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SEP 5
US. ADM
library
COPYRIGHTED IN 1939 BY WILLIAM B.
VOL. 149.
DANA COMPANY,
NEW YORK.
'-"edweeki^ooent^acopy-
BROOKLYN
ENTERED AS SECOND-CLASS MATTER
NEW Y()RK, AUGUST 26,1939
■
■
-
.
-
TOUSTS;Mt?'
-nr
.......
.
BANK
COMPANY
NO?3870.
\
■
■
CHASE
THE
TRUST
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
OF
Maintaining effective cor-
George V. McLaughlin
President
■
respondent bank service
BROOKLYN
NEW YORK
UNDER THE ACT OF MARCH 3, 1B79.
JUNE 23, 1B79, AT THE POST OFFICE AT NEW YORK, NEW YORK,
is
a
traditional
,
policy of
the Chase National Bank.
Member Federal Deposit
'
*v
Insurance
Corporation
?
'
■ ■
YORK
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
Member Federal
Hallgarten & Co.
Established 1850
United States
Government
YORK
NEW
London
Chicago
Deposit Insurance
Corporation
Underwriters
Securities
and
of capital issues
in
dealers
States
United
and
Public
Utility, Railroad, Industrial*
Government, State, County
Municipal bonds and in
and other investment
FUNDAMENTAL
securities.
FIRST BOSTON
CORPORATION
Harriman
Ripley & Co.
Incorporated
INVESTORS
BOSTON
NEW YORK
63 Wall
CHICAGO
INC.
SAN FRANCISCO
PHILADELPHIA
AND OTHER
PRINCIPAL CITIES
Boston
Street, New York
Chicago
Philadelphia
Representatives in other leading
Cities
Prospectus on request
authorized dealers in all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
from
tTl
The
New York
City of
Trust
Philadelphia
Commonwealth of
Company
IOO
BROADWAY
Pennsylvania
Bonds
HOMER & CO., INC.
40 Exchange
Place, New York
Moncure Biddle & Co.
MADISON AVENUE
AND 40TH
BEAR, STEARNS &
CO.
PHILADELPHIA
STREET
ONE EAST
57TH STREET
ONE WALL STREET
James Talcott, Inc.
Founded
NEW yORK
1854
.
factors
European
Representative
General Offices:
225 FOURTH AVE.,
NEW YORK CITY
•
KING
WILLIAM ST.
Correspondent Companies:
Carl M. Loeb, Rhoades & Co.
61
LONDON, E.C. 4
1470 Peel St., Montreal
BROADWAY
James Talcott,
NEW YORK
1889-1939
London
Paris
Ltd.
James Talcott of Canada,
Amsterdam
Fiftieth Anniversary
Ltd.
6-8, Sackville St., London,
W.I.
The Commercial & Financial
Chronicle
II
Leading Out'of-Town
Notices
Investment Bankers & Brokers
MIDLAND
ST. LOUIS
VALLEY
Interest payable
Adjustment
Dividends
RAILROAD
September
Mortgage
Series
COMPANY
1,
1939
"A"
on
and
"B"
At
Bonds
'Philadelphia, August
10, 1939.
The Board of Directors
has ascertained, deter¬
mined and declared that
for the year ended June
30, 1939, Five Percent
(5%) has been earned and
is payable upon both
Series "A" and "B" Bonds.
St/x
On
Co.
&
Aug. 26, 1939
and after
September 1,
1939 the FidelityTrust Company, Philadelphia,
Pa.,
Philadelphia
will
pay the following amounts for
coupons sur¬
rendered:—
Series "A"
bonds—Coupon No. 23—$50 on
$1000 Bonds and $25 on $500 Bonds.
Series "B"
Bonds^—Coupon No. 19—$50 on
$1000 Bonds and $25 on $500 Bonds.
SAINT LOUIS
OO^OilVC st
J.
Members St. Louis Stock Exchange
R.
K.
DELANY, Asst.
Treasurer.
a
meeting
of
decided
to
Interim
Directors
at
August 22, 1939,
London it
Dividend
each
One
pay
All
of «Ten
Pound of
Pence for
Ordinary Stock
2nd
will
on
be
Coupon
be used for dividend.
must
transfers
London
at
was
September 30th
on
free of British Income tax.
No. 0179
held
received
in
in
before
or
time
order
September
for
payment
of dividend to transferees.
Dividends
BRITISH-AMERICAN
TOBACCO
COMPANY, LIMITED
DETROIT
Duquesne Light
Company
MICHIGAN MUNICIPALS
Dividend No. 47
Pittsburgh, Pa., August 21,
A
Charles A. Parcells
August 22, 1939.
quarterly
One
Co.
per
Members of Detroit Stock
Exchange
per
of
PENOBSCOT BUILDING, DETROIT, MICH,
1939
amounting to
dividend
Doll ar
and
Twenty-five
(being one and one-quarter
cent
(1^4%) on the par value
£100 a share) on the 5% Cumu¬
lative
First
Preferred
Stock
of
this
Company, has this day
been declared
payable October 16, 1939, to all hold¬
of said 5% Cumulative First
Pre¬
HARTFORD
INTERNATIONAL
Cents
16
share
ers
ferred
stock
the
at
September 15,
close
of
business,
A
quarterly
J.
H.
AMERICAN
BRAUN, Jr.
Two
T reasurer
J.
on
Members New York Slock Exchange
L I. du Pont de Nemours
(SUP®)
HARTFORD
Tel. 6-0151. A. T. T.
Teletype—Hartford 564
& Company
Wilmington, Delaware: August 21, 1939
The Board of Directors has
declared this day a
dividend of $1.50 a share on the
outstanding
Debenture Stock and a dividend of
share
MILWAUKEE
($6) and
a
Company
POWER
&
LIGHT
New
STOCK
York,
CO.
N.
Y.
DIVIDENDS
cents per
share on the Preferred
dividend of 62 Yt cents per share
the $5 Preferred Stock of American Power &
Light
Company
declared
were
August
on
23,
1939 for payment October 2,
1939, to stock¬
holders of record at the close of business
Septem¬
1939.
These amounts are one-half of the
quarterly dividend rates of $1.50 per share on
ber 8,
the Preferred Stock
($6) and $1.25 per share
on the
$5 Preferred Stock.
D.
W.
JACK,
Treasurer.
$1.12^ a
Stock-$4.50
the outstanding Preferred
on
THIRTY-8EVEN
OSBORN, Secretary.
Street,
PREFERRED
Stock
CENTRAL ROW,
Rector
A dividend of 75
PUTNAM & CO.
of
on
1939.
The stock transfer books of the
will not be closed.
Securities
6
dividend
CENTS
a
share
has
been
the capital stock of this Company,
payable October 2,
1939, to' stockholders o
record at the close of business on September 15,
declared
Checks will be mailed.
C.
COMPANY
ONE-HALF
and
1939.
Specialists in Connecticut
SALT
Exchange Place, Jersey City, N. J.
Cumulative, both payable
October 25, 1939, to
stockholders of record at the close of
business on
October 10,
1939; also the third quarterly
"interim" dividend for the
year 1939 of $1.25 a
share on the
WISCONSIN
CORPORATION SECURITIES
outstanding Common Stock, payable
September 14, 1939, to stockholders of record
at
Teletype—Milwaukee 92
the close of business
on
August 28, 1939.
W. F. RASKOB,
Secretary
,
EDGAR, RICKER & CO.
207 East
Michigan St.,
Milwaukee, Wis.
•Manville
Corporation
and Bond Houses
DIVIDENDS
BIRMINGHAM
The Board of Directors declared a
regular
quarterly dividend of $1."" per share on the
MARX
Directory of Stock
Cumulative
& CO
1%
Stock,
October
"Security Dealers of
North America"
payable
1, 1939 to holders of record on
September 14, 191 J, and a dividend of 75c
per share on the Common
Stock, payable
September 25, 1939 to holders of record on
September 11, 1939.
BIRMINGHAM, ALABAMA
^
SOUTHERN MUNICIPALS
Preferred
C. H.
and
ROBERTS, Treasurer
CORPORATION BONOS
Published semi-annually
A
1080
Page Book containing
11,000
over
listings
alphabetically
The current quarterly dividend
Of $1.25 a share on $5 Dividend
Dividends
Preferred Stock and
25 cents
a
a
ihare
Stock have been
dividend of
on
Cities
Street
with
full
pay¬
Officers
Partners.
or
THE UNITED GAS IMPROVEMENT CO.
Branches
I.
June
W.
MORRIS, Treasurer
27, 1939
Philadelphia, Pa.
n
r^{o^f^COMMERCIAL
1 RUST
CORPORATION
payable
October
ir^n
1,
1939,
INVESTMENT
has
to
*be c*ose °I business
Common
A
(40c.)
share on the common stock
payable
16, 1939 to all holders of record at
the
October
close of business
on
Checks
?™9,¥MERCIAL
INVESTMENT TRU.Y1
Payaljle October 1, 1939, to
Stockholders of record at the
close of business
September 9, 1939. The
transfer books will not
close. Checks will
be mailed.
TEXAS
GULF SULPHUR
WHITE,
Secretary.
stock,
holders
payable
of
September
record
at
the
capital
1939, to stock¬
business Sep¬
15,
close
F.
J.
Stock
of
KNOBLOCH, Treasurer.
DAIRY
per
share
on
the Preferred A
B stocks
1939,
to
holders of record September 1, 1939.
A.
August 24, 1939
olass
memberships
Private
Local
Wire
and
A.
of
held.
Oonneotlons.
Long Dlstanoe Telephone
numbers.
HERBERT D. SE1BERT & CO.
Incorporated
Publishers
25
SPRUCE STREET
YORK
CITY
Telephone—BEekman 3-1767
and 20 £ per share on the
Common stock have been declared payable October
2,
end
PRODUCTS
CORPORATION
Dividends of $1.75
and Preferred
business
Bxohange
NEW
NATIONAL
street
resident
Correspondents.
of
tember 1,1939.
H.
of
COMPANY
The Board of Directors has declared a
dividend
cents per share on the
Company's
of 50
JOHN 1.
SNYDER, Treasurer
B.
with
managers.
September 20, 1939.
SANFORD
September 9,
regular quarterly dividend of
$1.00 per shan
bap been declared on the Common Stock
August 24, 1939
on
names
COMPANY
quarterly dividend of forty cents
per
end
■eourltles handled.
The Directors of International
Harvester Com¬
pany declared a
declared
stockholders of
Stock—Regular Dividend
♦
INTERNATIONAL HARVESTER
been
1939. The transfer
books will not close.
will be mailed.
maintained
address
Character
regular quarterly dividend of
$1.06^ on the
V°"verHble Preference ^tock, $4.25 heries of
as:
Department Meads.
CORPORATION
A
and
details
Address.
holders of record Aug. 31,1939.
Convertible Preference Stock,
$4.25 Series of 1935, Dividend
arranged
States
Common
declared,
able Sept. 30, 1939, to
respective
(OMMERCIAL JwESTMEOTpUST
by
STICKLER
Treasurer
Vol.
AUGUST 26, 1939
140
No. 3870.
CONTENTS
Editorials
page
The Financial Situation
•
; '-rV'
'
:
•'
/.;••••
:
1218
.
'
Security—Where ?—.
The Nine-Power
1232
_ _
....1232
Treaty
Comment and Review
Text
Bill Amending Bankruptcy Act
Chandler
of
Provide for Railroad
Adjustments._.
The Business Man's Bookshelf
Week
_
the European Stock Exchanges
on
to
.....1235
.
.
_
.1237
1222
..
Foreign Political and Economic Situation
1223
1228 & 1272
Foreign Exchange Rates and Comment..
Course of the Bond Market—
1237
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
..
1238
Exchange
........1221
Exchange.......
News
.
...1271
vV;.,...
Current Events and Discussions.
Bank and Trust
General
..1249
Company Items
....
1271
...
Corporation and Investment News
1315
Dry Goods Trade
1354
State and Municipal Department
1355
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
1279 & 1281
Sinking Fund Notices
...1274
Dividends Declared—
Auction Sales
New York Stock
New York Stock
..
1274
1274
.
Exchange—Stock Quotations
1282
Exchange—Bond Quotations..1282 & 1292
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange-—Bond Quotations......... 1302
—
..-..1298
Other Exchanges—Stock and Bond Quotations..
1304
Canadian Markets—Stock and Bond Quotations...... 1308
Over-the-Counter Securities—Stock & Bond Quotations. 1311
Reports
=
Foreign Bank Statements..
.....—...1227
Course of Bank Clearings
...
Federal Reserve Bank Statements..
General Corporation and Investment
1272
.1249 & 1279
News.....
.1315
Commodities
The Commercial Markets and the
Cotton
Breadstuff s
Published Every Saturday Morning by the William
Crops
....1344
.1346
1351
B. Dana Company, 25 Spruce Street, New York City,
Herbert D. Selbert, Chairmai of the Board and Editor; William Dana Seibert. President and Treasurer; William D, Riggs, Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray. Western Representative, 208 South La Salle Street (Telephone
London—Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1939 by William B. Dana Company.
office at New York, N. Y., under the Act; of March 3, 1879.
Subscriptions
for 6 months: in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
$21.50 per year, $11.7o for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account or the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
State 0613).
Entered as second-class matter June 23. 1879. at the post
in United States and Possessions, $18.00 per year, $10.00
South and Central America, Spain, Mexico and Cuba.
The Financial Situation
and
THE world is in the grip of another dangerous
European
crisis, apparently the most
war
Events
1914.
since
much to
Hitler
planned it that
which
the
of
bring matters to
definite
no
past week have
a
head.
can
done
somewhere, and it is
Whether Herr
is
way or not
answer
here that
has
It
pacts with Russia, the full
which
of
import
is
German Fuehrer
construes
Republic
from
those
powers
great
would
be
he
is
not
assured of
sian
eyes
more¬
raw
materials
needed in
Germany,
large-scale, prolonged
although one would
and
confidence
has
all events, as
the
gasps
astonishment,
he
Under
our
in
come
a
frightful
neither
nor
values
created
a
any
all
humanity,
more
must
him
lution
and
public
to
more
events
contact even
This
and
with
more
affairs
of
to
acteristic
opinion
.
is
the
the Polish question.
1
Great
Britain
are
worst
very
the
continent
of
can
as
is
every appearance
of
officially
and
prepara¬
mess
are
Britain and France
avoidance
would
while Poland also is
best
as
the
that
it
may
German
have
so
peace
in
be
on
Great
committed themselves
attacked, that
difficult
indeed.
the march to
intending to proceed with the
Such
policy
the
same
driving speed
the part of
on
however,
seem
than
more
face-saving
One would
program.
the
refrain
war
stances
But all this is
So far
above
an
as
all,
a
situation
mere
from
in
declarations
existing circum¬
or
else proceed to
through with it to the
end,
hoping
that
the German forces much
enter
any
such
If the
war
with
it with vigor and
becomes
wholly
per¬
different.
conjecture.
the United States is
concerned, this is,
time when cool heads, steady hands, and
imperviousness to slogans
quired.
sup¬
that they would either
pose
hold out against
to be hardly
a
longer than is apparently believed in Berlin.
sistence,
Hitler
of all that
taking place of
determination to prosecute
upon
Herr
come
planned by him.
Mean¬
decisions of Herr Hitler who
gives every indication
of
development is the
England and France would,
on
democracies
some
is
so-called
defend itself
wholly
can
In
up.
been
escape
the possible onslaught of
Upon the surface it appears
Europe depends
Poland
sort of peace
or
bitter
It would appear that
down
quiet until such
that
part.
against
hosts.
crusading
be—
settle
has
of
occasion for any
Po¬
overrun
late
under
in both countries.
a
expects to
go
to come to the aid of Poland if
or
added their
realistic.
no
course,
would
.
some
Oriental fatalism
concerning these
There is
tions, including extensive
mobilization,
an
she
patched
worst
days.
however, general war must come in
Europe, let us as a nation keep our heads
cool, and our thought about the whole sorry
our
way
States have since
what
Germans evidently
as
such
flow
If,
Warn-
been
dispatched
to
Pope and the President
portentous events of the past few
War-like utterance follows
have
continued
do
quarters it is believed that
on
tension
avoid
and vigor.
war-like utterance.
has
nations
is as great as it was
days ago
indeed, greater.
Yet, until the guns begin to fire there is
hope of escaping, at least for the time being,
about the worst of all catastrophes which
could
befall
the world
today.
Let us all
matching Herr Hitler's de¬
ings
of
group
Germany
to
matters
time
if not,
Czechoslovakian crisis, are
termination
The
the
to relative
avoid
least,
and
no
western
easily
as
believe
existing
Europe
to
that
—provided, of
and
of
the
proceed
land is
their prayers to those of the
Oslo group, but preparations for the worst
have continued without abating in the
behavior at the time of the
France
she intends to do in Poland
not
warning and
and
France, in contrast to their
giving
United
Oslo
result
will
.
The
account
water
the dam.
of the
and
penetrate
the
difficult."
on
so-called
Meanwhile
over
of
Germany by
we
Wednesday.
dispatch and
thoroughness to "settle"
the
the
defense of the Reich with
catastrophic war was made by King Leopold
Belgium in the name of the chiefs of state
of
declarations
England
of
rently is moving with char-
pos¬
in
even
against
war
van¬
the idea that
elsewhere, this moving appeal
appa¬
of
event
But time presses; the evo¬
may soon render all j direct
admirable
of
state
awaken.
avoided.
of
con¬
however, the
sibility that
But does any interest exist
be settled infinitely better before
than after?
The conscience of the
world
that
if
distressing everywhere.
There is,
cannot
still be
would,
ducted with vigor, be most
identical.
war
general
upon
great effort will be made
.
all
of the
Europe,
a
arms
continent
by centuries of
fatally committed.
"Certainly the interests of States
that
in
conflict of
very
out
war,
victors
war
as
any
concern¬
consequences
obvious fact that
are
are
the remainder
world
for
yielding
concerning this matter. At
of
can
material
tute
sup¬
entered with
afraid of being
realizing what an unimaginable catas¬
trophe a world conflagration would consti¬
a
agreement into which Rus¬
sia
powers are
nearly
other than to point to the
armed
"War psychosis has invaded the home
and,
war,
in
their
of
while
the circumstances feel
very
great
measures
everywhere.
suicide
any
undertake
outbreak of
civilization.
that he would not in
pose
The
almost
quished, but which will engulf the spiritual
par¬
ticularly in the event of
reign
which
badly
so
ing the
eventual conflict into which
encampments
commit
Rus¬
to
access
taking
mobilization
an
be¬
becoming impossible.
are
to
be
to
definite statement
period of ten¬
a
collaboration
forming, armies are
grouping and horrible struggles are preparing
in Europe.
Our continent seems about to
fairly well
now
normal
Even small
picion
general
It is
war.
undergoing
all
would
foolish
firm desire for
neutrality.
...
"Even without war the world is threatened
with economic collapse.
Mistrust and sus¬
he
far from certain that
over
be folly to undertake
course,
they will be dragged bodily despite their in¬
disputable political independence and their
among
a
powers
the victims of
obliged to face
the event of
which
equivalent
elim¬
which
in
forces.
inated the so-called Soviet
European
of
prediction concerning the course of events in Europe
during the next few days.
Hope—but Keep Cool
tween States risks
evidently
have
to
Us
"The world is
sion
not
fully clear but which the
in
would,
Impossible
It
Let
concluded
Czechoslovakia,
fact that doubts continue
a
Danzig and Po¬
He
of
case
actually at hand.
Prediction
lightning rapidity in the
matter of
the
question to
a
succeeded in astonishing the world
wholly unexpected strategy and is moving with
land.
is
war
be given at this
time,
but he has again
with
used in
he
force
yet it is possible that avenues of escape are open
The situation
on
are
imperatively
re¬
the continent of Europe
Volume
confronts
utmost
The Commercial & Financial Chronicle
149
England and France with issues of the
The idea that
1219
we
have important interests which
a steadily expanding German nation appears to rest upon an as sumpardousto herself to have any power develop to the
tion of an almost miraculous growth of Teutonic
point of dominance on the Continent of Europe.- power and aggressiveness which to many of us apThe attainment of such a position by any nation
pears at this time to be little short of fantastic. At
either naturally hostile to England or likely to beleast the danger, if it exists, admittedly lies far in
come
unfriendly has always been anathema to Britthe future—too far, we are convinced, to warrant
ish world politics.
The English Channel has, figurpositing it as a sound reason for interference in a
Great Britain, the memory of man
import.
runneth not to the contrary,
may presently be
has considered it haz-
European situation heavily charged with dynamite
and primarily involving matters that are no concern
of ours. Certainly, to suppose that our position in
existing circumstances is in any degree comparable
to that of England or France would be absurd,
These are the facts, the essential facts which must
not for a moment be lost to sight in this country,
Our greatest danger in these troubled times lies in
the possibility that the truth will be buried so deep
under emotions aroused by the brutality, real or
merely alleged, of the aggressor nations and by loose
talk, often by those who should, and actually may,
know better, that courses of action may-presently
be taken which in later years will appear both as
absurd and as unfortunate as some of those taken in
the course of the World War. The resentments of
twenty years or more ago are tenacious of life. So
is the Wilsonian idea of "making the world safe
for democracy." For months, even for years, we
liave be*-11 deluged with discussions about democracies versus dictatorships, as if the real cause of
the existing situation is to be found in forms of
government and as if the way to "save democracy"
were to crush those nations and those peoples who
do not believe in it or have for one reason or an-
atively speaking, been growing narrower with the
particularly during the past decade or two,
years,
the
as
technique
of
making
radically
has
war
changed and immeasurably developed, with the conthat the reasoning supporting the tradi-
sequence
tional British
and
of
rapidly
position has been growing steadily
pertinent and powerful.
more
Worst
all, perhaps, as seen through British spectacles,
is to have such
is the
as
real
position reached by a
a
with
case
ambitions
which,
power
Germany, is known to have very
extending to the southeast where
vital interests of the British
whose
Empire lie.
France,
population remains about static at best, has
long feared the German nation whose growing population presses
frontiers
constantly
mineral wealth.
wealth
France, lies enormous
Important portions of this mineral
wrested from Germany by the Treaty of
were
Versailles, and it
of the
purposes
heavily against its
more
which, in
across
appears
to be
one
of the cardinal
extraordinarily aggressive lead-
now
ership of Germany to regain the territory lost
result of the World
as a
War, although of late little has
been heard of Alsace and Lorraine—which
may or
may not
The
be of
great significance.
any
aggressiveness of Germany in eastern Europe
is therefore of immediate and direct
Great Britain and France.
At each
against Germany
venient season,
to await
or
other succumbed to undemocratic rule.
to both
concern
up
some more con-
hoping possibly against hope that
meanwhile events will somehow alter their apparent
in such
course
gaging in
a
a
them, and such
indeed it
policy
a
Such
war.
a
en-
crisis again faces
decision is again inescapable—if
has not
or any
relieve them of again
way as to
horrible
already been made.
Any other
other line of reasoning about the situa-
tion would for these nations be tantamount to altera-
tion of established attitudes and
ciples of protection of their
say
preservation of their status
Thus while it may
be true,
as
insist, that neither England
direct interest in eastern
Danzig
or
nor
France has any
Poland in particular, both have,
always thought they had,
very
in Europe.
or
in
have
or
vital interest in the
preservation of something approaching
power
"Pon
Herr Hitler is said to
Europe in general
*
a
balance of
,
<
Our Interests Not Endangered
The United States has
indirect, and
be sure,
never
no
such
"make the world
safe
for democracy."
In large
part it is a consequence of the treaty by which that
interest, direct
has professed to have
be,
on
interests, not to
first class powers.
as
may
their side and how they explain their chagrin
finding that their efforts have ended in failure,
But whatever reasons the so-called democracies
may 8ive for their actions, and whatever may be the
content of the inevitable propaganda, the situation
in Europe today has its roots deep in economic and
social facts which have little or no relation to forms
of government and certainly afford little ground for
an emotional appeal to the people of this country,
In part it is an outgrowth of the World War to
long-accepted prin-
own
It
indeed it probably is, true that the emotional pitch
which apparently has been attained in both England and France during recent months stems in part
at least from preferences respecting forms of government.
It is possible that the leading figures
in these nations have convinced themselves in one
degree or another that they are preparing for war
to preserve democracy and to establish international law upon a firmer footing, but if so one is
obliged to wonder on what ground they rationalize
their earnest and persistent effort to enlist Kussia
succeeding crisis
they have been obliged to decide whether to take
arms
endangered by
during recent months there has been
a
or
To
any.
ten-
conflict was brought to an end, a treaty so patently
and
so
extensively embodying
a
general program of
land-grabbing by those in a position to grab and
so
dency in this country, a disposition which at times
punitive in many of its provisions that we, despite
appeared
the pleadings of the eloquent, if idealistic, President
to
to dwell upon
have
making aggressive
the
of
had
definite official
war
and to raise questions
danger of attacks from the air
industry, trade and finance, but
the trouble to
other
sanction,
the advancement of the technique of
as
to
upon our centers
no one
has taken
explain precisely why Germany
or any
European power should undertake to make
such attacks upon us
if
we
mind
our own business,
Wilson, preferred not to have any part in it.
Thus
the pact which was professedly designed to end the
"German peril" is in
a
substantial
measure respon-
sible for her present position of power—and inciden-
tally and indirectly for the rise of the
very
dictator-
ships against which the democracies who framed
it
are
now
so
loudly complaining.
The existing
The Commercial & Financial Chronicle
r 1220
situation in
gins.
Europe, however, has much older ori¬
They go far back into history and have to do
with relative
to
access
population growths, the ownership
materials and
raw
nationalism which for
a
ticularly during post
war years,
ductive
of
today
the
the
are
great many years, but par¬
and
techniques which
forces which
same
has been
difficulties
international
The forces if not the
or
markets, to the ultra-
are
are
so
pro¬
discord.
governing
responsible for
partitioning of the earth's surface
it is today
as
partitioned among the various peoples of the world.
To
idealistic
some
this
all
souls
ter than do the Germans will
sound
may
26,
1939
again consciously and
systematically endeavor to build up a state of feel¬
ing in this country which would render
attitude toward what goes on
judicial
a
in Europe almost im¬
possible for the rank and file of the American
Moreover, the democracies are dependent
ple.
for
us
supplies of
large balances or the equivalent in this
try.
Should the so-called neutrality law
stands
have
a
of
later amended
as
or
peo¬
upon
sorts, and their citizens
many
have
their
Old Forces
Same
Aug.
permit,
coun¬
it
as
should
we
now
soon
considerable apparent economic stake in
very
at
success
Should
arms.
not enter
we
prolonged European conflict with
a
period
determina¬
a
shocking, but the fact remains that not devotion to
tion to look facts in the face and to pursue a realis¬
the democratic form of
tic
of
rence
at the root of the
are
Europe today.
of most
materialistic motives
very
distressing state of affairs in
These forces have been at the root
of such conflicts
throughout history, and
likely to be at the root of most of those of the
are
future.
A world
makes
all
to
government and not abhor¬
despotism but
a
the
governed by such factors
picture.
sorry
finer
as
these
It certainly gives offense
sensibilities
that
culture
planted in the human race, and for that
im¬
has
reason per¬
haps is usually presented to the unthinking in
light that obscures its true nature.
one
else, dislike it.
than
ness
to
a
least
into
reasonable
of most
our own
bounds.
But
living has shown that
men now
salutary change can be effected by
crushing the particular power which in
situation
any
certainly be simpletons to launch ourselves
military crusade in the expectation
sonableness
of
or
in
"have-nots."
no
by
war or
given
to be the worst offender. We should
seems
human nature
how?
experience within the
such
inducing
what
Herr
of
upon a
changing
spirit of sweet
a
Hitler
has
rea¬
termed
the
Human progress does not lie in that
We have been at
some
pains to restate these facts here
length because
we are
convinced that it is
important that
we
in mind at this
time, and of the utmost importance
that
we
do
as
should
so
develop in Europe.
Europe fly at
one
a
people bear them carefully
war
on
Should
a
major
powers
another's throats in this crisis
of
or
events to steer
a
strictly neutral
and not be¬
course
involved in the conflict. We had
precisely that
difficulty during the earlier years of the World
War, and finally failed to solve them. Those dif¬
ficulties
as
arose
from the practices of the democracies
well as those of the Central Powers.
have stood
had
we
a
not
much better chance of
We should
being successful
emotionally succumbed to
propagan¬
dists proclamations without
end, and thus reached
a
state of mind where cool-headedness
out of the
question for
The
us.
was
almost
Emotional
Hazard
feel
quite assured that any conflict of the sort in
question would not long be under
way before the
of
Europe who both figur¬
atively and literally speak
our
language much bet¬
are un¬
taken
ible, and
tion
sooner
or
later—un¬
permit it to be inevitable.
We
participation need not and ought not to
our
for
granted.
The United States should
a course seems at all feas¬
citizens should reach such
our
now.
a
determina¬
v'/':
hope it is not necessary to add that nothing
that has been
said here is to be
dicating sympathy with,
interpreted
in
or
any
as
in¬
passing
way
judgment
upon the merits of, what is taking place in
Europe today, and certainly not in mitigation of the
brutality of the despotic Governments of Europe.
Least of all would
we
under the
are
thing
larger
have
we
readers suppose that
our
impression that
is other than
or
war
settles any¬
unmitigated and, in the
an
inexcusable, catastrophe in the best of
sense,
circumstances.
Neither the United States
other nation
the face of the
evil
escape
on
What
the
despite
which
war
all
that
have been
we
now
Europe's affair, not
ours,
done,
keep
general Eu¬
in
it
and that
every measure available to
any
saying is merely
threatens
be
can
nor
globe could hope to
consequences as a result of
ropean war.
as
Europe, if,
eventuates,
is
should take
we
aloof from it
as
circumstances permit.
Federal Reserve Bank Statement
TARGE acquisitions of
monetary gold are reflected
this week in the official
I—i
banking statistics, and
they exercised their traditional effect of expanding
the
to
credit
of
resources
the
In the week
country.
Aug. 23 the monetary gold stocks increased
less than
$166,000,000, to
000,000.
Some of this fresh metal
the
ordinary
mark, and
the
manner,
some
mechanism
immediate
obviously
of
the
reserves
made available
reserve
were
as
the
level
of
ear¬
transferred through
various
over
statement
small
a
on
its
The funds thus
siphoned rapidly into member
legal requirements
week
of
another
moreover,
business
loans,
were
an
esti¬
increase
$150,000,000, the
representing
appear,
demand for
but also drew
of the metal.
Aug. 23 at $4,740,000,000,
naturally
begins to
and
was
received in
was
released from
was
balances, which increased $195,521,000.
reserves
mated
too
some
no
high of $16,501,-
new
gold acquisitions,
accumulated
for
a
exchange controls.
Treasury reimbursed itself not only for the
The
Excess
be¬
or
democracies
ourselves
stay aloof so long as such
bank
is, whether
not, being most effectively fostered
by the Government of the United States. We may
intentionally
so-called
think
be
conflict is "inevitable"
a
-
This emotional hazard is
present today even
fore there is
any armed conflict and it
in¬
own
We
with those who easily take it for
agree
we
large scale actually
the
the next—or the next—we should without
any ques¬
tion have our hands full in the normal
course of
come
such
less
that
direction.
at
to
We
bring these ambitions and this covetous-
at
able
our
immensely greater.
granted that participation by the United States in
every
We should like nothing better
History teaches and
memory
We, like
policy throughout, the danger of
volvement would be
new
record.
that there is
a
although it still is
scale to occasion the
slightest
It
real
on
concern,
possibly is due in good part to medium-term
borrowing
of
large
corporations.
The
condition
Volume
The Commercial & Financial Chronicle
149
statement
of
New York
City indicates
in business
on
weekly
member banks
reporting
an
Brokers loans
loans, to $1,496,000,000.
security
collateral
fell
in
increase of $25,000,000
$489,-
to
$36,000,000
000,000.
Money in circulation advanced $7,000,000 in the
which is too small
week,
the
times.
banking
It is
change
a
materially
statistics
noteworthy that the
to
these
in
market port-
open
folio of United States
Treasury securities was main-
tained intact
12 Federal Reserve banks in
the
After
steady
during
conditions
Wednesday's trading, sharp drops
the final hour.
were
most
of
recorded in
On Thursday prices moved down-
ward and upward in wide swings, but
consid-
war
erations
statement
affect
ment.
1221
week to
by the
Aug. 23, the holdings remaining staOpen market holdings
tionary at $2,422,739,000.
of bankers' bills
no
as
of the issues that might benefit from war
some
orders
longer
solely
were
bearish influence,
The trend yesterday was
in demand.
were
a
upward.
In the listed bond market the
tain conditions prevailed
equities section.
same
were
sort of uncer-
displayed in the
United States Government securi-
ties drifted lower for
rapidly
as
a
while, and then fell more
Wednesday and Thursday, but rallied
on
The
banks
$199,499,000 gold certificates, raising the holdings
of such instruments to $14,167,720,000.
Other cash
slightly yesterday.
increased
re-
lative domestic bonds followed the trend of the
$202,906,000 to $14,-
equities market, while foreign dollar issues all were
lower and in some instances drastically so.
The
Treasury
were
deposited
$30,000 to $575,000/
up
with
modestly,
increased
$182,232,000,
account
member
$4,572,130,000.
to
account
to
$12,156,670,000,
with
consisting of an increase of
variations
bank
deposits by $195,521,000 to
reserve
$10,828,970,000;
of
$8,308,000
deposits with the 12 Federal Reserve banks
advanced
the
of the
reserves
Federal Reserve notes in actual cir-
521,692,000.
Total
up
regional
12
and total
gional institutions moved
culation
the
decline of the Treasury general
a
by $51,985,000 to $723,754,000;
increase
an
foreign bank deposits by $43,095,000 to $323,-
760,000, and
to
decline of other deposits by $4,399,000
a
The
$280,186,000.
86.8%
ratio moved up to
reserve
86.6%.
from
Discounts
by
•
the regional
Industrial
banks increased $266,000 to
$4,818,000.
advances
to
were
$62,000
up
while
dropped $186,-
$11,677,000,
commitments to make such advances
000
to
were
under mild
Highly rated corporation bonds/
pressure.
some
grain markets reflected
buying when
a
good deal of speculative
war rumors were
black, for it was rea-
soned that immense orders would have to be placed
here by
any
contenders in a European conflict who
When the chances
could arrange transportation.
seemed to lean toward peace, wheat, corn and other
staples receded.
Base metals were persistently
firm. In foreign exchange markets the control of
the British equalization fund finally was relaxed
yesterday, and sterling tumbled from the $4.68 level,
dropped to $4.38, and advanced somewhat from the
Heavy pressure also existed against
latter figure.
other units, for the dollar was in great demand and
gold was transferred to American ownership on a
On
The New York Stock Market
bankers
contemplated
prodigious scale.
$11,075,000.
Investment
offerings of new
issues, in view of the universal uncertainty. Specu-
postponed
the
touched
New
new
*
-
York
Stock
Exchange
12
stocks
high levels for the year while 216 stocks
ONLY foreign considerations were of any impor- Exchangenewstocks levels. On the New York Curb
touched 9 low touched new high levels and 116
week,
factors influencing our
tance
this
as
markets.
financial
The
York
New
stock
market
gyrated on reports of the European war developments and the numberless rumors
surrounding the
difficulties, all domestic matters being put aside for
the time
lem of
being in the face of the overwhelming prob-
outlook,
markets presented an appearance of
our
The tendency was downward in
astonishing calm.
the stock
and
bond
markets when
appeared in the clouds.
took the
opposite
of the
results
a
Call loans on the
New York Stock Exchange remained unchanged
at 1%.
/
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 289,650
shares; on Monday they wrere 848,230 shares; on
Tuesday, 861,640 shares; on I^ednesclay, 793,080
shares; on Thursday, 1,293,770 shares, and on Friday, 693,374 shares.
The commodity markets
Saturday last were 42,040 shares; on Monday,
138,075 shares; on Tuesday, 121,555 shares; on
Wednesday, 116,495 shares; on Thursday, 184,190
shares, and on Friday, 104,470 shares,
Events in Europe greatly influenced trading in
the market here on Saturday last. Stocks moved
cautiously, showing a moderately easier tone during
course, as
Net
might be expected.
rapid gyrations yesterday consisted
majority of listed
a
few investment issues such as Amer-
Telephone showed sharper recessions.
over
in
on
low levels.
On the New York Curb Exchange the sales on
ican
stocks
new
when rifts
relatively small losses in
stocks, while
seemed all
war
Rallies quickly followed
but inevitable.
of
In view of the black
European war or peace.
stocks touched
the New
York
Stock
Turn-
Exchange
Weakness in
averaged somewhat less than 1,000,00 shares in the
the short session, but finished firm.
full
foreign exchanges caused prices at home to sink
lower on Monday, equities in the first hour and a
sessions, with the trading yesterday on a par-
ticularly small scale, for business
was
almost sus-
pended as everyone held their breaths while awaiting for guns to boom.
Stock
ward
last
on
prices drifted
week-end
upon a
rise
in
a
the
to three points down-
that
Chancellor
Hitler would
insist
Tuesday, which developed on the basis
tions from the day's low figures.
The more or less astounding news on Tuesday of
a new Soviet-German non-aggression pact was inter-
the
preted by market observers here as a means of secur-
"German" solution of the Danzig and Polish
Corridor
of
one
Monday, for it was made evident over the
problems.
on
half shedding one to three points. Lesser issues
UP as Kiuch as six points. From this point on
the market was relieved of much of its pressure and
sales volume in turn diminished. Steadying influences prevailed at closing and prices were up frac-
The recessions
Russo-German
agreement between
accord.
the
made up
In this market
fascists
communists
ing world peace and stocks, weak at first, jumped
peaceful settle-
forward one to three points, with sizable blocks
and
seemed to increase the chances of a
were
The Commercial & Financial Chronicle
1222
Recovery
against 29%; Bethlehem Steel at 56 against 56%,
quite general after the first hour, and con-
and Youngstown Sheet & Tube at 35 against 36%.
changing hands at the higher figures.
became
tinued until noon,
steady and higher.
After
giving further consideration to developments abroad
became
traders
quite hesitant
on
Wednesday, and
irregular trend obtained most of the day, with
an
commitments
growing worse, and in the final hour the selling
four
Indecision
conditions
were
marked
in
Chamberlain's
the
opening
Thursday
on
as
Rumors
tense.
more
grew
With the
release
of
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 38% against 39%
decline
was
sharpest.
Sales turnover
and the price range the broadest
The rallying
year.
of
powers
invoked after the second hour, at
were
period trading took
on a more
steadier tone.
Friday of last
on
week; Shell Union Oil at 10 against 10%, and Atlantic Refining at 18% against 19%.
In the
week;
Anaconda
group,
copper
Smelting
American
&
Copper
closed
Friday of last
on
Refining
at
against 42%, and Phelps Dodge at 37%
42%
against
37%.
Trade and industrial reports
Premier
address, prices sold off, and by 11
July 18 of this
which
and Hupp Motors at 1 against %.
yesterday at 23% against 243/8
and contributed their share to the
the largest
the market
the
Europe
numerous
since
one
;
changing market.
o'clock
week; General Motors at 43% against 45; Chrysler
at 76% against 79%; Packard at 3% against 3%,
points and closed at the lowest levels in
almost two months.
was
Stocks yielded
became fast and furious.
pace
to
day at 1% bid against 1% bid on Friday of last
Reports filtering through from
light.
Europe during the day indicated that the situation
was
In the motor group, Auburn Auto closed yester-
when dulness entered the picture
ended
session
the
and
Aug. 26, 1939
week, but they
were
eign developments.
ending today
were
were
favorable this
disregarded in view of the forSteel operations for the week
estimatd by American Iron and
Steel Institute at 62.2% of capacity, against 62.1%
last week, 60.6%
ago.
a
month ago, and 42.8%
Production of electric
a year
for the week
power
Closing time found prices irregularly changed for
ended Aug. 19
the
stitute at 2,367,646,000 kwh., against 2,333,403,000
day.
trend
Yesterday
ruled.
a
Prices
generally firm and higher
without
were
change at the
opening, but worked gradually forward.
afternoon
session
the
market
strength, and advances of
one
gathered
In
the
fresh
to two points were
recorded at the finish.
As
week, closing prices yesterday again veered downward.
General
against 34%
on
Electric
closed
yesterday
at
34
Friday of last week; Consolidated
Edison Co. of N. Y. at
Gas &
Electric at
of N. J. at
vester at 50
30% against 30%; Columbia
6% against 7%; Public Service
38% against 40%; International Haragainst 50%; Sears, Roebuck & Co. at
75% against 75%; Montgomery Ward & Co. at 48%
against 48%; Woolworth at 44% against 48, and
American Tel. & Tel. at 161
Western
21%
Union
closed
674,237
cars,
the Association of American Railroads
This
was
a
gain of 9,040
previous week and of 76,353
week of last
year.
cars
cars
over
over
the
the similar
/
As indicating the
of the commodity markets, the September option for wheat in Chicago
closed at 68%c. against 66%c. the close on Friday
of last week.
course
September
corn
at
Chicago closed
yesterday at 43%c. against 43c. the close
of last week.
September oats at
on
Friday
Chicago closed
yesterday at 29%c. against 29%c. the close
day of last week.
against 164.
on
Fri-
^
The spot price for cotton here in New York closed
yesterday at 22 against
Friday of last week; Allied Chemical & Dye
against 158; E. I. du Pont de Nemours at 160
on
at 161
kwh. in the preceding week and 2,138,517,000 kwh.
in the corresponding week of 1938.
Car loadings
of revenue freight for the week to Aug. 19 were
reports.
compared with the closing on Friday of last
reported by Edison Electric In-
was
ex-div.
yesterday at 8.76c. against 8.92c. the close
on
Fri-
day of last week.
day
was
The spot price for rubber yester16.85c. against 16.75c. the close on Friday
against 158; National Cash Register at 16%
against 17%; National 'Dairy Products at 16
of last week. Domestic copper closed yesterday at
10%c., the close on Friday of last week. In London
against 16%; National Biscuit
the price of bar silver closed yesterday at 20 9/16
at 25% against 26;
Sulphur at 27% bid against 27%; Continental Can at 37%
against 39%; Eastman Kodak
Texas Gulf
at
161%
against
165%;
Standard
Brands
6
at
against 6%; Westinghouse Elec. & Mfg. at 100%
101%; Lorillard at 22% against 23%;
against
Canada Dry at 16% against
17%;
Schenley Distill10% against 11%, and National Distillers at
22% against 23%.
at
ers
In
the rubber
closed
last
group,
Goodyear Tire & Rubber
at
sylvania RR. closed yesterday at
16% against 16%
Friday of last week; Atchison Topeka & Santa
23% against 25; New York Central at
12%
13; Union Pacific at 94 against 94%;
against
Southern Pacific
at
11% against 12%; Southern
Railway at 14% against 14%, and Northern Pacific
8
against 8%.
,
The steel stocks tended lower
the present week,
States Steel closed
United
45%
$1-68 1/16 the close
cable transfers
on
on
Friday of last week, and
Paris closed
against 2.64 15/16c. the close
on
yesterday at 2.57c.
Friday of last week,
on
yesterday at 45 against
Friday of last week ; Crucible Steel at 28
European Stock Markets
QHADOWS of
Penn-
on
at
close on Friday of last week,
In the matter of foreign exchanges, cable transfers on London closed yesterday at $4.49% against
on Friday of
18% against 19, and
States Rubber at 38%
against 40%.
railroad shares sold off this week.
The
at
close on Friday of last week, and spot silver in New
York closed yesterday at 39%c. against 35%c. the
yesterday at 25 against 25%
week; B. F. Goodrich
United
Fe
pence per ounce against 17 1/16 pence per ounce the
O
European
a
coming
securities
war lay across all the
this week, and
markets
the developments reflected the
The price trend
was
war
apprehensions,
sharply downward at London,
Paris and Berlin, but there
was little trading in any
center, for the realization appeared to prevail that
liquidation could hardly be carried far in the ex-
isting crisis circumstances.
levels down
so
Small
offerings drove
disproportionately that the British
authorities decided, Thursday, to set minimum
prices for British Government obligations. On the
same day the Bank of
England discount rate was
Volume
raised to
outflow
The Commercial & Financial Chronicle
149
4% from 2%, in the endeavor to halt the^
of
countries
funds
which
States and other
United
the
to
Prime Minister Chamberlain
included in his statement before the House of Com-
concurrently,
inons,
securities.
appeal to all Britons to re-
an
frain from sending
their funds abroad.
the British control
Yesterday
rencies
dearer.
the
In
these and other
atmosphere indicated
the
moves
concern was
and
the
small
downward.
levels drastically
forced
and large losses appeared also in industrial
more,
marked
Foreign securities were
mining issues.
The
slightly lower.
the Busso-German treaty
new
situation
done
was
Gilt-edged issues
British in-
reached lowest levels since 1932.
dustrial
stocks and
foreign securities all tumbled,
After another weak
demand, while ordinary German equities and bonds
^
showed comparatively small variations.
uncertainty
on
Increasing
Thursday brought a mild recession
in German equities, but the colonial issues remained
in keen speculative demand.
The Boerse
was
quiet
and irregular yesterday,
opening
Wednesday, prices
on
European War Threats
as
recede^ two points, on the average, and in some
cases
treaty on the international situa-
of non-aggression stunned
surveyed.
was
Tuesday of
news on
the London market and little business
the
More
Wednesday regarding the
So-called colonial stocks were in best
the session.
Exchange,
Gilt-edged stocks fell a full point and
stocks and
new
on
tion, but the advancing tendency prevailed most of
the London Stock
offerings
apparent
effect of the
un-
Precautionary liquidation took place in the initial
on
Gains
interest obligations merely held their ground.
til the situation is clarified.
session of the week
The immediate assumption
ranged to five and six points in equities, while fixed-
by
trading
Berlin, for
that Poland would have to capitulate.
was
tendency everywhere was
to avoid commitments and refrain from
done on the closely con-
On Tuesday prices soared at
sion pact with Bussia.
that will make foreign cur-
measure
was
highly favorable impression was made in the German city by the agreement to conclude a non-aggres-
slip from its mooring of about $4.68, which also is a
defense
business
regulated Berlin Boerse in the first
a
permitted the pound sterling to
pure
any
and
trading period of the week. Small changes in either
direction were noted in equities and fixed-income
might remain neutral in a great
European conflict.
Hardly
trolled
1223
pUROPE hovered precariously this week on the
ELi
brink of general warfare, with the chance of
avoiding
more
conflict becoming rapidly and visibly
a
remote from day to day.
The issue remained
that of the small Free City of Danzig and the Polish
rallied
slightly in the London market and closed
corridor, with the German Nazi regime of Chancel-
almost
unchanged for the session.
The slight im-
lor Adolf Hitler firmly determined to have its way
provement in sentiment was attributed to a British
in these respects and perhaps with regard to Poland
decision
generally.
to
which, it
stand
by the commitment to Poland,
thought, might impress the German
was
Government and prevent
tilities.
A
the expected resort to hos-
stage was reached on Thursday where
intervention
in
market
the
seemed
appropriate,
But Poland remained adamant in its
determination to resist any encroachment by the
Reich, and Great Britain and France gave unwaver-
All signs pointed to early
ing support to Poland.
moves
by
dictator, and as Europe
to fall every nation
armaments and preparations on
Germap
the
Overnight recessions of one to two points in gilt-
waited for the dreaded blow
edged stocks and weakness throughout the market
added still more
brought
decision to set minimum levels for Brit-
a
British industrial issues
ish funds.
lower,
while sensational recessions took place in
German
in
other
and
ican stocks
were
nominally
were
were
motionless
industrial
European bonds.
Anglo-Amer-
Gilt-edged issues
relatively firm.
yesterday, but small gains appeared
stocks, while internationals were
un-
certain.
Dealings in the French market were slow in the
of the
week, for the confused inter-
picture prompted aloofness.
The few offer-
ings depressed prices sharply, for there were hardly
Another
buyers.
any
modest
selling
wave
took
place Tuesday on the Bourse, owing to the serious
which
view
losses to
took
everyone
and
agreement
of
the
Busso-German
implications.
its
Rentes
in French
equities and international issues, all final
quotations being the lows of the day.
halted
was
on
a
lack of offerings.
international situation
were
variations
close.
idle
in
The decline
Wednesday, less because of
ing than because of
ties
showed
2y2 points, and larger declines took place
on
was
reviewed
the Bourse
and
direction
either
any
buy-
While the
afresh, securi-
only fractional
were
noted
The Bourse resumed its downward
at
the
course on
Thursday, with levels points lower in rentes, while
changes in equities are best indicated by a fall of
700 francs in Bank of France stock.
stated there
was no
trading again
were
the
was
panic
on
the Bourse, and that
at a dull pace.
scored at Paris
Sharp advances
yesterday, in all sections of
market, but trading was modest
Paris reports
recent
months and years,
Through their controlled press and by other meaps
the German Nazis indicated
are
that they
no
longer
prepared to bargain about Danzig and the Corri-
dor,
and have reached a decision to settle with
Warsaw remained rela-
Poland in their own way.
tively calm, while making it
moves
initial session
national
of those made in
top
will be countered.
it ostentatiously clear, beyond
understanding
or
clear that German
London and Paris made
all possibility of mis-
equivocation, that full military
support will be extended to Poland in any resistance
to the Reich
encroachment which Warsaw may feel
national forces,
developments to emphasize
the ever more serious course of the European crisis,
and many attempts were made to halt the fearful
march of European legions to a war which can only
be disastrous to all nations and which might
threaten civilization itself.
The diplomatic scene
shifted swiftly under the more or less skilful manipulation of Herr Hitler and his associates. The "independent" State of Slovakia, with its long border
on Poland, suddenly was placed under the military
control of the Reich, which immediately dispatched
it necessary to exert by Polish
7 There
were numerous
in preparation for moves
This threatening gesture hardly
was consummated before announcement was made
that Germany and Soviet Bussia had arrived at a
trade agreement, and the trade agreement was followed by the swift and dramatic conclusion of a
non-aggression treaty between Berlin and Moscow
which clearly rules out the aid from Russia against
great armies to the area
against Poland.
The Commercial & Financial Chronicle
1224
Nazi
aggression which the British and French tried
for four months to obtain.
There
was
no
as a means
disguis-
interest
Paris
was made any-
tied better before a war than after.
startling devel-
issued
The rapprochement between those warmly
hated
from
against
and
Russia, and it plainly left Poland virtually at
of Germany, for British and French aid
should
even
a
general war
was
diplomacy and force
able to offer
warnings of
the
merely
firm determination
a
to
proval
was
given
an
first
eral
line, all signs pointing to full support of the motherland
by
Canada,
Great Britain's
Australia
Navy
New
and
was concentrated
Zealand,
in the North
Sea, with important units hovering off the Skaggerak, prepared to close the Baltic Sea.
British
reserves
were
called to the
ordered darkened at
air raids.
night
In France
colors, and London
ever more
men
were
service, and all inhabitants of Paris who
Premier
Edouard
Daladier
Government of National
warfare.
for
could pos-
prepared
so.
form
to
Union, to act in the
case
a
of
Italy remained calm, and little preparation
actual
hostilities
was
reported,
but
Premier,
Benito Mussolini conferred at
length with his mili-
tary advisers.
Chancellor Hitler engaged in long
conversations in Berlin with his
military staff
hers, and German troops moved in
terminable
stream
eastward,
a
mem-
seemingly in-
toward
the
Polish
border.
war
lacking, but they show little promise of
President
Roosevelt
dispatched
to
were
success,
King
Victor
Emmanuel
of
Italy, Thursday, an appeal that
Italy's influence be exerted in behalf of peace. The
message
of
small
national
urged the need for maintaining the right
and large nations alike to
preserve their
independence.
"Acceptance of this
peace, because fear of aggression
velt said.
"The
means
ends," Mr. Roose-
alternative, which means of necessity efforts by the strong to dominate the weak, will
lead not
only to war, but to long future years of
aggression on the part of victors and to rebellion on
the
part
Jnents
of the vanquished."
previously made in the
Some
on
April 14,
communication.
were
of
the
argu-
unanswered letter of
the President to Herr Hitler
and
sent
Signor Mussolini,
reiterated in the presidential
More in
point
was
a
meeting at
Brussels, Wednesday, of the heads of the so-called
Oslo
Powers, the group including Belgium, Holland,
Luxembourg, Denmark, Sweden, Norway and Finland.
In behalf of these
traditional
European
trals, King Leopold of Belgium made
peal late
on
a
neu-
moving
ap-
Wednesday for peaceful negotiations
sovereign States, resort to
were
alternatives
torial
or
be
should
coun-
of the
any
preceded by agreement
either side to respect the independence
integrity of the other.
on
and terri-
Polish circles imme-
diately indicated yesterday that President Moscicki
would
accept the President's suggestions and stand
ready to reach
But there
agreement along peaceful lines,
an
were
readiness
a
comparable signs from Berlin of
no
by Chancellor Hitler to accept mediation,
<
<
Formal European Moves
"P\IPLOMATIC
LJ
Europe
and
came
military
thick and fast
developments
as
in
the crisis deep-
ened, and it would be idle to deny that
changed
a
European Continent must emerge from the shatter-
ing
sequence.
Nazi blows
was
was
The first of the series of well-timed
struck late last
week, when Slovakia
ranged under the military authority of the Ger-
man
army,
German forces quickly
and
de-
were
ployed along the lengthy border that separates the
country from
Poland.
In
Slovakia, the Germans
to
Efforts to halt the swift march toward
conciliation
or
neutral conciliator
a
With the Munich results obviously in
called to
urged to do
were
The methods
direct negotiation, submission of the
were
precaution against
as a
sibly get out into the country
was
of three suggested methods.
mind, the President stipulated that since both
tries
a gen-
began to fall in
any
moderator.
authority for the
The British Dominions
any
and agree to settle their differences
controversy to impartial arbitration,
measure
steps in Great Britain's participation in
war.
asked to avoid
wrere
through the selection of
Quick ap-
defense
emergency
which will provide all necessary
not
by
proposed
special session and heard, on Thursday,
dangers confronting Europe.
they appeared to be moving. ^
chiefs of state
lated period,
exposition by Prime Minister Neville Chamber-
lain of the
messages
Moscicki, in
positive acts of hostility for a reasonable and stipu-
,
Poland, if that country should employ her
called into
President
of Germany and Poland were
toward which
war
The two
national forces in defense of what Poland
may consider her interests.
The British Parliament was
an
dispatched urgent
and
urged most earnestly to heed the dread results of
counter-
no
The British and French authorities
issues their
Hitler
Chancellor
to
which those leaders
the democratic alliance
moves.
loyal understandings."
announced that he had
develop.
To these strokes of German
assist
if
addressed
and all peoples, in which they
Just before midnight, on Thursday, Mr. Roosevelt
the mercy
cannot reach Poland in time
Pope Piux XII
peace,
asked to adjust their divergencies by "common
were
interference
any
Thursday an appeal for
on
to all governments
enemies, Herr Hitler and M. Stalin, plainly
assured the German Nazis
No
exists, he pointed out, which cannot be set-
attempt
opment.
1939
solving the difficulties and ending the
where to minimize the effect of this
no
26,
tension which is disrupting all ordinary affairs.
ing the rebuff thus administered to the London and
Governments, and
of
Aug.
march
over
the
undisputed control of
were
in
Carpathian
but also to close the small gap
of
other
Rumania.
nations
a
position not only
into Poland,
passes
through which troops
might reach
Poland
by
way
of
In the event of war, British and French
aid clearly cannot reach Poland via the Baltic Sea,
and air aid thus
Additionally ominous
were
full strength army.
its insistence that
But Warsaw
never
must follow if the
war
invaded by Germany,
or
if attempts
varied in
country is
are
made to
change the status of the Free City of Danzig.
soon
It
appeared that Chancellor Hitler had further
cards
up
his sleeve.
Announcement
day, of
and
ru-
that Poland lacks the military equipment for
mors
a
the only immediate recourse
seems
of Poland's allies.
a
was
made
at
Moscow, last Sun-
trade and credit pact between Germany
Soviet Russia,
to
continue for
seven
years,
This agreement occasioned misgivings in other capi-
tals which all too
soon were
Under this accord
marks
a
was granted
shown to be well based.
German credit of
200,000,000
to Russia for the purchase of
German goods, and Russia agreed in turn to
sell
180,000,000 marks of Soviet products to the Reich
within the next two
midnight
years.
announcement
This
in
was
Berlin,
followed by a
as
Monday
•
Volume
The Commercial & Financial Chronicle
149
ended,- that Germany and Russia had
negotiate
Minister Joachim
Moscow
Ribbentrop would proceed to
von
immediately by airplane to complete the
discussions and attach his signature.
sensational
statement
reservations
French
in
agreed to
non-aggression treaty, and that Foreign
a
in
Western
with
sion.
The
the
Anglo-
an
basis for joint
arrange a
Russians
with
first
at the very moment
was
Moscow, endeavoring to
This highly
at
for
Europe,
military mission
action
received
was
1225
The frontier between Poland and the Free City
were reported on either side.
In typical fashion the
German propaganda machine proclaimed a Polish
"encirclement" of Danzig.
German border patrols
There
infringing
were
tory, especially from East Prussia, and tension
tinued
to increase.
German
naval
reported about to "visit" Danzig.
vessels
Both Germany
and Poland continued their grim mobilization of
feeling prevailed in London and Paris
troops and their concentration of equipment on the
long border between the two countries.
few comforting indications
attempting to play
antagonism
was
side against the other in
one
order to obtain the best terms.
In view of the in-
displayed,
heretofore
always
against each other by Herr Hitler and M. Stalin, the
still
in
democratic capitals was that
the
aggression.
that the pact
Berlin
convinced, however,
was
German authorities to
would be signed without delay, and as
was
permit their
was
made to meet whatever
might produce.
The French Cabinet reaffirmed
antee, and word to that effect
ested countries through the French
Russia.
extensive
an
entourage, Herr
trop arrived in Moscow
on
Thursday the
Ribbem
von
Wednesday, and early
on
treaty was signed, sealed and
new
delivered, the speed of this arrangement contrasting
in the
sharpest possible
of
ness
the
manner
with the diliatori-
negotiations between Russia and the
Anglo-French
combination.
It was,
moreover,
a
was sent
sundown
so
Hopes for
was
that
peace
on
guar-
to all inter-
envoys.
bilization of all classes of French troops
fied, and Paris
With
the situation
Tuesday its intention to abide by the Polish
made clear, had been in-
with Soviet
preparation
every
emergency
regime had the better in-
formed betimes of the intention to agree
ocean
recalled to German ports,
were
In Great Britain and France
formation.
was
large
although in the Munich crisis of last September
such vessels
it turned out the German
Rome, it
One of the
decision by the
a
liners to continue the usual transatlantic crossings,
Russia
might be aligned in the struggle against Ger-
man
conwere
against German aggres-
tracted, and that Dictator Josef Stalin possibly
belief
reports of
Polish terri-
on
that the Russo-German conversations would be pro-
tense
was
closed by Poland, and heavy troop concentrations
was
Mo-
intensi-
ordered to remain dark after
air
raids might
be
thwarted,
ebbed in France, but the people
remained calm and prepared
lor
any
eventuality,
The British Government conveyed the urgent suggestion to its nationals in Poland that they return
By Thursday almost all British and French
home.
residents of Berlin, with the exception of the imme-
sweeping pact which the Germans and Russians
diate diplomatic staffs, had departed for their home-
signed, for both nations bound themselves
lands.
period
of 10
a
aggression
to engage in
not
years
over
The State Department in Washington urged
Americans in all European countries to return to
shores, and those intent on visits to Europe
against each other, and not to enter "any other
our own
grouping of Powers which directly or indiretcly is
were
aimed
border in Europe bristled with arms,
the
at
tions
from
other
party."
Russian
the
The English translaGerman
and
slightly, but through both translations shines the
attitude unmistakably clear.
intent of the two
over
other and not to
have with
dictators not to
hamper
any
with each
war
ambitions either
respect to other countries.
may
This accord
Almost every
The British Government succeeded in making its
differ
texts
urged to change their plans.
Holiday excursions
the last week-end were curtailed first by For-
eign Secretary Viscount Halifax, and then by Prime
Minister Chamberlain.
The decision to call the
changed the atmosphere of all of Europe, for other
British Parliament into special session was an-
nations thus
nounced on Tuesday, and when that body assembled
on Thursday it heard an exposition of the foreign
situation by Mr. 'Chamberlain and promptly voted
and
were
Moscow, and
more
notified of
amity between Berlin
made apprehensive of
were
communist
amounted
agreement
extraordinary powers to the Cabinet which will
sentence, if
interpret
enable the London Government to organize England
for immediate warfare in the event of hostilities,
advisable,
The unity of the United Kingdom was demonstrated
great area taken from Russia, to
by the tremendous majority which approved the
regimes.
to
For
little less
Poland
than
in
that
fashion.
since she-holds
declare
a
of
event
a
Rumania
careful and
the
death
a
Herr Hitler and M. Stalin should
it
even
perilous agreements between the fascist and
care
found
to
it
punctilious neutrality in the
European strife.
There
were
rumors
in
London, yesterday, that Germany had paid to Russia
the
price of
understanding that
an
Soviet
a
sphere of influence in the Baltic States would be
unopposed by Berlin.
trump cards in his hands, Chancellor
Hitler moved
rapidly for the execution of his aims
Poland
and
Danzig in the Reich.
press
to
On
Forster,
of
aggression treaty was admitted by the Prime Min-
ex-
ister, but he reaffirmed the British intention to
the extent of actual
con-
stand by Poland. "God knows I have done all that
is possible in efforts for peace," Mr. Chamberlain
declared. In the course of his address the Prime
Minister asked that Britons refrain from sending
their liquid funds abroad. The Bank of England
advanced its discount rate to 4% from 2%.
The gravity of the situation remained unmiti-
measures,
gated yesterday, to all outward appearances, but
carry
warfare, although
leader
Thursday, however, the Nazi agent, Albert
was
elected by the Danzig Senate
of the Free
Warsaw
as
an
City.
This
was
as
as
to
the
recognized in
extra-legal step, and intensive
sultations followed
the effect that Great Britain would back her
guarantee to Poland. The unpleasant character of
the surprise afforded by the Berlin-Moscow non-
reincorporation
the
they admitted that the question is extremely serious.
that the British Ambassador to Berlin, Sir Nevile
Henderson, had been rebuffed by Chancellor Hitler
when he conveyed on Wednesday a communication
The Poles continued to
for
doubt of the intention of Herr Hitler to
matters
of the Prime Minister, only four dissenting
Mr. Chamberlain revealed
votes being recorded.
to
With these
against
course
/
possible counter
TAe Commercial & Financial Chronicle
1226
intense
diplomatic efforts were made to head off
resort to hostilities.
any
cellor
derson conferred at
Nevile
would
officials, but the latter took the stand that other
length with the German leader
it then
and
announced
was
British
Tokio discussions with
especially at the
Hitler, British Ambassador Sir Nevile Hen-
yesterday,
demand for a "new order" in China was urged
nese
At the request of Chan-
Aug. 26, 1939
countries concerned should be consulted.
This
was
interpreted as a British move to bring the United
that Sir
to London this morning by air-
States and Prance into the conversations, and the
plane in order to report and consult with the Brit-
Japanese endeavored to sidetrack the proposal by
go
Herr Hitler later conferred with the
ish Cabinet.
French,
There
moves
against
ress
seemed impossible in the Tokio talks, but that
was
before the Russo-German pact
of Polish
many rumors
of which may
formal
the opposite
easily be true.
of Albert
people in
a
that
Chief
Forster to
Edouard
State
in
rallied
that
the
He
added, however, that if
"a
solution
easily
peace
is sincerely wanted
be made."
can
that firm
It
again
was
support will be given Poland
by France and Great Britain, which remain
defense
the
any
will be the result of "brute force."
firm
a
bloc
in
with
Germany began to choke late in the day, but
of
liberty.
Communications
whether the failure of messages to get
due to
for official
not
through
was
censorship, official orders, clearance of lines
communications,
on
the mainland was surrounded, and the British took
the precautionary measure of cutting the bridges to
-
the island, so that no surprise attack from the main-
land might be tried.
Incidents at Shanghai possibly will be utilized by the Japanese as a pretext
for isolation of the International Settlement there,
much as other centers of foreign influence have been
isolated. In their war against the Chinese Government and people the invaders remained unable to
report progress of any sort.
They resorted to
an
extremely brutal airplane bombing of the small city
of Kiating, far in the interior, and also continued
this "civilizing" process in other parts of China,
other reasons, could
or
The leased Hongkong territory
their positions.
city,
French
announced,
their attempt to force foreign interests to abandon
rumors,
Poland lodged
radio address, in which he said that
comes
indicated
of
Daladier
was
The Japanese militarists in China pushed speedily
cen-
protest with Danzig against the elevation
Premier
war
Early this week
the situation reached the stage where further prog-
citizens, and similar reports of German
being responsible for the two sets of
some
appearing not to understand it.
Berlin,
envoys
against Polish nationals,
moves
a
Japanese
in
were
German
ters
and
Italian
„
,
p
.
preme
a es ine
TKTO the complicated problem of the political
1 future of Palestine was injected another dis-
tary missions in Moscow prepared to depart, and
Mandates Commission of the League of Nations
nt the
Ported adversely
immediately be ascertained.
In Moscow orders
given for
were
a meeting next Monday of the SuSoviet, for ratification of the non-aggression
pact with Germany. The British and French mill-
time it
same
was
indicated that Premier and
Foreign Minister Molotov
soon
will go to Berlin.
'
cordant note, late last week, when the Permanent
with the country.
Far East
M
AJOR
jast
changes in the Far Eastern situation
almost of
necessity will follow the conclusion
by Germany and Soviet Russia of
a
non-aggression
treaty which appears to rule out, for the time being
at
least, the concerted attack
upon
the Eastern and
Western territorial extremes of Russia which
has been the
erations.
nightmare of Russian political consid-
Whatever
action in
be said of the Russian
may
joining with its former bitter
Hitler, the fact remains that
tude
long
enemy,
Herr
vastly different atti-
a
is possible for Russia with
regard to the
now
Sino-Japanese conflict and the threat
moves
of Japanese
against the Soviet Maritime Provinces. This
overwhelming consideration apparently stunned the
Tokio diplomatic and
military staffs, for the greatest
uncertainty prevailed
taken in the
tion
tern
was
new
of
to
circumstances.
vouchsafed
front
as
the
a
"lone
rifts
was
to
the
hand,"
explana-
by Tokio that the anti-Comin-
or even
Tokio
But
the
sugges-
Japan might hereafter play
attempt to patch up the wide
and
Washington.
effect
that
the
regimes at London,
Semi-official reports
Japan
friendly Powers," which is
comment
The lame
be
heard that
between
Paris and
to
course
German, Italian and Japanese
Governments remains unbroken.
tion also
the
and reflective of
will
a
"cooperate
Geneva
Council
next
month.
All
seven
members
were
agreed that the proposals set forth in the British
White Paper are not in accordance with the inter-
pretation usually placed
by the Commission.
on
the Palestine Mandate
Four members
vigorous
were
in their opposition, while three felt that the British
program
might be applicable if unopposed by the
League Council, to which the dispute
ferred.
for
In
London it
solving
was
insisted
Palestine's difficulties
is
now
that
the
should
re¬
plan
be
ap-
proved by the League Council and placed in effect.
There was, indeed, a good deal of confidence that
the Council will
the plan
and Arabs in the
gration
support the London authorities in
for proportional representation of Jews
new
hereafter.
State, and for limiting immi-
This
from the realization that
feeling doubtless
stems
imposed settlement is
an
inevitable, in view of the demonstrated inability of
the Arabs and Jews to reach
own.
a
settlement of their
The rights and wrongs of the matters
can
be
argued endlessly, but in the meantime the British
are
an
faced with the intensely practical necessity of
adjustment that might allay the struggle for
control and lead to the establishment of real order
completely meaningless
the confusion
Trade with Argentina
prevalent
/^VFFSETTING the gloomy news of foreign devel-
occasioned
having interests of
place in
june> and it will be presented to the League
in Palestine,
While endeavoring
ers
took
with
to assay the new world situaby the Russo-German pact, Japanese authorities
merely pushed in the usual manner
their struggle
against China and all other foreign^
which
were
in Tokio.
tion
The report of the Commission
deliberations
covers
re¬
the British plan for dealing
on
any sort in China.
The
Japa-
opments to
a
small degree
was an announce-
ment in Washington, Wednesday, that the United
States and Argentina intend to negotiate
cal trade treaty.
recognized
as
Such
an
a
recipro-
accord long has been
the vital final step in the
program
I
Volume
of
The Commercial & Financial Chronicle
149
similar
treaties
Latin America.
tions
with
looking toward such
for four years,
ress
the
It appears
somewhat
States
tally depressed because of intense overwork, and the
impression thus was spread that the "accident" was
and it is easy to guess that the
of
attitude
restrictions had much to do with
reaching
the
even
Argentine
of his
United
the
it
of chilled
the
selves to this vagary
reconciled
have
doing.
was men¬
Whatever the truth of the matter,
that
another military dictatorship,
by General Carlos Quintanilla, will continue
the policies of the deceased
dictator, at least for the
time being.
In dispatches from La Paz which were
Apparently
authorities
own
version, Senor Busch
appears
headed
difficulty of
tentative agreement.
a
According
pact have been in prog¬
the specious ground of "sanitary"
on
certain instalibity.
a
to the initial official
prohibiting the importation
Argentine beef
implied
that informal conversa¬
a
unreasonable
in
but also
leading countries of
1227
permitted to
them¬
seep
through the censorship there
were
ment, for fresh Argentine beef is not to figure in
indications of rioting or other disturbances in
Bolivia.
The effects of the incident on
the
Nor are fine
trade
Even if such
remain to be determined.
treaty about to be negotiated.
wools to
be
subject of discussion.
a
Argentine products
it
that
appears
and
a
political and
can
under
be accomplished,
a
of
by Acting Secretary of State Sumner
Welles that
trade
on
an
choice in
no
for
the
the matter
Tariff
Act
of
of
The
bans
to
as
more
problem.
an
ters
Argen¬
reduced from
are
trade
the
previous day, in
Rate in
Aires
strictions
of
lations with
commerce
in
own
subject which
a
nary
discussions
will enable
a
us
market
leading
to maintain
of
up
op¬
"The placing of
on
a
footing of
to
our
the
an
present
an¬
injurious effect
as
a
was
on
emphasized, but
on
was
American production.
quite correct in describ¬
"welcome constructive step in
these
unhappy times."
2
2 1936
2M
Hungary...
4
Aug. 29 1935
3
India......
3
Nov. 28 1935
4^
3X
Aug. 15 1935
7
Italy
4H
mm
Japan
May 18 1936
Apr.
0 1936
3.65
4
Java
3
2H
Dec.
m
Mar. 11 1935
3
10 1936
Colombia..
m
Dec.
3.29
Jan.
5
14 1937
4
4
July
18 1933
5
Lithuania..
0
0H
July 15 1939
May 28 1935
7
Morocco...
3
Jan.
1 1936
3X
Norway
3H
Jan.
5 1938
4
4
Jan.
2 1937
5
Poland
4M
Dec. 17 1937
5
3M
Feb.
23 1939
4
Portugal...
4
4H
Eire..
3
June 30 1932
3M
Rumania..
3H
England
4
Aug. 24 1939
2
SouthAlrica
3H
Estonia
4H
Oct.
1 1935
5
Spain
5
Aug. 11 1937
May
5 1938
May 15 1933
July 15 1935
Finland
4
Dec.
3 1934
Sweden
2H
Dec.
1 1933
3
France
2
Jan.
2 1939
4H
2K
Switzerland
IX
Nov. 25 1930
2
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6X
6
Jan.
4 1937
7
Czechoslo¬
vakia
Danzig
Denmark
..
_.
Greece
4X
4H>
4X
5
1 1935
;
Foreign Money Rates
:
'
'
•
'
■'
•
'
'
'
T
■
'
'
*
,
-
IN LONDON open market discount rates for short
Friday
3%@3%%,
against Y%%
bills
on
were
as
Friday of last week, and 3 I3-16@3%% f°r three-
on
months'
bills,
last week.
as
at
against 11-16%@M%
Money
2K@3^%.
on
call at London
At Paris the
open
on
on
Friday of
Friday
was
market rate remains
2%% and in Switzerland at 1%.
Bank of
England Statement
THE discount Thursday,to 4%,24, increasedthe first
Bank of from 2% Aug. this being its rate
of
change since June 30, 1932, when the 2% rate
The statement for the week ended Aug. 23
showed
a
was
Dictatorship
ous
a
temple resulted in the death of the 35-year-old dic¬
tator, German Busch, who attained fame in the
Paraguay and made himself the ruler
war
of the
gold holdings, but
reserves rose
£4,248,000.
on
as
this
£4,325,000 in circu¬
Notes in circulation
£521,876,938 reported two weeks
other
BOLIVIA enteredWednesday, when shot a curi¬
upon an interregnum of in the
sort, last
loss of £77,403 in
attended by a contraction of
lation,
at
Bolivian
was
fixed.
est
with
Holland...
1 1935
6 1939
6
competitive position
The need for concessions
Acting Secretary
ing this
Mar.
July
"The agreement
Mr. Welles insisted that these concessions will not
have
Rate
great present and prospective im¬
part of the United States
The
vious
July
re¬
was gone
portance," he added.
the
business
and he added
European competitors
into fully in prelimi¬
our
nouncement," Mr. Welles stated.
in
Pre¬
Date
Established
4
Chile
re¬
dealings with the
Argentina
equality with that of
was
1 1936
Effect
Auo 25
3X
Canada
In disclos¬
European countries" utilized the
portunity to expand their
full
our
some years,
great Latin American republic.
American
Country
2H
,
Germany
trade treaty.
has hampered
Argentina for
that "certain
cen¬
Mr. Welles pointed out that lack
program
trade agreement
a
new
Rate
Bulgaria...
Argentine-American trade will be miti¬
on
which time it
Rate in
vious
Belgium
It is
adverse effect of such
any
gated by the proposed
ing the
Groppo.
Pre¬
Date
Established
Argentina..
foreshadowed only
by Finance Minister Pedro
fairly obvious that
of
that
Rates at the leading
Effect
Batavia
announcement at Buenos
an
2J^%.
Auo 25
rela¬
Additional license restrictions
were
like
shown in the table which follows.
to induce
as
inter-American
imports by Argentina
on
somewhat
count rate from
suggest the need for clarification of this
business
of expropriation
been in effect since June 30, 1932, at
tions, but certain developments within Argentina
likewise
properties
under Senor
were
program
THE Bank of England to 4%. Theraisedrate had
on Aug. 24 2% its dis¬
2%
Country
with
concern
a
timely, for not
only is the European situation such
greater
fairly evident, how¬
Discount Rates of Foreign Central Banks
imports of that
Washington announcement
could hardly be
Bolivia
and
not likely to be less prejudiced
regime than they
was
tine trade pact
It is
Department had
commodity.
;
States
footing, in Ar¬
even
Argentine frozen beef,
1930
new
are
American
gentina, with European competitors of this country.
It should be added that the State
they
United
Mexico.
treaty is in prospect which will
place the United States
a
of the
Busch, who permitted
hearty commendation must be accorded the
declaration
relations
ever, that
omitted from the agenda,
are
good deal
a
no
of the United States Govern¬
ago was
the high¬
Public deposits fell off £5,086,000 and
record.
deposits
£2,083,854. The latter includes
decreased £2,595,885 and
banker's accounts, which
other accounts which increased
serve
ago; a year ago
ment
£512,031.
proportion rose to 26.0% from 22.1%
securities
the proportion
was
The
a
re¬
week
30.6%.. Govern¬
decreased £11,970,000, while other
country in the period of confusion which followed
securities
rose
that
798
loss in discounts and advances and £784,826
conflict.
Indian
Son
of
a
German
father
and
an
mother, Dictator German Busch apparently
absorbed
military
a
mixture of tendencies which made
great
prowess
possible in the backward country,
an
was a
£587,028.
increase in securities.
ous
items for the current
previous years:
Of the latter amount £197,Below
we
furnish the vari¬
period with comparisons for
The Commercial & Financial Chronicle
1228
BANK OF
ENGLAND'S COMPARATIVE STATEMENT
Aug.
Aug. 23,
1939
Aug.
24,
25,
wiped out and tie unsatisfied balance of such loans waa transferred to a
were
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9
Aug. 26,
1937
1938
Aug. 26, 1939
Aug. 28,
1935
1936
decree of Nov. 13,
1938,
new
fine per franc) under the
Effected in the statement of Nov. 17, 1938; prior to
was
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the value
Circulation
508,064,000 478.698,934 488,266,998 443,409,298 399,564,647
22,371,000 23,959,683 25,376,710 17,229,570
9,359,708
128,360.941 135,632,931 128,816,892 138,751,659 133,388,938
Bankers' accounts.
92,819,213 100,911,403 96,935,098
92,132,255 101,559,981
Other accounts
35,997,679 37,840,256 36,453,840
36,228,686 34,072,950
Gov't securities..
99,666,164 101,911,164 108,837,487 84,758,310 81,274,999
Other securities.....
26,909,085 23,960,361 27,015,752 25,195,136
30,045,374
Disct. & advances.
6,267,277
4,317,646
9,201,652
5,711.062
12,934,587
Securities
24,334,312 20,641,808
19,642,715 17,814,100 12,260,549
Reserve notes & coin
39,199,000 48,948,643 39,594,438 62,435,184 54,518,914
Coin and bullion..*. 247,262,681 327,647,577 327,861,436 245,844,482 194,083,561
Proportion of reserve
to liabilities.
2.3.0%
30.6%
25.6%
40.00%
38.19%
Bank rate......:...
2<?
*2%
2%
2%
Gold val. per fine oz.
148s. 6d. 84s. 11 Md. 84s. 11 Xd. 84s. 11 Hd. 84s. 11 Xd.
Public deposits.*..
Other deposits
*
49 mg.
the franc.
was
Germany Statement
in
increase
an
in
circulation
note
money
the
of
developments.
European
changed in
departments,
all
Rates
Monday
91
on
The Treasury sold
days, and awards
computed
Call loans
turities to 90
800,000 marks.
at 0.042%
were
annual bank discount basis.
on an
the New York Stock
Exchange held to
1%, while time loans remained at
marks, which raised the total outstanding to 8,709,-
un¬
further issue of $100,000,000 discount
a
due in
were
notwithstanding the
sharp advances of London rates.
average,
THE statement for third quarter of August showed
4,900,000
Market
BUSINESS was almost at a complete standstill
the New York
market this week, owing
to
bills
Bank of
franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
New York Money
on
Rate increased to 4% effective Aug. 24.
per
1H% f°r
ma¬
datings.
gated
A
year ago
6,143,200,000
4,590,226,000
bills of
notes in circulation aggre¬
and
marks
The
marks.
the
Bank's
year
gold
holdings,
total
000 marks
Following
for
Gold holdings
respectively.
76,610,000 marks, compared with 70,773,a
year
note circulation is
The proportion of gold to
ago.
now
0.88%; last
year
it
1.24%.
was
furnish the various items with compari¬
we
previous years:
REICHSBANK'S
Assets—
COMPARATIVE STATEMENT
Reichsmarks
—200,000
Reichsmarks
76,610,000
Of which depos. abr'd
Bills of exch. & checks
Silver and other coin.
_
_
_
—244,90(^000 8,139,900,000
al55,298,000
.
Advances
—9,300^660
Investments
22,200,000
b918,603,000
alO024O9,OOO
Other assets
69,529,000
6,208,000
19,672,000
5,790,197,000 4,696,045,000
207,115,000
221,993,000
27,883,000
33,739,000
847,548,000
403,421,000
1,140,389,000
733,562,000
Liabilities—
Notes In circulation
+ 4,900,000 8,709,800,000
Oth. daily matur. oblig..
Other liabilities..
6,143,200,000 4,590,226,000
bl086036,000
977,317,000
682,895,000
a439,528,000
304,780,000
248,400,000
Propor'n of gold & for'n
curr. to note
and renewals.
loans
continues
up
clrcul'n.
0.88%
1.24%
"Reserves in foreign currencies" and "Deposits abroad"
a Figures as of
Aug. 15, 1939.
b Figures
coin and bullion,
are
The
market
for
the
time
new
money
Rates continued nominal at l}4%
quiet.
to 90 days and
1^% for four to six months'
The market for prime commercial paper
maturities.
has been very quiet
this week.
The supply of high-
has been light and the demand has fallen
Ruling rates
%%@%% f°r all maturities.
are
Bankers' Acceptances
Reichsmarks
5,950,000
*
the
on
was
ruling quotation all through the week for both
off.
70,773,000
10,601,000
*
Res've in for'n curr
with call loan rates
Exchange from day to day, 1%
Aug. 23, 1939 Aug. 23, 1938 Aug. 23,1937
Reichsmarks
Gold and bullion
Stock
class paper
Changes
for Week
*
JSALING in detail
exchange and checks and advances recorded
and 9,300,000 marks,
sons
New York Money Rates
before
decreases, namely 200,000 marks, 244,900,000 marks
now
days, and llA% for four to six months'
1.65%
THE market for this week. Inquiries have been
improved prime bankers' acceptances has
not
light and prime
has been
has been in small supply. There
paper
change in rates.
no
Dealers' rates
as
re.
ported by the Federal Reserve Bank of New York for
bills up to
and including 90 days are Yi% bid and
7-16% asked; for bills running for four months 9-16%
Bank of France Statement
bid and
J^% asked; for five and six months, %%
bid and
included in Gold
of Aug. 7, 1939.
9-16% asked.
New
York
from
1
Reserve
90
to
The bill buying rate of the
Bank is
days.
f°r
bills
running
The Federal Reserve Bank's
THE weekly statement dated Aug. 17 again showed
circulation, the current
holdings of acceptances increased from $545,000 to
decline being 598,000,000 francs, which
brought the
$575,000.
contraction
a
total
in
note
outstanding down to 123,134,000,000 francs.
Notes in circulation
a
before 88,216,281,780
year
French commercial bills discounted increased
51,000,000 francs, while advances against securities
and
creditor
francs
and
current
Discount Rates of the Federal Reserve Banks
aggregated 99,339,-
year ago
823,010 francs and the
francs.
'
declined
accounts
52,000,000
256,000,000 francs, respectively.
THERE have been no changes this week banks.
rediscount
Reserve in the
rates of the Federal
The
for
following is the schedule of rates
the
various
classes
of
now
in effect
the
different
at
paper
Reserve banks:
The
DISCOUNT
RATES
OF
FEDERAL
RESERVE
BANKS
Bank's total
porary
gold holdings and the figures of tem¬
advances to State remained unchanged, the
former
at
The
hand to sight liabilities
was
Federal Reserve Bank
Effect
Date
47.19%.
