"Y.24
53*
1,500
1,200
1,206
50c
170
5.10
1,200
10*c 10 *c
T.22
Chromium
4.90
Mar
6.95
Jan
Cock8hutt Plow
28c
Mar
55H0 Feb
15He May
Commonwealth Pete
*
28c
28c
1,000
24 *c June
43c
Coniagas Mines
5
*
1.50
1.50
500
1.25 June
2.25
Jan
1.30
1.45
2,906
1.10
Mar
1.84
Jan
*
14*
15*
120
11*
Mai
16
35c
10c June
6*c
Aug
27c
99c
Mar
1.50
Jan
46 *
Mar
58 *
Feb
50c
Aug
62c
Aug
"~2lc
July
Distillers Seagrams
Preferred...
*
15*
1,000
2.90
Mar
4.65
8,900
17c
Aug
62c
1.55
1
1.82
1
5c
Jan
Dome Mines
Jan
Dominion Bank..
1.02] Jan
1.77
Feb
3.90
Mar
5.25
Aug
Dominion Explorers
Dominion Foundry
210
Dora Soot Invest..
Mar
17*
1.85
Jan
2.35
Feb
Dom Scot Invest pref...50
72c
Mar
1.93
Aug
Dominion Steel Coal B..25
2.60
2.50
Aug
4.60
Jan
Dominion Stores
7c June
Dominion Tar...
*
Dorval Siscoe
1
East Crest Oil
»
7c
7,000
1.30
1,150
42c
Jan
Aug
33c
Mar
91 He May
2.00 Aug
1.78
Jan
4*c
2.00
2.13
1.03
1.11
9,300
50c
47c
50c
6,002
1.02
1.10
6,200
Mar
3*35
3.35
3.40
800
2.70
Mar
4.60
4.75
3,100
4.40
Apr
5.60
19c
Mar
20o
6.55
1
1
9,675
1
...1
"23c
20 *c
25c
Cad
1
25c
21c
26c
16,500
27,450
Wright Hargreaves
♦
7.75
8.00
60
88c
East Malartlc
Jan
3.40
*
1.15
46
1
435
3*
23*
30
3
2.18
21c
Mar
33 *
Mar
19*
17c
Gatlneau Power
*
1.45
49
Preferred
100
Low
Mar
lHo June
21c
800
170
10*
Jan
1,200
16c
Aug
50c
21,350
61,200
3,100
15H0
Aug
95c
Mar
18c June
40c May
3.15
3.15
1
18c
16c
19c
3,500
Ashley Gold
1
7*c
7c
7*c
13,200
1,150
73,375
20o
10,875
10,300
62c
400
3.20
Astoria Quebec Mines. —.1
6c
6c
6c
Auglte-Porcupine Gold ...]
31c
29*c
36c
Bagamac Mines
Bankfield
20c
1
Cons
...t
M
213
*
5
Barkers
Bread.
212
*
Beauharnols
*
3*
Bell Tel Co of Canada.100
164*
1.32
...1
_
9*c
............
4*
29
32c
Apr
100
21*
21*
1,513
*
13c
......
»
11,200
10
16
3*C
1,963
25,500
58*
95
10c 13 *c
16,800
3c
22*
25
170
2.25
2.37
4,550
1
35c
35c
2,400
*
4*
5
......
Oils
Canada Bread
.
*
Canada Cement..
Preferred
10
10
310
70c
Feb
4.15
11c
7c
44o
May
249
6
11*
5
Feb
24 *c
20,100
47c
2.300
Jan
Feb
jan
Aug
n*
Aug
Apr
7H
Mar
4H
June
July
10.25 June
7*
34
Mar
Aug
lie
Mar
2 Ho
Mar
10c
15
1.80
Apr
Aug
May
Mar
25c June
3
May
68*0
72
25
395
7
Mar
13
65
89
June
108
29
Apr
36
Aug
May
20
Jan
♦
......
17
17
55
17
134
136
44
128
3*
3*
50
14
14
180
14
85
2
6H
Mar
Apr
Jan
*
16*
49
50
37
47
July
67
15*
16*
50
15
June
22
1.80
1.90
1,606
Preferred
*
20*
Cndn Bk of Commerce. 100
Canadian Canners
......
Canadian Canners 1st pf 20
2d
preferred
Can Car A Foundry..
Preferred
Canadian Dredge
20*
175
*
18*
-25
»
21
220
177
18*
16*
15
16*
28*
28
29
22
22
Mar
2.60 May
21*
157
Mar
177
Apr
6
19
6*
Apr
Apr
Aug
July
9
Jan
1,806
7*
Mar
18*
,
18*
Mar
30
45
21
July
35
Jan
40o
56
166
2,800
51*
Apr
Mar
58
3*c
July
9*c
Mar
93,900
1,800
5c
10
29
4*
24
98
60
4,600
430
6*
5c June
lie
11c
July
Jan
July
16
Mar
33
Jan
10
May
12
61c
Jan
Mar
1.09
Mar
4*
Mar
Jan
2c
8*
4*c
70
2*
Apr
Apr
39,641
1.10
Jan
10*c
10,500
9c
16*
.15*
16*
15
14*
15
200
Jan
Feb
13
2.06
3*
Jan
June
Mar
500
J*c
Feb
Mar
4
AUg
Aug
2.93
July
17o
Mar
1.00 May
8c Mar
1.40
Feb
800
20c
Jan
620
10c
13*
17* July
15* June
1.47
Apr
,460
11
Apr
Mar
91o
Mar
33o
Jan
Mar
31
Aug
Aug
1.15
28*
30
30
15o
Ma>
37o
Jan
100
74
75
100
100
8
8
5
205
208
42
190
Mar
3,895
15
Mar
19*
Mar
15*
July
17*
5
16*
15*
<
17*
15*
45c
100
*
49*
81
Mar
July
49c June
Mar
9*
19 He
17c
21,666
1
46c
8
36c
1
55c
55c
277,120
7,943
150
30,377
525
1
1.30
1.20
15,310
—1
27c
26c
J
53*
*
*
52*
3*c
8,297
7,070
63*
3*C 2,1005
1
Gold
10*c ll*c
53c
26
—1
600
July
40o
Mar
82o
Mar
5
12*
66c
57,100
30
65
13*o May
33o
Aug
9*c June
10
June
1.25
June
Jan
16c
May
Aug
2.50 Aug
15
55o
Aug
Mar
1.50
26c
59c
46
Aug
Mar
2*c
July
Bo
Feb
12*
37*0
Aug
12*
Aug
74c
Mar
65
Aug
56
Jan
Mar
95c
3,026
5*C
5*0
1*0
6*c
3*c
10*
11,800
5*c June
25,200
lc June
583
Mar
950
86c
9*
8*
85c
Apr
7*
Auv
60c
Mar
1.50
58*
1.13
15c
Jan
Jan
Mar
Feb
Feb
Jan
3*c
10*
Aug
Aug
A
Mines
Feb
3.60
3.20
3.60
42,850
25,205
1.12
*
3.20
Aug
6.00
Feb
*
*
Gold
Preferred..
Mines..—
Massey Harris
Preferred
McColl Frontenac
Preferred
No par
12*
47 *C
'
5
"~95c
23*
22*
23*
231
19*
Mar
24
20*
21
325
18
Mar
21*
Jan
1
5.15
4.90
5.15
6,490
3.50
Mar
5.55
Jan
1
3.65
3.60
3.80
1.30
Jan
4.45
July
—.1
50c
43c
50c
22,550
23,300
25o
Mar
57c
Aug
*
2c
1*C
6*
2c
3,900
l*c
Aug
6*
15
3*
4*
4*
10*c 12*c
7*
8
54
56*
815
87c
Maple Leaf Gardens pref 10
Maple Leaf Milling
»
•
13
2.00
62
1
Gold
Manitoba & Eastern
'
2.05
*
1
1
.
Mar
May
Feb
Mar
1
——1
Feb
June
37
23
13
Aug
52*
31*
65
32c
26
Jan
81
116
10,740
49*
3,800
stock).l
Jan
Jan
38c
2,775
30
8
8*
4*
39C
26
75
214
13*
"39c
*
*
Cons
Maralgo
Apr
6* May
.1
Madsen Red Lake
i'
57
365
7
79*
47*
25*
23
1,600
150
4
7
*
Mines
July
90
16
Maj
20*
July
390
152
16o
1,276
MacLeod Cockshutt
Jan
4
July
Aug
Mar
Macassa
Aug S
145
18*
8*
14H
Mar
400
5*
8*
•
•
5*
1.15
47c
22c
B
Jan
1.90
40*o
9,050
Loblaw
Mar
16*
*
Breweries..
Jan
Mai
30c June
14c
3,440
Little Long Lac
July
49
»
Canadian
,
68c
12o
64c
Apr
Mar
10,700
Leitch
4* June
Canada Wire B
Canadian Wire A
.
31c
17c
Leeare Ltd pref.
Mar
160
136
Mar
23c
Lebel Oro
Jan
.
Canada Permanent... .100
5C
1.15
Lava Cap
Jan
190
10*
July
2c Junr
July
20c
Laura Secord
July
96
86* June
26 *C
Lee Gold
32
74*
4*
Lapa Cadillac.—
Jan
95
Aug
10*
32o
Lang & Sons
Jan
30
*
14
Mar
Lamaque Contact
Jan
05*
m
Feb
Apr
Mar
72*
3*C
3*
Apr
7
1
Laguna
Aug
7
Aug
22c
53c
Mai
Lake Shore
Jan
3.10
20
I
Kerr Addison
Apr
62c
Mar
Mar
8c
Klrkland Lake
17*0 Feb
6*0 May
60
Aug
22c
13c
5
Kirkland-Hudson
July
46
14*
Apr
27c
2.17
Kelvinator
Jan
29
25c
3*c July
1.16
*
J M Consol (New
Feb
Apr
Mar
Mar
10*c
Jelllcoe
Aug
Msr
13 *c
52
6
*
Jacoia
July
16 *
30c
30q May
210
8c
1
Jack Walte
14*c
14*
July
9
65c
Jan
18c
3* Jum
7,600
11,000
5*C
*
1
Intl Utilities A
Jan
24
Jan
14c
125
10*
International Pete..
Jan
34
Jan
21*
20
Intl Metals pref
International Nickel
Mar
July
6.95
Mar
65
5*c
Inter. Metals A
Jan
3
Mar
20%
Imperial Bank
Imperial Oil—
Impelal Tobacco
Inspiration
July
8
4.70
16
3*o May
65
10*c
*
Aug
295
4*
8*
4c
.1
2.39
55*
65
60
Gold
Jan
Huron & Erie
Feb
68c
141
24 *c
Hudson Bay Mln A Sm_. *
July
[Mar
84*
Mar
Jan
Homestead Oil
July
50c
295
1.05
Mar
Howey Gold
Jan
Feb
13*
47c
Hollinger Consolidated...5
Home Oil Co
*
Jan
222*
13*
83*
13,650
48c
Hinde & Dauch
Feb
Mar
11,600
2,800
7,325
Highwood-Sarcee
Feb
1,935
20c
3c
Hedley-Mascot
Aug
665
54,800
Harker
Jan
6.00
13c
Hard Rock
Aug
6*
37
Aug
8
Harding Carpets
33c Mar
1.45
28
Mar
32
5c
Halcrow-Swayze
Jan
166*
21
325
Aug
4
Gypsum Lime A Alabas—*
33c June
1.65
13*
84*
Greening Wire
Gunnar
Jan
31
100
Canada Malting
Can North Power
Canada Steamships
Preferred
36C
70
15*
*
5
36 He
Mar
30c
May
28
14c
Granada Mines
July
1.00 May
2
Mar
20C
197
10
8
*
Great Lakes Paper
Preferred-..
4Ho Mar
27c
4H Mar
6H June
2 H May
164H
44,225
21,925
2.25
2.35
4
1
Grandoro Mines
July
28
16c
Gold Eagle
Goodflsh Mining
July
1.03
Mai-
100
56
227
Jan
15*c 15*c
19*
19*
Graham-Bousquet
Jan
Mar
705
15*
3*c
195
15c
300
50e
Preferred
Mar
8.00
5*
30*
56
*
13c
AUg
Mar
375
11*
32c
4Hc
Apr
Mar
10,700
9.65
24
70
»
Calmont
9.65
15c
28 H
7c
5*
30*
32c
Hill
10
11*
1
Buffaio-Ankerite—
Bunker
100
21*
*
Burlington Steel
Calgary A Edmonton.
200
3*
28*
9*c 10*c
30*
♦
Building Products
8
28*
24
Brown Oil
Buffalo-Canadian
292
11*
Brewere A Distillers.. —.5
Preferred
259
8
_
*
Oil..
3*
3*
Brant Cordage pref... ..25
♦
Brazil Traction
,
A
12,325
3*
164* 165
1,300
_
Bobjo Mines
B
1.33
33c
♦
-.50
Brit Col Power A
1.20
32c
32c
8
—
100
48,633
1
Mines
4
36c
*
Bralorne
10
30c
BIltmoreHats
...I.
50
30*c
Big Missouri
Preferred..
1
5
9*
4
Beattie Gold
237
9*
*
Blue Ribbon
24
5
Bathurst Power B
Bidgood Kirkland
68C
213
237
*
Bathurst Power A
18c 22 *c
63c
~
B ank of M ontreal.... .100
Bank of Toronto
.100
2.90 June
fic
June
1
Gold Belt...
High
Mar
Anglo-Huronian
6*c
*
God's Lake...
Goldale Mines
Goodyear Tire
Arntfleld Gold
Mar
3*c
Rights
General Steel Wares
Gillies Lake Gold
Apr
July
Range Since Jan. 1,1938
*
26o
Ford
8H
1.40
10
Aug
Jan
27*
1.34
Mar
5c
8.10
1.00
15*c 17 *c
4*
25,306
3,000
Mar
570
45*c
1.39
10
10c
Firestone Petroleum
4,185
16c
*
7*
Jan
33,300
48c
1
June
43c
16c 16*C
*
Aug
4*
July
*
Juue
335
6
37,300
1,200
*
44
Mar
July
24c
A
Aug
Aug
7c
2.00
19c
25c
75c
Jan
34*
212
16*
8*
28
5.85
25*
Aug
Aug
33
7*c
2.22
Apr
3*c June
Jan
17*
78
Aug
6*0
2.10
189
Feb
Mar
Apr
Mar
5c
28
Mar
73
460
9
1
2.26
28
11
66*
Jan
27* June
23*c
29
Fernland Gold
*
June
17c June
15
Jan
25*
3*c
•
Anglo-Can Hold Dev.
10
9c June
30
1,845
13*
380
3*
27
75c
33
13*
5*
1.185
Exchange
.
43
10,100
Alberta Pacific Grain-
Aldermac Copper
Aram Gold Mines
42
2,600
402
20c
Sales
3*c
38
7*
5*
6,994
4c
6*c
95c
Shares
34*
210
5*0
1,100
46
for
1
33*
19*<f
1.20
25*
_
26
20c
Apr
*
A P Consolidated Oil.
765
78
6*C
23c
Week
27*
16
*
58*c
of Prices
Low
High
...1
14*
I
34c June
Week's Range
Preferred
16,450
1
100
.100
Ajax Oil & Gas
4,650
24c
Federal-Klrkland
35c
1.15
4,100
32c
200
Fanny Farmer
May
Sale
preferred
Feb
Falcon bridge..
1.51
Last
6%
Feb
38
Jan
1.35 June
Friday
Afton Mines Ltd
Jan
24
Apr
Feb
Aug. 13 to Aug. 19, both Inclusive, compiled from official sales lists
Abltlbl
199
June
29
Mar
100
44*
Price
June
16
50
1.23
1.40
Toronto Stock
Par
176
85
3.60
80o
25
Glenora
Stocks—
111
23
31*
9c 10*c
English Electric A
35c
*
180
Economic Invest
1.40
Royallte Oil Co
Jan
Mar
1.39
78o
Francoeur
Home Oil Co
Feb
64*
33
13*
Foundation Petroluem...*
Brown Oil
42c
Mar
May
Mar
390 June
Oil—
Anglo-Can Oil
Mar
46*
7c
100
5c
Jan
20c
2,321
75c
13*
12c
Jan
16,300
4c
100
4*c
Feb
60
207
"43"
*
7
15o
58
1
200
1.08
Sylvanite Gold
100
16,600
1,000
2~05
Sullivan Consolidated
(new)
1.84
1
Teck-Hughes Gold
Thompson Cad—
Wood
2.70
2.65
1
(new)
"33*
Apr
..*
Sladen Mai
July
78
2.28
1.25
1
13*
415
11
30o
1.66
12c
1
Mar
9c
..100
1.37 May
Feb
Aug
31*
2.50
1
Siscoe Gold Mines Ltd
100
2.28
15*c 15*C
1
1
July
8O0
22*
Crows Nest Coal
Jan
Aug
June
1.73
35c
179
179
]
21c
Stadacona
100
Mar
1.18
6,495
30c
59*
1
4.50
Sherritt-Gordon
Consumers Gas
1
.5
8*c
13,100
1.18
10*
*
17c
Red Crest Gold
Consol Chlbougama
Cons Smelters
"n
Denlson Nickel Mines
Mar
4.40
Shawkey Gold
*
19,250
1.28
65c 66*C
.♦
Da vies Petroleum..
3.50
21c
Read Autbler Mine
Mining
Coniaurum Mines
Cons Bakeries
Feb
4.50
Preston-East Dome
Feb
Central Porcupine.
1
Chesterville-Larder Lake 1
1
Premier Gold...
3.20
Aug
*
Placer Development
Feb
July
Jan
Mar
Darkwater
700
July
1.19
3.25
July
5.15
2.60
104
2.37
July
Jan
5.10
Jan
6Hc
Pandora
Pickle Crow Gd M Ltd...l
Jan
Mar
Jan
80c
1,400
98*
Feb
Aug
5.40
255
1.65
10
July
Mar
ll*c
1,100
2,300
Jan
3*
20
1.96
Mar
1.45
2.60
2.10
Mar
1.95
2.49
4,810
73c June
2.50
May
2.60
2.76
1.41
Apr
17
2.50
2*c
1.75
2
60
2.55
100
2.50
110
1
1,605
1.90
3
19
Central Patricia
3c
1.45
Aug
8*
1.05
3*c
Pamour-Porcupine
Pato Consol Gd Dredging 1
Jan
123
Aug
Aug
3.70
Perron Gold Mines Ltd... 1
16
Jan
Mar
54c
Cosmos
Pend-Oreille MAM Co..l
May
5
7,412
Jan
500
10
1.00
July
Aug
78c
Feb
110
94c
1.27
3c
Feb
225
101* 101*
5.50
78c
Jan
4
1.28
295
95c
47 *
3.55
Aug
4*
4,494
121*
6*
l
Mar
1
Cad
2.60
100
June
*
12
Mar
Mar
Castle-Trethewey
35 *
O'Brien Gold
6*
2*
74c
Feb
730
Newbec Mines
1.22
47
26
15,662
3
300
5
2*
High
Low
2*
18*
*
1,372
1
M clntyre-Porcupine
.
35
*
1
Carnation pref...
655
2*
1.05
11*
1.24
Mackenzie-Red Lake
Oro-Plata
Jan
Shares
97c
121
6*
47 *
5.00
1
Mines
Caribou Gold
24c
2*
Range Since Jan. 1,1938
for
Week
2*
*
25
Feb
5c
5,350
2*
100
15c
3,000
Mar
Price
V.03
Wineries
Cdn Wirebound Box
32c
77c
of Prices
Low
High
*
Feb
700
East Malartlc Mines
J-M Consol Gold(New)...
B
Canadian Malartlo
Canadian Oil
1.27
30
1.03
96c 96 He
*'
Central Cadillac Gold
18c
Par
Canadian Ind Alcohol A— *
Mar
18c
Brazil Gold & Diamond. .1
Stocks {Continued)
High
Low
Shares
Week's Range
Saie
17c
1
Sales
Last
1,500
Beaulor Gold
Exchange
Friday
Range Since Jan. 1.193S
Last
Stocks
Toronto Stock
Sales
Friday
value.
*
12c
7*
100
66*
100
92c
3
1
*
*
84c
10*
99
11*
99*
5
1*
Apr
Mar
*
12
26,395
2,250
3
Apr
4c
7
July
6
May
19 *c Mar
9o
Mar
4*
Mar
10*
405
28
Mar
63
10
June
14
86*
Jan
Jan
Aug
3*
395
40
Jan
101
July
July
Feb
July
Financial
1176
Aug.
Chronicle
Unlisted
Canadian Markets—Listed and
Exchange—Curb Section
Toronto Stock
Exchange
Toronto Stock
Sales
Thurs.
Sales
Friday
Week's
Last
of Prices
Low
High
Salt
Mclntyre
464
474
3,432
35 4
Mar
474
Aug
1.22
1.19
1.25
9,560
69c
Mar
1.29
July
McVlttie-Graham
15c 154c
16,750
Mar
32c
Jan
Mar
24c
61c
1.95
1.72
1
34c
1,000
24c May
44c
July
20c
Apr
500
July
38
July
May
3 4c
20
424
Aug
74
115
Apr
126 4
Jan
56,900
7c
28,200
1,100
1.75
1,000
734
1.65
Apr
10c
14c
Aug
38
Aug
15c
July
Apr
79c
July
2c
May
114c
July
12c
May
38c
Mar
134c
Mar
2.15
Jan
Mar
744
74c
*
*
*
—
National Steel Car
Mar
—-.1
Robb-Montbray—.—- -1
14c
14c
iy3c
14c
14c
2,500
lc June
Su pert est
Ord
23
July
Apr
37
Aug
2
Apr
4
Aug
20
Jan
31
Mar
100
394
40
25
30
Apr
43
July
*
.*
United Fuel pref
Waterloo Mfg A
1.75
1.75
100
1.25
Apr
2.15
July
1.50
1.50
100
1.00
May
2.50
Judy
...
50c
Mar
1.14
Jan
750
7.50
May
8.95
Aug
1.35
150
1.00 May
1.50
Feb
3.70
5,910
2.75
Mar
5.45
Jan
1.07 June
2.30
Jan
Abitlbl P & Pap ctfs 5s 1953
644
65
June
54c
Jan
Alberta Pac Grain 6s.
86
88
Bid
24c
50c
57c
13,838
31c
Mar
68c
Aug
72c
83c
31,540
40c
Jan
1.45
Mar
Bell Tel Co of Can 5s. 1955
7c
8,200
934
93 4
95
4.30
4.45
21c
15c 214c
4.45
1
mmm
—
X
-
m
Gold....—.....1
Cons
1
-1
Gold.........—1
Burns <fc Co 5s
1958
61
63
98
99
Minn & Ont Paper 6s.
107
Feb
8,230
July
15c
Aug
63c
May
200
Jan
July
Canadian Lt <fe Pow 5s 1949
7,000
5c
June
22c
Mar
Mar
69c
Feb
12c June
23c
Mar
38c
50c
22,130
13c
14c
19,200
1.50
3,580
1.02
Jan
1.76
48c
49c
Pay ore Gold
13c
5s *53
Cedar Rapids M & P
Consol Pap Corp 54s 1961
Feb
5.00
5.20
6,445
3.80
Mar
6.30
Aug
Gold...........1
3.05
4,965
2.80
Mar
3.30
Mar
Donnacona Paper
2.28
2.50
20,804
1.37
134
15
2.42
.1
*
25c
mm
......
mm
w
-
Mai
2.65
July
1956
Apr
164
July
East Kootenay Pow 7s 1942
Montreal Tramway 5s 1941
Ottawa Valley Pow 54s '70
104
Power Corp. of
101
Mar
52c
Apr
Eastern Dairies 6s
4s.
2.27
2.35
3,785
181
Mar
2.42
Feb
Fraser Co 6s....Jan 11950
1.80
1.65
1.84 241,972
67c
May
1.90
Aug
Gatlneau Power 5s. —1960
Gt Lakes Pap Co 1st 5s
*55
1044 1044
89
904
'68
101
'
■
*•«•*»
134c 134c
Mar
July
July
3,125
54c
2.55
15c
2.65
4.55
Jan
Int Pr & Pap of Nfld 5s
8c
-
__1
1,000
2.55
9c
1,700
7c
June
45c
Jan
9c
9,800
8c
Aug
364c
Jan
5
14
24
Feb
46c
3,750
39 4c
Aug
Jan
54a
1961
6s——.-—.-.1951
14c
29,000
9c
June
2*65
8c
Autfiler
Read
*
*
1
Red Lake Gold
Reinhardt Brew
Gold
Reno
Roche
Long Lac..
45c
Sheep Creek.
Sherrltt-Gordon
Simpsons
pre!
Slscoe Gold..
1.21
Feb
especial interest to sufferers of hay fever and pollen asthma.
Jan
lication
34
June
71
95
2.00
Mar
34c
Jan
3.40
Jan
1.38
8c
9c
5,000
7c
Apr
40c
600
40c
Aug
47c 52 4c
21,625
394c May
24c
70C
77c
44
Jan
Jan
70
May
Jan
Mar
71
Aug
was
54
Aug
in
4
Apr
Auv
68
5
May
154c
Jan
9c
12c
6c
Apr
2.65
2.50
2.65
1,415
2.00
Mar
3.80
12c
12c
12c
3,900
10c
Mar
19c
Mar
85c
Mar
1.25
Aug
Sudbury Contact
Sullivan..
... -
1.02
3.35
Hughes
Canadian
"L75
_•
.*
quickly
and in many cases relief continued for
time afterwards.
The results of this clinical work as well
case
as
studies of some of the
patients who were treated during the experimental period have been com¬
1.15
6,850
3.40
2,420
2.60
Mar
3.60
Feb
50
124
Aug
16
Jan
by Means of Air Conditioning," and the officials announced the publication
may
4.75
4,883
1.35
1.40
1,800
13
4.55
*
1.35
2.00
..1
25
2.05
300
4.40
Mar
5.70
Jan
1.05
June
1.68
July
10
Mar
134
piled into
booklet entitled "Relief of Hay Fever and Kindred Maladies
a
be obtained free of charge by writing the Delco-Frigidaire Condition¬
Feb
1.78
Mar
2.90
Jan
184
July
*
15
16
250
12
Mar
.60
44
44
35
40
June
48
Feb
79
79
12
73
Mar
85
ing Division, General Motors Corporation, Dayton, Ohio.
—The New York Stock Exchange firm of A.
the opening
of
M. Kidder & Co. announced
branch office in the Ford Building,
Detroit, Michigan.
Mar
Toronto Elevators.
Toronto General TrustslOO
Towagmac.
the air conditioned atmosphere
some
Of particular interest
work had originally expected.
sufferers of hay fever whose symptoms subsided
on
124
13
Teck
Tip Top Tailors
.......
the effect
3.35
1.09
1
*
Texas
— —
Jan
research staff of
successful than those
124
1
;
Sylvanlte Gold
Tarn bly ns.....—.—.
48,600
conducted by medical authorities on the
was
who conducted the
Mar
"U4c
The new pub¬
series of tests in which air conditioning
nationally known medical hospital, and the relief brought to individuals
2
*
1
a
who suffer from these allergic maladies was far more
56
*
Sudbury Basin
of
used to retard and relieve suffering from these seasonal
was
The work
a
330
100
announced the publication of a new booklet of
afflictions.
300
34
outlines the results
equipment
71
24
34
Sales Corporation this week
Mar
.
4
------
42c
2.31
1
2,300
2.35
11,130
144
825
12c
13c
2,500
54
54
975
144
*
Gas
*
United Steel
42c
2.30
1
...
...—
United Oil
*
"~~54
This
new
a
office is under the management of William F. Weed, formerly a
66c
Jan
11
2.45
Aug
Jan
Hall,
Berndt & Co.
of Detroit.
154
security firm of Weed,
partner of the investment
Jan
Mar
33c
Mar
90c
12c
Aug
26c
3
Mar
7
Jau
July
The recently enlarged firm of A. M. Kidder
the
business
of Jenks,
Gwynne
&
& Co., which is continuing
Co., maintains branch offices at 277
Broadway, New York, Bridgeport and Meriden, Conn.; Burlington, Ver¬
4.00
Mar
7.40
Jan
"5" 50
5.15
6.75 133,250
1.02
Mar
8.50
July
mont; and Montreal and Toronto, Canada.
In addition to the New York
43
414
43
958
304
Mar
45
July
Stock
the leading stock and com¬
19
194
762
17
Mar
194
5
2
Mai
modity exchanges.
44
Aug
July
10
28
*
Ventures
Walte
Jan
1.55
General Motors
—Officials of Delco-Frigidaire Conditioning Division of
1.80
68
Union
July
40c
71
NOTI CES
Mar
64
May
Apr
4
Uctil Gold
20c
June
Mar
9C
Nominal.
May
67
_
Mar
3
May
1.13
n
CURRENT
May
100
Preferred
10c
86c
2.12
/Flat price,
Jan
484
■ U
5
29,310
27,650
79
"""sic
•No par value.
14
25
1.01
81
91c
34
2.00
Winnipeg Elec 6a Oct 2 '54
91c
1.32
79
66
5,000
1.00
1.05
66
64
11,110
95c
_
95
65
Aug
34
1034
93
United Secure Ltd 54s '52
Jan
190
Mar
344
103
United Grain Grow 5s. 1948
92
Mar
Preferred....—. .....25
To bur n...
Mar
104 4
Feb
24c
mm
104
1034
104
90
1.11
15
Sterling Coal
Straw Lake Beach
64c
Power 44s A '66
448 series B
1966
Shawlnlgan W & P 44s '67
Smith H Pa Mills 4 4s '51
44c
1.20
~~2J)3
*
.
Feb
"'mm*
4s.-.1957
deb
6,950
6c
95c
Steel o! Canada.........*
170
964
1034
conv
5,315
1.28
1.27
*
....-
50
5c
....
Stadacona
6,400
1.25
......
Southwest Pete
Standard Paving.
13c
54
5c
Lake.-.————1
Slave
12c
1.28
.1
Sladen MalartiC—
464
54
124c
~~
*
100
1
pre!..
Silver woods
454
454
1
...,50c
1
Shawkey Gold
101
190
187
188
*
1
San Antonio
lie
134c
1
Bank
St Lawrence Corp.
2
2
"
100
Royailte Oil
—*
St Anthony.............1
Royal
99
Lake St John Pr & Pap Co
8c
*
Quemont Mines
'Red Crest..... —-....—*
954
S ague nay
354c
"2.31
1
98
•
103
1014
1957
944
964
1014 103
2nd
■
Prairie Royalties
Premier................1
E Dome
1
Provincial Pap Ltd 5 4s '47
97
524
1949
39c
Preston
Can 4 4s'59
Dec
Price Brothers 1st 5s..1957
77
96
30c
964
984 100
87
76
94
954
»«•«»'«•
5s
132
504
1014 1024
514
■■
Co—
3,400
494
1939
1956
1973
3s
3 4s
1134
504
Dom Gas & Elec 04S-1945
2.95
par value)
3 4s
86
5.15
3.05
105
Montreal LH&P ($50
106
62
1
37
104
994 100
104
1961
ex-stock
54»
/36
974
964
Canadian Vlckers Co 6s '47
1.41
Paymaster
103 4
1945
Montreal Island Pr 54s '57
103
Canadian Inter Pap 6s 1949
74c
74
244c
Feb
7,600
8c
mm'mm
51
994 1004
Massey-Harris Co 5S..1947
Calgary Power Co5a-.1960
Canada Bread 6s..—1941
Canada North Pow 5s. 1953
16,100
mm
50
24s to '38-54s to '49—
Feb
4.65
4
80
Maple Leaf Milling—
95
1124 1124
Aug
Mar
44c
7c
74c
Paulore
1024 1034
MacLaren-Que Pr 54s '01
Manitoba Power 548.1951
17c
June
Ask
Bid
Ask
98
60
2.90
14c 154c
44c
m.'im
Pantepec Oil—......... 1
Friday, Aug. 10
Closing bid and asked quotations,
52c
Apr
Utility Bonds
Industrial and Public
24c
78
Jan
25c
Aug
40
20
11,020
65
4c
9
3,700
114
44
4
-.1
.... .
May
83c
6c
.
18
31
170
25
*
_*
Rouyn
May
100
293
44
II
.1946
Beauharnols Pr Corp 6s '73
*
1
Aug
3
20 4
4
WalkervilleBrew
July
Jan
Feb
25
25
*
preferred
1st
3c
24c
37
44
1
Temlskamlng Mines
Jan
2.62
37
Thayers...—...——i.—1*
72c
Power Corp
14c
——. —.
8.85
2c
July
r
204
—*
*
*
Rogers MajesticSha wlnigan
64c
2c
Apr
1|2C
14c June
2,000
Ritchie Gold
75c
48
k44
24 June
July
24
8.75
-
Plata.
Powell
4
1.35
-
Pacalta Oils
Pioneer
Aug
lc
2,000
Crow
67
1.30
6,825
Perron
Mar
500
1.35
Pickle
32
9,490
2 4c
.
4,326
1,000
1.19
Partanen-Malartlc
574
65
1.95
1.23
Page-Hersey
Pamour Porcupine
Mar
24
14c
3.50
Omega Gold
31
1.73
3*60
Olga Gas
Mar
I He
Pend Oreille..
*
Pandora-Cadillac.
*63
_
1
Okaita Oils
27
mt'm
6c
p»m
*
Gold
308
1.92
Pawnee Kirk land
Jan
3,200
1
-1
Oil Selections
July
24c
10c June
18c
30,4
17c
5,896
1,500
71
2c
4 c June
4,000
30
18c
-*
Mandy.
Montreal LH&P.
High
Low
Shares
14c
lc
1
MaJroblc
Week
Aug
Mar
1.65
Price
Range Since Jan. 1. 1938
for
of Prices
Low
High
75c
Northern Empires Mines. 1
North Star Oil
Mar
424
16c
25
2.56
24c
68c
1
-*
Normetal
1.60
65
6c
73
'
Norgold Mines
Am;
Mar
2,267
16c
1.68
12c
12c
62c
-
Nlplsslng....—— 6
19,631
1.32
118
64c
m
600
12
374
118
65c
-.1
Noranda Mines
Jan
24c
*
—1
New Golden Rose
Apr
2.49
424
'X*
0*
.100 "us"
Newbec Mines
8c
Mar
10c
......
National Brew........-
Naybob Gold..
Mar
1.45
1.68
1
Murphy Gold
Aug
5c
1,900
37
*
National Grocers pre!.
82c
500
1.95
J 2c
Oils..—--25c
Porcupine.......1
Corp
Morrls-Klrkland
Moore
70c
54c
1.87
——
-
Monarch
Oro
10c
54c
65c
—
Minto Gold
O'Brien
4,200
34c
—
Corp....—
Moneta
High
464
15c
Par
Stocks (Concluded)
5
McWalters Gold
Merlaud Gil
Mining
Low
Week's
Sale
Week
Shares
Lake.—.1
Mines
McKenzie Red
Price
Par
Stocks (Concluded)
Range
Last
Range Since Jan. 1, 1938
for
Range
1938
20,
.
*
Amulet
Walkers...
Preferred
*
—
44
*
Western Canada Flour
5.50
6.00
2,205
"35""
35
6c
8c
2,006
"_94c
84c
94c
4,500
124
100
Preferred
13
87
88
35
*
Westflank Oil
West Turner Petroleum 50c
Westons
88
100
Preferred...
May
5
37
July
Aug
34c
8c
Mar
144c
Apr
340
9
Mar
134
July
10
74
Api
88
July
34c
6c
Jan
Apr
In;
lc
lc
Aug
5c
5c
1,000
4c
May
8c
Jan
1
*
124c
114c
13c
29,300
3c
Apr
18c
July
24
38
14
May
100
114
44
74 May
16
June
93
White Eagle
Whitewater
*
.......
Wlltsey-Coghlan
Winnipeg Electric A..
Preferred
Wood (Alex) pref
1
2 4
..lc0
.
2
114
674
14c
7,000
12
70
10
65
Jan
34
Jan
Jan
Wood-Cadillac
1
~""26c
21c
27c
37,100
20c
July
43c
Jan
Wright Hargreaves
»
*
7.95
7.80
7.95
9,555
4.100
6.50
Mar
8.20
FeD
14c
May
Ymlr Yankee Girl
15c 154c
Feb
30c
Exchange,
Partners
memberships are
of the firm are Charles
held
on
L. Morse, Charles U. Bay, Amos M.
Kidder, 2nd, Albert C.Hugo, William P. Jenks, Arthur C. Gwynne, Percy
Lown and John
D.
Botts, the latter four having been admitted
Chester
following the dissolution of Jenks, Gwynne & Co. on July 30, 1938.
—Announcement is made of the formation of the New York Stock Ex¬
change firm of Elfast, Frisk & Co. to transact a complete brokerage busi¬
ness
both
here and in
Europe, with offices in the International Building,
Rockefeller Center, New York, and in Stockholm, Sweden.
Partners of the
new
firm are Henry C. Elfast, Member New York Stock
who has acted as investment advisor to financial institutions,
Exchange,
individuals and trust funds both here and abroad for many years and who
has been active in the Swedish colony here; Arthur
C.
son
Frisk,
Frisk, former managing director of Svenska Handelsbanken,
Toronto Stock
Exchange—Curb Section
Week'! Range
for
Sale
Par
1, 1938
Range Since Jan.
Last
of Prices
Low
High
Week
Price
as
resident partner manager
and Walter R. Lindall, formerly an
of Carl
Stockholm,
of the firm's Stockholm branch;
official of the American Chicle Co.
—Harry H. Ailing, former partner and office manager of Frazier Jelke
Sales
Friday
Stocki—
who will act
official sales lists
Aug. 13 to Aug. la, both inclusive, compiled from
son
Co., will supervise the stock brokerage audit and questionnaire de¬
partment of Hurdman and Cranstoun, Public Accountants, at 350 Madison
High
Low
Shares
and
Avenue, N. Y. C.
24c
Brett-Trethewey
Canada Bud..
*
Canada Vinegars
Canadian
Cobalt Contact
Preferred
24c
44
210
15
1.25
1.30
200
2.75
100
14c
14c
18,000
84
4,475
100
80
80
10
10
105
*
34
33 4
35
245
m
DeHavilland
Klrkland-Townslte
285
2.75
Dominion Bridge
Hamilton Bridge
13,000
1
Consolidated Paper
Cons Sand & G pref
3c
5
..1
Marconi
Coast Copper
16
54
16 4
24c
44
"l5 %
—
*
100
1
74
lc
74
74
42
13c
80
50
10
74
44 4
13c
.
25
1,700
Aug
Aug
June
90c
2.00
5
214
5
32
13c
Jan
Jan
Feb
June
1.65
July
June
4.00
Jan
4c June
34 Mar
70
12c
9
174
Feb
14c
Mar
94
July
80
Aug
Aug
Mar
144
Mar
39
July
Mar
July
June
94
504
Aug
23c
Jan
Feb
Mr.
Ailing has
served also
course on
for
as a
been
in
the stock brokerage field since
partner of Pearl & Co.
stock brokerage
having
a
accounting and auditing at Columbia University
seven years.
—The
Automobile
of William
H.
Manufacturers
McGaughey to its
York Office, 366 Madison Avenue,
Mr. McGaughey comes to
he
1912,
He also lectured and conducted
was
assistant
to
Association
announces
the addition
Public Relations Division at its New
N. Y. C.
the A. M. A. from Western Electric Co., where
the publicity director.
Street Journal," and the Indianapolis
He has served
on
the "Wall
"News" in various editorial capacities.
Volume
Financial
147
New York
Bid
a3s
Jan
1
1977
o3^s July
a3 %s May
1 1954
a3%sNov
1
1954
a3%sMar
1
1960
a4%s Apr
104
105
a4%s June
1 1974
Bank
Bensonhurst National-..50
75
100
Chase
30%
12%
24%
12%
10
50
12
Commercial National..100
131
137
Penn
Fifth
700
730
Peoples National
«4%s Mar
1 1981
120
121
First National of N Y..100 1665
1705
Public National
a4%s May 1 1957
116
117
Klngsboro
109%
110%
1 1977
'78
a4%s Nov
111
a4%s Mar
a4s
May 1 1977
113% 114%
a 4s
Oct
1980
40
26
National City
120
110
r_.
a4%s Dec
115
National... 100
Exchange.
13
52
27%
28%
24
26
15%
25
Sterling Nat Bank & Tr 25
Trade Bank
12%
65
14
11
48
18%
119% 120%
120% 121%
Chicago & San Francisco Banks
121% 123
125%
124
a4%8 Dec 15 1971
114% 115%
100
118%
1 1967
a4 %s July
113% 114%
Avenue
116% 117%
119%
1 1957
1 1963
a4%sJune 1 1965
115
114
1 1960
1 1962
1 1964......
35
National Safety Bank.
32%
118%
May 1 1959
1958
97
50
National Bronx Bank
15
Nov
a4%s Mar
Merchants
a4%s Nov
a4%sJan
103
100
17%
48
13.55
Ask
Bid
Par
Ask
16%
40
103% 104%
108
109%
109% 110%
a 4s
1
Bid
a4%s Feb 15 1976
a4fi
a4%s Mar
118% 119%
a4%s Apr 15 1972
Bank of Manhattan Co. 10
Bank of Yorktown_.66 2-3
117% 119
118% 119%
1 1966
102
Par
115% 118%
117% 118%
104% 105
103% 104%
a3%s July 1 1975______
a 4e
May 1 1957......
a4%s Sept
Ask
Bid
101
a3%s Jan 15 1976
1
New York Bank Stocks
City Bonds
Ask
99% 100%
1 1975
Chronicle
1 1979
Par
116
1
American National Bank
& Trust
Bid
a
Par
Ask
Ask
Harris Trust & Savings. 100
'
210
100
285
300
100
510
530
Northern Trust Co
240
Continental Illinois Natl
Bank & Trust
New York State Bonds
BUI
3s 1974
Bid
Ask
62.25 less
3s 1981
1
4%s April 1940 to 1949..
Canal & Highway—
69
71
225
230
Highway Imp 4%s Sept '03
Canal Imp 4%s Jan 1964._
138
Improvement—
Sept 1958 to '67
Canal Imp 4s J&J '60 to '67
Barge C T 4s Jan '42 & '46.
Can & High Imp 4%s 1965
135%
BargeCT4%s Janl 1945.
4s Mar &
62.50
138
m-
-
FRANCISCO—
48%
Bk of Amer N T&SA 12%
50%
Ask
61.60
....
Highway
5s Jan & Mar 1964 to '71
SAN
33 1-3
...100
National
World War Bonus—
1
62.30 less
.
First
-
130
....
113
TRADING MARKETS
....
130
....
Banks—Insurance—Industrials—Utilities
All Over-the-Counter Securities
116%
Eugene J. Hynes & Co.
Port of New York
Bid
Gen & ref 4s Mar 1 1975.
102
New York City
Whitehall 4—3284-8
3s 1976
97%
1942-1960
Insurance Companies
103
Inland Terminal 4%s Ber D
98%
109%
10
93
97
Home Fire Security
10
2%
10
44%
46%
Homestead Fire
10
16%
10
24%
25%
Importers & Exporters
5
7%
..25
82%
85%
Ins Co of North Amer
21
22%
Knickerbocker
22%
27
Lincoln
Life
Aetna
Agricultural
American Alliance.
United States Insular Bonds
American
10
6
Equitable
Bid
Ask
100
4s 1946
Honolulu
101%
105
4%s Oct
1959
104
4^s July
Apr
1952
1955
Feb
1952
106
5%sAug
1941
111
33%
35%
Merch Fire Assur
com
10
28%
29%
Merch & Mfrs Fire New'k 6
25
45
47
Merchants (Providence)..5
10
31%
33%
National Casualty
10
20%
22%
National Fire
109
111
10
61%
63%
7%
8%
Bid
6
595
608
Bid
1031 *16 104
103»«i« 104
4%s 1958opt 1938.. .M&N
111%
100%
19
21
23%
25%
New
10
18%
19%
10
24%
25%
30%
33
101
2%
Employers Re-Insurance 10
Eagle Fire
Federal
..10
Fidelity & Dep of Md
20
Fire Assn of Phlla
Atlantic
99% 100%
3s...
99% 100%
100
Lafayette 5s
88
5s
32
fz27
4%s
32
New York 5s
33
Ohio-Pennsylvania 5s.
5
Oregon-Washington 6s
/30
/3 %
Chicago 4%s and 5s
Dallas 38
99
97%
First of Fort Wayne 4%s..
100
100
105
Flrst of Montgomery 5s...
99% 100%
First of New Orleans 5s
99% 100 %
First Texas of Houston 5s.
4 %a
Flrst Trust of Chicago 4%b
Fletcher 3%s
101
101
102%
5s
100
66
58
fl0%
Southern Minnesota 5s
83
81
f29
San Antonio 3s
Southwest
82
80
99
Union of Detroit 4 %a
Greensboro
99% 100 %
3s
Illinois Midwest 5s
88
91
Virginian 5s
Iowa of Sioux City 4%s...
93
96
Virginia-Carolina 3s
Rhode Island
22
Rossla
23%
St Paul Fire & Marine
Seaboard Fire & Marine-.5
14%
Seaboard
Security New Haven
68
71
24%
26%
8%
9%
24%
34%
74%
54%
29
30%
Westchester
Bid
10
14
4
100
62
66
♦
Dallas
95
103
Pennsylvania
100
23
26
30
40
Potomac.
100
81
86
Des
50
00
San
100
58
62
....—5
5
9
Virginia..
Fremont
2
3%
Virginia-Carolina
Lincoln
4
3
1
1M
6
100
First Carollnas
100
75
85
1
78
1
68
I
85
Federal Intermediate Credit Bank Debentures
F IC 1 %8...Sept
F I C 1 %s
F I C 1
Oct
%s—Nov
F I C 1%S
FI C 1 %s
Dec
Jan
15 1938 6 .20%
15 1938 6 .20%
15 1938 6 .25%
15 1938 6 .25%
1
I
II
1
1
1
1
1
1
1
1
t
F I C 1 %8
F I C 1 %s
FI C 1%
F I C 1%
F I C
16 1939 6 .25%
1%
-J£> . OCOO
Cont'l Inv DebCorp3~6s '53
Empire Properties Corp—2-3s
1945
51
38
Mortgage Bond Co of Md
Inc 2-68
1953
85
m¥tmm
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6s_1953
49
Unified Deben Corp 5s 1955
27%
98
Bid
Ask
Guaranty
100
10
100
25
238
243
7%
Brooklyn
Central Hanover
.20
81%
39%
41%
Irving
Kings
County
10%
11%
1550
1580
29
33
20
37%
39%
20
51
53
25
83
86
84%
Chemical Bank & Trust .10
82
Lawyers
Sept 1 193
l%s
Preferred
5ft
55
65
.25
10
13
New York
Continental Bank & Tr .10
13%
14%
Title Guarantee & Tr—20
.20
48%
49%
U nderwriters
10
15%
16%
United States
Clinton Trust
Colonial Trust
Corn Exch Bk & Tr
Empire
50
60
40
42
Authority 3%s '68
..1944 6
3%s revenue
1949
b
104%
Ask
105%
2.40
less
l
2.90
less
1
100.18 100.20
101.10 101.12
5%
80
100
-—100 1510
1%%
Dec 15 1938
% % notes July 20 1941
100.11
100.14 100.16
Fed'l Home Loan Banks
July
Is
2s.........Dee
Apr
2s
Federal
Manufacturers
77
Corp—
Par
355
46%
48%
City Park¬
3%s revenue
104
Companies
345
6
62%
Reconstruction Finance
100
77
New York
way
210
44%
50
48%
Bid
Ask
Bear-Mountain-Hudson
190
7
1953
3-6s
70%
97%
100
100
'63
Potomac Maryland
/20
Bid
Fulton...
County
77
1953
Miscellaneous Bonds
15 1939 6 .25%
15 1939 6 .30%
June 15 1939 6 .35%
July 15 1939 6 .35%
Aug 15 1939 6 .40%
102
Bronx
77
Apr
90
Bankers
1954
(all
issues) 2-5s
1953
Potomac Cons Deb Corp—
Ask
Banca Coram Itallana.. 100
Bank of New York
Series B 2-5s
Potomac Deb Corp 3-08
/24%
Feb
Ask
Ask
56
Potomac Franklin Deb Co
Nat Bondholders part ctfs
% % notes Nov 2 1939.
Bid
1954
Deben¬
ture Corp 3-0s
1953
Potomac Realty Atlantic
Deb Corp 3-08
1963
Realty Bond & Mortgage
1953
deb 3-6s
River Bridge 7s... 195;
Par
34%
Series A 3-6s
3-6s
Oi
Commodity Credit Corp
New York Trust
32%
1
II
52%
1953
3-0s
series A & D
Bid
2.60
Fire
Bid
1
Central Funding
Ask
66
Potomac Bond Corp
series B & C
Bid
10%
53%
62%
Nat Union Mtge Corp—
1953
Interstate Deb Corp 2-5s'55
100
North
...
15
51%
10
Co-.2
Ask
Allied Mtge Cos Inc—
Debenture
New York
.
456
U S Guarantee
Cont'l Inv Bd Corp 2-52 '63
45
Antonio
4%
446
U S Fire
52%
All series 25s
Ask
Denver
Moines
126
Surety Guaranteed Mortgage Bonds and Debentures
100
50
Carolina
4
530
U S Fidelity & Guar
72%
Home
12
39
...
123
480
70
40
Atlanta
Atlantic
35%
4
32%
Associated Mtge Cos Inc—
Bid
8%
25
33%
...100
Travelers
10
.
Hartford Fire.
6%
23
100
Sun Life Assurance.
Hartford Steam boiler... 10
31
100%
99% 101
Par
Surety
—10
Hanover
Joint Stock Land Bank Stocks
Ask
10
10
Springfield lire & Mar..25
Stuyvesant
5
23
Arundel Deb Corp 3-6s '53
Bid
6
214
33%
.15
8
5
206
44
...5
6
5
30%
preferred.
23%
22
26
13
Arundel Bond Corp 2-5s '53
Par
5
39
20
42
2d
99% 100%
.....
Y)_2
10
10
5
99% 100%
5s
8%
25%
23%
(Paul) Fire..
22%
37%
Great Amer Indemnity...1
Halifax
....10
99% 100%
St Louis 5s
100
Fremont 4%s
0%
Reinsurance Corp (N
Republic (Texas)
27
Great American
106% 108
5s
18%
35%
5
Globe & Rutgers Fire...15
99% 100%
Potomac 3s
16%
33%
Glens Falls Fire
107
Phoenix
102
-.10
83
..5
Accident
Globe & Republic
101
—
Corp 5
79
Providence-Washington .10
9%
8%
25%
General Reinsurance
101
100
;
10
85
5
Gibraltar Fire & Marine. 10
38
Pacific Coast of Portland 5s
82
126
110% 114%
25
Phoenix
Preferred
112
55%
120
National.25
Pacific Fire...
7
42%
57
5
Georgia Home
100%
Pennsylvania 5s
100% 101%
99% 100%
Denver 5s
First Carollnas 5s....
90
99%
109
12.50
..2.50
River
Northwestern
Revere
91
/34
40%
Firemen's of Newark
99% 100%
99% 100%
North Carolina 5a..
Central Illinois 5s
North
45
Franklin Fire
Ask
101
89
Lincoln 4%s
fz27
Burlington 5s.
10
Fireman's Fd of San Fr.25
Bid
Ask
Bid
Atlanta 3s
Bank Bonds
43
Hampshire Fire...10
20
Northern...
3
6
Excess..
\
2
7
127%
12%
31%
33%
43%
45%
40
42%
14%
10%
93
90%
26%
28%
New York Fire
5
9
11
New Jersey......
Fire
55%
123
2
...10
New Brunswick
10
Continental Casualty
111*16
5
2
New Amsterdam Cas
Connecticut Gen Life
Ask
105*!6 105%
8
National Union Fire..—20
90
City of New York
3%s 1955opt 1945.. .M&N
..J&J
4s 1946 opt 1944
Joint Stock Land
86%
.5
National Liberty
7
2%
Carolina
Ask
10318ie 104
Maryland Casualty
8
6%
Bankers & Shippers..
25
Boston
.__._.i.__l00
Camden
J&J
3s 1956 opt 1946
J&J
3s 1956 opt 1946. ....M&N
...
Baltimore American
109% 111%
Federai Land Bank Bonds
3s 1955 opt 1945
5%
48%
Re-Insurance. 10
Automobile
112%
Conversion 3s 1947
4%
1
Ins..12%
American Surety
110
U S conversion 3s 1946....
115% 117%
2%
52%
44%
Mass Bonding &
American
122
July 1948 opt 1243.
5s
108
108% 110
Hawaii 4%s Oct 1956..
120
.5
12%
2%
13%
10
American of Newark.-.2%
3.00
Govt of Puerto Rico—
4%s July 1952
8%
65
10%
5
American Reserve
Ask
113
U S Panama 3s June 1 1961
104
105
100% 102
5s
63.50
5s
3
17%
64
10
Id re
Ask
12
American Home
Bid
Philippine Government-
Bid
Par
Ask
Aetna Cas & Surety
Aetna ..."
1942-1960
108%
Bid
Par
M&S 60.75 to 1.60%
107% 109
M&S
1939-1941..
99% 100%
1977
George Washington Bridge
4%s ser B 1940-53. M&N
5s
Teletype N.Y. l—t846
Bel
MAS 60.50 to 1.20%
110% 111%
M&S
1939-1941
107% 108%
104% 105%
Gen & ref 3d ser 3%s '76
ser
Ask
Broadway
Holland Tunnel 4Mb ser E
Gen & ref 2d ser 3%s '65
Gen & ref 3%s
61
Bid
Ask
Port ol New York—
Gen & ref 4th
Incorporated
Authority Bonds
Natl.
2s May
193'
194i
1 1943
100.17 100.19
Mtge Assn
16 1943.opt'39
101.16 101.19
June 1 1939
101.2
6%
90
1560
For footnotes
see
page
60
63
Trlborough Bridge—
4s s f revenue '77 A&O
110%
111%
48 serial revenue..1942 b
Home Owners' L'n Corp
1 %s
Reynolds Invest'g 5s 1948
102.10 102.13
101.23 101.26
1179
101.4
2.10
less
1
4s serial revenue..1968 b
3.50
less
1
1178
Financial
Aug. 20, 1938
Chronicle
Quotations on Over-the-Counter Securities—Friday August 19 -Continued
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
Akron Canton and Youngstown
6s.._
534s
—
Atlantic Coast Line 4s
3oscpb CUalker $ Sons
/-
,
-
434
Tel. RE
ctor
Since1855/.
Dividend
Asked
Bid
6.00
63
10.50
110
115
Allegheny Ac Western (Buff Roch & Pitts)
Beech Creek (New York Central)
100
6.00
40
45
2.00
28
30
8.75
87
90
8.50
20
25
(New York Central)
Boston & Providence (New Haven)....
100
2.85
45
5.00
77
5.00
New York Philadelphia Ac
—
Delaware (Pennsylvania).......
Fort Wayne Ac Jackson pref
3.50
70
75
-.50
2.00
40
43
-25
2.00
38
41
.100
5.50
.53
58
.100
-... .
9.00
145
(N Y Central)
Georgia RR Ac Banking (L Ac N-AC L)..
Lackawanna RRof N J (Del Lack Ac Western)
.100
4.00
48
50.00
600
-50
3.875
3534
38
5.00
60
74
70
87
no"
9834
101"'
99
9134
9034
80
63"
61
10334
10234
11434
85
62
102
10034
—.—
88
90
105
107
95
...1957
Toronto Hamilton Ac Buffaio 4s
1946
United New Jersey Railroad & Canal 3348
.1951
Vermont V» ley 434s.------1940
Washing-on County Ry 334s
.1954
West Viiglnli Ac Pittsburgh 4s.............
...1990
800
.100
York Lackawanna & Western (D L Ac W)
70
10834
Toledo Terminal 434s——
61
.100
Michigan Central (New York Central)......
Morris Ac Essex (Del Lack Ac Western)
New
50
—
10134
2000
1948
.1947
Norfolk 4s.-
.
-
10834
101
Pennsylvania Ac New York Canal 5s..'
1939
Philadelphia Ac Reading Terminal 5s
..1941
Pittsburgh Bessemer & Lake Erie 5s_______
-.....-1947
Portland Terminal 4s—.........._. 1961
Providence & Worcester 4s...---—
..1947
Terre Haute & Pecorla 5s
1942
Toledo Peoria Ac Western 4s....
1967
65
stock....
1
38
35
60
Norwich Ac Worcester 434 s...
81
Cleve Cinn Chicago Ac 8t" Louis pref (N Y Central). .100
Betterment
97
95
10634
67
New York & Harlem 334«
49
Carolina Cllnchfleld Ac Ohio common 5% stamped. .100
—
70
1953
1950
—1978
1959
1940
Memphis Union Station 5s
67
100
(Pennsylvania)
96
95
1945
New London Northern 4s
.100
Albany Ac Susquehanna (Delaware Ac Hudson)
Cleveland & Pittsburgh
74
35
69
—
Terminal 334s
Indiana Illinois & Iowa 4s
Kansas Oklahoma Ac Gulf 5s
In Dollars
Canada Southern (New York Central)
7234
Illinois Central-
Louisville Dlv. &
Boston & Albany
34"
30
...
Florida Southern 4s
(Guarantor In Parentheses)
(Illinois Central)..
33
1995
Connecting Railway of Philadelphia 4s
1951
Duluth Mlssabe& Iron Range 1st 3348—-----—-—-—-1962
G uaran teed Rail road Stocks
Alabama & Vicksburg
9234
1956
1951
—1961
Cleveland Terminal & Valley 4s
«=3SSSS/
28
26
1955
4s
Chicago St. Louis & New Orleans 5s
Chicago Stock Yards 5s
Chicago Indiana Ac Southern
2-6600
STOCKS
-
Cambria Ac Clearfield 4s
GUARANTEED
NEW YORK
-
Boston Ac Maine 5s
.
Dealers in
120 Broadway
-
Boston Ac Albany 4348
Mrmken J^rw York Stork Exchange
I
.
Baltimore & Ohio 434s
28
26
1945
1945
1939
—1939
...1943
1940
1944
97
10434
67
77"
40
45
37
40
64
.50
4.00
83
-.60
4.50
41
46
Pittsburgh Bessemer Ac Lake Erie (U S Steel)
-50
1.50
38
75 '
Equipment Bonds
42
3.00
Railroad
86
Oswego & Syracuse (Del Lack Ac Western)....
Central
Northern
(Pennsylvania)
Preferred
.
.
.
-
7.00
Preferred
—
100
Rensselaer Ac Saratoga (Delaware Ac Hudson)
x48
*58
140
7.00
Pittsburgh Fort Wayne & Chicago (Pennsylvania). .100
Bid
154
6.82
66
6.00
119
60
.100
6.00
U9
United New Jersey RR & Canal (Pennsylvania)—. .100
10.00
216
preferred.
.
Tunnel RR St Louis (Terminal RR)
—
100
6.00
55
5.00
64
52
57
5.00
54
58
3.50
31
Preferred
Warren RR of N J (Del Lack & Western)
.50
West Jersey Ac Seashore (Pennsylvania)
—50
4.00
65.00
4.00
64.50
3.75
N
63.10
2.50
Northern Pacific 434s
63.10
2.50
Maine 434s.—
58
Canadian Pacific 434s
Public
Utility Stocks
Ask
Alabama Power $7 pre!.. *
6534
66 X
Arkansas Pr Ac Lt
75
76 34
Associated
7% pref *
Gas &
Electric
Original preferred
*
$6.50 preferred
*
*
$7
preferred
Atlantic City El 6% pref.*
Birmingham Elec $7 pref_*
Mississippi P & L $6 pref. *
Miss Rlv Pow 6% pref. 100
334
6
6
Missouri Kan Pipe Line..5
634
7
Monongahela
10814 111
6534
6734
West
51
54
59 34
4
6034
%
2434
534
2434
82%
7% preferred
.100
Nassau & Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
72
Newark Consol Gas
128
79
81
New Eng G & E 534 % Pf
New Eng Pub Serv Co—
100
100
Cent Pr & Lt 7% pref. .100
Conaol Elec Ac Gas $6 pref *
7% preferred..
$6 preferred
Consol Traction (N J). 100
Consumers Power $5 pref*
6834
7034
79
80
$7 prior lien pref
634
40 3*
9534
4434
9634
70 X
7234
11534
Essex Hudson Gas
193
100
26
$6
cum
$6.50 oum preferred...*
$7 cum preferred.
*
Gas & Elec of Bergen.. 100
Hudson County Gas... 100
19J4
2034
2234
7%
cum
102
2034
$7 preferred
*
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf-.lOO
7% preferred
193
Penn Pow Ac Lt $7 pref
*
Natural
103
100
7% preferred
111
Gas..*
Interstate Power $7 pref.*
22J4
4
6% preferred
Republic Natural Gas
2434
534
Iowa Southern Utilities—
7% preferred
100
3534
3734
Jamaica Water Supply—
734% preferred
.100
1
..50
100
Sioux City G & E $7 pf.100
Southern Calif Edison—
25
5534
South Jersey Gas Ac El. 100
Jer Cent P Ac L7% pf._100
81
83
Tenn Elec Pow 6%
Kan Gas & El 7% pref. 100
110
112
Kings Co Ltg 7% pref.100
Long Island Ltg 6% pr.100
7% preferred
100
5% eonv partlc pref..50
Memphis Pr & Lt $7 pref.*
94
8754
62.00
1.25
1.00
65.25
4.50
64.25
3.25
64.25
3.25
61.75
1.10
61.75
1.10
64.40
3.50
5348
64.40
3.50
6s
65.10
4.00
Western Maryland 434 s—
63.50
65.10
4.00
Western Pacific 5s
66.00
65.10
4.00
:
——
—
B/G Foods Inc
common
Blckfords Inc
$2.50
conv
*
*
—-
5348.
pref
Bohack (H C) common
7% preferred
Diamond Shoe pref
*
Public
Utility Bonds
Bid
Amer Gas & Power 3~5s '53
Amer Utility Serv 6s. 1964
20
41?*
64?*
s
9534
8934
1963
f debenture 4>4s__1948
Associated Electric 5s. 1961
28
'
193
66?*
Havana E'eo Ry 5s—1952
100
Flshman (M H) Co Inc..*
100
734
1033* 103?*
6334
6834
70
42
/40
10634 107
Indianapolis Pow Ac Lt—
1968
3?*s w 1
10234 102?*
493*
Inland Gas Corp 6348.1938
/4334
Income deb 334 s
1978
Income deb 334s..>1978
223*
23
Kan City Pub Serv 4s. 1957
23 34
24
Kan Pow Ac Lt 1st 4348
'65
263*
243*
10934 1103*
Income deb 4s
1978
25
2534
72
7034
101?* 10234
48
Mtn States Pow 1st 6s.1938
50
51
5734
8-year 8s with warr.1940
83
8s without warrants. 1940
8234
35
45
36
Mountain States Tel & Tel
5634
*
100
107
109
68
71
Conv
deb
434s.—1973
4234
132
44
137
.1973
Conv deb 534s
1973
85
Narragansett Elec 334 s '66
105J4 1063*
8434
N Y, Pa &
100
*
68
75
1134
434
12
17
634
24
Sink fund inc 534s—1983
Sink fund inc 4-5S..1986
28
S f inc 434S-534S-—1986
Sink fund inc 5-6S..1986
22
24
S f Inc 534s-634s. —1986
Blackstone V G & E 4s 1965
:
---
-•»«•>«»
mmm
22
mmm
28
-
m
mm
on
mm
'
10934
ser
85
71?*
75?*
7734
1053* 106
(
1965
58
9434
9534
Secured notes 334s—1947
100
10634
Ohio Pub Service 4s._1962
103
10334
Old Dominion par 5s..1951
643*
563*
70?*
72?*
Peoples Light Ac Power
lien 3-6s
1961
14?*
fU
Pub Serv El Ac Gas
10534 10534
72
7034
3}*s '68
Pub Util Cqns 5348--1948
Republic Service coll 5s '51
St Joseph Ry Lt Heat & Pow
1947
434s
nx
2H
643*
66?*
103
68?*
—
San Antonio Pub Serv—
1st mtge 4s
Central Public Utility-
6334
Sioux City
.1963
G & E 4s..1966
Sou Cities Util 5s A.. 1958
S'western Bell Tel 3s_1968
Sugar Stocks
5634
Portland Elec Power 6s '50
27
26
70
30
N J Util 5s 1956
North Boston Ltg Prop's—
1st
25
84
1st lien coll trust 6s. 1946
Cent Maine Pr 4s
2834
mmm
26
106
98
334s
4s
22
1983
1983
434s
Sink fund Inc 5s
Ask
87
102 H 10234
26
Sink fund inc
Bid
85
1968
Debentures
N Y State Elec Ac Gas Corp
Cons ref deb 434s..1958
Sink fund inc 4s
1983
Par
$5 preferred
Ask
62
483*
Conv deb 5s
100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
934
1967
Idaho
47
—
634% preferred
100
Murphy (G C) $5 pref .100
106
Power 3?*s_
10734 108
Lehigh Valley Transit 5s'60
Lexington Water Pow 5s '68
Missouri Pr & Lt 3?*s.l966
Kress (S H) 6% pref
Miller (I) Sons common._*
3
Dallas Ry & Term 68.1951
Federated Util 534s—1957
29
234
17
Bid
Ask
433*
Appalachian Elec Power—
534
Kobacker Stores
34
66.00
5343.
46
9
2
75
4434
Utah Pow & Lt $7 pref
14
75
283*
Virginian Ry
33
75
1978
29
*
75
-
__
6334
100
61.70
5s
Wabash Ry 434s
..1973
6134
7% preferred
61.50
61.70
Virginia Ry 434s
Income deb 434s.
27
1254
-
103
United Gas Ac El (Conn)
134
1134
5s
Conv deb 4s
30
7
62.25
61.50
4,00 Union Pacific 434s
63
2434
75
63.25
434s
96 34
28
*
63.25
Texas Pacific 4s._
58"
23
100
7% preferred
64.50
64.65
53
Chain Store Stocks
Berland Shoe Stores
63.00
64.50
1.50
61.75
—
—
5634
Texas Pow Ac Lt 7% pf.100
Toledo Edison 7% pf A. 100
Ask
—
6134
9534
39
Bid
63.50
Southern Pacific 434s
5s
61.80
65.50
65.50
534s
5s
Assoc Gas & Elec Co-
Par
92
St Louis Southwestern 5s..
100
3634
7% preferred
95
90
-
Southern Ry 4343—-—
Assoc Gas & Elec Corp—
27
62.50
-
pf.100
7% preferred
Utilities Associates—
90
1st mtge 4s
6% pref series B
53
95
Missouri Pacific 434s
Rochester Gas & Elec—
6% preferred D
98
534s
9034
434
5.25
94
10234 10434
63
6134
17
63.00
5s
5s
Queens Borough G & E—
$6 preferred
Reading Co 434s
St Louis-San Fran 4s
90
5s—
100
10134
11234 11334
97
9534
*
6.00
66.50
5s
9434
101
62.75
84
81
534s
Loulsv & Nash 434s
96
100
62.75
Long Island 434s
5734
93
1937-50
63.25
5.25
Great Northern 434s
1937-49
6.00
66.50
Maine Central 5s
*
Dec 1
Pere Marquette 434s
5.50
67.00
104
95
Okla G & E 7% pref..100
Pacific Pr & Lt 7% pf-.lOO
Jan & July
Internat Great Nor 434s.
9534
*
128
Idaho Power—
5534
62.25
51,75
......
Illinois Central 434s
Power—
100
58
5s
8134
preferred...100
States
(Del)
Pennsylvania RR 434s....
2?*s series G non-call
5.25
58..
30
94
30"
2134
25
28
66.00
1.00
66.50
Denver & R G West 4J4s.
Hocking Valley 5s.——
1634"
8034
*
preferred
7% pref
(Minn) 5% pref....
Ohio Edison $6 pref
Federal Water Serv Corp—
preferred
*
1534
12
New York Power Ac Light—
Northern
100
Dallas Pr Ac Lt 7% pref. 100
Derby Gas Ac El $7 pref..*
*
New Orl Pub Serv $7 pf..*
4 J*
Continental Gas & El—
7% preferred
100
2734
65.75
66.00
62.50
5.50
4348——————
10934 11134
70 34
&Hartf 434s.—.
2.00
5s
21
834
Chicago R I & Pacific—
Trustees' ctfs 334s----
Erie RE 6s.w*--^—i-'
26
80?*
YN*H
67.00
62.50
5s
Penn
Pub Serv 7% pref
25
Mountain States Power—.
63.00
65.75
■
434s
116
20
Central Maine Power—
Mass
5134
115
4.50
67.25
5s
4834
*
_
6% preferred—
Interstate
*
2.25
65.50
67.00
-
Chic Milw Ac St Paul 434s
Ask
*
25
$1.60 preferred
Carolina Pr & Lt $7 pref.
cum
$7 preferred
234
Buffalo Niagara & Electern
$6
Mississippi Power $6 pref *
Bid
5s
61.50
——
5s
Par
434s...
5s
N Y Chic Ac St L 434a—
4s series E due
Chicago & Nor West 434s
Par
63.09
Chesapeake Ac Ohio—
53
434s——
i; 5s—
Bid
—
Cent RR New Jersey 434s
49
3.00
63.50
6.50
6.50
65.00
&
5s
68
5.00
New York Central
67.50
5s
Boston
59
.100
Valley (Delaware Lackawanna Ac Western)
65.25
67.50
Baltimore Ac Ohio 434s—
„71
Vicksburg Shreveport Ac Pacific (Illinois Central).. .100
Utica Chenango & Susquehanna (D L Ac W)
New Orl Tex Ac Mex 434s—
Canadian National 434s.
124
220
Second
1.75
3348 Dec 1 1936-1944—
63
(Terminal RR)
St Louis Bridge 1st pref
Bid
Ask
b2.2b
5s.
124
3.00
Atlantic Coast Line 434s.
Tel Bond & Share 5s..1958
101
10134
10034 101
41
403*
10034 100?*
Cuoan Atlantic Sugar... 10
Eastern Sugar Assoc
Preferred
Bid
93*
1
6X
1
1534
For footnotes see page 1179.
Ask
103*
Par
Bid
62
65
853*
873*
Savannah Sug Ref com.—1
2934
West Indies Sugar Corp.. 1
334
33
8341
17
X1
39
Ask
40
Texas Public Serv 5s.. 1961
40
Toledo Edison 334s...1968
10134 1023*
Utica Gas Ac El Co 53.1957
122 34
Crescent Public Service—
Coll Inc 6s (w-s)
43*
7834
39
Par
77?*
5s.
195^
83
85
40
383*
10234 103
Western Pub Serv 534s '60
Wisconsin G & E 3 34s. 1966
100 3*
10834
Wis Mich Pow 3?*s—1961
106?* 1073*
—
107
Volume
147
Financial
Quotations
Chronicle
Over-the-Counter Securities—Friday August 19—Continued
on
Water Bonds
Bid
Alabama Wat Serv 6e_1957
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
101
Muncle Water Works 5s '65
mm
.
100 H 102
New Jersey Water 5s 1950
New Rochelie Water—
98
1957
100 H
1954
104
Butler Water Co 5s.1957
105
Calif Water Service 4s 1961
Chester Wat Serv 4 He '58
10s"
1951
85
82
86
93
8%
79
1951
5 He series A
1951
83 H
86
Art Metal Construction. 10
Bankers Indus Service A.*
96 X
98 X
Belmont Radio
1st coll trust 4Hs-_1966
105"
103 H
American Hardware.___25
101
Corp
Peoria Water Works Co—
1st & ret 5s._
1950
101
101
1st consol 4s
1948
99
1st consol 5s.
1948
100
Prior lien 5s
1948
104
mmm
1957
1st 5s series C
105
Phlla Suburb Wat 4s.. 1965
107
108 H
Pinellas Water Co 5Hs. '59
99
Pittsburgh Sub Wat 5s '58
101
Plalntield Union Wat 5s '61
107
Richmond W W Co 5s. 1957
105
Roch & L Ont Wat 53.1938
100 H
1946
6s series A
62
1946
63
Connellsville Water 5s 1939
Consol Water of Utica—
65
100
4Hs
1958
90
1st mtge 5s.
1958
66
92
95
4Hs
5s series A
1952
98
1977
1967
....
1954
101H
76 H
'■mmm
6s
1954
103 H
mmm
5s
1962
105
1st mtge 5s
5s series A
72H
101X
1957
1960
103
102
Kokomo W W Co 5s-.1958
105
mmm
104
mmm
Middlesex Wat Co 5Hs '57
Monmouth Consol W 5s '56
107
1950
5s series C
33
Bake Shops
„*'
Jmlnls'd Fund 2nd Inc.*
Affiliated Fund Iuc
IX
♦Amerex Holding Corp..*
Amer Business Shares
14
200
100
100
Fund
2.39
2.26
Aviation
7.38
7.44
7.81
8.45
9.32
10.08
8.27
8.95
8.64
9.34
mm
Machinery
25 H
•
-
-
Metals
4.64
33 X
2.99
2.70
3.50
5.70
Dividend Shares
Bank stock
Series 1956
1
series—10c
Series 1958
1
Pacific Southern Inv pref. *
Class A
_..*
6.35
1.26
1.37
18.48
27.59
Class B
29.35
27
2.35
10.72
Management-.1
Selected Amer Shares..2H
7.36
....
Sovereign
7.05
4.00
4.30
17.17
18.57
9.82
33c
40c
60c
9.34
10.19
Fundamental Tr Shares A2
4.92
6.53
*
4.43
General Capital Corp...
General Investors Trust.*
30.60
16.32
3.10
3.60
44c
48c
♦State St Invest
Corp... *
Super Corp of Am Tr Shs A
32.90
4.82
4.15
15.37
Inc.50c
5.24
76
AA
1.20
99c
1.08
Aviation shar es
1.16
1.27
Building shares
Chemical shares
1.44
1.57
1.28
1.39
83c
91c
Food shares
....
77c
Investing shares
Mining shares
....
Trustee Stand Invest Shs—
Series C
1
2.44
.1
2.39
Trustee Stand Oil Shs A.l
6.26
Series D_.
85c
Series B
1
5.76
Trusteed Amer Bank Shs B
57c
64c
Trusteed Industry Shares.
96c
1.06
1.20
U S El Lt & Pr Shares A..
13 X
1.65
77c
85c
1.23
Tobacco shares
1.02
1.12
1
Investors..*
2X
1
IX
17.56
18.88
Investm't Banking Corp
♦Bancamerlca-Blalr Corpl
♦Central Nat Corp cl A..*
♦Class B
*
1.04
1.15
Insurance Group Shares.
1.30
1.44
30
Investors Fund of Am Inc.
1
2
UnNYTr Shs
v%
94c
Bank Group shares
10
UnNY Bank Trust G-3.*
H
Institutional Securities Ltd
com.
85c
54c
Guardian Inv Trust com.*
♦Huron Holding Corp
B
Voting shares.
32
.
11.46
F
Wellington Fund
♦
.
10.741
ser
First Boston
Corp
♦Scboelkopf, Hutton <fe
Pomeroy Inc.
00m
*
.1
12.93
42
60
1400
3X
2X
.1939
m
X
mm
46 X
'.mmm
Broadway Bldg—
1st 6Hs stamped.. 1948
,
37
mmm
Fox Theatre & Off Bldg
5Xb series F-l
52 X
34 X
50X
39X
1st 6s
July 7 1939
fl9
—
Income 3s..1957
2H-4s (w-s)
Graybar Bldg 5s
Oliver Cromwell (The)—
1st 6s
2d
Nov 15 1939
f6X
1949
1946
7X
ftX
34
38
37
40
1951
mtge 6s
103 E 57th St 1st 6s... 1941
...
15
165 Bway Bldg 1st 5Xa *51
Prudence Co—
51X
...
52 X
58X
5X» stamped.
1961
Realty Assoc Sec Corp—
5s
Fuller Bldg deb 6s. ...1944
income-....-V--1943
...
49
f46
Roxy Theatre—
40
53 X
55
31X
1957
1st 4s
68
32 X
Savoy Plaza Corp—
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s '42
31H
42
43
Hotel
50 X
53
Sherneth Corp—
28 with stock
45
50
60 Park Place (Newark)
Lexington units
Hotel St George 4s... 1950
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
32 X
38
58
36
with stock
1956
1956
23
/22
1st fee & leasehold
40
1947
3Xa
...
61 Broadway Bldg—
tmmm
40 X
3X8 with stock
1950
Syracuse Hotel (Syracuse)
5Xb whs...1963
66X
---
Loew's Theatre RIty Corp
1st 6s
1947
91X
93 H
44X
46 H
Trinity BIdgs Corp—
1st 5X8
41H
Textile Bldg—
1947
56
...
do
66
---
1958
41
1939
53
55X
2 Park Ave Bldg 1st 4s 1946
55
58
mmm
...
Walbridge Bldg (Buffalo)—
32 X
Majestic Apt Inc—
4s w-s 1948 stamped
Metropolitan Chain Prop—
6s
1955
1st 3s
1st 4s (w-s)_.
1951
1st 5s (Bklyn)
1st 5s (L I)
Madison Ave Apt Hotel
1st 3a 1957 w-s
1948
38
with stock
18
1950
'
m.mm
Wall & Beaver St Corp—
5X
6X
88X
90 X
lst4Hs
22 X
20 X
..1951
w-s
Westinghouse Bldg—
69
1st fee & leasehold 4s '48
—
14.18
*
32
mmm
Ludwig Baumann—
1.17
1.13
7
/6
/51
/32^
f48X
f38X
London Terrace Apts—
1st & gen 3s w-s
1952
10.74
1.44
1.10
Petroleum shares
RR equipment shares
Investors Fund C
9.88
Corp—
Mtge Co—
1 Park Avenue—
44
Income
5.90
3
mmm
37
Lincoln Building—
5.90
D
Supervised Shares
1.32
Steel shares
Invest Co. of Amer
2.17
1.07
Merchandise shares
Incorporated
3.35
C
1.10
Automobile shares
30H
Lewis Morris Apt Bldg—
1st 4s
1950
2.17
B.
Group Securities—
79 H
3.20
BB
55X
26"
1st
*
Utilities
54
42 Bway 1st 6s
10.32
30c
Standard Am Trust Shares
Spencer Trask Fund
69
25
19th & Walnut Sts (Phlla)
23
Film Center Bldg 1st 4s '43
103
77c
Standard
9X
8
40 Wall St Corp 6s.... 1958
11.74
98
70c
7.65
Foundation Trust Shs A.l
Fundamental Invest Inc.2
Investors
67
24
5X8 series Q___
lst leasehold 3s. Jan 1 '52
15.29
2.60
2.64
Ask
95
90
1945
5X8 series C-2...
mmm
52d & Madison Off Bldg-
9X
Republic Invest Fund.25c
30
33
500 Fifth Avenue 6Xb.1949
33
14.30
Selected Income Shares...
Agricultural shares...
10VA 104 X
Deb 5s 1952 legended-.
51c
....
B
42 X
1946
4s with stock stmp. .1956
50 Bway Bldg 1st 3s Inc '46
45c
3.27
Foreign Bd Associates Inc.
26
Eqult Off Bldg deb 5s. 1952
Quarterly Inc Shares..10c
5% deb series A
Representative TrustShslO
20.52
S f deb 5s
N Y Title &
31
Hotel units
♦Putnam (Geo) Fund
19.06
1950
1st 3Hs
1947
5Xs series BK
Dorset 1st & fixed 2s.. 1957
8H
Plymouth Fund Inc...10c
9.30
10
37X
102
Metropolitan Corp (Can)—
N Y Majestic
49
Eastern Ambassador
2.22
31
*
56
47
2.31
series. 10c
B
99 % 100
Mortgage Certificates
2s
Court & Remsen St Off Bid
2.61
....
Fixed Trust Shares A... 10
stk
108H
N Y Athletic Club—
64
35
2.66
....
Fiscal Fund Inc—
Insurance
1962
6s
...
62
Chesebrough Bldg 1st 6s '48
2.19
Royalties
Equit Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Fidelity Fund Inc
*
24
90
Metropol Playhouses Inc—
32
Chanin Bldg Inc 4s.-.1945
7.71
1
Eaton <fe Howard Manage¬
ment Fund series A-l_.
11X
75
Bid
mmm
24
.»
Colonade Constr'n 4s. 1948
8.14
Series 1955..
17.21
25c
B'way & 41st Street—
1st 3s
1944
52 X
No Amer Tr Shares 1953.*
....
3.65
1
7.12
33
Broadway Motors Bldg—
4_0a
1948
9.89
7.52
Steel
Diversified Trustee Shares
D
9.15
No Amer Bond Trust ctfs.
1.43
Deposited lnsur Shs
C___n
...
Oils
-
110
Deposited Bank Shs ser A1
Deposited lnsur Shs A...1
Bi
1945
Ask
f22
Alden 1st 3s
8.56
Electrical equipment
Insurance stock
1957
B'way Barclay 1st 2s.. 1956
8.05
7.91
Railroad equipment
31 X
Bid
7.99
Bank stock
2.72
23 H
8.74
Building supplies
mm
ser
107
Mfg 6Hs
Real Estate Bonds and Title Co.
1.44
mmmm
2.72
♦7% preferred
100
Cumulative Trust Shares. *
73 X
/21
Scovlll
2d conv income 5s—1962
5.98
mm-, m
Series A A mod
115
1.31
5.62
8.08
Agriculture..
mmrnm
♦Crum <L Forster Insurance
♦Common B share
10
1946
N Y Shipbuilding 5s..1946
10X
8X
*
N Y Stocks Inc—
■
2.26
1
96 H
60
1st 5s
New Britain Machine
3.23
Voting shares
National Investors Corp.l
New England Fund
1
8
Accumulative series... 1
10
93 X
96
1948
39
Ohio Match Co..
4.25
7X
pflOO
100
M
91X
/71X
/ 9X
Nation Wide Securities 25c
3.76
com
Conv. deb 6s
36 X
12.58
3.46
Series ACC mod
1937
Woodward Iron—
11.51
Commonwealth Invest...1
♦8% preferred
Deep Rock Oil 7s
Haytlan Corp 8s
16.86
24.C6
♦Crum & Forstef
1940
Crown Cork & Seal 4 Xb '48
2XB
.1953
Wither bee Sherman 6s 1963
10
Mutual Invest Fund
mm
f 6s
62
22.24
42c
conv s
Nat Radiator 5s
-
90
Cont'l Roll & Steel Fdy—
52
20.96
mm
85
95
.
Standard Oil of N J—
1
27c
107
Chicago Stock Yds 5s 1961
24 X
Preferred 6H%--~--100
Norwich Pharraacal
5
Mass Investors Trust
122
20X
6.10
9X
-.100
22 X
5.56
22.38
1
•
4%
New Haven Clock—
Maryland Fund Inc._.10c
10X
57
85
*
5.41
m
X
75
100
15.74
Century Shares Trust...*
1
48
11.80
mm
9
54
100
com
3%
18X
4.84
15X
Series A A
45
14.23
m
*
100
..1938
Kelsey Hayes Wheel Co—
107
10.62
26.13
Corporate Trust Shares.. 1
---
*
Series S2
14 X
3.91
♦Continental Shares
25 H
*
Casket
Preferred
Series S-4
24.43
1
23 H
Nat Paper & Type com...*
Series K-2
■
7% preferred
Young (J S) Co
7% preferred
1st
11%
5
Canadian Inv Fund Ltd.-l
Bullock Fund Ltd
32
34
113
100
6X
3.42
39X
10H
National
15.76
Inc
British Type Invest A...1
Broad St Invest Co Inc..5
30X
98
Series B-2
7X
4%
88
23 X
3.74
♦Class A new
Basic Industry Shares..Ill
100
22 H
1.80
43
York Ice Machinery
Am Wire Fabrics 7S-.1942
3H
*
preferred
7%
14
24
49
Bonds—
100
100
Muskegon Piston Ring.2X
5%
6X
11
22
45
150
28.09
15.09
78
American Tobacco 4s_1951
14X
14
44
100
7% preferred
Keystone Custodian Funds
64c
93
100
Worcester Salt
100
25.67
X
15H
5
WJR The Goodwill Sta
X
9%
H
8H
17H
13 X
50
com
7X
Mock Judson & Voehrlnger
15.03
46
15
Wick wire Spencer Steel..*
6% preferred
23.96
42
104
18X
Wilcox & Glbbs
2d 8% preferred
4X
51
96X
2X
27
Macfadden Pub common.*
13.67
3X
49
IX
31
*
IX
iox
X
X
16X
28X
6X
mm*
13.69
80
IX
9X
*
preferred
25
Lord & Taylor com
1st 6% preferred
Ask
70
t c 1
hite Rock Mln Spring—
$7 1st preferred
100
61
Long Bell Lumber
21.87
100
com v
7
5X
cum
56
101
Series K-i
Pulp & Pap com.*
$3
18X
Series B-3
100
Preferred
10X
7
preferred
West Dairies Inc
Lawrence Portl Cement 100
Bid
13 conv preferred
*
Welch Grape Juice com..5
6X
5X
*
*
com
100
Series B-l
56c
est Va
41
4.27
4
3H
13
3.86
5X
Boston
2H
39
13.46
6
7%
*
12.46
3.39
3H
102 H
mmm
34X
(Northam)—
17H
102
Investing Companies
Par
Warren
6
21
100
102 H
2X
139
32X
100
Veeder-Root Inc
5
Harrisburg Steel Corp
5
Klldun Mining Corp
1
King Seeley Corp com.._l
mmm
9
IX
135
United Artists Theat com. *
United Merch & Mfg com *
United Piece Dye Works.*
17
*
Marlin Rockwell Corp
Merck Co Inc common..1
Ask
Trlco Products Corp
*
Tublze Chatlllon cum pf.10
16H
2H
30
25
104 H
104
*
8
*
Time Inc.
Preferred
5X
23 X
1949
*
common
Tennessee Products
Great Lakes SS Co com..*
Great Northern Paper..25
m
10
62 X
59
Landers Frary & Clark..t.
101H
1960
mmm
38"
4H
...*
Preferred
mm
1952
6s series A
59X
96
93 H
1956
W'msport Water 5s
—
Bid
IX
114
Preferred
Par
Steel
mmm
X
56 H
100
$5 preferred
5s series B
...
105
109
*
Wichita Water—
«...
98
101H
15
33 X
1
mmm
94
1951
1st mtge 5X8
1950
Westmoreland Water 5s '52
Monongaheia Valley Water
5Hs
mmm
■
m
Western N Y Water Co—
5s series B
1950
mmm
Long Island Wat 6X8.1955
101
103X
5
4X
Taylor w barton iron &
8
6
13
31X
Good Humor Corp..
Graton & Knight com
101H
100
101X
1949
1st mtge 5s
Morgantown Water 5s 1965
7X
14X
u-c
238
4
Garlock Packing com
Gen Fire Extinguisher
mmm
98 H 100
UDion Water Serv 5Hs '51
W Va Water Serv 4s_.1961
93
97
40 X
6%
13 X
3
Foundation Co For shs...*
American shares
*
105
105
105X 106 H
105
38X
6
46
*
Draper Corp
104H
Terre Haute Water 5s B '56
Indianapolis W W Secure—
Joplin W W Co 5s
..25
53 X
4X
*
Preferred
Texarkana Wat 1st 5s. 1958
90
Stanley Works
Stromberg-Carison Tel Mfg
Sylvanla Iudus Corp
*
52 X
42
Fohs Oil Co
''mmm
1958
*
(Jos) Crucible...100
Federal
103
6s series A._
5s
33 X
5
10
Preferred
75"
..I960
5s series B
—
1966
8X
31X
4
23 X
242
37
78
1955
Bpringf City Wat 4s A '56
1st mtge 3Hs
Singer Mfg Ltd
Skenandoa Rayon Corp..*
standard Screw.
20
2H
35X
100 H
Sbenango Val 4s
106 H
Singer Manufacturing..100
24
Douglas (W L) Shoe—
Conv prior pref
mmm
4
42X
32X
Dixon
76
2%
22
33
.mmm
99
ser B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
102
5s series B
Indianapolis Water
mmm
8?*
18
Dentist's Supply com
10
Devoe & Raynolds B com *
Scranton-Sprtng Brook
...
Huntington Water—
Illinois Water Serv 5s A *52
mmm
mmm
5*
12
7X
40 H
I
*
Crowell Publishing com..*
$7 preferred
100
Dennlson Mfg class A...10
103 H
4*
68
100
Columbia Baking com
$1 cum preferred
101
13X
16
*
Chic Burl & Qulncy
Chilton Co common
mmm
98
1st & ref 5s A
5Hs series B
'mmm
106 H
1958
Water Service 5s_1961
99X 101
1962'
Corp
12
100 X 103 H
58
Dictaphone Corp
St Joseph Wat 4s ser A-'66
Scranton Gas & Water Co
Greenwich Water & Gas—
Hackensack Wat Co 5s. '77
'
94
5s series B
25X
*
Beneficial Indus Loan pf
Burdlnes Inc common..
mmm
101H
Community Water Service
90
Maize Products
*
American Mfg. 5% pref 100
Andlan National
1954
5Hs series B
22X
Ore-Wash Wat Serv 5s 1957
City Water (Chattanooga)
5s series B
Scovlll Manufacturing..25
99
102
1941
11
27X
Pilgrim Exploration
1
Pollack Manufacturing...*
Remington Arms com
*
100
98
City of New Castle Water
5g_
12 X
Amer
pref
105
Penna State Water—
5s
11X
Pathe Film 7% pref
*
Petroleum Conversion... 1
Petroleum Heat & Power.*
Ohio Water Service 5s_1958
105H
104^ 106X
Ask
Bid
32H
Cynamld—
cum
Par
Pan Amer Match Corp. .25
4H
27 H
Ohio Cities Water 5Hs '53
Ohio Valley Water 5s. 1954
76
Ask
3X
*
5% conv pref
10
American Hard Rubber—
89
-
91
Bid
*
Newport Water Co 5s 1953
104
Citizens Wat Co (Wash)
mm
m
American
5Hs
-.1951
New York Wat Serv 5s '51
105
1954
Par
Alabama Mills Inc.
American Arch
105
5sserie8 B
5s series C__„
5s series B
Ask
Bid
99 X
Birmingham Water Wks—
5 Xb series A
Industrial Stocks and Bonds
Ask
98
1179
4%
35
5
10
20 X
21%
10c
IX
2X
No
/ Flat
value,
par
price,
dividend.
t Now
v
n
a
Interchangeable.
Nominal
quotation,
5 Basis
w i When
price,
listed
on
New
York
Stock
d Coupon,
Issued,
Now selling on New,York Curb Exchange,
w-s
z
With
e
Ex-interest.
stock,
x
Ex-
Ex-llquldatlng dividend.
Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Quotation not furnished by sponser or Issuer.
♦
Financial
1180
Chronicle
Aug. 20, 1938
Quotations on Over-the-Counter Securities—Friday August 19—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
BRAUNL
52 William
&
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
47
48 M
Rio de Janeiro
Tel. HAnover 2-5422
47
48M
Rom Cath Church 6 Ms '46
Coupons—
Nov 1932 to May 1935
Nov 1935 to May 1937
Foreign Unlisted Dollar Bonds
1943
Koholyt 6 Ms
many) 7s
1946
Prov Bk Westphalia 6s '33
Westphalia 6s '36
1941
/ll
Prov Bk
/14
/29
Rhine Westph Elec 7%
5s
Anhalt 7s to
—1946
Antioqula 8s
.--1946
Bid
Ask
Bid
Dortmund Mun Utll 6s '48
22
/20
/31
Ask
Leipzig O'land Pr 6Ms '46
/22M
Duesseldorf 7s to
1945
/20
21M
Duisburg 7% to
1945
/20
21M
/21
/23
/23
22 M
/24M
/24M
25M
East Prussian Pow 6s. 1953
25M
Electric Pr (Oer'y) 6 Ms '50
Barranquilla ,s'35-40-46-48
/It)
22
Bavaria 6Ms to.-----1946
/20
21M
/16M
/13M
/12
/ 4M
/4 %
18M
Bank of Colombia 7%
7a
.
1948
-
1945
gg
(Republic)
7Ms
1966
8S.1947
7s
1958
7a
-1969
6s
1940
24 M
/19
1966
/H
/20
13
1967
-
Saarbruecken M Bk 6s '47
—
/21
Salvador 7%
7s ctfs of
/56M
/42M
/22
1967
7b Income
rn
5M
7M
/4M
/0
Farmers Natl Mtge 7s.'63
French Nat Mall SS 6s '52
1957
/13M
deposit-1957
/12M
/5
/23M
/22M
1933
6%
Brandenburg Elec 6s. .1953
f20%
/ 19M
20 M
Brazil funding scrip
/33
/18
fl7
Bremen (Germany)
6s
..
British
7 Ms
Brown
7s-1935
—
1940
Hungarian Bank
1962
Coal Ind Corp—
1953
Aires scrip
BuUdlng <fe Land
bank 6 Ms
1948
19
19
1938
Agricultural 6s
/14
—
German
49
Callao (Peru) 7 Ms
1944
Cauca Valley 7Ms
1946
Ceara (Brazil) 8s
Dec 1934 stamped
1947
12M
/ll M
Dec 1 '35 stamped
/18M
/5M
/11M
/2M
June 1 *35 to June '38-
6M
12M
4
July to Dec 1933
7s assented.—
-1968
July 1934 to Dec 1936-—
Jan to June 1937
/25
'
/16
Jan to
/16
/65
67
1953
Cordoba 7s stamped—1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7 Ms '49
/17
1946
-
.1949
5s
Cundlnamarca 6 Ms
1959
June 1938
July to Aug 1938
Great Britain & Ireland—
—
30 M
/30M
31M
6M
44
10M
18
18
Haiti 6s
/10M
U M
Hamburg Electric 6s
.
1951
6 Ms
Saxon State Mtge 6s.-1947
21M
14
71
75
15M
/14M
n
/23
24 M
/23'
24 M
8
/25
Slem & Halske deb 6s.2930 /575
State
5s
Mtge Bk Jugoslavia
1956
61
65
1956
61
65
/91
/91
Coupons—
Oct 1932 to April 1935
/68
1937
/50
/ll
Stettin Pub Utll 7s. -1946
/22
/76
/ll
Stlnnes 7s unstamped. 1936
Certificates 4s
1936
—
Oct 1935 to April
7sto———---—-.1945
Panama City 6Ms
1952
65M
63 M
/21M
/20
/29
/35
/27
4s
5% scrip
1946
7s unstamped..
/98
1947
Oberpfals Elec 7s
1946
Oldenburg-Free State
,
.
Certificates 4s —1946
..1955
Toho Electric 7s
1947
Tolima 7s
24
/«4
/76
/64
56
53
11M
flOH
Union of Soviet Soc Repub
1943
7% gold ruble
40
t86.60 91.20
Uruguay
1936-1937
1968
1947
/40
/21M
/21
23 M
Vesten Elec Ry 7s
Wurtemberg 7s to
1956
Porto Alegre 7s
/58
/40
/26
/25M
/25
/24M
/24
1945
/20M
22
31
Conversion scrip
Unterelbe Electric 6s—1953
37
/35 /
8M
/7M
22M
Telephone and Telegraph Stocks
28
Par
Am Dlst Teleg
(N J) com.*
Preferred-100
.—100
Bell Telep of Pa pref---100
Cuban Telep 7% pref—100
Bell Telep of Canada
110M 111 M
/20
/20
21
67
par
Ask
Bid
92
Bid
Ask
New York Mutual Tel. 100
96 M
17
25
*
15
21
18
24
26
110M 120
163 M
166 M
Pac & Atl
114
116
Peninsular Telep com
30
40
Telegraph
—100
Preferred A
110M 114M
25
1953
/17
10
/ Flat price.
Emp & Bay State Tel..100
Franklin Telegraph
100
Harz Water Wks
6s
Saxon Pub Works 7s.. 1945
12M
1957
Hanover
13 M
/13
6 Ms. 1946-1947
Coupons
70
18M
Sao
2d series 5b
Poland 3s
16
/10
/12
/22
1948
Guatemala 8s
/21
/28
24
Panama
8
/7M
/15M
1960-1990
4s
/U
/42
/66
/17M
Budapest 7s
July to Dec 1937
mmm
City Savings Bank
Colombia 4s
—
Jan to June 1934
Central German Power
Chilean Nitrate 5s
—
Graz (Austria) 8s
1954
German defaulted coupons:
German Central Bk
Madgeburg 6s
1934
Chile Govt 6s assented
/29M
German Young coupons:
Central Agrlc Bank
see
/21M
German Dawes coupons:
—
21M
Santander
75
72
—
23
German scrip
Apr 15 '35 to Apr 15 *38.
Caldas (Colombia) 7 Ms '46
Call (Colombia) 7s. _-1947
/47
/6M
1946
/20M
/20
22 M
1962
National Hungarian & Ind
Mtge 7s1948
North German Lloyd 6s '47
Conversion Office
Funding 3s
/40
Hungary 7 Ms
Bank
German Central
1947
1942
(Colom) 7s_1948
Paulo (Brazil) 6s—1943
8%
Montevideo scrip
(A & B)
German
_
/25
Buenos
/46
Burjnelster & Wain 6s. 1940 /II9
8Mb
German Atl Cable 7s. .1945
8X
23
22M
Santa Catbarlna (Brazil)
Santa Fe 7s stamped.
(C & D) 6 Ms. 1948-1949
Nat Central Savings Bk of
23
Brazil funding 58.-1931-51
1948
8s ctfs of deposit. 1948
Mannheim & Palat
78.1941
Merldlonale Elec 7s.-.1957
...— —
8s.--
—
Nat Bank Panama
/n
22
/20M
102
/ 98
1945
Frankfurt 7s to
/49
/24M
/22
/22
/21M
Municipal Gas & Elec Corp
Recklinghausen 7s.-1947
Nassau Landbank 6 Ms '38
5M
5M
1948
Water 7s..
/70
/25
/7M
/21M
/21M
Luneberg Power Light &
Munich 78 to
7Ms Income
7s
14M
Leipzig Trade Fair 7s.1953
23
/21M
/2I
f21
f20
R C Church Welfare 7s '46
1945
Munlc Bk Hessen 7s to '45
24 M
European Mortgage & In¬
vestment
Cities 7s to.—-----1945
Bogota (Colombia) 6 Ms '47
Bolivia
1953
6 Ms
Cons
Palatlnlte
Bavarian
1947
*41
'36
1941
6s
4s scrip--.Land M Bk Warsaw 8s
Ask
(Ger¬
Protestant Church
/91
/22
/ll
Housing & Real Imp 7s
CO., INC.
St., N. Y.
Bid
Ask
Hid
--.1939
'46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ms '32
Hungarian Discount & Ex¬
change Bank 7s
1936
IUseder Steel 6s
1948
Hansa SS 6s
Inactive Exchanges
Gen Telep Allied
—*
Int Ocean Telegraph100
se
/21M
1938
50
Rochester
55
27
32
preferred
Mtn States Tel & Tel..100
Telephone—
100
25
100
110
14
19
149
151
pf-100
115
118
$6.50 1st pref
So & Atl Telegraph
Corp¬
91M
94 M
Sou New Eng Telep
115
62
113
Wisconsin Telep 7%
117
For footnotes see page 1179,
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For
mechanical
reasons
However,
FILING
OF
REGISTRATION
it is
they
not
are
always
always
STATEMENTS
as
possible to
near
UNDER
SECURITIES ACT
The following additional
registration statements (Nos. 3779
3789, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
to
The total involved is
has
and
refunding bonds, series D, 4%.
The maturity date is to be furnished by
amendment to the registration statement.
Filed Aug. 11, 1938.
(For
details
see
subsequent
page.)
Oil Co.
(2-3782, Form A-2) of Houston, Texas, has filed a
registration statement covering 33,333 shares of common stock $1 par,
to be offered by L. S. Carter at market.
Proceeds for account of above
stockholder.
No underwriter named.
Henry B. Thomas Jr., is President
of the company.
Filed Aug. 11, 1938.
Blue Hills
Camp & Country Club, Inc. (2-3783, Form A-l) of Wash¬
ington, D. C., has filed a registration statement covering 35,000 shares
7% non-cumulative class A common stock, $10 par value, to be offered at
$10 per share. Proceeds will be used for purchase of land, buildings, con¬
struction, equipment, improvements and working capital.
No underwriter
is named in the registration.
Hugh F. Neason is President of the company.
Filed Aug. 11, 1938.
Equity Fund, Inc. (2-3784, Form A-l) of Seattle, Wash., has filed
Western
(For
Filed Aug. 15, 1938.
by amendment to the registration statement.
details see subsequent page.)
further
Griesedieck
Gulf States Utilities Co. (2-3779, Form A-2) of Beaumont, Texas,
a
registration statement covering $10,000,000 of 1st mortgage
Mar Tex
companies in exact alphabetical order.
position as possible.
Youngstown Sheet & Tube Co. (2-3787, Form A2) of Youngstown,
Ohio, has filed a registration statement covering $30,000,000 of convertible
debentures, due Sept, 1, 1948, and an undetermined number of shares of no
par value common stock, including scrip certificates for fractional shares,
to be reserved for conversion of the debentures.
The interest rate on the
debentures and the number of shares of common stock are to be furnished
approximately $46,980,366.
filed
further
arrange
alphabetical
,
(2-3788, Form A2) of Belleville,
shares of 5M%
Brewery Co.
111., has filed a registration statement covering 30,000
cumulative preferred stock, $25 par to be offered at par.
Proceeds will be
5% debentures notes and to provide additional storage
fermenting cellars, equipment and new brew house.
Edward D. Jones
& Co., will be underwriter.
H. L. Griesedieck is President of the company.
Filed Aug. 15, 1938.
used for retirement of
and
Goldenwe«t Mining Corp- (2-3789, Form A01) of Deadwood,
a registration statement covering 1,500,000 shares
common
S. D.,
stock,
has filed
mill par value.
The shares are
be used for purchase of mill, land,
one
working capital.
of the company.
to be offered at $1 each. Proceeds will
equipment, development expense and
No underwriter named.
Filed Aug. 15, 1938.
Daniel E. Knowles is President
1
The last previous list of registration
in our issue of Aug. 13, page 1024.
statements was given
a
registration statement covering 900,000 shares common stock 20 cents par
value to be offered at market.
Proceeds will be used for investment.
Principal underwriter will be Drumheller, Ehrlichman Co.
Benjamin B.
Ehrlichman is President of the company.
Filed Aug. 12, 1938.
Adams-Miliis Corp.
6 Mos. End. June 30—
x
(8c Subs.)—Earnings—
1938
Sell., admin. & gen. exp.
1937
_
1936^
^
1935
■
$394,231
108,487
$442,328
108,503
$314,109
99,942
$393,099
95,537
$285,744
$333,825
$214,167
$297,562
10,791
Gross profit
11,333
41,314
49,478
$296,535
$345,158
$255,481
Bankers Acceptance Corp. (2-3785, Form Al) of Washington, D. C.,
has filed
a registration statement
covering $500,000 7 % 10-year debentures
and 100,000 shares of common stock, 10 cents
par value.
Of the common
shares registered, 77,000 shares will be offered through underwriters, 20,000
shares will be issued to underwriters as commissions, and 3,000 shares will
be issued to directors for services.
Purchasers of first $200,000 principal
amount of debentures will be given as bonus by underwriters
2,000 shares
stock
the basis of one share common for each $100 principal
amount debentures.
The debentures will be offered at par, as will the com¬
mon shares.
Proceeds will be used for working capital.
Hertz & Co. Inc.,
common
will be
on
underwriter.
Robert
T.
McNeill is
President
of
the
company.
Operating profit
Other income
sold, &c__
provision for
4,450
1,202
18,786
$347,040
2,846
Fed. & State inc. taxes
65,100
66,400
48,000
61,200
Dividends paid
$226,985
134,500
$277,556
zl82,250
$188,695
yl68,733
$282,994
y211,429
Surplus...
a$92,485
$95,306
$19,962
$71,565
Total income
Loss
on secur.
Estimated
Net
profit
_
Filed Aug. 13, 1938.
Doctors Hospital, Inc. (2-3786, Form Al) of Washington, D. C.. has
a registration statement covering $350,000
6% 10 year 2nd mortgage
filed
notes, due 1948, and 1,000 shares of
stock, $100 par.
Of the notes
registered, $250,000 are to be sold to the medical profession only and the
remaining $100,000 are to be issued to various persons for services.
The
notes will be issued at face value.
common
The
common
shares will be offered at
par to the medical profession only.
Proceeds will be used for purchase of
land, building and equipment.
No underwriter named.
Dr. Charles S.
White is President of the company.
Filed Aug. 15, 1938.
Earns, per sh. on
156,000
sh.com.8tock(oopar)
„.
$1.61
$0.87
$1.43
x After depreciation,
y Consists of dividends on 1st pref. stock of $61,250 and dividends on common stock of $117,000 in 1936, $156,000 in 1935
and $117,000 in 1934, less dividends on shares held in treasury of $9,516
in 1936, $5,821 in 1935, and $3,045 in 1934.
z Consists of $26,250 paid on
pref. and $156,000 paid on common.
a Consits of $17,500 paid on preferred
and $117,000
$1.34
paid on common stock.
Volume
Financial
147
Chronicle
1181
Consolidated Balance Sheet June 30
W Assets—•
1938
,
1937
Balance Sheet June 30
Liabilities—
& equipm't$2 ,035,486
$2,014,191
486,061
86,578
secur.
388,422
447,958
Accts. receivable..
Notes payable.
500,315
440.072
Accounts payable-
Inventory
545,215
832,281
Acer, royal., wages
21,042
17,813
and taxes._..i.
186,975
45,095
38,987
Res. for conting..
59,000
2,480.342
Marketable
...
Other assets
...
Deferred charges..
1st pref. stock
y
Earned
$500,000
614,004
50,000
24,587
$500,000
Common stock..
614,004
181,316
surplus
Assets-
1937
1938
x^Plant
Cash..
188,716
59,000
2,441,570
1938
Cash in banks
a Cash
deposited
1937
$44,679
from
404,937
brokers
y
$4,021,637 $3,877,880
Total
$4,021,637 $3,877,880
After
x
depreciation of SI,653,905 in 1938 and $1,676,320
Represented by 156,000 no par shares.—V. 146, p. 2521.
79,765
1937.
in
3,764
2,253,243
2,384
2,267,907
3,295
3,639
expense.
' July 1937
$331,067,
$522,580
Shipment of newsprint in July amounted to 22,960 tons against 27,493
tons in June and
42,532 tons in July.
Present indications are that ship¬
ments in
August will be about 24,000 tons.
/
Shipments of bleached sulphite pulp in July amounted to 2,667 tons,
compared with 2,142 tons in June and 5,797 tons in July.
Indications are
that shipments of bleached
sulphite pulp in August will be about 2,700 tons.
—V. 146, p. 4104.
Agnew-Surpass Shoe Stores, Ltd. (& Subs.)—Earnings
Years Ended—
Net operating profit
May 31, '38 May 31, '37 May 30* .36 May 31, '35
$230,236
$224,337
$153,668
$170,230
Income from investments
1,429
7,186
6,162
$230,236
38,254
33,160
710
Net earnings for year.
495
445
$158,112
_
$160,853
28,963
19,472
1,200
$154,932
$120,863
$176,392
29,948
25,134
Miscellaneous adjustm'ts
02,002
Z>r2",689
~/J~r7i2
01,752
$160,114
$152,243
79,524
$120,151
$123,099
79,524
sh.
on
79,625
79,524
stock
$1.24
Assets—
1938
$1.17
ceivable, &e
deposits
Prepaid
accrued
Accrued charges..
18,374
46,999
reserve
25,818
25.818
Dividend
declared
15,333
provision is made at the end of the year,
shares.—V. 146,
Minority
interests
960
10,027
Preferred stock
9,258
8,955
18,565
20,842
400,868
883,700
265,207
264,871
309,321
Prov. for loss
on
1938
1937
$3,230,187
892,674
$3,816,359
sales, &c
15,000
Tota,
67,615
Aldred Investment
Trust—Earnings—
Net profit
Earnings
per share
128,000
105,000
$1,005,814
661,524
$4.71
$1,427,604
449,559
$6.37
p. 1025.
Shares, Inc.- -Earnings—-
6 Months Ended June 30—
Income cash dividends
Net
1938
Total income
was
.
$351,678
39,796
3,608
41,660
Taxes
9,655
Net income
Undivided profits, Jan. 1.
232,171
161,588
x
After deducting $4,957 Federal
sold, principally in prior periods.
Balance
Assets—
1938
Sheet
receivable..
30
declared
a
of
35
cents
per
share on the
A dividend
1937
$30,706
106,577
14,047
$11,317
Amt. pay. for cap.
110,208
X32.469
Undistrlb. funds In
Prepaid insurance.
1,000
900
Furniture A fixt's.
1
1
Dlvs.
from
stk.
-
-
reacquired.
Due to
Lord,
Abbett & Co
brokers.
dlstrib'n
21,078
613,834
68,811
74,596
z2,084.069 y3 362,350
7,107,401
3, 458,942
Undivided profits.
326,200
79,764
acc't..
Capital stock
Paid-in surplus...
Excess of cost of in¬
vest. over
Stores,Inc.—Larger Dividend—
dividend
stock, payable July 25 to holders of record July 15.
of 15 cents was paid on Dec. 30, 1937.—V.
145, p. 4106.
1938
accrued taxes.
60,566
Due
June
Accts. payable and
market
have
$326,200
applicable to securities
Liabilities—
$5,729,875 $7,079,412
deposit...
Due from subscr's.
on
taxes
stamp
1937
trust based on market prices for securities as
$683.87 per $1,000 of outstanding debentures.
This
$1,000 of debentures on Dec. 31, 1937 —V. 146.
Alexander's Department
$611,168
284,968
$79,764
Undivided profits, June 30
per
common
$308,274
302,894
$241,351
$36,090
1937
.
$9,180
1228.
directors
$115,510
x236.169
$60,494
,..
Expenses
222,833
interest.$27,379
187,424
1937
$57,190
3,304
.....
profit from sale of securities
Liquidating value of the
The
196,376
$2,185,914
79,509
573,801
Includes additional compensation to officers and executives under
profit
x
1,608,600
9,373
Balance sheet as of June 30, 1938 shows total assets of
$8,938,122. of
which securities at cost of $8,831,295 had market value of
$4,139,136.
This compares with securities of
$9,015,150 cost on Dec. 31. 1937. which
had a iharket value of $4,337,058.
3170,
150,734
$1,808,608
48,490
626,304
$1,868,944
1,054,654
$8.86
$1,401,076
1,580,370
$6.69
Dividends paid
Cash
1938
Net operating income after debentures
Loss on securities sold
p.
91,775.
$2,269,897
31,119
642,702
Prov. for Fed. inc. taxes
195,000
Investments...
6 Months Ended June 30—
compares with $712
1935
$3,168,564
x786,274
795.188
$2,866,507
31,112
584,337
382,114
Prof, from operation.
Reserve for insurance
Plant depr. & mines depl
.....$1,877,359 $1,740,336
for bad debts of $10,492 in 1938 and of
$11,075 in 1937.
reserve
1938
1936
$2,754,529
858,077
Appropriated for distribution.
$1,877,359 $1,740,3361
of June 30,
(Del.)— -Earnings
342,274
409,017
15,000
876.200
Common stock..
z
Surplus
for depreciation of $279,364 in 1938 and $251,458 in 1937.
z Issued 80,000 shares
(no par) less 375 shares in 1938 and 476 shares in
1937 held by subsidiary company.—V.
147, p. 560.
y
Represented by 187,537 no-par
e
American Agricultural Chemical Co.
Years End. June 30—
Gross profit from oper—
Gen. oper. &adm. exp_.
960
2,604
12,312
reserve
Dr6,750
1229.
p.
15,465
Patents
982,904
134,858
Z>rl4,200
f°r possible Federal and State income taxes and surtax on undistributed
profits as it is impracticable to estimate it for an interim report. Proper
20.538
44,354
Fire insur.
Land, plant, Ac-
After
$139,712
Prov, for taxes...
;
After
1937
.
71,846
98.439
A
Total
1938
$189,946
1,142,263
revenue
Loans
x
Liabilities—
Accounts payable:
169,637
...
expenses
375,074
1,013,218
surplus...
b Market value or securities owned at June 30, 1938,
c After deducting $837 interest on deben¬
treasury purchased for retirement,
d No provision has been made
American Business
1,241,661
4,741
.
Adv. to employees
Life and fire insur.