Below
rose
we
65.36%;
a
Rale
latter at
Boston
proportion of gold
to
Previous
Established
on
Aug, 25
97,266,039,154 francs and the
20,576,820,960 francs.
it
Rate in
on
year ago
IX
Sept.
2, 1937
2
New York
1
Aug. 27, 1937
IX
Philadelphia
IX
Sept.
4, 1937
2
Cleveland
IX
May 11, 1935
2
2
IX
Aug. 27, 1937
IX
IX
Aug. 21, 1937
2
IX
Sept.
2. 1937
2
Minneapolis
with comparisons for
previous years:
Richmond.
Atlanta
Chicago
St. Louis
furnish the different items
IX
Aug. 24, 1937
2
Kansas
BANK OF FRANCE'S COMPARATIVE STATEMENT
City
2
Aug. 21. 1937
IX
Sept.
3. 1937
2
Dallas
IX
Aug. 31, 1937
2
San
IX
Sept.
2
Francisco
3. 1937
Changes
for Week
aFrench commercial
bills discounted..
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit current accts.
cTemp.
advs.
Aug. 18, 1938
Aug. 19, 1937
Francs
Gold holdings
Credit bals. abroad.
Aug. 17, 1939
Francs
Francs
Francs
*14,079,595
+ 51,000,000
out int. to State__
*706,912,225
—52,000,000 3.450.000,000
—598,000.000 123134000,000
—256,000,000 25,683,000,000
No change
*
Figures
a
Includes bills
the
process
16,004,790
8,269,804,521
898,358,191
3,606,415,606
3,890,154,905
99,339,823,010 88,216,281,780
18,931,341,558 16,638,782,476
20,576,820,960 40,133,974,773 23,878,126,645
+ 0.37^
65.36%
47.19%
53.14%
of Aug. 3, 1939.
purchased in France,
ol revaluing the
three entries
22,608,721
6,755,000,000
743,000,000
on
hand to sight llab.
as
6,988,000,000
with¬
Propor'n of gold
on
the
Course of Sterling Exchange
No chang 97,266,039,154 55,808,378,520 55,717,154,399
Bank's
b Includes bills discounted abroad,
c In
Bank's gold under the decree of Nov.
13, 1938, the
books representing
temporary advances to the State
STERLING exchange is since last Septemberpres¬
time under more severe
sure
result
of
than at any
the
as a
German-Polish
new
and
crisis
the
reported non-aggression pact between Nazi Germany
and
Soviet
Russia.
steady until
British
week,
The
Friday
Exchange
contrary
to
by
spot rate
the
Equalization
its
usual
has been held
intervention
Fund
of
which
procedure,
has
the
this
also
Volume
The Commercial & Financial Chronicle
149
operated in the forward market.
sterling
this
week
has
been
$4.68 1-16 for bankers'sight,
of
between
$4.67%
for cable
range
compared with
pressure
which has been
sterling,
on
Soviet Russia had
The
week ago.
a
receipt of the
upon
a range
of between
a range
spicuous for the past few weeks,
Monday
and
between $4.41
has been
compared with
$4.68 1-16 and $4.68 3-16
The
for
range
$4.40
and $4.68% last week.
transfers
and $4.68 5-32,
The
between
was
news
negotiated
con-
intensified
on
that Germany and
non-aggression pact.
a
European tension in financial markets
heigh-
was
be useful
as war materials.
On Aug. 22 the British
Cabinet announced officially that as part of special
precautionary defense measures the Government
would take steps to regulate the export of "essential
materials and commodities" from Britain,
The flight of gold from Europe
erated during the week and it now
exceed $17,000,000,000.
On Aug. 23 U, S.
Treasury gold stocks amounted to $16,501,000,000.
Meanwhile central banks and exchange equalization
funds of the European countries
ment
It will be
of which closed under their
some
industrial stock average
lost 2.4 points,
decline for that slow-moving
The
so-
The London "Financial Times"
decisive
a
index.
foreign exchanges made
remaining completely stagnant.
War risk insurance
rates, which soared during the Munich crisis, were
unchanged in London and New York, but
day and later in the week there
was a
Tues-
on
sharp demand
abroad, chiefly in Continental Europe, for dollars,
gold and silver, and
began
to
instances
The
many
their
turn
hoarders of gold in London
gold
dollars
into
and
some
shipped their metal to Canada.
caused
sharp firming
a
market money rates,
the money market
London
open
whereas for the past few
years
there has been completely dom-
inated by the policies of
Bank of
of
the British Treasury and the
England.
marked evidence of either
Trading
brokers
to
dumping
or
buying.
dormant, giving proof that the marking
was
down of prices was a
arrest
result from the
deliberate
any
taken by the
measure
selling
panic
which
might
alarming international situation.
The pressure on sterling was no
Britain's
import balance had increased
result of the import
The demand for dollars
accelerated
Gilt
a
steadily augmented by
was
which
by the Polish crisis.
War Loan
values.
3%%'s fell to the
level in their present form
One consequence
the Government of
Olso
until
/
On
discuss neutrality and security
2 11-16
to
5% cents
forward sterling widened perceptibly,
was
quoted at
a
discount
points from the basic cable rate and fell
$1,500,000,000.
More than
$1,000,000,000
on
Aug. 22 Canadian Govern-
of earmarked gold to Canada.
reported
as
have mounted
Gold
on
on
Thursday.
tinued pressure on
Contrary to its usual
British
It
as a
was
believed in
result of the
con-
the pound during the past few
exchange fund has lost
a
large
part of its gold reserve.
were
known to
rapidly since,
more
chartered banks for the account of non-Canadians was
At the end of July competent obser-
believed
vers
the
that
figure
in
was
excess
of
$700,000,000.
The practice of bringing gold to Canada for safe-
keeping began in 1936.
Part of the gold which is
being placed under earmark there for foreign account
new
Canadian production which is
being purchased by foreign interests and which is
running at approximately $45,500,000 monthly.
In addition there
are
exports directly to Canada,
showed that approximately $35,000,000 gold had
been shipped from the United Kingdom to Canada,
schedule of
risks
cargo
war
a
new
risk insurance rates outside the
pool applicable to all vessels sailing
to
and
raised to 10s.
war
on or
Gulf
from
per
and Atlantic,
United
were
£100 from 5s.; to and from Baltic
ports 30s., against 7s. 6d.; to and from Portugal,
Spain, Gibraltar, and Tangiers
10s. from 7s.
6d.;
ing the additional Mediterranean premium 30s., and
from those ports 40s., whereas both rates had been
only 10s.
A feature of the
new
schedule is the exclusion of
German and Italian vessels, which
of
the
renewed
anxiety
was
strong
impose
an
of certain materials,
embargo
on
the sale to Germany
especially metals, which might
new
when
rates
the
are
Italian
the
same
as
annexation
may
be rated at
With few exceptions
those of last April,
of
Albania
caused
tension.
New York marine underwriters at
late
agitation in official and industrial quarters in Great
Britain to
are
earmark in the Bank of Canada and in
the
foreign exchange circles that
result
The figures
of the end of June and
operated in the future market.
One
be-
is
In connection with foreign gold earmarkings it is
of interest to note that
the discretion of underwriters.
the
ago
lieved to represent official British earmarkings.
procedure, the British Exchange Equalization Fund
weeks
months
to South and East Africa via Mediterranean, includ-
Tuesday 90-day sterling
of
some
States, and Canadian ports and West Indies
Demand for future deliveries of sterling disappeared
on
On the basis of figures published
it is believed that the total gold earmarked in New
York for foreign government agencies is not far from
the call issued by
Thursday.
and discounts
central banks will be
or
after Aug. 24.
The meeting lasted from Tuesday
plans in Brussels.
dis-
be
and old Consols
Belgium to the several nations in
to
group
was
will
countries
is it probable that the precise
revealed,
Rates
of the crisis
foreign
On Aug. 23 Lloyd's underwriters prepared
went to their low for the year.
the
case
no
In the week ended Aug. 19 British custom returns
edged securities in London led the decline in
investment
lowest
as
of rearmament materials.
the return trend of American tourist traffic,
was
for
closed and in
is undoubtedly
doubt intensified
by commercial operations and also by the fact that
Great
months before the exact amount of
some
gold earmarked
$514,115,000.
Although stock prices declined in London, there
was no
speedily increas-
ment figures emphasized the increasingly rapid flow
heavy withdrawal of foreign balances from
London
are
of gold earmarked in New York,
reserves
figure for individual countries
Monday by
news on
likely that
soon
ing their
bonds,
greatly accel-
was
appears
the gold stocks of the United States Treasury will
tenedand abrupt declines occurred in British Govern-
called Munich lows.
1229
on
ing war
a
meeting held
Aug. 23 followed the lead of Lloyd's in raisrisk insurance rates,
On Aug. 24 the Bank of England increased its rate
of rediscount from 2% to 4%.
been in effect since June 30, 1932.
The 2% rate had
The Commercial & Financial Chronicle
1230
On
Thursday also the London Stock Exchange
sus¬
Increase:
pended dealings in British Government and other giltedged securities pending a decision as to whether
minimum prices should be established.
emergency
Gold hoarders seeking to
of Government
The above
figures
are
ceived from Canada.
On
of which
$14,574,000
liquid funds in London and to discourage
to retain
the
designed
This marks the end, for the time being at
poses.
The
probability of sudden regulation of export of
capital from Britain, with other regulations,
indicated by Sir
Samuel Hoare.
posed, there will be
If these
im¬
are
warning given, he said.
banks, and foreign
no
The
rate
on
Thursday
dumping sterling.
were
Late
Thursday London banks found it increasingly
difficult to absorb sterling offerings.
on
Yesterday, Aug. 25, it became apparent that the
British
Government
had overnight pulled the
peg
which for months had
In New
York, following its
course
pound plunged to $4.40 and quotations during the
day ranged between $4.40 and $4.50.
dealings in all units
were
However,
virtually suspended. Traders
refused to quote prices on future pounds, francs, or
guilders.
Paris, the London
and the price
of the market here the French franc
was
quoted at 2.48, off 17 points.
was
at
off
was
The Swiss franc
22.23, off 30 points, and the guilder at 52.77
100
points.
These
are
the quotations in
cents.
In terms of
sterling the leading foreign currencies
quoted at
favorable rates than the pound.
Thus, in Paris the franc was quoted at 176.65 francs
were
to the
pound,
out the
more
as
against the prevailing rate through¬
past three weeks of 176.70 francs to the pound.
The official minimum franc price
months ago was 179 francs to
On
Tuesday, Aug. 22, London
advanced.
were
were
1
1 %%,
were
2%, against 1%%.
were
again
on
was
Monday; three-months
against 29-32%; and six-months bills
advanced,
On Thursday bill rates
and sharply.
These
were
highest levels since Feb., 1932.
On
Thursday the London clearing banks advanced
the interest rate paid on deposits to 2% from %%•
Gold on offer in the London open market during
the week was as follows: On Saturday last £239,000,
on
Monday £362,000, on Tuesday, £452,000, on
Wednesday £318,000, on Thursday £534,000 and
on
Friday £454,000.
At the Port of New York the gold movement for
the week ended Aug. 23, as reported
by the Federal
Reserve Bank of New York, was as follows:
Exports
$44,000,000 from England
3,314,000 from Mexico
5,000 from Guatemala
$51,262,000 total
discount of
a
London check
mean
market gold price,
open
LONDON
CHECK RATE
ON
PARIS
176.70
Thursday^
Aug. 24.
176.72
Tuesday, Aug. 22
176.70
Friday,
Aug. 25
176.48
Wednesday, Aug. 23
176.71
__
LONDON OPEN MARKET GOLD PRICE
Saturday, Aug. 19_
Monday, Aug. 21
148s. 7d.
Wednesday, Atig. 23
Thursday,
PAID
FOR GOLD
148s. 6%d'
Aug. 24... 148s. 5d.
Friday,
148s. 7d.
Tuesday, Aug. 22.,.__ 148s. 6J^d.
Aug. 25... 150a. 6d.
BY THE UNITED
RESERVE BANK)
Saturday, Aug. 19
Monday, Aug. 21...
$35.00
STATES
"
Wednesday, Aug. 23
35.00
Thursday,
Friday,
35.00
were
in
closed.
dull
a
On
Monday sterling
market.
$4.68 1-16;
cable
Bankers'
transfers
Tuesday sterling
$35.00
Aug. 24
35.00
Aug. 25
35.00
and
$4.68
pressure
$4.68 1-16@$4.68 5-32.
under
demand
in
@$4.68%.
abroad.
control.
Bankers'
Bankers'
sure on
sight
$4.68
was
1-16
bills
Closing
and
On Friday
on
were
pres¬
in demand
$4.40@$4.50 for bankers'
$4.41@$4.52
quotations
main¬
exchange
$4.67 @$4.67%; cable
was
1-16@$4.68%.
The range was
was
British
sterling continued and dollars
abroad.
with
sight
On Thursday the spot rate
were
On
continued,
cable transfers $4.68
by the operations of the
transfers
The
severe pressure.
sterling
on
$4.67 13-16@$4.68 1-16;
tained
pressure
$4.67%@
was
1-16@$4.68% for cable transfers.
Wednesday
dollars
was
under
was
sight
$4.67 13-16@$4.68 1-16 for bankers' sight
range was
for
Friday
cable
were
demand and $4.49% for cable transfers.
transfers.
$4.48%
f°r
Commercial
sight bills finished at $4.48%; 60-day bills at$ 4.45;
90-day bills at $4.43%; documents for payment (60
days) at $4.46; and seven-day grain bills at $4.46.
Cotton and grain for
payment
closed at $4.48%.
Continental and Other Foreign Exchange
FRENCH francs continued steady throughout the
week, hardly deviating from 176.70 francs to the
pound,
as
francs.
compared with the legal minimum of 179
The steadiness
the French
was
exchange control.
due to the operations of
The task of the control
facilitated by the fact that
despite the extreme
was
tension
in
Europe the franc had received support
traffic, especially from English tourists,
from tourist
who did not start home until the Polish crisis became
alarming
on
Thursday.
The Paris
Bourse, like all other financial markets,
dominated solely by the international situation
trading of all descriptions was extremely limited.
was
•
The
None
'
(FEDERAL
Referring to day-to-day rates sterling exchange on
Saturday last was nominal as New York City banks
and
2,116,000 from Colombia
20,000 from Costa Rica
as a
Montreal
Monday, Aug. 21
GOLD MOVEMENT AT NEW YORK, AUG. 17-AUG.
23, INCLUSIVE
1,807,000 from Canada
Thursday,
on
London.
on
Two-months
4%%, six-months 4% to 5%.
Imports—
badly
.176.70
3% to 3%%, three-months 3% to 3%, four-
months
the
market rates
received
Saturday, Aug. 19
sight
1-16%, against 25-32%; four-months bills
were
bills
money
The rate for two-months bills
15-16%, against 23-32%
bills
established several
the pound.
was
paid for gold by the United States:
MEAN
On
At the opening
exports of the
no
exports of the metal.
no
pressure
Tuesday, Aug. 22.
in London, the
Wed¬
was re¬
premium of 1-64%.
a
kept the pound at, $4.68%•
recovered in erratic fluctuations to $4.42.
were
following tables show the
on
PRICE
Sterling opened in London at $4.59, fell to $4.37 and
were
ranged during the week between
2%% and
It is understood that New York
interests,
There
of the
consequence
was
on
from Canada and $123,000
came
Canadian exchange broke
funds
least, of England's cheap money policy.
There
Friday $14,697,000 of gold
from Mexico.
of bank credit for other than national pur¬
use
for the week ended
On Thursday $13,040,000 of gold
nesday.
metal.
was
was
China.
from Australia, and $290,000 from
and extent that the authorities forced them to take
The decision to double the bank rate
approximately $6,194,000 of gold
received at San Francisco, of which $5,520,000 came from Japan, $384,000
the lowest price
since mid-June.
124,276,000
Note—We have been notified that
unload holdings in fear
requisition rushed the market to such
Aug. 26, 1939
Gold Earmarked for Foreign Account
Net Change in
rapid increase in the discount
caused much
Tuesday the forward discount
40
centimes
on
misgiving in Paris.
for
3
months
and
forward
sterling
On Monday and
on
15
sterling reached
centimes
for
1
Volume
The Commercial & Financial Chronicle
149
month, compared with 23 and 10 centimes, 11 and 6
centimes
The
the two
on
discounts
which
developed in the past 10 days were the first
been at
Previously all forward sterling had
Belgian
17.00
and
16.91
been quoted on
week ended
Gold stocks
week ended
the
17 totaled
Aug.
on
The business and financial
Belgium has shown great improvement in
situation in
recent weeks and the
present softness in the unit is
c
France (franc)
Parity
to
16.91%
16.95
13.90
Belgium (belga)
2.51%
2.65
to 17.00
5.26 %
5.26
8.91
5.26 %
Switzerland (franc)
19.36
32.67
22.51%
to 22.59
Holland
40.20
68.06
53.35
to 53.85
Italy (lira)
a
(guilder)
b Franc cut from
c
1938 the franc was devalued on a de facto
On May 5,
York
on
Paris closed
sight bills finished
2.64 15-16.
on
on
Friday
week. In
Friday at 2.56,
sight bills and 40.00
5.26% for bankers' sight
5.26% f°r cable transfers, against 5.26%
bills and at
and
Exchange on Czechoslovakia is nomi¬
5.2634-
nally quoted but most banks refuse to make commit¬
ments in Czech
currency.
Exchange
closed at 0.72 nominal against
18.80
reduce
to
adopted at
The
United
States
negotiations for
A.
Henceforth
no
imports
Argentina have
opened
once.
be made without license.
can
and
trade agreement.
a new
Dr. Felipe
Espil, Argentine Ambassador to the United States,
in
statement
a
stated that in
the
regarding the proposed agreement
spite of the difficulties to be confronted,
United States and Argentina
in
concluding
Argentine
reciprocal
a
will be successful
trade
agreement
paper pesos
closed
market
free
or
against 23.22@23.25.
a
Friday at 29% for
on
on
Friday of last
(official),
rate
The
22.70@23.00,
was
Brazilian milreis
are
quoted at
Chilean exchange is quoted at
5.06, against 5.08.
5.19
in
conciliation and compromise.
sight bills, against 31.20
unofficial
against
Peru is
5.19.
nominally
EXCHANGE on the Far Eastern countries presents
features from those of
weeks.
no
nominal,
against
0.72;
18.83; and
Bucharest
on
Poland at
on
and is under
continues to be nominally quoted
severe
from Japanese
pressure
Meanwhile the Japanese yen
of
Japan give
The
daily
yen
reflect the'
sources.
and the fiscal position
indication of extreme strain.
every
quotation in cents does not properly
underlying weakness of the pnit.
Closing quotations for yen checks yesterday were
26%, against 27.30
on
Friday of last week. Hongkong
28.57@28%; Shanghai at
closed at 28 7-16, against
7.00
(nominal), against 7.00; Manila at 49.75, against
49.80; Singapore at 52%, against 54.90; Bombay at
33%, against 35.00; and Calcutta at 33%, against
35.00.
Finland at
on
recent
new
The Chinese yuan
transfers, in comparison with 40.08 and
Italian lire closed at
40.08.
17.00 for
Final quotations for Berlin
40.00 for bankers'
were
cable
for
closed at
belgas
Antwerp
sight bills and at 17.00 for cable transfers,
against 16.99 and 16.99.
marks
designed
policy
basis of 179
against 2.64 13-16; cable transfers at 2.57, against
bankers'
license
Finance
Aug. 21 that
on
pound, or 2.79 cents a franc.
176.30, against 176.70 on Friday of last
New
Groppo,
quoted at 19.00, against 19.00.
gold and allowed to "float" on June 20, 1937.
The London check rate
at
would be
parity as before devaluation of the European currencies,
New dollar
francs to the
.
to
Pedro
week; cable transfers at 29%, against 31.20.
This Week
a
6.63
3.92
Sr.
Argentina, announced
import
new
bankers'
Range
New Dollar
Old Dollar
Parity
b
a
of
imports to approximately the levels of 1934-1936
following table shows the relation of the leading
European currencies to the United States dollar:
;
controls.
Minister
mutual spirit of
entirely to the international tension.
The
EXCHANGE on the South American countries is
held steady through the action of the various
Belgium statement for the
level since
highest
3,580,000,000 belgas.
due
The market for belgas
Wednesday.
1937.
9,
having
rate
Aug. 17 showed that its gold stocks had
the
to
lower
the
cents,
The Bank of
thin.
Sept.
as a conse¬
The unit fluctuated in New York between
situation.
risen
developed weakness
currency
of the extreme tension in the international
quence
23.52 and
23.52.
exchange
premium.
a
23.51 and cable transfers at 23.51, against
sterling with respect to francs
on
in many years.
was
closing days of the previous week.
1231
Gold Bullion in European Banks
2.06% nominal, against 2.07. Greek exchange closed
at
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
0.85% nominal, against 0.85%.
British statutory rate, 84s.
EXCHANGE onthe whole steady in during the
the countries neutral restricted
was
war
sterling.
neutral
a
on
a
These
market.
moved
units
sympathy
Holland guilder, unlike the other
currencies, fluctuated rather widely between
recorded
was
on
a
high of 53.85 cents.
the
for
international tension,
Had it not
the
dates
improved
political and business conditions in Holland would
undoubtedly have been reflected in a steady improve¬
unit.
at
sight
♦141,458,980
328,601.484
England—
France
Germany
b3,830,500
..
c63.667.000
Italy
Netherlands
a23,400,000
96,117,000
Nat. Belg'm
100,571,000
Switzerland
Amsterdam finished
on
Friday
53.75, against 53.68 on Friday of last week; cable
transfers
sight
at
bills
53.75, against 53.69; and commercial
at 53.70,
closed at 22.70
transfers,
for
against
against
53.64.
Swiss francs
checks and at 22.70 for cable
22.58% and
22.58%.
Copen¬
hagen checks finished at 20.90 and cable transfers at
20.90, against 20.90 and 20.90.
Checks
on
Sweden
closed at 24.13 and cable transfers at 24.13, against
24.13 and
98,442,000
,
24.13; while checks on Norway finished at
♦
per
87,022,000
113,788,000
29,292,000
6,539,000
7,442,000
1936
1935
327,861,436
293,248,181
2,493,425
245,844,482
437,392,414
194,083,561
572,869,175
2,297,000
87,323,000
88,092,000
42,575,000
54,900,000
106,714,000
3,230,950
90,772,000
25,232,000
105,490,000
102,896,000
83,403.000
25,890,000
6,549,000
6,602,000
49,811,000
24,081,000
6,553,000
6,604,000
54,694,000
48,818,000
100,606,000
45,554,000
19,817,000
7,394,000
6,602,000
904,141,964 1,080,746,386 1,066,988,042
Pursuant
1,064,863,896 1,144,440,686
1,065,209,729 1,149,923,555
to the
statements for
which
123,380,000
1937
901.9*8.007 1,077,810,676 1,067,575,668
.
Prev, week-
at the
63,667,000
25,232,000
6,666,000
-
Norway
Total week
327,647,577
293,728,209
3,008,600
6,500,000
34,888,000
-
1938
1939
Banks of-
Sweden
on
fine ounce)
four years:
Denmark
Bankers'
per
special cable yesterday (Friday); comparisons are
shown"for the corresponding dates in the previous
Spain
ment in the
ll%d.
principal European banks as of respective
of most recent statements, reported to us by
the
The
Wednesday at the height of
political anxiety throughout Europe.
been
with
The
low of 53.35 cents and
high
in
in
Currency and Bank Notes Act,
1939, the Bank of England
March 1, 1939 and since have carried the gold holdings of the Bank
of the statement date, Instead of the statutory price,
formerly the basis of value.
On the market price basis (148s. 6d.
market value current as
was
fine ounce), the Bank reported holdings of
about £141,458,980 at the statutory rate
£247,262,681 equivalent, however,
(84s. 11 %d. per fine ounce), accord¬
calculations. In order to make the current figure comparable with former
periods as well as with the figures for other countries In the tabulation, we show
English holdings In the above In statutory pounds.
a Amount held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany Includes "deposits held abroad" and "reserves in foreign cur¬
rencies."
c As of April 30, 1938, latest figure available.
Also first report sub¬
sequent to Aug. 1,1936.
The value of gold held by the Bank of France Is presently calculated. In accordance
with the decree of Nov. 13,1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
to only
ing to our
The Commercial & Financial Chronicle
1232
'
i
'
'
'
|
V
■
49 mg. to the franc;
prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its gold
~; 2S£S2S?J2?SS?.
SLtffiTSKll???aan°SeSMwhe°49 m8" about 165
"mnnpv"
Security—Where?
"Security" has been
stock word for propagandists
a
that "social security,"
pose
attract
sup-
political concept to
as a
great masses of unthinking and emotional
voters, originated in Washington or is peculiar to the
New
Deal.
America
On
the
its
contrary,
belated.
was
appearance
had
Bismarck
made
in
his
it
early in the reign of Wilhelm II and old-age
own
pensions, unemployment insurance,
and what-not,
among the legislative consequences.
Lloyd
George, after the "Khaki Election," unable to fulfill
were
his
promise
adapt these
own
"hang the
to
Kaiser,"
attempted
to
English conditions and his
measures to
political necessities,
The result
the "dole"
was
system which nearly wrecked British industry and as
nearly crushed the British Treasury.
Although slow to find its
to the front in the
way
United
States, this conception of statutory security
supported (if it proves to be really supported at all)
by indiscriminate taxation
holds
now
place in the Nation's capital and
horizon of nearly every
be
State.
the political
The individual is to
"protected" against all the usual and
insurance.
Old age
and early youth
sioned; illness and injuries
of the
some
by gratuties
to be
are
pen-
to bring compensative
are
motherhood is to be subsidized;
payments;
ployment,
prominent
a
upon
unusual vicissitudes of human existence
or
unem-
voluntary unemployment, is to be
paid for; deposits in banks, if not too large to be
democratic, are to be insured; and, one does not know
just how, the farmer is to be reimbursed for the
ravages
even
of insects, drouth and storm, and for
failures of all sorts,
crop
perhaps concealing inadequate
hp
are
some
omissions which
ought to be
brought to the attention of the proponents of universal insurance.
anywhere while
There
can
be
Government
no
genuine security
the
retains
right
to
tinker with the value of the Nation's
currency—unless
there is adequate insurance
against
manipulations,
a
ridiculous
underwritten, the premiums
such
absurdity.
on
adverse
Privately
such insurance, vary-
ing in inverse ratio with the reliability of the government, would obviously now be prohibitive since the
Dy Illfe Udl
so
far
as
America is concerned, is the
self-laudations of the
Deal
anything
is but answer,
advantages
more
security ?
Are the loud
political leaders of the New
than empty vaporing ?
only too apparent.
There
Whatever slight
may repose in some of the
expedients of
public insurance recently attempted here, and it is
evident that these
advantages could only be obtained
disproportionate cost under home-rule ad-
without
ministration
financed
by local
taxation,
the
old-
fashioned security which had its foundation in in-
dividual
frugality and
foresight,
was
much
genuine and preferable in all its aspects.
There
funds,
down
can
life
or
be
no
security where
insurance, endowments,
destroyed at the whim
of
a
*
savings,
can
more
be
trust
scaled
sovereign, who
chooses to debase the
coinage or to create so-called
nrintinff
pimimg
There
xiicic
nrPSS
pie&b.
one
grandiose failure of experimentation by another
still
more
costly and
can
be
less certain to fail in its turn.
no
stability where capital frugally
no
ac-
whenever a distant and centralized government determines upon some new adventure in tax-supported
competition that accepts no necessity of limiting its
expenses by its income.
There can be no stability
under an unstable government or under one that has
recently repudiated a fraction of all its obligations,
or
under
one
that
was
ever
guilty of complete
or
partial repudiation until its record has been redeemed
by a l°ng course of rigid honesty and the education of
people in the fundamentals of demonstrated integrity and national morality.
There can be no
stability in an armed camp, or under a government
militaristically inclined, which has prepared the way
maLe the opening of any war a signal for the immediate suppression of democracy and the substitution of a despotic dictatorship of the military commander-in-chief with all individual liberty laid aside
^or the duration of the conflict, all labor and all propefty at the uncontrolled disposition of the military
authorities.
/
Today> in Europe, 8,000,000 men are said to be
under arms and preparations for war are on a scale
so gigantic and so costly as to have no peace-time
precedent. The United States itself is not far behind
in the mad competition. Billions are being spent
and preparations for the spending of more billions
are in Process. Mere pensions to old-age, to debility,
to unemployment, could create no security commensurate or comparable in any respect with these extreme insecurities. Nor is there any guarantee, nor
could there ^ any> that under extreme pressure of
war costs> these pension obligations will not be
or made valueless by monetary manipula-
ignored
Or, when there is neither warfare
nor
direct
debasement of the currency, universal pensions may
easily defeat their own ends by proving nothing but
ill-concealed devices of inflation. The fact is that
there is 110 r°yal road to genuine security. Artificial
security, its creation attempted by legislation however sincerely
planned, is necessarily
a
delusion,
Liberty, frugal living, protection of property, stable
government, peace and public order are the real
sources of that security which all humanity is seeking,
===========
—,
...
t
p
i he Nine'Power Jreaty
impose impossible risks.
What, then,
and his
dllU ills
no
follies of governmental
experimentation and the mad
international armament race
real worth of this so-called
1939
stnhilitv under a frOVPrnTTlPnt
Cdn DC IIO SLdulIliy uliuei <x> gu vein LUC lit which follows
wiuun luuuwft
tions.
cultivation.
Yet there
26,
cumulated and soundly invested may be wiped out
Only the unsophisticated
politics began.
hv hi<? fiat
"lOney
nf\r\
There
since
Aug.
:
franc; previously and subsequent to July 23, 1937, gold In the Bank waa valued at
43 mg. gold, 0.9 ftne. per franc; before then and after Sept. 26. 1936, there were
The position taken last week
ernment that the issues
and
silver
reserves
in
by the British Gov-
affecting Chinese
the
British
currency
Concession
at
Tientsin could not be settled by discussion between
Japan and Great Britain alone
according to
was,
the Government spokesman, based
on
the fact that
they vitally concerned the treaty interests of other
Powers.
The Nine-Power
Treaty
was
the only
one
specifically mentioned by the spokesman, and undoubtedly is the most important of those concerned,
That
treaty, made by the United States, Belgium,
the
British
The
Netherlands, and Portugal,
ington
on
Empire, China, France, Italy, Japan,
Feb. 6,1922.
Stimson, stated
the
then
theaty
on
current
was
signed at Wash-
Our Secretary of State, Mr.
Feb. 23,1932, in connection with
Manchurian
affair,
was one of several treaties and
that
"this
agreements
Volume
The Commercial & Financial Chronicle
149
entered into at the
which
Washington Conference
all of
...
interdependent."
interrelated and
were
He
to the treaty.
1233
Spain and Peru, which both claim
were also included,
extraterritorial rights in China,
parties interested in the treaty by the League
pointed out that "the willingness of the American
as
Government to surrender its then
commanding lead
of Nations in the invitations issued to attend the
battleship construction and to leave its position
Brussels conference in 1937 to discuss the situation
created by Japan's invasion of China. Therefore,
17 nations may be said to have a recognized interest
in
Guam
at
fortification
limiting
in
and
the
(this
naval
Philippines without further
accomplished by the treaty
was
by the United
signed
armament,
States, the British Empire, France, Italy and Japan
also
in
Feb. 6,
on
other
1922)
was
predicated upon, among
things, the self-denying covenants contained
Nine-Power
the
assured
which
Treaty,
nations of the world not only of equal
the
opportunity
for| their Eastern trade, but also against the military aggrandizement
The
to
of
any
Power at the
other
of China."
expense
expressed aim of the Nine-Power Treaty was
"adopt
policy designed to stabilize conditions
a
in the Far
East, to safeguard the rights and inter-
in this treaty.
China, in addition to being one of the signatories
of the treaty, entering an obligation of her own with
respect to railroads in China and participating in
some of the stipulations made by the other signaupon the records of the conferprevious to the signature of the treaty, a declaration that she was "prepared to give an undertaking not to alienate or lease any portion of her
territory or littoral to any Power." This she may
be said to have done by signing the treaty two days
later, especially because by its Article II she, as
tories, also spread
ence,
I
well as the other signatories, agreed "not to enter
into any treaty, agreement, arrangement or understanding . . . which would infringe or impair the
principles stated in Article I."
The treaty, not only from the point of view of
China, but also from the point of view of the other
Powers, was deemed of great importance, as it was
the first time that the "Open Door" policy in China,
for which the United States had so long contended,
was unequivocally accepted by all the principal
nations dealing with China.
For nearly 19 years this treaty was substantially
complied with by the foreign Powers concerned,
including Japan, with two short-termed exceptions
which took the form of military activities in Shantung Province by Japanese troops.
During the
lay down the principles involved, and provide that
greater part of this period the Japanese foreign
those Powers
policy
ests of
China, and to promote intercourse between
China and the other Powers upon
the basis of equal-
The interests of China were
ity of opportunity."
safeguarded by the provisions of the first two subdivisions
Article
of
I, by which the contracting
Powers, other than China, agreed: "(1) To respect
the
the
sovereignty,
independence
torial and administrative
terri-
the
and
integrity of China; (2) to
provide the fullest and most unembarrassed oppor-
tunity to China to develop and maintain for herself
effective
an
The
of
stable
and
the
of
rest
the
treaty mainly
sitions of the Powers
designed to
as
among
concern
the
po-
themselves and are
them equal opportunities in rela-
secure
Subdivisions (3) and (4) of Article
tion to China.
the
government."
remaining provisions both of Article I and
"(3) To
are:
use
their influence for
of effectually establishing and main-
purpose
taining and principle of equal opportunity for the
commerce
and
industry of all nations throughout
was
a career
largely controlled by Baron Shidehara,
diplomat who was one of the representa-
tives of his country at the Washington conference
and who, with a large measure of consistency, acted,
advantage of conditions in China in order to seek
while Foreign Minister, on his belief that China
would prove a better field for the economic activi-
privileges which would abridge the
ties of Japan if she were treated in a conciliatory
the
territory of China; (4) to refrain from taking
special rights
or
rights of subjects
from
citizens of friendly States, and
or
countenancing action inimical to the security
III is
Article
also
important, since it provided
effective
application of "the principles
for the
more
of
Open Door
the
The Chinese, however, are largely individualists,
and until recent times, at least, the largest group
States."
of such
:
manner.
equality of opportunity in
or
China for the trade and
industry of all nations" by
the interests of which they recognized and fundaNevertheless,
mentally understood was the family.
most of them take a real pride in their race and
native culture.
This attitude, especially in view of
stipulating that the contracting Powers^ other than
the harsh and shabby treatment meted out to China
China, agreed that tliey would not seek, nor support
by foreign nations, has led to a widespread dislike
their
respective nationals in seeking,
monopoly
ment,
such
preference
or
agreed
their country would in fact be freed from the many
restrictions imposed on its sovereignty by foreign
conference, they were eager to hasten the day when
"whenever
opinion of
the
situation
a
any one
Powers
arises
which
in
the
of them involves the application
stipulations of the present treaty, and
ders desirable discussion of such
ren-
application, there,
shall be full and frank communication between the
contracting Powers
Article VIII
has
were
and
to
which had
be
accordance
invited
treaty relations with China,
to
with this
adhere
nations.
While not generally war-like, the Chinese
adroit in the intricate practices of peaceful
aggression. Accordingly, when they found that the
progress made by the foreign nations in relinquish-
are
ing the rights and practices which constituted en-
concerned."
provided that other Powers, which
governments recognized by the original signa-
tories
Also
naturally, after their success at the Washington
principles.
that
and distrust of foreigners by the Chinese.
with
inconsistent
By Article VII the contracting
of
any arrange-
to
the
treaty.
In
provision, Bolivia, Denmark,
croachments on China's
sovereignty was not
as
rapid as they felt entitled to expect, many Chinese
groups of various sorts proceeded to apply the
means
of
pressure
available to them,
The tactics employed included the practice of
public record is concerned, was not effectuated),
profiting by the rivalries and jealousies of the various foreign Powers by centering the opposition on
Mexico, Norway and Sweden later became parties
one
Germany (subject to ratification which,
so
far
as
of them at
a
time.
Illustrative of the
more
The Commercial & Financial Chronicle
1234
obvious methods
were
the strikes,
against the British in 1925.
boycotts and riots
These
were
viewed
phlegmatically by the Japanese and French, who
profited by the British discomfiture.
their turns
ever,
the
Later, how-
With respect to Manchuria,
came.
specifically taken the position that they cannot
con-
sent to the surrender of these
new
since it recommended the
establishment there of "an
rights until the
laws which the Government of China has adopted
are more
widely applied and its courts
indepen-
are
dent of military and other coercion,
Lytton report of 1932, while generally uphold-
ing the Chinese cause,
Aug. 26, 1939
The disturbed condition in which China thus still
found
herself
10 years
after the execution of the
organization under the
Nine-Power Treaty, and later, is an important fac-
sovereignty of and compatible with the administra-
tor in understanding the legal situation under that
tive
integrity of China," also recognized that Japan
substantial grievances and qualified China's
had
nationalism
The
intolerant.
as
by all
the
foreign Powers with nationals operating in China
due to the chaotic conditions in
was
of
that
enormous areas
The domination of
country.
the bitter civil
wars
and feuds since 1921 between
Canton and
<
Peking, and later between Nanking and
Canton, and those fought by Nanking and the Communists, as well as with some of the provincial authorities continued
incessantly, except for two brief
intervals in 1928 and in
1937, until the
fighting with Japan in 1937.
eve
of the
The Extraterritori-
ality Commission appointed by the foreign Powers
pursuant to a resolution adopted by the Washingconference
ton
declared
in
its report
of Nov.
1926, that it believed it to be "well within the
28,
range
of moderation to state that in China at the
present
time there is
action
liberty,
effective
security against arbitrary
by military authorities with respect to life,
or property, in so far as security can be
affected
civil
no
by
effective functioning of the Chinese
judicial authorities."
and
On Jan.
an
27, 1927,
some
five years after the Wash-
ington conference, Mr. Kellogg, our Secretary of
State, after being urged by the British to negotiate
tariff
did
autonomy for China (which
in 1928
during
an
we
subsequently
interval of domestic
there), announced that the United States
prepared
enter
into
China,
or
China.
.
it
peace
had been
since the Washington conference "to
ever
negotiations
with
any
government
of
delegates who
.
.
The
can represent or speak for
only question is with whom shall
negotiate."
The civil
that
ravaged China in 1930
was
the
bloodiest and most
bitterly fought of all. In 1932,
Secretary of State Stimson sent his famous
when
note to China and
doctrine"
of
Manchurian
then
as
".
.
respect
to
the
seem
on
the
note:
to be the immediate busi-
Foreign Office to defend
program.
In practice, however,
had
made
as
or
in
establishing
that of law
magistrate
the 'adminis-
as
the
United
such progress
as
elementary a
distinguished from that of
or war
might not, be benign,
This is attested
ing
the
four months
some
present
hostilities
on
in
its
Japan's position is
complex.
more
She declined
In April,
1934, after she had organized Manchukuo, her Foreign Minister, Mr. Hirota, had assured the British
Ambassador to
would
ment
Japan that the Japanese Govern-
observe
the
provisions
of the Nine-
Power Treaty, and added that Japan attached the
greatest importance to the maintenance of the Open
Door
two
policy.
This interview
statements had
been
obtained
was
issued
after
by the Japanese
Foreign Office, the first of which, particularly, had
been interpreted abroad
as formulating a "Japanese
Monroe Doctrine" in that it claimed exclusive re-
sponsibility and duty for Japan, with the
tion of China, to keep
peace
coopera-
and order in Eastern
Asia.
So far there has been
Japan
to
abrogate
no
attempt
specifically
on
the
the part of
Nine-Power
Treaty.
However,
made
the behalf of Japan that China is not an
on
the
contention
among
others
organized State, since "its internal conditions and
external relations are characterized by extreme confusion," and that "inapplicable formulae" and "academic theses" should not be applied to the conditions there
elusion that
obtaining, have led
many
of the
con-
fundamentally Japan's position is,
or
will be, that the Nine-Power
Treaty is no longer in
effect.
There is, in
case
a
fact,
a
treaty is for
rule of international law that
an
of the Nine-Power
unlimited term, as in the
Treaty, it will be deemed to
be abrogated when the material circumstances
which it rested have
changed.
on
Monroe, when Secre-
tary of State, recognized this principle in
a corn-
munication to the Dutch Minister by
referring to
certain treaties between the United States and some
of the Powers of
commenting
1922, and it does not exist today."
China had, it is
true, by July, 1937, when the war
with Japan
began, made considerable progress in
formulating and defining the terms of its reform
regime
of
to be present at the Brussels conference.
by
in
integrity' of China until that integrity is
something more than an ideal. It did not exist in
the local
conference, mentioned
parties.
stated
trative
been
outbreak
often voices the views of the British
Nor does it
.
of the
with
situation, the London "Times," which
now
Government,
ness
Japan announcing the "Stimson
non-recognition
the
Brussels
Nov. 24, 1937,
China, declared the treaty to be still binding
when
r
war
after
lords,
war
of them migrants, little better than bandits,
many
report of the
above, adopted
difficulty encountered
greatest
First of all it should not be forgotten that
treaty.
the
so
lord, whose rule might,
was
territorially limited,
by the fact that 15 nations (includStates, the British Empire and
France) still retain extraterritorial rights in
China,
and that our own
country and the British have
causes
some
Europe as "having been annulled
proceeding from the state of Europe for
time past."
apply to all
The rule has also been held
cases
in which the
reason
for
a
jto
treaty
has failed.
Accordingly, Japan could argue that the NinePower Treaty was entered into to afford China an
opportunity
to
establish
within her boundaries
peace,
law
and take her
and free member of the
and
place
society of nations
order
as a
full
on a nor-
mal basis, which she alone through her own awakening and voluntary efforts could effectively aceomplish; that China had approximately 10 years to
make such an effort; that if any substantial effort
had been made it was without tangible
results, or
had acted to the detriment of all nations in relation with China, and especially of Japan
by reason
of the latter's geographical position and special
interests; and that consequently the
underlying
Volume
for the
reason
the
Commercial & Financial Chronicle
The
149
under
far as
treaty having failed, it must,
rule, be deemed ineffective—at least as
To
forestall
Borah, then Chairman of the Senate Commit¬
ator
tee
reply to such an argument, Sen¬
or
Foreign Affairs, asked Secretary of State
on
Stimson in
Treaty
had
ineffective.
23, 1932, Mr. Stimson replied:
inapplicable
become
"At the time this treaty was
China
the
engaged in
was
of
institutions
free
or
signed it was known
attempt to develop
an
republic
self-governing
a
after her recent revolution from
of
autocratic form
an
government; that she would require many years
both
of economic
and
and that her progress
On
Oct.
Nations
its
the report of
"as its own"
Advisory Committee charging Japan with contra¬
Treaty,
of her
her
of
well
as
under the Nine-Power
obligations
under the Kellogg pact, because
as
On the same day
present war against China.
Secretary of State Hull issued a statement that his
conclusions
the
"in
were
general accord" with those of
Assembly and specifically expressed the view
that the action of
the
Japan in China was contrary to
provisions of the Nine-Power Treaty and of the
Thus when the
appropriate time comes the other
Stuart
"If
Mill, written
these
they
are
are
to be
to be applied to past trea¬
legitimate, must be temporary, have been
cluded without such
violated,
the
limitation, and
right superior to the faith of
a
engagements.
"It is the misfortune of such
stipulations,
even
if
temporary arrangements they might have been
justifiable, that if concluded for
seldom to
are
act
the
on
lawless
be
they
permanency
got rid of without some lawless
If
part of the nation bound by them.
a
act, then, has been committed in the present
instance, it does not entitle those who impose the
conditions to consider .the lawlessness
dismiss the
if it
even
was
only, and to
important consideration, whether,
more
to throw off the obligation, it
wrong
would not be still
more
wrong
to persist in enforc¬
If, though not fit to be perpetual, it has been
ing it.
imposed in perpetuity, the question when it becomes
time
no
Whether
con¬
afterwards
are
by Russia at present, repudiated, on
or, as
assumption of
a
question of time.
having been fixed, Russia fixed her
and
application of the treaty.
1870:
as
sound it remains to be
ties, which, though containing stipulations which,
parties to the Nine-Power Treaty will be in position
continued
are con¬
the views of John
are
far back
as
principles
considered how
to
charge Japan with its violation and to insist on
Illuminative of the
are.
right to throw it off is but
Kellogg pact.
the
they
as
cluded without definite term
as
would necessarily be slow."
of national faith have in prac¬
application, it would be unrealistic not
subject of the duration of treaties which
political effort to that end;
6, 1937, the Assembly of the League of
adopted
vention
tice limited
February, 1932, whether the Nine-Power
Under date of Feb.
that
ties and the
sanctity
to face the facts
Japan is concerned.
1235
own
naturally chose the most convenient.
be
would
believe that
to
reason
the
release
voluntarily granted
She had
she
sought
conditions
any
on
No
time,
Japan will claim its non-existence under the above
which she would
rule will
tunity which, if not seized, might have been long
probably depend
on
the circumstances then
before it occurred
actual.
In
the
meantime, much
as
individuals must de¬
plore that the principle of the inviolability of trea¬
parties
the
of
measures
Congress
law with its
Its
Acts
Be
States
throughout
thereto
a
approved
system of bank¬
July
1,
as
chapter,
a
uniform
amended,
be
to
is
and
1898,
thereto.
assembled, That the Act
Congress
to establish
States,"
new
States,"
designated
700.
for
maturities
or
addition
In
bankruptcy
chapter,
of
July
shall
further
chapter
amended
XV,
and
by
or
modifications
The
meaning
'Petitioner'
to
adding
read
as
jurisdiction
"Article III—Petition and Powers
exercised,
the
securities
or
is
this
and
capital structures of
terms,
plainly
required
means
used in this chapter, unless a
by the context, shall be construed
any
'Claims' includes debts whether liquidated or unliquidated, certificates of
its
of
Commission
division
the acceptance of
Thereafter
or
in
such plan
from
creditors holding
of
thereof),
adjustment
also
"(a)
by said plan
and
obtained an order of the Commission (but not of a
under section 20a of the Interstate Commerce Act
(other
Finance
modification of securities as proposed by such
than securities held by, or to be issued to
Corporation),
such
order
specific findings:
the
of
Commission
to
>
That such corporation is not
provided for under section
character
In need of financial reorganization of the
77 of this Act:
That such corporation's inability to meet its debts matured or about
to mature is reasonably expected to be temporary only; and
"(b)
"(1) is in the public interest
and in the best Interests of each class of creditors
and stockholders;
is feasible, financially advisable,
insolvency of said corporation, or by
"(ii)
and not likely to be followed by the
need
of
financial reorganization
or
adjustment;
"(ill) does not provide for fixed charges (of whatsoever nature including fixed
charges on debt, amortization of discount on debt, and rent for leased roads)
in an amount in excess of what will be adequately covered by the probable
earnings available for the
of
payment thereof;
leaves adequate means for such future financing as may be requisite;
is consistent with adequate maintenance of the property; and
"(vi) is consistent with the proper performance by such railroad corporation
service to the public as a common carrier, will not Impair its ability to perform
"(iv)
"(v)
or guar¬
'Debt' shall be considered to Include all claims held or owned by 'creditors'
receivership
25% of the aggregate amount of all claims affected
parents and subsidiaries),
"(2)
anteed by the petitioner.
hereinafter defined.
of Court
equity
of such changes as may
as
including demands and obligations of whatever character made, assumed
as
not in
"(c) That such plan of adjustment, after due consideration of the probable
prospective earnings of the property in the light of its earnings experience and
reasonably be expected,—
II—Definitions
following
corporation
railroad
Any
of reorganization under section
courts
jurisdiction, as provided in
modifications of debt, interest, rent,
of
plan
77 of the Bankruptcy Act at the
time of filing its petition hereunder, and which has not been in equity
receivership or in process of reorganization under said section 77 within 10
years prior to the filing of such petition, which shall have—
"(1) Prepared a plan of adjustment and secured assurances satisfactory
deposits of securities (other than stock and option warrants to subscribe to stock),
'(3)
710.
Reconstruction
otherwise
by any
security, if any, for the claim of such creditor.
plan
hereinafter defined.
"(2)
be 'affected'
adjustment (including all such affected claims against said corporation,
*
705.
to
of
ADJUSTMENTS
original
exercise
postponements
for
deemed
a
1898,
1,
carrier as defined in section 20a of the Interstate
Commerce Act, excluding any corporation in equity receivership or in proceedings
for reorganization under section 77 of this Act, petitioning for a plan of adjustment,
as
instrument
proposes
the
follows:
"(1)
creditor shall be
modification of the evidence of debt or other
defining the rights of such creditor, or a modification of the
such plan
include
the
to
"Article
"Sec.
No
706.
"Sec.
unless
least
I—-Jurisdiction
railroads.
as
"(7)
authorizing the issuance or
"Article
different
'Commission' refers to the Interstate Commerce Commission.
'Adjustment' shall include postponements or modifications of debt, Interest,
and modifications of the securities or capital structures.
"(6)
rent, and maturities
at
system of bankruptcy throughout
hereby
XV—RAILROAD
"CHAPTER
of
Act, as amended, and also certificates of deposit and all other evidences of
to
follows:
"Sec.
'Securities' shall include those defined in section 20a of the Interstate Com¬
"(5)
merce
ownership of or interest in securities.
United
by the Senate and House of Representatives of the
"An Act
United
United
the
thereof and supplementary
amendatory
of America in
entitled
the
claims made, assumed, or guaranteed by the petitioner.
process
Act entitled "An Act to establish a uniform
it enacted
'Creditors' shall Include all holders of claims, demands, and obligations of
petitioner or its property, whether or not such claims
"(4)
would otherwise constitute provable claims In bankruptcy, including the holders of
"Sec.
AN ACT
ruptcy
Congress and Signed by President
Provide for Railroad Adjustments
approval by President Roosevelt on July 28.
[H. R. 5407]
an
usually disadvan¬
whatever character against the
text follows:
To amend
than
more
a
Passed by
as
passed in the closing days of the
which adjourned Aug. 5 was the
Chandler bill, which amends the "Act to establish a uni¬
form system of bankruptcy throughout the United States,"
the new legislation being designed to permit railroads to
make voluntary readjustments of their capital structures;
acceptance of such plan by creditors holding at least 25%
of the aggregate of claims affected by the adjustment is
required under the newly-enacted Chandler measure, on
which congressional action was completed on July 27, as
noted in our issue of July 29, page 658.
The bill became
One of
again, when the other contracting
tageous position for going to war."
Roosevelt—Amends Bankruptcy Act to
session
in
were
*
■
Text of So-Called Chandler Bill
a
accept; and she chose an oppor¬
such service:
The Commercial & Financial Chronicle
1236
Provided, That in making the foregoing specific findings the Commission
shall scrutinize the facts independently of the extent of acceptances of
thereof
lack of opposition thereto: Provided further, That an
order of the Commission (or of a division thereof) under section 20a of the
Interstate Commerce Act, made prior to April
1, 1939, authorizing the
issuance or modification of securities as proposed by a plan of adjustment
certified to the court:
such
plan and of
than securities held by,
(other
iesser
any
to be issued
or
fail
60
States
shall
in
more
notice so to do from the court,
of the plan, the consent of the United
copy
for
claims
its
as
taxes
duties
customs
or
concerned
are
presumed.
conclusively
V—Proceedings Subsequent
"Article
foregoing specific findings, if such order did include the specific
certified
a
far
so
Provided, That if the Secretary of the Treasury shall
receipt of written
after
days
be
a
reject such lesser amount or such postponement for
or
accompanied by
to, Reconstruction Finance
of
or
to accept
than
Corporation), shall be effective for the purpose of this subparagraph (2)
of the first sentence of section
710, notwithstanding failure to include
therein the
amount
Aug. 26, 1939
court except upon the acceptance of a
postponement by the Secretary of the Treasury
approved by the
be
shall
Approval
to
Petition
of
"
modification of securities is
findings that such proposed issuance or
"Sec.
com¬
patible with the public interest, is consistent with the proper performance
more
said
plan, including at least a majority of the aggregate amount of claims of each such
Cl3$8*
plan of adjustment by creditors holding
than two-thirds of the aggregate amount of the claims affected by
such
to
assents
which two-thirds shall include at least a majority of the
plan,
"(2) That the plan of adjustment as submitted or as modified by the court has
if modified, then as modified by or on behalf of
holding more than three-fourths of the aggregate
amount of the claims affected by said plan, including at least three-fifths of the
been accepted as submitted or,
aggre¬
creditors affected by such plan
gate amount of the claims of each affected class,
file
may
diction
United
the
in
railroad
such
district
States
court
whose
in
has had its
corporation
cipal operating office during the preceding six months
prin¬
meets the
greater period
a
sentence of section
law of the land regarding the
of the order obtained from the Commission, as above provided,
copy
711.
such plan, and of any lack
Any corporation which has complied with subparagraphs (1),
the majority
directly
owned,
which is
corporation
an intervening medium
petition hereunder, or any
a
tion of securities pursuant to
lessor of the petitioning corporation and which has
a
complied with the aforesaid subparagraphs (1), (2), and (3) of section 710,
file its petition in
may
in
of
of
a
712.
filing
a
be
in which the petition
court
same
thereof
first afore¬
The petition shall
fee of
collected
by
clerk
the
under
other
sections
the
to
of
fees
this
Act,
or
with the proceeding and plan, or preliminary thereto or in aid thereof, together
fully disclosed to the
any
"Sec.
j
713,
convened
section
a
Immediately following the filing of the petition, there shall
special court of three judges in the manner provided by
such court.
Such
of
court
bankruptcy
this
chapter,
such
maimer
the intent and
out
carry
the classification /of
the court may direct.
as
714.
"Sec.
to
necessary
including
The
special
after
court,
as
provisions
that such
faith,
enter
an
petition complies with
this chapter
and has
been
filed
in
good
satisfied.
so
715.
"Sec.
If the petition is approved by the special court, the said
the pendency of the proceedings under this chapter, shall
have exclusive jurisdiction of the petitioner and of its property wherever
located to the extent which may be necessary to protect the same
against
during
court,
which might be inconsistent with said plan or adjustment or
might interfere with the effective execution of said plan if approved by
the court, or otherwise inconsistent with or
contrary to the purposes and
action
any
provisions
tained
this chapter:
of
shall
be construed
Provided,
to
part thereof,
control the operation
"Article
"Sec.
720.
The special
shall
court
interventions of
of
filed
as
the
or
same
direct.
the
administration
or
or
thereof.
propose to
such
and
it
as
of
such
hearing
the court
or
proper,
but
without intervention.
or
modify such plan and
If
the
the
by
Interstate
be
the
plan
Commerce
resubmitted to
court
authorized
as
until
the
Act,
the
the
the plan
Commission
Commission
issuance
modified
so
or
(but
modification
(other
than
of
proposed
so
shall
not
not
held
to
be
modified
finally approved
division
a
securities
securities
be
thereof)
in
a
be
reasonable
interest
tunity (within
within
which
withdraw
a
such
affected
their
acceptance
After
such
by
creditors
assents
who
to
have
the
plan,
assented
and
as
provided
after
assenting
creditor
of
the
plan
any
person
plan
may
by
any
such
as
in
modified.
so
such
section
725
finally
approve
and
confirm
the
modified.
plan
as
so
"Sec.
722.
If the United States, or
any agency thereof, or any corpora¬
(other than the Reconstruction Finance
Corporation) the majority of
the stock of which is owned
by the United States, is a creditor or stock¬
holder, the Secretary of the Treasury is hereby authorized to act in
respect
tion
of the
interests
or
corporation.
If in
is
on
a
creditor
United
creditor
States
or
claims
any
claims
has
any
stockholder),
of
the United
States
proceeding under
for
taxes
other
no
or
interest
plan
this
customs
in
which
or
does
or
of such
chapter
duties
claim
not
agency
the
against
or
United
(whether
or
the
provide for
where
required
by
other
or any
law
any
relating
Corporation, and the rights of all ereditors_
the
title
of
right of such
any
whether
owner,
leased
equipment
trustee
as
conditionally
or
"No
to take possession of such property
owner
plan shall be approved under this chapter unless the special
finds that with respect to the continuation
rights
in
the
the
is
officers,
plan
class,
726.
filed
a
time
and
consistent
the
if
public
and
court
identity
of,
to
be
the consummation
of
who
makes
plan
of
the
persons
upon
the
interests
with
special
the
of
sale
change in, the voting
or any
any,
successors,
in the best
of,
petitioner,
selection
trustees,
respective
After
the
of
of
voting
or
equitable,
each
control
manner
their
and
"Sec.
to
and
jjower
adequate,
of
petitioner,
or
sold to the
are
disclosure,
full
creditors and
stockholders
policy.
shall
have approved as properly
petition pursuant to article III hereof, the special court, from timeduring the pendency of the proceedings hereunder, may enjoin the
court
institution
of, or stay, for a reasonable time, any action or proceeding to
right against the petitioner or its property based upon claims
by the proposed plan of adjustment in any court, State or Federal,
for
receivers
under
That
the
in
section
which
proposed
"Sec.
77
the
the
of
would
by the
727.
the
of
or
such stay shall
no
claim
enforcement of
equity
be
Bankruptcy Act
affect any
required
petitioner
Unless
such claim
any
institution
the
for the appointment of
be
in
of
proceeding
a
otherwise: Provided, however,
or
proceeding based
to
then
were
or
prosecution
or
paid
if
on
the
enforce
to
or
plan
of
any
adjustment
effect.
plan of adjustment
as
submitted
or
as
modified
confirmation
authorization
and
decree shall be binding
cause
oj cancel an assent within such period shall constitute
such
That
any
that
and finding by the
Commission, where required
hearing and opportunity to withdraw or cancel,
where required hereby, the court
may make the proposed modification, and
hereby,
petitioner, and
good
the
to
failure
which
the
and
in compliance with the
provisions of any such lease or conditional
contract, shall not be affected by the provisions of this chapter.
of
such modification, to be held within
hearing
thereby,
except
Finance
rolling-stock
to
date
a reasonable oppor¬
period to be fixed by the court), following such hearing,
cancel
or
on
as
the court may fix, at which
object to such modification, and (2)
creditor to withdraw
an
hearing
a
time
may
however,
otherwise,
shall
1939; and (b) if such modification substantially
adversely affects the interests of any class or classes of creditors, such
plan shall be resubmitted, in 6uch manner as the court
may direct,
to
those creditors so affected by such modification and shall not be
finally
in
Provided,
to,
to
or
such
conclusions
and confirming such
security holders with respect to claims and securities affected by the
be those provided by the plan as so approved and confirmed:
the
or
where the original order of the Commission under said section 20a
approved until after (1)
its
plan shall
has
Finance
Corporation) making the findings required by
(c) of subparagraph (2) of the first sentence of section 710, even
case
forth
decree approving
authority from the Commission
or
Federal,
or
issued
proposed
made prior to April 1,
was
and
State
by
as
by,
setting
a
put into effect and carry out the plan and the orders of the
Reconstruction
whether
propose
as
and
enter
enforce any
Reconstruction
clause
the
to
affected
to modify the plan,
(a) if such modification substantially alters the basis for the specific
findings included in the order made by the Commission under section 20a
shall
opinion
an
shall
without further reference to
authority,
the plan
may approve
then:
of
file
and
the adjustment provided
and shall
hereinafter provided approve
as
shall
court
fair and
as
„.
special court relative thereto and issue the securities provided by the p'an
manner
allow such
may
deem just and
may
and
and
hearing to be held
a
notice
proceeding,
interest
for
date
a
hearing, the special court
modified.
so
therefor
directors,
in interest in such reasonable
by attorney, with
After such
as
fix
petition
persons
In
in
persons
person
721.
"Sec.
otherwise take possession
interest shall have the right to present evidence and be heard
any person in
thereon, in
to
or
IV—Hearings
court shall
promptly after the filing
the
nothing herein con¬
appoint any trustee or
the same are to be so disclosed to the Court when
~
the
hearings shall be given to all
as
That
authorize the court
for said properties or any
receiver
of such properties or
however,
be
can
upon the
petitioner and upon all creditors and security holders of the
petitioner; and thereafter the petitioner shall have full power and authority
to
promptly shall
considerations
or
to be subject to approval by the special court
are
shall
court
plan
of
claims at such time and in
hearing,
dismissing such petition if not
or
Said
a
order approving the petition as properly filed under this chapter if satisfied
amounts
by this clause (6) shall be paid.
Teasons
powers
then ascertainable,
not
are
ascertained, and
three-judge court shall be vested with and shall exercise
sitting in equity and all the
such
reasonable, and except with such approval no amounts or considerations covered
as
all the powers of a district court
as
fair and reasonable, and to the extent that any such amounts or considerations
are
amended, of the Judicial Code, and thereafter all proceedings
relative to such plan or any modification thereof shall be conducted before
266,
Court so far
ascertained at the time of such hearings, that all such amounts or consideration
■
be
procured by any means,
or
with all the facts and circumstances relating to the incurring thereof, have been
required
other Act.
not been made
"(6) That, after hearings for the purpose, all amounts or considerations, directly
or indirectly paid or to be paid by or for the petitioner for expenses, fees, reim¬
bursement or compensation of any character whatsoever incurred in connection
be accompanied by payment to the clerk
which shall be in addition
$100,
In good faith and have
are
promises, or acts forbidden by this Act; and
filed, and such petitions shall be heard and disposed
single proceeding.
"Sec.
to
the
have been
said shall
or
"(4) That all corporate action required to authorize the issuance or modifica¬
such plan shall have been duly taken;
"(5) That the petitioner has not, in connection with said plan or the effectua¬
tion thereof, done any act or failed to perform any duty which act or failure would
be a bar to the discharge of a bankrupt, and that the plan and the acceptance
indirectly through
or
by any railroad corporation which has filed
of opposition thereto, and of the fact that the Com¬
under section 20a of the Interstate Commerce Act, has authorized the
modification of securities as proposed by such plan, and of the fact
that the Commission has made such or similar findings;
mission,
issuance
of the capital stock having power to vote for the election of
is
participation of the various classes of creditors and
the court shall scrutinize the
(2), and (3) of the first sentence of section 710, and in which corporation
directors
adjustment,
as an
Provided, That in making the findings required by this clause (3),
facts independently of the extent of acceptances of
stockholders:
shall be filed with the petition and made a part thereof.
"Sec.
710, and that the plan is fair and equitable
affords due recognition to the rights of each class of creditors and stockholders and
fair consideration to each class thereof adversely affected, and will conform to the
unable to meet its debts, matured
mature, and desires to carry out the plan of adjustment.
about to
"A
or
affected class;
"(3) That the plan meets the requirements of clause (c), and the petitioner
requirements of clauses (a) and (b) of subparagraph (2) of the first
aggregate amount of the claims of each
juris¬
or
its petition averring that it is
thereof,
or
territorial
principal executive
find—
"(1) That, at the time of the filing of said petition as provided in article III
hereof, the proposed plan of adjustment had been assented to by not less than twothirds of the aggregate amount of all claims of the petitioner affected by such
by the railroad corporation of service to the public as a common carrier,
and will not impair its ability to perform such service, and
"(3) Secured
special court shall
If the
725.
other
have
been
confirmed
by the special court within
one
from the
year
filing the petition, the proceedings shall be dismissed unless, for
shown, on motion of any party in interest the court, if satisfied
of
a
plan is in immediate prospect shall determine
otherwise.
"Sec. 728.
Without prejudice to existing rights of all creditors, includ¬
ing those affected by the plan, and as a condition to the approval of
any
plan by the special court, the petitioner, from and after the
filing of the
petition with the court and until the making of a final order
by the
special court approving a plan or dismissing the petition, shall continue
to
make
tender
or
currently
payment to all
creditors
affected
by the plan of
sums
payable to such creditors
equal to the amounts proposed to be
paid to such creditors under the plan: Provided, That the
making of such
payments shall not constitute a preference within the
meaning of the
Bankruptcy Act, nor shall acceptance of such payments constitute an
acceptance of a plan.
If, from and after the filing of the petition with
the special court, there shall be
any failure to make or tender such pay¬
ments, the special court, unless there is good cause shown for the
failure,
shall
may
dismiss
make
payments
to
the
"Sec.
the
or
or
proceedings.
require
of them
any
In
be
as
may
finally
made
approving
6uch adjustments
payments
depositary
amounts
or
to
be
named by
of
such
to
the petitioner
including interest
or
deposited
with
for appropriate
the
same
court
to
said
conform
petitioner
coupons
a
the
respect
be necessary to make the
other security,
presented
plan,
any
with
provisions of said plan as finally approved.
729.
In providing for any such
payments
require any bond
such
to
may
affected by
paying agent
or
stamping to show the
payment.
States
not
debtor
"Article VI—Tax Provisions
the
as
payment
"Sec. 735.
Internal
The provisions of Section 1801,
1802,
Revenue Code and any amendments
3481, and 3482 of
thereto,
unless
the
specifically
Volume
providing
the
to
effective
shall
contrary
any
the making
or
chapter.
No income, gain,
States
of
or
apply
not
State,
any
or
profit taxable under any law of the
or
in force
now
petitioner in a proceeding
under this chapter be deemed to have accrued to or to have been realized
by such petitioner by reason of a modification of or cancelation in whole
or
in part of any of the indebtedness of the petitioner affected by a pro¬
to
the
adjustment
736.
"Sec.
clerk
pending
any
forthwith
shall
notices
the
to
which
in
court
transmit
elsewhere
provided,
expressly
proceedings under this chapter
any
737.
less
than
stock
30
738.
fixing
order
Any
or
of
with copies of
shall
States
and
court shall have power to
determine the amount
to
vided for
adjudication of banqruptcy of the petitioner for the purposes of section 274
of the Internal Revenue Code and the corresponding provisions of prior
and
subsequent
the
on
assessment
pended while
The running of the statute of limitations
collection of any internal-revenue tax shall be sus¬
Acts.
Revenue
or
proceeding under this chapter is pending and
a
740.
"Sec.
section
to
If,
in
such
the
of
20a
Commerce Act
Interstate
this
as
promptly
of
such
authority to
for
issue or
possible, and in any event within 120 days after the filing
unless the Commission finds that a longer time, not
as
745,
"Sec.
certiorari
Any
VIII—Final Decree
final
order
of
decree
or
and Review
made
by
any
person
the
may be
application for
special court
by the plan
affected
who deems himself
aggrieved within 60 days after the efitry of e.uch order or decree, pursuant
of the Federal Judicial Code.
the provisions
746.
approving and confirming the plan
the decree
In
cause,
of the plan as may
be
necessary
rights of the parties under said plan and the orders of the
and enforce the
thereon.
/
chapter
are
judgments,
Commission
pending, shall forthwith transmit to the
Interstate Commerce
copies of all pleadings, petitions, motions, applications, orders,
and other
decrees
entered
therein,
in
papers
with the
such proceedings filed
including copies of
any
transcripts of testimony,
in such
proceedings together with copies of all exhibits, except to the extent that
the court finds that compliance with this section would be impracticable.
hearings
or
755.
shall not be
of
The
Jurisdiction
or
with offices
Publications,
at 184 Bay
.
The
European crisis has been the dominant influence in the
The general
declining tendency was
quite prominent in long-term U.S. Government issues, many
of which lost
average
last
over a
point
on
Thursday.
The net loss in the
of eight government issues has been 1.78 points since
High-grade corporates have declined moderately
Friday.
and other corporates to a greater extent.
High-grade railroad bonds in sympathy with general trends
registered losses.
Virginian 3%s, 1966, were off 134
loadings reached
week and in
a new
Car-
2000, dropped 2 to 115.
1939 peak of over 674,000 cars last
spite of current favorable earnings returns for
July medium-grade and speculative railroad bonds continued
Louisiana & Arkansas 5s, 1969, lost 1 %
to seek lower levels.
83, while Delaware & Hudson 4s, 1943, dropped 1
jurisdiction conferred upon
exercised by such
any
court by this chapter
court after July 31, 1940, except
proceeding initiated by filing a petition under section
before July 31, 1940."
in respect
710 hereof
prices and scored losses.
P Utility bonds of all classes have receded this
ket .J|WeaknessJinlhighfgrades
thau at any
week|with
agitated
sharply accelerated in Thursday's
the decline
mar¬
has been more pronounced
time during the past year and American Tele¬
phone" & Telegraph 334s, 1966, Cincinnati Gas & Electric
334s, 1966, Philadelphia Electric 3^s, 1967,
Public Service
334s» 1968, and Southern Bell Telephone
Telegraph 3)4®, 1962, all lost at least one point.
grades lost
even more
declined 214 to
ground.
9634; Illinois Power & Light 5s, 1956, lost
Needless to
7814on
broad front.
a
say
1956, fell 334 to
speculative issues declined sharply
Because of these conditions issuance
uled for Aug. 24 was
With few
Medium
Florida Power Corp. 4s, 1966,
234 at 100; Nevada-California Electric 5s,
of
bonds sched¬
indefinitely postponed.
exceptions, the industrial section has followed
the decline of the
Approved, July 28, 1939, 9:45 a. m., E. S. T.
points
Defaulted railroadjbonds followed falling stock
5334-
$45,000,000 Northern Indiana Public Service
any
on
Standard
bond market this week.
proceedings that may be transcribed and filed
other
"Article X—Termination of
"Sec.
is compiled and issued by
it is familiarly known,
The Course of the Bond Market
&
under this
The clerk of the court in which any proceedings
750.
Commission
or
loose-leaf
a
Northern Illinois
"Article IX—Filing Record with
"Sec.
court
to a final disposition of
decree disposing of the cause the court shall
jurisdiction in the district court to the extent necessary to protect
retain
court
its final
in
and
the court
thereunder
require such reports of the action taken by the petitioner
the execution
in
the
in
as
Street, Toronto.
to
the Supreme Court of the United States upon
reviewed by
may
companies are printed and sent to sub¬
service.
The "Review," or "Blue
various
Houston's
at
days is needed in the public interest.
"Article
"Sec.
financial
the
application,
exceeding 60
to
Supplementing the "Review" during the
statements and dividend announcements
included.
pursuant
the applicant shall
securities,
given.
at 107Texas & Pacific 5s,
filed with the Commission
application
any
Commission
Commerce
VII—Interstate
allege that the purpose in making
application is to enable it to file a petition under the provisions of
chapter, the Commission shall take final action on such application
modify
also
have
"Article
Toronto, Montreal,
municipal financing, bank debits, stock transfer taxes,
difficult to obtain, is
and
until it is
finally dismissed.
[
commission rates.
authorized
representative list of brokers in other
Details of Dominion, provincial
a
of the Treasury.
Secretary
legality of claims of the United States for taxes or customs duties,
order payment thereof; and the order of the special court (pro¬
in section 714) approving the petition shall have the effect of an
and
Exchange,
Book"
fonfirming a plan which
include a notice of
for
the time
United
the
to the
days
The special
of
list of members of the
Canadian cities is
scribers
claims
"Sec.
Grain
from
"(4) The decrees approving and confirming plans and the adjustments provided
thereby, together with copies of such plans as approved:
■ >
■
"(5) The injunctions or other orders made under section 726 of this chapter;
"(6) The orders dismissing proceedings under this chapter; and
"(7) Such other papers filed in the proceedings as the Secretary of the Treasury
may request or which the court may direct to be transmitted to him.
"Sec.
form
a
Calgary and Vancouver Stock Exchanges, and the Winnipeg
year,
such plans as approved;
not
tabulated
a
In addition to
Treasury
the
of
Secretary
the
to
"(1) Every petition filed under this chapter;
"(2) The orders approving or dismissing petitions;
"(3) The orders approving plans as filed or as modified, together
affects
with
are
of—
copies
of the Toronto,
Stock Exchanges, along
posted
are
and other vital information otherwise
addition
In
the
of
of
this chapter.
ceeding under
the
the indebtedness
of
records
sales
Montreal, Calgary and Vancouver
United
hereafter enacted, shall in respect
or
Individual
transfer, or
issuance,
the
to
delivery of conveyances to make
plan of adjustment confirmed under the provisions of this
exchange of securities
1237
Commercial & Financial Chronicle
The
149
bond market
as a
whole.
industrials have been affected, with the largest
All groups of
declines being
registered in the steels, papers, obligations of retail store or¬
ganizations and amusement company
The Business Man's
rubbers and meat
Bookshelf
well, most declines being
the foregoing
Annual Financial Review—Canadian
Houston's Standard Publications, Toronto,
1939 Edition.
Canada.
1,248
been
A
contained
of 1,560 companies
in the "Review,"
This offers
a
points at 86.
Canadian
corporations
involved
only
126
company
4s, 1961,
company
bonds
companies, such as latest balance sheets, comparative earn¬
losses
gives
easy
ings figures, dividend records extending back over a number
of
description of plant and properties, details of
funded debt, &c.
In addition to industrial companies, pro¬
ducing gold and base metal mines are reviewed and many
years,
of the Western oils are included.
prices of
a
A record of high and low
all listed stocks and bonds extending back over
period of years it also given in the "Review," which has
the
official
sanction
Exchanges.
of
the
Toronto
and
Montreal
Stock
gain at 0914-
obligations held well with the exception of the more
1951, showed a
reference to details of the various
The book
Despite the
obligations, the Youngsadvanced 14 to 10534- Building material
speculative issues.
The grave
analyses.
declined
general weakness in steel company
town
when complete coverage of lead¬
Exceptions to
Against the trend were the Allied Stores
434s, 1950, showing a 14 point
pages
striking comparison with the first copy issued
at the turn of the century,
ing
is covered in the 1,248
the largest issue yet published.
confined to fractions.
include the Armour 4s, 1955, which
lower-grade amusement company
obligations, including the Warner Brothers Pictures 6s, 1948,
released for distribution.
total
Oils, metals,
1% points to 9834» and the
off 3
pages
Marking the 39th consecutive year of publication, the 1939
issue of
Houston's "Annual Financial Review" has just
bonds.
packing company obligations held rather
to
Among high grades, the Lorillard 5s,
relatively large decline of 134 points to 126.
crisis in Europe has forced prices for foreign
The decline has been general and
lower levels.
substantial.
Polish issues suffered heavility, the 8s
declining 1334 points to 3234have been
Other particularly weak spots
Australian and Danish bonds, losing from 6 to 8
South American issues showed better resistance to
downward trend while the Japanese group has
only slightly lower.
points.
the general
been
Moody's computed bond prices and bond yield averages
are
given in the following tables:
The Commercial & Financial Chronicle
1238
MOODY'S BOND PRICES
a
120
U. 8.
All
1939
Govt.
Domes¬
Dally
Bonds
(Based
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
All
Aaa
Corp.*
Aa
A
t
Baa
RR.
Aug. 25— 114.85
104.48
120.37
116.00
102.66
84.69
91.66
110.24
24- 114.75
104.67
120.37
116.21
103.02
84.83
P.
U.
Ind.
f
91.97
110.43
105.41
121.04
116.86
103.38
85.79
92.43
111.03
114.72
23
105.60
121.04
117.07
103.56
86.21
92.90
111.23
114.93
22-—
RR.
4.99
3.85
4.51
P.
U.
3.45
3.16
3.83
3.70
2.94
3.13
3.81
4.91
4.46
3.41
3.69
2.94
3.12
3.80
4.88
4.43
3.40
2.97
3.74
24
-
4.98
3.44
4.49
116.13
105.79
121.27
103.56
86.21
92.90
111.23
115.14
21
3.68
2.93
3.11
4.88
4.43
3.40
19- 116.61
105.98
121.27
117.29
103.56
86.64
93.06
111.43
115.14
3.67
2.93
3.11
3.80
4.85
4.42
3.39
105.98
121.49
19
18- 116.63
117.29
103.56
86.78
93.21
111.43
115.35
18
3.67
2.92
3.11
3.80
4.84
4.41
3.39
17- 116.74
106.17
121.49
117.50
103.93
87.07
95.13
111.43
3.66
2.92
4.82
4.39
3.39
16- 116.86
106.36
121.49
117.72
103.93
87.21
93.53
111.43
115.78
2.92
3.09
3.78
4.81
4.39
106.54
121.49
117.94
16
3.65
15— 116.99
104.11
87.35
93.85
111.64
116.00
15
3.64
2.92
3.08
3.77
4.80
4.37
3.38
14— 116.82
106.36
121.72
118.16
103.93
87.21
93.69
111.64
116.00
14
3.65
2.91
3.07
3.78
4.81
4.38
3.38
106.36
121.49
118.16
103.74
87.21
93.69
111.43
116.00
3.65
2.92
3.07
3.79
4.81
4.38
3.39
121.49
118.16
12—
103.74
3.79
4.81
—
12- 116.80
117.29
Baa
f
3.17
2.97
3.75
23- 115.88
Aa
Aaa
Corp
22— 115.96
21
Corporate by Groups
tic
Aug. 25..—
113.89
120 Domestic
by Ratings
Domes¬
Averages
113.89
a
Individual Closing Prices)
on
120 Domestic Corporate
120
1939
Daily
tic
Averages
BOND YIELD AVERAGES
MOODY'S
(Based on Average Yields)
Aug. 26, 1939
115.57
17
.
—
11— 116.79
106.54
116.00
11—
10— 116.86
9- 116.91
106.54
121.72
117.94
103.56
87.21
93.69
111.43
115.78
10—
106./3
121.94
103.74
87.49
94.01
111.64
116.00
9
8- 117.00
106.73
121.72
118.16
118.16
103.74
87.49
94.01
87.21
93.69
111.43
3.80
3.10
3.78
3.07
3.39
3.64
2.92
4.38
3.39
3.64
2.91
3.08
3.80
4.81
4.38
3.39
3.63
2.90
3.07
3.79
4.79
4.36
3.38
111.43
116.00
8
3.07
3.79
4.79
106.73
4.36
121.72
3.63
2.91
117.01
3.39
118.16
103.74
87.64
94.01
111.64
3.07
3.79
121.72
3.63
2.91
106.73
4.78
4.36
3.38
118.16
103.93
87.64
94.17
111.64
116.00
115.78
7
5— 117.16
4— 117.12
121.72
5
3.63
2.91
106.73
3.07
3.78
3.38
103.93
4.78
4.35
118.16
87.49
7..
94.17
111.64
115.78
4
3- 117.34
3.63
4.79
4.35
122.17
3.07
3.78
106.92
3.38
118.38
103.93
87.78
94.33
111.64
116.21
106.92
3.62
3.06
3.78
4.77
4.34
122.17
3-
2.89
2— 117.39
3.38
118.38
103.93
87.78
94.17
111.64
116.21
2
3.62
2.89
3.06
3.78
4.77
4.35
3.38
94.17
111.64
116.21
1
3.62
2.90
3.06
3.77
4.78
4.35
3.38
1— 117.38
2.91
106.92
121.94
118.38
104.11
87.64
July 28— 117.47
106.73
121.72
118.38
103.93
87.64
94.01
111.64
116.00
21— 117.07
121.94
3.63
3.06
3.78
4.78
4.36
3.38
118.38
103.38
28
2.91
106.54
87.36
93.69
111.64
116.00
14„
116.99
106.17
21
122.17
3.64
2.90
3.06
3.81
4.80
4.38
3.38
117.94
103.02
86.64
93.06
111.64
115.78
14
7„
3.66
105.60
2.89
3.83
4.85
122.40
3.08
4.42
116.82
3.38
117.72
102.12
85.93
92.12
111.23
115.78
7
June 30..
116.43
3.69
2.88
4.90
4.48
121.72
3.09
3.88
105.04
117.29
101.76
85.24
91.51
110.63
115.14
23- 117.13
105.41
June 30
3.72
2.91
3.11
3.90
4.95
4.52
121.49
3.43
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
16
Weekly-
16-
WeeklyJuly
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
9— 117.34
105.41
121.27
116.86
102 66
86.21
92.59
110.83
114.72
2-
105.22
121.04
9—
116.64
102.84
85.52
91.97
111.23
114.30
2
113.68
116.80
117.61
104.48
May 26— 116.98
120.82
116.43
102.12
3.40
3.71
2.93
3.12
4.91
4.48
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.71
—
2.94
3.14
3.84
4.93
4.49
3.40
4.55
3.42
3.88
3.43
84.55
91.05
116.97
103.56
115.78
101.06
May 26
3.75
120.59
83.46
89.84
110.43
113.27
12„ 116.37
19
104.11
3.80
2.96
3.18
3.94
5.08
120.37
4.63
3.44
116.43
101.76
83.73
90.59
110.24
113.48
5.. 115.78
12
103.56
3.77
2.97
3.15
120.14
3.90
5.06
4.58
3.45
115.78
101.23
83.06
89.99
109.84
112.86
5
Apr. 28.. 115.41
3.80
2.98
3.18
3.93
5.11
4.62
3.47
115.35
89.40
3.84
3.01
3.20
19..
110.83
2.95
3.88
3.15
5.00
102.84
119.47
100.53
82.40
112.25
21— 115.13
102.66
119.03
Apr. 28
3.97
5.16
4.66
114.93
100.53
82.40
89.10
109.05
112.25
21
14..
102,30
3.85
3.03
3.22
119.03
3.97
5.16
4.58
3.51
11*.72
100.18
81.61
88.65
108.66
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
114.72
3.53
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
3.23
3.96
5.14
4.66
3.52
114.76
6.. 114.85
109.24
—
.
3.50
102.84
119.25
103.93
119.25
102.30
84.83
91.51
112.86
Mar. 31
24„ 114.70
104.48
119.92
3.78
3.21
3.91
115.14
102.12
85.79
92.28
109.64
113.27
24
17.. 114.64
104.67
3.75
2.99
119.92
3.21
3.88
4.91
4.47
3.48
114.93
102.30
86.07
92.43
109.64
113.27
17
10-
114.79
105.22
3.74
120.37
2.99
3.22
3.87
4.89
4.46
3.48
114.93
102.84
87.21
93.53
110.04
113.68
10
3„
113.59
104.48
3.71
2.97
120.14
3.22
3.84
4.81
4.39
3.46
114.72
102.30
85.52
91.97
109.64
113.48
Mar.31..
114.85
Feb.24.. 113.38
103.38
115.14
119.69
114.30
109.24
101.06
84.14
90.14
109.05
113.27
17- 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
103.20
119.69
114.09
101.06
3- 113.16
83.60
89.69
108.85
119.47
113.68
100.88
83.19
89.10
108.66
3
119.03
113.07
99.83
82.00
87.93
107.88
113.86
20- 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.00
3.26
10
3.82
5.07
4.64
3.84
3.01
3.28
3.95
5.10
4.68
3.53
3.89
3.03
3.31
4.01
5.19
4.76
3.57
20
113.48
3.94
3
27
3.82
3.00
3.29
3.94
5.05
4.65
3.53
113.48
101.94
3.50
4.52
17
Feb.