361,080
$0.53
$0.64
Bank overdraft...
$33,188
re
Inventories
y
1937
$5,316
Accts. & bhls
1,000,000
$1,438,841; 1937, $1,966,019.
tures in
Consolidated Balance Sheet May 31
x
Earned
sharing plan amounting to $56,900.—V. 147,
com.
Cash
1,000,000
375,074
series A..
Total.........$2,384,746 $2,930,187
Total
$2,384,746 $2,930,187
a
Comprised of $395,250 for redemption of debentures and $9,687 for
10,129
Net surplus for year..
Shs, of conv. stk. outst'g
per
debs,
6% cum. pref. stk.
eCom.stk. (no par)
Capital surplus.
$111,218
$225,767
36.815
33,525
Profit from sale of invest.
Earns,
364
9,711
debenture interest,
...
Total income
Prov. for depreciation_
Prov. for governm't taxes
Directors' fees
350
^
June 1938
July 1938
$256,843
364
7,367
dRes.fortaxes.&c.
5%
gold
Treasury stock...
Abitibi Power & Paper Co., Ltd.—Earnings—
Month of-—
Earnings prior to deprec. & bond int.
60,000
4,095
$2,924
20-year
interest accrued
b Securities at cost
(net)
Deferred
Accrued mgt. fee..
Unclaimed divs
for secur. sold..
Dlvs. received and
Furniture & fixtures
Total
$8,850
Acer. int. on debs.
Pref. stk. dlv. pay.
with trustee
Due
c
1937
1938
Liabilities—
$250,969
Total
$7,579,622 $7,233,406
.....
Representing
x
quot'd
value.Dr2,341,041
Total ..-......$7,579,622 $7,233,406
consideration for 29,600 shares of capital stock sub¬
1937, but not issued,
y Par value $0.50.
scribed June 29 and June 30,
2 Par $1.—V. 146, p. 1535.
.
Allegheny Ludlum Steel Corp.—Listing—
The New York Stock Exchange has authorized the
listing of (a) 765,974
shares of common stock (no par)
bearing the name "Allegheny Ludlum Steel
Corp." in substitution for an equal number of previously listed shares of
stock bearing the name of
common
shares
Allegheny Steel Co., of which 756,622
are now
outstanding; with authority to add to the list,
(b) 500,000
additional shares of common stock on official notice of issuance in con¬
nection with the exchange of 500,000 shares of common stock of
Allegheny
Steel Co. for 500,000 shares of common stock of Ludlum Steel Co.
(par $1)
American Chain & Cable Co.,
pursuant to the provisions of the joint plan and agreement of merger between
Allegheny Steel Co. and Ludlum Steel Co. dated May 17,1938; making the
total amounts applied for to date
1,265,974 shares of common stock.
Allegheny Steel Co. and Ludlum Steel
Co. have entered
into
joint plan
and agreement of merger dated May
17, 1938, whereby the Ludlum Steel
Co. will be merged into the Allegheny Steel Co. and the
surviving corporation
after such merger, will be known as Allegheny Ludlum Steel
Corp. See also
V. 147, p. 1025.
Pro-Forma Consolidated Balance Sheet
Assets—
at
American
Cigar
dividend of l-40th of a share of common
a
held.
This payment will be made Sept. 15 to holders of
2.
A similar payment was made in each of the six preceding
dividend of l-20th of a share was paid 011 Dec. 2, 1936. Stock
l-40th of a share of common B stock were paid on Sept. 15,
on March 16, 1936.
See also V. 145, p. 1247.—V. 146, p. 3487.
common
record Sept.
quarters.
A
dividends of
June 15, and
April 30, 1938
Cigarette & Cigar Co.—Stock Dividend—
The directors have declared
B stock of American Tobacco Co. for each share of American Cigarette &
Liabilities—
Cash in banks and
hand..
$1,978,601
U. S. 3 H% Treasury bonds.
City of New York corporate
213,838
on
14,500
Notes and accounts
...
Dividend payable..
58,496
Minority interest in sub.
Reserves
45,912
Invest, at cost, less reserve..
316,056
Treasury stock
97,149
Real estate, plant and equip¬
ment
(net)..
Patents, patterns,
475,291
cos.
97,145
3,342,600
7% cum. pref. stock
Common stock...........
Capital surplus
a
6,090,153
10,005,749
...
17,582,292
y
.
formulae,
Oept, b **
108,599
exps. &
def. charges.
Total.
1938
$1,275,329
8,158
21,228
43,962
purchase.
on
Interest earned
Miscellaneous income
Cash discount
-Earns.
1937
$2,031,230
13,198
51,155
239,404
$1,348,677
765,517
154,652
32,083
37,318
on
sales
—
Provision for doubt, accounts receivable
Miscellaneous deductions
$2,334,987
1,211.468
163,801
Total income—
Expenses
Interest, &c
Depreciation
234,881
.$30,637,112 I
Cash discount
7,846,700 r,
,
Earned surplus
&c
Corp. (& Subs.)
6 Months Ended June 30—
500,463
2,039,564
Inventories...
Other assets
American Commercial Alcohol
$825,000
1,395,515
...
.
8,005,720
rec.
(net)
Notes payable, banks
Accounts pay able
Accrued liabilities
stock
Prepaid
as
a
Inc.—XL-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 6.
A like amount was
paid on June 15 last; a dividend of 25 cents was paid on March 15 last and
dividends of 50 cents per share were paid in each of the three preceding quar¬
ters, the June 15, 1937 dividend being the initial distribution on the larger
amount of shares now outstanding.
See V. 144, p. 3826, for detailed divi¬
dend record.—V. 146, p. 3487.
159,917
108,079
11,775
—
140,481
39,715
90.820
Provision for special reserve
Total.
$30,637,112
Authorized, 1,350,000 shares of no par, stated value $6.25 per share;
issued, 1,225,472 shares (incl. 37 shares reserved for exchange for common
stock of West Penn Steel Co.)—Y. 147, p. 1025.
36,646
;
101"448
$146,885
Federal income taxes
$483,059
a
x
Additional to reserve for estimated unreal profit
on
68,200
61,000
$78,685
52,044
$422,059
$26,641
$396,238
$0.10
sales
$1.52
Amalgamated Leather Cos., Inc. (& Subs.)—Earnings
6 Mos. End. June 30—
Net income after interest,
deprec. and taxes
x
Unaudited figure,
1938
x$154,726
y
1937
$160,163
1936
$98,096
Before Federal taxes.—V. 146.
Alliance Investment
1935
p.
Net profit
j.
Sub. preferred dividends..
y$49,536
2522.
Balance to surplus
Earnings per share
(par $20)
Corp.—Earnings—_
x
6 Months Ended June 30—
Dividends on stocks
Interest
on
bonds
Total income...
Expenses
1938
$18,929
2,074
Net
profit.
Dividends on preferred stock
$23,368
2,592
$21,003
9,873
$25,960
14,883
$11,130
loss$8,153
119,100
Int. & amortiz. of deb. discount & exp., incl. Fed.
& State taxes under debenture indenture..
a
1937
19,230
Without giving effect to net loss in 1938 and net profit in 1937, on sale
of securities.
a
on
-
25.821
260,930 shares common stock
-
Subject to deferred delivery.—V. 146. p. 3170.
American
Crystal Sugar Co.—Bank Loans Reduced—
The company has
of July 31, 1938,
reduced its promissory notes outstanding to $550,000
from $1,100,000 previously outstanding.
The reduc¬
accomplished through paying off on July 15, 1938, of $275,000
of notes due Oct. 1, 1941, and on July 29, of $275,000 of notes due Oct. 1,
1938—V. 146, p. 3797.
as
tion
was
American
Encaustic
PeriodEnd. June 30-r
Net loss after all charges
—V.146, p.3170.
Tiling Co., Inc.- —Earnings—
1938—3 Mos.—1937
$10,297
$15,966
1938—6 Mos.—1937
$31,645
$45,277
1182
Financial
American Enka
Corp.—Earnings—
Years Ended—
Jan. 2, '38
Gross profit
Interest
Profit
$2,325,736
49,056
$1,431,483
74,278
19,073
531
39,650
77,905
$5,247,166
733,296
1,052,913
Total income
Expenses
Depreciation
Loss
on
deposit
$4,277,732
679,240
$2,375,323
593,657
$1,623,316
418,014
932,826
1,019,471
897,207
with
bankers
Loss on assets demolished
North Carolina inc. tax.
Federal tax
Surtax
31,453
85,418
178,000
530,000
150,000
140,260
372,963
21,888
$2,517,539
$2,092,062
undis. profit—
on
94,669
Net profit
...
7,040
38,089
45,813
122,078
32,563
38,838
85,607
$556,215
$151,087
Balance Sheet
Jan. 2, '38 Dec.27/36
Assets—
Jan.2,'38 Dec.27,'36
$
inabilities-
%
$
736,958
1,358,857
x
Time deposits
Accts. & notes
600,000
1,100,000
Current liabilities.
1,900,954
516,847
1,006,286
Surplus
3,763,384
2,685,530
2,150,296
Market securities.
Inventories.
—
12,294,150
Int.
1,136
11,000
148,412
on
_.
33,150
Total
17,958.488
Represented
146, p. 2194.
x
by
a
Divs. at
Total
17,958,488
shares,
Steamship
y
Less
Co.
rate for
cum,
$
1938
Excess
0,141,072
500,898
74,644
145,318
000,000
on
2,070,490
004,978
740,299
301,882
Unexpired ins., &c.
238,027
Mixed claim award
secur.
Accts.recelv,, inch
,370,000
disaster & other
hand
295,186
470,444
61,693
,149,526
63,089
934,460
claim award and
81,589
494,460
Capital surplus
Earned surplus
11,779,290 11,770,097
Total..
1938
786,730
3,457",067
,488,673
..11,779,290 11,770,097
1937
1936
1935
Net profit after deprec.,
royalties, Fed. taxes,
$210,363 loss$149,117
578,840
584,001
585,433
$0.26
$0.72
$0.36
617,851
Nil
1938
1937
loss$287,003
y354,789
199,865
plants & equip.
charges...
ftock
tax
Normal income tax
1935
$125,444 loss$460,735
289,902
288,450
20,550
21,588
12,620
400,000
$841,657 z$2,088,000
^ducting manufacturing, maintenance and
™*
'
1936
$2,787,999
279,450
$175,626
$772,226
admin, expenses,
F oot note missing
z Profit.
:V':Note-—No provision has been made in the
figures for the 1937 period for
Federal tax on undistributed
y
:
profits.—V. 146, p. 2674.
American Machine & Foundry Co. (& Subs.)—Earns.
6 Mos. End. June 30—
Royalties & rentals
1938
1937
1936
1935
$2,369,315
52,749
Sales
Mfg. cost and
$2,373,157
22,232
$1,727,714
58,947
$1,597,749
107,393
$2,422,064
2,124,006
$2,395,389
2,179,647
$1,786,661
1,515,096
$1,7,05,142
1,532,673
$298,058
expense._
25
1,382
2,764
2,764
$59,271
3,563
Gen. & miscel. exps
$55,182
2,998
$117,941
4,956
$91,298
4,993
154
511
$215,742
xl05,058
15,255
79,296
$271,565
x70,869
2,390
28,988
y96,593
$172,469
78,653
1,235
28,819
23,803
xll9,873
_
Federal taxes
22,159
81,956
Other corporate taxes...
Maintenance & repairs..
5,778
1,043
891
Profit
on
$74,070
$16,133
$72,724
$49,776
$49,739
$105,744
co.
...
Of West Texas Utilities
Co.
b Of Public
American Safety Razor
405,000
3,920
Service Co.
405,000
75,907
11,031
364,500
20,854
1938—6 Mos.—1937
.
_
$247,356
.
$308,118
$473,117
$596,299
$0.47
_
.
$0.59
$0.90
$1.14
(par $18.50)...
—V. 146, p. 3487.
Foundries—Earnings—
6 Mos. End. June 30—
19.38
Profit after expense
loss$442,110
1936
$3,923,993
728,816
$1,932,451
470,219
loss$878,779
87,716
Operating profit..
$3,195,177
66,754
$1,462,232 loss$244,923
9,366
7,751
$3,261,931"
$1,471,598 loss$237,172
32,500
231,250
2,968
6,585
237,500
_loss$791,063
60,500
4,222
F'ederal income taxes
$508,070
489,421
$458,078
390,533
$454,026
389,674
$90,773
$18,649
$67,545
$64,352
$0.50
$0.46
$0.45
563,700
10,278
Reserve for surtax
Miscell.
275,800
deductions.
Earnings
10,410
Nil
share.....
per
$996,263
970,414
$0.82
52,412,153
1,187,496
$1.87
stock
F'or quarter ended June 30, 1938, indicated net loss (based on a compari¬
of company's reports for first quarter of fiscal year and the six months'
period),
$1.06
a
was
share
$487,771, comparing with net profit of $1,354,401, equal to
on common in June quarter of previous year and
with net
ended March 31, 1938.—V. 146, p. 3797.
loss of $378,424 for quarter
American Stores Co. (& Subs.)—Earnings6 Mos. End. June 30—
inc. after deprec.,
1937
1938
Experimental
expense.
$551,067
par).
—V.
$1,083,506
.,399,757
$0.42
taxes, &c.__
_loss$160,913
Earns, per sh. on 1,301320 shs. com. stk. (no
$0.83
$1.07
Nil
147,
p.
562.
,
_
American Surety Co., N. Y.
1938
"i?
1937
Balance Sheet June SO—
1938
■
Liabilities—
§
"
Real estate-.- .-..10,000,000
Securities
10,381,532
Res.
271,005
250,932
Res.
profits
for
for
S
2,195,213
1938
2,187,532
Note & loan pay'le
z470,850
505,414
1
Taxes pay,, accr'd
Accounts
payable
97,818
78,217
to
177,968
11,422^993
427,043
365,935
&
843,674
2,101,584
co
Notes & accts.
not
affiliates
549
Acct.pay.deferred
Unearned
on
67,568
rentals
leased machs.
33,601
Other loans pay'le
798,681
2,050,502
Accts. receiv. from
affiliated
372,591
177,021
163,669
....
7,000,000
377,696
616,613
cos..11,452,743
acceptances rec.
7,000,000
437,282
employees
Inventories
Common stock..
x
y259,483
Inv. in affil.
Cash
S
Accounts payable.
Stock, officers and
Accounts, notes
1937
S
Liabilities—
Mach. with lessees
—-
39,284
_
46,302
to bank (non-cur-
Res.
for
—
...
Special
6,902
20,231
273,644
Earned surplus
337,833
9,698.479
reserves...
9,599,354
rec.
Total
Total..
26,125,691 26,645,325
American Utilities Service Corp.
(& Subs.)— -Earnings
.26,125,691
26,645,325
20,844
13,204
8,349
92,832
147,907
-18,051,919 17,994,5771
1937
11,675
$3,649,662
2,575,537
1,074,124
17,847
$1,013,743
380,505
maintenance and taxes
$1,091,971
352,081
76,408
79,454
22,999
12,051
33,159
26,094
$521,780
58,947
$601,182
58,603
$462,833
342,158
$542,580
345.891
$120,675
$196,688
before provi¬
Provision for retirements
Interest and amortiz. of discount and expense on
funded debt (less int. charged to construction)__
Equity of minority stockholders in net income of
subsidiary companies
Miscellaneous charges, net
Balance of net income of subs. cos. applicable to
American Utilities Service Corp.
Expenses & taxes of Amer. Utilities Service Corp.
Consolidated
net
income,
before interest on
funded debt of Amer. Utilities Service Corp..
on
funded debt of Am. Utilities Service Corp.
Note—The above statement does not include the operations of Yankton
Co., which company was sold on Jan. 31,1938.—V. 146, p. 3659.
American
Total...
Represented by 1,000,000 shares, no par value,
Loans payable to banks.—V. 146, p. 2523.
x
expenses,
Net earnings, incl. other income,
sion for retirements
Gas
insurance
Total--
z
1938
$3,705,185
2,703,117
1,002,068
Net earnings before provision for retirements
Other income
Consolidated net income.
Accts. receiv. from
and royalties...
y
Subsidiary Companies—
Int.
59,286
officers & empl.
1,050,000
374,997
deprec.,
home office bldg.
—
132,884
rent)
collectible within
Prepaid
1,145,259
Res. for unreported
taxes....
considered
one year
1,555,160
reported
losses
&c.,
losses
Operating
1937
S
secure.
3,629,694
1,150,000
374,998
——
unearned
premiums..—
receivable
int..
6,058,265
1,278,343
Contigency res've-
2,771,579
5,251,020
80,928
1,546,028
1,801,540
3,676,614
Reinsurance & oth.
accts.
$
5,787,182
11,774,973
1,757,257
collection.
Cash.
1937
7,500,000
4,909,574
112,985
Capital stock
Surplus & undivid-
....
Accrued
$
7,500,000
3,466,581
10,000,000
Gross earnings
Consolidated Balance Sheet June 30
Marketable
1935
1936
Net
12 Months Ended June 30—
$0.48
y
1938
at cost ■
G'dwili, pats., &c_
loss272,640
970,414
Nil
son
—V. 146, p. 3944.
Fixed assets
1935
$161,907
406,830
1937
436,669
Depreciation
364,500
45,327
4,241
$482,990
392,217
Balance, surplus
Earns, per sh. on 1,000,-
Assets—
$82,969
of Oklahoma.
Corp. (& Subs.) —Earnings-
1938—3 Mos.—1937
Divs. pay —July 1
common
1,021
1,043
1,270
Res. for expenses &
Total profit
Com. dividends (net)
000 shs.
:S
Net profit after deprec'n
reserve and Federal &
$39,959
securities sold.
outstanding (no par),
x Depreciation
only.
17,991
6,530
receivable
Profits
Divs. rec. from Internat.
Cigar Machine Co
Other divs. & int. rec
$70,516
710
Fed. normal inc. tax—_
Prov. for loss of sub.
Prems. in course of
Operating profits
Interest, deprec., &c__
*
State, local & miscellan¬
eous Federal taxes
A.sscts
Total income
20
Net profit
loss$866,195
Shs. com. stk. (nopar)..
1,187,496
American Locomotive Co. (&
Subs.)- —Earnings—
6 Mos. End. June 30—
Net profit
$75,175
39.981
25
Amort, of def. income..
Minority interest
Earnings per share
—V. 146, p. 2194.
$35,783
17,991
1,382
stock._
Profit
$421,001
$152,806
...
Shs. com. stk. outstand¬
on
$37,878
19,990
20
on com.
Other income (net)
ing (par $20)
1938—6 Mos. —1937
1938—3 Mos. —1937,
Other dividends
foreign taxes, &c
2,004,978
American Laundry Machinery Co. (&
Subs.)—Earnings
6 Mas. End. June 30—
>
pref.
cum.
American Steel
Total
147,501
$60,316
Earns, per sh. on 524,400
shares
capital
stock
,070,490
-V. 147, p. 727.
Depr.
$6
on
Period End. June30—
Reserve for repairs
Res. for coll. mixed
73,581
480,398
142,668
$182,863
300,059
485,402
income tax
675,871
1,166,959
709,520
73,224
$82,922
—V. 146, p. 3659.
accrued interest.
Insurance fund...
Other
Divs.
a
voyages
Cash in banks and
x
71,005
$92,061
Net income
Res've for Federal
124,423
&C
'
4,550,000
incompleted
606,560
claims recov'able
%
revenue
Reserve forinsur..
Supplies
:
disbursem't
Accounts payable.
& accrued lnt...
on
of
over
1937
$
Capital stock.....
&
Investment at cost
Marketable
16,511,737
Subs.)—Bal.
Liabilities—
ves¬
shore plant
7,706
39,459
10,580
depreciation.—V.
(&
1937
5
comm.
$843,744
578.344
7,046
40,676
9,859
Total income
;
plant,
$945,426
562,150
Of West Texas Utilities Co.
stock
b Divs.
no-par
1938
sels in
$473,976
289,024
3,146
20,290
5,368
Period End. June 30—
a
Sheet June 30—
Fixed
$472,412
279,977
3,959
19,653
5,755
V
1938—6 Mos.—1937
Earnings of Company Only
16,511,737I
American-Hawaiian
Assets—
$818,860
24,884
period on pref, stock..
a
17,629
372,550
$898,359
47.067
Jong-term debt..
—
(& Subs.)—Earnings—
$452,910
21,066
Net income
8,938,646
Fixed assets
Deferred charges..
$1.57
$ 449,346
23,066
Miscel. inc. deductions,
1,301.184
2,916,403
170,428
..11,075,158
y
$2.29
$2,388,664
1,569,804
.
11,000
Other receivables.
(net)
1,988
Mtge. receivable..
$1.78
$2,586,728
1,688,369
Amort .of bond dis. & exp
976,775
Restricted deposits
$828,832
1938—3 Mos.—1937
$1,310,902
$1,251,773
861,556
798,863
Net oper. income
Other income
„
$1,213,788
American Public Service Co.
Period End. June 30—
2.930.129
ree.
Capital stock...12,294,150
_
$960,746
Earnings per share on 528,390 shares
common stock (no par)
—V. 147, p. 561.
Operating revenues....
Operating exps. & taxes.
1936
1937
and
Net
profit after depreciation
normal Federal income taxes
General interest
Cash............
Corp.—Earnings—
1938
6 Months Ended June 30—
Dec. 30, '34
$4,106,659
57,331
Miscellaneous income...
Aug. 20, 1938
American Potash & Chemical
Dec. 27, '36 Dec. 29, '35
$5,038,581
41,609
67,785
99,191
securities
on
Chronicle
18,051,919 17,994,577
y
And in invesntory.
Notes at
Water Works & Electric Co.,
<
Inc.—Renews
—
Company has reported to the Securities and Exchange Commission the
on July 15 of'five promissory notes to Central Hanover Bank &
ssuance
■
Volume 147
Financial
Chronicle
Trust Co., Chase National Bank, Chemical Bank & Trust
Co., National
City Bank and New York Trust Co., aggregating $3,000,000, due Dec. 31,
1939, and bearing int. at rate of 3H%.
The notes
were to renew the
company's notes of Oct. 15, 1937, which
interest rate of 2%.
The company reported that it had paid the
aggregate of $33,750, as the difference between the amount of
interest paid on the loans at the 2
% rate and what the amount would have
been if the 3
>3 % rate had been effective since Oct. 15, 1937.
had
an
banks
1183
of the company's common
capital stock ($125,000 aggregate par value),
l he
aggregate consideration was equal to the aggregate book value of the
assets acquired (less
reserves,) as recorded on the books of Georgia Natural
txas Corp.
The funds for payment of the
specified cash consideration
were provided
by the sale by the
company, to the public, of $875,000 prin¬
cipal amount of its general mortgage bonds,
4K % series, due 1965. Begin¬
ning with July 1, 1937, the above statement or income includes the opera¬
an
tions of the
property formerly owned by Georgia Natural Gas Corp.
Weekly Output—
Output of electric
Balance Sheet June 30
of the electric properties of American Water
the week ending Aug. 13, 1938, totaled 41,decrease of 18.7% under the output of 50,767,000
Works and Electric
250,000 kilowatt hours, a
kilowatt hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last
years follows:
Week Ended—
1938
energy
Co. for
1938
July 23
39,518,000
July 30
40,463,000
Aug. 6
41,210,000
Aug. 13
41,250,000
—V. 147, p.1026.
1937
1936
49,906,000
50,318,000
50,291,000
50,767,000
46,969,000
47,181,000
46,795,000
46,707,000
37,786,000
38,145,000
36,622,000
37,242,000
five
Sinking
*
Companies—
Brakpan Mines Ltd
Daggafontein Mines
Springs Mines Ltd
32,719,000
32,758,000
31,950,000
31,136,000
Appli'ces
Ltd
Costs
£252,527
£ 147,000
£128,636
£150,694
£152,123
£82,430
26,100
£19,647
£49,031
loss£29,384
on rental
Total
Div.
on
6%
119,333
217,854
332,795
19,500
288,623
245,735
174,933
Accounts payable.
163,437
pref.
21,107
71,787
182,491
522,302
236,173
Accrued accounts.
Consumers' deps..
505,249
.Service
stock
19,500
extension
24,548
23,371
6,827
1,004,878
1,890,110
14,275,311 12,931,576
615,947
Total
2lb~791
14,275,311 12,931,576
Atlantic Refining Co.—Bond Issue Under Consideration
It is
reported that an issue of around $25,000,000 bonds is under con¬
sideration for filing with the Securities and
Exchange Commission late this
month.
Smith, Barney & Co. and associates are expected to be the under¬
writers.
Proceeds will be used to repay bank loans and for capital expendi¬
tures.—V. 147, p. 728.
Automobile Finance Co.-
-Earninqs-
6 Months Ended June 30—
Income
1938
1937
$256,009
161,484
$371,831
134,754
Cost of
$94,525
55,720
$237,078
63,703
Net income before income taxes
Additional provision to reserve for losses
Provision for State and Federal income taxes.
$38,805
38,805
$173,375
11111111111
Operating expenses
Operating profit
borrowings
Corp.—Earnings—
1937
1938
...
$1,283,819
$603,706
527,496
180,041
56,825
1,036,101
213,024
$161,112
11,018
$177,524
Net income transferred to surplus
Preferred dividends
prof$30,712
Liquidation of fabric division.
$150,094
21,428
6,002
prof$23,848
i$0.02
Federal income taxes.,
Net loss
200,000 shs. cap. stock
Nil
prof $2,391
28,321
Assets—
security)-......
of life insur_.
240,310
493,784
280,610
376,317
68,625
22,651
Capital surplus...
252.308
Deferred charges..
21,024
38,276
167,030
159,592
34,399
26,159
....
Land & office bldg.
(depreciated val)
fixtures &
Furn.,
de¬
autos.
co.
above.
prec.
also
1,000,000
Com. ($1 par) stk.
Earned surplus
Repossessed autos.
a$3,825,300
director
stock.
22,303
value)....
Total..
electionjof F. L. Suter as First Vice-President of the company was
announced on Aug. 10 by H. W. Prentis Jr., President.
Mr. Suter, formerly Vice-President and
Treasurer, succeeds Hugh M.
Clarke, who died on July 26.
a
1,000,000
107,427
26,863
The
and
584,776
39,186
New Vice-President, &c.—
The election of Keith Powlison as Treasurer
announced by Mr. Prentis.—V. 147, p. 1027.
6,774
301,524
Reserves...
30,204
31, 1937.
earnings for
I
5,762,282
1937
$4,254,000
7% pref. ($25 par)
receivable
returned to profits at the end of the fiscal year on Dec.
If these reserves had been
actually applied at June 30, 1937. the
indicated
1938
Coil, trust notes..$2,133,500
Accts. & insur. pay
and accruals....
3,300,909
Other notes & accts
"
Revised.—Contingency reserves totaling $879,116 were charged against
domestic operations for the first half of 1937.
Of these reserves $735,670
as
$758,176
Cash surrender val¬
a
were
Liabilities—-
1937
$553,649
Notes and accepts,
receivable (auto
ue
$285,093
1938
Cash
Armstrong Cork Co. (& Subs.)—Earnings—
1937
$17,500
$139,675
$17,088
36,046
Comparative Balance Sheet June 30
6,864
1938
...
Common dividends
147. p. 1027.
6 Months Ended June 30—
Net inc. after int., deprec., & res. for Fed. inc. tax.
33,700
32,303
Other income.
would have been $3,825,030
45,778
—V. 146, p. 2357.
was
Cost of sales
year
5,403,000
Bank
Earned surplus
£137,523
£150,019
£46,206
Expenses and inventory adjustment.
thejialf
473
684,216
£105,527
£288,217
£302,142
6 Months End. July 2—
'
67
Profit
140,000
145,000
150,000
89,300
directors
on
2,218,625
6,247,000
2,601,293
Capital surplus
178,591
Donated surplus..
210,791
common
per sh.
2,343,625
Reserves
have declared a dividend of 15 cents per share on the
stock, par $10, payable Sept. 1 to holders of record Aug. 15.
paid on June 1 and March 1, last; 17 H cents paid on
Dec. 1, 1937; 12>£ cents
paid on Sept. 1, June 1 and on March 1, 1937, a
dividend of 16>2 cents paid on Dec. 1, 1936, and dividend of 12Yi cents
per share previously distributed each three months.—V. 145, p. 3810.
Earns,
Com. stk ($25 par)
Bonds
deposits
Anglo-Canadian Telephone Co.—15-Cent Dividend—
—V.
1,300,000
140,394
553,410
supplies
Def. debit items..
*
Artloom
$
1,300,000
Notes payable—
Notes receivable..
Accts. receivable..
Each of which is incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £7. 1. 0. per ounce
p. 412.
Like amounts
133,976
189,324
fine.—V. 147,
The
149,657
$
6% cum. pref.stk.
($100 par)
Def. credit items..
South African CurrencyJ
Tons
Value of
Milled
Gold Declared
Explora'n Co. Ltd.
class A
and
Mdse., materials &
West Springs Ltd
The South African Land
&
fund
special deposits.
1937
1938
Liabilities—
equipment!
12,656,874 11,159,280
Miscell. investm'ts
77
25
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of July, 1938—
_
S
Property, plant &
1934
1935
1937
$
Assets—
..$4,215,026 $6,816,303
Total.
$4,215,026 $6,816,303
-Y. 146, p. 3328.
Badger Paper Mills, Inc.—nO-Cenl Dividend—
The directors have declared a dividend of 50 cents per share on the com¬
was
stock,
mon
no
value, payable Aug.
par
25 to holders of record Aug.
15.
This compares with $1.30 paid on Dec. 21, 1937, and 50 cents paid on Oct.
25, Aug. 25, June 25, 3.937, and on Oct. 23, 1936, this last being the first
payment made since Dec. lo, 1935. when a similar dividend was paid.—
V. 145, p. 3967.
Asbestos Corp., Ltd—Extra Dividend—
The directors have declared a quarterly dividend of 50 cents
per share
an extra dividend of 50 cents per share on the common
stock,
both payable Sept. 30 to holders of record Sept. 15.
Similar payments were
made on June 30 and on March 31 last, these latter
being the initial dis¬
tributions on this stock.—V. 146, p. 3659.
In addition to
Associated
r
Gas & Electric Co.—Weekly
Baldwin Locomotive
The
value of orders taken in July by the Baldwin Locomotive
subsidiary companies, including the Midvale Co. was announced
on Aug. 15 as $1,700,068, as compared with $2,375,589 for July, 1937.
The month's bookings brought the total for the consolidated group for
the first seven months of 1938 to $15,042,021, as compared with $21,981,492
in the same period last year.
Consolidated shipments, including Midvale, in July aggregated $1,186,963, as compared with $3,175,594 in July of last year.
Consolidated ship¬
ments for the first seven months of 1938 were $25,097,151, as compared
with $23,613,802 for the first seven months of 1937.
On July 31, 1938, consolidated unfilled orders including Midvale, but
exclusive of orders on which performance has been suspended, amounted to
$13,861,426 as compared with $23,757,714 on Jan. 1, 1938 and with $28,147,489 on July 31, 1937.
All figures are without intercompany eliminations.—V. 147, p. 1027.
Output—
For the week ended Aug. 12, Associated Gas & Electric System
reports
net electric output
of 89,560,589 units (kwh.).
This is 4,630,721 units or
4.9% below production of 94,191,310.units for a year ago.—V. 147, p. 1027.
Associates Investment Co., South Bend, Inc.—Earns.
[Including wholly-owned subsidiary, Associates Discount
f
6 Mos. Ended June 30—
Corp.]
1938
1937
$4,223,224
2,315,680
$5,374,480
$1,907,544
$2,770,213
1,001
Income charges (incl. prov. for Fed. taxes, int., &c.
$1,907,544
557,078
$2,771,215
920,194
$1,851,021
Earings
$1,350,466
$2.87
Operating
expensesm„ +
Other income.
Works—Bookings—
dollar
Works and
2,604,267
Baltimore
&
Ohio
RR.—Offers Additional Security for
RFC Loan—
per
share
on common
,
12 Months
$4.06
•Earnings-
EndedlJune 30—
1937
$3,621,071
2,882,408
$1,016,684
5,482
$738,663
$1,022,167
237,816
Non-operating income.
1938
$4,678,433
3,661,749
$813,394
108,317
Bankers
Interest
Other deductions
Net income
Preferred dividends
Common dividends
$705,078
260,598
21,000
129
147
Co.—Earnings—
after deprec. & Federal income taxes...
stock...
145, p.3967.
Net profit
Earnings per sh. on 120,000 shs. common
—V.
$8,763
Nil
1937
$211,609
$1.28
$379,412
$415,604
$38,844
$70,184
1938
6 Months Ended June 30—
Bartgis Brothers Co .—Earnings—
6 Months Ended June 30—
Net sales
Net
1,649
........
,
profit after prov. for State & Fed. income taxes
Maintenance, repairs and
depreciation for the six months period ended
30,1938, were $40,077, compared with $31,366 for the first six months
of 1937.
After deduction of preferred dividends, net profit for the 1938
June
$463,861
78,000
412,478
$423,332
78,000
425,976
Notes—(1) Effective Jan. 1, 1938 the company adopted the new uniform
system of accounts for gas utilities prescribed by the Georgia Public Service
Commission.
Suchtsystem differs in certain respects from the system the
company previously followed, hence, the previous year's figuresshown on
these statements are not exactly comparable.
(2) No provision was required for Federal surtax on undistributed profits
for the years ended Dec. 31, 1937 and 1936.
Federal surtax on undis¬
tributed profits for the calendar year 1938, if any, is undeterminable at
June 30, 1938 and no provision therefor has been made.
(3) The company, during the month of July, 1937, purchased the entire
assets, except cash, of Georgia Natural Gas Corp. (anaffiliated company).
The consideration to Georgia Natural Gas Corp. was the assumption of its
labilities, the payment of $837,562 in cash, and the issuance of 5,000 shares
first page of this department.
Barlow & Seelig Mfg.
74,731
$784,351
295,263
23,448
Acceptance Corp.—Registers with SEC—
See list given on
'
Amortization of debt discount and expense.
Federal and State tax on bond interest
Reconstruction
the Corporation the Terminal Storage
—V. 146, p. 3488.
Atlanta Gas Light Co.-
additional collateral for a proposed new $6,000,000 loan
Finance Corporation has offered to pledge with
Co. property at Washington.
Writing to R. T. Boyden, Chief of the Interstate Commerce Commission
loan section, J. J. Ekin, B. & O. Comptroller, referred to conversations
with the former regarding additional collateral and said the property offered
as collateral had a fair value of $1,000,000.—V.
147, p. 1028.
The company as
from the
period was equal to approximately 31 cents per share on 108,052 shares of
common stock outstanding June 30, 1938.
Ratio of current assets to total liabilities as of June 30, 1938 was 2.5 to 1,
working capital $128,631 as compared with Dec. 31, 1937 ratio of current
assets to liabilities of 2.7 to
1 and working capital $138,592.—V. 146,
p.
3003.
B-G Foods,
Inc.—Accumulated Dividend—
declared a dividend of $3.50 per share on account of
cumulative preferred stock, par $100, payable
record Sept. 20.
This compares with $1.75 paid on
July 1 and on April 1, last.
A dividend of $5.25 was paid on Dec. 21, last;
dividends of $3.50 was paid on Oct. 1, July 1 and on April 1, 1937; a divi¬
dend of $8.75 was paid on Dec. 21., 1936, and dividends of $1.75 per share
The directors have
accumulations on the 7%
Oct
1
to holders of
r»£»irl
nn
Oft
1
and
.Tlllv
1.
1936.
1184
Financial
Chronicle
Accumulations after the payment of the current dividend will
amount
Brooklyn-Manhattan Transit System—Earnings—
$12.25 per share.—V. 146, p. 4108.
to
Beech-Nut
The
directors
[Including Brooklyn and Queens Transit System]
Packing Co .—Extra Dividend—
have declared
extra
an
dividend
of 25
cents
per
in addition to the
Month of July—
Total operating revenues
share
regular quarterly dividend of $1 per share on the common
stock, both payable Oct. 1, to holders of record Sept. 10.
Similar amounts
were paid in each of the seven
preceding quarters. A special dividend of SI
per share was paid on Dec. 15, 1937.—147, p. 563.
$982,246
$442,756
116,691
$672,489
$559,447
683,911
$751,627
686,241
Current income carried to surplus
_def$124,464
Accuring to minority interest or B. & Q. T. Corp'n.
$65,386
1,070
Net non-operating income
...
Bell Telephone Co. of
oper.
Gross income
Total income deductions.
Pa.—Earnings—
1938—3 Mos.—1937
1938—12 Mas.—1937
Balance to B.-M.T. System
revs._a$17,183,760 $17,409,299 a$68585,554 $67,483,752
11,651,413
11,759,935
47,405,144
45,526,340
def$124,464
$5,649,363 $21,180,410 $21,957,412
1,547,005
5,715,974
5,616,647
$3,993,101
Dr8,039
$4,102,359 $15,464,437 $16,340,765
Dr18,894
Dr44,570
Dr99,237
Net revenue from operation—
Taxes on operating properties
Net avail, fix. charges $3,985,061
Interest and discount.
1,341,232
Other fixed charges
13,501
$4,083,464 $15,419,866 $16,241,528
1,378,594
5,327,466
5,285,584
18,313
<
66,006
84,764
Operating income.. —
Net non-operating income
Net oper. revenues... $5,532,347
Taxes (inch Federal)...
1,539,246
Operating income.
.
Other income.........
^
Gross income.
Net income
Preferred dividends*,.
Common dividends
$2,630,329
325,000
2,200,000
.
.
$2,686,557 $10,026,393 $10,871,180
325,000
1,300,000
1,300,000
2,200,000
8,800,000
8,800,000
$105,329
Earns, per sh.
$161,557
$73,607
$2.09
$2.14
$7.93
$8.70
for 3
and
6 Mos. End. June ZQ—
1938
1937
$503,328
571,696
surplus..
1936
$149,369
Total revenue..
Period End. June 30—
Net loss
Rev. fare pass, carried..
Aver, fare per rev. pass.
...
Assets—
Cash....
1937
plus
Gold
$577,682
68,136
81,213
$428,334
(incl.
Stores, &c.
a
,
b
1937
$5,702,906
4,588,714
$8,510,608
5,563,489
$1,114,191
144,520
$2,947,119
$1,258,712
960,008
102,689
25,205
1,427
102,408
18,086
$3,040,240
990,367
251,151
27,130
4,789
226,257
244,454
$48,888
1,334,458
$1,295,513
1,322,395
$0.04
$0.98
93,121
.......
w
Pennsylvania income taxes, &c
Federal income taxes, &c
Minority interest
....
...
579
x Net profit
No. of shares of capital stock
outstanding
per share
Before provision for surtax
on
undistributed profits.—V. 147, p.
Bloch Brothers Tobacco
1028.
Co.—Larger Dividend—
Directors have declared a dividend of 37
% cents per share on the common
stock, par $25, payable Aug. 15 to holders of record Aug. 10.
Dividend of
25 cents was paid on
May 14, last, and previously regular quarterly divi¬
dends of 50 cents
per share were distributed.
In
addition, an
extra
dividend of 25 cents was
paid on Dec. 24 last, and an extra of $1.25 per
share was paid on Dec.
24, 1936 —V. 146, p. 3329.
Hills
Camp
&
Country
165,874
179,622
...
107,879
......
Club,
with SEC—
Inc.—Registers
$132,463
$59,081
47,578
1,489
36,702
1,640
1,631
102,970
82.472
Capital stock
Capital surplus.
701,679
701,679
328,473
168,126
420,379
420.379
Earned surplus.
939,127
628,869
—
Accrued payroll.
Unclaimed divs.
559,639
for
Pro v
Res.
Dom,
taxes
.
.
782,040
36,783
.
13,939
14,537
c
1.693
&
for repairs
replacements
26,958
.
Res.
71,215
■
576,251
Bidgs.y
machy,
& equipment-1,216,733
Minedevelopm't
1
Prepaid insur., <fec.
Organiz, expense
&
4,880
.
.,
28,082
22,508
......
..$2,675,798 $2,105,514"
Total
....$2,675,798 $2,105,514
a After reserve for depreciation of $401,753 in 1938 and
$337,607 in 1937.
b Less amounts written off $1,308,284 in 1938 and $898,112 in 1937.
c
Total income
Expenses
Depreciation
Amortization of patents, &c
1937
&
payable
Due trustee
other cos
1938
Gross profit
Other income
175,043
in
Invest, in & adv. to
-Earnings-
Accts.
Paid-in surplus.
412,676
int.
pre¬
Total..
Interest
1,712
1938
accrued liab
Mining properties.
$68,592
3,016,302
$0.0731
$249,791
cost,
accrd.
prof$5,161
2,766,869
$0.0714
Liabilities—
1937
$141,739
.
at
1938—6 Mos. —1937
$0.0735
Subs.)
_
.
mium).....
1,407',739
$0.0717
1938
bullion
transit
$40,504
$6,022
1,236,874
_
Invests,,
$134,595 prof $15,699
Costs of sales
701,679 shares of $1 each.—V. 146,
Bulolo Gold
p.
3329.
Dredging, Ltd.—July Production—
;
Production in July amounted to 13,569 ounces of fine gold.
This com¬
pared with 12,603 ounces in June, and 9,675 ounces in July, last year.
Estimated working profit for July totaled 8,900 fine ounces equivalent
to $311,500 in Canadian funds with gold at $35 an ounce.
In June, the
working profit was $303,870 and July, 1937, was $220,080.
Production in July was from 1,232,000 cubic yards of gravel against
1,184,000 cubic yards in previous month and 933,000 cubic yards in July,
ago.—V. 146, p. 3005.
<
year
Butte
Copper & Zinc Co.—Earnings-
Period End. June 30—
Net loss after exp.,tax,&c
Earns. per sh. on 600,000
shares capital stock..
1938—3 Mos.—1937
1938—6 Mos.—1937
$5,701 prof $21,782
Nil
_
$11,750 prof$50,975
$0.04
$0.08
Nil
—V. 146, p. 3005.
Callahan-Zinc Lead Co.—Earnings—
3 Months Ended—
June 30 *38 Mar. 31 *38 June 30 '37
Net loss after exps., taxes, depr.,&c.$13,766
$29,996
$9,035
—V. 147, p. 731.
California Art Tile Corp.—Accumulated Dividend-—
on
first page of thus department.
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $1.75 cum. conv. class A stock, no
par value,
Stores, Inc.—Sales—
July 31—
payable Sept.
1938—Month—1937
$924,188
$1,038,842
147, p. 413.
1938—7 Mos.—1937
$9,965,396 $10,674,126
Boston Worcester & New York Street
Ry.—Earnings—
Period End. June 30— 1938—3
Mos—1937
SfV?88
PpS2'84irr
1938—6 Mos.—1937
$1,554
""
prof$l,326
$6,576
prof$2,417
614»287
-----
636,721
1,287,121
1,305,759
Period End. July 31—
Net profit-
1938—Month—1937
loss$28,292
loss $33,082
1938—7 Mos.—1937
$9,243
$103,181
After ordinary
taxes, rental and interest but before amortization and
provision for income taxes.—V.
147, p. 413.
x
Briggs Mfg. Co. (& Subs.)—Earnings—
Period End. June 30—
Net profit after
deprec'n,
Federal taxes, &c
on
June 1 and
1937,
on
1 to holders of record Aug. 23.
Like amount was paid on
March 1, last.
A dividend of $1.50 was paid on Sept. 1,
of 50 cents
was paid on June 1, 1937; one of 25 cents was paid on
March 1, 1937; dividends of 50 cents per share were paid on Dec. 1 and on
Sept. 1, 1936, and 25 cents paid on June 1 and March 1, 1936, this latter
one
being the first distribution made since April 1,1930, when a regular quarterly
dividend of 43% cents per share was paid.—V. 146, p. 3330.
California Oregon Power
Co.—Earnings—
Year Ended June 30—
—
Net oper. rev. (before approp. for retire, reserve)
Interest on notes and accounts receivable, &c
Merchandise and jobbing
1937
$4,619,649
1,813,708
$2,610,215
912
Dr53,719
$2,805,941
1,304
Dr48,230
Net operating revenue and other income (before
appropriation for retirement reserve)
$2,557,409
300,000
$2,759,015
300,000
$2,257,409
238,210
844,610
203,218
$2,459,015
238,151
844,913
203,005
45,047
7,270
18,137
45,047
3,635
$900,916
$1,111,004
—
1938—3 Mos.—1937
$630,441
1938—6 Mos.—1937
$3,453,771
$947,448
$5,928,670
$1.75
$0.48
$3.00
1,979,-
—!V°0146'p°3799k*(nopar)
S0-32
Appropriation for retirement
reserve
Gross income
Rent for lease of electric properties..
-—
Interest charges (net)
Amortization of debt discount and expense—
Amortization
of preliminary
costs of projects
.
Brooklyn & Queens Transit System•Earning s-
Month of July—
Total operating revenues
Total operating expenses...
abandoned
1938
1937
$1,617,645
1,355,852
.....
$1,700,617
1,384,499
Amortization of limited-term investment
Other income deductions
Net income
revenue from
operation
operating properties..
$261,793
198,869
...
.....
Operating income.
Total income deductions.........
$122,306
15,285
$77,655
133,752
Gross income
Current income carried to surplus
-V. 147, p. 730.
$316,118
193,812
$62,924
14,731
Net non-operating income
1938
$4,628,753
2,018,538
Operating revenues
Operating expenses, maintenance and taxes
Bowman-Biltmore Hotels Corp.—Earnings—
on
$575,970
......
Balance to earned surplus
$0.22
1938
1938—3 Mos.—1937
Blaw-Knox Co. (&
Earns, per sh.
$633,711
7,892
.....
$1,310,829
734,860
$641,603
72,759
8J.795
.....—
Balance Sheet June 30
6 Months Ended June 30—
Gross sales, less rets, and allowances
Period End.
Sales
$1,500,938
867,227
$479,049
......
1937
$1,312,012
1,183
Development written off
$60,587
270,000
—V. 146, p. 3489.
See list given
1938
$1,503,153
2,215
..........
Net profit for period. .......... .....,
Berkshire Street Ry.—Earnings-—
Net
$63,066
573,102
Mines, Ltd. —Earnings-
Net profit from operations
1935
$242,410
270,000
$0.89
299,097
$0.49
6 Months Ended June 30—
Net loss after expenses and taxes.....
—V. 146, p. 432.
Taxes
$ 636,168
def$68,368
....
Expenditure....
Berkey & Gay Furniture Co .—Earnings—
.*
324,321
114,417
...
Provision for income taxes—
charges and taxes.$155,010
Shs. com. stk. outst'g..
300,000
Earnings per share
$0.52
—V. 146, p. 3329.
x
$559,977
76.191
Miscellaneous income..............—.........
Net profit after all
146
$388,911
Adjustment of value of ore in solution............
Berghoff Brewing Corp.—Earnings—
—V'
$884,298
—
Buffalo Ankerite Gold
,
—V.
$729,532
340,621
6 Months Ended June 30—
Bullion recovery
months ended
12
June 30, 1938, include
$107,000 subject to possible refund in event of adverse court decision in
pending rate case.
Company has made provision against contingency of
such refund in surplus reserved.
Note—No provision is included in respect of the undistributed
profits tax
imposed by the Revenue Act of 1936 since the amount of such tax, if
any,
can not be determined until the end of the
year.—V. 147, p. 883.
Bond
$2,405,353
1,521,055
......
Current income carried to
1,100,-
on
Revenues shown
Blue
1937
$2,205,855
1.476,323
.
Total income deductions.
$771,180
000 shs. com. stock..
x
_.
1938
—V. 147, p. 730.
Balance
Earnings
$64,316
(Excluding Brooklyn and Queens Transit System).
expenses
Month of July—
Total operating revenues
Total operating expenses......—....
a
79,138
no par
Period End. June 30—
-
$1,190,622
518,133
539,490
operating properties
on
Operating income
a dividend of 12% cents per share on the
com¬
value, payable Aug. 31 to holders of record Aug. 3.
Like
amount was paid on April 30, last, and previously regular
auarterly divi¬
dends of 25 cents per share were distributed. See V. 144, p. 1774 for
detailed
record of previous payments.—V. 147, p. 1028.
Telephone
Operating
1937
$4,092,849
2,902,227
Net revenue from operation
Taxes
Belding Heminway Co.—1214-Cent Dividend—
stock,
1938
$3,812,248
2,830,002
Total operating expenses
Directors have declared
mon
Aug. 20, 1938
$137,591
135,271
-
—
13,260
The revenues and expenses subsequent to Jan. 1, 1937 are
accordance with the classifications of accounts prescribed by
Notes—(1)
shown
in
regulatory commissions effective Jan. 1,1937 which differ in certain respects
from the classifications previously followed by the company.
In certain
instances the figures prior to Jan. 1, 1937 have been adjusted in accordance
with the new classifications of accounts.
(2) No provision was made for
Federal Income taxes
company
claimed
as a
or surtax on undistributed profits for 1936 as the
deduction in Its final income tax return for that year
the unamortized discount and
*
def$56,097
$2,320
ex¬
bonds and
no
pense
on
expense and redemption premium and
debentures redeemed in 1936 which resulted in
taxable income for 1936.—V. 147, p. 264.
Volume
Financial
147
Canada Bread Co., Ltd. (& Subs.)Years End. June 30—
Consolidated
profit
1938
$546,489
3,927
4,709
4,301
6.386
JJiUill/......,...
$550,417
43,566
$477,189
50,693
165,159
$460,591
57,567
197,705
39,415
$349,212
2,425
Cr472
Depreciation
173,667
59,000
Income and corp. taxes.
on
Prem.
54,251
sale of invests
disct.
or
(red.
$342,826
investm'ts
on
Bond interest
Loss
$456,290
$472,479
Int. earned
XVl/OI
Years End. Apr. 30—
Net earnings.
Prov. for depreciation..
1935
1936
on
oper
,
Canadian Wirebound Boxes, Ltd.-
-Earnings
1937
or
Dividends
on
16,176
12,260
Net profit for period..
on class A shares..
Net addition to surp__
Assets—
a
1938
$55,895
debts)
Inventory
Accts. receivable
Inventories
145,462
Mtgs. receivable..
$216,126
57,767
80,747
16,372
18,870
Div.
34,375
34,375
on
pref. shs..
629,400
1,250,000
5%cum.partic.red
class B pref. stk.
($50 par)
1,250,000
c Common stock..
25,000
1,250,000
stock ($100 par)
500,000
500,000
$3,763,635 $3,737,210
254,595
$3,737,210
Canada Cement Co., Ltd.—Accumulated
Dividend—
Directors have declared
a dividend of $1 per share on account of accumula¬
6H % cumul. pref. stock, par $100, payable Sept. 20 to holders
of record Aug. 31, leaving accumulations of $30.62H per share.—V. 146,
P. 3490.
/'•
on
12,045
10,875
Capital stock...
1,388,984
20,814
1,407,184
Earned surplus...
158,625
145,334
surplus...
121,176
105,206
x
of
Special
1,250
and advances
24,583
21,691
662,519
667,202
641.618
Patents, leases, &c
Total
643,718
$1,817,899 $1,858,158
$1,817,899 $1,858,158
Total
Represented by 51,884 shares class A stock no par in 1938 and $52,584
x
shares in 1937 and 40,000 shares class B stock, no par, in 1938 and
y After reserve for depreciation of $394,813 in 1938 and $346,587 in
—V. 146. p. 3948.
the
12 Months Ended July 31—
Net sales
39,975,758
Gross profit
Depreciation
$7,106,949 $16,081,119
2,314,776
2,063,156
-
Profit
Interest earned..
Interest paid
Provision for Federal taxes
Earnings for 6 Months Ended June 30, 1938
$4,792,173 $14,017,963
458,251
513,889
9,851
8,929
1,187,880
2,615,398
....
—
"$4,052,694
Central Airport,
$350,567
31,111
_
2,193
Years End.
Net operating profit..
$317,263
Other income
4,634
Inc.-
Apr. 30—
Rent
Depreciation
Non-recurring income.
_
_
28,668
C'r50,000
x
Net profit
Prov. for estimated Fed¬
$168,743
Depreciation
Provision for income taxes
Operating loss
Earnings per share
capitalstock
Earnings p^r share: Preferred, $5.87; class A, $2.54; class B, $0.11.—
Alcohol
Ltd.—Exchange
Co.,
Offer Withdrawn—
Directors announced on Aug. 15 the offer made to this company by Hiram
Walker-Gooderham & Worts, Ltd., to exchange 100 shares each of C. I. A.
class A and B stocks for 11 preferred and 3 common shares of Hiram Walker
had been withdrawn.
After
shareholders'
a
May 20 at which the proposal was
rejected when the votes of class B stock in favor of the plan were 5.6%
under the required 75%, the directors canvassed the shareholders by mail
for further support for the proposal, but the results did not warrant the
holding of another meeting to discuss the plan further, it was announced.
meeting
on
Arrived at
p.
$208,800
$0.18
International
Investment
have
6,686
9,385
Reserve for depre¬
564
733
66,010
1,384,336
502,611
...
Investments
1,384,336
Other fixed assets.
503,694
2,013
Deferred assets...
Land
2,298
on
a
dividend of $1.25 per share on account
Canadian National
Ry.—Earnings—
1938
1937
Decrease
$3,263,616
$3,571,071
$307,455
109,667
Capital surplus
1938
1937
Decrease
$2,458,000
Years Ended Feb.
$2,579,000
Net earnings before
Interest
—
28—
1938
1937
$2,840,195
1,763,484
45,567
71,220
639,935
8,887
$3,160,084
1,985,310
27.597
63,966
534,848
5,714
$311,102
$542,649
25,466
Depreciation and amortization
Taxes (other than income taxes)
Selling, adminis., maint. and general expenses.
34,794
Prov. for bad and doubtful accounts
a Surplus net income
Semi-annual dividend requirement of
Other income.
$126,721
preferred stock of Central
$92,385
Coasolidatea surplus net income (loss)
of Middle Western Telephone Co,
of the calendar year.
Consolidated Balance Sheet, June 30, 1938
Liabilities-
1
Special deposits
Bond discount and expense in
24,988
of amortization...
70,033
Prepaid accts. & def. charges
Cash In banks and on hand..
80,630
process
Special
deposits
b Int. of minority
46,584
1,122
Funded debt
warrants
receivable
oo2'«,o
x
Accounts
426,250
$1.54
$2.84
&
Unpaid
em
$51,645
$123,857
147,890
Accrued payrolls..
31,864
64,513
317,285
Accrd. city tax...
Prov. for Fed. &
3,867
2,710
15,600
7,122
67,096
118,410
417,731
173,800
y328,479
1
1
Deferred
Total
x
After
State taxes
z
subscrips.
Fixed assets
Patents..
funded
incl.
income
152,392
taxes
...
2,093
assets..
__
Earned surplus.
426,130
425,050
70,786
,455,950
71,867
467,028
stock divs....
24,862
current liabilities...
40,521
3,416,915
1,198,420
87,678
Accrued pref.
$15,855,251
$15,855,251
Total
$40,748 for uncollectibles.
b In capital and
of Middle Western Telephone Co.—V. 146, p. 3948.
1937
52,249 ,bb4
taxes—,
t— ...
1,808,427
Net oper. revs, before provision for retirements
$441,236
Non-operating income
Dr46,695
- -
for doubtful accounts of $15,400 in
$1,107,339 $1,273,435
1938 and $8,795
in
1937.
y After reserve for depreciation of $168,456 in 1938 and $133,593
n 1937.
z Represented by 1?0,452 no par shares.—V. 146, p. 1064.
before provision for retirements..
Provision for retirements..
Gross income
Gross income
;
Interest
...
Federal and State tax on
Total
Other incom e
jV0fc>s_(l)
expense
bond interest
deductions.
N et income.
form system
.....
consoli¬
Co.—Earnings—
June 30—
Operating revenues . _ _ .
Operating expenses and
Amortization of debt discount and
5.943
$1,107,339 $1,273,4351
reserve
Common stock
Capital surplus...
207,563
...
. _
ply's
to capital stock.
y
248,351
on
interest
debt, &c
Accrued taxes,
After reserve of
12 Months Ended
1937
Accts. pay. (trade)
rec.—offi¬
a
dated surplus
Central Indiana Gas
1938
Liabilities-
$159,124
281,681
314,740
receiv.
Inventories.
Accts.
cers
1937
617,200
5,723,750
51,585
Capital surplus
Earned surplus...
$484,678
255,678
Balance Sheet Feb. 28
1938
$209,284
....
Reserves.
337,012
Materials and supplies
Total
$263,781
Dividends paid
I
!
Earns, persh. on 170,452 shs. com. stk. (no par)
—
Deferred liabilities
5,556
Income deductions
...
721,419
285,093
Pref. stock of sub. cos. consol.
Accrued
42,474
$577,443
1,558
85,652
$336,568
...
$3,079,500
stockh'd's.
580,495 Accounts payable......
for Interest
and dividends....
Accounts, notes &
6% cum. pref. stock ($50 par)
Common stock ($1 par)
Miscell.
....
-
-
Electric & Telephone Co
a
undistributed profits
2,878
20.277
30,775
-
-
Property, plant and equipm't$14,342,965
Investments and other assets.
146,318
Gross sales, less discounts, returns & allowances..
Cost of goods sold.
on
15<2'§2£
-
and expense
Preferred stock dividends of subsidiaries
844,995
207,675
$334,544
provision for income taxes
funded debt and other interest
on
$121,000
Corp.—Earnings-—
Prov. for Federal income tax..
SI,387,214
-
-
Amortization of debt discount
A sscts*****
Assets—
(& Subs.)—Earnings
Operating expenses and taxes
Provision for depreciation.
1029.
Cash & demand dep
$2,026,814 $2,015,403
Total
included herein is a loss of $2,211.
Note—No provision has been made for taxes on excess and (or) undis¬
tributed profits, if any, as the amounts cannot be determined until the close
Earnings for Week Ended Aug. 14
Casco Products
94,272
Deficit
and subsidiaries
Ry.—Earnings—
Traffic earnings
219,891
1,736,092
Earnings for the 6 Months Ended June 30, 1938
a
Canadian Pacific
142,570
219,891
1,736,092
$1)
—V. 145, p. 1251.
—V. 147, p. 1029, 884.
Prov. for surtax
173,411
Capital stock (par
Provision for income taxes—
Earnings of System for Week Ended Aug. 14
revenues...
$11,122
$7,087
ciation
$2,026,814 $2,015,403
Gross earnings
declared
the
5% cumul. pref. stock, par $100, payable Sept. 1
to holders of record Aug. 15.
Similar amount was paid on June 1 and
March 1, last; Dec. 1, Sept. land June 1, 1937, and dividends of $2.50 were
paid on March 1, 1937, and on Dec. 1, 1936.—V. 146, p. 3176.
—V. 147, p.
Current llablltles..
76,060
Inventories
1937
1938
Liabilities—
$50,029
Notes & acc. rec..
Ltd.—•
Trust,
Accumulated Dividend—
Gross
April 30
1937
$53,461
Central Electric & Telephone Co.
Canadian
The directors
Nil
$0.03
$0.19
in
market value of buildings acquired from
expiration of lease, $36,000.
Nil
Dividends from affiiated comoany received
Balance Sheet
105.
of accumulations
on
1938
C&sh.
prof$42,435
prof$7,172
$15,505
$15,395
follows:
Assets—
Total
Net profit after int., deprec., prov. for Dom. & other taxes
Earns, per sh. on 1,111,916 shs. combined class A & B stocks..
147,
as
614
—
stock at par value, $14,000 and fair
Central Airport Sporting Club on
Earnings for 9 Months Ended June 30, 1938
—V.
6,863
eral income tax
Surplus adjustment
x
Industrial
$164,928
52,769
32,728
29,520
$75,084
55,995
33,250
1,572
48,627
32,728
30,722
.
1935
1936
1937
$102,527
54,353
32,728
30,841
expenses
$321,897
114,154
39,000
,.
Canadian
$11,907,525
Earnings-
1938
Totalincome
Total
^
49,586,130
-V. 147, p. 564.
Executive salaries and legal fees
Directors' fees
Total income
1937
1938
$47,082,707 $65,667,248
_____
Co., Ltd.—Earnings —
Operating profit
1937.
Cost of sales, oper. exp., &c., less miscell. income.
Net profit
'v Canada Wire & Cable
1937.
Caterpillar Tractor Co.—Earnings—
130,171
$3,763,635
Total
and $50,000 in
1937.
b After reserve for depreciation of $2,679,131 in 1938 and $2,611,997
in 1937.
c Represented by 200,000 no par shares.—V. 146. p. 3947.
tions
22,437
In¬
taxes
25.000
for doubtful accounts of $57,000 in 1938
reserve
come
for
Provision
242,775
Fixed assets
y
1st pref. cum. red.
75,496
Earned surplus—
a
231.584
Outside investment
754,900
1,250,000
gold bds., due '41
2,201,102
381,185
83,437
Goodwill
val.
19,280
21,510
Accrued expenses.
171,132
239.617
sur.
$157,182
lst mtge. 6% s. f.
381,986
Prepd. insur. taxes
bad
revenue
1937
1938
$108,323
payable-
life insurance
Taxes due & accr'd
109,192
20,200
19,600
2,236,373
b Bldgs. & equip't
Land....
After
Cash
Bond int. accrued-
Bonds guar, by the
Dom. of Canada
Total..
1937
$223,144
accr.
$102,235
64,868
60,936
Accounts and bills
Prepaid exps. and
chgs
& oth.
for
reserve
1938
$145,347
April 30
1937
$40,313
Accts. receiv. (less
Accts. pay., wages
$130,738
159,018
160,278
47,726
16.690
Liabilities—
1938
$65,134
accrued
Liabilities—
1937
$224,380
172,396
.
130,441
Balance Sheet
A.ssefs—
Consolidated Balance Sheet June 30
Cash
$166,650
51,641
Before provision for Federal and Provincial income taxes of
$20,731.
after making this deduction net profit for the year would be $159,538.
$55,895
$100,978
$61,891
$124,424
$173,720
80,929
$196,988
a
Cash
$163,478
62,500
$186,891
125,000
$261,924
137,500
pref. stock
a$180,269
1935
1936
1937
$227,946
54,226
Divs
58,120
216,967
16,109
2,592
4,017
held by co.)
Earnings
-
1938
$232,414
52,144
Miscell. deductions
bonds
on
1185
Chronicle
...
— - -
Effective Jan. 1, 1938, the company
of accounts for gas utilities prescribed
$394,541
105,440
5289,101
224,700
726
582
554
562,538
$2,006,622
1,599,761
$406,860
42,102
$448,962
81,161
$367,801
298,844
"""548
$68,408
adopted the new uni¬
by the Public Service
1186
Financial
Commission of Indiana.
Chronicle
Such system
differs in certain respects from the
system the company previously followed, hence, the previous
year figure
shown in these statements are not exactly comparable.
(2) No provision
was required for Federal surtax on undistributed profits for the
year ended
Dec. 31, 1936.
Provision of $869 was made in 1938 for Federal surtax on
undistributed profits for the year ended Dec. 31, 1937.
Federal surtax on
undistributed profits for the calendar year 1938, if any, is undeterminable
at June 30, 1938 and no provision therefor has been made.
1938
1937
S
5
Prop'y,
plant and
.10,891,229
Special deposits
Cash
-
-
Accts. receivable.
:v-'.Vr'7.>v
($100 par).
4
4
606
1,358
1st mtge. bonds—
61,783
290,483
77,125
310,811
Notes payable....
Accounts payable.
53
542
_
_
Appliances
on rentl
Mdse, materials &
a
Common stock
Accrued
accts
Consumers'deps..
118,823
pel. debit items..
164,581
35,240
supplies....
20,538
Serv. exten. deps..
S.
500,000
4,648,970
Earned surplus.--
11,398,224
11,462,0601
Represented by 54,000
no par
760.178
698,317
1,488,643
239,030
184,449
449,230
366,862
$2,593,877
9,804
$2,603,560
8.503
$5,168,250
30.089
$5,127,620
19.541
Total....
1,371,066
Fed. normal & State in¬
$
.
Net oper. income
Other income (net)
>.j/
500,000
$2,603,681
$2,612,063
long-term debt—
1,157,234
1,181,319
General interest (net) —
Amort, of bond disct &
25,222
23,351
$5,198,339
2,318.479
49,104
$5,147,161
2,366.525
44,590
126,448
131.426
14,734
253,210
28,994
263,033
30,599
771,381
777.387
509,913
483.846
1,543,956
1.004,595
1.546,200
886,213
Gross income.
Int.
212,316
Miscell. inc. deductions..
134,664
5,265
128
Prov.
for divs.
1,156,020
def43,323
13 481
pref
on
of sub.
stks.
233
1,203,224
19,215
on
expense
263,486
held
cos.
by public
Net income.
x
After
deducting cumulative dividend requirements for the period on
preferred stocks of subsidiary companies held by the public.
Note—Consolidated net income amounting to approximately $210,000 in
x
a
991,369
Federal taxes
4,648,970
2,956,000
1,628,427
2,956,000
1,626,413
123,367
181,834
134,576
4,495
Def, credit items..
Reserves
Total
2,870,599
1937
$
pref.
cum.
stk.
10,887,099
1938
;
1938—6 Afox.—1937
$7,191,769 $14,818,681 $14,281,659
2,729.531
5,737,075
5,507,793
975,909
1,975,482
1,908,318
$7,455 053
come taxes.-
Liabilities—
6)4%
equipment
Miscell. investm'ts
1938—3 Mos.—1937
Period End. June 30—
Operating revenues... - Operating expenses.Depreciation—
State,
local & miscell.
Balance Sheet June 30
Assets—
Aug. 20, 1938
Earnings for 3 and 6 Months Ended June 30 (Incl. subs.)
11,398,224 11,462,060
shares.—V. 147* p. 107.
the current six months could not have been distributed to Central & South
Central & South West Utilities Co.—■Annual
West Utilities Co. because of prior years' arrearages on the preferred stocks
Report-
subsidiary companies.
In the six months of 1937, restricted net
included for January.
1937, net income of about $166,000, restricted because of the recapitaliza¬
tion of Cent. & So. West Utilities Co. on Feb, 5, 1937.—V. 146, D. 3948.
of certain
Consolidated Earnings Statement of the Subsidiaries
Calendar Years—
1937
1936
1935
1934
Gross earnings
$30,478,532 $27,471,158 $24,765,755 $24,829,873
Power and gas purchased
for resale
1,667,281
11,843,726
1,743,270
Oper.exps., incl. taxes..
Maint. expenditures
Prov. for storm damage-
1,516,576
10,334,473
1,709,917
200,000
3,210,585
4,946,627
534,775
4,013*. 182
Retirement appropriate
Interest charges
4,803,826
522,719
Amort, of disc.on sec.,&c
Prov. for divs. on pref.
stks. of subs. cos. held
1,393,209
9,976,906
1,477,310
income amounted to approximately $427,000, which
Central Illinois Electric & Gas
11,716,147
1.341,492
104,330
3,065,432
5,653,228
358,267
3,097", 517
5,459,665
378,092
3,104,287
61,897
3,132.001
2,042,332
mill
$1,886,203
$2,718,343
$940,721
$361,049
Gross income
Other deductions
Earnings for Calendar Years (Company Only)
Calendar Years—
Total income
1937
$1,203,783
Administrative expense.
32,818
Interest
37,757
Provision for taxes
1936
42,140
16,238
890,800
$33,834
36,967
94,931
2,130
$21,426 def$100,195
222,700
Comparative Balance Sheet Dec. 31 (Company Only)
1937
1936
$
1937
r-
s
.
51,964
Curr. receivables—
30
62
Organiz. expense-
117,467
Liabilities—
57,337
Not
subsidiary
cos
550,000
—
J
8,050
Taxes accrued
nvestmerits
28,150,969 28,399,735
Other investments
155,898
156,543
Misc.
eurr.
_
i
3,072
13,948
1,440,784
1,480,513
$7 prior lien pref. 11,367,526
11,367,526
1,058,000
1,058,000
Cum. pref. stockl2,240,182 12,240,182
Common stock.-.el,686,240d24,227,923
c
Assets—
1938
Property, plant &H
h
$
1937
Miscell. investm'ts
Sinking
fund
and
,y:
special deposits.
Cash
N otes receivable
_
Accounts receiv.
5,139
4,413
!
Total.
-
5,180
Accounts payable-
173,924
232,394
393,884
Accrued accounts.
621,307
609,030
711
11,213
Consumers' depos.
Service extension
132,801
124,739
_
487,502
-108,100
and suppliesDef. debit items.-
300,207
375,593
Reserve...
176,513
Earned surplus
1937
'-i
$
---....175.651,783
Miscellaneous investments
1,224,359
Special deposits
23,999
Debt discount & expense in
process of amortiz
8,268,315
'v,;-
Plant,/property, rights, franchises, &c
'■
280,463
28,661,6581
28,942,277
a
5,882,322
4,491,249
Bonds of
2,679,896
164,326
1,681,820
Total-
$7 dividend series, stated value
196,569,667
11,367,526
1,058,000
„
11,367,526
1,058,000
...
subsidiary. 11---"111111" II~~ 45,558~,975
& surplus of subs.
.
22,044
101,453,800
2,063,771
.
185,262
220,000
686,098
Notespayaole..
Current maturities—long-term debt
^SSJ?a.yable."
Accrued State and local taxes
a™£SI income taxes
-
deposits
See note
._I
475,260
1,668,630
468,589
102,734
136 424
537,407
16,943,514
-
above,
a-j-j
y
See note
c
above,
z
14,282,854
199,396,440
-
e
1.247,563
1,648,734
i
Miscellaneous current liabilities
Contributions in aid of construction
x
915,200
1,203,554
408,650
-
?
a"",
Pref. stock dividends
payaole
T°tal
220,000
674,500
1.060,086
1,218,688
a
Reserves
46!029,024
20,725
99,563,025
Sundeddebt
Deferred liabilities
Customers
«
12,240,182
12,240,182
xl,686,240 z24,227,923
68,183
66,785
1,687,412
22 507 716
*
Capital surplus
Earned surplus (since Feb.
1,1937)
Deficit
Railway
Railway
196,569,667
503 314
See note d above.
July 31—
178,715
2,471,737
664,837
no par
Total
637.034
28.942,277 28.661,658
shares.—V. 147,
1938—Month—1937
$426,472
$540,516
402,824
452,345
oper. revenues-
oper. expenses
Net rev.from
.
p.
106.
$23,648
31,013
Railway oper. incomeHire of equip. rents, &c.
x$7,365
20,632
Net ry. oper. income-
1938—7 Mos,—1937
$2,769,709
2,716,328
$88,171
Railway tax accruals—
ry. oper.
•
—
available
$700,295
$71,207
20,273
x$136.276
$537,366
246,168
255,164
x$27,997
2,758
$50,934
2,525
x$382,444
16,541
$282,202
15,838
x$25,239
107,065
$53,459
107,729
x$365,903
748,343
$298,040
759,508
Balance, deficit
—
...
loss
$132,305
$54,270
.,114,246
$461,468
16,964
162,928
for
fixed charges.
Fixed charges
x
—.
$3,888,440
3,188,145
$53,381
189,657
,
Other income
Income
199,396,440
$
Liabilities—
Cumulative prior-lien preferred stock:
$7 div. series, 117,400 shares, stated value
$6 div. series, 11,500 snares, stated value
Cumulative preferred stock:
in common stock
29,379
162,656
3,546,291
174,923
1,3/5,668
245,248
3,748,485
Prepayments and deferred charges
Materials and supplies
Minority int.
13,808
179,660
4,146,564
Central Vermont Ryv, I nc.—Earnings-
84,572
8,878,745
3,896,855
affiliated and other companies
Casn on deposit for payment of dividends.
Notes, accounts and warrants receivable
Represented by 154,000
Period Ended
1936
$
172,543,619
1,211,595
-
Casf-----United States securities
Preferred stock of
12,613
Def. credit items..
.
Total
Consolidated Balance Sheet Dec. 31
Common stock
deposits
28,481,036 28,739,194
Assets—
y
1st and ref. mtge.
bonds
16,690,000 16,700,000
82,592
a Represented ^y 117,400 shares of no par value,
b Represented by
11,500 shares of no par value,
c Represented by 133,150 shares of no par
value,
d Represented by 3,372,481 shares
(inch scrip) of $1 par value.
•Represented by 3,371,232 shares, par $0.50.
f Since Feb. 1, 1937.
.■
7,424,200
4,622
..
-
%
.
6,310,570
503,668
—
j:
Common stock..
398,179
-
1937
1938
%
a
Applic. on rental-.
M erch.,
m aterials
12,282
Deficit
V
Liabilities—
$
•••..?*
equipment..—27,367,419 27,098,532
66,786
68,172
f Earned surplus..
|
made.
22.507.716
Capital surplus
28.481,036 28,739.194
therefor has been
Balance Sheet June 30
2,952
14,123
liab—.
b $6 prior lien pref.
Total
provision
3,294
10,786
6,955
„
Reserves
a
Notes—(1) Effective Jan. 1, 1938 the company adopted the new uniform
systems of accounts prescribed by the Illinois Commerce Commission for
electric and gas utilities.
Such systems differ in certain respects from the
systems the company previously followed, hence, the previous year figures
shown in these statements are not exactly comparable.
(2) No provision
was required for Federal surtax on undistributed
profits for the years ended
Dec. 31, 1937 and 1936.
Federal surtax on undistributed profits for the
calendar year 1938, if any, is undeterminable at June 30, 1938 and no
775,000
33,699
Fed. income taxes.
4,707
V'.'Jr
$
5,179
11,187
to
117,467 Accounts payable-
Special deposit for
1936
$
payable
s
$893,061
779,541
Netincome...
Dividends on common stock
1934
$140,102
25,451
91,574
1,650
$417,751'
$1,091,067
.....
$548,682
519,694
.....
$1,758,892
849,465
—
1935
$527,655
28,312
65,354
$1,417,122
850,187
5,179
10,821
2,253
Interest
Amort, of debt disc, and expense on 6% bonds
Federal and State tax on bond interest
Available for payment of cumul. pref. stock dividends in the case of subompanies having dividends in arrears,
b During 1934 prior to dates of
recapitalization used for recapitalization adjustments.
payment of divs.
$2,108,894
350,002
426,636
Net income
—-
$2,055,336
53,558
Gross income before provision for retirements... $1,928,325
Provision for retirements
511.203
243*437
a
Assets—
1937
$4,810,116
2,754,780
Net operating revenues before prov. for retirem'ts $1,914,597
Non operating income
13,729
1,559,857
::::::
Miscell. deductions..
a Balance of 1934 earns.
b Earns, of sub. cos
Cash
1938
$4,772,348
2,857,751
....
by public
Netincome
Prior lien stock dividend
Co.—Earnings—
12 Months Ended June 30—
Operating revenues
Operating expenses and taxes—
"V
—V. 147, p. 56.5.
Chesebronsrh Mfjr Co. Consolidated—Extra Dividend—
The directors on Aug. 18 declared an extra dividend of 50 cents
per share,
in addition to the regular
quarterly dividend of $1 per share on the common
stock,
$25, both payable Sept. 26 to holders of record Sept. 2.
Like
paid on June 27 and on March 28, last.
An extra of $1.50
Dec. 20, last.
The company has paid extra dividends of 50
cents per share in
Sept., March, and June of each year from 1929 to and in¬
cluding 1937.
Extra dividends of $1 per share were paid in December of
par
amounts were
was
paid
on
each year from
$1.50
was
was
paid
1929 to 1935, inclusive.
In addition an extra dividend of
paid on Dec. 21, 1936 and a special extra dividend of $5 per share
Dec. 31, 1934.—V. 146, p. 3492.
on
Chesapeake & Ohio RR.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 8.
Like amount was paid
on
July 1 last and compares with 75 cents paid on April 1 and Jan. 1 last;
an extra dividend of
$1 paid on Dec. 14, 1937; and dividends of 70 cents per
share paid on Oct. 1, 1937 and each three months previously.
An extra
dividend of $1 was paid on Dec. 15, 1936.
Earnings for Month of July and Year to Date
Inc. from sub. cos.:
Divs. on com. stock._
Divs. on pref. stocks.
Interest on bonds
1938—6 Afos.—al937
$336,759
$306,258
$655,269
123
$506,183
61
184
77
Gen. & admin, expenses.
local &
miscell.
Federal taxes
30
30
60
3.318
Other income.
60
3,374
6,831
7.424
$340,230
$309,724
8,465
$662,344
10,854
$513,744
16,234
3,026
7,005
1,096
2.705
5,117
11,143
2,153
8,580
6,893
9,367
15,143
20,150
$315,502
$288,089
$620,087
$466,627
7,804
State,
Fed. normal income tax.
Int.
on notes
payable to
subsidiary companies
_
Net income,
a
Adjusted.
1938
July—
Gross from railway
Net from railway
Net after rents
.
.
—
From Jan. 1—Gross from railway
.
...
Net from railway-'
Net after rents
-
$8,715,416
3,654,435
2,519,105
55,488.800
19,125,868
12,466.014
1937
1936
$10,608,465 $11,186,874
4,616,725
5.262,786
3,738,302
3.899.748
74,086.882
31,923,518
23,669,123
74,470,758
33,834,224
26,688,153
1935
$8,128,384
3.095.688
2.124.737
62,720,390
26,208,894
19,857,617
—V. 147, p. 732.
Chicago
Great
Western
RR.—ICC
Approves
Reor¬
ganization Plan—'
The
Interstate
Commerce
Commission
in
a
decision
dated
Aug
4
ap¬
plan of reorganization (as amended) pursuant to section 77
of
Act.
Present common stockholders are barred from par¬
ticipating in the reorganized company.
proved
a
the Bankruptcy
Volume
Financial
147
Chronicle
after
The plan provides as follows:
(a)
fall
The effective date of the plan shall be Jan. 1, 1938.
The reorganized or new company in which will be vested the assets
of the existing company may be the
existing company, with amended arti¬
cles of incorporation, or a new corporation organized for the purpose.
(1)
all property from time to time subject to the lien of the first mortgage.
Bonds issued under the general income mortgage immediately upon con¬
30 days' notice, at their principal amount and accrued and accumulated
int., if any, and shall bear interest at the rate of 4K % per annum, payable
annually, only out of defined income for the full preceding calendar year,
as soon as feasible after the amount available therefor has been
determined,
or at such time as shall be determined by the reorganization
committee,
but payable to the full extent that such defined income in each calendar
year is sufficient to provide therefor, such interest to be cumulative whether
or not earned up to a maximum of 13 34 % of the principal amount of such
This stock shall be entitled to receive dividends at the rate of
5% per
in respect of each calendar year before
any dividends be paid or
declared upon the common or any other s^ock.
Dividends on the preferred
stock shall be cumulative, whether earned or not, when not
paid, until
dividend accumulations total but do not exceed
15% of the par value of
the then outstanding preferred stock.
The cumulative feature shall be¬
operative only after a period of three years following the effective
date of reorganization.
The preferred stock shall be callable at any time,
in whole or in part, at its par value plus unpaid and accrued
cumulative
come
dividends, and, in liquidation, this stock shall be entitled to receive out of
the assets of the reorganized company its par value
plus accrued and un-
6aid dividends up to but not be made to the of the
efore any distribution shall exceeding 15%
issued
only for the following purposes: (a) In exchange for 15% of the
aggregate principal amount of the present outstanding bonds of the debtor
plus accrued and unpaid interest thereon, $6,095,796; and (b) the remain¬
der of the authorized issue for such future capital purposes of the
reorgan¬
ized company as may be authorized by this Commission.
Provision shall
be made in the new general income mortgage indenture for the creation of
a sinking fund, for the retirement of the bonds issued
thereunder, at the
rate of K of 1 % of the maximum principal amount of such bonds at
any
time outstanding, payments into the sinking fund to be made
annually
and deposited with the trustee under the indenture,
noncumulatively, out
of available net income remaining in each calendar year after the
payment
of all fixed charges, sinking-fund charges for retirement of first
mortgage
bonds, capital fund charges, and ea.ned interest on general income mort¬
gage bonds.
Provision shall be made in the general income mor gage that defined in¬
come, for the purpose of determining earned interest on income bonds,
shall mean income after fixed charges com out e l in accordance with the
Commission's income classification, less deductions for sinking fund
pay¬
ments for retirement of first mortgage bonds and the capital
fund, and that
no dividends of any character shall oe paid in any one year
except out of
defined income and
bonds
as
unless
all accumulated interest due upon the
income
provided herein and for the calendar year in which dividends
are
equal voting rights with each share of common stock.
(m) The reorgaiized company shall create 352,283.42 shares of common
stock, to be dated as of Jan. 1, 1938 (par $50).
This stock shall be issued
as
Provision shall be made in the
first mortgage and the general
a capitql fund by
setting
noncumulatively, out of
available income, after payment of ail fixed charges and first
mortgage
sinking-fund charges, but oefore payment of income-bond interest, income
bond sinking-fund charges
and dividends
an
amount equal to 234% of
railway operating revenues for each year.
The fund shall be used currentl v
121.915.92 shares
in
exchange for
15%
of the aggregate
exchange
entitled to
outstanding in
stock shall
be
one
vote, with the right to vote cumulatively.
Holders of the debtor's 4% first mortgage bonds shall receive for
each $1,000 bond plus accrued and unpaid interest to Jan. 1,
1938, the
following approximate amounts of new securities: $285 of first mortgage
4% bonds; $172 of general income mortgage 434% bonds; $515 of 5% pre¬
ferred stock; and $172 of common stock; except that scrip may be issued
(n)
in
lieu of
bonds in amounts less than $100 and in lieu
new
of fractional
shares of new stock.
First mortgage bonds to be issued and sold by the reorganized com¬
pany for working capital, or in any case in which a creditor or class of
creditors or any portion thereof elects to receive cash, as an alternative to
payment in such bonds, as provided in the approved plan, shall be Issued
and sold subject to the approval of the ICO.
(p) All general unsecured claims against the debtor arising on or prior
to Feb, 28, 1935, designated by the court as class 14, shall be liquidated
by the reorganized company by agreement or by litigation and paid by it
in the ordinary course of business, without priority of any nature by virtue
of the reorganization proceedings.
A reorganization committee, consisting of three members, one to be
named by the Hagerty committee representing bondholders, one by the
preferred stockholders' committee, and one by the judge of the court, shall
be formed, with such power as may be necessary, to carry out the plan,
subject to the approval of the court.
The construction of the plan by the court shall be final and conclusive.
The court may cure any defect, supply any omission, or reconcile any in¬
consistency in such manner or to such extent as may be necessary or ex¬
pedient to carry out the plan effectively.—V. 147, p. 732.
(o)
Chicago Rivet & Machirie Co.—10-Cent Dividend—
.
The directors have declared a dividend of 10 cents per share on the new
$4 par common stock, payable Sept. 15 to holders of record Aug. 29.
A
like amount was paid on June 15, last, and compares with 15 cents paid on
March 15, last; 50 cents paid on Dec. 15, last; 45 cents paid on Sept. 15,
1937, and an initial dividend of 30 cents paid on this issue of June 15,1937.
—V. 146, p. 3492.
Chicago South Shore & South Bend RR.- -Report—
1937
Calendar Years—
1936
1935
1934
Operating revenue
$2,585,766
Oper. expenses (incl. re¬
tirement charges)-:—
1,824,427
Taxes
127,615
$2,293,252
$1,872,880
$1,807,739
1,611,328
85,556
1,443,201
37,905
1,375,780
49,322
$633,723
$596,367
13,897
$391,774
19,008
$382,637
10,814
$652,731
292,943
40,230
1,375
1,978
$610,265
251,616
73,755
1,947
3,951
$398,199
6,483
$393,451
250,376
73,755
x3,794
9,026
$316,205
$278,995
$95,183
$56,499
Net operating income.
Other income
-.
Total income--------
Rent of leased prop., &c_
Interest on funded debtGeneral interest
Amort, of disct. & exp__
Net income
-
—-
-
-
6,425
219,782
73,755
x2,994
x Interest of $201,375 on notes to parent company not accrued.
Note—No provision has been made in the 1937 income account for the
combined net loss ($3,726) reported by the subsidiary companies not con¬
solidated.
Balance Sheet Dec. 31
^
„
1937
1937
$
Assets—
1936
1937
1936
equlpm't-12,720.303 12,797,160
Improv'ts to leased
property
272,459
272 459
Liabilities—
Road &
Invest, in sub. cos.
1936
$
$
$6.50 pref. cl. A- 1,850,393
d $6.50 pref. cl. B. 2,610,000
e Common stock
4,650,000
c
Equip, trust ctfs„al,341,000
owning ry. & bus
256,959
256,930
facilities-..
Due to parent
co--a4,259,819
1,850,393
2,610 000
4,650,000
1,341,000
4,259,819
Accts. pay. to sup¬
Investments
1,438
Special deposits—
Prepaid accts. and
657
21667
ply creditors—
a211,145
Miscell. liabilities.
a44,728
47,563
Cash & wkg. funds 1,517,319
Spec.dep. current)
66,597
b Receivables
81,879
Mat'ls & supplies117,921
24,101
Accounts payable-
542,409
1,221,381 Accrued taxes
37,993 Misc. curr. liabs-117,780 Deprec., equip
77,140 Res. for injur., <fcc.
186,732
41,037
84,854
880,804
57,189
798"066
Misc.
"
deferred charges
Deficit
a
15,083,069 14,807,631
168,113
34,430
24,000
1,626,620
1,957,996
Capital surplus--.
Total
49,220
f930,160
15,083,069 14,807,631
Total
Liabilities for which new securities are to be issued under reorganiza¬
effective Feb. 1, 1938.
b After reserve of $12,574 in 1937 and
$39,490 in 1936.
c Represented by 19,476 no par shares,
d Represented
by 29,000 no par shares,
e Represented by 465,000 no par shares,
f in¬
cludes $257,863 incurred prior to date of proceedings for reorganization.
tion plan
new
cumulatively for the purpose of making initial cash
equipment,
(a)
for 460,735 shares of present preferred stock of the debtor
in the hands of the public.
Each share of new common
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
income mortgage indentures for the creation of
aside annually, contingent upon earnings and
or
follows:
principal amount of the present outstanding bonds of the debtor plus ac¬
crued and unpaid interest thereon: and (b) 230,367.50 shares in
—V. 146, p. 1066.
declared has been paid.
(k)
par value other stock,
or any of the stock
common
but the preferred stock shall not be entitled to participate otherwise in
any
assets or proceeds of liquidation.
Each share of preferred stock shall have
bonds outstanding.
Accumulated unpaid interest shall be paid in the order
of the due dates, prior to the payment of current interest.
The general income mortgage shall provide that the principal amount
of bonds to be issued thereunder be limited to $6,500,000, and that they be
45%
annum
upon
summation of the plan shall be dated as of Jan. 1, 1938, shall mature in
100 years, shall be redeemable, in whole or in part, on any int. date, upon
The
reorganized company shall create 365,747.76 shares of pre¬
be dated as of Jan. 1,1938 (par $50), to be issued in exchange
of the aggregate principal amount of the present outstanding
bonds of the debtor plus accrued and unpaid interest
thereon.
for
undisturbed.
guaranteeing the fulfilment of the debtor's obligation under that
mortgage, the bonds of that carrier to be canceled, the mortgage released,
and all the property of that carrier conveyed to the reorganized company;
or the property shall be sold at foreclosure under the mortgage.
(j) The reorganized company shall create its general income mortgage
which shall constitute a lien subordinate to the lien of its first mortagge,
a
ferred stock, to
(h)
bond
as
any year in which such interest shall not have been earned, and that such
payments shall be made prior to appropriation of any portion of the capital
fund for additions and betterments;
provided, however, that no payment
of interest on income
mortgage bonds shall be made until there be re¬
established in the capital fund any amounts so used ror the
payment of
fixed interest.
(c) The properties of the debtor held by its trustees and all of the property
acquired by them as such trustees, the properties of the Mason City &
Fort Dodge RR. the Levenworth Terminal Ry. & Bridge Co. the Inde¬
pendent Elevator Co., and the St. Paul Bridge & Terminal Ry., if the op¬
tion to purchase the latter be exercised, shall be transferred and conveyed
to the reorganized company.
(d) The immediate capitalization of the reorganized company, after
consummation of the plan, shall be substantially as follows:
Equipment
obligations, $4,208,122; Wisconsin Central Ry. 1st mtge. 314% assumed
bonds, maturing Jan. 1, 1950, $500,000; 1st mtge. 4% bonds, maturing
Jan. 1, 1988, $15,586,350; general income mtge. 4}/*% bonds, maturing
Jan. 1, 2038, $6,095,796; 365,747.76 shares (par $50) of 5% pref. stock,
$18,287,388; 352,283.42 shares (par $50) of common stock, $17,614,171;
total capitalization, $62,291,827.
(e) The present capital stock of the debtor and the existing first mort¬
gage and all bonds Issued and outstanding thereunder shall be surrendered
to the reorganization committee and cancelled.
(f) The existing equipment obligations in the aggregate principal amount
of $4,208,122, as of Jan. 1, 1938, shall remain undisturbed and shall be
assumed and performed by the reorganized company.
(g) The liability of the debtor upon the Wisconsin Central Ry. first
mortgage bonds in the principal amount of $500,000 shall be assumed by
the reorganized company, and the lien of the
mortgage securing such
The reorganized company shall create its first mortgage, which will be
a first lien on all property of the reorganized company
(but subject to the
existing mortgage on the property acquired from the Wisconsin Central Ry.)
and all after-acquired property, subject, however, to the lien of any equip¬
ment obligations issued for equipment purchased or outstanding on equip¬
ment acquired by the reorganized company in the reorganization.
The
mortgage shall provide that the principal amount of bonds to be issued
thereunder, which will be fixed obligations of the reorganized company, be
limited to $20,000,000 and that they be issued only for the following pur¬
poses: (a) In exchange for 25% of the aggregate principal amount of the
present outstanding bonds of the debtor plus accrued and unpaid interest
thereon, $10,159,660; (b) in full payment of the debtor's indebtedness to
the Reconstruction Finance Corporation, including principal and accrued
and unpaid interest in full to the effective date of the plan, in the amount
of $1,524,353, or such other amount as may be required to provide full
payment of the claim, in either bonds or cash, at the option of the Finance
Corporation, subject to such modification in the amount as may be neces¬
sary to reflect any change in the claim; (c) in full payment of the debtor's
indebtedness to the Railroad Credit Corporation, including principal and
accrued and unpaid interest in full to the effective date of the plan, in the
amount of $1,152,337, or such other amount as may be required to pro¬
vide full payment of the claim, in either bonds or cash, at the option of
the Credit Corporation, subject to such modification in the amount as may
be necessary to reflect any change in the claim; (d) to provide the reorgan¬
ized company with funds for working capital,
$1,250,000; (e) to permit
the reorganized company to exercise the option, contained in the debtor's
lease of the property of the St. Paul Bridge & Terminal Ry. Co. to pur¬
chase the property of the latter carrier, by payment in either cash or new
first mortgage bonds, at the option of the terminal company, $1,500,000,
and (f) for such future capital purposes of the reorganized company as may
be authorized by this Commission, the difference between the total author¬
ized issue of $20,000,000 and the foregoing immediate requirements.
Bonds issued immediately upon consumation of the plan for the pur¬
poses set forth in the foregoing subparagraphs (a) to (e), inclusive, shall be
dated as of Jan. 1, 1938, mature in 50 years, bear interest at the rate of
4% per annum, and be redeemable, in whole or in part, on any interest
payment date upon 30 days' notice at their princiapl amount and accrued
interest.
Bonds issued thereafter
as provided in subparagraph (f) shall
be used for such purposes and shall have such date, maturity, coupon rate,
redemption and sinking fund provisions as may be approved by the Direc¬
tors and by the ICC.
Provision shall be made in the new first mortgage
indenture for the creation of a sinking fund for the retirement of the bonds
issued thereunder at the rate of H of 1 % of the maximum principal amount
of such bonds at any time outstanding payments into the sinking fund to
be made annually and deposited with the trustee under the indenture,
noncumulatively, out of available net income remaining in each calendar
year after the payment of all fixed charges.
(i) The reorganized company in the alternative shall deposit with the
trustee under the Mason City & Fort Dodge RR. first mortgage a surety
below that amount
any time, the accumulated fund should
result of authorized expenditures therefrom,
deductions from available income shall be such portion or all of the applica¬
ble percentage in each year as
may be necessary until the fund shall again
reach $1 500.000.
Further provision shall be made that the capital fund
may oe used for the payment of interest on new first mortgage bonds for
(b)
bonds shall remain
1187
having reached $1,500,000 at
payments on
new
Period End. June 30—»
"^Federal
taxes
&c
Earns, per sh. on 300,000
1938—3 Mos.—1937
$23,944 prof$66,268
'
Nil
shs. cap. stock.
—V. 146 P. 3492.
no-par
1938—6 Mos.—1937
$11,805
$0.22
$29,534
-vr,,
,
-Th
Nil
Nil
principal
maturities on equipment obligations to the extent
that the sum of such payments in any one year exceeds depreciation
charges
in that year, and for other additions and betterments to
property.
Funds
in the capital fund available for additions and betterments to
property
shall be used to the extent available therefor in any year before
any of the
new bonds, of either issue approved herein,
may be issued for capital pur¬
poses.
Further provision shall be made that any part of the deductions
from income for the purposes of the capital fund not used
currently during
the year in which deducted may accumulate to the extent of
$1,500,000 at
the end of any year after all appropriations for specified uses
during that
year, and thereafter the deduction from available income in aech year shall
be only that amount which shall be necessary for current uses in that
year
thus maintaining the surplus at $1,500,000; provided,
however, that if!
Christiana Securities Co.—To Pay
The directors have
declared
a
$13.50 Dividend—
dividend of $13.50 per share on the common
stock, payable Sept. 15 to holders of record Aug. 22.
This compares with
$8 25 paid on June 15 and on March 15, last; $39.30 paid Dec. 15, 1937;
$28.50 paid on Sept. 16, 1937; $38.50 in June, 1937; $13.50
1937; $39.10 paid on Dec. 16, 1936, and $30.50 paid on
142,
3330.
See V.
p.
p.
paid March 15,
Sept. 16, 1936.
3668, for record of previous dividend distributions.—V. 146,
Churngold Corp.—Dividend Increased—
The
directors
have declared
a
dividend of 25 cents
per
share on th
capital stock, payable Sept. 30 to holders of record Sept. 15.
This com
Financial
1188
with 20 cents paid on June 30 and on March 30, last; 15 cents paid
on Dec. 24, last; dividends of 10 cents paid on Sept. 30 and on June 30,
1937; 30 cents per share paid each three months from March 20, 1936, to
and including March 20, 1937, 20 cents paid on Dec. 20, 1935. and 15 cents
per share disbursed on Sept. 20 and June 20, 1935, this latter payment being
the first made since May 15, 1931, when a quarterly dividend of 35 cents
per share was paid.—V. 146, p. 1234.
Chronicle
Cincinnati Gas & Electric
$2,771,288
$2,587,567
284,990
656,156
(net)..
Miscell. deduct,
1938—3 Mos.—1937
1938—12 Mos.—1937
$6,225,188 $24,946,761 $24,039,717
$5,838,586
2,777,254
11,456,542
11,054,295
2,676,538
Maintenance
426,130
531,453
1.779,659
2,134,436
796,970
Provision for retirements
3,056,107
691,436
2,918,251
736,262
Taxes
x3,106,545
778,034
2,673,339
$1,266,448
$1,383,249
$5,547,906
7,049
6,782
30,299
Gross corporate inc..
Int. & amort, charges._
$1,273,497
333,246
$1,390,031
291,001
$5,578,206
1,385,598
$5,270,998
1,346,346
'
$487,414 def$858,497
$940,251
500,000
$1,099,030
500,000
$4,192,607
2,000,000
$3,924,652
2,000,000
$440,251
$599,030
$2,192,607
$1,924,652
Balance
x
The
included
provision for Federal income taxes for the calendar year 1938
in
900,000
$1,715,697
738,662
489,621
$915,922
Federal Revenue Act and is subject to adjustment.—V. 147, p. 886.
Earnings
$3,286
Net income.....
y
Ry.—Earnings—
1938—Month—1937
Period End. July 31—x
x
After
shares of
$44,254
Cincinnati & Suburban Bell Telephone
-
1937
1938
6 Mos. End. June 30—
1,962,807
1,962,807
$0.47
$0.50
Columbia Gas & Electric Corp.
Period End. June 30—
Gross revenue
1,956.086
1,949.086
$0.60
Nil
(& Subs.)—Earnings—
1938—3 Mos.—al937
1938—12 Mos.—al937
$21,996,801 $25,082,576 $96,470,317 $94,975,359
b Oper. exps. & taxes—
Prov. for retire. & depl—
15,017,087
2,356,364
15832 180
$4,623,350
$6,525,635 $22,499,668 $23,487,211
93,885
388,577
311,515
$154,384
61,134,915
10,353,233
$6,619,520 $22,888,246 $23,798,725
Gross corporate inc..
on subs, to public &
$4,717,106
other fixed charges—
903,362
841,845
3,653,587
3,564,033
614,822
601,488
2,471,925
2,454,945
of subs, and
divs.
Pref.
minority interests....
Balance
Co.—Earnings
1936
93,755
63,508,390
10,462,258
2,724,761
Int.
share
Net inc. after int., taxes
and charges...
486.583
out¬
standing (no par)
Earnings per share
—V. 147, p. 266.
1938—7 Mos.—1937
$10,563
$0.09
$0.32
depreciation, interest, Federal income taxes, &c.
y On 475,239
capital stock.—V. 147, p. 566.
per
stock
com.
741,035
Net oper. revenue
Other i ncome
the above statements is the minimum tax specified in the 1938
Cincinnati Street
$697,192
•.
$1,646,422
730,500
Preferred dividends
Shares
dividends—.
$1,924,810
80,000
profits.
possible declinet
$5,259,395
11,603
Net income
$370,198
739,654
489,041
24,721
577,358
in investment
Common dividends
Net operating revenue
Other income
Preferred
$3,426,889
undistributed
Prov. for
_
......
$852,119
191,696
290,225
218,164
757,428
Prov. for Fed. surtax on
revenues..
....
1938
1937
1936
1935
$49,864,258 $52,651,121 $41,235,951 $41,71.3,288
47,276,691
49,879,833
40,383,832
38,286,399
Costs, exps. & deprec
Federal taxes
Co.—Earnings—
1938
30—
S Mos. End. June
Net sales
Period End. June 30—
Gross
Operation
Aug. 20,
Colgate-Palmolive-Peet Co. (& Subs.)—Earnings—
pares
applicable to
&
Gas
Columbia
1935
Electric Corp- . .
rev. of C. G. & E.
$3,198,921
$5,176,187 $16,762,733 $17,779,747
b Net
$1,275,661
$1,094,433
$1,071,959
$985,626
$2.32
$1.99
$1.95
$1.79
Dr54,985
Corp
Drl45,314
Cr77,128
Crll2,538
Earns, per sh. on549,768
shs. cap.stk. (par $59).
Operations—
July 31, 1938, totaled 179,460 a loss of 156
173,624 operated in July, 1937.—V. 146, p. 3949.
Stations in operation as of
from June and 5,836 over
Cities Service Co. (&
1938
■>—*
Net operating revenue..
-
1937
$17,227,660 $22,953,232
—
4,351,283
—
3,281,759
Gross income..
$21,578,943 $26,234,991
Subsidiary deductions:
Interest charges and amortization of discount..
8,528,520
8,646,916
Preferred dividends paid and accrued
3,109,293
3,205,982
Earnings applicable to minority interests
727,418
1,109,348
Cities Service Co., int. charges & amortiz. of disct.
4,879,901
4,849,867
Provision for contingencies.
200,000
3,100,000
-
—
......
Net income
$4,133,810
$5,322,878
x Includes provision for normal Federal income tax and reserve for possible
liability for Federal surtax on undistributed profits.
Notes—(1) Cities Service Power & Light Co., a subsidiary, has registered
under the Public Utility Holding Compnay Act of 1935.
Future con¬
solidated income statements may not reflect, in the form in which they are
included above, the operating results of its group of properties.
(2) Above figures include profit and loss adjustments applicable to re¬
spective periods.—V. 146, p. 3663.
G. & E. Corp..:
Preferred dividends
$1,844,105
paid
The
L.) Clark Co.—25-Cent Dividend—
directors
have declared
a
dividend of 25 cents
per
share
the
on
stock, no par value, payable Sept. 1 to holders of record Aug. 20.
This compares with 40 cents paid on Dec. 22, 1937, and 10 cents paid on
Dec. 21, 1936, Jan. 2, 1936 and May 1, 1935, this last being the first pay¬
common
ment made since Jan.
cents
5,212,992
1933, when a regular quarterly dividend of 12
per share was paid.—V. i45, p. 3814.
1,
$3,739,782 $11,733,586 $12,679,293
6,459,665
6,818,425
$5,273,921
-
-
$5,860,868
$0.43
Balance
c
$0.48
Earnings per share
1937
figures re-stated in present form for comparative purposes,
b The provision for Federal income taxes for the calendar year 1938 included
in the above statements is the minimum tax specified in the 1938 Federal
Revenue Act and is subject to adjustment,
c On common shares out¬
standing at end of respective periods.
Notes—These 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 Fuel Gas Corp.—V. 147, p. 886.
a
Columbian Carbon Co.
(& Subs.)— -Earnings1936
1935
$2,604,647
699,950
61,392
$2,164,560
556,999
105,069
$2,399,261
121,425
$1,843,305
$1,502,492
$2,520,686
1,610,205
$1,843,305
$1,502,492
1,074,299
$302,773
5.37,406
$2.56
$910,481
537,406
$4.69
$537,411
$3.43
$537",681
Depreciation and depl'n.
Minority interest
$2,181,006
775,154
30,699
1937
$3,366,328
745,946
221,121
Net oper. profit
on sale of secure._
J£.,375,152
1,920
Net income
S£1,377,072
1938
6 Mos. End. June 3f>—
Net after Fed. inc. tax..
Profit
(D.
5,106,275
applicable to
capital stocks of C.
——$113,448,6723119,084,293
82,092,399
82,277,014
14,128,622
13,854,047
---
...—...
1,291,090
Balance
Operating expenses, maintenance and taxes....
Reserves for depletion and depreciation
x
$5,030,873 $16,839,861 $17,892,285
1,299,832
C. G. & E. Corp
Subs.)—Earnings—
6 Months Ended June 30—
Gross operating revenue-- —
Other income
Combined earns, appli¬
cable to fixed charges
of C. G. & E. Corp. $3,143,936
Interest charges, &c., of
Dividends paid
-
Surplus.-.-.
Shs.
com.
Earnings
stock outst'd'g
share
per
$2.79
Consolidated Balance Sheet June 30
Claude
Electrical
Neon
Products
Corp.,
(&
Ltd.
Subs.)—Earnings—
Federal
taxes
and
Earnings
x
p.
per
1937
1938
1936
1935
all
other charges..
Shs. cap. stock, outst'd'g
1938
x$167,324
262,002
share
$0.64
x$148,442
262,002
$0.56
x$151,128
262,193
$162,631
262,193
$0.62
$0.57
No provision was made for surtax on undistributed profits.—V.
145,
1736.
Inventories
Illuminating Co. (& Subs.)—Earns.
1938
expenses and taxes
Non-operating
$8,023,327
90,059
$8,113,386
1,500,000
9,328
Cr20,896
$8,841,182
1,500,000
13,192
$6,624,954
revenues
$8,729,495
$7,327,989
894,225
276,386
cur¬
rent
964,757
1,168,523
Deprec. & depl. res23 ,291,415 21,585,460
1,167,516
871,167
Res. for val. of inv.
135,233
1
1
491,620
500,132
in
associated
&
300,000
other companies
trade¬
Deferred charges..
Est.
Fed.
Income
53,722,700 52,372,068
Represented by 537,406
146, p. 3331.
no par
53,722,700 52,372,068
Total
shares,
y
Market value $1,010,607.
—V.
111,687
Columbus & Southern Ohio Electric Co.
Gross income after depreciation
Interest on funded debt
Other interest
Interest during construction
Net income
Note—The provisions for Federal income taxes for the 12 months ended
June, 1938 and 1937 include $3,345 and $301 respectively, of provisions for
Federal surtax on undistributed profits which were made in December,
1937 and 1936 for the respective calendar years.—V. 146, p. 3179.
Coca-Cola
Co.—Earnings—
3 Months Ended June 30—
Gross operating profit
1937
1938
.$14,247,446 $13,648,837
4,611,362
4.057,879
353,796
554,984
Selling administrative expenses, &c_
Other deductions
[Formerly known
as
ProfitFederal
„
$9,282,288
118,432
—V.
$7,622,909
450.000
450,000
Surplus for common
Earnings per share on 3,991,900 shs. of
common
1,590.000
$7,676,720
income taxes
Net income.
Class A dividends—
$9,212,909
1,724,000
—
$9,035,974
176,935
$9,400,720
income
12 Months Ended June 30—
Gross operating revenue
General operating expenses
1938
$7,226,720
$7,172,909
$1.81
no
$1.80
par
147, p. 1030.
Coleman Lamp & Stove Co.
6 Months Ended June 30—
Net profit after all charges,
and Federal taxes
(& Subs.)—Earnings—
1938
loss$63,281
Earns, per sh. on 100,000 shs. cap. stk.
Nil
—V. 147, p. 886.
-------
1937
'
1936
interest
—
$102,147
$1 86
$1 02
,
3,935,760
Provision for retirement
706,439
1,466,946
Taxes—State, local, &c
1,207,856
404,594
730,947
1,459.942
1,208,728
431,134
Net earnings
$3,761,906
Z>r28,721
$3,606,543
134,105
Net earnings
$3,733,184
$3,740,648
1,040,000
2,299
Maintenance
Federal income taxes
from operations
Non-operating income
Interest
on
funded debt.
Interest on unfunded debt
Interest charged to construction
Amortization of debt discount and expense
Amortization of pref. stock discount and expense._
Miscellaneous deductions
—V.
146,
p.
1,040,000
4,012
040,415
64,859
15,000
Cr24.024
70.066
15,000
26,502
$2,623,226
Net income
$2,637,306
2531.
Commonwealth Edison
The electricity
Co.—Weekly Output—
output of the Commonwealth Edison Co. group (inter¬
deducted) for tnt week ended Aug. 13, 1938 was 131,913,000
kwh. compared with 137,859,000 kwh. in the corresponding period last year,
docrGssB of 4 3 %
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Per Cent
Kilowatt-Hour OutputDecrease
Week Ended—
1938
1937
August 13-4.3%
131,913,000
137,859,000
7.0%
Aug
6
128,902,000
138,572,000
7.0%
July 30
124,997,000
134,358,000
9.8%
July 23..
122,172,000
135,439,000
—V. 147, p
1030.
—
.-
-
$185,749
1937
$11,667,406 $11,373,054
4,119,665
company sales
stock
(& Subs.)—
Columbus Ry. Power & Light Co.]
—
Operating profit
Other
368,245
5,929,875
185,000
...6 276,913
tax
Surplus
Total
$
731,999
423,262
Federal taxes
yl ,030,408
Other assets
x
Net oper. revenues after depreciation
Accts. payable, &c
Minority Interest.
Marketable securs.
at cost
1937
'•
$
Capital stock...21 ,849,354 21.849,354
1,511,257
1937
$27,322,848 $27,859,956
19,299,522
19,130,462
revenues
Liabilities—
x
1 ,949,117
marks, &c
12 Months Ended June 30—
Operating
Operating
$
Property account.42 ,519,185 39,850,244
Invest .in assoc.cos 4 ,462,323
4,435,601
Cash
1 ,920,632
2,086,484
Notes & acct. rec. 1 ,214,180
1,949,676
Goodwill,
Cleveland Electric
1938
1937
$
Assets—
6 Mos. End. June 30—
Net profit after deprec.,
-
—
Volume
Financial
147
Commonwealth & Southern Corp.—Monthly
Gas output of the Commonwealth & Southern Corp. system
of
Conso*idated Biscuit
Output
Period End. Jane SO—
for the month
profit
after
int.,
Fed. inc. taxes, &c___
Earns, per sh. on323,000
was
shs.
int.,
Federal income
taxes, &c
$13,901
cap. stk. outst'g..
262,287
Earnings per share
$0.50
x Revised.-V. 146, p. 3180.
$243,371
262,287
Connecticut Ry. & Lighting1
$0.93
,
Operating
Operating
Continental
Total
$80,929
102,357
Co
.
1,250
Operating
$112,065
2,612
11,537
10,450
52,446
7% preferred dividends
6% preferred dividends
1,626
1,531
13,359
2,513
Balance for surplus
prof $11,918
16,571
$137,423
66,285
62,500
596,565
$36,941
16,571
hi 17,500
$370
Balance Sheet June 30,1938
Liabilities—
Assets—•
Investments
appro-"
income tax and surtax on undistributed profits for
accrual has been made therefor.
b Represents interest accrued, but not paid, on
139,149
the year 1937, and no
Cook Paint & Varnish
x
1,966,091
After all charges, reserves and Federal income taxes, but before pro¬
on undistributed profits.—V. 146, p. 747.
1937
$1,602,830
1,397,490
1936
1Q3 5
$1,593,526
1,437,035
$1,318,453
1,193,421
$1,410,066
1,239,428
$156,491
35,278
$205,340
28,611
$125,032
33,233
$170,638
31,676
$191,769
$233,951
12,405
34,917
34,449
$158,265
11,190
$202,314
14,638
151666
27", 270
160,000
1938
6 Mos. End. June 30—
After
amortization
_ __
of
Gross profit
Expenses.-.-
61,500
—
Other income
development expenditures but before
depreciation, depletion and Federal taxes.
Note—Net profit before depletion, depreciation, Federal taxes, and before
deferred development charges, but after deducting the amount actually
expended for current development and exploration was $425,332 for the six
months as compared with $231,983 similiarly computed for the 3 months
ended Mar. 31, 1938.
a
prior
Total income
Federal
Accounts receivable.-
Net
Accounts payable
203,618
1,021,755
Mate-ials and supplies.
Investments (treasury stock).
107,744
Capital stock issued.
12,058,345
Capital surplus
9,573
Earned surplus
4,761,868
1,617,321
x
Before surtax on
7,953,125
Mining props. & developm't.
loss$7,925
1,537,435
1,537,435
$0.10
Nil
undistributed profits.—V. 147,, p. 110.
—V.
146,
25,649
Reserves
2,260
Deferred items
Total....
Taxes & iniscell. accruals
38,672
$14,636,595
p.
re
predecessor cos..
Total
12 Months Ended June 30—
Gross oper. earnings of sub. cos. (after eliminating
transfers)
——
expenses
Provision for retirement
;
General taxes and est. Federal income taxes
Net earnings from operations of sub.
Non-operating incom e of sub. cos
1938
1937
-.-$37,544,014 $36,423,673
14,046,419
14,049,770
1,877,901
1,865,908
4,976,698
4,890,294
4,572,979
4,021,918
$12,070,016 $11,595,782
J>r3 50,679
636,064
cos—
....
common
$7,051,936
to
—3 Mos. End. June SO— 12 Mo.End.
$571,992
427,432
$577,695
431,986
$2,458,844
1,779,207
$144,560
13,248
$145,709
11,184
$679,637
22,515
$157,808
$156,893
$702,153
91,832
77,971
319,101
19,232
27,220
Gross income
Fixed charges
in hands of
of subs, on obligations
public
Int. on coll. trust 6 % inc. bonds, series
B, of Crescent Public Service Co
Provision for renewals, replacements
Total
Expenses of Continental Gas & Electric Corp
Taxes of Continental Gas & Electric Corp
1 6,734
property
$7,088,466
120,454
15,299
$7,505,786
111,274
3,394
$6,952,711
deductions:
5% debentures, due 1958
$7,391,117
on
2,586,799
163,255
$
&
2,600,000
164,172
39,552
1937
$
Liabilities—
%
8,475.000
8,494,000
134,810
Long- term debt
11,007.422
equipment
Special deposits...
50,000
160,562
10,152,378 Notes payable
9,693
Accounts payable.
Consumers' deps_.
131,622
10,652
183,061
187,442
Unred'med coup's.
104
Notes receivable..
2,745
7,380
Accts. receivable..
269,095
253,340
123,747
124,144
24,148
18,202
'
Investments
—
...
-
—
~
»
—
.
■
751,448
187
Acer. int. receiv..
Prepaymentsa
company
1938
1937
$
m
64,435
$66,006
Consolidated Balance Sheet June 30
1938
Assets—
Plant,
$7,441,351
$51,703
$46,743
....
appropriations for renewals,
replacements and retirements at the end of each calendar year, therefore
the income statements for three months ended June 30 show results before
deducting such appropriations.
The provision shown for 12 months ended
June 30, 1938 is the amount appropriated for the calendar year 1937.
$7,458,085
16,381
Balance to surplus
Note—It is the policy of subsidiaries to make
Mat'Is & supplies.
Balance
Interest
142.459
174,587
and retirements
Cash
Holding
June 30 '38
Operating revenue
Operating expenses.
minority
stock
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$7,035,556
Income of Continental Gas & Electric Corp. (excl.
of income received from subsidiaries)
52,910
„
1937
1938
Period—
.—
Total income of subsidiary companies—. ....$11,719,337 $12,231,846
Int., amort. & pref. divs. of sub. cos
4,667,401
4,773,761
Balance.......
Proportion of earnings attributable
Subs.)—Earnings—
Crescent Public Service Co. (&
Subs.)—Earnings
-
—.
Nil
$14,636,595
3950.
inter-company
„
1,537,435
Income from operation
Non-operating income (net)....
—
Continental Gas & Electric Corp. (&
General operating
Maintenance..
x$l 52,180
1,537,435
$0.09
(no par)
Earnings per share
$36,343
Copper inventory—at cost...
140,000
x$131,424
income
Shs .cap .stk.out.
Wages payable...
234,561
tax
Res. for add'l excise taxes
Liabilities—
SI ,202,356
13,135
1,959
45,251
Depreciation
Interest, &c
Condensed Balance Sheet June 30, 1938
Assets—
Cash,
— ..——
Operating profit
$240,625
-
1937
$3,725,091
312,509
Coty, Inc. (& Domestic Subs.)—Earnings—
9,160
$302,125
---------------
6 Months
1938
$3,490,811
60,274
vision for Federal surtax
$292,965
...
—
Co.—Earnings—
Sales...
xNet income
$2,259,056
------
Operating profit
Net profit
163,021
$5,325,670
Total
Period Ended June 30—
Earnings for 6 Months Ended June 30, 1938
Metals sold and delivered
-
35,000
28 Weeks
Consolidated Coppermines Corp.—Earnings—
Total income
Bullion tax, administrative, sales and general expnses_
82,056
36,783
1
—V. 146, p. 3951.
(2) Comparable figures for 12 months ended June 30,
—V. 146, p. 3950.
Cost of metals sold and delivered-
136,460
Earned surplus
$5,325,670
Total
comparative purposes.
1937 not available.
for
825,000
Capital surplus
Surplus reserved
advances from United
supplemental mortgage dated
figures restated
2,500,000
Due to subsidiary companies..
93,318
Accounts receivable
$500,000
1,047,350
Current liabilities
1,615
Special deposit & work'g fds..
_
Funded debt.._
142,412
110,500
Cash In banks
stock
6H% cum. pf.stk. ($100par).
Common stock ($5 par)......
3,003
Unamort. debt disct. & exp
Due from sub. companies....
The company has included in its Federal income tax return for 1937, an
amount for obsolescence of equipment, &c., wihch amount is in excess of
any taxable income resulting from ordinary operations for the year 1937.
As a result thereof, it is considered that there is no liability for Federal
pref
7% cum. partic.
($100 par)
$4,835,671
ex¬
penses in process of amortiz.
$203,708
$4,653
26,812
-
Pref. stock commissions &
Gas Improvement Co. under agreement and
June 23, 1904.
4,882
$44,682
Net income
a
a
32,036
and taxes
expenses
Net earnings
Interest on funded debt
Debt discount and expense
2,612
11,548
;
3,573
$144,102
$537,909
$53,513
-
$140,528
-
Total income
44,633
a2,322
4,500
See:
31
Previous year's
Continental
$589,366
$183,286
3,670
Power
priation
received by
-
149,141
_
Net deficit after sinking fund
Other income
and dividends
$178,366
Other deductions
Notes—(1)
of interest
$156,539
16,011
Telephone Co. from subsidiary companies
149,141
.Net loss...
JI
Sinking fund appropriation
.
$383,247
$560,476
loss$39,041
Other income.
$129,962
Co. 1st mtge 5% bands
Interest on equip purchase contracts
b Interest on advs. from United Gas
Improvement
Federal and
Telephone Co.—Earnings—
3,571
1st & ref. mtge. 4 H % bonds
Interest on Conn. Lighting &
_
Earnings for the 6 Months Ended June 30, 1938
406,445
1,018
3.094
Gross income
Interest on Conn. Ry. it Lighting Co.
$0.12
Nil
1
$182,921
$138,293
4,218
General expenses
Prov. for Federal income tax
'
Prov. for Federal capital stock tax
241,617 shares common stock
Earnings of subsidiaries applicable to securities owned by Con¬
tinental Telephone Co
Portion undistributed (incl. miscellaneous adjustments)— ...
Amount
Non-oper. revenue (incl. rentals from
leased property)
on
$153,165
$75,145
Continental Roll & Steel Foundry Co.—Earnings—
1938
1937
1936
Oper. income from transportation
property
share
1937
1938
&c.,
6 Months Ended June 30—
$2,574,765
2,391,843
101,442
—
per
Net income after interest,
State income taxes
Mos.End.
38
$687,842
606,913
$36,851
expenses
Ltd.—Earnings—
(no par), after pref. div. requirements.
—Y. 146, p. 2846.
June 30,
1937
$601,587
564,735
revenues
■
$378,417
$317,442
$148,713
$159,761
Consolidated Steel Corp.,
Co.—Earnings—»
1938
Subs.)—Earns.
Note—No provision made for Federal surtax on undistributed profits.—
V. 146, p. 2362.
—3 Afos. End. June 30— 12
Period—
Nil
V
''
1938—6 Mos—1937
1938—3 Mos.—1937
6 Months Ended June 30—
.
Net profit after deprec., Fed. income taxes,
but before surtax on undistributed profits
157,640
$3.15
$1.80
$0.55
VV's:''J''
Federal taxes, &c
116, p. 3951.
$497,133
157,640
$0.04
—V.
Mos.—1937
*$283,455
__
Shs.
$0.27
loss$55,841
$178,603
Consolidated Film Industries, Inc. (&
Earnings
1938—12
$1|3,424
stk. (par $1)
com.
Period End. June 30—
Net profit after deprec.,
Compressed Industrial Gases (& Subs.)—Earnings—
1938—6 Mos.—1937
Mos.—1937
1938—6
$89,087
—V. 146, p. 3950.
.
Period End. June30—
Net profit after deprec.,
Co.—Earnings-
1938—3 Mos.—1937
Net
812,308,900 cubic feet, as compared with 964,281,300 cubic
feet for July 1937, a decrease of 15.76%.
For the seven months ended
July 31, 1938, the output was 8,365,413,300 cubic feet, as compared with
8,745,081,000 cubic feet for the corresponding period in 1937, a decrease of
4.34%.
Total output for the year ended July 31, 1938, was 14,751,341,700
cubic feet as compared with 14,364,599,400 cubic feet for the year ended
July 31, 1937, an increase of 2.69%.
Electric output of the Commonwealth & Southern Corp. system for the
montn of July was 621,288,532 kilowatt-hours, as compared with 717,/96,651 kilowatt-hours for July 1937, a decrease of 13.45%.
For the seven
months ended July 31, 1938, the output was 4,284,615,723 kilowatt-hours
as compared with
5,006,075,392 kilowatt-hours for the corresponding period
in 1937, a decrease of 14.41%.
Total output for the year ended July 31,
1938, was 7,795,949,620 kilowatt-hours as compared with 8,479,729,285
kilowatt-hours for the year ended July 31, 1937, a decrease of 8.06%.—
V. 147, p. 734.
July
1189
Chronicle
35,012
89,341
144
133,164
......
129,123
'
Miscell.
Interest
interest
on
7,599
3,419
70,217
bonds)
Interest on notes.
j 75,522
/
I 2,987
13,110
Miscell. liabilities.
a
Notes receivable
(contra)
Taxes.
95,033
9,796
Notes receivable
35,012
(contra)
Balance transferred to consolidated surplus
Dividends on prior preference stock
Balance
Earnings
—V.
per share
147, P. 267.
41,027
$4,161,631
1,320,053
$4,587,393
1,320,053
$2,841,578
$3,267,340
$15.23
$13.25
15.201
~4~987
Reserves........
Deferred liabilities
13,877
count & expense
Amortization of debenture discount and expense
Taxes on debenture interest
258,800
232,366
226,251
226,251
Other def. assets..
148,458
65,008
Unrealized profit.
Pref.stk. (sub.co.)
1,057,100
1,057,100
Misc. assets
.....
Unamort. debt dis¬
Common
Deficit..
Total
a
12,078,342 11,806,5761
1,870,344
.
Total
1,722,027
13,325
60,610
60,610
245,511
stock
....
287,631
12,078,342 11,806,576
Merchandise contracts discounted.—V. 146, p. 3951.
Financial
1190
Crown Cork & Seal Co.,
£938
_
„
v-
*937
„
:
1
$1,596,9^5
—
_
Utility expenses
Federal income tax, &c
Other expenses, less other income
Federal surtax on undistributed profits
58,065
265,856
363.416
6,062
...
$1,574,137
57,907
131,975
324,759
Cr71,470
131,000
$13,074,682 $16,798,299
Balance, income from utility operations
Net profit
Jh-eferred dividends
Common
$391,623
common
per
517,582
stock
$1.26
$1.44
depreciation amounted to $714,172 in 1938 and
share
Notes—Provision for
,
^
The directors have declared
mon
a
dividend of 12 V? cents per share on the com¬
Similar
paid on
the first
stock since Oct. 15, 1930,
holders of record Sept. 13.
stock, par $5, payable Oct, 1 to
payment was made on July 1, last, and compares with 25 cents
April 1, and Jan. 3, last, and on Oct. 1, 1937, this latter being
on a
Notes
Prem. oncap. stk
763,517
763,517
Long-term debt. 134,320,000 134,320,000
Notes payable..
5,200,000
5,200,000
Accts. payable—
1,982.327
1,982,327
Accrd. liabils—
5,955,184
5,956,533
&
781,405
5,781,405
1,952,900
accts.
receiv.trade:
serve
of 3156,-
454)
-
Unbilled (estd.)
Other nites and
952,900
board of directors held immediately
following the recent stockholders' meeting, on recommendation of I. Zeller¬
bach, who had been President of the corporation since its organization and
who recently completed 50 years of service with the corporation and its
predecessors, J. D. Zellerbach was elected President, I. Zellerbach assuming
the office of Chairman of the Executive Committee.
R. A. McDonald and
II. L. Zellerbach, formerly Vice-Presidents, were elected Executive VicePresidents, and F. N. Youngman was elected Vice-President.
All other
officers were reelected as follows:
Louis Bloch, Chairman of the Board of
Directors; A. B, Martin, Executive Vice-President; Thos. McLaren, VicePresident and Treasurer: A. Bankus, J. Y. Baruh, D. 8. Denman and A. B.
Lowenstein, Vice-Presidents, and D. J. Goldsmith, Secretary.—V. 147,
P. 568.
2,544,520
658,745
2,544,520
658,745
Dividend pay..
Consumers' deps
Deps, by em pis.
Suspense items.
Reacquired sees.
927,029
6,589,858
3,297,890
6,927,029
678,348
269,772
269,772
35,000
38,734,965
Res. for amortiz.
of franchises..
Casualty & con-
1,007
;V
1,123,984
to purch. stock
415,938
589,858
,808,966
Misc. curr. items
35,000
Res. fordeprec.. 38,644,582
tingency res..
408,429
Miscell. assets..
accts. receiv.-
678,348
1,007
1,123,984
213,476
213,476
Unadj. credits..
6,050
Earned surplus. 26,389,485
26,349,566
345,333,651
345,390,607
Miscell.
Total
At the organization meeting of the
$
Capitalstock.__127,226,000 127,226,000
4,080,988
Billed (less re¬
dividend basis."
New President, &c.—
& Hubs.
315,666,250
payment made by the company on the common
when 25 cents per share was also distributed.
A statement by the board accompanying the current dividend said:
"This is an interim payment and should not be considered as placing the
stock
Company
Company
Only
LiaMtities—
4 ,071,818
Cash-.-.-——
Inventories
Corp.—Y2]/>-Cent Dividend—
Crown Zellerbach
Company
& Subs.
,
Tot .fixed capital314 114,898
,
For the first half of 1937 the net profit which was previously reported as
$1,130,966 has been reduced by $131,000 for portion of Federal surtax on
undistributed profits for 1937 deemed applicable to the six months' period,
and after such reduction the net profit for the first half of 1937 amounted to
$999,966.—V, 147, p. 267.
266,310
$7,061,190 $10,883,134
$
.
$503,359 in 1937.
5,776,563
059,976
272,322
Balance Sheet June 30,1938
Company
Only
$230,850
517,601
Surplus
Shares of
5,806,592
-
——
Assets—
Earnings
$13,080,129 $16,926,006
Interest charged to construction
Amortiz. of debt discount and expense
$999,966
253,190
515,926
$903,556
253,134
258,799
.
dividends
127,707
5.447
Gross corporate income
Interest on funded and unfunded debt
Net income
1937'
1938
$55,511,061 $57,836,936
42,436,379 41,038,637
from utility operations
Other miscellaneous income
Operating profit
Amortization of experimental, &c., expenses
Interest, amortization, &c
1938
Statement 12 Months Ending July 31
,
Gross earnings
$12,221,963 $12,260,887
10,625,008 10,686,750
_
_
IV,'.'
Subsidiaries]
6 Months Ended June 30—
Net sales
Costs and expenses
Consolidated Comparative Income
Inc.—Earnings—
llncluding Wholly-Owned Domestic
Aug. 20,
Chronicle
345,390,607
345,333,651
reserves
Total
11,192
Note—In connection with agreement dated June 21, 1938 the company
arranged to refund $4,800,000 of notes payable it banks as at June 30, 1938
by the issuance of new notes dated July 5, 1938 which are payable on
July 1, 1945.—V. 147, p. 888.
Detroit Gasket & Mfg.
Co.—Earnings—
6 Months Ended June 30—
1937
1938
Net loss after depreciation and taxes
$4,147 prof$400,168
Nil
$1.69
Earnings per share on 214,250 common shares.—
—V. 146, p. 2039.
•
Diamond T Motor Car
Co.—Earnings—
Earnings for 3 Months Ended June 30, 1938
:
Gross sales of new trucks and service parts less discounts, returns,
Cuba Co.—To
will
Cushman's
hold
a
Dartmouth Mills,
Inc., New Bedford—
dispatch from New Bedford the mill, closed since
June 26, will reopen Oct. 1 with a Reconstruction Finance Corp. loan of
$300,000.
A new corporation, Dartmouth Associates, Inc., will contro
the cotton textile manufacturing plant which will employ 1,200 persons.
—V. 147, p. 267.
press
Profit
on
r
1938—12 Mos.—1937
1938—3 Mos.- —1937
$2,980,239
$ 3,171,388 $13,026,752 $12,700,115
1,504,865
6,305,738
6,043,790
Operation
1,435,850
Maintenance
175,571
166,536
709,761
644,382
Provision for retirements
263,470
228,282
1,027,399
1,071,068
Taxes
418,895
xl ,648,617
1,594,317
406,524
Period End. June 30—
Gross revenues
$817,620
3,774
$3,335,236
$8,912
Total
16,669
3,865
$737,716
211,217
$821,394
161,924
$3,351,904
784,749
$3,350,423
$526,499
112,503
$659,470
112.503
$2,567,155
450,012
$2,630,908
450,012
$413,996
$546,967
$2,117,143
$2,180,896
P
Gross corp. income
Int. & amortiz. charges.
Net income
Preferred dividends.
...
Balance
Net income..............................
...
$8,024
.....
The volume of business for the second quarter showed an improvement of
approximately 15% over that of the first quarter, a change sufficient to
convert the results from red to black figures.
The improvement, however,
is not of such proportions as to justify any statement regarding the future
other than that it appears unlikely that any future quarter in this cycle
will show a loss.—V 146, p. 3801.
Dixie-Vortex Co.—Earnings
Earnings per share
—V. 147, p. 736.
Doctors
on
1938
1937
$812,519
$910,488
$2.28
$1.80
202,916 shs. com. stock
Hospital, Inc.—Registers with SEC—
See list given on
first page of this department.—V. 144, p. 3497.
(& Subs.)—Earnings—
1938
1937
$24,871,196 $25,578,911
Years End. May 31—
Sales (net of returns, allowances
Cost of sales..
719.514
provision for Federal income taxes for the calendar year 1938 in¬
cluded in the above statements is the minimum tax specified in the 1938
Federal Revenue Act and is subject to adjustments.—V. 147, p. 570.
888
Interest paid...
$3,346,558
3,704
$734,012
■
$4,642
4,270
i
Other income
Dow Chemical Co.
Net oper. revenue
$250,057
245,416
sales
Selling, general and administrative expense
12 Months Ended June 30—
Net income after interest and Federal income taxes
Dayton Power & Light Co. —Earnings—
Other income
$247,823
2,234
Gross profit on new trucks and service parts
Gross profit on sales of used trucks
Operating profit
12 Weeks Ended—— ——28 Weeks Ended——
July 16, '38 July 17, *37 July 16, '38 July 17, '37
Net profit after int., deprec,. Federal taxes &
other charges$86,716 loss$83,477
$241,476 loss$134,654
—V. 147, p. 888.
a
Cost of sales
Sons, Inc.—Earnings—
Period
According to
$2,319,079
2,071,255
allowances, Federal excise and State sales taxes
Change Stock—
special meeting on Sept. 29 to confirm and
ratify the execution by company on June 30, 1938, of a waiver of all its
rights and benefits under the Cuban Moratorium Law and consider re¬
classifying the 7% cumulative preferred stock of $100 par value and com¬
mon stock without par value into $7 cumulative preferred stock without
par value and common stock of $1 par value.—V. 147, p. 888.
Stockholders
and freight)
15,761,033
16,181,082
$9,110,163
2,159,341
$9,397,829
1,477,121
1,839,783
$5,028,836
1,149,487
$6,080,925
613,541
$6,178,322.
Gross profit.
$6,694,466
936,047
1,921,986
Provision for depreciation.
Profit from operations.
Other income
.
.
.
The
x
Gross income
1,406,329
Research and experimental expenses
Interest & amortization of discount on serial notes
Delaware
ended June 30,1938 was
Balance Sheet
,
Cash discounts allowed.
1,483.
Miscellaneous charges.
. _ _ _a Provision for Federal income taxes.
.
Receivable from
Reserve for State and Federal
$284,407
67,532
brokers
Divs. and accrued int. receiv..
Investments, at average cost--
r taxes
Account payable and provision
for accrued expenses.—....
999
216,647
a
Deposits to secure commitment
Bank loan,
.
S3,400
....
Furniture and fixtures.
262
Paid-in surplus..
Deferred charges
678
33,080 shares issued
-
-
1,000 shares held In
treasury for cancellation
Cost
33.321
Net profit-
Preferred capital stock
a
$590,526
-
-
Balance
462,994
Earnings
-—-—
-
a
Z>rl5,140
Secured by commodity abroad of a quoted
market value of $98,561;
V. 147, p. 736.
and by cash deposit of $10,000.—V. 146, p. 1873;
Co.—Listing—
The New York Stock Exchange has
authorized the listing of $15,000,000
G, 3H%. due Sept. 1, 1966,
a total of bonds applied for to date
additional general and ref. mtge. bonds, series
upon
official notice of issuance, making
$35,000,000.
The bonds of series G
directors at a meeting held
on July 26, 1938, and by an order of the Michigan P. U. Commission dated
Aug. 3, 1938.
On July 27, 1938 the company entered into agreements with
five insurance companies for the private sale to them of th e $15,000,000 of
bonds of series G at 106% plus accrued interest.
The net proceeds to the
company (exclusive of accrued interest) after deducting estimated expenses
will be $15,750,000.
The net proceeds of the issue of such bonds of series G (exclusive of ac¬
crued interest), will be deposited with Bankers Trust Co., as trustee under
the company's mortgage dated as of Oct. 1, 1924, in trust to be used to
redeem and pay on Oct. 1, 1938 at 105 and accrued interest to redemption
date, the general and ref. mtge. gold bonds, series E, 5%, due Oct. 1, 1952,
outstanding in the principla mount of $15,000,000.
were
authorized by the
708,423
893,439
Cr45,458
Cr87,304
$3,895,269
197,862
2,835,000
$4,089,113
163,845
2,882,250
$862,407
$3.91
$1,043,018
...
per
sh.
on 945,000
(no par) com. shares._
$4.15
profits.
Consolidated Balance Sheet May 31
.4ssm—
1938
1937
Liabilities—
S
1937
$
$
1,582,424
1,681,360
5
2 276,564
3,339,515
Accounts payable.
217,750
847,812
Employees' cornp'n
receivable
2 356,913
2,458,394
Serial notes,
2lA%
720,000
720,000
Inventories..
8, 425,316
6,278,534
Federal inc. taxes.
712,175
910.152
Other taxes
accr„_
247,413
300,517
Acer. int. payable.
7,500
15,000
5,000,660
5,000,000
Cash
U. S. Govt,
a
Detroit Edison
139,878
20,509
_ _
Including $124 ,370 ($171,835 in 1937) surtax on undistributed
3,483
$590,526
Total
•
-
dividends.
1938
Total
... _ _
3,374
of
...
_
Minority interests' share of profits and losses of sub¬
sidiary companies (net loss)
——
Excess of proceeds over par of
—
.
_
668
98,425
—
Capital stock ($1 par).
20,000
and bank loan
_
_
Liabilities—
Cash in banks..
—
Purchase of annuities for employees.
.
__.
Provision for uncollectible accts. & miscellaneous.
June 30, 1938
Assets—
158,575
252,865
311,851
193,251
and debentures
Fund, Inc.—Earnings—
The net profit for the six months
Notes
&
secure,
35,473
Claims against bks.
Rec. from individ's
on
sales of
Serial notes,
houses
18,909
Investments...
861,997
637,423
Fixed assets..
24, 157,058 21,848,034
Deferred charges..
170,006
218,842
and lots
...
74,220
awards
accts.
18,798
Res.
720,000
2}4%
15-year 3% debs..
81,194
for fire & ac¬
cident
ins.
and
240.153
215,933
798,962
6.000,000
904,419
2.969,200
b Common stock..
12,685,000
12,685,000
Capital surplus...
100,408
10,316,149
26,420
9,453,743
damage claims..
Min. int. of subs..
5%
cum.
pref stk
Earned surplus
Total...
a
Less
1937.
reserve
38.484,402 £5,682,9371
Total
.....38,484,402 35,682,937
for doubtful accounts, $147,212 in 1938 and $148,376 in
b Represented by 945,000 no par
shares.
Volume
Financial
147
A ote—Accrued dividends
Chronicle
1191
the class A preferred capital stock held by
a
minority interest of the Cliffs Dow Chemical Co., a subsidiary company
consolidated herein, which had not been declared by the board of directors
of that company or
provided for in this balance sheet, amounted to $52,212
(E. I.) du Pont de Nemours & Co., Inc.'—Larger Interim
Common Dividend—
at
May 31, 1938.
share
New Vice-President
This compares with 50 cents
on
—
Vice-President
Period End. July 16—
„
1938-28 Weeks-1037
$1,500,204 $10,252,316 $10,544,624
East Coast Public.Service Co. (&
Subs.)—Earnings—
6 Mos. End. June 30—
1935
1936
1937
$552,430
291,130
112,529
$252,424
211,598
loss$79,852
$170,477
$148,771
23,067
17,109
loss$16,936
14,499
loss$51,523
UJI
$695,617
372,579
152,560
28,329
Admin., gen. & sell.
Research & exper.
jnvnt
Period Ended June 30—
Subs.)—Earnings-
1938
Gross profit on sales._
AIVV
Sept. 15 and June 15, 1936, and an extra dividend of 35 cents was
paid on Sept. 14, 1935.—V. 147, p. 736.
on
1034.
fS. R.) Dresser Mfg. Co. (&
a
$193,544
31,061
loss$2,437
19,263
$165,880
12,107
28,238
$143,220
1,232,463
$125,535
1,096,931
def$9,943
1,026,322
22", 224
Dr 1,344
Z>r~8~868
"""529
$1,352,115
$1,213,598
$710,355
652,519
137,689
:
exp.
exp.
aaico...
Other income
Gross income
Income charges
12,546
9,000
...
Prov. for income taxes.
_
57,762
1,810
5,696
Operating
Operating
Loss
49,064
abandon of equip
on
adjustments...
Surplus, June 30
a
$1,296,707
After depreciation:
1935,
$38,097.79;
Gross income
Fixed charges of subsidiaries
Interest on first lien collateral
1938
1937
1936, $33,800;
SI02,540
Accts. receivable..
759,095
893,116
Notes receivable.
215,417
12,091
.
Bank
from
338,689
19,832
51,196
92,781
Reserve
.
Investments
Inventories
x
221,146
117,621
51,035
1,750,000
1,750,000
Capital stock
1,295,058
ant Heater Co..
107,050
7,898
z
Capital surplus.-
Earned Burplus...
1,296,707
2,288
2,093
27,810
the
shows
Consolidated Balance Sheet June 30
1937
Miscellaneous
vestm'ts
in-
1,057
al05,944
35,784
80,185
73,350
(cost).
Cash
Inventories
Miscell. deposits..
Prepayments
Suspense
427
17,503
2,554
428,655
Accounts payable.
Accrued Items
Consumers'
60,805
Deferred
deps.,
credits.
15,006
2,722
Common cap. stk.
30,517
Unrealized
profit
30,316
369"608
(par $1)
3,137
10,909
11,941
_
Reserves
4,455
"3",741
407,801
135,966
refund
2,175
132,833
105,682
85,986
125,681
65,079
78,730
4,040
350,690
def47,989
.
Capital surplus
Earned surplus
2,360
§3,497,572 §3,312,433
Total
Including $30,606 held in special deposit for R. E. A.—V. 146,
a
For
the week ended
p.
3011-
Inc.—Weekly Iuput—
Aug.
11,
1938 the kilowatt-hour system input of
2
91,735
the operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
cost
less
depreciation,
y
$5,444,344 $4,038,931
Total
100,000 shares of class
Net sales
Cost of sales
Operating
expenses
Increase
A pavticipatin
z
Aris¬
^
Operating Subsidiaries of—
1938
1937
bl936
$10,172,475 $12,058,087 $10,178,518
9.091.556
10,421,646
8,981,279
664,857
772,855
731,024
x
bl935
19,314,777
8,093,076
779.326
Decrease.—V.
147,
p.
$416,062
76,558
$492,620
cl03,184
58,000
Other income.-
$863,586
$466,215
100,817
$567,033
$516,816
33,267
68,733
$697,668
141,408
270,000
$417,348
141,408
266,933
z$414,817
270.000
$9,007
270,000
$11,620
270,000
$2.06
$1.02
$1.01
117,823
82,105,000
Deductions
taxes
undist. profits
on
Net income
Preferred
$331,436
141,408
269,050
dividends:.
Common dividends.
Balance-.
—
—
.
—
-.
Shs.com .stk.out. (no par)
Earnings
per share
def$79,022
d270,000
$0.70
y76,733
72,951
$286,260
r
141,522
Comparative Balance Sheet May 31
1938
$327,089
1937
Liabilities—
1938
1936
$535,700
$3.00
$69,345
$0.39
$171,730
$0.96
—V. 146, p. 3497.
Edmonton Street
Period End. July 31—
Total revenue.
Ry.—Earnings—
1938—7 Mos.—1937
193$—Month—1937
$56,647
$56,295
45,699
44,718
$403,602
$11,577
5,776
$100,655
5,000
4,341
54,000
31,063
$98,269
40,435
46,000
30,866
sur$812
expenditure.
$407,543
306,887
¥.359
Total oper.
$3,541
$24,842
$19,031
1937
§409,367
1,112,961
8%
575,371
Common stock..
1,350,000
Renewals..
2,213,873
Accounts payable.
271,713
232.998
305,332
3,185,270
—V. 147, p.
40,435
889.
Eitingon Schild Co., Inc. (& Subs.)—Earnings—
May 31, '38 May 31
deprecia¬
6 Mos. Ended—
Net profit after
tion, interest, &c-..aloss$302,453
'37 June 30, *36 June 30, '35
c$24,189
d$250,828
b$398,527
off $39,618 in connection with the St. Louis fur receiving
house affiliated with the company,
b After setting aside a reserve of apa
After writing
efore making provision for
6roximately $115,000 againstpossible surtax on undistributed profits. The
possible fluctuations in inventory values, but
net profit so determined is equivalent to $1 per share on 397,666 no-par
capital shares,
c After crediting to operating results $150,000 from a
special contingent reserve of $300,000 established Dec. 31,1934.
d Equiva¬
lent to 63 cents per
share.—V. 146, p. 3183.
Accrued payrolls &
Fixed assets..3,926,520
Total deficit
631,730
219,785
"
Taxes
1,350,000
1,449,467
$10,948
5,776
Operation surplus
Fixed charges
x
Assets—
1937
1938
and Federal
taxes, but before Federal
surtax on undistributed profits
income
261,675
Including depreciation of $298,356 in 1938. $270,321 in 1937, $265,900
in 1936 and $266,334 in 1935.
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.
z Does not include $13,979 loss of New Madison
Corp., wholly owned, and $11,718 share of loss of Apex Oriental Corp.,
50% owned.
a Represented as follows:
Share of loss of current year of Apex Oriental
Corp. 50% owned and loss 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.
%
x7.5
x3.8
3.2
1034.
Earns, persh. on 178,000 shs.cap. stk.
Total
Amount
x8,749,000
x2,285,000
2,518,000
116,978,000
60,564,000
79,587,000
Eddy Paper Corp.—Earnings—
$442,374
74,442
$981,409
a98,742
138,000
47,000
1937
6 Months Ended June 30—
Net profit after deprec.
Operating income
1938
Amer. Power & Light Co
108,229,000
Electric Power & Light Corp. 58,279,000
National Power & Light Co..
Duplan Silk Corp.—Earnings—
Years End. May 31—
•_
Accts. receivable..
Inventories
Investments
a
64,074
Notes payable
§3,497,572 §3,312,433
1,352.115
debt. .§2,377,603 §2,273,100
Long-term
equipment, fran¬
chises, &c
$3,185,568 $2,992,011
1937
1938
Liabilities—
and
Ebasco Services,
ing from acquisition of Clark Bros. Co.—V. 146, p. 3011.
Cash
calendar year; therefore,
before
deducting
such
results
§5,444,344 §4,038,931
At
Surtax
$150,516
$35,908
at the end of each
statement
1938
plant
Total
convertible stock (no par); 100,000 shares of class B stock (no par).
Federal
14
3
Total
x
91,315
'
68,535
Deferred charges..
x
interim
Assets—
1,048,773
Patents
above
Prop.,
382,085
curr. assets.
22,653
22,831
$34,115
replacements and retirements
1,128,481
Land, buildings,
inach'y & equip. 2,127,336
$243,947
2,115
...
107,050
con¬
11,845
Treas. stock..
$58,629
54
724
Balance
Acc'ts receivable.-
1,703,175
advances.
$57,671
x
Notes receivable..
Pref. stock of Bry¬
Working funds and
Other
200,000
107,117
for
tingencies
y
$234,788
9,159
Before provision for renewals,
repacements
and retirements and
income taxes of East Coast "Public Service Co.
Note—It is the policy of subsidiaries to make appropriation for renewals,
8,000
Accrued liabilities-
90,927
50,689
officers
and employees.
9,623
.
12,000
cur.__i
Clark Bros. Co
receivable
Due
■? $49,006
■
S461.111
300.000
loan
Bonds due
1937
§513,842
Accounts payable-
Del. accts. & notes
$734,474
499,687
4%
bonds, series A
Miscellaneous interest
$1,065,972
1937, $40,840;
1938
Liabilities—
$88,265
$172,344
123,338
$54,455
3,216
Income from operations
Consolidated Balance Sheet June 30
Assets—
$179,182
124,727
.
appropriation.
1938, $77,342.
Cash
12 Mos. *38
1938—3 Mos.—1937
revenue
expenses and taxes
Non-operating income (net)
x
loss$73,069
1,369,777
Earned surplus Jan. 1—
Adj. of res. for valuation
of treasury stock
Miscell.
15,1936; and prior thereto regular quarterly dividends of 90 cents per
In addition an extra dividend of 70 cents was paid
share were distributed.
1938—4 Weeks—1937
$1,467,436
.
147, p.
on Aug. 15 declared an interim dividend of
75 cents per
the common stock, payable Sept. 14 to holders of record Aug. 22.
paid on June 14 and on March 14,last; $2 paid
75 cents per share paid on March
15,1937; a year-end dividend of $2 paid on
■Dec.
Dominion Stores, Ltd.—Sales—
Sales
on
Dec. 14, last; $1.50 paid on Sept. 15, 1937; $2 paid on June 15, 1937;
on
Leland I. Doan, General Sales Manager, has been elected a
—V. 146, p. 2848.
—V.
The directors
Deferred charges
63,678
..
a
pref. stock...§1,765,600 §1,767,600
taxes
171,721
Prov. for Fed. tax.
85,503
241,109
222,719
Earned surplus...
60,807
27,694
b Common stock..
Total....... —
c
2,945,067
3,002,117
$9,589,604 $7,215,2761
Total.........$6,589,604 §7.215,276
After depreciation,
sale
to
146,
P.
employees,
106.
-
c
b 2,500 shares of common stock reacquired for
Represented by 270,000 shares no par value.—V.
Educational
See Grand
Empire Gas & Fuel Co. (& Subs.)- -EarningsOperating expenses, maintenance and taxes
Depletion and depreciation.——— —
Net operating revenue-. --------- — - ------- $6,669,282
Other income, incl. income from affiliated pipe¬
1,151,441
line companies—
? —-
$7,845,758
$7,820,723
$9,767,980
amortization of discount—
3,996,543
Earnings applicable to minority interests
Empire Gas & Fuel Co. interest charges————
1938
.
_ — —
2,623,758
3,704,936
Crl42,3l2
2,637,126
reserve)-.--
—
.
..,
$1,091,723
$3,568,229
Gross
1937
_—$29,777.241 $30,154,493
15,080,645
14,423,322
Net oper. revenue (before approp. for retirement
Other income (net)
Gross income
.—
-
Amortization of debt discount and expense.
Other interest (net)
Appropriation for special reserve
Other income deductions.--.
—
—
——
Net income..----
-$12,674,658 $13,928,589
179,890
181,705
2.450,000
2,450.000
315,948
315,941
Cr82,127
5,561
500,000
500,000
130,444
101,748
_
$9,180,503 $10,373,633
5% cumulative 1st preferred stock.
1,375,000
Common stock.
8,073.105
Note—The above income account for the year ended June 30,
1,375,000
8,611,312
1937 has
been adjusted to reflect $240,354 of additional taxes applicable to the period
of
1936 included therein paid on
page
570.
1937 and charged to surplus.—V.
147,
108,698
1,922,222
Includes provision for normal Federal income tax and reserves for pos¬
sible liability for Federal surtax on undistributed profits,
y Proportion of
earnings of affiliated pipeline companies are included in earnings for 1937.
From Jan. 1, 1938 earnings from such companies are reported on a basis of
x
^^te^Vboveafigures
respective periods.—V.
include profit and loss adjustments applicable to
146, p. 3334.
Empire Power Corp .—Accumulated
The directors
Dividend—
have declared a dividend of 50 cents per share on
the
$2 25 cumul. partic. stock, no par value, payable Sept. 10 to holders of
record Sept. 1.
Similar payment was made on June 10 and on March 10,
last and compares with 75 cents paid on Dec. 15 and Nov. 10, last; 50 cents
paid on Sept. 15,
Dividends—cash:
—
Net income..
L
and other income (before
appropriation for retirement reserve)
$15,056,837 $16,340,948
Appropriation for retirement reserve
—
2,382,179
2,412,359
income.---
Subsidiary deductions;
Interest charges and
.$14,696,596 $15,731,170
360,240
609,778
Net operating revenue
Rents for lease of electric properties—
Interest on funded debt
!$44,109,591 $44,130,314
29,077,468
30,066,107
7,207,087
7,374,202
—. _.
x
Duquesne Light Co.—EarningsOperating revenues
:
Operating expenses, maintenance and taxes,
1937
1938
6 Months Ended May 31—
Gross operating revenue .
y
Years Ended June 30—
Pictures, Inc.—Merger Completed—
National Films, Inc. below.—V. 145, p.' 2544.
1936*
on
a
June 15 and March 15, 1937, and Dec. 15 and
Oct. 1,
dividend of 40 cents was paid on July 1 and March 16,1936; 75 cents
and 50 cents on May 20, 1935, and Nov. 10, 1934.
See
Nov. 9, 1935,
V. 145, p.
2545, for detailed dividend record.—V. 146, p. 3497.
Equity Fund,
See list
Inc.—Registers with SEC—
given on first page of this
department.—V. 147, p. 890.
1192
Erie
Financial
1938
$1,702,064
1,036,923
148,618
177,254
$442,939
—
1937
$1,660,537
1,068,980
__
Provision for taxes—
$487,887
—
Operating Income-Otherincome (net)—
Gross
1,647
14,331
$444,586
235,319
26,325
10.358
CV37
$502,217
237,862
25,434
8,983
.
income.---
Aug. 20, 1938
Federal Screw Works
12 Months Ended June 30—
Operating revenues
Operating expenses, &C—
Interest
Chronicle
Lighting Co.—Earnings—
— -
T ——-
first mortgage bonds
Interest on unfunded debt
Amortization of debt discount and expense.--—-on
--—
Interest charged to construction
Balance of income
Cr 123
$172,621
-
Period End. June 30—
(&. Subs.)—Earnings—
1938—3 Mos.—1937
Profit after deprec., &c_ loss$54,042
Earnings
per
share
capital stock
$0.27
Fiscal Fund, Inc.—Stock Dividend—
A stock dividend of 2 Yi % payable in beneficial shares, has been declared
Fiscal Fund, Inc. bank stock series and on Fiscal Fund, Inc. insurance
stock series.
The dividend on both issues is payable Sept. 15 to holders of
record Aug.
15.—V. 146, p. 3498.
Flintkote Co. (&
Subs.)-—Earnings-
—16 Wks.End. July 161938
'
Net sales
1938
1937
1936
$1,341,410
$1,530,014
$951,980
Net profit after provision for Federal
but
taxes,
before
profits tax
Earnings
per
-
-
85,059
$0.25
21,044
$0.06
The balance sheet as of June 30, 1938 shows the net current assets, after
deducting deposits received and advance billings on partially completed
orders, to be $869,504, including cash of $199,728 against current liabilities
of $293,648.
The corresponding figures of Dec. 31, 1937 were, net current
assets $695,278, including cash of $164,638, against current liabilities of
$259,185.
On March 31, 1938, the $100,000 of outstanding 8% preferred stock of
the Fairchild Aerial Camera Corp.
was
repurchased, giving Fairchild
Aviation Corp. complete ownership of all of the common and
preferred
stock of the Fairchild Aerial Camera Corp.—V. 147, p. 571.
a
Earnings
266,230
—
per share on common.--,
1937
$295,870
$0.60
After depreciation, Federal and State income taxes, &c., but before
undistributed profits.
The directors have elected Alvin Griesedieck President,
succeeding his
465,648
$0.40
Fomica Insulation
1,123,211
659,233
269,627
$0.70
$0.40
146,
p.
$0 98
3669.
Co.—Earnings—
1938
1937
1936
1935
profit after charges
and Federal taxes.
—
x$ 1,229
.
x$129,277
x$103,946
$0.72
$0.58
$62,797
Earns, per sh. on 180,000
no par
shs.
Before
x
cap.
$0.01
stock.
provision for Federal surtax
on
;
$0.34
undistributed profits.—V. 146,
3187.
p.
Foster Wheeler
Corp. (& Subs.)—Earnings—
Mos. End. June Z0—
1938
$254,978
$0.51
$7,299,358
,
6 Mos. End. June 30—
Net
Corp,—Earnings—
6 Months Ended June 30—
Net profit
.
Note.—No provision made for Federal surtax- -V.
Y
Falstaff Brewing
$4,900,143
— _
159.508
$0.47
-
share.
Net profit after deprec.,
Federal, State and for¬
eign taxes, &c
-28 Wks. End. July 161938
1937
1937
$4,466,174
-
Earns, per share on com¬
mon stock (no par)
undistributed
$0.41
on
Period—
6 Months Ended June 30—
Unfiled orders
Nil
p.111.
$230,060
Corp.—Earnings—
$80,884
*
Nil
Note—No provision was made for surtax on undistributed profits.—V. 147,
—V. 146, p. 1396.
Fairchild Aviation
1938—6 Mos.—1937
$52,919 loss$lll ,054
on
1938
Otherincome
$121,438
63,039
78.284
$210,110
67,403
34,754
30,741
$199,722
127,880
$77,214
$0.07
-
1937
$147,071
Operating profit-
x$71,842
$0.03
1936
1935
$63,076 loss$ll 1,062
33,263
102,102
57,921
Non-recurring credits—
a
Total income---
surtax on
father, Joseph Griesedieck, deceased.—V. 147, p. 737.
Fedders Mfg. Co.,
Other
Inc.—Earnings—
6 Months Ended June 30—
1938
"
Net profit after reserves for Federal income tax__ loss$92,020
Earnings per share on 240,000 common shares._.
Nil
—V.145, p. 2391.
1937
Period End. June 30—
$1.07
Unfilled orders
$9,440,321
6,137,035
$9,186,202
5,809,801
Otherincome.--.-
$721,676
25,117
$3,303,286
146,368
$839,197
$3,449,655
$3,506,469
previous.—V. 146,
Period End. June 30—
Int., discount and other
charges of sub. cos.—
110,345
46,241
435,919
184,675
Gabriel Co. (&
440.957
185.248
183,112
145,342
143.705
733,172
589,129
702,257
575,565
$258,848
$355,793
66,561
$1,506,759
266,244
$1,602,442
266,244
$289,232 b$l,240,515
$1,336,198
cos.-.
Net income-...
Preferred dividends—
Balance to earned
66,561
—
$192,287
a Includes the
portion of profit and loss adjustments made to Dec. 31,
1937 applicable to the period,
b The balance of $1,240,515 is equal to
$2.36 per share on the 524,903 shares of common stock
Note—Provision for estimated
period.—V. 146, p. 3668.
is
included
in
each
Earnings
per share.
.
$85,891
$0.50
—.
$0.94
"
$0.66
a After
depreciation and Federal income taxes but
distributed profits.—V. 146,
p. 2849.
Federal Water Service Corp.
—
_
.
are
Operating
Operating
1938
revenues.
herein]
1937
$16,770,836 $16,994,047
9,855,057
9.666,044
expenses and taxes
Net earnings...
Otherincome
$6,915,779
599,199
Gross income.
$7,880,207
6,424,378
6.277,279
Charges of Federal Water Service Corp—
Interest on 5^ % gold debentures
Miscellaneous interest
i
366,987
552,204
7.737
383,292
1,051
$862,975
Net income.—
$659,814
261,563
$451,102
183,095
$315,199
$105,924
209,250
$1.00
$398,251
209,250
$3.15
$268,007
209,250
$2.15
$216,734
share
Includes provision for United States surtax
x
9,974
66,144
on
98,465
196.930
$1.60
undistributed profits of
$18,259.—V. 145, p. 3817.
;
Gaylord Container Corp. —Earnings3 Mos. Ended
June 30, '38
Operating prof it
Deprec., depletion and amortization.
„
Federal and State income taxes—
—
.
Net profit
Preferred dividends
Surplus
Earnings
$1,071,485
per
On 539,221
a
6 Mos. End.
Afar. 31, '38 JuneZ0, '38
share
shares of
Gemmer Mfg.
common
$475,250
139,217
60,453
$914,590
289,350
10,297
110,675
$275,395
68,214
$504,268
136,056
$161,031
$0.30
.
$439,340
150,133
10,112
50,222
$228,873
67,842
Interest
a
of subsidiary companies
41,597
7,290
45,229
$7,328,003
$7,514,978
1
Deductions—Charges
17,797
1,490
x89,805
Period—
not consolidated
12 Months Ended June 30—
$464,726
55,411
$210,549
104,625
—
k .out. (no par)
per
$626,338
46,649
$883,336
85,129
24,470
1,223
112,699
$1.51
beforelsurtaxToh-un¬
(& Subs.)—Earnings—
[The accounts of Southern National Gas Co.
.com .st
Earnings
^ 1938—6 Mos.—1937
$160,084 *
$112,230
$256,854
1935
$454,752
956
Net income
1938—3 Mas.—1937
1936
$617,054
9,284
$342,131
52,810
31,167
income charges
interest on bonds
.
1937
$869,872
13,464
8,388
Amort, of debt dis. & exp
Prov. for Fed. inc. taxes
Dividends paid-
Subs.)—Earnings—
1938
Gross income
Shs
Federal Mogul Corp
.-—-Earnings—
1938— 6 Mos.—1937
$333,743
Surplus
Period End. June 30—
a Net profit
x$408,373
$3,564
Net profit from operation
Other income credits—
outstanding.
Federal income tax
1938—12 Mos.—1937
x$45,488 loss$246,167
1938—3 Mos.—1937
-
Garlock Packing Co. (&
sur.
3336.
Subs.)—Earnings—
6 Mos. End. June 30—
Prov, for depreciation—
p.
$2,052
$19,844
prof$8,130
Before Federal income and undistributed profits taxes.—V. 146, p. 3187.
x
Int., discount and other
charges of Federal Lt.
& Traction Co
Nil
Before Federal taxes.—V. 146, p. 3496.
preciation, &c
182.945
Pref. divs. of sub.
Nil
Net loss after taxes, de¬
x
*
113.594
46,063
loss$24.695 loss$151.313
1938—3 Mos.—1937
Period End. June 30—
Gross Income------
def$8,960
142 353
Corp.—Earnings—
Net profit after all chgs.,
incl. depreciation
loss$62,236
$3,376,401
130,068
$746,793
— -.
$791,153
48,044
$154,260
147,127
31,828
undistributed earnings.
June 30 last totaled $11,184,201, against $10,456,900
Franklin Rayon
x
Operating income.-..
on
on
June 30 a year
on
al938—12 Mas.—al937
$2,258,632
1,467,479
Before surtax
x
Subs.)—Earnings—*
19.38—3 Mos.—al937
Operating revenue..--- $2,265,655
Oper. rev. deductions—
1,543,979
deductions
Net profit
Earns, per sh. on com.stk.
$257,652
_
Federal Light & Traction Co. (&
Depreciation
Income and surtaxes
$207,181
$0.38
$368,212
185
$0.68
stock.—V. 147, p. 1035.
Co.—Earnings—
6 Months Ended June 30—
Gross profit
General & administrative expense..
1938
-
\
Not
f
/ Reported \
1937
1936
50,924
$194,516
49.122
$266,425
20,974
$145,393
8,989
x$29,900
$287,399
50.300
$154,382
23,112
x$29,900
$237,099
$131,270
$317,349
■
Notes—(1) Federal Water Service Corp. at June 30, 1938, did not own
the majority of
voting stocks of certain subsidiaries due to the fact that the
preferred stocks of such subsidiaries held
by the public became voting on
a£F,ouInt ?
arrears in cumulative dividends.
The
of such sub¬
accounts
sidiaries have been included in the
statements of consolidated income and
surplus and full provision has been made therein for the
undeclared and
unpaid dividends on the preferred stocks of subsidiaries.
U) The statement of consolidated income of Federal Water
ana
Service Corp.
subsidiary companies
does
not
include
the
of Southern
June 30 ,1938,
that company reported
unconsolidated net income of $1,178,708.
This is
equivalent to $1.63 a share on the
554,500 shares of mass A stock and $1 a
share on the 274,939 shares of
class B stock of Southern National Gas Co.
outstanding at June 30, 1938.t
Federal Water Service Corp. and a sub¬
sidiary company own 319,378 shares of class A stock
and 3,542 shares of
Natural
Gas
Co.
and
subsidiaries.
For
the
operations
ended
year
Net profit from operations..
Miscellaneous income (net)
Net income before taxes
Prov. for Federal normal income tax.
Net income before prov. for Federal
surtax on undistributed profits.x
Southern National Gas Co.
Included in the statement of
consolidated income is $174,061 of
interest income accrued on adjustment
mortgage bonds and $400,108 dividends
received on class A and class B
stock of Southern Natural.
Earnings of Company Only
12 Months Ended June 30—;
Income from
subsidiary companies consolidated..
Income from sub. co.—Southern
Natural Gas Co..
Miscellaneous other income—net
1938
$552,802
574,160
7,214
1937
$544,058
499,507
7,877
Comparative Balance Sheet June 30
Assets—
Cash
1938
19.37
$277,154
$195,666
93,129
4,117
305,121
350,676
450,949
84.222
225,774
ot life lnsurance.
54,306
51,025
600
1,513.121
Development cost-
$1,134,177
$1.051,442
234,437
—-
261,496
rec
Acer, royalties rec.
Inventories
Investments
Cash surrender val.
Patents
Prepaid
-----
T«SL?£er
inc??V?-c-
on
5H % gold debentures
Miscellaneous interest
Net income
—
$899,740
-
;
.
$789,947
370,172
7,737
385,749
1,051
$521,831
$403,146
Note—-Loss of $503,972 sustained from investments in and advances to
Coast Exploration Co. arising from
dissolution of that company has been
charged to earned surplus during the year ended June
30, 1938.—V. 146.
_
p.3186.
193 8
expenses
.
Cash in closed bks.
for
sale
payrolls
1937
$5 635
$12 270
Accounts payable.
Accrued Insurance
26,221
212,254
& other accruals
20,015
Fed. inc. tax (est.)
Debenture bonds
51,067
86,047
46 000
146.000
_
22,454
Operating reserves
114,195
Capital account.. 2.353,812 b2.412.051
...
1,551.199
1
—
25.404
20,344
14.468
17,266
of
Canadian plant-Invest, in sub. co.
861
11,641
23,149
Rink, fund assets._
Interest
Liabilities—
Accrued salaries &
1,205
—
Cust. accts.
Rec.
—-
27,678
Loss.
Bal. due from empl
x Fixed assets
class B stock of
v™£iLnCOT+
Expenses and taxes
x$57.578
...
75.000
Collateral
held by
Detroit Tr. Co.
Contract receiv'le.
60,336
,83,447
17,840
Total...-.—$2,502 750 S3,005.2731
Total.
—$2,502,750 $3,005,273
x After reserve for
depreciation of $888,383 in 1938 and $860,400 in 1937b Represented by 31,225 (31,813 in 1937) shares class A stock and 99,247
(99,397 In 1937) shares class B after deducting 8,775 (8,187 in 1937) shares
class A stock and 1,753 (603 in 1937) shares class B stock.—V. 146, p. 3802.
Volume
Financial
147
Gar Wood
Industries, Inc. (& Subs.)—Earnings—
Period—
3 Months Ended
XT
,
New profit after charges
& Federal taxes
June 30 '38 March 31 '38
$0.15
1937
1938
General Realty & Utilities Corp. (&
$0.56
Nil
Nil
was
V. 147, p. 740.
published
Subs.)—Earnings
[Exclusive of Lefcourt Realty Corp.]
$452,613
loss$46,473
$123,759 loss$l70,232
Earns, per share on 800,000 shares of stock
The income statement for 3 and 12 months ended June 30,
,
in
End."June 30
6 Mos.
1193
Chronicle
6 Mos. End. June 30—
Net profit after interest
—V. 146, p. 3336.
&
deprec.
but
1936
$100,789
x$14,607
before
Fed. inc. taxes
General Baking Co.—10-Cent Dividend—
1935
1937
1938
$67,605
y$59,973
x After Federal income taxes,
y Loss.
Note—There has been excluded from income the share of loss for the
dividend of 10 cents per share on the common stock,
par $5 on July 1 to holders of record June 24.
Like amount was paid on
May 2, last, and previously regular quarterly dividends of 15 cents per
share were distributed.
In addition, an extra dividend of 15 cents was paid
on Dec.
22, last; an extra of 35 cents was paid on Dec. 21, 1936, and an
ble to the
extra^dividend of 10 cents per share was paid on Nov. 2, 1936.—V. 147,
Central Park Plaza Corp. (Eldorado Apartments-300 Central Park West)
in which company has a one-half ownership.
Corporations' share of the
Company paid
a
6 months period ending June 30,
amounts
stock.
1938, of Lefcourt Realty Corp., applica¬
stockholdings of General Realty & Utilities Corp., which share
$112,392 after making provision for dividends on preference
to
There has been excluded from income the results of operations
net
General Communication Products, Inc.,
Los Angeles
Offered—William A. Lower & Co., Los Angeles,
recently offered 75,000 shares of capital stock at par ($1).
Stock offered to residents of California only.
earnings for the 6 months period
$10,236.—V. 146, p. 3804.
ending June 30,
of
1938 amounts to
—Stock
Company was incorporated in California, March 14, 1938 for the purpose
of taking over and carrying on the business conducted by Wallce E. Brainard
and associates since the first of 1935.
The business consists of designing
equipment to be used by broadcasting stations and film studios, as well as
manufacturing these products.
During the past year Mr. Brainard and his associates have been broaden¬
ing their field of activities to include the development, design nad manu¬
facture of special industrial mechanical and electro-mechanical equipment
—this type of work being done on special order.
On March 15, 1938, a licensed agreement was entered into with United
Acoustigraph Corp. whereby by assignment this corporation is licensed to
use the United Acoustigraph Corp.'s patents in the manufacture and sale
of the acoustigraph dictating machine.
This machine adopts the principle
of recording the voice on a flexible loop in contrast to the wax cylinder which
is currently commercially used by the Dictaphone Corp. and Ediphone Co.
The recording and reproduction of the voice is accomplished on the acousti¬
graph machine by an electrical process instead of mechanical reproduction
which is in general commercial use.
Capitalization—Capital stock ($1 par): Authorized, 500,000 shares; issued
and outstanding July 5, 1938, 59,200 shares.
The proceeds of this financing will be used for acquisition of tools and
dies for the manufacture of dictating machine and for initial sales expense,
working capital, &c.
€
General Investment
Years Ended Alay 31—
18,320
_
_
1937
$166,831
99,430
14,861
81,545
'
General expenses.
Taxes
—V.
147, P.
Gillette Safety Razor
Period End. June 30—
$795,299
Co. (& Subs.)—Earnings—
1938—6 Mos.—1937
$2,300,616
$2,922,711
234,863
230,854
635,328
606,524
Operating profit
Depreciation
Federal,income tax, &c.
Netprofit
$1,430,425'
$0.34
...
Earn per share on com..
1938— 12 Mos.—1937
$5,723,485
520,735
1,357,499
$6,478,978
$2,085,333
$3,845,251
$4,826,405
$0.67
$1.17
$1.66
478,864
1,173,709
Subsidiary Dissolved—
As of
July 28 Paramount Blade Corp., a New York corporation of which
Safety Razor was the sole stockholder, was dissolved.—V. 146
Gillette
p.
'
3500.
Indemnity Co.:—Balance Sheet June 30
Globe
1937
1938
Assets—
1938
Reserve for
1,886,809
1,720,518
U. S. Govt, bds—15,897,427
15,101,938
Res.
14,080,065
Res. for comm's
unearned
uncollec.
1,000,000
1,000,000
3,703,072
3,588,123
193,387
193,855
702,599
700,848
S
claims.15.Q93,550 13,976,129
premiums
State, railroad and
8,117,509
7,813,439
685,096
677,896
1,109,000
853,800
on
prems.
Res. for taxes and
Prems. In course of
collection
for
1937
$
Liabilities—
$
Cash
sundry
Res.
Int. & rents due &
accrued..
accts...
for losses
curred
but
In¬
not
reported
Voluntary res.
2,200,000
for
contingencies...
3.705,559
3,364,083
Capital
2,500,000
2,500.000
Surplus
~$1 .058,03 lprof$434,090
Net loss
$625,003
1036.
Sundry bals. due..
sales of securities
on
$46,725
$17,489
$52,541
1,075,520 prof381,549
Net income
Loss
1937
$46,950
oth. bds. &stks. 13,637,420
$117,354
—Jan. 1 to Aug. 7—
1938
1937
7—
1938
revenues
Real estate
1938
y
.
—Week End. Aug.
Operating
_
Corp.—Earnings—
Gross income
Georgia & Florida RR.—Earnings—
5,000,000
5,000,000
Balance Sheet May 31
$253,930
Accts.
for
rec.
24,199
Accrued
in
Invest,
3,907,835
of
sees,
1,820,108
affiliates...
Notes
284,340
819
4,721,466
interest
Investments
Bank
37,020,714 36,385,348
Note—On the basis of June 30, 1938, market quotations for all bonds and
46,900
company's total admitted assets would be increased
to
$37,998,756 and the voluntary reserve for contingencies, including
fluctuation in market value of securities, to $4,683,601.—-V. 146, p. 2852.
450,000
loan
189,000
Note payable
1,535,150
Class A stk. (par $1)
100,000
Com. stock(par$l)
950,253
2,997,588
stocks
owned, this
1.647,725
2,897,100
x
Cum. pref. stock.
Deficit
22,000
real estate co
Total
37,020,714 36,385,348
Total
1937
$332,663
$12,447
payable.
Capital surplus...
from affii.
rec
Accounts
Res. for spec. exps.
,
sold
y
$84,930
sec.
1938
Liabilities—
1937
1938
Assets—
Cash
Goldenwest Mining
100,000
950,253
(B. F.) Goodrich Co. (& Subs.)—Earnings—
1^38
206,365 surSol,666
-
Corp.—Registers with SEC—
given on first page of this department.
See list
6 Months Ended June 30—
Sub-participat'n in
syndicate loan..
1937
$51,913,986 $78,566,619
Fed. income taxes.209,551xprof3,510,689
x Includes
$519,616
net
profit
on
foreign
exchange
and
after
charges, Federal income taxes and provision of $500,000 for contingencies,
and is equal, after preferred dividend requirements, to $1.90 a share on
Net sales.
1,734,75)
......
-
Net loss after deprec., int. &
$6,028,072 $6,826,306
Total....
$6,028,072 $6,826,306
Total
Represented by 30,703 no par shares in 1938 and 32,954 no par shares
1937.
y Paid on purchase of bonds upon which no coupons had been
coll. prior to May 31, 1937.—V. 146, p. 3014.
x
in
(& Subs.)—Earnings
General Motors Acceptance Corp.
1936
1937
1938
6 Months Ended June 30—
Net income after all deductions except
provision for Federal surtax on undistributed profits
$7,496,180
_
_
$6,380,919
—
$6,711,440
Consolidated Balance Sheet
June 30,'38
Assets—
$
Cash
June 30, '38
Dec. 31, *37
$
41,545,421
42,186,748
-.396,618,306
Accts. receivable
898,220
Investments
259,882
505,389,895
Corp.
& affil.
cos...
7,641,022
1,526,589
5,506,822
796,674
820,674
closed
21,747
18,494,278
19,126,784
6 Mos. End. June 30—
&
971,405
dlsct.
(long-
exp.
debt)...
392,377
409,930
Other defd. chgs
184,679
3H % notes, due
Nov.
1. 1939
to Feb. 1,1940 25,000,000
debs.
'46 50,000,000
50,000,000
Net sales
1938
1937
1936
1935
$78,151,636 $116475,701 $90,908,685 $78,828,358
50,000,000
10-yr. 3%
167,502
term
a
25,000,000
15-yr. 3H % debs
due Aug. 1 '51 50,000,000
Unamort,
457,129
Goodyear Tire & Rubber Co. (& Subs.)—Earnings—
Dealers' reposses¬
sion loss res..
Prepd. discount
(notes pay.)..
has been elected a director to fill vacancy
Col. Albert A. Sprague of Chicago.
Arthur
Vice-President and was elected a director to
fill the vacancy created by the recent resignation of J. D. Tow.
Mr. Wil¬
liams is President of the Freeport Sulphur CO. and Mr. Newhall is President
of the Hood Rubber Co., a Goodrich subsidiary.—V. 146, p. 1116.
Fed. inc. & other
taxes accrued.
banks (less res.)
New Directors Elected—
Langbourne M. Williams Jr.
created by the resignation of
B. Newhall was appointed a
5,461,780
accrued
Interest
18.864,060
1,304,078
1,482,187
Other accts. pay
(less deprec.).
in
Motors
931.672
fice equipment
Deps.
Due
328,064
Co. autos. & of¬
Dec. 31, *37
$
30, 1938 of
was stated.
Domestic bank loans amounted to $3,500,000 at June 30,
1938,
The accounts for the half-year period, as is customary, were pre¬
pared by the company's accounting staff, and were not certified by inde¬
pendent auditors.
loans
&
payable
190,619,219 294,757,682
to General
Notes & bills rec.
(net)
$
Liabilities—■
Notes
common shares.
The consolidated balance sheet shows a current ratio on June
1,303,255
5.83 to 1 compared with a ratio of 5.34 to 1 on Dec. 31, 1937.
As of June 30, 1938, current assets amounted to $73,485,256 and current
liabilities were $12,613,780.
Inventories were valued at the lower of cost
or market and raw material commitments were at prices below market, it
75,014.954 105.615,829
86,104,374
75,187.683
$3,136,683 $10,859,871
370,637
536,364
$4,804,311
504,598
$3,640,675
513,764
$3,507,320 $11,396,236
1,363,631
1,400,744
$5,308,909
1,379,056
$4,154,439
1,396,352
473,860
due Aug. 1,
427,140
1,500,000
331,170
353,309
$1,669,828
c2,439.255
513,687
$8,068,352
2,200,410
1,963,235
$3,598,683
1,502,937
$2,404,778
1,504,026
_____.def$l,283,114
b Mfg. costs
$3,904,707
$2,095,746
$900,752
1,540,400
$0.62
1,492,871
& charges..
Other income
.
Interest, discount, &c..
.
Conting. & other
1,693,582
1,575,423
50,000,000
50,000.000
11,250,000
Earned surplus.
8,750,000
Undivided profs. 19,411,500
11,250.000
reserves.
Cap. stk.
par)
($100
Paid-in surplus-
3
8,750,000
14,915,319
.
—V. 146, P.
441,152,688 551,227,637
Total
441,152,688 551,227,637
Total
Common
dividends.
1710.
Surplus
General Refractories Co. —Balance Sheet June 301938
Real est.,
1937
$
Assets—
r
1938
$
11,609,744 11,970,554
1,718,278
513,848
10,438
6,418
receivable-_
784,687
1,544.611
machry., &c
Cash
Notes receivable-_
Accts.
Inventories
Accrued int., rec..
2,413,714
1,145
2,643,878
west
74
34,060
800,000
27,864
accounts
Patents-
-
Repair parts, <fcc_.
in banks in
446,004
631,837
18,925
34,830
14,973
208,789
1st rntge.
bonds,
46,921
161,594
10,339
1, 1945
1,9.50,000
2, 250,000
Capital stock—12,429,056zl2, 419,980
a 19,072
8,357
611,313
611,314
Scrip for cap. stk—
Capital surplus—
Earned surplus
1,878,793
1, 255.939
z
LiabilUies—
s
b
8,843
$
$5 pref. stock.
65,046,800
67,046,100
30,751,570
Funded
1,296,258
14,482,747
Goodwill, &c—
1
Deferred charges
1,844,795
1,021,521
11,976,812
Rubber In trans.
...
Inventories
Canadian
-
10,748,283
52,365,500
subs.,
Govt,
...
Cap. stk. of subs 10,652,454
Funded debt
Acc'ts and notes
receivable..
1
1,992,648
debt
52,365,500
of
&c
d Acc'ts payable
Acer,
interest..
Reserves
Earned surplus.
17.752,036 17,989,624
y
15,621 shares issued in
192,415,956 206,665,250)
Total
a
Total
132,802
224,970
1,846,855
7,911,482
1,295,200"
11,166,718
473,392
5,045,908
8,009,613
18,833,139
18,830,969
20,138,748
26,958,227
192,415,956 206,665,260
depreciation,
b Represented by 2,059,062 no-par shares In 1938
shares in 1937).
c Represented by 650,468 no-par shares in
670,461 no-par shares in 1937.
d Includes reserve for Federal
taxes.—V. 147, p. 112.
After
(1 999,082
1938 and
income
S
8,994,623
23,045,735
Investments
1937
10,993,923
c
11,993
Total
Nil
Common stk.
Capital surplus.
After depreciation
Includes
1938
1937
78,329,721
5,748,512
76,844,465
securities
12,587
$3.18
freights,
78,112,410
6,340,610
67,293,399
Plant & prop.
Cash
and depletion of $4,185,978 i? *938 and $3,781,725
Represented by 470,084 no par shares in 1938 (469,902 in 1937).
connection with optional dividend paid
June 30, 1937.
a Scrip for capital stock issued in connection with optional
dividend paid June 30, 1937.
x
in 1937.
$
Assets—
a
221,457
17,752,036 17,989,624
Total
discounts,
Returns,
Consolidated Balance Sheet June 30
4M%s.f.
due July
1.999,082
2,059,061
$0.02
allowances, excise taxes, and inter¬
company sales deducted,
b Including depreciation, selling, administration,
and general expenses, and provision for Federal taxes,
c Includes thirdquarter dividends payable Sept. 15, 1938, $813,085.
a
1938
Cash
hands of receiv.
Earnings per share
60,000
183,528
*171,330
N%ohpar°^'-!-^---!-t-
insur.
claims
y
officers
and employees
Deferred
accounts..
Res. for spec,
33,653
Magnesite
from
Due
577,720
Res.for Fed.inc.tax
North¬
in
Co
314,757
Res.forempl .group
accident insur..
103
800,000
Invest,
Accrd.
$
payable.
,
Accrd. int. on inv.
Other investments
$
LiabilUies—
Accounts
bldgs.,
1937
1194
Financial
Gramott Corp.
(Parkside Hotel).—-Interest—
at 18 Gramercy
bond issue at the
$1,000.
This bond issue, outstanding in the amount of
$710,000, was issued, par for par, to former first mortgage bondholders
under a 77-B reorganization consummated in 1935, according to an Amott,
Baker & Co., Inc., statistical report on the corporation.
Under that re¬
organization these bondholders also received 90% of the common stock
ownership, subject only to an institutional first mortgage originally in the
amount of $80,000, now reduced to less than $75,000.
For the last fiscal year ended April 30, the hotel grossed $255,939 on an
average occupancy or about 90%.
This compares with a gross of $241,473
in the preceding year.
Net income after expenses, taxes and first mortgage
interest amounted to $40,000 in the latest year, which is at the rate of 5.6%
on the outstanding issue.
In the preceding year this net Income was $27,600
which is at the rate of 3.9%.
<
of $30
per
,
,
Granby Consolidated Mining, Smelting & Power Co.,
Ltd.—Earnings—
3 Mos. End. 6 Mas. End.
Mar. 31 '38 June 30 '38
3 Mos. End.
Period—
June 30 '38
Net income after int., amort., deprec.
and Income taxes
Earnings
per
$38,217
—
$42,244
$80,461
$0.08
..
share
$0.09
$0.17
....
Note—The foregoing figures are based on an average price for copper
during the quarter of 8.91 cents and are subject to price adjustments.
Production of copper during the quarter amounted to 7,097,931 pounds,
or an average of 2,365,977 pounds
per month.
Net cost of production of
copper per pound was 7.26 cents, including all operating and general ex¬
penses, compared with 7.83 cents for the first quarter of 1938.
These
costs are after allowing for previous metals but exclusive of debenture
Interest, amortization, depreciation, depletion and income taxes.—V. 146,
p. 3015.
Grand National Films,
Inc.—Merger Completed—
Final arrangements for the merger of this company with Educational
Pictures, Inc., were completed on Aug. 12 at a meeting held between E. W.
Hammons,
President of Educational, and Lloyd Wright and Edward L.
A1 person, trustees for Grand National.
Details of the merger will be made public after
the plans
are
that the balance of the proceeds will be used for the
purpose of financing its construction program and for its general corporate
purposes as an operating public utility company.
The total construction
requirements of the properties now owned by the company are estimated at
approximately $7,000,000 for the calendar year 1938, it is stated, of which
approximately $4,000,000 is for additions to the plant formerly owned by
Louisiana Steam Generating Corp.
4
Stone & Webster and Blodgett, Inc., The First Boston Corp. and Brown,
Harriman & Co., Inc., all of N. Y. City, are named as the principal under¬
writers.
The names of other underwriters are to be furnished by amend¬
ment to the registration statement.
The registration statement states that Stone & Webster and Blodgett,
Inc. have been authorized by the several underwriters to engage in certain
market operations to facilitate the distribution of the bonds by effecting
transactions in them "for the purpose of stabilizing the market price thereof.
The existence of this provision is no assurance that any such transactions
will be effected, or, if effected, that they will not be discontinued at any
time."
; -r;
■
4
The price at which the bonds are to be offered to the public, the under¬
writing discounts or commissions and the redemption provisions are to
be furnished by amendment to the registration statement.
.-•:•••■
Exchange Approved—
The Securities and
Exchange Commission on Aug. 12 approved the plan
offer to exchange a new issue of 6,209 shares of $6 preferred
outstanding 6,209 shares of $6 preferred stock of Baton Rouge
Electric Co.—V. 147, p. 1037.
involving
an
stock for the
Hackensack Water Co.—$14,350,000 Bonds Placed Pri¬
vately—The company through White, Weld & Co. and Kean,
Taylor & Co. as agents, is understood to have placed privately
with a group of insurance companies, including Metropolitan
Life Insurance Co., Prudential Insurance Co. of America,
and Equitable Life Assurance
Society of the United States,
an issue of $14,350,000 bonds.
Proceeds will be used to retire the three outstanding bond issues aggre¬
gating $14,250,000.
The issuance and sale is subject to the approval of
the Public Utility Commissioners of New Jersey.—V. 147,
p. 1037.
submitted
Hamilton Watch
by Grand National's trustees to the creditors and to the Federal District
Court for the Southern District of California in Los Angeles.—V. 147.
p.421.
Corp.—Accumulated Dividend—
The directors have declared a dividend of $1.50 per share on account of
accumulations on the $6 cumulative preferred stock, no par value, payable
2 and June 1,
1935, and 75
paid each quarter from June 1, 1933 to and including Dec. 1, 1934.
to June 1, 1934, regular quarterly dividends of $1.50 per share were
1935,
Earns, per sh.
cents
x
Prior
paid.
—V. 146, p. 3954.
Net income
19,816
27,700
36,713
48,300
x$283,257
$109,318
x$436,423
$0.08
Federal income taxes
182,979
24,402
$81,231
Other deductions
x
1938—12 Mos.—1937
$1,621,259
154,201
6,031
20.600
Selling & adminis, exp_.
„
.
1938—3 Mos.—1937
$764,045
501,982
.
Cost of sales..,.
Sept. 1 to holders of record Aug. 15.
A like payment was made on June 1
and on March 1 last, on Dec. 1, Sept. 1, June 1 and March 1, 1937, on
Dec. 1, Sept. 1 and June 1, 1936, and on Dec. 2, Sept.
and compares with $2.25 per share paid on March 1,
Co.—Earnings-—
Period End. June 30—
Sales,
Green Mountain Power
Aug. 20, 1938
The company states
The corporation, owning the Parkside Hotel, located
Park South, this month paid interest on its publicly-held
rate
Chronicle
$0.60
$0.02
$0.86
on com..
Before surtax
Hanover
on
$1,284,626
841,229
1,082,321
undistributed profits.—V. 146, p. 3016.
Fire
Insurance
Co.
of
N.
Y .—Financial
1938
1937
1938
'
6 Months Ended June 30—
1938
Net loss after charges and taxes
1937
Assets—
$3,668prof$300,743
—
have been further reduced by $90,000 and on June 30,
1938
/"V
$
S
146,
p.
3,379,309
2,675,430
Municipal bonds..
486,949
1,056,998
Railroad bonds...
See list given on first page
1937
1936
over
$69,172
17,859
$58,242
$64,627
$51,313
$58,605
.
19,736
Balance Sheet May 31
Liabilities—
1937
1938
Cash...i..».——
$27,090
$2,572
Revenue stamps..
50
50
1,139,151
1,701,697
affll.
27,904
43,847
$167
273
730
Acer. Fed, & State
Fed.
tax
20,063
withheld
divs. paid
Prov.
for red.
dividends
& Interest ree'v.
3,233
5,371
1,434
22
656
After
$2.90
p.
15,557,755
17.781.882
254,694
225,353
17,781.882
Total
Refractories
Co.
(& Subs.)—Earns.
1938—3 Mos.—1937
1938—6 Mos.—1937
$87,100
$921,300
$229,600
$2,013,100
$0-03
$0.64
$0.10
$1.41
depreciation,
891.
a common
share for the 12 months ended June 30, 1937.—V.
147,
1,761,582
Harbor Plywood
656
1,197,756
Corp. (& Subs.)—Earnings—
Earnings for the Year Ending Dec. 31, 1937
Net sales
a
Cost of goods sold
$3,959,029
3,333,414
j
Operating income
$1,198,863 $1,783,219
Total..
$1,198,863 $1,783,219
$625,615
128,546
Other income
Total...
necessary
1902.
b
Selling, general and administrative
charges
$754,161
658,816
83,870
expenses
Other
Provision for Federal income taxes
Gulf Mobile
&
Northern
Surtax
RR.—RFC Sets
Conditions under which the Reconstruction Finance Corp. has agreed to
advancp $9,500,000 to finance the purchase by the road of the Mobile &
Ohio were revealed Aug. 12 in correspondence placed in the Interstate
Commerce Commission's files.
The RFC will provide the $9,500,000 on
collateral consisting of $10,556,000 of new first mortgage 4% bonds to be
issued against the combined properties either by the G. M. & N. or a new
company formed in the merger of G. M. & N. and the Mobile & Ohio.
The
first mortgage bonds would be a part of a total issue of $16,556,000 issued
in connection with consolidation of the two roads and would be secured by
a first lien on all the property of the M. & O. now in
receivership including
equipment, subject only to the lien of existing equipment trust covering
such equipment, and also by lien on the fee of, or leasehold interest in, all the
property of the G. M. & N. and of New Orleans Great Northern RR.,
subject only to the liens of existing mortgages and equipment trusts.
The Southern Ry., which now controls the Mobile & Ohio, it was revealed,
by resolution adopted July 26, authorized its officials to sell to the G. M.
& N. $7,839,000 or Mobile & Ohio general mortgage 4% bonds, conditioned
negotiation of the loan from RFC to G. M. & N. and the final
a plan of reorganization and consolidation of the G. M. &
N. and the M. & O.—Y. 147, p. 1037.
upon the
consummation of
States
Utilities
Co.-
-Registers $10,000,000 Bond
Issue—
Company on Aug. 11 filed with the Securities and Exchange Commission
registration statement (No. 2-3779, Form A-2) under the Securities Act
$100,090,000 of first mortgage and refunding bonds,
The maturity date is to be furnished by amendment to the
covering
registration statement.
According to the registration statement, the net proceeds from the sale
of the bonds are to be applied as follows:
$1,001,700 to redemption at 105% of $954,000 1st mtge. bonds, series A,
5H%, due June 1, 1954 of Baton Rouge Electric Co.:
$2,100,000" to redemption at 105% of $2,000,000 1st mtge. bonds, series B,
5%, due Feb. 1, 1959, of Baton Rouge Electric Co.;
2,680,000 to payment of notes of Louisiana Steam Generating Corp. to
Engineers Public Service Co., due Nov. 19,1940, now outstand¬
ing xn the aggregate amount of $2,680,000;
380,000 to payment of short-term notes and open account indebtedness
aggregating $380,000 of Baton Rouge Electric Co. to Engineers
Public Service Co.;
425,000 to payment of short-term notes of the company aggregating
$425,000 to Chase National Bank of New York.
900
undistributed income
5,600
Net profit
$4,974
a
Including depreciation
preciation of $22,336.
on
mill properties of $68,028.
b Including de¬
Consolidated Balance Sheet Dec. 31. 1937
Assets—
Liabilities—
Cash
S79.393
Notes
Accts. & notes recv. (net)...
489,722
Accounts payable:
Inventories....
Invest.ln
1,172,122
Capital Plywood Co
Other assets..
5,100
37,159
Capital assets
__
Deferred charges
$425,000
205.995
17,632
Real and personal prop, taxes
Prov. for Fed. inc., cap. stk.
19,263
and
1,172,708
48.103
payable to banks
Wages payable...*.
profits taxes
Capitol
Plywood
22,085
Co.
(Inac¬
tive affiliate)
a
52,130
Capital stock
2,137,761
Surplus
Total
$3,004,3071
124,440
Total
$3,004,307
alssued and outstanding—cumul.
conv. preference stock—98,812 shares
stock—138,500 shares(of whica 42,487 shares were held in treasury).
—V. 146, p. 2654.
common
Hayes Body Corp.—Earnings-—
Period End. June 30—
TSTf^f",
series D, 4 %.
on
Collateral for
$9,500,000 Loan in M. & 0. Purchase■—
1933
7,880,701
owner¬
ship
to reduce costs to market value of $491.953
in 1938 and $133,621 in 1937.
y After amount necessary to reduce cost to
quoted market value of $491,953 in 1938 and $154,237 in 1937.—V. 145
of
5,178,822
depletion, Federal and State income taxes, &c.
Estimated net profit fbr the 12 months ended June 30,
1938, totaled
$1,348,100 equal to 86 cents a share on common, comparing with $4,126,700
9,586
for retirement..
Gulf
Net surplus......
Harbison-Walker
ship ctfs. purch.
p.
205,651
1,020,541
of
Pret. benef. owner¬
After amount
507,200
4.000.660
Period End. June 30—
Net profit
Earns, per share on com.
or
12
scrip outst.
Beneficial
1,572
x
other
—V. 145. P. 1420.
a
taxes
com.
Due fr. affll. trusts
Total
all
Conting. reserve..
220,587
Capital...
4,000,000
a
$167
on
trusts.
Accrued
1937
Due to brokers
comprising
portfolio —
in
1938
Accrued salary
18,525
Due from brokers.
Invest,
for
516,470
15,557,755
Total
Exclusive of loss resulting from sale of securities, &c., during period.
the
710,296
adjustment
liabilities
186,972
$78,341
Sees,
724,749
Losses in process of
Res.
not
90 days due
int. &oth. assets
$81,404
16,778
x
4,683,685
Bills receiv. accr'd
$74,345
16,102
Assets—
4,886,447
954,454
....
bals.
$
unearned
547,150
deposit &
office
Agency
xNet income for year.
a
on
Real est. & mtges.
1935
expenses
miscellaneous income
y
442,778
;
for
premiums...
9,592,820
stocks,]
on
Administrative
x
7,648,852
In
bonds, Ike.
management fees and
interest
959,216
263.189
Res.
1,266,214
165.849
Cash
Trust—Earnings-
1938
878,898
Stocks
V. 147, p. 421.
of this department.
Guardian Investment
Years End. May 31—
Registers with SEC-
1,159,000
Indus. & misc. bds
3015.
"Griesedieck Western Brewery Co.
1937
LiaMlUles—
U. S. Govt, bonds.
Public utility bds.
amounted to $450,000.—V.
Inc. from divs. on
84,700
Statement June 30—
Greenfield Tap & Die Corp .—Earnings—
"^larik'loans'
$2,595,680
1,711,557
326,293
256,56.3
IfiRQ
qffni*
1938—3 Mos.—1937
f] orxrcin
taxes, interest, &c._.'l
Earns, per sh. on com..
$26,950
1938—9 Mos.—1937
prof$7,908
Nil
$88,899
$43,273
Nil
$0.02
Nil
For the 12 months ended June 30, 1938 net loss was
loss of $74,574 in the preceding 12 months.—V.
146,
$98,275, against net
p. 3188.
Hartman Tobacco Co.-
-Earnings-
Years Ended June 30—
Expenses
Profit
Other income.
1937
$350,072
157.717
$192,354
36,323
excess
Prov. for surtax
on
profits taxes
undistributed profits
$229,579
23,911
Federal inc. and
37,224
$78,043
Gross income
Other deductions
Net income
1938
$211,377
169,656
$41,720
Gross profit on sales
10,141
133
45,502
27,041
24,929
$43,857
$132,106
Volume
Financial
147
No Interest Payment—
Condensed Balance Sheet June 30
Assets—
1938
Cash
1937
$64,762
$92,764
88.562
40.904
28,701
68,131
Accts.
723,262
840,951
Notes receivable—
Accts. receivable..
Inventories
Inv.
in
sub.
10.000
(wholly owned).
6,008
144,492
136,791
1,376,021
1,740
prior pf.
stock
1st
709,250
—
non-cum.
1938
1937
$3,301,505
profit
Earnings per share
stock outstanding
2,009,280
on
shs.
$3,384,438
of capital
$1.68
$1.64
taxes, but
283,700
6H%
pref.
Hotel Governor Clinton, Inc.—Bond
(par $100)
cum.
Subs.)—Earnings—
Net
a
a After
depreciation, depletion and normal Federal income
before surtax on undistributed profits.—V. 146, p. 3338.
pref.
.....
Homestake Mining Co. (&
6 Months Ended June 30—
8.250
80
stock
V. 146, p. 2854.
674
50,650
Reserve
h$3
that the profit
a?r oS statement of Hotel Waldorf Astoria Corp. shows no income avail¬
able for debenture interest earned
during the first six months of the current
year and that therefore no interest will be paid on Sept. 1. 1938 on the 5%
sinking fund iocome debentures, due Sept. 1, 1954, of the corporation.—
"If, 397
169
credit
g $4 cum.
Notice has been received by the New York Curb Exchange
80
3,493
Reserve for taxes.
a
58,283
4,773
and accr
Deferred
16.507
1,336,149
126,000
Div. payable...-Accrued accounts.
10,000
3,000
.
$126"000
payable
pay.
d Fixed assets
$150,000
Fed. & State taxes
co.
4% debt bonds
Deferred charges.
1937
193$
Liabilities—
Notes pay. banks.
Notes payable
1195
Chronicle
e2,000 bl,430,000
stock
Capital surplus
510,820
C185.460
16,983
Earned surplus
211,109
315,734
f213,830
Com. (no par) stk.
Res. for red. of 1st
9,966
pref. stock
Interest—
In accordance with the plan of reorganization the first interest payment to
new bonds which is due Sept. 1 has been authorized by the
directors to be paid to holders of record on Aug. 20.
The payment, amount¬
holders of the
ing to $10 for each $1,000 bonds, represents interest at 2% per year
first six months ended Sept. 1.
for the
Accompanying the statement of payment to bondholders is a condensed
operations for the nine months ended May 31, 1938, showing
gross receipts of $1,027,553, operating expenses at $844,204, and a gross
operating profit of $183,349 before real estate taxes, interest or deprecia¬
tion.
Deducting $120,464 for real estate taxes and penalties leaves $62,886
profit before interest on reorganization loan, mortgage bonds and de¬
preciation.—Y. 146, p. 2044.
statement of
$2,260,445 $2,445,279
Total
$2,260,445 $2,445,279
Total
a
At $4 per share for 1st preferred 6 M % cumulative not deposited for
conversion,
b Convertible into 14,300 shares of prior preference $4 cumu¬
stated value $50.
14,300 shares of preference $3 non-cumu¬
stated value $20, 28,600 shares of common, no par, stated
Issued 188,100 shares, less 2,640 shares in treasury,
d After
reserve for depreciation, revaluation and decrease in land values of $1,115,088 in 1938 and $1,048,269 in 1937.
e Convertible into 20 shares of $4
cumulative prior preference no par, stated value $50 per share.
20 shares
of $3 non-cumulative preference, no par, stated value $20 per share.
40
shares of common, no par, stated value $1.
f Issued 216,470 shares, less
2,640 shares in treasury,
g Issued 14,185 no par shares,
h Issued 14,185
lative no par,
lative no par,
value
no
$1.
par
c
shares.—V. 145, p. 1741.
-
(G.) Heilman Brewing Co.-
&C
—V.
$127,359
$170,170
$0.56
$115,040
$94,528
$0.31
stk
$0.38
$0.42
$28,922
$452,290
$35,362
$629,986
before surtax
stock outstand
311,100
311,100
$1.45
311,100
$0.11
311,100
$0.09
146, P. 3338.
cents
per
share on the
$2.02
1938—6 Mos.—1937
$172,333
785,056
$1,020,468
784,956
$1,647,582
784,956
$1.82
Nil
$1.16
profits.—V. 146,
Humble Oil & Refining
1938—6 Mos.—1937
taxes but
Earnings per share
785,056
$0.04
Before surtax on undistrubted
x
Net profit after deprec.,
devel. exp. & Fed. inc.
—V.
$143,004
Shares of class B stock—
Hercules Motors Corp.—Earnings
com.
10
1938—3 Mos.—1937
Earnings per share
146, p. 2695.
1938—3 Mos.—1937
Co.—Dividend Reduced—
dividend of
a
Houdaille-Hershey Corp. (& Subs.)- —Earnings—
depreciation, &c
Period End. June 30—
Shs.
declared
Net profit after taxes,
x
:
——-
have
Period End. June 30—
1935
1936
1937
Net profit after deprec.,
Federal income taxes,
Earns, per sh. on cap.
directors
stock, par $2.50, payable Sept. 26 to holders of record Sept. 11.
This compares with 15 cents paid on June 25, last; 25 cents paid on March 26
and on Dec. 24, last, and 40 cents paid on Sept. 27, and on June 26,1937'
this latter being the initial payment on the $1.50 par shares.
See V. 144*
p. 4009 for detailed record of previous dividend payments.—V. 147, p. 742.
Earning s-
1938
6 Mos. End. June30—
Hoskins Manufacturing
The
common
p.
2695.
Co.—Larger Dividend—
The directors have declared a dividend of 62 H
cents per share on the
stock, no par value, payable Oct. 1 to holders of record Sept. 1.
This compares with 37 M cents paid on July 1 and on April 1, last; 62
common
paid on Dec. 27 and on Oct. 1, 1937; 37H cents paid on July 1 and
April 1, 1937, and previously regular quarterly dividends of 25 cents per
were distributed.
In addition an extra dividend of 25 cents was paid
cents
on
share
on
Dec. 26 and on Oct.
1,1936.—V. 146, p. 3339.
,
.
Hunter Steel
Hewitt Rubber Corp.—10-Cent Dividend—
have declared a dividend of 10 cents per share on the
stock, par $5, payable Sept. 10 to holders of record Aug. 27. Like
amount was paid on June 8, last and compares with 25 cents paid on
March 9, last, and on Dec. 6, Sept. 8, June 6 and on Feb. 27.1937.—V. 147,
p. 573.
The directors
common
Hinde & Dauch Paper Co.
Co.—Earnings—
Earnings for 3 Months Ended June 30,1938
Provision for depreciation, on cost
-
313
2,691
Maintenance, repairs and shop supplies
Taxes, other than income taxes
Other
manufacturing
4,018
expenses--
Selling, general and administrative expenses
Overhead apportioned to plant construction
(& Subs.)—Earnings—
1938
1937
1936
1935
Net
x$320,940
x$809,006
$568,365
$543,001
Earns, per sh. on com._
$0.64
$1.97
$1.26
$1.19
x After deducting surtax on undistributed profits.
For the quarter ended June 30, 1938 net profit was $136,036 equal to
25 cents a share on common, comparing with $438,394 or $1.09 a common
share in June quarter of 1937.—V. 143, p. 3955.
$7,951
16,768
Total income from contracts before overhead
30—
prof. after all charges
13,058
Cr679
and unbilled costs
6 Mos. End. June
Operating loss
-
$28,219
—
Other income
Amortization of organization expense
Provision for depreciation, on
appraisal increase transferred to
stated capital
Net inc. after int.,
Fed.
inc.
1938—6 Mos.—1937
1938—3 Mos.—1937
stockEarnings per share——..
—V. 146, p. 3338.
Balance Sheet June 30, 1938
$316,777
450,232
$0.65
$103,071
450,194
$0.11
$120,365
450,232
$0.16
$279,935
450,194
$0.56
$135,944
$1.01
$290,450
$2.61
$221,445
$1.93
stock-
1938
$3,519,427
30—
;
2,778,250
Operating expenses
299,681
500,000
1938
$
$
1938
$
LtaMlities—
Accounts payable-
222,711
?
Basic rent & taxes
In banks
162,974
264,167
335,856
157,801
287,786
due N. Y. Rtate
134,957
Realty & Term.
Inventories
Prepaid expenses.
Leasehold
73,651
39,769
9,522,309
9,743,679
Trade adv. contrs.
10,103
9,097
—
1,000
Deferred
1,000
9,100
9,100
8,443
92,300
847,021
912,941
(net)
129,022
9,572
6,116
X650.748
301,434
sales,
27,090
27,332
Fed. retire, tax
11,637
«^04
loss,
2.656
2,365
...—- —
-
268,820
27,690
Rent deferred
on
acct. of reorgan.
Hussman-Ligonier Co. (& Subs.)—Earnings—
Ended June 30—
1938
a
Net
reserves
.
Hygrade Sylvania
Corp.—Earnings—
Ended June 30—
after operating expenses, Federal income
Net loss
&c■, charges.
Earnings per share on
taxes,
204,684 common shares
1937
1938
Qn„
r
,-,Qn
- -
$88,908prof$590,315
Nil
$2.55
4117.
Indianapolis Power & Light Co.—SEC Exempts Bonds—
The company has been granted an exemption by the Securities and Ex¬
9,230
64,610
12,263
change
Act
3,923
5% sink, fund Inc.
10,985,000 10,985,000
11,868,996 11,804,674
x Deficit from
operations (adjusted), $1,017,129 (1937, $667,814), less
capital stock (par $1), $366,380.
Total
$1.34
53,712
17,592
.
1937
$213,640
$87,437
profit
$0.42
a After depreciation and Federal and
State income taxes, but before un¬
distributed profits taxes.—V. 146, p. 1243.
script. to World's
debentures
$349,966
$151,122; loss, $232,957; other income, $20,414; loss, $212,543;
5,516; net
$9,395; idle plant expense, $1,947; sundry charges,
$226,401.—V. 146, p. 3955.
—V. 146, p.
56,476
Fair debentures.
$516,897
6 Months
Adv. due-bills out¬
2,792
6 Months
20,352
standing
~4~, 502
3,901
-
-
3,804
32,353
expenses
11,868,996 11,804,674
$345,464
32,303
account for the quarter ended June 30, 1939, follows; Net
sales $222,353; costs, $304,188; expenses, including depreciation and amort¬
Unpaid bal.of sub¬
Total
$495,900
—
The income
Dep. onaprt. rent,
Sundry
$412,660
67,196
Earnings per share on common
utility & capital
withheld
78,637
$528,203
period
Net loss
200,321
Unemploy. Ins. tax
Int.
318,550
Interest
on
and banquets—
Deficiency of capi¬
tal
Int.
Other accrued exp.
6,132
92,300
charges
—
Loss for
798,722
1
J
—
_ —
Other income
& addit'al
stock taxes
de¬
(less amortiz.)
225,859
for
debs.
Admission,
corporat'ns
group Insur.
Fair
|
depreciation
amortization
interest,
Co
Prov.
$118,888
452,911
ization,
earnings rent
of
affil. corporat'ns
Invest. In stock of
Invest. In stock
dividend.—-:—
Operating loss.
1937
268.164
1937
1938^^
Sundry charges
1937
and
bentures subscr.
Corp. (& Subs.)—Earnings-
Ended June 30—
Depreciation and
Sheet June 30
Accts. receivable
Est.
Hupp Motor Car
$1,630,483
Total.
shares.—V. 146, p. 3955.
Net sales..
Idle plant expense—
Assets—
World's
Represented by 200,000 no par
Expenses including
the debentures.
other
179
277
183.659
$188,237
$183,659
N0te—Any profit earned before deduction of rent, interest on the deben¬
tures, and amortization, in the remaining months of 1938, will be applied
first to the balance of the annual basic rent of $1,000,000 and any remaining
balance will be available for additional earnings rental and for interest on
x
a
-
Balance
174,142
455,033
40,720
$1,630,483
200,321
188.237
*
Capital surplus
Cost of sales & expenses.
—
200,000
Common stock
1,076,533
1937
additional earnings rental and for
interest on debentures
Cash on hand
employees
Investments and def. charges
$4,092,666
3,097,560
294,785
441,496
13,708
785,820
63
Accrued interest receivable—
6 Months
part earned of annual
Amortization
Net loss
from
Corp.—Earnings—
-
$1,779
payable
6% cum. pref. (par $20) stock
Earned surplus
140
and
Accounts
Accrued liabilities-—-—
a
Other assets.
Hotel Waldorf-Astoria
for
17,999
-
-
Accounts receivable, due
officers
income
profit after deprec., Fed.
taxes and surtax
Taxes, insurance, &c
Basic rent (proportionate
basic rent of $1,000,000
Accounts receivable
companies
1936
1937
1938
30—
6 Months Ended June
$380,949
113,620
Accounts rec. due from assoc.
Earnings per share on common
—V. 146, p. 4116.
Gross income
Liabilities—
Assets—
Inventories
Holophane Co., Inc.—Earnings—
Year Ended June
Provision
94
$45,545
Net loss.
depr.,
&c.,
Shares of common
16,338
.
taxes,
but before surtax
Net
$27,583
1,529
Loss.
Non-recurring expense
Holland Furnace Co.—Earnings—
Period End. June 30—
636
——
———
in
Commission from the declaration requirements of
connection with the issuance of its $32,000,000
bonds, due
p.
1968, and $5,500,000 serial notes, maturing
the Public Utility
3%% 1st mtge.
1939-1948.—V. 147,
1038.
Pro¬
Permitted Manhattan Ry, Stockholders' Committee—
Interborough Rapid Transit Co.—Intervention in
ceedings
P. Patterson on Aug. 15 permitted intervention in
Intertcrcugh Rapid Transit Co. receivership proceedings of a Manhat-
Federal Judge Robert
the
Financial
1196
1938
periods ending June 30, 1938 are after deducting the minority interest m
the earnings of these properties applicable to common shares of Gatineau
Power Co. distributed as a result of the amalgamation.
This deduction
amounts to $33,632 for the quarter and $169,322 for the year ended June
Ry. co. stockholders'protective committee for the purpose of protecting
the interest of holders of Manhattan 7 % modified stock, representing claims
totaling $32,000,000 to be filed against I. It. T.
The modified
will be distinct from claims aggregating $44,000,000 which
Aug. 20,
Chronicle
tan
stock claims
Manhattan
1938
30
plans to file.
The Court reserved decision on the petition of a
Manhattan bondholders'
independent committee for leave to have a deposit agreement approved so
tnat the committee can publicly solicit holders of $25,000,000 of the $40,000,000 in Manhattan bonds outstanding who have not deposited their
Ixmds with any committee.-—V. 147, p. 1038.
(3)
by
a
Additional provision for depreciation was charged directly to surplus
subsidiary in the amount or $1,750,000 during the 12 months ended
1938 and 1937.—V. 146, p. 3504.
June 30,
Corp.—10-Cent Dividend—
International Mining
Directors have declared a dividend of 10 cents per share on the common
Industrial Office Building
Corp.—Earnings—
Earnings for Year Ended April 30,
Income from rentals
1938
—
--
—
Operating expenses and
a
$336,578
_
charges.-
Profit from operations—
Income credits—------------ —
stock, payable Sept. 20 to holders of record Aug. 31.
Similar amount was
paid on June 20, last and previously regular quarterly dividends of 15
cents per share were distributed.—V. 146, p. 3504.
258,587
—
International Paper & Power Co. (& Subs.)—Earnings
(Excluding International Hydro-Electric System & Subsidiaries]
3 Mos. End. 3 Mos. End.
6 Mos. End.
Mar. 31, '38 June 30, '38 June30,'38 June 30, '37
$77,991
—
2,615
-
Period—
$80,606
b Net income----------------
Gross sales, less returns,
allows. & discounts—$22,647,353 $22,557,434 $45,204,788
a Including
current real estate taxes of $68,151 and provision for de¬
preciation of $32,298.
b Before charging interest on first mortgage 6%
cumulative income bonds and 7% gold income notes.
Balance Sheet
April 30, 1938
Band
a
-
Mtges. & notes receivable——
Deferred charges..-- —
-
1.135
25,438
—-
Preferred stock
c
;
Earned surplus
$4,243,1941
Total—
Less reserve for
a
—-
Total-
depreciation $440,625.
by 15,169 shares,
2,666,578
Int.
Divs.
6,110
8,502
2,037,502
4,810
97,351
1,063,450
179,616
214,958
96,617
1,089,643
193,969
2,153,094
420,716
303.807
206,333
2,094,763
584,428
1,500,911
—
but
_
1938
1937
$1,576,245
18,478
18,033
36,511
53,824
2,450,674
4,909,578
6,482,573
$124,935
$1,435,466
$1,377,350
561,014
78,770
116,309
565,381
90,297
$629,756
540,000
$618,635
540,000
$125,749
$89,756
1,535,746
$78,635
1,400,195
$1,625,502
600,000
$1,478,831
600,000
$1.05
$1.03
repairs
Net profit----------Dividends paid-
Balance, surplus
Prev. surplus (adjust.)-Profit & loss surplus--
outstand.
Earnings per share
x
$725,749
600,000
126,709
24,784
$621,701
600,000
Other corporate taxes.--
Shs. com. stk.
14,313
x35,302
73,366
98,177
15,577
6,213
125,087
25,31o
Federal taxes
1,619,431
f,545,728
$1,641,132
600,000
$1.04
$1,671,478
600,000
$1.21
$576,181
for the sale of all the
1938
139,121
563,152
Fixed assets
99,881
655,431
195,384
deferred
534,919
87,913
162,080
Accts. receivable..
Notes receivable--
Inventory
378,896
513,110
97,670
141,070
Patents, licenses,
&C...
Deferred cb arges
_
-
114,908
268,127
Accounts
payable
(affil. company)
5,902
Reserve for special
123,778
contingencies.-1,641,132
Surplus
20,097
131,278
1,671,478
12,164,978 12,245,993
$3,754,062 in 1938 and $3,613,521 in
Represented by 600,000 no par shares.—V. 146, p. 4119.
After reserve for amortization of
1937.
y
Operating
expenses
Aug. 18 declared a dividend of 40 cents per share on the
stock, payable Oct. 15 to holders of record Sept. 20.
A dividend
common
July 15, last and previously regular quarterly divi¬
dends of 62H cents per share were distributed.
In addition, a final divi¬
dend of $1.50 per share was paid on Oct. 15, 1937.—V. 147, p. 270.
of 50 cents was
paid
on
International
Hydro-Electric
System
(&
Subs.)—
Period End. June ZD—
1938—3 Mos.—1937
1938—12 Mos.—1937
$14,632,723 $16,540,943 $61,368,580 $62,872,921
726,701
888,478
3,006,871
3,072,383
~
Total
revenue--.,—--$15,359,424 $16,429,421 $64,375,452 $65,945,305
Operating expenses, incl.
purchased power
-
come
(other than
taxes)---
_
deprec., int., &c--.—
Shares cap. stk. outst'g.
Earnings per share
Before surtax
on
Returns, allowances,
freight-.
1938
1937
1936
$6,465,274
$3,651,381
126,293
155,465
88,407
$4,438,402
3,516,413
$6,309,809
4,989,925
$3,562,974
2,928.699
Warehouse selling administrative and
general expense
11,824,401
1,594,080
946,072
$1.85
and
7 497,788
1,594,080
955,402
$1.10
$4,564,695
.
„
discount
7.709,912
11,593,589
x$703,494
378,680
$1.05
Joslyn Mfg. & Supply Co. (& Subs.)—Earnings—6 Mos. Ended June 30—
Gross sales
1,949,128
398,520
1938—6 Mos.—1937
x$419,163
378,680
undistributed profit.—V. 146, p. 3190.
Net sales
Cost of sales
2,914,085
$592,324
1
•
3,806,288
398,520
237,752
$1,439,994
806,341
5,695
38,746
Cr3,112
x$399,748
378,680
$191,198
378,680
$0.50
20,679,632
2,881,500
8,025
38,894
Cr44,174
1938—3 Mos.—1937
3,956,359
$8,374,686 $32,374,227 $33,961,597
$1,366,140
845,792
-
_
20,334,954
2,025,977
537,542
561,623
403,623
Net operating profit
Other income
$384,446
$758,261
80,630
$230,652
37.545
Profit
Interest paid
Miscellaneous deductions
Provision for employees' profit shar¬
ing and bonuses
Prov. for Federal income taxes
$449,554
6,266
12,075
$838,891
8,383
12,610
$268,197
3,951
2,331
39,342
70,819
73,887
111,693
40,000
35,842
59,293
26,712
$285,208
$573,025
$160,695
SI.61
S3.57
$0.89
65,108
debs, of Infcernat.
Hydro-Elec. System..
Amort, of dt. disc. &exp.
Pro v. for deprec. charged
against operations
Prov. for income taxes..
Prov.
_
919,145
on
on
_
5,186,461
$7,577,127
funded debt and
other debt ot subs
Int.
_.
4,866,960
in¬
Balance
Int.
_
889,360
Maintenance
Taxes
;
40,840
(Byron) Jackson Co. (& Subs.)— Earnings-
x
revenue
Other income—net
$4,530,617
3,090,622
and taxes
Period End. June 30—
Net profit after taxes,
Earnings—
Operating
$4,641,072
3,274,932
....
_,
Amortiz. of bond discount and expense
Interest charged to construction.
on
$4,489,776
$517,602
_
Net earnings.
Interest on funded debtInterest on unfunded debt
-
1937
1938
$4,602,067
39,005
—,
..
Total gross earnings.
Net income.
—V. 147, p. 115.
International Harvester Co.—Smaller Dividend—-
Co.—Earnings—
12 Months Ended June 30—
Operating revenues
Non-operating revenues (net).
....
Directors
July, 1937
332,839
June, 1938
279,403
July, 1938
248,733
Iowa Public Service
155,012
279,258
Total
Co.—July Output—
of—
Coal mined (tons).
—V. 147, p. 575.
Capital stock--.10,000,000 10,000,000
Accounts payable.
10,432,018 10,309,010
51,025
50,390
.12,164,978 12,245,993
Total...
1938, showed a
$332,241 including the operating results of the Newfoundland com¬
The selling price of the common shares of the Newfoundland com¬
pany was $5,500,000 which is $349,874 less than the amount of the net worth
of the Newfoundland company carried in the consolidated financial state¬
ments at Dec. 31, 1937, and this difference has been charged against con¬
solidated earned surplus as of June 30, 1938.—V. 146, p. 3670.
pany.
$
Taxes pay., accr..
Accounts and noteB
rec.,
y
1937
$
lAabilltles—
shares of the Newfoundland company to
Under the terms of this agreement, Inter¬
months ended Mar. 31, 1938, issued under date of May 10,
Island Creek Coal
$
Cash
common
Bowater's Paper Mills, Ltd.
national Paper & Power Co. and subsidiary companies have no equity in
the profit or loss resulting from the operation of the Newfoundland company
subsequent to Dec. 31, 1937.
The above net loss of $124,935 for the three
months ended Mar. 31, 1938 is after excluding the results of the New¬
foundland company whereas the previous quarterly report for the three
Month
1937
1938
x
oundland, Ltd., for the first two quarters of 1938 have been excluded from
the foregoing statement. An agreement was made on June 2, 1938 providing
Experimental expense.
Assets—
$701,116prf$5032,693
Note—The operating results of International Power & Paper Co. of New-
net loss of
Balance Sheet June 30
x
Net loss
l,ul©
616,385
82,618
455,381
88,849
1935
$1,375,732
Zf4iO
$1,576,245
Total income--
Deprec. and ainortiz'n—
Maintenance and
1936
$1,432,688
.
Cost of sales & expense.
241,100
2,458,903
_
$1,315,682
$4,208,463 $11,515,266
not
being currently paid
on pref. stks. of subs.
International Cigar Machinery Co.—Earnings
6 Mos. End. June 30—
Royalties and sales.,.--.
Interest earned.
304,919
152,757
$1,874,494
—
accrued
2,904,066
305,093
152,162
------
Prov. for income taxes.
b Less reserve for depreciation
d Less reserve, $12,654.—V.
7,317,811
2,721,286
&
.
expense
Depreciation
Depletion
5,476,632
1,385,909
$2,333,969
882,657
2,392
—
other debt.
on
2,810,054
1,335,376
ad¬
Amortiz. of debt disct
$4,243,194
-
—
$63,034,616
664,605
483,204
$22,899,285 $22,788,707 $45,687,992 $63,699,222
16,411,200
16,565,492
32,976,692
41,656,985
Int.*on funded debt
319,100
75,845
477,148
113,135
—
Common stock
Capital surplus
$3,204.
c Represented
136, P. 2620.
Balance..
1,342
231,273
de¬
ministrative expenses.
Prov. for doubtful accts.
1,453
17,038
Ileal estate taxes-—--
Unearned rents—
—
&
— .-
5,733
Acer, wages, light & power, &c
2,703
142,456
11,998
&c_--
—
—
—
freight
livery expenses.
Selling,
general &
359,400
—
Accounts payable
furni-
d Rentals and other accts. rec.
ture and fixtures,
inc. bonds.$2,873,000
2,059,376 7% gold Income notes
-
equiprn't,
Outward
1st mtge. 6% cum.
.$2,000,000
.
Building
b Partitions,
Cash-.
Cost of sales..
Liabilities—
Assets—
251,932
Other income (net)-—
for
244,282
1,308,079
1,306,137
5,518,179
5,507,594
664,424
614,125
2,353,406
1,860,311
undistributed
profits tax
Divs. being currently pd.
on pref.
and class A
......
—.
3,586
1.705,724
1,884,988
7,250,641
7,609,359
403,596
255,104
882.150
950,943
213,380
271,326
1,227,604
1,362,631
5,703
6,000
929
$480,118
$998,245
$1,865,120
Consolidated net profit
Earnings per share 150,000
437,498
—loss $241,554
Minority interests in profits of sub¬
sidiary companies
stocks of subs.
Divs. not being currently
subsidiaries
Minority int. in net earn¬
ings of subsidiaries—
Other charges against in¬
come of subsidiaries--
shs.
of
$5 par
paid on prer. stocks of
Note—No provision has been made for taxes on excess and (or) undis¬
tributed profits, if any, as the amounts cannot be determined until the close
of the calendar year.
Consolidated Balance Sheet June 30, 1938
Assets—
Net profit
Notes—(1) Operating expenses for the quarter and the year ended June
30, 1937 include amounts of $184,100 and $404,000, respectively, provided
as a special reserve because of "better than normal" water conditions dur¬
ing early months of 1937.
The $404,000 was credited back to operating
expenses late In 1937 so that the figures for the year ended June 30, 1938
include a credit of this amount.
(2) The above figures include deductions for accrued and unpaid divi¬
dends on the 6% 1st preferred shares of Canadian Hydro-Electric Corp.,
Ltd., for periods prior to June 30, 1937. at the rate of $731,742 per year.
Dividends on these shares were eliminated as a result of the amalgamation
in September, 1937, of that company with Gatineau Power Co.
Divi¬
dends amounting to $609,785 per annum on the 5% pref. stock of Gatineau
Power Co. issued in connection with the amalgamation became cumulative
after Jan. 1, 1938, and the above figures include deductions for dividends
on these shares for period subsequent to Jan. 1, 1938 only.
Results for
34,507
Liabilities—
Cash
Accounts
$594,751
&
notes
(net)
Inventories
Investments and ad vs., &C-.
expenses
and
de¬
ferred charges
Plant and equipment-....
$750,000
payable & accrued
1,210,068
2,008,308
1,521,268
Provision for Federal income
107,710
Minority interest in subsi¬
diary companies.
6% cum. pref. stk. ($100 par)
Prepaid
a
Bank loans
Accounts
receivable
1,817,847
529,147
expenses
taxes
191,905
—
Common stock
Paid-in surplus
Earned surplus
b
Total—
$7,259,9531
Treasury stock
Total
_
—
391,398
1,469,600
750,000
1,155,989
2,049,915
Dr28.000
$7,259,953
a After
reserve for depreciation of $1,179,137.
b Represented by 260
preferred shares and 100 common shares. —V. 146, p. 4120.
Volume
Financial
147
Lava Cap Gold Mining Co.—Three-Cent
Jefferson Lake Oil Co., Inc.—Earnings—
Net Income for the 6 Months Ended June
30, 1938
-.$489,298
65,007
Sulphur sales
Shipping
expenses
Net sulphur sales
Profit on sulphur mined for others
Dividend and miscellaneous income
$424,291
121,738
—
-
15,383
$561,412
Total income
Cost of sulphur sold
Admin is., selling & miscellaneous expenses.-
Depletion (oased on cost)
Net income.
Assets—'
v •>''
Cash In banks and
*
$250,791
....
Balance Sheet.
Accounts
on
$104,768
410,238
563,319
Co.,
"in escrow"
1938
$375,000
34,584
164.098
Notes payableAccounts payable
Accrued expenses.....—---.
cost
450 shs. Old Ocean Gas
June 30,
Liabilities—
v,;t
hand...
receivable
Inv. of sulphur & supplies at
Fixed
167,679
115,704
27,237
,
.
;V
45,000
„
assets..1,910,681
*153,720
Treasury stock
Deferred expenses.
12,333
7% cum. pf.stock (par $100)-- 1,813,010
231,562
Common stock (par $0.25)
Employees' unissued com. cap.
stock subscriptions for 3,737
9,013
317,804
shares—.
Paid-in surplus
Res.
for
69,917
185,070
dome
Total
$3,200,059
Total
Jones &
cost.
$476,101
68,000
$2,798,259
$2,842,213
x722,000
$2,076,259
$2,138,213
299,984
60,344
349,309
12,617
$388,101
51,482
1,011
$255,780
Railway tax accruals...
xl02,000
Railway oper. income.
Equipment rents (net).
Joint facility rents (net).
$305,271
36,874
_
Net ry. oper. inc
p.
576.
His motion also was adjourned.
An affidavit submitted
by Ralph B. Romaine,
Special Deputy Superin¬
Insurance, estimated amount which would be realized ultimately
through liquidation of the old company's assets at $14,500,000 to $17,000,000.
He estimated that general claims which will be allowed on
certificates will amount from $17,500,000 to $22,500,000 and on whole
mortgages, $7,500,000 to $12,500,000.—V. 146, p. 2211.
tendent of
Lefcourt Realty Corp.—-Earnings—
6 Mos. End. June 30—
Net loss after int., dopr.,
charge for Federal tax on
no
42.743
;,•/
■
■;!. \i V-A;,/'-
1935
,
$12,389,845
$1,058,117
277,918
$1,303,834
$1,023,762
9,516
20,019
251,293
5,835
7,553
274,387
10,740
10,549
8,240
305,330
8,000
Foreign exchange loss..
.
....
Depreciation
.......
tax
...
Prov. for silk commitm'ts
taxes_
$733,585
6,954
310,397
43,960
802,950
$645,842
37,225
663,138
$408,085
33,760
201,010
Balance, surplus
_def$423,395
com. outst. (par $5)
392,000
Earns, per share on com.
$0.18
$71,075
400,000
$2.18
def$54,521
401,900
$1.51
Shs.
Lehn & Fink Products
6 Mos. End. June 30—
Net profits after charges
$0.93
June 18 '38
24 Weeks Ended—
a Net profit.....
After
June 12 '37
loss$2l 1,634
depreciation,
interest,
June 13 36,
$885,709
$288,445
Federal and Canadian taxes, including
undistributed profits.
Current assets as of June 18, 1938, amounted to $9,666,547 and current
liabilities were $3,299,945, comparing with $12,498,231 and $4,592,150
respectively
on
$1,734,423
$0.77
$0.90
per
Co.—Earnings—
1937
1938
on
„
400,000
$0.59
share
Life Savers
,
1938
Fed.
152,695
Provision for taxes.....
taxes,
before
but
surtax
on
undistributed profits.
$278,424
„
Earns, per sh. on 350,140
shs. cap.stk. (par $5).
—V.
1938—6 Mos.—1937
1938—3 Mos.—1937
&c.,
147,
p.
$472,982
$302,967
a
1938
1937
1936
$418,696
$302,597
$1.89
Net
profits—
sh. on 189,539 shs. capital
stock (no par)
...
$2.21
$1.60
Earns, per
After depreciation.
a
excess
Federal income taxes, &c., but before provision for
profits tax and surtax on undistributed profits.—V. 146, p. 3191.