112.45
102.84
112.59
Jan. 27..
4.98
24
113.27
10.. 113.21
3.02
Jan.
3.52
13- 112.93
6- 112.95
83.06
89.10
102.48
119.25
3.85
3.01
3.31
3.97
5.11
4.68
4.57
112.25
100.53
83.06
88.80
107.69
112.86
Hlghl939 117.72
106.92
122.40
3.02
3.35
3.97
5.11
4.70
3.58
104.11
87.78
94.33
111.84
Low 1939 112.59
116.21
6—
High 1939
3.86
118.60
101.94
118.60
3.89
3.05
3.37
4.01
5.26
4.76
3.60
111.84
99.83
81.09
87.93
107.30
111.64
Low
High 1938 112.81
101.76
118.60
3.62
2.88
3.05
111.43
3.77
4.77
4.34
100.18
3.37
82.27
88.36
107.11
112.05
High 1938
88.80
112.45
4.70
3.34
3.85
4.68
6.98
6.11
4.23
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
Low 1938
1
102.66
109.58
119.47
113.07
100.53
107.88
Yr, Ago
113.27
13
1
Aug.25'38 112.39
1938
Year Ago—
98.62
115.78
107.88
98.28
78.58
84.01
104.48
110.63
Aug. 25,1938—.
4.08
3.18
3.57
4.10
5.46
5.04
3.75
101.76
114.30
110.43
100.53
85.65
95.13
101.76
109.24
2 Years Ago—
Aug. 25,1937...
3.90
3.25
3.44
3.97
4.92
4.29
3.90
2 Yrs.Ago
Aug.25'37 108.55
1939...
*
These prices are computed from average yields on the basis of one
"typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
or the average movement of actual
price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market,
t Revised.
level
a
The latest complete list of bonds used In
computing these indexes was published In the Issue of Aug.
19, 1939,
1086.
page
Indications o/ Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 25, 1939.
finds distinct bright spots in the domestic
picture.
Miscel¬
laneous steel buying continues to improve, consumers' stocks
are
Business activity continues to forge ahead notwithstand¬
ing the
overshadowing
influence
political situation abroad.
tinues
to
for the
show
a
of
an
exceedingly
grave
The domestic trade picture con¬
most promising
ever-present threat
of
a
outlook, and were it not
largescale war, the belief
is
quite general that business in this country would be
showing far greater expansion than is now evident.
If war
in Europe breaks
out, far-reaching repercussions in this
country
of course
are
expected,
but business and
finance
have had ample opportunity to
get cushioned for the shock.
It is the opinion of not a few that the initial
shock to mar¬
kets and business will not be as
great as
widely feared
all comparable with the 1914 reactions.
at
erally
convinced that if
are
war
does
come
or
Observers gen¬
business in this
country is bound to be greatly stimulated by the fact that
the
United
many
States
will
be
the
most
important
kinds of commodities to the belligerents,
supplier of
even
if the
present neutrality law remains in effect.
Business activity for the week ended
Aug. 19 rose to the
highest point since October, 1937, according to the "Journal
of Commerce" weekly index of
business activity.
The index
registered 92.7 and compares with a revised
figure of 90.4
for the previous week and 78.3
for
a
coal production and lumber cut
were
tive activity showed a further
Steel opera¬
year ago.
tions, electric output and crude runs-to-stills
highs for the year, according to this source.
were
at
new
Bituminous
steady, while automo¬
increase.
Volume
of
ning about
new
steel
15% ahead
so
far
is
run¬
July, "Iron Age" reveals.
The
magazine estimates steel production at mid-week
at 63% of
capacity, up half a point from a week
ago, and at a new
1939 high.
Six out of the nine
leading steel producing
areas, it states, show moderate
gains in activity, with the
remaining three reporting small losses.
"How far the cur¬
rent advance in
the extent
buying
steel production will
go is uncertain, since
of a new world war
will affect
the next few weeks cannot be
measured in
to which fears
over
advance," the survey says.
"Nevertheless,
not running
phasized
this week by a revision upward of bending and
engineering extras on reinforcing bar projects and an altera¬
tion by alloy steel
producers of their lists of hot-rolled
products extras. The industry's operating rate of 63% this
week compares with the 1938
peak of 62^%
week of Nov. 15 and with the high for 1937
Heavier automotive releases
are
reached in the
of above 90%.
expected to sustain August
bookings in comparison with July, and producers in many
districts look for a distinct improvement in
shipments to
Detroit after Labor Day."
Increased demand
resulting from the heat wave and
industrial
greater
activity brought an all-time record in
of electricity in the United States last week,
the Edison Electric Institute reveals.
Last week's output
of 2,367,646,000 kwh.
was
10.7% above the 2,138,517,000
kwh. reported a year ago and exceeded the
previous peak
the
of
output
2,362,947,000 kwh.
Except for sections
the
for
affected
week
ended
Dec.
24,
1938.
by curtailment of oil produc¬
tion, all major geographic regions showed substantial gains
over
a
year
ago.
Car
loadings of revenue freight for the week ended last
Saturday increased slightly over the traffic of the previous
week, according to freight figures made public last week.
loadings came to 674,237 cars, a rise of 9,040 cars,
1.4%, compared with the preceding week; an increase
of 76,353 cars, or
12.8%, compared with a year ago, and a
Total
or
business for August
of
low, and in most districts production is
ahead of shipments.
Perhaps the most important develop¬
ment continues to be growing
price firmness, which is em¬
the steel industry
decrease of 102,913 cars,
Despite a lower total
reported
or
13.2%, compared with 1937.
of
check
for the previous week,
transactions
than
was
bank clearings
were
still
well
ahead of the volume for the
corresponding 1938 week.
This makes the fifth consecutive week of
increase over a
year
ago.
States in
Clearings for 22 leading cities of the United
the
street, Inc.,
$4,413,859,000
volume
of
latest
period,
amounted
recorded
as
reported
to
$4,727,954,000,
in
the
transactions
in
to
up
Dun
the
current
&
Brad-
7.1% from the
similar week last
period
year.
was
The
$305,-
Volume
210,000 below the total for the preceding week,
while the
corresponding weeks of 1938 amounted
decrease for the two
automobiles in July showed a
gain over the previous two months and were 43 % above the
same month last year, the Department of Commerce reported
new
passenger
today.
Ward's Automotive Reports said today that production
during the current week had started the 1940 model season
upturn.
The publication estimated the week's output at
18,365 units, an increase of 5,410 over last week's 12,955.
A year ago when the model year was not so far advanced,
production was 18,700.
Ward's predicted continued gain
until late September, when it said production would hit a
peak of about 100,000 units a week.
"Business as usual" was the sign hung, figuratively, over
the door of American business this week, Dun & Bradstreet,
Inc., said today in effect. Because of adverse weather and
since it is a time of between seasons lull, wholesale and retail
trade showed no expansion, but production by manufactur¬
ers moved definitely upward.
"Trade sentiment," said the
credit agency's weekly review, "preserved a fairly level head,
while following the European situation with careful atten¬
tion."
Statistical indicators, it was noted, continued to
present evidence of an underlying improvement in business
activity.
There were no spectacular developments in the weather
during the past week. Heavy rains in the East and Southeast
had varying results,
according to Government reports.
There was more or less damage to crops in New Jersey and
southeastern Pennsylvania southward and in the east Gulf
States, but in general the moisture was decidedly beneficial
from the Potomac Valley northward, especially in northern
Virginia and Maryland where severe dought had developed.
In New England the heretofore dry southern sections had
very beneficial rains which relieved the situation materially.
In I<Tew York rainfall was very heavy on Long Island and in
the lower Hudson Valley; elsewhere it was mostly light,
averaging less than half an inch.
New Jersey had heavy
rains everywhere, with considerable crop damage in some
areas.
In southeastern Pennsylvania the drought was effec¬
tively broken and conditions are now mostly fair.
Heavy
rains relieved the drought in Maryland northern Virginia.
Because of the continued dryness in western mountain areas,
the forest fire hazard is great, while considerable pasture and
range land has been destroyed by fire in California.
In the
New York City area the weather has been generally clear
and warm, with considerably less humidity.
Today the weather was warm and humid in the forenoon
with showers prevalent throughout the afternoon. Tempera¬
tures ranged from 73 degrees to 81 degress.
Somewhat cooler
temperatures are predicted for tonight accompanied by rain
with the weather overcast on Saturday.
Overnight at Boston it was 67 to 82 degrees; Baltimore,
69 to 90; Pittsburgh, 61 to 83; Portland, Me., 65 to 78;
Chicago, .59 to 81; Cincinnati, 57 to 90; Cleveland, 58 to 85;
Detroit, 56 to 86; Milwaukee, 57 to 76; Charleston, 69 to 88;
Savannah, 69 to 92; Dallas, 72 to 98; Springfield, 111., 65 to
88; Oklahoma City, 73 to 96; Salt Lake City, 56 to 86;
Seattle, 57 to 77; Montreal, 64 to 81; and Winnipeg, 55 to 78.
,
Railroads Place
Co.
,
Engineering construction awards for the week, $43,950,000, are 24% below the corresponding 1938 week and 28%
under last week, reported Engineering News-Record yester¬
day.
The construction volume for 1939 to date totals $1,965,406,000, a 15% increase over the $1,710,035,000reported
for the initial 34-week period in 1938.
Private construction
for the week is 4% higher than in the 1938 week, but is 52%
below the high volume of a week ago.
Public awards are
30 and 14% lower, respectively, than last year and last week.
Retail sales of
July 1, 1939, 548 passenger cars were air-conditioned, of
were owned by the railroads and 83 by the Pull¬
•which 465
man
'
to $260,991,000.
As
result of
a
past few
seven
months of 1939 put in
freight cars, the Association of American
on Aug. 19.
In the same period last
year class I railroads put 6,927 in service.
New steam locomotives put in service in the first seven
months of 1939 totaled 20 compared with 136 in the same
period of 1938. New electric and Diesel locomotives installed
in the seven months' period this year totaled 119 compared
with 82 in the same period last year.
Class I railroads on Aug. 1 had 8,473 new freight cars on
order, compared with 10,234 on the same day last year, and
10,062 on July 1, 1939.
New steam locomotives on order on Aug. 1, 1939, totaled
72, compared with 26 on Aug. 1 last year, and 60 on July 1,
1939.
New electric and Diesel locomotives on order on Aug.
1 this year numbered 46 compared with 23 one year ago
and 48 on July 1, 1939.
Freight cars and locomotives leased or otherwise acquired
are not included in the above figures.
Railroads announced
,
Railroads Have 11,351
tically all the through passenger trains in every part of the
United States are now air-conditioned.
Loading of Revenue Freight in Week Ended Aug. 19
Totaled 674,237 Cars
Loading of
totaled
the Association of American Railroads
cars,
This was an increase of 76,353 cars
Aug. 24.
on
railroads
12.8% above the corresponding week in 1938 but a
or
and
conditioned passenger
Air-Conditioned Cars in Service
the
Pullman
Co.
had
The Association further reported:
ceding week.
Miscellaneous
above
cars
the
freight loading totaled 259,453 cars,
preceding week,
of
an
of
than
less
merchandise
above the
increase of
256
cars
above
the
corresponding week
4,067
Coal
increase of 3,690
carload lot freight totaled 153,373
preceding week, and an increase
in 1938.
loading amounted to 118,692 cars, an increase of 745 cars above the
Loading
cars,
an
increase of 23,754 cars above the
and an
in 1938.
corresponding week
cars
preceding week,
week in
and
23,399 cars above the corresponding
of
increase
an
1938.
43,965 cars, an increase of
but a decrease of 1,810 cars below
the Western Districts alone, grain
and grain products loading for the week of August 19 totaled 30,585 cars,
an
increase of 4,012 cars above the preceding week, but a decrease of
2,551 cars below the corresponding week in 1938.
Live stock loading amounted to 12,566 cars, an increase of 1,332 cars
above the preceding week, and an increase of 507 cars above the cor¬
Grain
3,862
the
and
products
grain
responding week in
stock
the
above
cars
Forest
Ore
753
increase of
and an
increase of 1,125
cars above the
1938.
in
totaled
31,371
and
loading
increase of
preceding week,
responding week in
the
week,
preceding
products
the
In the Western Districts alone, loading of live
August 19, totaled 9,556 cars, an
of
week
corresponding
above
In
1938.
in
1938.
week
the
for
loading totaled
above the preceding week,
cars
corresponding week
an
cars,
an increase of 149 cars
1,340 cars above the cor¬
1938.
to
loading amounted
preceding week,
but
48,004 cars,
1,073
decrease of
a
below
cars
increase of 23,042 cars above the correspond¬
an
ing week in 1938.
to 6,813 cars, an increase of 79 cars above the
Coke loading amounted
week, and
preceding
week
of
increase
an
2,054
above the corresponding
cars
1938.
in
corresponding week
decreases com¬
pared with the corresponding week in 1937 except the Pocahontas.
All
in
districts
1938
reported
except
the
compared
increases
Southwestern.
All
the
with
districts reported
1937
1939
1938
4 weeks In January.....
2,302,464
4 weeks In
2,297,388
2,390,412
2,256,717
2,155,536
2,714,449
2,763,457
February.
2,222,939
2,986,166
2,832,248
2,371,893
2,483,189
3,214,554
661,136
665,197
674,237
2,649.960
3,712,906
2,185,822
2,170,778
2,861,821
3,098,632
2,962,219
3,794,249
584,062
766,182
589,568
597,884
773,782
777,150
19.892,718
18,275.087
24.349,192
4 weeks in March
5 weeks In April
4 weeks In May
4 weeks In June
5 weeks In July
Week ended Aug. 5
Week ended Aug. 12—
Week ended Aug. 19
Total.
...
...
railroads to report for the week ended
Aug. 19,1939 loaded a total of 312,716 cars of revenue freight
on their own lines, compared with 308,353 cars in/the pre¬
ceding week and 282,835 cars in the seven days ended Aug.
20, 1938.
A comparative table follows:
The first 18 major
REVENUE FREIGHT
LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
Received from.
Loaded on Own Lines
Connections
Weeks Ended—
Weeks Ended—
18,262
30,845
17,871
29,364
Chesapeake A Ohio Ry
Chicago Burlington & Qulncy RR
24,629
24,750
13,952
14,010
Chicago Mllw. 8t.
21,163
Chicago
Paul & Pac Ry
A North Western Ry._.
15,809
19,570
14,765
2,633
2,646
Atchison Topeka & Santa Fe
Ry.
Baltimore & Ohio RR
5,038
4,755
16,288
16,026
10,055
10,236
4,802
13,274
8,668
7,178
6,666
6,502
7,437
7,250
14,632
9,277
1,339
9,265
1,392
1,560
2,159
7,620
7,194
8,797
1,201
1,747
2,349
RR
1,897
4,084
3,795
Missouri Pacific RR—.......—
12,601
12,541
12,457
Central Lines
N
Y Chicago A St. Louis Ry...
Norfolk A Western Ry
35,705
5,614
35,309
30,882
5,450
23,346
23,508
Pennsylvania RR—...........
57,498
58,811
4,885
19,431
52,667
4,006
4,289
29,121
Coast
Lines
International Great Northern
MlssourJ-Kansas-Texaa
RR
New York
Pere Marquette
Ry
4,711
—
1,803
4,666
5,089
5,106
29,984
Pittsburgh A Lake Erie RR
Southern Pacific Lines...
29,482
4,906
4,894
Wabash Ry
4,849
1,536
2,401
36,392
8,897
8,909
7,894
4,109
40,050
4,206
39,615
4,055
33,114
4,223
5,956
4,281
6,427
7,595
6,733
3,721
7,833
7,036
312,716 308,353 282,835 182,352
Total
TOTAL
LOADINGS
AND
RECEIPTS
FROM
7,159
7,557
36,142
30,535
3,963
7,404
6,721
181,087 159,099
CONNECTIONS
(Number of Cars)
Weeks Ended—
Aug. 20,
1939..
Aug. 19, 1939
Francisco Ry
Aug. 12, 1939
21,345
27,973
11,276
Ry.
22,195
27,089
11,433
22,748
27,119
11,389
61.444
Chicago Rock Island A Pacific
Illinois Central System
59.867
61,256
cars
the Pullman
18,253
24,577
20,427
14,603
19,502
2,297
2,035
3,922
Oulf
11,351 air-
in service on July 1, 1939, ac¬
cording to reports just received by the Association of Amer¬
ican Railroads and made public on Aug. 24.
Of that number, 6.327 belong to Class I railroads and
to
de¬
102,913 cars or 13.2% below the same week in
1937.
Loadings of revenue freight for the ■week of Aug.
19 was an increase of 9,040 cars or 1.4% above the pre¬
of
crease
Total
belong
19
freight for the week ended Aug.
revenue
674,237
announced
St. Louis-San
5,024
the
the number of air-conditioned cars, prac¬
Aug. 19 Aug. 12 Aug. 20 Aug. 19 Aug. 12 Aug. 20
1939
1939
1938
1939
1939
1938
Class I railroads in the first
I
increase that has taken place in
the
years in
10,302 New Freight Cars in Service
service 10,302 new
Class
1239
& Financial Chronicle
The Commercial
149
Co.
In
the
near
ended
on
In the
following
we
undertake to show also the loadings
for separate roads and systems for the week
1939.
During this period 87 roads showed
compared with the same week last year.
ended Aug. 12,
increases when
The Commercial & Financial Chronicle
1240
REVENUE FREIGHT LOADED AND RECEIVED FROM
CONNECTIONS (NUMBER
Total Revenue
from Connections
1939
1937
1938
1939
Total Revenue
Railroads
591
578
Total Loads Received
Freight Loaded
1938
1939
Eastern District—
Ann Arbor
CARS)—WEEK ENDED AUG. 12
Total Loads Received
Freight Loaded
Railroads
OF
Aug. 26. 1939
from Connections
1938
1937
489
1,094
904
Mobile A Ohio
702
793
813
215
201
Boston & Maine
7,244
8,326
1,606
2,629
8,644
1,725
2,408
7,630
1,906
2,681
Norfolk Southern
Chicago Indianapolis & Louisv.
946
986
1,804
6,637
1,612
990
1,672
1,854
1,611
11
20
364
27
346
101
69
Piedmont Northern
Richmond Fred. A Potomac..
364
322
416
7,773
Bangor & Aroostook
Central Indiana
Central Vermont
Delaware & Hudson
1,147
5,338
Delaware Lackawanna & West-
8,037
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo SUere Line—
13,778
447
460
581
483
159
162
170
970
796
94,421
88,259
98,288
59,760
54,277
9,265
2,487
8,956
Seaboard Air Line
9,366
5,878
4,888
441
453
129
130
1,171
2,614
1,161
680
167
338
2,078
11,096
10,464
2,828
13,506
4,831
5,846
159
167
160
1,795
1,433
1.780
1,111
1,274
850
8,191
5,957
6,063
2,372
1,088
7,220
2,953
1,625
5,789
1,613
3,913
2,102
35,309
9,410
Montour........
2,801
4,263
187
218
1,632
31,002
2,528
62
19
42,155
30,376
8,120
10,737
36,392
10,364
Southern System
1,562
9,699
4,694
2,434
Western.
944
790
992
1,804
Chicago & St. Louis....
Pittsburgh & Lake Erie
5,450
4,495
5,559
8,909
5,242
4,548
6,663
6,291
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut <fe North..
Pittsburgh & West Virginia
4,666
3,948
Northwestern District—
Chicago A North Western
Chicago Great Western
5,969
4,281
171
372
40
327
198
834
1,036
1,375
561
632
894
4,906
5,142
5,774
6,733
3,396
4,8.50
2,759
114,223
151,966
137,359
421
571
769
530
144
171
27,440
2,965
2,848
518
562
508
529
3,091
1,944
518
55
5,786
3,546
2,211
7,852
11,348
90
2,007
7,227
1,621
2,297
2,144
3,679
3,336
Minneapolis A St. Louis
Minn. St. Paul A S. 8. M
Northern Pacific
Spokane
,
9,683
International
9,749
257
340
336
305
312
1,587
2,185
1,896
1,917
1,765
110,198
93,110
136,307
41,557
38,829
17,871
18,768
2,989
24,229
3,650
4,756
2.408
4,759
2,966
459
350
604
62
82
Burlington A Qulncy..
14,010
6,664
6,794
1,600
10,713
15,304
1,557
17,011
A Illinois Midland
Rock Island A Pacific.
2,345
609
685
11,776
2,214
14,074
6,984
2,221
2,582
2,280
741
805
905
Denver A Rio Grande Western.
Denver A Salt Lake
1,200
2,635
2,749
3,311
2,622
6,984
1,945
1,416
2,515
450
297
Fort Worth A Denver
City....
905
1,111
1,797
Central Western District—
Atch. Top. A Santa Fe System.
Alton
29,364
23,884
33,259
16,026
2,711
6,752
2,074
1,380
279
298
190
6
Buffalo Creek <fc Gauley
Cambria & Indiana
919
1,169
16
11
5,835
_.
4,454
6,286
10,287
8,752
565
45
240
33
23
38
30
2,251
1,880
1,379
Cornwall
587
562
Cumberland <fc Pennsylvania..
Ligonler Valley
Long Island...
201
177
90
60
136
520
537
670
Penn-Readlng Seashore Lines.
1,154
58,811
1,110
51,007
1,442
71,051
12 ..500
10,674
13,010
39,615
14,319
4,876
17,470
4,409
Pennsylvania System
Reading Co
Union
(Pittsburgh)
10,899
West Virginia Northern
Western
50
'
Missouri-Illinois
1,544
242
755
292
853
1,327
1,327
971
944
1,974
1,105
82
North Western Pacific
Peoria A Pekin Union
613
479
34
23
117
0
0
24,862
23,721
26,699
4,239
270
257
293
1,120
13,998
13,488
15,416
4,211
1,113
8,127
25
28
0
3,046
5,246
4,410
104,623
156,491
96,513
Nevada
0
2,908
80,135
Pocahontas District—
Chesapeake <fc Ohio...
24,750
19,439
23,708
Norfolk & Western
10,236
23,508
18,699
23,527
4,206
Northern
Southern Pacific
(Pacific)
Toledo Peoria A Western
Union Pacific System
TTtah
8,269
3,670
4,850
4,504
4,475
957
1,037
53,108
42,642
51,710
15,399
12,976
Total..
927
1,055
13,070
2,459
2,027
324
7,289
210
174
361
4
11
1,913
1,807
1,624
2.409
2,267
100,937
101,700
120,650
47,229
45,490
Western Pacific
Virginian
24
»
815
1,516
1,137
33,309
21
130,004
18
1,128.
1,711
......
Total.
440
1,690
Illinois Terminal
2,998
...
Maryland
Chicago
Chicago
Chicago
Chicago
7
1,420
Central RR. of New
Jersey.
Bingham A Garfield
13,063
4,921
1,615
...
Total.
Allegheny District—
Akron Canton & Youngstown.
Baltimore & Ohio
Bessemer & Lake Erie
3,476
A Eastern Illinois.....
Colorado A Southern
554
Total..
166
360
4,326
Spokane Portland A Seattle...
116,887
404
510
17,465"
596
2,186
132,834
512
20,593
3,615
197
450
6,524
4,040
8,675
3,856
13,051
1,013
6.458
...
791
Wheeling & Lake Erie
4,258
2,346
7,135
7,250
4,056
Ft. Dodge Des Moines A South.
Great Northern
1,378
625
653
2,728
21,022
4,376
20,282
1,063
Green Bay A Western
Lake Superior A Ishpemlng—..
157
892
Rutland
Wabash
22,440
2,466
19,492
3,620
7,349
Duiuth Mlssabe A I. R
34
323
16,194
19,077
Duluth South Shore A Atlantic.
Elgin Joliet A Eastern
3,730
327
332
18,830
2,423
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
3,970
N. Y.
Southbound..
Total.
8,628
1,427
8,152
New York Ontario &
18,798
411
Winston-Salem
1,666
3,078
Monongahela
893
Tennessee Central
1,750
7,041
5,936
...
New York Central Lines
N. Y. N. H. & Hartford
1,065
8,073
20,865
1,441
4,806
226
Maine Central
'
2,154
2,020
8,347
19,962
1,173
3,241
7,096
12,087
Grand Trunk Western
402
1,969
2,098
1,289
1,154
2,823
3,893
2,609
3,276
12,343
398
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley..
Nashville Chattanooga A St. L.
1,449
-
1938
1939
Southern District—(.Concl.)
Total..
Southwestern District—
Burlington-Rock Island
118
Fort Smith A Western x
163
205
267
292
Southern District—
Alabama Tennessee <fc Northern
Atl. & W. P.—W. RR. of Ala-
180
705
730
308
146
721
1,192
777
603
578
0
191
3,492
1,392
1,803
2,249
1,560
1,364
1,825
353
155
200
791
884
1,666
1,832
1,405
1,587
1,811
1,788
2,073
Louisiana A Arkansas
1,243
754
173
2,375
1,970
Kansas Oklahoma A Gulf
Kansas Oty Southern
149
639
129
2,646
International-Great Northern..
257
0
Gulf Coast Lines
1,573
1,217
1,136
Atlanta Birmingham & CoastAtlantic Coast Line
8,975
7,818
Central of Georgia
8,041
4,408
4,279
3,732
Louisiana Arkansas A Texas
3,477
4,175
2,366
2,206
427
243
114
441
774
1,151
977
617
1,396
Litchfield A Madison
Midland Valley
303
407
589
1,119
836
244
183
1,430
1,766
1,459
Missouri A Arkansas
380
168
123
254
275
314
239
287
257
489
3,795
3,822
5,174
2,159
12,565
13,077
16,740
2,370
6,644
Charleston & Western Carolina
Cllnchfleld
Columbus A Greenville.
Durham & Southern...
157
380
Missouri-Kansas-Texas
y
Lines..
169
155
679
517
422
453
529
479
31
30
30
62
57
897
840
993
1,503
1,305
724
765
710
523
480
Texas A New Orleans
1,515
6,013
1,826
21,118
1,178
878
Texas A Pacific..
3,357
9,269
8.760
Wichita Falls A Southern
Wetherford M.W.AN. W
...
Florida East Coast
Gainsville Midland
...
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System.
Louisville & Nashville
20,704
1,418
18,399
18,328
Macon Dublin A Savannah
20,465
4,802
4,261
108
142
163
408
Mississippi Central
113
225
333
Quanah Acme A Pacific..
276
y
751
7,620
80
87
113
137
90
6,340
6,428
2,308
5,976
8,644
2,765
3,557
1,809
8,447
3,824
1,781
2,766
2,430
3,712
4,863
3,021
2,887
238
276
52
107
22
17
38
33
33
43,695
45,011
58,370
29,709
28,215
St. Louis-San Francisco
St.
y
Louis
Southwestern
2,069
...
245
132
Missouri Pacific
120
y
Note
18,345
Previous year's figures revised.
•
♦ Previous figures,
x
Point Since May, 1934
During the week
ended
Aug.
19
wholesale
commodity
prices declined again with the 4'Annalist" index
closing at
75.1 on Aug. 19, the lowest
point since May, 1934.
A week
Rgo prices stood at 75.3% of the 1926 base while on
Aug. 20,
1938, they
The
to
"Annalist's"
an
improved
pressure,
in the
announcement
were
matter
went
generally lower last week although hogs
Wheat improved
export
demand.
but other textile items
the general trend
as
prices
rose to
"ANNALIST" WEEKLY INDEX
on
on
darkening
Corn
were
did
firm.
war
little.
Rubber
was
were
clouds in
Cotton
an
an
Europe
was
under
exception to
the highest level in many months.
OF
WHOLESALE
COMMODITY PRICES
-4-1926=100)
*
Aug,
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
18
19
21
22
23--.24
25
-—
—
140.2
—
*
—
_140.3
,——140.1
140.7
141.3
—
Two weeks ago, Aug.
Month ago, July 25
—
141.0
-143.0
1938 High—Jan. 10——-152.9
Low—June 1
130.1
1939 High—Mar. 6
-145.8
141.3
No index.
World
139.1
11
Year ago, Aug. 25
—_
Low—Aug. 15
—
138.4
Industrial Production Index Advanced in June
Largely
According to "Annalist"
result of
increase in the United States, the
industrial production leaped
from 104.0 in
May to 107.4 in June.
The June figure,
reflecting a rise of more than 16% over the corresponding
month of 1938, is likely to be bettered in
July and August,
a
study of the factors bearing upon current industrial output
by S. L. Miller indicates. An announcement in the matter
as a
"Annalist"
index
of
an
world
also said:
Reflecting in great measure the continuing armament boom, the
Annalist" index of foreign industrial production, which excludes
output in
the United States, advanced in June to a record height.
Standing at 122 4,
as against a
May level of 121.0, it mirrors in the principal industrial coun¬
*
Aug 19, 1939
Farm products
Food products.
Fri.,
Sat.,
Mon.,
Tues.,
Wed., \
Thurs.,
Fri.,
;
Included in Louisiana A Arkansas, effective July 1, 1939.
y
from May Level,
say:
Livestock prices
1939.
79.9.
were
important exception.
and
Total
Discontinued Jan. 24.
"Annalist" Index of Wholesale
Commodity Prices Again
Declined During Week Ended
Aug. 19 to Lowest
193
Aug. 12,
1939 Aug. 20,
67.2
67.6
63.7
71.8
63.2
63.0
58.4
83.0
1938
75.8
63.5
tries of Europe, an increase
83.3
85.8
over June of 1938, amounting to 5
8%.
Greatest of all, Mr. Miller points out, has been the rise
during the past
year in France.
Great Britain, meanwhile, has reached the point where it
95.7
95.7
96.5
is operating at
Building materials
70.9
Chemicals
70.9
69.1
85.1
85.1
87.1
69.0
68.9
71.6
75.1
75.3
79.9
—
—
Textile products
.
_
„
Fuels.Metals
Miscellaneous
...
All commodities
—
capacity.
While world industrial output has been stepping up, the volume of
international trade, measured in money, rose again in June to
41.9% of its
average in 1928.
,«
In physical quantity, world trade
reached proportions not
in
Moody's Commodity Index Higher
Moody's Daily Commodity Index advanced from 140.2 a
to 141.3 this Friday.
The principal individual
changes were the advances for hogs, wheat,
sugar and silver,
fact,
seen
during the second quarter of this
since the last quarter of 1937.
It
was
year
larger,
than the volume of world trade achieved in any three months'
period between the third quarter of 1930 and the first of 1937.
At the
top of the 1937 boom, world industrial production exceeded the
1929 peak by only 2.5% while world trade, measured
physically, fell short
week ago
of
and the decline in cotton prices.
The movement of the index is
world
as
follows:
the, 1929 record by only 0.8 of 1%
Thus, the import and export trade apparently has been keeping pace witn
industrial output, Mr.
Miller explains, despite tariffs, quotas,
monetary
misgiving
jacketing it.
and
other
things
one
would
expect
to
be
strait-
Volume
& Financial Chronicle
The Commercial
149
Commodity Prices Declined 0.3% in Week
Aug. 19 to Lowest Level in Five Years,
According to U. S. Department of Labor Index
the
week
riculture,
commodity
reached
of
Bureau
prices
States Department of Ag¬
in
the
Statistics*
Labor
0.3%
decline
to
an¬
/
66.5
68.3
71.1
—
43.4
43.3
44.4
59.3
51.6
54.4
77.5
57.0
56.2
57.9
64.0
49.8
51.1
50.6
46.3
50.4
49.6
49.3
52.0
57.5
60.5
71.3
77.1
Farm products
'.'v.*
•••
Grains,
; •'
77.1
77.4
78.9
77.2
77.2
77.4
63.0
63.0
63.0
58.8
88.7
88.6
88.0
89.0
83.0
82.7
83.0
79.1
-------
—
—
-
—
—
Livestock
nounced
index at
"The decline placed the all-commodity
Aug. 24.
on
74.6% of the 1926 average," Mr. Lubin said.
17.3
Fuels
10.8
"It
ago."
Miscellaneous
3.6% from
a year
and
ucts,
declined
building
0.1%.
materials
and
materials
Textile
7.1
0.1%.
rose
Metals
metal
Lower
"all
for
the
commodities
farm
of
decrease
0.9%
in
than
other
products
decrease of
for
0.3%
housefurnishing goods,
from the preceding
farm
foods"
and
well as
as
commodities other
during the week,-
"all
0.1%
declined
24 by the Department of
above, also said:
as
lower
3.0% in livestock and poultry prices, together with
cotton,
potatoes,
and 8.3% below
Average
of
2.9%
wool,
and
a year
wholesale
products
farm
the
caused
for
fruits and
decrease
of
cedar shingles,
tine
0.1%.
0.7%
The
and 8.1% below
2.0% for lumber,
group
foods group
brought the building materials
declines
index, 66.2,
ucts
index
decreases
was
in
prices
of
result of lower
a
index
The
pine
yellow
prices for linseed oil
timbers and
and turpen¬
0.7%
index down
Prices were
+
for
the
and
steer
•
+
hides, calfskins,
cow
prices
for
textile
cotton
products
goods,
raw
The
metals
93.5%
and
and
the
1926
of
solder
silk
rubber
The
products
declined
for
the
by
lower
prices
unchanged
remained
bar silver,
quicksilver
for
at
Aug. 22, 1936, and Aug. 24,
for Aug.
and
pig
the main
20,
groups
Aug.
1938,
of
com¬
1937,
21,
week
a
year ago.
12,
19,
.
1939
5,
1939
1939
-i
_.
July
1939
1939
22.
Regions
11.6
Middle Atlantic,
12.4
Central Industrial
-'i-
-
—
*
i ii..
---
10.0
8.7
10.6
11.1
12.1
13.7
3.6
1.4
2.8
3.3
Southern States
7.1
6.8
8.5
11.6
16.2
12.8
9.8
16.9
8.3
7.3
8.8
9.9
11.8
Rocky Mountain—
—
Total United States
10.0
■
9.4
10.7
.
RECENT
FOR
DATA
(THOUSANDS
WEEKS
Hides and leather products.
.
OF
KILOWATT-HOURS)
Change
Aug.
Aug.
2,113,887
3_
June
2,256,823
June 17..v--,
2,264,719
2,285,083
June 24
1.
2,300,268
8
2,077,956
.
—
2,324,181
2,294.588
..
2,341,822
2,325,085
2,333,403
2,307,646
29
22,
24,
Aug. 12-...-.
1936
1935
Aug. 19——.
61.4
62.2
65.9
87.1
67.2
66.7
67.5
72.0
86.8
81.5
1929
from
'1938
1937
87.3
1932
1937
1939
1938
1939
Week Ended
1938
*62.5
61.4
66.7
14.5
12.9
21.
77 A
66.2
-
-
1939
29,
14.1
West Central
5
Aug.
— ..
80.8
Sept.
84.6
80.7
Sept. 16----.
82.8
+ 12.5
2,131,092
+ 13.3
1,878,851
1,991,787
1,991,115
1,381,452
1,435,471
1,441,532
1,615,085
1,440,541
1,702,501
1,723,428
1,592,075
2,019,036
+ 13.2
2,214,166
2,213,783
2,238.332
2,014,702
1,881,298
2,084,457
+ 14.2
2.238,268
1,456,961
+ 10.5
2,084,763
+ 10.1
2,093,907
+ 11.8
2,096,266
2,298.005
2,258.776
2,256.335
1,341,730
1,415,704
1,433,993
1,440,386
2,115,847
+ 9.9
2,261,725
1.426.986
2,300,547
2,304,032
2,294,713
1,415,122
1,431,910
+ 13.7
+ 11.5
2,133,641
2,138,517
2,134,057
2,148,954
+ 9.4
+ 10.7
1,436,440
1,464,700
1,423,977
1,476,442
1,689,925
1,699,227
1,711,625
1,727,225
1,723,031
1,724.728
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1.800,259
86.1
Sept.
Farm products.
Foods
.—
July
Aug. 5, 1939
12.7
Aug.
75.2
75.1
74.6
12, 1939
1939 Aug.
Week Ended
Week Ended
Week Ended
Ended
19,
Aug.
New England
Aug.
20.
74.8
74.8
60.4
_
Week
Major Geographic
Aug. 26--
J
PREVIOUS YEAR
INCREASE FROM
PERCENTAGE
July 15-—.
July
29,
Aug.
the-fcorresponding week
2,138^517,000 kwh.
The
output for the week ended Aug. 12, 1939, was estimated to
be 2,333,4013,000 kwh., an increase of 10.7% over the like
July
Aug.
ended
The current week's
2,367,646,000 kwh.
1938, when production totaled
July
1935.
Aug.
....
was
output is 10.7% above the output of
of
July
All commodities., 'j
industry of the United States;for the week
and power
July 22
Commodity groups
electricity by the electric light
tin.
during the week.
'.V; V/:. (1920=100)
'
weekly report
Tlie Edison Electric Institute in its current
estimated that production of
June 10
index numbers for
weeks and
five
10.7%
Output for Week Ended Aug. 19, 1939,
Above a Year Ago
babbitt metal
0.3%.
past
Electric
Percent
index
group
Higher prices for
average.
following table shows
modities
All groups combined—
yarns,
Average wholesale prices of cattle feed advanced 0.6%
Crude
— —
— —
-
metal
offset
were
advanced
group
silk,
fractionally lower.
were
72.9
100.0
Pacific Cogst --------
prices for fats and oils.
0.3% because of
burlap, and raw
jute.
Higher prices for California gasoline brought the fuel and lighting
materials group index up 0.1%.
Prices for kerosene and bituminous coal
higher
70.5
71.2
1.9%
is
and side
sole leather caused a decline of 0.7% in the hides and leather prod¬
group index.
The decline of 0.1% in the chemicals and drugs group
and
97.6
70.3
—
-
foods.
and other
higher for yellow pine lath and flooring.
Sharp
78.0
94.9
——
' '
principally
group
'V''
because of
for meats
a year ago.
together with lower
:v
0.7%
decreased
vegetables and
month ago
a
A
red
foods
of
;"/■■■
'
ago.
prices
Dairy products advanced
below
77.2
94.9
Aug. 19, 1939,
drop 1.6% to 60.4, the lowest level reached since late in May,
Grains advanced 1.4%.
The group index is 2.9% below a month
1934.
77.2
95.0
materials
products," and
groups
and skins largely
group index.
the finished products,
hides
raw
index to
ago
69.7
77.7
Fertilizers
Farm machinery ...
the
The announcement issued Aug.
prices
94.2
67.5
.3
Labor, quoting Commissioner Lubin
A
91.9
68.7
.3
commodities and
agricultural
for
The semi-manufactured commodities group
than
91.9
68.7
—
-v;•
prices
accounted
91.9
———-
unchanged
;
week.
Chemicals and drugs— — —
Fertill zer materials———
—_
chemicals and drugs
and fuel and lighting
and
products,
remained
Building materials.
—
.3
advanced
and
commodities
miscellaneous
Metals
———- -
foods, hides and leather prod¬
;
0.7%
decreased
products
77.1
Textiles
1.3
dropped 1.6%
products group
commodities—
8.2
Commissioner Lubin also said:
farm
—
66.7
6.1
is down 0.8% from a month ago and
The
1939
59.0
—_
Cotton.-.
v.:
1939
—
—
Cottonseed oil
23.0
Ago
Ago
July 22, Aug. 20,
51.6
Foods-Fats and Oils
point
lowest
the
to
25.3
Week
Aug. 19, Aug. 12,
1939
1939
Group
of wholesale
index
Commissioner Lubin
five years,
past
Total Index
Year
Month
Preced'g
Week
Each Group
Bears to the
products, and build¬
farm products, foods, hides and leather
ing materials caused the United
Latest
Per Cent
for
prices
19 weakening
Aug.
ended
1926-1928=100
Compiled by the National Fertilizer Associatlbn
Ended
INDEX
COMMODITY PRICE
WEEKLY WHOLESALE
Wholesale
During
1241
92.8
93.5
93.7
93.7
93.2
92.5 108.6
94.3
67.4
67.2
67.4
67.5
67.4
65.3
76.6
70.4
73.6
73.5
73.4
73.3
73.3
77.6
78.9
77.0
75.4
Metals and metal products
93.5
93.5
93.4
93.4
93.3
95.5
95.5
86.3
86.0
Building materials.—
Chemicals and drugs..
89.5
90.1
90.1
89.4
89.5
89.3
96.4
86.9
85.1
74.2
74.3
74.5
74.6
74.6
77.1
81.7
79.5
79.3
87.0
87.0
87.0
87.0
87.0
87.8
92.7
82.6
81.7
73.0
73.0
73.0
72.9
73.3
72.1
77.2
71.6
67.2
2,320,982
2,048,300
2,154,276
2,214,775
2,280,792
70.7
Fuel and lighting materials..
— — .
90.2
Textile products
2
9
.
_
-
Housefurnishing goods
Miscellaneous.—
...
—
66.2
66.8
67.f
66.9
67.4
70.3
85.0
81.8
74.3
74.4
7 4,5
74.5
74.2
74.1
86.6
75.6
♦
Finished products
79.0
79.1
79.2
79.1
79.4
81.7
88.9
82.5
77.8
77.9
77.8
78.0
80.0
87.3
80.8
80 5
80/
80/
80.4
81.6
85.9
79.7
of the trend of business in hotels,
July were 5%
80.7
80/
In their monthly survey
Horwath & Horwath state that "total sales in
*
77.7
Horwath—July Sales 6% Above Year
*
Semi-manufactured articles..
Horwath &
Ago
Trend of Business in Hotels, According to
78,1
Raw materials
-
commodities
All
farm
All
♦
.
-——.
—
——.
_
.
other
other
over
the
corresponding month of 1938, because of the boosts
given New York City and San Francisco
than
by their expositions;
than
products
commodities
farm
i
—
products and foods—
be
Not computed.
an
decrease of 3% for the rest of the country.^
average
Chicago, Washington,
Texas and 'all others*
Cleveland,
correspond¬
comparisons than usual with the
ing month of 1938.'
all made poorer
National Fertilizer Association Reports Rise in Whole¬
sale
Price Index During
Commodity
Week Ended
Following is a list of the increases
;+Y:
months:
Aug. 19 for First Time in Six Weeks
Rising for the first time in six weeks the wholesale
in New York City for the last three
•',7 ■;;
,v(-
com¬
v
Increases Over Corresponding Months of
■
1938
Actual
modity price index compiled by the National Fertilizer Asso¬
ciation
registered
a
slight advance last week.
week ended Aug.
the
the
19
was
This index in
70.5 compared with 70.3 in
A month ago it was 71.2, a year ago
87.2, based on the 1926-1928 aver¬
Under date of Aug. 21 the Association's an¬
preceding week.
72.9 and two years ago
100.
as
age
Total
in the all-commodity index was due mainly to higher quota¬
With
for grains and livestock.
six advancing,
the food price average fell to the lowest level recorded since
Farm product prices were generally higher last week, with the
July, 1934.
prices
of grains,
creases
10 items in the group declining and
were
wool, and
registered
in
21%
30%
12%
25%
59%
38%
52%
21%
30%
69%
July
-------Residential—May
33%
48%
14%
26%
-
-
-
10%
July
6%
5%
17%
7%
9%
67%
15%
-
12%
13%
-
June
69%
75%
17%
10%
6%
——
for the city was 69%, the same as in
with
an
Fractional
of residential hotels were
Hotel business in
section
San
higher by 15% this July than last.
Francisco boomed and the whole
livestock all moving upward.
certain cotton fabrics, wool,
were
also
registered
prices of metals, fertilizers and farm
Although in¬
burlap, jute and
by the indexes representing the
machinery.
Thirty-two price series included in the Index
and
Pacific Coast
profited, as the following shows:
Increases
and Decreases over
Months of
Corresponding
1938
Actual
of raw cotton.
increases
16 declined; in the preceding
clines; in the second preceding
Double
averaged slightly over 50%.
Residential occupancy is showing
decline, but the levels are higher this year, and the sales
The building material index was up slightly,
advance in the price of lumber offsetting a decline in linseed oil.
price
59%
June.
the usual seasonal
silk, the textile average remained unchanged, due primarily to a drop in
the
Occupancy
Rates
—
occupancy
A slight rise
tions
Resturant
June.—-----------
Transients—May.
Transient occupancy
nouncement further said:
Rooms
San Francisco—June-
July.
advanced during the week
week there were 15 advances and 30 de¬
week there were 25 advances and 21 declines.
Resturant
Rates
Occupancy
Total
Rest of Pacific
June
July....
—
Rooms
+ 12%
+ 15%
+ 7%
+ 12%
73%
+ 70%
+ 87%
+ 39%
+ 34%
87%
—9%
—7%
—10%
—4%
59%
+ 23%
+ 30%
+ 12%
+ 16%
74%
Coast—
The Commercial & Financial Chronicle
1242
TREND
OF
BUSINESS IN HOTELS
IN JULY,
JULY, 1938
1939,
COMPARED WITH
Sales
The Board of Governors
Room
Occupancy
Percentage
Decrease (—)
Rait
age
of
Same
Inc. (+)
Month
or
This
taurant
Month
+ 12
05
50
+ 18
—11
—17
58
62
—5
+3
—14
34
34
36
60
+ 1
+4
—13
—5
Chicago--.
Philadelphia
+ 30
+ 11
— _
+ 15
+8
41
+9
Washington
Cleveland
+ 10
+0
Last Year Dec. (—)
64
+3
+3
+2
53
51
+ 45
+ 19
70
62
—7
—10
53
57
0
All others
—3
—5
0
53
54
BUSINESS
INDEXES
(1923-1925 Average=100)
+ 20
—8
indexes follow:
—2
+35
Texas
of the Federal Reserve System
production, factory employment, &c.
In our issue of
Aug. 19, page 1093, an item, containing the summary of
business conditions published by the Board giving a detailed
account of the changes in the index was set forth.
The
+2
+20
New York City.,
Rooms
Federal
,
Aug. 17 issued its monthly business indexes of industrial
on
Percent-
Res¬
Total
Governors of
System for July
Reserve
Percentage of Increase (+)
or
Board of
of
Indexes
Monthly
Aug. 26, 1939
—3
Detroit--—...,
Pacific Coast—
Without
Adjusted for
Seasonal
Seasonal Variation
Adjustment
July,
+5
+7
+3
57
55
+ 1
Total
Year to date
+1
+1
62
62
July,
1939
1938
1939
1939
1938
98
83
98
81
plOl
97
82
p96
97
p89
82
58
p85
85
58
pill
110
102
P106
108
97
pl08
Non-durable
11% Higher than Last Year
Minerals
reported by banks in
leading cities for the week ended Aug. 16, aggregated $8,128,000,000, or 19% above the total reported for the preceding
week and 11% above
of last year.
June,
104
93
pl09
105
93
pl02
Durable
as
July,
1939
Manufactures—Total
Debits to individual accounts,
Jtly,
+3
+ 1
Industrial production—Total
Bank Debits
June,
the total for the corresponding week
-
p98
p67
63
59
p73
73
05
Residential
p61
58
49
P62
64
49
All other
p71
67
68
7781
80
78
Construction contracts, value—Total.
*
91.4
82.9
*
90.6
81.9
Durable goods
*
83.2
70.7
*
83.9
70.3
Non-durable goods
*
99.2
94.5
Factory
employment—Total
•
69
67
61
70
SUMMARY BY FEDERAL RESERVE
62
66
72
71
65
74
74
86
83
p60
83
58
*
66
67
*
64
01
♦ Data not yet available.
Preliminary.
Note—Production, carloadings, and department store sales Indexes based on dally
To convert durable and non-durable manufactures indexes to points In
averages.
total Index of manufactures figures, shown In Federal Reserve Chart Book, multiply
durable by .463 and non-durable by .537.
DISTRICTS
Construction contract indexes based
three-month moving averages,
on
at second month, of F. W. Dodge data for 37 Eastern States.
Federal Reserve District
58.6
84.1
67
.
Board of Governors of the Federal Reserve System.
No.
91.1
P86
—
Department store sales, value
Department store stocks, value
p
70.6
81.9
m
Freightrcar loadings—Total
Miscellaneous
92.9
86.2
*
Non-durable goods
97.0
*
Factory payrolls—Total
*
*
Durable goods
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$7,499,000,000, compared with $6,223,000,000 the preceding
week and $6,714,000,000 the week ended Aug. 17 of last
year.
'V:
fr ■' "
These figures are as reported on Aug. 21, 1939,
by the
79
centered
To convert Indexes to
Week Ended—
of
value figures, shown in Federal Reserve Chart Book, multiply total by $410,269,000,
Centers
Incl.
Aug. 16, 1939
Aug. 9, 1939
17
$430,865,000
3,629,622,000
460,107,000
518,551,000
279,129,000
$399,089,000
$399,497,000
2,807,915,000
370,472,000
437,077,000
266,313,000
residential by $184,137,000, and
429,924,000
267,231,000
all other by $220,132,000.
3,165,934,000
216,333,000
981,584,000
1
Aug. 17, 1938
Employment Index, without seasonal adjustment, and payrolls index compiled
1—Boston
2—New York
15
3—Philadelphia
18
4—Cleveland
25
5—Richmond
24
by Bureau of Labor Statistics.
368,896,000
6—Atlanta
26
239,870,000
215,965,000
7—Chicago
41
1,071,930,000
8—St. Louis
16
224,671,000
961,659,000
205,389,000
17
163,620,000
153,520,000
264,861,000
243,174,000
PRODUCTION
(1923-1925 Average=100)
161,321,000
28
INDUSTRIAL
272,536,000
9—Minneapolis
10—Kansas City
Adjusted for
11—Dallas
18
189,103,000
168,084,000
29
055,348,000
592,097,000
Seasonal Adjustment
July,
June,
July,
July,
June,
Juiy,
1939
1939
1938
1939
1939
1938
104
187,524,000
12—San Francisco
Without
Seasonal Variation
216,622,000
89
57
643,942,000
Manufactures
Total
274
$8,127,677,000
$6,820,760,000
$7,311,344,000
Durable Goods
Iron and steel--
-
.
...
July Sales of Ordinary Life Insurance in United States
and Canada Reported
by Research Bureau—-Year
Date Figures and Revised Ratios for Six Months
Also Given
to
The Life
Insurance Sales
survey
of life insurance
during July and for the first
by
reclassification of
intermediate insurance to 1938 sales revised to include this
same type of business.
The revised figures of the six-month
ratio are given below,
together with the
date
July and
figures:
year
Revised
72
99
90
59
81
43
p66
91
45
*
12
*
*
79
71
*
98
87
124
77
78
112
69
87
93
68
770
5
5
p4
,s
pill
111
97
Pi 03
105
117
115
101
106
111
92
84
Textiles
Cotton consumption
Silk deliveries
84
105
80
75
100
Slaughtering and meat packing
6 Mos. 1939
Volume
86
73
62
69
76
56
103
107
101
96
106
107
104
112
104
108
109
Sheep
152
87
89
83
145
143
152
145
140
Wheat flour
96
100
98
94
88
95
Sugar meltings..
Newsprint production
81
66
85
98
78
10*
*
63
54
*
64
53
Newsprint consumption
*
132
125
*
131
111
Leather and products
*
108
103
*
104
102
Tanning
t
91
78
*
89
78
Cattle hide leathers
*
88
77
*
86
75
Calf and kip leathers
*
90
80
♦
88
Goat and kid leathers
*
100
76
♦
100
71
*
215
200
*
215
199
*
276
258
*
113
*
Kerosene-
1
'
•
to
122
106
%
$
%
93
98
■
Fuel oil
1939
Volume
1938
79
84
77
102
Calves
Year to Date
1939
to
90
Hogs.
#
to
Lubricating oil
-
Tobacco products
*
$
36,030,000
113
302,921,000
118
105
124,598,000
102,981,000
101
1,050,985,000
104
113
100
873,710,000
111
West North Central
108
48,575,000
94
106
South Atlantic
390,856,000
106
42,233,000
96
353,630,000
105
104
150,549,000
300,503,000
106
92
96
103,994,000
102
92
326,940,000
3,854,088,000
107
154
132
121
110
■
*
186
167
*
75
71
*
81
74
247
219
*
272
241
*
84
84
*
86
84
..-r -
108
99
«
%
119
Middle Atlantic
-
*
Manufactured tobacco
East North Central-
170
—
Cigars
Cigaretts
1938
-
144
*
'
-j-—.———
'
6 Mos. 1938
4
Cattle
Petroleum refining
Gasoline
July, 1939
12
*
Non-durable Goods
Ratios
Sections
39
87
Beehive coke
to
x
77
64
Tin deliveries
a
a block of
intermediate insurance from
industrial account to the
ordinary.
The revision has
been effected by
comparing the 1939 sales inclusive of the
the
97
42
90
Cement.
Plate glass
seven
months of 1939 with
comparisons for similar 1938 period.
The Bureau also made
public a revision of the sales ratios for
the first six months of 1939, which was necessitated
62
73
Locomotives
Research Bureau of Hartford,
Conn., recently issued its monthly
sales in the United States
Automobiles, a
89
p82
..
Steel ingots
81
106
#
Pig Iron
New England
East South Central
106
West South Central
104
Mountain
103
Pacific
110
18,277,000
37,658,000
13,659,000
38,412,000
108
462,423,000
United States total.
A
103
Minerals
Bituminous coal
p69
63
55
59
47
P44
51
39
170
161
P179
173
165
♦
70
54
*
71
52
Lead
Zinc
91
90
69
87
64
*
107
99
*
105
84
74
67
38
150
132
78
Silver.
ore
84
p
_
tabulation,
showing the sales trends by Canadian
Provinces for July and the
year to date, also including a
revision for the six months of
1939, was also published by
the Research Bureau, which follows:
Preliminary.
a
The seasonal adjustment factors for the Board's index of automobile production
* Data not yet available.
have been tentatively revised and the figures may be obtained from the Division of
Research
and Statistics.
California
Business
Reports
Revised
July, 1939
Year to Date
6 Mos. 1939
1938
to
Volume
6 Mos. 1938
%
Alberta
British Columbia
Manitoba
New Brunswick
Scotia
Ontario
Prince Edward Island-
Quebec
to
$
102
1,311,000
%
100
97
2,457,000
93
109
2,127,000
737,000
1,511,000
113
,14,616,000
108
94
101
99
111
98
1939
Volume
1938
•
103
124
102
110
95
104
100
89
984,000
106
101
98
947,000
117
113
100
97
326,000
93
99
32,244,000
105
224,787.000
97
200,000
8.012,000
Canada total
month,
Outlook" released
Co.,
9,240,000
17,416,000
13,719,000
5,261,000
9,188,000
102,373,000
Newfoundland
112
preceding
to
1938
58,443,000
5,855,000
2,308,000
Saskatchewan.
Wells
Activity in July Held Steady,
Fargo Bank (San Francisco)
California business in July ran close to the levels of the
Ratios
Provinces
Nova
60
p53
——1 pl76
Petroleum, crude
Iron
71
p76
Anthracite
97
according
to
the
current
"Business
by the Wells Fargo Bank & Union Trust
San Francisco.
The
Wells
Fargo index,
measuring
California's business activity in terms of the 1923-25 average
equaling 100, stood at
decline of
one
above
a
preliminary July level of 99.5,
a
point from the preceding month but 5.4 points
July, 1938. Comparing July with June two factors
index, industrial production and bank debits, rose
slightly, another, department-store sales, held even, but
carloadings dropped measurably, causing the decline in the
of
the
index level.
Volume
The Commercial & Financial Chronicle
149
Far Western Retail Trade and Building Activity Showed
Increased Volume During July Reports Bank of
State
as
large increases
supplies
America
In
Increased
activity and
bank
reported in
Bank of
the
4,569
from
Pacific
Coast
.2% for June
by
July
retail
apparel
month
in
50
representing
was
1938,
past
10
3%
trade
In California,
ago.
lines
different
30
some
slight gain of
according to
steady
with
month
same
last year,
a
far
cities
western
registered
cities
in
July
month
same
a
accompanied
the
Buffalo,
large
losses
responsible
for
for
not
were
the
by
rose
still
is
This
20%
is
higher than
for
under
with
compared
as
and 5%
June,
July,
any
both
In
areas,
districts
the
and
losses
net
continued
millinery
industries
at
sufficient to depress
were
both
in
employment
losses
the net
instead
increases
both
in
City's
If
except
under
1938,
the
in
of Wage Earners Advanced 0.2% from
July, According to National Industrial
to
Conference Board
decreases,
clothing, radio, cement, furs, shoes, buttons and
sugar
June to July,
1939
City
Rochester
Binghamton-Endicott-Johnson City.
New York City
Buffalo.
_
Utica
A1
bany-Schenectady-Troy
of American
Pennsylvania Factory Employment Increased in July
While
Payrolls and
Working Time Declined—
Delaware Factories Report Also Shows Increase
Jobs
in
after declining
wage earners
Division of Industrial Economics of the National Industrial
although
Conference Board.
Increases in costs occurred in each of
the major groups
of living in July
of expenditures except clothing. The cost
was
1.8% lower than a year ago, and
15.4% lower than in July, 1929, but 18.4% higher than at
the low point of 1933.
The Board on Aug. 23 further said:
Food prices advanced 0 3%
from June to July.
They
were
4.4% lower
than in July, 1938, 28.2% lower than in July, 1929, and 27.8% higher than
Employment
ments
averaged 0 3%
higher in July than in June.
6.2%
year ago,
lower than 10
years
They
0 3%
were
and 37.6% higher
ago,
Clothing prices in July
but 18.5% higher than at the
years ago,
C
of
in
They
July, 1929.
collected
The cost of gas and electricity, data concerning which
twice
because of
a
1%
was
year,
higher in
July than in
advance in the index of gas rates.
an
declined
rates
0 8% lower than in July, 1938, and 8.1% lower than
were
slightly
electricity index
from
January
July.
to
10% lower than 10 years
was
The cost of sundries increased 0-3%
January,
are
1939,
The index of electricity
The
combined
and
gas
workers
lower than in July, 1938, 2.1% lower than in July,
It
0.5%
was
ment of
The
purchasing
117.8 cents in July, compare
value of the dollar was
.
1923.
Per Cent of
Cost of Living
1923:=100
Increase (+) or
Decrease (—)
in
from June, 1939
1939 June, 1939
July,
Budget
Food
2,400
The
establishments.
employment
production
but
this
of
year,
The Bank's
announce¬
industries, owing
In
cotton
payrolls
of
chiefly
goods,
4%,
and
to
floor
reflecting in
was
tended
The
in
June,
large
reduce
to
heavy
coverings.
as
long
the
part
industry declines
the early changeover to
curtailment also
shown
unusually
employment
same
manu¬
unusually
was
June
over
the automobile
reflected
payments
this
reported in most
was
volume
improvement
reported about the
July holiday.
wage
Sharp
reduced nearly
were
July
to
majority the
clothing,
industry
and
June
from
a
period.
clothing
men's
steel
and
in
the
and
of
payrolls
Fourth
ment
and
for
textile
iron and
and wage disbursements nearly 24%
earlier, when activity had reached its
in the 1937-38 recession.
employ¬
in
new
operations
models
in
the
glass industry.
hourly earnings of
Average
about
from
the
36
but the
69c.,
to
35,
same as
factory workers
in
were
continued
Pennsylvania
number of hours worked
average
that weekly earnings
so
the level
ment had
Indexes of the
Family
*
3%,
nearly
week declined
per
reduced to $23.87,
prevailing in May and $2.65
or
about
week above July, 1938.
a
Regarding conditions in Delaware factories, the announce¬
1
Relative
Importance
Item
reduced
were
Aug. 21 further said:
sustained
the
at
with 118.1 cents in June. 115-6 cents in July, 1938, and 100 cents in
time
nearly
from
year
a
facturing lines,
well
1929, but 7.4% higher
than at the low of 1933.
working
11%
was
low point
igo.
from June to July.
1937,
usually a decline, while wage disburse¬
total
Philadelphia
in
Coal prices advanced 0.2% from June to July, less than the usual seasonal
more
volume of wage payments ordinarily declines more sharply
than was the case this year.
In July the number of factory
Increased
01% lower than in June, 2.2% lower than
were
26.4% lower than 10
low of 1933.
increase.
and
increased
factories
according to figures received by the Federal Reserve Bank
than in the beginning of 1934, their low point.
year ago,
Pennsylvania
in
there is
larger than
in the spring of 1933.
a
as
refining firms.
than 1% from June to July to the highest level since
a
and
The largest gains were reported by
for two consecutive months advanced slightly, 0.2%, from
June to July, according to the regular monthly survey of the
Rents
it
women's
employment
the recorded
of
areas
mainly
were
payrolls.
and
York
New
at
changes
in
Syracuse..
The cost of living
lower than
the
increase
an
industries
equipment
expanding.
were
caused
Albany-Schenectady-Troy industrial
large
firms,
others
most
The value of permits
1939.
and $21,612,938 in June.
ago
industrial
City
payroll gains.
few firms
a
gains
transportation
would have shown
other
most
but
Syracuse
in
the
aqd
payrolls
level,
1938.
5.7% higher than
$18,603,487,
was
year
July
and
in¬
daily average
a
building, the value of permits issued in 18 leading western
Costs
June
the
men's
in
years.
Living
employment
continued
equipment
payrolls.
clothing
remained
with the
$8,271,000 for July.
but
total
total
photographic
and
Binghamton-Endicott-Johnson
were
large employment losses at
In
greater
clothing
where
Rochester,
was
sufficient to offset small losses at most other plants.
and
losses
exception
men's
shoe,
were
Utica
1243
only
the previous month of June, and .5% over July,
western
In residential
July,
the
by
firms.
over
$17,592,552 in the
cities
issued
reveal
a year
same
building activity of all kinds in
July, 1938, but declined 14% from June,
issued
is
ago
year
a
stores
Western
in
over
Review"
The
at
concerns
the
employment
the
The bank further reports:
and
merchants
compared
debits
6.5%
building
trade,
increase of 5.2%.
an
wholesale
as
354
bank
of
crease
department
July than in the
independent
retail
during July
"Business
current
110
business, showed
reports
debits
Western
America, California.
Reports
dollar volume in
of
Far
volume in
whole.
a
78.1
33
to
July, 1939
77.9
20
86.3
86.0
Clothing
12
71.9
72.0
factories
employment increased
payrolls declined nearly 5%.
disbursements
wage
and
were
fractionally in
July,
while
The number of workers and the volume of
substantially
but
foods and tobacco,
above
a
sharp
June
in
the
reduction
case
of
metal
reported
was
by
plants producing transportation equipment.
+ 0.3
—0.1
78.3
the following to say:
Delaware
products
+ 0.3
Housing
In
—0.1
'
'
'
'
j,
78.2
>■
..
65.7
65.7
83.8
83.4
+ 0.5
Coal..
82.2
82.0
+ 0.2
Gas and electricity
87.1
86.2
+ 1.0
30
96.9
96.6
+ 0.3
100
84.9
84.7
+ 0.2
117.8
118.1
—0.3
Women's
Fuel and light
5
Sundries
Weighted average of all items
Purchasing value of dollar
*
m,
Weekly
The
Report
of
Lumber Movement—Week
Aug. 12, 1939
lumber industry
tion in 1929; 74%
July 18, 1939 and June 13, 1939.
ments in
of the seasonal weekly
tions
little net change from the middle of June to
very
the middle of July, according to a statement issued Aug. 11
by Industrial Commissioner Frieda S. Miller.
only 0.3%
of
in
employment was
of 0.01%
slight increase
statement further
industries
different
The
said
varied
the State showed
at
New
York
losses
canning and
women's
at
100,
nubmers
80.6
were
based
on
Information
nary
Miller's
that
the
constitute
total
The largest gains
of
manufacturing in
some
tended to offset
resulted from
seasonal
expan¬
Besides the usual seasonal
clothing and millinery firms, the declines in most other
to
shutdowns
temporary
inventory
taking
for
based
for
reports
Miss
very
preserving plants and the start of fall production at
due
were
vacations,
Index
payrolls.
City men's clothing and shoe firms.
industries
annual
total
a
:
changes, but large gains in
the losses at most others.
sion
in
A net decline
accompanied by
July,
on
employment and
direction of
tabulations included reports
ploying 382,073 workers
on
a
individual
the average of the
75.9 for payrolls.
collected and analyzed
under the
at
plants
for
repairs to the plant.
or
Dr.
from
in
E.
years
B.
2,180
Patton.
1925-27
These indexes
the Division
of
as
are
Statistics and
This July's prelimi¬
representative factories,
em¬
are
trial
located
mainly in
districts
of
the
small
total payroll of $10,315,340.
State
this month
were
reported by canneries, which
agricultural communities, most of the indus¬
reported
larger losses in
total
forces
than
of
Association from regional associa¬
covering the operations of important softwood and
shipments were 22% in excess of 1938 seasonal weekly
shipments. Compared with the preceding week, production
and new business of the week ended Aug. 12, as reported by
4% fewer mills were about* the same as for the preceding
week; shipments were 3% less. New business (hardwoods
and softwoods) was 12% above production, and shipments
were 4% above output in the week ended Aug. 12.
Reported
production for the 32 weeks of the year to date was 21 %
above corresponding weeks of 1938; shipments were 16%
above the shipments, and new orders were 15% above the
orders of the 1938 period.
New business for the 32 weeks of
1939 was 7% above output; shipments were 5% above out¬
put.
The Association further reported:
During the week ended Aug.
feet
of
the
softwoods
booked orders of
and
12, 1939, 503 mills produced 238,576,000
hardwoods
267,680,000 feet.
combined;
shipped
feet;
267,673,000 feet.
Lumber orders reported for the week ended Aug.
wood mills
same
248,823,000
Revised figures for the preceding week
mills, 522; production 238,159,000 feet; shipments 256,745,000 feet;
orders
the major increases
of ship¬
average
Reported new orders in the week ended
Aug. 12, 1939 were 36% in excess of the seasonal weekly
average of 1938 orders.
Reported production was 17%
above the seasonal weekly average of 1938 production, and
were
Payrolls Higher in Three Industrial Districts—Employment Higher in One
Since
average
hardwood mills.
Both factory employment and payrolls in New York State
showed
12,
of produc¬
according to reports to the National
Lumber Manufacturers
Change Noted in New York State Factory
Employment and Payrolls in July
average
1929, and 84% of the seasonal weekly
business in 1929,
new
Little
during the week ended Aug.
1939, stood at 66% of the seasonal weekly
Based on food price Indexes of the United States Bureau of Labor Statistics for
Ended
mills.
feet, or 4%
totaled 256,820,000 feet,
or
above production.
12,
1939, by 423 soft¬
11% above the production of the
Shipments as reported for the
Production
same
was
week
were
238,903,000
230,397,000 feet.
The Commercial & Financial Chronicle
1244
Reports from 98 hardwood mills give Dew business
33% above production.
9,921,000 feet,
Shipments
a
week
same
the
reported production last week and
is
a
Harvesting of Prairie Wheat
Crop Progressing Favor¬
ably in Canada, Bank of Montreal States
"Harvesting of the Canadian Prairie wheat crop is
6,312,000 feet and 4,353.000
a year ago
and 5,945,000
feet and orders 7,225,000
5.719,000 feet.
output of gold
230,193,000
was
In the case of hardwoods, 78 Identical mills
feet; shipments 6,660,000 feet,
1939
feature.
213,073,000 feet; and orders received 256,122,000
feet, and 201,448,000 feet.
industry, the continued expansion of the
mining
26,
8,179,000 feet.
was
identical softwood mills
or
were
it was 216,236,000 feet; shipments were respectively
year ago
238,155,000 feet, and
feet and
Production
21% above production.
or
last week's production of 420
feet, and
10,860,000 feet
as
reported for the
as
Aug.
'
favorably
gressing
advanced
well
Saskatchewan
in
Manitoba,
in
Alberta
and
although
pro¬
and
rains have
is
further
delayed operations," according to the current crop report of
Automobile Financing in June
The dollar volume of retail
financing for June, 1939 for
the 456 organizations amounted to
of
$138,571,907,
2.3% when compared with May,
1939:
decrease
a
increase of
an
49.3% as compared with June, 1938; and a decrease of 28.5%
as compared with
June, 1937.
The volume of wholesale
financing for June, 1939 amounted to $122,684,294, a
decrease of 15.7% when compared with May, 1939; an
increase of 65.3% compared with June, 1938; and a decrease
of 32% as compared with June, 1937.
The volume of retail automobile receivables outstanding at
the end of June, 1939, as reported by the 224 organizations,
amounted to $817,788,623.
These 224 organizations ac¬
counted for 94.5% of the total volume of retail financing
($138,571,907) reported for
that
month by the 456
organizations.
Figures of automobile financing for the month of May were
published in the July 29 issue of the "Chronicle," page 643.
The following tabulations show the volume of
financing
for the month of June, 1939, 1938, and 1937, and the amount
of automobile receivables outstanding at the close of each
month, January, 1938, to June, 1939, inclusive.
The
figures are as reported to the Bureau of the Census of the
Department of Commerce.
AUTOMOBILE
Retail Financing
Wholesale
Year
Volume
Month
Used and
ing
and
in
Total
New Cars
Volume
Thousand
Unclassified Cars
Volume
turns indicate that wheat
anticipated."" The bank's report
Manitoba
In
Alberta
is
but
occurred
In
grains,
crops
Volume
Number
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
Dollars
tobacco
Dollars
Dollars
1939
145,457
122,684
Total
6
351,217
b340,245
141,789
123,587
78,587
116,993
.
138,571
76,249
227,630
223,252
63,203
62,323
mos
849,665 1,707,017
686,854
589,814 375,853 1,117,203 311,001
May
June
ended June
and the prospects are
Improvement in Demand for Farm Products Continues,
According to Bureau of Agricultural Economics
The
improvement in conditions
moderate
vacations
quotes from the report
follows:
as
Foreign economic conditions have continued the improvement
modities.
the
flected much
noted in
"Were it not for large world supplies of some products and
controls
improvement
in
interfering with the
foreign
economic
normal
conditions
flow of
would
com¬
be
re¬
plainly in the demand for United States farm products."
more
sale prices
has continued to
The
Bureau
be depressed by
reports some signs
large supplies of
<.
f whole¬
some
com¬
of strengthening of wholesale
raw
materials,
but declines in prices of farm products
average,
200.000 118,322
949,738
981.090 572,235 1,355,243 577,503
73,123
75,405
very little during July, the rounded figure
the
same
remaining^at 74%
of the 1910-14
June
in
as
mos.
REPORTED BY
Wheat
224
IDENTICAL
and
0.5%
ORGANIZATIONS
1939
1938
$
$
$
696,959,547 1,064,815,488
691,191,242 1,012.305,493
709,667.390
967,096,723
739,798,724
932,526.760
779,381.455
904,154,673
817,788,623
867.737.238
July
838,516,497
...
Growers
Wheat
1938
of
Montreal
its Aug. 24th
states
that
August
806,713,720
September..
765,892,109
October
721,982,338
November..
710,882,434
December..
706,847,563
Reports
Canadian
first
of
half
First
Business
Half
of
Main¬
Year
closing
of
stages
maintaining
the
the
gain
find
summer
recorded
in
the
Federal
More than 11,000 wheat growers whose 1939 wheat
crops
were
damaged have collected indemnities of 2,670,236
bushels of wheat under the Federal crop insurance
program,
according to a report made Aug. 21 by the Federal Crop
Insurance Corporation.
The value of the
indemnities, dis¬
Aug. 12 was $1,424,616.
The
nearing completion in the winter
wheat belt and is "well begun in the spring wheat belt,
according to Leroy K. Smith, Manager of the Corporation,
bursed
to
settlement
growers
of
States
in
Under the
up
losses
losses have been settled in 29 of the 30
some
which
year."
The
monthly
further
review
re¬
July witnessed
improvement
an
in
trade with
retail
department stores slightly above those for
ing less than the usual seasonal decline*
from
field
conditions
in
been
balanced
by
being
from
variable.
are
increases
further
The
and
in
others,
in
progress
abroad.
continued
Declines
the
Corporation wrote insurance
Advices in the matter also said:
insurance
program
high
further
a
the
level
placing
of
in
has
value
of
In
in
the
manufacturing
the
of
feature
Canada
in
sections have
some
occurred
and show¬
1938,
notable
activity
expansion
July,
June.
most
dollar
of
More than 90% of the policies
some
harvest
wheat
conditions
of
crop
automobile
change to
compared
380
the
industry
export
of
models
with
14,515
seasonal
The
mills
vegetables
are
in
cotton
now
a
the
outlook
present
is
a
been
output
June
in
mills
and
the
slack
for
9,007
in
as
a
July
result
was
July,
the
of
annual
only 9,135 units
1938.
There
has
as
also
clothing trade and in the production of
are
a
much
more
active
than
a
year
ago.
The plants engaged in canning
fruit and
height of their seasonal activity.
The packing
busy.
The production of butter and cheese has
good level; the bonus available for high-grade cheese
of
and the proceeds
were
by insured
sustained
Agricultural
or
170,000
"all-risk''
75% of their
for 75% coverage.
invested in an insurance
Adjustment
cjaim
an
bring his production
growers
are
Administration
reserve
adjusted
average
Growers
of wheat in storage.
by State and county
committees,
and
a
grower
is
indemnity, which, in terms of wheat, is sufficient to
up
to
the insured amount.
approved by county and State committees they
tion, and wheat is sold from the
reserve, or
are
After claims
have
been
audited by the Corpora¬
delivered, to pay the claim.
Study of Wheat Export Subsidy Shows Domestic Prices
Have
Remained
High and Not Affected World
Prices,
According
to
Bureau
of
Agricultural
Economics
A
their
were
than
the
paid premiums representing 7,243,000 bushels of wheat to the Corporation,
record
the
number
and
bushels, which will be
busy,
at
reasonably
maintained at
induced
improved
million
have
and
recession
remain
are
have
390
-
plants
new
furniture.
to
past.
years
more
written, insuring growers of eighter 50
the
products.
Western
1939,
were
yield.
on
armaments
mining
in
for
policies
entitled to
activity
the
the
to
is
Losses
the
ported:
domestic
Have Collected 2,670,236 Bushels of
Indemnity for Damaged Crops Under
Crop Insurance Program
as
1939 harvest.
"Business Summary" the Bank of Mon¬
"the
business
has
domestic demand conditions
263,029
269,482
201,170 117,532
Canadian
been
these
account, it is expected that the general level of
prices "is likely to fluctuate only slightly during the remainder of the year,"
The relation between prices received and prices
paid by farmers changed
taining Gain Recorded in
plants
in
during the remainder of 1939.
In the current issue of its
Demand and Price Situation, issued Aug. 15, the Bureau
who said that
Flour
domestic
Taking all conditions into
190,655
June
a
affecting the
demand for farm products which began in May has continued
931,700 256,667
193,728
May
been
maturing satisfactorily
are
for excellent crops of hops and tree, fruits.
412,222 259,533
464,199
April
The
al¬
516,200
501,262 1,343,922
469,482
March
a
favorable,
and foods have prevented the general level of wholesale
prices from rising.
193,527
February
for
continues
In British Columbia grains
40,616
180,318
January
for
outlook
crop
171,173
$
has
the
46,202
I".
1939
orders
and
and
72,969
...
AS
month
Provinces
though rain is badly needed in many sections.
are
expected to yield 90% of average, roots
unclassified.
of
apples
quality
92,818
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
sales
late
good
244,142
Of these organizations, 37 have discontinued automobile
financing,
this number 34.4% were new
cars, 65.1% were used cars,
treal
of
prices of industrial
b Of
Bank
growth,
crop
46,323
...
6
good
average
168,866
1,011,295 2,336.333
Total
an
with the quality good in
average,
making
are
a satisfactory yield
yield of fall wheat is
the
48,594
1937—
v
are
promise
Ontario
77,630
mos.
May....
In
94,917
•
6
prom¬
246,499
85,744
74,212
June
corn
modities.
1938—
Total
the
Although industrial conditions have improved, the general level
ended June
In
grades
satisfactory.
Maritime
the
harvested,
well.
peaches
continued government
May...
In
and
is
crop
recent months.
June...
and
sand
Dollars
a
doing
promising,
are
being
that of spring wheat
Roots
cases.
In
obtained.
yields
generally will be light.
crops
now
are
above average and
the
in
grain
Coarse grain
Quebec,
both
being
are
variation
crop.
Wheat inspections to date show a large
grading No. 2 Northern or better.
Frost has
parts of Alberta and Saskatchewan but little damage to wheat
in
other
grapes
yields
considerable
the whole both Provinces have maintained
on
the
of
reported.
and
goes on to say:
average
fairly satisfactory
a
percentage
is
good
Saskatchewan
and
reported,
ise of
generally
re¬
yields will be slightly better than
through early August, according to the Bureau of Agricultural
Economics, U. S. Department of Agriculture, but no boom of
large porportions is in sight. The Bureau's analysis of con¬
ditions in the more important industries which affect indus¬
trial production and consumers' incomes points to
only
FINANCING
Summary for 456 Identical Organizations (a)
Financ¬
Montreal, issued Aug. 24. "Early threshing
the Bank of
*
dairymen to make cheese instead of butter.
In
study as to the effects of the United States wheat export
subsidy on domestic and foreign wheat prices was made
known Aug. 21 by the Bureau of Agricultural Economics,
U. S. Department of Agriculture.
F. L. Thomsen of the
Bureau, in reporting on the survey says, "we can feel fairly
confident that the wheat-export subsidy has operated mainly
to increase domestic prices rather than to lower world prices.
Wheat is one of the relatively few commodities to which an
export subsidy can be successfully applied."
The Bureau
went on to explain:
The Commercial &
Volume 149
In the
the
of wheat during
of 1938 prospects indicated that exports
summer
1938-39
would
season
This would have
left
a
exceed 40,000.000
not
Financial Chronicle
Petroleum and its Products—Shutdown
Discussion Monday-—Sinclair Again Posting Prices
requirements, and
—-Michigan Joins Shutdown Move—Illinois Official
Hits Shutdowns—Dawes, Pure Oil Head, Supports
Illinois Conservation Move—Roeser Quits A. P. I.
—Daily Output of Oil Lowest Since 1935—Crude
Stocks Decline—September Market Demand for
Crude Seen Lower—Navy Official Hits Oil Exports
to Japan—Mexican Situation Mixed
would have lowered domestic prices relative to foreign.
Government inaugurated
an
Dr. Thomson explains, the United States
export-subsidy program for wheat in Septem¬
The Government purchased wheat in this country and sold it to
ber, 1938.
permitted them to compete
exporters or foreign importers at prices which
with other wheats in foreign markets.
With the subsidy in operation, United States exports in
1938-39 exceeded
the 100,000,000-bushel gold which was announced at'the
beginning of the
program.
"Examination of the movement of wheat prices since the
subsidy went
into effect shows," says Dr. Thomson, that "whereas,
under similar supply
conditions wheat prices in Kansas City ordinarily are
about 15 cents under
prices in Liverpool, during the months in which
in
the
export
subsidy was
operation, they averaged slightly higher than Liverpool prices."
A statistical
analysis shows that
a
large part of the annual fluctuation
be accounted for by changes
In wheat prices in the last 15-years" seemed to
in world supplies of
Great Britain."
of the
wheat and in the level of wholesale commodity prices in
For 1938, this analysis indicates "no
United States wheat-export subsidy
German
Sugar
appreciable effect
world prices of wheat.'.
upon
of 1939
Six Months
Above Year Ago
Consumption in
Increased 21.4%
A constant rise in the consumption of sugar in Germany
during the first six months of 1939 is reported by Assistant
Trade Commissioner Paul H. Pearson and made public by
the Department of Commerce Aug. 17.
Compared with the
consumption in the corresponding months of 1938, the
quantity of sugar consumed in the "old" Reich, including
the province of Austria, increased 21.4% in the first six
months of the current year.
In June, 1939, the sugar
Increase of
31.7%,
a
total of 200,200
1938,
Including the province of Austria, the consumption
in 1939 for the months under comparison rose
tons to
28.5%, from 165,700 metric
In the Greater Reich, including the Sudeten
212,500 metric tons.
consumption amounted to 218,800 tons in June, 1939.
area, sugar
Exports of
from
sugar
Germany from
October,
June,
1938 to
1939,
amounted to 20,609 metric tons, compared to 570 metric tons in the cor¬
responding months of 1937 38.
Insurance
Certificates
on
Corn to
Remain
in Effect,
AAA Announces
The Agricultural Adjustment Administration announced
Aug. 22 that the insurance certificates issued by private in¬
surance companies on Government corn resealed on the farm
would remain in effect and that a deposit for insurance in
connection with the
crops
used
corn
resealed from the 1937 and 1938
would not be required.
This deposit
fund from which losses
as a
was to have been
resealed corn would have
on
been paid
and would have replaced insurance now provided
by private companies.
The announcement further stated:
It also was announced that the farmer who stores his corn in the local
-elevator will not
be required to pay any insurance charges.
viously proposed that the farmer reseating corn in
a
It was pre¬
commercial warehouse
.should pay 1-10 of a cent per bushel to cover insurance for the difference
between the market value of the corn, on which the warehouseman carries
the insurance, and the loan value.
Prior to the inauguration of the first loan program the insurance rate on
farm stored
corn was
underwriters made
a
Government loan.
underwriters
are
Most of the
$1.50 per hundred dollars worth of corn.
rate of 75 cents per
hundred dollars
on corn
held under
Now, because of experience with this class of loan, the
offering
a rate
of 40 cents per hundred dollars in connection
with future programs.
Payments
Obligations Under 1938 Agricultural
Program Amounted to $499,999,278
and
Conservation
on
June
30
certifications
Total
for payment and obligations under
Agricultural Conservation Program amounted to
$499,999,278 through June 30, 1939, the Agricultural Ad¬
justment Administration announced Aug. 22.
This total
1938
the
shows
distribution
disbursed
or
by
States
and
regions
of
payments-
due to be disbursed to cooperators in the 1938
Agricultural Conservation Program together with national
and
local administrative expense—of $461,549,278.39.
Ob¬
ligations of approximately $38,450,000 also were incurred in
carrying out other activities authorized under the appro¬
priation for the Agricultural Conservation Program. When
final adjustments are made it is anticipated that expen¬
ditures will approximate the $500,000,000 appropriated for
these purposes.
The AAA also reported the following:
Payments to
to be disbursed
June
30,
certified
for
of
-while
AAA
farmers under the 1938 program, including payments yet
and county association expenses, totaled $447,130,834.93 as
1939.