Co .—Borrows $3,200,000—
Lion Oil Refining
pleted a deferred loan of $3,200,000 with the Central Hanover Bank &
Trust Co. of New York, to provide additional working capital and funds for
the completion of a development program in the Shuler, Ark., oil field.
Present plans of the company call for a continuous campaign which will
probably require two years' drilling to fully develop the field.
It is also announced that company's Marcus No. 3 well in the Shuler
field was completed Aug. 17, marking the thirty-second completion for the
company in this field.—V. 147, p. 744.
■!
Liquid Carbonic Corp.—Earnings—
Period End. June 30—
sales
Net
439,845
42,773
Interest
$1,357,489
741,168
176,476
V
$441,514
Profit before charges...
Dividends received
;
1938—3 Mos.—1937
1938—9 Mos.—1937
$5,065,359
$5,970,859 $12,641,024 $12,565,960
1,010,398
1,168,472
1,680,696
1,814,352
3,583
15,424
45,663
23,823
$1,013,981
41,366
187,193
168,707
111,362
$275,216
33,429
$172,690
...
141,342
preferred stock
$241,786
—
Social security and group
insurance
6,238
6,372
Cr5,209
Interest charged to construction
Net
79,279
75,560
232,777
164,137
$594,781
income
$788,556
$696,985
$979,559
$1.12
$0.99
$1.40
1938
$1,691,795
1937
$1,506,980
Earn, per sh. on 700,000
shs. capital stock
—V.
146,
P.
4
^
$0.85
3507.
Ltd.—Earnings-
Weeks Ended June 25—
Sales
-
-
profit after deprec., income taxes, &c
—V. 147, p. 456.
Net
58,297
loss$165,691
b$173,047
$46,593
1,082,896
profit
Shares of common stock
1,082,896
721,931
Earnings per share.
Nil
$0.15
$0.06
a After
depreciation, Federal income taxes, &c., but before surtax on
undistributed profits,
b Includes earnings of Douglas Manufacturing Co.,
acquired March 31, for second quarter only.
Current assets as of June 30, 1938, including
$237,031 cash, amounted to
$1,083,354, and current liabilities were $159,867.
This compares with
of $397,874, current assets of $1,442,896, and current liabilities of
$299,412, on June 30, 1937.—V. 146, p. 3958.
cash
Koppers Co. (& Subs.)—Earnings—
Earnings for 12 Months Ended June 30, 1938
depreciation, interest, amortization, Federal
income taxes and other charges
—
$2,481,076
146, p. 3191.
Co.—Meeting Adjourned—
Special stockholders' meeting called to vote on a recapitalization plan
adjourned to Nov. 15.—V. 146, p. 3506.
has been
Bryant, Inc.—Earnings—
Corp.—Entire Debenture Issue Convertible
due 1958, convertible into common stock.
to make only $10,000,000 of the debentures
Previously, the company was
The amendment
convertible.
$13 51-73 per share any time before Aug. 1, 1945.
The underwriters are:
Mellon Securities Corp.; Smith, Barney & Co.;
First Boston Corp.; Kidder, Peabody & Co.; Blyth & Co., Inc.; Bonbright
Co., Inc.; Brown Harriman & Co., Inc.; Halsey, Stuart & Co., Inc.;
Glore, Forgan & Co.; Ladenburg, Thalmann & Co.; W. C. Langley & Co.;
Lazard Freres & Co.; Shields & Co.; Dean, Witter & Co.; J. E. Baker & Co.,
May 31—
——
1039.
and Kuhn, Loeb & Co.
Concurrently with the issue of debentures,
*
,
the company wi 1 borrow a total
banks as follows: $6,780,000 from Union Trust Co. of
Pittsburgh; $2,486,000, Chase National Bank; $1,356,000, Mellon National
Bank of Pittsburgh, and $678,000 from Farmers Deposit National bank of
Pittsburgh.
The new bank loan notes will be payable in installments aggre¬
gating $1,000,000 each six months from. Feb. 1, 1939 to Aug. 1, 1942, in¬
clusive, and $550,000 each six months thereafter to and including Aug. 1,
1945.
Annual interest rates on the notes will be 2H%.—V. 147, p. 1040.
of $11,300,000 from
1938
1937
$14,111,441 $14,614,004
Net loss after depreciation, interest, &c
84,824 prof259,734
Earnings per share on 126,079 common shares—
Nil
$1.51
—V. 147, p.
Lone Star Gas
The corporation has filed an amendment with the Securities and Exchange
Commission which makes the entire issue of $20,000,000 3K % debentures,
&
Lamson & Sessions
Lane
Loew's Boston Theatres Co.—Extra Dividend—
declared an extra dividend of $1.35 per share on the
stock, par $25, payable to Aug. 27 holders of record Aug. 22.
An extra dividend of $1.25 was paid on Aug. 2, 1937, and an extra of 50
cents was paid on Dec. 23, 1936.
The regular quarterly dividend of 15
cents was paid on Aug. 1 last.—V. 145, p. 612.
The directors have
common
registers 1.460,000 shares of common stock which are to be reserved for con¬
version.
The debentures are convertible into common on the basis of
Net income after
Sales
57,812
-.'.vV
.
Kingston Products Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
1938
1937
"
1936
$1,838,175
14,301
499,688
180,490
_
premium—
Loblaw Groceterias,
Balance....
Note—The provision for taxes for the year 1938 is after giving considera¬
tion to anticipated distribution for the calendar year.—V. 146, p. 3341.
$1,726,359
119,135
542,330
135,132
$1,183,896
9,731
Depreciation.
200,000
33,429
...—
Amortization of debt discount and expense
$482,617
200,000
29,023
6,372
$206,119
Gross income.
Interest on 1st mortgage bonds.i.
Interest on unfunded debt
Year Ended
$1.53
$359,251
12 Months Ended June 30—
U. S. & Can. income tax
407,302
34,153
...
Other income
—V.
$537,614
$1.35
$0.86
$0.80
744.
Total income—
Operating income
Net
$94,496
400,000
$0.23
after deprec'n,
inc.
1937
„
$1,334,248
774,191
Operating revenues
Operating expenses, &c
a
'
Corp. (& Subs.)—Earnings—
Period End. June 30—
Subs.)—Earnings—
12 Months End. June 30—
on
1935
$286,616
400,000
$0.71
June 12, 1937.—V. 146, p. 3505.
Keystone Public Service Co. (&
Dividends
1936
$238,130
400,000
$0.38
President T. II. Barton announced Aug. 17 that the company has com¬
Kendall Co. (& Subs.)—Earnings—
a
$1,492,681
$0.49
$154,796
stk. outst'g..
com.
Net inc.
—V. 147,p. 743.
estimated surtax
$962,863
For the quarter ended June 30, 1938, net profit was $50,905, equal to
12 cents a snare, comparing with $109,244, or 27 cents a share, in the June
quarter of 1937.—V. 146, p. 3507.
subsidiary company*
Including $1,250 undistributed profits tax on a
a
$0.31
,
*
whose stock is either owned or controlled, after interest, taxes,
depreciation, depletion and reserves,
b Loss.
Note—No provision has been made for Federal surtax on undistributed
profits.—V. 146, p. 3670.
$173,315
401,900
stock
$0.04
Nil
Lily-Tulip Cup Corp.—Earnings—
$917,985
Empl. pref. stock
1936
$605,638
Including company's proportion of undistributed earnings and losses
a
35", 060
$119,470
43,015
499,850
Net income...
on com.
x$46,673
1937
$81,944
1938
b$186,364
—
""5",478
~2~,670
3,072
a95,000
Miscell.
deductions
Prov. for Fed. inc.
Divs.
$83,518
ing from direct operation and from
railroad rentals, divs., &c., after
taxes and charges
Earnings per share on 1,930,065 shs.
capital stock (no par)..
11,844,761
$745,844
245,716
$400,298
Total income
.
$38,167
Earnings per share on 1,930,065 shs.
capital stock (no par)
$545,129
188,456
$108,083
292,215
Income from operation
Other income
_
$71,487
1935
146, p. 3191.
Consolidated net income
Shs.
.....$14,729,516 $15,070,700 $14,448,319
Cost of sales, selling and
admin, expense
14,012,583
13,702,475
14,621,433
Net sales.
Interest
1936
12Mos. End.June30—
a
Earnings
(Julius) Kayser & Co. (& Subs.)—Earnings—
Years End. June 30—
1938
1937
1936
N. Y. State Branch,
Profit.—V.
x
1937
of subs.,
$1,715,930 $1,746,160
undistributed profits.—V. 147•
\/V'
,
1938
Federal inc. taxes and
other charges
$335,608
$407,271
Includes
tion procedure.
704,000
from ry .oper.
x
roughly 68% of the total.
The only opposition to consumption was made in the name of H. H. Stone,
an
employee of Wertheim & Co., brokers, acting as trustee for the 14,000
shares of Lawyers
Mortgage Co. stock held by the family of Edward I,
Hilson, a partner in Wertheim & Co.
He moved to dismiss the reorganiza¬
Net income of parent company accru-
1938—Month—1937
1938—7 Mos.—1937
$1,102,672
$1,219,006
$7,732,816
$8,040,203
695,401
742,905.
4,934,557
5,197,989
oper. revenues.
rev.
;
Five motions to make effective the reorganization plan for the company
presented to Supreme Court Justice Alfred Frankenthaler on Aug. 17
and adjourned for a
hearing on Sept. 7.
The principal motion was made
on behalf of the
reorganization managers who have obtained assents to the
plan from owners of $160,000,000 in company guarantees outstanding,
Lehigh Coal & Navigation Co.—Earnings—
City Southern Ry.—Earnings-—
Railway oper. expenses.
Net
dis¬
were
Laughlin Steel Corp.—Paying Agent—
Period End. July 31—
Railway
June 30, last, and one of three cents per share was
March 31, last.—V. 146, p. 3670.
Lawyers Mortgage Co.—Motions to Make Plan Effective
Adjourned—
!
capital
National
Kansas
on
'
City Bank has been appointed New York paying agent
for $13,500,000 first mortgage 4% and 4J^% series B bonds due 1940-50.
—V. 147, p. 1039.
The
cents was paid on
tributed
$3,200,059
-
25.268H shares of preferred stock and 381 shares of common
x
Dividend—
Directors have declared a dividend of three cents per share on the common
stock payable Sept. 30 to holders of record Sept. 10.
A dividend of two
depletion of sulphur
Earned surplus
stock carried at
1197
Chronicle
Financial
1198
McCall
.—.
Long Island Water Corp.- •Earnings
1937
1938
12 Months Ended June 30—
...
112,010
$583,602
290.107
94,891
—
$169,928
2,190
$198,604
4,382
$172,118
118,465
24,903
Operating expenses, Sec
—
—
Provision for taxes
Other income
.
income
Interest on 1st mortgage bonds
Gross
unfunded debt
Interest on
317.721
*
Interest charged to construction
539,360
$0.76
$813,915
$819,031
$674,274
539,360
$1.25
^
^
539,360
$1.51
539,360
$1.52
McCrory Stores Corp.—Earnings—
12 Months Ended June 30, 1938
Income Account for
S&lOS
Cost
«•>■«!»«»
m»
turn**** m** mm ******
m-m
"ofVales and"
expense..
m
....
$40,344,666
37,459,060
$62,474
$29,044
Balance of income—..
1935
1936
1937
1938
$402,932
Shares common stk. outstanding (no par).
Earnings per share.....
—V. 147, p. 118.
21,986
Cr294
_
Corp.—Earnings—
6 Mos. End. June 30—
Net income after charges
and Federal taxes
$202,985
118.525
$599,660
Aug. 20, 1928
Chronicle
Profit
—V. 147, p. 118.
$2,885,606
1,563
...-
Other income—
Subs.)- -Earnings—
Loose-Wiles Biscuit Co. (&
1938—3 Mos.—1937
Period End. June 30—
$207,414
—V.
146, p.
$147,103
$0.18
$435,412
$347,100
$0.30
int.,&c.
Earns. per sh .on 521,500
shs. com. (par $25)—
taxes, deprec.,
$2,887,169
1938—6 Mos.- -1937
Federal
Net profit after
$0.47
Net
profit
;
share on 990,253 common shares (par $1)
p. 1040.
$1,732,412
$1.44
—
.
147,
(& Subs.)—Earnings-
Loudon Packing Co.
1936
1937
1938
$531,703
326,069
$643,373
$39,848
1,175
$205,634
$310,970
637
479
$41,023
64,386
40,254
$206,271
$311,450
45.153
10,292
a 1.569
57,523
37,504
3.104
al9,246
McKeesport Tin Plate Corp.—Earnings—
Ended June 30—
1938
1937
Net profit after interest, depreciation, taxes, &c__
$106,287
$773,373
Earnings per share on 727,584 shares cap. stock
$0.14
$1.06
No provision has been made for Federal income taxes in the 1938 period,
since charges deductible for tax purposes are in excess of profits shown.
For the period Jan. 1 to July 2, 1938, the depreciation for Federal tax
purposes (based on prior practices) will exceed the amount charged to
37,353
4,704
operations by approximately $225,000.
No deduction was made from current earnings for plant evaluation ex¬
35,871
pense
loss$75,479
$88,894
Years Ended June 30—
$352,228
operation
Selling, general & admin, exps
Profit from
312,380
Profit
Interest earned, Sec
income
Depreciation
Maintenance and repairs
Interest
Federal
—
Earns, per
—V.
Total
amortization__
Federal income taxes
$0.63
3020.
656,949
234,330
263,478
Depreciation "and amortization
Interest and
taxes
—
332.402
6 Months
of $12,574 and merger and proposed financing expense
been charged to surplus.—V. 146, p. 3342.
of $57,197,
the same having
89.701
Net income
Dividends
$75,479
sur$8,967
Cash.
y
$53,713
79,473
$40,140
96.462
Accounts
787,719
658,574
46,146
24,352
Inventories
Advs.
tomato
to
$98,112
growers.—.
27,232
Other assets
payable.
400,000
Notes payable
7,770
16,899
equip.
24,391
17,691
3,900
25,124
Capital stock...
1,156,929
Earned surplus...
146,031
1,156.929
335,993
jDr2,461
Dr2,461
(net)
821,467
25,969
828,724
.
23,141
Deferred charges..
Reserve for Federal
income & capital
stock taxes
z
No provision
19,538
turnable by cust.
&
$1,850,604 $1,713,112
Total
y After reserve of $8,921 in 1938 and $5,356 in 1937.
z Represented by
360,000 shares, including 9,928 Ln 1938 (12,480 in 1937) shares exchange¬
able for 2,482 in 1938 (3,120 in 1937) shares of old stock (no par).—V. 145,
p. 1263.
Louisiana Ice & Electric Co.,
Inc. (& Subs.)— -Earnings
12 Mos.End
3 Mos. End. June 30
1938
1937
Period—
June 30 '38
134,674
$183,895
145,479
$688,333
547,565
$43,497
$38,416
7,986
8.541
$140,768
28,593
$51,483
$46,957
March
-——
Income from operation
Non operating income
(net)
.
Gross Income
Provision for renewals, replacements
1.533
1,454
5,976
$49,949
Balance to surplus
$45,503
$79,385
of its subsidiary to make
appropriations to their respective reserves for renewals, replacements and
Notes—It Is the policy of the company and
calendar year; therefore, the above statements
1938 and 1937 show results before deducting such
The provision shown for 12 months ended June 30, 1938,
is the amount appropriated for the calendar year 1937.
Consolidated Balance Sheet June 30
$1,439,913 $1,411,500
1st
m.
6% bds._
Inv. stks. & bonds
10,362
830
Accounts payable-
Cash
80,368
40,753
Consumers depos.
Notes
5,910
29,304
Acc'ts receivable..
113,364
101,710
$75,000
20,481
25,340
Taxes payable....
Interest receivable
107
398
Mat'ls & supplies.
29,192
54,122
Misc.
curr.
5,163
8,955
Prepayments
mortgages.
on
Allowance
63,749
489
787
503
Reserves
7,302
6,233
suspense
Net
profit
Earnings
....
share
2,977,449 shares
a
per
345
for
doubtful
Prov. for Fed. inc. taxes
5,000
175.068
z83,755
188,704
Z63.054
1,000
258,041
46,122
10,000
265,432
31,141
Net profit
Surp. at begin of period-
$454,789
934,957
$348,274
1,036,369
x$253,024
984,174
$179,568
951,563
$1,389,746
$1,384,644
$1,237,198
$1,131,131
146,957
451,438
358.184
200,829
$938,308
$934,957
$1,036,369
$984,174
279,900
$1.62
286,500
$1.21
286,900
281,900
$0.64
Total surplus
21,000
y91,503
Adjustments (net)
Dividends paid
Surplus, May 31_>
shares
—
out¬
standing (no par)
Earnings per share
$0.88
Square Garden Corp.'s proportion
affiliate, the Boston Garden Corp.
y Loss
undistributed net income
Does not include $4,810, Madison
x
of the profit for the period of its
disposal of investments,
z Includes surtax on
amounting to $1,300 in 1938 and $651 in 1937.
on
Consolidated Balance Sheet May 31
1,991
Rec. duefr. officers
1,600
7,697
12,878
3,783,483
155,340
Notes & accts .rec
17,940
42,045
$105,053
$46,413
Accrued expenses.
43,478
37,230
90,989
63,054
Dep. on rent contr.
25,000
Deposits
and
sales of advertis¬
Land, bldgs. and
equipment
z
rentals
Adv.
3,924,061
Deferred charges..
Accounts payable.
Fed. Income taxes.
$787,623
1,963
$909,461
Inventories
y
140,765
10,583
ing space, &c
Reserve.
x
1,096,518
58,816
1,096,518
42,768
500,000
600,000
3,057,501
3,121,582
938,308
Capital stock
Surplus
..$1,694,407 $1,651,864
Total
Total
$4,875,913 $4,910,935
934,957
$4,875,913 $4,910,935
Total
Represented by 279,900 no par shares in 1938
y After depreciation of $2,524,097 in
x
shares in 1937.
in 1937.
z After allowance for doubtful items
in 1937 —V. 147, p. 118; V. 146, p. 2859.
Exploration Co.
and 286,500 no par
1938 and $2,362,785
of $5,541 in 1938 and $10,968
$318,000
Earnings for the Year Ended May 31,
1938—6 Mos.—1937
1938—3 Mos.—1937
$468,000
$771,000
$1,008,600
$0.10
$0.16
$0.25
$0.34
Federal income taxes, &c.
Net sales
1938
$588,924
—
Cost of goods sold
—
Selling and administrative expenses
Provision for depreciation and amortization
Provision for possible loss on
Net operating loss
Miscellaneous income
Associates—$1.50 Dividend—
a
— --
purchase contracts
(net)
$231,751
Balance Sheet May 31
1938
Assets—
Co.—Earnings—
Period Ended June 30, 1938—
Net sales
Cost, expense, doubtful accts., &c
Depreciation
Ordinary taxes
;
Cash
3 Months
$1,318,053
1,355,289
57,296
50,022
$144,554
12,610
Other income.
Loss for
period...
Sundry deduction...
Federal income
tax.
$131,944
15,564
4,108
6 Months
$2,690,678
2,676,091
115,750
101,094
$202,257
21,291
xNotes & accts. rec
Inventories..
y
Plant and equip.
$157,229
$401,957
272,133
59,594
139,374
92,597
30,717
1938
Liabilities—
Accts. payable.
Other
accts.
...
and accrd. exps.
Res.
for
1937
$46,236
$13,536
19,706
29,097
pay.
possible
loss on purchase
commitments
trade marks and
5,588
Accrd.
13,078
prepaid expenses
15,259
17,101
excise, so¬
Security and
capital stk. taxes
Cap. stk. (par $1)
350,000
Paid-in surplus
pats.,les8 amort.
charges and
348,157
cial
Def.
17,447
$180,968
27,955
4,559
350,000
348,157
277,907
46,155
$491,781
Earned deficit
$699,194
6,338
$225,611
$491,781
Total
x
Net loss
1937
$52,435
79,282
Licenses, tr .names,
10,357
Minority interest...
-V. 147, p. 1040.
233,084
1,333
.
Net loss
distributed.—V. 146, p. 3020.
Ludlum Steel
622,109
178,915
15,397
5,588
dividend of $1.50 per share on the common
stock, payable Sept, 1 to holders of record Aug. 13.
Similar payment was
made on June 1, last, and previously regular quarterly dividend of $2 per
were
i"o"o" 000
100,000
146, p. 3342.
Ludlow Mfg.
7,698
5,000
...
1st mtge. (current)
854
Capital surplus...
1937
1938
Liabilities—
1937
1938
Assets—
Cash
69,098
on
Directors have declared
share
2,156,994
58,972
13,327
32*926
69,098
After depreciation, depletion, lease rentals,
—V.
2,336,664
37,500
Majestic Radio & Television Corp.—Earnings—
Louisiana Land &
a
30,000
accounts
-V. 146, p. 3958, 3020.
Period End June 30—
2,520.761
24,854
30,609
224,083
Deferred credits..
Earned surplus...
$1,694,407 $1,651,864
2,288,234
_
lstmtge. (non-cur)
41,013
306,516
Accrued items
1935
$2,715,435
Deprec., amortiz., &c..
22,366
Com. capital stock
779
assets.
Deferred assets,
Total
$75,000
24,000
Ice coupon liab...
rec,
1936
$2,932,352
and employees-.
disc'ted
Notes receivable..
1937
$3,171,793
Other deductions..
Plneville Elec. Co.
Plant, property &
equipment
1937
1938
Liabilities—
1938
$3,062,310
ministrative expenses.
Interest
appropriation.
1937
payable Sept. 15
on June 15 and
15, 1937, this latter being the first dividend
Operating, general & ad¬
for the second quarters of
1938
dividend of $1.75 per share on account of
Square Garden Corp. (& Subs.)—Earnings—
Years End. May 31—
Income
retirements at the end of each
Assets—
Corp., Ltd.-—Accumulated Dividend—
15 last and on Dec.
Common
84,000
and retirements
Fixed charges
was
paid by the company since February, 1933, when 87K cents per share was
distributed on this issue.
Prior to this latter date regular quarterly divi¬
dends of $1.75 per share were paid.—V. 146, p. 3508.
$169,361
$178,171
Operating revenue—
Operating expenses..
1935
$200,381
192,700
96,350
96,350
192,700
$0.84
$4.08
$3.11
$0.90
made for Federal surtax on undistributed profits.
The directors have declared a
Madison
$1,850,604 $1,713,112
Total
.
accumulations on the 7% cumul. pref. stock, par $100,
to holders of record Aug. 31.
Like amount was paid
Capital stock held
in treasury
1936
y$393,416
MacKinnon Steel
15,931
liabilities
Llab.for bottles re¬
Gen'I taxes accrued
chin'y
1937
y$162,727
—V. 145, p. 3200.
bldgs., ma-
Land,
Earnings per share.
$143,398
Broker'ge, wages &
miscell. accrued
50.602
„.i.........
Trade accts. rec.
1937
1938
Liabilities—
1937
1938
y$I30,655
taxes, &c
Shares capital stock
Consolidated Balance Sheet June 30
1938
Assets—
Co.—Earnings
McWilliams Dredging
6 Mos.End. June30—
Net profit after deprec.,
profits.
No provision for surtax on undistributed
a
$806
paid
Balance, deficit
$188,368
179,401
y
After
After
reserve
Total
for doubtful accounts of $6,550 in
for depreciation of $12,411 in
1265.
reserve
—V. 145, p.
$699,194
1938 and $3,041 in 1937.
1938 and $1,063 in 1937.
Volume
Financial
147
Magma Copper Co.—Smaller Dividend—
The
directors
common
stock,
have
declared
dividend
a
of 25
Chronicle
proper
cents
share on the
per
$10, payable Sept. 15 to holders of record Aug. 31.
compares with 35 cents paid on June 15 and on March 15, last; a
year-end dividend of $1.25 paid on Dec. 15. last; 50 cents paid on Sept. 15,
June 15, and March 15, 1937; a
year-end dividend of $1 paid on Dec. 15,
1936, and a regular quarterly dividend of 50 cents per share was paid on
Oct. 15, 1936.—V. 147,
p. 577.
par
This
Manhattan
Ry.—Appeal Filed by Receiver—
17 in
Judge Robert P. Pat¬
999-year
terson permitting the receiver for the
I. R. T. to abandon the
lease and operation of trains on the Manhattan's elevated lines.
The appeal papers included an
assignment of errors in which it was con¬
Judge Patterson had erred in deciding that the I. R. T. need
not have trackage rights on the elevated
lines in order to perform its con¬
tractual obligations to the
City of New York.
Judge Patterson also erred, it was contended, in holding that there was
ample proof that the entire elevated division is and has been for years a
losing venture, and in not ruling that the Interborough was barred from
a
through service
the elevated lines for
over
a
single five-
trading activity might well increase.
trading privileges
trading activity.
The Commission said that the
Exchange had informed it of a desire to
rile an application for a
rehearing on the order as regards to denying un¬
listed trading to the
prior preference stock.
Because of this, the effective
date of the SEC order issued
some time ago granting the application of the
a mere
possibility of future
delist its prior preference stock from
company to
change has been postponed until Oct.
Mar-Tex Oil
See list given
on
11.—V.
the
147,
San
Francisco Ex¬
1041.
p.
Co.—Registers with SEC—
first page of this department.—V. 146,
p. 4123.
Maryland Fund, Inc.—Liquidating Value—
As of Aug.
with $4.46 on
16, 1938, liquidating value per share
May 31. 1938.—V. 146, p. 3508.
was
$5.48
compared
as
Maryland Fund, Inc.—Dividend—
Sixth Avenue Line—
The board of directors
Edwards H. Childs, special master, will offer the Sixth Avenue Line for
on Sept.
12 at the upset price of $12,500,000.
The property will be
sold free and clear of the lien of real
estate and
sale
special franchise taxes and
assessments.
per
on Aug. 17 declared a distribution of two cents
share, payable Sept. 15, to holders of record Aug. 31, 1938.
,4s of Aug. 16, 1938, liquidating value
I91
§,1-46 on May 31, 1938. Cash was
per share was $5.48 as compared
reduced by increased investment
38% as of the close of the previous quarter. May 31, 1938, to ap¬
proximately 8% currently.
For record of previous dividend payments
see Y. 146, p. 3508.
from
New York
mission for
existed for
post if the
the affairs
The Com¬
mission said that it cannot
approve extension of unlisted
cent fare.
Sale of
prior preference
the future
It further noted that if
past experience is a guide to
be months in which no transactions would occur.
The San Francisco
Exchange admitted that no active market
the securities and said
they would be assigned to the inactive
application were granted. The
Exchange had contended that if
of the
company improved
there would
tended that
discontinuing
with respect to the
stock
onm^e yasis °f
William Roberts, receiver for the
company, filed an appeal Aug.
the U. S. Circuit Court from the decision of Federal
1199
functioning of an auction market
City will present
a
an
application Aug. 22 to the Transit Com¬
certificate permitting discontinuance of operations on Sixth
Avenue Elevated.
(Oscar) Mayer & Co., Inc.—Extra Preferred Dividend—
Manhattan-!. R. T. Claims—
The
stockholders'protective committee in a letter mailed Aug. 11 is re¬
questing stockholders for authorization to represent them in filing claims
against the Interborough Rapid Transit Co. estate.
The claims arise out
of the 1922 readjustment
plan between Interborough stockholders and Man¬
hattan stockholders.
Nathan L. Amster, Chairman of the stockholders'
protective committee,
states in the course of the letter that in view of defaults
by Interborough
under both the lease and the 1922
readjustment plan holders of Manhattan
modified stock are creditors of the
Interborough company.
The 1922
readjustment plan provided that the modified stock be reduced from a fixed
$7 dividend basis to $5 a share annually, if earned, upon the agreement
that in case of default the rights of the modified stockholders should be
undiminished by reason of the plan.
In urging united action on the
part of all holders of the modified stock,
Mr. Amster pointed out that the stockholders' claims are now
separate
and apart from any claims which the Manhattan
company itself may have
against Interborough for defaults under the lease, whether because of undermaintenance or otherwise.
All claims of both the Manhattan company or
its stockholders must be filed by Sept. 15,
next, according to directions of
the U. S. District Court.—Y. 147, p. 1040.
Maracaibo Oil
x
1938—3 Mos.—1937
ordin'y taxes, deprec.,
deplet. & other chgs__
$15,924
1938—6 Mos.—1937
$2,478
$2,301
$15,512
Before Federal income taxes.—V. 147, p. 577
Period End. June 30—
Net profit after charges
1938—3 Mos.—1937
146,
1938—6 Mos. —1937
$97,118
$242,366
$248,549
$513,989
$0.41
$1.05
$1.06
2698.
Martin-Parry Corp.- -Earnings3 Months Ended May 31—
Net sales
1938
1937
$5,991
$17,793
72,598
43,088
Net operating loss
Mexican Light & Power Co., Ltd.-
Earnings-
[Canadian Currency]
Period End. June 30—
Gross earns from oper_-
Oper.
exps.
1938—Month—1937
$639,859
$705,237
518,429
553,237
& deprec...
Net
-V.
earnings....
147, p. 424.
$121,430
1938—6 Mos.—1937
$4,320,124
$4,379,835
3,147,662
3,184,683
$152,000
$1,172,462
$1,195,152
Michigan Steel Tube Products Co.—Earnings—
6 Mos. End. June 30—
Net income after deprec.,
Federal income taxes.
1938
1937
1936
1935
loss$79,911
$312,680
x$232,231
$237,782
Nil
$1.56
$1.16
y$1.18
Earns, persh. on 200,000
x After
non-recurring reorganization expenses of $13,287 and reserve for
contingencies of $9,301 not set up in the first half of 1935.
y Based on
shares outstanding for six months ended June 30, 1936.
on
undivided profits.
—V. 146, p. 2699.
Mid-Continent Petroleum Corp.
(& Subs.)—Earnings
Period End. June 30—
1938—3 Mos—1937
Gross sales, less returns
and allowances..
$10,335,421 $11,936,467
Cost of sales (excl. depre¬
1938—6 Mos.—1937
$18,819,776 $20,473,298
ciation and depletion)
7,691,566
7,367,003
13,601,657
12,188,740
$2,643,855
$4,569,464
$5,218,119
$8,284,558
$37,097
$54,806
458
970
ministrative expenses.
1,571,545
1,613,814
2,971,481
3,016,927
$36,639
on
$53,835
$1,072,310
$2,955,650
$2,246,638
$5,267,631
147
131
Net profit from sales.
Other income credits, net
purchases and other income.
Loss
Miscellaneous charges.
Interest paid
159
Net loss.
$36,786
Assets—
1938
Prop. & plant...
1937
1938
$887,861
$775,107
33,294
183,659
10,381
14,543
Cash
Accts.rec.Oess res)
b
Capital stock
Accts. payable and
Res.
(less reserve)
Prep, insur., &c._
54,705
54,030
6,441
4,755
1937
for
Fed.
and ad¬
dividends
received
507,976
Leaseholds
421,402
772,415
851,761
$1,580,286
Total income
Depreciation
Depletion
$3,377,052
$3,019,053
1,507,230
6,119,392
\
.
.
_
.
744,266
j
and
5,181
4,062
423,771
385,566
Earnings
687,5091
292,007/
1,360,415
574,717
238,502
324,284
442,427
23,254
212,517
26,821
775,417
315,081
$574,264
$1,860,735
$0.3l
$1.00
$1,042,5/5
$0.56
$3,093,761
$1.66
13,598
Net income
State taxes
/
\
surrendered
and abandoned
Fed. and State inc. taxes
11,272
Deficit
gen.
including interest and
$1,400,000 $1,400,000
accruals
Inventories at cost
Selling and
$54,125
Balance Sheet May 31
a
$7,205
$0.17
per share on 42,000 shares common stock
Gross profit from sales
..
Cost of goods sold
Discount
Earnings
—V. 145, p. 3351.
$2.23
shares
p.
Co.—-Earnings—
Earnings for Six Months Ended July 14, 1938
depreciation, interest, taxes, (fee-
Net profit after
Note—No provision was made for Federal surtax
and Federal taxes
Earns. per sh. on 226,642
common
Meteor Motor Car
shs.cap.stk.($2.50 par)
'.—Earning s-
—V.
participating preferred stock, par $100, both payable Sept. 1, to holders
of record Aug. 24.
Similar amounts were paid on June 1 and on March 1,
last.—V. 146, p. 3508.
Exploration Corp.—Earnings—
Period End. June 30—
Consolid. profit after
x
Directors have declared an extra dividend of 25 cents
per share in addi¬
tion to the regular
quarterly dividend of $2 per share on the 8% second
share.-,..
per
Note—The foregoing statement does not include
an
estimate for surtax
undistributed profits.
as of June 30, 1938, were $18,640,120
compared with
as of Dec. 31, 1937.
Of the current assets $6,922,445 was in
cash and short term U. S. Treasury notes.
On June 1, 1938, the corpora¬
on
Total
a
After
$992,682 $1,032,094
reserve
Total
$992,682 $1,032,094
for depreciation of $600,649 in 1938 and $560,217 in 1937.
b Represented by 175,000 no par shares.—V. 146, p. 2698.
Net current assets
$18,404,108
tion
Margay Oil Corp.—Earnings—
a
Period End. June 30—
Net profita
After
charges, depreciation and depletion,
146, p. 3671.
1938—6 Mos.—1937
$202,980
$220,782
Marion Steam Shovel
Co.—Earnings—
1938
x
loss$280,568
Marlin-Rockwell Corp. (&
common
shares
$0.31
$376,965
Middlesex & Boston Street Ry.—Earnings—
Period End. June 30—
Net loss
1938—3 Mos.—1937
$53,236
$43,072
2,109,044
$0,094
2,256,447
$0,094
1938—6 Mos.—1937
$91,732
$74,579
4,461,934
4,667,598
$0,093
$0,093
Midland Counties Public Service Corp.—To Be
$60,785
x$31,488.
Subs.)—Earnings—
1938—3 Mos.—1937
$104,788
its capital
1936
After charges and Federal taxes.—V. 146, p. 2541.
Period End. June 30—
Net profit after deprec.,
Federal taxes, &c
Earns, per sh. on 339,244
on
—V. 146, p. 3960.
1937
but
before Federal income tax
interim dividend at the rate of 25c. per share
$464,295.—V. 146, p. 3809.
an
Rev. for pass'gers carried
Aver, fare per rev. pass.
but before provision for
Federal income taxes.—V.
6 Months Ended June 30—
Net profit after deprec., &c.,
paid
stock amounting to
1938—3 Mos.—1937
$102,377
$127,656
Midwest Piping & Supply
1938—6 Mos.—1937
$232,526
$1.11
Merged
Company—See Pacific Gas & Electric Co. below.
—V. 141, p. 281.
with Parent
$750,907
$0.68
$2.21
Co., Inc. (& Subs.)
Quarter Ended May 31—
Net profit after depreciation and income taxes
Earnings
$59,974
$0.51
$0.31
share on 193,140 shares (no par)
3960.
per
—V. 146, p.
-Earns
1938
$99,403
1937
—V. 147, P. 577.
Milnor, Inc.—To Pay Smaller Dividend—
Market
Street
Ry.-
■San
Francisco
Proposes
to
Buy
Traction Line—
By a vote of 8 to 2 the San Francisco Board of Supervisors has voted to
purchase of the Market Street
Ry. properties at a price of $24,500,000.
Under the bond issue proposal
a
maximum of $12,500,000 will be allowed for purchase of the
railway
properties with balance of fund going to rehabilitation and extensions.
The proposal contemplates the payment of maximum of
$12,500,000 to
Market Street Ry. for purchase of company's franchises, improvements,
equipment and rolling stock.
The balance of the $24,480,000 would be
spent for improvements, rehabilitation and extension of private company's
lines and consolidation with municipal railway lines into a single coordi¬
submit to voters Sept. 27 a proposal for the
nated
Directors have declared
a
dividend of 10 cents per share on the capital
stock payable Sept. 1 to holders of record Aug. 20.
This compares with
35 cents paid on May 31, last; 10 cents paid on March 1, last; 15 cents paid
on Dec. 1, last; 10 cents paid on Sept. 1 and on May 29. 1937; 30 cents
paid on May 20, 1937, and 10 cents paid on March 5, 1937, and on Dec. 12,
1936, this last being the first dividend paid since March 1, 1934 when a
dividend of $1.15 per share was distributed.—V. 147, p. 896.
Minneapolis Gas Light Co.—Earnings—
Earnings for 12 Months Ended June 30, 1938
Operating revenues—Gas sales
Operating expenses
$4,932,202
3,345,864
system.
Unlisted Trading Denied at San FrandciscuBecause of insufficiency of trading activity, the Securities and Exchange
Commission has denied the application of the San Francisco Stock
Exchange
for extension of unlisted trading privileges to the common, prior
preference,
preferred and second preferred stock of the company.
The Commission pointed out that during the 12 months ended
May 31,
this year, the trading in the prior preference stock
which was the most
actively traded of any of the securities involved, was only 1,290 shares.
In two of the months during that period there was no trading.
The Commission said that this volume of trading appeared insufficient
to give any assurance that there would be enough activity to result in the
Net operating revenue
Other income
Total
_.
$1,586,337
...
income._!
Interest on funded debt—
Amortization of debt discount and expense—
Other interest
Amortization of preferred stock refunding expense
Provision for Federal income taxes
Net income---.,
—V. 146, p. 3809.
10,326
$1,596,664
468,012
—
86,221
7,875
117,871
$911,200
Financial
1200
Mission
Corp.—Earnings—
1938
6 Months Ended June 30—
Dividends received—
37,452
payable Sept. 1 to holders of record Aug. 23. This compares with 30
paid on June 1, last: 40 cents paid on March 1, last, and previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, an extra dividend of 65 cents was paid on Dec. 1, last; and extras
of 15 cents were paid on Sept. 1, June 1, and March 1,1937.—V. 147, p. 747.
stock
cents
$435,584
$252,601
8,198 prof!239234
Balance
sales of investments
on
Profit
$427,386
——
Montgomery Ward & Co., Inc.—Listing—
$1,491,835
The balance sheet as of June 30, 1938, shows total assets of
The Chicago Stock
$14,001,619
Exchange has admitted to trading 5,217,147 shares
of common stock no par value.—V. 147, p. 1041.
including cash of $501,957, comparing with total assets of $15,013,944 and
cash of $2,029,275 on Jan. 1, 1938.
Current liabilities as of June 30, last,
amounted to $24,613 compared with $36,935 on Jan. 1, 1938.
Undivided
Montour RR.—Earnings—
1938
profits totaled $184,823 against $1,313,159.—V. 147, p. 274.
Mississippi Power Co.—City Offers to Buy Property—
City of Columbus, Miss., has offered the company (subsidiary of
& Southern Corp.) $232,000 for its property in that
60,841
818.191
215,194
274,154
Gross from railway—-Net from railway..
Net after rents——
Mississippi River Power Co.—Earnings—
—V. 147, p.
[Including Missouri Transmission-Co.)
1938
$3,940,183
1,885.221
$2,024,431
120,851
$2,213,050
118,483
$2,145,282
947,605
income.
Interest on funded debt
—
Other interest charges
deductions
$269,937
$136,526
22,309
$227,754
39,130
$272,776
33,413
2,151
19,000
3,053
b30,500
2,183
b67,500
Cash divs. paid on pref. capital stock
Cash divs. paid on com. capital stock
$93,065
17,500
35,000
$155,072
17,500
40,250
Net surplus for six months.
Earned surplus Jan. 1
$40,565
644,332
$97,322
533,583
$127,679
$630,905
$454,475
Interest
on
coll. trust notes, &c__.
and fees
coll.
on
Net income
$1,317,676
SEC Report
on
Exchange Registration—
has filed with the Securities and Exchange Commission
The company
preferred stock should be suspended
or
Assets—
Examiner Townsend's report, which is only advisory, found that MOP
balance sheets for 1934 and 1935 were incorrect in that they failed to disclose
liability under Terminal Shares contracts.
The road's brief asserts that full publicity was given to the contracts,
that there was no intent or effort to conceal the contracts or the liability
that the balance sheets in question were prepared by em¬
ployees of the bankruptcy trustee, that the MOP had no part in their
preparation, had no power to make changes therein, that the method of
accounting followed was prescribed by the Interstate Commerce Com¬
mission, and that no defficiency exists in the balance sheets filed with the
thereunder,
material facts favorable to the road, contains contradictory findings
many inexplicable errors
Mobile Gas Service
accrued taxes
10,336
Funds
6,057
1938
1937
$501,446
413,540
Non-operating income
$135,860
21,24.5
$87,906
26.354
Gross income before provision for retirements
Provision for retirements
$157,105
47,202
$114,260
21,096
Interest
$109,903
46,919
$93,164
46,763
expenses
and taxes—
Net oper. revs, before provision for retirements.
Reserve for losses.
15,216
Unearned
135
reserved for int.
Note—Effective
Jan.
1,
income bonds
on
$62,849
Assets—
1938
Total
a
§2,719,715 §2,598,548
Mlscell. investm'ts
9
359
Special deposits-..
5
80,587
24
Cash
1938
Common stock..
1st mtge.
Loss
on
sale of
Total
1938
Earnings
9,500
4
2,826
Reserves
a
6 Mos. End. June 30—
Net sales
Cost of sales, exps., &c..
$3.72
profits.—V. 146, p. 3345.
Corp. (& Subs.)—Earnings—
1938
$274,953
433,656
Operating loss
$2,978,547 $2,820,227
1938
1937
a
10,032
$7,094,107
6,738,842
13.936
16,068
18,419
$1,721,127
x330,000
$206,139
26,000
$373,684
$1,321,127
437,040
$180,139
273,150
$328,684
136,575
$884,087
def $93,011
$192,109
546,300
$2.41
546,300
$0.33
546,300
$0.60
Net profit
Dividends...
136,575
S urplus
def $834,947
Shares capital stock out¬
standing ($25 par)...
Earnings per share
excess
$190,071
$355,265
45,000
Nil
Murray Ohio Mfg. Co.—Earnings—
S
S
647,301
1,240,845
3,140,542
Inventories
9,979,682 11,846,765
& advs.
203,629
1938
164,229
36,000
36,000
Prepaid expenses..
Prop., plant &eqt.
387.173
337,698
(less deprec.)...
6,447,098
6,825,342
Liabilities—
excess
22,997,878'
570,509
Accrued liabilities.
Res. for Fed. taxes
1,032,275
2,000,000
Customers' balance
3,500,000
23,146
64,893
335,831
535,183
134,561
X572.604
Capital stock...11,000,000 11,000,000
Capital surplus...
424,113
424,113
y
1936
$182,317
$0.92
Nil
$1.70
After depreciation and Federal income taxes, but before surtax on un¬
a
1938
Net income
1937
1935
1936
$52,672
$228,160
$91,730
Nil
$0.74
$0.14
Earns, per sh. on 225,000
shs.com. stk. (no par)
After Federal income taxes, depreciation
$50,817
Ni
and other charges.
Note—No provision was made for Federal surtax on undisttributed profits.
—V. 145, p. 1909.
Corp. (& Subs.)—Earnings—
Quarter Ended June 30—
Earnings
per share on common..,
The net loss for the nine months
146,
p.
1938
•
Net loss after depreciation, &c
1937
$2,005,407prof$1278974
Nil
$0.30
ended June 30 was $4,974,138.—V.
3346.
National
Acme
Co.
Period End. June 30—
-Earnings—
1938—3 Mos.—1937
4,111,737
Treasury stock...
5,917,398
Net profit after deprec..
Federal taxes, &c
Ioss$71,652
Z>r48,586
Z>r48,587
Earnings
per
share
•
$406,073
1938—6 Mos.—1937
$128,299
$697,911
on
500,000 shares ($1 par)
Total
profits tax and surtax
on
by shares of $20 par value.—Y. 146,
S
Accounts payable.
Notes payable
Surplus
18,551,310
1937
*
256,883
Investments
1937
$98,516
distributed profits.—V. 146, p. 1718.
Nash-Kelvinator
1937
Notes & accts. rec.
..
1938
loss$l 1,500
share on 107,423 shares
capital stock (no par)
per
6 Mos. End. June 30—
Balance Sheet, June 30
Cash
Earnings
profits tax.
1938
Assets—
-V. 146, p. 3672.
6 Months Ended June 30—
a
546,300
$317,955prof$357,507
Revised by company
Muskegon Motor Specialties Co.—Earnings—
70,000
loss$698,372
z
Net profit
a
,
20,204
1935
$7,220,754
7,030,683
Total income.
loss$698,372
Federal income tax (est.)
Prov. for undistributed
profits tax
$993,655
515,432
$148,671 prof$498,427
31,544
3,152
134,782
77,967
2,958
265
59,536
Net loss
1936
$4,787,328 $10,539,898
5,466,410
8,832,706
al937
.
$158,703prof$178,223
Federal income tax
274.
p.
Inc.—Earnings—
on
Includes
$0.21
Other income
$1,707,191
x
$1,454,872
$1.92
480,101
operations..loss$679,083
Other income (net)
Drl9,289
sented
$83,222
$0.12
After interest, depreciation. Federal and Canadian income taxes and
Mullins Mfg.
a
Total
1938—6 Mos.—1937
$751,405
Inventory adjustments, &c
Depreciation and amortization
Operating loss of subsidiaries
Total
$32,386
$0.40
$45,360
6 Months Ended June 30—
6,340
593,734
shares.—V. 147,
no par
Mohawk Carpet Mills,
(non-current)
1938—3 Mos.—1937
$25,932
$0.33
Corp.—Earnings—
Net profit
Earns, per sh. on 391,254
shares common stock.
a
Loss
.$2,978,547 $2,820,2271
rec.
loss$25,087
Nil
18,602
20,307
13,766
Notes
period
share
3962.
Expenses
30,990
Represented by 5,000
$73,589
...
36,304
Motor Products
30,491
41,319
Includes
$39,386
5,500
1,500
Period End. June 30—
38,418
31,391
Consumers' deps..
35,715
x
34.203
$71,737
Gross profit
Service ext. deps..
*13,906
Profit
per
—V. 146, p.
20.990
Accounts payableAccrued accounts.
Def. credit Item..
terials & suppli's
a
39,213
Provision for Federal income taxes
1937
1,991
Del. debt items...
1936
$109,949
.....
Prov. to adj. sec. val. to cost or market
ma¬
Total
1937
$12,551
11,905
25,734
loss$25,087
sees
Operating profit
$430,701
18,024
rental
.§3,854,490 §6,034.748
Corp.—Earnings—
Expenses
1,833,000
116,573
44,819
630,905
6 Months Ended June 30—
Gross income..
$430,701
1,253
receivable.
118,735
684,897
.§3,854,490 §6,034,748
1,833,000
bonds..
109,329
Notes receivable..
500,000
350,000
118,735
Represented by 5,000 shares class A stock, par $50, and 10,000 shares
y Consolidated figures.—V. 146, p. 3194.
x
surtax on undistributed
Liabilities—
1937
plant &
equipment
500,000
350,000
class B stock, no par.
$46,401
Balance Sheet June 30
Merchandise,
175,555
246,023
Com. cap. stock.
Capital surplus
1938,
the company adopted the new uniform
system of accounts for gas utilities prescribed by the Alabama Public Service
Commission.
Such system differs in certain respects from the system the
company previously followed, hence, the previous year figures shown in
these statements are not exactly comparable.
on
98,804
135,100
income.
7% cum. pref. stk.
(par §100)
63,365
Profit for the
Appli'ces
136,140
361,139
Provision for bad debts
Sundry income charges.
Accts.
dealers
.V:<-/
$557,543
421,683
Property,
86,638
288,816
withheld
from
x
Motor Bankers
Corp.—Earnings—
12 Months Ended June 30—
earns,
§3,516,250
Earned surplus
of fact unfavorable to respondent, and contains
and omissions.—V. 147, p. 747.
Net
1937
yl938
Accts. payable and
5,252,142
.._.
The brief states that the trial examiner's report contains numerous clear
misstatements of facts about which there can be no dispute, omits reference
Operating
326,796
Coll. tr. notes pay.§1,591,500
§687,631
Notes receivable..
commission.
to many
24,500
undistributed profits.
Liabilities—
1937
yl938
§522,477
3,241,267
Reps'd chattels...
19,705
Accts. receivable..
37,183
Prep'd int. on coll.
trust notes.
9,217
Prep'd comm. on
receiv'les purch.
24,641
Cash
withdrawn.
on
$169,679
17,500
.
Comparative Balance Sheet June 30
in
Exchange of the common and 5%
b Includes surtax
Company only figures,
a
321 exceptions and brief to the report of trial examiner Richard Townsend
proceeding to determine whether registration on the New York Stock
2,838
trust
notes
1936 and 1937.—V. 146, p. 3193.
-Files Exceptions to
$221,157
6,598
Commissions
Note—so far as can be determined, the companies had no liability under
RR,-
172.414
$109,228
27,298
Provision for Fed. income taxes
$1,141,486
Net income
113,157
Other income credits.
the Revenue Act of 1936 for surtax on undistributed income for the years
Pacific
$442,351
$334,314
49,434
Operating expenses
955,362
41,561
16,934
41,003
11,366
3,822
Amortization of bond discount and expense.
Missouri
al936
al937
$684,897
Non-operating revenues.
Other
1938
$158,662
$2,331,534
Operating expenses and taxes-
Gross
448,780
474,232
(& Subs.)—Earnings—
6 Months Ended June 30—
Gross income from operations.
$4,098,271
1,915,752
63,452
1,078,641
578.
Morris Finance Co.
1937
charges
under firm power contract
57.304
From Jan. 1—
The city's offer, open until midnigut, Aug. 22, is for the city, sub¬
urban and standby steam plant of vhe company.—V. 147, p. 896.
gross
1,244,966
497,980
489,478
Net after rents
city.
Operating revenues (electric), incl.
1,460,656
658,710
638,630
1935
$158,256
1936
$235,429
118,974
108.371
$144,018
54.042
«.
Net from railway
the Commonwealth
12 Months Ended June 30—
1937
$258,999
133.062
131,991
July—
Gross from railway
The
1938
Directors have declared a dividend of 25 cents per share on the common
1937
$344,843
92,242
$473,036
Expense, tax, &c
Loss
Aug. 20,
Monarch Machine Tool Co.—25-Cent Dividend—
'
r
Chronicle
18,551,310 22,997,878
undistributed profits,
p.
3810.
y
Rep-
capital stock
Nil
Note—No provision for Federal
been made.—V. 146, p. 3194.
$0.81
surtaxes
on
$0.26
undistributed
$1.39
profits has
Volume
Financial
147
National Automotive
Fibres, Inc.—Earnings—
1938—6 Mos.—1937
1938—3 Mos.—1937
Period End. June 30—
Net profit after deprec.,
After surtax
National
on
„
undistributed profits.—V.
Biscuit
x$446,598
loss$52,907
x$210,408
146, p. 3194.
Co.—Earnings—
1938—6
1938—3 Mos.—1937
Period End. June 30—
Mos.—1937
xNet
profit after chgs.,
taxes, &c
§2,984,565
Shares common stock-..
6,289,448
85,645,135 85,422,792
6,289 448
6 289,448
Earnings per share
80.40
80.75
80-72
x Before provision for
Federal surtax on undistributed profits.
Net profit for 12 months ended June 30, 1938, was 812,117,455, equal to
$1.65 a common share, against 812,058,126, or 81.64 a common share, for
82,884,035
6,289,448
80.39
the 12 months ended June 30, 1937.—V. 146, p.
3962.
$123,614
$0.66
on a two
for
basis.
one
The change
does not increase the capital
corporation but will increase the outstanding number of shares
The number of authorized shares will remain
Application has been made to list the additional
to 360,000.
400,000.
New York Stock Exchange.—V. 147, p.
of the
New York Water Service Corp.
Operating
$1-90
$410,115
.
$2.17
-Earnings-
(& Subs.)-
1937
1936
1935
$2,952,233
914,799
$2,900,957
$2,863,082
870,760
17,921
836.435
16,090
1938
revenues
'
$2,928,697
General operation-Rate case expense
903.303
722
11.038
26,974
32,589
10,879
4.177
017,917
032,044
016.875
018,220
12,651
103,407
353.046
87,642
36.376
16,865
136,760
335.205
23.250
20,834
24,840
90,211
273,653
46,556
19,196
$1,422,493
30,719
$1,449,617
$1,473,980
$1,570,141
28.002
27,349
48,739
Gross corporate income $1,453.212
Int. on mtge. debt
770,280
$1,477,619
776,593
$1,501,330
$1,618,880
782,074
785.040
Other
regulatory
com¬
mission expense
General expenses trans¬
ferred to construction
for
uncollec-
Maintenance
Real property taxes
Excise taxes
-
Corporate taxes
__
129,501
312,157
58,547
59,033
28,369
from 180,000
unchanged at
shares on the
Net
earnings
for
prov.
&
897.
Co.—$6,000,000 Debentures
Placed Privately—The company on Aug, 2 sold privately
to an insurance company $6,000,000 15-year 3l/i% sinking
fund debentures due Aug. 1, 1953.
Sinking fund payments
are to be made over a period of 10 years beginning Aug. 1,
Cash
Mos.—1937
$339,232
$1.11
12 Mos. End. June 30—
Register
1944.
before
retirem'ts
replacements and
Federal
National
'
$209,714
shs. cap. stk.(par $10)
—V. 146, p. 3962.
ible accounts
stock
1938—6
1938—3 Mos.—1937
Earns, persh. on 188,367
Provision
Corp.—Stock Split-Up Voted—
Stockholders at a meeting held Aug. 15 authorized an amendment to the
certificate of incorporation splitting up the outstanding shares of capital
National Bond & Share
Co.—Earnings
New York & Honduras Rosario Mining
Period End. June 30—
Net P
profit after charges
and Federal taxes
amort.,
Fed.
income
taxes & other charges. loss$ll ,346
x
1201
Chronicle
income
tax
Other income
Int.
serial notes
on
Interest
~~9~275
48~602
18", 837
T, 360
5,208
21,472
3,403
17,435
23.463
020.672
28,621
03,078
33,972
39,602
GY624
Cr2,934
223,300
195,000
197,750
200,500
66,049
92,677
55,671
60,017
5,668
8,866
15,526
6,293
327
7,287
20,403
$319,378
Interest—Parent
Miscell.
32,771
gold notes-.
on
$357,775
$376,682
$465,164
co
interest
Amort, of debt discount
The
sale of the
enabling company to pay of
debentures provided funds
which were made
finance its domestic instalment accounts receivable.—V. 147,
its domestic bank loans in substantially the same amount
largely to
P. 1042.
and expense
Int. charged to construe.
Prov. for retirements and
replacements._
Prov. for Fed. inc. tax &
National
City Lines, Inc. (& Subs.)—Earnings—
1938
$2,439,983
deprec., int.. Federal, State in¬
come taxes, minority interest, &c
Earnings per share on 200,000 common shares
—V. 146, p. 3352.
profit
1937
$2,147,994
162,380
$0.43
6 Months Ended June 30—
Gross revenues
Net
surtax-
184,095
$0.54
after
Prov. for int.
Federal
on
inc. tax of prior years
deductions
Miscell.
Net income
Dairy Products Corp .-—Dividend Reduced—
The directors on Aug. 18 declared a dividend of 20 cents per share on the
stock, no par value, payable Oct. 1 to holders of record Sept. 1.
Previously regular quarterly dividends of 30 cents per share were distributed.
—V. 147. p. 747.
common
Assets—
Pit., prop.,eq.,&c.28 389,446 27,799,536
Cash & mater, held
Purchase
for
special
struct.
National Distillers Products Corp.
(& Subs.)-Earnings
1938
$3,761,445
$3,730,259
371,950
565,371
Debenture interest and amortization.
367,605
Federal income taxes,
627,487
&c
Net profit—
Earnings
per
$2,760,448
$1.35
$2,792,938
$1.37
$2,766,353
$1.36
share on common
1936
$3,653,594
375.978
517,168
1937
profit was $1,321,130, equal to
65 cents a share, comparing with $1,367,930, or 67 cents a share, in June
quarter of 1937.—V. 146. p. 3811.
For the quarter ended June 30, 1938, net
National Gypsum
not
Loan
555,500
3,694
6,343
Accts.
125,095
rec.
221,000
sessments..
83,922
175,897
working funds..
1,251
216
108,430
101,389
Accrued Interest..
taxes...—
Maintenance
Other operating expenses
Taxes
Depreciation
1938—12 Mos.—1937x
105,337
116,487
223,502
177,259
Customers'
Comm'n
pref.
on
&
609,229
587,815
$313,299
5,248
$318,547
111,752
578,385
$2,066,284
109,158
$2,001,427
$249,411
Gross income
210,781
2,149,981
531,127
$2,071,965
1,385,365
Interest
117,520
70,538
1,336,496
7,035
1,115
7,055
1,216
84,033
14,537
85,282
13.878
$123,740
$198,523
$588,029
$739,785
43,931
26,362
expenses
Miscell. inc. deductions.
233,354
341,358
152,571
17,444
139,341
80,415
64,322
251,114
3 ,096,365
6% cum. pref. stk.
Common stock
4 ,653,200
2 ,601,500
liabilities.-----
130,277
143,625
45,333
27,658
x
31,037
...33,215,54 5 32,295,517
456,644
2,898,861
4,653,200
2,601,500
Capital & paid-in
2 ,338,645
2,339,305
3 ,407,436
surplus
3,062,482
33,215,545 32,295,517
Total....
-V. 146, p. 3024.
Neisner
Brothers, Inc.—Sales—
Period End. July
1938—Month—1937
1938—7 Mos—1937
$1,962,003 $10,100,157 $11,896,746
31—
$1,529,455
Sales
—Y. 147, p.
1042.
Haven
New
York
New
Trust
$2,175,442
Amort, of debt disc, and
depos.
Earned surplus.
—
10,166
Reserves-...-.--
498,482
498,482
exp.
deferred charges
Total
10,093
Deferred Income &
capital stock
Debt disc.
$5,536,559
$5,717,634
284,720
2,234,443
$245,326
4,085
Net oper. revenues
Other income
-
Misc. accr. items.
Prepaid accts. and
share on the com¬
(& Subs.)—Earnings
1938—Month- -1937
$710,228
$637,309
20,915
22,181
255,800
250,666
73,231
69,502
46,983
49,633
Operating revenues
_
cos...
payable Sept. 15 to holders of record Aug. 31.
Like amount was
15, last, and previously, regular quarterly dividends of
50 cents per share were distributed.—V. 147, p. 1042.
Nevada-California Electric Corp.
...
local
and
State
Acer, unbilled rev.
affiliated
6,000
43,829
Federal,
Accrued
Due from sub. and
June
Period End. June 30—
payable
Sewer & paving as¬
stock
on
6,000
28,823
July 1
and
special deposits.
in proc. of amort
Brothers^ Inc.—25-Cent Dividend—
The directors have declared a dividend of 25 cents per
mon
on
Fire protec'n serv.
authorized the listing of $3,500,000
4^% sinking fund debentures, dated May 1. 1938, and due May 1, 1950
all of which have been issued.—V. 147, p. 747.
paid
due
—-amt.
510,000
Cash in banks and
Accts. & notes
100,000
Mtge. bds.assumed
not
invests,
100,000
250.000
Notes payable
2,609,599
2 ,609,599
consol
Misc.
100,000
Corp
consol.
sub.
to
20,970
Service
Water
Materials &suppl's
Co.—Listing—
The New York Stock Exchange has
Neisner
cos.
18,084
Indebt. to Federal
243,700
herein, at cost..
15,426,500
money,
bond and mtge.
con¬
projects.
Invests, in subsld.
6 Months Ended June 30—
Profit after depreciation
.15 970,500
Funded debt
«...
?
$
Liabilities—
$
$
1937
1938
1937
1938
National
30
Consolidated Balance Sheet June
&
Hartford
RR.-—Equipment
Certificates—
Commission on Aug. 9 authorized the trustees
obligation and liability in respect of not excelling $1,640,000
The Interstate Commerce
to
assume
equipment-trust certificates of 1938, No. 2, to be issued by the Irving
Trust Co., as trustee, and sold at 100.14 and accrued dividends, in con¬
nection with the procurement of certain equipment.
The report of the Commission says in part:
,
The railroad trustees invited 68 bankers, brokers, and insurance com¬
,
Net income
Profits
on
retirement of
129
bonds and debs, (net).
Other miscel. debits and
01,017
x
04,973
$203,496
$617,825
surplus avail,
red.
of
bonds.
order to make proper comparison 1936 figures (as to
revised to conform with Federal Power Commission
In
were
013,244
Drl4,136
$122,853
for
1, 1938, was made by Evans, Stillman & Co., and has been
accepted.
On this basis the average annual cost of the proceeds to the rail¬
road trustess will be approximately 3.97%.—V. 147, p. 898.
from Aug.
credits to surplus (net)
Earned
thereto two
dividends,
panies to bid for the purchase of the certificates.
In response
bids were received;
The higher bid, 100.14% of par and accrued
Classification
effective Jan. 1, 1937.
properly omits extraordinary debits to surplus
arising from amortization of pension funds, &c.
Details have appeared in
annual reports.—V. 147, p. 1043.
Note—This
statement
New State Ice
12 Months Ended June
1938
12 Months Ended June 30—
1937
$420,706
369,804
$50,902
4,007
-
Gross income
Income deductions.
$61,090
4,823
$54,909
26,973
Operating income.
Non-operating income
$450,208
389,118
30—
:f§ $tf|§
1,783,427
2,577,628
Provision for taxes.
Operating income
Other income (net)
-
151,283
$5,063,684
Gross income
a
-
-
$65,913
29,826
Includes Federal surtax on
New York
$27,936
—
undistributed profits. -V. 147.
276.
Interest on
Balance
7-
—
— -
—
——V--
Total income
—.—
Depreciation
■---'
—
Miscellaneous deductions
$229,113
23,763
$137,008
74,800
$252,876
36,368
-
1937
$5,822,180
5,593,067
149,814
9,764
$121,677
s--._
1938
$6,117,321
6,002,403
147,517
—
—
*$12,188
81.110
of
x
-—
-
Profit before Federal taxes.—V.146, p.
3197.
anri'naq
400,043
$5,282,208
2,695.557
174,935
107,266
orl8,526
$1,990,848 $1,684,745
periods of companies
-
includes operations for the full
dates
Electric & Gas Corp. irrespective of the
mergers.—Y. 147, p. 898.
New York
Telephone Co.—Loss in Phones—
stations, against loss of 2,383 in
loss in July, 1935, and a
July had a loss of 7,953
July, 1937. a loss of 9,319 in July, 1936, a 14,486
loss of 14,975 in July, 1934.
•
For the first seven months there was a gain of
„
gain of 68.657 in the like period of 1937, a
a loss of 6,168 in the 1935 period, and a
—V. 147, p. 1014.
Noblitt-Sparks Industries,
6 Mos.
End. June 30—
1938
^^edC?n" omeTaxes^&cl loss$94,342
stock...
share..--.
Shares common
Netloss
81,063
Gr90,260
Balance of income
N0le—This statement
Company in
$114,918
22,090
6 Months Ended June 30—
Cost and expenses
Interest
p.
Shipbuilding Corp.—Earnings—
Gross billings
Other income
$36,086
2,411,973
528,19o
Ml ,868
debt.
unfunded debt
discount and expense
Amortization of miscellaneous suspense
Interest charged to construction
Interest <m f umled
Amortization of debt
merged into New York State
Net income
Corp.—Earnings—£938
ISFjuq
88S8S
Co.—Earnings—
Operating revenues
a Operating expenses & taxes—
Electric & Gas
New York State
$779,392
major items)
Earnings per
x
Before surtax on
190,687
Nil
.
„
.
,
5,509 stations, against a
gain of 33.086 in the 1936 period,
loss of 2,204 in the 1934 period.
Inc.—Earnings—
1937
x$432,997
190,687
$2.27
1936
$342,194
154.000
$2.28
undistributed profits.—V. 146, P. 3198.
1935
$243,068
152l°92
$1.62
1202
Financial
North American
Co.—
Transfers Muzak Corp. and Music
Companies to Warner Brothers—
J. P. Fogarty, President, in the quarterly letter to stockholders disclosed
that control of Muzak Corp. and two music companies, Associated Music
Publishers, Inc., and Breitkopf Publications, Inc., had been transferred to
Warner Bros. Pictures, Inc.
The North American Co. for a number of years has operated Wired
Kadio, Inc., which has been experimenting In transmitting over light and
wires musical and other programs.
Muzak Corp., which holds
licenses under Wired Kadio patents, furnishes program service in New
York City.
The two music companies furnish programs for Muzak Corp.
"The business of Muzak Corp. and that of the music companies were
developed as an adjunct to wired radio," Mr. Fogarty says.
"While the
enterprise affords the possibility of increased use of electricity, progress in
that direction will depend on the development of the use of wired radio in
power
the amusement field.
In view of this and of provisions of the Public
Utility
Holding Company Act, it
was thought desirable to seek the cooperation of
important way with the amusement industry."
Mr. Fogarty says Warner Bros, may within two years acquire
ownership
interests identified in
an
of Wired Radio and adds that Warner Bros, has the option of not
proceed¬
ing with the development of wired radio, in which event ownership will
revert to North American subject to an option to Warner Bros, to
buy the
two music companies alone.—V. 147, p. 750.
Chronicle
Aug. 20,
the plan, Judge Bryant said, shows that "in addition to the
a
new company and the elimination of the debtor
(North¬
eastern Water Companies, Inc.), one other company is to be eliminated and
two others, through sale and exchange of assets and securities,
will be
changed enough to warrant the designation of 'reorganization.'
There is
no question but that the three companies affected are sound financially.
They are in no wise under nor subject to the jurisdiction of this court.
Any reorganization or change of financial structure must come through the
voluntary acts of their directors and stockholders.
Their only connection
with this proceeding is through stock ownership affiliations.
The real
purpose sought through this proceeding is the holding of debtor in its present
status for a time sufficient to permit parties interested, through elimination
and reorganization of solvent companies, to obtain money to pay its debts.
It is not a proceeding to reorganize under 77B but rather to use 77B to
restrain creditors while an independent reorganization is being made.
"This court does not attempt to state that the proposed plan of reorgani¬
zation, if carried out, would be advantageous or disadvantageous to the
owners of the corporation.
That is outside of its province.
Here the only
question is whether or not the relief sought by debtor is within the purpose,
intent and spirit of the statute.
"After careful study of the facts, I hold that debtor is not within the
purview of the statute.
It is not seeking reorganization through this court
but injunction relief only."—V. 147, p. 1044.
Northern States Power Co.
North American Cement
Corp.—Earnings-—
12 Months Ended. June 30—
loss after taxes, deprec., deple.
x
1938
1937
lossx$792,996
1936
x$336,407
0.4% compared with the corresponding week last year.—V. 147,
$528,183
North West Utilities Co.
Before profit on bonds acquired.—V. 146, p. 3198.
Operating revenues
Oper.exps. and taxes...
Co.—Earnings—
6 Mas. End. 3 Mos. End. 3 Mos. End.
June:30, *38 June 30, *38 Mar. 31,'38
Gross oil royalties
Contract charge for operation of leases
Salaries and directors' fees
Gross production, excise and proration
$97,283
4,960
2,480
2,510
2,004
Other expenses
999
1.004
long-term debt..
$6,044,988
4,251,745
$5,841,965
4,064,278
$899,749
3,081
$1,793,243
6,704
$1,777,687
6,603
$910,079
Gross income
$2,892,058
1,992,309
$907,065
3,014
Net oper. income
on
$902,830
462,973
4,500
$1,799,946
$1,784,290
921.017
918,691
12,677
9,729
88,938
3,200
174,590
4,975
185,636
460,134
General Interest (net)
Amort, of bond dis. and
5,782
—
87,158
expense
— ...
Misc. inc. deductions—
on
$77,860
$38,921
$38,938
Pro v.
for
divs.
1,454
8,158
pref.
on
stocks of sub.
1938—6 Mos.—1937
$2,962,722
2,055,657
Other income (net)
4,642
1,840
Int.
taxes
Profit before depletion and taxes
income
—V. 147, p. 426.
$48,349
4,218
1,730
$48,934
8,860
3,570
1044.
p.
(& Subs.)—Earnings—
1938—3 Mos.—1937
Period hind. June 30—
North American Oil
(Del.)—Weekly Output—
Electric output of the Northe(n States Power Co. system for the week
Aug. 13, 1938, totaled 25,295,003 kilowatt-hours, an increase of
ended
Net
and interest
1938
A study of
formation of
cos.
held
by the public
(The) North Central Texas Oil Co., Inc.—Earnings3 Months Ended June 30—
Operating income
Administrative and general expense..
Legal and purchase expense
1938
1937
1936
$63,810
13,303
1,231
$71,949
13,388
1,768
$53,814
12,641
738
Depreciation
142
131
122
3,000
20,955
3,000
23,152
3,000
19,174
$25,177
$30,509
175
300
$25,227
91,182
$30,684
56,665
$18,439
$116,409
$87,349
37,500
$41,247
Net operating income.
Interest and divs. on securities
.
Net income before Federal taxes...
Balance, beginning of period..,
Dividend.
24.600
Balance end of period.
Shares of common stock outstanding
(par $5)
E arnings per share
22,809
$91,809
$49,849
$41,247
250,000
$0.12
250,000
$0.07
1038
107
Liabilities—
1938
Marketable
(cost)
Dividend payable-
$24,600
68
Accounts payable.
Federal taxes.....
215
10,913
4,809
Deferred
15,921
44,585
4,848
1,230,000
1,250,066
4,650
16,238
1,373,807
1,351,879
fixtures
445
236
Deferred assets....
34,101
Accrued int.
rec..
Mineral rights and
leases
Furn.
and
250
Ohio
credits..
Accts. pay. (contr.)
Com. stk. (par $5)
Capital surplus
Co.—Places
$21,000,000 Securities Privately—
has privately issued to a bank its serial notes
1939-45 aggregating $7,000,000
and has privately
due
issued to
insurance comp>any
an
obtained for the purpose of acquiring its 6% cumula¬
tive preferred shares in anticipation of their redemption and for the fuither
purpose of meeting the cost of additional
shares called for redemption
were
Sept. 15, 1938, and will reduce the outstanding preferred stock from $54,607,700 to approximately $35,500,000.
"The completion of this program," says a statement issued by the com¬
"will provide substantial savings to the corporation."
Balance Sheet June 30 (Company <fc
1938
Assets—
91,809
115,572
49,849
$14,000,000 15-year 334%
sinking fund debentures due Aug. 1, 1953.
a
Cash
?
6,128,636
sec.
after
res
subs.)
1937,
$
1938
Liabilities—
■
Prop., equip., &c96,748,052 95,673,682
Mark
117,935
Earned surplus...
Oil
The company
"
46,652
.......
x After deduction dividend
requirements for the period on pref. stocks of
subsidiary companies held by the public,
y Indicates loss.
Note—This statement does not include the revenues and expenses of
Lake Superior District Power Co., all of the common stock of which is
owned by North West Utilities Co., but in which voting control is not held
due to the regular voting privilege of its outstanding preferred stock.—
V. 146,p. 3673.
$37,500
$86,903
101
secur.
y$37,098
1937
$83,048
Accts. receivable..
699,172
y$12,485
pany,
Comparative Balance Sheet June 30
Assets—
Cash
699,172
y$6,369
These funds
246,000
$0.10
common stock..
349,586
$5,964
$18,139
50
Taxes—sundry
Depletion and properties charged off.
»
349,586
Net income
x
1,394,157
-V.
.....$1,490,242 $1,502,316
146,
p.
Total.
-_.$1,496,241
$1,502,316
Accts. receiv. after
Fed. inc.
& accr'd
4,877,259
5,343,334
Short-term notes..
Crude & refd. prod20,166,360
3,448,373
Deferred liabilities
1,643,273
19,501,060
Minority interest-
97,415
reserves
tax
1,928,213
North Penn Gas Co. (&
2,583,376
Earned surplus...
5,827,359
6,012,027
Capital surplus
c
Subs.)- -Earnings-
12 Months Ended June 30—
revenues
1938
$2,555,782
53,205
$2,608,987
2.040,213
$476,368
191,916
1,387
11,770
$568,774
$271,294
;
(net)
$350,033
45,111
92,120
Total
a
par
Interest
on
unfunded
debt
Amortization of bond discount and
expense
Net income
Dividends accrued
I
stocks—""
on
preferred
$7 cumulative prior preferred
$7 cumulative preferred
Balance
$134,584
-V. 146. p. 3813.
Northeastern
Water
Period End. June 30—
Operating revenues
Operating expenses, &c.
Operating income
Gross income
Bond interest
Other interest
Net income
Divs. on pref. stock
Balance
—V.
147, p. 1044.
Electric
1938—3 Mos—1937
$483,408
$541,403
361,394
373,457
$167,946
101,305
$205,311
52,095
Amortiz. of debt discount
and expense, &c
Minority interest
&
$122,014
83,297
Other income
Unrecovered discount
bonds retired.
$269,252
93,482
354
862
77 B
202.750
1,875
14,116
$212,802
Corp.
(&
Subs.) —
1938—12 Mos.—1937
$2,069,789
1,480,376
$589,414
392,861
$982,275
224,486
3,209
$2,190,070
1,497,215
$692,854
392,482
$1,085,336
375,282
3.215
9,392
14,123
36,917
67.214
462
1,323
1,629
2,921
$143,007
91,579
$159,461
91,579
$716,034
366,317
$629,549
366,301
$51,428
I
$67,881
$349,717
$263,247
7,155
-Reorganization Petition
\
the petition of
company for
the Bankruptcy
of
permission to reorganize under
Act, Judge Frederick H, Bryant in the
District of New York, states that the
U. S. District Court for the
Northern
relief
3only
n°^ se
n8 reorganization through this court but injunction
The
company's plan of reorganization called for the sale of all of its
property and assets to another Associated Gas & Electric
Corp. subsidiary,
General Gas & Electric Corp. and
involved a series of financial transactions
between General Gas & Electric
Corp., Southeastern Electric & Gas Co.
and Northeastern Water & Electric
Corp.
1,082,087
1,340,828
2,228",717
..139,658,058141,264,2171
Total
139,658,058141,264,217
After
depreciation and depletion,
b Represented by_6,563,377
shares,
c Represented by 200 pieferred shares at cost.
no-
Preferred Stock Called—
New York Curb Exchange has received notice that this company has
called for redemption on Sept. 15, 1938, at $110 per share, 30% of all of
the issued and outstanding shares of 6% preferred stock of the
company
pro rata from all preferred stockholders of record at the close of business
Aug. 15, 1938,
on
or
their assigns.—V. 147, p. 1044.
Orange & Rockland Electric Co.—Earnings—
Period End. June 30—
Operating revenues
Oper. exps., inc. taxes..
a
Depreciation
Operating income
on
Northeastern Water
Cos., Inc.DismissedSection
98,430
8,317,594
9,934,604
10,432,350 10,432,350
1937
$2,563,357
24,369
44,590
92,120
;
revenues
rec., not current 1,443,232
Treas. stock
20,100
Deferred charges..
$2,587,727
2,111,359
Operating
1,970,816
Investments..
1,929,482
1,224,762
Mise.notes & accts.
3512.
Non-operating
S
54,807,700 54,807,700
1,831,728 b Common stock.59,235,791 59,235,791
3,301,092 Accounts payable- 3,195,722
3,601,098
Matls. & supplies.
Total
1937
$
6% pref. stock
Gross income
$781,592
524,783
134,823
$747,182
10,965
$12,311
2,396
$121,987
27,978
$147,182
31,298
$9,658
3,950
$14,707
3,950
$149,965
378
336
46,122
11,487
>
.
460,093
139,907
579
55
10,747
$10,366
$89,975
$129,069
6,350
6,656
78,452
80,111
def$l,599
on funded debt.
Other interest
$178,480
47,400
1,538
473
$4,751
Interest
$3,710
$11,523
$48,958
deductions
Balance
Divs.
1938—12 Mos .—1937
$64,144
40,868
$65,541
$7,932
1,726
Other income
Other
1938—Month--1937
accrued
47,400
1,843
pref.
on
stock
Balance
a
Excluding depreciation of transportation, shop, stores and laboratory
equipment and depreciation of non-operating property, such depreciation
being distributed among the various operating property, operating expense
or other accounts
applicable.—V. 147, p. 126.
Otis Elevator Co. (&
Subs.)-
Earnings—
6 Mos. End. June, 30—
1938
Net sales
$14,118,944
Cost of goods sold
Maintenance and repairs
1937
$11,983,787
9,151,623
5,308,682
302,308
426,092
Depreciation
Expenses
371,077
3,945,368
^
...
Net operating incomeOther income
Total income
$348,568
996,883
402,544
3,639,046
$2,207,423
977,591
$1,345,451
153,234
57,000
Accrued fixed inc. tax
Erns.per sh.on 2,000,000
com.shs. (no par)
a
Includes surtax on
$3,185,014
201,365
a622,500
$1,135,217
Misce^I. deductions
$2,361,149
1936
8,764,347
4,654,501
241,791
374,063
2,832,472
1935
$6,141,885
3,130,709
209,159
364,086
2,713,158
$661,520 loss$275,227
535,641
572,752
$1,197,161
176,062
$297,525
182,835
86,280
$934,819
$0.47
$1.08
$0.37
undistributed profits.—V. 146, p. 3350.
$114,690
Nil
Volume
Financial
147
Pacific Coast Co.
„„„
June 30—
a.$41,519
Pr7,604
a$33,915
and expense..
Other interest
68,181
if-xr
■xyyxx
-y'y
Note—The figures do not include any provision for income or
tributed profits tax.—V. 146, p. 3350.
Profit.
undis¬
-
x
Provision
Corp. of Calif. (& Subs.)—Earnings—
1938
1937
$1,958,091
$2,323,100
.,958,091
691,819
37,334
$2,334,350
6 Months Ended June 30—
Interest and discount and other
operating income.
11,250
Dividends from other investments
$1,168,688
22,366
20,986
$614,192
64,650
$617,811
69,150
$1,198,683
$1,189,675
130.450
139.450
3,228
3,228
6,457
241
of
$1,176,317
368
476
6,457
1,275
103,000
87,850
192,500
169,050
53,296
53,296
106,593
106,593
$389,776
$403,918
$762,207
$766,849
$0.96
$0.99
$1.88
$1-89
normal
pref. stock of
on
...
Net profit to surplus..
Consot.
$2,836,235
1,667,546
$606,599
11,212
Fed. inc. tax (estd.)__
Divs.
per share
stock held
bypublic-...
earns,
of 1st pref.
^
Does not include any provision for surtaxes payable
Revenue Act on undistributed profits.—V. 146, p. 3350.
x
Total income
Salaries, advertising and other oper. & admin, exps.
Provision for equipment replacements...
Taxes
725,379
44,017
57,640
96,758
227,317
207,499
146,857
58,016
81,853
242.729
159,297
116,000
Rents
(other than Federal income)
Provision for losses....
Interest on current obligations
Provision for Federal normal income tax
$828,882
Preferred stock dividends
185,273
Common stock dividends
387,860
Note—No consideration has been given in the above statement to the net
profit from operations of Pac Corp. (wholly-owned subsidiary) amounting
$571,041
182,061
258,047
Net income
$19,215 for the six months ended June 30,
to
1938.
Consolidated Balance Sheet June 30
:: 1938
1937
$
1938
1937
LtabUUles—
$
$
$
4,615,007 6,865,493 Notes payable (un¬
secured)
16,020,000 28,930,000
Loans and disc'ts.29,823,294 41,880,925
883,247
558,323
35,000 Accounts payable.
Miscell. loan
255,307
188,066
51,401 Divs. payable
Accts. receivable..
58,924
Assets—
Cash
Repossessed autos
24,279
31,059
Inv. In Pac. Corp..
600,000
600,000
Investments
14,630
15,536
Taxes (incl. Federal
Other
taxes on
347,981
income)
383,404
in loans & re pos¬
2
2
158,422
171,349
.
1,352,560
1,305,390
Earned surplus...
Gas
Pacific
1,545,347
V-Arr
■
Park &
Tilford, Inc.—Earnings—
3,500,000
Co.—Asks
Exchange
1,763,489
1,681,070
of Stock
Affairs—
1938
1937
$101,308,106 $97,922,923
Gross operating revenue..
operating
administrative
and
Estimated.
or,,
Note—No provision for surtax on
ex¬
caual47,398,308
14,142,099
...
Provision for depreciation....
...
.......
„
14,387
75,766
43,139,889
13,428,519
Miscellaneous income
194,221
__±—...
Total income
1,785,693
...
$11-337,510
872,897
1,806,955
1,828,400
,903,841
$4,419,370
$8,552,775
$9,509,110
4,893,015
$0.79
4,892,114
$0.90
4,893,015
4,892,114
$1.74
$1.94
Net
profit—_—.—
No. of shares of capital
stockoutst'g (nopar)_
Earnings per share..._.
Revised figures.—V.
146,
p.
3199.
Earnings-
Parkersburg Rig & Reel Co.-
1938
1937
12 Months
1938
$262,916
$525,958
x$573,072
6
Period Ended June 30—
Net
income
depreciation
after
After surtax on
145,
—V.
p.
Months-
and
Federal income taxes.....
Earnings per share on 182,000
of common stock (par $1)
x
shares
$2.39
$1.06
$2.51
undistributed profits for 6 months ended Dec. 31, 1937.
3207.
Parmelee Transportation
Period End. June 30—
Co. (& Subs.)—Earnings
1938—6 Mos.—1937
1938—3 Mos.—1937
loss after interest,
y$38,720
x$31,473
y$73,144
x$95,262
depreciation, &c.---Earnings per share on
$0.13
Nil
no par capital stock..
Nil
$0.04
x
Profit after Federal income taxes but before surtax on undistributed
Net
^
profits,
y Before estimated provision of $15,500
$21,500 for 6 months for Federal income taxes.—V.
Pathe Film Corp.
Film
for the 3 months and
146, p. 3351.
(& Subs.)—Earnings—
A$38__
30—
develop. & printing sales (net)
Film rental income
Income from
.
$478,179
(net).5,795
other operations (net)
capital stocks held by public and
minority interest in undistributed earnings for
the period.
...—
Divs. of subs, on
Selling,
245,868
expenses
$705,437
2,709
436,501
72.746
64,979
543.376
71,703
loss $27,982
$25J379
-
general and administrative expenses
245,905
Profit from
a
Remainder—applicable to Pacific Gas & Elec. Co$23,761,027 $25,847,753
Dividends on preferred stock
7,708,492
7,708,488
Dividends on common stock
12,522,540
11,739,932
Other
operations
income.—
80,821
—,
— .....—
$109,603
1,161
5.054
—V.
$51,679
$0 04
$104,549
$0.13
$6,399,333
6,261,270
$2.56
Average common shares outstanding
Earnings per share
6,261,263
$2.90
146, p. 3350.
Profit for 6 months
ended June 30
Earnings per share on common
stock—
depreciation and amortization included above: $13,753
in 1938 and $14,860 in 1937.
.
.
Note—The Du Pont Film Manufacturing Corp. (of the common stock or
which company owns 35%) had a net profit, after all charges, of $639,000
for the first 6 months of 1938 as compared with $725,000 in the corresponda
Provision for
,
Pacific Mills
(& Subs.)—Earnings—
July 2, '38 JulyZ.'ZV June 27 '36 June 29 '35
.......$16,003,811 $28,865,968 $25,222,839 $24,416,777
84,224
$52,839
Profit
Interest expense.
$3,529,995
Balance..
71,629
6,379
$483,974
Total- i
-----—-■—-.-—-—;- - -—
Producers' participation & amort, of advances..
Operating
1937
$627,429
------
---
$24,006,895 $26,093,658
Net income to surplus.....
217,312
20,590
881,852
6 Months Ended June
.$39,961,920 $41,664,811
Bond and other interest, dicsount and other in¬
come deductions—...
12,168,290
13,283,251
Provision for Federal income tax
3,786,735
2,287,902
$11,099,608
$5,292,267 $10,359,730
......
Income taxes
310,296
Gross income...
$5,147,603 $10,178,314
122,026
138,950
22,638
42,466
1,669,868
115,825
Profit
Foreign exchange credit.
a
1938—12 Mos.-al937
$5,463,471 $10,831,205 $11>6$7,247
240,229
481,136
482,000
>
21,612
-----75,639
150,143
75,639
1938—6 Mos.-al937
$5,000,476
240,455
Other income.
$39,767,699 $41,354,515
Net operating revenue.
undistributed profits.—V. 146, p. 3514.
Parke, Davis & Co. (& Subs.)—Earnings—
Period End. June 30—
Operating profit
Depreciation, &c
Foreign exch. deduction.
„
penses, taxes and provision for insurance,
ties and uncollectible accounts
$412,645
x$232,626
$247,341
x$102,906
4,309,560
The company has filed an application with the California State Railroad
Commission to issue preferred stock in exchange for prior preferred and
preferred stocks of the San Joaquin Light & Power Corp. The exchange
would be preliminary to winding up of affairs of San Joaquin Light &
Power Corp. and Midland Counties Public Service Corp. and consolida¬
tion of two subsidiaries with the parent company.
The exchange terms asked show that as of June 30, 1938, the public held
25,070 shares of 7% prior preferred, 5,868 shares of 6% prior preferred.
3,625 shares of 7% preferred and 286 shares of 6% preferred stocks of San
Joaquin Light & Power Corp. Pacific Gas offers to exchange four shares of
its 6% first preferred stock for each share of subsidiary's 7% preferred or
prior preferred and four shares of P. G. & E. 5H % preferred for each share
of 6% prior preferred or preferred of San Joaquin.
The exchange offer
would expire Sept. 30.
Owners of San Joaquin Light & Power Corp. prior preferred stock who
do not accept the offer will be given par and accrued dividends on their
stocks in dissolution proceedings of the company.
San Joaquin Light &
Power Corp. is expected to make an offer to purchase 702 shares of $100
par value common stock held by the public.
According to A. E. Wishon, President of both subsidiary companies
the proposed dissolution is chiefly a matter of legal and financial signifi¬
cance, and will in no way affect the personnel, operating methods or local
purchasing policy.
12 Months Ended June 30—
1938—6 Mos.—1937
1938—3 Mos—1937
Period End. June 30—
Net profit after charges
x
..35,294,558 49,650,765
Total
for Two Subsidiaries—To Wind Up Their Corporate
Maintenance,
Voted—
meeting held Aug.
a
will be accomplished by issuing
This
Pensions
Electric
Corp.—Options Extended—
12, approved the plan of liquida¬
one share of Pantapec
Oil
Company of Venezuela, a Venezuelan corporation and a wholly owned sub¬
sidiary, for each share of the Delaware corporation's stock.—See also V.
1,308,620
,
&
3964.
Pantepec Oil Co, of Venezuela—Liquidation
Stockholders at
and taxes.....
5% series, cum. pf.
stock ($100 par) 3,266,300
Com. stk. ($10 par) 4,290,000
Paid-in surplus
1,908,049
-V. 146, p. 3514.
Pan American Airways
$0.25
Nil
$0.08
Nil
undistributed profits.—V. 146, p.
on
Company has extended from Dec. 31, 1940, to Dec. 31, 1941, the period
during which it has an option on the services of its Piesident, Juan T.
Trippe, according to information filed with Securities Exchange Com¬
mission.
In consideration of the extension, the option price of the 50,000
shares of stock of the company under option to Mr. Trippe has been re¬
duced from $20 to $15 per share and the time in which the option may be ex¬
ercised has been extended from De. 31, 1940, through Feb. 28, 1942.
—V. 146, p. 3514.
2,873,939
1,345,870
$1,244,965 x$3,819,057
$855,535 x$l,208,355
2,409,569
2,464,464
session loss res..
6H% cum. ser. C,
pf. stk. ($10 par)
Total.........35,294,558 49,650,765
Profit before surtax
x
1938—6 Mos.—1937
1938—3 Mos.—1937
preciation, &c
Earns, per sh. on 15,000,000 no par shs. cap .stk.
147, p. 900.
2,054,769
Reserves
8% cum. series A
pf. stk. ($10 par)
and equipment
Deferred charges..
under the 1938
Packard Motor Car Co.—Earnings—
Period End. June 30—
Net loss after taxes, de¬
tion.
Customers' equities
1
Furniture, fixtures
Mas.—1937
$2,892,139
1,715,822
$603,603
10,589
Net oper. revenue
Other income
sub. company
Pacific Finance
Co.)
1938—6
1938—3 Mos.—1937
$1,439,217
$1,425,141
835,613
818,542
Total income
Interest on funded debt.
Amortiz.of debt discount
$82,614
before charges to surplus
a$109,700
$89,958
Cr7,345
Minority interest P. C. Cement Co
581,196
$24,179
65,779
(net)
Loss for period
a
...
Period End.
Operating revenue
Operating expense
429,014
Net loss from operations...
Net loss for period
$690,896
$404,834
earnings...
Operating expenses (including depreciation, depletion and taxes)
(& Subs.)—Earnings—
(Including Coast Counties Gas & Electric
1937
1938
Gross
Interest and bond discount
Pacific Public Service Co.
i
(& Subs.)—Earnings—
3 Months Ended June 30—
1203
Chronicle
_
,
.
,
t
6 Months Ended—
Net sales
17,040,976
Cost of goods sold
Prov.
for
Fed.
619 826
589 054
Cr36.999
Cr35,137
86.735
57,792
...
rence
391,000
$167,326
634,610
Cr39,275
146,742
^The^iortion
stock interest
Peerless
x$59,538 loss$574,751
Nil
$2.77
$0.15
Nil
been made for surtax on undistributed profits.—V. 146,
1411.
in the in¬
Corp.—To Change Name—
change name of company to
15 to vote on a proposal
Brewing Corp. of America, the name of
wholly-owned subsidiary which now operates company's brewing busi¬
ness.
If approved, assets of the subsidiary will be transferred to parent
company on Oct. 1.
Management urges that stockholders return proxies
promptly since under the Virginia law consent of two-thirds of voting
stock is required.
the
396,123
No provision has
of these earnings which accrued to company's 35% common
amounted to $223,000 in 1938, as compared with $253,000
earnings, $153,000 were undistributed in 1938 and
Of these
$183,000 in 1937, which undistributed amounts are not reflected
come account of company as given above.—V. 146, p. 3514.
to
471,820
loss$2,246,963 x$l,097,537
1937.
in
Stockholders' meeting has been called for Sept.
192,318
325,000
—
shares capital stock—
p.
24,249,451
normal
income tax
x
$1,143,068
$2,284,416
631,458
Cr58,744
128,596
Inventory adjustment
Flood expense at Law¬
Net profit..
Earns, per sh. on
24,079 771
loss$l,037,165
Net oper. profit
Plant depreciation
Int. & other inc. (net)..
Other charges
26,581,552
75-Cent Dividend—
The
have declared a dividend of 75 cents per share on the
stock, payable Sept. 15 to holders of record Sept. 1,
A dividend
directors
common
1204
Financial
Chronicle
of 30 cents was paid, on Sept. 25, 1937, this latter being the first payment
made since Nov. 10,1932, when 50 cents per share was distributed.—Y. 147,
900.
p.
;■
.,,
...
■
Penick & Ford, Ltd., Inc. (&
Gross earnings
Expenses (net)
Depreciation.
—
Federal taxes
Net
_
profit
Shares
$828,629
500,608
108,876
33,459
Year Ended June 30—
1938
1937
Operating revenues— — — - _——
_$41,216,359 $42,308,058
Operating expenses, maintenance and taxes-...__ 22,180,595
21,491,267
249,088
— -
$1,390,555
1,070,868
266,169
17,398
123,588
loss$54,340
$554,576
370,000
Nil
369,000
$1.50
Net oper. rev. (before approp.
and depletion reserves)
370,000
$0.10
income
Gross
June 30—
1938—3 Mos.—1937
Net inc. after tax. deprec.
& other charges..
Interest
1938—6 Mos—1937
$13,961,012
170,200
loss$39,3G9
5,478,796
509,592
4,465
69,192
500,000
273,693
500,000
244,737
$7,055,546
Amortization of debt discount and expense
Other interest charges (net)
los8$43,l€6 loss$145,850
$16,030,157
5.472,895
509,820
C'r90,305
$9,053,177
1,375,000
1,375,000
186,250
funded debt
on
...
$7,472
$19,035,755 $20,816,791
167,099
469,794
-
Rents for lease of properties
Pennsylvania-Central Airlines Corp.—Earnings—
Period End.
—
Net oper. revenue and other income (before
approp. for retirement & depletion reserves). .$19,202,855 $21,286,585
Appropriation for retirement and depletion reserves
5,241,812
5,256,427
out¬
standing (no par)
Earnings per share
—V. 147, p. 900.
for retirements
Other income (net)
$36,120
369,000
$0.50
stock
com.
$2,102,610
1,175,358
$185,686
—
Philadelphia Co. (& Subs.)— Earnings—
way
1938—6 Mas.—1937
$574,612
506,097
129,994
C'r7,139
.
....
....
Pittsburgn pref. capital stock
—
Appropriation for special reserve
Pennsylvania Electric Co. (& Subs.)-— Earnings—
12 Months Ended June 30—
.
<fcc—
Provision for taxes
Operating income.
Other income (net)
Gross income.
.'
on
143,918
$3,826,053
1,817,467
54,095
046,998
unfunded debt
1045.
03,155
166,568
1938
&c
...
Operating income............
$5,633,861
2,649,548
623,140
$2,229,666
33,751
$2,361,173
87,981
$2,263,418
bonds.
unfunded debt
1.265.250
11.780
85,782
Cr2,384
$904,152
__
—
Balance of income...
—
$1,088,726
Note—The provision for taxes for the year 1938 is after
giving considera¬
tion to anticipated distribution for the calendar
year.—V. 146, p. 3965.
Pennsylvania Gas & Electric Co. (& Subs.)—Earnings
12 Months Ended June 30—
1938
revenues..
(net)...
revenues
1937
$1,066,859
$1,040,623
46,379
84,857
$1,113,238
789,034
$5,493,550
.;
$1,125,480
$324,204
13,067
232,597
$352,246
13,098
275,487
$78,540
Net earnings..
Int. and other charges of sub. cos...
Int. and other charges of Penn. Gas & Elec. Co
x
Net income
Divs. accrued
Electric
Co.
...
$63,660
......
pref. stock of Penn.
on
Gas
773,235
&
105,000
Balance, deficit
105,000
$26,460
—
$41,340
x Reflects
deduction for full preferred stock dividend
requirements of
Pennsylvania Gas & Electric Co. at the rate of 7% per annum.
Dividends
were paid in full to Jan. 1, 1936.
In the period April 1, 1936 to
April 1,
1937, inclusive, the preferred dividends were paid in part; on
792
no
dividend
paid.
There is now an accumulation of accrued dividends,
SH% or $8.50 per share.—Y. 146, p. 4128.
to
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns.
Operating
Non-oper.
$2,564,443
revenues,
(net)
rev.
1938—6 Mas.—1937
1938—12 Mos.—1937
$5,125,109
29,672
$2,834,465
57,204
$2,594,115
2,078,397
$2,891,670
2,117,484
$5,184,307
$5,321,494
115,315
surplus.—V. 147,
p.
Oper.
—
and taxes...
exps.
59,197
$5,436,809
4,0o6,119
4,119,804
May 31—•
Net
earnings.other charges of
$515,717
$774,186
$1,064,502
$1,430,691
305,980
330,665
615,299
674,216
—
&
-
& admin,
61,926,776
65,545,954
64,032,442
$1,514,353
127,970
$3,583,753
$2,814,934
$3,543,844
$1,642,323
$3,707,290
404,266
1,127,015
b520,000
$2,814,934
$3,543,844
536,731
1,054,717
415,000
Other income
Total income..
;
Interest, discount, &c-_
Deprec. & maintenance.
Federal taxes, &c_
Extraordinary charges—
..
—
123,537
421,876
1,131,660
a30,000
111,393
_
Net income
574,700
1,113,564
217,686
138,111
loss$52,605
7,(99,362
$1,517,&99
$7,ua6,/57
878,758
$7,9/8,121
878,758
Balance, surplus
$6,167,999
Shs.com.stock (par $25)
549.225
Earns per share.
Nil
$7,099,362
549,225
Previous surplus......
Total surplus
Common dividends.
....
$9u8,984
8,590,176
6,460,222
"
$9,499,160
v 878,758
c2,160,179
Transferred from surp.
Add'ns to res. for conting
income
—.
144,448
261,959
296,712
accr d on pref. stk.
of Pa. Gas. & lfil.
Corp.
Balance
-----------
1937
$
y
Moveable plant.
451,600
438,899
1,610,214
Accts. payable and
accr'd liabilities.
—
1,808,789
..
100,000
60,946
Trade accts. ree.
2,014,713
2,736,191
z
Bill of lading drafts
568,083
6,971,562
Other
funds
cur.
Advances
1,137,893
742,259
8,763,319
2,253,163
85,933
124,474
331,940
245,814
grain
on
Mlscell. accts,
Prepaid
Total
—
Net profit
on
—
-
-
-
*
pref. stock.
common
stock.
on
1938
Aug.
1937
9
issued
a
certificate
1936
$9,870,173
134,408
1935
$9,072,708
131,078
$9,203,786
10,218,362
CV26.065
56,480
10.451,74 5
Crl9,668
9,394,516
Crl6,259
89,447
93,948
1,154
61,397
$284,307
22,129
122,662
$506,865
30,236
122,737
$532,376
$375,372
62,741
122,622
62,741
182,081
8,765,863
$133'516
,353'892
,347'013
S130'S5°
standing (no par)....
Earnings per share--..
245,474
245,474
$1.94
245,324
$1.91
245,324
$1.27
Phillips Petroleum Co.—-Listing—
The New York Stock
Exchange has authorized the listing of $25,000,000
debentures, to be dated Sept. 1, 1938 and to become
due
Sept 1, 1948, upon official notice of issuance and
distribution pursuant to
subscription by stockholders and their
assigns or sale to underwriters,
and 526,316 additional shares of common
stock (no par) upon official notice
of issuance, from time to time
upon conversion of the
debentures; making
the total amount applied for 4,975,368
shares See also V. 147, p. 1046.
convertible 3%
271,500
271,000
50.000
520,000
1,137,893
2,253,163
4,045,500
4,309,500
Reserve for Fed. &
State taxes
liab. arising from
invalidation
1st
M.
of
20-yr. 6%
1
Dividend payable.
Res. for conting's
219,690
and insurance..
800,000
6,167,999
Earned surplus...
800,000
7,099,362
'1
Total
..-27,357,526 30,788,458
Total
27,357,526 30,788,458
deducting depreciation and maintenance of $7,508,861 in 1938
$6,761,724 in 1937.
y At depreciated value,
z Less reserve for bad
debts of $175,000 in 1938 and $207,300 in 1937.
a Set
aside pending
settlement of undetermined liabilities, per contra,
b From liquidated
subsidiary, less reserve at estimated real amount.—V. 146, p. 1413.
After
Pittsburgh Coal Co. (& Subs.)-—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Sales, oper. & other inc.
Expenses, &c
$5,902,043
6,099,815
Loss....'
1938—12 Mos—1937
$10,441,615 $39,464,495 $48,220,515
9,653,321
37,391,418
43,675,471
$197,772prof$788,294
Interest
$2,073,077
$4,545,044
261,272
9)2,753
Cr5,685
1.018,092
3,576,606
25.805
4,053,190
246,015
Depr., depl. & amort
Minority interest.
Charge off mtge pref sold
784,149
Cr13,052
.
$1.04
1,404,808
and
8h^nSm.-;^-outl
—V. 14/, p. 1045.
1
$249,762
Cost of sales, oper. exp.
(incl. admin. & gen.
Divs.on
179,753
"dUrf$22,759
income-..$10,533,084 $11,028,389 $10,004,581
--
144,235
trade names, &c.
.
expenses)
Other deducns (net)-.
Est d Fed. income tax—
80,161
142,660
$194,073
934,319
400,000
gold bonds, currently maturing
processing tax..
146*887
bonds
def$21,068
13,730,625 13,730,625
gold bonds
Hydraulic rights..
G'dwlll, tr'marks,
--.--.$10,392,714 $10,882,428
140,370
145,961
income..
store
192,223
256,077
.
sundry stks,,&c.
on
Capital stock
Res. for undeterm.
rec.
expenses
210,000
Peoples Drug Stores, Inc. (&
Subs.)—Earnings—
Divs.
under collection.
a
$459,762
Commission
S
Notes pay. (banks)
1st M. 20-yr. 6%
Cash
U. S. Treas'y bills,
210,003
Interstate Commerce
1937
$
13,342,301
$187,244
permitting abandonment by the company of parts of certain branch
lines
of railroad aggregating 3.60 miles in
Blair, Clearfield and Armstrong coun¬
ties, Pa.—V. 147, p. 900.
Other store
Liabilities—
Fixed plant. —13,215.887
x
6 Mos. End. June 30—
Net sales...
1938
S
x
105,000
Pennsylvania RR.—Abandonment—
The
$2.80
.
or
Consolidated Balance Sheet May 31
1938
Assets—
$299,073
—V. 146, p. 4128.
549,225
$1.65
undistributed profits,
undistributed profits,
c Amounts
on
replaced by above, 549,225 shares (no par), at designated value $10,000,000; increase in stated amount of capital stock, $3,730,625; capital and
paid-in surplus applied thereto, $1,570,445; remainder, being earned sur¬
plus applied thereto, $2,160,179.
d No par.
105,003
•
5.76
income
$8,590,176
d549,225
Federal surtax on
transferred from surplus to capital stock in connection with reorganiza¬
tion: Capital stock of Pillsbury Flour Mills Co.
(Del.) issued, 549,225
shares ($25 par), $13,730,625; capital stock of Pillsbury Flour Missll.Inc.,
$83,935
Divs.
8,416,686
$9,954,082
878,758
$6,460,222
.
required for taxes
Trade memb'shlps,
125,801
$1,537,395
'
485147
b Includes $83,000
Discount
Net
§
Not avail.
exps...
ovision
1935
sell.,
Operating profit
b Merchandise
Pa. Gas & El. Corp..
269,340
3.840,259
1938
1937
1936
$63,441,129 $69,129,707 $66,847,376
Net sales
Cost of goods sold,
purchases......
subsidiary companies.
Int. & other charges of
Int.
269,340
3,360,232
.
752.
Inventories..-..-
—
Total gross earnings-.
600,000
Pillsbury Flour Mills Co. (& Subs.)—Earnings
was
Period End. June 30—
792
1,473,420
600,000
_■
of 1936 included therein, paid by Duquesne
Light Co. in 1937 and charged
July 1, 1938
in arrears, of
$7,422,046
1,473,420
.
.
Total gross earnings
Operating expense & taxes
C'r39,119
Note—The above income account for the year ended June 30, 1937 has
been adjusted to reflect $240,354 of additional taxes applicable to the period
gen.
first mortgage
Amortization of debt discount and expense
Interest charged to construction
Non-op'er.
——
$2,449,154
1,265,250
11,611
85,782
Cr3,377
income.
Operating
Consolidated net income—
sub
on capital stocks—cash:
Philadelphia Co. preferred stocks:
5% non-cumulative preferred
6% cumulative preferred
$6 cumulative preference
$5 cumulative preference_
Years End.
Other income (net).
on
1937
$5,644,810
2,808,182
606,962
revenues..
expenses,
100,000
9,000
Cr39,254
.
a
Common stock
Provision for taxes
on
dividends
common
Dividends
.
Pennsylvania Edison Co. (& Subs*)—Earnings—
Gross
Interest
Interest
Other
$1,792,452
12 Months Ended June .30—
Operating
Operating
186,250
40,000
Minority int. in undistrib. net income of
52,720
Amortiz. of debt discount & expease...
Interest charged to construction
Balance of income
on capital stocks of subs, held by others:
Duqutsne Light Co. 5% cum. 1st pref
Kentucky W. Ya. Gas Co. 5% cum. 1st pref—
$3,682,134
$3,631,217
1,814,924
191,173
1st mtge. bonds
on
p.
Balance
69,192
Divs.
Common
$1,618,023
Interest
147,
1937
$3,605,156
26,061
Interest
—V.
1938
Other income deductions
$11,032,334 $10,807,779
6,366,693
6,165,907
1,060,485
959,738
revenues
expenses,
170,200
Guaranteed divs. of Consol. Gas Co. of the City of
—V. 146, p. 3514.
Operating
Operating
1938
[Not including Pittsburgh Rys. and subsidiary and affiliated street rail¬
and transportation companies.]
1;
Subs.)—Earnings—
Period End. June 30— 1938—3 Mos.—1937
Aug. 20,
Net loss
15,188
304,643
$1,214,884
..
1,072,740
$370,046
$2,852,069
$596,074
-V. 146, p. 3200.
Pittston Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
1938
Net sales
.$13,987,026
Costs, expense, &c—
14,283.677
Loss
$291,411
22,130
a$305,615
58,042
$29,172
45,269
$269,281
309,493
a$363,657
342,059
a$16,097
353,194
455,666
26,139
443,648
34.111
509,860
22.038
-551,977
26,027
11,533
87,539
Dr7,792
127,113
7,630
78,658
Dr20,447
183,189
$975,263
amortization. .;
Prov. for Fed. inc. tax..
Profit on sale & demoli'n
$1,191,438
$581,328
$1,118,737
'
of property, &c
Net
a
interest
loss
Profit.—V.
1935
$83,315
334,137
...
Deprec'n, depletion and
Minority
1936
$296,651
213,336
Other income (net)
Loss
Interest (net)
1937
$15,956,322 $16,862,566 $17,742,603
16,247,733
16,556,951
17,771,775
146
p.
3515.
Volume
Financial
147
Pond Creek Pocahontas
Comparative Balance Sheet
Co.—July Output—
Month of—
Coal rained (tons)
July, 1937
June, 1938
July, 1938
fen* 112,106
142,448
98,144
—V. 147, p. 582.
Public Service
exps.,
Earnings—
Corp. of N. J. (& Subs.)
acc. rec.
Mos.—1937
$9,969,330 $126655,752 $125780,305
$9,897,724
Other assets.—___
Accounts
$222,900
Accrued
537,894
1,229,617
511,740
1,128,084
due
47,009
376,859
Deferred charges..
75,011
118,983
to
517
employees
49,714
377,385
87,270
Frop'y, plant and
$241,071
32,385
$199,084
payable.
taxes....
Amounts
equipment.....
y
June 30 '38 Mar .31 '38
Liabilities—
June 30 *38 Mar.31 *38
$326,388
Notes and
1938—12
1938—Month—1937
3,937
Dividend payable.
Real estate mtge.
note instalments
8,857
due within 1 yr_
maint., de-
& taxes
prec.
Assets—
Cash..
Inventories
Period End. July 31
Gross earnings_ _:
Oper.
1205
Chronicle
7,407,161
87,214,426
91,941,488
7,450,840
Federal
taxes
on
Long-term debt...
88,718
83,035
82,035
Reserve.
42,500
42,500
income (est.)...
Net inc. from oper___
Bal. for divs. & surplus.
—V.
147,
$2,490,563'
1,485,648
$2,518,490 $34,714,263
1,522,487
22.537.731
$38,565,878
25,505,543
Cum.
The Securities and
Exchange Commission announced Aug. 10 that i pub¬
hearing will be held Aug. 26 in the Commission's Washington offices on
declaration (File 43-149) of the company covering the issuance of 5,000
shares ($100 par) common stock to be issued in lieu of cash, as a dividend
on
the company's outstanding common stock.
The company states the
stock is being issued in order that $500,000 of undistributed earnings may
be used to finance a portion of the cost of additional generating capacity
now being installed.—V.
147, p. 753.
^
*4
Service
Electric
&
Gas
Co.
&l,UUO,UUU
iT^Ts
Bouas
Placed
Privately—Company sold privately to institutional
investors in June, 1938, $1,000,000 1st & ref. mtge. 3 24s
due June 1, 1966.
The bonds were placed at 103.
Pro¬
ceeds will be used for property improvements and additions.
The issue was approved by the P. U. Commission of New
Jersey.
See also V. 147, p. 1046.
Total
Total income..
______
$216,349
1,432,632
$6,805,926 813.830,170
$6,956,872
3,624,370
$3,332,502
1,432,628
"
.
$6,277,064
679,808
$3,325,288
3,108,939
_
Net profit
Dividends paid——
1938—6 Mos.—1937
$6,805,926 $13,150,362
679,808
1938—3 Mos.—1937
$3 325.288
Charges & depreciation.
—
—
6,161,025
$1,216,283 x$l,899,874
—
7,220,969
$644,901
2,865,263
$6,609,201
2,865.258
$2,220,362 x$3,743,943
1938
V. 147, p.
Reece Folding Machine Co.—
Mnnth9 TPn/n„n r„no
6 Months Ending June on—
30Gross profit.:
1937
1936
Total income-.
-.-.$17,434,457 $24,773,540 $16,168,330
Charges and depreciation.__________ 11,122,808
14,511,212
14,014,916
Net profit-
________________
paid__T
____________
Deficit...
_____________
$6,311,649 $10,262,328
10,505,833
5,730,592
Servicing, selling and general
Profit from operations
Other income
$4,194,184 x$4,531.736
______
Railroad Employees'
1938
1937
$64,450
$0.73
__
x$57,745
$0.60
Except Federal surtax on undistributed profits.
On June 30, 1938 the corporation's subsidiaries had outstanding instal¬
ment notes receivabe of $1,367,403 in seven branch offices, compared with
x
$1,102,616.52 in six branch offices
on
6 Mos. End. June 30—
sales______,______
Income from sales..__
1937
1936
$19,005
57
505
Net income
-V. 147, p. 279.
$3,537
$18,501
.
Rochester Gas & Electric Corp.—Earnings—
12 Months Ended June 30—
Total operating revenue
Total operating expenses and taxes
1938
1937
$15,970,536 $15,090,608
11,793,234
10,708,350
.
$4,177,302
18,647
Gross
Interest
funded debt and miscell. int. charges..
Preferred stock dividends.
Balance..
$7,140,424 $13,528,549 $10,086,625
5,628,760
9,437,361
7,043,923
$8,451,609
5,644,898
$3,060,289
1,459,341
$1,600,948
147,
Note—No provision required for surtax on undistributed profits.—V.
279.
p.
Rochester & Lake Ontario Water Service
Year Ended June 30—
Operating
Operating
Net
&
earns, before prov. for retire.
replacements & Fed. inc. tax.
_
$229,039
$232,601
160
75
198
$200,008
102,380
$229,115
$232,799
113,454
—
Gross corporate income._.
Interest on funded debt
108,333
89
64
53
Ainortiz. of debt disct. & expense—_
Int. charged to construction (G'r.) —
17,379
26,964
233
29,128
110
Prov. for retirements & replacements.
Prov. for Fed. inc. tax & surtax on
24,851
25,420
25,420
1,763
6,641
6,091
785
1,666
1,363
$52,871
$60,259
$57,326
Miscellaneous interest
undistributed
Provision
for
come tax
profits
interest
—
Sell. & admin, exps
Profit from operations
Other income
$1,511,665
$4,091,189
$3,042,701
"$2,806,710
1,735,191
Gross profit..
2,149.404
1,843,117
1,673,193
y$223,526
$1,941,784
$1,199,584
87,554
$1,133,518
107,758
Net income.
Balance Sheet June 30
1938
Assets—
Liabilities—
1!)37
1st mtge. 5%
bonds.
Plant,prop., equip¬
a
-$5,313,906 $5,293,223
ment, &c
Cash in banks &
1938
$2,000,000 $2,100,000
Due to N.Y.Wat.
30,438
Service Corp.—
59,018
57,639
Accounts payableDue to parent co.t
Acer, unbilled rev_
27,228
27,134
26,132
27,433
94,899
141,288
receivable
income
before
in process
17,703
decuc'ns, deprec'n & taxes—___
Other deductions-_____
y$128,627
161,713
Prov. for depreciation._
Prov. for Fed. & State
income taxes.12,011
Add'ns to
Net income.
y$302,351
Surplus at begin, of per'd
7,842,536
Total surplus
Dividends paid._______
$7,540,184
Surp. at end of period.
Shs.com.stk.out. (no par)
Earnings
x
y
For
per
the
332,538
$7,207,646
632,000
share.Nil
surtax
on
104,473
$1,241,276
47,527
320,397
xl50,000
193,543
$1,510,642
7,029,284
$989,122
6,447,621
$752,361
5,711,158
2,153
$8,539,926
476,611
$7,436,743
476,382
$6,463,518
320,380
$8,063,316
635,5)0
$2.37
$6,960,261
635,200
$6,143,138
638,600
$1.55
$1.17
undistributed
profits
and
other
contingencies,
Pay liy-Cent Dividend—
directors have 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 37
cents paid
on March 15, last; 50 cents paid on Dec.