All
payment.
but
$31,785,935.15
State
office expense
administrative
expense
in
of
that
amount
amounted
Washington
to
had
been
$8,150,991.52,
totaled
$3,467,472.38
with other agencies of the Department of Agriculture and the field
having
expended
$1,085,592.45
administratively.
obligations incurred included the following: $4,000,000 for the
of regional laboratories and development of new uses and
markets for agricultural commodities; $101,500 in connection with
pro¬
Other
establishment
ceedings
regarding freight rate adjustments affecting agricultural prod¬
ucts; $23,200,000 under Section 13 of the AAA Act of 1938 to supplement
Section 32 funds; $5,800,000 for advance
payments on the 1939 program
.covering grants of aid in seed, lime and fertilizer ; $6,000,000 advances to
county associations of farmers for carrying into effect the 1939 Agricul¬
tural
Conservation
Program,
which
is
deductible
•earned under that program.
The transfer of $790,449 to the General
iand the Bureau
of Standards
An invitation to
east of the
representatives of all oil-producing States
Rocky Mountains to attend the Aug. 28 meeting
in Austin to determine whether the 7-State curtailment of
crude oil production in protest against broad price cuts should
be extended
was made public on Aug. 24 in Austin by E. O.
Thompson, Chairman of the Interstate Oil Compact Com¬
mission and
member of the Texas Railroad Commission.
Six States have stopped production while the seventh-
Michigan—has ordered production sharply curtailed in a
sympathy move with the shutdown movement.
Following
the Aug. 9 crude oil price cuts of from 20 to 32 cents a barrel
throughout the mid-continent, area, Texas led the way in a
15-day shutdown of its producing oil wells with Louisiana
Arkansas, Oklahoma, Kansas and Mexico quickly following
with shutins or restrictions on production.
Mr. Thompaon's invitation pointed out that executives of
the major oil companies had been invited to attend the meet¬
ing of the Texas Railroad Commission this Monday and also
disclosed that
they would be asked to testify under oath on
the position of their gasoline and crude stocks.
"Wa should
at this time be sure stocks are in good position before we
the oil fields again," he said.
"There is no use doing
thing halfway."
He also stated that he was call¬
ing a meeting of the Interstate Oil Compact Commission at
open up
this
consumed in the Reich reached
metric tons, as compared with 151,900 metric tons consumed in June,
an
Continuance
50,000,000 bushels.
to
large surplus above domestic
For these and other reasons,
1245
accounted
from
payments
to
be
Accounting Office, the Treasury
for the remainder of
the
total.
the
same
On the
time that the Railroad Commission met.
day as Mr. Thompson's announcement came
disclosure that the Sinclair-Prairie Oil Marketing Co.,
which started the crude oil price cuts, has resumed posting
of crude prices in Kansas, Oklahoma, Texas and New Mexico,
same
the
retroactive to Aug. 18.
the price cuts posted on
The current move does not restore
Aug. 9 since the company discon¬
tinued all postings whatsoever on Aug. 19 ana this week's
move only resets a posted price structure for the company.
Cosden Petroleum rescinded its Aug. 12 price cut of 20 cents a
barrel for crude bought in Young County, North Texas and
in Howard, Glasscock and Ector counties in West Texas,
effective Aug. 23.
The company said that the rising gasoline
market prices had enabled it to restore the price cut.
It was on Aug. 23 that Michigan formally issued the
orders which allied it with the six oil-producing States which
previously had ordered curtailment of production in an effort
to force a restoration of the Aug. 9 crude oil price cuts.
With normal production of 68,000 barrels, Michigan author¬
ities lowered production sharply with orders cutting the
output of all its flush wells from 25 to 100 barrels daily.
Major development of the first week of the shutdown as
far as alterations of the original orders came in Texas where
the Railroad Commission tightened up on production of
stripper wells in north Texas.
These wells, previously
exempt because of water troubles, were shutdown with the
new orders which permit wells to operate only on a 6-to-l
vacuum which lowered production to less than 1,000 barrels
daily. Previously they had been making as much as 62,000
barrels daily and stripper well operators in other States were
complaining.
The production shutdowns and price cuts were char¬
acterized on Aug. 21 by Lt.-Gov. J. H. Stelle of Illinois as
"an apparent attempt to coerce Illinois into passing legisla¬
tion designed to protect large and foreign interests."
In
pointing out that he was unalterably opposed to the passage
of any legislation which would retard or hamper The develop¬
ment of the oil industry in Illinois, the acting Chief Executive
said, that "Illinois is entitled to that place in the oil markets
to which our strategic location entitles us."
Since daily average production of crude oil in Illinois has
neared the 300,000-barrel level in comparison to approxi¬
mately 50,000 barrels daily a year ago at this time, oil men
were keenly interested in Lt .-Governor Stelle's remarks.
His
comments were in sharp contrast to those of Henry M.
Dawes, president of Pure Oil, who said that "in our opinion
the general good of the State (Illinois) would be served by
for the regulation of oil field operators that
conservation of natural resources." Gov¬
ernor Horner, currently convalescing from a recent illness,
has not made known his stand upon the question of regula¬
tory laws for Illinois's oil industry.
A mid-week development of marked interest to the indus¬
try was the announcement that Charles F. Roeser, President
of the Independent Petroleum Association of America, had
resigned as a member of the executive committee of the
American Petroleum Institute.
In a letter to Axel J.
Byles, President of the Institute, Mr. Roeser said that he
had accepted the membership on the executive body_ in
the hope that the resulting presentation of the viewpoints
of the independents in the group would be effective, but that
recent events had convinced him that the effort through the
of an Act
is based upon the
passage
Institute
was
futile.
Partially reflecting the shutdown orders covering crude
oil production in six of the major oil-producing States in
the country, daily average crude output for the week ended
Aug. 19 showed a decline of 1,069,550 barrels to a total of
The Commercial & Financial Chronicle
1246
2,480,550 barrels, according to the American Petroleum In¬
stitute.
The decline was the sharpest in the record of the
TEXAS RETAIL GAS PRICES UP—NEW YORK
than
a
FOR
State.
The report of the American Petroleum Institute
covering
production totals for the week ended Aug. 26 is expected to
show even more startling declines for the full effect of the
shutdown will be shown in this period.
It also is likely that
exports, which actually showed a decline in the Aug. 19
period, will show a sharp expansion during the following
period.
Heavy drain upon stocks of domestic and foreign
are seen inevitable, since
operators must have oil to
keep their refineries moving and production is far below the
oil also
in the
market demand.
demand was apparently
ignored by the Bureau,
presumably made up its estimate far in advance of
the shutdown movement.
An announcement by Harold L.
Ickes, Secretary of the
suspend the Connally
"hot oil" Act was held
meaningless by E. O. Thompson,
6f the Interstate Oil Compact
Commission, who pointed
to
at
Texas field
Kilgore
where there is a total shutdown.
Jerry Sadler, member of the Texas Railroad
Commission,
wired Mr. Ickes
accusing him of seeking to bring the oil
industry under Federal control and warning him that this
is not desired by the
industry. Several other oil men voiced
opposition to Mr. Ickes's attempts to use the present con¬
dition to bring about Federal control of
the oil industry.
director
of
the
Naval
Petroleum
Reserves, confirmed in
largely in
past few years
being exported to Japan. A total of
30,000,000 barrels of oil was shipped to the Far Eastern
nation during 1938 and an
equal amount is seen moving
with most of the od
during the current year.
Rear Admiral Stuart
pointed out,
however, that the drains had been made
only upon privately
owned property.
At the same time, he warned that America
today, more than ever, is dependent
upon adequate crude
stocks due to the
heavy demand from both Navy and the
Army for crude oil products.
The Mexican situation
continued
President Cardenas reported
badly confused with
being under pressure to end
negotiations and
Undersecretary of State Sumner Welles
insistent that the Mexican
Government make "adequate"
compensations to the American oil
companies involved in
last
yearns half-billion dollar oil grab of the Cardenas Ad¬
ministration.
With war clouds dark over
Europe this
week-end, the question of Mexican
exports of oil from
wells seized from the American
and British owners to Ger¬
and Italy becomes more important.
The following crude oil
price changes were posted during
the week:
74,738,000
Aug.
23
Sinclair-Prairie Oil
Marketing
schedule, retoroactive
to
once
again
is
Aug. 21—Midcontirtent prices of bulk
gasoline continued
in view of the
H cent
a
shortage resulting from the
a
crude
Cosden Oil restored the
20-cent a barrel cut in crude
prices in
its Texas purchase areas
posted early in
August, effective
to
strengthen
shutdown, prices rising
cents a
to
gallon for
third-grade, regular and premium gasoline was set
up by independents in
Houston, effective today. Previously prices had been as low as
10 cents.
Aug. 23—Standard of New York advances bulk
gasoline prices 3-10th
throughout its New York-New England
marketing area.
Aug. 23—Standard of New York boosted No.
2 heating oil prices in tank
car and barges
y8 cent a gallon for its New York-New
England marketing
cents a gallon
area
with the exception of Boston.
U. S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B. Refinery
New York—
New York—
Other Cities—
Std.Oll N.J.5.06 H--07
Texas
5.07J4-.08
Chicago
$.05
-.05
Socony-Vac .06
-.06 H
Gulf
.08 *£-.08?*
New Orleans. .06H-.07
T. Wat.Oil.
.08H-.08H
Shell East'n .07H-.08
Gulf ports
.05 K
RlchOil(Cal) .0814-.08 H
Warner-Q.. .07H-.08
Tulsa
.04H.-Q5X
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North Texas
:
$.04
|New Orleans.5 05J£-.05J4
(Bayonne)
5.04H I Los Angeles.. .03H-.05
| Tulsa
04
-.04}£
N.
Y.
Fuel Oil, F.O.B. Refinery or Terminal
California 24 plus D
i New Orleans C
(Bayonne)
Bunker
C
..51.05
Diesel
51.00-1.25
Phila., Bunker C
50.90
1.45
1.65
Gas Oil, F.O.B. Refinery or Terminal
N.
Y.
(Bayonne)—
27 plus
New York
c
Brooklyn
*
Aug. 23
oil
gallon.
Aug. 21—A price structure of 13
cents, 15 cents and 17
s
posting
Aug. 18.
The decline
Representative price changes, showing the trend of the
major refined product markets, follow:
many
oil price
dropped 1,121,000 barrels during .the
barrels, which compared with 73,-
estimate.
Japan entered the domestic petroleum
industry this week
in a striking manner when Rear
Admiral H. A. Stuart,
Washington reports that Pacific, Coast
fields,
California, had been drained by 20% in the
to
barrels
market
only Federal Tender Board is located
showedTa
Daily average runs of crude oil to stills were 3,575,000
during the Aug. 19 period, a gain of 115,000 barrels
over the
previous week to a new high for the industry.
Refinery operations were up 1.8 points to run at 86.5% of
capacity.- Reflecting the sharp expansion in refinery ac¬
tivities, stocks of residual fuel oil jumped 760,000 barrels
during the week while inventories of gas oil and distillate
were up 774,000 barrels.
Heating oil prices strengthened during the week as Stand¬
ard Oil of New York
posted increases of 34? cent a gallon in
the No. 2 heating oil tank car and
barge prices on Aug. 23,
effective throughout its New York and New
England market¬
ing area with the exception of Boston. In addition to this
increase, kerosene prices in bulk and on tank
wagons were
lifted l/i cent a gallon
throughout the same area with the
exception of Boston where the gain was only 34? cent a
gpllon.
Total demand for gasoline in the domestic
market during
September will run approximately 7.5% ahead of the
corresponding month last year, indicating that the recordbreaking pace of gasoline consumption will
carry through
the Labor Day week-end.
The United States Bureau of
Mines estimated that
September demand for motor fuel
will be 49,100,000 barrels.
The export demand was set at
4,000,000 barrels, which is 200,000 barrels under the
August
14,331,000 barrels, a decline of 34,000
Aug. 4 total.
Daily average market demand for crude oil during Sep¬
tember was estimated at 3,510,700 barrels
by the United
States Bureau of Mines in its
monthly forecast.
The total
was 11,200 barrels less than actual
market demand during
the comparable period a
year ago.
Compared with the
August market demand estimate of 3,521,900 barrels, the
September figure represents a better than 11,000 barrels
daily.
What results the shutdown will have upon the
East
fuel
196,000 barrels a year ago at the same time.
nearly double that of the previous week.
totaled
out that the
motor
was
"refinable" crude
barrels from the
in the
advance.
Gasoline inventories
week
oil, partially offset by a gain of 98,000
barrels in holdings of foreign crude oil.
Heavy crude oil
prepared
met the
area
runs
of domestic crude
was
LOWER
HIGHER"
sharp decline during the Aug. 19 week despite record refinery
in anticipation of heavier
demand, the mid-week
report of the American Petroleum
Institute
disclosed.
foreign petroleum held in the United States during the week
ended Aug. 12 pared the total to
267,536,000 barrels, accord¬
ing to the United States Bureau of Mines.
The decline
was comprised of a drain of
1,544,000 barrels upon inventories
Interior, that he
PRICES MOVE
Stocks of finished and unfinished
A decline of 1,446,000 barrels in stocks of
domestic and
which
FUEL—KEROSENE
HIGHER
STANDARD
SHARPLY
Not
I Chicago—
5.04
|
28-30 D
i
-5-053
Tulsa
5.02H-.03
|
Gasoline, Service Station, Tax Included
5.164 I Newark
168
|
Boston
including 2% city sales tax.
....5.1591 Buffalo
.1851 Chicago
5.17
..175
today.
Prices of Typical
Crude
per
Bradford, Pa
S2.00
Lima (Ohio Oil Co.)
Corning, Pa
L25
bo2
..
Illinois
Western
,95
Kentucky
Smackover. Ark.. 24 and
over
.75
are not
shown)
Eldorado, Ark., 40.—
Rusk, Texas, 40 and over
51.05
.83
Darst Creek
1.02
Michigan crude
1*20 8unburst.
Mid-Cont't, Okla.,40 and above.83-1.03
Rodessa. Ark., 40 and above
1.25
Daily Average Crude Oil Production for Week Ended
Aug. 19 Drops 1,069,550
Barrel at Wells
(All gravities where A. P.
I. degrees
.78
""
""
1*22
over...
1.22
Mont
Huntington, Calif.,
30 and
Kettleman Hills, 39 and
over.
...
1.24
4
gasoline prices in the mid-continent area have moved
higher as demand gained during the week and the supply
situation tightened because of the seven-State shut-down of
crude oil production.
Refiners were loath to sell, however,
preferring to conserve their supplies and protect their
territories.
For the same reason, jobbers were anxious.
Naturally gasoline, used for blending motor fuels, is scarce
and prices have jumped to 4 cents a gallon.
Sharp advances in retail gasoline prices in Houston were
posted on Aug. 19 by the Houston Independent Petroleum
Marketers Association as refiners increased prices to the
distributors.
Under the new price schedule, which became
effective on Aug. 21, gasoline prices were 13 cents, 15 cents
and 16 cents, respectively, for third-grade,
regular and
premium gasoline.
Previous prices had been as low as 10
cents a gallon.
Major companies held their prices at 16
cents, 18K cents and 203^ cents a gallon, respectively.
Socony-Vacuum Oil, through its marketing subsidiary,
Standard Oil of New York, on Aug. 23 posted an advance of
3-10ths cent a gallon in bulk gasoline piices
throughout its
New York and New England
marketing area. The advance
was due to the better tone of the Gulf Coast
gasoline market.
Tank wagon and retail prices in certain sub-normal
areas
were advanced on the same
day. Other companies operating
the sharpest decline, production there
dropping 985,600 barrels to a daily average of only 376,100
barrels.
Louisiana producers cut their total by 55,200 bar¬
rels to send the daily average down to 194,800 barrels.
A
decline of 7,400 barrels was shown for Oklahoma with produc¬
tion dipping to a daily average of 433,300 barrels.
Illinois
was off 2,600 barrels to a daily average of
293,400 barrels.
Kansas, which was the last State to order a shutdown, showed
a gain of 1,000 barrels in its daily average
production, which
was
172,000 barrels.
California, unaffected by the shut¬
down, was up 10,200 barrels and at 626,200 barrels daily
held a temporary position as leading crude oil
producing
stocks,
MOTOR
PRICE—STOCKS
1939
Bulk
million barrels under this total.
stocks in California, not included in the
GASOLINE
LIFTS
showed
Texas
26,
REFINED PRODUCTS—MID-CONTINENT GAS MARKETS
industry and the total production the lowest since early
1935.
Compared with the estimated market demand figure
of 3,521,900 barrels set by the Bureau of Mines, production
was more
Aug.
The American Petroleum
Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 19, 1939, was 2^480,550 barrels. This was a decline of
1,069,550 barrels from the output of the previous
week, and
the current week's
figure was well below the 2,521,900
barrels calculated by the United
States Department of the
Volume
Commercial & Financial Chronicle
The
149
Interior to be the
imposed by the
of the restrictions
total
during August.
Daily average
production for the four weeks ended Aug. 19, 1939, is esti¬
various oil-producing States
3,369,800 barrels.
The daily average output for
week ended Aug. 20, 1938, totaled 3,392,700 barrels.
mated
the
at
reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Aug. 19 totaled 985,000 barrels,
a
daily average of 140,714 barrels, compared with a daily average of
157,143 barrels for the week ended Aug. 12 and 162,750 barrels daily for
Further
the
four
details,
as
ended
weeks
Aug.
These
a
contemplated withdrawals from crude oil inventories must be deducted from the
Bureau's
estimated
CRUDE
19
345,000 barrels,
totaled
daily average of
a
PRODUCTION
AND
STILLS
TO
RUNS
requirements
determine the amount of new crude to be
to
produced.
California Oil Producers,
b Recommendation of Central Committee of
Oklahoma and Kansas, because of their size and the
inability to get complete information under three to four days, the production week
In some States, such as
c
ends
as
Therefore, the full effect of the current shutdowns
until next week.
early as Wednesday.
will not be maintained in these figures
Note—The figures indicated above do not include
Any estimate of
oil which
any
might have been surreptitiously produced.
19.
ports for the week
49,286 barrels
compared with a daily average of 3,286 barrels for the week ended Aug. 12,
and 22,857 barrels daily for the four weeks ended Aug. 19.
Reports received from refining companies owning 86.0% of the 4,338,000barrel estimated daily potential refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,575,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 74,738,000 barrels of finished and
unfinished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,685,000 barrels during the week.
Aug.
of domestic crude
oil based upon certain premises outlined in its detailed forecast for the month of
Aug.
As requirements may be supplied either from stocks or from new production,
Receipts of California oil at Atlantic and Gulf Coast
ended
1247
Bureau of Mines' calculations of the requirements
are
AUG.
ENDED
19,
WEEK
OF GASOLINE,
1939
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily Refining
Gasoline
Crude Runs
Capacity
to Stills
Percent
production of Pennsylvania anthracite for
the week of
Aug. 12, amounting to 822,000 tons, increased
56,000 tons, or slightly more than 7%, from output in the
week of Aug. 5.
In comparison with the corresponding
week of 1938 (Aug. 13) there was a gain of 93%.
ESTIMATED
UNITED STATES
Operated
PRODUCTION OF SOFT COAL
(In Thousands of Net Tons)
Inc. Natural
Average
Reporting
tot J estimated
Refineries
Daily
Blended
Percent
Rale
weekly report of the United States Department of
the Interior, Bituminous Coal Commission, showed that
the total production of bituminous coal in the week ended
Aug 12 is estimated at 7,430,000 net tons.
This is an
increase of 130,000 tons or 1.8% over the output in the
preceding week and is 1,388,000 tons higher than in the
corresponding week of 1938.
Tbe United States Bureau of Mines reported that the
Production
at
District
Potential
Weekly Coal Production Statistics
The
Calendar Year to Date
Week Ended
c
1,597
East Coast
615
100.0
588
95.6
Appalachian
149
85.9
112
87.5
Indiana, Illinois, Kentucky.
574
89.5
479
93.2
1,985
Oklahoma, Kansas, Missouri
419
81.6
273
79.8
z99l
80.5
512
Aug. 12
50.3
128
1,055
90.0
908
95.6
2,790
Louisiana Gulf
164
97.6
138
86.3
335
North Louisiana <fc Arkansas
100
55.0
45
81.8
Bituminous Coal
Aug. 5
Aug. 13
1939 b
390
•
1939
1938
1939
1938
1929
113
316
Inland Texas
Texas Gulf
Rocky Mountain
118
54.2
58
90.6
224
California
828
90.0
500
67.1
1,346
3,229
86.5
10,283
1,402
86.0
Reported
346
Estimated unreported
a—
7,430
1,238
Total, including mine fuel
Daily average.
of historical comparison and statistical convenience the
Includes for purposes
a
6,042 203,962 185,847 314,893
982
1,081
1,663
1,007
7,300
1,217
b Subject to revision,
c Sum of 32 full
1939, and corresponding 32 weeks of 1938 and 1929.
production of lignite,
ESTIMATED
PRODUCTION
ANTHRACITE
PENNSYLVANIA
OF
BEEHIVE
weeks ended Aug. 12,
AND
COKE
(In Net Tons)
♦Estimated total U. S.:
11,685
11,499
yl0,988
4,338
Aug. 12. 1939
3,575
3,460
x3,269
Aug. 19, 1939
4,283
♦U. 8. B. Of M. Aug. 19.
*
'38
Estimated Bureau of Mines' basis.
*
August, 1938, daily average,
y
week's
OIL,
FUEL
1938,
Aug. 13
1939
1938
1938
1939
1929
c
c
Pa. Anthracite—
Total, including colliery
UNFINISHED GASOLINE AND GAS AND
AUG. 19, 1939
OF FINISHED AND
STOCKS
Aug. 5
This is
production based on the United States Bureau of Mines' August,
dally average
z 12 70 reporting capacity did not report gasoline production.
a
Calendar Year to Date
Week Ended
Aug. 12
1939
WEEK ENDED
(Figures in Thousands of Barrels of 42 Gallons Each)
822,000 766,000 425,000 30,937,000 28.357,000 42,107,000
224,600
151,200
165,000
137,000 127,700 70,800
production_b__ 781,000 728,000 404,000 29,391,000 26,939,000 39,075,000
fuel, a
Dally average..
Comm'l
Beehive Coke—
Stocks of Gas
Stocks of Finished &
Stocks of Residual
Fuel Oil
Oil
and Distillates
Unfinished Gasoline
District
Daily average
Includes washery and
a
in Transit
At
and
At
and in
Refineries
Refineries
Finished
At Terms,
At Terms,
Total
Finished
Total
and in
4,230,300
22,148
665,900
1,978
2,963
c
Adjusted to make comparable the number
PRODUCTION
WEEKLY
ESTIMATED
377,800
1,783
dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
of working days in the three years.
Pipe Lines
Pipe Lines
Unfin'd
in Transit
10,700
9,000
1,500
10,600
1,767
United States total
OF
BY STATES
COAL
,
(In Thousands of Net Tons)
Ind., 111., Ky
'
Inland Texas
Taxar Gulf
Louisiana Gulf
20,589
3,280
6,160
225
54
3,715
1,622
793
3,907
389
11,719
6,391
1,629
8,327
1,946
2,854
2,847
1,903
315
Appalachian
Okla., Kan., Mo
5,742
19,243
3,000
10,927
6,054
1,396
6,865
1,680
East Coast
No. La. & Arkansas
49
393
5,140
"§47
1,122
24
285
9
1,159
14,194
8,093
(The current weekly estimates are based on railroad carloadlngs and river ship¬
to revision on receipt of monthly tonnage reports from district
ments and are subject
and State sources or of final
annual returns from the operators.)
Week Ended-
"268
647
115
"§i"
7,300
1,815
459
1,083
12,970
Rocky Mountain..
California
6,262
August
State
293
Aug. 5, July 29, Aug. 6, Aug. 7, Aug. 3,
1929
1937
1938
1939 p
1939 p
569
1~810
23",216
60,863
2
2
2
1
253
Alaska
69,693
5,045
9,348
26,870
4,945
795
unreported
27,735
2,405
162
252
42
19
36
60
88
67
71
67
90
129
1
1
Alabama.
Georgia and North CaroUna
♦Est. total U. 8.;
74,738
9,348
9,057
a27,665
75,859
68,478
69,455
Aug. 19, 1939...
Aug. 12, 1939...
a27,182
27,735
27,967
586
592
630
925
1,363
210
226
199
228
296
440
34
45
37
58
81
83
88
91
104
145
765
776
613
671
843
765
110
Indiana
*
Kansas and
106
109
118
204
217
24
24
27
-
Estimated
Bureau of Mines'
basis,
a
For comparability with last year these
figures must be increased by stocks "At Terminals.
DAILY
AVERAGE
Missouri
...—
Kentucky—Eastern
117,620
27,981
73,196
66,777
19, 1938..
♦Aug.
&c.," in California district.
CRUDE OIL PRODUCTION
—
Western..—
•:
Calcu¬
Stale
Week
Change
Weeks
Week
lated
Shut¬
Ended
from
Ended
Ended
Require¬
ments
downs
Aug. 19,
Previous
Aug. 19,
Effective
1939
Week
1939
Aug. 20,
1938
Oklahoma
VCftnHax
.
.
.
_
448,100
168,700
Aug. 16
433,300
*7,400
426,800
Aug. 16
172,000
zl,160
174,550
443,400
168,100
21
18
23
29
40
49
15
17
U
17
812
s20
50
393
288
336
434
871
1,735
1,804
1,363
2,002
2,630
3,734
101
96
74
97
98
118
Tennessee
24
18
17
14
19
23
32
24
33
45
67
83
296
283
249
268
222
248
33
47
Texas—
Utah
Virginia
West
15
49
376
21
Washington
( August)
7
43
—
Pennsylvania bituminous
Four
c
B.ofM.
5
38
21
New Mexico
a ■
7'1
44
4
4-,
— —
Ohio
"
44
2
Michigan
North and South Dakota
.7
100
41
24
Maryland
Montana........
(Figures in Barrels)
81
173
8
s
590
Illinois
a86,342
of Mines
B.
S.
♦
♦
32
a87,334
Iowa
U.
397
335
261
Arkansas and Oklahoma
84,929
e
8
8
Colorado
63,533
Reported
Est.
Avge.
1923
34
1,858
1,852
1,280
1,759
1,067
1,515
507
530
414
477
687
875
84
86
95
91
154
-
Virginia—Southern a
Northern b
Wyoming
23
31
100
—
*
*
1
Other Western States c__—.—
*
s2
s4
9,396
11,538
'
*46,200
57,150
X63.100
9,700 *23,000
73,900 *175,050
26,850
29,700
West
221,000
East Central Texas—
49,300
East Texas
77,800 *295,200
59,700 *166,600
64,000 *168,000
201,900
220,050
97,800
440,800
236,950
202,900
218,000
17,800
23,900
Panhandle Texas
North Texas
West Central Texas—
Southwest Texas
Coastal Texas
—
1,428,100
Total Texas
Aug. 15
*48,450
Coastal Louisiana
376,100 *985,600 1,210,250 1,393,650
*2,500
67,050
78,750
*53,150
181,900
295,300
Aug. 17
194,800
*55,650
248,950
261,050
Aug. 17
60,150
*3,850
62,600
55,800
*2,600
z3,350
286,300
201,900
Michigan
54,200
Wyoming
Montana
77,100
16,400
293,400
99,000
68,600
70,950
16,150
Colorado
3,900
4,150
z350
6,565,750
*38,400
.
incl. 111.).
111,000
New Mexico
Total east of Calif..
nA-llfrynlfl..
Total United States.
x
Minus,
106,200
z
Aug. 17
97,450
J 151,600
*300
68,400
49,150
z9,000
65,200
16,350
3,950
97,050
63,050
*300
12,750
3,850
107,000
1,854,350 *1080250 2,757,850 2,709,400
2,926,800
zl0,700
626,200
611,950
683,300
595,100 b598,300
3,521,900
Plus.
Total bituminous
7,300
coal
5,853
7,430
766
748
547
611
1,243
1,926
8.066
Pennsylvania anthracite d—...
Total, all coal.
7,378
8,126
6,400
7.941
10.639
13,464
the N. & W.; C. & O.; Virginian; K. <fc M .; B. C. <fe G.
and on the B. & O. in Kanawha, Mason, and Clay counties, b Rest of State, Includ¬
ing the Panhandle District and Grant, Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon
d Data for Pennsylvania an¬
thracite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
p Preliminary.
s Alaska, Georgia, North Carolina, and South
Dakota included with "Other Western States." * Less than 1,000 tons.
a
Includes operations on
182,300
51,900
Total Louisiana
Arkansas
Eastern (not
89,200
336,550
74,950
64,350
130,450
North Louisiana
TlUnnis
74,700
75,400
2,480,550 *1069550 3,369.800 3,392,700
World Tin Production and Consumption
of 1939 Below Year Ago
World tin production
in First Half
in the first half of 1939 amounted to
62,800 tons, of which 48,382 tons were
signatory countries, according to the
accounted for by the
August issue of the
published by the Hague office of the
International Tin Research and Development Council.
This compares with 82,500 tons produced in the first half of
1938, of which 67,984 tous were supplied by the signatory
countries.
The following is taken from an announcement
regarding the Council's figures:
4'Statistical Bulletin"
The Commercial & Financial Chronicle
1248
Thailand (Slam) has not been included
The Buffer stock contribution of
been declared the export figures
of which this country
showed an
Belgian Congo
Bolivia
amounted to:
Exports in July
4,388 tons.
493 Netherlands Indies
—
...
.......
1,698
Thailand
yesterday,
18,
shows an increase of nearly
smelters' stocks decreased by 12,000
tons,
The total stocks show, consequently, a decrease of about 10,000 tons
to 39,387 tons.
During July the total stocks increased by 125 tons to
39,512 tons, representing 26% of the current annual rate of consumption.
half of 1939 at 74,900 tons
in the first half of 1938 but 4,000 tons
shows consumption sta-
The table below
*
First
Second
First
Half 1938
Half 1938
Half 1939
% Increase
or Dec
24,185
9,294
6,752
8,996
10,341
Germany.
*
5,482
6,722
—19
5,818
4,995
—9
4,059
5.331
4,081
—10
3,224
—60
1,0843
-
1,713
1,757
737
Poland.........
984
1,153
2,454
2,218
1,170
British India...
2,400
—
.......
..
Canada
St. Louis
10.275
10.125
48.750
5.05
4.90
4.75
10.275
10.225
48.825
5.05
4.90
4.75
10.275
10.275
48.800
5.05
4.90
4.75
48.700
5.05
22
10.275
10.225
48.700
5.05
4.90
4.75
Aug. 23
10.275
10.200
49.000
5.05
4.90
4.75
10.275
10.213
48.796
5.05
4.90
.
10.225
10.275
Average
..
4.90
4.75
4.75
.
for calendar week ended Aug. 19 are: Domestic copper f.o.b.
refinery, 10.275c.; export copper, 10.200c.; Straits tin, 48.771c.; New York lead,
5.050c.; St. Louis lead, 4.900c.; St. Louis zinc, 4.750c.; and silver, 35.450c.
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
Average
prices
basis of cash,
New York
+6
or
St. Louis,
as noted.
All prices are in cents
Export quotations for copper are reduced to net at refineries
On foreign business in copper sellers usually name
—1
1,375
+ 10
seaboard.
835
1,158
+ 27
Hamburg, Havre, and Liverpool.
1,202
1,063
—10
—...
9,230
9,127
9,408
70,400
74,900
The c.i.f. basis commands
the
on
Atlantic
c.i.f.
a
price—
premium of 0.325c.
a
pound above f.o.b. refinery quotation.
per
+3
80,800
—1
*
Daily London Prices
As compared
1938.
with average for
Total deliveries
corresponding period of 1938, being an
increase of 27%.
amounted to 2,814,000
World automobile output in the first half of 1939
of 39%.
vehicles, against 2,024.000 vehicles in 1938, being an increase
Non-Ferrou8 Metals—European Political Tension
Disturbs
Markets—Silver Up Abroad
items
down
held
was
Markets,"
to
in
The
London
early in the week on buying for account
of Germany, but eased on Aug. 23 on announcement that
the British Board of Trade had prohibited further export
of war materials, which includes most of the metals, except
up
Foreign silver was up for the week on covering
by shorts in London. The publication further stated:
month
to
eries
to
light business
on
improved
will
delivery.
Germany
It
the
since
restrict
to
metal
exceed
10 ^c.
Abroad, the market
near-by
tons
previous
the
in
copper, as
week.
Sales
to
of
the
booked at
was
Germany continued buying blister for
as
August.
15,000 tons have
On
early
news,
shipments from England,
been
Aug.
bought by
23,
of
441516
45
50
1515,6
1513u
14i,t
14%
45
45ii6
50%
229%
163,6
16
4415x6
44t3i6
50%
229%
16
1513x6
14%
44-Mi
44%
50%
16%
15%
14%
14%
14%
Firmer
for
London
prices
the last week
preceding
here,
disturb
quotations.
producers
also the
Co., and
Most
at
4.90c.,
of the
said
covered
the rise
in
lead
the
market
in London
continued
5.05c.,
at
as
domestically,
New
too
critical
the
All are
Silver
Production in
to
the
The
refined lead
in
stocks
of
statistics
5,619
on the basis of commercial
bars, as actually produced by the
refineries, and in respect to the United States and Canada
that principle strictly obtains.
Production of United States
refineries, which treat a great deal of foreign materials, is
split up as to origin.
(In Thousands of Fine Ounces)
Jan. to
Jan. to
Feb.,
Mar.,
April,
May,
June,
June,
June,
1939
1939
1939
1939
1939
1938
United States
5,268
this
lead for September shipment, which position
of about 62%.
August requirements
extent
for
tons.
July
encouraging,
were
Shipments
amounted to 274,854 tons,
year
to
showing
consumers
reduc¬
a
against 222,617
increased
tons
in
the
same
last year.
Germany
I
Zinc
were
1,650
4,531
tons
tons
in
of
the
was
common
previous
quiet.
grades,
week.
Sales for the week ended Aug.
virtually
all
Consumption
August
is
being
metal,
19
against
maintained
at
satisfactory
levels, as deliveries to consumers continue in good volume,
4,519 tons and 4,419 tons, respectively, being shipped
during the last two
calendar
weeks.
producers
Unfilled
declined
orders
from
for
50,230
common
tons
to
grades of zinc
48,961
on
the books
tons
during the last
week.
The quotation continued
steady at 4.75c., St. Louis.
Interest in
high-grade metal for the automobile industry is expected to
improve, unless
the tense situation in Europe
suddenly breaks into war.
bility of
a
political
sharp rise
in
9,628
46,423
9,402
1,475
1,500
1,800
1,500
1,500
1,800
8,906
9,650
8,590
8,950
9,975
10,780
5,493
1,766
30,593
29,634
1,454
....
1,800
742
825
ST!
877
4,266
4,789
475
Europe
Australia, refined
1,500
1,450
1,780
500
400
400
400
2,940
2,725
875
.
4,906
1,650
1,500
694
.....
1,637
1,700
1,500
1,800
.......
Other America
875
875
875
1,559
a
»
a
a
Other Australia and New
Zealand
Japan.b
.....
875
4,985
5,250
485
585
585
585
585
3,000
400
Burma, refined—
400
380
380
380
1,885
3,310
2,310
South Africa
87
98
92
99
96
567
566
190
200
200
200
200
1,430
1,200
100
110
120
120
120
545
670
21,822
15,028
20,070
17,469
14,954
13,571
15,592
Belgian Congo
Other Africa
Not yet
18,496,000
now
on
.......
reported.
oz.
The
15,164
a
133,733
a
a
87,310
89,136
production
of Mexico for January-April, 1939, was
b Owing to governmental intereiction the accounting for
Japan is
the assumption that it is being maintained about at
unofficial
advices suggest
that
the
Japanese
year and may now be around the rate of
Steel
production has
1,000,000
oz.
prior rate, but recent
been
increasing this
per month.
Output Reaches 63%, Highest Rate Since 1937
Aug. 24, reported that steel
production this week has advanced another half point to
63% of capacity on a mill schedule which, for the industry
as a whole, is the
strongest for any week since Oct. 12, 1937.
Five out of the eight
leading steel-producing areas report
moderate gains in activity, the
remaining three showing
narrow losses, and the volume of new
business is, for most
companies, running from 5 to 15% ahead of July.
The
"Iron Age" further stated:
news
from
war-risk rates,
the
current
advance in
partly because the extent to
buying
over the
next
which
steel
fears
production
of
a
new
will
go
world
is
war
uncertain
will affect
few weeks cannot be measured in advance.
Never-
the less the steel
industry finds distinct bright spots in the domestic picture.
Miscellaneous steel buying continues to improve, consumers'
stocks are
low, and in most districts production is not running ahead of
shipments.
Perhaps the most important development continues to be
growing price
firmness, which is emphasized this week by a revision upward of
bending
and
engineering extras on reinforcing bar projects, and an alteration
by
alloy steel producers of their lists of hot rolled products extras.
A significant gain in steel
ingot production took place at
output rose to 82%% from 79% last week.
Detroit where
Youngstown operations have
gained four points to 58%, Buffalo two points to
61%, the South three
points to 78%, and the southern Ohio River area 4%
points to 62%%.
The Pittsburgh district declined a
point to 56% and the
Chicago
dipped
a
point and
a
half to
56%%, with
Cleveland
going
down
area
three
.
The
unfavorable
3,701
points to 78%.
Tin
The
1939
5,336
1,411
2,515
6,794
Peru
How far
credited with buying lead in London during the last week,
demanding prompt and near-by metal.
Spot lead in London commanded a
premium over the forward position.
was
Business in domestic zinc
5,067
The "Iron Age" in its issue of
from
38,710 tons in June to 42,636 tons in July, with the last-named figure the
highest since October last year.
Deliveries during the first seven months
period
World
which
York,
Smelting & Refining
of consumers are almost fully covered.
Battery makers were important
buyers during the last week, with miscellaneous consumers also interested.
tion
the
following: accounting of silver production, as reported
by the American Bureau of Metal Statistics, is theoretically
to
Louis.
was in
14%
are the official buyers' prices for the first session of the
prices for copper and tin are the official closing buyers
in pounds sterling per long ton (2,240 lb.).
Totals ex-Mexico
strengthened
abroad
situation
settling basis of the American
St.
buying
be
to
business
14*16
The
a
more
Though
regarded
The
contract
in
225%
224%
224%
229%) 223%
Prices for lead and zinc
Totals..
amounting to 5,383 tons, against 2,366 tons in the
seven-day period.
market
was
brought
225
plans
quotations eased.
copper
Lead
sales
149,6
22
23...
Other Asia
10 %c.
estimated that
first
for
Reports from fabricators indicate busi¬
firmer
was
is
3,282
basis, and producers believe August deliv¬
those of July.
The price continued steady
Some business in the "outside" market
Valley.
prices ranging from
14%
18..
21
Mexico
reported in domestic
was
30,664 tons.
an
consumers
10y2c.,
2,774
against
total
date
continues
ness
at
sold,
were
151'x,
Aug.
Aug.
Aug.
Aug.
Canada
Copper
tons
3M
15i316
229%
229%
discussed.
Another week of
Spot
50
The question of higher war risk rates was
under license.
3M
44%
Again
its
minimum.
a
Zinc
Spot
London Metal Exchange;
issue of Aug. 24,
reported that uncertainty over the outcome of the latest
war
scare in
Europe made traders in non-ferrous metals
extremely cautious during the last week, and buying in
Mineral
market firmed
3M
Spot
44
prices.
most
(Bid)
Aug. 17
during the preceding month.
)fe'World tinplate production in the first half of 1939 amounted to 1,900,000
tons, against 1,500,000 tons in the
and
Lead
Electro.
3M
principal smelters for July amounted to 10,684
of the
tons, against 8,518 tons (revised figure)
"Metal
Tin, Std.
Copper
Preliminary.
p
Spot
of
Zinc
St. Louis
Aug. 17
Copper, Std.
of
New York
Aug.19.....
1,429
a
Total apparent consumption..
Other countries
is
QUOTATIONS)
Lead
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that
is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery basis.
5,145
.
Tin
per pound.
4,990
Japan......
........
22,
Aug. 18.....
to the
26,539
Italy.
Aug.
+ 13
United States of America..—..
United Kingdom.....—......
Sweden.
46.900c.;
+ 18
29,890
U. S. S. R
about unchanged
was
21,
<fc M. J."
New York
Dom.,Refy. Exp., Refy.
Aug
consumption in the first
6,000 tons below consumption
.
Aug.
("E.
Straits
Electrolytic Cower
Aug.21
Consumption
above that in the second half.
PYance
23,
DAILY PRICES OF METALS
the first half of 1939
Tin
was
47,000c.;
Aug. 19,
47.200c.
47.025c.;
Aug.
46.900c.;
2,000 tons, whereas the carry-over and
World apparent tin
The i-rice situation
raised their views to 49c. and higher.
Straits tin on spot was wholly nominal at the close.
Tin-plate operations
in this country have dropped slightly to about 65% of capacity.
Chinese
tin, 99%,
was
nominally as follows:
Aug.
17, 46.950c.;
sellers
when
5,275
...........
The visible supply during
week.
the last two days of the
on
603
2,320
Nigeria
1584
217
.
French Indo-Chlna
Malaya..........
countries were brought
of the seven signatory
while the total over-exports
up to
to now.
until
Aug.
The amount now having
for Thailand have been revised, as a result
over-export of 207 tons at the end of June,
In the export figures for this country up
Aug. 26., 1939
Europe,
together
with
the
possi¬
brought in good buying of tin
industry's average rate of 63% this week compares with the 1938
peak operating rate of 62% %, reached in the week of Nov.
15, and with the
high for 1937 of above 90%.
Meanwhile the current operating rate is
Volume
The
149
in
assemblies
automobile
markets,
manufacturers and barrel
washing machine
the
to
level of the year
lowest
index by 1.9 points to
"Iron Age** capital goods
The Union Pacific railroad in the next eight
17-car streamlined trains costing $2,500,000
The immediate steel outlook continues
falter lately,
63.2.
months will build two new
Automotive
assemblies,
week advanced to
Lake Superior iron
start
July scrap consumption is
-
One year ago
wire,
addition to
rails, black pipe, sheets
.
1937
1936
1935....
1934
1933
1932
but
6
Sept.
—-
-
20.61)
19.61 [
One year ago
8
2
10
8
2
2
Buffalo,
1936
-
1934
1933
-
1932.
Steel
Aug.
22.
One week ago—
One month ago
.......
One year ago........
$19.61
20.25
18.73
17.83
16.90
13.56
13.56
Based
on
No,
1
quotations at Pittsburgh,
and Chicago.
$15.46
15.13
14.50
brief lag
July
Feb.
Aug.
May
Jan
Jan.
Dec.
6
16
11
14
27
3
6
Louf
-
15.00
21.92
Nov. 22
11.00
1935
1934
...
1933
1932
30
21
10
13
8
12
-
12.92 Nov. 10
12.67 June 9
10.33 Apr. 29
9.50 Sept. 25
6.75 Jan. 3
6.43 July 5
Aug. 22
,
Aug. 29
Sept.
6
12
6
June
19
54.2%
53.1%
55.0%
Mar. 13
55.7%
June 26
54.3%
57 6%
Mar. 20
55.4%
July
51.7%,
Mar. 27
56.1%
July
61.9%
27
60.7%
Mar.
59.9%,
50.7%
3
10
Apr. 17
3
47.9% Jan.
9
51.7%
Apr.
10
17
Jan.
16
52.7%
May
49.4% Jan.
23
51.2%
Oct. 24
Jan.
30
52.8%,
Sept. 12
Sept. 19
Sept. 26
Oct.
Oct.
Oct.
Oct.
Nov.
51.4%
53.7%
6
56.8% Feb.
61.0% Feb. 13
31
7
The
Week
38.8%
Apr.
Apr.
24
53.4%
1
May
8
May 15
May 22
54.8%
May 29
with the Federal
July
54.7%
52.1% July
50.9% July
48.6% Aug.
47.8% Aug.
47.0% Aug.
45.4%
48.5%
52.2%
The finished steel composite is
week's steelmaking rise, maintaining
Gains included 4 points
56%, at Pittsburgh, 2 points to 58 at Chicago, 7 points to 86 at Wheeling,
5 points to 75 at Birmingham, 3 points to 6(fit Cincinnati, 3 Hi points to
83lA at Cleveland, 18 points to 82 at Detroit and 2H points to 57 at
At. Louis. Buffalo declined 2Vt points to 58, with eastern Pennsylvania at
the rate a year ago at 22 points.
43, New England at 70 and Youngstown at
38.5%
49.7%
56.4%
24
60.6%
31
59.3%
760.1%
14
62.1%
21
..62.2%
3
10
17
Reserve Banks
Aug. 23 member bank reserve
balances increased
$196,000,000.
Additions to member
bank reserves arose from increases of $166,000,000 in gold
stock and $3,000,000 in Treasury currency and decreases
of $32,000,000 in Treasury cash and $52,000,000 in Treasury
55 unchanged.
Steel ingot production for the week ended Aug. 21 reached
the highest rate in 22 months, or since October, 1937.
The
according to the "Wall Street Journal" of Aug. 24,
slightly over 63%, compared with 61% in the previous
week and 60% two week ago.
The "Journal" further
reported:
;
* '
average,
was
S.
U.
estimated at nearly
Steel is
58^%, compared with a fraction
weeks ago. Leading inde¬
of 3 points to 66M%. against 63
■ '
58% in the week before and 55H% two
under
pendents are credited with a rise
preceding weeks.
in the two
The following
with the
corresponding week of previous years,
approximate changes, in points,
from the w&ek immediately
of $7,000,000 in money in circulation and $39,000,000 in
non-member deposits and other Federal Reserve accounts.
Excess
reserves
of member banks on
Aug. 23 were estimated
approximately $4,740,000,000, an increase of $150,000,000 for the week.
The statement in full for the week ended Aug. 23 will be
to
be
found
on pages
1280 and 1281.
preceding:
Independents
U. S. Steel
+3
—IX
+ 1
+iy
66 ^
58 ^
34 H
+5
48 y
81
—1
84y
X
+
1939
63
+2
1938
42
+2
1937
83
1936
72
+2
69
1935
50^
+1 H
41
3
20 y
—2
—2
50 ^
—2H
1934
20
—2^
1933
49
—2 H
—1
13>4
1931
32
1930
58
1929
89
1928
76
1927
68
14
—1
30
—1
66
+4
51
—1
94
—1
85
+2
—iy
+1
77
—1
75^
+3
+2
69
66
+3
12^
34
—1
+3 H
Changes in the amount
—1
—
+
y
y
of Reserve bank credit outstanding
follows:
and related items were as
Increase
(+)
or Decrease
Since
Aug. 23, 1939
Aug. 16, 1939
$
Bills
%
U. 8.
Government
including
$11,000,000commltm'ts—Aug. 23
Other Reserve bank credit
advances
Industrial
Total Reserve
bank credit-
Gold stock
-
Treasury currency
Member bank reserve
Money in
-
1,000,000
$
44X000,656
(not
12,000,000
(—)
Aug. 24, 1938
—2,000,000
5,000,000
1,000,000
securities—.— 2,423,000,000
discounted,-.-
Bills bought
+2
57
47
1932
75 y
+2 y
19
During the week ended
deposits with Federal Reserve banks, offset in part by a
decrease of $12,000,000 in Reserve bank credit and increases
of production
together with the
table gives a comparison of the percentage
nearest
Industry
5
June
20
Feb.
both in domestic and export markets,
The composite price advanced 9 cents last
highest in 22 months.
$15.42,
Eight districts contributed to last
June
Feb.
for coming weeks.
climbing less rapidly.
to
53.7%
55.8%
55.1%
62.6%
are
expected, although a
heavier than
been
have
1939—
1939—
1938—
October if
The seasonal letdown in
partly because general
downward
production is off slightly to 65%.
the margin over
of the industry will be 62.2% of
capacity for the week beginning Aug. 21, compared with
62.1% one week ago, 60.6% one month ago, and 42.8% one
year ago.
This represents an increase of 0.1 point or 0.2%,
from the estimate for the week ended Aug. 14,1939.
Weekly
indicated rates of steel operations since Aug. 1, 1938, follows:
39 8% Nov. 14
39.4% Nov. 21
40.4% Nov. 28
42.8% Dec. 5
44.0% Dec. 12
39.9% Dec. 19
45.3% Dec. 26
193947.3%
2
46.7% Jan.
Nevertheless, possibility is seen of a
demand for flat-rolled products in
unchanged at $55.60.
97% of the steel capacity
1
Aug.
8
Aug. 15
prices.
Consumption elsewhere
expected three months ago and buyers' inventories
closed out as planned.
needs
can
week to
that
IQIft
making good progress in attempts to com¬
Scrap prices still are headed upward,
Iron and Steel Institute on Aug. 21 an¬
telegraphic reports which it had received
indicated that the operating rate of steel companies having
Aug.
line
but
American
The
nounced
in
expected
carbon
Sept. 30 of tonnage booked this spring at cut
trend is indicated
June 7
Mar.
Dec.
Dec.
13.00' Mar.
12.25 Aug.
8.50 Jan.
17.75
13.42
the May price war,
will be attempted next
Similar changes proposed on cold-drawn
miscellaneous
in
Tin plate
May 16
I
model assemblies, ac¬
specifications and output has been slower than usual,
$14.08
—
1936
new
be deferred until next month.
contracts are
.
Aug. 15
X938
in
Revised quantity extras on hot-rolled alloy bars are
being swelled excessively.
not
are
Philadelphia
Hitih
leading
4,705 the week before.
indication that general advances
no
the fewest so
With Ford curtailing
of the Big Three was only 5,690 cars and
companies,
has been better than was
15
$15.46
1939
'
However, this does not apply to automotive steel.
melting steel
heavy
is
plete shipment by
Scrap
1939. $15.46 a Gross Ton
1937
for plates in eastern markets.
with 23,940 a year ago.
Sheet and strip producers are
Low
June 21
Mar. 9
Nov. 24
Nov. 5
May 1
Dec. 5
Jan.
5
$23.25
23.25
19.73
18.84
17.90
16.90
14.81
-
1937
Ship¬
Pitts¬
week ago, and may order another five.
a
Books for the fourth period normally would be opened early
bars may
and
Valley
Southern iron at Cincinnati.
Philadelphia,
High
1935
placed
be announced shortly.
to
fBased on average for basic iron at Valley
furnace and foundry Iron at Chicago,
$20.61-1
One week ago
there
September.
16
1939, $20.61 a Gross Ton
1938
nine
Independent
quarter.
Low
Oct.
Mar.
Mar.
Jan.
Jan.
May
Mar.
building
five more cargo ships, in
Finished steel prices have steadied materially since
and hot
2.211c.
2.249c.
2.016c.
2.056c.
1.945c.
1.792c.
1.870c.
good activity in ship¬
projects.
counted for 7,305 units, against
output.
May
This points to reduced business in
of inquiries.
excess
Automobile assemblies last week of only 12,955 units were
Pig Iron
One month ago
in
with additional bookings in prospect.
products represent
2.236c.
Jan.
3
May 17
Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
and fabrication continue
burgh and Ohio mills find line pipe business the best in at least two years,
beams, tank plates,
rolled strips. These
buying and repairs.
equipment
The Federal Maritime Commission has awarded
trucks.
High
Aug. 22.
are
for model changes, total output
85% of the United States
for
programs
building and in oil and gas pipe lines helps to offset the lag in new
Steel
2.286c.
2.512c.
2.512c.
2.249c.
...2.062c.
2.118c.
1.953c.
1.915c.
1939
1938
contemplated
these produces later in the year, although at present,
estimated at 68%
Based on steel bars,
2.236c.
2.236c.
2.300c.
One week ago
One month ago
but
active
COMPOSITE PRICES
22, 1939, 2.236c. a Lb.
gains having been
likely to increase than recede the next few months,
far this year and compare
Finished
Aug.
more
Structural shape and reinforcing bar production
above the like month of 1938.
"IRON AGE"
Meanwhile, steel releases,
month.
next
Extent of the upturn is problematical.
been at
remains
markets, sales have
Age" scrap composite
prices and the "Iron
ebb as regards final
week at the year's
building continues the best outlet
unchanged at $15.46 a ton.
THE
of
view
in
expected to be the
from the increase in ore-hauling
Although supplies of scrap are tight in most
recently published
Demand is
slight.
the Lakes.
vessels on
last
accelerated
be
model production.
new
and engineering
1937, judging
September,
largest since
will
Business from railroads still is disappointing, recent
shipments this month are
ore
future, or at least a slower rate of improvement.
near
operations,
although still relatively small, are increasing steadily as additional interests
housing project at Pittsburgh.
a
off in the
leveling
a
building; 2,000 tons for
a ramp extension to the Main Avenue bridge, Cleveland; 1,700 tons for a
shipways extension at the New York Navy Yard, and several other sizable
projects.
Reinforcing steel awards total 6,610 tons and include 1,250 tons
for
districts has tended to
but current and prospective business seemingly assures sus¬
Recovery in steelmaking the past 90 days' has been so sharp as to suggest
Western's
pending, are
each while the North
for a New York apartment
and include 3,000 tons
of 1937.
tained activity into fourth quarter.
16,450 tons from
10,745 tons last week, the largest awards being 2,410 tons for a hospital
building at the Medical Center, Jersey City; 1,728 tons at Pollock, Cal.,
for the Salt Creek bridge; 1,035 tons for a bridge at Avondale, La., and
1,000 tons for a grade elimination project at Grand tlanc, Mich.
New structural projects at 16,900 tons are equal to last week's volume
the past
lettings
steel
favorable, with ingot production
Demand is improving less rapidly and in some
likely to call for bids shortly.
Structural
Aug. 21 stated:
on
advancing 1^ points to 63^%, highest since fall
depressed the
construction program
proposed 800 cars, the major railroad
of the iron and steel
"Steel" of Cleveland in its summary
of consumers such as stove
makers. Heavier auto¬
motive releases are expected to sustain August steel bookings in com¬
parison with July and producers in many districts look for a distinct im¬
provement in shipments to Detroit after Labor Day.
Meanwhile the drop
being supported by demand from a wide range
and
1249
Commercial & Financial Chronicle
-12,000,000
—4,000,000
+ 9,000,000
2,441,000,000 —12,000,000
—138,000,000
16,501,000,000 +166,000,000 +3,422,000,000
2,903,000,000
+ 3,000,000
+176,000,000
balances..—-10,829,000,000 +196,000,000 + 2,673,000,000
circulation.
cash
_
Treasury deposits with F. R. bank._
Non-member deposits and other Fed¬
Treasury
eral Reserve accounts
+628,000.000
—83,000,000
7,098,000,000
2,334,000,000
724,000,000
+ 7,000,000
-52,000,000
—47,000,000
860,000,000
+ 39,000,000
+ 289,000,000
-32,000,000
The Commercial & Financial Chronicle
1250
Returns
Member
of
Banks
New
in
York
City
Text
and
Chicago—Brokers' Loans
>
banks and also for the
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE CITIES
The
German
Government
Reich
Republics, moved by
Loans and investments—total--
8,340
8,380
Loans—total.
2,826
2,846
—
—
Commercial,
Industrial
7,613
2,951
Aug.lQ Aug.21:
1939
1938
%
$
2,136
2,117
539
1,471
1,480
352
352
342
117
132
18
18
19
489
525
507
39
37
184
198
68
68
68
118
118
118
14
14
12
""50
""50
"53
v.
,.
case
Article
of the
one
42
Treasury bills......
50
87
381
381
429
208
Treasury notes
220
216
834
2,171
Obligations fully guaranteed by
United States Government...
1,141
1,136
797
149
149
127
Other securities
1,186
1,179
1,045
330
327
320
5,317
5,145
3,375
945
923
—60
.....
Reserve with Fed. Res. banks—
Cash In vault
Other assets—net
2,820
244
243
656
third
power.
other regarding questions
51
39
38
69
222
220
374
478
47
47
52
7,875
6,342
1,728
1,680
1,552
644
659
497
497
50
104
63
63
In
3,074
2,424
810
815
680
591
575
282
13
12
6
347
341
"292
13
"l3
"l0
1.482
—
1,482
1,483
265
265
—
Capital account
friendly
Returns of Member Banks of the Federal
Reserve System for the
Preceding Week
As explained above, the statements of the New
York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
condition
leading
Aug.
statement
of
weekly
reporting
member
banks
in
101
cities
shows the following principal
changes for the week ended
Increases of $45,000,000 in loans to brokers
and dealers in
16:
se¬
curities,
$126,000,000
$90,000,000 in
in
demand
balances
reserve
deposits-adjusted,
with
and
Federal
Reserve
$132,000,000 in
credited to domestic banks.
Commercial,
New
York
industrial
and
agricultural
loans
increased
City, and declined $7,000,000 in the St.
$5,000,000 at all reporting member banks.
in securities increased
Loans to
banks,
deposits
$7,000,000 in
Louis
district
reporting member banks.
Loans
to
banks declined
York City.
at all
$14,000,000 in New
Holdings of United States Treasury bills increased
$14,000,000 in New
$15,000,000 at all reporting member banks.
Holdings of
Treasury notes and United States Government bonds
York City and
for
the
week.
Government
creased
Holdings of obligations
increased
$11,000,000.
$8,000,000.
*
showed little change
guaranteed
Holdings
of
securities"
in¬
Demand deposits-adjusted increased
$84,000,000 in New York City and
$90,000,000 at all reporting member banks. Time
deposits declined $9,000,000 in New York City and $6,000,000 at all
reporting member banks.
Deposits credited to domestic banks increased
$91,000,000 in New York
City, $12,000,000 in the Chiacgo district,
$9,000,000 in the San Francisco
district and $132,000,000 at all
reporting member banks. Deposits credited
to foreign banks increased
$25,000,000 in New York City.
Borrowings of Aveekly reporting member banks
amounted to $7,000,000
on
A summary of the
principal assets and liabilities of re¬
porting member banks, together with
changes for the week
and the year ended
Aug. 16, 1939, follows:
Increase
(+)
Decrease
or
(—)
exchange
Aug,
33CtS-"
16,
1939
...
Commercial, industrial and agri¬
Open-market
Loans
to
loans
dealers
for
purchasing
519.000,000
+12,000,000
—24,000,000
+ 44,000.000
guaranteed
2,267.000,000
3,340,000.000
Reservewith Fed. Res. banks
8,917,000.000
Cash in vault
426,000,000
2,842,000,000
Balances with domestic banks.
Liabilities—
Demand deposits-adjusted
Time deposits
Domestic banks
Borrowings
+870,000.000
+8,000,000
+11,000,000
+126.000,000
—20,000,000
+65,000,000
+"v;■'"
:
,
^
name
of the Government of the U. S. S. R.:
MOLOTOFF.
Formal
Agreement
Great
Britain
Mutual
of
and
Poland
Assistance
Signed
Between
London
at
The signing of a formal
agreement of mutual assistance
between Great Britain and Poland at the
Foreign Office in
London on Aug. 25 by Lord
Halifax, the British Foreign
Secretary, and Ambassador Count Edward Raczynski was
made known in Associated Press advices
from London late
yesterday which said:
The agreement consists of
eight articles setting forth the circumstances
under which the parties would come to each
other's assistance.
"It is
a source
of lively satisfaction to both
governments that the negotia¬
tions for the present agreement have been
cluded,"
so
speedily and satisfactorily
con¬
Foreign Office official statement said.
"This agreement replaces and
gives formal effect to the provisional agre ement reached between the United
Kingdom Government and the Polish
a
Government during Foreign Minister
Joseph Beck's visit to London last
spring and announced in the House of Commons on
April 6," the statement
added.
The pact provides that if
in hostilities with
a
one of the
contracting Powers becomes engaged
third Power in consequence of
aggression by the third
Power, the other immediately will render
every support and assistance.
In event of any action
by a European Power which clearly threatened,
directly or indirectly, the independence of the
contracting parties and
was
of such nature that the nation in
question considered it vital to resist with
its armed forces, the other would be
obligated to give its aid.
Italian Economic
Progress in 1938 Stressed in Annual
Report of Banca d'ltalia—State Budget
Italy, having adopted the objective of
offsetting
scarcity of material wealth with "a robust moral
made
"decided
the
stamina,"
in
progress
1938,"
of the Governor of the Banca
according to the
report
d'ltalia, dated March 30, and
in translation in
the
United
States.
The
report states that Italian political authorities are
directing national economy upon objectives which "in the
productive field may be summed up as a more intense ex¬
ploitation of the country's economic
field
higher degree of social justice."
a
those
aims
are
evidenced
change thus
in
all
unified
a
being effected is
fields
of
Interministerial Committee
shall
observe
later,
and
of
of
the dis¬
will
to
though gradual.
It is
foreign trade, and of credit,
planning
the
the
far-reaching,
production, of
coordination
by
The report adds,
part:'
The
In
resources.
tributive
achieve
under
the
Supreme Autarchic
by studying the trend of
direction
of
the
Commission.
various
economic
fac¬
tors,
+639,000,000
+233,000.000
+2,349,000,000
+ 44,000,000
+^05,000,000
+90,000,000
—6,000,000
+2,621,000,000
544,000,000
—4 000 000
+119 000 000
7,183,000,000
655,000,000
7,000,000
riiv
RIBBENTROP.
In the
We
5,000,0001
...17,641,000,000
5,245,000,000
United States Government deposits
Inter-bank deposits:
Foreign banks..
+4,000,000)
VII
be ratified
'7'r
through
-
treaty shall
(Signed)
+33,000,000
by
Government
Other securities
Article VI
For the German Government:
+2,000,000
+15,000,0001
concerning
arbitration
an
Drawn up in two languages, German and Russian.
taking place
495,000,000
by
MOSCOW, 23d of Auguest, 1939.
—55,000.000
+12,000,000
if necessary,
or,
conflict exclusively
within the shortest possible time.
of ratification documents shall take place in Berlin.
The
treaty becomes effective immediately upon signature.
—3,000,000
+ 2,000,000
—14,000,000
2,159,000,000
5,890,000,000
United States bonds
opinions
parties
or
The exchange
in
—59,000.000
V
the contracting
Article
1,534,000,000
Other loans
between
for another period of five years.
60,000,000
1,172,000.000
Treasury bills.....
Treasury notes
fully
Aug. 17, 1938
or
carrying securities
States
+ 45,000,000
In
Loans to banks.
United
—5,000,000
+ 3,000,000
676,000,000
and
Real estate loans.
Obligations
1939
+63,000,000 +1,705,000,000
+30,000.000
—37,000,000
3,912,000,000
313,000,000
paper
brokers
securities
Other
Aug. 9,
§
...22,337,000,000
8,186,000,000
cultural loans
of
only recently received
Since
1/x
conflict
of expiration of this period, it will continue in force
automatically
one year
Aug. 16.
Loans and investments—total.
Loans—total
a
+
by the United States
"Other
any
at the other
The present treaty will extend for a period of 10
years with the condition
if neither of the contracting parties announces
its abrogation within
and
brokers and dealers
$41,000,000 in New York City and
$45,000,000
itself with
that
following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments
of the Board
of Governor's of the Federal Reserve
System respecting the
returns of the entire body of
reporting member banks of the
Federal Reserve System for the week ended
with the close
of business Aug. 16:
will associate
indirectly is aimed
commission.
~
Complete
or
question, the two parties will adjust this difference
any
The present
The
of
250
....
Other liabilities
the event
47
3,105
Foreign banks
Borrowings.....
directly
464
48
IV
contracting parties
Article
209
645
Inter-bank deposits:
Domestic banks......
high
party.
34
76
7,951
.
the
other grouping of powers which
by
Demand deposits—adjusted
con¬
each
interest.
common
873
60
United States Govt, deposits—
III
Article
Neither of
Liabilities—
Time deposits.
of
874
376
—
II
The governments of the two contracting parties in the
future will
stantly remain in consultation with one another in order to inform
653
76
Balances with domestic banks—
every
206
819
2,160
United States bonds
from
parties of this treaty should
Article
Loans to banks.........—..
refrain
to
become the object of
warlike acts by a third power, the other party will in no
way support this
32
183
Other loans....,
I
force, every aggressive action and every attack against one
another,
including any single action of that taken in conjunction with other powers.
Other loans for purchasing or
....
Socialist
peace
526
agricultural loans.1,496
117
Real estate loans
Soviet
of
act of
1,847
541
of
state
The two contracting parties obligate themselves
In
carrying securities....—..
Union
between
Germany and the U. S. S. R. and the in the spirit of the provisions of the
1926, between Germany and the U. S. S.
R.,
decided the following:
Chicago
and
Open market paper—
Loans to brokers and dealers..
the
neutrality treaty of April,
Article
New York City
Aug. 10 Aug. 24 Aug.2'A
1939
1939
1938
1939
%
%
%
%
Assets—
and
desire to strengthen the
a
(In Millions of Dollars)
Aug. 23
Non-Aggression Pact
The text of the German-Russian non-aggression
pact, signed
this week, was given as follows in Associated Press accounts
from Moscow on Aug. 24:
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
Aug. 26, 1939
German-Russian
of
+30,000,000
+132,000,000 +1,230,000,000
+26.000,000
+335,000,000
—3,000,000
+6,000.000
haw this
thus
far.
plans
are being carried out as
scheduled, in some cases ahead of schedule,
contributing, as has been especially evident the latter months of the
toward maintaining industrial
activity at a notably high level.
thus
year,
In
The results
held
the
policy has revealed itself, and what
general,
achieved
we
note that
were
during the first half
of
the year,
visable
the
unit,
results have been,
field, self-sufficiency
meetings of the various Guilds
and subsequently at the sessions of
October and
November.
Following
Duce, recognizing that, within autarchic
scope the terri¬
country proper and those of the Empire constitute an indideclared that complete independence as to
food requirements
these meetings, the
of
ip
the
the productive
reviewed at the
Supreme .Autarchic Commission
tories
in
Volume
will
be,
met
50%,
over
possible, it will be necessary
the
action
1925
This is effected by directing
new
activities through control over new industrial plants; by stimulating
private enterprise through the creation of favorable market conditions for
autarchic products; by controlling prices, duties, quantities, and even by
stipulating the use of definite percentages of national goods and products;
by guaranteeing that capital investments, and the yield thereon, will be
repaid to investors; and, finally, by promoting the formation of semi-public
reach
to
our
increase
a
other
in
agricultural exports has been
achieved in national agriculture.
typical
favorable results
the
State budget,
Regarding the
the
ment
imports, and an
made possible by
3,173,000,000.
result
This
the
exceeded
also
the
closed the fiscal,
budgeted deficit of
was due to increased receipts
which totaled
budgeted figure of 20,597,000,000.
Although
budgeted figure, the increase did not wholly
These expenses totaled 29,615,000,000 against
deficit of 2,147,000,000 against a
a
against the
27,468,000,000
the
gain in receipts.
budgeted figure of 23,770,000,000.
.
and the
the extraordinary budget for military purposes
Expenses under
reached 9,027,000,000 against 17,519,000,000
during the previous fiscal year.
Thus total expenses, both ordinary and •
special, reached 38,642,000,000, with a deficit totaling 11,174,000,000,
much less than that of 16,230,000,000 for the 1936-37 period, which more¬
development
the Empire
of
increased
included
over
at the rates
Mexican
Government
on
Silver
16 issued
Aug.
of Finance
Now that
35 cents, however, the Depart¬
and promulgated the
took cognizance of the situation
<
During
On
and expenses under the ordinary budget
1937-38 with
expenses
Loan
Aug. 18 the Securities and Exchange Commission
public a summary for the week ended Aug. 12 of
comprehensive figures showing the daily volume of stock
transactions for the odd-lot account of all odd-lot dealers
made
Actual receipts
offset
the 1927
Odd-Lot Trading on New York Stock Exchange
Week Ended Aug. 12
:
report:
year
accordance with
decree.
gradual reduction
quote as follows from
we
of
Mining corporations protested the tax when it was adopted.
imports, together with the
high level of exports, contributed to a
unfavorable trade
balance.
A decline in food
of
in
1939
the price of silver has dropped from 43 to
•
regards foreign trade, the rigid control of
As
maintenance
of
it.
will,
1,
a decree
abolishing the 12 % export tax on silver and also removed the
tax on antimony metals in which the ore concentrates are less
than 25%, it is learned from a UnitedjTress dispatch from
Mexico City, which also said:
carefully planned, are thus
Though the objective is single, divers routes,
Oct.
Mexico Abolishes 12% Export Tax on
The
productive organizations.
traversed
and
helps to
the field of production
the Ministries supervising
of
Loan
accomplishment of the objectives.
the
assure
fund purchases,
mittee, be devoted to the payment of the coupons due Sept.
of substitutes.
use
The
the views of the Com¬
1, 1939 of the
of 5% and
4%% per annum respectively, and any balances thereafter remaining
will be retained, for the time being, by the paying agents.
sinking
of industrial
in others they are,
In those fields where self-sufficiency is not
to adopt voluntary restrictions and to develop
been entirely met, while
have in some cases
products
or
and that the requirements
be achieved within five years,
will
1251 a
Commercial & Financial Chronicle
The
149
and specialists who
handle odd lots on the New York Stock
Exchange., continuing a series of current figures being pub¬
lished by the Commission.
Figures for the previous week
ended Aug. 18 were given in our Aug. 19 issue, page 1102.
The figures are based upon reports filed with the Com¬
mission by the odd-lot dealers and specialists.
STOCK
TRANSACTIONS
ODD-LOT
Week Ended Aug.
of a special character.
receipts
THE
FOR
OF ODD-LOT
ACCOUNT
DEALERS AND SPECIALISTS ON NEW YORK STOCK EXCHANGE
.
■
::
12, 1939
V',
.
Total
fOT Week
■
Increased
resulted from the corporate capital tax,
largely
receipts
favorable collection of all taxes,
particularly direct taxes, and imposts on transfers of wealth.
The increase in normal expenses is due in part to increased salaries for
personnel, established by royal decree of June 27, 1937, XY, No. 1033, and
to a larger extent to the many measures adopted to strengthen the economic
full
by
Number of orders
figures
Dollar value
with
4,755,000,000.
of
deficit
a
This
budget shows
This
budget.
from
special taxes, custom duties and sales taxes on im¬
which is only partially offset by increases in other
taxes, particularly the sales tax on mineral oils produced at home.
oils,
mineral
ported
decree
invested
Among financial legislation of particular importance is the royal
1938, XVII, No. 1720, imposing a special tax on capital
of Nov. 9,
in
tax,
as
a
and
estate
the effects of the two taxes previously imposed upon real
upon
stock companies,
joint
completing the cycle of taxation
benefited through the lira
private wealth—having already
through which
individuals.
fiscal justice, extends to private and unincorpo¬
matter of
rated enterprises
by private
operated
industrial enterprises
and
commercial
This
realignment—has been called upon to contribute to the exceptional needs
the
budget.
The
of
capital
subject
to
determined
is
tax
the
on
basis
income
of
as
recorded, but only on that part of this income arising from capital invest¬
ment, excluding income earned
of
7.50%
income
The
new
estimated
through labor.
The tax is levied at the rate
8% the
the figure arrived at by capitalizing at the rate of
on
arising
outj of capital investments.
tax
around
will
affect
about
firms
120,000
and
will
bring receipts
1,500,000,000 lire.
Suspension of Transfers of Service of Danzig External
Loans Announced by League Loans Committee
The
following communique,
regarding the suspension of
servicing of the Danzig external loans,
League Loans Committee, London,
The
the
from
reports
in
the
the
Danzig
external
the
Danzig
Government
Loans—the
Free City
out
that
the
and
would
loans
be
4 that transfers of the service
suspended
they
7/5%
Danzig
communicated
with
the two Danzig League
regarding the service of
of
of
Mortgage
Loan
1925
and
the
Tobacco Monopoly Loan 1927—and pointed
a breach of the
the memoranda dated Aug. 27, 1937 and consequently restore to
of Danzig 6%/4%%
The
fund
the time
the
London
during
their
Committee
meanwhile
for
loan
of July
press
Municipality
bondholders
sinking
was issued by the
Aug. .16:
suspension of sterling transfers would constitute
terms of
loans.
on
Loans Committee announce that immediately they learned
League
11,889
417,565
...
429,454
rights
purchases
for
in
sums
current
I
by
half
the
original
contact
the
have been
The
paying agents
the
under
remain
announce,
being.
14,777,372
Dollar value
Round-lot sales by dealers:
Number of shares:
Shortsales.-
increase of 4,281,000,000 in expenses over
an
"V
The half billion reduction in budgeted receipts results principally from
income
-
..........
..............
O
92,920
....... .......
.......
........
....
Total sales
92,920
.
increase
Empire.
reduced
>
Customers' total sales
:.
Other sales.b
includes 2,476,000,000 for military
purposes.
Other important increases include:
Expenditures by the Min¬
istry of Finance for interest on the public debt and the cost of works for
the 1942 Exposition; expenditures by the Ministries of Public Works and
Communications for public works programs and the construction of vessels
for the merchant marine; those of the Ministry of Agriculture and Forestry
particularly in connection with the development of land reclaiming, hydrogeneration of fuels, and carrying out of autarchic programs; and finally the
expenditures of the Ministry for Italian East Africa for developing the
1938-39
v
Customers'other sales.a
of the national economy.
The 1939-40
'
Number of shares:
Customers'short sales
situation is
which in
previous years had been considered exceptional in character.
However, cer¬
tain measures are being studied which will serve to restore the balance
between receipts and expenses of a permanent nature.
The application of
these measures will be gradually extended proportionately with the expan¬
the
16,862
Customers'total sales
the development of
including in the budget certain expenditures
brought about by
sion
444
16,418
Customers'other sales.a
budget for 1939-40 shows receipts of 24,561,000,000 against expenses
29,316,000,000,
sales):
Customers'short sales...-
;the lands of the Empire.
of
18,709,602
.
Number of orders:
1938-39
the
for
ticularly in connection with defense requirements and
The
496,397
Odd-lot purchases by dealers (customers'
fiscal period are 25,072,000,000 in
receipts and 25,035,000,000 in expenses, showing a surplus of 37,000,000.
However, a decided increase in actual expenditures may be expected, par¬
Budgeted
18,570
.......
Number of shares
the nation.'
of
structure
(customers' purchases):
and from the
companies,
many
Odd-lot sales by dealers
1729, optionally paid in
19, 1937, XV, No.
posed by royal decree of Oct.
im¬
with
information
suspended
year,
Bonds
Danzig
the
and will
in sterling which
July
General
the
of
of
the
Government
bondholders,
remain
that
suspended
had been transferred to
4 in respect of the service of each
less the amounts already used for
Round-lot purchases by dealers:
Number of shares..
1
...
112,890
reported with "other sales."
b Sales to offset customers' odd-lot orders, and sales to liquidate a long position
which Is less than a round lot are reported with "other sales."
Sales marked "short exempt"
a
Member
on
New York Stock and New York
Exchanges—Figures for Weeks Ended July 29
Trading
Curb
V
are
.and Aug. 5
The
Exchange Commission
and
Securities
on
Aug.
18
made public figures showing the volume of total round-lot
stock sales on the New York Stock Exchange and the New
York Curb Exchange for
the account of all members of these
exchanges in the week ended July 29, continuing a series of
current figures being published weekly by the Commission.
Short sales are shown separately from other sales in the
New York Stock Exchange figures.
The Stock Exchange members traded for their own account
in amount of 2,650,060 shares, an amount which was 24.01 %
of total transactions of 5,518,150 shares on the Exchange
during the week ended July 29.
During the preceding week
by Stock Exchange members amounted
to 3,571,169 shares,
or 21.71% of total transactions of
8,222,300 shares.
On the New York Curb Exchange total round-lot trans¬
actions for the account of all members during the week
ended July 29 were 364,615 shares; as total transactions on
the Exchange during the week amounted to 841,705 shares,
the member trading for their own account was 21.66%
of total transactions, which compares with a percentage of
20.73% in the preceding week ended July 22, when member
trading amounted to 410,380 shares and total transactions
ended July 22 trading
989,650 shares.
to
The SEC also made
available
on
Aug. 25 the figures for
week ended Aug. 5.
Round-lot transactions for the
account of members of the Stock Exchange during that week
the
total trading
On the Curb Exchange member trading
amounted to 370,845 shares, or 21.04% of the total volume
on that Exchange of 881,280 shares.
The figures for the week ended July 22 were given in
these columns of Aug. 12, page 950.
In making available
the data for the weeks ended July 29 and Aug. 5 the Com¬
amounted to 2,109,975 shares, or 21.96% of
of
4,597,350 shares.
mission said:
The data
York
Stock
published
are
based upon weekly reports filed with the New
the New York Curb Exchange by their re¬
Exchange and
spective members.
These reports are classified as follows:
1252
The Commercial & Financial Chronicle
week End
my 29
"stock
1. Reports
showing
received.-transactions
Aug. 5, *39
hock
NecuTb0Tk
Exchange
Exchange
Exchange
795
1,075
795
197
specialists-..
2i Reports ■ showing other
1,074
103
195
267
58
237
101
253
qualify under some other provision of the
regulation."
The ruling, which appears in the Federal
Reserve Bulletin, was made public as follows on Aug. 22
by
58
255
111
+hp Board of Governors*
^ JWrtiu. ui
Capital Contribution Loans Between Members of
trans
actions initiated on the floor
other trans-
actions initiated off the floor
Section
630
552
551
"In
547
Note—On the New York Curb Exchange the round-lot transactions of specialists
registered are not strictly comparable with data similarly
in stocks in which they are
Curb
JS2hn!2SiSi^1wrtifrmTh^functions^f^he6New°yS Stock Exchange6 odd°lot
Exchange perform the functions of the New York stock Exchange odd-lot
as
The
than
well as those of the specialist.
number
of reports
TOTAL
classifications
various
in the
total
may
received because, at times,
number of reports
the
iTr" *1JV "
single
a
more
report
SALES ON THE
STOCK
ROUND-LOT
YORK
STOCK
EX.
Cent
a.
.
165,370
5,352,780
-
-
,
Total sales
.
sis
117,390
ien
members,
for
account
for
the
which they are
rule of the exchange, is satisfy that the loan is outside the ordinary
.
540*030
Total sales.
initiated
transactions
the
511,630
11.20
1,043,050
11.34
16 650
461*.220
sales'-b'.IIIIIIIIII-IIlIIIII
294*,170
500,370
-
Total purchases and sales..
floor
Total
initiated
off
by
9.10
;
■
purchases
6.79
particular
an
appropriate committee of the exchange pursuant to clause
(2), it could, of course, be continued pursuant to that
_
section 4(f) (8) may be relevant to the
question presented in
that while the exact relation of the instant loan to the
business
reason
case is
was not entirely clear, it appeared that the borrower's
engaged not only in the securities business but also, and to a
very
was
considerable extent, in the commodity business.
be at least some
possibility that the loan in
12 150
212*.155
by
183J10
There would,
question
saleslib" IIIIIIIIIIIZIIIIIII
Qualify
presented, the lender after withdrawal from the
case
of the borrower's firm
firm
156,340
15 550
can
are "for any purpose other than purchasing
carrying or trading in securities."
this
624J25
182,265
loan
which provides for loans that
=====
-
Accordingly,
be continued after
some other provision of the regulation.
the
Provision.
or
the
Short sales
Other
other provision
some
sibility that the loan could qualify under section 4(f) (8) of the
regulation,
310,820
1,004,010
===========
transactions
authorized
joan between partners in the same firm
may not
a
The
Other
not
answer to the question presented,
however,
it is necessary to consider one other
possible alternative, that is, the pos-
313,905
39 150
—
is
For the sake of completing the
..
503,640
Short sales
Total sales
if it
It is the view of the Board that the permission granted
by clause (A)
(B) of section 4(f)
'
floor—Total purchases
Other
capital contribution
same firm, and thus
(A) of the provision, but the lender later proposed
be terminated
then
approved
1,236,080
on
a
between partners in the
partnership was to continue to be a member of the national securities
exchange of which the borrower was a member. Therefore, if the loan is
n
a
2. Other
made
course
enabling
to withdraw from the partnership.
The Board was asked whether the
loan, because of its one-time status under clause (A), might be continued
after the lender's withdrawal from the partnership, or whether the ban
In
458^130
628,100
Total p
purchases and sales..
originally
was
qualified under clause
531,420
g8 0_n
sates"b
as
firm does any dealing in
The Board recently considered a case in which such
under
607,980
-
•
—
s
account, the loan is not for the purpose of
own
the firm to increase the amount of such dealing;"
tha lender withdraws from the partnership unless the
y
Other
(B) the lender
continues only while the conditions specified therein are met.
registered—Total pur-
chases..
or
a member of such exchange, the loan has the
approval of an appropriate committee of the exchange, and the
committee.
addition to being satisfied that the loan is not in contravention of
any
such
speSlsM In mockB In
1. TramacUoMol
may—
in
■
odd-lot ac-
except
creditor
a
of the regulation.
u.
of
transactions
Round-lot
,
the borrower js
^
must
'
.Q7
I
B.
a
4,479,960
k
sales.bill.
,
Cent
*
Total round-lot sales*
Other
Week
a
5
effective
to
welI
loan
Week End. Aug.
°Week
special miscellaneous account
a
added to the regulation
Iendor as well as the borrower is a partner in such firm,
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Short sales
as
firm^whiJh^ ^i^ember of? mtiona^sexSrfti^exchaneeYo^nable such
C^Sner
makeT?ontribut1o^of capi^S s^ch fh^pro^ided (A) tho
securities for its
NEW
OF MEMBERS * 'SHARES)
'
T,
follows:
as
of fche lender's business, and that, if the borrower
in more than one ciassuication.
than onp classification
may carry entries
a
(2) of Regulation
4(f)
May 22, 1930, provides
actlwis.8.1!.0.1!-1!.
a
"Wntionnl Epriiri tipv Excbamop
National t>ecurmes uzcnange
'
dealer
Aug. 26, 1939
unless the loan can
101
as
3. Reports showing
week End
ecurbT
Exchange
Total number of reports
'39
loan ,or
>
"purpose other than purchasing
/•'
v,/
a
curities."
or
could
carrying
or
therefore,
qualify
as
trading in
a
se-
.
I
...
Total purchases and sales
Whether the loan could in fact
_
„
Total sales..
,
409,970
3.71
=====
4, Total
Total purchases
:
the
352,200
3.83
=====
■
=
1,293,885
1,001,665
142,770
.........
82,300
Short sales
Other
0
'
saleslblirrrrrri-irilllllll 1,213[405
2,650,060
TRANSACTIONS ON 1 HE
ACCpUNT 01
NEW
YORK
CURB
EXCHANGE FOR
week
a. Total round-iot sales
B. Round-lot
cent
Week End. Aug. 5
Total for
week
a
841,705
transactions
for
Per
Cent
commodity business might
actually be identified
loan to be made under
a
as
own
jn RUCh
a
The business of the average securities
brokerage firm
up with purchasing, carrying
or
trading in securities—either
account or for the account of customers—that a loan to
a
partner
firm to enable him to make
carrying
or
trading in securities."
_
a
881.280
The regulation which became effective
to which the above
refers, was
given in
1939,
of
account
In certain cases, of which the
rare.
a considerable amount of
example, it might be possible for
a contribution of
capital to the firm
usually could not qualify as being for a "purpose other than
purchasing or
MEMBERS * (SHARES)
Week End. July 29
Total for
Per
involving
be thus identifiable.
is s0 *>°und
2,019,975
for its
STOCK
so qualify would be rather
present case
upon
where capital contribution
other than purchasing
1,018,310
24.01
qualify would depend, of course,
being for a "purpose
or carrying or trading in securitiesIt is
evident,
however, that it would be rather unusual for a capital contribution loan to
936loiO
1,356,175
-
so
particular case, and instances
8Uch c°nditions that it could
—
Total sales
loans could
turn out to be an
~—
Total purchases and sales..
facts of the
May 22, 1939, and
issue of May 27,
our
3140.
page
<.;•
members:
v
,
♦
1. Transactions
of
specialists
in
—
stocks
,
In which they are registered—
.
Bought
801(1
91,025
125'895
-
Total
2. other
216,920
transactions
initiated
12.89
225,720
47,190
43,805
801(1
Total
5.40
9i,6io
35,345
21,855
•
34,550
56 700
initiotoH
3 37
801(1
Total
18^965
~
:—
4. Total—Bought
53515
transactions
for
account
370,845
~
of
specialists—Bought
Total
21.04
term
with twice the total round-lot volume
the
on
transactions includes both
were
based
on
transactions is
Exchange for the
purchases and sales,
with
Loans Between Stock
on
Capital Contribution
Exchange Partners—Ruling
Regulation T
ruling with respect to Regulation T is announced
by the
Board of Governors of the Federal
Reserve System; it has to
do with a capital contribution loan
made between partners
in the same stock exchange
firm; "such a loan between
flFTYl
"
yiilinry
CQ*\7G
<
«
continued after the lender withdraws from Fu
the
„
After Sept. I
days
or
Immediate credit
or
days will continue to be given for
most checks.
relating to the clearance and collection of
hT" ™lleCtl°" c'rcuI»"' and time schedules of the Federal
J?®6™ ,ba"ks ba™ bee° re™ed ■
°?P«* are
Bfnt b>' 'he Federal
10 a" °ther banks Wh,Ch mamtaln
Federal Reserve banks,
♦
New York Stock
Exchange Revises Form for Reporting
on
Commitments and Positions Resulting from
1 T„rJ0,e.«,..
The Committee
'
A
QflTYlA
,
unaerwritings
Ruling by Board of Governors
fllA
,
with them for collection.
total
"other sales."
,
will credit member banks within three
The ®0ar<1'8 Reflation J
while the Exchange
^
on
one or two
compared
reason that the
i
the actual tirhe required to collect the checks.
111 104
b Round-lot short sales which are
exempted from restriction by the Commission's
1T1
,
less for a11 checks deposited
volume includes only sales
Bears
.
credit within
Shares in members' transactions as per cent of
twice total round-lot volume.
rules are included
,
67,859
members'
i
have been given credit for checks deposited
Federal Reserve banks in accordance with time
schedules which
43,245
Change members, their firms and their
In calculating these percentages, the total of
of members
.
the federal Reserve banks
~~
partners. Including special partners.
a
,
Heretofore member banks
with the
68,193
41,471
...
t»
on
109~664
Sold
The
21.66
„
Reserve System
Aug. 21 that the Federal Reserve banks will
put into effect on Sept. 1, 1939 certain changes in their
check collection procedure designed to give member banks
mor e prompt credit for checks deposited with the Federal
Reserve banks for collection and to reduce the amount of
work required in
preparing the checks for deposit with the
Federal Reserve banks. The announcement issued by the
„
188,985
—
364,615
„
Board of Governors added:
181,860
_
Total
*
3 03
L_
173,560
191,055
Sold
C. Odd-lot
5.20
th*
floor—Bought
,
Reserve System Effective Sept. 1
Tlie Board of Governors of the Federal
announced
43,775
47,835
90,995
tronooMinn9
12.81
~
floor—Bought
*
122,185
the
on
r,
Changes in Check Collection Procedure by Reserve
Banks Announced by Board of Governors of
Federal
103,535
,
r*
-r-r
^
La
n0t,he
partnership
on
Member Firms of the New York Stock
Exchange issued on Aug. 22 a revised form to be used
by
member firms in the future when submitting weekly reports
011 commitments and positions resulting from underwritings.
The salient features of the revised
form, as announced by the
Exchange, are:
G) A change in the period covered by the report, the revised report
coveriDg the week ending each Friday instead of Saturday as heretofore,
(2! minor/hanges in ^ Ms
which information is to be reported in
COlUlMIS 4 (3»), (b) Slid (c) (D6t OPGH COlIlIIllt/IlldltS lOUg pOSltlOll Slid
maximum weekly long position); (3) provision for reporting the maximnm
t
9
net long position during the period covered by the
report with respect;to all
Volume
The Commercial & Financial Chronicle
149
1.
of
the
(4) clarification of the instructions regarding the reporting
issues, and
bids
competitive
which
made
customarily
are
in
with
connection
This
might
auditors
in Pub¬
he
which issue interim statements and others which
A number of companies
publish earnings only once a year also make a practice of releasing statistical
to
least quarterly, showing sales or volume of business.
or at
10% of these companies confine their information for stock¬
.
shown
have
in
modernizing
accounting
whose securities were dealt in on the Exchange that they publish and dis
income
applicant companies as a prerequisite to listing.
account
and
.
.
This marked the beginning of the trend toward more frequent
earnings.
publicity.
.
.
The Exchange continued to exert its influence to bring
.
publication of interim earnings statements, and, although its
the
efforts in this direction met with ready response in many quarters, it
became
1926, that progress was not being made as rapidly as was con¬
evident, in
with the growing public demand for more frequent publicity.
sistent
2.
therefore approached
All
with the request that earnest consideration be given
of publishing their future statements of earnings quarterly.
At that time there were 957 listed active domestic companies, of which
25% were under agreement to publish earnings at quarterly intervals, and
holders
Exchange to procure additional information for stock¬
reflected the following year, by which time the list included
were
Of these, it was found that 37% had agreed to publish
986 companies.
In October,
again approached and
again the records of the Exchange showed another appi-eciable improve¬
Approximately 63% of all listed companies were publishing quar¬
terly or more frequent statements of earnings, and
statements at semi-annual intervals.
While
the
Exchange
has
...
.
consistently
17% were issuing interim
.
emphasized
the
desirability
of
has
recognized that such publication would in many cases indicate only a trend,
and it has expected that these interim reports would be accepted realis¬
publishing earnings statements more frequently than once a year, it
statement of earnings cannot represent more
possible."
of his
of
than the most accurate esti¬
earnings
quarterly
the number of listed companies from
be
statements is
now
listed, and
which it already has received these
this requirement are
presentation of convincing reasons that such reports would
The Exchange recognizes that there are
impracticable or misleading.
problems peculiar to certain types of companies that merit consideration in
relation to this practice, such as those which are
At
present
dependent
upon
long term
the growth and sale of a crop in an annual cycle.
about
100
listed active
interim financial information.
domestic corporations
publish
no
Notwithstanding certain recognized objec
tions the Committee is not convinced that most
adopt the generally accepted practice of
mation.
of these companies could not
publishing interim financial infor¬
Many of these companies are engaged in similar lines of business
and are otherwise comparable to, other listed companies which now.
as,
On the other hand, some of the companies are
engaged in lines of business where the publication of quarterly earnings
statements is meaningless or deceptive because of inherent difficulties in
publish quarterly reports.
applying conventional accounting principles
short
to allocate their earnings to
periods of time.
Stock Exchange Adopt Report
Rules—Sub-Committee
Auditing
Submitted
Four Recommendations to Board
The Board of Governors of the New York Stock Exchange
Aug. 23 adopted a report of a special Sub-Committee on
Independent Audits and Audit Procedure of Committee on
Stock List.
The sub-committee, which was composed of
William K. Beckers, Chairman, and Joseph Klingenstein,
on
began its study following the disclosures in the McKesson
& Robbins case.
The main recommendations as to cor¬
porate procedures follow:
,
Recommendations as to Corporate Procedures
Your Sub-Committee regards the
ing matters as
its system
responsibilities of corporations in audit¬
two-fold: to institute such corporate procedures as will make
and audit, as efficient as
reasonable way the work of the inde¬
large number of proposals considered in these con
of bookkeeping, and of internal control
possible; and to facilitate in every
pendent auditor.
nections,
your
Of a
Sub-Committee has selected four as sufficiently important
practicable to warrant endorsement by the New York Stock Exchange.
These recommendations are made subject to consideration of applicability
and
in the
stockholders'
to him of
The scope
adequate authority and facilities.
or
chief financial officer should sign the published financial
of his company, even in those cases
where the statements are
accompanied by the report of the independent public accountant.
Independent and efficient accounting and internal auditing departments
vital factor in assuring the accuracy of
are a
the books and published reports.
The importance of the Controller or internal
the
and
paramount
Board
in his selection.
3.
of
auditor in these connections is
should take an
Directors
active
The Natural Business Year of the industry in which a company is
the Calendar Year.
of the natural business year
out the
extent smooth
The more general adoption
by companies in each industry would to a large
work which now occur in the
huge peaks of audit
By adopting a Natural Business Year
early part of each calendar year.
which conforms to the true business cycle of
the particular industry, cor¬
the cost of stock-taking, besides permitting a more
The income account of
nomical audit.
cycle of
the
a
of his
field of business would be directly
their
own
Reports
company.
fairer picture
the same
comparable,
of companies in
as
almost all industries have
clearly defined natural business years.
Appointment of the Independent Public Accountants Early
4.
Year
and reduce
efficient and more eco¬
based on a completed
company
a
normal year's operations would give the investor a
operations
engaged
impracticable for special reasons, as the fiscal year
of the company instead of
of
interest
/
Adoption of Natural Business Year in Lieu of Calendar Year
...
,
„
'■
■.
.
r
in the Fiscal
.
v;
the fiscal year ap¬
pears eminently desirable, so that part of his work may be done during the
year and he may be free to make an examination of any phase of the com¬
The appointment of the
independent auditor earjy
n
pany's operations at any time.
The Committee
on
Stock List
on
Aug. 24 in supplying a
report to the heads of
securities listed on the Exchange said:
of the
copy
corporations having
developments and trends of
certain recommendations which
Report represents a review of recent
The
appear
sufficiently important and practicable to warrant
endorsement by
Stock List believes
that these recommendations are a step forward in the evolutionary progress
of corporate procedure and would appreciate the continued cooperation of
listed companies in according them favorable consideration.
These recom¬
mendations to some extent have already been put into practice by a number
of the listed companies and it is the feeling of the Committee that in view
of their desirability the use of these procedures should be broadened as far
as
Stock Exchange.
New York
the
The Committee on
practicable.
♦
Registration
particular case, and in the
with audits might have to
knowledge that their usefulness in connec-
be weighed against other disadvantages.
of 42
New Issues
Securities
Act
Totaling $232,712,000
Became
Effective
During
July
'
Securities and Exchange Commission
The
Aug. 25 that during
announced on
July, 1939, a gross amount of
$232,-
of securities were registered under the Securities
Act of 1933, according to an analysis prepared by the Re¬
search and Statistics Section of the Trading and Exchange
Division.
Of this total, $188,081,000 of securities was pro¬
712,000
posed for sale by issuers, which compares
in June, ia39, and $219,984,000 in July,
nouncement the SEC further stated:
with $252,910,000
1938. In its an¬
Approximately three-fourths of the amount of securities proposed for
issuers in July, 1939, was accounted for by the registered securi¬
ties of only three companies.
The largest of these registrations was for
the Shell Union Oil Corp. 2V2% debentures, with gross proceeds of $83,sale by
087,500,
followed by The Kansas Power & Light
Co. 3%% bonds, with
proceeds of $28,752,500, and the Southern Bell Telephone & Telegraph
debentures, with gross proceeds of $26,833,750.
Principally because of the large Shell Union Oil Corp. debenture issue,
manufacturing companies led all industry groups with $88,638,000 of
securities proposed for sale by issuers, or 47.2% of the total.
The electric
gross
Co.
3%
ranked second in importance with $45,023,000, or
The transportation and communication group, with
15.3% of the total, and the financial and investment
company group, with $24,162,000, or 12.8%, accounted for virtually all
of the remaining amount of registered securities.
About four-fifths of the July total of securities proposed for sale by
issuers consisted of fixed interest-bearing securities.
Long-term unsecured
bonds
aggregated $112,421,000, or 59.8% of the total, and long-term
and
Governors of New York
on
stockholders, and
any
periodically to them, in addition to making his customary
The Controller
statements
required by the
toward a constant increase in
At the time of listing, exceptions to
contracts or upon
at
appear
reports to the operating management.
•...
Exchange of each company which desires to have its securities
made only upon
assurance
report
Under
the Exchange continues to direct its efforts
agreements.
go
responsibilities should be fixed by the Board of Directors, and he
...
Quarterly Statements a Listing Requirement
Publication
opportunity
For the great majority of corporations, a quarterly
tically by investors.
mate
the
thought in auditing matters and includes
...
1931, companies which had not previously adopted the prac¬
tice of publishing quarterly earnings statements were
ment.
afforded
Internal Auditor
should
quarterly statements and 15% were under agreement to publish statements
semi-annually.
Special
More emphasis should be placed on the responsibility of the Controller
and the
The results
8% were under agreement to publish semi-annual statements.
of the efforts by the
a
Increasing the Responsibility, Authority, and Facilities of the Controller
or
companies not already under agreement to publish quarterly reports were
to the matter
be
porations may simplify their problems of year end adjustment
.
public utility company agreed to publish quarterly statements of
In 1910 a
about
including an
Five years later the Exchange began to request this agree¬
balance sheet.
ment from
¬
15 days in advance of annual meetings, a
condition
of their financial
statement
practicable, the selection of the auditors by
is recommended, unless
tribute to stockholders, at least
by
desirable.
appears
should
and reporting
.
1895, the Exchange recommended to the various companies
As early as
assumption
meeting.
This record testifies to the interest which
yearly statements.
companies
.
the general
The results of the auditor's examination should always be available to the
Exchange's "Bulletin" for August
an analysis is given of the progress shown in increasing the
frequency and in improving the quality of financial reports
made to stockholders by companies whose securities have
been admitted to trading on the Exchange.
The analysis
discloses that, of the now listed active domestic companies,
73 % issue income statements at quarterly intervals or more
frequently, 15% announce the financial results of their opera¬
tions semi-annually, and only about 12% make such reports
to their stockholders annually.
From the "Bulletin" we quote the following:
methods.
through
Board of Directors, his report should be addressed to the
Practice
holders
"Where
Company
In the New York Stock
listed
accomplished
Committee of the Board composed of Directors who are not officers of the
lishing of Interim Financial Reports—Makes Avail¬
able Analysis Showing Increasing Acceptance of
Only about
be
for their selection and recommendation to the stockholders for
or
approval.
New York Stock Exchange Indicates Progress
monthly,
best
Boards of Directors of direct responsibility for either the appointment of the
original purchase and distribution tf exempted securities.
data
1253
Strengthening the Position of the Independent Public Accountant
gas
23.9%
utility group
of
the
$28,834,000,
total.
or
$39,675,000, or 21.1%.
Common stock amounted to only
7.9% of the total, certificates of beneficial interest $10,759,000, or 5.7%, and preferred stock $10,443,000, or 5.5%.
In the detailed analysis of the 42 issues which were registered in 34
statements during July it is shown that the gross amount of such regis¬
trations was $232,712,000.
Excluded from this gross amount were five
secured
bonds
$14,783,000, or
reorganization and exchange issues with an estimated value of
With securities registered for account of others amounting to
$2,257,000.
$1,999,000
to be offered for sale) the remaining amount
registered for account of issuers was $230,713,000.
However,
(of which all but $6,000 was
of
an
securities
aggregate of $42,632,000 of securities was not proposed for sale by
consisting in the main of $37,179,000 of securities issued in ex¬
issuer's,
Most of this exchange total was accounted
Penn Power Co. 4y2% preferred stock, $100
par value—with gross proceeds of $32,678,470.
There were also registered
$5,167,000 of securities reserved for conversion and $286,000 of securities
reserved for options.
The amount of securities proposed for sale by issuers,
change
for
for other securities.
fay one issue—the West
The Commercial & Financial Chronicle
1254
therefore,
$182,081,000,
was
of
which
all
but
$648,000
for
was
of
be
to
paid
proceeds.
gross
distributors
to
Other
issuing
amounted
to
$5,006,000,
distributing
and
expenses
or
Totaled $33,180,578,000 and Deposits Aggregated
$29,469,469,000, Comptroller Delano Reports
were
0.5%.
Thus, the total cost of issuing and distributing regis¬
tered securities equaled 3.2% of gross proceeds.
$942,000,
or
Reflecting
the
which
securities,
July
that
fact
typically
ness
be
used
11.6%,
or
for
issued
for
chiefly of
retirement
for
of
preferred
new
money
stock.
Only
such
purposes,
2.5%,
or
$21,125,000,
plant and
as
equipment and working capital.
Net proceeds to be used for the purchase
of securities amounted to only $19,956,000, or 11.0%.
A
major
be
to
the
through
Securities
007,000,
but
to
underwriters,
offered
be
to
12.2%,
or
amounted
the securities proposed
proportion of
offered
total.
while
namely,
through
securities
$6,300,000,
be
to
3.3%.
or
offered
to
Excluded
five
these
these,
Of
amount
of
four
issues
this
one a
of
two
one
directly
be
by
the
to
of
July
estimated
an
certificates
stock
for
of
issue
value
In
of
participation in
in
the
amount
of
These
addition, the guarantee of
registered,
value
no
being
banks
assigned
a
in
case.
TYPES OF SECURITIES INCLUDED IN 34 REGISTRATION STATEMENTS
THAT BECAME FULLY EFFECTIVE DURING
JULY, 1939
call
date
No.
'
■;
"
.
;
:
Amount
3
37,150,000
The deposits
1939,
112,600" 000
112,421^250
10
628*617
Common stock
16
10
3,319,391
1,300,250
48,305,020
21,551,798
10,759,000
Gross Amt. of Securities
for Conversion
Issuers
Percent
July,
1939
112,42l"250
28.8
July,
21.1
States
29.1
21.2
Common stock.
7.2
112",42l",250
8.7
Ctfs. of partlc., ben. int.,&c
59" 8
10,759,000
4.7
23.2
$227,545,137 100.0
100.0
Securities having maturity of three years
securities.
a
SECURITIES
FOR
INCLUDED
1.3
or
IN
10,443,000
14,782,976
10,759,000
5.5
1.3
7.9
23.4
$188,081,476 100.0
less
classified
are
Long-term secured bonds
DURING JULY.
No.
885,000
._
July, 1939
a
July, 1938
$1,727,178
....
§1,101,083
47,952
Certificates of partlc., beneficial interest, &c
Certificates of deposit...,
Total
c5
§2.256.724
$1,727,178
*
Refers to securities to be issued in
exchange for existing securities,
a Repre¬
actual market value or 1-3 of face value
where market was not available,
b Securities having a
maturity of three years or less are classified as "short-term"
securities,
c Includes
one
statement guaranteeing an issue of securities of an
affiliate.
sents
Saturday
time to act, governors of the
to extend the
the Pacific
on
Chicago Mercan¬
trading period in
The
Exchange have voted
schedule,
which
trading in eggs, Mondays through
eggs
and
a.
now
observing
m.
the short
m.,
effective,
lots
a.
for
m.
Saturday
week until after
the spot call.
of butter only;
contain less than
To conform to
from
the
all
spot
butter.
Labor
The
in
new
as
futures
12:25 p.
at
m.
$8,573,703,000,
were
an increase of
an
$239,079,000
showed
and
increases
30,
Other
respectively.
the
in
$782,013,000,
held on June
1939,
three
respectively.
$6,899,-
were
bonds,
stocks,
and
$3,783,157,000, which included obligations of States
of
$530,580,000,
of
$1,693,684,000,
balances
with
increased
other
$4,904,159,000, and
$5,640,067,000,
a total of
banks
$1,645,000 since
reserve
and
cash
items
with Federal
in
Reserve
$11,074,806,000, increased $1,060,040,was
$1,562,956,000,
$230,156,000 and class B preferred
stock of $16,417,000.
Surplus
of
$1,170,822,000,
Bills
undivided
profits
of
$449,352,000,
of $206,382,000, a total of $1,826
556,000, increased
since March and
and
$30,690,000
$125,637,000 since June, 1938.
payable,
rediscounts,
and
other
liabilities
for
borrowed
money
in the year.
The percentage of loans and discounts to total
deposits on June 30, 1939,
29.09, in comparison with 30-06 on March 29, 1939, and 31-08 on
was
10:55 a.m.
The
egg
futures
at 9:20 a.
market opens at
The exchange is
m.
closing schedule and will continue
on
Day.
50 tubs
eggs
or
cases
that
may
of miscellaneous
lots
or
no
10 tubs
or
be offered
or
to
bids
on
straight
single lot
may
50 tubs.
various
legal requirements, the Board acted
call rulings reference to "short held"
butter.
"short held."
1938.
Member
Institutions
York
Resources
on
of
June
Over
Federal
30
First
Home
Showed
Half
of
Loan
Bank of
19.3% Increase in
1938
savings and loan associations located in
New York State
held total resources of $153,663,113 on
June 30, an increase of 10.9% for the first half of the
year
and reflecting a growth of
19.3% over resources of $128,840,30,1938, according to a semi-annual review of the
operation of such institutions submitted Aug. 19 to the Fed¬
598 at June
butter held in storage
less
than
Loan
Bank
185,211 were
using the facilities of these privately-managed savings insti¬
tutions at the same date, a net increase of 24,889 as
compared
with the 160,322 investing members 12 months
previous,
the report stated.
The announcement of the Bank went on
to say:
reviewing
the investment
activity
of these
institutions,
Mr.
reported that during the first half of 1939 they loaned $16,175,636
Bliss
on
first
mortgage loans in 3,425 transactions, mostly on homes, as compared with
3,052 first mortgage loans aggregating $12,734,138 during the last half of
Commenting
loan associations
on
are an
the increasing extent to which Federal savings and
important influence in the home financing field, the
report noted that for the 12 months ended June 30, 1939, these institutions
in New York made 6,477 first mortgage loans for
$28,909,774, as
compared
with
at
5,583 such
loans
Dec. 31, 1938.
basis
with
for
$21,969,867 during the
The vast majority of such loans
12 months
were
that
written on
monthly payments adjusted to the income
ended
a
of the
longhome
owner.
in¬
12:30 p. m.
run
ruling affects offerings of
deliveries
14,
to
market,
summer
exchange required that
offered
$195,945,000
$1,869,844,000,
process of collection of
term
remain unchanged at
and
on
of Aug.
Fridays, will close
The governors also voted to reduce
from
cases the minimum
quantity of butter
bid
as
and trading in butter futures will
and the butter futures
a
was
Saturday closings will
11:00
9:10
$8,769,729,000,
of
indirect obligations
political subdivisions
193S.
give traders in the Mountain States and
butter and egg futures 30
minutes, except Saturdays.
Exchange's announcement further explained:
for
and
Cash
In
Chicago Mercantile Exchange Extends Trading Period
in Butter and Egg Futures—30
Minutes Daily Ex¬
a.
overdrafts,
such associations in the Second Federal Home
District.
Local investors to the number of
1,10 7\689 ~
Voting trust certificates
new
15,998,021
Washington by George L.
Bliss, President of the Federal Home Loan Bank of New
York and regional agent for the Board in the
supervision of
.
Common stock
noon.
represented
eral Home Loan Bank Board at
Face amount Instalment certificates
instead of
periods
and
The 64 Federal
of
Preferred stock
stead of 11:55
aggregating
month
securities held tocaling
1939
Long-term unsecured bonds
the
12
New
Short-term unsecured bonds.b
Under
and
4.
"short-term"
as
Short-term secured bondS-b._
more
$6,773,207,000
including
100.0
Approx. Market Value
Coast
of States and po¬
Investments in United States Government obligations, direct and
fully
7.8
5.7
Issues
tile
discounts,
$105,223,000 since March, 1939, and
1938.
guaranteed,
TWO
Type of Security
cept
and
increase of
REGISTRATION STATE¬
REORGANIZATION AND EXCHANGE * ISSUES
THAT
BECAME FULLY EFFECTIVE
To
of $502,312,000, deposits
checks, cash letters of credit and travelers' checks
totaled
corporations
June 30,
Total
OF
date
United
Savings deposits included with time deposits of individuals, partnerships,
38*4
rights..
MENTS
call
aggregating $3,540,000 decreased $2,440,000 since March and $6,046,000
48,305,020
16,384,617
TYPES
last
$2,290,992,000, postal savings deposits of $40,946,000,
bonds.a.
Preferred stock...
or
of March 29,
as
the
on
outstanding of $443,678,000, and deposits of other banks of $4,882,437,000,
which included deposits of banks in foreign countries of
$263,498,000.
1938
Face amt. lnstal. ctfs
Warrants
Government deposits
reserves
$39,675,250
38~0
49.4
reported
Deposits
of individuals, partnerships, and
1939,
July,
1939
1938
17.5
Amount
Short-term secured bonds.a
Long-term unsecured bonds
amounts
respectively.
which included class A preferred stock of
Gross
$39,675,250
1938,
000 and $1,624,251,000 in the three and 12 months
periods, respectively.
The unimpaired capita] stock on June 30,
Percent
Gross
Long-term secured bonds..
30,
litical subdivisions of
banks of
Proposed for Sale by
Type of Security
unsec.
June
certified and cashiers'
$232,712,318
Gross Amt. of Securities,
Less Securities Reserved
July,
1939, aggregated $29,469,469,000, exceeding
March and $126,597,000 in the year.
42
Amount
$33,180,-
were
corporations of $13,643,578,000 and $7,665,426,000, respectively,
and
Total
June 30,
of demand and time deposits
The direct
~
Certlfs. of participation, beneficial interest, &c.
Warrants or rights
Short-term
and
consisted
and
Face amount instalment certificates...
Preferred stock
i
on
by $1,300,218,000 and $2,653,575,000 the
$39,675,250
"3
Short-term unsecured bonds.a
banks
of
troller Delano says:
Short-term secured bonds.a
Long-term unsecured bonds
Hawaii,
history of the National Banking System.
increase
an
since June,
Long-term secured bonds
Alaska,
$1,336,182,000 over the amount
reported by the 5,218 active banks on March 29, 1939,
the date of the previous call, and an increase of $2,803,081,000 over the amount reported by the 5,248 active banks
on June 30, 1938, the date of the
corresponding call a year
ago.
In his further analysis of the. Aug. 19 figures, Comp¬
Loans
Face Amt.
or
the
in
578,000,
No. of Units
of
Issues
States,
accounts.
Type of Security
■■
United
continental
total assets of the 5,209 active
The
and
Gross Amount of Securities
the
in
and the Virgin Islands of the United States on June 30, 1939,
the date of the last call for condition reports, continued to
increase in volume and were greater than on any previous
were
stock issue in the amount of $48,000.
was
of
$23,-
issuers
offered
registrations
with
estate field.
real
affiliate
an
issues
preferred
a
aggregated only
to
was
84.5%
compared with only 3.5% to
to be offered to all others.
effective
issues
were
common
the
in
were
issue
exchange
$1,108,000,
$1,101,000, and
bond
of
issuers
or
as
2.0%
and
statistics
and
reorganization
$2,257,000.
the
security holders,
from
sale by
offered
Securities
public accounted for 94.5% of the total,
be
for
$158,774,000,
agents
Comptroller of the Currency Preston Delano announced
Aug. 19 that the total assets and'total deposits of National
senior
refunding purposes, the
the repayment of debt
be applied for
74.9% of the total, while $4,562,000,
or
the
to be applied
was
been
to
was
consisted
The amount to be used for repayment of indebted¬
$136,478,000,
was
to
registrations
have
great bulk of net proceeds
and retirement of stock.
was
Deposits of National Banks on June 30
Than
Any Previous Call Date—Assets
Greater
Compensation
2.7%
and
Assets
going
concerns.
Aug. 26, 1939
Mortgage Loans in New York State for July Increased
in
Number
and
Dollar
Value
Over
Last
Year
Mortgage loans made by all savings and loan associations
in New York State during July, 1939, increased in both num¬
ber of loans and amount of
money loaned over the same
month in 1938, according to figures issued
Aug. 23 by the
New York State League of Savings and Loan Associations.
Further
details
were
announced
as
follows:
The 107 reporting associations, with assets
totalling $187,573,004, actu¬
to eliminate
Heretofore,
30 days
be
ally made 825 home loans during the month of July, 1939, in a total amount
of $2,614,702.
Of these, there were 518 loans totalling $1,977,409 for the
purchase of construction of new homes; 126, totalling $439,850 were refin¬
anced; 83 repair and modernization loans totalled $111,952; and 98 other
Volume
made by all associa¬
amount of
of 29% in dollars loaned, and 13% in
For the six month
The projected total, to include loans
loans, 585,491.
tions in the State during the month,
$5,360,136,
Commercial & Financial Chronicle
The
149
which is
increase
an
would be 1,690 loans in an
number of loans made during July, 1939 over July.
1255
buy
to
a
home either newly built or older.
Analysis of the June loans and the
1938.
ESTIMATED
Investments
Federal
in
Savings
MADE
LOANS
Loan
and
business day—the Board revealed in its
annual survey.
This compared with investments of $763,724,500 reported by 1,346 institutions JuDe 30, 1938, and
more than doubled the $432,000,000 in private investments
of all Federals on June 30, 1936.
In commenting on the
figures, T. D. Webb, Vice-Chairman of the FHLBB, said:
$1,000,000
of nearly 1,300,000 persons now
83% of the total investments in Federal associations.
of Government
investments
these
in
associations—all locally owned and
locally directed institutions established since 1933—are
basis
private
as
shares.
carried on the same
will receive approximaetly
June 30, making a
Government
The
represent
The 17%
$3,800,000 in dividends for the six months period ended
total of
years.
approximately $23,400,000 paid on its investments
in the past six
...
The Government now has about $217,000,000
invested iii Federal asso¬
ciations, about 80% of which came from the
Home Owners' Loan Corpora¬
tion and the remainder from the Treasury.
This compares with an invest¬
But these figures fail to tell
of $218,000,000 a year ago.
ment
the real
Federal investments
In
institutions.
new
were
sharply until 1938, for they were used to
rose
bulwark
because private investments
1938 they leveled off,
made in such volume that the need of Federal
funds declined.
The
chartered
during the last fiscal year, and institutions converted from State charters,
were more than offset by the repurchase of Government investments in
existing institutions through the use of private funds.
The flow of Govern¬
ment money into these institutions virtually has stopped, and in the future
can be expected to be reserved for emergency uses, to strengthen institu¬
Government investments
tions which
But in
are
no
properly to serve the home-
solvent but which need funds
sense
ever
been
banks are
enterprises,
paying the Government for use of its funds in their primary period of devel¬
opment
That they have won public confidence is proved by the fact that
they now hold the investments of 1,299,915 citizens of small and moderate
incomes, an increase of nearly 270,000 new investors in the last fiscal year
Government-subsidized
subsidized
by
the
institutions,
more
any
They
Government.
than
strictly
are
national
private
Federal Savings and Loan
Insurance Corporation Has
Expended $390,835 in Restoring Four Associations
to Normal Operations in Five Years
17,123,000
18.2
87,365,000
19.24
9,082,000
9.6
50,135,000
11.04
Other purpose
Problem
Why Construction Has not
to
as
had
been made
to Aug.
up
14, he stated.
Contributions
made to associations in six scattered States, Mr. Fallon
were
said.
Recoveries
Not
on
the contributions amount to $11,411
Mr. Fallon added:
to date.
single investor in an insured institution has
a
suffered a loss in his
savings during these five years.
I
The Corporation's $120,000,000 in resources is acting as
each
one
of the 2,376,000 private investors
of $341,342,000 during the past year.
watchman for
whose investments show a gain
During the year total assets of the
insured associations increased $360,935,000 to $2,339,411,000-
the investments which the associations make
The amortized home mortgage loan is one of
for home-financing purposes.
the highest types of investment
financial institutions.
open to
ciation in
Detroit Oct. 4 to
The
in
bers
65
advices,
Of the
study was made among the association's mem¬
representative cities.
The association, in its
says:
replying members, 97%
cite "fear of holding their jobs" as the
primary reason why people are afraid to
a
large majority of them cite it as the
embark on home ownership, and
"most important reason by far."
"high cost of labor and materials" with 74%
Next in importance is the
was
far
a
uniform opinion.
from
Of the 26%
who do not hold labor and material costs too
this
factor
clared they did
has
Figures
"highly over-exaggerated" and some
been
half of the year up to $453,955,000, an
1938's like six months.
Clarence T.
May to June
Rice,
Of the 74% who
think labor and material costs too high, an important
"that will take care of itself and become
adjusted" and say it is by no means the most serious.
The third most important reason given
was
5.7%.
The League,
This was considerably larger
homes in June represented 31.8% of the
total, a larger proportion of the loan program
recorded since the depression.
homes,
a
1936, 1937
in part, adds:
for the building of new
usual 6%
than in any other month yet
Coupled with this contribution of the thrift
trades' employment was the
volume disbursed for modernization and repair of
financing institutions to building
or so
of loan
further creator of employment.
Construction
loans
in
the
June
only by home purchase loans which
year to use
is that "you can buy cheaper
prin¬
condition is
apparently disappearing faster than most people realize.
An earlier Asso¬
ciation survey indicates that "overhanging" or unabsorbed real estate—
property for sale but attracting no buyers—is being sold fairly rapidly.
The study showed that, in 65 cities, 68% of unabsorbed real estate has
than you can
build" with 67% of the replying members citing it as a
cipal reason.
Mr. Waters pointed out, however, that this
already been sold.
The study also showed
reason
is
thav 46% of the replying members view high
"renting has become relatively
deterrent and 28% believe that
attractive
more
than
surprising, Mr.
The relatively few citing the latter
before."
ever
widespread
"profound change in
the American people who have become more
Waters said, in view of the fairly
governmental circles, that a
belief, particularly in
living habits has come over
definitely a renting class than ever
Liquidation
of
before."
Banks
of National
Receiverships
11
Completed During July
During the month of July, 1939, the liquidation of 11
receiverships was completed and the affairs thereof finally
closed, it was announced Aug. 14 by Preston Delano,
Comptroller of the Currency. This makes a total of 1,333
receiverships finally closed or restored to solvency since the
Banking Holiday of March, 1933.
The Comptroller's
announcement continued:
creditors of these 1,333
while
and other
including offsets allowed, to depositors
receiverships, exclusive of the 42 restored to solvency,
aggregated $585,805,833, or an average return
unsecured creditors received
distributions to
July 31, 1939,
of 81.07% of total liabilities,
dividends amounting to an average of
credtors of all active receiverships during the
1939, amounted to
$2,870,698.
depositors of all receiverships
Total dividends paid and
from March 16, 1933, to
amounted to $946,350,079. Data as to results of
closed during the month are as follows:
record
were
surpassed in importance
continued as in previous months of tfiis
the largest block of savings and loan
INSOLVENT NATIONAL BANKS LIQUIDATED
OR RESTORED TO SOLVENCY DURING
liquidation
financing, 34.2%.
AND FINALLY CLOSED
THE MONTH OF JULY,
1939
Total Dis¬
Name
and Location of
Bank
Per Cent
Per Cent
Date
Kansas City,
than the rise between these two months in either
home
de¬
number view this factor as one
increase of 16% over
Kan., President of the League, gives credit for the upward
trend both to the rising volume of home building and to the
increasing amounts of available funds in savings and loan
associations.
Each month of the first six this year saw an
increase in loan volume over the preceding month.
The rise
and
even
of receiverships finally
Savings, building and loan associations in June topped all
previous months of the decade with loans of $94,154,000 to
home-owners, the United States Building and Loan League
reported on Aug. 12.
This brought the total for the first
Loans
high, many declared they felt
"not wish to see building costs reduced."
Dividends distributed to
1938.
But, on this point, there
of the members replying
citing it as a deterrent to more new building.
month of July,
or
6
"Uncertainty over continued employment" is the principal
reason
why more people do not build their own homes, ac¬
cording to the Mortgage Bankers Association of America,
which has polled its members to determine what they believe
are
the actual reasons why new construction has not de¬
veloped more rapidly than it has in view of the obvious
need for it all over the country.
This problem and how it
can be solved,
S. M. Waters, President, said on Aug. 5,
will be one of the principal topics for discussion at the
association's 26th annual convention-in Detroit, Oct. 4, 5
68.37% of their claims.
Savings, Building and Loan Associations Advanced
$94,154,000 to Home
Owners in June—Record
from
Developed
More Rapidly to Be Considered Along with Solution
at Annual Convention of Mortgage Bankers' Asso¬
Total disbursements,
in insured associations is in
The basic security of the savings accounts
6.18
34.09
$453,955,000
$94,154,000
taxes as a
Savings and Loan Insurance Corporation
has been called on to expend $390,835 in restoring four sav¬
ings and loan associations to normal operation and in assist¬
ing three other associations, which subsequently liquidated,
in the five years of its operations, Nugent Fallon, General
Manager, reported on Aug. 19.
Tentative commitments
for additional contributions of $140,505 to two associations
Federal
The
29.45
6.2
34.2
.
alone.
of Total
5,802,000
Refinancing
that
loan associations
Federal savings and
have
31.8
$133,672,000
28,038,000
154,746,000
„
Home purchase.
represented in the four new Federals
financing needs of their communities.
Amount
of Total
$29,919,000
Repair and modernization.
and 6.
story.
Per Cent
32,228,000
New construction
every
The private share investments
almost
Amount
1939
First 6 Months,
Per Cent
Purpose
Investment by the public in shares
loan associations increased more than
Federals showed private investments aggregated $990,871,600, an increase of $26,000,000 since May 31—almost
STATES
June, 1939
Ending June 30
of Federal savings and
$227,000,000, or 30%,
during the fiscal year ended June 30, the Federal Home Loan
Bank Board announced on Aug. 19.
Reports from 1,386
cent of total loaned for various
BY ALL ASSOCIATIONS IN THE
UNITED
30% Increase in Fiscal Year
Associations Showed
per
for the first months of 1939 follows:
purposes, plus the same date
Private
jhome
period $1.00 of every $3.40 loaned went fo
construction, and $1.00 out of every $2.93 loaned was to assist some family
bursements
Total Dis¬
Dividend
of
Including
bursed ts
Declared
to Total
to All
Failure
Offsets
Allowed
$
Bank, Martinsville, Ind___
First Nat. Bank, Montpelier, Ind.—
Cedar Rapids National Bank, Cedar
Rapids, Iowa a
First Nat. Bank, Sodus, N. Y
—
First Nat. Bank, Glen Campbell, Pa—
Henderson Nat. Bank, Henderson, Ky.
Farmers Nat. Bank, Leechburg, Pa.__
First National Bank, Orbisonia, Pa_„_
Yardley Nat. Bank, Yardley, Pa
First Nat. Bank in Alexandria, 8. Dak.
First Nat. Bank, West Allls, Wis
First Nat.
6-27-32
Liabilities Claimants
%
%
73.96
55.05
87.91
68.9
10-3-33
707,645
362,547
bl-23-34
1,783,792
1-12-33
483,307
54.61
12-7-31
279,454
64.03
48.27
6-11-32
1,273,462
540,401
99.66
100.11
10-12-31
10-5-31
3-7-34
9-11-31
2-9-34
361,425
511,915
317,528
1,746,966
100.0
89.01
75.61
102.0
C30.8863
25.66
88.33
75.5
103.95
71.72
54.35
90.82
87.5
levy and collect stock assessment covering deficiency in
value of assets sold, or to complete unfinished liquidation.
b Shareholders' agent elected to continue liquidation after payment by receiver of
principal and Interest in full to creditors.
c Sole creditor of receivership paid 100%
principal and interest in full through
principal dividends of 22.924% and partial interest dividends of 7.9623%, plus
other non-dividend cash payments.
a
Receiver appointed to
The Commercial & Financial Chronicle
1256
Tenderg of $218,404,000 Received to Offering of $100,000,000
of
91-Day
Treasury
Bills-—$100,858,000
Following Curtailment of His Cruise President Roose¬
velt's Appeals to Foreign
Powers for European
Peace—Messages to Chancellor Hitler of Germany,
Accepted at Average Rate of 0.042%
A
total
of
$100,000,000
$218,404,000
tendered
was
President Moscicki of Poland and King Emmanuel
to the offering of
of
Italy—Developments Incident to Signing of NonAggression Pact Between Germany and Russia
thereabouts of 91-day Treasury bills dated
or
Aug. 23 maturing Nov. 22, 1939, it
announced
was
Aug.
on
With
21
by the Treasury Department.
Of this amount, $100,858,000 was accepted at an average rate of 0.042%.
The tenders to the offering of Treasury bills were re¬
ceived
at
Federal
the
thereof up to
2
Reserve
banks
and
the
branches
(EST) Aug. 21.
Reference to the of¬
fering appeared in our issue of Aug. 19, page 1105.
The
following regarding the accepted bids to the offering is from
the Treasury's announcement of Aug. 21:
p. m.,
Total applied for, $218,404,000.
Total accepted, $100,858,000.
High,
.
Poland
The President's
earlier in
German
of
Government's
offering of $100,000,000,
new
between
91-day Treasury
bills
invited
were
thereabouts,
or
Aug.
on
25 by
the
drive
to
On Aug.
ment
to
land
and
is
a
maturity
of
amount
will
amount
of
maturity date
payable without interest.
There
be
similar
a
$100,521,000.
issue
of
bills
In their announcement of the of¬
fering, the Treasury also said;
They (the bills)
denominations
(maturity value).
No
tender
tender
pressed
e.
Tenders
than
multiples of
basis
of
100,
$1,000
$1,000.
with
will
The
not
be
price
offered
than
more
considered.
three
Each
be
must
decimal
places,
be
accepted without
companies
and
securities.
from
Tenders
cash
deposit from
responsible
and
incorporated banks
recognized
dealers
in
Immediately after the closing hour for receipt of tenders
all
tenders
received
the
at
Federal
Reserve
on
banks
Aug.
or
the amouflt
final.
Those
jection
thereof.
be
must
funds
from
from
all
or
the
30,
sale
be
or
except
Reserve banks
in
the
of
gift
tax.)
bills
shall
prescribe
No
be
other
estate
to
as
or
other
immediately
disposition
and
principal
and
thereof will
inheritance
taxes.
loss
from
the
a
as
sale
or
deduction,
interest,
also
(Attention
other
are
disposition
otherwise
or
is
in¬
not exempt
of
terms
Ciruclar
hereafter imposed by the United States
of
the
No.
418,
Treasury
bills
as
amended,
arid
govern
this
and
the
notice
conditions
1937 Amounted
Totaled $175,897,696
Excess-Profits
to
Tax
Returns
tax
returns for
under
the
direction
of Commissioner
of
Internal
Revenue
The number of
corporation income and excess-profits tax
returns for 1937, filed
during the calendar year 1938, ac¬
cording to the Treasury, in
529,098, of which 192,029 show
net income
amounting to
a
$9,634,849,008, while 285,810 show
deficit of
The
$2,280,845,542,
normal
and 51.259 have
no
income data.
is
$1,056,940,380, the surtax on undis¬
$175,897,61)6, the excess-profits tax is $43,total tax is
$1,276,183,511. A comparison of
345,435, and the
the
data
number
for
of
5.5%, the
t0
or
1937
with
returns
net
the data
with
net
for
income
income increased
The
10,114
increased
In
of
decreased
returns
or
that
the
of
Aug.
Bureau
fiscal
of
12,
page
Internal
or
and
increased $84,805,738
with
no
or
columns
of
the
11,132
1.7%,
net
cision
to
The
with
1010,
the
Revenue during
and ordered
to
special
a
J.
arrive at
train,
Sandy
the
Presi¬
noon.
if any,
recalled
Lang
his
he
planned
recent
to avert
immediately
would
war
was
from
his
upon
conference
press
war.
sought
necessitate
information
special
a
session
by
Con¬
of
possibility of the recall of Ambassador Laurence
any
Moscow
for
report and
^
to
Secretary
Sandy
Hook
Tuscaloosa's
radio
men
State Department
European
instead
outlined
of
the
landing
were
President's
Friday
de¬
morning
at
He sent this message:
to
return
maintaining
were
situation
•
merely
had previously been planned.
as
German-
the
on
V
.
the
on
;
Presidential
a
consultation
,
non-routine conferences
and broadcasts
to
Washington
constant
also kept
at
once
communication
the President advised
developments.
route.
en
.;.vv.S'-;'
London,
Aug.
Russo-German pact
22s
when the proposed signing of
made known, Associated Press ad¬
was
vices said:
The
German-Soviet
major
blow
to
the
move
It
Chamberlain.
also
development
The
was
was
regarded
Critics
the
at
the
decision
mark,
Finland
Convention
The
King of
policy
expected
was
small
the Belgians,
in
as
defeat
for
declared
Prime
that
the
appeasement.
be
to
a
European
of
neutral
the
first
nations,
to draft
reaction
of
One
official
arms"
Some
a
order
called, for
appeal
peace
in
seen
persons
the
as
said
adding
the
"Poland
"at
that
least
Europe
was
Bulgaria
and
in
world
just
as
well
she
shifts
can
in
war's
wounded.
point
might
Complete
the
Rumania,
turning
Oslo
consider
southeastern
Slovakia,
a
for
care
of
four-year-old
will
history.
lay down
physical
escape
Europe's
opposing
likelihood.
a
foresaw
to
mark
manner."
and
countries
Hungary,
Balkans
that
predicted
their
pact
Norway, Sweden, Den¬
of
Barriers—also
civilians
might
extending
Slovakia
for
small
in
the
in
were
tactics
the
immediately,
annihilation
camps
in
Trade
Officials
said
the Netherlands,
Luxembourg—signatories
Reduction
alarm.
Yugoslavia
for
Minister
former
seven
of Belgium,
and
for
first
of
her
also
diplomatic
Prime
his
circles
turn
big Powers.
The representatives
one
the
political
critical
a
personal
of
of
British
at
front
a
of
conference
by Leopold III,
by
seen
as
direct sequel
a
German-Russian
business
was
British-French
affairs.
Poland
the
their
small
little
squeezed
eastern
nation
into
subjugation
European
would
get
by nutcracker
countries.
generous
Officials
slices of
of
Poland
friendship to Germany.
King Leopold's appeal is referred to elsewhere in these
columns.
In
his
many
message
Poland
and
Aug. 24 President
to
refrain
from
Roosevelt
taking
any
urged
Ger¬
position
or
committing any act of hostility for
a reasonable and stip¬
pleaded with them to solve their
ulated period of time and
problems
which
the
trip
these points;
upon
European
any
From
The
of
expected
American attempts
aboard
proceed
the
thereon
year ended June 30, ia39 in the
investigation of in¬
come-tax returns and the
settlement of contested cases wTas
reported.
Reporters
prevented
there
the latest
from
the results
sea
Because the water's depth at Sandy Hook Pier is insufficient to
permit
the
Tuscaloosa to dock there, Mr.
Roosevelt will transfer to the Lang
in¬
income
3.7%, and the deficit reported
$128,821,827 or 6.0%.
these
operations
number
shows
$156,607,533
,lV<yCOme and excess"Profits taxes
7.1/c.
creased
1936
19, page 1120.
S.
S.
neutrality.
on
Replying,
tax
tributed profits is
Eng¬
men¬
fishing
a
is
steps,
planned for Washington.
pre¬
Guy T. Helvering.
New
Sandy Hook, N.
Boarding
what
on
problems of food and shelter
excess-profits
1937, filed through Dec. 31, 1938, prepared
State Depart¬
off
Congressional refusal to enact neutrality legislation had tied
a
Whether
of
$1,276,183,511—Profits Tax
The Treasury Department on
Aug. 23 made public
liminary statistics of corporation income and
24].
Russian non-aggression pact.
to
for
silent
was
men
Steinhardt
tomorrow
and
legisla¬
Tuscaloosa,
the
on
Lang to speed to
[Aug.
capital.
and
Whether
of
Income
and
the Tuscaloosa
to
gress
A.
the
recognized,
the
agree¬
European crisis, President Roosevelt abandoned plans
Washington shortly after
Minister
or
their issue.
Corporation
the
to
radio
and
be exempt,
by the
the U.
carrying the President,
in
Roosevelt
somewhere
exempt,
allowed
Department
the
arrive
Newspaper
re¬
of its possessions.
Treasury
will
hands
his
less
or
an
neutrality
issue of Aug.
our
aboard
"Early this morning the Fresldent decided
because of the international situation."
Treasury bills allotted
cash
the
Tuscaloosa,
return
of
acceptance
made in
the
1939.
the purposes of
any tax now
any
advised
Treasury Decision 4550, ruling that Treasury bills
Treasury
for
Aug.
the
taxation,
vited to
from
the Federal
on
Treasury bills will
gain
any
be
Japan,
the same date Presi¬
on
board
on
Annapolis,
the
American
vacation cruise
the
for, and his action in any such respect shall be
Payment at the price offered for
made at
available
The
applied
submitting tenders will
waters
Thursday morning
Mr.
in¬
branches
closing hour will be opened and public announcement of
acceptable prices will follow as soon as possible thereafter,
probably on
following morning.
The Secretary of the Treasury expressly reserves
right to reject any or all tenders or parts of
tenders, and to allot
than
Hook
28,
thereof up to
and
his
advices
Tuscaloosa
Whether
from
of
were urged
curtailed
was
over
cruisers
The
ex¬
others must be accompanied
by a de¬
posit of 10% of the face amount of Treasury bills
applied for, unless the
tenders
accompanied by an express guaranty of payment by an in¬
corporated bank or trust company.
1939,
Concerned
the
Fractions must not be used.
will
trust
vestment
less
amount
an
in
the
on
99.125.
g.,
and
be
Italy and
military nations—although not
spur
President Roosevelt in
today for exploration of the Gulf Stream
statement that
for
must
non-
Lang at
Aug. 23 in reporting the President's return said:
will
of
a
would
revision
from abroad,
Associated Press
dent
be issued in bearer form only, and in amounts or
$1,000, $10,000, $100,000, $500,000, and $1,000,000
greatest
Congressional
Canadian
tion of which
Aug. 30 in
on
world's
23 Americans
branches thereof up to 2 p.
face
conclude
the
alliance—probably
return
or
the
strengthen Germany,
permit "cash and carry" wartime trade with this country.
Federal Reserve banks
discount basis to the highest bidders, will be dated
Aug.
30 and will mature on Nov.
29, 1939; on the
said tonight that
to
of
an
Roosevelt
a
intention
high authority that consummation of such
force
dent
(EST) Aug. 28, but will not be received at the Treasury
Department, Washington.
The bills, which will be sold on
of
on
two
to
to
The tenders will be received at the
m.,
to reports of which
powers.
Treasury Department.
the
10-year non-aggression
as
informed diplomats
announcement
and greatly
power
indicated
was
tion
Italy.
announce¬
" Soviet Russia would, if completed, destroy the world
pact with
of
major totalitarian
his
of
followed the
week, United Press accounts from Washing¬
Aug. 22 said:
on
ment
a
Aug. 24
the
tantamount
Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Aug. 30, 1939
Tenders to
King Victor Emmanuel
on
ment of the signing on that day of a
It
New
and
action
pact between Russia and Germany,
balance
,
President
Chancellor Adolf Hitler of Germany, President
of
aggression
accepted.)
was
Europe,
Moscicki
the
(30% of the amount bid for at the low price
in
anew
messages to
ton
.
99.987; equivalent rate approximately 0.051%.
99.989; equivalent rate approximately 0.042%.
Average price,
developing
High Administration officials and
100.00.
Low,
crisis
a
Roosevelt again lent his efforts this week toward peace in
Range of accepted bids:
,
Aug. 26, 1939
solve
by
common
United
agreement.
Press
advices
Washington, Aug. 24, noting this said:
Chief
are
their
Executive's eleventh-hour dramatic appeal to the two nations
threatening to plunge Europe into a major war, urged them to
controversy:
,
1.
By direct negotiation.
By submission of their controversy to neutral arbitration.
3. Agree to solution of their
quarrel through the procedure of orderly conciliation.
2.
Jlr.
the
Roosevelt
conciliator
or
suggested
that
if
"moderator" be
a
the
latter
national
method
of
some
were
adopted
that
traditionally neutral
Volume
State
in
Europe
which
he
tion
to
*
that
said
Roosevelt
Mr.
it
that
party,
The
by
United
neared
crisis
Polish
The
plea
patched
submitted
diplomats
American
an
on
information basis.
which
appeal,
Secretary
the
bring devastation to the peoples and
perhaps to the Governments of some nations most directly concerned."
It
clearly
would
and
vanquished,
or
accounts from Wash¬
observed in Associated Press
was
pact be¬
and was
ratified in 1933 by
still in effect. The
Aug. 22, that the present non-aggression
Germany and Russia was signed in 1926
ing toil,
tween
extended
The extension
1931.
in
was
the Hitler Government and the pact is
Associated Press went on to say:
in
remain
friendly
be
made
emphasized
Observers
duet."
the victim
of
of its peaceful
aggression, the other would
an
of the phrase,
use
They said this meant that if one
other
This
will
thought
peaceful conparty committed an aggression,
continued,
is
forthcoming non-ag¬
the
in
believe,
they
to reports from Rome, the third point
either party commits an act of aggression, the
>
/
it still
Pope Pius XII also made
appeal for European peace; this is referred to elsewhere
this issue.
President Roosevelt's messages follow:
in
Chancellor
Hitler,
Excellency Adolf
the
of
German
find
peaceful
a
which
crisis
which
message
to
constructive
and
world
the
sent
I
you
existing
of
solution
confronting
was
on
must
end
controversies,
in catastrophe.
the
Today
indeed.
last April, I have received no
catastrophe appears to be very near at hand,
that
the
To
which
messagey
I
sent
to
you
reply; but because of my confident belief that the cause of world peace—
which is the cause of humanity itself—rises above all other considerations,
I
impends
the
and
disaster
consequent
be averted.
peoples everywhere may yet
to all
is, I think, well known to
I
have
the
with all earnestness—and I am likewise urging the
the Republic of Poland—that the Governments of Germany and
President of
urge
from any positive act of
period, and that they agree like¬
wise by common accord to solve the controversies which have arisen be¬
tween
them
by one of the three following methods: First, by direct
negotiation; second, by submission of these controversies to an impartial
arbitration in which they can both have confidence; or third, that they
Poland
of
by
agree
accord to
common
refrain
hostility for a reasonable and stipulated
addressed
through the procedure of con¬
ciliation, selecting as conciliator or moderator a national of one of the
traditionally neutral States of Europe, or a national of one of the Amer¬
ican Republics which are all of them free from any connection with or
participation in European political affairs.
Both Poland and Germany being sovereign Governments, it
is under¬
stood, of course, that upon resort to any of the alternatives I suggest,
each nation will agree to accord complete respect to the independence arid
The
of
people
United
the
States are as
domination.
policies of military conquest and
ends
less
one
They
their opposition to
one in rejecting
in
are as
the right to achieve their
or objectives
through the taking of action which will plunge count¬
millions of people into war and which will bring distress and suffer¬
that any ruler,
thesis
people,
or any
possess
belligerent and neutral, when such ends
just and reasonable, can be satisfied
through processes of peaceful negotiation or by resort to judicial arbitration.
I appeal to you in the name of the people of the United States, and
ing to every nation of the world,
and
objectives,
believe
I
far
so
the
in
they
as
are
peace-loving
of
name
MESSAGE
Again
of
crisis
a
nations
It
States
and
feel
I
is
and
men
women
everywhere, to
to the solution of the controversies existing between your Government
that of Poland through the adoption of one of the alternative methods
I
of
Your
address
can
is
1
greatly
I need hardly reiterate that, should the Governments of
proposed.
and of Poland be willing to solve their differences in
suggested,
manner
Government
the
of
the
United
States
the peace¬
will stand
prepared to contribute its share to the solution of the problems which are
endangering world peace in the form set forth in my message of April
FRANKLIN
D.
14.
ROOSEVELT
TO
PRESIDENT
MOSCICKI
of
nations most directly
some
The
friends of
European
manifest
tion
all
upon
of
outbreak
With
avenues
in
The controversy
of
the
tween
German
the
two
every
have
so
weak,
an
On
dent
I
feel
justified in
suggesting that certain possible
between the Government of Poland and the Government
might be
Governments.
so
Europe
and
in
being
and
essence
invade the
or
this
that
but to long future years of aggres¬
war
and to rebellion on the part of the van¬
us.
suggested
I
attack
should
The
efforts by the strong to dominate
of necessity,
means,
last
14
forces
it must apply to the
doctrine then
because fear of aggression ends.
this means peace,
part of the victors
understanding
that no
other
indepen¬
territory of
any
discussions
assured
be
undertaken
to
progressive relief from the burden of armaments and to open avenues
international
including
trade,
sources
of
raw
materials necessary to the
peacemul economic life of each nation.
I
said
in
that
than
other
Governments
of
these
political
or
the
discussions
peaceful
And such
part.
United
would
States
territorial problems in which they were
possible for Your Majesty's Government to formulate
pacific
a
solution
assured of the earnest
the
present
voices
be vainly
crisis
along
these
lines
proposals
you
are
Unitpd States
can
today advance those
often to have been obscured.
of countless millions of human beings ask that they
Christianity which of late
The unheard
shall not
of
j "
.
sympathy of the United States.
of Italy and the
The Government
ideals of
take
directly con¬
" .'
it
Were
for
gladly
would make it wholly possible for
the United States to enter into peaceful discus¬
conversation
cerned.
seem so
sacrificed again.
FRANKLIN
President
Sees
Roosevelt
Hope
D.
ROOSEVELT
for
Peace
conference in Washington yesterday (Aug. 25)
President Roosevelt said that he was still hopeful that war
At his press
could be averted. In discussing the foreign situa¬
conference, the President said that he could
not make any decision on calling a special session of Congress
to act on new neutrality legislation until the situation was
certain to bring hostilities.
He also remarked that he had
not yet received any replies to his appeals to the rulers of
Germany, Poland and Italy; these are noted elsewhere in
our issue
of today.
Washington Associated Press advices
Aug. 25 in part said:
in Europe
Saying there had
been some confusion over the word imminent, he de¬
of certainty and then went on to say he
clared it carried the connotation
situation was certain to bring hostilities.
Every
he declared.
whether the hope of which he spoke was based on any specific
devoutly hopes that war is not certain,
Asked
knowledge, the President replied he
men
had no more news than the newspaper¬
present.
Discussing the critical state
of world affairs in a calm, deliberate tone the
President said he had no replies as yet
Poland to settle their differences
or
from his messages to Germany and
either by direct negotiations, impartial
through a neutral moderator, or to his earlier appeal
of
yesterday to the King of Italy to intervene in behalf of peace.
Asked about American preparedness measures, Mr. Roosevelt said the
the last year
to put
began to take form two years ago had been perfected in
and the only question remaining was the pressing of the button
it in operation at the proper time.
for evacuating
he added, were
be considered.
Reich
which
animositites
the
of
to the stronger.
as
lead not only to
will
nation,
seek
visualize
nations
among
Bo history teaches
April
armed
homogeneous nation out of many na¬
to
If that be sound
well
as
which
the
on
crises
desire.
Acceptance of
sion
a
difficult
it
which are smaller
and in territory, but we accept the fact that these
absolute right to maintain their national independence
created
Included, he said, were financial preparations and preparatory measures
war.
mind,
solution
imposes an urgent obliga¬
possible means which might prevent the
of the existing crisis
examine
to
general
this
of
gravity
them the American people
among
nation in particular have attained dur¬
Italian
in population
ours
quished.
the
find
often
have
they
of
concerned.
people and
having welded
America,
nations
the
suffer
to
cause
generation.
past
in
often
and
nations
the
than
the Italian
would
war
only regard with grief the destruction of great achievements which
could
ing
general
Any
war.
machinery which
Poland:
The
Majesty
Your
influence the averting of an
all nations,
whether belligerent or neutral, whether victors or vanquished, and would
clearly bring devastation to the peoples and perhaps to the Governments
of
arbitration
MESSAGE
Excellency, Ignace Moscicki, President of the Polish Republic, Warsaw,
His
people that
American
can
one
have
''''
/-r;'
the
that
and
of the maintenance of
behalf
in
of
belief
and
ful
Majesty
•
Majesty's Government
my
Your
ITALY
consanguinity between millions of our citizens that
ties of
peace.
It
and
the
OF
affairs makes clear the
did not believe the present
Germany
ROOSEVELT
responsibility of heads
of thpir own people and indeed of humanity it¬
traditional accord between Italy and the United
fate
because
that
World
Chancellor
the
to
sense
EMMANUEL
VICTOR
KING
world
the
for
self.
TO
in
agree
I
similar
in
tion at his press
of the other.
territorial integrity
the
communication
a
Reich.
Gorman
to the solution of these controversies
agree
Reich,
that, speaking on behalf of
you
FRANKLIN D.
sions
■
therefore,
I,
the hope that the war which
addressing myself to you with
again
am
of the United
complete sympathy
and
refrain from any positive act of hostility.
alternative,
April 14 last I stated that
it appeared to me that
the leaders of great nations had it in their
power to liberate their peoples from the disaster that impended, but that
unless the effort were immediately made with good-will on all sides to
the
earnest
the United
behalf
The rank and file of the population of every nation, large and
small, want peace.
They do not seek military conquest.
They recognize
that disputes, claims and counter claims will always arise from time to
time between nations, but that all such controversies, without exception,
can be solved by peaceful procedure if the will on both sides exists so to do.
It
Reich, Berlin,
Germany.
In
methods, you
States
During the exploration of these avenues, I appeal to
the
weaker nations
His
independence and
the other.
of
people.
if
HITLER
CHANCELLOR
TO
it is under¬
alternatives I suggest,
Governments,
being sovereign
accord complete respect to the
determine to attempt solution by any of these
of
tionalities,
an
crisis.
States, I have exerted and will continue to exert every influence in
We
Besides the President's appeal,
a
Hemisphere, wholly removed from the
of peace.
pact.
aggression
traditionally neutral States, or
the
of
a
I have likewise appealed to the Government of the German
as
to agree to
-
this point as the crux of the whole
regard
makes
of
pact
case
question. They
possible for Great Britain and France to conclude a
mutual assistance with Russia, despite the Russo-German non-
Observers
it
in
denounce the pact.
may
its
outbreak
obliged to remain neutral.
not
was
provide that
said
you,
"in spite of its
gression pact, in which, according
other
of
through
resort to any one of the
upon
agree to
integrity
assured
and
their relations.
questions concerning
the conflict.
A
third
point provided that if there was a coalition to create a
financial
of economic boycott against one party,
the other would not
adhere to it.
j.
the
disinterested third
appropriate that the parties avail
seem
one
Germany
that
will
Should you
are
of
neutrality during the duration of
observe
of
services
and
course,
territorial
point provided that in case one party, in spite
should
conduct,
Poland
Governments would
with each other with the object of obtaining
contact
agreement on all
Another
would
it
case
the
might be
arbitration.
to
conciliation
be
provided by the first article that the two
This pact
an
of
each nation
...
said was drafted and transmitted
without consulting any foreign power, stated that "any general war would
cause to suffer all nations whether belligerent or neutral,"
whether victors
The
which
stood, of
but copies were dis¬
presumably were to be
and
Europe
in
various Governments
to
Both
the German-
climax.
a
issues
and issues of the present
area
addressed only to the Italian ruler,
was
to
Phillips as
William
Ambassador
States
the
might
disinterested republic of the Western
possible to preserve world peace. . . .
the Italian King was delivered orally at his summer
to
message
in
of
method
themselves
would continue
exert, every influence
retreat
third
impossible or not feasible, a second avenue
prove
submission
of
A
well known
was
he had exerted and
behalf of the United States,
on
one
this
,
.
.
Moscicki
and
Hitler
that,
representative of
a
European affairs.
in
To
or
Should
of the American Republics,
connection with or participa¬
emphasized would be free from any
1257
Commercial & Financial Chronicle
The
149
made the subject of direct discussion be¬
-
Americans from war zones.
Most of his conferences today,
related to the use of this machinery should it become neces¬
sary.
The President said ho
Oct.
had not cancelled his West Coast trip, scheduled for
1, but added that whether he goes will depend on developments.
He
The Commercial & Financial Chronicle
1258
also said he would like to go to Hyde Park, Monday night, but would not do
such
if the situation then is as It is today.
so
Aug.
authority expires the
of bonds issued
amount
under this section is less than
26,
by the
$61,500,000, the Corporation
1939
Corporation
subject
may,
foregoing provisions of this section, issue. after the expiration of such
to the
period, bonds in an amount not in excess cf the amount by which the bonds
Measure Enacted at Recent Session of Congress Amend¬
Authority
Act of
1933—
Purchase of
Properties of
Common¬
Authorizes
indicated in
was
1108,
page
the
United
The Department's Committee for Reciprocity In¬
Sept. 16 as the closing date for submitting
briefs, with regard to articles on which tariff concessions may
be granted, and for applications to be heard at the
public
hearings, which will begin Oct. 2.
Further details were
reported as follows by Washington Associated Press advices
of
Aug. 16:
.Trade between Belgium and the United States totaled $128,500,000 in
ACT
;; ,•/'■ ;!" ;i:V
:
' '■> 1 '/■
;
to
issue
is
the
approval
authorized,
bonds not
after
exceed
to
in
of
the
the
the
Secretary
date
which
15a the fol¬
aggregate
The principal Belgian exports to the United States
this
$61,500,000-
concessions had
section,
Such
northern
or
Corporation shall file with the President and with the
Congress in
December of each year a financial statement and
complete report as to the
of funds
derived
from
the sale
Such bonds shall be in such forms and
of
bonds
under
such periods not
denominations, shall
this
or
section
report.
mature within
than 50 years from the date of their
issue, may be
redeemable at the option of the Corporation before
maturity in such manner
as
may
3Yi
more
be stipulated therein, shall bear such
per
centum
per
shall
annum,
ditions, shall be issued in
be
rates of interest not
subject
to
such
terms
exceeding
and
such manner and
amount, and sold at such
may
3H
per centum per annum.
Such bonds shall be
fully and unconditionally
principal by the United States, and such
the face thereof, and such bonds
shall be
guaranteed both as to interest and
guaranty shall be expressed
lawful
investments, and
and public
on
may
be accepted
funds, the investment
security, for all fiduciary, trust,
deposit of which shall be under the
or
Through the dissolution of Czecho slovakia, necessitating the suspension
foreign supplier to the United States of
of
as
or control of the United States or
any officer or officers thereof.
In the event that the
Corporation should not pay upon demand when due,
the principal of, or interest
such bonds, the Secretary of the
Treasury
shall pay to the holder the amount
thereof, which is hereby authorized to
be appropiated out of
any moneys in the
on,
Treasury not otherwise appro¬
priated, and thereupon to the extent of the amount so
paid the Secretary
The
Treasury shall
succeed
to
all the rights of the
holders of such bonds.
Secretary of the Treasury, in his discretion, is authorized
bonds issued hereunder, and for such purpose the
any
to
purchase
Secretary of the
Treasury is authorized to use as a public-debt transaction the
proceeds from
the sale of any securities hereafter
issued under the Second
Liberty Bond
Act, as amended, and the purposes for which securities
may be issued under
such
Act,
as
amended,
are
ration's bonds hereunder.
extended to include any purchases of the
Corpo¬
The
Secretary of the Treasury
and
by him under this section.
All redemptions, purchases, and saies
by the Secretary of the Treasury of
the bonds of the Corporation
shall be treated as public-debt transactions
the
Corporation shall
With the approval of the
Secretary of the Treasury,
have power to purchase such bonds in the
open
market at any time and at
any price.
shall be used for the performance of
None of the proceeds of the bonds
any proposed
the
Corporation under the authority of
section
contract
12a
of this
negotiated by
Act until the
proposed contract shall have been submitted to and
approved by the Federal
Power Commission.
When any such
proposed contract shall have been
submitted to the said
Commission, the matter shall be given precedence
and shall be in every way
expedited and the Commission's determination
of the
matter shall
be
final.
The authority of the
Corporation
bonds under this section shall expire Jan.
1, 1941. except that if
at
to
articles such
some
principal
certain types
as
; '
■
Principal United States exports to Belgium
are
automotive products, raw
wheat, linseed oil-cake, petroleum products,
sawn
wood,
copper
scrap.
Signing of the agreement in 1935
March 2, 1935 issue, page 1387.
Resignation
of
Minister
to
Daniel
C.
Roper
United
as
Canada—Grateful
to
reported in
was
for
our
States
Opportunity
Serve in Post
President
Roosevelt's
acceptance
of
the resignation
Daniel C. Roper, as United States Minister to
Canada,
reported in
in
statement
of
was
issue of Aug. 19, page 1120.
Following the
the
resignation
Mr.
Roper issued a
our
of
announcement
Ottawa
on
Aug. 18 expressing gratitude to
opportunity to serve in the post and
also to the Canadian people for their
hospitality.
He also
praised the trade agreement recently signed between the
two countries and said that that 4 The
growing understanding
of both peoples concerning this
agreement and its mutually
advantageous effects is becoming daily more apparent."
The
text
of
Mr. Roper's
statement,
as
contained in
Canadian Press
I
issue
the time
have
United
Ottawa advices of
Aug. 18, follows:
completed the period of service contemplated
States
Minister to
Canada
last
when
became
I
May and have resigned effective
Aug. 20.
Mi's.
Roper and I
portunity thus
are
afforded
most
grateful to President
to
us
become
Canada and its splendid people.
of Ottawa
and
Canada
for
the
We
more
are also
boundless
Roosevelt for the op¬
intimately acquainted
most
with
grateful to the people
hospitality shown
At
us.
no
time have we felt that we were in a
foreign country, but at all times we
have felt at home, among a
people of similar ideals and purposes in life to
ours in the United States.
There is every evidence that the peoples of the two countries
deter¬
are
mined to solve their mutual problems
through conferences, seeking under¬
standing of each other's responsibilities and determined to be
helpful to
each other in
and
finding the constructive
way for each
people to live securely
happily.
has
It
been
our
good fortune during the three months
of
sojourn
our
in Ottawa to witness
striking events in the development of human relation¬
It Ls my opinion that when the history of these times is recorded
ships.
that
two
events
will stand out
in
the development of understanding among our peoples
conspicuously, namely (1) the efforts of President Roosevelt
to
develop the good neighbor policy among nations, and (2) the visit of
King George VI and Queen Elizabeth to Canada and the United States in
1939.
I
may, at any time,
sell any of the bonds of
the,Corporation acquired
of the United States.
glassware.
cotton,
authority
of the
these products would be taken fully into account.
on
of the trade agreement with that
country, Belgium has become the
con¬
prices,
be prescribed by the Corporation with the
approval of the Secretary
of the Treasury: Provided, That such bonds
shall not be sold at such
prices
or on such terms as to
afford an investment yield to the
holders in excess of
as
list included all the products on which
the President for the
Mississippi named in paragraph (2).
covering the period not covered by any such previous
statement
new
No further reduction will be made in
any import duty which has already
Corpo¬
The
expenditure
coney
been reduced by 50% in any agreement concluded under the Trade
Agree¬
ments Act.
"(1) Not to exceed $46,000,000 may be used for the purchase of electric
utility properties of the Tennessee Electric Power Co. and Southern Ten¬
nessee Power Co., as
contemplated in the contract between the
Corp. and others, dated as of
May 12, 1939.
"(2) Not to exceed $6,500,000 may be used for the purchase and re¬
habilitation of electric utility properties of the Alabama
Power Co. and
Mississippi Power Co. in the following named counties in northern Alabama
and northern Mississippi:
The counties of Jackson, Madison, Limestone,
Lauderdale, Colbert, Lawrence, Morgan, Marshall, De Kalb,
Cherokee,
Cullman, Winston, Franklin, Marion, and Lamar in northern
Alabama,
and the counties of Calhoun,
Chickasaw, Monroe, Clay, Lowndes, Oktib¬
beha, Choctaw, Webster, Noxubee, Winston,
Neshoba, and Kemper in
northern Mississippi.
"(3) Not to exceed $3,500,000 may be used for
rebuilding, replacing, and
repairing electric utility properties purchased by the Corporation in accord¬
ance with the foregoing
provisions of this section.
"(4) Not to exceed $3,500,000 may be used for
constructing electric
transmission lines, substations, and other electrical
facilities necessary to
connect the electric utility properties
purchased by the Corporation in
accordance with the foregoing provisions of this
section with the electric
power system of the Corporation.
"(5) Not to exceed $2,000,000 may be used for
making loans under section
12a to States, counties, municipalities, and
non-profit organizations to
enable them to purchase any electric
utility properties referred to in the
contract between the Corporation and the
Commonwealth and Southern
Corp. and others, dated as of May 12, 1939, or any electric
utility properties
of the Alabama Power Co. or
Mississippi Power Co. in any of the counties
diamonds,
already been made, and added that the fact concessions had
already been granted
bonds
be sold by the Corporation to obtain funds which may be used for the
following purposes only:
ration and the Commonwealth and Southern
are
jute fabrics and glue stock.
Treasury the
of
on
be granted by this Government.
and rabbit furs, creosote oil, barley malt, imitation Oriental
rugs of cotton,
may
in northern Alabama
tariff concessions may
The State Department said the
of the
of enactment
■
The State Department published 19 mimeographed pages of articles
No bonds shall be issued by the Corporation after the date
15c. With
"'j;
.
by the Senate and House of Representatives of the United States
That the Tennessee Valley Authority
of enactment of this section under section 15 or section
15a.
"Sec.
It has risen steadily since 1934, before the first agreement was signed,
American exports to Belgium in 1938 were $86,500,000 and imports
$42,000,000, compared with exports of $46,500,000 and imports of $26,500,000 in 1934
v.'.'"'"V
V,
' 'A
sections:
Corporation
trade
when it totaled $73,000,000.
Act of 1933, as amended, is amended by adding after section
15b.
a new
Congo.
in Congress assembled,
new
negotiate
with
formation set
To amend the Tennessee Valley Authority Act of 1933
"Sec.
to Negotiate
New Trade Treaty
Belgium—To Replace 1935 Agreement
The United States and Belgium will
1938.
lowing
States
agreement to replace one signed in 1935, the State Depart¬
ment announced on Aug. 16.
The new treaty will apply to
the Belgo-Luxemburg economic union and to the Belgian
[S. 1796]
Be it enacted
of such period, under the authority of section 12a."
Approved, July 26, 1939.
light business on a large scale Aug. 15, when the TVA, in
conjunction with allied cities, towns and cooperatives in the
State of Tennessee, took possession of the Tennessee Electric
Power Co. (subsidiary of Commonwealth & Southern
Corp.,)
for the agreed price of $78,600,000, As was explained in the
item on page 1108, the transfer of the Tennessee Electric
Power Co. from private to public ownership was made
possible by recent Congressional legislation. The enabling
bill, amending the Tennessee Valley Authority Act of 1933,
was signed by President Roosevelt on
July 26 (as noted in
these columns July 29, page 658) and the adoption of the
conference report thereon was indicated on page 494 of our
issue of July 22.
Herewith we give the text of the measure
(passed at the session of Congress which adjourned Aug. 5,)
as signed by the President,
July 26:
of America
12a of funds
performance of any contract entered into by the Corporation prior to
the expiration
Federal Government, through its public power agency, the
Tennessee Valley Authority, entered the electric power and
AN
subject to the provisions of paragraph (5) of this
derived from bond proceeds may be made) to provide funds found necessary
in the
Aug. 19 issue,
our
prior to the expiration of such period is less than $61,500,000,
(limiting the purposes for which loans under section
section
wealth & Southern Corp.
As
issued
for refunding purposes, or,
Valley
Tennessee
ing
so
am
deeply grateful to
Minister Mackenzie
adian
officials
for
His
King, to
Excellency
Dr.
O.
D.
their cooperation and
Lord
Tweedsmuir,
Prime
to
Skelton, and to the other
assistance
to
me.
Can¬
The friendly
relationship of the two peoples is deep and genuine.
It
King
was
my
the
privilege to
documents
of
ment
sign
jointly
exchange
States trade agreement at
Ottawa
of
on
with
Prime
ratification
June
17.
of
Minister
the
Mackenzie
Canada-United
The effects of
this
agree¬
have already been widely and
beneficially felt in the commercial
lationships
of
two
our
countries.
The
growing
understanding
of
re¬
both
peoples concerning this agreement and its mutually advantageous effect is
becoming daily
With
a
more apparent.
view to
implementing
at the
United States Legation at Ottawa
the reorganization plan inaugurated by
IVesident Roosevelt and approved
by the Congress, it
a
was my
privilege recently to submit to my government
plan consolidating the activities of the Legation.
Volume
While
The Commercial &
149
Mrs.
Roper and
ourselves offi¬
that we must separate
I regret
Financial Chronicle
and to the attention
of our private affairs in Washington, yet we shall never forget Canada.
We shall look forward to visiting this country at intervals in the future and
cially from the Canadian people and return to our home
the latchstring on our door in Washington
also shall hang out
of goodwill, an au revoir
but not
a
our
constituted a difficulty in
country on the other hand have
Meanwhile, commercial
of the commencement of negotiations.
way
interchange
stances
has suffered
inevitable pressure of these
the
under
reason
the Argentine Government
attributes special importance
to the fact that the Government of the United States
fully understands the
imperative necessity of maintaining under present circumstances
goodby.
the present
system of exchange control in defense of the value of our currency.
"The Argentine
United States and Canada Sign Reciprocal
Aviation Pact
Commercial
Department at. Washington announced on
Aug. 18 that a civil aviation agreement between the United
States and Canada, making effective a schedule of basic
principles which will govern air transport services between
the two countries has been entered into.
The agreement,
The
State
designed to stimulate and promote air transportation, was
made effective by an exchange of notes signed at Ottawa
Aug. 18 by Prime Minister Mackenzie King as Secretary
of State for External Affairs and Daniel C. Roper, United
States Minister to Canada.
Regarding the pact, "Wash"
ington advices of Aug. 18 to the New York "Times" said:
Each
country
subject to its laws and regulations, to
agrees,
bona fide air carrier enterprises of the
territory of one party and
of international services between "a place in the
Permits also will be granted for non¬
place in the territory of the other."
a
stop services
through the air
grant to
other country permits for the operation
over one country
between iwo points in the
United States, including
Canada "including their territorial waters."
It is stipulated
should an American company seek to establish a non-stop
to the continental
The arrangement will apply
to
however, that
Alaska a special arrangement
inland service between the United States and
would have to be concluded with Canada.
between
Affairs of Canada and the American Legation
effective by notes exchanged today
The arrangement was made
the
Department of External
Ottawa.
at
resulted
It
from
a
joint
aviadon
civil
conference held at
Ottawa Aug. 9 to Aug. 11.
The
air
carrier
that
for
an
authorities of the other under the latter's
operations
about "uniformity of safety standards
the parties may enter into
and
competitively
be
or
limitations as to airports,
United
for
military significance.
Proposal
With Argentina
Begin Hearings Oct. 16 on
to
Agreement
Reciprocal Trade
The closing date for the submission of briefs
tion by interested parties is Oct. 4 and public
and informa¬
hearings will
begin before the Committee for Reciprocity Information
Oct. 16.
the entry
of which into this country is banned by the Tariff Act of 1930, and fine
wools would not be a subject of discussion in the negotiations.
This was
emphasized that fresh chilled or frozen Argentine meats,
expected
initiation of these negotiations.
that certain shiftlngs in
same
imports
commodities and by insuring
type of exchange for the same commodity, there
has been removed
regulations as being the result of any dis¬
criminatory intentions.
The announcement of the intent of the State
to
tine
was
Department
long awaited trade agreement with the Argen¬
received with much satisfaction, states the National
negotiate
a
Foreign Trade Council. The Council statement says, "the
proposed trade agreement is on strictly economic lines and
of mutual economic benefit." The statement further said:
The announcement of the State Department
has come at a most appro¬
priate time in view of the current crises in Europe and the Far
should go far to bring the American
gratulated
East and
The
Republics into closer communion.
United States are to be sincerely con¬
their timely action.
on
Newly Enacted Trust Indenture Bill Regarded
Likely to Encourage Private Sales of Securities
In its recent comments
became
on
as
the Trust Indenture bill, which
law just before
the adjournment of Congress on
Aug. 5, the "Wall Street Journal" stated that some leading
New York City banks and trust companies believe that
the bill will substantially raise fees and out of pocket expenses
which corporate trustees will be forced to charge for duties
under indenture contracts.
The paper quoted further
a
observed:
The banks feel "that this
combination of factors may also bring about,
because of the additional expense
involved, some slowing down of an already
sale of securities to institutional investors
as
contrasted with public
financing.
The bill, which was signed by President Roosevelt on
Aug. 3 (not Aug. 4 as earlier reported) as finally approved
fixes rules for the conduct of trustees in carrying out terms
of trust indentures which set out the assets supporting the
issuance of bonds and other securities.
The legislation
restrictions on trust indentures on all issues of
subject to registration by the Securities and
Exchange Commission.
The final Congressional action on
the measure was noted in our issue of Aug. 5, page 808.
The Act is of considerable length, and some indication of its
compass is contained in the index of its contents which we
imposes
securities
take
as
KiK
i
follows from the Act.
'
.y
V';;■:
TABLE OF CONTENTS
.
.
i-;:'
i
which might
by officials to remove the most serious objections
;'■>
Title in
Sec. 301.
Short title.
Sec. 302.
Necessity for regulation.
•
■.
Sec. 303.
Washington advices of Aug. 23 to the New York
"Times" we take the following:
From
was
the
all motive for interpreting these
vate
applied only to
ment "would represent one of the most outstanding accom¬
plishments under the authority of the trade agreements
Acts and one of the most important accomplishments of this
Administration in the field of international relations."
It
way
the air carrier
stipulates.