15, and on Sept. 15, 1937, and
1,185,500
592,393
711,686
Capital surplus.—
Earned surplus
Rose's 5, 10 & 25
50,000
.$5,455,409 $5,462,028
Total
Cent Stores, Inc.- -Sales—
1938—Month—1937
$364,514
$391,823
1938—7 Mos.—1937
$2,416,458
$2,574,910
—V. 147, p. 430.
Ruberoid Co.—No Common Dividend—
this company took no action on Aug. 16 with respect to
of a dividend in the third quarter of 1938, it was announced
by Herbert Abraham, President.
m
While the company's sales in recent months have reflected the continuing
upward trend of building activity, particularly in residential construction,
Mr. Abraham stated, the directors decided to defer dividend action until a
clearer picture could be had of sales volume and profits for the year as a
The directors of
the payment
Corp.—Earnings—
A dividend of 15 cents was
paid on Dec. 20, 1937.—V. 147, p. 754.
Safeway Stores, Inc.
6 Mos, End. June
30-;—
Shs£mdfng
$1,187,829
41,478
Returns, allowances, discounts and freights
$1,146,351
852,747
___•
Cost of goods sold (less discounts)
Warehouse, selling, administrative and general expenses, incl.
depreciation
—
Operating profit
Other income.
274,108
$19,496
1,356
x
No
(& Subs.)—Earnings—
1938
1937
1936
x$l,764,256 x$l,479,767
1935
$1,691,463
806,560
802,156
"98,926
798,929
$1.31
$1.59
$1.26
$1.51
made for Federal sur tax on undistributed profits.
provision was
—V. 147, p. 584.
St. Louis-San Francisco
Ry.—Interest—
20, 1938, by the U. S. District Court for the
Eastern Division, the trustees were authorized
to pay interest accruing to Sept. 1, 1938 on the general mortgage 4% bonds
and the income 5% bonds of Kansas City Memphis & Birmingham RR.»
By an order entered July
Eastern District of Missouri,
follows:
as
On
general mortgage 4% bonds interest aggregating.
5% bonds interest aggregating
On income
Other deductions
Estimated provision for Federal income taxes—
$20,852
2,710
3,158
Net profit
Preferred dividends
$14,984
15,757
bonds at the office of
Profit
^
(no par)—__
Earnings per share
Earnings for 3 Months Ended June 30, 1938
—
^
whole#
Nti<m andatax^-!-—x$l,541,286
Making a total aggregate of
N
Y
______
$66,460
89,550
$156,010
order of the Court, the trustee will pay interest on the
C. W. Michel, Eastern Representative. 120 Broadway,
City, on and after Sept. 1, 1938. but only upon presentation of such
Pursuant to the
1,185,500
592,393
652,830
districts of $179 in 1938 and $321 in
in 1938 and $4,418 in 1937.
c Repre¬
par shares.—V. 146, p. 3029.
PeriodEnd. July 31—
Sales
——
previously, regular quarterly dividends of 37 H cents per share were dis¬
tributed.
In addition, special dividend of 25 cents was paid on Dec. 15
1936.—V. 146, p. 3517.
Net sales
546,431
Common stock__
^
Reliance Steel
40,014
553,957
50,000
Reserves
b After reserve of $4,032
sented by 2,000 no
The
,
80,175
2,035
41,135
After collections held for water
a
1937.
common
Gross sales
72,411
...
128,590
Loss.
To
$5,462,028
-
228
Accrued liabilities-
Paid-in surplus...
9,460
debits
8,603
303
312,798
for contg.
res.
$1,287,138
22.837
Total.. —$5,455,409
$2,083,072
102,032
203,700
current account-
c
Prepaid accts., def.
chgs. & unadjust
other
238,000
7,988
Consumers'depos.
Extension deposits
Debt disct. and ex¬
pense
1937
gold
_
5,286
working funds—
of amortization-
Total
36
Federal in¬
on
of prior years
b Accts. and notes
^
1936
$509,907
277,306
$199,848
expenses.________—
$530,579
301,540
Mat'ls & supplies.
Manufac'g cost of sales.
Corp -Earns,
1937
1938
$497,887
298,039
revenues
Other income
$8,702,188
250,580
$4,409,431
1,349,142
$1,331,566
income
on
1,471,157
$2,724,792
1,393,226
income
$4,382,258
27,173
$4,195,950
Operating income
Other
1935
$7,348,750 $13,916,575 $10,390,895
208,326
388,025
304,270
24,948
$3,593
June 30, 1937.—V. 145, p. 3209.
1938
expenses.
Total income
Income deductions.
Raybestos-Manhattan, Inc. (& Subs.)—Earnings—
Discounts & allowances.
$53,486
11,093
11,835
23,009
$17,444
1,561
171717
Corp. (& Subs.)—Earnings—
1937
$37,418
$2,574
1,019
$2,153,414
x Surplus,
a Net
amount after provision for Federal income taxes,
accruing from remission of 1936 taxes under Railroad Retirement Act.—
V. 146, p. 3677.
6 Months Ended June 30—
Net inc. after all charges & pref. div. requirements
Earns, per sh. on class A & B common stock
1938
Depreciation
..$17,434,457 $24,093,732 $16,168,330
679,808
Remission of taxes
Net
482,350
705.784
28,326
of $42,730 at June 30 and $40,431 at Mar. 31.
y After
depreciation of $74,975 at June 30 and $67,609 at March 31.—
583.
Net income
Earnings for 12 Months Ended June 30
Dividends
483,300
711,748
26,744
reserve
Surplus.
Net after Federal income tax.
a
794,875
Total.........$2,465,617 $2,504,252
..$2,465,617 $2,504,252
After
x
reserve for
Pullman, Inc. (& Subs.)—Earnings—
Period End. June 30—
Net after Fed. inc. tax—
a Remission of taxes
Deficit
3,035
787,500
Earned surplus...
a
x
2,585
pref.
Capital surplus...
lic
5,
conv.
stock (par $25).
Com. stk. (par $2)
Public Service Co. of Okla.—Stock Dividend—
Public
-
Com.stlc. subscrlb.
582.
p.
Financial
1206
Chronicle
bonds so that an appropriate endorsement may be stamped thereon indi¬
cating the payment of such interest.—V. 147, p. 903.
St.
Luke's
Protestant Episcopal Church, Evanston,
Offerer1—Bitting, Jones & Co., Inc., St. Louis,
offering: $107,000 1st mtge. 4-%% bonds at 100 and int.
III.—Bonds
are
Dated July 1, 1938; due semi-annually Jan. 1, 1939, to July 1, 1948.
Coupon bonds in denom. of SI,000, $500 and $100,
Principal and interest
payable J. & JtT, at St. Louis Union Trust Co., St. Louis, Mo., corporate
trustee.
Redeemable all or part, in inverse of numerical order on 30 days'
notice at par and interest.
Luke's
St.
Protestant
Episcopal Church of Evanston, III., founded in
1885, is the largest and one of the most influential parishes in the Diocese
Chicago.
With over 1,900 communicants, and more than 500 in its
Sunday school, the parish ministers to the spiritual needs of a high class
suburban residential community of 60,000 population.
The mortgaged property represents an actual investment of over $o34,000.
The buildings and contents are insured for $496,250 against fire and wind¬
of
storms.
These bonds
issued for the purpose of refunding
are
$97,300 balance of
of $7,250.
the payment of the
original mortgage of $150,000 and a local bank loan
an
Aug. 20,
Seaboard
The Interstate Commerce Commission on Aug.
12 authorized the
to assume obligation and liability in respect of not exceeding
$1,508,000 of class A equipment trust 4% certificates, series GG, to be
issued by the Guaranty Trust Co. of New York as trustee, and sold at par
and accrued dividends in connection with the procurement of certain
equipment.
The disposition of that part of the application requesting authority to
assume obligation
and liability in respect of not exceeding $163,500 of
class B equipment trust 4% certificates, series GG, was deferred.
The report of the Commission says in part:
The receivers canvassed a number of the leading bankers and investment
banking firms to ascertain whether the class A certificates could be sold
on more advantageous terms than par and accrued dividends, offered by
the Prudential Insurance Co. of America, but were advised by the bankers
and investment banking firms that they would not be willing to purchase,
or attempt to market, the certificates upon terms as advantageous as those
mentioned, and would not be willing to make any bids on the certificates
if competitive bids were called for.
Under such circumstances the receivers
accepted the proposal of the Prudential Insurance Co. of America, subject
to ICC approval.—V. 147, p. 903.
Miscellaneous income
Earnings
per
share
on
1936
$593,082
b278,000
$136,722
278,000
$0.49
$440,277
139,000
a$317
$2,13
In
figuring earnings per share dividends paid on preferred stock were
preferred had been retired by July 1.
b After the two
split-up.
Note—No provision is made of surtax on undistributed profits.—V. 146,
a
Interest
...
Net income
on
Dividends
on common
Corp.—Preferred Stock
Exchange—To Be Merged—See Pacific Gas & Electric Co.
Light
&
Power
above.—V. 146, p. 1089.
■
Comparative Balance Sheet
7,785,060
51,227
49,901
Acer, taxes, &c...
60 ,174
65,116
Repos. auts.. &c_.
13,301
15,205
Dealers' partic .res.
161 .311
173,628
in
Invest,
following respects;
The plan should make the proposed capital fund discretionary instead
of mandatory and that depreciation charged against income, except in
respect of equipment, shall be credited against the amount which inay be
deducted from income for the capital fund.
The plan should provide for an equipment fund in addition to the capital
fund, which may be used to make initial payments on equipment purchased
under equipment agreements.
The plan should provide that interest on the income mortgage bonds be
fully cumulative up to a maximum of 13lA% whether or not earned.
The plan should protect holders of income mortgage bonds and facilitate
acquisition of control of the reorganized company on proper terms by some
larger system, by an arrangement for escrowing the new common stock for
10-year period; and
The plan should provide for the execution of the plan by sales of the
properties, if so directed by the courtV. 147, p. 756.
,
a
on
-
Reserves.
$27,062
a$195,084
$77,185
a$153,335
167,715
Nil
$0.91
$1.16
Nil
,
40,421
Com.stk.(par $10)
Capital surplus
1,015 000
Earned surplus...
282 ,335
245,071
9,159,956
10,251,923
After depreciation,
1938—6 Mos—1937
$849,533
1,260,000
$1,214,245
1,260,000
$0.58
Scott Paper
$0.48
interest,
on
$1,595,400
1,260,000
$1.07
Materials,
Seagrave Corp. (•& Subs.)—Earnings—
6 Mos. End June 30—
Net loss after expenses,
&
int.
other
and taxes
nance, local taxes and other expenses
Months
,
July 4, '37
$6,978,671
5,040,993
292,230
Seeman
1937
1936
Brothers, Inc.—Earnings-—
1938
1937
1936
1935
$3,358,011
2,706,365
$2,912,424
2,291,717
$2,814,821
2,224,338
122,3*97
Crl4,477
172,900
11,834
108,521
Cr 17,2 59
75,514
16,044
$466,911
$479,445
269", 689
Sell., adm. & gen. exp__
Prov. for Fed., State and
city taxes.
$1,394,474
1,046,264
$240,291
Gross earnings
459",001
378",661
Inc. & loss adjust, (net).
dedicated by di¬
50,000
bldg. alter'n
income
$945,814
Dividends
def$29,398
Adjustments
Prev. capital & surplus.
90.288
26,895
44,858
21,046
$1,062,996
68,264
182,000
69,104
$852,425
32,924
al27,871
77,805
Net earnings
Dividends on common stock
$743,628
455.988
Balance for surplus
Earns, per share on common stock (569,985 shares
no par)
$287,640
$243,337
$1.30
Cr 52 9
4,534,947
$20,924
C'r36,981
4,477,042
$4,644,897
$4,636,920
$4,534,947
$1.92
$3.74
$3.84
$3.99
Balance
x
1938
Fixed assets
Sheet
purchases
Total income
Interest on 3M % debenture bonds. &c.
Prov. for Federal income and capital stock taxes
Pro v. for Pa. income and capital stock taxes
......
Liabilities—
1937
No provision made for Federal undistributed
profits tax.
The amount
was dependent upon the ratio of dividends
paid to net iacome for
this tax
Comparing Current Assets and Liabilities
Total current assets
Total current liabilities
2,829.122
448,867
Surplus
Notes payable
293,993
286,070
For'n acceptances.
1,556,658
y
350,000
5,642
34,148
498,230
482,405
& misc. payables
38,437
88,170
131,119
1,470,650
Accounts payable.
Com'l & other ac¬
492,477
1,287,162
4,250
5,312
crued liabilities.
89,661
135,154
Inventory
2,725,444
2,689,350
26,958
Acer, and est. Fed.
28,251
81,357
35,034
40,508
1
1
capital stock...
Accounts and notes
receivable
Deferred charges..
Other assets
Goodwill
1Q37
The company has filed an amendment with the Securities
and Exchange
following as underwriters of its 30,000 shares of
54,000
47,746
Long-term debts._
Reserve for
149,249
54,000
29,491
2,500
2,500
mdse.
Res. for legal exps.
& unset'd claims
Total
Total
$5,427,139 $5,618,729
..$5,427,139. $5,618,729
After deducting reserve for depreciation of $401,647 in 1938 and $428,979
in 1937.
y
Represented by 125,000 shares of
no par
value.—V. 146, p.3203.
Sharp & Dohme, Inc.—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Gross profit from sales
$1,115,185
$1,236,578
Selling & admin, exps
Income charges (net)
Depreciation
995,720
38,858
37,188
1,016,035
37,922
37,474
1938—6 Mos.—1937
$2,395,836
$3,058,095
2,053,085
2,131,923
66,318
78,997
74,901
74,264
Est. Fed. income tax and
$1,969,839
2,241,421
$4,211,260
1,076,863
and State taxes.
adjustment
prov.
-V.
for contingencies
Cr3,843
$162,190
71,236
2,622
$27,597
$201,532
146, p. 3203.
Earnings for 3 Months Ended June 30,1938
Commission naming the
Ore milled (tons)
$4.50
Metals produced—Copper (pounds)
Gold (ounces)
preferred stock: Smith, Barney & Co., 14,200 shares; Cassatt & Co.,
Inc., 7,100 shares; Jannev & Co.; W. H. Newbold's Son & Co., and Yarnall
& Co., 2,100 shares
each; Boenning & Co., 1,500 shares, and Harper &
Turner, Inc., 900 shares.
Amendments Voted—
special meeting held Aug. 15, stockholders adopted the amendment
to the company's articles of incorporation
reducing the authorized number
of preferred shares to 130,000 and.
establishing the terms and provisions of
the shares.
Directors of the company plan to offer soon 30.000 shares of
$701,675
Sherritt Gordon Mines, Ltd.—Earnings—
Underwriters Named—
A
1937
$2,000,000 $2,000,000
2,644,897
2,615,320
Sundry time deps.
own
Net profit.
$3,692,099
1938
Capital stock
$168,609
Post-dated checks.
the full year.
1938
30
379,533
ties & interest..
x
$862,977
June
$175,240
Cash
$1.07
on investments in Brunswick
Pulp & Paper
bonds
All other
$101,444
Cr67
4,636,920
_
$613,826
370,488
Interest
Condensed Statement
$7,910
Drl79
4,644,897
_
Earns, per sh. on 125,000
shs. of no par cap. stk
$786,521
Operating profit
Cash
$498,924
100.000
378.001
Advertis'g appropriation
Corporation's
1,858,926
a
1938
normal Fed. taxes & other
charges
$7,118,888 $15,190,441 $12,634,285
Shares of capital stock outstanding
5,555,260
5,502,320
4,859.968
Earnings per share
$1.28
$2.76
$2.6 0
—V. 147, p. 584.
$2,645,447
2,024,532
or
Co.—Earnings—
Marketable securi¬
(incl. freight paid on goods
sold), administrative and general expenses
expenses
on
$3,020
$38,103
profit after deprec., int., spec,
Assets—
4,955,523
356,936
$2,970,346
_
Gross profit on sales
Co
1935
res.,
salaries, repairs and mainte-
Other interest and discount
prof$58,952
24 Weeks Ended July IQ—
Net
1936
■
Roebuck &
Sears
1937
$6,942
—V. 146, p. 4129.
$2.32
Federal income taxes,
146, p. 3820.
July 2, "38
$8,282,805
Depreciation and depletion
Distribution
1938
charges
Co.—Earnings—
&
...
1,012,600
305,338
$4,615,320
contingencies and
.
wages
$3,408,671
1,260,000
undistributed profits.—V.
6
Net sales
Total
10,251,923
9,159,956
306 538
—V. 147, J>, 755.
Net
1938—3 Mos.—1937
Earnings
x
1,000,000
42,900
Prepaid exps. and
rectors for
but before Federal surtax
366,444
Profits
Profit,—V. 146, p. 3202.
Shs.Com.stk.out. (par $5)
per share
134,663
261 ,776
2,235
63,762
Schenley Distillers Corp. (& Subs.)—Earnings—
x
116 ,061
Deferred income..
5% cum. pref. stk.
(par $50)...... 1,000 000
wholly-
Years End. June 30—
1938—6 Mos.—1937
1938—3 Mos.~1937
Period End. June 30—
Net income
10,562
2,235
Savage Arms/Corp. (& Subs.)—Earnings—
stk. (no par)
6,938,500
61,086
the
com.
8 ,260
Furn., fltx. & eq_.
Total
depreciation
5,948, 500
rec.
issuance in reorganization of new first mortgage bonds so as to furnish
adequate means for future financing. The plan approved by the Commis¬
sion provides for the issuance of contingent interest bonds only.
The committee suggested that the Commission's plan also be modified
shs.
S
Notes pay., unsec.
Accounts payable.
Misc. accts. rec'Ie.
deferred charges
Earns, per sh.
Liabilities—
S
1,468,012
8,612,386
1,204,147
........
owned subs....
Spokane International Ry.—Changes Asked in Plan—
Period End. June 30—
Net loss after taxos and
Dec. 31, '37
S
June 30 '38
Dec. 31 '37
$
The committee representing holders of first mortgage bonds has peti¬
tioned the Interstate Commerce Commission to modify in six important
respects its approved plan for reorganizing the road.
One of the most important modifications sought is a provision for the
in
$102,771
25,000
40,508
.
stock
June 30 '38
Cash
Joaquin
—...
preferred stock
Assets—
Notes & acets.
San
...
■_
....
Dividends
one
3970.
p.
14,489
$479,271
295,303
62,197
19,000
_
_
indebtedness during the period.....
on
not deducted as ail
for
_
Provision for Federal taxes on income....
capital stock-.
.
$430,781
34,000
-
-
.
_
Operating expenses:
,
1937
1938
Corp.—Earnings—
Earnings for 6 Months Ended June 30, 1938
Net earned service charges after provision for losses and conting.
Dividends from wholly-owned subsidiary company——
__
Gross earned income.
Sangamo Electric Co.—Earnings—
Trust
company
Seaboard Commercial
Co., predecessor companies, have been called for redemption on Sept. 1, at
105 and accrued interest.
Payment will be made at the New York Trust
Co., 100 Broadway, N. Y. City.—Y. 147, p. 903.
Equipment
Certificates—
San Antonio Public Service Co.—Bonds Called—
All of the outstanding first mortgage 41 year 5% gold bonds due Sept. 1,
1949 of the San Antonio Gas & Electric Co., and the San Antonio Traction
0 Months Ended June 30—
Net profit after deprec. and Federal
income taxes
No. of shares of cap. stk. outstanding-
Ryv ■Receivers9
Line
Air
1938
156,410
6,698,223
Silver (ounces)
Copper sales—Net amount realized from sales (7,493,474 lbs.)
xAdjustment in value of copper invenotry
Net cost after crediting precious metals
1,429.844
48,467.92
$661,327
Q1Q
496,561
a
$4.50 cumulative preferred stock to finance plant expansion.—V. 147,
p. 903.
Realized operating profit
,
$163,847
Copper inventories are carried at working costs of current quarter.
Note—No allowance has been made for taxes, depreciation or deferred
x
development.—V,
147, p.
132.
Volume
Financial
147
Southern Kraft Corp.—Notes Increased—
(Frank G.) Shattuck Co. (& Subs.)- -Earnings—
Period End. June 30—
Net profit after deprec.,
Federal taxes, &c
Shs. of cap. stk. outst'g.
1938—3 Mos.—1937
1938—6 Mos.—1937
$110,574
1,265.500
$0.09
Earnings per share
—V. 146, p. 3203.
$234,899
1,265,500
$0.19
$201,036
1,269,170
$0.16
$380,921
1,269,170
$0.30
(William) Simon Brewery—Extra Dividend—
share in
addition to the regular quarterly dividend of like amount on the common
stock, par $1, both payable Aug. 31 to holders of record Aug. 18. Similar
amounts were paid in each of the five preceding quarters.—V. 146, p. 3031.
The
directors have declared
an
dividend
extra
of 2
1207
Chronicle
cents per
The corporation increased its 6% notes by $200,000 in July, making
$9,400,000 outstanding at the close of the month.
The notes were issued to
International Paper Co, and pledged with banks which advanced funds for
capital expenditures in connection with construction of Southern Kraft's
new mills.—V.
147, p. 431.
Southern Canada Power Co., Ltd.—Earnings—
1938—Month—1937
1938—10 Mos.—1937
$193,514
$192,359
$1,961,147
$1,914,188
Operating expenses
84,940
81,232
822,777.
795,685
Period End. July 31—
Gross earnings
_
Net earnings
$108,574
$111,127
$1,118,503
$1,138,370
Int., deprec., amort. &
Simmons Co.
(& Subs.)—Earnings—
dividends
6 Mos. End. June 30—
1938
Net sales
-.----$15,448,473
Costs and expenses
$13,433,251
10,849,874
$5,019,879
$3,671,073
$2,583,377
464,898
351,002
566,338
391.544
Operating profit
Interest, discount, &c__
Depreciation
$2,686,384
337,695
492,634
Maintenance
347,154
345,844
Advertising.
State, local & misc. taxes
546,174
Fed, & foreign inc. taxes
125,000
Pref. divs.
517,287
502,240
384,778
.....
_
.
Net
profit
Shares of capital stock.
Earnings per share
—V. 146, p. 3820.
_
358,508
255.000
30,036
34",442
$2,119,181
1,147,286
$1,413,370
1,133,236
$305,991
1,133,236
$1.85
$491,883
1,149,286
$0.43
_
672,280
285,508
217,136
676,476
257,184
439,635
642,458
385,000
4,034
$1.25
sub. stock.
on
1935
1937
1936
$22,417,116 $17,366,022
12,762,089
17,397,237
13,694,949
Nil
108,457
1938
x$414,236
This includes
$65,330 additional
$205,248
$0.17
$0.05
profit realized from sales.
Net income for year ended June 30, 1938, was $591,734 before depletion,
equal to 48 cents a share, comparing with net income of $1,2' 1,861, or
98 cents a share, for the year ended June 30, 1937.—V. 146, p. 4130.
x
Sioux
$25,450
Railway oper. revenues. 17,048,098
Railway oper. expenses. 13,007,983
Railway tax accruals
1,537,555
Equipment rents
818,555
60,611
_
market
City Gas & Electric Co.—Earnings—
12 Months Ended June 30—
1938
1937
$3,018,283
52,772
$3,025,699
1,862,533
$1,002,364
Cr379
$1,163,166
427,089
5,851
96,608
Cr 1,988
$481,446
and taxes.
Net earnings
on funded debt
415,500
6,049
99,748
unfunded debt
on
Amortiz. of debt discount and expense
Interest charged to construction
Netincome..
x
Includes
_
dividend
on
—
common
stock
of
-Jan.
1
to
1938
5,985,372
Aug. 7
1937
$81,262,361
Southington (Conn.) Hardware Co.—Dun Decreased.—The company
dividend of 25 cents per share on the capita] stock,
holders of record July 26. This compares with 37 H
last; 12)4 cents paid on Oct. 30 and on Aug. 2, 1937;
25 cents paid on May 1, 1937, and 1234 cents paid on Feb. 1, 1937, Nov. 1
and Aug. 1, 1936, this latter being the first payment made since Nov. 1,
1935, when a regular quarterly dividend of 25 cents per share was dis¬
tributed.
The 25-cent rate had been paid each quarter since and including
Nov. 1, 1932.—V. 146, p. 3032.
paid
a
Spear & Co. (& Subs.)—Earnings—
foregoing statement of income representing principally premium paid on
retirement of, and unamortized discount and expense applicable to, certain
bond issues which were refunded during that year.
In the accounts and
financial statements, such premium, discount and expense is being amortized
over the original lives of the refunded issues.—V. 146, p. 3357.
$3,089,751
deprec., prov. for
doubtful accts., int. & Fed. & State
inc. taxes, but before prov. for Fed.
surtax on undistributed profits
loss448,728
Earnings per share on 225,000 shares
common stock
($1 par)
Nil
—V. 146, p. 2222.
Net
$473,627
•4,202
$493,657
4,132
$477,830
448,532
$29,298
55,546
2.772
430,152
382,649
$1.44
$1.23
Spencer Kellogg & Sons, Inc.—Acquisition—
Company acquired the plant and business of the Shellabarger
,
Amortization of bond discount and expenseNet income
-V.
147,
$9,255
loss$28 844
1935
1936
1938
$549,800
344,265
1937
$1,557,603
470.921
$1,269,446
343,770
$740,766
342.284
$1,086,682
67,454
$925,676
62,656
$398,482
42,896
'
Total income
$225,667
$1,154,136
301,204
8,735
125,000
$988,332
275,643
$441,378
175,037
16,892
y$719,197
x$694,716
.
367.340
Depreciation
Idle plant expense
9,996
Federal income tax
Net
.,
Inc.—Earnings—
1938
1937
1936
$475,131
249,988
Operating revenues
Operating expenses
$462,243
238,134
$464,024
261,237
x
p.
loss$151,669
profit-...
Before Federal excess profits tax.
$225,143
$224,110
$202,787
440
537
341
$225,583
212,746
13,735
$224,647
208,347
15,500
$203,128
129
163
163
Other income.
Gross corporate income..
Interest charges
Prov. for retirements & replacem'ts..
Prov. for int. on Federal income tax
for prior years
Miscellaneous deductions
Spiegel, Inc.—Earnings—
Period End. June 30—
207,962
20,750
100
Federal inc. taxes, &c.
Shs. com. stk. outstand.
Earnings per share
1938—3 Mos.—1937
profit for
comparing with
V. 147,1). 1049.
Net
~
$1,127
—
prof. $63 6
$25,747
1938
Assets—
1938
Indebt.
$6,696,389
Cash in banks and
to affil.
1937
$3,134,500
Funded debt
$3,157,500
&
Current liabilities.
working funds..
12,533
38,015
Accts. & notes rec.
37,955
45,583
Consumers' deps.
Acer, unbilled rev.
68,782
37,429
Unearned
Mat'ls & supplies.
29,727
32,395
Def'd liabilities...
&
144,095
in proc. of amort
156,256
1938—3 Mos.—1937
$25,302
prof$2,633
6,346
68,887
8,058
423,267
404,611
Shs. com. stk.
1,044,400
1,044,400
750,000
750,000
516,265
516,265
Total
155,128
$7,012,414
week last year.—V.
1936
$15,003,248
416.813
$1,193,666
295,889
Earnings
...—
$3,595,262
316,518
$1,489,555
$847,660
$3,278,744
1,350,000
$1,489,555
1,256,938
1,000,000
Surplus
stock outstanding.;—
Earnings per share
—V. 146, p. 3680.
—.....
6 Mos. End. June
$858,071
10,411
def$152,340
1,000,000
$0.85
$1,928,745
1,000,000
$3.28
$232,617
1,142,671
$1.30
147, p. 1050.
Standard Oil Co. of Indiana—-Earnings—
$3,178,450
Net profit....
$1.40
3203.
Standard Gas & Electric Co.— Weekly Output—
utility operating companies in the Standard
for the week ended Aug. 13, 1938, totaled 104,832,150 kilowatt-hours, a decrease of 7% compared with the corresponding
214,590
Dividends
1937
$384,474
213,217
Electric output of the public
$643,481
Federal and State income taxes
$0.69
$347,128
214,676
$1.22
Gas & Electric Co. system
Net
Netincome
1938—6 Mos.
156,255
$7,036,922
$204,523
213,217
$0.76
$191,619
214,676
Earnings per share
—V. 146. p.
13,809,582
Shares capital
outstand-
6% cum. pf. stk.
Common stock..
Earned surplus...
Corp.—Earnings—
1938—3 Mos.—1937
& Federal inc. taxes.-
15,641,152
Other income (less other expenses)—
$0.0758
Standard Cap & Seal
Period End. June HO—
Costs, exps., deprec., depletion, Fed¬
eral income taxes, &c
13,456,778
Profit.
$0.0757
Net inc. after int., depr.,
1938
1937
$14,100,259 $18,819,601
Net sales
$0.0761
146, p. 2222.
22,381
63,188
Co.—-Earnings—
6 Months Ended June 30—
11,330,273
$0,076
820,867
Represented by shares of $100 par.—V. 146, p. 3031.
South Penn Oil
prof$20,088
10,243,873
passenger
34,209
Capital surplus
$7,036,922 $7,012,4141
$31,979
5,443,448
Average fare per revenue
a
11,342
justed debits...
1938—6 Mos.-—1937
4,855,040
-----
a
Prepaid accts., def.
charges & unad¬
a
"
Reserves
exp.
Total
64,588
11,505
23,015
.
revenue
$0.96
Springfield Street Ry.—Earnings—
Net loss
—V.
880,045
parent company
$1,418,410
1,275,658
Nil
$0.60
1938,. was $1,125,700,
the 12 months ended June 30
,490,665 for the 12 months ended June 30, 1937.'
carried
Liabilities—
1937
equipm't, &c...$6,732,487
1938—6 Mos.—1937
loss$27,294
1,275,658
Revenue fare passengers
Balance Sheet June 30
Plant, property,
$872,827
1,275,658
$303,929
1,275,658
$0.15
Period End. June 30—
Net loss.
x$249,449
146,
Before Federal surtax.—V.
y
3524.
Net inc. after int., depr..
Net earnings before provision for re¬
tirement and replacement
disc.
17,973
584.
p.
T12 Months Ended June 30—
Debt
,
$205,535
20,132
Balance
426,448
Other income (net)
I-'"
...
,
Spicer Mfg. Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
Profit from operations._
Expenses.-
Net earnings
Interest on funded debt
Grain
as of Aug. 10.
Shellabarger plant, which started operating in 1929. is equipped with
modern expellers for crushing soy beans, ample storage facilities for oil and
meal, elevators for handling beans from railroad cars or trucks, and is
located on the Illinois Central Railroad.
•The plant was acquired to round out the Kellogg facilities in the rapidly
growing soy bean field.
Other Kellogg plants for the crushing of soy beans
and refining of oil are located at Des Moines, Chicago, Buffalo and Edgewater, New Jersey.—V. 147, p. 1049.
The
$71,341
59,314
2.595
1936
$3,904,792
$497,789
Operating expenses and taxes
1937
$4,692,217
after
Products Co. of Decautr, 111.,
1937
1938
Non-operating revenues (net).
profit
...
Co.—Earnings—
12 Months Ended June 30—
1938
*
Net sales
Iowa
Public Service Co. of $85,534.
Note—The company made no provision for 1936 for either Federal normal
income tax. Federal surtax on undistributed profits or State income tax, on
the basis of claiming for tax purposes certain deductions not shown in the
Sioux City Service
14,042,276
par $25, on July 30 to
cents paid on April 30,
$635,605
Interest
Interest
$2,498,122
,164,644
6 Months Ended June 30—
Total gross earnings
expenses
1,649,936
Earnings—
—First Week of August—
1938
1937
$2,906,346
xll9,352
$3,071,056
2.068,691
Operating revenues
Non-operating revenues (net)
Operating
109,943,574 132,025,773
91,333,311 101,198,157
10,689,435
10,056,619
5.800,811
6,259,459
470,081
469,262
2,060.562
.
Net oper. income.
-V. 147, p. 756.
19,547,799
14,757,010
1,606,851
1,053,507
69,869
1,623,394
Joint facility rents..
*rv
1938—7 Mos .- -1937
$64,433
$0.34
$43,494
1938—Month—1937
Gross earnings (est.)
—V. 147, p. 1049.
depreciation but before
depletion
loss $71,857
Earns, persh. on 1,220,467 shs. com. stock
Nil
$1,806
Southern Pacific Lines—EarningsPeriodEnd. July 31—
1935
1936
1937
1,093,053
$117
Surplus..
147, p. 904.
Southern Ry.3 Mos. End. June 30—
1,094,876
—V.
Silver King Coalition Mines Co.—EarningsNet profit after taxes and
109,321
30—
taxesKil'other ch'Su$17,749,093
capital
—V.
1937
1938
1936
1935
profit after deprec.,
per
share
stock
147, P.
$27,904,211 $22,015,537 $13,191,166
on
^
$1.16
.
$1.45
$1.83
$0.87
905.
Standard Steel Spring Co.—Earnings—
1938
6 Months Ended June 30—
Net profit after depreciation,
State income taxes, &c_
Shares of common
interest, Federal and
stock outstanding—
Earnings per share.-a $5par.
bNo par.—V.
$36,6oo
a 198,962
$0.18
145, p. 3830.
1937
$252,546
b99.856
$2.53
Financial
1208
Chronicle
1937
$4,110,853
—155,505
Dividend and other income from investments
411,704
Miscellaneous income (net)——
32,562
$3,361,433
134,167
359.574
61,215
— -—
administrative
and
General
taxes other
$4,710,624
expenses,
$3,916,389
2,359,815
214,144
271,020
89,035
410,814
———
1,979,456
269,120
.
Interest on 20-year
gold debentures
Interest on mortgages
Int. on other items (incl. discounting charges)
636,590
Depreciation of properties
Depreciation and loss on sale of investments
Loss arising from exchange variations (net)
Additional compensation to European managers
and staff, profits taxes, &c
Share of profits in subsidiary companies accruing
—
41,149
74,034
$118,757
Tax
sale of fixed assets
on
Balance
before charges
43,223
41,868
1937
1936
$
$
and equip.,
Invest.
Net sales-----
$326,126
to affii.
companies--13,944,624 13,626,082
4,191,500
Mtges. payable-
work in progress
1,763,417
contingencies.--
151,242
346,434
1,962,628
4,819,495
1,869,284
4,414,176
Accounts payable.
161,568
Bills receivable
34,048
552,170
Accts.
2,782,505
618,249
4,311,115
5,032,634
2,409,294
20,221
18,786
503,262
65,781
Min. Int. of subs.-
83,357
702,964
credit
a$206,768
on
Nil
b$1.05
Nil
—
b$1.80
a
1938—6 Mos.—1937
1938—3 Mos.—1937
$21,858
$18,864
$0.16
$42,905
$0.13
$60,270
$0.32
$0.47
After deducting operating expenses, normal Federal income taxes and
Fed. surtax on undistrib. income.—V. 146,
p
3204.
Telephone Bond & Share Co.—Earnings6 Months Ended June 30—
Gross
29,784
7,969,813
36,417,093 34,669,183
Total
converted at $1=4.20 reichsraarks.—V.
1937
$3,227,706
548,431
$4,559,803
$3,776,137
2,232,283
271,020
expenses,
1936
$3,909,957
649,846
Total income.
1,806,793
304,428
43,750
315,219
504,435
including
taxes other than
profits taxes
20-year gold debentures
Interest
on
mortgages
39,641
390,802
532,070
220,958
Int. on other items (incl. discounting charges)
Depreciation of properties
Allowances to associated companies
Depreciation and loss on sale of investments
Loss arising from exchange variations
compensation
to
European
&c._
98,634
11,955
Cr7,524
41,149
4,815
(net)
and staff, profits taxes,
managers
468,294
214,047
$358,771
$484,400
8,546
5,454
$350,225
186,363
$478,946
——
Balance of earnings and income
Share of profits in subsidiary
companies, accruing
minority shareholders
profit
-
Excess of par value over cost of notes and debs
Liability released in respect of deferred int. on debs.
Profit on sale of fixed assets
Tax on other reserves released.Balance before charges
Capital expense written off
Reserves for contingencies,
68,179
23,963
56,534
25,509
42,492
26,483
$661,123
$597,571
32 711
&c
91,061
-Z.III
$537,351
Balance
$597,571
1937
1936
5
Assets—
$
1937
Liabilities—
Invests, in & advs.
1936
$
Funded debt
6,107,857
3
$
,730,000
4,191,500
893,592
contingencies
Accts. pay'le with
1 ,905,546
1,744,084
affil. companies-
2 ,395,133
1,752,905
__
Other long-term in¬
debtedness
13,296,246
on constr.
work in progress
346,433
151,242
Long-term
accts.
receivable..
Bank
988,237
Inventories1 ,612,822
Accts. receivable.- 4 ,778,390
Bills receivable
515,856
Tennessee
a
Hugo Stinnes Cp. 1 ,373,473
Marketable secur.
33,395
1,445,497
loans
and
overdrafts
2 ,828,841
Bills payable
Accounts payable.
Min. int. of subs..
1,299,108
Accrued liabilities.
Advs.
from
cus¬
50,285
Cash
579,440
485,351
Del. chgs. to oper.
625,945
137,746
94
164
1938
$189,391
1937
$733,718
$0.22
$0.86
21,513
Corp. (& Subs.)—Earnings-
6 Months Ended June 30—
Estimated net income
Earnings per share on 853,696 shares capital stock
a After bond interest, depreciation and Federal income taxes proportion
of earnings applicable to minority interest, but before provision for surtax
undistributed profits.—Y. 146, p. 3526.
Tennessee Public
Service
Co.
•TVA
Extends
Time
for
Deposit of Bonds Until Aug. 30—
Harcourt A. Morgan, Chairman of the Board of Directors of the Ten¬
nessee Valley Authority in a letter to the holders of the 1st & ref. mtge.
gold bonds, 5% series due 1970, of Tennessee Public Service Co. states:
Despite recent deposits of substantial amounts of bonds it is apparent
that by the close of business Aug. 13, a sufficient number of bonds will not
have been deposited to obligate Tennessee Public Service Co., the City of
Knoxville and the Authority to carry out the contract of June 14, 1938 for
the sale of certain of the company's electric properties to the city and the
Authority.
In view of these circumstances, the parties have agreed to extend the
time in which they may be obligated to carry out the sale and purchase of
these properties as provided by the contract, and the Authority has extended
the time for depositing bonds to at or before the close of business August 30,
1938.
Hence the obligation of the parties to carry out the saie and purchase
as contemplated in the contract now depends on the deposit of not less than
80% of the bonds
on or
before that date.
During this extension of time for deposit of bonds, by the terms of the
14, 1938, the purchase price for the properties to be sold
to the city and the Authority, if the contemplated sale takes place, will be
decreased by 2-55ths of 1% (approximately $2,920) for each day from
Aug. 13 to the date upon which the sale and purchase is consummated.
Guaranty Trust Co. of New York, as agent for the Tennessee Valley
Authority, is receiving deposits of bonds of the above issue at its Corporate
Trust Department, 140 Broadway, New York, N. Y.
Bonds deposited
should be accompanied by letter of transmittal, properly executed.
Against deposited bonds the Authority is issuing its transferable deposit
receipts calling for the payment of a price of 97>£, plus accrued interest,
for deposited bonds, promplty upon completion of the purchase and sale
contemplated by the contract, or otherwise for the return of the deposited
contract of June
bonds.
The city and the Authority are not obligated to make any further exten¬
deposit of bonds.
If 80% of the bonds are not deposited
by Aug. 30,1938, and the sale of the properties should thereby be prevented,
the value of the bonds may be seriously affected.
The City of Knoxville is proceeding rapidly with the construction of its
municipal electric distribution system.—V. 147, p. 906.
Thatcher Mfg.
and
1,587,710
4,377,311
161,426
Current acct. with
$49,744
54,103
508,533
Mtges. payable.
& other
companies-____13 ,997,930
$40,894
30,916
249.933
sion of the time for
Consolidated Balance Sheet Dec. 31
Ld.,bldgs.,mach.
& equip., &c
6 ,543,404
$321,190
debentures
first preferred dividend.
$3 r
V. 146, p. 3972, 3526.
381,235 def323,227
144, p. 3854.
Calendar Years—
Gross earningsOther operating and miscellaneous income—
on
Net income.
on
administrative
1937
$390,047
68,857
$310,527
248,451
21,182
Net earnings
Interest
Amortization of debt discount and expense
36,417,093 34,669.183
(Hugo) Stinnes Industries, Inc. (&Subs.)—Earnings-
on
68,575
4,944,450
b Represented by 988,890 shares at $5 per share,
c After depreciation
of $4,831,545 in 1937 and $4,804,431 in 1936.
Note—Reichsmark transactions carried on the German books herein
Interest
1938
$379,102
earnings
Operations and taxes
7% first preferred dividend
131,945
Earned surplus...
Prepay,
$262,458
b 114,276 shares of capital outstanding—V. 146, p. 3033.
Net income.
522,774
balances
to affil.
213,920
a$120,648
78,383
Capital surplus... 7,969,813
b Capital stock... 4,944,450
b
a$420,688
112,565
Earns, per sh. on 112,000
shs. common stock—
1,782,366
to
Insurance reserve-
Customers'
Net
$149,893
98,087
(G.) Tamblyn, Ltd.—Earnings-
2,043,200
Accrued liabilities.
143,893
632,396
operations
to
share
per
Profit,
Period End. June 30—
2,492,259
Deferred income.-
Deferred charges to
Additional
a$218,735
$121,290
capital stock
1,419,931
845,674
payable
affll. companies.
50,938
627,056
secur.
Cash...
and
a$395,985
24,703
Fed. inc.
other charges, but before
Bills payable
515,856
-
Accts. receivable--
General
$158,686
8,793
58,096
Earnings
a
2,828,841
drafts
1,605,994
1,169,828
Total
a$206,600
12,135
tax, &c
Bank loans & over¬
receivable
Marketable
1938—6 Mos.—1937
$1,057,754
$4,652,746
1,216,440
4,256,761
indebtedness and
constructional
Long-term accts.
Inventories
$261,172
$
Other long-term
Prepayments on
40,000
$542,060
6,062
Deprec., int.*
3,782,500
& other
$69,256
Operating loss.
Other income
1936
$
10-yr. 7% g. notes 3,009,000
20-yr. 7% sink. fd.
g. debs, of Hugo
Stinns Inds.,Inc. 3,730,000
Ac..12,364,728 12,093,836
83,310
271,756
x90,000
1938—3 Mos.—1937
$2,333,778
$527,029
2,127,178
596,285
—
Net loss
1937
Liabilities—
In & advs.
130,170
592,436
$63,194
$326,126
$715,851
cL'd, bldgs.,macb.
140,878
520,620
65,000
aban¬
Revised.—V. 146, p. 3822.
Consolidated Balance Sheet Dec. 31
•
$747,629
91,391
Superior Steel Corp.—Earnings-
a
Assets—
$1,377,512
22,845
doned, &c
32,711
209,457
—
$1,217,373
64,221
Deplet. & deprec. (approximate)
State & Fed. inc. taxes (approx.)....
122,278
$958,019
Capital expense written off
Reserves for contingencies, &c
Balance
Capital extinguishments, leases
Costs and expenses
146,954
48,007
36,192
other reserves released
on
& discount)
Period End. June 30—
591,977
notes and debentures
$733,754
13,874
$426,654
Non-oper. chgs.(incl. int.
5,454
$134,889
of notes and deben¬
tures purchased for cancellation
Liability released in respect of deferred interest on
1,158,529
Other income.
x
......
1,379,894
$1,340,387
37,125
215,965
8,546
Net profit
Excess of par value over cost
1,522,832
22,122
(incl.oil sold to refinery), operat-
Cr37,749
470,588
minority shareholders
Profit
304,428
92,962
337,017
607,078
23,901
1936
$1,892,284
$1,195,252
Costs
1937
$2,718,084
Gross operating income
including
than profits taxes
goid notes
Interest on 10-year
1938
$2,720,281
1938
Ended June 30—
6 Months
1936
^
20,
Subs.)—Earnings
Sunray Oil Corp. (&
(Hugo) Stinnes Corp. (& Subs.)—Earnings—
Calendar Years—
Gross earnings
Interest- receivable-—
Total income
Aug.
tomers
503,262
501,886
29,422
65,781
18,786
20,221
Capital stock... 1 ,100,000
1,100,000
Capital surplus
11 ,000,000 11,000,000
$3,226,391
2,392.126
102,267
45,197
51,157
$268,852
16,354
Depreciation
Operating profitOther income.-,
Total incomeMiscell. deductions
Federal
income
taxes,
surtax,
1938—6 Mos.—1937
$3,021,068
2,490,614
90.292
$402,451
$440,162
21,422
34.713
$731,998
42,821
$285,206
21,200
$423,873
15,984
$474,875
37,944
$774,819
35,607
618,249
4,612,003
78,383
83,357
697,724
131,656
Deferral income..
Insurance reserve.
2,041,928
845,674
3 ,890,969
Co.—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Net sales.
$1,723,386
$1,766,766
Costs and expenses
1,409,337
1,313.158
80,692
132,653
135,731
224.573
$183,314
$301,200
208,629
73,412
$514,6.39
36,706
$275,236
108,286
36,706
$42,356
&c
$130,244
$19,159
$224,382
$0.54
$1.14
$0.63
$2.03
a
Earned surplus
TotaI
31,395,325 29,099,779
1 ,369,350
Total
a£ 55 per share,
of $4,031,404
836,319
31,395,325 29,099,779
b After depreciation
in 1937 and
$4,099,087 in 1936.
-Reichsmark transactions carried in the
German books have been
converted at $1—4.20 reichsmarks.—V.
Note
144,
Sun
3853.
dividends.
104.252
___
Surplus.
1938—Month—1937
$550,422
Stores in operation
282.
216,844
73,413
Earns, persh. on 146,832
shs. (no par) common.
—V. 146, p. 3527.
Period End. June 30—
July 31—
Sales
147, p.
Common
(John R.) Thompson Co.—Earning
Ray Drug Co.—Sales—
Period End.
—V.
p.
Net profit
Preferred dividends
$545,485
Gross sales
1938—7 Mos.—1937
$3,481,154
$3,358,574
38
34
Net loss after
1938—3 Mos.—1937
1938—6 Mos.—1937
$2,839,095
$3,045,519
$5,742,617
$6,064,948
85,805
44,075
170,444
52,060
Fed.
inc.,
taxes, deprec., &c—V. 146, p. 3205.
Volume
Financial
147
Thermoidi Co. (&
1937
1936
$88,786
99,240
60,824
$465,234
91,769
64,109
3,610
$342,090
89,434
8,354
Depreciation
Amortiz. exp. of noteholders' plan-Amort, bond, discount and expenses-
;•
$157,395
189
-
Union Water Service Co. (&
12 Mos-. End. June 30—
$299,746
48,919
loss$79,632
Minority interest
74.261
21,000
546
Profit.
Federal income taxes
16,550
■Sales—
Period End. Aug. 13—
1938—4 Weeks—1937
Sales
$1,259,907
$982,293
—V. 147, p. 907.
6,000
1938
Interest
„
Union Premier Food Stores, Inc.-
Subs.)—Earnings—
6 Months Ended June 30—
Profit
1209
Chronicle
Operating
Subs.)—Earnings1935''™!
1936
1937
1938
Weeks—1937
$7,809,132
1938—32
$10,433,560
$497,630
130,697
$494,906
125,170
$482,798
121,588
$471,339
119,404
Cr3,818
06,403
Cr2,926
CV5.001
2,406
24,110
64.787
4,356
23,555
58,318
8,137
24,479
9,402
19,179
59,093
59,246
$279,448
$289,910
343
470
$279,791
140,966
xl,271
190
revenues
$290,380
141,481
1,899
General expense charged
to construction
Provision
Net profit
Preferred dividends
Earnings
Figured
x
60.644
per share on common stock.
1937.- -V. 146,
capitalization at June 30,
on
Maintenance
x$0.17
$0.40
Nil
p.
for uncoil ectible accounts
$140,656
$250,281
loss$79,632
General taxes
3527.
Net
earns, before pro¬
vision for Fed. inc.
tax and retirements
and replacements..
Thompson Products, Inc. (& Subs. )—Earnings—
Period End. June 30—
Net sales.
_
Costs,
&c-._-
expenses,
$2,622,024
2,323,094
$7,713,313
6,739,320
$4,900,164
4,608,756
Other income
Gross corporate income
Interest on funded debt.
__
$591,284
42,237
$291,408
23,812
$973,993
67,226
$312,809
—
Total income.
$4,237,444
3,646,160
$298,930
13,879
Operating profit
Other income.
1938—6 Mos.—1937
1938—3 Mos.—1937
$633,521
$315,220
$1,041,219
Amort, of debt expense.
Interest charged to con¬
struction
Prov. for Fed. inc. tax..
Prov. for Fed. surtax
Prov. for retirements &
replacements in lieu of
depreciation
Development exp., int.,
royalty, &c.
Depreciation
14,080
51,692
67,292
14,080
86,721
101,038
109,456
Net profit
Shares of common stock
$205,590
$459,774
$112,098
$744,004
outstanding (no par)__
Earnings per share
—V. 146, p. 3527.
293,290
292,890
$1.53
293,290
292,890
$2.45
Miscellaneous interest—
54,763
31,952
61,187
__
..
Federal income taxes
$0.66
__
67,585
121,457
$0.30
x
Thompson-Starrett Co., Inc. (& Subs.)—Earnings—
3 Months Ended—
July 28, *38
Net loss after deprec. &
Federal taxes
$58,542
x$47,979
y$41,825
x No depreciation included in 1935
loss, asset involved having been fully
y These figures do not include results from operations on the
Colorado River Aqueduct contract scheduled for completion in 1938.—V.
depreciated,
146,
Title Guarantee & Trust Co.—Trustee-—
Assets—
Notes
&
Unbilled
trustee of the company to
fill a
.
1,225,671
—
...
—
4,500
357,925
15,433
_
-
$100,415
__
«,!
3,855
_
Total income.
Other deductions.
Provision for Federal income and
$104,270
_
Net profit.
profits taxes
$2,561,500 $2,568,500
2,191
1,331
5,600
8,729
Accrued 11 abi litles
67,206
69,547
39 Unearned revenue
115,461
120,918
259,574
248,083
91,428 Def'd liabilities...
820,355
837,896
12,508 Reserves
600,000
600,000
30,501 y $6 cum. pref.stk.
z Common stock
820,000
820,000
84,632
13,971 Capital surplus...
84,685
Earned surplus...
345,482
318,752
10,645
revenue..
United States Savings bonds.Notes & accts. receivable
13,536
Total
9,779
$5,662,273
$5,698,171
cos.
103,549
15,000
United Carbon Co. (&
$5,698,171 $5,662,273
Represented by 9,900 shares
z
Subs.)—Earnings—
1938
1937
1936
$1,356,164
$2,246,550
$1,866,429
671,041
Crl27,926
695,745
Dr185,437
600,878
$813,049
2,917,572
$1,365,368
2,586,555
$1,087,607
2,095,374
06,619
$937,969
1,450,609
$3,730,622
$3,951,923
795,770
166.865
2*687
$3,189,600
477,462
$2,388,578
475,327
34,803
4,278
133~839
1L576
$2,995,242
$2,986,601
$2,578,298
$1,901,674
397,885
$2.04
397,885
$3.43
397,885
$2.73
397,885
$2.36
6 Mos. End. June 30—
Operating profits
Deprec'n & depletion
Minority interests
a
.
Balance Jan. 1
.
696.299
Deposits on containers
288,604
Reserve for compensation lnsur
Other assets
120,771
10-year 5% conv. debs
Reserve for Federal income tax
Property,
(1938 estimated)
1,369,476
Goodwill.
1
37,573
....
$42,834
108,353
54,130
4,633
302,298
13,535
608,025
Common stock (par $1)
Earned surplus
Capital
_
Total
y Represented by 6,000 shares (no par),
(no par).—V. 147, p. 136.
-
Accounts payable—trade.
Accrued expenses..
Inventories
Deferred charges
Due affiliated
Accounts payable-
.
13,780
Liabilities—
$266,107
plant & equipment
at cost (less depreciation)..
«
_
127
Balance Sheet May 31, 1938
hand & demand deps.
on
gold
bonds
844,953
222,318
surplus
Balance
Shares
1935_
$1,477,722
539,078
Dr675
Dr177,944
$82,185
____
Assets—
Cash
1st lien
1937
1938
Liabilities—
1937
8,550
___
excess
31,000
$80,673
98,763
18,598
35,242
prepaid accounts
___
income
31,550
$87,873
36,000
10,000
warrants
Mat'ls & supplies-
$1,703,947
Selling, administrative and general expenses
Maintenance, depreciation .taxes (other than income taxes), &c.
Net income.
31,050
$104,890
36,000
4,950
J
Gross sales, less discounts, returns and allowances
Cost of goods sold (net)..
Other
30,900
Deferred charges &
Income Account Five Months Ended May SI, \0SS
0459
$96,903
33,000
39,600
Security and organ¬
Brewing Co.—Earnings—
Provision for doubtful accounts..._
488
1938
ization expense.
Tivoli
11,317
7,366
3,716
9,072
...
receivable
a
Cr787
10,511
142,092
1,951
Net figure.
Accts. receivable-.
John B. Morton was on Aug. 16 elected
vacancy.—V. 146. p. 770.
233
$269,491
142,092
1,796
3,071
Cr212
Plant, prop., equip¬
ment, &c
$5,345,374 $5,323,228
Investments
1,200
1,200
Cash
178,762
175,305
3680.
p.
"$273,425 "
Balance Sheet June 30
July 29, '37 July SO, *36 July 25, '35
y$48,442
384
999
190
..
Net income.
Preferred dividends
Common dividends.
$269,107
$272,426#
stock
common
outstanding (no par)..
Earnings per share
deducting manufacturing, selling, general and administrative
expenses, Federal and State income taxes and reserve for expenses, but
does not include Federal surtax on undistributed profits.
After
a
Consolidated Balance Sheet June 30
Total
$2,201,080
Total
$2,201,080
-V. 146, p. 3360.
Tokheim Oil Tank & Pump Co.—25-Cent Dividend—
The
directors
have declared a dividend of 25 cents per share on the
stock, payable Sept. 15 to holders of record Sept. 1.
Like amounts
on June 15 and on March 15, last; a dividend of 75 cents was paid
on Dec. 18, 1937; an extra dividend of 25 cents in addition to a
quarterly
dividend of 25 cents per share was paid on Sept. 15, and on July 14, 1937.
An initial dividend of 25 cents was paid on April 30, 1937.—V. 146, p. 2388
common
were
1938
paid
$
Inventories
1,104,887
1,262,088
1,081,518
& inv. 2,087,904
748,777
Other assets
1,-981,614
11,952,537
Common stock..11,952,537
Accts.
247,917
165,444
payable...
526,201
Acer, tax, roy.,&c.
y279,144
Fed. income taxes.
397,885
pay able ....
298,414
Deferred credit...
45,000
45,000
456.926
432,140
DIvs.
Res. for pos. losses
Trade-marks, con¬
1
.
& contingencies.
325,599
1
223,397
tracts, &c
Deferred charges.
%
$
$
Liabilities—
Land, pipe lines,
buildings, &c_—23,943,587 23,618,988
Cash
1,606,621
1,584,041
Notes & accts. rec.
1937
1938
1937
$
Assets—
Res. for deprec'n &
Toledo Edison Co.—Bonds Caded—
13,229,995 12,306,402
depletion
The company will redeem on Oct. 13, 1938, at 105% and accrued interest,
all of its outstanding first mortgage gold bonds 5% series due Nov. 1, 1962,
Res. for taxes and
Payment will be made
Minority
surrender of the bonds to the Chase National
right to surrender their bonds at anytime
prior to the redemption date and will receive the redemption price with
accrued interest to the date of redemption, less bank discount at the rate
Bank.
of
Holders
are
upon
per annum.—V. 147. p. 1051.
12 Months Ended June 30—
Operating revenues
Operating expenses...
Taxes, other than income taxes
c
Provision for income taxes
b Provision for surtax on undistributed income
Provision for depreciation.
a
Net operating revenues
revenues
on
-
funded debt
Amortization of bond discount and expense
Other interest charges
Interest
......
CV136.017
514,006
38,448
031,836
1,018,383
3,273
18,281
$7,253,781
$7,430,659
2,428
Minority interests
Other deductions
a
$12,651,818 $13,407,038
4,464,605
4,580,308
483,477
212,574
31,089
175,395
during construction charged to property
and plant
Preferred dividends of subsidiaries
Net income..
a The amount of
$509,257 shown for "provision for income taxes" in the
consolidated income statement for the 12 months ended June 30, 1938
includes a provision of $755,571 for the six months ended June 30, 1938,
which is partially offset by a net credit of $246,313 for the six months ended
Dec. 31, 1937.
Jn computing the provision for income taxes for the year
1937
redemption premium and unamortized bond discount and
expense
applicable to bonds called for redemption in the latter part of that year
were applied as deductions in the determination of taxable income.
The
net credit of $246,313 in the tax provision for the six months ended Dec. 31,
1937, referred to above, reflects the excess of the resulting savings in income
taxes applicable to the first six months of 1937 over the tax provision actually
required for the second six months of that year.
b So far
as can be determined the company and its subsidiaries had no
liability with respect to the year 1937 for surtax on undistributed income
under the Revenue Act of 1936.
"•
c Total
operating expenses include maintenance in the amount of $1,655,431 and $1,567,342, respectively, for the 12 months ended June 30,
1938 and 1937.—V. 146, p. 3360.
-
290,000
428,036
2,986,601
292,000
251,601
2,995,242
Total .........30,047,916 29,521,108
Represented by 397,885 no par shares,
3529.
y
Includes undistributed profits
tax.—V. 146. p.
United Chemicals, Inc.
Net profit,
Earnings—
1938—6 Mos.—1937
1937
after deprec.,
taxes, &c
—V.
(& Subs.)
1938—3 Mos.
Period End. June 30—
-
$1,658
— --
$45,053
$3,141
$23,803
142, p. 3205.
...
$12,652,025 $13,331,973
Dr207
75,065
.
Gross income
Interest
...
1938
1937
$30,575,038 $31,304,858
10,093,215
9,431,335
3,339,794
2,965,771
509,257
1,720,217
1,494
3,980,746
3,854,066
-.30,047,916 29,521,108
Total
x
(& Subs.)—Earnings—
interest-
Surplus
also given the
Union Electric Co. of Missouri
Non-operating
expenses
United Drug, Inc.
(& Subs.)—Earnings1938—3 Mos.—1937
Period End. June'SO—
$315,840
x$215,539
1938
6 Mos:
$635,385
-1937
x$796,179
Earns, persh. on 1,400,560 shs. of cap. stk.
Nil
($5 par)
x
Profit.—V.
$0.57
Nil
$0.16
146, p. 3360.
United Engineering
6 Mos. End. June 30—
Gross profit from manuf.
1937
1936
1935
$3,208,019
$2,176,272
$1,096,325
65,652
200.154
68,276
53,759
$2,557,795
$2,244,548
389,712
182,259
$3,408,173
385,563
170,783
$1,150,084
307,420
426,459
163,000
Other income
Total income.
Expenses
Depreciation.
...
Federal and State income
tax, &c
——
& Foundry Co .—Earnings—
1938
$2,492,143
•
370,404
154,454
126,961
582,826
685,654
Net profit..
Preferred dividends
$1,402,998
$2,166,173
28,906
28,966
$1,293,231
28,966
$552,703
29,283
Surplus for common..
of com. stock out¬
standing (par $5)
Earnings per share.---—V. 146, P. 3529.
$1,374,092
$2,137,207
$1,264,265
$523,420
819,876
818,216
$2.61
818,216
818,216
$0.64
Shs.
,u,
$1.68
$1.55
United Gas Improvement Co .-—Weekly
Aug. 13 '38
Week Ended—
Electric output of system
—V. 147, P.
1052.
(kwh.)
88,125,328
Output—
Aug. 6 *38
89,033,953
Aug. 14 '37
89,113,047
Financial
1210
United Light & Power
General operating expenses
Maintenance-—^—
41,023,337
4,783,332
General taxes and estimated Federal income taxes-
4,614,623
8,496,311
10,880,463
—
...
40.660,047
8,675,848
——
—
Provision for retirement-
.
op«
.
.
2,394.145
$1,479,263
$39,620
speciali
before
Profit
items and taxes—
1,963,559
$1,301,235
6,882
-bank loan.
$9,134,420 $10,281,722
.
,$46,502
81,927
$500,861
Operating profit.
Total income.
to minority
$1,561,190
74,519
561,702
.
"of"earnings,"attributable
$639,813
152,797
508,625
127,09o
Depreciation & depletion
.$25,186,686 $26,113,206
16,052,267
15,831,484
Proportion
$1,418,480 loss$368,982
18,210
122,609
124,500
292,875
Prov .for loss on time sai es
10,160,154
Excess
$7,170,861
res.
47,000
prov.
prev.
against rec. of subs—
off invest'ts ini
$7,887,577
Written
—
'
undis. profits.
67,000
$404,861
income
2,524,101
1937
—'
Other deductions
—-
389,505
$2,414,202
203,809
2,430,194
40,197
2,483,758
40,342
147, p. 285.
Light & Rys. Co, (& Subs.)—Earnings-—
& eq., less
13,751,074
depr. 13,358,423
eliminating inter-company transfers)..-
—
General taxes and estimated Federal income taxes.
Net
earns,
4,309,267
7,629,842
9,587,520
4,008,826
1,953,564
attributable to min. com. stk.
$8,486,491
1,963,559
106.097
Bank notes pay'le.
400.000
1,230,201
Accounts payable.
382,427
4,263,810
Accrued accounts
139,817
127,418
xAccts.& notes rec. 3,263,762
2,775,946
Fed. & State taxes
120,791
215,528
2,997,776
366,841
1
1,853,776
321,191
Long-term lndebt.
1,300,000
1,700.000
96,445
Other assets
1
2,397,877
$7,343,164
...
647,415
...
—
Expenses of United Light & Rys. Co
Taxes of United Light & Rys. Co
—
.....
on
$7,670,202
1,362,816
42,638
18,756
1,375,000
42,988
17,564
$5,662,110
1,218,737
.....
debenture interest
....
Vulcan Detinning
Period End. June 30—
Sales
$6,234,649
1,230,839
$4,443,373
Net
$5,003,810
Universal-Cyclops Steel Corp.—Earnings—
$690,657
608,387
taxes
b$7,890
Earns, per sh. on 500,000
shares ($1 par)..
Profit,
$25,939 in
Nil
a$331,070
b$15,810
$0.66
a$676,904
Nil
$1.35
b After inventory write down of $13,402 in the quarter and
the 6 months, to market basis.—V. 146, P. 3974.
Universal Pictures Co., Inc.—Transfer
Agent—
Company has appointed the Commercial National Bank & Trust Co. of
as transfer agent of its 8% first pref. stock, effective as of the
close of business on Aug. 13, 1938.—V. 147, p. 759.
Author¬
1938—6 Mos.—1937
$1,579,215
$1,985,608
1,358,365
1,738,362
$:1,083,124
946,297
$82,270
11.992
$136,826
22,281
.247,246
$220,850
7,609
57,596
$94,262
40,130
...
Net profits
Earns, per sh. on 32,258
shs.
(100 par)
com.
$228,459
130,194
$304,842
$121,929
$98,264
$232,398
$0.95
Taxes, &c
$159,108
37,178
$54,132
Total
$2.95
$1.59
$5.55
stock.
72,444
Balance Sheet June 30
Assets—
x
Liabilities—
1937
1938
Plant & equip...
§971,886 $1,001,416
2,544,677
2,794,677
732,259
26,149
663,671
investments
Market, securities.
696,29.5
Accts. receivable-
156,509
1,119,580
358,567
Ac..*
Other
...
chges.
_
21,629
and
8,202
.
7,002
935,923
preferred expes.
Inventories.
754,056
Accts. pay. & accr.
148,994
97,170
3,225,800
252,692
53,421
101,020
111,481
Dividends payable
for taxes,
Reserve
&c
—
Res. for contlng. &
In general
Price
170,355
170,355
74,425
150,000
941,085
1,234,549
equalization
reserve
209,252
§6,281,150 §6,720,598'
After
deprec. and obsolescence
$1,941,593 in 1937.—V. 147, p. 136.
x
3,225,800
Surplus
pref.
stock
(1,750 shs.)
at
1937
1938.
Preferred stock...$1,522,300 §1,522,300
Common stock...
goodwill,
Total
1938—6 Mos.—1937
y
Co.—Earnings—-
income..
cost
1938—3 Mos.—1937
183,884
1.471,181
..25,751,486 25,920,024
Total
1938—3 Mos. —1937
Other income
Cash..
147, p. 285.
Period End. June 30—
Net loss after charges &
178,094
1,925.141
Surplus
After deducting reserve for doubtful debts and discounts,
Co's
Balance
a
x
Defd.
Balance transferred to consolidated surplus
Prior preferred stock dividends
—V.
246,826
73,551
$7,086,321
deductions:
5lA% debentures due 1952
Amortization of debenture discount and expense
482,796
ized, 750,000 shares, no par value: Issued, 486,122 shares in 1938 and 486,708
shares in 1937.
z Less reserve for losses.—V. 145, p. 4131.
Patents,
on
Reserve for insur..
400,000
126,490
97,985
$7,990,579
company
Interest
Tax
$7,313,029
113,711
112,997
Balance
Holding
.
1,491,437
25,751,486 25,920,024
Total
$9,741,041
Equity of United Lt. & Rys. Co. in earns, of
subsidiary and controlled companies
$6,522,932
Income of United Lt. & Rys. Co. (excl. of income
received from subsidiaries)
790,097
Total
$
1
_.
1,230,201
Due fr. affil. cos.
Expenses, deprec., &c._
Total Income of subsidiary & controlled cos..—$21,897,778 $22,928,080
Int., amort, & pref. divs. of subs. & control, cos.. 13,411.287
13,187,039
earns,
Common stock
4,340.052
z
7,516,495
8,984,289
720,638
Non-oper. inc. of suds. & controlled companies
Proportion of
y
1937
from oper. of subs. & controlled cos..$21,177,140 $20,974,517
Balance
1937
$
Mdse. inventory__
Deferred charges..
1938
(after
$78,978,070 $77,210,604
36,274,299
35,726,477
General operating expenses
Maintenance.
Provision for retirement
1938
6% part. pref. stk.21,305,215 21,339,215
Marketable securs.
United
$1,277,578
Liabilities—
S
Pa tents.
12 Months Ended June 30—
Gross oper. earns, of subs. & controlled cos.
$93,754
Inv. in affil. cos..
$431,705 loss$313,708
Net Income.
$1,301,235
23,657
1937
1938
L'd, bldgs., mach.
Cash...
—V.
$98,754
5,000
Comparative Consolidated Balance Sheet June 30
Assets—
Expenses and taxes
Interest, amortization of discount and expense on
funded debt
on
$5,234,040
1938
83,291,602
....
.
$1,254,040
Surtax
Earnings of Company
Gross
15,000
$1,464,263
131,419
78,804
t
2,470,391
12 Months Ended June 30—
'
$500,861
29,000
Profit before Fed. tax.
203,809
$7,758,142
84,340,980
Balance transferred to consolidated surplus
'
Fed. & State inc. taxes._
389,505
$6,811,371
—-—
—————
''
•
$7,961,950
...
Expenses and taxes of United Light & Power Co..
Balance
12,134
-
capital stock of affil.
co. (in liquidation).._
74,373
$/ ,200,877
subsidiaries)-.
income received from
30,016
$1,301,235
Amt. realized on securs.
previously written off.
^
_
$2,436,961
1,453,530
—
Expenses
$23,710,556 $23,529,006
1,476,130
2,584,200
or i
1935
$2,551,200
1,239,029
117,994
554,364
$575,380
Gross earnings
Other income
Non-oper. income
1936
$1,626,335
1,339,430
63,632
592,255
$294,634
75,746
205,000
,
$87,360,142
1937
$3,527,320
1,356,119
169,233
583,488
1938
Years Ended June 30—
1937
1938
-Earnings
Virginia-Carolina Chemical Corp. (& Subs.)
Co. (& Subs.)- -Earnings—
1938
30—
'
Gross oper. earns, of subs. cos. (after eliminating
inter-company transfers).
589,073,537
12 Months Ended June
Aug. 20,
Chronicle
Wabash
Ry.—Hearing
on
Total.....
reserve
of
$6,281,150 $6,720,598
$2,056,799
in
1938
and
Plan Postponed—
Interstate Commerce Commission has continued from Sept. 5 to
Nov. 15 hearings in connection with reorganization of the road. The post¬
ponement was asked by a group of insurance companies, and agreed to by
officials of the company.
The delay was asked to give the insurance com¬
The
panies time to collect additional data.—V. 147, p. 909.
New York
The directors have declared
a
dividend of $2 per share on the 8% cumul.
Eref. stock, par $100, payable on account of accumulations, on 1 and1 on
to
olders of record Sept. 15.
Similar payment was made on July Oct.
April 1, last; a dividend of $3 was paid on Dec. 23, last, dividends of $2 were
paid on Oct. 1, July 1 and April 1, 1937, and on Dec. 23, Oct. 1, and on
July 1.1936: $1 was paid on April 1, 1936; $3 on Dec. 30, 1935; $1 on Oct. 1
and April 1, 1935; $2 per share paid on Dec. 28, Oct. 1, July 1, and April 1 ,1934; $3 on Jan. 8, 1934; $2 on Oct. 1 and July 1, 1933; $1 on April 1, 1933;
$2 on Dec. 28, Oct. 1 and July 1, 1932, and $1 per share on April 1, 1932.
The dividends have been
Dividends prior to Jan.
146, p. 3682.
accumulating on this stock since Jan. 1, 1925.
1925, were waived by the pref. stockholders.
l,
Waialua Agricultural Co., Ltd.—Dividend—
Directors have declared
Upressit Metal Cap Corp.—Accumulated Dividend—
a dividend of 20 cents per share on the capital
stock, payable Aug. 31 to holders of record Aug. 20.
This compares with
40 cents paid on May 21 and Feb. 28, list.-— V. 145, p. 2869.
Walker & Co.—Accumulated Dividend—
The directors have declared a dividend of 37 lA cents per share on account
of accumulations on the $2.50 cumul. class A conv. stock, no par value,
payable Aug. 25 to holders of record Aug. 18.
This compares with 25 cents
paid on July 5 and on May 28, last, and with 50 cents paid on Feb. 17, last;
Dec. 23, Sept. 30, July 26, April 26 and Feb. 18, 1937; Nov. 30, Oct, 15.
Aug. 31, July 1, April 25 and Feb. 15, 1936, and Dec. 20, Nov. 15, Aug. 15,
May 15 and Feb. 15, 1935—V. 147, p. 136.
—V.
Warner
Utah Power & Light
Co.—Preferred Dividend—
The directors have declared dividends of $1.16 2-3
per share on the $7
cumulative preferred stock, no par value, and $1
per share on the no par
1 to holders of record
paid on July 1 and April 1, last, and on Dec.
21 and on Oct, 1, 1937.
See V. 144, p. 3522 for detailed record of previous
dividend payments.—V. 147, p. 908.
$6 cumulative preferred stock, both payable Oct.
Sept. 1.
Like
amounts were
Utility & Industrial Corp.—Transfer Agent—
Schroder Trust Co. has been appointed Transfer
Agent for the convertible
common stock of this corporation.—V. 147, p. 435.
6 Mos. End. June 30—
Wentworth Mfg. Co.—Dividend
1937
1936
1935
$1,383,150
l ,072,404
$3,570,257
2,758,934
$2,574>622
$1,823,058
2,248,028
1,672,868
Operating profit
$310,746
24,387
$811,323
$326,594
41,178
$150,190
$367,772
207,188
15,539
91,207
$250,476
259,920
5,196
105,541
Deprec., depletion, &c..
$335,133
248,999
1,963
Tooo
145",900
loss$5,794
.v$612,400
.
Interest
Loss on prop, retired
Loss on process equip
Net profit
Earns, per sh. on 376,637
shs. cap. stk. (no par).
x
5,555
79,410
Includes $249,187 discount
100,286
15b~666
Federal income tax..
surtax on undistributed
X309.364
$1,120,687
261,618
13,990
78,662
8,117
Miscell. deductions
Nil
12,000
on Aug. 17 declared a dividend of 10 cents per share on the
stock, payable Sept. 10 to holders of record Sept. 1.
This will be
the first dividend paid on these shares since Sept. 1, 1937, when 10 cents
was also distributed.
A dividend of 15 cents was paid on June 1, 1937.
See also V. 145, p. 1278, for record of previous dividend payments.
Earnings for 3 Months Ended July 31
earnings before Federal taxes
—V. 146, p. 3532.
West Coast Telephone
...
Nil
$0.11
y
Before
1937
$10,362
Co.—Accumulated Dividend—
The directors have declared
a dividend of 75 cents per share on account
cumul. pref. stock, par $25- payable Sept. 1
Like amount was paid on June 1, last and
compares with 37J4 cents paid on March 1, last; $1.12A paid on Dec. 1,
last; 75 cents paid on Sept. 1 and June 1, 1937; 37 A cents paid on March 1,
1937; 75 cents paid on Dec. 21, 1936, and dividends of 37A cents per share
paid on Dec. 1, Sept. 1, June 1 and April 1, 1936; this latter oeing the first
payment made on the preferred stock since June 1, 1932, when a regular
quarterly dividend of 37 A cents per share was distributed.—V. 146, p. 3532.
Penn
Power
Co.—Sale
of
$17,000,000
Bonds
Privately—Approved by SEC—
The
$1.62
$55,242
of accumulations on the 6%
to holders of record Aug. 20.
West
$41,838 loss$270,181
settlement of notes payable,
profits.—Y. 146, p. 2713.
on
Resumed-—
The directors
common
Net
Net sales...
Costs and expenses
Total income
Inc.—Acquires Music Com¬
Co.—See latter company.—
1938
Subs.)—Earnings-
1938
Other income
Pictures,
North American
above.—V. 147, p. 909.
preferred stock and
Vanadium Corp. of America
(&
Bros.
panies from
Securities and Exchange Commission on Aug. 15 approved the
declaration filed by the company (subsidiary of American Water Works Sc
Electric Co., Inc.) regarding the issue and sale by it of $17,000,000 Its mtge.
bonds, series J, 3H%
(due Aug. 1, 1968).
Volume
Financial
147
Chronicle
The Commission makes the
following findings:
Western Union Telegraph
Co., Inc.—Earnings—
The bonds covered by the present declaration are to be sold privately to
six insurance companies at a
price figured to yield the purchasers 3 % per
>
annum.
Assuming
Period End. June 30—
Tel. & cable oper. revs—
delivery date of Aug. 15, 1938 the price so to be paid
a
for the bonds is calculated at 104.92
plus.
jSaThe bonds will be secured by a certain 1st mtge. indenture,
lotal
1938—Month—1937
1938—6 Mos—1937
$7,827,094
$8,706,004 $44,772,468 $50,923,135
cable oper.
6,800,139
revenues..
7,481,157
40,348,919
42,810,820
$1,026,955
31,309
494,444
$1,224,847
43,530
458,810
$4,423,549
179,090
2,955,792
$8,112,315
254,616
2,791,945
$501,201
191,473
$722,506
189,992
$1,288,667
$5,065,755
758,954
752,692
$692,675
593,771
—
Uncoil, oper. revenues._
Taxes assignable to
$912,498
611,237
$2,047,621
3,566,322
"$5^818,446
opers
Operating income
Before Prop's'd Financing
Amount
Non-operating income..
After Prop's'd Financing
Per Cent
Per Cent
Amiunt
Gross income..
Long-Term Debt—
Deducts, from
1st mtge. bonds:
Ser. E 5%, due 1963
Ser. H 4%, due 1961
$12,500,000
10,000,000
33^%, due '66
27,000,000
J3^%, due'68
10.57
Net income
22.88
22.55
27,000,000
17,000,000
46.43
$56,500,000
47.19
7%—127,077 shares $12,707,700
6%—170,000 shares
17,000,000
Com. stock, no par
10.77
$12,707,700
17,000,000
10.61
par
value
147,
p.
1055.
12 Months Ended June 30—
Operating
Operating
14.20
1938
$1,203,483
Dr4,194
23.51
27,750,000
23.18
Gross income after depreciation.
Interest on funded debt
$57,457,700
48.68
$57,457,700
47.99
$61,783
5,704,142
.05
4.84
$61,783
5,704,142
Amortization of bond discount and
Other interest charges
4.77
$5,765,925
4.89
$5,765,925
4.82
Surplus:
Capital surplus.
.05
...
expense
Interest during construction charged to
property
and plant
Other deductions
Net income
$118,023,625
100.00
100.00
$119,723,625
Note—So far
The proceeds of the present issue, estimated at $17,833,000, will be ex¬
pended as follows:
(1) To retire $10,000,000 of the series H bonds.
(2) To repay short-term bank loans in the amount of $5,300,000 which
loans were originally incurred for the purpose of financing the construction
Western
$233,417
Jan.
1
to
1938
$368,466
Aug.
1938—6 Mos.—1937
$4,290,840
$4,580,338
1,573,204
1,542,436
revenue
expenses
Taxes
1937
1938—12 Mos.—1937
$8,810,980
3,570,904
2,018,705
$9,045,384
3,546,281
1,056,625
avail,
res.,
for
1,026,870
$2,011,031
47,554
$3,221,371
139,086
$3,654,813
116,512
$1,721,720
257,616
.
Bal.
$2,058,585
:$3,360,457
$3,771,325
254,681
514,595
$1,803,905
$2,845,862
Operating
Bate
1936
regulatory
Woods Brothers
$818,365
227,006
9,582
$777,640
213,100
34,666
$745,038
200,473
33,738
1,333
3,470
816
com¬
construction
Cr5,632
750
32,603
122,115
16,149
11,282
_
Prov.for retire.& replace.
Prov. for Fed. inc. tax,.
tax of
Divs.
x
tax.
10,700
10,212
204,887
50,206
3,622
9,446
Crl.323
Drl08
Because the plan of reorganization
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
have declared an extra dividend of 5 cents per share in
regular quarterly dividend of 10 cents per share on the
par value, both payable Oct. 1 to holders of record
Aug. 26.
Like amounts were distributed in each of the 18 preceding
quarters, prior to which the company made quarterly distribution of 5 cents
per share, and in addition paid an extra dividend of 5 cents per share on
to
common
stock,
Jan.
44.750
y34,765
43,250
8,855
44,000
11,045
$97,731
$75,766
$75,967
51,530
930
92
$34,799
pref. stock
Balance Sheet
1938
June
1937
Liabilities—
1938
Funded
equipment, «fcc_$8,628,453 $8,533,993
Special deposits
al,277
1,293
Accounts payable
Due to
Cash in banks and
Acer, unbilled
rev_
Mat'ls <fe 8upplles.
Debt disc.
&
75,358
48,654
16,400
65,782
11,100
30,822
34,373
136,996
147,660
exp.
in proc.of amort.
Prepd. accts., def.
charges and un¬
adjusted debits.
a
parent co.
685
518
81,526
9,753
Unearned revenue11,525
Deferred liabilities
157,418
Reserves
1,293,636
111,610
9,085
17,262
171,812
1,235,644
Consumers' deps.
$5
non-cum.
preferred
Com.
11,103
15,080
$8,903,177 $8,884,639'
stk.
_
partic.
stock.
Total
206,133
206,133
1,000,000
1,000,000
792,525
732,353
688,584
(50,000
shs.,nopar)
Capital surplus.._
Includes miscellaneous investment.—V.
1937
.$4,610,100 $4,639,900
7,521
11,564
Accrued liabilities.
Earned
Total
debt..
(current acc't)..
29,470
Accts.rec. (less res.)
no
1934.
The company also
paid a special interim dividend of 10 cents per share
the common stock on Jan. 15,1938, and on Feb. 1,1937.—V. 146, p. 3208.
(Rudolph) Wurlitzer Co. (& Subs.)—Earnings—
Farny
R.
Wurlitzer,
1938
$3,107
1937
$633,868
President, says:
During the quarter ended June 30, 1938, the company reduced its bank
indebtedness $500,000.
Cash balance on June 30, 1938, after payment of
of
the company are satisfactory.
A new line of phonographs introduced
Collections in all divisions
in July is being well received by
the trade.
The North Tonawanda division is now operating at normal
capacity and have a substantial backlog of unfilled orders.
The music industry held its annual convention in Chicago Aug. 1 to 4.
Wurlitzer products were again well received, including Wurlitzer's new
electronic instrument.—Y. 147, p. 910.
Yellow Truck & Coach Mfg.
Co.—Preferred Dividend—
Directors have declared a quarterly dividend of
$1.75
per
share
on
the
pref. stock, par $100, payable Oct. 5 to holders of record Sept. 5.
Arrearages now amount to $14 per snare.—V. 147, p. 910.
7%
cum.
Youngstown Sheet & Tube Co.—Registers $30,000,000
Bond Issue—
a
Company on Aug. 15 filed with the Securities and Exchange Commission
registration statement (No. 2-3787, Form A-2) under the Securities Act
of 1933, covering $30,000,000 of convertible debentures, due Sept. 1, 1948,
and an undetermined number of shares (no par) common stock, including
scrip certificates for fractional shares, to be reserved for conversion of the
debentures.
The interest rate on the debentures and the number of shares
of common stock are to be furnished by amendment to the registration
statement.
According to the registration statement, $12,500,000 of the net proceeds
sale of the debentures will be applied to the repay¬
following bank loans obtained March 1, 1938: Central Illinois
Bank & Trust Co. of Chicago. $3,000,000; Cleveland Trust Co., $1,500,000;
National City Bank of Cleveland, $1,000,000; Central National Bank of
Cleveland, $500,000; Guaranty Trust Co. of New York, $2,000,000; Bank¬
ers Trust Co., $1,500,000; Chemical Bank & Trust Co., $2,000,000, and
Mellon National Bank, $1,000,000.
The balance of the proceeds will be used for additional working capital
and toward payment of the cost of contemplated plant improvements and
additions estimated at $17,500,000.
The registration statement states that Kuhn, Loeb & Co. and Smith,
Barney & Co., both of New York City, who will be included among the
to be received from the
ment of the
30
Plant, property,
__
2
the
6,100
Before provision for retirements and replacements and Federal income
y Including surtax on undistributed profits.
working funds
cannot be confirmed until assented
The directors
addition
$398,522
100
"
Assets—
approximately 59% of the total, have assented to
the committee
by the holders of not less than 66 2-3 % of the bonds, holders are urged to
deposit their bonds with Northern Trust Co., Chicago.—V. 147, p. 436.
Cr661
4,098
8,971
Cr6.811
2,700
23,160
82,568
3,770
952
prior years
income
on
$398,606
Cr4,436
1,800
26,855
98,501
3,887
6,856
35,806
103,034
Fed. inc.
Miscell. deductions
Net
$393,086
204,887
49,076
42,558
y288
on debenture bonds
Miscellaneous interest-_
Amort, of dt.disc.& exp_
Int. charged to constr'n.
on
or
bondholders who had previously deposited with
the plan.
to
83
$439,500
204,887
46,158
1,831
10,571
Cr485
mortgage debt--
145
613
Gross corp. income
$392,940
94
$338,333
204,887
44,049
Net earnings
Other income
x
$439,406
257
Real property taxes
Excise taxes
Corporate taxes
Crl2,222
1,350
$338,076
Prov. for uncollect, accts
Maintenance
Prov. for int.
no
this amount, was larger than on March 31.1938.
mission expenses
on
Corp.—Deposits—
State income taxes
Gen. exps. transferred to
Int.
Int.
no provision for Federal surtax on
required for the years 1936 and 1937.—V. 146,
The bondholders' reorganization committee for the 10-year 6% collateral
1935
3,404
case expense
Other
1937
$811,089
be determined
was
3 Months Ended June 30—
f
Net profit after an reserves and normal Federal and
$739,318
224,350
CY3.781
revenue
General operation
can
trust sinking fund gold bonds on Aug. 11 announced that since the sub¬
mission of the plan of reorganization on June 21, the holders of over $1,-
$3,241,428
Western New York Water Co.—Earnings1938
as
p.3208.
-Y. 146, P. 1265.
Years Ended June 30—
$781,358
Net income
Note—So far
Crl,688
2,055
property
Other deductions
undistributed income
$1,254,873
399,878
29,727
13,811
Crl,572
7.068
„
$1,232,943
21,930
$1,267,555
447,069
30,730
2,901
and plant
on
$1,464,104
14,398
Interest during construction charged to
1937
$3,277,367
2,044,424
$1,253,157
revenues
Amortization of bond discount and expense
Other interest charges
529,898
1,844,289
retire.
divs. and surp_
1938
$3,624,420
2,371,264
expenses and taxes
Gross income after depreciation
Interest on funded debt
.
,696,223 $10,982,116
$1,661,010
60,710
-
Other income
$952,323
no provision for Federal surtax on
required for the years 1936 and 1937.—V. 146,
Net operating revenues after depreciation
Western Massachusetts Cos. (& Constit. Cos.)—Earns.
Period End. June 30—
Cr467
3,724
dissented from
7
—V. 147, p. 1055.
Operating
Operating
$1,376,671
380,950
32,389
7,752
be determined
was
revenues
Non-operating
it and
Week End. Aug. 7
1938
1937
$1,199,288
380,950
32,437
2,668
Wisconsin Michigan Power Co.—Earnings—
Operating
Operating
000,000 of the bonds,
Maryland Ry.—Earnings—
Gross earnings (est.)
can
12 Months Ended June 30—
program.
(3) The balance, to finance additions and betterments in declarant's
plant and property made subsequent to June 30, 1938.
It appears that the company is to pay a finder's fee of % of a point on the
principal amount of the bonds, or $63,750, to the affiliated investment
banking firm of W. C. Langley & Co. for their services in negotiating the
sale.
It appears that the price obtained is comparable to the price at which
the 3K% series I bonds or the company are selling on the New York Stock
Exchange.
It further appears that the company will pay in excess of
$20,000 as attorney's fees both to its own counsel and to special counsel for
the insurance companies who are also counsel for Langley & Co.
The Com¬
mission makes no finding at this time that the fees to Langley & Co. are or
are not reasonable and reserves jurisdiction on this
point.
The issue and sale of the bonds in question was subject to a securities
certificate filed with the Pennsylvania P. U. Commission.
Under date of
July 6, 1938 the Pennsylvania Commission notified the company that the
bonds had been registered subject to the condition that the company de¬
posit $1,776,550 of the cash proceeds of the sale in a separate fund and that
expenditures be made from the fund only for construction purposes.
An appropriate order will issue permitting the declaration to become
effective forthwith, except however, that the Commission reserves jurisdic¬
tion to determine at a later date whether the fees to W. C.
Langley & Co.
are or are not reasonable.
No fees may be paid to W. C. Langley & Co.
pending further order of this Commission.—-V. 147, p. 1054.
as
undistributed income
P.3363.
$1,335,829
40,842
Crl2,436
5,744
revenues
27,500,000
$6,173,371
4,837,542
$789,925
JSon-operating
1937
$6,332,014
5,128,531
revenues
expenses and taxes.
Net operating revenues after
depreciation
$10
sh., 2,775,000
.
1
Wisconsin Gas & Electric Co.—Earnings—
$100:
stated
..
of common
stock, $100 par value.—V.
14.40
3,686,213
$301,261 loss$l,518701 $2,132,233
The Chicago Stock
Exchange has admitted to trading 1,045,592 shares
4.49
$54,800,000
$98,904
Listing—
14.20
5,300,000
Capital Stock—
Cum. pref. stock,
gross inc.
10.44
$12,500,000
8.47
______
Notes payable to banks
per
&
Net tel. & cable
oper.
follows:
Ser.
tel.
expesses
with open-end
provisions, between company and Equitable Trust Co. of New York, as
trustee (under which Chase National Bank is successor
trustee), dated
Mar. 1, 1916.
The capital structure of the declarant and the
respective percentages
which the several classes of its outstanding securities and
surplus bear to its
total capitalization, both before and after the
proposed financing, are as
Ser. I
1211
surplus.._
792,525
$8,903,177 $8,884,639
146, p. 3037.
principal underwriters, have been authorized by the several underwriters
to engage in certain market transactions in the debentures "for the purpose
of stabilizing the market in connection with the distribution of the deben¬
tures."
No representation, however, is made that any transactions will
be effected to stabilize the market for the debentures or, if effected, that
such transactions will not be discontinued at any time.
The price at which the debentures are to be offered to the public, the
names of other underwriters,
the underwriting discounts or commissions
and the conversion and redemption provisions are to be furnished by amend¬
ment to the registration statement.—V. 147, p. 1056.
Financial
1212
Chronicle
Aug. 20,
The Commercial Markets and the
1938
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOI—ETC.
COMMERCIAL EPITOME
Friday Night, Aug. 19, 1938
Coffee—On
the
15th inst.
futures closed
1
5
to
points
higher in the Santos contract, with sales totaling 41 lots. The
Rio Contract closed
totaling 37 lots.
to 3
1
points lower, with transactions
Movement of coffee prices
irregular today, and volume
was
was
somewhat
restricted, partly because of
holidays in Brazil and Havre.
Current steadiness reflected
the actual market and
by the N. C. D. office here
that Brazil
a
denial
contemplated
been rumored.
a
change in the quota plan,
Trade and commission houses
sides of the market here.
were
as
on
had
both
Mostly the activity represented
profit-taking, hedge selling,
new
buying and hedge lifting.
On the 16th inst. futures closed 2
points higher to 2 points
lower in the Santos contract, with sales
totaling 51 lots. The
Rio contract closed 3 to 4
12 lots.
Trading
of reports
are
was
points lower, with sales totaling
light and fluctuations narrow. In view
from Brazil indicating that
far under what had been first
reluctance shown
was
sufficient
interest
was
on
on
the
crop prospects
expected, there
thus far
was some
selling side, and meanwhile there
demand to absorb offerings pending
the part of the trade in actuals.
for the account of trade interests
' urther
Activity mostly
and operators.
In¬
dicative of the strength prevailing in the Brazilian markets
the spot price for Rio 7s was advanced
today 200 reis to 13
milreis per 10 kilos.
Havre closed 1 to 2 francs
higher.
the 17th inst. futures closed 6 to 4
Santos
with
contract,
sales
On
points net higher in the
totaling
163
lots.
The
Rio
contract closed 7 to 6
lots.
points net higher, with sales totaling 4
The market worked higher
today, reflecting the ad¬
vanced prices asked in primary markets.
By early afternoon
Santos contracts were 4 to 11
points net higher with De¬
cember at 6.74c., up 10 points.
Rios were
up
7 to 10 points
in the early afternoon.
In Brazil the spot price of Santos
soft 4s was up 100 reis, bard 4s
up 200 reis and type 5 Rio
Coffee was up 100 reis.
Cost and
freight offers from Brazil
unchanged to 10 points higher, with Santos 4s at 6.95
Germany was reported a good buyer of Brazilian
coffees in the interior of that
country.
Havre futures were
were
to 7.30c.
1 to 2% francs lower.
On the 18th inst. futures closed 1
point up to 4 points down
the Santos contract, with sales
totaling 47 contracts.
The Rio contract closed 3 to 2
points off, with sales
20,000 tons less than was being talked last week, and nearly
50,(XX) tons under the original estimate.
Local closing:
5.23;
Sept.,
Dec.,
5.40;
Jan.,
5.46; March, ,5.54; May,
5.64.
16th inst. futures closed
1 point higher to un¬
The opening range was 2 points off to unchanged.
Between the opening and closing calls advances of as much
as 5 to 7 points were recorded.
Sales totaled only 195 lots
or 2,613 tons.
London noted no change to a loss of 3d. on
the outside.
Futures on the Terminal Cocoa Market ranged
On
the
changed.
unchanged to 3d. higher, with 200 tons trading.
Evening
of the September delivery continued.
This was done
chiefly by means of switches with the later months.
Local
closing: Sept., 5.24; Oct., 5.30; Dec., 5.41; Jan., 5.46;
March, 5.54; May, 5.64; June, 5.69; July, 5.74.
On the 17th inst. futures closed unchanged to 2 points
higher.
Transactions totaled 395 contracts.
The market
encountered a little Wall Street buying which advanced
prices 2 to 4 points in the absence of pressure.
September
this afternoon stood at 5.28c., up 4 points.
Trading was
moderate, only 130 lots changing hands to that time.
The
recent feature of the market had been buying of December,
which
by some is attributed to manufacturers.
Local
closing: Sept., 5.24; Oct., 5.30; Dec., 5.41; March, 5.56;
May, 5.65.
' .;r."
v ,
On the 18th inst. futures closed 4 to 2 points off, with
sales totaling 589 contracts.
Trading in cocoa futures was
heavy but had slight effect on quotations, which, during
early afternoon, stood about unchanged.
Most of the day's
business consisted of switching out of September into de¬
ferred months.
Aug. 26 will be first September notice day
and longs are running away from the month.
The London
market also was steady.
Warehouse stocks increased 4,019
bags.
The total now is 741,703 bags compared with 1,294,025 bags a year ago.
Local closing: Sept., 5.21; Oct., 5.26;
Dec., 5.37; March, 5.53; May, 5.63.
Today futures closed
unchanged to 1 point lower.
Transactions totaled 429
contracts.
Although only moderately active, cocoa futures
were firm, showing gains of 1 to 2
points by early afternoon,
with September selling at 5.22c.
Most of the trading con¬
sisted of switching out of September into later positions.
Otherwise trading was of routine character with 234 lots
done to early afternoon.
Warehouse stocks increased 300
bags.
They now total 734,509 bags compared with 1,288,254 bags a year ago.
The stocks have increased 20,000
bags this week.
Local closing: Sept., 5.20; Oct., 5.25; Dec.,
5.37; March. 5.52; May, 5.62; July, 5.71.
up
.
i
in
totaling
only 5 contracts.
The market was irregular in quiet trad¬
ing.
In Brazil the official spot price on "haid" SaDtos 4s
raised 100 reis per 10
kilos, while type 5 Rios were up a like
amount.
Cost and freight offers from Brazil were about
unchanged, with little business done.
Mild coffees were
steady at 11%.
The stock of coffee in the port of Santos
dropped to 2,059,000 bags yesterday, owing to
heavy ship¬
ments.
That compares with
2,227,000 in stock a week ago
and 2,200,000 set as the minimum
by the National Coffee
Department.
In Havre futures were % to % francs
higher.
Today futures closed unchanged to 5 points off in the Santos
contract, with transactions totaling 52 lots.
The Rio con¬
tract closed 2 points
up to 8 points down, with transactions
totaling 24 lots.
Coffee futures were
steady in quiet trading.
The situation
was said to reflect the
dormant condition in
market for actual coffees, as roasters are
biding their
time before
accumulating further
the
Santos contracts
supplies.
This afternoon
unchanged, with September at 6.,50c.
no
support, with the result that prices
lower, March selling at 4.46c., off 6 points.
were
Rio contracts received
were 6 to 9
points
In Brazil the official
spot price of soft Santos 4s
iS^ an<^ flight offers showed
m1Sj
Traders here
are
no
was
special
up 100
change.
inclined to be skeptical about the
reported
smaller Santos
crop.
Rio coffee prices closed
September
December
;
March
-
as
follows:
4 45 May.
" "444 July.
Santos coffee prices closed
September
as
g 48
December
March
.4.50
.4.53
"I4I46
follows:
May.
.6.83
I "16*68 July.
.6.85
6.79
T
yDn the 15th inst.
all deliveries.
of the session.
points
futures closed 1 point higher on
The market was
very dull throughout most
At the top the active deliveries stood 5 to 7
higherOpening
sales
had
been
at
2-point loss,
ran net 1 point
higher on all deliveries.
lots, or 3,109 tons.
London noted a gain
of 3d. to no change on the outside
market and gains of 4% to
6d. on the Terminal Cocoa
Market, with 920 tons trading.
Surprisingly little reaction showed to the cable reports that
the old main Accra crop is now
estimated at 219,000 tons, or
while
the
closing
Sales totaled 232
Sugar—On the 15th inst. futures closed unchanged to 1
point lower.
The opening range was 1 to 2 points higher.
Trading was light, with fluctuations confined to narrow
limits.
Some new buying was entered by a trade house
in the distant positions and it was met by hedge selling.
Operators were on both sides of the market.
In the raw
market
more
offerings appeared at the basis of 2.80c. de¬
livered and refiners showed not the slightest indication that
they
interested at better than 2.75c., At the 2.80c.
estimated that between 20,000 and 25,000 tons
offer, including three cargoes of Puerto Ricos, some
Philippines and at least one lot of Cubas.
The world sugar
contract closed % point higher to % point lower on the close.
Sales were 166 lots.
London futures were unchanged to
%d. lower and raws continued on offer at 5s. %d.
On the 16th inst. futures closed unchanged to 1 point
lower.
Transactions totaled 410 lots, half of which repre¬
sented switching from September in advance of first notice
day on August 25.
The September position sold off again
to 1.79c., the seasonal low.
Some hedge selling was entered
in the late months,
but there was very little demand.
Thirty-two lots of September were exchanged for January
at 7 points, 8 lots for March at 11 points, 61 lots for May at
15 points and 20 lots for July at 19 points.
In the raw
sugar market reports were current of sales either today or in
the previous session, or both, at 1.85c., cost and freight,
for Cubas.
Local refiners are reported to have paid that
price for the Cubas in early shipment position.
A fair
amount of sugar was on offer at 2.80c., some of which was
were
basis, it
was
were on
available at less
On the
on
a
17th inst.
bid.
futures closed
unchanged to 2 points
down in the domestic contract, with sales totaling 445 con¬
tracts.
The world sugar contract closed 1 to 1% points off,
with transactions totaling
September liquida¬
domestic sugar futures
seasonal lowr levels at
1.77c., off 2 points, while March at 1.88, was off 1 point.
No sales were reported in the raw market today, but it -was
reported that transactions were made at 2.75c. duty paid
yesterday.
In the meanwhile offers held at 2.80c.
Southern
refiners restored their price to 4.30c. basis, but paradoxically
futures declined.
Reports were current that 272 notices of
229 contracts.
tion and hedge selling depressed the
market.
September went to new
Volume
Financial
147
sugar on September contracts would be issued
tomorrow, but this seemed to have little or no effect on the
delivery of
market.
The
contracts
12,850
represent
tons
of sugar.
London sugar futures were 34 to 34d. lower.
On the 18th inst. futures closed 1 point down
to 1 point up
with sales totaling 347 contracts.
closed unchanged to 1 point down,
with sales totaling 512 contracts.
September liquidation
in the domestic contract,
The world sugar contract
caused both the domestic and
the world
sugar
markets to
In the domestic market
September sold at a new
low price for the season of 1.76c., off 2 points.
There was
switching out of September into deferred positions at widen¬
ing differences. No sales of raws were reported.
Refiners
were
thought willing to pay 2.75c. for nearby sugars.
In
the world sugar market first September notice day brought
257 notices of delivery.
Circulation of these notices forced
September off 2 points to 0.95 of a cent. The notices were
stopped by early afternoon, after which trading and switch¬
ing were less active.
London futures were unchanged to
34d. lower on sales of 4,000 tons. It was reported that raws
sold there at the equivalent of 0.97 of a cent, f. o. b. Cuba.
Today prices closed 5 to 8 points up in the domestic contract,
with transactions totaling 795 contracts.
The world sugar
market closed 34 to 1 point net higher, with sales of 37 con¬
tracts.
Reports from Washington that the Administration
was
worried over the fall in the price of sugar—the first
intimation of that kind this year—revived interest in sugar
futures.
In active trading prices were bid up 1 to 3 points,
with March selling at 1.92c., up 3 points.
September at
1.78, was up 1 point.
Switching from September into later
positions continued with differences widening to 14 points,
against 11 last Tuesday. Some new buying in 1939 months
appeared.
Withdrawals of refined sugar were only fair,
but manufacturers were reported showing interest in con¬
tracting for forward supplies.
In the world sugar market
trading was moderate in contrast with the activity yesterday,
when 257 notices circulated.
London futures were 34dsoften.
higher
on
Prices
sales of 5,000 tons.
were
as
follows:
September
January (new) —!
—
Lard—On
1.99
—2.03
1.821 May
1.93 July
1.961
March (new;-
the
.
'
,
.
15th inst. futures closed unchanged to 2
points higher. The opening was unchanged from the previous
finals, after which a small setback of 2 to 5 points was
registered.
Trading was light, and without any special
feature.
Chicago lard stocks report issued after the close of
the market showed that stocks at the leading mid-west
packing center increased 2,548,501 pounds.
Supplies on
Aug. 13 totaled 77,060,882 pounds against 74,512,375
pounds on July 31 and 96,792,540 pounds on Aug. 15, 1937.
Lard shipments from the Port of New York over the week-end
totaled 98,380 pounds, destined for Liverpool and 'South¬
ampton. Hog prices at Chicago advanced 10c. Western hog
marketings totaled 46,100 head against 42,700 head for the
same day a year ago.
Sales of hogs ranged from $7.75 to
$8.75, with the late top price $8.75.
On the 16th inst.
futures closed 10 to 15 points net higher.
Lard prices
recently have declined sharply due to the weakness in hogs,
the latter due in turn to heavy hog marketings.
Export
clearances of lard from the Port of New York today totaled
51,525 pounds, destined for Manchester.
Liverpool lard
futures were unchanged to 3d. lower.:
Hog receipts at the
principal western markets totaled 46,500 against 41,000 head
for the same day a year ago.
Prices at Chicago ended 5c. to
15e. higher.
Sales of hogs ranged from $7.75 to $8.90. On
the 17th inst. futures closed 10 to 12 points net higher.
The
market continued strong.
Buying was attracted by reports
of a better cash demand for the finished product and the
sharp advance in hog quotations also prompted a little
covering for trade account. Shipments of lard from the Port
of New York were 123,200 pounds, destined for London.
Liverpool lard futures closed firm, with prices 6d. to 9d.
higher.
Chicago hog prices were115c. to 25c. higher. Hog
receipts at the principal western markets totaled 40,600 head
against 32,600 head for the same day a year ago. The late
top price for hogs at Chicago was $9.10.
On the 18th inst. futures closed 12 to 15 points net lower.
Selling in lard futures was influenced by the weakness in
hog prices.
The lard market started 2 to 5 points lower,
but later declined 12 to 15 points influenced largely by the
break of 10 to 25c. in hogs.
No lard shipments were re¬
ported from the Port of New York today.
Liverpool lard
futures were 3 to 9d. higher.
Western hog marketings ex¬
ceeded trade expectations and totaled 47,700 head, against
30,200 head for the same day a year ago.
Hog prices were
10 to 25c. lower.
Sales of hogs ranged from $8 to $8.90, with
the top price $9.
Today futures closed unchanged to 7 points
net higher.
Trading was light and without special feature.
DAILY CLOSING
PRICES OF LARD
Sot.
Mon.
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
September
8.02
8.05
8.15
8.25
8.12
8.15
October
8.12
8.25
8.22
8.20
8.10
8.12
8.12
8.35
December
8.30
8.17
8.20
8.17
January
8.10
8.12
8.20
8.32
8.17
8.20
Pork—(Export), mess $26.3734 per barrel, per 200
pounds); family, $23.25 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export), steady.
Family (export), $22
per barrel (200 pounds), nominal.
Cut meats: pickled hams:
picnic, loose, c. a. f.—4 to 6 lbs., 16c.; 6 to 8 lbs., 15c.; 8 to
1213
Chronicle
10
lbs., 1334c. Skinned, loose, c. a. f.—14 to 16 lbs., 2134°-;
lbs., 2034c. Bellies: clear, f. o. b. New York—6 to
8 lbs., 1934c.; 8 to 10 lbs., 1934c.; 10 to 12 lbs., 19d.
Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 1334c.; 18
to 20 lbs., 13%c.; 20 to 25 lbs., 1234c.; 25 to 30 lbs.
1234c.
Butter: creamery, firsts to higher than extra and premium
marks: 2534 to 2634Cheese: State, held '36, 22 to 24c.;
held '37, 1934c to 2134c.
Eggs: mixed colors, checks to
special packs: 1734 to 24c.
18 to 20
Oils—Linseed oil generally available at 7.6c., but gener¬
ally believed that 734c. could be done on bids. Quotations:
China wood: tanks, nearby—13 34c.
Coconut: crude, tanks—
•0334c-; Pacific Coast— .02% to .0234Corn: crude, west,
tanks, nearby—.08Olive: denatured, spot, drums,
Algerian—95c.
Soy bean: crude, tanks, west—.0534 to
.0534; L. C. L. N. Y.—7.7. Edible: coconut, 76 degrees—
934c- Lard: prime—9c.; extra winter strained—83ic. Cod:
crude, Norwegian, light filtered—31c.
Turpentine: 2834c
to 3034c.
Rosins: $4.90 to $7.95.
Cottonseed Oil sales, including
Crude, S. E., 6%c.
Prices closed
September
8.11® 8.15
8.14® 8.15
8.15®
n
8.15@ 8.16
October
November
December
switches, 88 contracts.
follows:
as
JanuaryFebruary
March
April-
—
—
-
-
— -
S.16@ 8.19
8.15®
n
8.20@ 8.21
8.20@ n
Rubber—On the 15th inst. futures closed 10 to 18
points
Activity on the Exchange was small with only 1,120
tons sold.
Spot standard No. 1 ribbed smoked sheets in the
actual market declined 34c. to 15 %e. Prices at the opening
call were 15 to 19 points easier.
Buying and selling was
scattered.
Little or no interest was displayed by factories
yesterday. Activity in the outisde market continued dull.
Offerings from the Far East continued to rule too high for
the local market. Cleveland reported that the tire inventory
situation appears to be well in hand with manufacturers'
stocks as of July 1 down 29.6% under a year ago. Holdings
of tires and tubes by retail outlets also are reported both
well under last year. Local closing: Aug., 15.81; Sept., 15.86;
Oct., 15.88; Dec., 15.99; Jan., 16.00; March, 16.08; May,
16.15.
On the 16th inst. futures closed 9 to 17 points net
higher. The market regained the ground it lost Monday,
with prices at one time showing gains of 20 points.
The
opening call showed quotations 18 points lower to 4 points
higher. Factories transferred 54 lots of December futures
rubber for the actual product during the session.
Activity
in the actual market continued quiet.
Local closing: Aug.,
15.90; Sept., 15.95; Oct., 15.97; Nov., 16.00; Dec., 16.13;
Jan., 16.15; March, 16.25; May, 16.3.0. On the 17th inst.
futures closed 5 to 10 points off.
Transactions totaled 78
contracts.
Trading in rubber futures was extremely quiet,
but prices were fairly steady during most of the session.
Buying interest was light, only 400 tons trading to early
afternoon.
At that time the market was up 1 to 4 points
on Sepetmeber
and March with December 1 point lower.
September stood at 15.96c. London closed quiet and un¬
changed to 5-32d. higher.
Singapore closed steady un¬
changed to 5-32d. higher.
Factory interest in rubber is
quiet at present, and is restricted to the smaller manufac¬
turers who were not good buyers earlier in the summer.
Local closing: Sept., 15.90; Dec., 16.08; Jan., 16.09; March,
16.15; May, 16.25.
On the 18th inst. futures closed 9 to 13 points net higher.
Transactions totaled 146 contracts.
The market developed
a firm tone when light offerings forced buyers to bid the mar¬
ket up.
The buying of December options credited to factory
account was the feature of the trading.
Offerings by the
lower.
primary markets also were light, a fact attributed
market offered by London where prices paid
above New York parity, it is said.
Sales of futures to
eastern
to the better
are
early
afternoon totaled
1,150 tons.
December stood at
16.11c., up 3 points, and March at 16.28, up 13 points.
The
London market was unchanged to l-16d. higher.
Singapore
declined
l-16d.
Local closing: Sept.,
March, 16.28; May, 16.36.
16.00; Dec.,
16.17;
Today futures closed 32 to 36
net higher.
Transactions totaled 513 contracts.
opening 1 to 8 points lower, rubber futures rallied on
support credited to London dealers.
Buying of December
and March was the feature of the trading, ope firm taking
20 lots of March.
In early afternoon the market was 10
to 12 points net higher with September at 16.10c., and
December at 16.28c.
Fair demand for rubber from mediumsized factories was reported.
Shipment offerings were light.
London and Singapore closed steady, unchanged to l-16d.
points
After
higher.
Local closing: Aug., 1.6934;
1.6634; Dec., 1.6634; Jan., 1.65; Feb.,
Sept., 1.6734; Nov.,
1.65.
15th inst. futures closed 2 to 7 points
and 3 points lower to 1 point higher
contract. Business in the local raw hide futures
Hides—On
the
lower in the old contract,
in the new
market
was
was
2 to 7
sluggish much of the day. The opening range
points decline in the old contract and 3 points
higher to 2 points lower in the new contract. Transactions
totaled 2,800,000 pounds in the old contract, while the new
contract registered sales of 1,320,000 pounds. The spot hide
market was quiet. Local closing—Old contract: Sept., 10.38;
Dec., 10.72; March, 10.95; June, 10.98.
New contract:
Dec., 11.32; March, 11.61; May, 11.75; June, 11.88.
On
the 16th inst. futures closed 12 to 17 points up on the old
contract, with the new contract showing net gains of 13 to
16
points.
The opening range was 2 to 8 points lower in the
Financial
1214
old contract and from
unchanged to 5 points decline in the
gradually worked higher and the vol¬
ume expanded
noticeably as the session progressed. The
strengthening in the securities market was held largely
responsible for the increase in buying power around the local
hide ring.
Trading in the old. contract totaled 4,520,000
pounds, while the turnover in the new contract amounted
to 680,000 pounds.
Local closing: Sept., 10.55; Dec., 10.89;
March, 11.07; June, 12.01. On the 17th inst. futures closed
15 to 12 points off in the old contract, with sales of 96 con¬
new
contract.
The
tracts.
Prices
new
contract
sales of 67 contracts.
based
on
closed 12 to
14j points off, with
light speculative buying
the steadiness of the stock market, but the demand
showed
was
no
market
There
was
tendency to expand. In the early afternoon the
2 to 5 points higher .
Later in the session some
heavy selling developed and prices showed a substantial set¬
back at the close in both contracts. Local closing—Old con¬
tracts: Sept., 10.40; Dec., 10.74; March, 10.95.
New con¬
tracts: Dec., 11.35; March, 11.63; June, 11.88.
On the 18th inst. futures closed 2 points up to 3 points
down in the old contract, with sales totaling 38 contracts.
The new contracts closed 1 to 2 points down, with sales
totaling 24 contracts.
With first September notice day
falling on Aug. 26, traders were inclined to switch into later
months, but selling was light and prices were steady.
De¬
cember new sold at 11.32c., off 3 points, while December
old sold at 10.72c., off 2 points.
March old at 10.95, was
unchanged during the early afternoon.
Local closing: Dec.,
10.76; March, 10.92 in the old contract.
In the new con¬
tract December closed at 11.34; March, 11.61; June, 11.86,
Today futures closed 7 to 6 points up in the old contract,
with sales of 52 lots.
The new contract closed 4 to 7 points
net higher, with sales of 22 lots.
Trading in raw hide
futures was inactive and prices were irregular.
With the
exception of March, which was higher, all active positions
were lower on the opening, losing 1 to
12 points.
Subse¬
quently the market rallied in sympathy with the firmness of
the stock market. / This afternoon December old was up 4
points at 10.80c., while December new was up 7 points at
11.41c.
Sales of old contracts totaled 600,000 pounds,
while sales of new contracts amounted to 280,000 pounds to
that
time.
Local
closing: old conctract—Sept., 10.48;
Dec., 10.82; new contracts—Dec., 11.38; March, 11.68.
Ocean
Freights—The market for charters was very
quiet during the past week in all branches.
Charters in¬
cluded:
Grain: St. Lawrence to Antwerp or Rotterdam
October, basis 2s. 9d.; Demerara to St. Lawrence, Septem¬
ber, $1, followed by trip across, from St. Lawrence, October,
$1.70. St. Lawrence to Antwerp or Rotterdam, October 1428, basis 2s. 9d.
St. Lawrence to Antwerp or Rotterdam,
October 25-November 10, basis 2s. 9d.
St. Lawrence or
Albany August 25-September 5, basis 2s. 9d. Grain Booked:
Albany to Antwerp, September, 12c. Thirty loads Albany
to Antwerp September, 12c.
Sugar: Cuba to L.L.G.A.R.A.,
October, 15s. 6d», option Casablanca, 15s.