The State Department at Washington made known on
Aug. 23 the intention of the United States to negotiate a
reciprocal trade treaty with Argentina. In a formal state¬
ment in the matter, Acting Secretary of State Sumner Welles
said that he believed the conclusion of the proposed agree¬
on
by preventing in this
Large companies, it is thought, may resort even more extensively to pri¬
otherwise disadvantageous to
or
and had no
States
fact,
should neutralize restrictions applied to some
be utilized within its territory which
Department officials stressed that the agreement
commercial carriers
payments, has also cleared the way for the
"In
control in a moment in which
efficacy in order to equalize our balance of
tight capital market, especially for issues slightly over the $1,000,000 level.
enterprises of the other party," the agreement
State
prescribing
impose, and to use its best efforts to
the imposition of, any restrictions
airways and facilities in general to
might
an agreement
standards."
"Each of the parties agrees not to
prevent
It is agreed, however,
regulations, it is stipulated.
attempt will be made to bring
such safety
be required to qualify
of one country will
enterprises
before the competent aeronautical
applicable laws and
This desire, in addition to representing
logical evolution in the system of exchange
it is necessary to give it greater
.
.
.
months,
of imports shall be applied by commodi¬
ties and extended to all countries.
Governments of Argentina and the
territory of the other.
Alaska, and
Government, after a careful study of several
has decided that quantitive control
a
circum¬
.
"For this
for Canadian
We extend to them a toast
friends who may do us the honor to visit us.
control in
the
1259
Definitions.
Sec. 304.
Exempted securities and transactions.
Sec. 305.
Securities required to be registered under Securities
Sec. 306.
Securities not registered under Securities Act.
Sec. 307.
Qualification of indentures covering securities not
be registered.
■•• ■'
Act.
required to
y;:/
Securities Act and other Acts.
Sec. 308.
Integration of procedure with
has long been a subject of some friction
Sec. 309.
When qualification becomes effective; effect of
tfieir commercial relations.
"It may be noted that during the 15-year period 1924-38 our exports to
Argentina have exceeded our imports from that country by $486,900,000,"
Sec. 310.
Eligibility and disqualification of trustee.
have
been advanced to conclusion of a reciprocal agreement.
the entry of Argentine fresh beef here
Barring of
between the two countries in
Mr. Welles said in a statement.
suffered in recent years for lack of a trade
Sec. 311.
Preferential collection of claims against obligor.
Sec. 312.
Bondholders'lists.
Sec, 313.
Reports by indenture trustee.
Sec. 314.
Reports
developing at
our
expense
tina on a footing of full equality
subject which
was
gone
under the influence of their commercial
The placing of American commerce in Argen¬
agreements with Argentina.
a
with that of our European competitors was
into fully in preliminary discussions
leading up
to the present announcement.
"The agreement will
market of great
"On
our
side
enable us to maintain our competitive position in a
present and prospective importance.
we
must, of course, offer reciprocal
of interest to Argentina
be granted, are
negotiations.
benefits.
The products
with respect to which consideration will be given in
the course of the negotiations, with a view to
seeing what concessions could
listed in connection with the announcement of the proposed
The
concessions,
which will in
due course be formulated,
this country,
should, of course, permit an increase in Argentina's exports to
but will not have injurious
"The types
effect upon American production.
of wool included in the list are the coarser types, of which
there is only a very small production in
A statement issued
on
this country."
Aug. 23 at Buenos Aires by the
"The Government of the Argentine
Republic and the Government of the
United States of America, after preliminary
their two
obstacles
which
formerly
had
discussion in which they have
now
v
Duties and responsibility of the trustee.
Duties prior to default.
Notice of defaults.
(c) Duties of the trustee in case
of default.
(d) Responsibility of the trustee.
(e) Undertaking for costs.
Sec. 316.
Directions and waivers by bondholders;
duties of paying agents.
indenture provisions.
and orders.
Hearings by Commission.
Special powers of the Commission.
Court review of orders; jurisdiction of offenses and suite.
Sec. 317-
Special powers of trustee;
Sec. 318.
Effect of prescribed
Sec. 319.
Rules, regulations,
Sec. 320.
Sec. 321.
Sec. 322Sec.
prohibition of impair¬
holder's right to payment.
323.
Liability for misleading statements.
Unlawful representations.
their formal intention to
Penalties.
United States on the one hand and the existence
with indenture
(a)
fb)
Sec. 325.
Sec. 326.
Effect on existing law.
of chilled beef into the
Sec. 327.
Contrary stipulations void.
of a regime of exchange
Sec. 328.
Separability of provisions.
restrictions which impede the entrance
Sec. 315.
Sec. 324.
negotiate a trade treaty.
"Until
(a) Periodic reports.
(b) Evidence of recording of indenture.
(c) Evidence of compliance with conditions precedent.
(d) Certificates of fair value.
(e) Recitals as to basis of certificate or opinion.
(f) Parties may provide for additional evidence.
between
hindered conversations
countries, have decided to announce
by obligor; evidence of compliance
provisions.
ment of
ministry of Foreign Affairs regarding the proposed negotia¬
tions was given in a cablegram from that city to the New
York "Times"; in part it said:
overcome
appointment as trustee.
(b) Disqualification of trustee.
(c) Applicability of section.
The trade of certain European countries with Argentina has
"Our trade with Argentina has
agreements
been
Persons eligible for
(a)
qualification.
The Commercial & Financial Chronicle
1260
legislation enacted under
Some of the features of the new
following, which
of Aug. 5:
In
bill which gives the SEC certain new
in the regulation of corporate trust indentures, attempts to provide
of
the
services
of
disinterested
a
Baruch
registration statements.
part of the necessary
The Act will not operate until six
its signing, according to its
for final decisions,
and interpreting the
regulations.
In this
of
the indenture conforms
unless
Duties of the SEC
law,
new
the best
be permitted to become effec¬
are
limited to
requirements of the
determination of whether the
a
An exemption for issues
disproportionate
ture
of $1,000,000 or less is provided because of the
The
annual reports and other data.
Evidence of recording of the indenture and
some latitude is left with
mandatory in most instances.
the trustee, notice of defaults
Duties of the trustee in
are
the investing
public,
as
Nevertheless, intensive study of the
finally passed by Congress
officials
has revealed
upon to
by that
originally sought
measure
by trust
company
discharge.
a
great
many
new
duties the trustees will be called
covering conflicts of interest between the obligor and the trustee, in order
qualify with specifications of the law, will be substantial.
things It
will
necessitate constant
internal questionnaires
Among other
to all directors
and officials of the bank assuming the
trusteeship as well as the issuer with
regard to each individual
trust
indenture in order to enable the trustee to
ascertain if it still remains qualified.
re
research for the
The
same
sizable
To this will be added the cost of yearly
purpose.
signed by the President provides machinery for maintenance
measure
of bondholders' lists,
of trust
an
stewardship.
entirely new responsibility in the banking sphere
This
item
alone
will
cause
expenses
to
mount
to
It also requires the trustee to make annual reports to the
sums.
SEC and the bondholders on the conduct of each indenture
annually.
Should any special conditions arise in the interim these also must be re¬
ported.
...
Other New Duties
mortgage and chattel issues.
engineers,
must
satisfy itself that all
be
must
and
attorneys
are
approved by accountants,
concerned.
others
all
Then
If all parties
competent.
are
Many authorities
express
the trustee.
on
to the banks will come
have to perform.
by
of
$594,650
loans
liability and
respon¬
expense
of the greater ministerial duties they will
by
to cover costs,
with
a
fee double the present
It is pointed out, however, that
any increase in fees is not
sufficient to warrant any more than
an
issue
or
a
its interest return.
expected to be
slight difference in either the offering
.
.
will further
serve
to
panies
aggregating
of
preferred
companies
and
stock,
of
have
hanks
With respect to the
acceptance by the Senate on
of the amendments made to the bill
ized
distribution
$1,340,528,264;
indicated in
our
item
on
page
Begins
Study of War Resources—Body
Meeting with Heads of Army and
Navy Departments
First
The
newly-created War Resources Board, headed by
Edward R. Stettinius, Jr., Chairman of the Board of the
United States Steel
Corp., held its first meeting with
officials of the
Army and Navy Departments in Washington
on
Aug. 17 principally for organization purposes.
Mr.
Stettinius said that the
Board, which was formed Aug. 9,
as was noted in our
Aug. 12 issue, page 961, "will consider
primarily how the industrial and economic resources of the
Nation
can
play in the
best be prepared for the part which
they must
event of war."
Further details concerning the
meeting were indicated as
follows in Washington Associated Press advices
Aug. 17:
The group of industrial and commercial
leaders received instructions from
Louis
Johnson, Acting Secretary of War, to seek flaws and omissions in
the detailed blueprints on which
military experts have worked for the last
18 years.
trust
pre¬
com¬
authorized in the
authoriza¬
total
a
debentures of 6,861 banks and
$170,650,587 of this has been with¬
;
banks when conditions of
authorized for distribution to depositors of four
of
and withdrawals
$1,070,739, cancellations
$1,538,943.
of
depositors
this
of
available
remains
1939, loans have been author¬
2,775 closed banks aggregating
Through July 31,
to
$329,322,056
borrowers;
the
to
has
amount
been
and
withdrawn
$988,201,972
been
has
and $934,548,360, approximately 94.5%, has been repaid.
During July the authorizations to finance drainage, levee and irrigation
districts
were
has
inei'eased
withdrawn
were
and
been
aggregating
been
Under
Finance
loans to
in
disbursed.
of
National
Section 5
Corporation
639
the amount of $94,175
Through
July
1939,
31,
drainage, levee and irrigation
$31,778,391
which
the
borrowers,
has
and
been with¬
$87,564,538
(d), which
Act June 19,
added to the Recon¬
was
1934, and amended April
13,
industry aggregating $5,635,814 were authorized during
during July.
companies
the amount
of $1,443,426
were
canceled
with¬
or
Through July 31, 1939, including loans to mortgage
business and industry in cooperation with the
assist
to
Recovery Administration program, the Corporation has authorized
6,613 loans
for
the
benefit
amount
$77,223,880
able
the
to
.
available to
remains
Authorizations in
drawn
July, and
Through
In
amounting
similar
July 31,
of industry
been
has
borrowers.
participations
the
$143,839,495,
the provisions of
1938, 99
loan
was
refinance
to
disbursed.
struction
July.
$223,000, authorizations
$409,772
authorized
$24,496,566
drawn,
Board
Holds
were
and
disbursed
districts
New
purchase of
$237,891, disbursements amounted to $824,807, and repayments
$23,004,236
loans have
808.
the
banks
met.
amount
to
on, as
$322,000.
of
for
available to the
remains
were
the
in
to
for
made
debentures of 6,783
loans
banks
Through
make
of three
capital notes and
been
amounted
July 21
by the House on July 19,
it was explained in the Senate
by Senator Barkley on July 21
that the changes made by the House were "more or less of a
technical, clerical and clarifying nature" and concurrence
by the Senate in the amendments was accordingly agreed
mortgage
one
and
debentures
amount
been
have
purchase
to
and
notes
aggregate
$1,395,949,589
$61,294,500
amounted
against public financing,
from
$1,347,621,834 and 1,123 loans
the cost of which is
already high.
as
amount
Only
$48,327,755 to be secured by preferred stock,
authorizations
closed
latter
repaid.
made
were
and
notes
During July loans
.
Meanwhile, it is also believed that the indenture bill
emphasize the institutional method of financing
this
$7,195,022
includes
capital
the
in
stock, capital
drawn
been
has
that
authorizations
1939,
ferred
trust
low estimate.
borrowers,
$1,911,$8,301,127 is
Of
94.4%,
stock,
preferred
companies
July 31,
for
1939,
remains available to
disbursed.
authorizations
July
by
trust
tion
31,
(including
Of this amount $507,-
$22,490,036
been
and
July
company.
During
secured
and
Through
repaid.
banks and trust companies
7,537
aggregating $2,552,819,476.
has
banks,
open
trust
to
withdrawn,
approximately
amount
bring about increased fees
been
$2,022,986,645
owing
Similarly, the greatest increase in
reason
receivership)
has
$1,645,799
and
authorized
342,795
will
price of
been
to banks
loans
(including those in liquidation) amounted to $195,848;
disbursed
was
withdrawals of
and
Cancellations
$1,069,614.
have
the necessity for sizable additions to their clerical staffs with the
consequent
need for more office space and increased rent.
These items in themselves
a
Chairman Schram continued:
During July loans were authorized to four banks (in liquidation) in the
498,264,
This will take the form in the larger trust institutions of
schedule considered
in the
74.55%).
not
the opinion that the greater part of the addi¬
of
total
a
$742,759,589 remains available to borrowers and
purchase of preferred stock, capital notes
and debentures.
During July $48,533,683 was disbursed
for loans and investments and $21,383,149 was repaid, mak¬
ing total disbursements through July 31, 1939, of $7,567,317,808 and repayments of $5,642,150,473 (approximately
banks
and
tional costs to the issuer will be due to the increased
includes
amount
of
total
and
Increased Responsibility
sibility imposed
A
to
the
known to it, each one must be
investigated.
Aug. 8 by Emil Schram, Chair¬
on
This latter
$1,064,313,842 authorized for other governmental agencies
and
$1,800,000,000 for relief from organization through
July 31, 1939.
Authorizations aggregating $4,730,037 were
canceled or withdrawn during July, Mr. Schram said, mak¬
ing total cancellations and withdrawals of $2,245,185,372.
those in
Likewise, the reports of the issuers
tentative com¬
and
the end of the month of $13,352,-
reported
was
the RFC.
of
1939,
31,
July
through
mitments outstanding at
and trust companies
on the trustee with
reference to the proper recording or
re-recording of the instruments covering
trustee
tions and
authorizations
amount
Study of the bill also reveals greater duties imposed
appraisers,
to
amounted
man
Costs of research the banks will be required to undertake, including those
to
during July
$12,398,615, rescissions of previous authoriza¬
commitments amounted to $721,460, making total
Corporation in the recovery program
422,609, it
Costs of Research
the Reconstruction
Commitments of
and
Authorizations
Finance
much of the discretionary powers
away
for
Investments—$5,642,150,473 Repaid
and
made
The bill, sponsored by the SEC for the express purpose of providing addi¬
Disbursed
Canceled—$7,567,317,808
185,372
Loans
case of defaults are
also written into the law.
tional safeguards for
American Tele¬
U.S.A. (retired),
in Europe.
are
Report of Operations of RFC Feb. 2, 1932 to July 31,
1939—Loans of $13,352,422,609 Authorized—$2,245,-
evidence of compliance with conditions set forth in it would be compulsory.
takes
Roebuck & C o.,
chairman of Sears,
regu¬
his activities.
report on
a
obligor also would be required to file with the trustee and the SEC regularly
agency.
G. Moulton, President of
Lee Pratt, a General Motors Corp.
indenture would be required to file with inden¬
an
security holders at yearly intervals
Although
resources
Karl T. Compton, President of the
Institute of Technology; Harold
Brookings Institution, and John
Two other members, Walter S. Gifford, President of the
caused by bringing smaller issues under this
expense
A trustee under
unmatched
phone & Telegraph Co. and I rig. Gen. Robert E. Wood,
Exemption Provided
lation.
the
director.
of indentures conform to the prescribed standards in the law.
terms
the
the industrial world," he added.
Other members attending were Dr.
Massachusetts
the
along
influence to this end will be that the
to utilize for defense
fully prepared
be
nation
continue
of peace."
"We firmly believe that the greatest
Securities Act of securities
the statutory
to
United States
the
desire that
ardently
which have made it unrivaled in
to > e issued under a trust indenture shall not
tive
on
setting the machinery into motion.
bu inessmen, along "with all
Stettinius, in a statement, said that
Mr.
Americans,
pathway
The bill provides that registration under the
trade and labor Is included in the plans
avoid in an emergency the confusion that attended
American World War mobilization. "
work, they continued, the SEC will follow its past practice of
cooperation and consultations with banks and trust companies
means
admini tration, automatic successor of the
Control of prices, factory output,
In the meantime, SEC officials said,
terms.
the Commission will do spade work in preparing forms
,
Board, the Chairman probably would have authority
except in fixing prices, Mr. Johnson said.
already worked out to
months have elapsed from the date of
Board.
Chairman of the 1918 War Industries
peacetime advisory
<
only to trust indentures which are now required to be filed with the SEC
as
a
of industry, with powers such as those wielded by Bernard
czar
as
head of a war resources
As
With exception of securities
trustee.
with voluntary or judicial reorganizations, it applies
Mr. Johnson indicated the Chairman would become
war came,
case
national
and assure security holders
full disclosure of the terms of trust indentures
a
issued in connection
Chief of Staff, and Admiral Harold R. Stark, Chief of
Naval Operations.
The Cole-P.arkley trust indenture
powers
1939
Navy; Gen. George C. Marshall.
Edison, Acting Secretary of the
War Department
take from the "Wall Street Journal"
we
26,
members attended an initial meeting with Mr. Johnson,
Four of the six
Charles
the title "Trust Indenture Act of 1939" were discussed in the
Aug.
to
the
agreed to purchase
Corporation
the
$3,105,478 in
authorizations
1939,
aggregating $343,616,177.
Of this,
and $93,120,491 remains avail¬
withdrawn
addition,
loans
to
41
$1,478,459
has authorized
aggregating
Corporation
businesses
during
withdrawn.
has agreed to
were
or
purchase
nesses,
of participations aggregating $115,672,383 of 1,543 busi¬
$21,592,167 of which has been withdrawn and $77,581,433 remains
available.
During
July two loans
in
of $112,500
the amount
public agencies for self-liquidating projects.
amounted
ments
to
$25,000,
amounted
to
disbursements
$236,OQO.
amounted
Through
were
authorized
to
Cancellations and withdrawals
July
to
31,
$23,678,800,
1939,
299
and
loans
repay¬
have
Volume
■been
The Commercial & Financial Chronicle
149
authorized
self-liquidating
on
projects
aggregating
available
611,160
the
to
been
has
During
July
repaid,
purchased
Public Works 81 blocks
of
disbursed and $304,-
.
Corporation
the
Administration
$379,310,695 has been
borrowers;
the
from
value
par
In
addition,
chase,
to
of
the
and
sold
and
Corporation
held
be
securities
$6,511,000
Emergency
Federal
having
securities
collected
sold at
or
a
later
date,
pur¬
of
such part
$30,261,000 as the Federal
Emergency Administration of Public Works is in a position to deliver from
time
to
having
aggregate
an
time.
The
listed
report
ments for all purposes
disbursements and repay¬
follows
as
from Feb, 2, 1932, to July 31, 1939:
Disbursements
V
c.nnn
tindA«
On/tfl/wi
Repayments
©
©
Loans under Section 5:
$
$
Banks and trust companies Unci,
receivers)...1,977,395,080.15 1,869,116,971.44
Railroads (including receivers)
650,103,461.06 *211,240,430.05
397,183,976.01
Mortgage loan companies.......
538,052,786.26
Federal Land banks..............
387,236,000.00
387,236,000.00
173,243,640.72
Regional Agricultural Credit corporations.
173,243,640.72
116,688,158.64
Building and loan associations (lncl. receivers).
119,950.729.50
Insurance companies
90,693,209.81
86,797,127.40
Joint Stock Land banks...
22,423,504.87
19,278,616.50
........
....
....
....
...
...
.....
State funds for insurance of deposits of public
moneys,.
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
............
....
Livestock Credit corporations
Federal intermediate Credit banks—
....
Agricultural Credit corporations
Fishing Industry........
....
Credit unions
....
13,064,631.18
12,971,598.69
9,250,000.00
5,562,956.89
600,095.79
361,839.15
584,048.21
14,718.06
14,718.06
Processors or distributors for payment of pro¬
cessing tax
....
...
Total loans under Section 5....—
Loans
4, 001,362,749.31 3,302,594,712.94
of Agriculture to purchase
Secretary
to
3,300,000.00
3,300,000.00
87,564,537.92
4,206,046.59
22,450,000.00
22,303,500.00
379,310,695.01
304,611,160.34
12,003,055.32
4,493,369.53
47,224,586.66
25,934,541.72
Loans to business enterprises......—..........
184,068,754.36
58,972,504.92
of assets of closed banks.
45,591,564.81
42,381,292.83
4,560,200.00
1,882,387.55
767,716,962.21
767,716,962.21
—
19,644,491.78
18,819,065.49
Electrification Administration...
146,500,000.00
2,425.46
cotton.......
Loans for
.......
Loans
—-
public school authorities for payment
salaries and for refinancing out-
to
........
Loans to aid in financing
Loans for repair
...
self-liquidating construc¬
tion projects—
surpluses in foreign markets
Loans on and purchases
Loans to finance the
agricultural
....
Loans to mining businesses
...
carrying and orderly market¬
ing of agricultural commodities and
Commodity Credit CorporationOther
Total loans.excl.of loans secured by
pref .stock.5,721,297,597.38 4,557,217,969.58
preferred stock, capital notes and
debentures of banks and trust companies (in¬
cluding $18,063,730 disbursed and $11,405,418.69 repaid on loans secured by pref. stock)..1,164,004,501.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
Purchase of stock of the Fed. Nat. Mtge. Assn..
11,000,000.00
Loans secured by preferred stock of Insurance
companies (Including $100,000 disbursed for
the purchase of preferred stock).............
34,475,000.00
Total.
Federal
.
.
.
—
Emergency
Works security
————:
-
Administration
Alton RR. Co..
of
transactions..
........
-1.234,479,501.56
Public
611,540,709.49
..........
.......—
593,107,811.07
7,567,317,808.43 5.642,150,473.36
....
Allocations to Governmental agencies under pro¬
visions of existing statutes:
634,781
95,343.400
41,300
11,069,437
12,178,321
635,800
139,909
14,150,000
3,124,319
220,692
464,299
464,299
140,000
36,000
155,632
4,338,000
14,600
53,960
13,200
ville & Nashville, lessees)—.
Central of Georgia Ry, Co......
Central RR. Co. of N. J.
14,150,000
3,124,319
500,000
35,701
Charles City Western Ry.Co—
140,000
Chicago & Eastern 111. RR. Co..
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,289,000
Chic.Gt. West. RR. Co.(trustee).
Chic. Mllw. St.P. A Pao. RR. Co.
Chic. Milw. St.P. & Pao. RR. Co.
1,000
150,000
12,000,000
500,000
(Trustee).....
3,840,000
Chic. No. Shore & Mllw. RR. Co.
1,150,000
Chicago R. I. & Pac. Ry. Co... 13,718,700
Cincinnati Union Terminal Co.. 10,398,925
Colorado & Southern Ry, Co
29,504,400
Columbus & Greenville Ry. Co.
60,000
Copper Range RR. Co
53,500
Del. I*ackawanna & Western Ry.
2,000,000
Denver & Rio Grande W.RR.Co.
8,300,000
-
2,098,925
53,600
60,000
(trustees).—..,..—........
Fla. E. Coast Ry. Co. (receivers)
Ft .Smith & W. Ry.Co. (receivers)
Ft. Worth & Den. City Ry. Co..
Fredericksburg & North. Ry.Co.
Gainesville Midland RR. Co....
Gainesville Midl'd Ry. (receivers)
Galv. Houston & Hend. RR. Co.
Gulf Mobile & Northern RR. Co.
Illinois Central RR. Co.
...
537
3,840,000
1,150,000
13,718.700
8,300,000
29,450,800
3.840.000
8,300,000
1,561,058
63.500
2,000.000
8,081,000
606",666
1,800,000
3,182,150
16,582,000
1,800,000
627",075
627", 07 A
227,434
8,176,000
10,000
3,000
90.000
717,075
227,434
8.176,000
15,000
78,000
10,539
3,183,000
546,000
620,000
35,312,667
10,278,000
Litchfield & Madison Ry.Co....
78",666
10",539
3,183~666
99,422,400
22,667
1.000,000
546,000
354,721
6,000,000
13,915
520,000
35,290,000
9,278.000
Minn. St. P.& S.S.Marie Ry. Co.
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co..
Missouri Southern RR. Co
...
2,55"O!666
50.000
744,252
985,000
6,843,082
a6,843,082
100,000
5,124,000
23,134,800
99,200
785,000
99,200
785,000
1,070,599
Murfreesboro-Nashvllle Ry.Co..
25,000
b32,499,000
New York Central RR. Co
N. Y. Chic. & St. L. RR. Co
N. Y.N. H.& Hartford RR.Co.
Pennsylvania RR. Co
.
...
RR. Co...
Puget Sound & Cascade Ry. Co..
St. Louis-San Fran. Ry. Co.....
St. Louis-Southwestern Ry. Co..
1.070.699
25,000
27,499,000
18,200,000
600,000
—
51,405,000
Tennessee Central Ry. Co
(receivers).....
Western Pac. RR. Co.
(trustees).
Wrightsville & Tennllle RR.....
18,200.000
3,000,000
17,000
4,975,207
......
300,000
......
7,995,175
18,672,250
200,000
400,000
162,000
......
865,000
640,000
1,200,000
500,000
44,000,000
50,005,000
......
117,750
......
.
5,147,700
.....
27,499!666
28,900.000
108,740
700,000
30,000
45,000
23,231,583
4,300,000
13,502,922
750,000
22,525
809,888
3,000,000
12,000
758,600
300,000
2,805,175
18,672,250
200,000
iCTo
c32"O!666
22,000,000
100,000
5.147.700
......
17,909,132
100,000
147,700
7o"o!665
100,000
....
"99,266
785,000
1.070,599
7,699,778
28,900.000
...
(receivers)
Salt Lake & Utah RR. Corp....
Sand Springs Ry. Co...........
Southern Ry. Co...
100,000
2,309,760
18,200,000
999
7,700,000
29,500,000
3,000,000
17,000
4,975,207
300,000
7,995,175
18,700,000
200,000
400,000
102,600
Savannah & Atlanta Ry. Co.—
1,300,000
Seaboard Air Line Ry.Co.(receiv)
040,000
Southern Pacific Co—.
45,200,000
120.000
197,000
100,000
...
520,000
8,500,000
800,000
2,550! 665
6,124,000
23,134,800
.....
6,000,000
13,915
3,000
1,729,252
6,843,082
(receivers)
Mobile & Ohio RR. Co.
1,111,000
800,000
*350,000
2,550,000
200,000
Maryland & Penna. RR. Co.—
Meridian & Bigbee River Ry. Co.
(trustee)—....
71,300
582,000
15,000
800,000
Wichita Falls & Southern RR.Co.
...
838
150,000
11,500,000
219,000
1,800,000
Georgian Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co....
105,422,400
Green County RR. Co.
13,915
Western Pacific RR. Co
145,000,000.00
banks...........—2,600,000.00
Mtge. Corp. for loans to farmers.
55,000,000.00
5,916,500
46,588,133
1,289.000
150,000
53! 500
Denver & Salt Lake West.KR.Co.
3,182,150
Erie RR. Co..
16,582,000
Eureka Nevada Ry. Co........
3,000
Wabash Ry. Co.
for loans to:
41,300
21,204
Denver & Rio Grande W.RR.Co.
Texas Southern-Eastern RR. Co.
200,000,000.00
124,741,000.00
90,000
459,767
400.000
(Atlantic Coast Line and Louis¬
Tuckerton RR. Co....
Capitalstock of Home Owners' Loan Corp...
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
.......
2,500,000
634,757
400,000
Texas Okla, & Eastern RR. Co..
Texas & Pacific Ry. Co.i......
•
Secretary of the Treasury to purchase:
Farmers
2,500,000
.
491,824,692.71
Repaid
$
$
127,000
Salt Lake & Utah RR.
7,741,143.24
dis-
127,000
275,000
....
Pittsburgh & W. Va
585,366,667.83
with-
Iz7,000
275,000
(receivers).!
634,757
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. (note)
95,358,000
Birmingham & So'eastern RR.Co.
41,300
Boston & Maine RR....
11,069,437
Buffalo Union-Carolina RR.....
53,960
Carlton & Coast RR. Co.......
549,000
Carolina Clinchfleld & Ohio Ry.
Sumpter Valley Ry. Co
Total
Disbursed
$
Ann Arbor RR. Co.
Pere Marquette Ry. Co
Pioneer & Fayette RR...
of
Purchase
or
amount
or
Withdrawn
Aberdeen & Rockflsh RR. Co...
Ala. Tenn. & Morthern RR.
Corp.
Mobile & Ohio RR. Co
livestock:
J..
Loans to Rural
Canceled
$
Maine Central RR. Co.........
flood
the
Authorizations
Louisiana & Arkansas Ry. Co...
and reconstruction of property
Loans to aid in financing the sale of
with
Authorized
Lehigh Valley RR. Co
—
damaged by earthquake, fire, tornado,
and other catastrophes
together
....
of teachers'
standingfjlndebtedness
railroad,
Galveston Terminal Ry. Co
refinancing drainage, levee and Irriga¬
tion districts
each
bursed to and repaid by each, are shown in the following
table (as of July 31, 1939), contained in the report:
value of
par
for
par
agreed with the Administrator to
has
drawn
(79 issues) of securities having
value of
$3,673,450 at a premium of $69,178.
The Corporation also collected
maturing Public Works Administration" securities having par value of
$65,055.
Through July 31, 1939, the Corporation has purchased from the
Federal Emergency Administration of Public Works 4,112 blocks (3,056
issues) of securities having par value of $647,455,049,
Of this amount
securities having par value of $474,106,471 were sold at a premium of
$13,530,926.
Securities having a par value of $146,754,885 are still held.
a
The loans authorized and authorizations canceled
$518,654,315;
$41,368,443 of this amount has been withdrawn and $97,975,177 remains
1261
766:666
108,740
......
30,000
39,000
30,000
39,000
.......
22,599,383
......
4,366,000
13,502,922
723,800
1,403,000
3,000.000
750,000
22,525
400,000
22,525
......
6,000
Joint Stock Land
Federal Farm
Federal Housing
Administrator:
insurance fund..
To create mutual mortgage
For other purposes.
See. of
...—
Agrlcul. for crop loans to farmers
(net)..
Totals*
10,000,000.00
63,546,074.55
115,000,000.00
a
was
Administration for
revolving fund to provide capital for pro¬
Governor of the Farm Credit
duction credit corporations
—
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation...........
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held in revolving fund)
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10 years, $350,000
of which matured and was paid on Feb. 1, 1939.
b Includes a
932,993,924.83
In addition to the above loans authorized the
approved, in principle, loans in the amount of $92,795,675 upon the performance of specified conditions.
al7,159,232.30
.....1,799,984,010.22
17,159,232.30
-
Total for relief...
and relief advances..
.....
.
...... .
...
...
...
for allocations
....
33,177,419.82
FCIC
.
.—..10033,473,163.30 a5659,309,705.66
represented by notes of tbe Canadian Pacific Ry.
Co., which were accepted in payment for the balance due on loan made to the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
*
of funds disbursed for relief under the Emergency
1932, the Corporation's notes have been canceled
In tbe amount of $2,711,996,122.57, equivalent to tbe balance of the amount dis¬
bursed for allocations to other governmental agencies and for relief by direction of
Congress and the Interest paid thereon, pursuant to provisions of an Act (Public
No. 432) approved Feb. 24. 1938
a
In addition to the repayments
up
Central
Grain
Office
in
Chicago
Crop Insurance Corporation announced on
Aug. 24 establishment of a central grain office in Chicago,
111., and the raising of the former sub-branch office at
Spokane, Washington to the status of a branch office serving
seven Pacific Coast and Western states.
Leroy K. Smith,
Manager of the Corporation, said that the changes completed
revision of the field office system of the agency for the 1940
The announcement also said:
wheat insurance program.
Does not Include $5,150,000
Belief and Construction Act of
Sets
The Federal
a
Grand total
Corporation
has
directly by Corporation.... 299,984,999.00
To States on certification of Federal Relief
Administrator......
......499,999,011.22
Under Emergency Appropriation Act—1935...
500,000,000.00
Under Emergency Relief Appropriation Act,
1935...
500,000,000.00
Interest on notes issued for funds
$5,000,000 guarantee; In addition the Corporation also guaranteed
Represents securities sold, the payment of principal and interest Is guaranteed
by the Corporation.
c
For relief—To States
........
The loan to Minneapolis St. Paul & Sault Ste. Marie Ry. Co. (The Soo Line)
secured by its bonds, tbe interest on which was guaranteed by the Canadian
the payment of Interest.
governmental agencies..
—...——
Administrative expense—1932
Total allocations to
40,500,000.00
97,000,000.00
18,000,000.00
relief..........
Administrative
......763,414,217 106,893,556 650,103,461 216,390,430
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
due on tbe loan to the Canadian Pacific, receiving $662;245.50 In cash and Canadian
44,500,000.00
3,108,278.64
13,756,002.92
115,696.87
126,871.85
Expenses—Prior to May 27,1933—...—.
Since May 26, 1933
-—■>.
——
.......
Represents a guarantee; in addition the Corporation also guaranteed the pay¬
ment of Interest.
The new central grain office of the Corporation will have general direction
of all
grain operations of the Corporation, involving accumulation and
of supplies of wheat for the insurance reserve, which is built up as
pay in premiums on "all-risk" insurance.
William A. Talbot,
storage
growers
of the Kansas City branch office of the Corporation, and
grain man of more than 30 years experience, has been placed in charge
former manager
a
of the central grain office.
The Commercial & Financial Chronicle
1262
Branch offices of the Corporation handle actuarial work, the auditing and
and
indemnities for the regions they serve.
payment of
The
branch office at Spokane is located in the Columbia Building,
new
and will serve the states of
Washington, Oregon, Idaho, California, Nevada,
Charles E. Johnson, who was in charge of the sub-
Utah, and Arizona.
branch office, is acting manager.
for
ness
Mr. Johnson has been in the grain busi¬
Pacific Northwest.
than 20 years in the
more
Other branch offices of the Corporation and the territories they have been
assigned,
are:
John H.
Eraser has been
manager
Expansion of the Federal Surplus Commodities Corpo¬
ration's school lunch program was announced Aug. 22, by the
U. S.
Department of Agriculture.
Officials said they
hoped the school lunch program would be serving 5,000,000
undernourished children by the end of the coming school
year.
They also pointed out that the school lunch program
E.
8.
Purvines
appointed
was
when the office
manager
Kansas City, Mo., serving Nebraska,
Kansas, Colorado, Missouri, New
Mexico, Oklahoma, Texas, and Arkansas.
mings
where he operates
from Fowler, Kansas,
comes
been
active
a
Mr. Cum¬
large farm.
marketing associations
grower's cooperative
in
Surplus agricultural commodities, bought by the FSCC, are made
agencies.
in serving free
He
and
the
hot lunches for school children.
Each month during the
Arthur E. Cummings, former
assistant manager, succeeds W. A. Talbot as acting manager.
has
the Works Project Administration and local educational civic and welfare
available through State welfare agencies to supply all or part of the food used
opened two months ago.
was
carried out by the FSCC in cooperation with
The school lunch program is
Chicago, 111.,serving Iowa, Illinois, Indiana, Ohio, Michigan, Kentucky,
Tennessee.
provide additional outlets for agricultural surpluses.
to explain:
The Department's announcement went on
of this office since it was established in June of 1938.
and
FSCC School Lunch Program
Expansion of
would
...
Minneapolis, Minn., serving Montana, Wyoming, North Dakota, South
Dakota, Wisconsin, and Minnesota.
Department of Agriculture Announces
State#
United
the purchase and storage of wheat,
acceptance of insurance applications,
Aug. 26, 1939
last school
800,000 children in more than
year,
14,000 schools located in low-income areas received lunches made possible
whole
in
Schools
or
in
in
by the donation of surplus agricultural commodities.
part
Union,
State in the
every
well as in Puerto
as
Washington, D. C,, serving New York,
Pennsylvania, West
Diehard
commodities, totaling more than
food
Fifty-four different
Virginia,
Virginia, Maryland, Delaware, New Jersey, and North Carolina.
butter,
eggs
and
Non-Farm Real Estate Foreclosures Declined
9.9% from
May to June, According to FHLBB
foreclosure
the
decline
a
of
9.9%
during June
cases
preceding month, it
in non-farm
estate
compared with those for
as
recently announced by Corwin
was
Fergus, Director of the Division of Research and Statistics
of
the Federal
Home
Loan
Bank
Board.
This
decrease,
index from 54.9 (1934 equals 100) in May
49.4, was largely due to the fact that May foreclosures
particularly high, consequently June compares quite
favorably with the 1.6% May to June decline shown by the
five-year average.
It was further reported:
commodities distributed.
Under plans for expanding the program, officials of the FSCC are working
toward cooperative agreements
which would make the school lunches avail¬
able for up to 5,000,000 children.
real
A.
which brought the
Citrus
other foods which are regarded as especially beneficial
many
for growing children, were included among the
was
30,000,000
pounds, were distributed last year for use in these school lunches.
fruits, dry skim rnilk and evaporated milk, whole grain cereals and flours,
F. Cook is acting manager.
There
Rico and the
Virgin Islands, participated in the free lunch program.
agricultural conservation program.
Officials of the FSCC point out that this
increased outlet for farm surpluses will be of direct benefit to agricultural
School and public health officials report that utilization of the
producers.
in the school
surpluses
attendance and
lunches
Farm
better health,
in
results
with improved
scholarship records, for the undernourished children who
get the free lunches.
•
•
.
organizations, educational groups, and
departments throughout the country
..••••;; "...
welfare and health
child
cooperating with the FSCC in the
are
plans for expansion of the school lunch program.
to
were
AAA
Payments
and
18
Wheat
1940
on
22 Cents
Crop to Be Between
Secretary Wallace An¬
Bushel
a
nounces
May to June increases
were
reported in three Federal Home Loan Bank
districts: Portland (23.6%), Boston (2.8%), and New York
District of Columbia and
33
reported
states
indicated
foreclosure
An
aggregating
Thus, there
was
for the country as a
cases
analysis of June
The
12 States reported advances totaling 319, while
decreases
change.
no
(0.4%).
a
1,368
cases,
and
three
states
decline from May of 1,049
net
whole.
Secretary of Agriculture Henry A. Wallace announced on
Aug. 18 that the rates of payment on the 1940 wheat crop to
farmers who comply with the Agricultural
Adjustment
Administration's program of crop control will be between
18 and 22 cents
foreclosures
by size of community discloses that
each group reported a decline from
May which compared favorably with
June of last year,
relation to
numbered 11.2%
of communities,
real estate foreclosure
This recession
less.
this June
reflected in all four size groups
was
and in eight of the
cases
Federal Home Loan Bank districts.
non-farm
dwellings
(7.1) for the
which
period
same
is
rather
a
a year
a rate
of 5.9
substantial
cases
decline
for
from
the
rate
Farm administration
First, the national
wheat growers are expected to participate in the administration's program.
The
payment
for next
rates
wheat fields
of this
1,000
year
year's
announced at
were
a
"farmers
year's
making plans for
they
payments
can
earn
payment
rates
computed
were
Referendum
Planned—Crop
Makes
Quota
Probable
Instructions for
holding
a
for wheat,
cotton,
flue-cured tobacco
on
growers
Congress voted
under the Agricultural
Adjustment Act.
Officials explained ihat the exact rate
referendum
that
"
tobacco, and rice
corn,
now so
1940 seedings may know approximately what
The wheat payments will come from $725,000,000 that
Tobacco
time when the
being harvested and farmers are
crop are
planning seeding of winter wheat.
The AAA said next
earlier.
to say:
on
wheat acreage allotment, or goal, for next year is larger: and second, more
late
each
reporting this Associated Press
officials attributed the reduction for 1940 to two factors-
Non-farm real estate foreclosures in the United States during the 12-month
period ending June 30, 1939 occurred at
In
This year's payments are about 22 cents a bushel.
its May to June five-year average movement.
In
bushel.
a
Washington advices of Aug. 18 went
upon the
respective shares of other
wheat payments must depend
on
crops in
these funds.
The national wheat acreage allotment for
marketing quotas for the 1940
1939
was
fixed at 55,000,000
crop have been approved by
Secretary of Agriculture Wallace and have been forwarded
acres,
to
below 1938 production of 930.801,000 bushels and also slightly less than
county Agricultural Adjustment Administration offices,
the AAA announced Aug. 16.
proclaimed
quota, the size of the 1939 flue-cured tobacco
a
apparently
crop
proclamation of
by law
While the Secretary has not
will
a
bring
supplies
to
level
a
requiring
quota not later than Dec. 1, which is set
the latest date for proclaiming a quota.
The
referendum must be held, within 30 days after the
procla¬
The AAA announcement went
on
to say:
Secretary of Agriculture is required to proclaim
when the total supply is above the reserve
supply level.
in the 1938 Agricultural Adjustment Act at
a
is
275% of
a normal
The crop estimate on
as
750,000,000
year's domestic consumption, and 165%
of
a
Aug. 10 placed the 1939 production at 1,028,000,000
current estimated world
consumption level of about
pounds annually.
Approval ot referendum instructions and forms
at
county and community committees to begin work at
this time will permit
an
early date
preparation of registration lists of persons eligible to vote.
eligible to vote who
received
a
as a
bona fide farm
owner or
Any
operator, tenant,
on
person
or
is
records
obtained
under
the
will show the persons who are
1939
Agricultural
Conservation
Program
challenged.
quota.is fixed for any year, in accordance with the requirements
of the Act, it represents about as much
tobacco as farmers can expect to
a
sell at reasonable prices.
any
75 and 80% of the
1,500,000
one
year
than is normally required,
consumption in
marketings in
Of course, farmers
some
one year must
can
10%
Reduction
Than
Benefit
Complied
with
Farmers'
in
Expected
Agricultural Adjustment Administration announced
Aug. 18 that over 4,000,000 farmers who cooperated in
receive benefit checks
10% less than anticipated.
The reduction was necessary,
it is said, in order to give all
complying farmers a share in
the $500,000,000 provided by Congress for payments in 1939
on
the crop control program this
year will
under the Soil Conservation Act.
Further details
Press advices of
The
reduction
were reported in Washington Associated
Aug. 18 as follows:
in
will
apply
about
to
2,000,000
cotton
farmers, severas
10.States designated by the AAA
Because
than
more
farmers
estimated
was
last
its North Central Region.
as
participated
November,
in
announced, the AAA said the reduction
Shares
of
the
groups
time the tentative rates
In
for these groups
payment
rates
were
were
allocated at the
announced.
The farm Act permits officials to increase
10%.
programs
mandatory.
was
$500,000,000 fund
the
were
the
when tentative
Under this provision payments
or
were
decrease payment rates up
increased 10% in connection
with the 1937 program.
Officials
explained
that
the
reduced
rates
of payment
under the
Soil
Conservation Act would not apply to price adjustment checks, which come
from
a
separate
$212,000,000 fund.
market far more tobacco
but
the
quantity marketed
CCC
Awards
be offset by correspondingly smaller
other year.
Production of over 200 million pounds of tobacco in
excess of consumption
this year will mean a corresponding increase in stocks in
this country and in
foreign countries. The total supply when the 1939
crop is added to
July 1
domestic stocks of 946 million pounds will be around
1,900 million pounds.
This compares with last year's reserve supply level of
1,727 million pounds.
Announces
Program This Year
to
commenting on the flue-cured tobacco situation, J. B.
Hutson, Assistant AAA Administrator, said:
above
between
The
far
In
in
AAA
eligible to vote and these records will be used
as
practicable in preparing the registration list.
Any person not
registered prior to the date of the referendum will have his
eligibility to
When
estimated that
thousand rice and tobacco growers and another 2,000,000 or more farmerl
already available
vote
the
raised to 62,000,000 acres.
AAA spokesman
share¬
locally of the registration
in order that persons eligible to vote
may register at the county office or
other designated local places. For most farms information
as
was
wheat farmers complied with the 1939 acreage limitations.
the
share of the proceeds of the 1939 tobacco crop.
The instructions require that notice be given
on
the
crop into foreign trade under the wheat export subsidy, the national acreage
for 1940
This level is fixed
compared with the largest previous production of 865,000,000
pounds in 1930 and the
cropper
This is considerably
Because of this reduced production and movement of a larger share of
quota
normal year's exports.
pounds
than 64,000,000 acres.
10 year average production of 752,952,000 bushels.
Checks—More
national
5% above the "normal supply,"
which
more
as
mation.
The
but the actual planting amounted to
The crop this year is estimated at 731,423,000 btishels.
Contract
Under
The
Cotton
Commodity Credit Corporation has awarded Manget
Brothers
the
for
Classing British
Exchange Agreement
Co.
the
contract
for
services in
connection with
delivery of cotton under the cotton-rubber Exchange
Agreement with th.i British Government, the United States
Department of Agriculture announced on Aug. 22.
Manget
Volume
The Commercial & Financial Chronicle
149
Brothers
Co., which has its principal offices at Newman,
Ga., was the lowest bidder among more than 30 companies
seeking the contract.
The Department of Agriculture
further announced:
The
Manget
Co.
Brothers
a
the
other services speci¬
for
shipboard is made
bale where it is neces¬
from its present warehouse location, and 25 cents a
in
increase
Secretary Wallace,
and class the cotton, to
agreed to sample
bale where the delivery of the cotton to
material
any
whale oil, fish oil,
as
said
#
furnish the Corporation necessary data and to perform
fied for 20 cents
anticipate
such
1263
that proposals
the production
of other
fats and
oils,
tallow and grease.
as
indicated in
other than
our
item of a week ago,
subsidy for dealing with
a
conditions brought about by comparatively low prices
lard, cottonseed oil and other fats and oils were still
under
consideration.
♦
7.
■
•'
the cotton selected for delivery.
sary to reconcentrate
estimated to be
be classed and sampled
More cotton than the 675,000 to 700,000 bales which are
required to fulfill the British agreement will have to
Report
Three
on
Based
Industry
Groups
Issued by SEC—
Census of American Listed Corporations
on
British Govern¬
ment
The rate for servicing this additional cotton will be 15 cents a bale
if it is not reconcentrated and 20 cents if reconcentration is required since
this cotton will not have to be invoiced or delivered to the British Gov¬
The Securities and Exchange Commission on Aug. 17
made public three more of a series of reports based on a
Work Projects Administration study known as the Census of
ernment.
American Listed
in order to select the
grades and staples specified by the
.
The contract
with
Manget
which
and staples specified by the
Co. applies only to cotton
Brothers
be serviced in order to select the grades
must
British Government.
The Agricultural Marketing
Service of the Depart-'
Agriculture will supervise the classing done by Manget
ment of
Brothers.
New Or¬
Manget Brothers Co. has regional offices at Dallas; Memphis;
C.; and Greensboro,
the Company at these points and
leans; Huntsvilie, Ala.; Augusta, Ga.; liock Hill, S.
N. C.
Classing
available to
rooms are
at Galveston. Texas.
Delivery of the cotton specified by the British Government is to be com¬
pleted within
period of approximately six months.
a
Previous reference to the agreement was
reported in
our
960.
Aug. 12 issue,
page
World
Survey by Department of Agriculture of
Wide
Possible New Markets for Farm Exports
Ordered by
Corporations. The current reports contain
of selected data on the following three industry
groups
composed of corporations registered under the
Securities Exchange Act of 1934: Dairy Products; Beverage
Manufacturers other than Brewers and Distillers; Extractive
Industries, Sulpher—Salt.
Although these summaries contain essentially the same
information as the first 26 reports of this series which have
been released, they have not been printed and, therefore,. are
not available for free distribution.
They are, however, open
to public inspection and use at the offices of the SEC in
Washington, D. C., Atlanta, Ga., Boston, Mass., Chicago,
111,, Cleveland, Ohio, Denver, Colo., Fort Worth, Texas,
and New York, N. Y., and, if the demand justifies, copies
will also be made available at other regional offices of the
a
summary
Commission.
Secretary Wallace
Incident to
+.
18% decline in American farm exports in
an
world-wide survey by the Department
possible new markets has been called for
the last fiscal year, a
of Agriculture of
According to Depart¬
York "Journal of
Commerce" from Washington, Aug. 13), foreign sales of
American
farm
products during the fiscal year which
ended June 30 totaled $682,914,000, compared with $890,771,000 in the previous year.
Prior to 1929 exports often
exceeded $1,000,000,000.
It is further noted that the drop
in exports was marked by a 43% decline in shipments of
cotton.
This market is sought to be reclaimed by the Gov¬
ernment by subsidizing sales abroad at a cost of approxi¬
mately $7.50 a bale.
The account (Aug. 13) to the paper
Report
Investment Counsel and Investment Manage¬
ment
Services Submitted to Congress by SEC—
Supplements Commission's Study of Investment
by Secretary of Agriculture Wallace.
ment
(said advices to the New
figures
indicated likewise said:
Information
developed by
aiding the Administration
international
fix future agricultural control and
Loss
has
involve
contraction
it
The experts
reclaimed
were
business
prices.
and
new
■
asked to suggest ways in which lost markets might be
ones opened.
They also were asked to study the effect
trade of such
world
on
bilateral
said the Government
of the big factors contributing to the huge surplus
one
factors
as
agricultural price-fixing, import controls,
other trade barriers.
trading, military policies, and
its
study and investigation of investment trusts and invest¬
companies, and this report merely indicates the nature, development,
magnitude and
of the more important problems of these investment
some
counsel organizations.
overall
sacrifice of comparative advantages and serious
agricultural industry.
Loss of foreign markets,
problems and depression in
The Commission's survey of investment counsel services was not of the
same nature as
The Commission's conclusions and recommendations
with respect to investment
the domestic
of
contended, is
was
7
Trade
heads by the Secretary
Bureau
heavy
a
of Foreign
promote
V:
the beginning that loss of American foreign
recognized from
would
it was indicated, will be used in
the studies,
to
■
Instructions sent to
Trusts
The Securities and Exchange Commission, in connection
with .its study of investment trusts and investment com¬
panies which it has conducted pursuant to Section 30 of the
Public Utility Holding Company Act of 1935, transmitted
to Congress on Aug. 22, a report on investment counsel and
investment management services, which supplements the
Commission's over-all study of investment trusts and invest¬
ment companies.
The SEC in its announcement said:
ment
trade.
on
report
which
commendations
counselors will be included in that part of its
contain the
will
Commission's
conclusions and
re¬
investment trusts and investment companies.
on
A report on
investment trusts in Great Britain was men¬
July 8 issue, page 194.
The Commission's survey of investment counsel services
covered 394 organizations, of which 56 had investment trust
and investment company clients at some time during the
period Jan. 1, 1933 to June 30, 1936.
The report, discussing the development of investment
counsel organizations in this country, stated:
tioned in
our
The emergence of investment
counselors as an important
independent
occupation, profession or industry did not occur until after the close of the
Analysis of Fats and Oils Situation Made Public by
Secretary Wallace in Indicating Opposition to
Subsidy Thereon
As noted in these columns a
(page 1109), Sec¬
ago
Henry A. Wallace, in making public
analysis of the fats and oils situation pre¬
of Agriculture
retary
15
Aug.
on
week
an
pared by economists of the Department of Agriculture, said
that in view of the situation as revealed by the analysis,
did not feel that
he
fats
other
and
an
oils
is
available by Secretary
of
The increase in stocks
large,
in
be offset
may
fats and oils within the past two years, while
this fiscal year by a
decrease
1939, domestic stocks of fats and oils exceeded
and were around
500,000,000 pounds larger than they were two years ago.
Imports of fats
and oils, however, amounted to 1,200,000,000 pounds in the past fiscal
somewhat
the
record
previous
stocks
of
year
a
ago
1,300,000,000 pounds in 1937-38, and 1,800,000,000 pounds in 1936-37.
year,
At
2%c. per pound at Pacific ports.
After paying a 3c. excise tax, such oil would cost1 5%c. per pound to the
domestic manufacturer, while crude cottonseed oil is selling in the South¬
present
oil is quoted at
coconut
commands a premium
of %c. to lc. per pound over the price of the tax-paid coconut oil in the
United States.
Foreign cottonseed oil, of which this country imported
74,000,000 pounds in 1938-39, would now cost about 7c. per pound to the
west
at
4%c.
Under such circumstances it is obvious that domes¬
domestic manufacturer.
tic
On
lard
on
through the
expected to show
of
soybeans
beans
American
trade
agreements,
lard exports
material increase again this fiscal year.
may
are
reciprocal
also
are
The exporta¬
increase materially this year, since prices of
for Manchurian beans.
than those reported
lower
but
will still be below the average
it
the
1920's.
Increases
and
of peanut oil.
smallest
since
seed
oil
will
lard
and
duction
in
of
the
exceed
that
a
to
150,000,000
either of
pounds.
in
in any year since
production for the decade of
the production of soybean oil
the cotton crop is likely to be the
considerable extent increases
production
of
expected
prospective decrease in the production of cotton¬
The
to
lard, cottonseed
to
are
On the other hand,
1935.
offset
also
In
of soybean
oil.
oil, soybean oil,
in
the production
The combined domestic
of
business
view of present
or
not as part of a business of servicing the
Lawyers,
profession.
banks
pro¬
In its advices made
brokers
public by the SEC regarding the
Of the
investment
survey, one
re¬
mencing in
included in the Commission's
counsel organizations
firm was organized as early as 1887.
However, the report shows
394 firms studied were formed.
Com¬
1929, howevre, the number of neW investment counsel firms
During the two years
increased rapidly.
1929 and
1930, 43 investment
organized, or approximately the number formed from
counsel firms
were
1889 through
1928.
The number of firms created annually averaged ap¬
proximately 46 for the period 1931 36.
Investment counsel services have been organized in at least 30 States,
with the largest
York with
an
number in the chief financial and commercial centers:
and Illinois with 30.
throughout
offices
branch offices
was
the
United
ment counsellors
sole
States.
The aggregate number of such
86.
With respect to the form
or
New
California with 83; Massachusetts with 38;
Only 33 of the 394 firms studied maintained branch
aggregate of 128;
of organization, the largest number of invest¬
included in the survey—171 of 394 studied—were individuals
proprietorships, 146 were corporate in form; 50 were co-partnerships;
and 24 were departments
of organizations engaged in business other than
furnishing investment counsel services.
detailed figures as to the amount of the funds
administered were received from
51 of the 394 investment counsel firms
These 51 firms, which were apparently the largest organizations,
studied.
managed,
supervised or gave-investment advice with
aggregating
approximately
$4,000,000,000.
respect
to
funds
Of these 51 firms, six
or¬
ganizations managed, supervised or gave investment advice with respect to
approximately three-fourths of the total amount of funds administered by
all these investment
or
gate of
counsel firms.
Two firms each managed, supervised
investment advice with respect to funds aggregating over $1,000,-
gave
000,000.
Four other firms gave investment advice with respect to an aggre¬
approximately $1,000,000,000 of funds.
breaking down the accounts of 49 investment counsel services
The report,
according to type of clients, indicated that these firms gave investment ad¬
vice
with respect
to approximately
funds; $35,000,000 non-profit
to
companies,
port we quote:
prices, there is
reason
trust
advice to their clients, depositors and customers.
funds;
no
and
the course of their business furnished investment
and dealers in securities, in
and peanut oil is not likely
by more than 100,000,000
the past two years
10 firms were
Investment advice had been furnished, prior to
1919.
individuals and firms,
According to the report,
production of lard will be larger this year than
The
1934,
a
1919, by
394 firms covered in the study, only
investments of clients for a consideration but as ancillary to their regular
foreign oils.
partly due to the elimination or reduction of foreign
the other hand,
duties
tion
be preferred to
and oils will
fats
organized prior to
Normally, cottonseed oil
pound.
per
Of the
that from 1920 to 1929, only 36 of the
Wallace, follows:
large extent in
to a
As of July 1,
imports.
export subsidy program on lard or
The analysis, as made
warranted.
World War.
$189,(KM),000 of bank
funds;
$315,000,000 of investment company
$127,000,000 of insurance
organization funds; and
company
$1,132,000,000 of
The Commercial & Financial
1264
other clients,
and
This
which apparently represent the personal accounts managed
The two largest investment counsel
supervised by these organizations.
that
organizations managed, supervised or gave investment advice with respect
bank funds;
$419,000,000 institutional funds, and $350,000,000 individual
hours
With
respect
to
services the report
It
the unanimous
was
ination,
both
member
firms,
the regulation of investment
stated:
counsel
opinion of the representatives at the public
that, although a
voluntary association would
serve
These individuals and organizations
nvestment counselors.
as
not
bean and West Indian waters.
reports from the regular system of stations in the United
States and vessels in the North Atlantic.
The Department,
requirements of membership, but because of the nature of their
or
in part, also said:
i
stations
Report on Investment Counsel
Profession Regards as Inadvisable "Intensive Regu¬
lation"—Public Education Supported
by Exem¬
plary Conduct of Reputable Firms Viewed as More
The Investment Counsel Association of America
20 made public the report of a special committee
on
to
study the qualifications of the profession.
The member¬
ship of the Committee was made up of three men not en¬
gaged in the practice of investment counsel, Rudolf P. Berle,
of Berle & Berle, Attorneys, who acted as
Chairman; Ernest
Angell, former New York Regional Administrator of the
Securities and Exchange Commission; and Ordway Tead,
Chairman of the Board of Higher Education of New
York;
and three members of the Investment Counsel Association of
America.
Walter E. Lagerquist, John H. G. Pell and
Philip
Dwight C. Rose, President of the Association,
S. Sweetser.
member ex-officio of the Committee.
In considering the advisability of
recommending registra¬
licensing under the auspices of the SEC at Washing¬
of State commissions, the Committee had the follow¬
say:
the hurricane and
ican
approaches
waters
The
now
concerned
present formative stage in
impractical to
clear that the
expect
the development of the profession it would be
such
bodies to do anything
regulatory
more
than
effective registration of all individuals and organizations
practising
investment counsel and to initiate prompt
investigation and prosecution
an
youth of the profession it would be virtually impossible to appoint a
public
board of sufficient experience and
knowledge of investment counsel to pass
to
qualifications and competence of applicants.
investment
counsel
on
any
superficial
or
If licenses
improper
were
issued
examination
the
prestige derivedthere from by many relative incompetents would serve to
discourage improvement in standards and thus bring more harm than benefit
to the public.
We have, therefore, reluctantly concluded that
and practices of the profession have become
until
the
ville
center
Juan.
to
shall choose to
use more
understanding of the
aggressive
means to
educate the public to a better
essential requirements.
Public education, supported
by the exemplary conduct of reputable firms
would, we believe, be more
effective in the public interest at this time than
concentration upon crusades
concluding recommendations the Committee urged
Counsel Association expand its mem¬
bership and inqrease its public usefulness by taking every
opportunity to educate the public to an appreciation of the
professional standards properly required of its members.
An abstract of the
report adds:
In
doing this it suggested that attention be called to the Code of Pro¬
fessional Practice to which
every member of the Association and all their
employees must subscribe.
It also urged that
every member firm of the
Association make
ment Counsel
use
for:
investment
of its right to describe itself
as
"Members of Invest¬
Association of America."
Recommendation
hourly
was
Associate
counsel
also made that
three
new
classes
of members
or
without
a
partner;
Junior
Members,
evolutionary stage
similar surveys and reports
Committee be made
the Gulf
These advices
the
of
demonstrated recently in
warnings
issues
175
located
was
issued
was
from
miles
until
the
the
to
case
11 and
the
six
every
storm
hours
San
until
increased
were
passed
12.
Jackson¬
northeast of
coast, after which the advices
radiophone
of
the
across
Mexico.
hurricane
examples of the remarkable accuracy with which
as
serve
and
movement
the
intensity
of violent storms
warning system.
be
can,
Many studies
have
foretold
been
and
Gulf
often
not
coasts
reach
hurricane
detect
and
during the past
the
report
position of
coasts.
our
reporting
these
years
the
But
stations
of
Bureau, through
which
hurricane,
a
map
means
the
of
Atlantic
our
Severe hurricanes do
more.
vessels
the weather
on
or
Weather
and
approach
storms
50
by
made
formation and behavior of hurricanes which have moved toward
serve
prepared
is
its system
outposts
as
to
plot
to
the
long before they approach
the coast and to give ample warning of the time of their arrival and their
intensity.
Steady
Improvement
States
in
Business
of
Chamber
Acted to
Commerce
Seen
by
Since
United
Congress
Study Tax Revision
"Steady improvement in general business activity has
marked the period since June, when it became
apparent
that
Congress was determined to do something about
taxes," according to the Chamber of Commerce of the
United States, which, under date of
Aug. 21, further
observed:
Steady improvement in general business activity has marked the period
June, when it became apparent that Congress was dtermined to
since
do
something about taxes.
Business activity, which had been
lessening from the good level of the
early months of the year, at once showed a better tone and
quick
gave
of improvement.
As
in
this
first
Congress
assurance
before
the
followed
was
session
by
ended,
other
the
favorable
developments
improvement
has
persisted,-
with signs now of expansion.
An early and substantial start has thus been made
for a rise in activity
in the fall months.
With reasonable freedom from adverse influences
from
outside, the indices this fall should
still remaining under the indices for
In
August
a
year ago
there
was
much
overcome
of the
margin
1936-37.
improvement under
The acceleration this year is at a much
more
way
from the June
who
"Honorary
now
is
rapid rate, and it extends
more
generally to all parts of the country.
districts the volume of business
In five of the Federal Reserve
farther ahead of the corresponding
period of last year than
was the case in any
preceding month this year.
others, the volume has recently been ranging up to
13% over the
The smallest percentages of increase are in the West.
In the
level of last year.
In only one district is the
current level down to the level of last
year.
A study of recent
western area
they
car
are
There is much the
It
seems
clear
loadings
up as
same
brings the
much
as
25%
results.
same
story in the data
which
that the volume of business
In
the
north¬
the figure for last year.
over
can
be had
to cities.
as
going forward in zt least
list of 274 is larger than at the
a
209
point in 1938.
same
Reference to the proposed study of taxation was made in
these columns
Aug. 12,
954 and 959, and Aug.
pages
19,
1109.
page
of the
on
profession's
Economical Management of State Banks in 1938 Shown in
Survey by State Bank Division of A. B. A.—Smaller
following:
development
we
Net Profits Attributed
Loans and Investments
the problems considered by this
at reasonable intervals in the
future in order that some
necessarily general recommendations and conclusions
expressed herein
be clarified and further defined
on
the basis of continuing experience.
Appointment of the Committee
our
by
broadcasts
it
and
information
Florida
the
as
intensity long before it enters Amer¬
system was
detected
when
8,
four
the
colleges and business schools.
The Committee concludes its
report with the
in
that
so
warning system—Wash¬
Juan—have information
other assessments) who would be selected from
among professors of recognized
of the
be
Members, who would be taken from individual
operating
Members" (without dues
may
Aug.
on
into
cities out of
would be selected from junior associates of
member firms, and
of the
San
low-point of the 1937-38 depression.
In its
that the Investment
urge that
its
sent in
are
hurricane
the
As to this, Mr. Reichelderfer is quoted as saying:
against the exploiting fringe.
view
first
was
neared
Peninsula
signs
better clarified through ex¬
perience it would be inadvisable to attempt any kind of intensive
regulation
the field, provided that the recognized leaders
in the profession itself
In
is
the coast.
this
of
Subsequent advisory
the storm
qualifications
in
provided
hurricane
or
major
with the relatively large number of individuals
of all law violators
masquerading under the investment counsel title.
In this connection we have first had to
recognize that because of the
upon the
or
effectiveness
hurricane
and organizations which are operating on that which the SEC' has
described
as the "fringe" of the profession
We have concluded, however, that at the
as
cyclone
♦
From the standpoint of public interest it appears
problem is
of
centers
New Orleans and
the location of
of
was
obtain
tropical
a
of the hurricane
region
forecast
Jacksonville,
ington,
This
Aug.
appointed
ing to
that
of the small hurricane which crossed the Florida Peninsula Aug.
Effective at Present Time
or
indications
are
the
in
Bureau
Weather
Committee's
Special
ton, or
there
Whenever
forming, special observations made at two- to three-hour intervals by ships
and
tion
vessels in the Gulf of Mexico, Carib¬
They are in addition to the
four times daily from
bona fide
would not even consider voluntarily submitting to supervision
Indies and the Caribbean and two to
stations in the West
only could
policing.
Reichelder-
before—is
some
and fundamental problem of the investment counsel industry—the
investment counsel "fringe" which includes those incompetent and un¬
ethical individuals or organizations who represent themselves
in making public Mr.
18 stated that the Bureau's hurri¬
warning service—more efficient this year than ever
based on observations twice daily from over 80
cane
non-
mental
not meet the
districts.
Weather Bureau,
The
exam¬
which are members of the Association and
of firms
from ships at sea and significant
of the storm, and issues advice every few
to the progress
as
affected
all
to
fer's statement on Aug.
salutory purpose, such an organization could not cope with the most ele¬
activities
stations
land
1939
24-hour service continuously at its hurricane
maintains a
Bureau
26,
the event
At such times the
of the coast.
threatens any portion
obtains frequent special reports
centers,
accounts.
Aug.
service is ready to advise the public in
extensive
same
hurricane
a
Weather
$2,143,000,000 of aggregate funds, of which $1,374,000,000 represented
to
Chronicle
earlier this year was noted
issue of March 11,
page 1418.
to
Decreased
Income
on
Efficient and economical management of State chartered
banks in spite of decreased
income
on
tlieir
loans
and
in¬
vestments last year is revealed in the annual
study of the
condition
and
operation
of
State
banks
prepared
by
the
State Bank
United
States
Service
F. W.
Weather
Most
Bureau's
Extensive
in
Reichelderfer, Chief
Hurricane Warning
World,
According
to
"The Weather Bureau's
hurricane warning service is the
extensive in the
world, and the public, in regions
where hurricanes occur most
frequently, relies upon advices
by the hurricane warning centers when one of
these storms
approaches,"
F.
the United
Bureau, who
cil.
Although the smaller
banks
of Bureau
most
according to
States Weather
Division of the American Bankers Association
and published
Aug. 23 by the Association's Research Coun¬
W.
Reichelderfer, Chief
adds:
of
was in
income
of
the
State-chartered
line with the decline in general business activ¬
ity,^ their net income was relatively stable in relation to
gross income, the Association's report shows.
The
percentage of net earnings to gross earnings
by these statechartered banks was
27.6%, a decline of only 1.8% during
their
the
year.
commercial
sociation.
Earnings and
banks in
45
expenses
States
Further details
are
of 8,585
were
given
State-chartered
analyzed
as
by
follows:
the
As¬
Volume
obtained
earnings
gross
current
of
operating
and
Gross
losses
losses
148,000.
At
previous
written
from
banking1
1938
$719,052,000,
to
This resulted in net
losses,
during the
leaving
off
dividends
paid
and
surplus,
compared
$152,469,000
with
The
that
shows
survey
and smaller profits
sub-normal
In
only
Net profits for surplus accounts,
year.
20
last
of
in
land,
and
New
in
Vermont,
profits
net
the
was
Carolina,
South
Oklahoma,
Dairy
The
higher
Wisconsin,
profits
net
Colorado,
last
year
Montana,
Mary¬
Tennessee,
Iowa,
were
Utah,
Wyoming,
and Oregon.
terms
survey
also
we
each
per
$100
net profit among the reporting States
$100 of deposits, compared with
reporting States showing profits
1938
in
to
$0.91
profit of $0.97 among
average net
an
The
deposits.
amounted
would
of
interpret dairying to include the work of
the
nine-day
Dairy Farmers Union
in the tri-State New York metro¬
formalized Aug. 23, as the
was
1.
Union
H.
At
accepted
leaders of
compromise price
a
up
early at
LaGuardia,
or
that
an
time
a
will
average
conference called by New
give
of 5c.
farmers
the
$2.15
per
for all grades of
quart
a
prices become effective under the
new
Federal-State marketing order.
union, which
claims
membership of 15,000 producers in 30
a
State New York counties and
parts of
nally demanded $2.25 for all
milk
They said the increase
injuries to
in
was necessary
August,
September
¬
and
to offset drouth losses.
marked by violence which resulted in the death of
was
up-
Pennsylvania and Vermont, origi
delivered
a
picket,
scores of others, shootings, wholesale milk dumping and several
arrests.
By withholding milk the striking dairymen cut New York City's daily
supply of 4,400,000 quarts in half.
but the
Home deliveries remained
normal,
near
1,200,000 quarts consigned daily to manufacturers of ice
butter and cheese
An item bearing on
Aug. 19,
cream,
diverted to fluid consumption.
were
1937.
in
cream
fresh fruits
or seasonal
putting the milk into containers, cooling it, and
(47 quarts),
milk until Nov.
The strike
profits
net
workers
or
farm."
Fiorello
hundredweight
quote:
deposits,
of
he
goats,
Farmers
Mayor
October.
dollars
of
granted to
are
packing perishable
or
price schedule, drawn
new
York's
The
with
States showing net profits of $1.00 or over for each $100 of
per
or
the
on
settlement
1938
in
Kentucky,
Georgia,
Carolina,
higher
before dividends in 1938 ranged between $1.70 and $0.36 per $100, with 17
average
cows
laAV
whey, skimmed milk
Dispatches to the United Press from Utica, Aug. 23, said:
$147,000.
were
of the
schedule.
loss for
net
a
dividends
before
South—Arkansas,
Association's
in
States,
deficit there amounted to only
provisions
in handling, slaughtering or dressing poultry or live stock.
or
politan milkshed
the
generally
with
as
hour
strike for higher prices
,
Dakota,
the
Measured
well
as
Among the States having greater profits
States
Hampshire,
From
reporting
States,
North
Virginia.
South
1938
in
which is consistent with
year,
1938
of
New York Milk Strike Ended
'
45
10
were
remaining
Kansas,
from
Andrews said
The
investments
and
loans
on
manufacture
not an exempted
$106,after
•
Mississippi,
West
The
dividends
before
recoveries
during
The operating
reporting
than in 1937.
1937
profits
net
during the
business
the
year
than
securities
of
the
of
one
smaller
diminished
to
on
level
shown.
year
In
Mr.
•
lower bond prices.
the
vegetables
"milking
1937.
the
that
from hemp and the making
rope
processing of materials, is
a
dairy products, canning
paid, amounted to $38,781,000, compared with $45,491,000
were
held
it
consequence,
processing.
storing it
in 1938 amounted to $50,105,000 compared with
attributable chiefly
the
or
earnings
of net
1937.
is
into
deducted
This,
losses.
a
engaged in "the first processing" of milk,
loan and investment loss
as
As
although each is
Exemptions
year
net
a
written
materials.
of cigars,
en¬
were
first
978,000 during the previous
dividends
recoveries
before
raw
leather, baking of bread, manufacture of
amounted to $131,time, however, the banks recovered $75,617,000 on
securities
transactions
the end of
of
off.
security
from
$198,662,000,
1265
The bulletin said that first
processing meant the first change in the form
that
while
shows
departments
amounted
operating net earnings, produced $88,886,000 of net
for
Dividends
in
State
in
of
and
same
and
current
profits at
loans
the
$55,531,000
available
earnings
on
loan
of
from
banks
State
operating expenses amounted to $520,390,000.
current
tered
The Commercial & Financial Chronicle
149
Information
the strike appeared in
issue of
our
1116.
page
Minimum Wage Scale for Hosiery
ministrator
Industry Set by Ad¬
Andrews—Expected to Rule on Mini¬
Textile
for
mum
Industry Within Month
Colorado Dam Strike Settled
Elmer F.
Andrews, Administrator of the Wage and Hour
Law, made public on Aug. 21 the text of the first minimum
wage
of 32
order issued by his office, establishing the legal minima
3^ cents an hour for the seamless branch and 40 cents an
hour for the full-fashioned branch
of the
The order, which was issued Aug.
15
hosiery industry.
was
as
noted in
our
issue of
Aug. 19, page 1117, becomes effective Sept. 18 and
is expected to raise the wages of about
46,000 hosiery in¬
dustry workers.
Regarding the findings in the matter
The strike
Colorado's Green Mountain Dam reclama¬
tion project was settled Aug. 23, after Dr. John R. Steelman,
chief of the Labor Department's conciliation service in
Washington, and a committee in Denver came to an agree¬
ment over the telephone.
The strike began on July 12 when
five American Federation of Labor unions struck
a
research
and
recommendations
of
the
industry, concluding that its minimum
minimum
approved the
Chicago,
of
a
in line with the
were
All
by the hosiery industry
plants
were
Andrews
paying less than 40 cents
those plants as
a
separate
labor costs and about
Final
estimated
group
that
an
about
of all full-fashioned
hour in September, 1938, and that
a
for and
against
This minimum
mittee
but
a
was
is
page
by many Southern cotton mills.
the subject was made in our issue of
1117.
Administration
Wage-Hour
Standard
The
decision in this matter within 30 days.
recommended by a textile industry com¬
on
Act
Defines
Applied
as
Wage-Hour Administration issued
lengthy
interpretation,
which
covered
Fair
Labor
on
Aug. 20 its first
virtually all farming
and
be fruit, the interpretation said, "but they
picked."
vegetables
are
are
not.
are not fresh
fruits
when newly
Growers
and
handlers
of
tomatoes
are
exempt,
but
canners
of
The Act exempts from both its wage and hour provisions some
farming
are
subject only to regulation of hours and
Act
a year.
It also
workers employed in the first processing of farm products.
The
leaves
it
to
the
administrator,
however,
to
decide
whether
many
specific operations fall under the various general agricultural exemptions.
Some other conclusions in the interpretative bulletin were:
That
the word
"agriculture" as used in the Act does not include the
science and art of cultivating forests.
That employees of a farm operated experimentally in connection with a
factory are exempt from that law.
That a secretary, bookkeeper or night watchman
employed by a farmer
is not covered by the law.
care of cattle,
"breeding, fattening-
sheep, horses, mules, jackasses
or
goats.''
It held, however, that persons employed in feeding live stock at the stock¬
yards
not
exempt.
Fur-bearing
animals
foxes,
are
placed an embargo on
building sand and thereby paralyzed construc¬
tion.
Only 200 workmen, employees of the Smoot Sand
& Gravel Co., are on strike.
Advices from Washington Aug. 18, bearing on the strike,
said:
a
raising
minks, squirrels and muskrats.
is
exempt
no
tangible
;■
made toward
progress
settlement of the walkout, which was called by the union last
Sunday to
enforce demands for shorter hours and higher wages.
Capt. H. C. Whitehurst, District highway director, revealed that 1,000
and
laborers
mechanics
on
paving and miscellaneous street improvement
projects were out of work because they could not get concrete, and the
District PWA estimated 400
Creek
least
were
idle
on
the Municipal
Center and Rock
diversion jobs.
sewer
1,000
more
workmen
were
thought to be idle
Federal and
on
private construction, ranging in size from the huge Social Security Building
down to private
homes in the suburbs.
"Some progress
was
made today," said Howard T.
Colvin, Labor De¬
bringing about friendlier feelinirs."
There is virtually no hope of a settlement before next week, he asserted,
explaining that after conferring separately with officials of the union and the
No
firm's
he expects to schedule another joint meeting Monday
lawyers
main
were
office
conference at
included
rabbits,
silver
at
present
on
the
yesterday's
Street
K
meeting,
waterfront
in
held at
or
Tuesday.
the
Georgetown.
Smoot
A peace
the same place Thursday ended in failure when Smoot rep¬
resentatives objected to the presence of legal counsel in the workers' dele¬
gation.
Whitehead
Capt
reported
that
paving work now under contract
approximately one-half of the
was
at
a
standstill
due to
street
stoppage of
supplies.
"The
hardship of the strike rests heavily
he said
had to lay down their tools on District
mouth at best, and if this
on
these
men
"Many of the 1,000
have
no
who have
highway projects live from hand
to
1
hardship, less acute but of potential danger, is the necessity
of leaving open cuts in streets which have been opened for
sewers,
who
men
thing continues they undoubtedly will be in dire
need of assistance."
Another
whose
\
.
yesterday with
connection with the strike,"
The bulletin defined the raising of live stock as the
feeding and general
sand and gravel strike has in effect
concrete and
company.
exempts seasonal work from the hour provision of 14 weeks
exempts
carpenters,
partment conciliator, who arranged the conference, "if it only consisted or
not
tomatoes.
operations, lists others that
engineers,
was estimated on Aug. 18 that 2,500 District of Colum¬
building tradesmen and laborers were jobless because the
x\t
Persons engaged in the processing of fresh fruits and
exempt from provisions of the Act, but processors of nuts
Nuts may
laborers,
It
bia
A conference ended late
allied operations, concluded, among other things, that:
even
of teamsters,
up
Washington, D. C., Sand & Gravel Strike Halts Con¬
struction Projects
Agriculture
to
comprehensive summary of the Fair Labor Standards Act's
application to agriculture and the processing of agricultural
commodities. With regard thereto an Associated Press dis¬
patch from Washington, Aug. 20, said:
The
made
proposed universal
a
opposed
Previous reference
Aug. 19,
unions
ing heavy construction work.
minimum wage of 32*^ cents for the textile
industry were
submitted to Administrator Andrews on Aug. 22.
He is
expected to issue
Labor
Father Maguire explained the agreement called for a union shop govern¬
28% increase in
10% increase in manufacturing costs.
arguments
by the strike call will be back at work to¬
electrical workers and iron workers.
>i
would have to effect
affected
men
The agreement was signed in Denver on behalf of six American Federation
of
2%
of the 390
morrow, it was announced.
committee unanimously.
Administrator
the negotiations at the request
up
executive of the Warner Construction
an
Co. of Chicago.
mandate of Congress in enacting the wage-hour law.
The 40 and 32 H cent minima were recommended
labor authority, who took
a
former pupil of the priest,
committee for the
wage
proposals
wage
Announcement of the agreement was made by the Rev. J. W. R. Maguire
of
formal opinion, Administrator Andrews reviewed and
demanding
recognition.
Dispatches to the New York "Times" from Washington,
Aug. 22, said:
Washington Associated Press advices of Aug. 21 said:
In
on
water,
electricity,
&c.
Fire Chief Stephen
T.
utility changes—
Porter last
night
The Commercial & Financial Chronicle
1266
Aug. 26, 1939
For Roosevelt
admitted that these presented .a hazard to fire protection but expressed con¬
fidence that
Hardest
being taken to solve this problem
measures
hit
of
District
the
WPA
projects
foundation work and the three Rock Creek
District
sewer
Building headquarters it was said 400
were
diversion contracts.
idle
men are
At
these jobs
on
55%
57%
65%
63%
Mid-Atlantic
East Central
West Central
seriously affected
said to be
were
buildings-and the
the medical and
tuberculosis
Representatives of Sand and Gravel Workers Union, Local No. 22,075,
though it produced
/■
agreement,
-
Most noticeable drop in any one group occurred among
no
On the whole, however,
sons on
him
/v
skilled laborers,
for Mr. Roosevelt last month but only
64% for him today.
and of the Smoot company joined Conciliator Colvin in declaring yester¬
day's conference to be friendly and satisfactory,
——
the survey shows, who were 66%
Juvenile Court Building.
new
55%
70%
64%
0
—3
—4
-—2
+5
+1
—
West
buildings under construction at Gallinger Hospital, the District Jail addi¬
tion, new school
51%
New England
South
alone.
Less
Change
51%
54%
July
Center
Points of
Today
51 %
57 %
adequate.
the Municipal
are
relief and WPA
President Roosevelt is just
he
as
as
popular with per¬
82% of them approving
>'
President*'-,
as
last month, with
was
■
.
■
■
,
"Considerable has been accomplished." they said.
However,
builders,
their optimism
was
not
reassuring to contractors,
so
officials and others.
Government
Co., whose dredging operations
The
Smoot
Sand
&
home
Gravel
extend from Georgetown to below Alex¬
Vice-President Garner Runs Close
velt
*
andria, supplies most of the building sand used in Washington.
Thomas
made
to
President Roose-
Presidential
Nomination—
E.
Dewey Leader in Republican Field in
Poll of Country Newspapers
A Smoot official said dredging has ceased and only a few small deliveries
were
Democratic
in
yesterday from the plant's dwindling piles of sand and gravel.
President
Roosevelt
is
barely
leading
Vice-President
Garner for the Democratic nomination for- President, while
A.
F.
L.
of
Ends
Jurisdictional
Trades
Building
by
Labor
Disputes in
Agreement
with
Signing
Contractors
The Building and Construction Trades Department of the
American Federation of Labor and the Associated General
Contractors of America announced
City
Aug. XI in Atlantic
their jurisdictional disputes
now
suspended in such disputes would be resumed immediately.
In reporting this action United Press advices from Atlantic
City, Aug. 11, declared:
Spokesmen for both sides said the agreement, unprecedented
labor
In
relations, would result in "incalculable savings" to labor and industry and
^
would "give the
light to construction."
green
tion of work while the jurisdictional issue is
The agreement
men to
work
on
because
of
jurisdic¬
Building Trades Depart¬
dispute between carpenters and concrete
peg to
plug
a
hole in
a
the right to install
The
form,
or
men over
such things
over
who should
sharpen
between plasterers and sheet metal
Washington,
a
member of the Plumbers' Union,
Executive
Council
IfcMr. Coyne said that
immediately
on
Missouri, Nebraska and Wisconsin predicted that the
was elected
Vice-President
as result of the agreement, work was being resumed
$00 building jobs, affecting 15,000
reported to be shifting rapidly away from
was
the Democratic party.
It was shown impressively, reports said, in the last
November election, when Republican Governors were elected in Minnesota,
Iowa, Kansas and Wisconsin.
The farmers, it was declared, appear to be dissatisfied with the Adminis¬
tration's
farm
policy and the subsidy offerings
put agriculture
to
cratic nomination, while Mr.
Garner had 37.7.
Secretary Hull
the
In
Taft
Republican field Mr.
were
of President Roosevelt Since Last Month
made to the
reports
farmers
Dewey,
Senator Vandenberg and
reflect the sentiment existing in these
are
"off the
Republican National
Committee.
This
that
the
party" and disposed to return to
Democratic
The Farm Belt States
were
the
They left in that
regarded until 1932
year in a
as
This means, however, that as
many
holds
he
New Deal bills
a
Congress
were shelved
or
block, along with the
are
in the
eastern and industrial
*
Reports to the Republican committee
States
not
wavering
so
as
are to
the effect that the industrial
the farm sections and many of the eastern
as
Democratic column if Mr.
surely Republican in 1940 may remain
Roosevelt is the nominee.
He is
not
convention, which
Democrats
to
may
National
Security
tion to
July/
still
John
S.
Clark
Martin of
constantly under fire
and
Democrats.
conservative
The
month-by month
trend since Congress convened in January has been:
March.
-.
—
—
58.0%
.58.2%
April
of these surveys
58.1 %
July
57.7%
56.6%
August
the institute interviewed
men
a
carefully selected
and women in all parts of the
country
and all walks of life, so selected as to represent the
opinions of the 45,000,000
in the voting population.
persons
The actual interviews
have
been
con¬
ducted by a staff of more than 700 fieid investigators.
Today's
survey
ship: Does Mr.
Institute's
want Mr.
New
Roosevelt's continued popularity, which is attested in the
surveys
and
in
a
numerous
other
ways,
that
mean
the
voters
third term?
term—even
a
though many of them
majority of voters do
are
not favor
a
third
enthusiastic supporters of President
Roosevelt in his present term.