Trip Across:
Delivery St. Lawrence, redelivery United Kingdom-Con¬
tinent, November, $1.80.
Fertilizer:
Baltimore to North
Spain, end August—early September, 12s. 9d. f. i. o.
Coal—There is very little change in the anthracite situa¬
Demand for anthracite coal continues quiet both in
the retain and wholesale fields.
No imj)rovemerit in sales
tion.
has been
since the first of
August.
As yet operators
September 1st increase.
Retail
Stocks in the hands of dealers
are still heavy, with consumers still
holding aloof. It is ex¬
pected that the demand will probably show some increase
during the last week of current month.
Wholesalers have
enough stocks to meet the current demand and more if
business warrants any removals from yards, so observers state.
Buckwheat seems to be the only size that is moving con¬
sistently, but even that is not in large quantities. According
to figures furnished by the Association of American Rail¬
roads, the shipments of anthracite into eastern New York
and New England for the week ended July 30th, have
amounted to 1,444 cars, as compared with 898 cars during
the same week in 1937, showing an increase of 546 cars, or
approximately 27,300 tons.
have
not
seen
announced
the
schedules remain unchanged.
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
Wool—The raw wool market is reported as quiet, with
prices more or less irregular.
The opinion is reported as
general that prevailing lull is not likely to lower prices mate¬
rially. However, manufacturers with nearby needs covered
are not
showing much interest in the raw material, while
dealers for their part are not offering wools at concessions
pending resumption of market activity after Labor day. It
appears to be a policy of watchful waiting on both sides.
The trade, generally optimistic, does not feel
any alarm at
the lowe** volume of business
during this mid-summer month.
Prominent leaders in the wool district
anticipating con¬
siderably more activity after Labor Day and on a firm to
possibly higher market. It is believed that when manufac¬
turers have used what wool they have on hand,
they may
be obliged to pay more for necessary supplies.
Dealers are
selling small quantities at prices generally steady compared
are
Chronicle
20,
Domestic wool is viewed very generally by
with last week.
all
parties
in
as
a
The 1938 clip
basically strong position.
is well cleared up, and according to an authority there is less
wool in first hands than a year ago this time.
The opening
of the Australian
in
Sydney, Aug. 30, is awaited with
prices are now within
a few cents of
foreign wool values, and any sharp rise in
domestic wools after Labor Day might conceivably lift them
well above merino rates when the great colonial market com¬
mences its offering of approximately 2,900,000 bales.
season
the keenest interest.
Domestic wool
Silk—On the 15th inst. futures closed
unchanged to 3c.
primary markets weakened
the raw silk futures market here.
New foreign and specula¬
tive selling was witnessed during the morning session and
trade and importer covering during the afternoon.
Volume
was fair, with 900 bales sold, 840 bales on the old contract,
lower.
60
Lower cables from the
bales
on
Yokohama
contract No.
1
and
none
on
No.
2 contract.
through 2 to 6 yen off and Kobe was un¬
changed to 7 yen lower.
Grade D at Yokohama remained
unchanged at 745 yen and Kobe was 740 yen, with no com¬
parison with Saturday's close.
Spot sales in both centers
totaled 550 bales, while futures transactions totaled 2,175
bales.
Local closing: Aug., 1.67; Sept., 1.65; Oct., 1.63^;
Nov., 1.61 H; Dec., 1.61; Jan. (1939), 1.68)3; Feb., 1.6033On the 16th inst. futures closed 2J3 to 433c. higher.
Transactions totaled 2,230 bales, which was the best wit¬
nessed on the Exchange since early July.
Of the total
sales 1,450 bales were recorded in the old contract, 780 bales
came
in contract No. 1 and
none
in the No. 2 contract.
Most of
the
activity consisted of trade switching of nearby months
to future positions.
There was also some short covering
and new long buying by speculative interests.
The opening
call showed 33c. better.
Yokohama ruled 1 to 6 yen higher,
while Kobe was 1 yen lower to 3 yen better.
Grade D
closed at 740 yen in both markets, or 5 yen easier at Yoko¬
hama and unchanged at Kobe.
Spot sales in both centers
amounted to 775 bales, and futures transactions totaled
Local closing: Aug., 1.6933; Sept., 1.6733;
2,300 bales.
Oct., 1.66; Nov., 1.65; Dec., 1.63H; Jan., 1.6333On the 17th inst. futures closed 133c. up to lc. down.
Transactions totaled 53 contracts.
trade and commission
The market
was
firm
house
buying based on reported
better spot demand in the uptown market and
higher
Japanese prices.
December old sold at $1.6633* UP 3c., and
March new No. 1 at $1.64, up lc.
The spot market was
2c. higher on crack double extra silk.
The Yokohama
Bourse closed 9 to 12 yen higher.
Grade D silk advanced
1233 yen to 75233 yen a bale.
Local closing: Old contract—
Dec., 1.65; Jan., 1.63; Feb., 1.63.
New contract—March,
on
1.62.
.
On the 18th inst. futures closed
33 to 2c. net higher. Trans¬
old, 9 contracts in No. 1
contract and 4 lots in No. 2 contract.
March delivery in
No. 2 contract closed 333c. net higher.
Silk futures were
steady on a small turnover. Trade reports were to the effect
that demand for spot silk in the uptown market continues
exceptionally good, coming from both hosiery manufacturers
and the piece goods trade.
Crack double extra silk was 133c.
higher at $1.73 a pound. In futures Dec. old stood at $1.66,
up lc., and March No. 1 new at $1.63, up lc. in the early
afternoon.
The Yokohama Bourse closed 2 to 6 yen higher.
Grade D silk advanced 5 yen to 75733 yen a bale.
Today
futures closed 33c. down to
33c. higher.
Transactions
totaled 41 contracts in the old; 8 lots of No. 1 and 4 lots in
No. 2. Although cables were disappointing, the silk futures
market was steady, with trading virtually at a standstill.
Aug. old contract sold at $1.7033* up 33c., on sale of 10 bales.
actions totaled 28 contracts in the
The new contract was inactive.
Crack double extra silk in
the New York spot market remained unchanged at $1.73,
with considerable buying interest in the market.
The Yoko¬
hama Bourse closed 3 to 7 yen lower, but grade D silk in the
outside market was unchanged at 75733 yen a bale.
closing: old contract: Aug. 1.6933; Sept., 1.6733;
1.6633; Dec., 1.6633; Jan., 1.65; Feb., 1.65.
Local
Nov.,
COTTON
Friday Night, Aug. 19, 1938
our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 73,033
bales, against 51,885 bales last week and 49,379 bales the
previous week, making the total receipts since Aug. 1, 1938,
152,466 bales, against 285,032 bales for the same period of
1937, showing a decrease since Aug. 1,1938, of 132,566 bales.
The Movement of the
Receipts at—
Galveston...
Houston
Corpus Christi..
New Orleans
Mobile
Savannah
Lake Charles
Norfolk
Sat.
1,979
1,148
7,362
1,055
Mon.
Crop, as indicated by
Tues.
Wed.
Thurs.
351
620
330
945
2,785
8,900
1,926
2,085
4,873
2,907
4,979
1.438
4,854
9,748
9,733
30
437
29
526
234
229
175
534
22
29
128
28
256
117
284
—
—
—
83
21
5,374
14,724
45,595
4,356
255
1,505
90
90
65
,
12,121
12,034
14,268
The following table shows the
total since Aug. 1, 1938, and the
with last year:
77
Total
169
965
Baltimore
Totals this week.
Fri.
656
7.964
8,758
965
17,888
73,033
week's total receipts, the
stocks tonight, compared
volume
Financial
147
1215
Chronicle
The Secretary
deterioration in east Texas.
Stock
1938
1938
Receipts to
Aug. 19
This
Since Aug
This
Since A ug
Week
1, 1938
Week
1, 1937
5,374
14,724
45,595
16,520
35,081
68,201
96
96
11*897
255
1,309
13,320
1,158
18,422
3,038
206
230
1
8
47
T,505 >/y 2.387
97
3,354
1,157
9,369
5,259
2,929
13,462
1
Corpus Christi
7,227
23.088
102,207
4",356
Galveston
Houston
1
14
7Q4
146
1,006
3",192
"569
Beaumont
New Orleans
Mobile
Pensacola, &e
Jacksonville.
326
1
.
Savannah
60
Charleston
"90
Lake Charles
Wilmington
Norfolk
New York
"169
-
:
1938
1937
593,575
618,657
163,413
16,318
594,664
60,711
5,103
1,739
147,143
30,673
11,033
15,521
27,775
22,719
57,603
158,079
311,760
265,999
150,846
13,987
238,284
41,297
3,975
1,553
127,383
■i
19,630
18,386
8,608
18,980
100
10.
Boston
3,599
Baltimore.
__
_
825
2,032
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1935
Orleans.
255
Mobile
1,5J5
Savannah
1933
10,943
15,567
10,605
3,072
4,430
16,171
57,952
11,001
1,842
9,404
1,898
1,315
8,535
10,763
"1,157
Houston
1934
16,168
11,906
16,274
1,721
11,461
1936
16,520
35,081
13,320
1,158
3,354
5,374
14,724
4,356
Galveston
New
1937
1938
Receipts at—
"1,513
""631
'
862
2,488
Brunswick.
"
"
Charleston
his
press
prices closed 3 to 4 points net lower.
today to a point where, under the
agricultural act, a mandatory loan becomes effective. Cotton
futures sold down to new low levels since the Bureau report
On the 13th inst.
The
market
declined
published on.Monday, prices ending the session at the
day. Spot prices were lower and the average price
at the 10 designated spot markets was 8.258c. a pound.
It
was
officially announced in Washington that the 52% of
parity on which a loan would be based was 8.268c. a pound,
and that if the market declined under this figure, the loan
was
lows of the
necessary.
The market during the day
feverishly over a range of 6 to 10 points.
At
times prices were above the previous close and lower at other.
times.
Traders were anxious to see whether or not the
market would reach the loan level, puzzled over what to
expect in the way of future developments.
There was little
news to stimulate confidence.
Weather conditions during the
would
become
fluctuated
285,032 2,290,749 1,224,576
152,466 149,210
73,033
Totals
2,963
725
"
"965
of Agriculture
conference is reported to have characterized
the cotton situation as "perhaps the most difficult single
situation with which we are faced."
at
2~,882
days were the best in weeks.
On the 15th
prices closed 2 to 3 points net higher. As the market
last few
further
into
resistance
new
was
low
inst.
eased
ground for the movement, decided
encountered.
Prices
later
turned
steady
owing to trade buying and commission house demand, in¬
fluenced by the advance in the stock market.
On Saturday
it was the general feeling among traders that conditions
which would call for a government loan on this year's cotton
37
68
169
146
96
""207
839
401
46", 650
78,473
51", 403
36", 439
24,878
43,255
71.884
142,921
194,831
356,896
had been fulfilled when the average spot price on
Saturday went to 8.258c. a pound at the 10 designated spot
markets.
Over the week-end it developed that a revision of
for the week ending this evening reach a total
of 60,086 bales, of which 4,273 were to Great Britain, 6,112
to France, 14,920 to Germany, 2,527 to Italy, 24,796 to
Japan, and 7,458 to other destinations. > In the corresponding
week last year total exports were 58,292 bales.
For the
season to date aggregate exports have been 138,890 bales,
parity price from 19.50 to 15.87c. would not make
until spot cotton sold off to 8.24c. This
delay in putting the loan program into effect and continuing
uncertain surrounding details of this year's plan served to
restrict trading throughout the session.
The market has
ruled within a narrow range for sometime, and indications
are that this situation will continue.
Southern spot markets,
243
Wilmington..
Norfolk
Newport News
All others
crop
73,033
149,210
76,336
96,074
152,466
285,032
163,405
225,110
Total this wk_
1
Since Aug.
the cotton
The exports
the previous
against 140,851 bales in the same period of
season.
Below are the exports for the week:
Exported to—
Week Ended
1938
Exports from—
19.
Aug.
Ger¬
Great
Britain
France
8,048
8,048
Galveston
"50
Corpus Christi..
"166
".534
New Orleans....
7,216
992
7,263
2*331
1*357
10
301
"*25
1,075
Savannah
*468
1,568
323
323
Norfolk....
4*335
Angeles
4,335
3,870
3,870
San Francisco
7,458
6,112
14,920
2,527
Total 1937
9,311
6,059
20,304
6,722
4,678
Total 1936
16,251
1,420
7,512
2,067
12,597
—
60,086
11,218
24,796
4,273
Total
933
246
246
.
«
-
15,489
1,454
1*749
300
622
Mobile
10,795
4,902
5,655
557
9,980
5,762
Brownsville
Pensacola.
*702
2" 542
1*796
Houston
Los
Total
Other
China
Japan
Italy
many
58,292
4,768 .44,615
Aug. 1,1938 to
Ger¬
Aug. 18,1938
Great
Exports from—
Britain
France
8,048
2,745
14,003
2*413
9,363
1,877
2,803
9,139
1,954
3,728
26,133
4,716
"ll4
2,074
Galveston
2,026
174
Houston
4,279
3,132
9
7,266
3,340
18,341
5,762
3,306
200
2,183
3,455
1,707
"50
"406
Corpus Christi
Brownsville
.
.
Orleans.
8*668
Lake Charles.
Total
Other
China
Japan
Italy
many
1,010
5" 152
186
New
Mobile..
246
246
"54
Norfolk...:
"614
Los Angeles..
San
1,059
"266
;
"21
1,789
65
*468
"25
1,075
Savannah....
1,211
33
>
10~805
100
11,519
4,909
4,909
Francisco
Total 1936...
11,672
34,868
9,537
27,976
37,507
Total 1937
20,569
16,560
40,704
14,800
8,056
9,095
27,086
7,208
15,369
200
138,890
32,555
140,85,
12,066
40,354
21,890
Total
11,222
24,893
160
160
Pensacola
40,545
186
1,504
—._
Jacksonville..
108,33*
telegrams tonight also
the following amounts of cotton on shipboard, not
In addition to above exports, our
give us
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
Britain
Ger¬
New
_
Other
Foreign
wise
700
600
100
'383
2,152
250
396
3,700
4,263
4,598
6,800
6,673
7,396
"54
*233
"266
Mobile....
Norfolk
433
ports
higher.
A scarcity of offerings from the south scattered
buying influenced by firmness of securities, wheat and some
other commodities caused a rise in cotton futures today. The
market at one time showed advances of 10 to 11 points.
Reports indicating that a cotton loan was practically assured,
a restricting influence on trading.
The trade was still
inclined to await a definite loan announcement.
Under the
circumstances the South showed little disposition to sell at
had
prices below which it could place cotton in the loan. The
market was responsive to a small volume of buying.
Opening
prices were unchanged to 2 points higher on trade price
fixing, which absorbed a small volume of selling from Liver¬
pool and Bombay.
Southern spot markets were 5 to 10
points higher. Average price of middling at the 10 designated
On the 17th inst. prices closed 7
The market again moved slightly
higher today in a moderate volume of transactions. A short
time before the close of business active months registered
gains of 1 to 7 points compared with previous finals. The
opening range was 3 to 5 points up. A fair demand from
Liverpool and the trade was in evidence, particularly in the
October and December options.
The selling was done by
local professionals and the South, and there were a few Texas
hedges in the October and December positions.
The daily
weather reports showed heavy rain in Eastern Oklahoma and
Western Kansas, but little or none elsewhere in the cotton
belt.
The weekly weather report from Washington showed
that in the cotton belt the week was moderately warm, with
heavy rain in much of the central-southern area, but less
rainfall and more sunshine in eastern sections.
In general
the weather was favorable for cotton, except in some Central
Gulf areas, where heavy rains resulted from the tropical
hurricane.
586,775
611,984
587,268
147,143
30,619
60,278
27,775
217,551
Total 1937
Total 1936
3,153
4,189
2,223
1,050
943
1,152
1,379
2,757
2,436
12,794
4,996
14,313
2,980
1,328
7,145
21,356 2,269,393
14,213 1,210,363
27,269 1,172,154
came
reported by Secretary of Agriculture Henry H.
Wallace, has
sentiment considerably, and apparently discour¬
aged any tendency to aggressiveness on the upward side of
the market despite complaints of the heaviest weevil infesta¬
tion
in
many
years
in Mississippi and reports of serious
turned slightly easier today
preceding day.
Liverpool, New Orleans and the
during the initial trading. The principal buying
from trade shorts, and there also was some buying
A fair amount of the
Liverpool that the loan would
Local professionals were sell¬
on the call, but contracts were readily absorbed.
Lead¬
spot houses again were buyers of the near options and
Wall Street and wire
houses.
buying was on a rumor from
be 8.25c. at interior points.
ers
Speculation in cotton for future delivery during the past
was moderately active, with prices tending generally
lower.
An unfavorable picture of the cotton situation, as
~
inst. prices closed
South sold
ing
dampened
the 18th
the
of
Estimated.
week
.
3 to 7 points net lower.
in a moderate vol¬
ume
of business.
Shortly before the end of the trading
period the list was 1 to 3 points below yesterday's closing
levels.
October changed hands at 8.27c., a loss of 1 point,
and December also was 1 point lower at 8.33c.
The market
opened fairly steady, with futures registering an advance
of 1 point to a decline of 2 points from the last quotations
On
by
Total 1938—
*
1,500
1,426
:_
Charleston.
Other
Total
"54
i
Orleans..
Savannah
Stock
Coast¬
many
300
501
Galveston
Houston
France
as officially reported, were 6 points higher to 20 points lower.
Average price of middling at the 10 designated spot markets
was 8.20c.
On the 16th inst. prices closed 6 to 7 points net
The market
Aug. 19 at—
Great
loan mandatory
spot markets was 8.26c.
to 3 points net higher.
Exported to—
From
a
were
believed to be fixing prices
against call-cotton.
The market
improvement
from the early lows was noticed during the final hour of
trading.
A short time before the close of business active
positions showed an advance of 5 points to a decline of 2
points from the closing levels of the previous day in a
limited volume of sales.
October sold at 8.29c., up 5 points,
closed 7. to 4 points net higher.
irregularly today, although a slight
Today prices
moved
1216
Financial
December
and
dealings
small,
was
consisting
hedges and selling by Liverpool.
brokers and
mainly of a few Southern
Commission houses, trade
Street absorbed the contracts.
Wall
No
rain¬
fall of any importance was reported in the cotton belt
over¬
It
night.
expected in
was
that
quarters
some
the
Range for Week
Option for—
20,
1938
Range Since Beginning of Option
Sept
1938—
Oct.
8.31
1938—
Nov
8.10
8.31
May 25 1938
May 31 1938
9.39
Feb.
18 1938
9.48
Feb.
23 1938
1938
Aug. 15
7.70
Aug. 19
Dec. 1938—
8.18
Aug. 15
8.37 Aug. 19
Jan.
1939..
8.20
Aug. 15
8.36 Aug. 19
Feb
1939.
Mar. 1939-
the
Apr.
June
July
1939—
May 31 1938
9.50
Feb.
23 1938
May 31 1938
9.51
Feb.
23 1938
June
31938
8.74 June 28 1938
May 31 1938
1939
quotation for middling upland, cotton in the
day for the past week has been:
7.73
7.74
8.18
cotton
would
be made after
the
close
market tomorrow.
The official
Aug.
Aug. 1938—
of
announcement
loan
Chronicle
4
points higher at 8.34c,
The market
opened a shade easier, with initial prices 1 to 4 points
below yesterday's last quotations.
Business during the early
was
8.22 Aug. 15
8.39 Aug. 17
8.25 Aug. 15
8.41
Aug. 17
7.81
May 31 1938
9.25 July
7 1938
8.34 May 25 1938
9.27 July
7 1938
8.27
8.41
Aug. 17
8.88"
July
9.05 July
7.77
1939..
8.34 May
May 1939—
Aug. 15
25 1938
21 1938
22 1938
New York market each
Aug. 13 to Aug. 19—
Middling upland
-.
Sat.
8.25
Mon.
8.27
Tues.
8.33
Wed.
Thura.
8.40
Fri.
8.37
8.42
Premiums and Discounts for Grade and
Staple—The
premiums and discounts for grade and
staple in relation to the base grade, Middling
established
table below gives the
for deliveries
on contract on
Premiums and
discounts for grades and staples are the average quotations
Volume of Sales for Future Delivery—The
Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton
Exchange,
from which we have compiled the
following table.
The
figures are given in bales of 500 lb. gross weight.
of 10 markets,
designated by the Secretary of Agriculture,
premiums represent 60% of the average premiums
K-inch cotton at the 10 markets on Aug. 18.
Open
and staple
over
Contracts
New York
October
15-16
1 in.
Inch
Vi
inch
Longer
Ac
(1938)
25,900
21,100
11,800
16,600
17,000
26,800
16,300
33,500
19,000
29,500
22,300
7,200
1,200
1,000
3,200
2,100
2,700
136,600
43,100
14,500
22,300
7,000
13,700
8,700
467,400
8,900
3,000
9,100
6,500
9,000
4,200
267,200
4,700
1,700
1,200
1,100
3,800
5,700
18,000
Total all futures.... 128,100
53,300
83,700
53,800
84,900
December...
Longer
January
inch
—
(1939).
March.....
White—
May
Spotted—
.62
on
.80 on
St. Good Mid..
.56
on
.74
Good Mid
.50
on
Mid. Fair
.97
on
Good Mid
.10
on
.25
on
.41
on
.91
on
St. Mid
.09 off
.07
on
.23 on
.68 on
.85
on
Mid
.67 off
.51 off
.36 off
St. Mid
.33 on
,62
.68
on
Mid
Basis
.18 on
.62 off
St. Low Mid—.
.46 off
.33 off
Low Mid
1.38 Off 1.32 off 1.26 off
•St. Low Mid— 1.48 off 1.43 off 1.38 off
♦Low Mid
2.22 off 2.18 off 2.15 Off
Tinged—
Good Mid
.51 off
.41 off
.29 off
♦St. Good Ord. 2.12 off 2.07 off 2.04 off
St. Mid
-
.34 on
2.77 off 2.70 off 2.67 Off
•Good Ord
Extra
on
White—
Good Mid
.50
on
St. Mid
.33
on
Mid
Even
St. Low Mid—
.62 off
.46 off
.33 off
.68 on
.85 on
.52
on
.68
.34
on
Low Mid
1.38 off 1.32 off 1.26 off
♦St. Good Ord. 2,12 off 2.07 off 2.04 off
•Good Ord
2.77 Off 2.70 off 2.67 off
.64 off
Yel. Stained—
.64 off
.52 off
.73 off
.63 off
.11.25c.
1922
22.70c.
1921
-18.85c.
-20.45c.
_18.20c.
.23.60c.
,28.05c.
1920
1919
1918
1917
1916
,25.40c.
1915
13.00c.
——34.25c.
31.40c.
35.60c.
25.65c.
14.45c.
9.40c.
at
1914
1913
1912
1911
on
12.50c.
15.95c.
12.80c.
10.35c.
13.25c.
1910
1908
1907
New York
add columns
spot and futures
days.
2 pts. adv..
6 pts. adv..
7 pts. adv..
pts. dec.—
5 pts. adv
Spot
Contr 'ct
Barely steady..
Steady
Steady
Steady
Steady...
Steady.
Total week.
Since Aug. 1
1
1
1
1
i
1
1
1
1
•
1 I 1 1 1(
1
«t t
* 1 I1I 1
11
t
•
»
1
I
1
1
I
1
"200
Futures—The highest,
lowest and closing prices
New York for the past week have been as
follows:
Monday
Aug. 15
Range
Tuesday
Aug. 16
Wednesday
Aug. 17
at
Thursday
Friday
Aug. 18
Aug. 19
__
8.09ra
8.11ft
Range..
6,800
2,450
4,050
53,650
1,050
?,500
1,850
1,700
900
850
1,000
26,300
400
50
2,000
12,700
12,900
28.350
9,450
19,350
15,750
378,600
250
Total all futures.
Supply of Cotton tonight, as made up by
as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
telegraph, is
add the item of exports from the United
only.
Aug. 19—
Liverpool
1938
bales. 1,019,000
Stock at
1936
1935
639,000
113,000
656,000
81,000
472,000
54,000
752,000
108.000
137,000
11,000
737,000
49,000
22,000
15,000
19", 666
8,000
6,000
150,000
124,000
9,000
62,000
55.000
11,000
7,000
526,000
182,000
71,000
18,000
47,000
56,000
10,000
9,000
598,000
289,000
418,000
393,000
.
Total Great Britain
Stock at Bremen
1937
144,000
1,163,000
248,000
253,000
11,000
Stock at Manchester
_
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Continental
(Friday) we
States, for Friday
V-;;.
v
,
Stocks
--1,761,000 1,041,000 1,155,000
919,000
74,000
63,000
49,000
85,000
101,000
135,000
91,000
131,000
Egypt, Brazil,&c.,afl't for Europe
211,000
175,000
211,000
169,000
Stock in Alexandria, Egypt
255,000
74,000
90,000
75,000
Stock in Bombay, India
982,000
766,000
765,000
571,000
Stock in U. S. ports
2,290,749 1,224,576 1,199,423 1,112,402
Stock in U. S. interior towns
1,927,836
788,408 1,132,176 1,094,124
U. S. exports today
10,135
8,141
8,497
5,493
Totai visible supply
7,612,720 4,275,125 4,701,096 4,162,019
Of the above, totals of American
8.13ra
8.19ft
8.24ft
Range..
8.13- 8.23
8.10- 8.18
8.17- 8.25
8.23- 8.30
Closing
8.24- 8.29
8.13
8.23- 8.31
8.15- 8.16
8.21- 8.22
8.28
8.25
8.30
8.17ft
8.20ft
8.25ft
8.31ft
8.27ft
8.33ft
8.21- 8.29
8.18- 8.26
8.24- 8.34
8.30- 8.36
8.21- 8.22
8.30- 8.35
8.30- 8.31
8.34
8.30
8.37 ft
8.22- 8.29
8.20- 8.25
8.22
8.25- 8.35
8.31 ft
8.30- 8.35
8.34ft
8.32- 8.34
8.24 ft
8.36ft
8.37ft
descriptions
are as
follows:
569,000
218,000
219,000
141,000
Manchester stock
—89,000
40,000
33,000
19,000
Bremen stock
133,000
70,000
97,000
105,000
Havre stock.
184,000
97.000
79,000
50,000
Other Continental stock
56,000
18,000
65.000
71,000
American afloat for Europe
101,000
135,000
91,000
131,000
U. S. port stock
2,290,749 1,224,576 1,199,423 1.112,402
U. S. interior stock
1,927,836
788,408 1,132,176 1,094,124
U. S. exports today
10,135
8,141
8,497
5,493
5,360,720 2,599.125 2,924,096 2,729,019
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
331,000
35,000
77,000
8.28- 8.36
8.29ft
other
bales.
8.28- 8.37
8.24
and
American—
Liverpool stock.
8.lira
.
Oct.—
.
Nov.—
8.17ft
—-
8.21ft
Range—
Closing.
Dec.—
Range.
il
7,0.50
2,050
Total American
East Indian, Brazil, &c.—
8.17ft
Sept.—
Closing
143,150
100
Liverpool stock.
41/(7.(1938)
Closing.
146,450
7,450
200
-
•
t
——
Aug. 13
4,650
9,000
450
India cotton afxoat for Europe...
American cotton afloat for Europe
Total
"200
Saturday
4,850
3,500
500
Total European stocks
SALES
Market
Closed
pts. dec
2,150
11,650
2,200
........
.......
Total
Futures
Quiet, 2
Steady,
Steady,
Steady,
Quiet, 3
Steady,
7.450
6,100
950
the total show the complete figures for
tonight
12.00c.
.11.80c.
1909
convenience of the reader, we also
which show at a glance how the market for
Closed
2,900
3,900
—
The Visible
day during the
following statement.
Saturday
Monday
Tuesday
WednesdayThursday
Friday
...
cable and
Quotations for 32 Years
Spot Market
4,600
.
January (1939)
1.39 off 1.34 off 1.27 off
the
on same
... ..
Aug. 16
.42 off
.85 off
The total sales of cotton on the
spot each
week at New York are indicated in the
closed
October (1938).—
December..
Aug. 10 Aug. 11 Aug. 12 Aug. 13 Aug. 15 Aug. 16
July
Gray—
Good Mid
Market and Sales
For
Open
May
_18.35c.
....
59,900 2,119,500
Contracts
♦Mid
The quotations for middling
upland at New York
Aug. 19 for each of the past 32 years have been as follows:
1938
8.42c. 1930
1937
10.17c. 1929
1936 ——12.13c. 1928
1935
11.80c. 1927
1934
13.15c. 1926
1933
9.35c, 1925
1932
7.50c. 1924
1931
6.50c. 1923
100
New Orleans
March
2.36 off 2.32 off 2.28 off
633,400
April (1939)—.
1.26 off 1.18 off 1.09 oft
♦St. Mid.----- 1.71 off 1.66 off 1.60 off
♦Mid
New York
—-
596,800
Inactive months—
..
Good Mid
future contract.
on
—
.53 oft
1.47 off 1.41 off 1.37 off
♦St. Low Mid— 2.28 off 2.16 off 2.13 oft
♦Low Mid
2.74 off 2.69 off 2.67 Off
St. Mid
♦Not deliverable
July
♦Mid
on
.18 on
.75 off
on
Aug. 18
38,300
1/ft. A
15-16
inch
Aug. 12 Aug. 13 Aug. 15 Aug. 16 Aug. 17 Aug. 18
.
Closing.
Vara.(1939)
Range
—
Closing.
Feb.—
—r-
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c_
Total American.
Range..
Closing.
8.23ra
8.25ft
8.32 ft
8.35ft
8.31ft
Range..
8.24- 8.32
8.22- 8.29
8.27- 8.37
Closing
8.33- 8.39
8.24
8.32- 8.37
8.27
8.30- 8.39
8.33
8.37
8.32
8.39ft
8.28«
8.34 ft
8.38 ft
8.33ft
8.38ft
8.27- 8.34
8.25- 8.30
8.30- 8.39
8.36- 8.41
8.27
8.34-
8.29
8.35
8.39
8.34
Mar.—
.
—
AprilRange...
Closing.
May—
Range
—
Closing
_
8.25ft
—
June—
8.39
8.30-
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
8.37'
8.38ft
Range..
8.28ft
8.30ft
8.36ft
8.39ft
8.33ft
8.29- 8.35
8.27- 8.31
Closing.
8.29
8.31
8.37- 8.37
8.37 —
8.38- 8.41
8.40 ——
8.33- 8.39
8.30- 8.37
8.33
8.37 ft
21,000
69,000
85.000
169,000
75,000
571,000
2,252,000 1,676,000 1,777,000 1,433,000
.5,360,720 2,599,125 2,924,096 2,729,019
Total visible supply
7,612.720 4*275.125 4,701,096 4,162.019
Middling uplands, Liverpool4
4.78d.
r rr<r'-4
^ rr/l1
"
5.78d.
6.74d.
6.§3d.
Middling uplands, New York
8.42c.
10.08c.
12.03c.
11.10c.
Egypt, good Sakel, Liverpool
8.93d.
9.lid.
10.64d.
8.44d.
Broach, fine, Liverpool
3.92d.
5.08d.
5.44d.
5.31d.
Peruvian Tanguis, g'd fair, L'pool
5.73d.
6.98d.
7.54d.
C.P.Oomra No.l staple,s'fine, Liv
5.lid.
5.54d.
3.89d.
Continental imports for past week have been 83,000 bales.
The above figures for 1938 show a decrease from
last
week of 50,264 bales, a
gain of 3,337,595 over 1937, an
increase of 2,911,624
bales
over
1936, and a gain of
2,450,701 bales over 1935.
8.37 ft
Range—
—
48,000
54,000
45,000
78,000
49,000
211,000
90,000
765.000
Closing
July—
ft
.
—
At
Nominal.
Range for future prices at New York for week
ending
Aug. 19, 1938, and since trading began on each option:
the
Interior
Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Volume
Financial
147
Aug.
19
Season
Aug.
20
664
706
68
18,647
955
Stocks
Week
Season
Week
13
48
112
201
131
5,838
69
69
39
25
62
835
46,039
584
637
553
23
79
296
62,373
492
531
786
15
144
85,363
2
10?
166
24,260
Birm'am
Ala.
Receipts
Stocks
Week
Receipts
Week
Ship¬
ments
Ship¬
ments
Towns
Eufaula
Montgom'y
Bel ma
Ark.,Blythev.
Forest City 1
'
m
m
"38
38
'"■'1
Helena
291
5
6,196
-
Hope..—.
-
—
-
-
-
-
3,908
Rock
Little
M
«
-
COTTONSEED
333,424
426,289
333,860
12,222
281
Arkansas
451,779
290,352
174,513
606,961
•269,096
452,021
California
20,208
26,724
5,468
2,328
31,370
5,105
Alabama
300
313
10,050
1
9,506
MM-'-.'
18,400
2,024
255
60,227
Walnut Rge
3
69
310
29,311
Ga. .Albany.-
•687
715
143
13,873
234
414
333
11,578
Louisiana
12
52
385
24,169
12
65
280
10,285
Mississippi
358
1,305
4,082
757
2,255
4,622
1,586
1,299
3,079
4,091
1,944
81,847
65,558
North Carolina
3,219
127,690
122.375
Oklahoma
200
1,000
100
34,300
500
1,500
300
33,100
South Carolina
1,048
1,066
712
27,469
360
458
301
17,903
16,507
Tennessee
„
.
Athens
Atlanta
-
Augusta
Columbus-
-
Macon
Rome
■
—
--
.
M
-
~
■
MM--
21
-
-
22,087
-
750
------
La., Shrevep't
45
189
260
53,300
594
467
1,105
966
44,767
72
2,448
752
Miss.. Clarksd
155
109
3,052
12,211
178
107
659
24,767
551
50,288
515
636
232
442
22,669
113
943
7,751
3,566
Aug. 1,
Vlcksburg..
10,552
6
6
32
*•
A
11,804
2
2
826
—
-
Yazoo City.
2
21
199
23,796
70
71
10
Mo., St. Louis
8,216
3,237
2,905
1,048
3,309
1,055
274,622
84,269
3,374
502
283,789
222,218
1,629
356,928
424,977
357,326
12,563
413
947,822 1,603,039
176,216
8,040
22,872
162,676
934.826
162,351
6,616,060 4,519,024 6,325,498 4,498,321
332,057
42,394
United States
*
241,355
835,639
265,195
Includes seed destroyed at mills but not
650
596
42,394 tons and 21,926 tons on hand
153,514 tons and 104,306 tons reshipped for 1938 and 1937 respectively.
nor
PRODUCTS
MANUFACTURED,
1,354
3,232
83,716
221,683
272,639
COTTONSEED
•»
"10
411
All other States
1,124
'MM
8,285
7,783
Texas..
68
Natchez
204
42,501
233,117
437,127
,756,463
100
715
5,882
829,390
232,838
284,768
661
170
475,965
242.825
994,874
282,540
277,494
Greenwood.
_
384
611,248
282,868
476.651
623,835
288,546
,029,409
289,912
...
Jackson
•-
170,153
14,915
Georgia
2
Columbus.
1937
1938
1937
1938
1937
1938
438,230
627,285
2
2,048
Bluff
Pine
July 31
7,453
6
'
Newport
Aug. 1 to July 31
State
3.850
-
Mills
On Hand at
Crushed
Aug. 1 to July 31
4,042
(TONSfl
AND ON HAND
Received at Mills*
10
9
CRUSHED.
RECEIVED,
2,363
----
91,176
1937:
15,121
33,054
90
'
Jonesboro..
13,787
5,649
24,196
-
43
22,649
338
•
28,104
23,477
10
....
Census Report on Cottonseed Oil Production—On
July 13 the Bureau of the Census issued the following state¬
ment showing cottonseed received, crushed and on hand,
and cottonseed products manufactured,
shipped out, on
hand, and exported for 12 months ended July 31, 1938 and
Movemnet to Aug. 20,
Movement to Aug. 19, 1938
1217
Chronicle
ON
OUT AND
SHIPPED
1,737
20
36
94
1,761
12
68
231
2,474
15 to was *_
150
298
424
42
79
23
53,412
S. C.. Gr'vllle
2,751
4,559
3,048
3,330
55,596
Tenn., Mem's
8,096
28,035
13,256
133,351
71,540
495,248
7,505
6,777
225,170
HAND
N.C., Gr'boro
'
7
■
Texas. Abilene
*
-
k»
-
_
3,128
1
1,421
89
25
2,185
745
657
.
■
196
674
762
541
116
8
7
:•••—-
"23
358
1,607
201
2,244
115
Paris
-
_
.
288
453
32,759
336
368
306
Dallas
306
315
22,348
155
159
5,763
3,690
9,819
2,250
5.851
438
zl,327
32,962
2*664
zl,749
18,596
2
3
2
2,089
Robstown..
2,666
Marcos
109
1,500
4,318
460
San
2,630
10,692
1,414
"23
Austin.
Brenbam
Produced
4
4
12
Texarkana
40
30,587
67,022
-
Waco
749
286
12,246
32
801
----
*
36.235 1927,836
of 15 towns in Oklahoma,
Includes the combined totai3
Overland Movement for
25,916
44,678
18,174
x
San Antonio.
from telegraphic
The results for the week and since
follows:
Since
.
Week
Shipped—
3,237
2,275
Via St. Louis
Via Mounds, &c
Via Rock Island--
-
Week
Aug. 1
8,575
6,746
1,737
775
- - - -
Aug. 1
4,116
2,720
454
80
13,180
3.729
3,000
10,692
9,948
.22,819
Deduct Shipments—
Overland to N. Y., Boston,
19,191,508 1,363,978,069 1,370,025,905
a441,052,343 51753,008,936
1937-38
■
Cake
and
meal,,
54,769
9,321
27,654
2,032
569
3,483
965
237
630
178
575
.10,672
24,437
1,632
6,614
.11,874
11,874
28,550
2,379
9,221
.10,945
Total to be deducted--
441,052,343
2,655,848
2,054,589
41,952
216,503
1937-38
fiber,
131,156
1,144.138
1,124,609
1937-38
23,893
61,547
1,471,918
1,053,901
43,422
479,564
43,819
1,109,145
61,547
1937-38
1,828
36,487
30,792
88
1,126,873
65,451
48,265
46,525
1,828
1937-38
500-J
1,536,845
1936-37
running,
bales
1,624,579
1936-37
Llnters,
43,422
1936-37
Hulls, tons...
500-Ib.
7,379
82,944
56,341
53,880
36.443
bales.:
*
51,953
7,379
2,991
1936-37
...
11,605,555 pounds held by refining and manufacturing
12,875,220 pounds in transit to refiners and con¬
Includes 4,272,188 and
establishments and 4,369,480 and
sumers
Aug. 1, 1937, and July 31, 1938, respectively.
13,349,453 and 5,215,296 pounds held by refiners,
Includes
a
and warehousemen at places
brokers, agents,
other than refineries and manufacturing establishments,
6 Produced from
1,923,594,866 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS
ENDING JUNE 30
FOR 11 MONTHS
1938
Item
26,219
6,942
18,433
for
Amounts
2,661,766
91,982
4,336
246,037
23,382,965
170,480,055
28,907
45,182
254,093
*42.912
mports—Oil, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Llpters, bales of 500 pounds
*
1937
307,272
2,460,921
4,807,607
Exports—Oil, crude, pounds.
OU, refined, pounds
Cake and meal, tons of 2,000 pounds
Llnters, running bales
&c—
*34,203,058
11,141,266
a486.474.233
318,873,305 1,310,250,454
41,952
2,830,399
65,053
2,031,488
1937-38
1936-37
tons
178
12,679
26,019
^
Via Virginia points--,
Via other routes, &c
July 31
*11,141,266 1,965,993,076 1,958,770,391
296
162
3-96£
Via Louisville
On Hani
7,957,878 and 7,602,095 pounds in transit to manufacturers of lard sub¬
stitute, oleomargerine, soap, &c., Aug. 1, 1937, and July 31, 1938, respectively.
1937
Since
_
July 31
and
1938
Aug. 19—
Shipped Out
Aug. 1 to
July 31
1937-38
1936-37
&c.,
the Week and Since Aug. 1—
Aug, 1 in the last two years are as
Aug. 1 to
Grabbots, motes,
overland movement
night.
lbs...;
Refined oil, lbs.
lb. bales
We give below a statement showing the
for the week and since Aug. 1, as made up
reports Friday
Season
1936-37
Crude oil,
Hull
Total. 56 towns
On Hand
Aug. 1
Item
Oklahoma—
*54.397,847
4,285
14,571
July not included above are 6,397,395
pounds refined "entered
warehouse for con¬
directly for consumption," 3,673,220 refined, "withdrawn from
*
Including movement by
rail to Canada.
Week
Takings
Recepits at ports to Aug.
73,033
19
10,945
consumption to Aug. 19-105,000
Net overland to Aug. 19
Southern
Aug. 1
152,466
26,219
265,000
.-188,978
*5,648
Total marketed
Interior stocks in excess
Since
Since
and Spinners'
In Sight
443,685
*37,527
Week
149,210
6,942
135,000
Aug. 1
285,032
18,433
400,000
291,152
*7.742
703,465
*31,912
67L553
406,158
*
9. 21,788
takings to Aug. 19. 21,788
46,649
53,354
19,591
Movement into
Since Aug.
194,738
177,056
150,204
1936—Aug. 22
1935—Aug. 231934—Aug. 24
cotton
released.
The
1935
1934
—
Other Markets
Closing Quotations for Middling Cotton on—
Monday
Tuesday
Wed'day Thursday
Friday
8.09
8.30
8.15
8.21
8.28
8.25
8.30
8.28
8.28
7.88
7.90
8.38
7.96
8.41
Mobile
8.00
8.37
8.05
Savannah
8.28
8.50
8.30
8.36
8.03
8.43
8.40
8.50
8.45
8.50
8.55
8.55
8.55
8.25
8.63
8.35
8.05
8.10
8.20
8.20
8.65
8.71
8.15
8.20
8.78
8.30
8.15
8.75
8.25
8.30
8.12
8.18
8.23
8.20
8.10
8.20
8.15
8.20
7.90
7.90
7.97
7.94
7.94
8.00
.
Norfolk
Montgomery
Augusta
-.
Memphis
Little Rock...
8.12
8.25
Dallas
7.81
7.84
Fort Worth
7.81
7.84
Houston
New Orleans
7.97
8.80
8.00
Contract Market
Saturday
Friday
Aug. 13
Aug. 19
Aug. (1938)
September
October
_
Decern ber.
Jan. (1939)
8.40
cents
per
which loans have
Arizona—
Arkansas
...
———-—-
.
-
California
*
Florida..
...—
Georgia-.
-
Louisiana...
Bales
787,044 Missouri..—
125,871 New Mexico.570,307 North Carolina
75,366 Oklahoma..
995 South Carolina
Bales
453,171 Tennessee299,652 Texas..
617,114 Virginia.-..
...
-
--------
------
77,128
49,296
126,879
84,986
258,016
284,261
-.1,645,173
9,697
Pounds of Wool Appraised for Loans of
$12,755,564 by CCC Through Aug. 6—The Commodity
Credit Corporation announced Aug. 12 that through Aug. 6
73,365,452 net grease pounds of wool had been appraised for
loans aggregating $12,755,564.47.
Of this amount, loans of
$5,221,336.50 have been completed on 28,752^873 pounds of
wool, the remainder being in process.
The loans average
17.39 cents per grease
pound.
Distribution of Domestic and Foreign
the United States, Season of 1937-38—The
Supply and
Cotton
in
preliminary report for the several items of the supply and
distribution of cotton in the United States for the 12 months
ending July 31, 1938, are presented in the following tabular
statements.
Number I shows the principal items of supply
and distribution; number II the comparative figures of stocks
held on July 31, 1937, and 1938; and number III further
details concerning the supply and the distribution.
The
_
T—COTTON • GINNED.
IMPORTED, EXPORTED, CONSUMED,
DESTROYED IN THE UNITED STATES FOR THE 12 MONTHS
March
April
May,
on
quantities are given in running bales, except that round
bales are counted as half bales and foreign cotton in equiva¬
lent 500-pound bales.
Linters are not included:
_
November
February
average
Stale—
8.25
8.05
New Orleans.
$238,734,631
73,365,452
Week Ended
Saturday
loans
Figures showing the number of bales on
by States are given below:
Mississippi.
Aug. 19
warehouse."
pound.
Alabama
Bales
475,309
472,448
461,167
1—
1936
Quotations for Middling Cotton at
Galveston
Aggregated
Commodity Credit
Corporation announced on Aug. 12 that "Advices of Cotton
Loans" received by it through Aug. 11, showed loans dis¬
bursed by the Corporation and lending agencies of $238,734,631.13 on 5,464,956 bales of cotton.
This includes loans
of $7,156,147.75 on 169,923 bales which have been paid and
State—
sight in previous years:
Bales
CCC
of
been made
Decrease.
Week—
Loans
5,464,956 Bales Through Aug. 12—The
the
283,410
-183,330
North, spina's'
Cotton
-1937-
1938-
sumption," and 2,763,803 refined, "entered directly Into
(BALES)
Ginnlngs, from Aug. 1. 1937, to July 31, 1938-.
ING
..
June
—
Net exports
Tone—
Spot
AND
END¬
1938
18.266,957
Net imports
July-.
Options...
JULY 31,
Quiet.
Quiet.
Steady.
Steady.
Consumed
--
Destroyed (baled cotton)--
—------—-—
5.595,553
5,756,096
65,000
1218
Financial
II—STOCKS OF COTTON IN THE UNITED STATES JULY
31,
1938 (BALES)
1938
In consuming establishments
400,000
Elsewhere (partially estimated).a
Total..
11,533,184
III—SUPPLY
WORLD
The
4,498,848
1938
(BALES)
Supply—
on
■
4,498,848
In consuming establishments..
In public storages and at compresses
Returns
1,285,543
2,813,305
Elsewhere (partially estimated).a.
Imports (total less 3,835 re-exports, year ending June 30)
Glnnlngs during 12 months, total
boll
155,180
18,266,957
Crop of 1937 after July 31, 1937..
Crop of 1938 to Aug. 1, 1938
157,865
infestation
cotton belt the
22,920,985
Distribution—
11,533,184
...
a
Includes
cotton
28,848
for
111,516
on
In
above
hand Aug. 1, 1937, and 91,014
SUPPLY AND
items
on
are
141,301
hand July 31, 1938,
(Not included In cotton statistics above)
1, 1937, were 362,528 running bales; production
during
1938, 1,471,918; imports, 17,000 (partially
estimated)
exports, 274,957; consumption, 712,320; destroyed,
4,000, and stocks July 31,1938,
868,779,
Census
Report on Cotton Consumed and on Hand,
&c., in July—Under date of Aug. 16, 1938, the Census
Bureau issued its report showing cotton consumed in
the
United States, cotton on hand, active cotton
spindles and
imports and exports of cotton for the month of July, 1938
and 1937.
Cotton consumed amounted to
449,511 bales of
lint and 61,805 bales of linters,
compared with 442,742 bales
of lint and 56,106 bales of linters in
June,
1938, and 583,011
1937.
It
1938, when
compared with the previous year, in the total lint and
linters combined of 142,390 bales, or
21.8%.
The following
bales of lint and 70,695 bales of linters in
July,
will be seen that there is a decrease in
July,
is the statement:
JULY
REPORT
AND
OF
COTTON
ON
HAND,
EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton In running bales, counting round as half bales, except
foreign, which Is
V. vv'' ' "
"
500-pound bales.)
Cotton Consumed
Cotton
During
on
Year
Months
86
96
85
78
85
74
85
0.18
66
80
0.64
94
104
0.20
100
64
82
98
66
82
70
87
100
74
87
0.24
92
0.04
94
66
72
83
98
68
100
dry
dry
dry
dry
84
83
1
0.84
100
96
74
70
72
68
4
1.08
95
69
82
3
2.96
98
Little Rock
Pine Bluff..
84
4
2.86
0.87
94
Weatherford.....
_______
..."
102
87
86
86
82
98
70
70
70
3
5.63
92
69
80
2
0.97
99
65
82
3
Louisiana—Alexandria
Amite.
.....
82
84
New Orleans
3
0.73
94
75
Shreveport
84
4
0.37
97
71
84
2
0.26
96
68
82
2.25
92
74
83
84
Mississippi—Meridian
Vicksburg
3
Alabama—Mobile
dry
Birmingham
Montgomery
Florida—Jacksonville
1
96
Miami....
Pensacola
2
0.33
90
2
Macon
....
South Carolina—Cnarleston
82
100
98
-76
72
72
70
98
72
85
98
70
84
92
0.38
dry
r
74
94
84
0.04
1
...
Augusta
83
0.10
3
Atlanta
79
70
72
96
dry
dry
Tampa.
Georgia—Savannah
64
96
dry
74
94
0.04
0.04
1
1
0.82
85
82
86
84
98
86
68
83
98
0.17
74
98
dry
1
72
85
1
Raleigh.
Wilmington.
0.14
92
1
0.92
96
66
81
3
Newborn
0.90
99
69
84
98
68
83
56
74
1
0.24
4
3.82
96
72
84
2
0.21
92
Chattanooga
71
81
1
Nashville
94
68
64
81
2
0.06
0.30
Tennessee—Memphis
Public
Spindles
suming
Storage
Establish¬ & at Com¬
Ended
72
74
100
80
92
—
Oklahoma—Oklahoma City
In
Hand
In
87
1
....
Cotton
In Con¬
86
74
84
3
Arkansas—Eldorado
July 31—
Twelve
74
dry
dry
North Carolina—Asheville
Charlotte-
IMPORTED
64
98
100
1
Greenwood
Columbia
CONSUMED,
96
96
Taylor...
Stocks of linters Aug.
77
0.04
Fort Smith
DISTRIBUTION STATISTICS FOR LINTERS
12 months ending July 31,
■Thermometer
Low
Mean
90
2
1
Palestine
Paris..
SanAntonio..
consumed;
the
0.26
Kerrville
bales
in
complaints
1
Lampasas
Luhng.
Nacogdoches
weather.
Included
...
Henrietta.
coastwise;
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
High
dry
dry
dry
dry
El Paso..
b Due
cottons
;
Brownsville...—
Corpus ChrisCi
Dallas....
22,949,833
export on shipboard but not cleared; cotton
cotton in transit to ports, Interior towns, and
mills; cotton on farms, &c.
Note—FoVkign
this
0.84
dry
Brenham
supply.b
Inches
1
Abilene
Aggregate distribution
especially
years,
Rainfall
2
Austin
1,266,983
9,641,201
625,000
Elsewhere (partially estimated).a
over
Texas—Galveston
Amarillo.
65,000
—:...............
us
mosTy healthy.
are
Days
5,756,096
......
Active
July
July 31
ments
presses
During
July
{bates)
(bales)
{bales)
{bales)
The
following statement has also
graph, showing the heights of rivers
(Number)
8
a.
of the dates
m.
90
been received
at the
77
by tele¬
points named at
given:
Aug. 19, 1938
United States
j
Cotton-growing States..
1938 449,511 5,756,096
1,266,983 9,641,201 21,916,166
1937 583,011 7,950,079
New England States...
1938
1937
All other States
1938
1937
Included Above—
Egyptian cotton
1938
55,868
713,974
80,824 1,072,883
12,337
157,241
17,494
251,383
174,025
223,944
2,720,608 17,753,550
63,403 4,684,796
78,951
55,797
13,387
5,907,954
571,276
54,291
13,746
732,796
3,307
5,875
56,588
26,892
1937
77,858
31,946
12,899
1938
5,838
84,713
15,977
39,797
1937
Other foreign cotton
12,386
104,240
8,348
cotton.
Not Included Above—
Linters
j
507
6,164
35,436
4,192
31,235
1938
1937
Amer.-Egyptian
16,660,094
980
20,097
4,420
1,068
1938
61,805
236,104
56,424
Above
zero
Memphis
Above
zero
zero
Shreveport..
Above
Above
Feet
Vicksburg
Above
Receipts from
of gauge.
of gauge.
16.6
8.1
11.1
3.4
9.5
zero
of gauge.
of gauge.
zero
of gauge.
18.9
8.5
the
7.1
1.9
1.8
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
85,920
70,695
712,320
818,885
268,225
1937
Aug. 20, 1937
Feet
_
New Orleans
Nashville
1,285,543 2,813,305 24,394,300
1938 381,306 4,884,881
1,037,161 9 564 411
1937 484,693 6,625,813 1,007,308
weekly
3,667
Week
from the plantations of that
part of the
winally reaches the market through the outports.
movement
crop which
Receipts
at Ports
Stocks at Interior Towns
End.
1938
Imports of Foreign Cotton (500-16. Bales)
July
12 Mos.
Country of Production
1938
1937
End. July 31
1938
1937
1937
1936
2,644
•China
3,024
43,499
22
Peru
107
744
75,268
1,740
51,438
27,391
3,072
14,412
All other
6,003
~1~907
48,040
7,919
6,643
79,115
18,082
25.047
__
4.777
120
Mexico
British India
18,960
159,015
253,034
16,491
43,598
1938
20.
17,042
14,112
25,457
3.
17.425
23,761
10.
20,069
23,325
27.
28,231
Receipts from Plantations
1936
1938
17.
27,019
15.944
24.
24,113
19,653
July
45,482 2216,336 1162,626 1651,649
52,470 2194,843 1107,259 1594,234
47,072 2167.585 1064,946 1554,313
32.597 2138,409 1030,520 1517,933
39.972 2119,356
998,705 1465.362
21,698 2100,775 964.392 1424.612
1.
22.893
15,752
8.
Total.
1937
1937
1936
May
June
Egypt
17,684
32.676
17,059
21,952 2081,164
13,381 2053,520
17,371
16,973
2024,282
1997,556
1978,400
15.
930,969 1384,154
903,027 1349,502
873,772 1301,765
848,935 1255,364
Nil
Nil
Nil
Nil
Nil
Nil
Nil
7,151
Nil
Exports of Domestic Cotton, Excluding Linters
{Running Bales—See Note for Lftnters)
Nil
Nil
Nil
Nil
5,532
Nil
NU
3,282
Nil
Nil
Nil
Nil
Nil
3,438
Nil
Nil
July
12 Mos.
1938
United Kingdom
France
1937
End.
1938
July 31
1937
30,707
24,336
4,398
22,234
2,608
1,551,843
715,850
10,603
Germany
505,454
9,303
Spain
Belgium
23,136
655,894
5,629
1,698
189,524
153,959
36,102
69,575
11,377
744,568
28,000
690,513
508,443
1,550,499
Italy
1,260
Other Bfurope.
Japan
China
300
Canada
Note—Linters
-
„
_
^
„
18,214
22,786
13,957
306,640
5,440,044
4,699
exported,
4,340
245,955
274,768
195,706
Total
124,312
5,598,415
not Included above,
279
■
12,759
All other
1,144,362
655,248
397,636
649,647
were
59,374
20,864 bales during July In
1938 and 24,363 bales in 1937; 274,957 bales for 12 months
ending July 31 In 1938
22.
43,924
28,601
28,419
29.
53,593
55,199
39,742
49,379
68,215
38.915
1951,616
12.
51,885
94,093
73,033 149,210
52,891
1933,484
76,336
1927,836
788,408 1132,176
67,385 141,468
Aug.
19.
4,060
7.966
5..
Linters imported during 11 months
ending June 30, 1938. amounted to
14,571 equivalent 500-pound bales.
Country to Which Exported
of
In the western and central portions of the
plants
5,595,553
In public storages and at compresses
Excess of distribution
many
Rain
Net exports (total less 2,862 re-Imports, year ending
June)
Consumed
consuming establishments
in
From east Texas there have been many
of rank growth.
Aggregate supply
In
exclusive
cotton,
by Telegraph—Telegraphic advices to
weevil
Delta.
18,109,092
Destroyed (baled cotton)
Stocks on hand July 31, 1938, total
of commercial
evening denote that sections of Mississippi report heaviest
400,000
........
STATISTICS
production
149,000.000.
•
hand Aug. 1, 1937, total—
world's
pounds lint, while the consumption of cotton (exclusive of linters in the
United States) for the year ending July 31, 1937. was 30,820,000 bales.
The total number of spinning cotton spindles, both active and
idle, is about
DISTRIBUTION
OF
DOMESTIC
AND
FOREIGN
COTTON IN THE UNITED STATES FOR THE 12
MONTHS ENDING
Stocks
estimated
linters, grown in 1937, as compiled from various sources was 36,305,000
bales, counting American in running bales and foreign in bales of 478
AND
JULY 31,
1938
1,285,543
2,813,305
625,000
—
Aug. 20,
The distribution for July, 1938, follows: United King¬
dom, 6.916; France, 4,383; Belgium, 699; Germany, 3,420; Italy, 2,221; Canada.
1,624; Panama, 10; Japan, 1,431; South Africa, 160.
and 270,400 bales in 1937.
1937
1,266,983
9,641,201
__—
In public storages and at compresses
Chronicle
1937, AND
17,198
44,437
3,764
34,411
811.182 1167.401
22,595
39.236
796,150 1144,650
33,753
79,061
828,147 1206,417
Nil
Nil
NilO
30,14
63,862
The above statement shows:
the plantations since
(1) That the total receipts
Aug. 1, 1938, are 114,939 bales;
in
1937 were 253,120 bales and
in 1936 were 94,002
bales.
(2) That, although the receipts at the outports the
past week were 73,033 bales, the actual movement from
from
Elantations was 5,648 bales during the
bales, stock
aving increased 67,385
at interior towns
week.
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
are
seasons
from all
sources
obtainable; also the takings
sight for the like period:
or
from which statistics
amounts
gone
,
out
of
Volume
Financial
147
1219
Chronicle
Bales
Cotton
Takings,
NEW ORLEANS—To Havana, Aug. 9, Toloa,
tessa, 300
1937
1938
Week and Season
Week
Visible supply Aug. 12-
VisiblesupplyAug.
10.000
406,158
64,000
38,000
1,800
24,000
283,410
16,000
8,000
1,800
5,000
671,553
32,000
24,000
2,200
16,000
7,907,314
8,392,899
4,731,131
5,084,775
Alexandria receipts to Aug. 17
Other supply to Aug. 17 *5—
Total supply
Deduct—
193768
7,612,720
4,275,125
4,275,125
294,594
202,594
92,000
780,179
509,379
270,800
456,006
809,650
489,850
319,800
Total takings to Aug. 19.a
Of which American
Of which other
*
212,206
243.800
Embraces receipts in Europe from Brazil, Smyrna,
West Indies, &c.
This toJal embraces since Aug,
Southern mills, 265,000 bales in
1 the total estimated consumption by
1938 and 400,000 baies in 1987—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 515,179 bales in 1938 and 409,650 bales in 1936, of which
89,850 bales and 244,379 bales American,
b Estimated.
India Cotton Movement from All Ports
522
12
450
300
16
1,679
To Rotterdam, Aug. 16, City of Omaha,
To Bremen, Aug. 12, Chemnitz, 1,679
16
70
246
323
12, Chemnitz, 70
PENSACOLA—To Liverpool, Aug. 12, Bienville, 246----NORFOLK—To Hamburg, Aug. 19, Sarcoxie, 323—
BROWNSVILLE—To Antwerp, Aug. 14, Nevada, 100
To Havre, Aug. 14, Nevacfa, 1,900; Aug. 16, Antwerpia, 3,175
To Ghent, Aug. 14, Nevada, 475; Aug. 16, Antwerpia, 879
To Dunkirk, Aug. 14, Nevada, 200; Aug. 16, Antwerpia, 487
SAVANNAH—To Liverpool, Aug. 15, Saccarappa, 138
To Hamburg, Aug. 15, Saccarappa, 25
To Manchester, Aug. 15, Saccarappa, 937-To Genoa, Aug. 15, Monrosa, 468
-
LOS ANGELES—To
Japan, Aug.
100
5,075
1,354
687
138
25
937
468
-
12, Josen Maru, 1,778; Aug. 14,
Kans Maru, 2,557
SAN FRANCISCO—To Japan, (?), (.?), 3,870
MOBILE—To Bremen, Aug. 6, Chemnitz, 151; Aug.
City, 150
To Liverpool, Aug. 13, Bientille, 328
To Manchester, Aug. 13, Bientille, 294
To Antwerp, Aug. 15, Azalea City. 10—
4,335
3,870
15, Azalea
301
—
1938
1936
1937
Aug. 18
Since
Receipts—
Week
Since
Since
Week
Aug. 1
Week
Aug. 1
Aug.
29,000
64.00C
For the Week
Conti¬
Since Aug. 1
Britain
Jap'n&
nent
Great
China
Great
Conti¬
Japan &
Britain
Total
nent
China
2,000
Total stocks
1937
2,000
.
59,000
8,000
12,000
2,000
8,000
49,000
3.000
2,000
13,000
61,000
76,000
lo'ooo
13,000
1,000
9,000
55,000
21,000
14,000
24,000
1,000
3,000
Of which American.,
Total imports
65,000
2,000
July 29
Aug. 5
Aug. 12
Aug. 19
52,000
44,000
47,000
50,000
1,174,000 1,172,000 1,191,000 1,163,000
673,000
658,000
685,000
676,000
63,000
49,000
73,000
27,000
8,000
8,000
16,000
8,000
162.000
137,000
122,000
22,000
26,000
24,000
24,000
124,000
Forwarded...
Total
Bombay—
1938.
Of which American
Amount afloat
Of which American
India
10,000
11,000
60,086
:>*_
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Export^
from—
294
10
73,000
20,000
32,000
16,000
328
1
Total
Bombay
Other
Aug. 12, Anubis, 1,133
To Manchester, Aug. 12, Duquesne, 12
To Ghent, Aug. 16, City of Omaha, 450
To Havre, Aug. 16, City of Omaha, 300
To Hamburg, Aug.
7,612,720
Visible supply Aug. 19
To Genoa, Aug. 12, Mashaba, 1007
To Japan, July 2, Keyio Maru, 1,198;
To Liverpool, Aug. 12, Duquesne, 522
4,339" 022
7,858",941
183,330
29,000
21,000
1,000
Bombay receipts to Aug. 18-.
Other India ship'ts to Aug. 18
a
4.416,921
7,662,984
1..
American in sight to Aug. 19-
301
200
25
350
1,007
2,331
-
To Gdynia, Aug. 10, Trafalgar, 200
To Gothenburg, Aug. 10, Trafalgar, 25
To Venice, Aug. 12, Mashaba, 350
Season
Week
Season
1; Aug. 16, Con-
38,000
3,000
5,000
8,000
3,000
21,000
24,000
2,000
6,000
8,000
6,000
14,000
20,000
12,000
13,000
8,000
33,000
16,000
32,000
49,000
1937
5,000
6,000
11,000
5,000
34,000
61,000
100,000
1936.
2,000
9,000
10", 000
21,000
7,000
23,000
55,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
97,000
85,000
1936
Total
each
spot cotton have been
follows:
1938
Spot
12:15
Quiet.
9,300
10,500
Aug.
14" 000
To America
1
3,600
4,1,00
21,000
1,000
3,000
Liverpool
To Manchester, &c
To Continent & India—
This
1.U00
Week
This
Since
Aug.
1
900
1,300
3"6OO
9,000
100
Week
2,000
3,000
5,000
1,000
4.72d.
(
Total export
29,600
18,000
P. M.
1
decline.
1 Very stdy.,
1
2
to
3,000
11,300
11,000
Cotton
ings, Common
Mlddl'g
Twist
to Finest
Upl'ds
32.? Cop
Twist
d.
d.
d.
s.
d.
1
to 2 to 3
pts. adv.
Quiet,
1 point
advance.
Liverpool for each day
are
Wed.
Tues.
Mon.
Steady;
1 pt.
advance.
pts.
advance.
given below:
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
d.
New Contract
October (1938)
854 Lbs. Shirt¬
8% Lbs. Shirt¬
32s Cop
-.'
2
un¬
1 to changed to changed to
adv. 1 pt. adv. 1 pt. adv.
Quiet,
Quiet but
stdy,,
4.78d.
Quiet;
un¬
—
December
~
m.
—
<-
4.55
4.55
4.61
d.
d.
d.
a.
4.53
4.58
4.64
m
•
~
-
4,57
d.
4.61
d.
d.
4.59
4.60
4.65
4.62
d.
d
4.59
d.
4.61
4.65
4.67
-
4.60
4.66
4.67
4.62
4.64
4.63
4.65
4.69
4.68
4.70
March.—
4.71
4.66
4.68
4.68
4.69
4.73
4.72
4.73
5.73
4.74
May.
4.75
4.70
4.72
4.71
4.73
4.77
4.75
4.77
4.76
4.78
4.77
July
4.77
4.72
4.74
4.73
4.75
4.69
4.77
4.79
4.78
4.80
4.79
October
4.76
4.73
4.77
4.74
January (1939)
December.
—
——-
-
-
«...
4.74
4.75
4.76
—
*«.
«...
--
4.76
4.77
4.69
-
-
—
4.77
-
-
„
4.78
--
4.78
4.79
_
4.69
4.73
4.78
4.79
..
4.80
1937
1938
1
3 pts.
4.77d.
Quiet,
to
January(1940)
■
Dull
23,000
Egyptian bales weigh about 750 lbs.
received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is quiet.
Demand for both yarn and cloth is
poor.
We give prices today below and leave those for pre¬
vious weeks of this and last year for comparison-
:
3 pts.
decline.
Sat.
Aug. 13
decline.
Steady,
pts.
decline.
Prices of futures at
4,000
6,000
11,000
2,000
Market—Our report
Manchester
Dull.
4.78d.
Quiet but
2 to 3 pts. stdy.,
2 to 3 pts.
decline.
1
Since
Aug.
Steady,
Quiet,
6 to 8 pts.
Aug. 19
Note—A eantar is 99 lbs.
Friday
Quiet.
4.72d.
4.70d.
Barely stdy
[
Market,
Week
Exports (Bales)—
Thursday
Wednesday
Quiet.
opened
7,000
9,000
9,000
Since
Quiet.
•
Market
5,000
This
Tuesday
Mid .Upl'ds
1936
1937
Receipts (centars)—
Since Aug. 1
Monday
P. M.
Futures.
This week
Saturday
Market,
Alexandria Receipts and Shipments
Alexandria, Egypt,
Aug. 17
To
as
all—
1938
s.
d.
Mlddl'g
to Finest
BREADSTUFFS
Cotton
ings, Common
Upl'ds
d.
s.
s.
d.
Friday Night, Aug. 19, 1938
Flour—There has been very little doing in the. local trade
d.
recently.
May
20-.
9%@10%
9
45*@
9
75*
4.68
145l@155* 10
6
@10
9
7.29
27—
9
9
3
9
6
4.46
14
6
@10
9
The market in wheat has been so irregular and
uncertain
and
7.36
@10
@
@15
10
consumers
June
7.31
8X@ 9%
9
9
3
4.43
14
10
6
@10
9
10-
w
9
@
9
3
4.54
1354 @14%
10
6
@10
8
7.06
17—
85$ @ OX
9
@10
9
@
9
3
4.69
1354 @ 15
10
6
@10
9
6.92
attitude
10
6
@10
9
6.95
in
9
3„
24-
9
3
@
154@
@15
9
45*
4.83
1354@15
9
4
4.96
9
1354 @1454
13 54 @14 54 10
6
@10
6
@10
9
6.98
1354 @1454 10
1354 @1454 10
1254@1454 10
6
@10
9
6.85
6
@10
9
6.60
4 54 @10
754
6.12
10
1254 @14
1254@1354 10
1254@1354 10
454@10
754
6.20
3
@10
6
5.93
3
@10
6
5.78
Juiy
1—
9x@ioy8
9
1M@
8-
9X@10X
9%@10%
9
3
@
9
6
5.16
15-.
9
4.88
9X@ioy8
9
9
9
4
22-
1H@
iy3@
4
5.06
95$@105$
9
1H@
9
45*
4.99
9X@10X
9
45*
4.89
12—
9
@10
9
15£@ 9
@ 9
3
4.78
19—
9
@10
9
@
3
4.78
29—
6.87
Aug.
5-
9
Shipping News—Shipments in detail:
Bales
GALVESTON—To Japan, Aug. 11, Amogisan Maru, 3,790; Aug.
13, Jerukawa Maru, 2,317; Aug. 15, Tuyuma Maru, 1,941-HOUSTON—To Japan, Aug. 11, Terukawa Maru, 2,769; Aug. 12,
8,048
Amogisan Maru, 2,886
To Copenhagen, Aug. 15, Trafalgar, 92
To Gdynia, Aug. 15, Trafalgar, 702
To Gothenburg, Aug. 15, Trafalgar, 8
5,655
92
702
To
1,114
To Manchester, Aug.
To Bremen, Aug. 18,
682
1,827
715
50
8
Liverpool, Aug. 17, Davision, 1,114- —
—
— 17, Davision, 682
Kiel, 1,827
To Hamburg, Aug. 18, Kiel, 715
CORPUS CHRIST I—To Ghent, Aug. 12, Breedyk, 50
To Copenhagen, Aug. 12, Uddeholm, 150
To Enschede, Aug. 12, Breedyk, 500
To Rotterdam. Aug. 12, Breedyk, 400
To Gdynia, Aug. 12, Uddehoim, 1,769
To Gothenburg, Aug. 12, Uddeholm, 200
To Gefle, Aug. 12, Uddeholm, 63
To Abo, Augi 12, Uddeholm, 400
To Mantylouto, Aug. 12, Uddeholm, 500
To Wasa, Aug. 12, Uddeholm, 100
To Reval, Aug. 12, Uddeholm, 60
To Bremen, Aug. 14, Kersten Miles, 4,682; Aug. 15, Aquarius,
5,281To Lisbon, Aug. 14, Kersten
Miles, 160
To' Tallinn, Aug. 14, Kersten Miles, 100
To Bourgas, Aug. 15, Aquarius, 50
To Hamburg, Aug. 15, Aquarius, 17-To Oporto, Aquarius, 200
To Sydney, Aug. 16, Terukawa
To Japan,
—
Maru, 250
Aug. 16, Terukawa Maru, 557
.
150
500
400
1,769
200
63
400
500
100
60
9,963
160
100
50
17
200
250
557
of
commitments
is
the
world
wheat
situation
so
mixed,
that
flour, at least locally, are loath to take on
in a substantial way.
No change in this
expected until wheat shows a persistent trend
price either way.
Wheat—On the 13th inst. prices closed He. to He. net
lower.
A recovery movement
started in the wheat market
today but failed to gain, and after an upturn of He., prices
slipped back to He. to He. net loss for the short session.
There was some support in evidence, this coming largely
from mills, exporters and "shorts" during the first two hours.
A late burst of selling apparently was inspired by hedging
from the Northwest, where the spring crop move¬
increasing, and a break of almost 2c. in Duluth
Weakness in securities for the sixth consecutive
session also was an unsettling influence. Selling early in the
session was timid in the wheat pit, with prices near five-year
lows, but there was no strong incentive to buy. Traders said
the usual pressure from farm marketings has been minimized
because many producers apparently are dissatisfied with
prices and are holding their grain. Little export business
was confirmed.
On the 15th inst. prices closed 1 He. to 1 He.
net lower.
Canada's prospects of more than doubling in
1938 her 1937 harvest proved to be a decided factor today
in forcing Chicago prices down 1 He. Five-year low-price rec¬
ords on Chicago Board, frequently outdone of late, were once
again broken. Estimates indicated that production in Can¬
ada's prairie provinces this season would range from 340,000,000 to 350,000,000 bushels, against 163,721,000 bushels
last year. A further weight on values was a tentative fore¬
cast "that Australia's 1938-39 wheat seeding would total
14,179,000 acres, against 13,807,000 the previous season.
All advices at hand emphasized large probable wheat sup¬
pressure
ment is
durum.
plies in excess of normal requirements, and
prevalent that Canada and the United States
much talk was
would compete
1220
Financial
Chronicle
actively to fill Europe's limited needs. Price tumbles oc¬
curred despite Washington gossip about indefinite
proposals
subsidize
to
100,000,000
bushels
of
United
States
wheat
values
yesterday
new lows on leading North
American markets. From these levels, however, new
buying
and short covering carried prices upward 2c. to 2
Ye. Ex¬
port trade seemed definitely improved.
About 500,000
bushels of wheat were worked,
mostly Manitobas, however.
There were intimations from Argentina that that
country
was
prepared to follow the example of other exporter coun¬
tries as regards subsidizing of exports.
Wheat strength was
chiefly in the United States. For example, Winnipeg gained
only %q. to l^e. in contrast to the l%c. to 2c. gain at
Chicago. On the 17th inst. prices closed %e. to 1y±e. net
higher. Wheat values climbed l%c. a bushel higher on the
Chicago Board today, moving up to about 4c. above the
five-year low-price records established yesterday. Helping
the upturn was fair buying from houses with Eastern con¬
nections, but on account of profit-taking the top quotations
were not
maintained.
Sharp notice was taken of a cable
from a leading Chicago grain specialist now in
Europe that
On
tlie
Stirred
18th
by
inst.
reports
prices
of
closed
severely
Mr to
Ysc.
unfavorable
bearish
higher.
was
drag,
that the
with
Winnipeg market showed
crop
a
tendency to
export takings of North American wheat
apparently slow. A decided stimulus came from an authori¬
new
tative unofficial report that Canada's wheat
crop had been
greatly overestimated.
B. W. Snow, a leading
Chicago ex¬
pert, wired from Yorktown, Saskatchewan
Province, that
from personal observation in eastern and
northeastern Sas¬
katchewan
that
below
current
taken
of
and
from
Manitoba
threshing returns and
a
the
estimates.
test
He
advices, he was convinced
weights would fall much
added
that
stem
rust
had
involved
marquis variety
of
far
exceeded
1935
experience.
The
wheat
in Canada, Mr. Snow
reported,
beyond anything ever before seen.
Today prices closed Yi to lc. higher.
Talk of possible
would prove a failure
changes in
freight
ocean
ports were current
trading
was
narrow
range.
from
rates
that
would
177 cars arrived today.
In the early dealings the
market received buying support from
export interests.
There were also dry weather complaints from
relatively
Wheat
day drew to an end.
light, with fluctuations
sellers
derived
a
little
plans.
It
these
Reports of
ing
plans
that the
would
be
rela¬
the close
at
of the situation.
tonight
was
Open interest in wheat
114,066,000 bushels.
DAILY CLOSING PRICES
_T
n
DAILY
_
-
CLOSING
PRICES
OF
WHEAT
Sat.
.
,
WHEAT
Sat. Mon.
76%
75%
,
No. 2 red
OP
61%
December
64
jviarcn
May
---
HiQho^d
September— 92%
67"
IN
Tues.
NEW
Thurs.
77%
78%
78%
Fri.
79%
FUTURES
Mon.
60%
62%
Tues.
IN CHICAGO
Wed.' Thurs.
Fri.
62%
64%
63%
65%
63%
65%
64%
66%
67?^
65%
67%
68%
68%
69%
Made n\
Season's Low and When Made
Feb
9, 19381 September
60
Aug. 16, 1938
June 15, 1938 December
62%
Aug. 16. 1938
73%
July 23, 1938 March
655Aug. 12, 1938
May
74%
July 23. 1938 May
65
Aug. 16. 1938
DAILY CLOSING PRICES
OF BONDED WHEAT
IN WINNIPEG
Sat.
Mon.
Tues.
Wed.
Thur. Fri.
69%
67%
68%
68%
67%
December
67%
68%
65%
67%
67%
67%
67%
May
71%
68%
70
70%
70%
70%
Corn
On the 13th inst.
prices closed y to Ye. net higher.
The
December
84 %
March
~
„
.
independent strength which lifted
much as 1 Ye.
stage, was credited to short
covering and exporters.
Country offerings continued light and cash corn
rose
% to
lc.
Because of low
prices, farmers were reported
unwilling
to sell, and with
Chicago stocks and visible
supply down,
exporters were reported more active
buyers.
There was no
at one
corn as
confirmation of export sales in
corn, but
understood to have been
worked.
more
business
was
an
Corporation
These loans
in
est
extended
from
corn
over¬
Another sustain¬
that
announcement
had
are
corn
on
the
Commodity
Sept.
the basis of 50c.
bushel.
a
Open inter¬
IN
YORK
39,611,000 bushels.
was
DAILY CLOSING PRICES
OF
Sat.
No. 2 yellow..
CORN
Mon.
67%
NEW
Tues.
66%
Wed.
69
Thurs.
Fri.
67%
67%
68%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
September
December
March..
—
Season's
high
and
September
63%
May.
Tues.
50%
47%
49%
50%
60%
56
Wed.
53%
49%
50%
51%
When Made
I
Season's
Mar. 25. 1938 September
July 13. 1938 December
July 28, 1938 March
July 23. 1938 May
64
December
March
Mon.
51%
48%
50%
51%
May
Lou
Thurs.
Fri.
52%
48%
52
48%
53%
49%
51
51%
51%
and
When
49%
46%
Made
Aug.
Aug.
Aug.
Aug.
49
49%
11,1938
11. 1938
11, 1938
16,1938
k Oats—On the 13th inst. prices closed unchanged to
%<}.
off.
This market was a dull
affair, though the undertone
held
steady.
On the 15th inst.
prices closed Y to Ye. net lower.
trading prevailed, with the undertone easier.
Quiet
On the 16th inst. prices closed
Y to
market was relatively
due
was
Ye, net higher.
This
quiet though firm.
This firmness
entirely to the marked degree of strength
almost
displayed in the wheat and
markets.
corn
On the 17th inst.
was
prices closed Yp- off to Y<>- up.^ Trading
light and without any special feature.
On
the
18th
inst.
prices closed unchanged to Ysc. off.
little to report concerning this market.
Today prices closed M to Yjc. net higher.
This improve¬
There
was
was
very
largely influenced by the strength in wheat
r': :Y
DAILY CLOSING PRICES OFJOATSUFUTURES IN
Sat.
Mon.
22%
23%
25%
Season's High and
September
30%
December--. 28%
May.
28
...
When
Jan.
July
July
Made
I
Tues.
22%
23%
Season's
Lou:
DAILY CLOSING PRICES OF OATS
Sat.
October
and
When
22
24%
23%
24%
25%
Made
Aug.
Aug.
Aug.
28
Fri.
22%
23%
25%
8,1938
16, 1938
8,1938
FUTURES IN WINNIPEG
Mon.
30%
December
—
Thurs.
22%
23%
25%
23%
25%
25
CHICAGO
Wed.
23
10, 19381September
13. 1938 December
23, 1938jMay-
May
and
:
September
December.-.
May
Tues.
30%
28%
30%
29%
Wed.
Thurs.
31%
29%
Fri.
31%
29%
32%
30%
...
Rye—On the 13th inst. prices closed Y to
Vafilower.
Influenced by the heaviness in
wheat, and there being nothing
in the news to
encourage real support, rye prices slid off
fractionally and closed at the lows of the day.
On the 15th inst.
prices closed 1 to 1
pressure
and
developed
%e. net lower.
Selling
result of bearish reports on weather
this applying also to wheat.
Naturally rye
receipts,
was
as a
heavy, especially as the result of the poor showing in
wheat markets.
On the 16th inst.
prices closed 1% to lj^c. net higher.
Influenced by the sharp advance in wheat and corn and the
prospects of substantial Government
support in the way of
loans, short covering and
buying stepped
new
up rye
prices
considerably, the market closing at the highs of the day.
On the 17th inst.
prices closed % to Y±e. net higher.
This advance was
largely in sympathy with the upward
movement in wheat.
anything but
a
wheat market.
On
There
These fractional gains, however, were
full response to the strength
displayed in the
the
18th
was
relatively little activity in this grain, what little
was
ttP,11.
just, prices closed y to l^c. net lower.
Highly beneficial rams in parts of the corn
belt which had
suffering from drought, led to general
selling, and all
corn futures
nearly equaled the season's bottom
quotations.
New export takings of corn were
about 150,000 bushels.
been
stimulus for that grain.
a
YORK
Wed.
IY2.Q. net higher.
to
1 to Nov. 1
the time within which the
corporation would purchase
from banks and other
lending agencies eligible paper evi¬
dencing loans made under the 1937-38 corn loan program.
fc
a
tively weak, although rapid decrease of the Canadian
mar¬
ket's premium over
Chicago of late had discounted much
of the difficulties
influence
Credit
within
advantage
Canada,
Winnipeg market
as
corn.
regarding United States export subsidy
urged in various quarters that so long as
threatened to offer competition to
was
Today prices closed %
somewhat larger export business in.
a
night acted
ment
was
the outlook
belt.
corn
ex¬
uncertainties
of
parts
the
However,
facilitate
the
as
On
that
frightful toll and that the virulence of the attack
area
pressure
corn
Sat.
net
selling
On the 18th inst. prices closed %c. off to %c.
up.
Corn
temporarily rose lMc. with wheat, but later reacted because
of persistent liquidating sales by holders of
September con¬
tracts together with enlarged receipts here.
It was reported
^
develop¬
ments in Canada, Chicago wheat
prices rose iy±c. today,
but held only part of this
gain.
Active buying of wheat
futures at Chicago, attributed to
export interests and to
domestic millers, was witnessed at times.
A handicap, how¬
ever,
times because of
a cent at
dips in prices better buying support developed
and moderate rallies ensued.
However, towards the close
pressure was heavy and values ended at about the lowrs of the
day.
Rural offerings were larger, and overnight purchases
of corn to arrive at Chicago were of liberal volume.
United
was
lowered
were
the extreme
States Government would
probably purchase
Chicago September wheat futures and would
accept de¬
livery. Wheat trade attention focused largely on United
States Government efforts to lift
prices both through aug¬
mented subsidies to farmers to reduce
acreages and through
possible subsidies to exporters.
Talk was prevalent that
price levels had discounted all that
in the wheat supply and demand situation.
wheat.
from elevator interests and from miscellaneous traders.
initial price dip to
recent low
higher.
Starting weak the feed-grain rallied 3c. from its lows and
closed at about the highs of the day.
A tight cash situation,
owing to the unwillingness of farmers to move forward their
supplies at current levels, and brisk foreign demand accounted
for the strength in corn.
Corn export sales ran upward of
500,000 bushels.
Arrivals of corn at Chicago showed
rapid dwindling to only 64 cars today, and stocks on hand
totaled but 2,333,000 bushels.
On the 17th inst. prices closed % to l^c. down.
Corn
were so alluring that drastic
acreage reduction seemed
assured in the wheat belt for the next crop, members of the
wheat trade showed a marked change of sentiment
the
1938
On the 16th inst. prices closed IF2 to
2%c. net
an even more sensational course than
farmer
an
20,
Corn traced
exports. Selling pressure on the Chicago Board was attrib¬
uted largely to orders from the Northwest, with
Minneapolis
and Duluth showing big receipts of more than 1,600 cars.
On the 16th inst. prices closed l%c. to
2y%e. net higher.
The trade witnessed the unusual spectacle of corn
leading
the other grains in a rather spectacular
upward movement.
Realizing that the Government inducements held out to the
following
Aug.
inst.
prices
closed
Ysc.
down
to
Me.
up.
trading there was being of a mixed character.
Today
prices closed M to %c. net
higher.
Trading was fairly
active, with shorts covering furnishing the chief
DAILY
September
December
May
support.
CLOSING PRICES
OF
RYE
Sal.
41%
42%
45
FUTURES
Mon.
Tues.
39%<J;41%
41%
42%
43%
45^
IN
Wed.
CHICAGO
Thurs.
42
43
42%
45^
45^
43
%
Fri.
42%
43%
45^
Volume
147
Financial
Sen ton's
High and
September
69%
December
56 %
May
53%
When
Feb.
July
July
...
....
Made
Sprison's
9.1938
Low
September
14, 1938
39 %
December
OF
RYE
FUTURES
Mon.
40%
41%
Taes.
40%
Wed.
....
May
40%
41%
44%
DAILY CLOSING PRICES OF BARLEY FUTURES
Sat.
October
December
Tues.
May
WINNIPEG
IN
Wed.
Fri.
Thurs.
quotatipns were
38%
37%
37%
37%
37%
36%
37
36%
37
36%
40%
£
38%
39%
38%
38%
38%
as follows:
v!''
Rye flour patents..
Seminola, bbi., Nos
3 55@3.70
l-3..5.50@5.60
Oats good......
Com flour
Soft winter straights
3 3o(@3,85
Hard winter straights.„i.4.30(&4.50
2.15
Coarse
.
v.
79%
90%
No. 2 yellow
all rail
68%
Chicago, cash
New Orleans
...
Galveston...
50%
35-52
Oats
Rye
Barley
bbls.11)6 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
195,000
1,362,000
Milwaukee
Toledo
....
147,000
2,125,000
206,000
1,941,000
1,570,000
176,000
840,000
459,000
93,000
75,000
18,000
.
186,000
426,000
Duluth
50,000
78,000
Minneapolis
1,749,000
3.712,000
_
1,559,000
1,113,000
a.
1*5,600
14,000
9,000
25,000
278,000
480,000
1 00,000
6,000
138,000
49,000
88,000
^
111,000
29,000
21,000
Sioux City.
Buffalo
304,000
244,000
270,000
873,000
353,000
3,718,000
152,000
3,956,000
418,000
437,000
359,000
270,000
50,000
*6*0,666
262,000
24,000
561,000
24,000
2,3 97,000
989,000
702,000
2,000
2,202,000
819,000
3,000
2,419,000
1,471,000
1,768,000
—
3,252,000
2,782,000
...
Detroit
138,000
3,860,000
Total Aug. 13, 1938..101,145,000
Total Aug.
6,1938
Total Aug. 14, 1937
35,000
Wheat
Total wk '38
76,000
225,000
Corn
V
65,000
33,000
124,000
2,000
131.000
1,437,000
1,371,000
482,000
2,099,000
Same wk *36
487,000
9,112,000
5,658,000
4,678,000
813,000
30,495,000
795.000
40,521,000
1936
1,375,000
42,300,000
9,676,000
4,653,000
14,468,000
Wheal
21,033,000
York
194,000
25,000
130,000
17,000
197,000
22*666
72*000
160,000
1,337,000
Rye
Barley
1,215,000
637,000
8,000
8,000
16,000
12*666
Sorel
shown in the
Galveston-.
Montreal
3 4" 000
..
Boston
*8*666
227*666
274,000
3,145,000
1,998,000
27*666
279,000
8,581,000
66,524,000
69,338,000
3,806,000
Week 1937.
217,000
35,000
218,000
2,437,000 11,084,000
243,000
2,453,000
300,000
210,000
130,000
179,000
8,579,000
49,296,000
26,007,000
3,336,000
2,671,000
1,261,000
Since Jan. 1
1937
*
Receipts do not Include grain passing through New Orleans for foreign ports
througn bills of lading.
The exports from the several seaboard ports for the week
ended Saturday, Aug. 13, 1938, are shown in the annexed
4,001,000
2,684,000
2,056,000
6,821,000
Wheat
-//A
July 1,
July 1,
1937
Aug. 12,
1938
Bushels
Bushels
Bushels
No. Amer.
4,195,
Black Sea-
3,824,000
1,029,000
27,697,000
12,568,000
10,352,000
2,100,000
15,790,000
.
00
Corn
Flour
Oats
Rye
Bushels
Barrels
Bushels
Bushels
Houston
Barley
Bushels
36,201
24,000 2,294,000
2*8*666
624,000
.
New Orleans
18*666
56,000
Galveston
M ontreal
157,000
2,000
34*666
227*666
958,000
637*666
1,215,000
..........
Sorel
*27*666
217,000
1,069,000
Halifax
2,000
/
Three Rivers
213,000
.
Total week 1938--
716,000
3,395,000 4,873,000
2.391,000
17,000
Same week 1937
90,201
229,000
27,000
245,000
81,654
144,000
96,000
179,000
The destination of these exports for the week and
July 1, 1938, is
below:
as
since
"
Flour
Wheat
Corn
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Aug. 13
July 1
Aug. 13
July 1
1938
1938
July 1
1938
Aug. 13
1938
1938
1938
Barrels
Barrels
Bushels
Bushels
Bushels
35,212
225,133
9,989
Kingdom.
Continent
68,387
So. & Cent. Amer.
12,500
71.000
West Indies
28,500
157,000
Bushels
1,839,000
1.554,000
Brit. No. Am. Col.
Other countries.
..
Total 1938
Total 1937
The
11,083,000 3,195,000 13,118,000
9,227,000 1,678,000 12,868.000
30.000
*2*666
1.000
5,000
6,000
4*666
18,009
90,201
545,529
3,395,000
81,654
617,645
2,391,000
: y.-;v ;'Av'
Since
Since
July 1,
1938
July 1,
1938
Bushels
Bushels
Bushels
1937
4,528,000
3,640,000
6,023,000
11,115,000
94,000
28,300,000
779,000
2,407,000
2,196,000
19,371,000
49,570,000
43,000
5,648,000
4,936,000
384,000
2,200,000
2,936,000
1,269,000
5,435,000
7,813,000
74,255,000
46,968,000
8,087,000
53,885,000
59,833,000
countries
Corn
Loans
on
of
CCC
Through
44,907,040
nouncement made
Aug. 12
Aug.
11
Aggregated
Bushels—According to the an¬
by the Commodity Credit Cor¬
poration the "Advices of Corn Loans" received by it through
Aug. 11 showed loans disbursed by the Corporation and
held by lending agencies on
44,907,040 bushels of corn.
Such loans aggregated
$21,777,554.96, based on a loan rate
of 50 cents per bushel, of 23^ cubic feet of ear
corn testing
up to 143^% moisture; the average amount loaned
per bushel
determined in this
manner
thus far has been 48.49 cents.
Figures showing the number of bushels
by States are given below:
on
which loans
have been made
State—
Bushels
2,327
7,544,555
1,035,066
-
Iowa
—
20,341,101
-
25,661
Minnesota................. 3,699,820
State—
Missouri.
Bushels
.....
Nebraska
Ohio.....
South Dakota.
Wisconsin
1,444,484
3,484,588
99 612
1,225,623
4,203
Weather Report for the Week Ended
Aug. 17—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended
Aug. 17, follows:
Another week of abnormally warm weather was
experienced in most
sections of the country, with maximum
temperatures ranging from above
90 to 100 deg., or over, everywhere east of the
Rocky Mountains, except in
the Appalachian sections and locally in the extreme
Northeast.
East of
the Mississippi River they were mostly from 92 to 98
deg., while in the trans-
Mississippi Stares an extensive
area had 100 deg. or above.
(See Chart I.)
The highest temperature reported was 104
deg. at Kansas City, Mo., and
Huron, S. Dak.
This midwest area has experienced high
temperatures
during much of the summer with maxima of 100 deg. or over, reported
every
week since the first of July.
Chart I shows that from the northern Cotton Belt northward
the week
Exports jor Week
United
Week
18,318,000
Kansas
305,000
are
736,000
Indiana
Wheat
Bushels
Albany...
8,472,000
7,027,000
Other
Illinois
New York
A Corn A.
Since
Colorado
statement:
Exports from—
5,547,000
2,925,000
Since
6,000
Since Jan. 1
....
991,000
July 1, 1938, and July 1, 1937,
Week
$21,777,555
2,000
Total wk '38
3,010,000
1.947,000
11,497,000 14,058,000
13,654,000 11,112,000
5,920,000 11,133,000
11,497,000
1938
*1*666
14*666
13,000
Halifax
12,111,000
2,925,000
following:
■
1,069,000
New Orl'ns*
3,024,000
2,527,000
The world's shipment of wheat and
corn, as furnished by
Broomhall to the New York Produce
Exchange, for the week
ended Aug. 12, and since
Argentina.
11,000
Baltimore..
109,000
991,000
855,000
446,000
Total... 12,268,000
Oats
161,000
1,947,000
134,658,000
Australia
bbls 106Z&S bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
Philadelphia
726,000
2,664,000
2,361,000
...101,145,000
15,029,000
India
Corn
1,529,000
/Summary—
7,501,000
2,333,000 4,391,000
1,861,000 11,240,000
Saturday, Aug. 13, 1938, follow:
Flour
Receipts at-
on
24,367,000
2,523,000
13,802,000
Total receipts of flour and grain at the seaboard ports for
the week ended
1938
15,029,000
14,682,000
Total Aug. 14, 1937
670,000
607,000
216,000
Aug. 12,
13,130,000
Barley
Bushels
168,000
377,000
1,120,000
■
Total Aug. 13, 1938..
Total Aug.
6,1938
Exports
Since Aug. 1
>
450,000
5,446,000
Same wk *37
7,416,000
7,202.000
New
5,283,000
4,215,000
2,747,000
4,101,000
1937
Rye
Bushels
4,961,000
Total Aug. 14, 1937
380,000
14,667,000
18,121.000
1938
Oats
Bushels
4,785,000
'•
'■■■:
5,547,000
4,003,000
4,294,000
1,610,000
~
500,000
374,000
393,000
3,010,000
1,829,000
Bushels
Bushels
Lake, bay, river &seab'd
Total Aug. 13, 1938.-116,174,000
Total Aug.
6,1938
110.942,000
71,000
1,000
130,000
206,000
72,000
1937.
Canadian—
40,000
'
25*000
35,000
11,497,000 12,111,000
13,654,000
8,448,000
5,920,000
9,772,000
96,260,000
110,291,000
48,000
226,000
122,000
grain not included above:
Oats—On Lakes, 617,000 bushels
total, 617,0000 bushels, against 66,000 bushels in 1937.
Barley—On Lakes, 594,000
total, 594.000 bushels, against 481,000 bushels in
1937.
Wheat—New York, 7,001
bushels: New York afloat, 110,000; Buffalo,
217,000; Albany, 90,000; on Lakes,
1,841,000; on Canal, 343,000; total, 2,608,000
bushels, against 4,761,000 bushels
in
10,000
6,000
116,000
101,000
252,000
..
Note—Bonded
90,000
166,000
..
6,000
151,000
2,609,000
870,000
90,000
Canadian
477,000
1,972,000
4,000
-
16,015,000
::r
179,000
American
201,000
v.
22,000
147,000
4,000
'
Joseph.
56,000
94.000
273,000
249,000
281,000
Duluth
658,000
46,000
Wichita
173,000
235,000
1,841,000
afloat...
899,000
767,000
*4*666
936,000
686,000
244,000
6,259,000
_
...
"
13,000
23,000
3,315,000
1,293,000
I"I"
148,000
472,000
5,935,000
1,030,000
Indianapolis
Peoria.......
Chicago
20,000
108,000
Kansas City
Omaha....
122,666
97,000
14,000
2,000
......
3,637,000
32,232,000
Omaha
440,000
199,000
Peoria..
St.
-
11,000
2,516,000
6,359,000
Hutchinson.....
St. Joseph........
Kansas City
—
2,000
1,000
8,431,000
— —
Wichita
182,000
350,000
'
Indianapolis
St. Louis
4,000
u
21,00<F
Ft. William & Pt. Arthur
Corn
20,000
16,000
Other Can. & other elev.
Chicago
298.000
2,039,000
E°riy°rth
60
of the last three years:
Wheat
Bushels
35
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepaied 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
Flour
Barley
65,000
On Canal
All the statements below
Receipts at—
Rye
Bushels
651,000
1,107,000
Buffalo.......
Oats, New York—
No. 2 white
Rye, No. 2 f.o.b. bond N. Y__
Barley, New York—
47% lbs. malting
Corn, New York—
28,000
"
Philadelphia......
Baltimore...
Minneapolis-
3.00
*L
Fancy pearl.Nos.2.4&7-4.00@4.50
,
Oats
Bushels
1(0oo
New York
Milwaukee
GRAIN
•
Corn
Bushels
Bushels
On Lakes
1.70
Barley goods—
4.50©4.70
__.4-20@4.45
Wheat, New York—
No. 2 red, c.i.f., domestic.
Manitoba No. 1, f.o.b. N Y.
Wheat
United States—
BlvUKo
Boston..
Sioux City...
St. Louis.
FLOUR
Spring oats, high proteln_5.15@5.45
Spring patents
4.55@4.7o
Clears, first spring...
_4.15($4 40
Hard winter patents
Hard winter clears._
40%
41%
43%
40%
41%
43%
39%
39%
.
Closing-
Mon.
Fri.
Thurs.
41
42
44
December
15, 1938
15, 1938
15, 1938
WINNIPEG
IN
1221
VjrtAl^N
afloat
Sal.
„
October
43%
Chronicle
Made
Aug.
Aug.
Aug.
41 %
25, 1938 May
DAILY CLOSING PRICES
When
and
100,000
20,345,000 4,873,000 26,087,000
15,040,000
17,000
69,000
averaged from 3 to 10 deg. warmer than normal, except in a few local areas.
The relatively warmest weather was reported from the
interior of the
Northeast
westward
to
the
Dakotas
and
Nebraska.
In the South only
slightly above normal warmth prevailed, with a few stations
showing
slight deficiencies in temperature.
From the Rocky Mountains westward
it was somewhat cooler than normal, the greatest minus
departure of
temperature appearing in the northern Great Basin.
Along the Pacific
coast about-normal warmth prevailed.
Chart II shows that moderate to substantial rains occurred
in most
central and northern States east of the Rocky
Mountains, and heavy rain¬
fall in the central Gulf area.
In the Southeast it was
lighter than in previous
weeks and there was much sunshine and fair weather.
In much of the
Northeast, especially New York, heavy rains occurred.
In the Ohio
Valley the weekly totals were mostly light to moderate, but they were
in most of the central trans-Mississippi area, including south¬
Iowa, extreme northern Missouri, southwestern Nebraska, central and
rather heavy
ern
visible
supply of grain,
comprising
the
stocks
granary at principal points of accumulation at lake
seaboard ports Saturday, Aug. 13, were as follows:
in
and
eastern
Kansas, and northern Oklahoma.
There were some local heavy rains in southwestern
Kansas, Dodge City
reporting 2.8 inches, while in the extreme northern Plains substantial rains
occurred in many places, though South
Dakota and Minnesota were
Financial
1222
West of the Rocky Mountains rainfall was light, especially
of the Pacific Coast area had a rainless week.
northwestern sections of the country are
still too dry, the generally fair and warm weather east of the Mississippi
River where moisture is mostly ample made an ideal growing week.
C<?nr
siderable improvement is noted in the Southeast, especially, with less
rainfall and more sunshine.
Some jiarts of the western Ohio Valley had
become unfavorably dry, but extensive rains at the close of the week were
decidedly helpful and the outlook will improve.
Between the Mississippi River and the Rocky Mountains conditions are
still variable.
In some areas rains were very beneficial, especially in
Kansas, northern Oklahoma, southeastern Nebraska, northern Missouri,
North Dakota, and Montana.
There was too much rain in Louisiana and
eastern Texas.
However, much of Missouri is still too dry and there has
not been sufficient rain to materially relieve the situation in South Dakota,
largely missed.
n
the Great Basin, while uuost
While
some
midwestern and
Minnesota, and Wyoming.
In Montana there were
,
,
substantial showers in many places and the
improved materially; also in New Mexico and Arizona.
The
Pacific Northwest is still in need of moisture, although in Washington
the forest-fire situation has improved with light showers and cooler weather.
No material crop damage resulted from the tropical hurricane in the centra}
Gulf area, except In Lousiiana where persistent heavy rains were harmful.
Aug. 20,
Chronicle
1938
condition fair to good, except late crop burned considerably
Progress of cotton fair to rather poor; condition fair to good;
benefited where rain fell, but deteriorating locally in extreme south,
ana
shedding in south-central and southwest.
Pastures, gardens, and
minor crops mostly fair to good.
Livestock fair to good.
Arkansas—Little Rock:
Progress of cotton mostly very good, except
locally, where too wet or too dry; still blooming and boiling generally, but
frequent rains caused rank growth and favored weevil locally; bolls open¬
ing and ginning started locally.
Progress of late corn good, except in some
north and west areas where too (fry.
Weather mostly favorable for pas¬
tures, rice, sweet potatoes, truck, and fruit.
Tennessee—Nashville:
Progress and condition of corn good to excel¬
lent, except on some lowlands where wet.
Progress and condition of cot¬
ton generally good; setting
bolls; some shoulder high.
Burley tobacco
good; ripening and much cut; dark fired; considerably damaged by rust and
wildfire; being cut green.
Pastures and hay crops good to excellent; con¬
siderable cut.
Truck good to excellent.
of corn fair and
in dry areas.
crop
outlook has
completed or is well under way in the
later northern and elevated sections.
Threshing made good advance
with mostly favorable weather conditions, being well along in the Spring
Wheat Belt.
There was some complaint of grain rotting in shock in Wis¬
consin and more or less shock damage is reported from parts of the middle
THE
Small Grains—Harvest is about
Atlantic area.
Grain sorghums have been severely damaged in the western half of
Kansas, and there was much loss to rice in Louisiana by the tropical storm
In Texas progress and condition of rice are good, but harvest
was delayed by frequent rains.
East ofMississippi River plowing for fall seeding is making good advance,
of the week.
in generally good condition, but much of the
However, recent rains have improved conditions
with the so
too
dry.
Plain has been
in central and
southern sections.
Corn—High temperatures and mostly ample
corn-growing week practically everywhere
lent
moisture made an excel¬
east of the Mississippi
dryness had developed, but rain¬
and very beneficial.
In the Ohio
Valley the crop is earing fast and making generally excellent progress.
West of the Mississippi conditions are more variable.
In Missouri
considerable damage has been done, especially in the central and south¬
western portions, while in Kansas deterioration continued until the rains
the latter part of the week; in the western half of Kansas there has been
much irreparable damage and the late crop has been permanently harmed
In the eastern half.
In Nebraska, also, corn deteriorated until the latter
part of the week, with permanent damage heavy on a large acreage, though
much of the crop is still fair and rain and cooler weather have been helpful.
South Dakota has had considerable damage by heat and drought, with
the crop spotted and widening areas entirely gone.
In Minnesota progress
was mostly good, though there is some drying on light soils.
In Iowa corn
advanced rapidly, with early fields beginning to dent and the bulk of the
crop in the hard roasting ear or dough stage; upland corn in many south¬
ern counties is prevaturely ripening and changing color.
Cotton—In the Cotton Belt the week was moderately warm, with heavy
rain in much of the central-southern area, but less rainfall and more sun¬
shine in eastern sections.
In general, the weather was favorable for cotton,
except in some central Gulf areas where heavy rains resulted from the
River.
In parts of Illinois unfavorable
fall at the close of the week was timely
tropical hurricane.
in Texas progress
and condition of cotton were mostly fair to good, ex¬
cept in the extreme east where too
much rain favored weevil activity and
shedding and rotting of bolls; bolls are opening rapidly in most
sections, with the first bale reported from the northern part of this State.
In Oklahoma showers were helpful in the northern part of the cotton area,
but deterioration is reported in scattered localities in the extreme south,
with more or less shedding in south-central and southwestern sections.
In the central States of the belt, progress was fair to good in most places,
caused
except that cloudy, wet weather in much of Louisiana was
favorable and caused deterioration; some staple was blown
decidedly un¬
out and con¬
favorable for weevil activity.
Otherwise, except for
too much rain in parts of Arkansas and too dry locally in the west and
north of that State, conditions were mostly favorable in the central area.
In the eastern bolt much better weather than recently was rather general,
and fair to good progress is reported in most sections, except that in many
Georgia localities the crop is beyond material recovery.
Mostly warm and
sunny weather in the east was favorable for checking weevil activity,
except in some locally wet areas.
ditions
The
were
very
Weather Bureau
furnished the following
resume
of
conditions in the different States:
Virginia—Richmond:
Temperature about 4 deg. above normal; negli¬
gible rains. Cotton continues poor. Corn luxuriant, many fields tasseling.
Tobacco fair to good; mosc fields damaged by earlier heavy rains; about
half of crop cured.
Pastures good.
Peanuts fair, but weedy.
Truck
crops generally good.
North, Carolina—Raleigh:
Warm; generally fair, except daily showers
in mountain region first half.
Progress of cotton good; squaring to upper
Piedmont; weather favorable for checking weevil.
Tobacco generally
good advance; rapid progress curing, marketing, and making ready for
market.
Corn mostly good to excellent.
Hay crops finest in years. Sweet
potatoes and other crops good.
South Carolina—Columbia:
Fair, warm
weather improved condition
of cotton which mostly fair to fairly good; opening rapidly at lower eleva¬
tions; picking fair progress; ginning beginning; opening in central and
lower Piedmont areas; blooming and bolls forming well to north; mod¬
erate to heavy shedding locally.
Eastern tobacco sales active.
Forage,
truck, and minor crops good condition.
Georgia—Atlanta:
More favorable than last week, especially for cot¬
ton, but recovery impossible in many places, although weather favorable
for checking weevil;
picking making fair to good progress in north with
moderate shodding.
Corn firing on much low ground, but general prog¬
ress mostly good.
Peanut harvest beginning.
Minor crops generally good.
Florida—Jacksonville:
Warm and dry.
Progress of cotton fair; con¬
dition fairly good; picking slow; weather favorable for checking weevil.
Sweet potatoes good; some dug.
Preparation for planting fall truck de¬
layed by dry, hot weather, but seed beds doing well.
Citrus mostly good;
fruit sizing well.
Alabama—Montgomery:
Warm; scattered, light showers, and abun¬
dant sunshine favprable for ail crops.
Condition and progress of cotton
fairly good; picking locally in south; moderately favorable for weevil ac¬
tivity; light to moderate shedding.
Corn near maturity in central and
north; good condition and progress.
Other crops and pastures good con¬
dition and progress.
Mostly good rains; cloudy.
Conditions fa¬
vored weevil activity; progress of early planted cotton mostly very good;
bolls opening; progress of late-planted generally fair; plant growth good
and fruiting rather poorly.
Progress of late-planted corn generally good.
Progress of minor crops generally excellent.
Louisiana—New Orleans:
Cloudy; only 3 days without widespread
rains; torrential rains attending tropical storm Sunday and Monday over
large south-central area with heavy rains extending farther north and
east very unfavorable for all mature crops.
Generally too wet and cloudy
for cotton; crop deteriorated rapidly, except in extreme north where progress
only fair; some young blown out and many complaints of heavy shedding,
slow opening, bolls rotting, and stoppage of blooming; very favorable for
weevil activity, and these insects out of control in some places.
Much
damage and loss to rice by tropical storm. Cane making excellent progress.
Dry, hot weather needed for all crops.
Texas—Houston:
Warm; light to locally heavy rains in Panhandle,
and locally elsewhere, but mostly dry.
Preparation of land for fall-wheat
seeding making rapid advance in northwest.
Late-planted corn needs
rain in north-central areas and dry weather in extreme east; otherwise
progress and condition mostly good.
Harvesting general in south.
Prog¬
ress and condition of cotton mostly fair to good, except in extreme east,
where frequent rain favored insect activity and caused some heavy shed¬
ding and rotting; early opening slowly in northwest and rapidly elsewhere,
and picking expanding; first bales coming on market in north.
Fall plow¬
ing making good progress, except in extreme south where soaking rain
badly needed.
Cattle generally good.
Ranges good, except extreme south
where too dry.
Progress and condition of rice good, but harvesting de¬
layed by frequent rains.
Oklahoma—Oklahoma City:
Warm; heavy to excessive rains in north
and less or none to southward, where rain now urgently needed.
Progress
Mississippi—Vicksburg:
DRY GOODS TRADE
New York,
Friday Night, Aug. 19, 1938.
Although the excessive heat, prevailing during part of the
week, materially affected the attendance in the stores, retail
trade again made a fairly satisfactory showing.
Regular
apparel lines and home furnishing items were neglected, but
a
sustained demand existed for sports wear
and other
vaca¬
Department store sales throughout the country
for the week ending Aug. 6, according to the report of the
Federal Reserve Board, ranged 12 % belowr the corresponding
week of 1937.
For stores in New York and Brooklyn, the
tion items.
Federal Reserve Bank of New York
reported
a
loss in sales
amounting to 14%, while in Newark stores a drop of 15.4%
was registered.
Trading in the wholesale dry goods market remained quiet
reflecting the continued caution on the part of both retailers
and wholesalers in covering their nearby requirements.
As
heretofore, merchants in general felt disposed to obtain a
clearer view of consumer response to their offerings before
adding to their commitments. Some buying of sheets, wash
goods and percales was reported, but most purchases con¬
cerned fill-in-lots for spot delivery, whereas forward orders
continued very scarce.
Retailers in some agricultural dis¬
tricts were said to display slightly increased willingness to
add to their stock of merchandise,
obviously predicated
on
the expectation of greater spending ability on the part of
rural consumers resulting from larger crop proceeds.
Busi¬
ness in silk goods turned dull although prices held relatively
steady. Trading in rayon yarns continued active, -with both
weaving and knitting plants adding substantially to their
previous orders for fall shipment.
With current deliveries
running ahead of production, a further considerable decline
in the amount of surplus stocks is anticipated, and reports
were current that most producers are planning to return to
full
production schedules, with prospects that capacity
operations may shortly be resumed.
Goods—Trading in the gray cloths
its previous desultory fashion, and
prices receded further reflecting the virtually complete ab¬
sence of buying interest on the part of users.
Some additional
second-hand offerings made their appearance, but their total
volume remained within narrow bounds.
While it is believed
that inventories of converters are running low and that a
spurt in the movement of finished goods may quickly be
reflected in increased covering of nearby requirements, it is
generally felt that no revival in activities is likely to mate¬
rialize until after the release of the September cotton crop
report, or a previous announcement of a loan offer for this
year's crop. Meanwhile, it is reported that plans are afoot
in a number of mills to again resort to drastic curtailment
measures unless the demand for goods shows an early im¬
provement. Business in fine goods remained dull but prices
held steady.
While the demand for combed broadcloths
proved disappointing, active sampling of fancy cottons was
reported. Pigmented taffetas, lining twills and carded pop¬
lins moved in fair volume.
Closing prices in print colths
were as follows: 39-inch 80's, 634 to 634c.
39-inch 72-76's,
Cksc.; 39-inch 68-72's, 5c.; 3834-inch 64-60's, 434c.;,
3834-inch 60-48's, 3J4 to 4c.
Domestic
markets
Cotton
continued in
Woolen
Goods—Trading in men's
wrear
fabrics continued
its spotty character as clothing manufacturers preferred to
await a turn for the better in the flow of goods in distributive
channels
before
acquiring additional supplies of materials.
Sentiment, however, appeared improved as it was felt that
the arrival of cooler weather would quickly be followed by
increased demand and
a
stepping
up
of manufacturing opera¬
limited to lightweight
Spring suitings are not
Current buying interest was
materials as most regular openings of
tions.
expected to take place until the second week of September.
Reports from retail clothing centers made an unsatisfactory
showing, with the excessive heat prevailing in many sections
of the country seriously retarding consumer buying interest.
Business in women's goods gave indications of an early
improvement as the somewhat accelerated flovr of goods in
distributive channels caused garment manufacturers to show
more
interest in offerings.
Foreign Dry Goods—Trading in
linens continued quiet,
and household items
Business in burlap re¬
with transactions in both dress goods
confined
to
occasional
fill-in lots.
mained inactive, and prices ruled slightly
the weakness in the Calcutta market where
easier reflecting
the lack of
prog¬
production curtailment agreement depressed
sentiment.
Domestically lightweights were quoted at
3.55c., heavies at 4.85c.
ress
in reaching a
Volume
Financial
147
State and
Chronicle
1223
City Department
Page
603
603
Name
Rate
Fresno Co., Calif
Fresno Co., Calif.
Fulton, N. Yt (2 issues)
Garden City, N.Y
614 Gay Mills, Wis
_•
609
WIRE
ST
Gilby Twp., N. Dak
Gilman, 111
IN
municipal
which the
publishing
was
or
grants actually made or promised
States and municipalities during the month.
The num¬
ber of municipalities issuing bonds in July was 260 and the
to
number of separate issues was 390.
Name
Rate
464 Aitken County, S. C
Alta Vista, Iowa..
774
782
456
1945-1954
§330,000
101.29
2.87
1940-1954
7,500
101.66
2.75
101.39
1.98
Alliquippa, Pa
Amity Twp., U1
2)4
1939-1948
50,000
3)4
1945
20.000
2)4
1945-1948
19,000
100.28"
2~.21
2 )4
1939-1951
24,500
101.04
2.32
2%
Ambridge, Pa
1939-1942
50,000
Arapahoe Co. S. D. No. 13, Colo„3)£
Asbeboro, N. C
4
304 Asheboro, N. C_».-^.._..
614 Ashland County, Wis
457
Basis
3
457 Anderson Twp. S. D., Ind
305 Andersons. D. No. 17, S.C
304
Price
__3
457
612
Maturity
Amount
1942-1948
100
100
100.11
1958
<*25,000
100.06
4~73
1
1939-1943
10,000
100.53
0.82
Greenburgh, N. Y. (4 issues)
3
1939-1948
78,500
100.21
Green Co. S.D. 13, Wis
3
1939-1951
13,000
104.38
2.30
Greenville, N. C
1940-1956
50,000
100.03
3.32
60,000
104.61
3)4-2)4
_
16,000
5)4
466
774
303
.....
101
3,500
102.68
3.40
120,000
100.08
2.74
300
Hoopeston, HI
614
Iron Co., Cedar City S. D„
782 Jones, Okla
306
King Co. S. D. 177, Wash
778
KIrksvllle, Mo
300 Lake
300 Lake
300 Lake
Leadwood S. D., MO..
1.26
609
3.50
461
Livingston County, N.
Lockport, N. Y
Los Angeles Co. S. D.,
Los Angeles Co. S. D.,
Los Angeles Co. S. D.,
1945-1958
1948
<220,248
25,000
101~.76~
2.05
776
2)4
2%
1940-1960
105,000
101.39
2.11
776
456
456
457
Bicknell Sch. City, Ind
1940-1960
11,500
100.67
2.64
784
926
Birmingham,
Mich
4
1941-1962
<2110,000
90.50
5.37
607
926
Birmingham,
Mich
4)4
1941-1963
90,000
94
4.78
775
1942-1968
4,500,000
1945-1958
<2155,000
460
301
776
Marion Con. 8. D. 4, La
Marlon Co. S. D. 128, Ore
782
Marion Co. S. D. 78, Ore
43,500
24,000
100
5.00
100
3.50
605 Marlon School City, Ind
465 Marshall County, Tenn
1939-1953
17,000
100.22
2.67
776
2)4
774
Canton S. D., Ill
779
Carlsbad, N.M
784
1939-1940
2)4
1939-1968
1939-1943
200,000
Carlsbad S. D., Texas
3
2^-3
606
100,000
100.21
2.10
782
1.78
302
100.46
0.84
605
Midland S. D., Mich
Milan S.D. 52,111
165,000
50,000
605
100
784
2,000
784
100.78
2.35
299
103.82
2.46
64,000
100.60
1.81
1939-1948
250,000
101.07
1.79
60,000
101.16
2.32
60,000
........
7-33,000
........
5,000
Central Point, Ore
784
Chester Common S.D., Texas
.4
608
Cleveland, Miss
.3 X
306
Cockran County, Texas (2 issues).4)4
303
..l%-2)4
...4
Concordia Parish S. D.'s, La
3)4
Concordia Parish S. D.'s, La__.4-4K
1940-1943
7-16,500
458
1939-1946
27,500
100.04
3.49
306
25,000
100
4.08
464
Congers Fire Dist., N. Y
Conrad, Iowa..
1939-1948
12,500
100.07
3.19
302
457
100
4.00
607
299
Contra Costa Co., Calif
100.12
3.13
464
463
Coos County, Ore. (2 issues)
Columbia, Mo. (2 issues)
608 Columbus, Neb-
303
..3.20
<215,000
15,000
-
1941-1961
774
774
100
4.00
15,000
776
461
—..4
r125,000
775
225,000
...
458
20,000
1940-1948
305
3,500
1939-1963
3-3)4
50,000
1940-1948
r48,000
2.40
1939-1948
35,000
100.14
2.37
466
461
1)4
1939-1958
69,000
100.11
1.48
608
1)4
1939-1948
rlOl.OOO
100.11
1.48
Courtiandt, N. Y
Cortland, N.Y. (2 Issues)
461 Cortlandt, N. Y
784
Corpus Christ!, Texas
779
Corning. N. Y. (3 Issues)
3
1.40
Cottonwood Falls S. D., Kan.....2
605 Crawford Co. S. D. No. 200, HI
2%
Creston, Ohio..—
300 Crown Point, Ind....
465
464
650,000
1939-1948
301
463
100.79
3
98.000
5,500
1939-1953
303
1.99
101.65
2.26
1.80
5
1940-1953
30,000
100.04
1939-1947
9,000
10,000
100,000
1940-1949
1)4
103.61
3,413,000
100.18
1.48
ibo.il"
1.73
1939-1948
1939-1948
1942-1958
1939-1940
197,000
5,000
30,000
18,000
85,000
115,000
45,000
1939-1959
1940-1953
1939-1960
300
1939-1946
4,000
100.46
2.90
775
1941-1948
20,000
100.65
2.14
783
2)4
1939-1958
1,650,000
100.15
2.23
605
19,000
100.88
2.90
3
1940-1958
1939-1946
55,000
778
782
4)4
1940-1945
30,000
607
1942
8,000
1941-1958
900,000
2
303
3)4
4
..4)4
Drumwright S, D., Okla
778 Duluth, Minn
Dunkirk, N.Y. (4 Issues)
782 Dunmore, Pa
614
Dunn County, v is
775
EastPeria, HI. (2 Issues)
East Rockaway, N. Y
2.20
1939-1948
11,360
1939-1954
100,000
3%
609
784
Eatley 8.D., Texas
306
EdinaS. D.,Mo
457
:
Edinburg, Ind
Elgin, HI. (2 issues)
457
100.34
6,000
460
605
100.08
2.46
T.72
128,000
98,000
1939-1957
1.65
101.32
2.61
100.58
1.91
100.19
2.98
15,000
1939-1951
100.63
7-13,000
14,360
1939-1958
100.09
1.87
15,000
150,000
100.09
2.94
100
3.00
100*"""
3-.00
40,400
44.000
170,000
100.34
75,000
53,500
7-54,000
101*85"
2.56
101
4.92
80,000
100.43
1.35
180,000
101.32
2.36
25,000
107
29,000
100.55
1939-1958
7*60,000
1939-1948
150,000
100.85
1.34
lbo'.oe"
2~18
776
1948
rlOO.OOO
100.78
1.61
1939-1948
435,000
100.60
2.13
........
10,000
775 Portland,
Ind
Portland,
Me
302
Ramsey County, Minn..
306
1%
2)4
Rawlins, Wyo—
101.04
2.35
100.25
1.87
1941-1960
30,000
loo""
3~66
778
Rich Hill Twp., Mo
1939-1943
16,500
100
3.00
783
Richland County, S. C
24,000
101.27
3.87
300 Robinson Twp. S. D.. HI
102.30
451
Reconstruction
12,000
-
—....
26,000
1939-1962
100.29
1)4
53,000
4
1939-1951
2.67
100.10
7,000
7-65,000
1939-1943
2.70
100.76"
20,000
1939-1943
100.46
4
121,000
Empire S.D. No. 73. N. Dak
2.64
20,000
35,000
1939-1958
1939-1943
—3J4
Mass
1940-1952
Emerson, N.J
2T4
102.05
Pine Hill, N. J-
1939-1953
611
101.26
250,000
1939-1963
1939-1958
100.95
100.47
Pittsfield,
1942-1952
303
100.50
100.19
459
1.90
2
Elm Hill Water Distl, Mass
3
Elmwood & Elkland Twp. S. D. 3,
Mich
3
2.65
460
Corpora¬
tion (80 Issues)
4
781 Reidsville, N. C
3)4
302 Renville Co. S. D. 33, Minn
3)4
784 Rhinelander, Wis
i
3
458
1.82
3.21
100.36
1.25
3)4
2)4
Elgin S.D. 46, HI
103.78
100.41
106.83"
8,500
20,000
1.38
12,600
25,000
155,000
150,000
—
3,000
605
777
2.00
122,000
1939-1943
East Wenatchee, Wash
778
100
480,000
1942
3
2%
New Buffalo Twp. S. D., Mich...2 )4
Newbury port, Mass
1)4
New Castle, Pa
1%
Newport, R. I
1%
Newport News, Va
2%
New Prague, Minn
2
Niagara, N. Y
3
New York Mills, N. Y
1.90
3.25
2.88
100.18"
22,000
1940-1952
Perry, Iowa
783
781
76,000
14,000
7-82,500
1939-1958
1939-1953
458
1~36
100.51
.2)4
463
1940-1953
2)4
2)4
2%.
100
85,000
17,500
604
K)0~22~
Dallas, Texas (4 issues)
780 Davidson County, N. C
607 Dearborn, Mich
Dickson City, Pa
Muncie School City, Ind
Narragansett, R. 1
2.34
7-7,000
—
—
100.27
18,000
1941-1953
--
1%
3)4
100
1939-1948
1939-1944
North Charlerois, Pa
2%
1943-1950
North Dakota (State of)
—3
11-30 years
North Gem Ind. S. D. 61, Idaho..
O'Fallon Twp. S. D., Ill
3
Orangeburg County, S. C
3)4
Orion Twp., 111..
3)4
1939-1948
Palmyra S. D., Mo
2%
1941-1957
Pascagoula, Miss—-—
5)4
1943-1965
Peabody, Mass
1)4
1939-1943
Pekin, 111
2)4
1939-1958
Pelham 8. D., Ga—............3)4
—•-
609
3.24
500,000
100.93
Moulton Ind. S. D., Iowa
4
Mount Pleasant S. D. 9, N. Y...2.70
614 Natrona County, Wyo
608
3.24
101.31
New Brighton, Pa
1942-1955
2.85
3.46
5,000
Neches S. D., Texas..
1939-1958
Okla
100.42
175,000
3%
Monroe County, Tenn
4
Monroe S. D.t Wis
2)4
Monterey County, Calif
3)4
Montgomery S. D. No. 6, N. Y..2.70
Montrose, Colo..
2%
Montrose, Colo
2%
304
609
1.55
3.48
7-311,000
49,000
Minonk, 111
Carter & Jefferson Cos. S. D. 65,
1.31
100.18
100.30
6,700
<150,000
2)4-3
2)4-2%
2
3
1)4
-
304
100.56
100.23
1943-1958
Miami 8. D., Okla....
100.53
101
7*300,000
1941-1942
1939-1958
....—
400,000
1939-1948
2)4
Maxwell, Iowa
777 Medford, Mass
609 Mexico, N. Y
2.44
1942-1958
—
304 Carrollton, Ohio.
Maryland (State of)
100.73
55,000
2*30
1944-1947
3
2
McCook, Neb..
Maiden, Mass. (4 issues)
<220,000
—1
4.00
101.06
40,000
2.70
Cambridge, Mass. (2 issues)
Cambridge, Mass..
District
—4)4
...2)4
782
30.000
100
107.45
107,000
100,000
25,000
18,000
1943-1948
39,000
<*5,000
250,000
1,000,000
1940-1951
1941-1958
1939-1943
5-22 yrs.
1939-1948
1.40 1944-1945
1.60 1939-1948
1939-1963
Calif
3 )4
1939-1956
Calif—--3)4
1939-1943
Calif
3
1-20 years
Louisville, Ky
3
1-20 years
Louisville, Ky
3
Loving S. D., Texas
4
1939-1948
Lowell, Mass
3
Luverne Ind. S. D., Iowa
1940-1946
2)i
3)4
1940-1958
102
12,000
15,000
Y_.
4)4
5
2)4
55,000
1939-1957
...—3)4
105.10
456
16,000
1941-1957
1941-1950
County Supervisors
No. 1, Miss
2)4.
301
4
3
180,000
4
1.89
90,000
125,000
1942-1957
........2)4
...3
2
2
County, Ind.,
County, Ind
County, Ind
777 Lawrence, Mass
463 Lawton, Okla.
3
777
4
Kandiyohi Co.S.D. 49,Minn
2%
784 Karnes City S. D., Texas.._..-_-32i
608 KeytesvilleTwp.,Mo.
Bethel,
Brunswick, Maine
3.26
101.13
Utah.2^
608
Bellevue, Pa
607 Burton Twp. S. D. 6, Mich
606 Butler County, Kan
102.17
266,000
1949-1954
Iron Co. S.D., Utah.
603
458
39,000
1940-1959
2)4
Indianapolis. Ind.
Liberty School Twp., Ind
85,000
1.98
1940-1957
2
775
775
3%
100 T 4*
1939-1954
463
Brainerd, Minn....
461 Brewster, N.Y
607 Brighton, Mich
32,000
2
3)4
465
4T6
39,000
..
Hornell, N.Y. (2 issues)
783 Huron, S. Dak
4~06
Bountiful, Utah
-
461
101.94
Bowman, N. Dak.
T4~
7,000
1943-1958
100.66
781
7-8,000
2%
44,000
614
2.35
Homestead, Pa..
85,000
302
3.15
100.24
612
303 Lee
2.23
1.83
100.69
45,000
1939-1942
3.84
100.17
1941-1948
101.36
12.000
1
1939-1948
1955-1961
*
3.98
50,000
95,000
1939-1950
4)4
3)4
1939-1967
BoonvUle S. D., Mo
3.40
Henry Sch. Twp., Ind
100.09
774 Boundary County, Idaho
102.70
775
1939-1955
778
1944-1951
3)4
2.40
.5
...
4%
Hospital of La. at New Orleans.3.85
775,000
60.000
100.07
606 Board of Administrators of Charity
2.96
775,000
1943-1953
2
Haskins, Ohio.......
461 Haverstraw, N, Y
608 Hazelhurst, Miss
780 Henderson, N. C
Bayonne, N. J. (2 issues)
778 Beaver Crossing, Neb
Conn
5,000
1939-1948
3)4
Harford Co., Md
1939-1943
3
Hardy Co., W.Va
776
3.75
2,500,000
4
10,000
12,500
.4
Greenville. Miss
Hagerstown, Ind
32,000
100
...
Hanson Co., S. Dak
Hanson Co., S. Dak
304
608
1939-1943
4.50
5,000
46,500
1940-1943
3
1.69
100,000
1939-1954
Athens H. S. D. 213, U1
3)4
Bannock Co. Ind. S. D. 1. Idaho..-2?i
100.01
70.000
1939-1948
1939-1948
3%-4
60,000
1939-1948
464
given on page 921
of the "Chronicle" of Aug. 6.
The total of awards during
the month stands at $47,114,337.
This total does not include
Federal Emergency Relief Administration or Public Works
Page
1939-1948
r24,000
....
Administration loans
2.69
3
-
605 Grendale School Town, Ind.
at the usual time.
The review of the month's sales
0.99
102.23
780
JULY
present herewith our detailed list of the
issues put out during the month of July,
crowded condition of our columns prevented our
100.03
3,000
614
.LOUIS
We
80,000
1938-1940
609
Broadway
bond
1939-1943
•
2%
3%
464
SALES
1.57
2.91
3.46
4)4
3%
608
BOND
100.13
Gilbert S. D., Iowa
605
MUNICIPAL
76,900
Goose Creek Twp., 111.
778 Gordon, Neb
925 Great Barrlngton, Mass
STIFEL, NICOLAUS & CO., Inc.
CHICAGO
1939-1948
1.70
Geddes, N.Y
Gilbert, Minn. (2 Issues)
457
605
314 N.
100.16
4
459
605
DIRECT
Basll
100.11
5,000
1
*
304
105 W. Adams St.
Price
13,000
1940-1944
.....1.60
303
Illinois & Missouri Bonds
Amount
1939-1951
3)4
779
Specialists in
Maturity
3
Finance
7,811,000
1941-1953
22,000
100.82
3.15
1939-1958
1939-1948
7-96,000
101.40
3.10
75,000
101.39
2.47
100.14
2.48
32,500
100
3.00
.2)4
1940-1954
1-12 yrs.
..
........
15,000
360,000
72,000
4
1939-1950
6,000
100
4.00
775
Rock Falls S. D. 13. HI
305
2%
1940-1948
r200,000
100.92
2.08
466
Romney, W. Va
39,000
100.13
2.24
784
Rosedale Ind. S. D., Texas
4
1943-1968
<*25,000
100
4.00
EutawvilleS.D.. S.C
1939-1948
10,000
100.01
3.74
784
St. Albans, Vt
2)4
1953-1954
rl 2,000
101.18
2.66
304
Fairview, Okla.-
2)4
3%
3)4
1939-1963
464
1942-1949
60,000
1955-1961
r35,000
100.32
158
Falconer,N.Y.
2.10
1939-1948
20.000
1940-1978
445,000
100.07
303
Falls City, Neb
1939-1948
1944-1948
1940-1949
200,000
100.73
Erie S.D., Pa
778 Essex Fells, N. J
784 St.
Albans,
Vt
2.08
25,000
925
St. Bernard Parish, La
608
100.06
St. Louis Co. S. D. 18, Minn
778
Faribault, Minn
2)4
1939-1942
610
Fayetteville, N. C
5
1944-1955
50,000
111.51
3.67
774
604
4
1
Q3Q.iqu
<215,000
104.33
3.34
457
Forest Park Cons. 8.D.,Ga
Fort Wayne, Ind
<23,000,000
12,000
100.61
3.45
Freeburg, 111
3 )4
4
1941-1968
457
101.97
3.73
Ohio
774 San Francisco, Calif
603 San Mateo County, Calif
611
Fremont, Ohio
4
1941-1952
13,000
6,500
302
St. Paul, Minn
San Diego County, Calif
782
Sandusky,
303
Santa Fe, N.M
.3)4
3
2%
3)4-4
3
2.10
3%
2)4
1 %
5-3)4
2)4-2%
40,000
1941-1961
2.73
2*85
165.000
100.15
2.07
10,000
100.11
3.73
451.000
98.26
"
1940-1949
305,000
100.18
1*72
1939-1958
45,000
100.11
3.38
1940-1958
75,000
100.001
2.64
Financial
1224
Maturity
1939-1943
Rate
Name
page
Marie, Mich. (2 lss.)l)*-l?i
Savannah Beach, Ga.«
Sawyersville 8. D. 156, 111—— —
Scarsdale, N. Y
1.70
Sequin. Wash
4
Shaker Heights S. D„ Ohio
-2>*
Shelton, Conn..
2K
459 SaultSte.
923
775
779
784
304
456
2)4
8. D., Iowa—
000 Sheridan Twp.
780
Sodus, N, Y-.
Somerdale, N. J.....—
1939-1947
1939-1948
1940-1944
...2.60
460
1939-1948
1939-1944
—4
2
302 Somervilie,
Mass
456 Stamford,
611
Ohio
780
1938-1948
1940-1949
1939-1958
30,000
r77,000
22,000
<Z50,000
rl8,000
1939-1941
28,765
...
1H
1H
1939-1948
1939-1947
4
1939-1953
4%
1939-1958
3
1940-1944
N.Y. (2 issues)
Syracuse, N. Y
M
Taylor County, Ky.
782 Toledo. Ohio
776 Topcka,
1940-1949
1.939-1948
3
779 TaosMun.S. D..N.
776
1940-1963
1940-1944
1941-1958
1939-1951
1939-1947
2
-
Minn —....3^
608 Sweet Springs, Mo
780 Syracuse,
r78,000
175,000
150.000
500,000
<15,000
350,000
124,051
r75,000
110,000
850,000
950,000
20,000
70,000
56,165
1 21,998
16,000
32,000
71,000
7,500
35,000
61,000
34,000
1942-1958
1949-1953
1948-1958
Conn
Springfield,
608 Stevens Co. S. D. 3,
rl21.500
50,000
10,000
45,000
1939-1958
1939-1948
SH
2»A
4tf
8. D. 34, 8. C
775 Springfield, III
778 Springfield, Neb
305 Spartanburg
Amount
71,075
30,000
14,000
24,000
rl4,000
1%
Kan
1, Mont—
778 Treasury Co. H. S. D.
1939-1948
..
775 Troy 8. D., Ill
4.
774 Tulare County, Calif
--3H
3K
1.90
3)4-2%
3%
4X
299 Tulare County, Calif
Valdese, N. C
611
780 Valley Stream, N. Y
781
Vance County, N. C
465 Vernon,
605
Texas
Villa Park, III
463 Wade Township, 111
4
926 Walker Twp., Mich
4)4
463 Wallawa, Ore
5
459
H
Walpole, Mass
Price
100.009
Basis
1.61
100.04
96
1.69
5.32
2.34
1.45
100.77
104.19
—
,
100.38
2.57
100.08
1.98
3.12
2.70
101.35
100.53
305 Wampum, Pa.
bond sales
Total
for
100.56
100.65
100.26
1.66
1.87
100.02
100.02
1.59
1.59
100
4.00
100.55
2.85
101.38
1.48
....
100.54
100.08
100.19
100.27
100.13
3.95
3.48
3.73
1.83
2.44
4.00
100
99
100.10
100.29
100
100.78
*4.99
0.59
(260 municipalities, cover¬
July
Subject to call in and during the earlier years and to mature in the later year.
A: Not Including $142,783,000 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
d
The following items
included in
totals for the previous
same.
We give the
our
months should be eliminated from the
page
these
number of the issue of our paper in which reasons for
eliminations may be found.
(No deletions of that
nature
for
July.)
We have also learned of the
following additional sales for
previous months:
Page
Rate
Name
299 Alameda Co., Calif
781 Baltimore, Ohio
2)4
—4
300 Canary LakeS. D., Iowa
460 Coprah Co., Miss
4
5
611 Eram Cons. 8. D. 3, Okla.
302 Faribault Co., Minn
305 Hampton Co., S.C
2H
306 Highland, Wis
305 Humboldt, S. Dak.
4
4
614 Milton, Wash.
...
(Jan.)
302 Milwaukee Twp.
6
S. D.
Maturity
1939-1953
1940-1943
1940-1948
1939-1948
1941-1948
1944-1958
Amount
30,000
4,000
d4,000
32,000
8,500
15,000
100,000
02,000
08,500
20,000
1943-1949
1943-1951
1939-1947
Price
Basis
100.25
100
100
3.91
4.00
5.00
101
100.75
100
102.07
2.41
4.00
DEBENTURES
Page
SOLD
BY
Name
RFC
and
CANADIAN
019,000
50,000
930 Canada (Dominion of)
306 Liverpool, N. S
614-466 Montreal, Que
4
4
784 New Brunswick (Prov. of)
3-3)4
3
5
614-466 Quebec, Que. (3 Issues)
306 Rimouskl, Que...
930 Sherbrooke, Que
306 Smith Twp., Ont
466 Verdun Roman
4
3)4
784 Ontario (Prov. of)
306 Pointe Gatineau, Que
3-4
4
3)4
3)4
Catholic
Commission, Que
loans)
MUNICIPALITIES
Amount
*30,000,000
*25.000,000
1-20 yrs.
82,000
25 yrs.
88,524
15 yrs.
20,000
466 Canada (Dominion of)
Cap de la Madeleine, Que
614 Fort William, Out
PWA
Maturity
Rate
466
4.00
100
4,000,000
4,000,000
1946<il2,500,000
20,000
1939-1952
2,264,400
62,500
50,000
20 yrs.
21,500
for that
EN"
JULY
Price
Basis
101.33
3.92
"Although the expected limitations must drastically reduce the rate at
the city may construct capital improvements," the message stated,
capital needs, to which prior administrations have been blind, are no
longer so pressing as they were at the end of 1933, since so much has been
accomplished in the last five years under the extensive program
1942.
of funds during the course of rhe next six years."
The
analysis marked the initial step toward the preparation of the first capital
budget under the new charter. At the same time, the Comptroller published
the expenditure
in the City Record a detailed statement of all capital
In an analysis of the city's debt incurring power
follows:
$62,200,000
57.500,000
$54,600,00011943
62,500,000 1944
63,200,000
59,600,0001
Total
1939
1940.
$359,600,000
Adding $30,085,338, which is the net margin after the city's share of the
PWA program is deducted, the total amount of money which will become
available over the six year period for new capital improvements is $389,685,fa.© declared
business
"Sound
however,
judgment,
will
prevent our
reducing this
margin to zero at any time,
the message declared.
"It is. my studied
opinion that we should consistently maintain a cushion of about $40,000,000,
and charge no commitments whatsoever against it.
If this procedure is
followed, the total available margin Mill be $349,685,338."
An item of $80,000,000, which represents assessment bonds issued to
finance the construction of purely local improvements, reduces the six
margin to about $270,000,000.
Of this amount, Mr. McGoldrick
the city's rapid transit requirements would be $78,478,850, which
be reduced if unification is effected.
"It may be prudent to point out at this time that revenue producing
projects from a strictly fiscal viewpoint are more to be desired than are
projects which yield no financial return," the message said.
"From a
broader viewpoint, however, there are many projects, such as schools,
which, although providing no reimbursement to the city, yield a higher
social than monetary return to the public.
Also, in any expenditure for
year
said,
amount may
capital items, thought must be given to the annual budget charges for
operation and maintenance of new projects as well as debt service charges."
Mr. McGoldrick cited the possibility of an increase in assessed valuations
due to new building construction which might produce a proportionate
rise in the debt incurring power, but said that the city was in no position,
"to rely upon mere possibilities."
In conclusion the message stated:
"That a constitutional ceiling is lodged firmly above us is inescapable.
Such a limitation is to be desired, for without it the only end to borrowing
practical curtailment of bankruptcy.
It may be that much we
the services demanded of municipal
are constantly increasing.
But the theory of spending has
undergone a change.
"Where a generation ago schools, hospitals and other public improve¬
ments were scattered haphazardly throughout New
York, subsequently
to be found virtually useless because of population shifts, today we start a
new era of careful planning for the future.
This message marks the initial
public step in preparing our first capital budget under a new charter de¬
signed to unscramble the mistakes of a bygone political era.
"As the Comptroller is required to plot the city's financial picture six
years in advance, so are the agencies to which this memorandum is directed
required in the summer of 1938 to anticipate conditions of the year 1944, and
to make such provisions as are demanded in the public interest."
100.37
3.44
mitted to
Rate
3
article
on
20 yrs.
60,000
208,200
Maturity
a
1943-1962
500,000
adopted
was
by the
11, which will be sub¬
popular referendum as part of the new State
The following is the text of this new article:
article, to be appropriately
99.78
hereby amended by inserting therein a new
numbered and to read as follows:
3.43
98.84
4.15
Article
3.52
100.57
DURING JULY
Amount
taxation
Sec. 1. The Constitution is
102.50
July....$23,377,124
ISSUED
Taxation Article Adopted by Con¬
Constitution.
School
4
new
Constitutional Convention on Aug.
suspended or
pursuant
shall specify the types
of taxes which may be imposed thereunder, and provided for their review.
Exemptions from taxation may be granted only by general laws.
Ex¬
emptions may be altered or repealed except those exempting real or personal
property used exclusively for religious, educational or charitable purposes
Sec. 1. The power of taxation shall never be surrendered,
contracted away, except as to securities issued for public purposes
to law.
as
Price
104.40
Basis
2.63
or
Any laws which delegate the taxing power
defined by law and
Y.—Comptroller Warns of Need for Deep Cut
in Capital Spending—A drastic reduction in the program of
new city improvements must be made for the next six years,
Comptroller Joseph D. McGoldrick warned in a report made
public on Aug. 14.
The debt margin will be so narrow
during this period, that "it may be that much we would like
to do will remain undone," the Comptroller declared in a
message to the Board of Estimate, the City Council, the
City Planning Commission and the Budget Director.
.
Legislature shall provide for the supervision, review and
equalization of assessments for purposes of taxation.
Assessments shall in
exceed full value.
Sec. 3.
News Items
owned by any corporation or association organized
of such purposes and not operating
conducted exclusively for one or more
for profit.
Sec. 2. The
no case
funds as of July 1.
under the 10% Con¬
McGoldrick disclosed that the free borrowing margin
as of July 1 was $70,754,525.
This amount, he said, represented a decrease
of $2,762,400 since the April I debt statement was published.
While the
city is permitted to borrow $1,665,029,779, the actual indebtedness to
July 1 was $1,417,160,608.
Of the difference, which totals $247,869,171, a
total of $177,114,646 has been earmarked for the remainders of specific
authorizations and reservations forprojects contained in the capital outlay
budget adopted by the Board of Estimate on March 31.
The difference
represents the present free margin.
The proposed Public Works Administration program, now before the
Washington authorities for approval, was not included in the July 1 margin,
Mr. McGoldrick said, since no local commitments may be made until
Federal sanction has been obtained.
To date, he asserted, 69 new projects
have been submitted at a total estimated cost of $162,017,639, or which
the city's share would be $89,113,687.
Of this amount, $48,444,500
represents the cost of certain projects which also appear in the capital
budget and have previously been charged against the limit.
Deducting
the remainder of $40,669,187 from the actual margin, it will be reduced to
$30,085,338, which would be the actual margin against which altogether
new city projects might be authorized were the PWA program to be made
effective, he stated.
"Since the Oity Planning Commission will soon undertake the preparation
of a capital budget for the calendar year 1939 and of a capital program for
the succeeding five calendar years, the expansion of the city's debt incurring
power during the next six years is of immediate concern," the Comptroller
declared.
T he estimate of the anticipated exp; nsion due to redemptions
of existing debt from budget moneys and sinking funds, he added, was as
stitutional limit, Mr.
........
UNITED STATES POSSESSIONS BONDS
New York, N.
of the
present administration."
The facts contained in the memorandum, he said, "cast further light upon
the serious financial problems that must be taken into account in planning
New York State—New
♦Temporary loan; not Included in month's total.
466-604 Honolulu, Hawaii
40,000,000 1943
60,000,00011944
$45,000,000 a year.
which
vention—A
1946
Total long-term Canadian debentures sold in
Name
.—
governments
1941-1946
466 Ville La Salle S.D., Que
Page
—
would be
30,000
1939-1943
1948-1968
All of the above sales (except as indicated) are for June.
These additional June issues will make the total sales (not
or
$50,000,000
50,000,000
50,000,000
$20,000,00011942..
1941.
The average is about
would like to do will remain undone, for
1, Mich.
(May)
....2)4
465 Springtown Ind. S. D., Texas.....4
302 Woburn, Mass
2M
including temporary
month $143,954,403.
each year is:
333
$47,114,337
ing 390 separate issues)
approximate proportion of this amount which the
expansion of the debt margin will permit to be spent
normal
"our
1939-1968
75,000
2.75
1950-1969
d30,000
3.19
782 Wasco Co. 8. D., 9, Ofe..
1-4 yrs.
4,000
607 Washington Sub, San. Dist.,Md__3^ 607 Washington Sub. San. Dist., Md..
607 Washington Sub. San. Dist.,Md__3)4
30-50 yrs.
<1400,000
100.67
3.22
463 Wasta Ind. S. D., 8. Dak
5
10,000
100
5.00
304 Watertown, N.Y. (2 Issues)
1.30 1939-1948
300,000 100
1.30
605 Waukegan City 8. D. 61, 111
3H
1957-1958
r22,000
100
3.50
605 WaukeganTwp. S. D. 119, 111-.-.3)4
1956-1957
732,000
100
3.50
782 Waynoka, Okla
2
1943-1958
8,000
—
926 Webster, Mass
214
1939-1948
50,000
100
2.12
776 Webster Parish S. D. No. 6, La
3)4
1939-1948
75,000
100.20
3.33
459 Westfleld, Mass
1M
1939-1948
50,000
100.84
1.34
304 West Ebenezer, N. Y. (2 issues) —3.30 1939-1957
19,869
100.21
3.27
605 Western Twp., Ill
:
3)4
1940-1948
50,000
—
775 West SchoolTpw., Ind
1939-1952
40,000
610 Wilmington,N.Y
3)4
1939-1954
16,000
100.21
3.22
776 Wilson Co., Kan
__2>4
1939-1948
9,500
100
2.25
305 Woodburn.Ore
>6
10 yrs.
2,346
104.49
783 Wyomissing 8. D., Pa
2M
1939-1963
260,000 100.41
2.21
.605 Zlon-Benton Twp. 8. D. 126, III
175,000
2H
3\i
607 Waltham, Mass
19430
Expenditures for new projects from now until the end of
$269,685,338, Mr. McGoldrick estimated.
1944 cannot exceed
The
—...
Aug. 20, 1938
Chronicle
Moneys, credits,
securities and other
intangible personal prop¬
erty within the State not employed in carrying on any business therein
the owner sh 11 be deemed to be located at the domicile of the owner
purposes of taxation, and, if held in trust, shall not
in this State for purposes of taxation because of
in this State,
provided that if no other State
the trustee being domiciled
has jurisdiction to subject such
property held in trust to death taxation, it may
a taxable situs within this State for purposes of
be deemed property haying
death taxation. Intangible
shall any excise tax
personal property shall not be taxed ad valorem nor
be levied solely because of the ownership or possession
the income therefrom may be
excise tax measures by income
fa© ta xed
by
for
be deemed to be located
thereof, except that
taken into consideration in computing any
generally. Undistributed profits shall not
Sec. 4.' Where the State has power to tax corporations incorporated under
the laws of the United States there shall be no discrimination in the rates
and method of taxation
exercising
between such
corporations and other corporations
substantially sin ilar functions
the State.
similar business within
and engaged in substantially
Volume
147
Financial
^ salaries, wages and other
compensation except pensions, paid
? ?,Acers ,a.nd employees of the State and
shall be subject to taxation.
State
its subdivisions and agencies
Chronicle
plicable to public management, and Professor Marshall E. Dimock of the
University of Chicago.
Municipal Liability for Authority Bonds Denied—
The State Constitutional Convention on
Aug. 15 passed and
or
Bond Proposals and Negotiations
made
a part of the
Constitution which is to come up for
popular approval the Moffat Proposal, to amend Article 8
of the Constitution
by inserting a new section, appropriately
numbered, dealing with public "authorities."
The principal provision of this new section denies all
liability of the State
or its municipalities for
payment of obligations of "authorities" heretofore
or
hereafter created.
The full text of the proposal as passed by the convention reads as follows:
Sec. 1. Article eight of the Constitution is
hereby amended by inserting
therein a new section, appropriately
numbered, to read as follows:
Sec.—. No
public corporation
(other than
a
county,
city, town,
village, school district or fire district or an improvement district established
in a town or towns)
possessing both the power to contract indebtedness and
the power to collect rentals, charges, rates or fees for the services or facili¬
ties furnished or supplied by it shall hereafter be created
by special act of
the
Legislature.
The accounts of every such public corporation heretofore or hereafter
created shall be subject to the supervision of the State
Comptroller, or, if
the member or members of such public corporation are
appointed by the
Mayor of
a
city, to the supervision of the Comptroller of such city; provided,
however, that this provision shall not apply to such a public corporation
created pursuant to agreement or compact with another State or with a
foreign power, except with the
consent of the parties to such agreement or
compact.
Neither the State nor any political subdivision thereof shall at any time
be liable for the payment of any obligations issued
by such
tion heretofore
or
a
public corpora¬
hereafter created, nor may the Legislature accept, auth¬
orize acceptance of or impose such liability upon the State or
any political
subdivision thereof* but the State or a political subdivision thereof may, if
authorized by the Legislature, acquire the properties of any such corpora¬
tion and pay the indebtedness thereof.
United
ALABAMA
GADSDEN, Ala.—BOND SALE POSTPONED— It is stated by H. C.
Thomas, City Clerk, that the sale of the three issues of refunding bonds,
aggregating $55,000, scheduled for Aug. 16, as noted here—V. 147, p.
1070—has been postponed.
The bonds are as follows:
$15,000 public improvement bonds.
Due $1,000 from Sept. 1, 1940 to
1954, incl.
30,000 water works bonds.
Due $2,000 from Sept. 1,1942 to 1956, incl.
10,000 water revenue bonds.
Due $1,000 from Sept. 1,1944 to 1953, incl.
Denom. $1,000.
Dated Sept. 1, 1938.
Prin. and int. payable in N. Y.
TALLADEGA, Ala.—-BOND OFFERING—It is said by W.J. Tinney, Jr.
City Clerk, that he will sell at public auction on Aug. 23, at 3 p. m., an
issue of 4% semi-aim. school of 1935 bonds to the amount of not less than
$61,000 and not more than $65,000.
Dated July 1, 1935.
Due July 1,
as follows: $2,000 in 1941 to
1955, $3,000 in 1956 and $4,000 in 1957 to
1964.
These bonds are part of a $75,000 issue.
The first interest coupon
shall be from July 1, 1938, the purchaser paying the City the accrued int.
from
July 1,1938, to Sept. 1, 1938, the date of the issue and delivery of the
Principal and interest payable at the Talladega National Bank,
Talladega.
The bonds shall be prepared and delivered on Sept. 1, at the
above banks, or either of them, as may be designated
by the purchaser.
The City will furnish the purchaser the opinion of its local
attorneys approv¬
ing the legality of the bonds and the issuance thereof.
All additional opin¬
ions of bond attorneys shall be at the expense of the
purchaser.
A certified
check for $1,220 is required.
bonds.
ARKANSAS
States—Private
Institutions to Furnish Most of
Housing Projects—Sale of bonds to
private institutions will supplement loans by the United
States Housing Authority for construction of low-rent hous¬
ing projects in most cities, the Municipal Finance Officers'
Association of the United States and Canada said on Aug. 16.
Information received by the Association from 18 cities indi¬
cated that only a few expect to contribute large amounts of
cash from city funds toward the projects.
Local Funds for Low-Rent
A large number of the cities in which loan contracts with the USHA have
been approved have donated housing sites or portions of sites and agreed to
streets, sewers and other utilities.
These contributions are
deducted from the 10% of the total cost which local authorities are required
to furnish under the USHA agreement.
Markets in all State,
Reports of city finance officers and heads of local housing authorities
indicate a ready market for local housing authority bonds up to 10% of the
total cost.
In the following cities these bonds have been sold or definite
commitments to purchase then when they are issued have been received
from banks or bond houses: Allen town, Pa.;
Augusta, Ga.; Baltimore, Md.;
Birmingham, Ala.; Buffalo, N. Y.; Cleveland, Ohio; Detroit, Mich.; Knoxville. Tenn.; Pittsburgh, Pa.-, and Youngstown, Ohio.
Officials of Austin, Texas, reported that the city had agreed to purchase
the bonds in the event that they could not be sold at public sale, and that
a local bank
guaranteed the purchase if the city does not have sufficient
funds.
The New York City Housing Authority said the city agreed to
purchase the bonds as the "initial step" in financing the housing projects.
Officials of Syracuse, N. Y., said they hoped to sell the bonds to private
investors, but if they failed to do so the city would consider means Of
financing the purchases.
It was indicated that the average interest rate on the local bonds will be
3 V2 % •
In most cases banks and bond houses require bonds maturing in
15 years or longer, which are not callable until maturity.
Assessors in 32 States Try Cooperation on Exchanging Tax
Information—Extension of a plan for cooperation among
States in exchanging confidential information among assessors
throughout the country was reported on Aug. 18 by the
National Association of Assessing Officers as the result of
nearly 100 letters received from heads of assessing offices in
32 States.
LANDRETH
ARKANSAS
was
revolving loan bonds offered for sale on Aug. 12—V. 147, p. 922—
purchased jointly by Walton & Sullivan, T. J. Raney & Sons, and the
Securities Co.,
all of Little Rock, paying par.
No other bid
received, according to the Clerk of the State Board of-Education.
Southern
was
CALIFORNIA
CALIFORNIA, State of—WARRANTS SOLD—-It is stated by Harry
B. Riley, State Comptroller, that an issue of $2,826,182registered warrants
was offered
on
Aug
11 and was awarded to the American Trust Co. of
San Francisco, at 75%, plus a premium of $449.36.
This was the only bid
received.
IMPERIAL COUNTY (P. O. El Ccntro), Calif .—CALEX ICO SCHOOL
a. m. on Aug. 20.
by W. J. McClelland, County Clerk, for the purchase of a $25,000 is«ue of
Calexico Union High School District bonds.
Interest rate is not to exceed
5% payable F. & A.
Dated Aug. 20, 1938.
Denomination $1,000.
Due
Aug. 20. as follows: $2,000 in 1940 to 1947 and $3,000 in 1948 to 1950.
Principal and interest payable in lawful money at the County Treasurer's
office.
The bonds will be sold for cash only and at not less than par and
accrued interest to the date of delivery, and state separately the premium
if any, offered for the bonds bid for, and the rate of interest the bonds shall
bear.
Enclose a certified check for not less than 5% of the amount of the
bonds bid for. payable to the Chairman Board of Supervisors.
BOND OFFERING—Sealed bids will be received until 10
KERN COVNTY SCHOOL DISTRICTS (P. O.
a. m. on Sept.
12, by F. E. Smith, County Clerk, for the purchase of three issues of 5%
semi-ann. bonds aggregating $45,700, divided as follows:
1939 and 1940.
or
rolls.
Similar
cases
of evasion by certain corporations with a home office in one
State and warehouses
cases
the
property shown
checking by
or distributing plants in others have been discovered.
corporation at fault asserted that a large portion of the
its inventory was located in another State.
Cross¬
Dated Aug. 8,1938.
bonds at
assessors
in all the States concerned uncovered the facts.
to
participate in the cooperative plan on a statewide basis.
California requires the assessing officers in the various counties of the
State to exchange information which would be of mutual assistance.
Al¬
though the cooperative practice is common in a number of States, Califor¬
nia is the only State requiring such intrastate cooperation by statute.
International City Managers1 Association to Hold Silver
Anniversary Conference—More than 150 city managers from
approximately 25 States and an equal number of other
municipal officials will meet in Boston Sept. 26 to 29 for the
Silver Anniversary Conference of the International City
Managers' Association, it was announced on Aug. 19.
The
conference attendance will include city finance officers,
clerks, mayors and couneilmen in addition to the managers.
The program will include general sessions for discussion of municipal
problems by the entire conference, and group meetings attended by man¬
agers of cities of certain
population classifications.
Among the questions to be discussed in formal speeches and round tables
financing of relief; enforcement of laws on gambling and vice; policies of
providing municipal services outside the city lijmits; aid by the city in seek¬
ing new industries, and retirement systems for municipal employees.
One of the highlights of the conference will be asession
on management
problems in which former presidents of the Association will form a panel
to answer questions from the floor.
Other problems which will receive
special consideration are those of administration of city planning and zon¬
ing, handling parking problems, low-cost housing, and the prevention of
are:
Denomination $1,000,
lower rate of interest will also
one
for $700.
be considered.
Enclose
a
Bids for the
Principal and
certified check
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND SALE—The
$48,000 issue of Alisal Union School District bonds offered for sale on
Aug. 15,—V. 147, p. 923—was awarded to the Salinas National Bank of
Salinas, as 3s, paying a premium of $311.00, equal to 100 647, a basis of
about 2.94%.
Dated Sept. 1, 1938.
Due $2,000 from Sept. 1, 1939 to
1962 incl.
NEVADA COUNTY
(P. O.
Nevada City), Calif.—GRASS VALLEY
SCHOOL OFFERING—Sealed bids will be received until Aug. 22, by R. N.
McCormack, Clerk of the Board of Supervisors, for the purchase of an
Valley School District bonds, bearing 5% interest,
payable semi-annually. Dated Aug. 8, 1938. Due in from one to 25 years.
These bonds were approved by the voters at an election held on July 1 by
issue of $125,000 Grass
a
wide margin.
SANTA
BARBARA
COUNTY
(P.
O.
Santa
Barbara),
Calif.—
WASIOJA SCHOOL BOND OFFERING—Sealed bids will be received until
Aug. 22 by J. E. Lewis, County Clerk, for the purchase of an
$8,000 issue of 4% semi-annual Wadoja School District bonds.
Dated
Aug. 1, 1938.
Denom. $400.
Due $400 Aug. 1, 1940 to 1959.
No bids
for less than par and accrued interest will be considered.
Enclose a certi¬
fied check for 3% of the par value of the bonds, payable to the County
10
a.
m. on
Treasurer.
TULARE
COUNTY
(P.
O.
Visalia),
Calif.—VIS ALIA SCHOOL
BOND OFFERING—Sealed bids will be received until 10 a. m. on Aug. 24
by Gladys Stewart, County Clerk, for the purchase of an issue of $119,000
Visaiia School District bonds.
Interest rate is not to exceed 5%. payable
M. & S.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1, as follows:
$1,000 in 1941 and 1942, $2,000 in 1943 t« 1947, $8,000 in 1948 to 1960. and
$3,000 in 1961.
The bonds will be soid at not less than par and accrued
interest.
Prin. and int. payable at the County Treasurer's office.
Enclose
a certified check for 5% of the bonds bid for, payable to the Chairman,
Board of Supervisors.
COUNTY
(P.
O.
Visalia), Calif.—EXETER SCHOOL
District bonds offered
16—V. 147, p. 774—-was awarded to the Security-First
National Bank of Los Angeles, as 2%s, paying a premium of $169, equal to
100.26, a basis of about 2.73%.
Dated Aug. 1, 1938. Due from Aug. 1,
1940 to 1959.
TULARE
BOND SALE—The $65,000 issue of Exeter School
for sale on Aug.
COLORADO
excessive subdivision.
Another feature of the 25th anniversary program will be a special session
presided over by Richard 8. Ghilds, New York City, known as the father
of the city manager plan.
Speakers at this session will include Professor
Arthur N. Holcombe, head of the Department of Government, Harvard
University.
a
interest payable at the County Treasurer's office.
for at least 10%.
on
The Florida Tax Assessors' Association, which in 1934 passed a resolution
requesting the State Comptroller to make reciprocal agreements with all
other State assessment offices for the exchange of information, is the first
Due $6,000 from Aug. 8, 1939 to
1943 incl.
13.700 Arvin School District bonds.
Due on Aug. 8 as follows: $2,000,
1941 to 1945; $1,000, 1946 to 1948, and $700 in 1949.
2,000 West Antelope School District bonds.
Due $1,000 on Aug. 8.
information.
For
Bakersfield), Calif.
—BOND OFFERINGS—Sealed bids will be received until 11
$30,000 Aztec School District bonds.
example, a resident of a Michigan city who maintained a winter resi¬
dence in Florida claimed residence in both jurisdictions when visited by the
assessing officer.
Exchange of information in this case resulted in the
placing of property assessed at approximately $60,000 on the assessment
ST. LOUIS, MO.
ARKANSAS, State of—BOND SALE—The $250,000 issue of 4% semi-
persons or companies claiming
In these
BUILDING,
ann.
Assessors participating in the cooperative agreements have pledged them¬
selves to assist their fellow officers in other States by exchanging valuable
The plan is designed to forestall cases of tax evasion by those
residence in more than one assessment juris¬
having personal property located in jurisdictions other than the
one in which the principal office is situated.
The plan has already resulted in placing many pieces of property on the
tax roils which previously escaped assessment, the N. A. A. O. reported.
BONDS
County & Town Issues
SCHERCK, RICHTER COMPANY
construct
diction
1225
Other prominent speakers
definitely scheduled to date are: Henry P.
Kendall of Boston, who will discuss principles of
private management ap¬
CLEAR CREEK COUNTY SCHOOL DISTRICT NO. 1 (P. O. Em
pire),
Colo.—PRICE PAID—It is now reported
that
the
$15,000
4%
semi-annual building bonds purchased by Amos O. Sudier & Co. of Denver,
as noted here recently—V. 147, p. 923—were sold at par.
Due $1,000 from
Aug. 1, 1939 to 1953, inclusive.
Financial
1226
Chronicle
Aug. 20,
IDAHO
CONNECTICUT
DANBURY (P. O. Danbury), Conn.—BOND OFFERING—Sealed bids
will be received until noon (Daylight Saving Time) on Aug. 20. by John E.
Kane, Town Treasurer, for the purchase of a $55,000 issue of \% % semi¬
annual high school bonds.
Dated Aug. 1, 1938.
Denom. $1,000. Due
$5,000 Aug. 1. 1939 to 1949.
Prin. and int. payable at the Danbury
National Bank.
The approving opinion of Thomson, Wood & Hoffman
of New York will be furnished.
Enclose a certified check for 2% of the
bonds bid for, payable to the Town Treasurer.
JEFFERSON COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P. O. Roberts), Idaho—BONDS OFFERED—Sealed bids were received
19, by Albert Harris, Clerk of the Board of Trustees,
$40,000 issue of not to exceed 4% semi-ann. school
building bonds.
Denom. $1,000. Dated July 1. 1938.
Due $2,000 from
July 1, 1939 to 1958, incl.
Prin. and int. (J. & J.) payable at the District
3
until 8 p. m. on Aug.
for the purchase of a
office..
Treasurer's
"
■'
.
JEFFERSON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 5
(P. O. Rigby), Idaho—BOND SALE—The $65,000 issue of construction
Aug. 12—V. 147, p. 923—was awarded to Ure,
Continental National Bank & Trust Co., both of
Salt Lake City, jointly, as 3^s, paying a premium of $163.50, equal to
100.25, a basis of about 3.47%.
Dated July 1, 1938.
Due from July 1,
1939 to 1958, inclusive.
bonds offered ror sale on
Pett & Morris, and the
BONDS
FLORIDA
ILLINOIS
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
Branch Office:
First
National
Bank
Building
T
p.
TAMPA
8.
Piercp, Resident
Manager
FLORIDA
FLORIDA
(State
TENDERS
of)—
INVITED—The
BOND
State
Board of Administration will receive until 10
a. m. on Sept. 2, at the Govern¬
Tallahassee, sealed offerings of matured or unmatured orig¬
inal or refunding road and bridge, or highway bonds, time warrants, cer¬
tificates of indebtedness and negotiable notes of the Florida Counties,
or's
office
in
and
Special Road and Bridge Districts therein as follows:
Brevard, Broward, Charlotte (except McCall S. R. & B. Dist.), Desoto,
Glades, Hardee, Hernando, Indian River (except Atlantic-Gulf, Fellsmere
& Vero Bridge Dists,), Jensen R. & B. District, Levy District 7, Martin,
Monroe, Okaloosa, Okeechobee, Osceola and Palm Beach S. R. & B.Dists.
Nos. 8, 17, 21, and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i. e., through Sept. 12, and must state full name, description,
and serial numbers of bonds, interest rate, date of issue, date of maturity
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with the bonds for the price asked.
Bonds
that are in default of interest must be offered at a flat price which price
shall be understood to be the price asked for such bonds with all maturities
of past due defaulted or unpaid coupons attached, and notice is hereby
given that if any such coupons have been detached prior to delivery of any
bonds accepted and (or) purchased hereunder, the race value of such mis¬
sing coupons will be deducted from purchase price, and offerings must
be submitted
on
this basis.
HILLSBOROUGH COUNTY
(P. O. Tampa), Fla.—BONDS OFFERED FOR INVESTMENT—A block of $1,609,000 4H% highway re.
funding bonds is being offered by a group composed of R. E. Crummer &
Oo. of Miami, D. E. Arries & Co., and Kuhn, Morgan & Co., both of
Tampa, for public subscription at prices to yield from 2.00% to 4.50%,
according to maturity.
Dated May 1,1938. Denom. $1,000. Due May 1,
as follows:
$100,000 in 1939. $102,000 in 1940 to 1942, $103,000 in 1943,
and $110,000 in 1944 to 1953.
Prin. and int. payable at the Guaranty
Trust Co., New York.
These bonds, validation of which has been sustained
by the Supreme Court of Florida, are being issued to refund an equal
amount of indebtedness which both Federal and State court decisions have
established
ad
full County obligations supported by the levy of unlimited
valorem taxes in amounts sufficient to meet the annual interest and
as
principal requirements.
As a practical matter, however, such tax levy
may be reduced to the extent of the gasoline tax credit available for debt
service.
The amount of this credit applicable to the entire County general
road debt, including this issue, for the fiscal year 1936-1937, was in excess
of $250,000, which amount exceeds
by a substantial margin the maximum
interest requirements for any year.
Legality to be approved by Chapman
& Cutler of Chicago.
,
Financial Statement
Actual valuation, official estimate
Assessed valuation, 1937
as
of July 1,1938
--
$150,000,000
39,153,087
--
♦Total debt (incl. this issue).
$4,952,000
Less sinking funds:
Cash..
Securities (par value $707,698) at market value--
$455,733
529,870
—-
$985,603
$3,966,397
Net debt
Population, 1930 Federal census, 153,159; 1935 State census. 158,983.
♦Does not Include indebtedness of other municipal subdivisions having
authority to levy taxes against the property within this County.
Tax Collection Record
as
Sept. 30
and
1934-35
.
$191,508.61
Percentage collected.._
The certificates are registerable as to principal in the
Prin. and int. (F. & A.) payable at the
City Treasurer's office or at the office of the fiscal agent of the City of
N. Y. City.
The certificates are payable solely from revenue of the muni¬
cipal water works system.
CERTIFICATES
1935-36
1936-37
$182,777.55 $337,844.06
1937-38
$298,605.61
87.79
$326,617.97
*234,556.31
96.67
*78.55
105.52
Actual receipts of the interest and sinking fund are substantially in¬
creased from sources other than ad valorem taxes which are reflected above.
Gross receipts for the fiscal year 1936-1937 from all sources aggregated
$693,706.38; whereas only $326,617.97 of this amount
was
realized from the
having been
collection of ad valorem taxes, the balance of the revenues
derived from other sources.
As evidence of the spelndid cash position of
the County, $135,000 Optional 5% and 5M % bonds due 1963 were called for
payment as of July 1,
1938, for cancellation; and, in addition thereto, the County has authorized
tbe purchase of $200,000 par value of the above described issue of Refunding
4K% bonds as an investment for surplus sinking funds.
SEMINOLE COUNTY (P. O. Sanford), Fla.—BOND TENDERS
ACCEPTED—It is stated in connection with the call for tenders of road and
bridge refunding bonds dated July 1,1936, noted in these columns recently,
that
offers aggregating $75,000 were received and the
county
purchase $25,000 5>£s at par plus accrued interest.
agreed to
PUBLIC—The
successful
bidders
DRUMMER TOWNSHIP SCHOOL DISTRICT (P. O. Gibson City),
111.—BONDS SOLD—It is reported by W. M. Loy, School Principal, that
$14,000 3V2% construction bonds were sold recently.
EFFINGHAM SCHOOL DISTRICT (P. O. Effingham), 111.—BONDS
SOLD—It is stated by the Secretary of the
construction bonds were sold recently.
Board of Education that $27,500
GIFFORD GRADE SCHOOL DISTRICT
NO. 188 (P. O. Gifford),
III.—BOND SALE—The $20,000 issue of building bonds offered for sale on
Aug. 15—V. 147, p. 1071—is stated to have been awarded as 3^s, for a
premium of $227, equal to 101.135, a basis of about 3.38%.
Due from
Jan. 1. 1941 to 1958 incl.
JACKSONVILLE SCHOOL DISTRICT NO. 117 (P. O. Jacksonville),
111.—BOND SALE—The $85,000 issue of school building bonds offered for
sale
Bank & Trust Co. of St. Louis, as 2Mb, paying a premium of $5,-
513.95. equai to
to
1071—was awarded to the Mercantile-Com¬
Aug. 16—V. 147, p.
on
merce
Dated Aug. 1, 1938.
106.487.
Due serially from 1945
1954.
The other bidders and their bids were as follows:
Price Bid
Bidders—
Hemphill Noyes & Co
$90,125.00
-
Paine Webber & Co___
88,461.00
89,835.00
88,246.15
Stern, Wampler & Co
T. E. Joiner & Co
The White Phillips Co
Ballman & Main
-
•
89,024.60
89,250.67
89,343.50
89,735.00
Halsey, Stuart & Co
Harris Trust & Savings Bank
LITCHFIELD, 111.—BOND SALE DETAILS—It, is stated by the City
Clerk that the $25,000 city hall bonds purchased by the Municipal
Bond
Corp. of Chicago, subject to an election to be held on Sept. 12, as noted
here—V. 147, p. 1071—were sold as 3^s at a price of 101.666. and mature
on Dec. 1 as foilows: $2,000 from 1942 to 1952 and $3,000 in 1953, giving a
basis of about 3.30%.
Coupon bonds, registerable as to principal only.
Denom. $1,000.
Dated Aug. 15,1938.
Interest payable J. & D.
MARSHALL, IH.—BOND SALE DETAILS—We are now informed by
the City Clerk that the $70,000 (not $74,000) sewer revenue and water
bonds sold some time ago, as noted here on Aug. 6,—V. 147, p. 924—were
purchased jointly by Barcus, Kindred & Co. and Ballman & Main, both of
Chicago, as 4^s, at a net interest cost of 4.95%.
Dated Jan. 1, 1938.
Due over a period of 30 years.
Interest payable semi-annually.
NORMAL,
semi-ann.
III.—BONDS
water
revenue
SOLD—It is reported that $45,000 3K%
were purchased recently by C. E. Bohof 101.50.
bonds
lander & Co. of Bloomington, paying a price
Han is
(P. O. Onarga), 111.—BONDS OFFERED TO
& Savings Bank of Chicago is offering for
Trust
)ated
feneiatAug. 1, 1938. anDenom. $1,000. of 2M% semi-ann. road bonds.
investment
$85,000 issue Due Dec. 1, as follows: $7,000 in
1939 and 1940, $8,000 in 1941 and 1943, $9,000in 1944 to 1946, and $10,000
1947 and 1948.
Prin. and int. payable at the Northern Trust Co.,
Chicago.
These bonds are offered subject to the opinion of counsel that
they will be direct general ot ligations of the entire Township and that
all taxable property within the Township is subject to the levy of ad valorem
taxes without limit, sufficient to pay principal of these bonds and the
interest; thereon when due.
Legality to be approved by Chapman & Cutler,
of Chicago.
ROCKFORD
WATKINSVILLE, Ga.—BOND SALE—The $25,000 issue of 4% semigeneral obligation water bonds offered for sale on Aug. 15—V. 147,
1071—was awarded to the Thomas M. Tillman Oo. of Athens, paying a
price of 105.00, a basis of about 3.60%.
Dated July 1, 1938.
Due $1,000
from Jan. 1, 1944 to 1968 incl.
ann.
p.
HAWAII
ROXANA, III.—BONDS SOLD—It is reported that $36,000 community
Aug. 10, have been purchased by
center bonds
approved by the voters on
he Municipal Bond Corp. of Chicago.
ST. CLAIR COUNTY
(P. O. Belleville), 111.—PUBLIC BOND OFFER¬
rapidly nearing completion for a.public
offering of $4,500,000 4% bridge revenue bonds to finance the construc¬
a new bridge over the Mississippi River from East St. Louis, 111.,
Louis, Mo., by the Chicago investment house of H. C. Speer & Sons
Co., who is now in the process of formulating a banking syndicate to dis¬
tion of
to St.
the bonds.
This project, which was approved three years ago by the Federal Author¬
ity for Bridge Undertaking, was recently approved by the Public Works
Administration and a Federal grant of $2,475,000 was given to help finance
the undertaking.
The dire need for bridge facilities to serve these thriving industrial com¬
munities has long been apparent. At present there are five bridges serving
vehicular traffic across the Mississippi between Alton and East St. Louis on
the east bank, and the St. Louis area on the west bank, and ranging up and
down the river a distance of 21 miles. Of the five bridges only three, Eads
Bridge, McKinley Bridge and the Municipal Bridge are so located as to
serve the City of St. Louis.
The new bridge, in common with the
other five, will be a toll bridge; however, with the exception of the Municipal
Bridge, the toll will be considerably less than the others. While toll rates
have not been definitely established, it is expected they wUl be 10 cents for
passenger cars and 15 cents for commercial vehicles, with no additional
charge for extra passengers in either case, which is the same rate charged
by the City of St. Louis for travel over the Municipal Bridge.
The contract for construction of the four-lane bridge was let on Aug. 11,
1938, and actual work will be started this week. It is expected that it will
be completed within 1% years—to open early in 1940.
actually
HONOLULU (City and County), Hawaii—BOND SALE—The $450.000 issue of 4% coupon semi-ann. water revenue bonds offered for sale on
Aug. 12—V. 147, p. 604—was awarded to a syndicate composed of the
Employees' Retirement System, the Hawaiian Trust Co., and the Bank of
Hawaii, all of Honolulu, paying a price of 107.40, a basis of about 2.80%.
Dated Aug. 15. 1938.
Due from Aug. 15. 1943 to 1968 incl.
for the above bonds;
Bidder—
Dean Witter & Co., and Kaiser & Co., jointly
Phelps, Fenn & Co., and Mackey, Dunn & Co., jointly--;
——-
Security Bank, Honolulu, for $65,000
(P. O. Rockford), 111.—BONDS SOLD—
a basis of about 1.69%.
Denom. $1,000.
Dated Aug. 1, 1938.
Due on
Aug. 1 as follows: $5,000 in 1939; $25,000, 1940 to 1943; $30,000, 1944, to
1947, and $33,000 in 1948.
Prin. and int. (F. & A.) payable at the Ulinois
National Bank & Trust Co., Rockford.
Legal approval by Chapman &
Cutler of Chicago.
tribute
GEORGIA
The following bids were also received
TOWNSHIP
It is reported that $258,000 funding bonds were sold on Aug. 12 to the
Harris Trust & Savings Bank of Chicago, as 19£s, at a price of 100.349,
ING EXPECTED—Final plans are
WINTER PARK, Fla.—BOND TENDERS INVITED—It is stated by
W. H. Schultz, City Clerk, that he will receive sealed tenders until Sept. 19,
at 7:30 p. m., for six city bonds of
$1,000 each, dated July 1, 1935, and due
on July 1,1970.
TO
in
$168,143.72 $192,870.06
♦To June 30, 1938; fiscal year not complete.
American
OFFERED
reoffered the above certificates for general investment priced to yield 2.50%
on all maturities.
PUBLIC—The
(cur-
delinquent)..—
1958.
Denom. $1,000.
office of the City Comptroller.
ONARGA TOWNSHIP
of July 1, 1938
Fiscal year (Oct. 1 to
Amt. of tax levy
Amount collected
coupon
indebtedness offered for sale
on Aug. 19—V. 147,
1071—were awarded to a syndicate composed of Halsey, Stuart & Co.,
Inc.; Lehman Bros.; the Bancamerica-Blair Corp.; Stone & Webster and
Blodget, Inc.; Darby & Co.: E. H. Rollins & Sons' Estabrook & Co., all
of New York, and Schmidt. Poole & Co. of Philadelphia, paying a price of
106.34, a basis of about 2.57%.
The Issues are divided as follows:
$2,200,000 water works system, dated Aug. 1, 1938 and due $1,100,000 on
Aug. 1 in 1956 and 1957.
This is the issue for which all bids
received Aug. 5 were returned unopened—V. 147. p. 923.
2,500,000 water works system, dated Aug. 15, 1938 and due Aug. 15 as
follows;
$500,000 from 1955 to 1957, incl. and $l,000.00j in
semi-ann. certificates of
FLORIDA
-
-
III.—CERTIFICATE SALE—The $4,700,000 3%
CHICAGO,
Building
Price Bid
107.25
105.64
100.25
SYCAMORE COMMUNITY HIGH SCHOOL DISTRICT
(P. O.
Sycamore), 111.—BONDS SOLD—It is reported that $45,000 construction
bonds have been sold to an undisclosed purchaser.
Volume
Financial
147
ILLINOIS
WEST FRANKFORT HIGH SCHOOL DISTRICT NO. 108 (P. O.
.
West Frankfort), III.—BONDS SOLD—It is stated that $87,000 school
bonds sold recently to H. C, Speer & Sons Co., and Barcus, Kindred & Co.
bothof Chicago, jointly, as 4Ms, paying a premium of $870.00, equal to
101.00.
Due in 20 years optional after two years.
Coupon bonds, dated Aug. I, 1938.
Denom. $1,000.
Interest payable
M. & S.
1227
Chronicle
VEVAY SCHOOL TOWN (P. O. Vevay), Ind.—BOND OFFERING—
Sealed bids will be received until 2 p. m. (C. S. T.), on Aug. 29, by R. M.
Carnine, Treasurer of the Board of Trustees, for the purchase of a $13,000
issue not to exceed 4M% semi-ann. school building bonds.
Dated July 1,
1938.
Denom. $500.
Due $500 Jan. and July 1, 1940 to 1952.
Rate of
interest to be in multiples of M of 1 %, and not more than one interest rate
shall be named by each bidder.
The bonds are direct obligations of the
School Town, payable out of unlimited ad valorem taxes to be levied upon
all of the taxable property of the School Town.
The opinion of Matson,
Ross, McCord & Clifford, of Indianapolis, will be furnished.
Enclose a
certified check for $500, payable to the School Town.
INDIANA
ADAMS
bids
will
COUNTY
be received
O.
(P.
until
Greensburg),
Ind.—OFFERING—Sealed
IOWA
11
a. m. on Sept.
10, by John W. Tyndall,
County Auditor, for the purchase of an issue of $133,880.90 6% semi-ann.
Fennig Ditch drainage bonds.
Dated July 5,1938.
Denoms. $1,000, $500
and $388.09.
Due $13,388.09 May 15,1939 to 1948. Principal and interest
payable at the County Treasurer's office.
CROWN POINT SCHOOL CITY
(P. O. Crown Point), Ind.—
BONDS SOLD—It is stated by the Superintendent of Schools that $25,000
2% semi-ann. building bonds were purchased by the Commercial Bank of
Crown Point.
Due from 1941 to 1948.
Legal approval by Matson, Ross,
McCord & Clifford of Indianapolis.
FRANK TOWNSHIP SCHOOL TOWNSHIP (P. O. Stilesville), Ind.
OFFERING—Sealed bids will be received until 10.30 a. m. on
—BOND
Sept. 2, by Andy Dunivan, School Trustee, for the purchase of a $24,500
bonds.
Dated July
1, 1938.
Denom. $500.
Due $2,000 Jan. and $1,000 July 1, 1940; $1,000
Jan. and July 1, 1941 to 1950; and $1,000 Jan. and $500 July 1, 1951.
Bid¬
ders to name the rate of interest in multiples of M of 1% and not more than
one interest rate shall be named by each bidder.
The bonds are direct
obligations of the School Township, payable out of unlimited ad valorem
taxes
on all of the taxable property within the School Township.
The
approving opinion of Matson, Ross, McCord & Clifford, of Indianapolis,
will be furnished.
issue of not to exceed 4M%_ semi-ann. school building
CLARINDA, Iowa—BOND SALE DETAILS—It is
now reported that
McDermott & Sparks of
here on Aug. 13—V. 147
p. 1072—are due $1,000 from Nov. 1, 1940 to 1957, and $48,000 on Aug. 1,
1958; provided, however, that the city reserves the right and option to
call and retire the bonds maturing on Aug. 1, 1958, on Nov. 1, 1948, and
on any interest payment date thereafter.
Coupon bonds, dated Aug. 1.
1938.
Denom. $1,000.
Interest payable M. & N.
the $66,000 hospital bonds purchased by Shaw,
Des Moines, as 3Ms, at a price of 100.07. as noted
HARRISON
COUNTY
(P.
O.
Logan),
Iowa—BONDS SOLD—A
$12,400 issue of refunding bonds was offered for sale on Aug. 15 and was
awarded to Vieth, Duncan & Wood of Davenport, as 2 Ms. paying a premium
of $130, equal to 101.048, a basis of about 2.11%.
Dated Sept. 1, 1938.
Due on Dec. 1 as follows: $1,000 in 1940 and 1941, and $10,400 in 1947.
LANSING, Iowa—BOND SALE—The two issues of bonds aggregating
on Aug. 15—V. 147, p. 1072 were awarded to the
Carleton D. Beh Co. of Des Moines, according to J. H. Thompson, City
Clerk.
The bonds are as follows: $10,000 membrial building, and $7,000
$17,000, offered for sale
city hall bonds.
MARSHALLTOWN, Iowa—BOND SALE—The $100,000 issue of sewer
on Aug. 15—V. 147, p. 1072—was purchased by the
White-Phillips Corp. of Davenport, as 2Ms, paying a premium of $1,000,
equal to 101, according to the City Clerk.
The $20,000 grading fund offered at the same time, were purchased jontly
by the White-Phillips Corp. of Davenport, and the Iowa-Des Moines Na¬
tional Bank & Trust Co. of Des Moines, as 2Ms, paying a premium of
bonds offered for sale
Ind.— WARRANT SALE—The $60,000 issue of current
expense warrants offered for sale on Aug. 15—V. 147, p. 924—was awarded
to the Wabash Valley Trust Co..of Peru, at 1%, plus a premium of $11,
according to the City Clerk.
Due in 90 days.
KOKOMO,
LIBERTY TOWNSHIP SCHOOL TOWNSHIP (P. O. North Liberty)
1 nd.—BOND OFFERING—Sealed bids will bereceived until 1p.m. (Central
for the purchase of
$22,000 issue of school building bonds.
Interest rate is not to exceed
4%, payable J. & J.
Dated May 15,1938.
Denom. $1,000.
Due $1,000
July 1, 1939, and Jan. and July 1, 1940 to Jan. 1, 1950.
Rate of interest
to be in multiples of M of 1 %, and must be the same for all of the bonds.
The highest bidder will be the one who offers the lowest net interest cost to
the School Township, to be determined by computing the total interest on
all of the bonds to their maturities and deducting therefrom the premium bid,
if any.
No bid for less than the par value of the bonds, including accrued
interest to date of delivery at the rate named in the bid, will be considered.
The bonds are to be the direct obligation of the School Township, payable
out of the ad valorem taxes to be levied end collected on all of the tax¬
able property within the School Township.
The approving opinion of
Matson, Ross, McCord & Clifford, of Indianapolis, will be furnished.
Standard Time), on Sept. 12, by Trustee Joseph Steele,
a
MARION COUNTY (P. O.
Indianapolis), Ind.— WARRANT SALE—
17—
V. 148, p. 1071—was purchased by a syndicate composed of the Union
Trust Co., the Fletcher Trust Co., the Indiana Trust Co., the Fidelity
Trust Co., the American National Bank, the Indiana National Bank and
the Merchants National Bank, all of Indianapolis, at 1% plus a premium of
The $300,000 issue of tax anticipation warrants offered for sale on Aug.
Dated Sept. 1, 1938.
$22.80.
ST.
MARY'S
Payable
TOWNSHIP
(P.
O.
on
Mills),
STRAWBERRY
Dated Aug. 25, 1938.
Rate of interest to be in multiples of M of 1%
same for all bonds of each issue.
The highest bidder will
and must be the
who offers the lowest net interest cost to the school and civil
townships, respectively, to be determined by computing the total interest
all or the bonds to their maturities and deducting therefrom the premium
bid, if any.
No bid for less than par value of the bonds, including accrued
interest to date of delivery at the rate named in the bid, will be considered.
The school township bonds are being issued under the provisions of Section
65-313 Burns' Statutes, 1933, for the purpose of procuring funds with which
SCHOOL
INDEPENDENT
POINT
DISTRICT
(P. O. Strawberry Point),
Iowa—BOND SALE—The $15,235 issue of
Aug. 11—V. 147, p. 924—
Strawberry Point, as 3 Ms,
paying a premium of $890.00, equal to 105.84, according to the District
Secretary.
Denom. $500, one for $235.
Dated Aug. 11, 1938.
Due from
Nov. 1,1939 to 1950; optional after Nov. 1,1946.
Interset payable M.& N.
coupon school building bonds offered for sale on
was awarded to the Union Bank & Trust Co. of
WORTH
COUNTY
(P.
O.
Northwood),
Iowa—BONDS SOLD—A
$6,500 issue of court house bonds was offered for sale on Aug. 17 and was
awarded to the Carleton D. Beh Co. of Des Moines, according to the
County Treasurer.
Dated
Sept.
1,
Due on Nov.
1938.
1 as follows:
Interest payable M. & N.
$1,000 from 1939 to 1944, and $500 in 1945.
KANSAS
Ind.—BOND
$19,875 school township bonds.
Denom. $1,000 and $325.
Due $1,325
on July 1, 1939, and $1,325 from Jan. 1, 1940 to 1953, incl.
15,000 civil township bonds.
Denom. $750.
Due $750 on July 1, 1939,
and $750 from Jan. 1, 1940 to 1958, incl.
one
MENLO, Iowa—BOND SALE—The $16,000 issue of water works bonds
on Aug. 16—V. 147, p. 1072—was awarded to the Menlo
Savings Bank, as 2Mb at par, according to the Town Clerk.
Coupon bonds, dated Aug. 1, 1938.
Denom. $1,000.
Due $1,000 from
Nov. 1, 1941 to 1956, incl.
Interest payable M. & N.
offered for sale
Dec. 15, 1938.
Pleasant
OFFERING—Sealed bids will be received until 2 p. m. (Central Standard
Time) on Aug. 25 by Ben McCullough, School Trustee, for the purchase of
two issues of not to exceed 3M% semi-annual bonds aggregating $34,875,
as follows;
be the
$315, equal to 100.575.
WICHITA, Kan.—MATURITY—It is stated by the City Clerk that
the $18,000 2% park bonds purchased by W. E. Davis & Co. of Topeka, at
a
price of 101.933, as noted here—V. 147, p. 924—are due as follows:
$2,000, 1939 to 1946, and $1,000 in 1947 and 1948, giving a basis of about
1.60%.
KENTUCKY
OWENSBORO, Ky.—BONDS SOLD—It is stated by E. J. Rhodes.
City Clerk, that an issue of $1,272,354 water and light plant bonds was
purchased recently by Blyth & Co. of Chicago.
on
Louisiana
to pay
the cost of purchasing land, if necessary, and constructing and equip¬
ping a school building in and for the school township, and are the direct
obligations of the school township, payable out of unlimited ad valorem
taxes to be levied and collected on ail of the taxable property within the
school township.
The civil township bonds are being issued under the pro¬
visions of Chapter 54 of the Acts of 1913, for the purpose of procuring funds
to pay the cost of constructing and equipping a room in the new school
building addition for a school and general township community purpose,
as provided in the Act, and the bonds are the direct obligations of the civil
township, payable out of taxes to be levied and collected on all of the taxable
property within the civil township.
The approving opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished.
STOCKTON SCHOOL TOWNSHIP (P. O. Linton), Ind.—BOND
SALE—The $8,000 issue of coupon judgment funding bonds offered for
sale on Aug. 12—V. 147, p. 775—was awarded to McNurlen & Huncilman
of Indianapolis, as 3%s, paying a premium of $19.20, equal to 100.24, a
basis of about 3.70%.
Dated July 15,
from July 15, 1939 to Jan. 15, 1947.
The other bids were as follows:
1938.
Due
on
Jan. and July 15,
Bidders—
Premium
Rate
Ross T. Ewert, Inc., Indianapolis
Citizen National Bank, Linton
4$167-00
4M%
No premium
4M %
No premium
Peoples Trust Co., Linton..—
$1,000.
Due $11,000 June and Dec. 1, 1939 to 1948.
Rate of interest to
be in multiples of M of 1%, and the bonds will be awarded to the bidder
who offers the lowest net interest cost to the County, to be determined by
computing all of said bonds to their maturities and deducting therefrom
the premium bid, if any, bid to be for not less than par and accrued interest.
Principal and interest payable at the County Treasurer's office.
Enclose a
certified check for 3% of the par value of the bonds bid for, payable to the
Board of County Commissioners.
VERNON
TOWNSHIP
SCHOOL
TOWNSHIP
(P.
O.
Portville),
OFFERING—Sealed bids will be received until 7:30
p.
furnished.
VEVAY, Ind.—BOND OFFERING—Sealed bids will be received until
2 p. m. (C. 8. T.), on Aug. 29, by Elbert B. Gray, Town Clerk-Treasurer,
for the purchase of a $7,000 issue of not to exceed 4M % semi-ann. school
to 1954.
Dated July 1,1938.
Denom. $500.
Due $500 Jan. 1,1941
Rate of interest to be in multiples of M of 1 %. and not more than
by each bidder.
The bonds are direct
obligations of the Town, payable out of unlimited ad valorem taxes to be
levied and collected on all of the taxable property of the Town.
The
approving opinion of Matson, Ross, McCord & Clifford, of Indianapolis,
will be furnished.
A certified check for $500 payable to the Town, must
accompany the bid.
one
interest rate shall
oe
named
New
Orleans
LOUISIANA
BREAUX
BRIDGE, La.—BONDS NOT SOLD—It is stated by the
Town Clerk that the $29,000 not to exceed 6% semi-ann. public improve¬
ment bonds offered on Aug.
16—V. 147, p. 458—were not sold as no
satisfactory bids were received.
Dated Aug. 1, 1938.
Due from Aug. 1,
1940 to 1963.
FRANKLIN, La.—BOND SALE—The $30,000 issue of public improve¬
for sale on Aug. 15—V. 147, p. 458—was awarded to
ment bonds offered
Scharff & Jones of New Orleans, as 3Ms, paying a premium of $88, equal
to
100.29, according to the Town Secretary.
Dated Aug. 1, 1938, Due
from Aug. 1, 1940 to 1958 incl.
LOUISIANA
STATE
BOARD
OF
EDUCATION—BONDS
NOT
SOLD—The $6,000,000 issue of not to exceed 6% semi-ann. Educational
and Charitable Institutions' bonds offered on Aug. 16—V. 147. p. 925—
was not sold as the bids were rejected.
Dated Aug. 1, 1938.
Due from
Aug. 1, 1942 to 1966, incl. A special dispatch from New Orleans on Aug.16
New York "Herald Tribune" reported on the unsuccessful offering
to the
as
follows:
Louisiana
"The
State Board of Education today rejected all bids for
$6,000,000 of bonds authorized by the last session of State Legislature for
permanent improvements and special schools.
"No bid prices were made public and a special committee of State officials
received bids at executive session, which will submit new proposals to the
educational board, but not until the return to the State of Governor Leche,
who is now in New York."
m.
Sept. 2, by Trustee Everett McMahon, for the purchase of an $11,000
issue of not to exceed 4M % semi-ann. school builolng bonds.
Dated July
5,1938. Due $1,000 Jan. and July 1,1945. Denom. not less than $50 nor
more than $1,000.
These bonds will be the direct obligations of the School
Township, payable out of ad valorem taxes to be levied and collected within
the limitatioiycrescribed by law.
The approving opinions of Matson, Ross,
McCored & Clifford, and of Linder & Seet, both of Indianapolis, will be
on
building bonds.
of
Evansville), Ind.—BOND OFFER¬
ING—Sealed bids will be received by E. D. Koenemann, County Auditor,
until 10 a. m. on Sept. 8, for the purchase of a $220,000 issue of not to
exceed 3H% semi-ann. poor relief bonds.
Dated Sept. 1, 1938.
Denom.
Ind.—BOND
Whitney National Bank
1
—Price Bid
VANDERBURGH COUNTY (P. O.
Municipal Bonds
Bought and Sold
ORLEANS
LEVEE
DISTRICT
(P.
O.
New
Orleans), La.—ADDI¬
TIONAL INFORMATION—In connection witn the offering scheduled for
Aug. 29, of the $2,113,000 reparations refunding bonds, noted in our issue
of Aug. 13—V. 147, p. 1072—the following statement was issued by Leon
G. Tujague, President of the Board of Commissioners:
"The purpose of this communication is to clarify an apparent difference
is to clarify an apparent difference between our call for payment of $3.387,000 reparations bonds, issue of Sept. 1, 1928, and the offering, for sale,
of only $2,113,000 Reparations Refunding bonds, issue of Marcn 1, 1937.
"The difference, or $1,274,000 par value of our new issue of Reparations
Refunding bonds, will be exchanged for an equal amount of the Repara¬
tions bonds, issue of Sept. 1
1928 at a rate of interest and amount of
principal under terms that are favorable to the Orleans Levee Board.
"This exchange of bonds was only considered and done by the Orleans
Levee Board after the advices of several large bond houses who satisfactorily
assured us that by removing the very late maturities on this refunding
issue also asking for bids simultaneously on both the $2,000,000 Refunding
bonds and the Reparations Refunding bonds
that the sale thereof could
be effected at very favorable terms for the Orleans Levee Board.
1228
Financial
"We have the positive assurance that these Reparations
Refunding bonds
exchanged will be retained by the very few holders who are a part of
this exchange and will not be offered to the general public in conflict with
the bonds tnat will be sold by us on Aug. 20, 1938.
There are positively
no commitments of any kind governing the sale of our Donds on
Aug. 29th:
so
these
bonds
be awarded
will
the
oidder
whose offer
will be the most
favorable to the Orleans Levee Board and will be adjudicated at the time
and place when bids are publicly opened.
"When the bids are
to
opened the board whl make public the terms under
made."
which the exchange was
NEW
ORLEANS, La .—REPORT ON PRESENT FINANCIAL STATUS
—The
following bulletin (No. 338). was issued
Cave, Commissioner of Public Finance:
To investors in
You
will
be
as
of Aug.
15 by Jess S.
City of New Orleans Securities and Friends of the City:
pleased
to
know,
that,
the able
under
administration
of
Mayor Robert S. Maestri the City of New Orleans is on a cash basis.
This
is true, in spite of the fact that in the past two years a remarkable series
of improvements have been made.
Mr. Bernard McCloskey, a well known
banker and lawyer, made this statement a few days ago.
*T1 have been on
the directorate of banks for 40 years and this is the
the City to be out of debt to the banks."
first time I
floating indebtedness.
all current purchases.
known
Cash discounts
are
taken
on
have
ever
New Orleans has
On June ,30, 1938 New Orleans had to the
credit of the General Fund cash in bank
Aug. 17,1936 New Orleans owed the banks
no
$926,558.82
6,051,928.02
Aug. 14,1938 New Orleans owed the banks.
Aug, 17, 1936 accounts payable, past due
Nothing
Chronicle
1,397,015.90
Dated Aug. 15,1938
15, 1939.
The following is an official list of the bids
\ ■ V;..''-.
Bidder—
I'' ■
Disc. Rate
Merchants National Bank, Salem
182%
Gloucester National Bank, Gloucester
20%
Beverly National Bank, Beverly..
18%
♦Cape Ann National Bank, Gloucester...
.17%
Gloucester Safe Deposit & Trust Co., Gloucester
28%
First & Ocean National Bank. Newburyport..
19%
Naumkeag Trust Co., Salem
19%
*
Awarded loan.
1
'V
Payable
on
Aug.
,
—
,
.
HAVERHILL, Mass.—BONDS SOLD—An issue of $100,000 municipal
relief loan act or 1938 bonds
and
premium
a
19367-
Dated Aug. 1. 1938.
July 15, 1936 paving certificatesJuly 15, 1938 paving certificates
-
Halsey, Stuart & Co., Inc. of New York, as 1 %
of $209, equal to 100.209, a basis of about 1.71%.
Due $10,000 from Aug. 1. 1938 to 1948, incl.
BONDS OFFERED FOR INVESTMENT—'The successful bidder offered
the above bonds for public subscription at prices to yield from 0.40%
to
1.85%, according to maturity.
The second highest bid was an offer of 100.572, for 2s, submitted by
Whiting, Weeks & Knowles of Boston.
LANESBOROUGH
(Village),
PRICE PAID—It is now reported
Fire
and
Water
District,
Mass.—
that the $75,000 2% %
purchased by Tyler &
recently—V. 147. p. 1073—were sold at
water
notes
Co.
par.
semi-ann. fire
of Boston, as noted here
Due from Aug. 1, 1941 to
1968 incl.
LEXINGTON, Mass.—LOAN OFFERING—It is stated that bids will
'
3.598,000.00
-
128th issue, was offered for sale on Aug. 18
awarded to
was
paying
be received until 7
Reduction in bonded indebt. in two years
193S
Ann National Bank of Gloucester, at 0.17% discount.
received:
and
Aug. 14,1938 accounts payable, past due.None
Aug. 1,1936 bonded indebtedness
$50,638,000.00
Aug. 1,1938 bonded indebtedness
47,040,000.00
Aug. 20,
7,854,080.00
4,233,920.00
p.
payable on Jan. 27,
m.
on
Aug. 23 for the purchase of
a
$50,000 loan,
1939.
NEWBURYPORT,
Mas%—BOND OFFERING—Sealed bids will be
until 12:15 p. m.
(Daylight Saving Time)
on
Aug. 23,
by
E.Houghton, City Treasurer, for the purchase of a $24,000 issue of
coupon municipal relief loan, Act of 1938 bonds.
Interest rate is'to be
named by'the bidder, in multiples of M of 1%.
Denom. $1,000.
Dated
Aug. 1,1938.
Due on Aug. 1 as follows: $3,000, $1939 to 1942, and $2,000.
1943 to 1948, all incl.
Prin. and semi-annual interest payable at the
Merchants Natonal Bank of Boston.
No bid for less than par and accrued
interest will be accepted. The legal approving opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be furnished to the purchaser.
Delivery will be made at the Merchants National Bank of Boston, for
received
Reduction in outstanding paving certificates
-
-
Improved financial condition in two years
3,620,160.00
-
-
$15,583,662.74
8,313,329.07
4,526,610.49
2,932,571.02
2,122,584.25
1,070,651.26
Esti. rev. from all sources accruing to General Fund, 1938Collection through May 31, 1938 (54M%)
—
City's portion real estate taxes 1938 (100%)
June 30, 1938 (72%)
City's portion personal property taxes, 1938 (100%)
Collected through June 30t 1938 (80%)--—
Collected through
——
841,720.19
— .
Boston funds.
Collections of past due taxes for all purposes through June 30,
■1933 una Previous Years
1934
1938,
Real estate-
$60,349.49
$75,521.41
2,942.49
—
Personal property-
$31,446.95
4,589.11
1936
estate
Total
$445,968.62
47,475.28
——
were:
■■■■'
1935
5,035.45
1937
—$243,859.86
Personal property
6,299.91
City portion of these revenues is one third.
Real
<
Charles
$857,146.33
66,342.24
Financial Statement
Uncollected
,
Tax Levy
^
1935----——-
Aug. 1,1938
$564,478.63
—
-a—
-------
—
1937 assessed valuation
Tax titles Aug. 1. 1938-1937
Borrowed against tax titles
$229.21
587,047.20
543,729.21
127,214.74
,37,299.08
$12,393,130.00
99,583.23
-
Tax rate
RAPIDES PARISH (P. O.
Alexandria), La.—BOND SALE DETAILS
—It is stated by the Secretary of the Police Jury that the $351,814.89 court
house and jail bonds purchased by a syndicate headed by F. IV Clark &
Co. of Alexandria, as noted here on Aug. 6—V.
147, p. 925—were sold for
premium of $385, equal to 100.109, a net interest cost of about 3.72%,
the bonds divided as follows:
$330,814.89 as 3%b, maturing on Aug. 1
from 1940 to 1962; the remaining $21,000 as 3 j^s, maturing on Aug. 1,1963.
a
on
PARISH SCHOOL DISTRICT NO.
ST. HELENA
4
(P. O. Greenswere received until 10 a. m.
Aug. 18, by the Secretary of the Parish School Board, for the purchase
$45,000 issue of not to exceed 6% semi-annual school building bonds.
Dated Sept. 1, 1938.
Denorn. $500.
Due Sept. 1, as follows: $1,500 in
1940 to 1944, $2,000 in 1945 to 1949, $2,500 in 1950 to 1952, $3,000 in 1953
to 1955, $3,500 in 1956 and 1957, and $4,000 in 1958.
These bonds are
payable from unlimited ad valorem taxes.
Principal and i merest payable
at a place designated by the purchaser.
Legality approved by B. A. Camp¬
bell, of New Orleans.
Authority: Article XIV, Section 14, State Con¬
stitution of 1921 and Act 46 of 1921, as amended.
burg), La.—BONDS OFFERED—Sealed bids
on
of
a
ST.
HELENA
PARISH SCHOOL DISTRICT NO.
5
(P. O. Breens-
burg), La.—BOND OFFER!NO—Sealed bis will be received until Sept. 6,
by J. L. Meadows, Superintendent
of the Parish School Board, for the
purchase of an $8,000 oissue of not to exceed 6% semi-ann. building bonds.
These bonds were approved by the voters at an election held on
Aug. 2.
VERNON PARISH (P. O.
Leesville), La.—BOND OFFERING—Sealed
bids will be received until 2 p. m,. on Sept. 15, by V. O.
Craft, Secretary of
the Parish Police Jury, for the purchase of a $90,000 issue of court house
and jail bonds. Interest rate is not to exceed
6%, payable A. & O.
Dated
Oct. 15,1938.
Denoxn. $1,000.
Due Oct. 15, 1939 to 1948.
The approv¬
a certified copy of
ing opinion of Holmes & Ferguson of New Orleans, and
the transcript of record of proceedings relating to the issuance and sale of
the bonds will be furnished without cost to the purchaser.
If a concurring
$43.20
82,276.04
Population, 14,815.
Bonds Outstanding as of Aug. 1,
Central Park and playground
1938
$4, 000.00
County T. B. hospital
Departmental equipment loan
Financial year adjustment Loan C 229 A 1934
High school bonds
Municipal relief loans
Plum Island Bridge loan
School bonds
8 000.00
7 000.00
12 000.00
302 000.00
185 000.00
5 774.91
45 000.00
—
Sewer bonds
-
-
34 000.00
Water bonds---.—.. 55 000.00
Total.
This issue
—
—
-
-
—
-$657,774.91
$24,000.00
——
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Sealed bids will be received until 11 a. m. (Daylight Standard Time), on
Aug. 23, by Ralph D. Pettingell, County Treasurer, for the purchase of
an
issue of $100,000 tuberculosis hospital maintenance notes.
Dated
Aug. 23, 1938.
Denoms. $25,000, $10,000 and $5,000.
Due April 6,1939.
Issued under authority of Chapter 11 of the General Laws.
The notes will
be authenticated as to genuineness and validity by the First National
Bank of Boston.
Payable at the First National Bank of Boston, or at the
Central Hanover Bank & Trust Co., New York.
Legality approved by
Ropes, Gray, Boyden & Perkins, of Boston.
Bids by telephone will be
accepted.
PALMER, Mass.—BONDS SOLD—A $27,000 issue of relief bonds
was
offered for sale
Boston,
100.979
as
on
on Aug. 17 and was awarded to the Second National Bank of
1%8, paying a price of 100.257.
The next bid was an offer of
1 j^s, made oy R. L. Day & Co. of Boston.
or
approving opinion of other counsel should be desired, the cost must be
borne by the purchaser.
These are the bonds authorized at the election
held on July 21.
Enclose a certified check for $3,000,
payable to the Parish
Treasurer.
MAINE
MARS
HILL, Me.—BONDS OFFERED
TO PUBLIC—A $20,000 issue
obligation bonds is being offered by F. W. Horne
at prices to yield from 0.75% to
2.60%, according to maturity.
Denoxn. $1,000.
Dated Aug. 1, 1938.
Due $2,000 from Aug. 1, 1939 to 1948 incl.
Registerable as to principal
only.
Prin. and int. payable at the Second National Bank in Boston.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
of34£%
coupon general
& Co. of
Hartford, for general investment
Financial Statement
as
of Match 1, 1938
Assessed valuation (1937)
Basis of assessment
Total bonded debt (not
including this
Net bonded debt
$1,006,695
Abou t
issue)
55 %
15,000
15,000
1.49%
Debt ratio--
Population (1930)—1,837.
Tax Collections
1937
1936
Tax rate
$6.70
$5.70
Total tax levy
$68,982.60
$58,168.72
Uncoil, to March 1, 1938 *24,583.66
7,261.70
*
P*
1935
$4.90
$50,360.66
1,347.38
1934
WATERVILLE, Me.—BOND OFFERING—Sealed bids will be received
.a- m' on Aug. 25, by the City Treasurer, for the purchase of a
Due
on
issue of 3% semi-ann.
refunding bonds.
Dated Sept. 1, 1938.
Sept. 1, 1963. No bid for less than par and accrued interest will
be considered.
Mass.—NOTES SOLD—It is stated that $50,000 revenue
Aug. 10 by the National Shawmut Bank of Boston,
Due $25,000 on July 12, and on Aug. 9, 1939.
notes were purchased on
at
0.25%
discount.
SOMERVILLE, Mass .—BONDS SOLD—An issue of $120,000 coupon
municipal relief loan. Act of 1938 bonds was offered for sale on Aug. 18
and was awarded to
Halsey, Stuart & Co., Inc. of New York, as l^s,
at a price of 101.134, a basis of about
1.53%.
Dated July 1, 1938.
Due
$12,000 from July 1, 1939 to 1948 incl.
Bonds
Offered for Investment—The purchaser reoffered the above bonds
for general subscription at prices to yield from 0.40% to 1.85%,
according
to
maturity.
The next best bid was
& Co. of New York.
an
offer of 101.057 on 2s, made
by Lazard Freres
TAUNTON, Mass .—BONDS OFFERED—Sealed bids were received
a. m. (Daylight Saving Time) on Aug. 19 by Howard A.
Briggs,
City Treasurer* for the purchase of a $68,000 issue of coupon relief bonds.
until 11
""WALTHAM,
Mesa.—TEMPORARY LOAN SOLD—A $100,000 tempo¬
Merchants Na¬
J. W. Cutter,
City Treasurer.
Dated Aug. 16, 1938.
Due on Dec. 28, 1938.
Payable
at the First National Bank of
Boston, or the Central Hanover Bank &
Trust Co., New York.
rary loan was offered on Aug. 16 and was awarded to the
tional Bank of Boston, at 0.22% discount, according to
Other bids received were
$4.60
$47,775.10
558.09
Represents three months' collections.
$50,000
SHARON,
as
follows:
Bidder—
Disc. Rate
First National Bank, Boston
Second National Bank, Boston
Leavitt & Co., Boston
0.23 %
plus$2
0.239%
0.2475%
„
WELLESLEY, Mass.—LOAN OFFERING—It is reported that bids will
be received until
noon on
Aug. 22 for
a
$100,000 loan, payable on May 22,
1939.
WINCH ENDON, Mass.—BOND OFFERIN G—Sealed bids will be re¬
by the City Treasurer until noon on Aug. 22 for the purchase of
$10,000 municipal relief loan bonds, payable from 1939 to 1941.
ceived
MASSACHUSETTS
ATTLEBORQ, Mass.—BOND SALE— The $71,500 issue of coupon
high school bonds offered for sale on Aug. 16—V. 148, p. 1072—was awarded
$°Jj£ler
Boston, as 2, paying a price of 101.69, a basis of about
1.80%.
Dated Aug. 1, 1938.
Due from Aug. 1, 1939 to 1958 incl.
The other bidders for the bonds
(all at
Bidders—
First National Bank,
R.L.Day Co
Newton Abbe & Co
2%),
were as
101477
_
101.299
-
"" 101
Estabrook & Co
O. F. Childs & Co_
100 599
Mass.—TEMPORARY LOAN—
«0 $35,000 issue of Fox Hill Bridge temporary loan,
Aug. 16—V. 147,
Mass.—BONDS SOLD—Eight issues of 1H% coupon
registered bonds aggregating $1,422,000 were offered for sale on Aug. 18
were awarded to a syndicate composed of Halsey, Stuart & Co.,
Inc.,
Goldman, Sachs & Co., both of New York, and Bond, Judge & Co. of Bos¬
ton, at a price of 101.376, a basis of about 1.23%.
The issues are described
as
follows:
$175,000 municipal relief loan.
Payable $18,000 from July 1939 to 1943
and $17,000 July 1944 to 1948, inclusive.
722,000 municipal relief loan.
Payable $73,000 in July 1939 and 1940 and
$72,000 July 1941 to 1948, inclusive.
50,000 municipal relief loan.
Payable $5,000 from July 1939 to 1948,
100 432
—————III"———1—100.266
muES^fv??UN1T JP- IT?,*,
on
267
100 784
Bond Judge & Co., Inc
First National Bank, Boston
offered for sale
follows:
price Bid
Attleboro___
WORCESTER,
or
and
p.
Act of 1938 notes
1073—was awarded to the Cape
inclusive.
200,000 trunk
140,000
35,000
50,000
50,000
sewers
water loan.
water loan.
water loan.
trunk
sewers
loan.
Payable $20,000 from luly 1939 to 1948, incl.
Payable $14,000 from July 1939 to 1948, incl.
Payable $7,000 from July 1939 to 1943, inclusive.
Payable $5,000 from July 1939 to 1948, inclusive.
loan.
Payable $5,000 from July 1939 to 1948, incl
Volume
147
Financial
MASSACHUSETTS
bidders
re-
from 0.25%
1.35%, according to maturity.
The following is an official list of the bids received:
Name of Bidder—
Price Bid
Halsey, Stuart & Co., Inc.; Goldman, Sachs & Co., and Bond,
Judge & Co., Inc
101.376
Kidder, Pea body & Co.* Stone & Webster and Blodget, Inc.; F. S.
Moseley & Co., and Brown, Harriman & Co., Inc
101.067
The First Boston Corp.; Lazard Freres & Co.,
Inc., and Newton,
to
Abbe & Co
-J
100.892
Bankers Trust Co.; Harris Trust & Savings Bank; Blyth & Co.,
Inc., and Chace, Whiteside & Co., Inc
100.75
Whiting, Weeks & Knowles, Inc.; 8mith, Barney & Co.; Estabrook
Co.; R. L. Day & Co., and Washburn & Co
100.5121
MICHIGAN MUNICIPALS
DETROIT
GRAND
Telephone Cherry 6828
RAPIDS
Telephone 9-8255
DET 640-541
A.T.T. Tel
Grps
$2,000 in 1939 to 1943, and $3,000 in 1944 to 1948.
The bonds
may be registered as to principal.
Prin. and int. payable at the City Treas¬
urer s office.
The city shall pay for the piinting of the bonds.
The
opinion of Miller, Canfield, Paddock & Stone of Detroit as to legality of
the bonds, will be furnished
by the city.
The city reserves the right to
reject any or all bids; also the right to waive any formal defects in bids
when deemed tor the best interest of the
city.
Enclose a certified check
for
$500, payable to the city.
DETROIT,
Mich.—CITY COUNSEL RULES AGAINST RELIEF
dispatch from Detroit to the "Wall Street Journal'Vof
as follows:
"The problem of financing welfare payments
by the City of Detroit after
the expected exhaustion of 1938-1939 relief
appropriations at the end of this
week has been complicated
by a ruling of the city's corporation counsel
that $2,000,000 of
emergency bonds cannot legally be sold.
It had been
BOND SALE—A
Aug. 18 reported
expected that sale of these bonds would be voted to fill in the
gap between
Aug. 20 and the arrival of new funds *hat will be voted at the coming special
session of the State Legislature.
'According to the corporation counsel, a 1933 State statute permitting
cities to issue emergency bonds up to H of 1
% of their assessed property
valuations must be re-enacted if the city now desires to avail itself of this
provision.
At the same time, counsel advised that at least a
part of the
proceeds of $7,700,000 authorized sewage disposal bonds can be used for
relief expenditures if the city council elects to sell these bonds.
"It has been
frequently predicted by city officials, however, that sale of
the sewage bonds would be restrained
by court injunction by real estate tax
payers.
Meanwhile, a committee made up of Mayor Reading and four
other city officials has been
empowered to decide whether re-enactment of
the 1933 emergency bond statute shall be asked at the
Cray, McFawn & Petter
A.T.T.Tel
1229
follows:
BONDS OFFERED FOR INVESTMENT—1The successful
offered the above bonds for public
subscription at prices to yield
&
Chronicle
special legislative
session in
Lansing beginning Aug. 29.
"To meet the demands for welfare funds after
Aug. 20, it has been indi¬
by the Mayor's committee that the administration portion of the
year's relief appropriations would be drawn upon as well as the city's con¬
7
cated
MICHIGAN
ALGOMA TOWNSHIP
FRACTIONAL SCHOOL DISTRICT
NO.
1
(P. O. Rockford), Mich.—BOND SALE—The $20,000 issue of school
bonds offered for sale on Aug. 15—V. 147, p. 1073—was awarded to Paine,
Webber & Co. of Chicago, as 2 As, paying a premium of
$169.65, equal to
100.848, a basis of about 2.21%.
Dated Aug. 1,1938.
Due from Aug. 1,
1939 to
Premium
2A%
$17.87
2A%
3 %
2A%
314 %
169.65
51.67
3%
Pinney State Bank, Cass Ci y
x Paine, Webber & Co., Grand
Rapids
First of Michigan Corp., Detroit
Grand Rapids Trust Co., Grand Rapids.
MacDonald, Moore & Hayes, Grand Rapids.
Old Kent Bank, Grand Rapids
Ryan, Sutherland & Co., Toledo
Pray, McFaun& Petter, Grand Rapids
Wright, Martin & Co., Detroit
103.00
ECORSE
3A%
51.50
3%
2A%
2A%
2% %
26.00
22.00
58.00
102.00
CITY, Mich.—BOND SALE—The $75,000 issue of special
&
assess¬
of
equal to 100.689, a
Aug. 1, 1940 to 1944 incl.
The
following is
an
official list of the bids received:
Bidder—
Coupon Rate
---2%
-1A%
1A%
1M%
1A%
1H%
\A%
1M%
---1A%
National Bank of Bay City
Crouse & Co
Braun, Bosworth & Co
Wright, Ma.'tln & Co
x
Dominick & Dominick ($43,000)
Stranahan, Harris & Co-2
x
Premium
$607.00
323.25
60.00
330.00
516.76
219.00
______
John Nuveen & Co
Ryan, Sutherland & Co
Dominick & Dominick ($32,000)
—
25.00
60 00
Successful bid.
HARBOR, Mich.—BOND OFFERING—Sealed bids will be
p. m. (Eastern Standard Time) on Aug. 29 by John F.
Null, City Clerk, for the purchase of a $36,500 issue of not to exceed 6%
improvement bonds, special assessment.
Dated Aug. 1,
1938.
Denom. $1,000, one for $500.
Due Aug. 1 as follows:
$4,000
in 1940 to 1947, and $4,500 in 1948.
Prin. and int. payable at the City
semi-annual public
Treasurer's office.
Bidders are requested to bid at par and state lowest
interest rate.
City to furnish transcript of proceedings and the successful
bidder to furnish legal opinion and pay cost of
printing the bonds.
Enclose
a certified check for $1,000-
BIRCH RUN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O. Birch
Run), Mich.—BOND SALE—The $25,000 issue
of coupon
building bonds
offered for sale
on Aug. 15—V. 147,
p. 1073—was awarded to the" Second
Bank cf Saginaw, as 2A&, paying a premium of
$10, equal to
100.04, a basis of about 2.23%.
Dated April 1, 1938.
Due $5,000 from
April 1, 1939 to 1943.
National
following bids
were
Price Bid
Crouse & Co., Detroit
McDonald, Moore & Hayes Inc., Detroit
2
—$81.25
2 A— 26.00
;
2 A—
7.57
BUCHANAN, Mich.—BOND SALE—The $35,000 issue of sewage dis¬
posal bonds offered for sale on Aug. 12—V. 147, p. 926—was awarded to
the Union State Bank of Buchanan, as 2s,
paying a premium of $127.57
equal to 100.364, a basis of about 1.94%.
Dated Aug. 1, 1938.
Due
from Aug. 1, 1940 to 1949 inclusive.
CRYSTAL
FALLS,
OFFERING—Sealed bids will be
Aug. 29 by John H. Gitzen, City Clerk, for the
purchase of a $35,000 issue of 4% coupon semi-annual hospital bonds.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows:
$2,000
in 1939 to 1953, and $1,000 in 1954 to 1958.
The bonds are general
obligations of the city for the payment of the principal and interest of which
the full faith, credit ana resources of the city are
irrevocably pledged.
Prin. and int. payable at the City Treasurer's office.
The approving
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished.
Enclose a certified check for $2,000, payable to the
City Treasurer.
to
100.6049,
a
a
Tenders should fully describe the securities offered, including
numbers, their par values, and the amount for which they will be
The Board of Education
leserves the right to reject any or ah tenders;
irregularities in the tenders; to accept the tender or tenders
opinion of the Board of Education are most favorable to
the district; and to purchase additional bonds and certificates sufficient
to exhaust the amount of money available for this purpose on Aug. 29.
to waive any
in the
"GRAND RAPIDS, Mich.—BOND OFFERING—Sealed bids will be re¬
a. m.
(Eastern Standard Time) on Aug. 22, by Jacob Van
WingeD, City Clerk, for the purchase of a $2,255,000 issue of not to exceed
3A% semi-annual coupon water revenue bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $40,000 in 1941 to 1944, $50,000
in 1945, $80,000 in 1946 and 1947, $85,000 in 1948 and $90,000 in 1949
to 1968.
Rate or rates of interast to be in multiples of A of 1 %.
Principal
and interest payable at the City Treasurer's office.
The bonds shall be
awarded to the Didder whose bid produced the lowest interest cost to the
City after deuucting the premium offered, if any.
Interest on premium
shall not be considered as deductible in determining the net interest cost.
ceived until 10
not
be considered.
The bonds will
HAMTRAMCK, Mich.—NOTE SALE—The $460,000 issue of unpaid
(1938-1939) fiscal year tax notes offered for sale on Aug. 16—V.
p. 1073—was awarded jointly to E. W. Thomas & Co., and John
Nuveen & Co., both of Chicago, at an interest rate of 5%.
Dated Aug.
15, 1938.
Due on Sept. 28, 1939; callable on 90 days' notice.
No other bid was received on this offering.
MONROE
COUNTY
INVITED—F.
E.
(P.
Gillespie,
O.
Monroe), Mich.—BOND TENDERS
Clerk of the Board of County Road Com¬
missioners, will receive and consider tenders until Aug. 25, at 11 a. m.
(Eastern
Standard Tine), of highway improvement refunding bonds
dated May 1, 1933, described as follows:
Amount par Value
35
$9,000
2,300
5,000
6,000
1,500
3,000
15,000
12,000
2,000
1,000
7,000
7,000
7,000
3,000
2,000
2,000
1-500
1,000
7,000
2,000
3,000
3,000
3,000
6,000
2,000
2,000
1
premium of $105.87
on
3s,
37
39
40
41
41
42
43
45
45
47
48
49.
50
50
equal
52
54
55
payable solely from the
56
57
57
59
60
63
64
65
65
67
68
69
71
72 A
7213
All
tenders shall
Rate
•
ruliy
describe
of Interest
4A
4H
4K
4 A
4%
4A
4H
4A
4A
4A
4 A
4%
4%
4A
'
,
/
6
5A
5A
6
4 A
4%
5A
5A
4A
4A
6
4A
4 A
4Ai
4A
4A
4. A
tne
bonds
Maturing May I
•
4%
5A
4%
4%
5A
1.000
5,000
3,000
2,000
3,000
2,000
3,000
66
Stone of Detroit, approving the legality of
legal opinion and the printing of the bonds will
be paid by the village.
Enclose a certified check for 2% of the par value
of the bonds, payable to the Village Treasurer,
DEARBORN, Mich.—BOND OFFERING—Sealed bids will be received
Standard Time) on Aug. 30 by Myron A. Stevenson,
City Clerk, for the purchase of a $25,000 issue of not to exceed 6% coupon
genera
obligation sewer bonds.
Dated Sept. 1, 1938.
Due Sept. 1 as
4,000
3,000
3,000
64
revenues
Paddock &
the entire issue will
a
revenues
147,
The cost of the
until 8 p. m. (Eastern
be
general obligation of the City, and will be payable solely from
of the water system of the City after the prior payment of
expenses of administering, operating and maintaining the system.
The
proceeds from the sale of the bonds are to be used in conjunction with a
Public Works Administration grant, for the construction of a pipe line
from the City to Lake Michigan to secure the City's water supply and
extensions of the existing system and other construction incidental thereto
and necessary therefor.
The sale of the bonds is subject to the grant.
The opinion of Chapman & Cutler, of Chicago, approving the legality of
the bonds will be furnishea at the expense of the purchaser, who win also
be required to pay foi the printing of the bonds.
Enclose a certified check
for 1 % of the total par value of the bonds, payable to the City Treasurer.
(These are the bonds that were originally scheduled for award on Aug. 11,
the sale of which was postponed, as noted here on Aug. 13—V. 147, p. 1073.)
the
of the water supply system and the bonds are issued pursuant to the
pro¬
visions of Act No. 94 of the Public Acts of 1933, as amended.
Prin. and
int. payable at the Citizens Commercial & Savings Bank, Flint.
Bids
shall be conditioned upon the unqualilied opinion of John
Spaudiing of
Miller, Canfield,
Allen
which
DAVISON, Mich.-—BOND OFFERING—Sealed bids will be received
until 8 p. m. (Eastern Standard Time) on Aug. 22 by Earl A.
Hartman,
Village Clerk, for the purchase of a $42,000 issue of not to exceed 6%
coupon semi-ann. water supply system revenue bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due Sept. 1 as fodows:
$2,000 in 1941 to 1943,
$3,000 in.1944 to 1948, $4,000 in 1949 to 1952, and $5,000 in 1953.
Rate
of interest to be in multiples of A of 1%.
The bonds shall be awarded
to the bidder whose bid produces the lowest interest cost to the
village after
deducting the premium offered, if any.
Interest on premium shall not be
considered as deductible in determining the net interest cost.
The principal
the bonds.
O.
INVITED—
$2,496.69.
53
are
(P.
1937 refunding bonds, series A, B, and C, and 1937 certificates of indebted¬
dated Sept. 1, 1937.
The amounts on hand in the vaiious sinking
are as follows:
1937 refunding bonds, series A and B, $1,972.54;
1937 refunding bonds, series C, $1,385.36; 1937 certificates of indebtedness,
basis of about 2-93%.
of said bonds and the interest thereon
9
Secretary of the Board
Time) on Aug. 29, of
funds
COOPERSVILLE, Mich.—BOND SALE— The $17,500 issue of sewage
disposal bonds offered for sale on Aug. 16—V. 147, p. 1073—was awarded
to Crouse & Co. of Detroit, according to the Village Clerk.
Dated Aug.
15, 1938.
Due from Aug. 15, 1940 to 1956, incl.
was
NO.
TENDERS
ness,
Road Ass't Dist.
Mich.—BOND
received until 7 p. m. on
He states that the successful bid
DISTRICT
CERTIFICATE
current
also received:
Bidder—
First of Mich. Corp., Detroit
SCHOOL
AND
.
No bids for less than
BENTON
received until 4
The
TOWNSHIP
Mich.—BOND
Sealed tenders will be received by Wilford H
Riiey,
of Education, until 7:30 p. m. (Eastern Standard
sold to the district.
on Aug.
8—V. 147, p. 926—was awarded to
Chicago, as lj^s, paying a premium of $516.76,
basis of about 1.34%.
Dated Aug. 1, 1938.
Due from
Co.
Park),
serial
bonds offered for sale
Nuveen
11 of callable refunding bonds, noted in our
July 30—V. 147, p. 777—it is stated by John N. Daley, City Comp¬
troller, that a total of $505,000 bonds was purchased at an average yield
of about 4.58%.
6.00
Successful bidder and awarded bonds.
BAY
connection with
the call for tenders up to Aug.
issue of
Int. Rate
Stranahan, Harris & Co., Toledo
Crouse & Co., Detroit.
John
has begun to take place in the automotive
industry.
Current cases
number 32,000 against 44.000 at the
beginning of the month and a peak of
close to 50,000 in July.
'J
■
DETROIT, Mich.—BOND TENDERS ACCEPTED—In
Name of Bidder—
ment
that
1943 incl.
The following is an official tabulation of the bids received:
x
tingency fund balance now amounting to about $400,000.
The welfare
load, meanwhile, is dropping off sharply due to transfers to Works Progress
Administration and unemployment insurance rolls and to the reemployment
tendered,
'
1941
1941
1941
1941
1940
1941
1941
1941
1940
1941
1942
1942
1942
1941
1942
1942
1941
1941
1942
1941
1942
1943
1941
1944
1944
1941
1942
1943
1944
1942
1944
1944
1944
1948
1944
1944
stipulating
lowest
price at which owner of such bonds will sell the same to the sinking fund.
No tenders at prices above par and interest will be considered.
Financial
1230
Chronicle
Aug. 20,
MICHIGAN
Offered for Investment—The successful bidders reoffered the above
for'public subscription at prices to yield from 0.30% to 1.90%,
These bonds are said to be legal investments for
savings banks and tr ust funds in New York, Massachusetts and Connecticut r
bonds
MUSKEGON TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Mus¬
kegon, R. F. D. No. 4), Mich.—BOND OFFERING—Sealed bids will be
Standard Time), on Aug. 24, by Charles
Busch, District Secretary, for the purchase of a $3,800 issue of coupon
school bonds.
Interest rate is not to exceed 4%, payable J. & D.
Dated
June 1, 1038.
Denom. $850 and $700.
Due June 1, as follows: $700 in
1939 to 1941 and $850 in 1942 and 1943.
Principal and interest payable
at the National Lumberman's Bank, Muskegon.
The purchaser shall
pay the cost of printing the bonds and cost of attorney's opinion approving
the legality of the bonds.
The district is authorized and required by law
to levy on all taxable property therein, such ad valorem taxes as may be
necessary to pay the bonds and interest thereon within the limitation pre¬
scribed by the State Constitution.
An additional 12-miil levy has been
voted for a 5-year period, 1938 to 1942, both inclusive.
Enclose a certified
check for 2 % of the par value of the bonds, payable to the District Treasurer.
according to maturity.
received until 6 p. m. (pastern
NORTON TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O.