Mr. Roosevelt today, the
As compared with the 56.6% who
support
Institute finds that only 40% of the voters say
they will vote for Mr. Roosevelt if he
runs for a third term.
Since today's survey is the first test of Mr. Roosevelt's
popularity since
of the much-disputed Works Progress Administration Bill—which
passage
Mr.
Roosevelt
approved—abolishing the prevailing wage principle, it is
interesting to note that the President's
popularity declined in the past four
weeks
with
voters
in
the
industrial
East
and
Mid-West
but
increased
throughout the South.
The
new
WPA
wage
rates
have
meant
before, while WPA workers in the North
rates
in
the
South
than
and East have had their
earnings
reduced in many cases.
Whether this fact explains the sectional shifts
four weeks has been:
Municipal Taxation—President
Stock Exchange and Others
York
or
,
D. Jones &
Co.,
was
elected President of the National Se¬
curity Traders Association at the final business session
firm
on
He succeeds Willis
of
M.
Summers of the New York
Hoit,
Rose & Troster.
The convention selected
Detroit, Mich., as the city where its 1940 convention will be
held.
James J.
Lynch of H. D. Knox & Co., of Boston, was
Vice-President, and J. Earl Jardine Jr., of
Wm. R. Staats & Co. of Los Angeles, as Second Vice-Presi¬
elected
First
Other officers elected
were
Edward
H. Welch of
McGuire, Welch & Co. of Chicago, Secretary;
Phillip J. Clark of Amos C. Sudler & Co. of Denver,
and
Treasurer.
of Kansas City were elected members of the Executive Com¬
mittee for one year terms.
Other members of this committee
the
officers of the Association, the retiring President,
Summers, and the 1938 President, Arthur Farrell
of Chicago.
At its closing business session the convention voted to in¬
corporate the Association and instructed its municipal com¬
mittee to work closely during the next year with the municipal
are
not, the trend in the past
new
Willis M.
committee of the Investment Bankers Association of America.
The convention was brought to a close last
night (Aug. 25)
with
higher
Concludes
City—Associa¬
Herbert H. Blizzard of Philadelphia and Lawrence Carroll
Third Term Backing Smaller
Institute surveys indicate that
on
dent of the Association.
underlines again the puzzle facing the Democratic leader¬
Roosevelt for
York
Edward D. Jones of St. Louis, head of the firm of Edward
York.
56.1%
June
57.1%
In each
cross-section of several thousand
Association
New
Aug. 25 of the organization's sixth annual convention in New
Supporting Roosevelt
58.0%
May, 1939---
January, 1939
February-
in
Among Speakers
56% Is Minimum
time during the recent session of Congress did the President
drop
below the 56% line, in spite of the fact that he was
no
veering
Finance in Right Direction, Says Howard P. Jones,
While Warning Against
Dangers—Comments by
election day, 1936, when he polled 62.5% of the
major party vote,
Republicans
Traders
Convention
speculation.
from
Chicago is favored by the
Incorporate—Edward D. Jones of St. Louis
President—Long Range Trend of Municipal
Elected
but his popular strength is still something to be reckoned with in all
political
At
July following the Democratic
sit the middle of June.
the convention city, while Republican sentiment is
as
Philadelphia.
popular as
as
next month to
The latter probably will assemble early in January, with indications that
Annual
defeated, President Roosevelt
by Republican
The result will be presented to the executive committee of the
study the situation, and to issue the call for the national committee.
goes home after a session in which
substantial majority of voters with him.
was on
is
always solidly Repub¬
States.
has the
support of 56.6% of the major party voters as compared with 57.7% in
Senator
States, according to
Republican fold.
the national convention will be held early in
In the country at large, the survey shows, President Roosevelt
third
the favorite candidates, each of them polling substantial strength.
These polls
Republican National Committee, which is to meet here late
According to the monthly presidential index of the Ameri¬
can Institute of Public Opinion, there has been a
slight de¬
cline in the popularity of President Roosevelt since last
month, it was announced on Aug. 23 by Dr. George Gallup,
Director of the Institute.
Dr. Gallup's report, as given in
the New York "Times," follows:
was
and Postmaster General Farley was fourth, and Paul V. McNutt was fifth.
committees.
Gallup Survey Indicates Slight Decline in Popularity
a
favored by 38.4% of the editors for the Demo¬
was
A survey is being made of the northern and border States
to 20,000 men.
on
with industry.
parity
States which had been counted
member.
Republican presi¬
1940 will win.
Sentiment in these States
lican.
new
T.
Otis
It is the second made this year.
the editors in Illinois, Iowa, Kansas, Minnesota,
men
metal lath.
president of the Department, elected yeaterday, is John Coyne
of Washington, a member of the Engineers' Union.
George Masterton of
and
per cerft of
dential nominee in
Work shall continue
In the past, spokesmen said, costly strikes have resulted
over
Sixty-three
President Roosevelt
and decision by, the president of the department."
an appeal to,
The survey has just been completed by the organization, of which
Wingo is executive director.
being settled.
jobs stopped
possession of the work at the time of stoppage.
pending
a
no cessa¬
All work in dispute shall remain in possession of the trades which is
ment.
as a
building jobs
provides that "presidents of all international unions shall
tional disputes between trades affiliated with the
in
on
what union members shall perform what tasks, there will be
immediately return all
to say:
/
Henceforth, the announcement said, when disputes arise
as to
Dewey still leads in the Republican field in a poll
by the Columbia Survey of Washington among 3,193
weekly newspaper editors in farm States said Washington
advices Aug. 22 to the New York "Times" which went on
made
on
agreement whereby
would be settled in the future without strikes and work
an
Thomas E.
dinner at the
500 delegates.
President Summers
a
Waldorf-Astoria
Hotel, attended by
some
presided at the opening luncheon on
Aug. 22, and addresses of welcome were delivered by William
McC. Martin, President of the New York Stock
Exchange;
Volume
The
149
George P. Rea, President of the New York Curb Exchange,
and Benjamin H. Van Keegan, President of the Security
Traders Association of New York.
Mr. Martin invited the
security traders to visit the New York
well
Stock Exchange as
the World's Fair.
as
1267
Commercial & Financial Chronicle
As to the remarks of
the
Martin Favors Codes
Mr.
Mr. Martin stated in
Cleveland, Chairman of the Municipal Securities Committee
the Investment Bankers Association; and Howard P.
of
Jones, director of the National Municipal League
in-chief of the National Municipal Review.
and editor-
counter market.
the
organized
Mr.
realized
brief address to the convention that he
a
that the stock exchange was really
The formal program of tlie convention was opened with a
municipal forum over which W. Perry Brown of Newman,
Harris & Co., New Orleans, presided.
The principal speak¬
ers at the forum were John S. Clark of Fahey, Clark & Co.,
of the other speakers we take
some
following from the "Wall Street Journal" of Aug. 23:
something of an adjunct of the over-
Martin declared that it
and
exchanges
the
over
was
counter
in the best interest of
market to
certain
have
and that he welcomed the opportunity
establishment of such codes.
standards of fair trading practices,
that would be afforded in
"Backing
John
S.
I am attacking the
organized market does not mean that
an
over-counter
market," Mr. Martin assured the convention.
Vice-President of Chase National Bank
Linen,
told the municipal bond traders
.
.
,
.
of New York,
that theirs is a challenging responsibility,
municipal issues to determine their worth, since
in that they must examine
^
Declaring that municipal bonds had enjoyed immunity
rather than exemption from Federal taxation since the earli¬
days of the country, Mr. Clark asserted that the principle
of State sovereignty on which this tax immunity was founded
would be destroyed if the Supreme Court should sustain an
Act permitting the Federal Government to tax future issues
of States and municipalities.
With this principle destroyed,
he said, a future Congress might readily pass a law taxing
income from old bonds sold as tax-exempt.
He further
est
Congress at some future time might even decide
of States and municipalities, conceivably
warned that
tax revenues
to
point of their destruction.
Although no bill proposing Federal taxation of municipal
bonds has yet come up for vote, Mr. Clark told the security
traders that they could count on continued effort to secure
no
strict regulations exist governing
securities.
Mr.
municipal traders are interested
exemption, in that they felt it their duty to protect
of bonds sold as tax-free obligations.
the interests of purchasers
F.
cities' bonds as are effective upon other
Linen also declared that
in the question of tax
President of the New York Municipal
Seymour Barr,
told the forum that he felt the convention was doing a great
ing and ironing out differences in bond trading
country
would be
on
a
Bond Club,
service in meet¬
practices, so that the entire
standardized basis.
invited the National
of his ex¬
change, saying that the progress being made in evolving fair practice codes
for organized markets and the over-counter securities field would be a step
George P. Rea, President of the Curb Exchange,
Security Traders to
forward
downtown and visit the trading floor
come
for investment dealers.
to the
of such legislation and urged continued resistance
to it.
If the American people wish to establish such a
change, he said, it may be done by the clear procedure of
Constitutional amendment, safeguarding the rights jeopard¬
passage
ized otherwise.
Howard P. Jones, who is a
member of the New York State
director of the National
Civil Service Commission as well as a
Municipal League, told the delegates that the long range
trend of municipal finance at the present time is distinctly in
the right direction, but outlined several dangerous forces
which are beyond the control of municipal governments.
first
The
cities
ever
he stated, is unemployment relief.
If
have to assume the full burden of unemployment
of these,
relief, he asserted that they would go bankrupt overnight
unless at the same time some other way of raising money was
He said
provided.
The
present
is keeping our municipalities
and
Federal
may
be doing so at a heavy cost, not only in money
of power
from local to national government.
municipal, State,
going, though it
but in terms of transfer
"Even so. there is no con¬
A municipality cannot adopt a complete budget
sistent policy or program.
these days because it cannot
find out a year in advance what the
Federal
in the field of municipal finance to
increasing tendency
to limit the taxing of local units of government and the
tendency for municipalities to acquire long-term debt be¬
Other danger spots
which Mr J Jones called attention are the
of easy money
and regardless of the necessity for im¬
provements.
The
probable influence of war or peace upon the action of
security prices was also a topic of discusson at the convention,
and a forum devoted to the problems of corporate securities
followed by a radio-type question and answer period
concerning many aspects of over-the-counter trading.
Except for the threat of war, domestic business and the
outlook for stock prices are more favorable than they have
been since 1937, the delegates were told by Ross Beason,
investment trust executive, who was the principal speaker
at the session on Aug. 24.
If the threat of war is removed,
the country is all set to forge ahead, he declared.
Oliver Troster, of the firm of Hoit, Rose & Troster, told
security traders that the immediate effect of a war upon stocks
and bonds would unquestionably be a sharp downward
movement but that the long range trend was impossible of
was
prediction.
The series of crises which have been
conspicuous in the
headlines for the past year have in great measure
been brought
about by events outside of our country, said Mr. Beason,
who has recently returned from Europe.
The domestic
situation is better than it was
more
a year ago
favorable than they were in
1937,
and stock prices are
shown by a com¬
as
parison of the Dow Jones averages and the industrial pro¬
duction averages of 1937 and at present, he added.
Mr. Beason expressed the opinion that stock prices
generally are now at the lowest which will be experienced for
the next eight or 10 years.
Larger and larger blocks of
stocks are leaving the Exchanges and being traded over-thecounter, according to Beason, who said that the expectation
of higher commissions on the Exchanges should help overthe-counter trading.
At the question and answer period following Mr. Beason's
talk, Henry J. Richter, Second Vice-President of the As¬
sociation, read questions submitted by the members to a
board consisting of Nevil Ford, of The First Boston Corp.,
Oliver Troster, of Hoit, Rose & Troster, and Louis Walker,
President of the National Quotation Bureau.
Most of the
questions fell the way of Mr. Ford who answered inquiries
to the policy and set-up of the new security dealers or¬
ganization, as well as those in regard to the underwriting
of new issues and the relative merits of competitive and
private bidding for new issues of securities.
as
an
victor.
He spoke at a conference (of seven
nations) called by him for the purpose of draft¬
ing a peace appeal to the big powers.
In United Press ac¬
counts from Brussels Aug. 23 is was stated:
there will be
no
small neutral
Attending the Oslo
lomats of Belgium,
group
conference here are the foreign ministers or dip¬
Sweden, Norway, Denmark, Finland,
embourg, summoned
by
Holland and Lux¬
Leopold to consider means of protecting
King
their traditional neutrality.
They planned to adopt a program asking other neutral
the United States, to
But
more
In
recent
Polish-German crisis, they hoped to
battleground of a war unwelcome to them.
Belgium and the other
months
meetings in case of war and another
In his
Oslo nations
have held two
meeting had been scheduled soon,
convoked today's session on two days' notice.
appeal King Leopold said in part:
Certainly the interests of States are not all
interest exist that cannot be
The conscience of the
avoided.
nations, including
join them in a campaign for peace.
urgently, in view of the
avoid becoming the
But time
direct contact
But does any
identical.
settled infinitely better before a war than after.
world must awaken.
presses;
The very worst can still be
the evolution of events may soon
render all
difficult.
more
even
We know that right
that we desire
that rests on a respect for the rights of all nations.
A lasting
peace cannot be founded on force, but only moral order.
Does not our own wisdom urge us to make a truce in this war of words,
excitations and threats in order to discuss the questions that have arisen.
We formulate solemnly the proposal that the men upon whom the course
of events depends shall agree to submit their claims and their differences to
open negotiation in a spirit of fraternal cooperation.
That is why, in the name of His Majesty the King of Denmark, Monsieur
the President of the Republic of Finland, Her Royal Highness the Grade
Duches of Luxembourg, His Majesty the King of Norway, Her Majesty
the Queen of the Netherlands, His Majesty the King of Sweden, and in my
own name, each of us acting in accord with his government, I issue this
appeal.
We express the hope that other heads of State will join their
voices with ours in the same desire for the peace and security of their people.
There must be no
misunderstanding on this point.
depend on a solid foundation and the peace
and justice must
hand-out. will be."
cause
Leopold III of the Belgians on Aug. 23
appeal to Europe's rulers to negotiate a peaceful
settlement "before it is too late" and avert a war in which
At Brussels King
broadcast
but King Leopold
:
division of relief responsibility between
governments
Appeal for Peace by King Leopold III of the Belgians
is a peace
Plea
for
Peace Made by Pope
from Rome
European
Pius XII in
Radio Message
In addition to the message
for
peace
addressed this week
by President Roosevelt to European powers, Pope Pius XII
also made an appeal for peace on Aug. 24.
The Pope's
broadcast from his summer home at Castel
declared that "it is with the force of reason, and not
message,
Gandolfo
with that
of arms that justice advances."
He went on to say: "dangers
are imminent,
but there is still time.
Nothing is lost by
peace; everything may be lost by war.
Let men again un¬
derstand each other, let them resume negotiations; by ne¬
gotiating with good-will and with respect for reciprocal rights
it will be shown that honorable success is never precluded to
peaceful and purposeful negotiators."
In his plea Pope Pius said "we are armed by nothing more
than the wcrd of truth, and above the contests and the
clash of factions, we speak in the name of God".
The
Pope's appeal follows:
A grave
ous
hour sounds anew for the great
deliberation in which the
human family, an hour of tremend¬
spiritual authority to induce souls to return
remain disinterested.
much responsibility.
May you
voice the voice of that Christ from whom the world received
the great school of life and in which millions of souls place their confidence
in time of peril, in which only His word can dominate all the uproar of the
to the way
And
of justice and peace cannot
it is so
with all you who bear so
hear through our
earth.
And so here we are with you
writers, and orators on
fluence the thought
for their fate.
leaders of peoples, men of politics and arms,
the radio and the tribune, and all others who in¬
and action of their brethern and have
responsibiluy
word of truth
and the clash of factions, we speak in the name
We are armed by nothing more than the
and, above the contests
of God.
Today,
while
notwithstanding
our
repeated
exhortations
and
the
taken, international conflicts are becoming more
today, when the tension between spirits seems to have reached
special interest we have
worrisome;
such a point as to cause concern lest the tremendous
trubine of war be set
The Commercial & Financial Chronicle
1268
in motion, we address
with paternal soul anew and more fervently to the
governments of peoples that
they may try to solve their present divergencies
by the only suitable
that Is with common and loyal understandings.
means:
We address ourselves to these in order that, by determination, calmness
and
serenity,
they
peaceful
the
encourage
may
efforts
ments: it is
Empires that
of their govern¬
with the force of reason and not with that of
advances.
Dangers
by
be lost
justice
on
that justice
arms
are not
blessed by God.
but there still is time: nothing is lost by peace,
are imminent,
everything may
founded
are not
Let
war.
understand each other,
again
men
Aug.
1939
26,
section, aimed at "increasing employ¬
economic structure," will be headed
by Richard V. Gilbert, public finance expert, of Harvard
University.
Commenting on the new organization, Secre¬
tary Hopkins said, according to Washington advices of
Aug. 23 to the New York "Journal of Commerce:"
The
Hopkins.
ment and
new
balancing
Establishment of this
-
cal
our
new
division will be a forward step in finding practi¬
and in promoting recovery. As I have said
solutions to our problems
let them resume negotiations: by negotiating with good-will and with respect
previously, I look upon the Department of Commerce as the Federal agency
for reciprocal rights it
concerned
cluded to
wjll be shown that
peaceful and purposeful
is
success
never
both
minds
in
among
and
hear us, and may
a way
un¬
ready and willing hearing
a
May the strong hear
they Act in such
destruction for peoples
it have
may
men,
hearts.
with
that
everything
business—and
concerns
particularly
its
relationship with the Government,
by the voice of this father of the
Christian family, of this servant of servants whom Jesus Christ sends
worthily but truly
pre¬
negotiators.
The omnipotent cause that is pleaded
.
honorable
us,
that their
the
may
powerful
power may not
metln
but the guardianship of their tranquility, of their
The
already
Department
economic problems.
has
fund of information about
our
Through this new staff I hope that our knowledge
be brought into more active focus.
to
great
a
can
The function of this group is not merely
study but to attack major problems on many fronts.
I want the De¬
proceed vigorously with the view of increasing
partment of Commerce to
employment and balancing our economic structure.
order and to their labor.
We plea for this in the name of the Blood of Christ, and as we
plea we
we know that we have with us all men of good heart, all those who
feel and
hunger and search for justice, all those who suffer every grief for the ills of
life.
Earl Baldwin Sails for England Following Conclusion of
Congress
Education for Democracy at Which
Speaker—Degrees Conferred at Con¬
gress—Vital Interest of Democracy Is Peace, Says
Ernest Bevin—Message from
Edourd
Herriot of
'
We have with
us
the hearts of mothers
who would have to abandon their
which
He
beat with ours, mothers
families, the humble who work and know
not; the innocent on whom weighs the tremendous menace, the young gen¬
knights of the pure and most noble ideals.
erous
And with
us is
and
us
the
liberty, not for iron that kills and destroys.
^'ith us is that Christ who made fraternal love His fundamental and
solem commandment and the substance of His
religion, the promise for the
Fully mindful that
human
work
is
worth nothing without divine aid, we invite all to raise their
eyes to
Heaven and by fervent prayers to the lord seek that His Christain
mercy
may
descend abundantly
dawn of
In
a
this
more serene
on
this upset world, placating hates and making the
future shine.
expectation and with this hope
blessing, which
impart
we
on
all
fraternal
our
Congress
City
and
19,
Baldwin
Republic
Day
Celebrated
New
at
York
Dominican Republic Day at the New York World's Fair
was
celebrated on Aug. 16, the 76th anniversary of the
restoration
of its independence.
The offical party was
by Andres Pastoriza, Dominican Minister to the
United States, and included Alvarez Pina President of the
headed
Administrative Council of the District of Santo Domingo
and also head of the Republic's Fair
participation executive
committee, and Charles H. Wanzer, Commissioner General
for the Republic's
participation in the Fair.
The party
received a 15-gun salute on entering the Fair
grounds and,
after reviewing the troops and
visiting the Federal Building,
were
the guests of Grover Whalen, President of the Fair
Corporation, at a luncheon in Perylon Hall. In the after¬
noon a
reception was held in the Dominican Pavilion at
which speeches were made;
regarding these talks we take
the following from the New York "Times" of
Aug. 17.
country had followed
and
well-being.
a
as
well
policy designed to achieve
He said
the
Government
the
on
New
the
was
made in these columns
Before
York
departure
his
World's
Fair
Earl
Aug
on
18
and after viewing the Magna Carta at the British Pavilion
"enormously impressed before this
struggles for freedom for the in¬
dividual, freedom of thought, religion and trade." We quote
from the New York "Times" which further reported him as
of
was
our
follows:
World's Fair
Mr. Pastoriza asserted that in its external
speakers
1114-1116.
pages
visited
Aug. 19
on
Reference to the remarks of Earl Baldwin
of the other
some
Aug.
of the speakers at
was one
Aug. 15-17, sailed for England
on
steamer Brittanic.
foundation stone
Dominican
Bewdley, who
Education for Democracy held in New York
on
he remarked that he
from the heart.
comes
Earl Baldwin, of
is all pious humanity which awaits justice, bread
well-being of individuals and nations.
on
a
France Read
the sound of this old Europe which grew up in the Christian
faith and genius, with
Was
its domestic life his
high degree of happiness
a
had
as
outlined
followed
and
He continued bj asserting "this freedom has its inception in this document
for which the
common ancestors of British and American
peoples fought for
700 years and maybe we will have to fight for another 700 years.
I rec¬
ommend
and
a
half hour before Magna
do much to
can
Carta to every
It is marvelous
one.
the principles of democracy."
assure
Edouard Herriot, President of the French Chamber of
Deputies, who had planned to attend the Congress cancelled
his plans the latter part of July, and in his absence a
message
from him was read at the closing session of the
Congress
and public mass meeting at
Carnegie Hall on Aug. 17. In
canceling his visit Mr. Herriot advised De*n Russell of
Teachers' College, Columbia University, that
"unfortunately
the
international
situation
is
such
myself authorized to leave France
that
do
I
not
believe
at this moment."
With
reference to Mr. Herriot's message, the New York "Journal
of Commerce" reported him as
saying that he believed that
the present world crisis is more moral than economic.
in the paper indicated as further
account
The dictators
a
The
saying:
have killed in
their
policy "of international cooperation, American solidarity and, in general,
idea of human dignity," he said.
defense of the fundamental principles of our
civilization."
Mr. Wanzer described the
improvements in the national
countries
the
spirit of freedom,
the
changed.
Republic, while Senor Alvarez Pina
outlined
the
life
history of his
of
fight for independence, declaring that "it served to give warning
to
We shall succeed
the
nation's
the
world that any nation, no matter how
small, shall always be unconquerable
when defending its rights and in
recovering its liberty."
in
doing
the
service
cording to
can
of
nations,
notion
a
like
Celebrated
Governor
Poindexter
Island's Sugar
Hawaii
Day
New
at
York
Warns
World's
Against
Fair—
Destroying
speaker at the
Governor Joseph B. Poindexter of the Terri¬
tory of Hawaii.
In his speech Gov. Poindexter warned that
was
those who would seek to curtail Hawaii's
sugar output and
limit its sales in this
country would
States the loss of
regarding the
bring about in the United
well established market.
The following
a
Governor's remarks is from the New York
"Herald Tribune" of Aug. 9:
"Hawaii is essentially
"It is
a
community," Mr. Poindexter said
community which pays its agricul¬
tural laborers the highest wages
paid to that class in the world, and these
workers live under conditions which are not excelled
elsewhere on the globe.
Our principal product is
sugar, as you doubtless know, yet, strange as it
may seem,
there
are many on
of their products to
output
are
and
limit
the mainland who
Hawaii, who have joined in
its
sales
of sugar
thus endeavoring to
destroy
that they cannot injure
sell, it is patent
Mr.
sioned
us
we cannot
Poindexter pointed
as
a
in
selling million
Hawaii's
continental
United
States.
They
buy."
Hawaii
was
not
place of beauty and calm, but that it
only rightfully envi¬
was
a
typical hustling
American
community whose annual commerce exceeds
$200-000,000.
"Hawaii's purchases on the mainland of the
United States in each year
exceed
$100,000,000, and the Territory
United States producers which is
one
asked
of
era
represents a
of their most
market for mainland
important," he said.
announced
Congress
not
to
to
allow
"strongly and proudly rffirm
once
again freedom to
as
absurd
as
it is criminal.
our
be oppressed
.
.
.
I hope that from your
vigorous protest against this return to barbarism and
same
time."
„
The democrac;es of the world were warned
Ernest Bevin, general secretary of the
on
Aug. 15 by
Transport and General
address before the Congress
Workers Union of London, in an
on Education for
Democracy, to prepare themselves, should
"peace break out," for the "progressive development of the
a supreme effort to
provide an equal opportunity
for all races."
The whole
Events
break out,
adopt
and
quickly and instead of
move
the
war
breaking out
combined ability of the great
democracies
needed equally
in that event to
secure
justice,
as
a war economy.
peace may
of the
world
will
it would to resist
be
ag¬
gression by force.
I suggest that the vital interest of democracy is
development of the world and
a
supreme
peace,
the progressive
effort to provide equal opportunity
for all
races.
This can only be attained by the exercise of reason, ready
adjustment and international democratic action in all possible fields, and
the full acceptance of the
principles of international law and justice.
On Aug. 15 Dr. Nicholas Murray Butler conferred
honorary
degrees from Columbia on five foreign speakers at the
Congress.
Earl Baldwin of Bewdley, former British Prime
Minister and Lord Eustace Percy received
of Doctor of Laws.
Degrees of Doctor
England,
a
absentia
division in the Department of
the Industrial Economics Division
Mr. Bevin said in part:
The supreme test for democracy may come at any moment.
world has been driven, in order to resist aggression, to
a new
Aug. 23 by Secretary of Commerce Harry L.
ac¬
Before democracy
democracy is the only form of government capable
emphasizing the dignity of the human being, of giving him liberty and
responsibility at the
as
Economics Division
was
practical.
that
on
Secretary of Commerce Hopkins Establishes Industrial
Commerce to be known
is
come a
affirmation
conferred
The establishment of
the
determination
Congress will
this
Hawaii, apparently forgetful of the fact
that
over¬
democracy
by violence, ideas by force, the individual by the State."
of dollars
effort to curtail
are
an
without injuring themselves, for, if we cannot
out
conceived
world and
an agricultural
in his speech at the exercises.
have
Terms Era "Absurd"
Herriot
"Our present
at the New York World's Fair and the
guest
ceremonies
which
progress, it must be able to preserve its traditional position.
common
Industry
celebrated Aug. 8 in the Court of Peace
was
ours,
theoretical than
more
Y
Day
only if the Anglo-Saxon countries,
coming certain possibly legitimate prejudices, will put their experience at
Mr.
Hawaii
so
The whole philosophy of action must be
honorary degrees
of
Letters
were
Fred
Clarke, Director of the Institute of
Education of the University of London, and John Murray,
Principal of the University College of the South West of
of
on
degree of Doctor of Laws was conferred in
Edourd Herriot, President of the French Chamber
Deputies.
.1
■
,
Volume
The Commercial & Financial Chronicle
149
1269
General Sessions
Committee to Advise
on Foreign Exchange Problems in
Organized at Instance of New York
Crisis
War
Sept. 27, at 9:45
Mississippi, who will speak of "Federal Fiscal Policies" ; H. Donald
Campbell, President Chase National Bank of New York, who will discuss
the Federal Reserve Bank of New
foreign exchange committee was organized yesterday
(Aug. 25) consisting of representatives of commercial, private
and foreign banks and stock exchange firms, which do a
foreign exchange business, to act in an advisory capacity in
the New York market on problems which might arise out of
the present European crisis.
The committee, which held an
organization meeting yesterday, is made up of the following:
At the suggestion of
York
"The
Future
of
the
Metropolitan
a
Sept. 28, at 9:45
Union
of
National
the
versity,
Salem,
Marquette,
Ore.,
will
who
Mich.,
Bruce
Dr.
R.
deliver
address
an
8:45
at
m.—Inaugural
p.
Division
Bank
of National
Leo Shaw, Vice-President of National City Bank
Division,
Sept.
Bank Division
State Bank
Company
Trust Company
Meetings
25,
at
State
Bank
Division, Sept.
Division, Sept.
25,
24,
at 8:00
at
6:30
Trust Co.
Bank &
for
Uni¬
To¬
Secretaries
Business:
Trust
Division, Sept. 25, at 1:00
mittee, 9:30
Knight Woolley, Brown Bros. Harriman & Co.
a.
Section,
m.,
Sept.
25,
Committee
Executive
m.
a.
Committee
Executive
m.
of
Executive Committee of
m.
p.
p.
m.
2:00
at
p.
m.
Trust Division Executive Com¬
m.
p.
»
2:00 p m.
day at 9 :30
same
State
Private Bankers and Investment Houses doing Foreign Exchange
"Courage
on
ceremony.
Savings Division, Sept. 25, at 2:00 p.
Savings Division, Sept. 24, at 2:30 p. m.
Joseph C. Rovensky, Vice-President of Chase National Bank
R. F. Loree, Vice-President of Guaranty Trust
"The Future
on
Willamette
President
r
Sept. 28,
Commercial Banks:
C. E. C. Freyvogel, Vice-President of Bankers
speak
will
who
Baxter,
morrow."
.
B. Kwoschinskey, Vice-President of Central Hanover
Bank."
m.—Speakers, E. L. Pearce, Executive Vice-President
a.
Bank,
Country Bank";
National
Foreign Exchange Committee
,
United States Senator
m.—Speakers, Pat Harrison,
a.
from
Federal Reserve Bank
day.
same
I. C. E. Atkin, J. P. Morgan & Company
SPEAKERS
Representing Foreign Banks:
G.J. Stephenson, Canadian Bank of Commerce
Representing Stock Exchange Firms:
Preston
Sidney J. Weinberg, Goldman Sachs & Co.
Delano,
meeting of
Dean
the
the
of
University
C.
P.
McCormick
Appointed
Director of Richmond
a
of
Comptroller
College
of
whose
Washington,
announced
Aug.
on
McCormick,
R.
the appointment of Charles P.
McCormick & Co., Inc., Im¬
22
President,
E.
land,
Bank
of
meeting
I.
Kent
F. B. Sayre
the
of
meeting
he
exchange of
Sayre, new
Commissioner to the Philippines, concerning the latter's
resignation as Assistant Secretary of State.
In accepting
the resignation, effective Aug. 8, the President said that
he was grateful to Mr. Sayre for discharging duties in a
critical time of the highest importance.
Senate confirmation
of Mr. Sayre's appointment to the Philippines was noted
in our Aug. 5 issue, page 819.
The appointment of Henry F.
Grady to succeed Mr. Sayre was reported in these columns
of Aug. 12, page 967.
Mr. Sayre wrote to the President as follows:
public
on
Aug. 10
President and Francis
an
of
Chamber
International
the
in
"Control
B.
my
resignation as Assistant
the
the
of
A.
Kan., will
than
J.
your
I
interest
As
adviser
To my
in
matters
Philippine
grateful to you and I feel wherever
and
Buffalo, N. Y.;
Problems," Sept. 28, at 2:00 p.
Vice-President
Discus¬
in.
will
Francisco,
Krick,
V.
Claude
National
American
Bank, Portland, Ore.;
Poudre
Cashier
and
Edwin
Colo.
Collins,
San
Harry
Wise.
Neenah,
I appreciate also your active
legislation
m.
Valley
Vice-President
preside.
Clinic, Sept.
27,
8:00 p.
at
m.
*
moving picture,
will show a
ing,"
will be presented by Seattle
W. It. Kuhns, editor of "Bank¬
"Money at Work."
relations clinic
customer
American Institute of Banking
Chapter,
Far Eastern policy
A
B.
has been wise and constructive.
Committee
Meetings
/"
■
mind it is a fortunate circumstance that you will carry to your
duties
as
United
of the Philippines
With
of
p.
Smith, National President American Institute of
Banking and Assistant Vice-President Bank of America N. T. & S. A.,
San Francisco;
S, N. Pickard, President National Manufacturers Bank,
questions bearing upon our work in the Philippine Islands.
in all
your counsel
new
am
fine work is known it is appreciated.
2:00
Ilg, Vice-President National Shawmut Bank, Boston;
Public Relations
critical time discharged duties of the highest importance
a
Institute of Banking;
Vice-President First National
Ray A.
Fort
Co.,
Speakers,
Assistant Secretary of State.
at
Liberty Bank,
Vice-President
Executive
Department of State to
if you were leaving the
27,
Sept.
Cashier United States National
Gard,
Stout,
Trust
private life.
You have in
as
leaders:
J.
L.
Mortgages,"
and Operations
"Personnel
sion
resignation as Assistant Secretary of State, effective
case
Vice-President American
p. m.
Bank,
\
and
Assistant
Harrison,
Bank,
the
National
Herbert V.
Bank, Chicago; W. B.
President Union National ank, Wichita, Kan.
C. L. Robey,
The Purcellville National Bank, Purcellville, Va,, will preside.
White,
specified in your letter of Aug. 5, I have fewer misgivings
would be
return to
II.
President
SAYRE.
My Dear Frank.
your
27, at 2:00
Florida
Vice-President
Dart,
preside.
Prochnow,
..
of the date
Conferences
Discussion
leaders:
O. P. Decker, Vice-President American National Bank & Trust
Co., Chicago; Edward A. Wayne, Chief Bank Examiner of South Carolina;
Steward McDonald, Federal Housing Administrator.
Raymond R. Frazier,
Chairman
Washington Mutual Savings Bank, will preside.
"Additional Bank Services," Sept. 28, at 2:00 p. m.
Discussion leaders:
reply the President addressed the following letter to
Mr. Sayre:
X -v-:.';"' 'v'
In accepting
L.
and National
"Investments
In
as
Copenhagen, at
R. Williams,
Competition
P.
Potential
Operations and Earnings," Sept.
J.
•
"Meeting
on
at
delegation.
Business Under Proposed Federal Legislation."
Savings
Internal
A.
N. Y.; Kenneth C. Bell, Second Vice-President, Chase National Bank
of New York.
W. Laird Dean, President Merchants National Bank, Topeka,
Secretary of
B.
St.
Tait, Assistant Trust Officer, Genessee Valley Trust Co., Roches¬
Robert C.
yours,
FRANCIS
Co.,
1939 meeting on the
Commerce
of
B.
speak
will
Division,
leaders:
Jacksonville,
State to take effect next Tuesday, Aug. 8.
Faithfully
Trust
&
ter,
Bert
herewith
tender you
I
of
Discussion
My Dear Mr. President.
May
Bank
the State Bank Division.
report to the Savings Division
Chairman
was
Banks
with
will
Round Table
between the
of
Savings Division
Fred
President
The White House made
at the
Implications
Division
Mercantile-Commerce
the
will address the annual
Mo.,
which
letters
Preston,
H.
Administration
be "The Social
will
the annual
address
Howard
Gormley, Superintendent of Banks for Georgia, and Wood Nether-
Vice-President
Louis,
unexpired portion of the term ending Dec. 31, 1941.
President Roosevelt Accepts Resignation of
as Assistant Secretary of State
Dr.
Business
and
topic
will
as
•
porters, Exporters and Packers, Baltimore, Md., as a class
"C" director of the Federal Reserve Bank of Richmond for
the
will
Currency,
Banking Changes."
State
Governors of the Federal Reserve System
or
Division
the
of
Economics
of
MEETINGS
DIVISION
Bunk Division,
National
Federal Reserve Bank
The Board
AT
National Bank
States
High
Administrative
the rich experience of these last few years.
thanks for spendid service in the post you have relinquished
9:30
and
FRANKLIN
D.
Committee, Sept.
Membership
Very sincerely yours,
Sept.
Committee,
25, at 9:00 a.
Sept.
Committee,
;
Feature
Greater
of
Round
Table
Conferences
to
Be
opportunity
deliberations will
for
a
at
participation
in
Economic
Four round table conferences,
topics, will be substituted for
one
on
perti¬
problems.
In
this
way
it
is
expected
that
27, at 8:00 a. m.
a.
Sept.
Relations
12:00
noon.
m.
Councils
Sept.
25,
9:30
25,
Sept.
a.
Foundation
Sept.
m.
/
Sept. 25,
Sept.
26,
Drive
around city,
2:30
p.
m.
m.
Trustees
25, 5:00 p. m,
the
Boat
participation will be assured to each delegate in the
consideration of the subjects of deepest interest to him, and
24, 6:30 p. m.
25, 6:30 p. m„ and Sept. 28, 12:30 p.
Sept.
Council,
Council,
Research
fullest
24,
m.
Public
vital
■
8:00 a. m.
Sept. 28,
Legislation Committee and Federal Legislative Council,
Federal
9:30
of the three
bringing bankers together for intimate discussion of
ml
■
Policy Commission, Sept. 25, 2:30 p.
Executive Council,
general sessions usually held.
This change has been made,
Mr.
Benson states, in recognition of the importance of
banking
Commission, Sept.
•
Wash., Sept. 25-28, according to Philip A. Benson, President
of the Association.
m.
8:00 a.
27, at 3:00 p. in.
Commission,
Education
of the 65th annual
feature the program
at
m.
a.
Public
its
convention of the American Bankers Association at Seattle,
nent banking
7:30
Commerce and Marine
individual
25,
Agricultural Commission, Sept. 25, 9:30 a. m., and Sept. 27,
Bank Management Commission,
Sept. 24, 12:00 noon, and
Meeting
24,
Commissions
•
Program of Annual Convention of American Bankers
Association to Be Held in Seattle, Wash., Sept.
Sept.
and
m.,
a.
Membership Committee and State Vice-Presidents, Sept.
ROOSEVELT.
Nominating Committee, Sept.
25-28—Four
10:00
23,
m.
p.
Insurance
the Far East,
wishes for your happiness and success in
with best
Committee, Sept. 24, 12:30 p. m.
Finance
Commissioner to the Commonwealth
10:00 a.
m.
Trip to
Victoria, J3. C.
(all-day trip).
Social Events
the best thought will be brought to bear on the most serious
problems confronting banking.
"This change has been made
in the interest of the members, and it is hoped that many
will
take
advantage
general sessions will
Fiscal
Policies"
Country,"
arranged
and
of
it," Mr.
be devoted
on
"The
follows:
spates.
The two
to addresses on "Federal
Future
by outstanding figures.
as
Benson
of
Banks, City and
The program has been
Luncheon
7:30
24,
2:00 to 4:00 p. m.
Sept. 25, at
and fashion show for women,
fishing derby and breakfast
Salmon
to
Sept.
a.
m.,
Sept.
noon.
at Rod and Gun Club,
Entertainment for women,
Sept. 27.
Trip to Art Museum, lecture and tea (for women), Sept.
Grand
Golf
Ball,
Sept.
4:00 a. m.
27.
28,
tournament, Sept.
10:00
29,
p.
m.
all day.
28, 1:30 p. m.
The Commercial & Financial Chronicle
1270
Recent references to the convention appeared in our issue
of
Aug. 5, page 819, and Aug. 12, page 907.
Aug.
1939
26,
ployees, studying in institute chapters in 250 cities through¬
out
the country, take courses in
bank organization and
operation, law, economics, accounting, money and banking,
credit administration,
bank administration, investments,
Association
A.
to
B.
will
held
be
Annual
21-24—Will
Wash.,
Benjamin Franklin Hotel has been
convention headquarters.
Miss Grace S. Stoer-
chosen
The
city.
as
Assistant Vice-President of the Bank of America Na¬
Trust & Savings Association, is serving as General
Chairman, and Miss Merna Lassen, Secretary
mer,
tional
Convention
of
the
of
man
Hollywood State Bank, Hollywood, Calif;, is Chair¬
the Program Committee.
The President of the Association of Bank Women is Miss
Mildred Roberts, Assistant Cashier Citizens National Trust
&
as
Previous reference to the selection
trusts.
the
city for l&K) appeared in
convention
of Boston
our
issue of
3632.
Bank
Sept.
21-24, just
prior to the annual convention of the American Bankers
Association (Sept. 25-28), for which conclave the majority
of delegates to the women's convention will remain in the
convention
and
June 17, page
Sessions
A.
Seattle,
in
17th
Sept.
of the Association of
The 17th annual convention
Women
Hold
to
Wash.,
Seattle,
in
Prior
Just
Meet
Women
Bank
of
Convention
Convention of Sales Finance Companies to Be Held in
New York City Sept. 14-15
The 16th annual convention of the National Association
of Sales Finance Companies will
be held in New York City
This year the meeting will be a "Conven¬
tion of Sales Finance Companies," a meeting of interest and
importance open to the entire industry—members of the
Sept. 14 and 15.
National Association and non-members alike.
Some of the
discussed in group meetings are as follows:
"Dealer and Public Relations"; "Bank Activity in Financing"
"Finance
Company Insurance," "National Card Filing
System," "Dealer Reserves and Holdbacks," &c.
topics to
be
Savings Bank, Los Angeles.
Graduate School of Savings and Loan Held in
Chicago—Seventy Executives Complete Two Weeks
First
Speakers
Announced
A.
for
Conference to Be Held in
In
v
issue
A.
B.
Los
Regional
Trust
to
Pacific
Coast
and Rocky Mountain
States, which is being
held in Los Angeles, Sept. 19 and 20, will have as its domi¬
nant theme the public relations side of trust business.
Some
of the speakers who will address the conference are:
"Expanding
American
Officer
Bankers
The
"Our
Frontiers,"
Association
First
Next
Division, A.
Samuel
Trust
Year's
Co.,
C.
and
Waugh,
President
Executive
Trust
Vice-President
Division,
and
Trust
Vice-President
Trust
Loncoln, Neb.
Work,"
Roland
E.
Clark,
B. A., and Vice-President National Bank of
Commerce, Port¬
land, Me.
"The Early Education of Your Customers," Carl W.
Executive
dent
Committee, Trust Division, A. B.
Trust
"The
land,
Co.,
Trust
Calif.,
The
Philadelphia,
Institution
conference
Trust
Division
is
of
Fenninger, Chairman
A., and Vice-President Provi¬
Pa.
and
Lawyer,"
Bar
of approximately 70 executives of thrift and homefinancing institutions completed on Aug. 18 a two-weeks'
curriculum at the first Graduate School of Savings and Loan
ever
held, sponsored by the American Savings and Loan
Institute, Chicago.
Geographical range of the group was
from Washington
sota to Florida.
State to Massachusetts and from Minne¬
Approximately $275,000,000 in savings,
building and loan association assets were represented in the
student body, an announcement in the matter said.
Asso¬
ciations ranging in size from $232,000 to $31,000,000 sent
their executives and assistants to study "Savings and Loan
Management," "Savings and Loan Law," "Economics and
Business Forecasting," and "Construction Loan Procedure
and Supervision" under nationally known experts in these
Charles A.
Beardsley
of Oak¬
Associatioin.
being held under the auspices of the
the
A group
fields.
the
President American
Course
Angeles Sept. 19-20
of Aug.
19, page 1121, reference was made
the fact that the 17th Regional Trust Conference of the
our
American
Bankers
Association
The Modern
Mortgage to Be Principal Topic at Annual
of Mortgage Bankers' Association in
Detroit
Oct. 4-6—Total
Urban
Home
Mortgage
Indebtedness to
Show
Increase
of
$750,000,000
This Year, S. M. Waters Estimates
Convention
and
is being sponsored by the Southern California Trust Officers
Association as hosts.
A.
B.
A.
Issues
1939
Directory of Trust
The modern mortgage in the
Institutions,
Trust Men, and Trust Associations—Marked
Shown in Resources and Capital Accounts
An increase
of
of more than $7,600,000,000 in the
Nation's trust institutions since 1935 and
the
Rise
resources
rise of
a
$290,000,000 in their combined capital accounts is shown in
the 1989 edition/ of the
"Directory of Trust Institutions,
Trust Men, and Trust Associations," published
by the Trust
Division
of the
nounced
Aug.
American
21 by
Bankers
Samuel
Association, it was an¬
Waugh, President of the
C.
Trust Division, who is Executive Vice-President of the First
Trust
Co., Lincoln, Neb.
These increases bring the total
resources of trust institutions this
year to $43,116,000,000,
22% greater than in 1935, while their combined capital
accounts
total $4,706,000,000,
a rise of
6.6% in the
The following regarding the directory is from
the Association's announcement:
same
now
The
7,072
other
number
institutions, together with the
of
trust
trust
number of
officers.
officers
trust
The rise in the
Bankers
There
has
been
to
since
their
increase
an
declined
the
increased
53
in
of
of
386
The
in
trust
new
by the American
accounts
handled
by
^
number of trust companies and banks with trust
departments
equally divided between State and National chartered institutions,
directory will show.
The State-chartered group increased 23 to a
State-chartered
000,000,
In
the
rose
increase
an
same
period
$105,000,000,
National
banks
000,000,
or
capital,
surplus
of
of
have
$3,633,000,000,
their combined
or
and
or
an
combined
resources
21%
or
capital,
4.3% above the
with
23%, to
$184,000,000,
institutions
amount
their
over
surplus
and
recorded
of
1935
undivided
four years
total.
profits
ago.
trust
profits
totaled
$2,168,000,000
an
increase
well
sioners
been living on our "home"
creased this asset by about
be around
as
or
from
the
other institutions
Comptroller of
the
which
report to
to
State Banking
capital.
Last year the turn came and
$300,000,000.
Commis¬
Currency.
home
national
mortgage debt
wealth,
like
this
,..
.
to
a
definite
net
quick return of prosperity.
Wallace W. True, Assistant Chief
Appraiser of the Equit¬
the convention
on
Society of the United States, will address
Oct. 4.
His remarks will deal with the
new
type of "industrial" mortgage which several life com¬
panies recently began to make.
A previous reference to
the convention
Speakers
appeared in
Announced
our
for
issue of July 22,
Financial
vention to Be Held in
page
517.
Advertisers
Con¬
Toronto, Sept. 11-14
The following are announced as speakers at the 24th
annual convention of the Financial Advertisers Association
to be held in Toronto,
Sept. 11-14:
Thurmond
Chatham,
Winston-Salem, N. C.,
K. R.
President
an
of
authority
the
on
Chatham
Manufacturing
Co..
industrial relations.
Cravens, Vice-President of the Cleveland Trust Co., and President
of the recently organized Bankers Association for Consumer Credit.
Paul Zerrahn of the Phoenix Mutual Life
John
Edward
Hammell,
be the guest speaker at the
a
Insurance Co., Hartford.
prominent mining
Aug. 19,
page
man
of Ontario, who will
banquet, which terminates the convention.
Reference to the convention plans
at
means
.
which, if proportionately rfelected in industrial
moan a
This is probably as important as
any other economic fact right now,
because building provides more employment than
any other industry.
of
American Institute of
Banking Convention
in¬
we
This year the net gain ought to
$750,000,000
A gain in
gain
9.3%.
In
compiling the 1939
directory the American Bankers Association
obtained information from banks which are
members of its trust division,
as
were
destroyed, but the trend has been
The nation's city mortgage debt went from
$9,000,000,000 in 1920 to $22,000,000,000 in 1930 and then dropped over
$4,500,000,000 in the next seven years...
In recent years we have, in a sense,
$20,967,-
charters
increased their resources $4,039,aggregate of $22,148,000,000, while their combined
undivided
were torn down or
able Life Assurance
total of 1,383, while institutions with
National charters declined 80, off¬
setting the rise in the State group and resulting in the net decrease of 53.
The
repaired than
the other way until last year.
although the
total
is almost
or
the
four-year period.
attributed
was
volume
the
lists
1935,
Presidents, and
throughout the country since 1935,
institutions
number of trust officers
Association
of
names
institutions.
the
1929, more buildings
built
expansion, would surely
directory, the first that has been compiled
new
trust
the
A principal reason back of this gain is the modern
mortgage available in
the Federally-insured plan or through
private lenders.
In the five years before the market crash in
period.
2,800
total
present-day economic'scheme
principal topic at the 26th annual convention in
Detroit, Oct. 4, 5 and 6, of the Mortgage Bankers' Associa¬
tion of America, according to S. M. Waters, President of the
Association, who on Aug. 18 estimated that the total increase
in urban home mortgage indebtedness would this
year reach
$750,000,000.
Mr. Waters said:
will be the
appeared in
our
issue
1121.
Be Held
Boston, June 3-7, 1940
The 3Stli annual convention of
the American Institute of
Banking will be held at Boston,
Mass., June 3-7, 1940,
cording to an announcement by Dr. Harold
Stonier, Na¬
tional Educational Director of the
organization.
The Statler Hotel will be the
headquarters hotel.
The American
Institute of Banking is the educational
section of the Amer¬
ican
Bankers
Association.
More
than 40,000 bank em¬
Columbia
University
to
Offer
Courses
in
American
Business Today
ac¬
American
business today will be the subject of special
studies to be given in the Extension Division of Columbia
University, New York, beginning Sept. 28, it is announced
by Director James C. Egbert.
Regarding the special
courses to be studied, it is announced:
Volume
The Commercial & Financial Chronicle
149
Operation of the New York State and National Labor Relations Boards,
well
as
a
the role of Government in industrial disputes will
as
course
"The
on
Law of Labor
State
Labor
Relations
tenant in the 312th Infantry.
He joined the Bankers Trust
Co. in 1919 and was made a Trust Officer in 1928.
Relations" under the direction of Alfred
Giardino, attorney and Assistant
York
be analyzed in
1271
the Executive
to
Secretary of the New
Board.
William E. Lauer, a member of the New York Stock Ex¬
"The Economic and Political Setting of Contemporary Business" will
be the theme of Leland Rex
Robinson, business and financial consultant.
change for nearly 50
Forces which
Lauer &
changing the outlook and methods of present-day business
are
management will be interpreted.
The
development, peculiarities, interrelationships, current aspects, and
future
of the
prospects
basic
nation's
industries
be
will
subject
the
of
"Industry Analysis," to be directed by Leonard A. Drake of the Columbia
University School of Business.
Specialists in close contact with particular
industries
A
will address
progressive
recent
University in 1886 and received
point
toward
of view
problems
THE
books
terized the
dealings
Edward L. Bernays, counsel on public relations, of New
York, has been invited to become a member of the faculty
of each of three university short courses on public relations
to be given at Leland Stanford University at Palo Alto
Calif., the University cf Washington at Seattle, and Reed
College at Portland, Ore.
Mr. Bernays will lecture at these
coast universities in August.
He is the author of "Crys¬
tallizing Public Opinion" and "Propaganda."
During the session Harwood L. Childs, editor of "Public
Opinion Quarterly" and associate professor at Princeton
University; Harford Powel of New York; Don D. Lescohier,
Professor of Economics at the University of Wisconsin,
and Dr. Rex F. Harlow, Assistant Professor of Education
University,
to be the other members of the
These institutes, it is stated, seek
are
faculty at these sessions.
an
instrumentality through
which all the major
elements in society can meet and study and solve cooper¬
atively the problems of public relations.
there
occasional
were
Trading has been slow, and while
been
some new
of transfers has
were
The volume
generally small.
gradually declined
as
the week progressed,
traders preferring to wait until the situation abroad
many
cleared to
extent.
some
Unsettlement due
price changes within
Saturday.
on
preferred stocks have been
tops were listed and there has
trading in the industrial specialties and aluminum
some
issues, but the changes
few
a
prices have gradually moved
Public utility
moderately firm and
tension charac¬
periods of moderate strength, the gains
have not been maintained and
to lower levels.
war
the New York Curb Exchange during
on
much of the present week.
E. L. Bernays to Lecture on Public Relations at Thrci©
West Coast University Courses
buiid
degree from the
EXCHANGE
CURB
Declining prices due to the European
for Harper & Brothers.
to
D.
created by
legislation affecting industrial relations will be stressed in a course
at Stanford
Ph.
a
University of Berlin, Germany, in 1888.
the class.
managerial
"Personnel Administration" by Ordway Tead, editor of economic
on
years and a special partner in Stem,
Co., New York City, died on Aug. 21 at his Sum¬
mer home in
Deal, N. J.
He was 73 years old and a native
of Cincinnati.
Mr. Lauer was graduated from Columbia
The turnover
issues
Oil stocks
of the
that
were
showed
during the short session
light and there were only
was
fractional
than
more
down due largely to the
industry, industrial shares
aluminum issues
were
abroad held
disturbing situations
to
a narrow range
were
changes.
troubled situation
off
the day and
on
Mining and metal stocks
irregular.
declined, New Jersey Zinc dropping 1% points to 5334, and
Aluminum Co. of America, 1 point to 108.
specialties included,
Foreign Nations Active in Research, Maurice Holland
Tells
West
Coast
Research
Executives—Urges
among
Losses
among
the
others, Midvale Co., 2% points
93; Mead Johnson, 4% points to 139%; Sherwin-Williams,
to
Greater Centralization of United States Industrial
1% points to 91; Corroon & Reynolds pref., 3 points to 74;
Laboratories
and Consolidated Gas & Electric of Baltimore pref., 1
A
luncheon
given in honor of Maurice Holland of
New York, Director of the National Research Council's
Division of Engineering and Industrial Research, and acting
executive of the Industrial Research
Institute,
by the
was
Industrial
Committee
Commerce
Aug. 4 at the Commercial Club.
the research executives of the Bay
land
told
members
mittee
the
of
Francisco
San
Chamber
on
of
that
the
Chamber
of
Commerce
although $300,000,000
of
Mr. Hol¬
and
area
Industrial
Com¬
annually in
the United States for scientific industrial research, the
number of men engaged in the field iD this country is
only
one half the number so
engaged in Germany and one third
of
those
in
Russia.
An
Mr. Holland's remarks
Holland
Mr.
announcement
exchange
would
of ideas
desirability of
the
prevent
as
has
duplication
been
indicated
Recessions ranging from 1 to
ent
Trading
the
centralization
greater
He maintained
and
provide
proved through
Pacific Coast of
Industrial Research Institute
industries
such
an
already
a
of
that such
vehicle
the Industrial
for
the
Research
was
organization patterned after the
advocated.
evidenced
strong
About 10 large West Coast
interest
in
the
possibilities
of
organization, Mr. Holland said, adding that annual appropriations
for research
F.
have
an
are
T.
"premiums
on a
Letchfield,
policy for industrial life."
consulting
engineer
.
and
Oil btoeks
day.
Ohio
slipping into
TRUST
COMPANIES,
&c.
The New York
Clearing House will be open for the trans¬
action of business on Saturdays beginning Sept. 2, it was
announced Aug. 22 by Edward L. Beck, Manager.
The
Clearing House has been closed on Saturdays during July
and August since its 19 member banks voted last June to
remain closed on Saturdays during the Summer months in
accordance with the Quinn bill providing for permissive clos¬
ings of banks in New York State. This action was noted in
our issue of June 24, page 3772.
a new
stocks
DeCoppet & Doremus, members of the New York Stock
Exchange, in its current issue of "Odd-Lots" describes the
work of the specialist system in a simplified story illustrated
by photographs and diagrams. This is the third number of
new publication.
About 175,000 copies of the second
were distributed by nearly 300 firms, an increase, it
is said, of 65,000 over the first number.
Later issues of "Oddthe
number
will
describe
the
commission
firm and
the
to ap¬
while
Gulf Oil was un¬
Aircraft issues declined, Lockheed
low for 1939 at 20%, and Bell moved to
at
Public utilities preferred
17.
off with the exception
were
num
stocks
of Alabama Power $7
The alumi¬
and Aluminium, Ltd., closed at 112%, with a
back to 107,
loss of
lower, Aluminum Co. of America slipping
were
2% points.
higher
on
among
some
the Curb Exchange were
on
Tuesday and
a
moderately
number of the more active shares
the public utilities and industrial specialties
improvement.
displayed
The gains were not especially note¬
odd-lot
system.
stantial
advances.
only
were
very
little activity apparent in the mining and metal
Public utilities,
particularly the preferred stocks,
higher, the gains including Alabama Power $7
preferred,
Other advances were
North American Light & Power preferred, 2% points to 60;
Florida Power & Light $7 preferred, 2% points to 75%;
raised its top for 1939.
which again
and American Gas & Electric, 1% points to 37.
Reactionary price movements were in evidence on Wednes¬
day, and while a very large section of the list closed on the
down side, there were a few strong spots scattered through
the list which
checked the decline to some extent.
Tuesday.
on
on
Many
the sidelines and the volume of transfers
approximately 116,000 shares, against 122,000
declined to
Aviation issues continued to move downward
dropped to new lows for
and both Lockheed and Grumman
the year.
were
nolds
The principal changes on the side of the decline
Aluminium., Ltd.,3% points to 114H; Corroon & Rey¬
preferred, 4 points to 70; Ford Motor of Canada B,
2% points to 17%; Safety Car Heating & Lighting, 2 points
to
♦
the
stocks which registered sub¬
Aviation issues were quiet and there
exception of the aluminum
traders remained
Lots"
close.
its bottom for the year,
shares.
BANKS,
Monday.
down, Humble Oil and Standard of
were
showing fractional declines,
changed at the
was
ABOUT
were appar¬
worthy and ranged from fractions to a point or more with
Assistant
Vice-President of the Wells Fargo Bank & Union Trust Co.,
presided at the luncheon.
ITEMS
points
active and the transfers climbed up
was
Price movements
on
or more
proximately 138,000 shares, against 126,000 on the last full
Institute.-.
Formation
3
the market continued its downward swing on
as
preferred which advanced to its top for the year.
United States industrial research laboratories.
centralization
further
follows:
as
emphasized
spent
are
point
to 118.
53; and Sherwin-Williams, 2l/i points to 87%.
Early declines with spotty recoveries toward the end of
Lippitt Lewis, a Trust Officer of the Bankers
New York City, died on Aug. 29 at his home in
Short Hills, N. J., after an illness of several months.
He
George
Trust Co.,
was
48
served
years
in
old.
France
A
native
of
Washington,
during the World War as
a
Mr.
Lewis
First Lieu¬
the session
Thursday.
the
were
the outstanding features of the trading on
Aviation issues sagged all along the line due to
fear that the application of
Act of 1937, in the event
of
war,
the American Neutrality
might hold
up
unfinished
The Commercial & Financial Chronicle
1272
schedules for British and French planes and parts.
Alumi¬
shares were generally weak and sold off from 2 to 5 or
THE ENGLISH
Aug. 26,
GOLD AND SILVER
1939
MARKETS
num
points.
Public utilities lost their snap and many of
leading issues declined.
Industrial stocks were weak
throughout the day and led the downward swing during the
morning.
The declines included among others, AxtonFisher A 4 points to 38; Benson & Hedges pref., 4 points to
44; Sherwin-Williams, 4 points to 83% and National Steel
Car, 5M points to 43.
Moderate price advances and a firm tone were apparent
as the Curb Market closed on
Friday. The opening hour was
little changed from the preceding close but there was an in¬
creasing tendency to move forward as the day progressed.
In the aluminum group gains were fairly substantial, Alu¬
minum Co. of America climbing upward 7 points to 111;
while Aluminium Ltd. moved ahead 3% points to 114.
Utilities
were
generally stronger, Consolidated Gas &
Electric of Baltimore advancing 2% points to 79%; Electric
Bond & Share pref. moving ahead 6% points to 59, and
Sioux City Gas & Electric pref. advancing 3% points to 98%.
As compared with Friday of last week prices were lower,
American Cyanamid B closing last night at 26% against
We
more
the
273^
on Friday a week ago; Babcock & Wilcox at 14%
against 16; Bell Aircraft at 16 against 1834; Carrier Corp.
at 1134 against 1234; Fairchild Aviation at
9% against 1034;
Ford of Canada A at 18 against 18%; Gulf Oil Corp. at
3034
against 31; International Petroleum at 19 against 21%;
Lockheed Aircraft at 20 against 2434; Niles-Bement-Pond
at 5034 against 50%; and United Shoe
Machinery at 78%
against 79%.
■'v;' ■
-7
Samuel Montagu
TRANSACTIONS
AT
NEW YORK
THE
CURB
EXCHANGE
Bonds (Par Value)
GOLD
The
of
Shares)
.
138,075
„
121,555
116,495
184,190
104,470
Wednesday
Thursday.
Friday
Total
gold
fine
per
reserve
706,825
Foreign
Corporate
$432,000
Total
$3,000
A,392,000 7'.1,277,000
r,
.
$435,000
23,000
1,420,000
34,000
$5~000
In the open
Offerings
Per Fine Oz.
--___.148s. 6Hd.
148s. 63^d.
-.1488. 6Hd.
The following were the
registered from mid-day
Union of South Africa.
the 31st ult. to mid-day
British India
New Zealand..
Netherlands.
Other countries
America. £2,234,433
France.
23,561
1,903,713
52,905
915,739
...
5,599
5,853
......
Netherlands
_
...
471,685
124,939
3,860
...
__
Other countries
£2,813,562
£5,742,287
The SS. Chitral which sailed from Bombay on Aug. 5 carries gold to the
value of about
£119,000.
SILVER
,
The market showed
a
a
decline of l-16d.
■
firmer tendency during the past week and except
on
Aug. 3, the trend of prices
was
steadily upward
until 16%d. for cash and 19 9-16d. for two months' delivery were
reached
were
made
by the Indian Bazaars at the beginning of the week, but
subsequently sellers proved reluctant
for
bear
covering,
but the
generally appears to have
39,000
$39,000
$154,000
$8,097,000
Jan. 1 to Aug. 25
1939
562,430
24,721,221
at a level
Indian
$8,097,000
$5,946,000
$306,603,000
confidence
more
$218,625,000
4,588,000
>
4,084,000
$227,267,000
mainly
and the market
on
cable transfers in the different countries of the world.
give below a record for the week just passed:
BY
FEDERAL
We
Argentina
Hongkong
Belgium
....
Other countries
United
States
Kingdom imports and exports of silver
on
the 5th inst.:
Exports
£48,637
18,996
8,035
9,655
10,356
2,289
United States of
America.
British India
France.
Egypt.
7
£7,500
20,190
18,618
1,115
1,640
........
Other countries.
£97,968
Quotations during the week:
£49,063
LONDON
Aug. 3- .16%d.
Aug. 4__ .16 ll-16d.
Aug. 5.. .16 13-16d.
Aug. 8
163^d.
Aug. 9
163^d.
Average.
16.775d.
16Md.
16 5-16d.
16 7-16d.
16 9-16d.
16^d.
16.412d.
_.
RESERVE
the
but with the cash price
the 31st ult. to mid-day
-Bar Silver per Oz. Sld.Cash
2 Mos.
daily to the Secretary of the Treasury the buying rate for
CERTIFIED
that
7
Mexico
RATES
BANKS TO TREASURY UNDER TARIFF ACT OF
now
Imports
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
IN
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
NEW
YORK
(Per Ounce .999 Fine)
35 cents
..35cents
.35 cents
35 cents
7
35 cents
8-—35 cents
2
3
4
5
—
The highest rate of exchange on New York recorded during the period
Aug. 3 to Aug. 9, 1939, was S4.68J^ and the lowest $4.68.
rom
1930
COURSE
1939, INCLUSIVE
Cable Transfers in New York
Value in United States Money
Country and Monetary
Bazaars also bought
brought
was
about high enough.
appear
IN
EXCHANGE
Noon Buying Rate
Demand
likely to attract offerings from America present quotations would
registered from mid-day
28,320,523
$299,761,000
3,044,000
3,798,000
19, 1939, TO AUG. 25,
yesterday's rise
The tone appears fairly steady at the moment,
1938
137,000
RATES
although
selling for prompt shipment from America.
Congress has adjourned.
$5,726,000
83,000
FOREIGN
or
Unit
OF
BANK
CLEARINGS
Bank clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
today (Saturday, Aug. 26)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 13.2% above
those for the corresponding week last year.
Our preliminary
total stands at $5,093,663,580, against $4,498,962,508 for
the same week in 1938.
At this center there is a gain for the
weekended Friday of 38.7%.
Our comparative summary
upon
Aug. 19
Aug.21
$
$
$
.169362
.169138
.169350
.169420
.012100*
.
Aug. 23
$
.169813
Bulgaria, lev
Czechoslov'la, koruna
Denmark, krone
Engl'd, pound sterl'g
Finland, markka..
Aug. 22
$
Europe—
Belgium, belga
.012100*
.012100*
.012250*
.012000*
a
a
Aug. 24
a
Aug. 25
a
.208925
.208925
.208925
.208887
4.680486
4.680486
4.680486
4.680416
.020545
.020550
.020541
.020525
France, franc
.018566*
.026487
.026486
.026483
.026480
Germany, reichsmark
Greece, drachma
.025290
.400962
.400862
.400227
.399275
.376700*
.008575*
.008575*
.008575*
.008577*
Hungary, pengo
Italy, lira....
.008465*
.196000*
.196000*
.196000*
.196000*
.052607
.052607
.052605
.051045*
.536166
indicate that for the week ended
.195000*
.052607
__
Netherlands, guilderNorway, krone
Poland, zloty..
Portugal, escudo
.197733*
457500
.535361
.636533
.537555
.235160
.235156
.235137
.188000
.187900
.187800
.180000*
.042492
Week Ending Aug. 26
1939
$1,985,525,001
+ 38.7
Chicago
255,257,266
192,842,286
+ 32.4
276,000,000
252,000,000
Boston
148,463,084
72,140,388
135,253,433
+ 9.8
62,347,099
+ 15.7
61,700,000
110,118,000
83,175,337
58,200,000
+ 6.0
102,940,000
76,046,242
+ 9.4
Detroit
66,977,550
59,637,074
+ 12.3
Cleveland
69,144,750
47,216,252
59,846,659
+ 15.5
41,587,349
+ 13.5
$3,944,818,641
$3,026,225,143
593,581,725
+ 30.4
.042540
.041000*
.006992*
.006922*
.006733*
.109950*
.109950*
Sweden, krona
.110000*
.241250
.241250
.241243
.241268
.227700*
.225750
.225744
.225788
.225288
Kansas City
.225316
St. Louis..
DAY
.022800
.022800
..109950*
.022800
.022750
Asia—
.022566*
.
San Francisco
Pittsburgh
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
a
a
a
a
a
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar-
a
a
a
.066750*
.052333*
.284437
,
/
a
a
.067291*
.071333*
.070000*
.055083*
.053933*
.050416*
.284312
.284437
.283718
.272833
.349698
.349687
.349679
.349685
.330687
.272757
.272785
.272742
.272714
Straits
.260183
.548362
.548412
.548512
.548512
.521250*
3.729843
3.729875
3.729750
3.729843
3.544375*
.
Settlem'ts, dol
Australasia—•
Australia, pound
,
New Zealand, pound.
Africa—
3.744000* 3.744125* 3.744000* 3.744125* 3.554166*
Union South Africa, £
North America—
4.632031
4.632031
4.632031
Canada, dollar
Cuba, peso
.999765
.999765
.999804
Mexico,
.168500*
.169200*
.169050*
.168800*
.168666*
.997343
.997304
.997304
.994648
.975625
.312105*
b
peso.......
Newfoundl'd, dollar-
b
South America—
Argentina,
peso
...
...
...
Baltimore
.064916*
.052775*
Japan, yen
British India, rupee..
b
4.629583
4.388333
.997388
.977321
b
b
Eleven cities, five days
Other cities, five days
759,005,345
Total all cities, five
All cities, one
day../.
days
—55.7
$4,498,962,508
+ 13.2
week in all
.312080*
.312085*
.294433*
.060580*
.060580*
.060580*
.060556*
.050320*
.050300*
Chile, peso—official.
.050100*
.050050*
.051683*
.051683*
.051683*
.051683*
.051766*
present further below,
we are
.040000*
.040000*
.040000*
.040000*
.040000*
.569800*
.570600*
results
.570600*
.570600*
.570400*
previous—the
.615925*
.615891*
.615879*
.615891*
.581766*
.360114*
.359414*
.360485*
.361400*
.235100*
"
export-
Colombia, peso
Uruguay, peso contr
Non-controlled
*
Nominal rate,
a
No rates available,
b
Temporarily omitted.
+ 29.9
Complete and exact details of the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today inasmuch as the week ends today (Satur¬
day) and the Saturday figures will not be available until
noon
today. Accordingly, in the above the last day of the
.312085*
"
+27.9
$5,093,663,580
Total all cities for week
.050320*
"
+ 7.0
$3,619,806,868
879,155,640
$4,703,823,986
.060580*
"
+ 9.5
389,839,594
„j.__
free..
Brazil, milreis official
Cent
Philadelphia
.042471
.007021*
.109950*
HOLI¬
1938
$2,754,626,014
New York
.012471
.007021*
Switzerland, franc.
Yugoslavia, dinar...
Per
.221925*
.188060
Clearings—Returns by Telegraph
.536250
.235146
for the week follows:
Rumania, leu_.
Spain, peseta..
•
the 5th inst.:
on
Syria
Belgium.
Switzerland.
1,438,000
154,000
AUG.
.
Canada...
Thailand.
Sweden.
1,989,000
1,502,000
$7,904,000
39,000
EXCHANGE
Per Fine Oz.
-148s. 6Md.
148s. 6d.
148s. 6.4d
United States of
.£2,178,320
73,315
16,719
519,799
18,820
2,770
3,819
_
Southern Rhodesia.
British East Africa
1,313,000
7
FOREIGN
about
Exports
33,000
Bonds
Total
was
provided by the authorities.
United Kingdom imports and exports of gold
on
22,000
1938
706,825
......
was
Imports
United States of America.
Domestic
£246,-
compared with
Quotations—
Aug. 8—.
Aug. 9
Average
—
4,000
$7,904,000
1939
Foreign government
Foreign corporate..
as
mostly absorbed by buying on Continental account.
were
Quotations—
Aug. 3._
Aug. 4
Aug. 5.
6,000
2,000
New York Curb
Stocks—No. of shares-
change
market conditions have been rather quiet; the amount of bar
£1,420,000, the main proportion of which
22,000
1,383,000
1,961,000
1,459,000
Week Ended Aug. 25
Exchange
amounted to
notes
no
the previous Wednesday.
The following were the United
Sales at
against
showing
ounce
gold which changed hands at the daily fixing during the week
Sales
Foreign
Government
Domestic
42,040
Monday....
Tuesday
of England
416,965 at 148s. 6d.
some
Saturday
Bank
for cash remained unchanged.
CNumber
Week Ended
of
& Co. of London, -written under date of
yesterday; today the forward quotation eased slightly to 16J^d. whilst that
Stocks
Aug. 25. 1939
circular
weekly
Aug, 9, 1939:
for
DAILY
the following from the
reprint
In
cases
has to be estimated.
the elaborate detailed statement,
for
the
week
however, which we
able to give final and complete
week ended Aug. 19.
14.8%, the aggregate
country having amounted to
$5,742,349,231, against $5,001,804,381 in the same week
For that week there was an increase of
of clearings for the whole
The Commercial & Financial Chronicle
Volume 149
in 1938.
Outside of this
increase of 6.3%,
recorded a gain of
16.3%. 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 record an expansion of 15.8%, in the
Boston Reserve District of 14.8%, and in the Philadelphia
Reserve District of 21.0%.
In the Cleveland Reserve Dis¬
trict the totals are larger by 23.9%, in the Richmond Reserve
District by 12.0%, and in the Atlanta Reserve District by
12.7%.
The Chicago Reserve District shows a gain of
15.4%, and the St. Louis Reserve District of 8.7%, but the
Minneapolis Reserve District shows a loss of 1.4%. In the
Kansas City Reserve District the totals register an increase
of 2.2%, in the Dallas Reserve District of 6.5%, and in the
city there
1273
was an
the hank clearings at this center having
#
San Francisco Reserve District of 6.4%.
In the following we furnish a summary by
Week Ended Aug. 19
Clearings
atInc.
1939
Federal Reserve
1937
Dec.
$
%
1936
$
Sevehth Feder at Reserve D istrict—C h i
cago—
Mich .-Ann Arbor
Detroit
406,824
96,496,105
Grand Rapids.
Lansing—,.
3,005,780
1,697,317
+
406,628
96,202,285
3,875,244
1,586,575
1,096,408
15,850,000
1.469,722
4,437,780
20,349.917
1,107,659
8,453,292
3,225,425
+ 17.6
346,026
74,758,626
2,438,029
+29.1
+23.3
+39.4
297,432
94,705,941
2,530,267
1,466,182
1,045,381
14,533,000
1,213,505
4,555,073
20,681,039
1,113,737
8,581,300
3,437,193
364,712
283,574,668
South Bend—
18,244,000
1,451,924
Terre Haute—
5,544,896
1,217,184
2,011,611
15,756,000
1,189,259
4,035,323
Wis,—Milwaukee
22,005,329
18,108,277
+22.1
+ 37.4
+21.5
1,005,433
944,134
7,529,007
3,109,199
+6.5
+2.9
+6.3
357,023
256,342,835
+ 11.7
652,690
+24.7
3,550,350
1,197,915
1,059,344
3,536,231
963,741
1,099,766
+0.4
+24.3
—3.7
287,450
327,142,033
777,144
3,608,308
1,277,850
1,215,002
455,267,626
394,394,961
+ 15.4
492,368,722
445,151,131
93,200,000
34,403,625
16,612,575
88,600,000
Ind.—Ft, Wayne
Indianapolis..
la.—Ced. Rapids
Des Moines..
Sioux City....
Ill.—Bloomington
Chicago
.....
Decatur
districts:
or
1938
Peoria
994,739
7,750,565
3,303,532
355,761
286,384,101
813,711
—
Rockford
.....
Springfield....
■-
—50.6
+ 15.8
—0.4
750,245
3,941,493
1,209,962
1,150,101
SUMMARY OF BANK CLEARINGS
Total
(18 cities)
Inc.or
Week End. Aug. 19,1939
Federal
1939
1938
$
$
Reserve Dis's.
1937
1936
S
Dec.
$
Eighth Federa 1 Reserve D1b trict—St. Lo uis—
Mo.—St. Louis—
Ky.—Louisville..
85,600,000
34,62/,078
Tenn.—Memphis
18,689,081
5th
Richmond..
6
"
6th
Atlanta....10
"
163,085,020
144,735,971
7th
Chicago
18
"
455,267,626
394,394,961
%
+ 14.8
+ 15.8
+21.0
-+23.9
+12.0
+ 12.7
+ 15.4
8th
St. Louis.— 4
"
139,406,159
128,209,610
+ 8.7
144,813,200
Minneapolis 7
'*
"
110,965,144
112,542,0^8
—1/
121,888,989
114,313,118
Ninth Federal
132,055,701
129,166,700
+2.2
155,497,156
144,519,223
Minn.—Duluth..
"
72,851,365
68,393,030
+6.5
71,404,16"
52,860,349
Minneapolis—
"
254,389,789
238,989,798
+6/
294,752,42'
244,776,448
Total——112 cities
5,742,349,231
5,001,80081
Outside N. Y. City.....
2,538,823,205
2,246,156,196
+3.9
82,400,000
30,786,107
14,523,503
131,592,805
9th
1st
Boston
2d
New York.. 13
3d
PhiladelphtalO
"
435,445,56';
359,915,442
4th
Cleveland—
5
"
297,269,181
239,954,591
12 cities
10th Kansas City 10
11th Dallas.
6
12th San Fran... 11
208,526,355
3,304,868,484
"
239,293,604
2,854,203,327
137,451,595
122,772,558
238,247,382
222,247,303
2,983,936,919
2,815,441,296
362,814,135
331,883,923
311,066,965
130,494,478
271,363,530
124,299,152
158,264,576
+ 14.8
+-13.0
32 cities
„
Total (4 cities)
add
x
600,000'
—2.0
597,000
520,000
139,406,159
.
5,465.549,109
5,037,248,752
2,321,700,534
St.
128,209,610
+8.7
144,813,200
131,592,805
3,487,591
78,829,917
25,546,418
2.262,515
N. D.—Fargo
S. D.—Aberdeen
Mont.—Billings
364,970,589
Reserve Dis trict—Minn eapolis
754,135
2,992,158
689,893
+9.3
2,442,065
+22.5
3,739,379
83,484,854
28,087,736
2,226,066
841,561
793,863
2,715,530
110,965,144
Paul......
112,542,038
•*»—1.4
121,888,989
114,313,118
—0.6
107,924
149,239
+ 12.9
2,704,695
—0.5
32,626,267
2,982,251
2,923,314
3,976,070
71,986,119
27,943,849
2,393,635
919,178
_
„
3,970,975
71,063,853
31,352,676
2,185,857
836,719
+0.1
+ 1.3
—10.9
+ 9.5
+9.9
704,327
691,124
2,791,225
337,685.615
Total (7 cities)
We
28,038,117
14,434,688
445,151,131
2,595,179,392
+2.9
283.829,126
292.064,986
x
x
490,000
Helena
Canada
+28.7
x
Quincy
138,800,474
492,366,722
111.—Jacksonville
+ 12.5
.
detailed statement
showing last week's
figures for each city separately for the four years:
now
our
Tenth Federal
Clearings
Inc.
1938
or
Omaha...
1937
Dec.
1936
First Federal
Reserve Dlst rict
479,951
2,128,746
206,587,663
Me.—Bangor
Portland
Boston
519,806
Kan.—Topeka
_.
Mo.—Kan. City
_%
St.
+ 15.2
517,652
1,993,986
206,145,000
+26.8
586,262
+ 15.8
392,504
825,686
—7.7
+ 36.4
N .H.—Manches'r
9,869,653
3,810,202
9,633,300
462,428
1,560,950
179,388,663
511,013
354,483
681,226
2,726,856
1,626,869
8,992,132
3,516,174
8,165,100
483,083
—4.3
2,793,936
1,849,338
9,861,308
3.661.632
9,158.400
461,678
Total (12 cities)
239,293,604
208,526,355
+ 14.8
238,247,382
Feder at Reserve D istrict—New
2,308,923
+ 9.4
2,562,929
—0.5
3,016,123
547,174
591,985
89,101,377
2,640,869
644,037
338,569
+ 14.2
—15.0
Fall
_
River
647,764
410,598
+74.8
660,247
129,166,700
+2.2
155,497,156
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford
New Haven...
R. I .—Providence
799,303
2,854,321
1,609,675
+ 17.3
144,519,228
+ 4.7
—1.1
+ 9.8
+8.4
+ 18.0
Joseph
574,414
1,986,770
191,712,024
665,541
309,967
737,997
2,532,918
1,715,246
Colo.—Col. Spgs.
Pueblo
9.375,651
Texas—Austin-
York-
Mass.—Boston
3,134,366
9,147,100
355,309
Total
(10 cities)
Eleventh Fede ral Reserve
Dallas.——
Worth..
Fort
Galveston
Wichita Falls..
Second
N. Y.—Albany
Blnghamton...
Buffalo—...
Elmira
...
Jamestown
5,164,013
1,258,462
32,600,000
467,828
906,056
New York.
3,203,526,026
Rochester.....
7,084,335
Syracuse.—
3,704,494
Westchester Co
3,380,270
Conn .—Stamford
N.
J.—Montclair
Newark
Northern N. J.
9,047,338
1,079,711
31,000,000
401,576
626,715
2,755,648,185
6,104,716
3,248,443
222,247,303
La.—Shreveport.
Total (6 cities)
—42.9
+ 16.5
6,302,758
1,247,480
35,100,000
482,342
+ 44.6
735,370
+ 16.6
+5.2
.
636,877
542,952
Wash.—Seattle—
+ 14.0
—1.7
5,101,964
2,731,007
+ 6.1
4,689,456
288,435
4,112,863
356,414
17,938,690
24,369,033
403,404
—11.6
14,737,390
24,587,649
+21.7
17,488.495
31,702,983
—0.9
3,304,868,484 2.854,203,327
Third Federal
Reserve Dist rict
Bethlehem....
Chester
343,770
504,719
520,456
Lancaster..
York..—.....
1,218,012
423,000,000
1,529,791
2,413,713
1,103,183
1,193,319
N. j.—TrentonTotal (10 cities)
...
Philadelphia...
Reading
3,693,116
2,366,327
3,421,716
Scranton.
Wllkes-Barre....
Fourth
.
Cleveland.
....
Columbus—...
Mansfield—.
Youngstown.
Pa.—Pittsburgh
_
*400,000
cities).
—5.7
485,747
529,611
306,463
+6.6
+ 34.0
—1.4
362,962
*400,000
269,374
1,127,877
321,000,000
+22.9
+49.5
—20.6
3,618,600
3,948,400
—8.4
435,445,563
359,915,442
+21.0
362,814,135
331,883,923
2,316,597
+ 14.7
2,760,445
61,111,141
+21.6
+ 17.7
Fifth Federal
1,558,381
49,578,026
80,902,761
+ 26.4
+31.4
104,747,655
7,963,100
+43.9
1,566,575
+ 13.6
2,017,010
96,368,738
+42.4
9,868,900
2,061,976
3,453,889
+20.4
127,062,959
Reserve Dist rict
961,200
2,111,120
1,478,434
1,279,956
2,893,000
52,984,599
83,423,857
9,120,100
1,880,078
2,249,267
119,389,032
447,322
361,405
Va.—Norfolk....
2,306,000
44,124,148
1,194,356
2,006,000
42,760,986
876,947
66,890,425
22,489,344
57,623,301
19,143,919
Richmond
—
S. C.—Charleston
Md.—Baltimore
D. C.—Wash'ton
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Nashville
—...
Ga.—Atlanta.—
Augusta..
Macon
....
Fla.—Jacks'nville
Ala.—Birm'ham.
Mobile
137,451,595
+23.9
311,066,965
122,772,558
4,406,749
18,449,113
61,100,000
1,101,638
884,756
16,544,000
20,597,909
1,785,467
3,823,555
16,695,317
56,400,000
868,624
681,076
15,277,000
16,663,828
1,315,072
+23.8
+ 15.0
+ 3.2
+36.2
+ 16.1
+ 17.5
+ 12.0
459,494
2,564,000
39,321,372
1,104,311
66,098,942
20,946,359
130,494,478
Total (10 cities)
128,719
38,086,669
163,085,020
117,280
32,894,219
144,735,971
5,736,216
2,366,000
642,954
3,213,300
+3.9
+6.4
294,752,424
16,133,117
4,637,795
3,328,174
2,324,935
254,389,789
238,989,798
Pasadena.....
San
Francisco.
149,628,000
3,448,352
1,584,679
8CO
46,250,573
906,943
39,058,950
16,936,029
4,181,928
3,844,471
176,073,000
3,519,874
1,591,996
2,388,660
CalifL'g Beach
(10 cities)
Grand total
—0.2
+4.9
+24.5
—2.6
37,384,082
841,551
32,595,367
15,045,756
3,653,093
2,957,928
145,502,367
3,110,407
1,554,242
2,131,655
cities)
——
324,700
2,563,000
40,523,556
845,480
62,341,842
17,700,574
124,299,152
+ 15.3
+ 10.5
+ 8.3
+26.8
+29.9
+8.3
+23.6
+ 35.8
4,423,186
17,174,987
56,900,000
1,068,620
3,391,652
14,904,550
53,700,000
858,221
804,988
14,090,000
18,142,438
1,243,733
19,576,000
20,446,731
1,628,298
x
'
+ 9.8
+ 15.8
+ 12.7
929,540
x
136,896
36,051,637
158,264,576
149,805
31,443,768
+ 14.8 5,465,549,109 5,037,248,752
5,742,349,231 5,001,804,381
+13.0 2,595,179,392 2,321,700,534
2,246,156,196
Week Ended Aug.