Official Financial Statement
Funded debt after payment of bonds due July 1, 1938:
School bonds
$25, equal to 100J.Q45, a basis of about 2.48%.
Dated
Due from May
1939 to 1943 incl.
The following is a
,
bids
Y
.
.
.
_
.
...
Assessed locally.
-V • Assessed at large.
...
Other general obligation bonds
_
...
12,080,000.00
3,269,000.00
1,000,000.00
....
'
'
y
.
,
....
...........
.....
4,049,874.60
1,501,325.40
29,198,636.27
.
.
$68 161,700.00
Deductions to determine net city debt burden:
Water works bonds
Sinking
V
debt:
Belf-supporting
M^kWon
3,269,000.00
fund
(invet?\par)
\$2,431,793.62
for water Y
310,133.63
ments at
Less
amount
bonds
May 27, 1938.
list of the other
5,390,659.99
2,121,659.99
received:
Price Bid
Other Bidders—
Premium
$20.00
John Nuveen& Co., Chicago
-2X%
Braun, Bos worth & Co., Toledo
McDonald, Moore & Hayes, Detroit
........4%
Wright, Martin & Co., Detroit-.
—
National Lumberman's Bank, Muskegon..__
--4%
■
DISTRICT
SCHOOL
240.00
TOWNSHIP
OAK
7
additional $4,500 available,
tenders as follows:
Tenders
which
used in accepting additional
was
-Other
Accepted
Face Am't
Tendered
Cash Am't
48.44
$1,168.22
500.00
53.20
266.00
537.00
540.00
1,786.35
542.00
272.00
TendersTendered
Cash Am't
55.00
$5.50.00
55.00
1,100.00
55.20
276.00
Face Am't
$2,411.68
$1,000.00
2,000.00
1,000.00
1,000.00
53.70.
54.00
54.00
54.20
3,308.05
1,000.00
500.00
1,163.35
54.40
54.70
277.00
55.70
56.00
278.50
560.00
56.20
56.40
56.70
281.00
282.00
57.00
58.00
58.00
570.00
the issue of these
580.00
carried at their face value,
500.00
500,00
139.00
78.81
1,000.00
1,000.00
1,427.80
5,000.00
8,147.10
1,507.50
100.00
5,295.62
1.507.50
62.56
$15,464.55
$7,569.28
53.27
SCHOOL DISTRICT
828.12
3,000.00
60.00
65.00
$38,931.18
CLAIR
$23,033.83
(P. O. St. Clair),
Due from Aug. 1, 1940 to 1943 incl.
Nolitigation has been threatened or is now pending affecting in any manner
obligations.
The bonds held in the sinking fund are
and bear interest at various rates from 2% to
6% per annum.
Tax Collections:
The general tax on property in the city for city purposes
payable in 1937 was $17,124,341.93, as compared with a corresponding tax
payable in 1938 of $19,097,654.57.
Comparative receipts from such taxes
by the City Treasurer for city purposes during such years was as follows:
'
Year 1937
Year 1938
Collections from levies for
curr. year to May 1 $3,54.3,767.48
Collections from levies for prior years to May 1 1,229,072.01
$3,811,684.16
902,139.82
Total..
$4,772,839.49
$4,713,823.98
NICOLLET COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
18 (P.
O. Nicollet), Minn.—BONDS SOLD—It is stated by the Superin¬
NORMAN COUNTY COMMON SCHOOL DISTRICT NO. 81
Cromwell),
Minn.—BOND OFFERING—Sealed bids will be rceived until 8 p. m. on
Aug. 27, by David Carlson, District Clerk, for the purchase of a $4,000
of not to exceed 3Yi% semi-ann. building bonds.
Dated July 1,
1938.
Denom. $500.
Due $500 July 1, 1940 to 1947.
Prin. and int,
payable at a place to be determined by the Board of Education and the
purchaser.
The approving opinion of Schmitt & Moody, of St. Paul, will
issue
be furnished.
INDEPENDENT
that included
Due $2,000 from July 1, 1944 to 1958, incl.
CARLTON COUNTY SCHOOL DISTRICT NO. 13 (P. O.
COUNTY
The floating debt of the city other than
tendent of Schools that $30,000 3% semi-annual gymnasium and auditorium
bonds approved by the voters on July 30 have been purchased by the State.
MINNESOTA
CHIPPEWA
Floating Debt:
above consists of current bills and payrolls.
The City of Minneapolis was incorporated Feb. 6, 1867.
The city has
never defaulted or delayed payment of principal or interest on its bonds.
Mich.—BOND
SALE—The $42,000 issue of school bonds offered for sale on Aug. 17—
Y. 147, p. 1074—was awarded to Crouse & Co. of Detroit, as 1 Ys,
paying a
premium of $37.58, equal to 100.089, a basis of about 1.48%.
Dated
Aug. 1, 1938.
$48,799,686.88
10% of valuation for debt determination
$59,833,635.50
Margin for additional issues per Minnesota law as of
July 1,1938
11,033,948.62
Over-lapping debt—Hennepin County only:
Debt outstanding July 1, 1938 (less sink¬
ing fund)
$1,278,567.80
Resultant addition to city debt burden
(approx. 92%)
1,176,282.38
Cash balance July 28, 1938:
Surplus city cash in Minneapolis banks
$5,085,622.30
Collateral coverage at that date was
8,753,800.00
55.40
$24,721.40
$14,209.78
13,971,353.13
9,921,478.53
500.00
1,821.36
4,049,874.60
Net indebtedness per Minnesota law
Permissible legal indebtedness:
500.00
1,000.00
636.35
54.75
3,326.70
500.00
$62,771.040.01
•.
Miscell. outstand'g bonds. $ 10,131,000.00
Less sink, fund reserve—
209,521.47
Par
NO.
has been made public by Matthew Carey, refunding agent, Detroit:
Tax collections recei ved subsequent to issuance of call for tenders made
an
Net city debt burden
Additional deductions per Minnesota laws:
Assessed portion of local improve, bonds.
74.00
1,207.00
(P. O.
Berkley Branch, Royal Oak), Mich.- SUMMARY OF TENDERS
RECEIVED—The following report on bond tenders received up to Aug. 8,
ROYAL
ST.
.
Tax anticipation loan (schools)..
Local improvement bonds:
of Chicago, as 2^8, paying a premium of
the Channer Securities Co.
$17,062,863.73
Public relief bonds.
Water works bonds.
Heights), Mich.-—BOND SALE—The $55,000 issue of coupon school
building bonds offered for sale on Aug. 10—-V. 147, p. 778—was awarded
to
1938
Bonds
SCHOOL
DISTRICT
NO.
62 (P. O. Clara City,
Minn.—BONDS SOLD—It is stated by the
District Clerk that the $20,000 gymnasium bonds approved by the voters
on July 19 have been sold to the State of Minnesota.
Clerk that the sale of the $7,000 not to exceed 4% semi-ann. school bonds,
scheduled for Aug. 15—V. 147, p. 1074—was postponed indefinitely. Dated
Jan. 3,1939.
SCOTT
Due $500 from Jan. 3,1940 to 1953 incl.
COUNTY
INDEPENDENT
24
The following is an official list of the other bids received:
Names of Other
Bidders—
Int. Rate
2%%
2Y %
2 Vz %
2Y%
2Yz%
2Yi%
2M%
'
2Y%
2Y%
Citizens State Bank, Montgomery, Minn
Northwestern State Bank, Jordan, Minn
Justus, Lowe Co
Piper, Jaffray & Hopwood.
2M%, payable M. & S.
Dated Sept. 1, 1938.
Denom. $1,000.
Sept. 1 as follows: $5,000 in 1939 and 1940 and $10,000 in 1941 to
Prin. and int. payable at the Northwestern National Bank & Trust
Co., Minneapolis.
The approving opinion of Junell, Fletcher, Dorsey,
Barker & Colman of Minneapolis and James H.
Caswell, of Faribault, will
NO.
Aug. 12—Y. 147, p. 926—was awarded to
the Mairs-Shaughnessy Co. of St. Paul as 2H&, paying a premium of $151,
equal to 101.006, a basis of about 2.10%.
Dated July 1, 1938.
Due from
July 1, 1940 to 1952: optional after July 1, 1947.
State of Minnesota.
to exceed
DISTRICT
SCHOOL
(P. O. Jordan), Minn.—BOND SALE—The $15,000 issue of school build¬
ing bonds offered for sale on
FAIRFAX SCHOOL DISTRICT (P. O. Fairfax), Minn.—BONDS TO
BE SOLD—It is reported by the District Clerk that the $100,000
gymnasium
auditorium bonds approved by the voters on Aug. 10 will be sold to the
FARIBAULT. Minn.—BOND OFFERING—Sealed and oral bids will
be received by T. A. Mealia, City Recorder, until
Aug. 29 at 10 a. m. for
the purchase of a $40,000 issue of coupon sewer bonds.
Interest rate is not
(P. O.
Shelly), Minn.—BOND SALE POSTPONED—It is stated by the District
—
J. M. Dain Co
First National Bank & Trust Co., St. Paul
Allison-Williams Co
Wells Dickey Co
Kalman & Co.
Price Bid
$15,000
15,175
15,200
15,000
15,225
15,270
15,084
15,076
15,150
Due
1943.
be furnished.
Enclose
a
MISSOURI
certified check for at least $2,000, payable to the
MOSS CREEK TOWNSHIP (P.
O. Carrollton), Mo .—BONDS SOLD
3M% semi-annual road bonds have been pur¬
City Treasurer.
—It is reported that $43,000
JASPER JOINT SCHOOL DISTRICTS NOS. 54-67
(P. O. Jasper).
Minn.—BOND OFFERING—It is stated by M. J.
Johnson, District Clerk,
that he will receive sealed bids until Aug. 26, for the
chased by the Mississippi Valley Trust Co. of St. Louis.
Dated July 15,
1938.
Legal approval by Charles & Trauernicht of St. Louis.
issue of school bonds.
Denom. $500.
Dated
Interest rate is not to exceed
July l, 1938.
Due
on
1940 to 1944, and $2,500 from 1945 to 1954..
purchase of a $35,000
3%, payable J. & J.
as follows:
$2,000,
July 1
MOWER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 69
(P. O. Elkton), Minn).—BOND SALE—The $15,000 issue of funding and
refunding coupon bonds offered for sale on Aug. 9—V. 147, p. 778—was
awarded to the Northwestern National Bank & Trust Co. of
Minneapolis,
as lHs, for a premium of
$52.50, equal to 100.35, a basis of about 1.63%.
Dated Aug. 15, 1938.
Due $3,000 from Aug. 15, 1939 to 1943 incl.
The other bids received were
as
follows:
Bidders—
Rate Bid
Premium
Allison-Williams Co. Mpls
First Natl. Bank of Mpls..,
1Y%
$50.00
Kalman & Co., St. Paul
Biglow, Webb & Co., Mpls._
Wells-Dickey Co., Mpls
Mairs-Shaughnessy & Co., St. Paul
1%%
35.00
2%
2%
1H%
2^%
*
Par
70.00
55.00
45.00
MINNEAPOLIS, Minn.—BOND SALE—The four issues of coupon
bonds aggregating $2,779,207, offered for sale at
public auction on Aug. 18
T"X"
&
J' p< iP^iT7were awarded to
a syndicate composed of Phelps, Fenn
Co., Stone & Webster and Blodget, Inc., both of New
York, the Mercan¬
tile-Commerce Bank & Trust Co. of St.
Louis, Paine, Webber & Co. of
%hjcago, the Wells-Dickey Co, of Minneapolis, the First Michigan Corp.
of Detroit, Hannahs, Ballin &
Lee, Campbell, Phelps & Co., Inc., both of
New York, and Schmidt, Poole & Co. of
Philadelphia, as 1.80s, paying a
premium of $475.00, equal to 100.017, a basis of about
1.795%.
The
ssues are
S1
divided
as
follows:
1,1939 to 1948 incl.
1,1939 to 1948 incl.
follows: $46,000, 1939 to
1943, and ®47,000 from 1944 to 1948, all incl.
814,207 permanent improvement bonds.
Due on Aug. 1 as follows:
$80,207 in 1939;$81,000,1940 to 1943, and$82,000,1944 to 1948.
Due
on
Aug. 1
as
Additional Sale—The two issues of bonds
aggregating $386,478.84,
fered for sale
of¬
on the same date—V.
147, p. 459—were also awarded to the
above group, as 1 %s, at par.
The issues are divided as follows:
$17,967.47 special street improvement bonds, maturing from July 1, 1939
to
1943
368,511.37 special street improvement bonds, maturing from Julv 1, 1939
to 1948.
Charles & Trauernicht of St.
Louis.
MONTANA
CASCADE COUNTY SCHOOL DISTRICT NO. 1 (P. O. Great Falls).
Mont.—BOND OFFERING—It is reported by the District Clerk that he wil1
receive sealed bids until
school building bonds.
Sept. 15 for the purchase of an issue of $170,000
Dated Sept, 15, 1938.
Due in 20 years, optional
bonds carried by
in 5 years.
Bidders to name the rate of interest.
These
a vote of 734 to 181 at the election held on Aug. 10.
LAUREL, Mont.—BOND OFFERING—It is reported that sealed bids
will be received until Sept. 8, by the City Clerk, for the purchase of three
issues of not to excede 6% semi-ann. bonds aggregating $66,000, divided as
follows:
$40,000 water; $6,000, sewer, and $20,000 street bonds.
Dated
July 1, 1938.
Due in 20 years; optional in 10 years.
These bonds were
approved by the voters at an election held on Aug. 6.
RICHLAND COUNTY
(P. O. Sidney), Mont.—BOND OFFERING—
County Commissioners that the said
purchase of $63,353.39
Dated Oct. 1, 1938.
To mature over a period of 12 years
It is stated by the Clerk of the Board of
board will receive sealed bids until Sept. 6, for the
county bonds.
from date of issue.
A
certified
check
for
$4,000
must
accompany
bid.
WHEATLAND COUNTY SCHOOL DISTRICT NO„ 21 (P. O. Judith
•QRR'SP.R pu*?lic relief bonds. Due $100,000 from Aug.
fPP'PPP water works bonds. Due $50,000 from Aug.
465,000 work relief bonds.
STODDARD
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
NO. 8 (P. O. Bloomfield), Mo.—BONDS SOLD—It is reported that $30,000 3 M % semi-annual school bonds have been purchased by the Commerce
Trust Co. of Kansas City.
Dated June 1, 1938.
Legal approval by
Gap), Mont.—BONDS SOLD—The $9,000 issue of refunding bonds offered
Aug. 15—V. 147, p. 927—is reported to have been sold as 2%s.
on
WHITEFISH COMMON SCHOOL DISTRICT NO. 44 (P. O. Whitefish) , Mont.—BOND OFFERING—Sealed bids will be received until 2 p.m.
on Aug. 22, by Chas. C. Baldwin, District Clerk, for the purchase of an
issue of $70,048 not to exceed 4Y% semi-ann. school bonds.
Amortization
bonds
the second choice
will
be
of the said
the first
serial bonds will be
If amortization bonds
choice and
Board of Trustees.
sold and issued, the entire issue may be put
divided into several bonds, as the siad Board of
are
into
one single bond or
Trustees may determine
of sale, both principal and interest to be payable in semi¬
annual installments during a period of 20 years from the date of issue.
If serial bonds are issued and sold they will be in amounts of not less
than $500 each; the sum of $3,500 of the said serial bonds will become
upon at the time
Volume
Financial
147
BONDS OFFERED FOR INVESTMENT—1The successful bidders reoffered the above bonds for public subscription at prices to yield from
MONTANA
the first day of June, 1939 and a like amount on the same day
each year threafter until all of said bonds are paid, except that the sum to
become duo the first day of June, 1958. shall be $3,548.
The said bonds, whether amortization or serial bonds, will bear date of
June 1, 1938 and will bear interest at a rate not exceeding 4 H %, payable
on the 1st day of June and the 1st day of December in each year, and will
be redeemable in full on any interest paying date from and after five years
payable
1231
Chronicle
0.25% to 1.80%, for maturities ranging from 1939 to 1958.
on
from the date of issue.
value with accrued
interest, and all bidders must state the lowest rate of interest in which
they will purchase the bonds at par.
The Board of Trustees reserves the
right to reject any and all bids and to sell the said bonds at private sale.
All bids other than or in behalf of the State Board of Land Commis¬
sioners must be accompanied by a certified check in the sum of $1,000
payable to the order of the Clerk.
The said
bonds
will
be sold for
not
less
than
par
WINIFRED HIGH SCHOOL DISTRICT (P. O.
Winifred), Mont.—
school
PRICE PAID—It is stated by the District Clerk that the $30,000
purchased by the State Board of Land Commissioners, as noted here
recently—V. 147, p. 927—were sold as 4s. at par. Due in 20 years.
bonds
NEBRASKA
NORFOLK, Neb.—BOND OFFERING—It is stated by A. O. Hazen,
City Clerk, that he will offer for sale at public auction on Aug. 22, at 8 p. m.
a $95,000 issue of auditorium bonds.
Denom. $1,000.
Due $5,000 Sept. 1,
1939 to 1957, optional after five years.
Bidders to name rate of interest
and pay for legal opinion.
These bonds carried by a vote of 2,931 to 491,
at the election held on Aug. 5.
A certified check for $1,000 is required.
NEW
HAMPSHIRE
N. H.—BONDS OFFERED—Sealed bids were received
until noon (D.S.T.), on Aug. 19, by Arthur L. Smythe, City Treasurer,
for the purchase of an issue of $144,000 coupon high school bonds.
Dated
Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1, as follows: $8,000 in 1939
to 1942. and $7,000 in 1943 to 1958.
Bidders to name one rate of interest
in a multiple of H of 1%.
Prin. and int. (M. & S.) payable at the Second
National Bank, Boston.
These bonds will be engraved under the super¬
vision of and certified as to genuineness by the Second National Bank
of Boston; their legality will be approved by Ropes, Gray, Boyden & Per¬
FRANKLIN,
kins of Boston.
BINGHAMTON, N. Y.—BOND SALE—The $200,000 issue of public
improvement, work relief bonds offered for sale on Aug. 16—V. 147, p. 779
—was awarded
to Roosevelt & Weigold, Inc. of New York, as 1.20s,
paying a price of 100.373, a basis of about 1.13%.
Dated Aug. 1, 1938.
Due $20,000 from Aug. 1, 1939 to 1948 incl.
Among the other bids were
the
Salomon Bros & Hutzler
Sherwood & Reichard
BRICK TOWNSHIP SCHOOL DISTRICT (P. O. Laurelton), N. J.
—BOND SALE—The $65,000 issue of school bonds offered for sale on Aug.
16—V. 147, p. 927—was awarded jointly to the Ocean County Trust Co.,
and the First National Bank, both of Toms River, as 4 J^s, paying a premium
of $169.65, equal to 100.260, a basis of about 4.22%.
Dated Aug. 1, 1938.
Due from Aug. 1, 1939 to 1963, incl.
.
Mackey. Dunn & Co
BRANCH,
AMBOY, N. J.—BONDS NOT SOLD—1The $268,000 issue of
not to exceed 6% semi-ann. street improvement bonds offered on Aug. 17
—V. 147, p. 1075—was not sold as no bids were received, according to the
City Treasurer. Dated Aug. 1,1938. Due from Aug. 1,1939 to 1947. incl.
PERTH
PLEASANTVILLE,
N.
3.—BONDS
NOT SOLD—It
is
stated by
Nehemiah Andrews, City Clerk, that due to a change in plans there were
no bids advertised to be received on Aug. 15, for the $24,000 6% semi-ann.
relief bonds originally scheduled to be sold on that date—V. 147,
Dated Aug. 1, 1938. Due $3,000 from Aug. 1, 1939 to 1946, incl.
emergency
p.
1075.
TEANECK TOWNSHIP
(P. O. Teaneck), N. 3.—BOND OFFERING
—Sealed bids will be received until 8:30 p. m. (Daylight
Saving Time),
on
Sept. 6, by Henry E. Diehl, Township Clerk, for the purchase of the
following not to exceed 5% semi-ann. coupon or registered paving assess¬
ment bonds, aggregating $122,000, divided as follows:
$56,000 Series A bonds.
Due in annual instalments from 1939 to 1948.
53,000 Series B bonds.
Due in. annual instalments from 1939 to 1943.
13.000 Series G bonds.
Due in annual instalments from 1939 to 1943.
Dated Sept. 1, 1938.
Denom. $1,000.
The bonds are authorized pur¬
suant to the Local Bond Act, constituting Chapter 77 of the Pamphlet
Laws of 1935, as amended and revised, whose combined maturities are as
follows:
$25,000 on Sept. 1, 1939, $20,000 on Sept. 1, 1940 to 1942,
$1.5,000 on Sept. 1, 1943, $5,000 on Sept. 1, 1944 to 1947, and $2,000
on
Sept. 1, 1948.
Rate of interest to be in a multiple of
of 1%.
Principal and interest payable in lawful money at the Bergen County
National Bank, Hackensack.
Each bidder must state in his proposal
the rate of interest which the bonds are to bear, naming a single rate.
proposals will be considered for bonds bearing interest at a rate
higher than the lowest rate stated in any legally acceptable proposal.
The sum required to be obtained at the sale of said bonds is $122,000.
No
bonds will be sold than will produce such sum,
and
an
additional sum
As between legally acceptable proposals stating
the same rate of interest to be borne by the bonds, the bonds will be sold
to the bidder complying with the terms of sale and offering to pay not less
than the sum required to be obtained at the sale of said bonds and to accept
therefor the least amount of bonds, the bonds to be accepted being those
first maturing, and if two or more bidders ofter to accept the same least
amount, then to the bidder offering to pay therefor the highest additional
price.
In addition to the amount bid the purchaser 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 bonds will be valid and legally
binding obligations of the Township, and the township will have power
and be obligated to levy ad vaiorem taxes upon all the taxable property
within the township for the payment of the bonds and interest thereon
without limitation as to rate or amount.
The opinion of Hawkins, Deiafield & Longfellow, of New York, to this effect win be furnished the pur¬
chaser.
Enc.ose a certified check for 2% of the amount of bonds offered,
payable to the township.
of not exceeding
$1,000.
N.
3.—BOND OFFERING
CONTEMPLATED— It is
reported that the officials of the borough have decided upon Sept. 27 as
the date upon which to receive bids for the sale of the following bonds,
aggregating $107,500:
$95,000 incinerator, and $12,500 sewer bonds.
TENAFLY,
WEST
CALDWELL,
N.
3.—BONDS SOLD— The Caldwell Nationa1
semi-ann. water
15 from 1939 to
Bank is reported to have purchased recently $9,000 3%
and sewer bonds.
Dated Aug. 15, 1938.
Due on Aug.
1947.
WEST
YORK, N. 3.—BONDS EXCHANGED—It is stated by
Charles Swenson, Town Clerk, that the following general refunding bonds
aggregating $580,000, approved on June 30 by the State Funding Com¬
mission, have been exchanged with the State, the original holders:
$475,000 5% series G bonds.
Due July 1, as follows: $50,000 in 1942 and
1943, $75,000 in 1944 to 1947, $25,000 in 1948, and $50,000 in
1935-768
CLARKSTOWN COMMON SCHOOL DISTRICT NO. 4 (P. O.
City), N. Y.—BOND OFFERING—Sealed bids will be received
(Eastern Standard Time), oh Aug. 25, by William Blauvelt,
District Clerk, for the purchase of a $40,000 issue of not to exceed 6%
coupon or registered semi-ann. school bonds.
Dated Sept. 1, 1938.
De¬
nom. $1,000.
Due $2,000 Sept. 1, 1939 to 1958.
Rate of interest to be in a
multiple of fi or one-tenth of 1 %, and must be the same for all of the bonds.
Princ. and int. payable at the Nanuet National Bank, Nanuet.
This
district operates under the Education Law.
The bonds are authorized to
be issued pursuant to the Education Law of the State and the district is
authorized and required by law to levy on all taxable property within
the district such ad valorem taxes as may be necessary to pay the bonds
and the interest thereon without limitation as to rate or amount.
The
purchaser will be furnished with the opinion of Reed, Hoyt, Washburn &
Clay, of New York, that the bonds are valid and binding obligations of
the district.
Enclose a certified check for $1,800, payable to William J.
Clauss, District Treasurer.
New
until 3 p. m.
Financial Statement
Assessed valuation of the property subject to the taxing power of
i,
the district according to the 1937-38 assessment roll
$1,039,411
...
Full valuation of the real property
Total bonded debt (this issue)
sequent to the date of
accrued interest.
said bonds and before maturity at par and
NEW
YORK
Y.—BOND SALE—The *855,000 coupon or registered
bonds offered for sale on Aug. 17—V. 147, p. 1075—were awarded to a
syndicate composed of Lehman Bros., the First Boston Corp., Morse Bros.
& Co., Inc., and Brown & Groll, all of New York, as 1.60s, at a price of
100.23, a basis of about 1.58%. The bonds are divided as follows:
$675,000 school bonds.
Due from Aug. 1, 1939 to 1958, incl.
180,000 refunding bonds. Due $18,000 from Aug. 1, 1939 to 1948, incl.
The second highest bid, of 100.11 for 1.60s, was made by a group headed
by the Mercantile-Commerce Bank & Trust Co. of St. Louis.
AUBURN,
N.
1,400,000
40,000
...
Present population (est.) 525.
The bonded debt above stated does not include the debt of any other
sub¬
division having power to levy taxes upon any or all of the property sub¬
ject to the taxing power of the district.
Tax Data
.} ■-::'XX
-0''
X.
-X:
w
■
X
'
■
X
;
'X^XX;a
;
Xi
v'-"' Uncollected at End of
.
Tax Levy
Fiscal Year
$134.88
188.43
173.76
$3,218.00
3,096.00
4,423.00
Taxes
urer
urer
uncollected for said years were reported to the County Treas¬
by the Board of Trustees and have been paid by the County Treas¬
to the Treasurer of the School District.
The amount of taxes levied for the fiscal year
same
beginning July 1, 1938, is
will commence Oct. 5,1938.
;
;
ELM IRA,
N. Y .—BOND SALE—The various issues of coupon bonds
aggregating $771,000, offered for sale on Aug. 17—V. 147, p. 1076—were
awarded jointly to Halsey, Stuart & Co., Inc. and the Bancamerica-Blair
Corporation, as 1.40s, paying a price of 100.105, a basis of about 1.384%.
The bonds
are
divided
follows:
as
$162,000 school bonds of 1938, series I.
Due $54,000 on March 1 from
1939 to 1941, incl.
322,000 school bonds of 1938, series II.
Due March 1 as follows: $20,000
from 1940 to 1950 incl.; $30,000 from 1951 to 1953 incl. and
$12,000 in 1954.
77,000 sewer bonds, series II.
Due as follows: $5,000 on Sept. 1 from
1940 to 1953 incl. and $7,000 March 1, 1954.
35,000 stadium bonds. Due $5,000 on March 1 from 1939 to 1945, incl.
175,000 welfare bonds.
Due Sept. 1 as follows: $15,000 from 1939 to
1943, incl. and $20,000 from 1944 to 1948, incl.
All of the bonds will be dated Sept. 1, 1938.
Denom, $1,000.
BONDS
OFFERED
FOR
INVESTMENT—'The successful bidders reprices to yield from 0.15%
offered the above bonds for public subscription at
to1.55%, according to maturity.
bonds appears
(The official advertisement of the public offering on these
in the section devoted to such notices, in the front
The
following is
an
of this issue.)
official tabulation of the bids received:
School Bonds
Refunding Bonds
—$675,000-—
$180,000
Int.
■
Rate
Name of Bidder—
♦Lehman
Morse
First of Boston Corp.,
Co., Inc., Brown &
Bros.,
Bros.
Premium
Int.
Rate
Premium
%
%
,
&
1.60
$414.00
1.60
1.60
$1,552.50
Groll.
Mercantile-Commerce Bank & Trust Co.,
Washburn
&
Co.
Inc.,
R.
D.
White
198.00
1.60
Halsey, Stuart & Co. Inc., BancamericaBlair Corp., Goldman Sachs & Co....
526.50
Harris Trust & Savings Bank,
R. W.
Pressprich & Co., Roosevelt & Wie'
gold, L. F. Rothschild & Co
—
4,169.48
Kidder, Pea body & Co., Estabrook &
Co., B. J. Van Ingen Co
.....
3,375.00
Salomon Bros. & Hutzler.
344.25
Manufacturers
&
Traders
Trust
Co.,
1.60
140.40
1.60
1.70
1,111.86
Gibbons & Co., Inc., Adams, Mclntee Co. 1,545.75
Smith, Barney & Co., Brown Harriman
1.80
741.83
1.80
197.82
81.00
1.75
21.60
742.50
& Co
'
_
1.70
A
1.70
900.00
1.70
1.70
91.80
1.70
412.20
1.80
Keane, Taylor & Co., George B,
Inc.
-
-
Co., Sherwood
C. F. Childs Co. Inc..
Shields
&
&
—...
Lazard Freres & Co.,
First
_
,
Blytn & Co. Inc.,
'
1.80
National Bank of Au-
.■
„
♦Purchaser.
,r,
2.25
67.50
burn
2
1.80
1.60
of Michigan
Auburn Trust Co.,
■_
,
Reichard,
18.00
1.40
-
ENDICOTT, N, Y.—BOND SALE— The $50,000 issue of coupon or
registered library bonds of 1938, offered for sale on Aug. 16—V. 147, p.
1076—was awarded to R. D. White & Co. of New York, as 1.10s, paying a
premium of $35.20, equal to 100.07, a basis of about 1.08 %.
Dated Sept.
1, 1938.
Due from Sept. 1, 1939 to 1944 incl.
The other bids were as
follows:
Rate Bid
1.40%
1
Bidders—
W.Seligman&Co
State Bank of Albany....
Sherwood & Reichard—
—
Bancamerica-Blair
Marine-Midland Trust Co
Manufacturers & Traders Trust Co
Halsey, Stuart & Co
i
Union Trust Co....
1949.
105.000 3H% series H bonds.
Due July 1, as follows: $55,000 in 1948.
and $50,000 in 1949, optional on any January and July 1, sub¬
1.25<
1.30'
1.30%
1.30%
-.100.198
..100.077
...
J.&
NEW
1.25'
....-100.219
No
more
1.25'
.....100.035
Brown Harriman & Co
Marine-Midland Trust
Harris Trust & Savings Bank..
$4,500 and collection of the
N. J .—BOND SALE—The $185,900 issue of jetty
bonds offered for sale on Aug. 16—-V. 147, p. 927—was awarded to J. B.
Hanauer & Co. oRNewark, as 4s, at a price of 100.333, a basis of about
3.94%.
The bonds are divided as follows:
$150,900 improvement bonds.
Due annually from 1939 to 1953 incl.
35,000 assessment bonds.
Due annually from 1939 to 1948 incl.
LONG
1.2%
1.25%
.100.106
100.089
100.078
.....^
Year—
JERSEY
Rate Bid
Price Bid
.,100.19
_
_
Blyth&Co
y
NEW
following:
Bidders—
First Boston Corp
A. C. Allyn
-
1.50 /c
1.25%
1.20%
1.40 %
1.10%
'20^
1.40%
& Co
Prem.
76.00
.50.00
None
49 .o0
24.00
84.70
101.00
COUNTY (P. O. Catskill), N. Y.—BOND SALE—The
$200,000 issue of county home and bridge bonds offered for sale on Aug. 15
—V. 147, p. 1076—was awarded to the Harris Trust & Savings Bank of
Chicago, as 2s, paying a price of 100.227, a basis of about 1.98%.
Dated
Aug. 1, 1938.
Due $10,000 from Aug. 1, 1939 to 1958, inclusive.
GREENE
or
HAVERSTRAW, N. Y.—BOND SALE—The $12,000 issue of coupon
registered street improvement, Series A bonds offered for sale on Aug.
to the Manufacturers & Traders Trust
17—v. 147, p. 1076-^-was awarded
Co. of Buffalo, as l^s, at a price of
Aug. 15, 1938.
The other two
100.149, a basis of about 1.45%.
Due from Aug. 15, 1939 to 1943, incl.
bids received were:
Bidders—
Co., Buffalo.
Names of Other
Marine & Trust
J. & W. Seligman & Co
Dated
J/oo flw
..$12,021.28-3.10%
12,018.00 2.70%
1232
Financial
NEW
ISLIP
(P. O.
YORK
Islip), N. Y.—BOND SALE—The two issues of
coupon
$100,000 public works bonds.
Due from Sept. 1, 1940 to 1948 incl.
5,500 Brentwood Water Dist., Ext. No. 2 bonds.
Due $500 from Sept
1, 19.39 to 1949.
The other bids for the bonds
Halsey, Stuart & Co...
A. C.
follows:
were as
•
—
1.70%—$105,590
-
Marine Trust
...1.80%—
1.90%—
2.00%—
2.00%—
Co., Buffalo.
Sherwood & Reichard
...
J. & W. Seligman & Co.
to Kirchofer & Arnold of Raleigh, paying par, a net interest cost of about
3.36%, on the bonds divided as follows: $15,000 as 3^8, maturing $1,000
from July 1, 1941 to 1955, and the remaining $9,000 as 3
Ms, maturing
$1,000 from 1956 to 1964, incl.
Financial Statement June 1, 1938
Outstanding bonds (issued for the following purposes):
Public i mprovement-----—$103,000
Street improvement
86,000
_
— -
-—-
105,647.70
105,571.74
105,965
105,869.25
N. Y.—BOND OFFERING DETAILS—In connection
offering scheduled for Aug. 23. of the $125,000 sewer bonds, noted
147, p. 1076—we are now in reciept of this data on
'
1
•
,
■'
■
'i*1
k
■
■
i
Dated Aug. 1, 1938.
Bidders are Invited to name the rate of interest
which the bonds are to bear.
The rate named must be a multiple of
M or
one-tenth of 1%, must not exceed 6%, and must be the same for all of the
bonds.
The bonds are coupon bonds with privilege of conversion into
registered bonds and both principal and interest are payable in lawful money
at the Bank of Jamestown, Jamestown.
No bid for less than all the bonds
will
be considered and the bonds will not be sold for less than
par and
accrued interest.
Authority: Section 5b of Chapter 782 of the Laws of 1933
of the State, as amended, and the Village Law.
The
village is authorized
and required by law to levy on all taxable property of the
village such ad
valorem taxes as may be necessary to pay the bonds and interest thereon
without limitation as to rate or amount.
Enclose a certified check for
$2,500, payable to the village.
Financial Data
119943--4856270—. 11995438--,56720
Total debt
Uncollected special assessments.
of essential facts will be sumbitted to any interested
The assessed valuation of the property subject to the
taxing power
of the village, is $2,260,911; the total bonded debt of the
village, incl. the
bonds described above, is $145,928; the population of the
village according
to the most recent United States census, is 1,837; the bonded debt
of the
village does no„ include the debt of any other subdivision having power to
levy taxes upon any or all of the property subject to the taxing power of
the village.
The fiscal year of the village begins on March 1 in each
year.
The
amounts of taxes levied by the village for the fiscal
years beginning March 1,
1935, March 1, 1936, and March 1, 1937, were respectively $37,554.50,
$31,143.27, and $33,258.49.
The amounts of such taxes uncollected at the
end of the respective fiscal years, were
$4,780.53, $2,566.51, and $2,464.35.
.
The amounts of such
this notice,
were
taxes
which remained
uncollected
as
of the date of
respectively $2,661.06,
$1,224.26, and $2,128.72.
The
$30,522.29, and the
collected, is $23,662.04.
amount of taxes levied for the current fiscal
year, was
amount of such taxes which have been
P MT.
MORRIS, N. Y.—BONDS SOLD—It
purchase bonds
Mt.
were
is reported that $2,750 land
sold recently to the Genesee River National Bank of
Morris.
#OLEANf N.
Y.—BOND OFFERING—It is reported that sealed bids wilj
be received until 1 p. m. on
Aug. 30, by Prank C. Kamler, City Auditor,
for the purchase of a$76,400is8ue of
publicworks project bonds.
i
The
_
_
bondiTare dated-Sept!"1, 1938, and*mature on"SeptT f'as follows:
$8,400 in 1940; $7,000, 1941 to 1944, and
$10,000, 1945 to 1948.
-
Collected to June 30, '38
Assessed valuation 1937
Actual value (estimated)
Population,
1930
SARATOGA COUNTY
CIAL
(P. O. Saratoga Springs), N. Y—FINAN¬
Financial Statement
The assessed valuation of the
property subject to the taxing power of
County is $70,502,293.07.
The total bonded debt of the
County, in¬
cluding the above mentioned bonds, is $1,470,000.00 of which none is
water debt.
The population of the County
(1930 census) was 63,314.
The bonded debt above stated does not
include the debt of any other sub¬
division having power to levy taxes
upon any or all the property subject
to the taxing power of the
County.
The fiscal year commences Nov. 1.
The amount of the taxes levied for the
fiscal years commencing Nov. 1,
1934, Nov. 1, 1935 and Nov. 1, 1936, was
respectively
the
$1,780,022.04,
$1,936,686.10 and $1,867,633.50,
The amount of such taxes uncollected
the end of each of said fiscal
years was respectively $41,162.87, $95,The amount of such taxes uncollected as of the
date of this notice is
respectively $5,487.31, $6,925.09 and $14,494.19.
The taxes; of the fiscal
year commencing
at
286.60 and $127,506.45.
Nov. 1, 1937 amount to $1,822,704.61 of which $1,648,148.23 have been collected.
A detailed statement
of essential facts will be
submitted to any interested bidder.
UTICA, N. Y.—BOND, SALE—The
bonds
1948 incl.
1948 incl.
89,009.31 delinquent tax bonds.
Due
Due $4,000 from Aug. 1,
1939 to
on
Aug. 1 as follows: $17,009.31
1939, and $18,000, 1940 to 1943 incl.
176,787.09 delinquent tax bonds.
Due on Aug. 1 as follows: $36,787.09
in 1939, and
$35,000, 1940 to 1943 incl.
It is understood that the
above bonds have been sold subject to
approval
of legality by the counsel for
the bidders.
™
bids will be received
(Eastern Standard Time), on
Aug. 23, by W. E. Easterling,
Secretary of the Local Government
Commission, at his office in Raleigh,
for the purchase of two
issues of bonds
aggregating $90,000, as follows:
$50,000 municipal building bonds.
Due on Sept. 1 as follows:
$2,000,
1941 to 1946; $3,000, 1947 to 1956, and $4,000 in 1957 and 1958.
40,000
£H?™b?nds^lue on SePfc- 1 as follows: $1,000, 1941 to 1946, and
$2,000 from 1947 to 1963.
a.
m.
.—
Dated Sept. 1, 1938.
Denom. $1,000
A separate bid for each issue
(not less than par and accrued
interest) is required.
Bidders are requested
to name the interest rate
or rates in
multiples of VL of 1%, each bid may
name one rate for
part of the bonds of either issue
(having the earliest
maturities) and another
rate for the
balance, but no bid may name more
than two rates for either
issue, and each bidder must specify in his bid the
amount of the bonds of
each rate.
The bonds will be awarded to the
biduer offering to
purchase the bonds at the lowest interest cost to the
town,
v.^i from
*c
bid
determined by deducting
the agregate amount
the total amount of the premium
of interest
upon all of the bonds until their
Prin. and int. payable in lawful money in N. Y.
general obligations; unlimited
tax; delivery at place of purchaser's
choice.
The approving opinion of
Reed,
respective maturities.
City,
Hoyt, Washburn
the
State^ T^asurer
BERTIE
COUNTY
&
Clay, of New
Enclose a certified check for $1,800
(P.
O.
Windsor), N. C.—NOTE
Sealed bids will be received until
11
payable to
OFFERING—
a. m. on
Aug. 23, by W. E. Easterling,
Secretary of the Local Government
Commission, at his office in Raleigh,
for the purchase of a
$10,000 issue of bond anticipation notes.
Dated
185
R1?® dul7 18: as Allows: $2,000 in 1939 and $4,000 in
Principal and interest (J. & J.)
payable at such bank as
the purchaser may designate.
Enclose a certified check for
$50, payable
to
1940 and
1941.
t/he State Treasurer.
1937
1938
$1.65
$1.65
50,553.00
43,558.00
54,684.00
$1.65
54,862.00
3,328.00
$3,343,660
5,500,000
.
40,513.00
-
2,699.
Estimated
villages, 5,000.
—
population,
and payment of
including
principal, and has retired $98,000 of its obligations.
Maturity of Bonds Outstanding (Including Bonds Now Offered)
$18,000
13,000
13,000
13,000
1952-53------ 13,000
13,000
1954-55-.
13,000
8,000
8,000
1957-58--,.—
4,000
1958-59
4,000
1938-39--- ---.20,000
15,000
1940-41
15,000
16,000
1942-43-.- —.-16,000
—
1959-60.
$4,000
1960-61-
4,000
4,000
2,000
1961-62.
19405-3267. 1947-528603 1956-738402
—
1943-44-
-
—
—
17,000
.17,000
16,000
17,000
17,000
or
The town of Chapel Hill has
interest of any of its bonds.
—
never
.
1962-631963-64-
2,000
1964-65-
2,000
1,000
1,000
1,000
1,000
1965-66-
1966-67.
1967-681968-69-
defaulted in the payment of principal
SHELBY, N. C.—BOND OFFERING— Sealed bids will be received until
11 a. m. (Eastern Standard Time), on Aug.
23, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $30,000 issue of
coupon municipal building bonds.
Interest rate is not to exceed
6%, payable F. & A.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Feb. 1, as follows: $2,000 in 1941 to 1943, and $3,000
in 1944 to 1951.
Bidders are requested to name the interest rate or rates
in multiples of K of 1 %.
Each bid may name one rate for part of the bonds
(having the earliest maturities) and another rate for the balance, but no bid
may name more than two rates,
amount
and each bidder
of bonds of each rate.
must
specify in his bid the
The bonds will be awarded to the bidder
offering to purchase the bonds at the lowest interest cost to the city, such
be determined by deducting the total amount of the premium bid
cost to.
the aggregate
entertained.
Prin.
of interest upon all of the bonds until their
No bid of less than par and accrued interest will be
amount
and
int. payable in N. Y. City; general obligations;
tax; registerable as to principal only.
Delivery on or about
Sept. 6, at place of purchaser's choice.
Bids are required on forms to be
furnished by the above Secretary.
The approving opinion of Masslich &
Mitchell of New York, will be furnished.
Enclose a certified check for
$600, payable to the State Treasurer.
unlimited
WAKE COUNTY
(P. O. Raleigh), N. C.—BOND SALE—The $267,Aug. 16—
composed of Lewis & Hall of
Greensboro, the Equitable Securities Corp. of Nashville and the Wachovia
Bank & Trust Co. of
Winston-Salem, paying a premium of $147, equal to
100.055, a net interest cost of about 2.93%, on the bonds divided as follows:
$217,000 as 3s, maturing on June 1; $8,000, 1941 to 1944; $11,000, 1945;
$14,000, 1946 to 1951; $20,000, 1952 to 1955, and $10,000 in 1956; the
remaining $50,000 as 2Ms, due on June 1: $10,000 in 1956 and $20,000 in
000 issue of coupon school refunding bonds offered for sale on
V. 147, P. 1077—was awarded to a
syndicate
1957 and
1958.
BONDS
OFFERED FOR INVESTMENT—The successful bidders
offered the above bonds for general subscription at prices to
re-
yield from
1.65% to 2.85%, according to maturity.
Outstanding
Debt
Road bonds (incl. bonds of all road districts which have been
as¬
sumed
by the County)
County bonds
Special school bonds
General school bonds---__-___—
$1,399,400
604.600
197,500
658,500
267,490
Total debt
$3,127,490
Maturity of Debt (Including Bonds Now Offered)
1948-39
--$184,000
1939-40----—
77,000
--$221,500
81.000
129,500
1943-44.-
5 588,000
142,000
104,000
98,500
245,000
71,000
-
89,000
89,000
50,000
45,000
45,000
8,000
8,000
8.000
426,500
89,500
170,000
119,500
80,000
90,000
81,500
140,000 1964-65.—
Debt service and sinking fund cash----w—-——
.--$203 .753.12
—
1944-45—
—
—
-
-
-
-
—
—
—
Fund
Investments
First mortgage real estate loans
Real estate owned
CAROLINA
ALBEMARLE, N. C.—BOND OFFERING—Sealed
until 11
1936
$1.60
50,186.00
45,083.00
Sinking
NORTH
-
State school loans
four issues of coupon or registered
aggregating $385,796.40, offered for sale on Aug. 18, were awarded to
Lazard Freres & Co. of New
York, as 1.10s, paying a price of 100.132, a
basis of about
1.06%.
The issues are divided as follows;
$80,000 public impt., Series A bonds.
Due $8,000 from Aug. 1, 1939 to
40,000 public imp't., Series B bonds.
$308,000
57,189
_
_.
The town collected from property owners fees for
connecting with and
use of sanitary sewer.
These fees for 1937 amounted to $10,003, and were
sufficient to pay interest and amortization of sewer bonds.
Therefore,
under the law, sewer bonds are deductible in
ascertaining the net debt.
In the past five years the town of
Chapel Hill has met promptly all interest
from
STATEMENT—The following official information is furnished in
connection with the offering scheduled for
Aug. 22, of the $100,000 highway
bonds, described in our issue of Aug. 13—V. 147,
p. 1976:
_
-
census,
suburbs and adjacent mill
respective maturites.
r PORT OF NEW YORK AUTHORITY—BONDS READY FOR EX¬
CHANGE—It was announced on Aug. 18 by the Chemical Bank &
Trust
Co. of New York that the Series FP
3% bonds, due on March 1, 1941, in
definitive form, are available at its
Corporate Trust Department, 165
Broadway, New York City, for delivery in exchange for and upon surrender
of the outstanding
temporary bonds.
—
1935
Rate per $100--
Total levy.
1937-38———$3,000
A detailed report
bidder.
63,000
32,000
24,000
Incinerator, sewer and street
Municipal building bonds herewith offered
Taxes—
LAKEWOOD,
with the
in these columns—V.
"fcliCJ
—
Sewer
——Price Bid—*—-
.
Allyn & Co
Aug. 20, 1938
CHAPEL HILL, N. C.—BOND SALE—The $24,000 issue of
municipal
building bonds offered for sale on Aug. 16—V. 147, p. 1077—was awarded
bonds aggregating $105,500, offered for sale on Aug. 16—V. 147, p. 928—
were awarded to Ira Haupt & Co. of New York, as 1.70s,
paying a premium
of $217, equal to 100.205, a basis of about 1.67%.
The issues are divided
as follows:
Bidders'—
Chronicle
$276,776.41
232,735.89
Wake County and Raleigh Township bonds owned
Taxes
1936-37
Assessed valuation
Rate per $100
Amount levied----.
Amount uncollected
-
-
:
/
1937-38
$77,901,692.00 $84,755,078.00
-.--
.75
—
Estimated actual property valuation
62,560.00
■
712,640.95
64,012.32
.75
781,560.23
145,675.72
$120,000,000
Wake County has never defaulted in payment of principal or interest on
its bonds.
The bonds
now
offered
are to
refund $267,000 State school notes.
WINTON, N. C.—BOND OFFERING— Sealed bids will be received by
W. E. Easterling, Secretary of the Local Government Commission, at his
office in Raliegh, until 11 a. m. (Eastern Standard Time), on Aug. 23, for
the purchase of a $26,500 issue of
coupon water and sewer bonds.
Interest
rate is not to exceed
6%, payable M. & S.
Dated Sept. 1, 1938.
Denom.
$500.
Due Sept. 1 as follows:
$1,000 in 1941 to 1949. $1,500 in 1950 to
1954, and $2,000 in 1955 to 1959.
Bidders are requested to name the in¬
terest rate
or rates in
multiples of M of 1 %.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest
upon all
of the bonds until their
respective maturities.
No bid of less than par and
accrued interest will be entertained.
Prin. and int. payable in N.Y. City;
delivery at place of purchaser's choice.
The approving opinion of Reed,
Hoyt, Washburn & Clay, of New York, will be funished.
Enclose a cer¬
tified check for $530, payable to the State Treasurer.
East
NORTH
DAKOTA
Liverpool, $275,000 for senior high school and $137,500 for junior
high school.
Western
NECHE SCHOOL DISTRICT (P. O.
Neche), N. Dak.—BOND SALE—
and
The $23,000 issue of 4M % semi-ann. constuction bonds
offered for sale on
Aug. 11—V. 147, p. 783—was awarded to Charles M. Fuller & Co. of
Minneapolis, paying a premium of $135., equal to 100.586, according to the
District Clerk.
Dated July 1, 1938.
Due from 1941 to 1958.
The second best bid was an offer of $125 premium, tendered by the
Allison-Williams Co. of Minneapolis.
ROLETTE COUNTY (P. O. Rolla), N. Dak.—CERTIFICATES NOT
TO BE REOFFERED—It is stated by the County Auditor that the $60,000
not to exceed 7% semi-ann. certificates of indebtedness offered for sale
without success on Aug. 4—V. 147, p. 1077—will not be reoffered.
Due on
Aug. 4, 1939
or
1940.
.
OHIO
MUNICIPALS
Rural
Rural
CANTON
AKRON
COLUMBUS
Columbiana County, $275,000 for school site
County, $227,200 for school sites
Columbiana
Issues
approved included;
Hopewell, Louden School District, Seneca County, $110,000 for school
building.
Findlay, $235,000 for school building.
MassiJlon, $473,000 for school building.
Youngstown, $1,845,000 for street improvements; $490,600 for bridges;
$257,505 for park improvements, and $168,575 for city building.
Steubenville, $500,000 for school building (apparently got 65% majority
by 20 votes on unofficial tabulation).
Lorain County, $1,580,000 bond issue to pay county's share of two new
Lorain bridges costing $2,800,000; $238,000 bond issue to pay city's share
of repaving seven streets; three school bond issues.
Columbia Township
$60,000, Sheffield Lake $40,000.
Wellington $99,000.
Talmadge Rural Summit County, $50,000 for school,
Weathersfield Township, Trumbull County, $75,000 PWA school im¬
Township,
Trumbull
$16,500 PWA school improvements.
County, $15,000 PWA school im¬
provements.
Champion Township, Trumbull County, $30,000 PWA school improve¬
ments.:-
v
East Palestine, $25,000 for sewage plant.
BUILDING, CLEVELAND
CINCINNATI
District,
and buildings.
Southington
CUYAHOGA
District,
building.
Beaver
provements.
Cortland Village, Trumbull County,
MITCHELL, HERRICK & CO.
700
1233
Financial Chronicle
147
Volume
Dover, $220,000 for school.
SPRINGFIELD
ST. HENRY SCHOOL DISTRICT (P. O. St. Henry), Ohio—BONDS
OFFERED—It is stated by the District Clerk that he will receive sealed
bids until 8 p. m. on Aug. 19, for the purchase of a $45,000 issue
OHIO
bonds, approved by the voters
BELLEVUE, Ohio—BOND SALE—The $45,000 issue of grade crossing
elimination bonds offered fro sale on Aug. 17—Y. 147, p. 928—was awarded
to Seasongood & Mayer of Cincinnati, as 2Ms, paying a premium of $801.50,
equal to 101.759, a basis of about 2.61%.
Dated March 1,1938. Due from
Sept. 1, 1939 to 1967, incl.
The following is an official list of the other bids received:
Bidder—
Int. Rate
The First Nat. Bank, Bellevue
Union Bank & Savings Co., Bellevue
3%
3%
2M %
3%
3%
2M%
2M%
2M%
2M%
3%
Bancohio Securities Co., Columbus
National City Bank, Cleveland.
Fuller ton & Co., Columbus
Seuferrle & Kountz, Cincinnati
Ryan, Sutherland & Co., Toledo
Stranahan, Harris & Co., Toledo.
Prudden & Co., Inc., Toledo
Braun Bosworth & Co., Toledo.
BRYAN, Ohio—BONDS SOLD—It is stated that $125,000
Premium
None
None
$190.00
711.50
81.00
685.00
153.00
533.25
751.00
612.00
sewage
on
of building
Aug. 9.
SHAKER HEIGHTS, Ohio—BOND OFFERING
DEFERRED—In con¬
nection with the offering which had been scheduled for Aug. 22,
of the two
issues of refunding bonds aggregating $826,263.50, described in our issue
of
Aug. 6—V. 147, p. 928—it is reported as follows by E. P. Rudolph, Director
of Finance: "Due to recent decision of the Ohio Supreme Court we find it
legislation on two issues of refunding bonds advertised
We now expect to receive bids for these bods in midSeptember and will forward notice of sale and financial statement to you
necessary to revise
to be sold Aug. 22.
in
due
course."
WADSWORTH, Ohio—BOND SALE DETAILS—It is stated by the.
bonds
purchased by the Sinking Fund Trustees, as noted here—V. 147, p. 1078—
City Auditor that the $9,235 special assessment street improvement
were
sold
as
dis-
4s at par, and mature In 10 years.
R. J. EDWARDS,
gosal plant Bosworth & Co. of Toledo,
bonds approved by the voters 2Ms, Paying a price of 100.728.
on Aug. 9, have been purchased
y Braun,
Inc.
as
Dated Sept.
1, 1938.
Due from 1939 to 1953.
Municipal Bonds Since 1892
BRYAN SCHOOL DISTRICT (P. O.
Bryan), Ohio—BONDS SOLD
approved by the voters at the pri¬
mary election on Aug. 9 have been purchased by Braun, Bosworth & Co.
of Toledo, as 2Ms, at a price of 100.727.
Dated Sept. 1, 1938.
Due from
—It is stated that $90,000 school bonds
1939 to 1953.
Oklahoma City, Oklahoma
AT&T
,
Ok
Cy
Long Distance 787
19
CINCINNATI, Ohio—NOTES SOLD—It is reported that the city has
a
total of $1,000,000 tax anticipation notes at a rate of 0.75%, as
follows: $350,000 to the First National Bank of Cincinnati, $350,000 to the
Central Trust Co. of Cincinnati, and $300,000 to the Fifth-Third Union
sold
Trust Co. of Cincinnati.
Due in 1M months from date of issue.
OKLAHOMA
Okla.—PRICE PAID—It is now reported by the City ClerkTreasurer that the $82,800 fire station and library bonds purchased by the
Brown-Crummer Co. of Wichita, as noted here recently—V. 147, p. 928—
were sold as 2.72s, at paiv
ADA,
COLUMBIA TOWNSHIP
SCHOOL DISTRICT (P. O. Columbia
Station), Ohio—BOND OFFERING—Sealed bids will be received unoil
Sept. 15 by H. T. Small, District Clerk, for the purchase of a $60,000 issue
of3M% semi-annual building bonds.
Dated Sept. 15, 1938.
These bonds
were
approved by the voters at the primary election held
on
Aug. 8.
MORRIS,
Okla.—BONhs
NOT SOLD—It is stated by the City Clerk
$18,000, offered on Aug. 15—
as no bids were received.
The issues are
that the three issues of bcxhds aggregating
V.
LUCAS COUNTY (P. O. Toledo), Ohio—BOND OFFERING—Sealed
bids will be received until 10 a. m. on Sept. 7, by Adelaide E. Schmitt,
147,
p.
1079—were
divided
as
follows;
Clerk of the Board of County Commissioners, for the purchase of a $25,000
$16,000 water
no$sold
issue
3% semi-ann. refunding bonds.
Dated Sept. 1, 1938.
Denom.
$1,000.
Due Sept. 1, 1953, subject to call on Sept. 1, 1944, or on any
interest bearing date thereafter.
The bonds are issued under authority of
Section 2293-5 as amended, Sections 2293-25, 2293-26 and other governing
sections of the General Code of Ohio, to provide a fund to meet the pay¬
ment of notes which will mature Sept. 1, 1938, and were issued for the pur¬
pose of refunding outstanding sewer and water line bonds in a like amount,
with maturities occuring in September, October, November and December,
1937.
Principal and interest payable at the County Treasurer's office.
A
complete certified transcript of all proceedings, evidencing the regularity
and validity of the issuance of the bonds, will be furnished the successful
bidder.
Enclose a certified check for not less than 1% of the amount of
bonds.
*
MANSFIELD, Ohio—BONDS SOLD—It is stated by the City Auditor
that $9,000 storm sewer system bonds approved by the City Council on
July 5. have been sold to the Sinking Fund.
NORWOOD, Ohio—BOND OFFERING—Sealed bids will be received
noon (Eastern Standard Time), on Sept. 6, by A. M. Schoneberger,
City Auditor, for the purchase of a $15,000 issue of 4% semi-ann. street
improvement bonds.
Denom. $1,000.
Dated June 1, 1938.
Due Dec. 1,
until
as
follows
$2,060 in 1939 to 1945, and $1,000 in 1916.
:
Treasurer.-.
bonds.
Due $1,000 from 1941 to
„
,
Due $500 in 1943 and 1944.
Due $500 in 1943 and 1944.
OKMULGEE COUNTY SCHOOL DISTRICT NO. 34 (P. O. Beggs,
1), Okla.—BOND SALE DETAILS—Vie are now informed by
school bonds purchased by a local in¬
1079—were sold for a price of 100.04, on
the following rates: $7,000 as 3s, maturing $1,000 fom 1941 to 1947; the re¬
maining $3,000 as 3Ms, maturing $1,000 from 1948 to 1950, giving a basis
of about 3.10%.
Route No.
the District Clerk that the $10,000
vestor, as noted here—V. 147, p.
OSAGE COUNTY UNION GRADED SCHOOL
DISTRICT NO. 39
(P. O. Hominy), Okla.—BONDS SOLD—It is stated by the District Clerk
$7,000 school building bonds were purchased recently by the TaylorStuart Co. of Oklahoma City, as 3 Ms.
Due from 1943 to 1949 incl..
that
WAGONER, Okla.—BOND OFFERING—It is stated by A. C. Miller,
sealed bids until 8 p. m. on Aug. 29,
$25,000 issue of not to exceed 4% semi-annual water
City Treasurer, that he will receive
for the purchase of a
works improvement
bonds.
Dated
Sept.
1,
1938.
These bonds were
approved by the voters on Aug. 11.
WAURIKA, Okla.—BOND SALE— It is stated by Dennis Tyson, City
for sale on Aug. 11
Clerk, that the $9,000 park improvement bonds offered
147, p. 929—wore purchased by R. J. Edwards,
—V.
Inc., of Oklahoma
City, paying a price of 100.08, for $3,000 bonds at 3M%.
$6,000 as 3Ms.
,/■
The $2,000 sewer bonds offered at the same time are said to
to the First National Bank of Waurika, as 3s.
the reminaing
.
.
,,
have been sold
;
OREGON
OHIO, State of—BONDS VOTED AND DEFEATED—An Associated
dispatch from Columbus on Aug. 10 reported as follows on the result
Press
of the balloting in the various municipalities throughout the
State
on
the
previous day for bond proposals:
12 bond issues were rejected to every five approved by Ohio voters,
returns from yesterday's primary showed today.
The electorate passed upon 308 issues with a total value of $46,615,690,
but a compilation of major proposals showed that 62 were frowned upon
with 65 passing muster.
Cincinnati voters rejected the largest proposed flotation, $5,400,000
for sites and school buildings, while Hamilton County joined in vetoing
$1,650,000 for a library building and $500,000 for sanitary sewers.
Other issues rejected included:
Marion, $163,500 for city hall and auditorium and $410,000 for high
school.
DOUGLAS COUNTY SCHOOL
$250,000 for school building; $137,500 for city building,
and $22,000 for school library.
Lorain County—Three school
bond issues.
South Amherst, $22,000;
Amherst, $28,00*0; East Carlisle Township, $27,500.
Akron, $2,549,000 for school building and repairs.
Trumbull County, $120,000 Public Works Administration project for
new county jail and court house annex.
Farmington Township, Trumbull County, $36,000 PWA school improve¬
ments.
DISTRICT NO. 43 (P. O. Wilbur),
$4,000 school bonds were pur¬
Napolean Rice, of Roseburg, as 3s, at par.
Ore.—BONDS SOLD—It is reported that
chased recently by Mr.
MALHEUR COUNTY SCHOOL
DISTRICT NO. 8 (P. O. Ontario),
Ore.—BOND SALE— The $27,500 issue of school bonds offered for sale on
147, p. 612—was purchased by Tripp & McClearey of Portland,
Auk< 2—V.
paying par for the
as 2Ms.
bonds as follows: $13,500 as 2%s, the remaining $14,000
DISTRICT NO. 99 (P. O. Marion),
OFFERING—Sealed bids will be received until 8p.m.
R. Power, District Clerk, for the purchase of a $4,500
issue of not to exceed 4% semi-ann. warrants.
Dated Sept. 1, 1938.
Due
June 1 as follows: $240 in 1939, $540 in 1940, and $1,240 in 1941 to 1943.
Prin
and int. payable at the County Treasurer's office, or at the fiscal
agency of the State in New York.
The warrants were duly authorized at
an election held on Aug. 3.
Enclose a certified check for $100.
MARION COUNTY SCHOOL
Ore —WARRANT
on
Norwalk, $148,500 for school.
Mount Vernon, $198,000 for school buildings.
Harbor School District (Ashtabula)—$143,000 for school.
Summit County, $250,000 for bridges; $220,000 for court house addition;
$174,900 for county home buildings.
Mansfield, $550,000 for two schools.
Jefferson County, $550,000 for court house.
Toronto, $175,000 for school addition.
Youngstown, $994,000 for school buildings.
Canton, $840,000 for sewage plant; $480,000 for city hall, and $300,000
for municipal auditorium.
Stark County, $591,000 for court house and jail addition, and $385,000
for county home.
Martins Ferry,
and imp't
1,000 fire fighting equipment bonds.
.
■
ext.
1,000 sanitary sewer ext. and imp't bonds.
Bidders may bid
a different rate of interest in multiples of M of 1%
Principal and int.
payable at the First National Bank, Norwood.
The bonds will be sold to
the highest and best bidder for not less than par and accrued interest.
All
bidders must satisfy themselves of the validity of the bonds before bidding
on same.
The approving opinion of Peck, Shaffer & Williams,*of Cin¬
cinnati, will lie furnished to the successful bidder at his cost.
Enclose a
certified check for 5% of the par value of the bonds, payable to the City
for
works
1956 incl.
of
Aug. 22, by W.
TIGARD WATER DISTRICT (P. O. Tigard), Ore.—BONDS SOLD—
the Secretary of the Board of Directors that $40,000 general
It is stated by
obligation water system bonds were purchased jointly on
son
Jones & Co., and the Baker, Fordyce, Tucker Co.,
Aug. 12 by Atkin¬
both of Portland,
of about 3.58%, on the bonds divided
as follows:
$20,000 as 3Ms, maturing on Jan. 1; $1,000, 1945 to 1954, and
$2 000. 1955 to 1959; the remaining $20,000 as 3 Ms, maturing on Jan. 1:
$3 000, 1960 to 1964, and $5,000 in 1965.
Dated. July 1, 1938. These
bonds were approved by the voters on Aug. 4.
at a
price of 100.25, a net interest cost
WASHINGTON COUNTY UNION HIGH SCHOOL
3 (P. O. Hillsboro), Ore.—BOND OFFERING— Sealed
NO.
DISTRICT
bids will be
received until 8 p. m. on Sept. 6, by L. C. Loinax, District Clerk, for the
purchase of a $6,000 issue of 3M% semi-ann. warrants.
Dated April 1.
1938.
Denomination $1,500.
Due $1,500 April 1,
for less than the par value and interest thereof
bid
1939 to 1942. No
will be considered.
Financial
1234
-will be typewritten with typewritten coupons attached.
approving opinion is desired by the bidder he must pay for and obtain
warrants
The
Aug. 20, 1938
Dated July 15,
equal to 100.40. a basis of about 3.68%.
Due $1,500 from July 1, 1939 to 1950 incl.
of $72.72,
OREGON
If legal
Chronicle
the same.
1938*
Allegany,
Pa.—BOND SALE—The $20,000 issue of 4% coupon semi-annual
offerer! for sale on Aug. 12—V. 147, p. 783—was awarded to
the Grange National Bank of Smethport, paying a premium of $800.00,
equal to 104.00, a basis of about 3.50%.
Dated July 1,1938.
Due $1,000
rom July 1, 1939 to 1958.
LIBERTY TOWNSHIP SCHOOL DISTRICT (P. O. Port
R. D.),
school bonds
NORTH VERSAILLES TOWNSHIP (P. O. Box No. 1, Wall), Pa.—
BOND
of
OFFERING—Sealed bids will be received until 8 p. m. (D. S. T.)
29, by Michael Keneders, Township Secretary, for the purchase
$90,000 issue of coupon township bonds.
Dated Oct. 1,1938. Denom.
Aug.
on
a
Due $5,000
$1,000.
1, 1943, 1945, 1947, 1949 and 1951 to 1964.
Oct.
of interest in a multiple of M of 1%.
The
bonds is subject to the approval of the Department of Internal
Affairs.
The purchaser will be furnished with the approving opinion of
Burgwin, Scully & Churchill of Pittsburgh, and the township will print
the bonds.
Enclose a certified check for $1,500, payable to the Township
Bidders to name a single rate
sale of the
Treasurer.
State
PENNSYLVANIA,
of—LOCAL
APPROVED—The
ISSUES
Department of Internal Affairs has approvd the following local bond issues.
Details include the name of the municipality, the amount and purpose of
issue, and date approved:
Municipality and. Purpose—
Amount Date Approved
Township School Dist. Crawford County
Paying a portion of the cost of erecting, construct¬
ing and equipping a public school building
$13,000 Aug. 9,1938
Conneaut
Springfield Township School Dist., Erie County.
Repairing school building: erecting additions there¬
to, furnishing and equipping same; purchasing land
9,1938
40,000
Dist.,
Aug. 12, 1938
52,000
Aug. 12, 1938
14,000
Bradford
Aug.
25,000
grounds
Borough School
for school
Athens
Aug. 12, 1938
County.
Constructing a gymnasium, classrooms and mak¬
ing necessary
ARCHBALD SCHOOL DISTRICT
fP. O. Archbald),
Pa.—NOTES
SOLD—It is stated by the Secretary of the Board of School Directors, that
$30,000 tax anticipation notes approved on July 30 by the Department of
Internal Affairs, have been purchased
by the First National Bank of
Jermyn.
SCHOOL
BROWNSVILLE
DISTRICT
(P.
O.
Brownsville), Pa.—
BOND OFFERING—Sealed bids will be received until 7:30 p. m. (Eastern
Standard Time) on Sept. 6 by Howard B. Johnston Jr., District Secretary,
for the purchase
of
$20,000 issue of coupon school bonds.
a
Dated Oct. 1.
1938.
Denom. $1,000.
Due Oct. 1 as follows: $2,000 in 1940 to 1942.
$3,000 in 1943 and 1944, and $2,000 in 1945 to 1948.
Rate of interest to
be in a multiple of
of 1% and must be the same for all of the bonds.
The sale of these bonds is subject to the approval of the proceedings by the
Department of Internal Affairs.
The approving opinion of
Scully & Churchill, of Pittsburgh, will be furnished.
Enclose
Burgwin.
certified
a
check for $500, payable to the District Treasurer.
SCHOOL DISTRICT (P. O.
Darlington), Pa.—
Roy A. Duncai, Dis¬
until 8 p. m. (Eastern Standard Time) on Sept. 6, for the
purchase of a $7,500 issue of not to exceed 3% semi-annual school coupon
bonds.
Dated Sept. 1, 1938.
Denom. $500.
Due $500 Sept. 1, 1940 to
1954.
Rate of interest to be in a multiple of
of 1%, and must be the
DARLINGTON
BOND OFFERING—Sealed bids will be received by
trict Secretary,
same
for all of the bonds.
No bid for less than par and accrued interest
will be accepted.
The bonds are to be sold subject to the approval of the
Department of Internal Affairs, and the approving opinion of Burgwin,
Churchill of Pittsburgh
Scully &
will
be furnished.
Enclose
a
certified
check for $500, payable to the District.
DARLINGTON
TOWNSHIP
SCHOOL
must be the same for all of the bonds.
No bid for less than par and accrued
The bonds are to be sold subject to the approval
interest will be accepted.
of the Department of Internal Affairs and the approving opinion of Burgwin,
be furnished.
ing indebtedness
* _ _
South Fayette Township
Funding float¬
—
School
Dist., Allegheny
Tax anticipation note
County.
Pa .—BOND OFFERING—Sealed bids will be
on Sept. 6, by A. F. McCall, Secretary of the
Borough Council, for the purchase of a $15,000 issue of intercepting sewer
bonds of 1938.
Denom. $1,000.
Dated Oct. 1, 1938.
Due $1,000 from
Oct. 1, 1940, to 1954, incl.
The bidder will name the rate of interest on
which he desires to bid, which must be in the multiple of M % and not above
PUNXSUTAWNEY,
received until
7:30
p.
m.
3%.
The rate of interest of the proposed issue will be finally determined
by the Borough Council and will be uniform for the entire issue.
Interest
on the said proposed
bonds will be payable on April 1 and Oct. 1 of each
year, free of all taxes (except gift, inheritance and succession taxes) which
may be levied or assessed upon said bonds or the debt secured thereby,
under any present or future law of the Commonwealth of Pennsylvania.
The sale of these proposed bonds will be subject to the final enactment of
an ordinance of the said Borough providing for the issuance of the said bonds
and to the approval of the said bond issue by the Department of Internal
Affairs of the Commonwealth of Pennsylvania.
The Borough of Punxsutawney will furnish the bonds.
All bids must be accompanied by a certified check in the sum of 3 % of the
issue payable to the order of the Treasurer of the Borough.
No bids will be accepted at a price less than par and accrued interest to
date of delivery of bonds.
(This notice supplements
A
the former offering report
given
here.—V.
147, p. 1080.)
SOUTH GREENSBURG SCHOOL DISTRICT
(P. O. Greenaburg),
Pa.—BOND SALE—The $24,000 issue of coupon school bonds offered for
15—V. 147, p. 929—was awarded to Johnson & McLean of
Pittsburgh, as 2%s, paying a premium of $87.50, equal to 100.36, a basis
of about 2.72%.
Dated Oct. 1, 1938.
Due $1,000 from Qct, 1, 1940 to
sale on Aug.
DISTRICT
(P. O. Darling.
ton), Pa.—BOND OFFERING—Sealed bids will be received until 8 p. m.
(Eastern Standard Time) on Sept. 6 by George O. Braden, District Secre¬
tary, for the purchase of a $40,000 issue of not to exceed 3% semi-annual
coupon school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $2,000
Sept. 1, 1940 to 1959.
Rate of interest to be in a multiple of M of 1% and
Scully & Churchill of Pittsburgh will
check for $500, payable to the District.
repairs
Lansford Borough, Carbon County.
PENNSYLVANIA
Enclose
a
certified
DOWNINGTOWN, Pa.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Sept. 6, by Edwin B. Wagner Borough Secretary, for the
purchase of a $25,000 issue of 2% coupon semi-ana. funding and street
bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due as
$2,000 ii i939, $4,000 in 1940 and 1941, and $5,000 in 1942 to
Principal and interest payable in Downingtown.
Legality approved
by Townsend, Elliott & Munson of Philadelphia. Enclose a certified check
for $500.
improvement
follows:
1944.
1963 incl.
Offered for Investment—The successful bidder reoffered the above
to yield from 1,60% to 2.70%,
Bonds
bonds for public subscription at prices
according to maturity.
Other bids submitted for the bonds were as follows:
Premium
Rate Bid
Bidders—
UNIONTOWN,
$37.00
185.77
187.92
87.50
2%%
Singer Deane & Scribner
Glover and McGregor
Moore, Leonard and Lynch.
S. K. Cunningham
3%
3%
3%
Pa.—BONDS
OFFERED—Sealed
bids
were
received
until 7 p. m. (E. S. T.), on Aug. 19, by Elmer H. Baker, City Clerk, for
the purchase of two issues of coupon bonds aggregating $380,000, divided
as follows:
$330,000
sewer
and disposal plant bonds.
Due on Oct. 1 as follows: $5,000,
1949 to 1958, and $16,000, 1959 to 1968,
1939 to 1948; $12,000,
EAST PITTSBURGH SCHOOL DISTRICT (P. O. East Pittsburgh),
_
Pa.—BOND OFFERING—Sealed bids
will
be received
until
8
p.
m.
on
Sept. 9, by R. Bruce Yeaney, District Secretary, for the purchase of a
$75,000 issue of coupon school bonds.
Dated Sept. 1, 1938.
Denom.
$1,000.
Due Sept. 1 as follows: $3,000 in 1941 to 1953 and $4,000 in 1954
to 1962.
Bidder to name rate of interest in a multiple of
of 1 %, and rate
to be same for all of the bonds.
The sale of these bonds is subject to the
approval of the proceedings by the Department of Internal Affairs.
The
approving opinion of Burgwin, Scully & Churchill of Pittsburgh, will be
furnished.
Enclose a certified check for $1,500, payable to the District
Treasurer.
ELLPORT
stated by the
(P. O. Ellwood City), Pa.—BONDS NOT SOLD—It is
Borough Secretary that the $5,000 4% semi-ann. street im-
§rove merit received. Dated Aug. 9—V. 147,Due 612—were not sold as no
p. $500 from July 1, 1940
id?nvl^r? bonds offered on July 1, 1938.
1949
to
incl.
all incl.
50,000 garbage disposal bonds.
Due $5,000 from Oct. 1, 1939 to 1948,
inclusive.
Dated Oct. 1, 1938.
Denom. $1,000.
Rate for each issue to be named
by bidder in a multiple of \i of 1 %, and uniform for each entire issue.
The
are registerable as to principal only.
Principal and interest payable
at the City Treasurer's office.
The approving opinion of Burgwin, Scully &
bonds
Churchill of Pittsburgh will be furnished.
Authority: These bonds are to be issued under authority of the Act of
Assembly approved June 23, 1931, P. L. 932.
The issue of sewer and
disposal plant bonds was approved by the electorate at an election held
Aug. 9, 1938; the garbage disposal issue is Councilmanie.
The bonds will
be sold subject to the approval of the proceedings by the Department of
Internal Affairs of the Commonwealth of Pennsylvania.
WEST VIEW, Pa —BOND SALE DETAILS—We are now informed by
Clerk that the $15,0u0 coupon or registered borough bonds
purchased by S. K. Cunningham & Co. of Pittsburgh as 2 J^s, as noted here
recently—V. 147, p. 1086—were sold at a price of 100.534, a basis of about
2.43%.
Due $1,000 from Sept. 1, 1940 to 1954, incl.
the Borough
GARRETT
SCHOOL
DISTRICT
(P.
O.
Garrett),
Pa .—BOND
OFFERING—Sealed bids will be received by Charles A. Brocht, District
Secretary, until Aug. 29. at 7 p. m. (Eastern Standard Time) for $7 200
coupon semi-ann. refunding bonds.
Dated Sept. 1, 1938.
Denom. $200.
Due Sept. 1, as follows:
$600 in 1939 to 1942, and $800 in 1943 to 1948.
6® district reserves the right to call
any or all bonds outstanding, beginning
with those last falling due, on or after
Sept. 1, 1943.
The bonds may be
registered. Enclose a certified check for 2% of the amount bid.
»
GEORGES TOWNSmP SCHOOL DISTRICT (P. O. Uniontown),
**•—-BOND OFFERING—Sealed bids will be received until 5
p. m.
?En
of a
(East-
a^d,Tin16'' on Sept. 12 by D. Ford Swaney, District Secretary, at
Spurgeon, 52 East Main St., Uniontown, for the purchase
La
*
$30,000 issue of 4% coupon semi-annual improvement and funding
Denom. $1 000.
Dated Sept. 15 1938.
Due $3,000 from Nov. 1,
1939 to 1948
incl.
These bonds may be registered as to principal only.
HARMONY TOWNSHIP
SCHOOL DISTRICT (P. O. Ambridge),
OFFERING—Sealed bids will be received until 6 p.m. (Eastern
Standard Time) on Sept. 12,
by Stanley W. Kuny, District Secretary, for
the purchase of a $90,000 issue of not to
exceed 3}4 % coupon school bonds,
?qqS A'i °b Pat^ °ct-
1938-
Denom. $1,000.
Due $2,000 Oct. 1,
1939 to 1963.
Rate of interest to be in a multiple of
% of 1%, and must be
the same for all of the bonds.
The sale of these bonds is subject to the
approval of the Department of Internal Affairs.
o
a
u
i
WILLIAMSTOWN,
Pa.—BOND
OFFERING—Sealed
bids
will
be
until 7:30 p. m. on Sept. 6, by George E. Hoffmann, Borough
Secretary, for the purchase of a $15,000 issue of 43^% semi-ann. sanitary
sewer bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $1,000 Sept. 1,
1941 to 1955.
The bonds will be sold subject to the following conditions:
(1) Bids shall include the entire $lo,000 of bonds; (2) The bonds shall be
sold and delivered as the Borough needs the cash for the expenses on the
part of the Borough in the completion of the sewer system; (3) Interest on
these bonds will be payable semi-annually but the interest on the bonds
will not begin until the date of delivery of the bonds.
Enclose a certified
check for $200 payable to the Borough Treasurer.
received
O. Butler), Pa.—
school bonds offered for
WINFIELD TOWNSHIP SCHOOL DISTRICT (P.
BOND SALE—The $20,600 issue of 3%
coupon
sale on Aug. 17—V. 147, p. 1080—-was awarded to the
Trust Co. of Butler for a premium of $402.60, equal to
about 2.50%.
Second best
Co.
of
Butler Savings &
102.13. a basis of
Due from July 1, 1939 to 1946 incl.
offer of 101.69, tendered by the Union Trust
Dated July 1, 1938.
bid
was
an
Butler.
The approving opinion
ly & Churchill, of Pittsburgh, will be furnished.
certified check for $1,000,
payable to the District Treasurer.
RHODE
Enclose
ISLAND
NORTH
that $11,500
P5l—BONDS SOLD—It is
stated by the Borough Secretary
funding and water system completion bonds approved by the
Department of Internal Affairs on Aug. 6, have been
purchased by the
i!5?
*
o
nJ0^1 ?,ank,°£ Howard,
about 3.94%.
.
as 4s, at a price of 100.50, a basis of
Dated Aug. 15. 1938.
Denom. $200, one for $100.
Due
VoA?' a^olI?ws,: and interest
S9P? m 1940
Principal
in 1956.
t0 J947, $800 in 1948 to 1955, and $300
payable at the Borough Treasurer's office.
PROVIDENCE, R. I.—BONDS PUBLICLY
3% semi-ann. sewer bonds is being offered jointly by
Chace, Whiteside & Co. of Boston and Mackey, Dunn & Co. of New York,
for public investment.
Dated Sept. 1, 1938.
Due from SQpt. 1, 1939 to
1968 incl.
Legal approval by Ropes, Gray, Boyden & Perkins of Boston.
A $740,000 issue of
We
were
informed later that the above bonds mature on Sept,
lows: $10,000,
TO)^NSHIPJP- °- Shavertown), Pa.—BOND
The $18,000 issue of
612
was
SALE—
funding bonds offered for sale on Aug. 8—V. 147, p.
awarded to Burr & Co. of
Philadelphia as 3 %&, paying a premium
1
as
fol¬
1939 to 1948; $30,000, 1949 to 1958; $35,000, 1959 to 1967,
$25,000 in 1968.
The purchasers reoffered the bonds at prices to yield from 0.65% to
2 90% for the maturities from 1939 to 1964, and priced at 101.00 for the
and
1965 to 1968 maturities.
Volume
Financial
147
RHODE
proceeds of this issue, together with a grant from the Federal Emergency
Administration of Public Works in the amount of $67,050,' are being used
ISLAND
to construct
PAWTUCKET,
R.
1235
Chronicle
I.—BONDS SOLD—It is reported that $499,000
3 % refunding bonds were sold recently at private sale by the city. Denom.
$1,000.
Dated Sept. 1, 1938. Due on Sept. 1 as follows: $50,000, 1948 to
1956, and $49,000 in 1957.
Principal and interest (M. & S.) payable at
the First National Bank in Boston.
Legality to be approved by Storey,
municipally owned electric plant distribution system.
a
The
issuance of these bonds was authorized by the electors of the town by a
favorable vote of approximately ten to one, and the validity of the legislative
enabling authority under which the election was held and under which
proceedings for the issuance of these bonds have been taken, has been
upheld.
Thorndike, Palmer & Dodge of Boston.
Financial Statement (as at May 31, 1938,
Including This Issue)
TEXAS
.$145,333,478
Assessed valuation, 1937
Total bonded debt
that it had $1,200,000
notes outstanding on 1938 tax levy.
Bonded debt shown in the foregoing
statement is exclusive of the city's proportionate share of the debt of the
State of Rhode Island.
Providence County, in which the City of Paw¬
SCHOOL DISTRICT
NO. 48 (P. O,
Center). Texas—BONDS OFFERED—Sealed bids were received until
8p.m. (Central Standard Time) on Aug. 16 by W. O. Windham, President
of the Board of Trustees, for the purchase of a $70,000 issue of 4% semi¬
annual coupon school bonds.
Denom. $1,000.
Dated Aug. 1, 1938.
The bonds matuie in a 25-year period beginning in 1939; all bonds carry a
5-year optional clause.
A certified check for 2% of che par value of the
bonds, payable to the District, was to accompany the bid.
(These bonds were originally scheduled for sale as of Aug. 11, but the
tucket
date
15,492,000
2,724,000
Less: Water debt
2,800,676
Sinking funds other than water.
9,967,324
Net bonded debt
Population, 1930 U. S. Census, 77,149.
As at May 31,1938, tfte City of Pawtucket reported
is
situated,
reports
no
outstanding.
bonded debt
In the opinion of counsel, these bonds, to be issued for refunding purposes,
will constitute, upon issuance, valid obligations of the city, payable both
principal and interest from ad valorem taxes which may be levied on all of
the
taxable
imitation
real
as
to
estate
rate
awarded
of the
on
and
tangible personal property
therein without
amount.
R.
bids received for the $1,100,000
1080:
P.
Int. Rate
Price Bid
Bidder—
Hornblower& Weeks
1M%
(purchaser)
$1,101,298.00
Halsey, Stuart & Co., Inc.; Bancamerica-Blair
Corp.; Adams, McEntee & Co., Inc.; B. J.
Van Ingen & Co., Inc.; G. M.-P. Murphy &
Co.,and Newton, Abbe & Co..
1,117,556.00
Blyth & Co., Inc.: Paine, Weber & Co.; Burr &
Co., Inc.; Wasnburn & Co., Inc., and Merrill,
Lynch & Co., Inc...
1,117,479.00
Lehman
Brothers;
Eastman,
Dillon
&
Co.;
Tucker, Anthony & Co.; Darby & Co.; Morse
Bros. & Co..Inc., and Campbell, Phelps & Co. 1,116,830.00
Kidder, Peabody & Co.; Estabrook & Co., and
> R. L. Day & Co
1,116,566.00
Chemical Bank & Trust Co.; The Northern Trust
Co.; Kean, Taylor & Co.; Manufacturers &
Traders Trust Co.; Wilmerding & Co., and
Martin & Chambers
1,114,135.00
The National
to
contracted the marketing of the refunding bonds
principal of the old bonds now held by Texas Permanent
Sept. 1, 1938, on a specified fee basis to cover all costs of
printing bonds, opinion of bond attorneys, &c.
The above company has
and the payment of
HARRIS COUNTY
2%
2%
2%
2%
1,112,760.00
2%
2%
1,111,990.00
Co.,
Inc.;
Roosevelt
&
Weigold, Inc.; Spencer Trask & Co., and
Equitable Securities Corp.!
*—...
Whiting, Weeks &
Knowles; Harris Trust &
Savings Bank; F. S. Moseley & Co., and Lee
Higginson Corp
Smith, Barney & Co.; Stone & Webster and
Blodget,
Inc.;
Eldredge & Co., Inc., and
Gibbons
2%
1,107,194.00
2%
(P. O. Navasota), Texas—BOND
CONSUMMATED—In connection with the report
NAVASOTA SCHOOL DISTRICT
REFUNDING
1,013,757.00
NOT
had been entered into
of San Antonio, for the
it Is now reported that the
given in these columns last April, that a contract
between the District and Mahan, Dittmai & Co.
refunding og $114,000 school bonds at 3^%,
refunding did not go through.
2%
1,107,170.90
Co.
II. L. Washburn, County
direct.
&
Mississippi Valley Trust
(P. O. Houston), Texas—BOND REDEMPTION
tity of the holders of any of this series of bonds piease notify them, or in¬
form me of the addresses of the holders and I will communicate with them
&
Bros. & Hutzler
Due serially in 25
July 11, 1938, all outstanding Harris County Road and Bridge
4^% bonds dated Oct. 10, 1909, maturity Oct. 10, 1949, optional at any
time after Oct. 10, 1919, were duly and legally called by the Commis¬
sioners' Court of Harris County, Texas.
Funds for the payment of principal at par and accrued interest of $11.50
on each bond are on hand at the National Bank of Commerce, Houston,
Texas, or The Chase National Bank of the City of New York, New York.
To date, my records indicate that bonds 83, 84, 89, 93, 96 through 104,
114, 116, 117, 184, 185, 250, 251, 253 through 291., 301 through 304, 338,
347, 348, 415, 417 through 421, 428, 430, 431, and 434 through 438, have
not yet been presented for payment.
I am endeavoring to have all bonds presented immediately to prevent
any difficulty or confusion that might arise if the Oct. 10, 1938, coupons
detached from these bonds are presented for payment, which will be refused
inasmuch as interest ceased on the call date.
If you are aware of the iden¬
Co.; The First National
Bank of the City of New York, and Salomon
Pressprich
issue of building bonds.
On
Boatmen's National
Co., and
Bank.
EAST BERNARD INDEPENDENT SCHOOL
DISTRICT (P. O.
East Bernard), Texas—BOND OFFERING—It is stated by F. V. Urbish
President of the School Board that he will receive sealed bids until Sept. 1
NOTICE—The following letter was sent to us by
Auditor:
■
1,112,758.90
Wainwright &
B.
Old bonds
1917 and 1919, balances
years.
City Bank of New York; Bankers
Trust Co., and The First Boston Corp
Brown Harriman & Co., Inc.; Phelps Fenn & Co.;
Mercantile Commerce Bank & Trust Co.; B.C.
Geo.
be refunded are 5% 40-year term bonds, issued in
$35,000 and $8,000, respectively.
for the purchase of a $44,000
2%
.....
W.
deferred to the above time,)
CROCKETT INDEPENDENT SCHOOL DISTRICT (P. O. Crockett),
Texas—BOND SALE DETAILS—It is reported by the Secretary of the
Board of Trustees that the $43,9C0 4% semi-annual refunding bonds pur¬
chased by Geo. V. Rotan & Co. of Houston—V, 147, p. 1081—are dated
School Fund, on
Lazard Freres & Co.; Goldman, Sachs & Co.; First
of Michigan Corp.; Charles Clark & Co., and
Ii.
was
INDEPENDENT
Sept. 1, 1938 and mature from April 1, 1939 to 1953, incl.
I.—LIST OF BIDS—The following is an officia1
municipal dock bonds
Aug. 11, as reported in detail in our issue of Aug. 13—V. 147,
PROVIDENCE,
tabulation
or
CENTER
2%
POTH INDEPENDENT
(P. O. Poth), Texas
the Board of Education
SCHOOL DISTRICT
—BONDS SOLD—It is stated by the Secretary of
$14,000 4% semi-ann. construction bonds were purchased recently
by the State Board of Education, at par.
Denom. $500.
Due from
April 10, 1939 to 1964.
that
CAROLINA
SOUTH
DISTRICT NO. 26 (P. O.
OFFERING—It is reported that
on Aug. 26. by J. M. Green,
Secretary of the Board of Trustees, for the purchase of a $23,000 issue of
school bonds.
Interest rate is not to exceed 4lA%, payable semi-annually.
COUNTY
ORANGEBURG
(P.
O.
sealed
Orangeburg),
bids
S.
C.—BOND
will be received
Denom. $1,000.
SCHOOL
until
4
p.
m.
Dated Sept. 1, 1938.
SANTA
—were
SOUTH
DAKOTA
Dak.—BOND OFFERING—Sealed bids will be re¬
ceived until 1 p. m. on Aug. 29, by Oscar Hikari, Town Clerk, for the
purchase of a $2,300 issue of 5% coupon semi-ann. auditorium bonds.
Dated May 1, 1938.
Denom. $200, one for $100.
Due May 1, as follows:
$200 in 1947 to 1953, $100 in 1954 and $400 in 1955 and 1956.
An issue of $3,700 Auditorium bonds was offered for sale on June 6.
PARKER
S.
INDEPENDENT
SCHOOL
DISTRICT
NO.
1
(P.
O.
Parker), S. Dak.—BOND SALE—The $27,000 issue of 4% semi-annual
on Aug. 15—V. 147, p. 929—was awarded to
Kalman & Co. of St. Paul, paying a price of 105.96, a basis of about 2.60%.
Dated Aug. 1, 1938.
Due from Aug. 1, 1939 to 1953; optional after Aug. 1,
school bonds offered for sale
1943.
The following is an official list of the bids
Names of
received;
Price Bid
Bidders—
First National Bank & Trust Co., Silux Falls, S,
First National Bank, Parker. S. Dak.
Northwestern National Bank, Minn.
Wachob-Bender Corp., Omaha
Justus F. Lowe Co., Minneapolis
Dak.
$28,593.00
28,450.00
28,267.25
28,153.00
27,573.80
Dak.—BOND SALE—The $24,000 issue of 4% coupon
or registered semi-ann. sewer bonds offered for sale on Aug.
15—V. 147,
p. 929—was purchased by the Allison-Williams Co. of Minneapolis, at
par, according to the City Treasurer.
Dated Sept. 1, 1938.
Due $1,000
WINNER, S.
from 1941 to
1957, inclusive.
TENNESSEE
Tenn.—BOND OFFERING— It is stated by J. H.
Marable, Commissioner of Finance and Revenue, that he wiil sell at public
auction on Aug. 24, at 2 p. m., an issue of $138,000 electric piant, general
obligation bonds.
Interest rate is not to exceed 3J4%, payable F. & A.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1, as follows: $7,000 in
1940 and 1941, $8,000 in 1942 to 1944, $9,000 in 1945 to 1948, $10,000 in
1949 to 1951, $11,000 in 1952 and 19.53 and $12,000 in 19.54.
The bonds
are part of an issue of $250,000 authorized to be issued by the City pursuant
to Chapter 32 of the Tennessee Public Acts of 1935 and other acts of the
General Assembly of the State and the City Charter.
The bonds are gen¬
eral obligations of the city and additionally seemed by pledge of such
revenues from the electric distribution system bo be constructed by the city
as
may be available for such purpose.
Prin. and int. payable at the
Chemical Bank & Trust Co., N. Y. City.
Purchaser to pay accrued interest
and furnish bonds.
The bonds will not be sold at less than par.
The sale
will be subject to approval of Thompson, Wood & Hoffman of New York,
as to the legality and form of bonds.
I
CLARKSVILLE,
FAYETTEV1LLE, Tenn.—BONDS OFFERED TO PUBLIC—A $75,000
4% semi-annual electric plant revenue bonds is being offered by
S. Huyck & Co. of Chicago, for public subscription.
Dated May 1,
1938.
Denom. $1,000.
Due May 1, as follows: $3,000 in 1941 and 1942,
$4,000 in 1943 to 1946, $5,000 in 1947 to 1951, $6,000 in 1952 to 1955 and
$4,000 in 1956.
Bonds maturing from May 1, 1952 to 1956, redeemable
at par on any interest date on and after May 1, 1951.
Principal and inter¬
est payable at the Northern Trust Co., Chicago.
Legality approved by
Chapman & Cutler, of Chicago.
These bonds are part of a total authorized
issue of $82,000, are, in the opinion of counsel, valid and legally binding
obligations of the Town, payable solely from the revenues derived from the
operation of the municipally owned electric plant being constructed.
The
issue of
A.
CONSOLIDATED SCHOOL
DISTRICT NO. 2
(P. O.
sold at par.
TAFT
—BOND
FREDERICK,
FE
Galveston), Texas—PRICE PAID—It is reported by the Superintendent
$45,000 4% semi-ann. refunding bonds purchased by
Mosle & Moreland of Galveston, as noted here on Aug. 13—V. 147, p. 1081
of Schools that the
INDEPENDENT SCHOOL DISTRICT (P. O.
SALE
DETAILS—It is
now
reported that
Taft), Texas
$100,000
the
(not $110,000), construction bonds sold recently, as noted here—V. 147,
p. 930—are dated Aug. 10,1938, and were purchased jointly by the BrownCrummer Co., and Mahan, Dittmar & Co., both of San Antonio, as follows:
$8,000 maturing in 1939. and $10,000 in 1940, as 2^s; $11,000 maturing
1945 to 1947, and $2,000 in 1948, as 3s.
in 1941 to 1944, $12,000 in
UVALDE
COUNTY
(P.
O.
Uvalde),
Texas—BONDS SOLD—It is
reported by the County Auditor that $25,500 4% semi-ann. road and
bridge bonds were purchased at par by the First State Bank of Uvalde.
Due on Feb. 15 as follows: $500 in 1941, and $2,500, J942 to 1951.
TO PUBLIC—A $24,000
refunding bonds is being offered by
investment.
Dated April 10, 1938.
Denom. $1,000.
Due April 10 as follows: $l,0u() in 1943 to 1952, $2,000
in 1953 and $6,000 in 1954 and 1955.
Prin. and int. payable at the Central
Hanover Bank & Trust Co., New York.
Legality approved by W. P.
Dumas of Dallas.
These bonds were issued for the purpose of refunding a
like amount of 5% water works bonds dated July 1, 1913, due July 1, 1953,
WILLS
POINT, Texas—BONDS OFFERED
issue of 5% semi-annual water works
C. N. Burt & Co. of Dallas for general
optional in 1923.
WASHINGTON
OKANOGAN COUNTY SCHOOL
DISTRICT NO. 108 (P. O. Okano¬
Wash.—BOND OFFERING— Sealed bids will be received until
on Aug. 30 by V. B. White, County Treasurer, for the purchase of a
$7,400 issue of not to exceed 5% semi-annual school bonds.
The bonds
shall run for aperiod of five years and shall be payable in the order or their
issuance, lowest number first, beginning the second year after the date of
issue of said bonds, and snail (as near
as practical) be in such amounts
as will, together with the interest on all outstanding bonds, be met with an
equal annual tax levy for the payment of said bonds and interest, provided
that said bonds shall be of a denomination of a multiple of $100; provided
further that said School District reserves the right to pay or redeem said
bonds, or any of them, at any time after three years from the date thereof.
Principal and interest payable at the County Treasurer's office.
Pur¬
chaser to furnish blank bonds and pay the cost of the legal opinion.
A certi¬
fied check for 5% of the bid is required.
■
(This notice supplements the offering report given in our issue of Aug. 13—
gan),
11a
m
V. 147, p. 1082.)
SPOK\NE COUNTY SCHOOL DISTRICT NO. 50 (P. O. Spokane),
Wash.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
Sept. 2 by Paul J.
Kruesel, County Treasurer, for
the purchase of an $8,000
exceed 6% semi-annual school bonds.
Dated when issued.
period of 10 years from date of issue.
The various annual
maturities of said bonds will commence with the second year after the date
of issue of the bonds and will (as nearly as practicable) be in such amounts
as will, together with interest on the outstanding bonds,
be met by equal
annual tax levies for the payment of said bonds and interest.
Said School District reserves the right to pay or redeem said bonds or
any of them at any time after five years from the date of issue of said bonds.
Bidders are required to submit a bid specifying: (a) the lowest rate of interest
and premium, if any, above par, at which such bidder will purchase said
bonds; or (b) the lowest rate of interest at which the bidder will purchase
said bonds at par.
The bonds will be sold to the bidder making the best
bid subject to the right of the School District to reject any and all bids.
Prin. and int. payable at the County Treasurer's office, the State Treas¬
urer's office or at the fiscal agency of the State in New York.
Ehclose a
certified check for 5%.
,
These are the bonds offered on June 17 for which all bids received were
issue of not to
Bonds to run for a
rejected.
Financial
1236
WASHINGTON
WHATCOM COUNTY SCHOOL DISTRICTS (P. O. Bellineham),
Wash.—BOND OFFERING—Sealed bids will be received until 10 a. m.
Sept. 9. by R. C. Atwood, County Treasurer, for the purchase of the
following bonds aggregating $30,000:
on
$10,000 Blaine
No.
330
bonds.
Interest
%, payable M .& 8.
School District No.
5%, payable M. & S.
331
bonds.
Interest
Consolidated
20,000 Lynden
Consolidated
rate is not
District
School
rate is not to exceed 4
to exceed
Dated Sept. 15, 1938.
The bonds are to be in denominations of multi¬
ples of $100, except bond No. 1, to mature and become pavable in their
numerical order, lowest number first, payable annually, bonds to run for a
period of 20 years.
The various annual maturities of the bonds shall
commence with the second year after the date of the issuance of the bonds,
and will, as nearly as practicable, be In such amounts as will, together
with
for
interest
the
outstanding bonds, be met by an annual tax levy
the payment of the bonds and interest.
Providing further, that the
reserve the right to pay or redeem the bonds or any part of them
on
Chronicle
after 5 years from the date threof.
any time
payable at the County Treasurer's office,
State
in
Principal and interest,
at the fiscal agency
State Treasurer's office.
Bidders
New
or
Other bids for the bonds
were
as
follows:
Bidders—
Price Bid
R. W.Pressprich & Co
.$501,115.00 int. rate 3%
Brown Harriman & Co., Inc.; Farwell, Chapman
& Co.; John Nuveen & Co
500,899.50
1939 and 1940 maturities—int. rate 2r
1941 to 1948 maturities—int. rate 33i
Statement of Valuations,
Outstanding Indebtedness and Delinauent Taxes,
of the
York, or at the
are re¬
quired to submit a bid specifying: (a) the lowest rate of interest and pre¬
mium, if any, above par, at which such bidder will purchase the bonds;
or
(b) the lowest rate of interest at which the bidder will purchase the
bonds at par.
Enclose a certified check for 5% of each issue.
1199336547—
purposes, 1937.
Tax rate of full value (per $1,000)
Population, 1930
____$92,250,789.00
119,203,741.00
—— — —
—
7.62
....
63,277.00
census
General limitation of indebtedness
Gross bonded indebtedness
4,612,539.45
2,718,000.00
...
...
.....
Bonded
......
due June
Road 2i/4s
Total
Poor Rel.—Ser. 1935
150.000
Refunding—Ser. 1936
Richmond, Va.
Phone 3-9137
Poor Rel.—Ser. 1936
Hwy. Imp.—Ser. F
A. T. T. Tel. Rich. Va. 83
_3%
_3%
—.
WEST
Addition.........233%
Hwy. Imp.—Ser. G.........233%
Poor Rel.—Ser. 1937
-3M%
VIRGINIA
VIRGINIA, State of
The $300,000 Issue of road
—BOND
bonds offered for sale on Aug. 16—V. 147, p. 1082—was awarded to a
syndi¬
cate composed of Phelps, Fenn & Co., Kean,
Taylor & Co., and Campbell,
Phelps & Co., Inc., all of New York, on a bid of par, a net interest cost of
1.98%, on the bonds divided as follows: $220,000 as 2s, maturing $20,000
from June 1, 1939 to 1949; $40,000 as lMs, maturing
$20,000 on June 1,
1950 and 1951; the remaining $240,000 as 2s, maturing $20,000 from June 1
1952 to 1963 incl.
The successful bidders also received an option to
purchase an additional
$500,000 of road bonds alike in all respects to this issue, at the same
price
and rate, up to 1 p. m. (Eastern Standard
Time), on Aug. 19.
Bonds Offered for Investment—The purchasers reoffered the
$500,000
bonds for general subscription at prices to yield from
0.30% to 1.95% for
the 1939 to 1953 maturities, and at
prices ranging from par to 98 for the
maturities from 1954 to 1963.
BONDS
OFFERED
FOR
INVESTMENT—The
successful
bidders
reoffered the second issue for
public subscription on the following terms:
The 1939 to 1953 maturities of the
2% bonds are priced to yield from 0.30%
to 1.95%, while the 1954-55 maturities are
priced at 100, the 1956-57
maturities at 99 M, the 1958-59 maturities at 99. the 1960-61
maturities
at 98 M and the 1962-63 maturities at 98.
The
In
1950 and
1.80 for the
1951,
1951
are
priced to yield
l%% bonds, which mature
1.75% for the 1950 maturity and
maturity.
WISCONSIN
BELOIT, Wis.—BOND OFFERING—Sealed bids will be received until
Aug. 25 by the City Clerk for the purchase of a $66,000 issue of
2% semi¬
Due in from 1 to 10 years.
These bonds were
approved by the voters at an election held on Aug. 2
by a count of 835 to
annual auditorium bonds.
425,
BONDUEL SCHOOL DISTRICT NO. 1
(P. O. Bonduel), Wis.—
BOND SALE—The $25,000 issue of
building bonds offered for sale on Aug.
12—V. 147, P. 930—was awarded to
Gillespie & Woulters of Green Bay as
2Mb, paying a premium of $475, equal to 101.90, a basis of about
2.30%.
Dated July 1, 1938.
Due from July 1, 1939 to 1953.
The following is an official list of the
other bids received:
Names of Other Bidders—
int. Rate
Price Bid
Braun & Monroe, Milwaukee._
Harley-Haydon, Madison
...
Shawano National Bank, ShawanoChanner Securities, Chicago.
Paine, Webber & Co., Chicago..
Bonduel State Bank, Bonduel
2M%
233%
233%
2%%
2%%
233%
$25,048.90
25,155.00
25,057 00
25.250.00
25,428.58
25,000.00
CASCO UNION FREE HIGH SCHOOL
DISTRICT
school
^0LD~lt is reported by the
building bonds have been
(P. O. Casco),
District Clerk that $33,000
sold.
(P- °-
Superior), Wis.—BOND SALE—The
$100,000 issue of relief bonds offered for sale on
Aug. 17—V. 147, p. 784
was awarded to
Doyle, O'Conner & Co., and Balbnan & Main, both of
Chicago, jointly, as 3 Ms, paying a premium of
$100, equal to 100.10, a
basis of abour
3.73%.
Due $10,000 from Sept. 1,1939 to 1948 inclusive.
JANESVILLE,
school
Wis.—BOND
SALE—The
bonds offered for sale on
Aug.
to the Central
Republic Co. of
$350,000
issue
of
coupon
16—V.
147, p. 1082—was awarded
Chicago as 2s, paying a premium of $3,040,
basis of about 1.92%.
Dated July 1, 1938. Due from
following is
an
e250,000
f200,000
glOO.OOO
H250.000
175,000
150.000
75,000
$2,718,000
$1,518,820
$1,199,180
500,000
j500.000
County to be reimbursed by St. of Wis. $54,180.
b Payable from sink¬
ing fund. $180,000.
c County to be reimbursed by St. of Wis., $10,000.
d County to be reimbursed by St. of Wis., $80,000.
e Raised by tax. 1937,
$250,000.
f Payable from sinking fund, $200,000.
g Payable from sinking
fund, $100,000.
h Raised by tax, 1938, $250,000.
i Raised by tax. 1937,
$7u,000.
j Payable from sinking fund, $500,000.
a
Statement
of
Tax
Collections
as
Secured
from
County
Treasurer
Total General Taxes
-
Levied in
Year
Kenosha
County
$2,229,922.52
2,343,276.67
1933--————---—*
Ami. Collected
$2,053,282.92
2,131,248.38
2,085,643-10
2,324.083.89
2,032,607.05
2,349,321.96
2,687,002.72
2.713,877.00
Total General Taxes
Levied
in
Kenosha
'
County, County Purp.
.
Ami. Collected
1934—
—
—
—
—
—
—
425,641.57
467,053.86
628,801.38
911,200.84
908,446.40
—
—
—
—
f
-
-
1936
1937-
—
-
PORTAGE.
425,641.57
467,053.80
443,772.14
555,013.65
245,821.61
-
Wis.—BOND
OFFERING—Sealed bids will
until 2 p. m. (Central Standard Time) on Sept. 6, by Francis
be
received
Wright, City
Clerk, for the purchase of an issue of $134,000 not to exceed 3% semi-ann.
coupon or registered school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1, as follows:
$6,000 in 1939 to 1944 and $7,000 in 1945 to 1958.
Rate of interest to be in multiples of M of 1%
The bonds will be sold at
the lowest interest rate or interest cost to the city.
Principal and interest
pavable at the City Treasurer's office.
The approving opinion of Chap¬
man & Cutler, of Chicago, will be furnished the purchaser.
The blank
bonds shall be furnished by the purchaser.
Enclose a certified check for
2% of the bonds, payable to the City Treasurer.
.
STEVENS
POINT,
WiADDITIONAL INFORMATION—In
con¬
nection with the sale of the $165,000 sewer revenue bonds to the Channer
Securities Co. of Chicago, as 3Ms, as noted here on Aug. 6—V. 147,
p.
930—we give herewith the text of
Lisa, City Clerk:.
a
statement sent to
us
by Michael B.
■
■
Purchaser:
sewer
Channer Securities Co. of Chicago.
Approximately $165,000
revenue bonds to finance construction of sewage disposal plant and
appurtenances and intercepting sewers.
Interest rate is 3M% subject to
change In market prices. A condition of the deal is that the price is to be
adjusted upward or downward as determined by the Dow-Jones averages
at the time of delivery of the bonds, as compared with the averages as of
July 19, 1938, date of sale.
Thus
the
price will be determined by bond interest rates at the
with the city paying the difference if interest rates rise
premium if they drop.
This arrangement was entered
obtain a lower interest rate than would have been possible
exact
time of the sale,
receiving
a
into in order to
otherwise.
The Channer firm will pay par and accrued interest to date of delivery
of bonds, in denoms. of $1,000, which win run from 1 to 30 years, averag¬
ing 17 years.
The interest will be payable semi-annually.
The buyer
agreed to pay the cost of printing the bonds and legal expenses involved.
The sale is subject to approval of the firm's attorneys as to its legality.
The bonds cannot be delivered until after contracts are let.
CANADA
Central Republic Co.; Alfred O'Gara
Co., Chicago...
Harris Trust & Savings,
Chicago..
Brown Harriman Co.,
Chicago; Citizens State Bank,
Sheboygan; Harley Haydon & Co., Madison
Freres Co., Chicago; Mercantile Commerce
Lazard
Bank & Trust Co., St. Louis
The First National
Bank,
Premium
Rule
$3,040
3,025
2%
2,765
2%
2%
AMOS, Que.—BONDS SOLD—We
are informed by Gaston Roberge,
City Clerk, that $40,000 5% coupon improvement bonds were sold on Aug. 8
Credit Anglo-Francais Limitee, of Montreal, at a price of 100.05.
Denom. $1,000.
Dated June 1, 1938.
Due from 1958 to 1962, incl.
Interest payable J. & D.
to the
JOLIETTE, Que.—BOND SALE—The $45,500 issue of improvement
2,615
Chicago.—
Co., Chicago
Channer Securities
Co., Chicago; T. E. Joiner & Co.,
Chicago; John Nuveen & Co., Chicago
_
&
Securities
Co.
of
Milwaukee, Milwaukee; Smith,
Barney & Co., Chicago..
The Northern Trust
Co, Chicago.
Paine, Webber & Co., Chicago; White,
Phillips & Co.,
mJDa^enport; ^ern, Wampler & Co....
The First Boston
Corp., Chicago; The Illinois Co.,
Chicago; The First of Michigan Corp., Detroit
Blyth & Co., Inc., Chicago;
Bartlett, Knight & Co.,
Chicago
;
KENOSHA, Wis.—BOND OFFERING—Sealed
2%
bonds offered
2,425
2,080
2%
2%
Banque Canadienne Nationale of Montreal, as 4s, paying a price of 100.57,
a basis of about
3.94%.
Dated May 1, 1938.
Due serially in 30 years.
1,900
2%
1,730
1,340
2%
1,275
2%
2 %
for sale
on
Aug.
3,450
bids
2.10%
625
will
2.1%
be
received
p"
(Central Standard Time) on Sept. 2 by A. E. Axtell, Director
ofp'nance, for the purchase of four issues of not to exceed
4% semi-annual
$61,000, as follows: $'2,000 series of 1927
$15,000 second series of 1932; $22,000 series of
1924; $12,000 series of 1928
&und£- Pat?d Sept. 15,1938. Denom. $1,000. Due Sept. 15, 1951.
1 he bonds will not be sold for less
than par and the basis of determination
shall be the lowest rate of interest
bid.
Bidder must pay accrued interest
at the rate borne by the bonds from
the date of the bonds to the date of
15—V.
147,
p.
The other bids received for toe above bonds
Bidder—
Dominion Securities Corp., Ltd.
L. G. Beaubien & Cie, Ltee-———
—
Gairdner & Co., Ltd
Credit Anglo-Francais, Ltee
A. E. Ames & Co
930—was awarded to the
were
reported
J.E. Laflamme, Ltee.
Bruno- Jeannotte, Ltee
Hanson Brothers
Clement, Guimond, Inc——
as
Price
_
-----
—
—
Bid
—100.06
99.816
99.75
—99.68
99.48
—
;
—
—
—.
--jp.—...
follows:
—100.13
—
——
...
^nding bonds, aggregating
250,000
official tabulation of the bids received:
Bidder—
Halsey Stuart
<180,000
This issue—Corp. Purp. Ser. 1938
equal to 100.868, a
July 1, 1942 to 1958 incl.
The
clO.OOO
122,000
100,000
400,000
333%
Refunding—Ser. 1938 ——.333%
and
«,Po°™?^AS
"
200,000
Poor Rel.—Ser. 1938
1933—
BEAVER
—
bl80,000
122,000
80,000
Corp. Purp —Ser. 1938
-233%
Corp. Purp.—Ser. 1938--—-3%
a$54,180
Year
DAM, Wis.—NOTE OFFERING—Sealed bids will be received
until 8 p. ra. on Aug. 29, by Wm, A.
Gergen, City Clerk, for the purchase
of a $95,000 issue of
corporate purpose notes.
Notes to be repaid on
Aug 15, 1939, with option of payment on Jan. 15, 1939.
Purchaser must
furnish notes ready for signature of the
proper officials free of expense to the
city.
Any expense incurred by the purchaser in
ascertaining legality of
notes to be borne by purchaser.
The rignt is reserved to reject
any and all
bids or waive any formalities in
any bid.
.
425,000
320,000
280,000
10,000
Tub. San.
WEST
$71,820
150,000
180,000
425,000
320,000
280,000
Explan-
ation Below
Tax Levies
$126,000
5%
533%
--333%
Corp. Purp.—Ser.'33
Thru Future See
Indebted
-434%
Ct. House and Jail
F. W. CRAIGIE & COMPANY
To be Raised
Bonded
Int. Rate
Highway
1, 1957 at 2.10% basis
1,894,529.45
Indebtedness
v;
WEST VIRGINIA
as
of July 1, 1938
Local assessed valuation, 1937
Full value for State and County
Difference between gross and general limitation of indebted..
$20,000
1938
KENOSHA COUNTY (P. O. Kenosha), Wis.—BOND SALE— The
$500,000 Issue of corporate purpose bonds offered for sale on Aug. 15—V.
147, p. 930—was awarded to a syndicate composed of Paine, Webber &
Co. of Chicago, Stern Bros. & Co. of Kansas City, Piper, Jaffray & Hopwood, of Minneapolis, and Bartlett, Knight & Co. of Chicago, as 2Ms,
paying a premium of $857, equal to 100.17, a basis of about 2.65%.
Dated
Aug. 30, 1938.
Due $50,000 from Aug. 1, 1939 to 1948 incl.
districts
at
Aug. 20,
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.
Prin. and int. payable at the City Treasurer's
office.
The approving opinion of Chapman & Cutler of Chicago will be
furnished.
Enclose a certified check for $500, payable to the city.
—
————
-----
-
...
—.
—
————-—
—
99.07
98.78
97.10
ST.
COLOMB, Que.—BOND OFFERING—It is reported that sealed bids
be received by F. M. Hackett, Secretary-Treasurer, until 5 p. m. on
Aug. 24 for the purchase of a $96,000 issue of 3M. 4 and 4M% semi-annual
improvement bonds.
Dated. June 1, 1938.
will
SASKATCHEWAN, Province of—BONDS SOLD—It is
an
issue
of
reported that
$1,475,000 4% refunding bonds was sold privately in July
It is said that these bonds were issued to refund an
issue of $1,500,000 bonds which matured on July 1.
:
*
Due in twro years.
.
@FedFRASER