Clearings
244,776,448
(113
Outside New York 2,538,823,205
17
alInc. or
1939
1938
Dec.
%
—3.5
Canada—
.
—
Montreal
_
Winnipeg———
Vancouver..
—
Ottawa—
Quebec..
—
Halifax...
Hamilton
St. John——
Victoria
...
—
Edmonton
Reglna—
;.
Brandon..
—
95,090,447
91,942,676
32,548,691
16,241,621
13,838,209
5,823,994
2,237,465
4.670,637
4,213,493
1,670,598
1,723,883
2,242,809
4,003,743
2,845,028
291,488
506,601
Lethbridge
98,526,930
89,957,771
23,733,713
16,135,828
13,821,087
+2.2
+ 37.1
+0.7
+0.1
+ 24.6
4,672,528
—3.t>
638,676
612,856
Hat—
183,066
179,729
Peterborough....
586,711
537,072
641,607
Fort William
Sherbrooke——.
Kitchener
.
707,873
988,563
2,575,801
302,275
781.949
761,775
970,227
4,650,069
1,896,813
1,726,144
—15.7
2,807,623
+5.6
3,790,132
2,898,432
New Westminster
Brantford—
17,584,657
14,439,828
4,815,579
+ 7.6
'2,659,479
540,454
68,411,934
2,374,534
5,383,238
3,913,234
2,943,828
301,864
457,453
1,187,920
669,368
884,492
—6.4
—1.8
—15.8
+ 10.6
—4.9
1,158,100
—
Moose Jaw......
112,364,634
107,634,462
—2.3
4,780,212
4,411,629
1,784,723
1,601,449
346,353
458,171
1937
—4.5
2,307,694
1,101,700
527,408
705,074
727,212
Saskatoon
Medicine
'
x
Franci
Utah—8. L. City
London
Reserve Dist rict—Atlant
Miss.—Jackson..
Vicksburg.,
La.—NewOrleans
271,363,530
-Richm ond-
W.Va.—Hunt'ton
52,860,349
68,393,030
+32.9
+8.1
+ 15.4
+ 11.2
Toronto
1,970,432
56,860,008
106,338,967
11,455,900
1,779,180
239,954,591
71,404,163
72,851,365
925,728
San Jose——
738,023
297,269,181
+6.5
—2.7
—42.6
31,402,673
13,978,361
4,170,030
3,335,034
142,691,000
2,770,404
1,626,201
2,237,658
Calgary......;..
Total (7
+ 1.8
888,542
3,204,517
33,949,459
Yakima
Santa Barbara.
1,503,548
115,992,120
895,210
40,006,669
+ 15.8 2,983,936,919 2,815,441,296
2,872,574
_
Cincinnati
1,469,043
53,437,841
7,926,749
3,855,000
950,075
3,765,455
—6.8
Ore.—Portland..
16,512,035
Feder at Reserve D istrict—Clev eland
Ohio—Canton.
+ 37.2
+ 11.5
1,324,938
52,161,099
7,090,934
3,723,000
+6.3
28,273.548
1,467,179
351,000,000
1,205,854
2,284,817
1,362,117
1,711,347
2,461,000
1,299,954
1,964,292
109,335,408
3,315,625
692,186
District—Da Has—
1,817,838
58,159,623
6,609,931
2,137,000
864,745
3,262,228
35,852,709
Philad elphia-
364,597
473,398
388,478
1,234,752
348,000,000
+2.2
38,124,979
1,230,299
Total
Pa.—Altoona
29,074,200
Twelfth Feder al Reserve D istrict—San
Stockton
Total (13 cities)
+ 7.5
86,134
146,097
2,263,565
4,413,574
965,001
32,200,000
+ 16.3 2,870,369,717 2,715,548,218
+ 16.0
7,696,912
6,467,932
3,440,377
3,877,823
City
108,900
138,214
2,509,778
32,177,415
2,285,196
3,500,465
99,393,740
2,993,828
701,320
710,367
92,584
145,258
2,555,956
28,929,740
2,526,767
Wichita
S
as
132,055,701
Lincoln..—
1939
s
91,099,408
Hastings
at—
Reserve Dis trict—Kan
2,550,706
Neb.—Fremont..
Week Ended Aug. 19
.
r—2.4
—9.8
—4.5
+4.2
+ 1.9
+9.2
+ 10.3
+ 1.9
1936
114,987,657
93,018,357
55,046,437
17,689,469
13,608,579
3,802,301
2,136,987
4,150,169
4,954,509
1,728,173
1,667,904
2,757,319
3,736,665
4,733,053
336,319
431,562
1,522,652
662,167
809,019
726,934
691,122
234,061
630,716
567,816
823,609
1,047,654
3,007,869
379,363
758,010
537,973
539,216
1,014,135
686,258
263,299
644,531
566,459
2,370,539
345,404
757,932
528,349
484,399
422,891
Kingston
Chatham.——.
685,140
517,242
510,443
Sarnla.—......
445,123
2,353,520
296,912
700,961
522,201
470,288
407.950
—
971,296
1,007,394
+ 9.1
"—3.6
442,555
Sudbury—
959,626
998,560
Total (32 cities)
292,064,986
283,829,126
+2.9
364,970,589
337,685,615
Windsor
Prince Albert.—.
Moncton
138,800,474
Estimated,
x
No figures available.
+9.4
+ 1.8
—2.3
—0.9
+8.5
The Commercial & Financial Chronicle
1274
REDEMPTION
CALLS
SINKING
AND
FUND
NOTICES
The
list of bonds, notes and preferred
stocks of corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Below will be found
a
Date
Page
Sept. 1
Sept. 30
1016
Company and Issue—
Allen town-Bethlehem Gas Co. 1st mtge. 3%s
American Ice Co. 5% debentures
*
American Radiator & Standard Sanitary Corp.—
717
434% gold debenturesr
Nov. 1
*
Archer-Daniels Midland Co., 7% cum. pref. stock
Nov.
1
Bayuk Cigars. Inc., 1st preferred stock-.Oct. 15
*
Carnation Co., first preferred stock
Oct.
1
Caterpillar Tractor Co. 5% preferred stock
Nov. 25
Central Illinois Electric & Gas Co. 1st mtge. bonds
Sept.
1
Central Ohio Light & Power Co. 1st mtge. 5s, series A
Oct.
1
1st mtge. 5s, series B
—
Sept. 14
3-year notes
Sept. 14
*
Central Power & Light Co., 5% gold bonds
Sept. 21
Chicago Union Station Co. 334 % guaranteed bonds
Sept.
1
Commercial Credit Co. 3 % % debs
Sept.30
Connecticut Light & Power Co. 334 % debentures—
Sept.
1
*
Consolidation Coal Co., 25-year bonds
Sept. 11
Cuban Telephone Co. 1st mtge. bonds
Sept. 1
Cuban Telephone Co. 1st mtge. 7Hs
Sept.
1
Dominion Textile Co., Ltd. 1st mtge. 434»Sept. 1
*
Florida Telephone Corp., 1st mtge. 6s
Oct.
1
(Walter E.) Heller & Co.—
7% preferred stock
—
Sept. 20
10-year 4% notes
-----Sept. 20
Holland Furnace Co. $5 cum. conv. pref. stock
Oct.
1
Hydro Electric Corp. of Va. 1st mtge. 5s
Sept. 1
Kansas Power Co.. 1st mtge. 5s
Sept. 1
Iowa Power & Light Co. 1st mtge. 4%s
Sept. 1
1317
1318
720
1321
1018
100
1171
1171
1171
1321
102
873
1021
1321
—
Iowa Public Service Co. 1st mtge. 5s
Iowa Public Service Co. 1st mtge. 5s
1st mtge. 534s
Kansas Power & Light Co. 1st mtge. 434s--
Keystone Steel & Wire Co. serial notes.
Lehigh Power Securities Corp. 6% gold debentures--.
Lexington Telephone Co. 1st mtge. 6s_
Lincoln Tel. & Tel. Co. 1st mtge. 3%% bonds
Manila Electric Co. 1st mortgage 5s.
Marshall Field & Co. 7% pref. stock
Mengel Co. 1st mtge. 4%s
;
Morristown & Erie RR. 1st mortgage 6s.
Nashville Railway & Light Co. 1st mtge. 5s
New York State Elec. & Gas Corp. 1st mtge. 534s
1st mtge. 5s
Nord Railway Co. 634% bonds
*
£1474
874
258
1324
879
879
1181
879
734
1030
£3853
419
1030
1184
421
421
Oct.
1
£1176
1
1
1334
Ohio Finance Co.—
1334
*
1334
22
7
1334
£1179
1335
11
15
1
1188
1
267
1036
267
1190
119
737
9
1
15
1
423
1
-
423
£3388
1
1 '40 £3388
-
1
268
1
1191
1
1
124
1191
1
746
West Penn Power Co.—
7% pref. stock
6% pref. stock
Wheeling & Lake Erie Ry. ref. mtge. bonds
.Feb.
Feb.
------Sept.
Winston-Salem Terminal Co. 1st mtge. 5s
Woodward Iron Co. 2nd mtge. 5s
*
Announcements this wee*.
£
1,'40 751
1,'40 751
1
£3860
Oct.
1
128
Sept
1
£3398
Volume 148.
NATIONAL
% per Share
Co., prior preferred, par $50
14
Co., A, par $5..
%
20 Cities Service Co,, com., par $10; 60 Amer. Solvents & Chemical Corp.,
ctf of deposit; 20 Amer. Utilities & General Corp. B, v.t.c.; 20 Appalachian
Gas Corp., $7 conv. pref. A; 20 Appalachian Gas Corp., common; 2 GrfgsbyGrunow Co.; 20 Hambleton Corp., pref.; 5 Stuedbaker Corp., old; 200 United
Investment Assurance Trust Founders Shares; 24 Westfield Mfg. Co.;
and 20 Central Public Service Corp., A
—$80 lot
3,000 Pioneer Petroleum Co., common, par $5_
$30 lot
Stocks
40 Dennison Mfg.
By Crockett & Co., Boston:
Trust Co.. preferred, Boston, Mass., par $10._...
Boston, Mass., par $10
5 United States Trust Co., common,
25
Springfield Gas Light Co., par $25
Rubber Co., common, ex-dividend
preferred, par $27.50
BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
VOLUNTARY LIQUIDATIONS
DIVIDENDS
Dividends
first
grouped in two separate tables.
In the
bring together all the dividends announced the
we
are
Then we follow with a second table in which
dividends previously announced, but which
current week.
show the
in
"General Corporation and Investment
our
pany
name
News
Department" in the week when declared.
The dividends announced this week are:
Per
Name of
Share
Company
Amount
Aug. 18—The American National Bank of Camden, N. J., com¬
mon stock, $300,000; preferred stock
(RFC), $50,000-.-Effective Jan. 26, 1939.
Liquidating committee:
Raymond
Braker, Leon H. Sullivan, and Clinton I. Evans, care of
the liquidating
bank.
Absorbed by Camden Trust Co.,
Camden, N. J.
$50,000
15c
$2% class A__
FINANCIAL
MARKET—PER
Preferred
25c
15c
ApponaugCo. (resumed)
Archer-Daniels-Midland Co. 7% pref.
Atlanta Gas Light, 6% pref. (quar.)
Bangor & Aroostook RR. (quar.)
Preferred (quar.).
as
Sat.,
Aug. 19
Silver,
p. oz._.
Gold. p. fine oz.
Consols 2J4%.
Mon.,
Aug. 21
Tues.,
Aug. 22
Aug. 23
Aug. 24
17%d.
17 9-16d.
18 7-16d.
18 l-16d.
19 l-16d.
148s. 7d.
148s.
148s.6%d. 148s.6)4d. 148s!5d.
£63%
£6234
Holiday
7d.
£64 %
Wed.,
Thurs.,
£63
Fri.,
Aug. 25
20 l-16d.
150s.6d.
£6234
British 334%
W. L
.
Holiday
£89%
£8834
£8934
£8834
£8834
£10334
£10234
£10234
British 4%
1960-90-.-.
The
States
Holiday £10434
price of silver
on
the
same
BarN.Y.(for'n) 35%
8. Treasury
(newely mined) 71.10
£104
per
ounce
(in cents) in the United
days have been:
3634
37%
37%
U.
71.10
71.10
CURRENT
71.10
39%
39%
71.10
Exchange and
other
principal security and commodity exchanges, with main offices at
50 Broadway, New York City, are
pleased to announce that Mr. Melvin
Kaufman is
now
associated with them in their office at
570 Seventh Avenue,
New York.
—Satterfield & Lohrke, 42
Broadway, New York City, members of the
New York Stock Exchange, have prepared
that may be had by interested parties.
a
timely study
on
Loft, Inc..
(Can.) (quar.)
..... — .
1 Sept.
15
6
6
Sept. 15 Sept.
40c
Oct.
2
1
Sept.11
Sept.11
Sept.
1
Sept. 23 i
Sept. 1
Sept. 9
Aug. 24
Sept. 2
Sept. 2
Sept. 5
Sept. 16
Sept. 15
Oct.
2
Sept.15
Oct.
2
25c
Oct.
2
Sept. 15
Oct.
15c
$1%
$1
75c
(quar.)
Tobacco,
Ltd.
(interim)
Brown Fence & Wire class A
lOd.
$1
Budd Wheel, 7% partic. pref. (quar.)
Calamba Sugar Estates (quar.)
Preferred (quar.)_
California Ink Co. (quar.)
$1%
2c
Callaway Mills (irregular)
7% cumulative preferred
Aug.
Sept.
Sept.
Sept.
Sept.
15
30
15
30
Sept. 20 Sept. 11
Aug. 19 Aug. 10
Oct.
25 Sept.30
Oct.
16
Oct.
3«C
15c
$1%
25c
Central Ohio Light & Power Co. $6 pref. (qu.)__
Central & South West Utilities, $7 prior lien_.
Central Steel & Wire Co. 6% pref. (quar.)
$134
$1%
$134
75c
50c
Chesapeake & Ohio Ry
Preferred (quar.)
(quar.)
(quar.)
(quar.)
Ltd., class A (quar.)
'
Dayton & Michigan RR. Co. (s.-a.)
8% preferred (quar.)
....
Class A (quar.)..
Dominquez Oil Fields (monthly)
Dominion Tar & Chemical, pref. (quar.)
Dominion Textile Co. (quar.)
Preferred (quar.)
Duquesne Light Co., 5% cum. 1st pref. (quar.)
du Pont (E. I.) de Nemours & Co
$434 preferred (quar.)
;
6% debenture (quar.)
Edison Bros. Stores, Inc.
(quar.)..
5% cumulative preferred (quar.)___
846 South Broadway Co. (quar.)
Extra
Fifth Avenue Coach
Florsheim Shoe Co. class A
Class B
Fulton Market Cold Storage pref. (quar.)
Gallaher Drug Co. pref. (quar.)
;
Partic. preferred (quar.)
Gannett Co., Inc., pref. (quar.)
Gaylord Container
Preferred (quar.)
General Candy Corp., class A
General Railway Signal pref. (quar.)
General Reinsurance Co. (N. Y.) (quar.)
Sept..30
2 Sept. 15
Sept. 1 Aug. 15
1 Aug. 21
Sept.
Sept. 20 Sept. 9
Oct.
1 Sept. 12
Sept. 15 Sept. 5
1 Aug. 18
Sept.
Sept. 20 Aug. 31
Sept. 20 Aug. 31
Sept. 20 Sept. 10
Oct.
1 Sept. 8
1 Sept.
8
Sept. 15 Aug. 28
2 Sept. 20
2 Sept. 29
Oct.
Oct.
2 Sept. 15
40c
2 Sept.15
Oct.
35c
1 Sept.
Oct.
9
$1
1 Sept. 9
$1.06% Oct.
35c
Sept. 15 Aug. 31
50c
Sept. 25 Sept.14
25c
Sept. 15 Sept. 5
15c
Sept. 30 Sept.15
10c
Sept. 30 Sept. 15
2 Sept. 15
Oct.
3 Sept. 15
Oct.
25c
Sept. 25 Sept. 15
Oct. 20 Sept. 30
25c
Oct.
2 Sept. 11
6234c
2.5c
Sept. 30 Sept. 18
$1
•
2
25
t%2
+$134
6% preferred (quar.)
Capital Wire Cloth & Mfg. (quar.)
Carpenter Steel Co. (interim)
Case (J. I.) Co. pref. (quar.)
Central Cold Storage (quar.)
Preferred (quar.)
Citizens Wholesale Supply 7% pref.
Columbia Sugar Estates (quar.)
16
Sept. 15
Oct.
t30c
tlH%
Canada Northern Power Corp., Ltd
Extra
Oct.
1$2
Bellows & Co. class A (quar.)
Belmont Radio Corp. (quar.)
Boston Elevated Ry. Co. common (quar.)
Boston Woven Hose & Rubber (resumed)
Detroit Harvester Co
Dixie-Vortex Co_
2 Sept.
1 Sept.
25c
—
David & Frere,
Extra
1
Oct.
$1
Extra
British-American
1 Nov. 27
35c
50c
Basic Dolomite, Inc
Beech-Nut Packing Co. (quar.).:
Briggs & Stratton
Dec.
Sept. 30 Sept. 8
Sept. 15 Sept. 1
Aug. 15 July 31
$1%
6%c
Foster & Kleiser class A preferred (quar.)
Fox (Peter) Brewing Co. (quar.)
NOTICES
—Granberry & Co., members of the New York Stock
Sept.11
Sept. 30 Sept.20
Oct.
2 Sept.14
Oct.
2 Sept.
8
Oct.
2 Sept. 8
Oct.
50c
Erie & Pittsburgh RR. Co
71.10
2 Sept. 15
1 Oct. 20
Nov.
$1%
$134
...
Bell Telephone Co.
t6234c
t75c
30c
Credit Acceptance Corp. conv. pref. (quar.)
Crowell-Collier Publishing
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
2
$124
(quar.)
American Safety Razor (quar.)
American Sumatra Tobacco Corp
Commercial Investment Trust Co.
Preferred (quar.)
The
Oct.
68 %c
20c
—
$6 preferred
American Radiator & Standard Sanitary—
Preferred
CABLE
Oct.
2 Sept. 15
2 Sept.
1
25c
American General Insurance Co. (quar.)
American Home Products (monthly)
American Power & Light, $5 preferred
Cutler-Hammer, Inc
ENGLISH
2 Sept. 15
2 Sept.15
Oct.
Oct.
Opt. div. l-16th share of class B stk. or cash.
Christiana Securities
350,000
Oct.
Oct.
Nov.
Casualty Co. (Reading, Pa.)
American Cities Power & Light,
Holders
$134
$6 preferred (quar.)
$5 preferred (quar.)
Aluminum Co. of America pref. (quar.)
American
When
Payable of Record
3734c
$1%
$134
Aero Supply Mfg. class A (quar.)
Alabama Power Co., $7 pref. (quar.)
$6 prior lien
•,
1334
20
32%
14 Boston Woten Hose &
30 Rhode Island Public Service,
Canada Permanent Mtge. Corp. (quar.)
Canadian West. Nat. Gas Light, Heat & Power
Aug. 18—The First National Bank of Cle Elum, Wash,/
Effective July 28, 1939.
Liquidating agent, Dr. W. E. Keehl,
Cle Elum, Wash. Absorbed by "Seattle-First National Bank,"
Seattle, Wash., Charter No. 11280.
$ Per Share
—
14J4
11%
Stocks
Shares
4 United States
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
879
579
262
879
1179
1179
1
15
By R. L. Day & Co., Boston:
Shares
10 Dennison Mfg.
we
Jan.
1
following securities were sold at auction on Wednesday
of the current week:
730
878
Sept. 8
Jan, 1 1940
Sept.
1
—
SALES
730
Sept.
1
Sept. 11
Sept. 11
Aug. 28
Sept. 1
Sept. 11
Sept.
1
Sept. 6
Sept.
1
--Sept. 30
Sept. 1
15-year 5% debentures
Nov.
15-year 6 34% debentures
«i
Nov.
Oklahoma Natural Gas Co.—
1st mortgage 4 %s
Sept.
5% debentures
Oct.
Paris-Orleans RR. 534% bonds
Sept.
*
Peninsular Telephon Co., 7% preferred stock
Nov.
Pennsylvania Power & Light Co. 1st mtge. 434s
Sept.
Peoples Drug Stores, Inc., 634% pref. stock
Sept.
(Philip) Morris & Co., Ltd., 5% preferred stock--.—-Sept.
Reliance Mfg. Co. preferred stock
Sept.
Rhine-Westphalia Electric Power Corp. 7% secured notes .Sept.
Rochester Gas & Electric Corp. gen. mtge. 5s
Sept.
SchiffCo. 7%cum. pref. stock
Sept.
Scott Paper Co. 3% % debentures
Sept.
Seneca Power Co. 1st mtge. 6s
Sept.
(Robert) Simpson Co. Ltd. 1st mtge. 5s
Jan
(Robert) Simpson Co., Ltd., 1st mtge. 6s
Jan.
Southern California Edison Co., Ltd., 1st & ref. mtge. 4s. -Sept.
Southern Natural Gas Co. 1st mtge. 434s
Oct.
Tennessee Corp. 6% debs, series B & C
Sept.
Tennessee Power Co. 1st mtge. 5s
Nov.
Toledo Edison Co. 4% debenture
Sept.
Aug. 26, 1939
AUCTION
Oct.
$2334
$1%
8734c
Oct.
87iti
Nov.
$1%
Oct.
$1%
$1%
$1%
$134
$134
Oct.
25c
6234c
50c
25c
8734c
50c
50c
25c
3734c
25c
$2
$1%
35c
$134
10c
68%c
25c
$134
25c
25c
Oct.
1 Oct.
12
2 Sept.
15
16 Sept. 30
16 Sept. 15
Sept. 14 Aug. 28
Oct.
25 Oct.
10
Oct.
25 Oct.
10
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Aug. 31 Aug. 16
Aug. 31 Aug. 16
Sept. 9 Aug. 31
Sept. 26 Sept. 14
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Oct.
1 Sept. 15
1 Sept. 15
Oct.
Sept. 1
5
Aug. 15 Aug.
5
Aug. 15 Aug.
Oct.
1 Sept. 15
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Sept. 20 Sept. 9
Oct.
1 Sept. 11
Sept. 15 8ept. 8
Sept. 15 Sept. 8
Volume
The
149
Commercial & Financial Chronicle
Per
Share
Name of Company
15c
Gillette Safety Razor
Preferred (quar.)
$1M
Girdler Corp. (quar.)
Globe-Wernicke Co. pref. (quar.)
Great Western Sugar
25c
—
_
Texas New Mexico Utilities Co.
Thatcher Mfg. Co
Toronto Elevators,
25c
—
„
.
International Salt Co.
(quar.)
Irving (John) Shoe Corp. 6% pref. (quar.)
Jamaica Water Supply Co. (quar.)
$5 preferred A (quar.)
Johns-Manville Corp.
Preferred (quar.)
Joslyn Mfg. & Supply
Preferred (quar.)
Kalamazoo Vegetable Parchment
Kansas Pipe Line & Gas pref. (quar.)
Kearney (James R.) Corp. (extra)
Kings County Lighting Co. 7% cum. pfd. (qu.).
6% cum. preferred (quar.)
5% cum. preferred (quar.)
-
87Hc
37 He
37Mc
37Hc
37He
50c
SIM
75c
_
SIM
75c
.
SIM
15c
SIM
SIM
25c
SIM
17 Mc
75c
S2M
SIM
_
6% 1st preferred (quar.)
Louisville Gas & Electric Co. (Dela.)—
37Mc
(quar.)
Class B common (quar.)
MacKinnon Steel Corp., Ltd., 7% pref
Magnin & Co
25c
25c
SI
Midland Steel Products
Cum. preferred (quar.)
SIM
SIM
SIM
SIM
SIM
SIM
60c
50c
.
$2
...
N on-cumulative
50c
Milwaukee Gas Light 7% preferred A (quar.)..
Minneapolis Brewing Co
Mississippi River Power 6% pref. (quar.)
Mississippi Valley Public Service Co.—
7% preferred A (quar.)
6% preferred B (quar.)
Missouri Utilities Co. 7% preferred (quar.)
Monroe Loan Society preferred (quar.)_,
Monsanto Chemical Co
Montreal Cottons Ltd. (quar.),
SIM
25c
SIM
SIM
SIM
SIM
34Mc
.
50c
,.
50c
...
SIM
,
Mutual System, Inc.
(quar.)
8% preferred (quar.)
National Breweries, Ltd.
(quar.)..
Preferred (quar.)
National Dairy Products A & B (quar.)
Oct.
Oct.
1
Oct.
2
1
Oct.
1
Oct.
1
Aug. 21
2 Sept. 12
Sept. 15 Septa 2
Sept. 29 Sept. 11
Oct.
2 Sept. 16
Oct.
Sept.
Sept.
Oct.
_
,
Sept.
Oct.
Oct.
Oct.
Sept.
35c
Sept.
50c
Oct.
20c
Oct.
J25c
nm
City Omnibus (quar.)
SIM
70c
25%
_.
Ohio Confections Co. class A
Ohio Finance Co
50c
40c
Preferred
SIM
(quar.)
Corp. (quar.)
30c
Special
30c
..
$2
(quar.)
Oneida, Ltd
18Mc
43Mc
7% partic. preferred (quar.)
Onomea Sugar Co
Pacific Indemnity Co. (quar.)
10c
40c
Extra
10c
Package Machinery Co. (quar.)
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Telep. Corp. 6% pref. (quar.)...
$2M preferred (quar.),
Pennsylvania Water & Power Co. (quar.)
$5 preferred (quar.)
50c
..
__
Pharis Tire & Rubber,
SIM
70c
SIM
62
yi\
SIM
15c
Philadelphia Co., $6 cum. pref. (quar.),,,
So cumulative preferred (quar.)
Progress Laundry Co. (quar.)
Publication Corp. common
7% preferred (quar.),
Original preferred (quar
Public Service Co., Oklahoma, 7% prior lien (qu)
1
6% prior lien (quar.)
Pyrene Mfg. Co
Quaker Oats Co. (quar.)
Preferred (quar.)
Richardson Co. (irregular)
Roser & Pendleton (quar.)
San Gabriel River Improvement Co
Schenly Distillers Corp., preferred B (quar.)
...
Scranton Lace Co
SIM
SIM
10c
50c
SIM
SIM
SIM
SIM
..
Extra
„
;
(quar.).___._
8
31
31
31
31
31
31
19
20
8
8
8
25
5
15
Aug. 18
18
21
30
1
31
15 Aug. 31
16 Sept. 30
16 Sept. 30
2 Sept.15
2 Sept.15
2 Sept.
1
1 Aug. 21
29 Sept. 19
14 Sept.30
1 Sept.
5
111 July 27
1 Aug. 21
26 Sept. 14
Aug.
Sept.
Sept.
Sept. 26 Sept.14
Sept. 30 Sept. 15
Sept. 30 Sept.15
Aug. 31
Sept.
Oct.
Sept.11
Oct.
Sept. 11
Sept.
Sept. 14
Sept.
Sept. 14
Oct.
Sept.14
Sept.
Aug. 31
Sept.
Aug. 31
Aug.
Aug. 19
Oct.
Sept. 15
Oct.
Sept.15
Sept.
Aug. 21
Oct.
Sept.11
Oct.
Sept.11
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept.15
Oct.
Sept. 15
Sept.
Sept. 5
Oct.
Sept. 1
Oct.
Sept. 1
Sept.
Aug. 19
Sept.
Sept.15
Sept.
Sept.
1
Oct.
Sept. 20
Preferred
(s.-a.)
United Profit Sharing pref. (s.-a.)
Universal Commodity Corp. (monthly)
Van Norman Machine Tool
Viking Pump Co. (special)
Preferred
(guar.)
Washington Water Power preferred (quar.)
Wellington Fund, Inc
West Texas Utilities S6 preferred (quar.)
$6 preferred
White Villa Grocers, Inc. (s.-a.)
'
Wisconsin Power & Light Co. 6% preferred
....
7% preferred
Wisconsin Public Service 7% preferred (quar.)
7% preferred
.
Below
Per-
(quar.)
Abbotts Daries, Inc. (quar.)
Acme Steel Co. (quar.)
Aetna Ball Bearing Mfg. (quar.)
Quarterly
Agnew-Surpass Shoe Stores (semi-annual)
.
.
.
12 Mc
Sept.
Sept.
25c
Oct.
7Mc
Oct.
2c
3c
Aug.
Aug.
Sept.
15c
Sept.*
SIM
Sept.
5c
Sept.
2.5c
Oct.
34 Mc
Oct.
25c
25c
$2
75c
30c
20c
15 Sept. 20
15 Sept. 20
Sept. 21 Sept.
Sept. 21 Sept.
Sept. 21 Sept.
Oct.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
5
5
5
15
1
6
SIM
SIM
Oct.
Oct.
Sept. 25
Sept.
1
Oct.
Sept. 30
50c
Dec.
SIM
SIM
Dec.
25c
(quar.),,—
(quar.)...
Oct.
17Mc
Sent.
Sept.
SIM
SIM
$1
SIM
5c
10c
12Mc
(quar.)
...
15c
SIM
(quar.)..
40c
(quar.)
SIM
Preferred
(quar.)
American General Corp., S3 pref. (quar.)
S2M preferred (quar.)
$2 preferred (quar.)
American Hide & Leather, preferred (quar.)
American Home Products Corp. (monthly).
American Indemnity Co. (increased)
American Insurance Co. (s.-a.)
...
75c
...
20c
Sept.
Sept. 15 Sept. 1
Sept. 29 Sept. 15
Sept.
Sept.
1 Aug. 19*
1 Aug. 25
Dec.
1 Nov. 25
Sept. 9 Aug. 31
Sept. 1 Aug. 25
Sept.15 Sept. 5
Oct.
preferred...
Sept.
Oct.
1
Oct.
SIM
SIM
SIM
50c
SIM
S2M
Sept.15 Sept.
5
75c
(quar.)
Co.—
7% preferred (quar.)
7% preferred (quar.)
Amer. Radiator <5c Standard Sanitary, pref. (qu.)
American Smelting & Refining Co...
American Sugar Refining preferred (quar.)
American Telep. & Teleg. (quar.)
American Thermos Bottle, 7% pref. (quar.)
American Tobacco Co., com. and com. B (quar.)
Anaconda Copper Mining Co
American Oak & Leather Co., cum. pref.
Oct.
SIM
SIM
American Meter Co., Inc.......
15
15
21
21
21
30
20
25c
6% conv. preferred (quar.)
Aug.
Aug.
Aug.
Sept.
Aug.
1 Sept.
Aug.
Aug.
Aug.
Aug.
1 Sept.
20c
American Laundry Machinery Co
American Metal Co., Ltd—..
5
9
15
21
14*
1
2 Sept.
5
2 Sept.
5
1 Aug. 19
Oct.
43Mc
1 Oct.
Sept.
Sept.
1
Sept. 1
Sept.30
Sept.
1
Oct.
50c
15 Oct.
Sept.15 Aug. 16
Nov.
25c
5c
(111.) (quar.)
15
Aug. 18
Aug. 15
Sept. 15
Aug. 15
Oct.
SIM
—
American Investment Co.
62 Mc
5"c
75c
15
Aug. 18
Aug. 11
Sept. 11
Sept.
•SIM
SIM
—
31 Dec.
Sept.
75c
...
2
31 Dec.
Sept. 30 Sept. 15
t25c
Forging & Socket
American Gas & Electric Co.
7%
20
15
15
15
19
1
15
15*
15
50c
.
American Fork & Hoe Co.
Extra
8
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
20c
Envelope Co. 7% pref. A (quar.)
Preferred
Sept.
Sept.
Sept.
Oct.
SIM
7% preferred A (quar.)
American Factors, Ltd. (monthly)
American
Oct.
10c
25c
1
1 Aug. 15
1 Aug. 15
Oct.
2 Sept. 15
Oct.
2 Sept. 20
Sept. 15 Sept. 6
Sept. 15 Sept. 6
15c
(quar.)
Participating preferred
American
15 Dec.
*
..........
3
Sept.
Sept.
4c
Sept. 1
Sept. 1
Sept. 1
Sept.15
American Paper Goods
—
Arkansas Power & Light 7
—
% pref
...
$6 preferred
Armstrong Cork Co....
Preferred
.
_
25c
25c
tSIM
tSIM
2.5c
SIM
SIM
preferred
15c
(quar.)
....—* -
■
Associated Dry Goods Corp., 1st
Associated Investment (quar.)
Preferred (quar.)
15c
20c
Associated Breweries of Canada (quar.)
Preferred (quar.)
pref. (quar.)..
.;
—
SIM
SIM
50c
SIM
25c
Co
Corp., 6% preferred (quar.)
Atlantic Refining
Atlas
SIM
SI
(quar.)
7% preferred
_
87 Mc
SI
Anheuser-Busch, Inc
Archer-Daniels-Midland Co
75c
50c
Atlas Powder Co.
t41Mc
Automotive Gear Works, Inc., pref
$1.05
Baldwin Locomotive Works, preferred (s.-a.)..
12Mc
Baldwin Rubber Co., common (resumed)
5c
Baltimore Radio Show, Inc. (quar.)
..
15c
6% preferred (quar.)
Bangor Hydro-Electric Co. 7%
37Mc
71I
(quar.)
American Cigarette & Cigar preferred
American Electric Securities Corp.—
Asbestos Corp.
Extra
Oct.
12Mc
American Business Shares
Nov.
Aug.
...
Alpha Portland Cement
Aluminium, Ltd., 6% pref.(quar.)
Aluminum Goods Mfg. Co. (quar.)
Aluminum Mfg. Co., Inc. (quar.),.
Quarterly
7% preferred (quar.)
;
7% preferred (quar.)
American Arch Co. (quar.)
American Art Tile Corp. pref. A
American Bank Note, preferred (quar.)
American Box Board, pref. (quar.)
American Can Co., pref. (quar.).
American Capital Corp. prior pref.
15 Oct.
Dec.
J30c
J20c
SIM
Extra
Allied Stores, 5% preferred (quar.)
American Chicle Co.
Oct.
25c
— ...
Allegheny Ludlum Steel, pref. (quar.)
Allied Laboratories, Inc. (quar.)
Sept. 30 Sept. 12
Sept. 30 Sept. 12
1 Aug. 15
Sept.
Sept.12 Aug. 18
Sept. 15 Sept. 1
25c
Extra
Alabama & Vicksburg Ry. Co
Alabama Water Service Co. $6 pref.
Holders
When
Payable of Record
50c
25c
-
Bonus
SIM
10c
10c
$1M
Preference (quarterly)
Agricultural Insurance Co. (quar.),,,
Akron Brass Mfg. (quar.)
Artloom Corp. 7%
1
40c
...
Preferred
Aug. 31
Sept. 1
2
Share
Abbott Laboratories (quar.)
Extra
Sept.
Sept.
Sept.
25c
Name of Company
s!S
Sept.10
Aug. 23
Sept. 21
Sept. 15
Aug. 25
Sept. 30
Sept. 16
Aug. 18
July 31
Aug. 26
Aug. 19
Aug. 19
Aug. 31
50c
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
2
Nov.
Sept. 15 Sept. 1
Sept. 15 Sept. 1
1 Sept. 8
Sept.
1 Aug. 21
Oct.
2 Sept. 30
Sept.
7 Aug. 24
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Oct.
2 Sept. 5
Oct.
2 Sept.
5
Oct. 31 Sept. 29
Aug. 27 Aug. 10
Sept. 20 Sept. 8
Sept. 15 Sept. 1
Sept. 15 Sept. 1
Sept. 15 Aug. 25
Sept. 30 Sept. 15
Oct.
2 Sept. 15
Oct.
2 Sept. 15
Sept.
1 Aug. 15
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Sept. 20 Aug. 31
Sept. 30 Aug. 31
Sept. 28 Sept. 16
Sept. 28 Sept. 16
Sept. 15 Sept. 1
we
2
Sept.
tSIM
Youngstown Steel Coor Co
Oct.
Oct.
tSIM
SIM
tSIM
SIM
6M% preferred (quar.)
6M% preferred
6% preferred (quar.)
6% preferred
Woodward & Lothrop
7% preferred (quar.)
Oct.
2.5c
SIM
__
.
Oct.
40c
25c
6S&°
Union Pacific RR
Oct.
75c
Selby Shoe Co
Servel, Inc
Sheller Mfg. Corp
Simon (Wm.) Brewery (quar.)
Sivyer Steel Casting (irregular)
Siscoe Gold Mines, Ltd. (quar.)
Sontag Chain Stores Co., Ltd. (irregular)
7% preferred (quar.)
Southland Royalty Oil (quar.)
Southern Calif. Edison Co., Ltd.—
Original preferred (quar.)
Preferred series C 5M % (quar.)
South Porto Rico Sugar (quar.)
16
Sept.
Sept. 1 Aug.
1 Aug.
Sept.
Sept. 15 Sept.
Sept. 15 Aug.
Oct.
(quar.)
5
25
22
22
7% pref. (qu.).
Ltd., 5M% pref. (quar.)__
Truax-Traer Coal 6% preferred (quar.)
5M% preferred (quar.).
1 Aug. 24
Sept. 25 Aug. 31
Sept. 25 Aug. 31
SIM
25c
....
Preferred (quar.)
Standard 8teel Construction pref.
Sutherland Paper Co
1
Sept. 15
Sept. 15
Sept. 30
44c
__
Sept. 30
Sept. 25
Oct.
50c
__
Noblitt-Sparks Industries
Tappan Stove Co__
2
Sept. 15
Sept. 30
50c
,
Neon Products of Western Canada (special)
New Method Laundry Co. 6M % pref
Preferred
2
6c
_
Omnibus
2
Oct.
Oct.
50c
.
Oct.
Oct.
Sept. 20 Sept.
Aug. 31 Aug.
Sept. 1 Aug.
1 Aug.
Sept.
Oct.
2 Sept.
1 Sept.
Oct.
Oct.
2 Aug.
2 Aug.
Oct.
2 Aug.
Oct.
2 Aug.
Oct.
Oct.
2 Aug.
Oct.
2 Aug.
Sept. 1 Aug.
Oct.
2 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
1 Aug.
Sept.
Sept. 15 Sept.
Oct.
2 Sept.
$2
25c
„
Sept.
1
40c
(quar.)
_
1
26
11
2
19
20
17
Aug. 17
Sept.15
Sept. 15
Sept. 15
Aug. 31
Sept.15
Sept.15
Aug. 11
Sept. 14
Sept.
1
Sept.
1
Sept. 20
Sept. 15
Sept. 15
Sept. 15
Sept.15
Sept. 15
40c
Metropolitan Edison
S7 prior preferred (quar.)
$6 prior preferred (quar.)
•f 5 prior preferred (quar.)
$7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)
Meyer (H. H.) Packing Co. 6M% pref. (quar.).
Mickelberry's Food Products preferred (quar.)..
Stock dividend
20
2 Sept. 15
10c
Mesta Machine Co
Extra
Oct.
10c
Master Electric Co
Master Tire & Rubber pref. (initial, s.-a.)
Merrimac Hat Corp
New York
1
Sept. 15 Sept.
Sept. 9 Aug.
Sept. 26 Sept.
2 Setp.
Oct,
Sept. 30 Sept.
2 Sept.
Oct.
Sept. 1 Aug.
1
Sept. 15 Sept.
Sept. 15 Aug. 31
Sept. 15 Aug. 31
tSlM
Magnin (I.) & Co
Marsh (M.) & Sons, Inc.
(quar.)
Preferred (quar.)
Nov.
Oct.
37Mc
12Mc
_
Lansing Co
Liggett & Myers Tobacco preferred (quar.)
Lindsay Light & Chemical preferred (quar.)
1 Aug. 24
Sept.
Sept. 30 Aug. 31
Holdeis
When
Payable of Record
Oct.
Corp. (quar.)
2 Sept. 20
62 He
$2
75c
_
•
National Oats (quar.)
National Oil Products (interim)
National Steel Car Corp., Ltd.
Natomas Co. (quar.)
$3 1st preferred
2 Sept. 15
2 Sept. 15
5c
Imperial Paper & Color Corp. (s.-a.)
Industrial Credit Corp. of Lynn (quar.)
7% preferred (quar.)
International Cellucotton Products Co
preferred
Telephone Bond & Share Co. 7% 1st pref
Texas
Oct.
20c
8%
9
Oct.
Hoskins Mfg. Co
Humble Oil & Refining Co
Illinois Bell Telephone
common
5
2
Oct.
25c
Class A
1 Oct.
Sept. 15 Sept.
50c
;
Heilemen (G.) Brewing Co. (quar.)
Hoi linger Consol. Gold Mines
Line Star Cement Corp,
Lord & Taylor (quar.)
Sept. 30 Sept.
Nov.
Per
Share
Name of Company
SIM
tSIM
tSIM
68Mc
$1M
Preferred (quar.)
Green Mountain Power preferred
Hamilton United Theatres, Ltd., 7% pref
Hartford Electric Light Corp. (quar.)
Extra
Holders
When
Payable of Record
1275
pref. (quar.)
....
6% preferred (quar.)
Barlow & Seelig Mfg.
Class A (quar.)
15c
(resumed)
Bayuk Cigars, Inc..
1st preferred (quar.)
Beech-Creek RR. (quar.)
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
SIM
SIM
3Hc
Dec.
15 Dec.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
...
18 Mc
,.
SIM
Oct.
15
50c
Oct.
2
SI
Oct.
Oct.
1
SIM
5
1 Aug. 25
Aug. 31 Aug. 4
Oct.
2 Sept. 5
Oct.
16 Sept. 15
Oct.
2 Sept. 20
Sept. 1 Aug. 10
Sept.21 Sept. 5
Sept. 9 Aug. 26
Sept. 1 Aug. 21
Oct.
2 Sept. 15
Oct.
2 Sept. 15
8
Sept. 1 Aug.
1
Sept. 15 Sept.
Sept. 1 Aug. 15
Oct.
2 Sept. 15
Sept. 30 Sept. 15
Sept. 30 Sept. 15
Sept.30 Sept. 15
Oct.
2 Sept. 15
Sept. 1 Aug. 11
Sept.30 Sept. 15
Sept.30 Sept. 15
Sept.15 Aug. 21
Sept. 1 Aug. 18
Sept.11 Aug. 31
Sept. 1 Aug. 19
Sept. 1 Aug. 19
Sept.20 Sept. 15
Sept.
Sept. 15
1
Aug. 15
Aug. 15
Sept. 11
Sept. 11
Aug. 15
Aug. 15
Aug. 31
Sept. 30
Sept. 15
Sept.15
Sept. 15
The Commercial & Financial Chronicle
1276
Per
Bendix Aviation Corp
25c
-—
.
25c
5,c
25c
Berghoff Brewing
Bethlehem steel Corp. (resumed)
5% preferred (quar.)
7% preferred (quar.)
Bigelow-Sanford Carpet preferred (quar.)—...
Bird & Son, Inc., 5% prer. (quar.)
Birmingham i>as Co., $3M orior pref. (quar.)..
Birmingham Water Works Co. 6% pref. (qu.)—
Bloch ores. Tooacco Co., 6% prer. (quar.)
Blue Ridge Corp. $3 prer. (quar.)
Opt. div. or l-32dsh. or com. or cash.
Bond stores, Inc.. common (quar.)
Borden Co. (interim)
Boston & Albany RR
Bower Roller-Bearing Co_
Brewing Corp. of America.
Bridgeport Gas Light (quar.)
—Brigbfc & Stratton Corp. (quar.)..
Bristol-Myers Co. (quar.)
Broo .jyu . dison Co. (quar.)
Brooklyn Tel eg. & Messenger (quar.)
SIM
81H
SIM
-
8/ Ac
SIM
*75c
20c
3oc
—
$2
5oC
3uc
.
ohoe
Brown
v
When
Share
Name of Company
o
5„c
7.5c
6^c
$2
81H
5
.
c
75c
Brunswica-Baike-Collender Co
1
1
Sept. 15
.sept.
$1H
50c
50c
Sept.15
Sept. 1
25c
Sept.
^
********~
w
ouitivan Mining
&
5
,
5% pr< fe red (quar.)
Burroughs Adding Machine Co—T
Oct.
Sept.
Sept.
—
Dividend represents payment due Aug.
a«.d accrued interest.
dept.
1 Nov. 15
Dec.
Oct.
Oct.
—
31 Sept. 30
16 Sept. 30
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 1 Aug. 15
Oct.
2 Sept. 21
sept. 15 »e,A.
8
Sept.
uct.
—
1 Aug. 15
2 Sept. 20
Sept.15 Aug. 19
Sept.15 Aug. 19
Oct.
2 Sept.
9
Oct.
2 Sept.
9
Oct.
2 Sept.
9
Nov.
1 Oct.
Sept.
1 Aug. 19
1 Aug. 21
Century Ribbon Mills, pref. (quar.)
Sept.
Chain Belt Co.
sept. 12 sept.
Oct.
1 Sept.
Champion Paper & Fibre pref. (quar.)
Chartered Investors $5 pref. (quar.)
Cheseorough Mfg. Co. (quar.)
1
15
Sept. 1 Aug.
1
Sept. 25 Sept.
1
Sept. 25 Sept.
1
Sept. 5 Aug. 19
Sept. 1 Aug. 15
Sept.30 Sept. 20
Sept.
1 Aug. 10
Sept.15 Aug. 26
Sept. 1 Aug. 18
Sept. 13 Aug. 24
Extra
-—
-
Chrysler Corp
10
-
Cincinnati New Orleans & Texas Pacific Ry.—
MM
...
Cincinnati Union Terminal 5% prei. (quar.)
5% preferred (auar.)
City Ice & Fuel Co
\\yA
Dec.
18
15
25
21
30
30
Oct.
Dec.
Nov. 15
25c
Sept.
Sept.
Sept.
Oct.
15
31
1
15
15
15
15
15
11
11
15
15
15
15
1
21
19
8
8
MM
MM
1-1-
Sept.
Sept.
MM
Cleveland & Pittsburgh RR. Co. 7% gtd
Special guaranteed
Coca-Cola Co..
Coca-Cola International Corp
_■
Sept.
Sept.
Sept.
Si Ac
Preferred (quar.)
Sept.
25c
5uC
-
Sept.
75c
Oct.
$5.80
$1 A
Oct.
13.6c
(quar.).
Collateral Trust Shares series A__
Colt's Patent Fire Arms Mfg.
(quar.)
Columbia broadcasting System A& B
Columbian Carbon Co. (quar.)
Columbus & Xenia RR
Sept.
Sept.
50c
45c
$1
$1.10
Collins & Aikman Corp
5% conv. preferred
25c
$1M
(interim)
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Commonwealth & southern preferred
Commonwealth Utilities. 6H% pref. C (quar.)_
Commonwealtb Utilities Corp. 7% pref A (qu.).
6% preferred B (quar.)
6H % preferred C (quar.)
Compania Swift Inte'rnacional (quar.).
Compressed Industrial Gases
Oct.
MM
MM
SIM
MM
5
Sept.
Oct.
5
31
11
25
18
25
18
18
17
8
15
15
15
$2
MM
Oct.
Oct.
MM
MM
Oct.
SeDt.
Oct.
Sept. 11
30c
(quar.)
Sept.
Aug. 15
sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Aug. 18
Aug. 18
Sept. 1
Sept.
1
Sept. 30
Sept.
1
Aug. 10
Aug. 31*
Sept. 13
Aug. 14
Aug. 18
Aug. 18
MM
Connecticut Power Co. (quar.)
Connecticut River Power 6% pref. (quar.)
Consolidated Cigar Corp. 7% preferred
Consolidated Edison Co. of N. Y., Inc
Consolidated Film Industries $3 pref
Consolidated Gas of Baltimore (quar.)
4M% preferred
Consolidated Gas, Elec. Lt. & Power (Bait.)
62 He
$1H
$1H
Sept.
Sept.
Sept.
50c
Sept.
Sept.
25c
Oct.
90c
$1M
90c
4H% preferred (quar.)
Consolidated Investment Trust (quar.)
Consolidated Paper Co
Consolidated Retail Stores, 8% pref. (quar.)
SIM
30c
25c
Consumers Power Co., $5 pref.
(quar.)
$4H preferred (quar.)
Continental Can $4 H Pref.
(quar.)
Continental Casualty Co. (quar.)
Continental Oil Co. (Del.)
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
25c
Sept.
III""III
25c
Oct.
Oct.
parVic."pref."("quar.)I
$1M
$1M
MM
Preferred
(quar.)
Continental Telephone 7%
6H% preferred (quar.)
10
12
12
-
.......
Cook Paint & Varnish
(quar.)
Preferred (quar.)
15c
II"
Cosmos imperial Mills,
5% preferred
Crane Co., 5% preferred
(quar.)..
Creameries of America, pref. A
Oct.
(quar.)""
_
(quar.)
Crown Cork & Seal Co., Inc.
$2H cum.
Crown Zellerbach Corp
pf.~(qu.)
"
Crum & Forster Insurance Shares A&B
Preferred (quar.)
$1
20c
Sept.
Sept.
Sept.
41 2-3c
"
Copperweld Steel Co
5% pref. (initial)
Oct.
Sept.
SIM
SIM
87 He
56 He
12Hc
SIM
30c
SIM
Oct.
Sept.
Sept.
Sept.
Oct.
Sept.
Aug.
Aug.
1 Aug. 19
2 Sept. 30
Sept. 1
Sept. 1
Sept.25
Sept.15
Aug. 20
Aug. 15
Sept. 15
Aug. 31
1
25c
25c
tSIM
30c
t50c
$3
$1H
SIM
SIM
25c
—
25c
7% pref. A (quar.)
—
—
SIM
SIM
MM
50c
SIM
30c
Sept.
Dec.
Nov. 18
nept.
1 Aug. 21
Sept. 15 Sept. 1
Aug. 31 Aug. 17
Sept. 1 Aug. 15
Oct.
Oct.
Sept.
31 Oct.
31 Oct.
16
16
Oct.
1 Aug. 21
2 Sept. 30
Oct.
1 Seat. 15
Sept.
Sept.
1 Aug. 21
1 Aug. 21
1211
10C
SIM
50c
35c
56 He
56 He
S3H
SIM
SIM
SIM
75c
(quar.)
Faber, Coe & Gregg, Inc
2
5
Sept.
5
1 Aug. 23
Sept.
1 Aug. 23
Sept. 23 Sept.
9
Oct. 16 Sept. 29
Oct. 16 Sept. 29
Oct.
16 Sept. 29
Oct.
2
Sept.
1
Sept. 16
Sept.15 Aug. 15
Sept.
1 Aug. 21
Sept. 1 Aug. 21
Aug. 31 Aug. 15
Sept. 15 Sept.
1
Sept.11 Sept.
1
Oct.
2 Sept. 15
Oct.
2 Sept. 21
1-2-40
Dec. 21
Sept. 23 Sept. 13
Oct.
2 Sept. 15
2 Sept. 15
Oct.
Oct.
2 Sept.
15
Aug. 30 Aug. 23
„
—
—
—
Gamewell Co
25c
Preferred (quar.)
SIM
...
Gatineau Power Co. (quar.)
20c
81H
81H
5% preferred (quar.)
5 H preferred (quar.)
Gelman Co
.
5c
Gemmer Mfg. Co. class B_
Class A (quar.)
25c
75c
General American Corp. (quar.)
75c
General Cigar Co
5i»c
2d pref. (quar.)
General Gas & Electric $5 prior pref. (quar.).—
General Motors Corp
...
SIM
SIM
75c
Sept.
Sept.
1 Aug. 15
1 Aug. 15
Aug. 31 Aug. 16
1 Sept. 15
Sept. 30 Sept. 15
Nov.
Dec.
Oct.
18 Dec.
2 Sept.
1 Aug.
2 Sept.
Sept.
1 Aug.
Sept. 15 Sept.
Sept.
Oct.
15
1
22
21
15*
15
Sept. 30 Sept. 20
Sept. 30 Sept. 30
Sept.
1 Aug. 15
Sept.15 Aug. 15
Sept. 15 Aug. 15
1 Aug. 15
1 Aug. 21
Sept. 1 Aug. 15
Sept.
1 Aug. 15
Sept. 30 Sept. 15
Sept. 16 Aug. 26
Sept. 1 Aug. 19
Sept. 1 Aug. 19
Sept.
1 Aug. 15
Sept.15 Sept. 5
Sept. 15 Sept. 15
Sept. 30 Sept.
1
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Aug. 29 Aug. 11
Sept.
1 Aug. 25
Oct.
1 Sept. 20
Sept. 1 Aug. 15
Sept. 15 Aug. 28
Sept. 1 Aug. 16
Sept. 15 Aug. 15
Sept. 12 Aug. 17
Sept.
Sept.
81H
Refractories Co
General
Optional div. of 44-1000 sh. of com stk.
Georgia Power Co., $6 pref. (quar.)
$5 Dreferred (quar.)
or
1 Aug.
2
1 Aug. 11
Oct.
Oct.
2 Sept. 15
2 Sept. 15
50c
20c
.
Gibson Art Co. (quar )
Globe-Democrat Publishers 7% pref. (quar.).—
Gold & Stock Teleg. Co. (quar.)
Golden
Cycle (quar.)
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gorham Mfg. Co
Sept.
Sept.
50c
Oct.
SIM
SIM
$1
25c
81H
25c
25c
Gossard (H. W.) Co___
Grace National Bank (semi-annual)
Grand Union Co. $3 series conv. pref
Great Atlantic & Pacific Tea Co
$3
50c
-
—
Preferred (quar.)
81H
$1H
50c
Great Northern Paper
Greene Cananea Cooper
Greening (B.) Wire Co. (quar.);
Griesedieck-Western Brewery—
5H% convertible prefrred (quar.)
Griggs, Cooper & Co. 7% preferred (quar.)
(quar.)
$5H preferred (quar.)
Hackensack Water Co., 7% pref. (quar.)
Hale Bros. Stores (quar.)
Oct.
9
cash
Gibralter Fire & Marine Insurance (s.-a.)
Extra
Gulf States Utilities $6 preferred
1
Sept.
Sept.
$1H
81H
Shareholdings $6 preferred--
...
Nov.
25c
81H
$5 preferred (quar.)
General
(quar.)
Oct.
Sept.
30c
—
—
Co
i
2 Sept.
Sept. 1 Aug. 15
Sept. 11 Aug. 31
Oct. 16 Sept. 28
80C
50c
(quar.)
Fajardo Sugar Co. of Porto Rico
Div. or 25c. per sh., plus div. of 25c. per sh
Rep. a distribution out of proportionate int.
in div. of the Fajardo Sugar Growers Assoc.
Falstaff Brewing Corp. (quar.)
15c
Preferred (s.-a.)
3c
Fansteel Metallurgical Corp. pref. (quar.)__
$1H
Preferred (quar.)
$1H
Farmers & Traders Life Insurance Co. (quar.)
S2M
Federal Compress & Warehouse (quar.)
4UC
;
Federal Insurance Co. (N. J.) (quar.)
35c
Federal Light & Traction, prer. 'quar.)
$1H
Federal Mogul Corp
25c
Finance Co. of Amer. (Bait.), class A&B com¬
mon (quarterly)
15c
6.111c
5H% cumul. preferred
Adjusting div. for period for July 10 to
Sept 30.
Firestone Tire & Rubber preferred (quar.)
SIM
Fiscal Fund (Bank stock series)
2M%
Insurance stock series
2 M%
Both dividends payable in stock.
Fishman (M. H.) Co., Inc. (quar.)__
15c
Fltz Simons & Connell Dredge & Dock
25c
Florida Power, 7% preferred A (quar.)
SIM
7% preferred (quar.)
87Hc
Food Machinery Corp.,
SIM
4M% conv. pref. (qu.)
Ford Motor of Canada A & B (quar.)
"
t25c
Fort Wayne & Jackson RR., pref. (semi-annual)
82 H
Ft. Wayne & Jackson RR. 5H% pref. (s.-a.)
$2H
25c
Freeport Sulphur (quar.)
Watch
1 Aug. 10
Aug. 10
.^ept.
Oct.
10c
jttxolon Co.
Preferred
1
1 Sept. 20
Sept.
Oct.
Dec.
30c
$1 H
SIM
Ely & Walker Dry Goods Co
Empire & Bay State Telephone, pref. (quar.)—Empire Capital class A (quar.)
Empire Power Corp. $6 cum. pref. (quar.)
Participating stock
Emporium Capwell Corp. (quar.)
4H% Pref. A iquar.)
4H% preferred A (quar.).
7% preferred (semi-ann.)
Engineers Public Service, $< pref. (quar.)...
$5H preferred (quar.)
$5 preferred (quar.)
Eauity Corp., $3 conv. pref. (quar.)
Erie & Pittsburgh RR. gtd. (quar.)
Esquire, Inc. (s.-a.)
Hamilton
10
21
15
1 Aug. 11
1 Aug. 11
1 Aug. 18
-
10
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
c
25c
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Continental Steel Corp
Aug. 15
Sept. 18
75c
City of New Castle Water Co. 6% pref. (quar.).
Clark Equipment, Irregular
Oct.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Sept.
30c
Preferred (quar.)
$5 preferred (quar.)
Sept.
•
15
5
Sept.
Sept.
8ept.
MM
MM
SIM
$6 preferred (quar.)
El Paso Electric Co. (Texas) $6 pref. (quar.)
El Paso Natural Gas Co. (quar.)
7% preferred (quar.)
Electrolux Corp
r
2 Sept. 15
2 Sept. 15
20
1
31
Oct.
Sept.
Common (quar.)
Elgin National Watch Co
El Paso Electric Co. (Del.)
15 Nov. 30
Oct.
Oct.
Sept. 30 Sept.
Sept. 15 Sept.
2 Aug.
Sept.
1 Aug.
Sept.15 Sept.
Sept. 1 Aug.
Aug. 28 Aug.
Sept. 1 Aug.
Sept.15 Sept.
Oct.
Public Service Co.—
Electrographic Corp. preferred (quar.)
1
Sept.15 Aug. 31
Sept. 15 Aug. 31
Central Ohio Steel Products
Preferred
bhore
?6 preferred (quar.)
Eastman Kodak Co. (quar.)
sept. 15 sept.
—
6% preferred (quar.)
Carman & Co., Inc., class A
Carnation Co. 5% 1st pref. (quar.)
Caiter (Wm.j t o.,
>referreu (quar.)
Central Arkansas Public Service 7% pref.
Central Illinois night Co. 4 A % pref. (quar.)
Central Illinois Public Service, $6 preferred
6% preferred
r.
Ce itral Maine Power, 7% preferred.
6% preferred
$6 preferred
Central New York Power 5% pref. (quar.)
Commoil, Ltd.
Eastern
Preferred (quar.)
Can field Oil Co
Colgate-Palmolive-Peet Co., 6% pref.
6% preferred (quar.)
1 Aug. 15
Dec.
-
(quarJ
Eagle Picher b-ead preferred (quar.)
Holders
Payable of Record
75c
$2
30c
10c
;
East St. Louis & Interurban Water 7% pf. (qu.)
Sept. 20 Aug. 31
Sept.
-
Preferred
Extra
Dominion-Scottish Investments 5% preferred—
Dover & Rockaway RR. Co. (s.-a.)
When
1939
75c
75c
25c
Participating preferred (s.-a.)
Parririoaring preferred (s.-a.)
Dictaphone Corp
Preferred (quar.)
Dr Pepper Co. (increased quar.)
Quarterly
Dominion Foundries & Steel, pref. (quar.)
Dewey & Almy Chemical Co. class B
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment 5% preferred—
Dominion Oilcloth & Linoleum Co. (quar.)..—
26,
1 Aug. 10
1 Nov. 10
Sept.
1 Aug. 10
3-1-4' 2-10-40
$6H preferred (quar.)
MM
..
Chestnut Hill RR. Co. (quar.)
Chicago Corp. $3 pref
Chicago Flexible Shaft (quar.)
Chicago Mail Order Co
Chicago Rivet & Machine
Chicago Yellow Cab Co
50c
common
Common
1,1934
Cement, 6H % preferred
Canada & Dominion Sugar Co., Ltd.—
> ew (quar.).
New (quar
Cana a ^ry Ginger Ale, Inc.
Cana a Wire & Cable, pref. (quar.)-Class A (quar.)
( la^s A (quar.).
Canadian Cottons Ltd. (quar.)
Prelerred (quar.)
Canadian Industries, A&B
a
Preferred..
Sept.
25c
—*
25c
Diamond Match Co.
July 29
Aug.
9
Sept. 1
Aug. 10
SIM
$2.19H
15c
—
Devonian Oil Co.
Nov. 24
37 He
35c
—
Detroit Steel Corp
Aug. 26
Dec
SIM
SIM
DeLong Hook & Eye (quar.).
75c
Dentist's Supply Co. of N. Y. (quar.)
SIM
7% preferred (quar.)
—
Denver Union Stock Yards, 5H% pref. (quar.) $1.37 H
30c
Detroit Gasket & Mfg., preferred (quar.)
8
1
Sept. 15
Sept. 2
Aug. 15
Aug. 11
Aug. 21
Aug. 18
Sept. 5
Sept. 20
Aug. 25
Aug. 11
Sept.
87 He
5uc
30c
Decca Records, Inc
Deere & Co. preferred (quar.)
Delaware Fund, Inc
Sept.
Sept.
annas
$2
SIM
50c
...
Aug 15
Aug. 11
10c
Butler Plot., preferred (quar.)
Butler Water 7% preferred (quar.)--
Byers (A. M.), preferred
2
—
Daniels & Fisher Stores Co. (quar.)-..
Dayton Power & Light Co. 4H % pref. (quar.)..
Sept. 8
Aug. 15
Aug. 31
$ih
$1H
Burma Corp., Ltd., Am. dep. rets, (final)
Burnt Bros
6% preferred iquar.)
Cana
Oct.
Concentrating
common
Crum & Forster pref. (quar.)
Ouneo Press pref. (quar.).-.—-——-•—
1 Aug. 17
1 Aug. 21
?ept.
1 Aug. 20
Sept. 15 Sept. 1
Sept.3u Sept. 25
Sept. 1 Aug.
4
Sept.
Share
Company
Curtis Publishing $7 preferred
Cushman's Sons, Inc., 7% preferred.
Sept.
Sept.
Preferred (qu r.)-.
Co.,
Name of
Sept. 1 Aug.
5
Sept.15 Sept
5
Sept.15 Aug. 25
Oct.
2 Sept. 8
Oct.
2 Sept.
8
Buckeye Pipe L.ne Co
BuIIock's Inc
Bunker Hill &
Per
Holders
Payable of Record
Sept.15
Sept.
1
Sept.30
Sept.20
Sept. 15
Sept. 3..
Sept.15
Sept. 1
Aug. 31
Aug.
-
J15c
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
34 He
—
Sept.
81H
SIM
SIM
Sept.
Sept.
Sept.
Sept.
1 Aug. 15
1 Aug. 15
1 Sept. 20
1 Aug. 21
2 Sept. 30
11 Aug. 31
15 Aug. 15
15 Aug. 15
15 Sept.
1
1 Aug. 15
1 Aug. 25
1 Aug. 10
1 Aug. 16
1 Aug. 16
1 Aug. 19
11 Sept.
5
2 Sept. 15
43 He
25c
25c
81H
1
30
15
15
30
Sept. 1
Sept. 15
Sept. 1
Sept. 30
Aug. 31
Aug. 31
Sept. 14
Aug. 15
Sept.
1
Aug. 18
Volume
The Commercial & Financial Chronicle
149
Per
Name of
Company
Share
Hallnor Mines, Ltd. (interim)
Hancock Oil of California A
& B
Hanes (B. H.) Knitting Co.
(quar.)
1 Aug.
1 Aug.
15
15
15
1 Aug. 21
Aug. 21
7% preferred (quar.)
Hanna (M. A.; Co. pref. (quar.)
Harbison-Walker Refractories Co
6% preferred (quar.)
Oct.
Oct.
Oct.
Oct.
Sept. 30
Oct.
Sept.15
Sept.
1
Sept. 5
Sept.
1
Aug. 22
Sept. 19
Aug. 15
Hazel-Atlas Glass Co
Hazel tine Corp. (quar.)
Hein-Werner Motor Parts (quar.)
Hewitt Rubber Corp
m
Sept.
Sept.
jept.
aept.
Heyden Chemical Corp,
Hibbard, Spencer, Bartlett & Co. (mo.)
Sept.
Hires (Chas. E.) Co. class A
(quar.)
Class A com. (quar.)
Sept.
Magnin (I.) <v Co.. pref. (quar.
Manhattan Shirt Co
Maryland Fund, Inc. (quar.)__"Zl
6
Dec.
Sept.
Sept.
Preferred (s.-a.)
Holt (Henry) & Co. partic. class A
Home Fire & Marine Insurance (Calif.)
Oct.
Sept.
Horn (A. C.) Co.
7%
Preferred
non-cum.
Oct.
(quar.)
(quar.)
Dec.
(monthly)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Indianapolis Water Co. 5% cum. pref. cl.A(qu.)
Ingersoll-Rand Co
Oct.
Inland Steel Co
International Business Machine
Oct.
International Harvester Co. (quar.)
Voting trust certificates
International Mining Corp
22
Oct.
lb sept. 22
16 Sept. 20
J Aug.
5
Co.—
2
Sept. 11 Aug.
Sept. 2b Aug. 31
Sept. 3o Aug. 31
Oct.
Sept. 30
Sept.
1 Aug. 25
Sept. 3b Sept. 20
Sept. 15 Aug. 31
Oct.
2'Sept. 20
Oct.
2 Sept. 20
(liquidating)
International Nickel Co. (Can.), Ltd,
International Ocean Telegraph Co. (quar.),,
_
_
International
Safety Razor class A (quar.)
International Vitamin Corp
Investors
>istri jution Shares. Inc., initial (qu.)
Iowa Public Service Co. 1st $7 pref. (quar.)
$6)4 % preferred (quar.)
1st $6 preferred (quar.)
Ironwcod
Bessemer Ky.& Lt. Co.—
7% preferred (quar.).
Iron Fireman Mfg. Co. (quar.).
■on
Quarterly
Jaeger Machine Co
Oct.
2
Sept.
1 Nov. 10
$i)4
l2)4c
$1H
Oct.
1 Sept. 14
National Biscuit Co..
Preferred (quar.)
Sept. 15 Aug. 31
Oct.
1 Sept. 15
2 Sept. 15
Sept. 11 Aug. 25
Sept.
1 Aug. 22
Dec.
1
Sept.
1 Aug.
Kimberly-Clark
Oct.
(quar.)
Extra
Oct.
Preferred
Oct.
(quar.)
Kingston Products Corp. pref. (quar.)
Klein (D. Emil) Co
Kleinert (I. B.) Rubber
Kobacker Stores, Inc., pref. (quar.)..
Kresge (S. S.)
Kroger Grocery & Baking Co..
1 Aug. 18
2 Sept. 20
Sept. 30 Sept. 15
Sept.
1 Aug. 16
Extra
7% preferred (quar.).
Nov.
1 Oct.
Oct.
2 Sept. 20
Sept. 15 Sept.
20
1
District Power Co.—
preferred (quar.)
cum. preferred (quar.)
Lake of Woods Milling, 7 % preferred
Land is Machine Co. (quar.)
$154
$1)4
$154
cum.
Lane-Wells
25c
Co.
25c
$1
3c
Lanston
Monotype Machine
Lava Cap Gold Mining
Leath & Co. preferred (quar.)
Lehigh Portland Cement (quar.)
Preferred (quar.)
4% pref. (quar.).,,.
Lehigh Power Securities
Lehn & Fink Products Corp,
Leslie Salt Co. (quar.)
Le Tourneau (R.G.)
Lexington Utilities $6)4 pref. (quar.)
Lexington Water Co
7% pref. (quar.)
Libbey-Owens-Ford Glass
Life & Casualty Insurance Co. (Tenn.)
Life Savers Corp
62 Kc
37
1
1
1
Nov. 15
Aug. 15
Aug. 15
Aug. 15
Nov.
4
Sept. 15 Aug. 30
Aug. 31 Aug. 21
Sept. 30 Sept. 9
Oct.
1 Sept. 151
%
Nov.
1 Oct.
14
Jan.
2 Dec.
14
$1
Oct.
2
2()c
Sept. 14
50c
Sept.
1 July 26
Sept. 14 Aug. 31
Sept. 15 Aug. 31
Sept.
1 Aug. 15
Sept. 15 Sept.
8
Sept. 1 Aug. 21
Sept. 15 Aug. 31
12c
Oct.
25c
65c
25c
$154
$154
2 Sept. 15
1 Aug.
1
B (qu.).
Lily-Tulip Cup Corp. (quar.)
Lincoln National Life insurance
(quar.)
Link Belt Co
Preferred (quar.)
Sept.
1 Aug.
1
Sept. 1 Aug. 15
1
Sept. 15 Sept.
30c
Nov.
1 Oct.
Sept.
1 Aug. 10
2 Sept. 15
si y*
Liquid Carbonic Corp
20c
Year-end dividend
20c
Little Long Lac Gold Mines
Little Miami RR., original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A & B
Lock Joint Pipe Co.
Sept.
$1
30c
25c
com. & com.
4uc
40c
—
Special
Liggett & Myers Tobacco
(quar.)
(monthly)
Monthly,.
Lockhart Power Co., 7% preferred (semi-ann.).
Longhorn Portland Cement Co.—
5% refunding partic. preferred (quar.)
Extra
JlOc
$1.10
$1.10
50c
Oct.
Dee
25c
Sept.
1 Aug.
Aug. 31 Aug.
Sept. 30 Sept.
Sept. 25 Sept.
67c
66c
$3)4
$1)4
$1)4
27
Sept. 26 Sept.11
Sept. 26 Sept.11
Aug. 26 Aug. 16
Sept.
9 Aug. 24
Dec.
9 Aug. 24
Sept. 9 Aug. 24
50c
25c
5% refunding partic. preferred (quar.)
Extra
Sept.
Sept.
Sept.
9 Nov. 24
Sept.
Sept.
10
21
20
25
Aug. 21
Aug. 21
Nov.
Dec.
20
25c
Dec.
Nov. 20
Loose-Wiles Biscuit Co., 5% preferred (quar.),,
Louisiana Land & Exploration Co
Louisville & Nashville RR
$1)4
Oct.
Ludlow Manufacturing Assoc
Lunkenheimer Co., pref. (quar.)
$1)4
Sept. 18
Sept.
1*
July 31
Aug.
5
Sept. 22
Preferred
;
(quar. >
McClatchy Newspaper, 7% pref. (quar.)
7%preferred (quar.)
10c
$1)4
$16A
$154
4354c
4354c
Sept. 15
Aug. 30
Sept. 1
Oct.
1-2-40
1
Dec.
23
Aug. 31 Aug. 30
Nov. 30 Nov. 29
$2
75c
$1)4
5c/C
tin
Sept.
Dec.
28 Dec
21
Oct.
2 Sept. 15
14 Sept.12
Aug. 31 Aug. 15
Sept. 21 Sept. 8
Sept. 21 Sept. 8
Sept. 15 Aug. 21
Sept. 1 Aug. 17
Sept. 30 Sept.15
Sept. 15 Sept. 1
Nov.
1 Oct.
20
20
31
14
14
Sept. 15 Aug. 31
Aug.
July
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
1
1
1
1
37)4c
$1)4
Oct.
1 i Sept.
Sept.
1 Aug. 16
5"c
Oct.
1 Sept.16
15c
l\'i
-
1 Aug. 15
Sept. 1 Aug. 15
Aug. 31 Aug. 18
Sept. 29 Sept.16
Sept. 8 Aug. 18
Sept
1 Aug. 15
Sept.15 Sept. 1
Se>t.
1 Aug. 21
7
Sept. 1 Aug.
Sept.
1 Aug. 25
Sept. 28 Sept. 21
Oct.
30c
25c
75c
$1)4
5jc
1
Sept. 15 Aug. 24
Sept. 30 Sept,
8
Sept. 9 Aug. 18
Sept. 15 Aug. 31
,.—
50c
$2
$1)4
Sept. 14 Aug. 25
Sept.
1 Aug. 11
$1)4
Sent. 20 Sept.
Noranda Mines, Ltd
Norfolk & Western Ry. (quar.)
Noith American Co. (quar.)
Lake Superior
7%
6%
25c
7
7
Sept. 30 Sept. 30
2-2-40
2-2-40
—
—.-
Sept. 13 Aug. 31
8
Sept.
1 Aug.
8
Sept.
1 Aug.
6% preferred (quar
\).
Lake Shore Mines, Ltd. (quar.)
35c
$1*4
98
IB
Newberry (J. J.) Co., pref. (quar.)
Quarterly
New England Gas & Elec. Assoc., $5>4 Pref
New England Telep. & Teleg. (quar.)
New Jersey Zinc
Newmont Mining Corp,
N. Y. & Queens Electric Light & Power (qu.)..
Preferred (quar.)
Niagara Share Corn. (Ind.) cl. A pref. (qu.)
Niagara Wire Weaving Co. (quar.)
19 io Corporation, class A (quar.)
Sept.
Oct.
2 Sept.
2 Sept.
20c
_,
6% preferred (quar.)
2 Sept. 12
Oct.
$154
Neisner Bros., Inc
New Amsterdam Casualty (semi-annual)
2 Sept. 22
2 Sept. 12
$154
$134
$m-
25c
National Life & Accident Insurance (quar.)
National Power <& Light Co. common,
Nebraska Power Co. 7% pref. (quar.)
Sept. 30 Sept.
2
Sept. 15 Aug. 31
1 Nov. 10
Oct.
40c
common
6% Preferred B (quar.)
10
Keystone Steel & Wire
22
Dec.
4Cc
lc
—
7% preferred A (quar.)
Nov. 21
Dec.
ljAug.
2 Sept.15
1 Nov
10
4fc
National Lead Co
Oct.
Oct.
$2*4
$1)4
5% preferred A (quar.)
National Container (Del.)
National Gypsum, $4)4 pref. (quar.)
1
Sept. 15 Sept.
Sept. 11 Aug. 28
Sept.
$2^4
National Bond & Investment Co
Kaufmann Department Stores, Inc.
5% convertible preferred (quar.),,
Kayser (Julius) & Co
Keith-Albee-Orpheum Corp.
7% cum. conv. preferred,
Kellogg (Spencer) & Sons, Inc.,
Kemper-Thomas, 7% special pref (quar.)
7% special preferred (quar.)
Kendall Co. participating pref. A (quar.)
Kennecott Copper Corp
30c
4354c
6% preferred (quar.)
Nachman Spring-Filled Corp
Kamas
City Power & Light Co—
1st $6 preferred B (quar.)
Katz Drug Co
$4)4 preferred (quar.),
Monarch Machine Tool
Monongahela West Penn Public Service Co.—
Preferred (quar.)
Monsanto Chemical Co., $4)4 pref. A (s.-a.)
Preferred B (s.-a.)
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.)
Moore (Wra. R.) Dry Goods (quar.)
Muncie Water Works Co., 8% pref.$ (quar.) —
Mur hv (G. C.) Co
!_
Muskogee Co. 6% cum. pref. (quar.)
Muskegon Motor Specialties class A (quar.)
Mutual Chemical Co. of Amer., 6% pref. (quar.)
Sept.
1 Aug. 21
Sept. 20 Sept. 6
Jewel Tea Co.. Inc
19
$1 54
Preferred (quar.)
15
10
1 Aug.
1 Aug.
Dec.
Aug
Sept
Aug. 21
Sept.
Aug. 21
Sept.
$5.10 1st pref. (quar.)
$1.27)4 Sept. 1 Aug. 21
5% preferred (quar.)
$15-4
Sept. 1 Aug. 21
Minneapolis Honeywell Regulator pref. B (qu.).
$1
Sept. 1 Aug. 21
Mission Dry Corp
15c
Aug. 28;Aug. 19
Mississippi Power & Light, $6 pref
5oC
Sept.
l|Aug. 15
Missouri Public Service (initial)
20c
Sept. 1 Aug. 15
Mock Judson Voehringer
25c
Sept.12 Sept. 5
Preferred (quar.)
*_
Oct.
$154
l'Sept. 15
Mohawk Carpet Mills, Inc
25c
Sept. 15 Aug. 31
Monarch Life Insurance Co. (semi-annual)
$1M
Sept.15 Sept. 1
Motor Wheel Corp. (quar.)
Mt. Diablo Min & Dev (quar.)
Sept. 20
Sept.
(quar.)
Quarterly
Moran Towing Corp., 7% cum.
part. pref. (qu.)
Morris (Philip) & Co.. Ltd., inc.—
5% conv pref. A (quar.)
Motor Finance
„
.
11 Sept. 20
.
12*
1 Aug.
7
1 Aug. 15
Sept.
Realization
preferred
Minneapolis Gas Light (Del.) 6% pref. (qu.)
5)4 % preferred (quar.)
1 sept.
Sept.
Sept.
_
Preferred (quat.)
Match
30 Dec.
1,Sept. 20
Sept.11 Sept. 1
Sept. 30 Sept. 20
Sept.
Aug. 21
Sept.
Aug. 28
Sept.
Aug. 25
Oct.
Sept.16
Midvale Co....
Rubber Reclaiming,
1 Aug. 15
1 Aug. 15
Oct.
IIIIIIIIIIIIII
(quar.)
Michigan oteel Tuoe irroducts
Middlesex Water Co. (quar.)
tept.2l Sept. 12
Oct.
2 Sept 30
1-2-40 Dec. 30
24
24
24
Oct.
(quar.)
Mi'lwest
7
7
16
Sept.
Sept.
7% preferred (quar.)
Metal Textile Corp.,
pref.
Sept.
1 Aug.
Sept.
1 Aug.
Sept. 30 Sept.
Sept. 30 Sept. 22
Idaho Maryland Mines
International
Apret. (quar.)
Class B preferred
(quar.)
Merck & Co
11
5
15
15
12
20
30
30
21
21
22
4
15 Nov. 30
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 1 Aug.
Sept.
1 Aug.
Sept. 1 Aug.
Sept.
1 Aug.
Extra
6% preferred (quar.)
Metal & Thermit
15,Nov.
Sept. 10.Aug. 20
Sept
1 Aug. 20
Preferred (quar.)
Mead Corp.. class
15
14 Sept.
Dec.
_
Sept. 15
sept.
1 Aug.
Sept. 15 Sept.
Sept.
1 Aug.
Sept.
1 Aug.
Sept.
1 Aug.
Sept. 3b Sept.
Oct. 14 Sept.
pref. (quar.)..
6% non-cum. 2d partic. pref. (quar.)
Horn & Hardart (N. Y.) pref. (quar.)
Houdaille-Hershet, class A (quar.)
Household Finance Corp. (quar.)_
5% preferred (quar.)
Huntington Water Co. 7% preferred (quar.)
6% preferred (quar.)
Huttig Sash & Door Co. (resumed)
Preferred
Aug.
Oct.
_
Nov
Quarterly
15
19
Sept.
8
Polders
Sept.
l'Aug. 10
Sept. 15 Aug. 31
*1111111,11
common (quar.)
5% preferred (quar.)
Mathieson Alkali Works (quar.)
Preferred (quar.)
May Department Stores Co. common
(quar.),,
May Hosiery Mills class A (quar.),
Aug.
Aug.
_»
common
When
Pay ^bit- oj llrt ord
Sept. 1 Aug.
1
Sept. 15 Aug. 31
Sent. 15 Aug. 31
Sept. 1 Aug. 11
Aug. 31 Aug. 18
Sept.15 Sept.
1
Masonite Corp.,
Nov. 15
(quar.)
Hobart Mfg. Co. class A (quar.)
Holland Furance $5 preferred (quar.)
Entire issue called for redemption Oct. 1,1939
Holophane Co
Class B
Per
Share
Extra
Aug. 21
Aug. 11
Harrisburg Glass preferred (quar.)
I
Macy (R. II.) & Co,ZIHIHI
Madison Square Garden
Magma Copper Co
Sept. 20
Sept.
Sept.
|
Name of Company
Mclntyre Porcupine Mines (quar.)
Maccassa Mines, Ltd.
(quar.)
l'Aug.
Sept.
Sept.
Class B (quar.)
Holders
When
Payable of Record
Sept.
Sept.
sept.
(quar.).
Class A & B extra
1277
:
Oct.
50c
Nov. 15 Nov.
$2)4
3uc
75c
6% preferred (quar.),
554 % preferred (quar.),..,
7154c
North River Insurance, N. Y
Northeastern Water & Electric pref. (quar.)
$1
Northern States Power (Wise.) (pref.)
t$l)4
Northwestern Public Service Co—
7% cum. preferred
t $1.89583
6% cum. preferred
t$m
$1)4
7% cum. preferred (quar.)
$134
6% cum. preferred (quar.)
Norwalk Tire & Rubber, pref. (quar.)
8734c
Nova Scotia Light & Power prefe.red (quar.),..
$1)4
$1 54
Ogilvie Flour Mills nref. (quar.)
Ohio Assoc. Telep. Co. 6% pref. (quar.).^
$1)4
25c
Ohio Match Co. (initial)
$1)4
Ohio Power Co., 6% preferred (quar.)
Ohio Public Service, 5% pref. (monthly)
6% preferred (monthly)
7% preferred (monthly)
Oklahoma Gas & Elec. Co., 6% pref.
(quar.),,.
7% preferred (quar.)
OkoniteCo. 6% pref. (quar.)
Oshkosh B'Gosh, Inc
Preferred (quar.)
Otis Elevator Co
Preferred (quar.)
Paraffine Cos., Inc. (quar.)
Preferred (quar.)
Park & Tilford, Inc., pref. (quar.)
Parke, Davis & Co
Parker Pen Co
Parker Rust-Proof (quar.)
Parkersburg Rig & Reel $5)4 pref. (quar.),__._
Patterson-Sargent Co. (quar.)
—
-
.
Paton Mfg. Co., Ltd., 7% pref. (quar.)
Pemigewasset Valley RR. (s-a.)
Pender (David) Grocery class A (quar.)
Penick & Ford, Ltd—
Peninsular Telephone
Preferred A (quar.)..
Penn State Water Com., $7 pref. (quar.)
Pennsylvania Salt Mlg. Co. (quar.)
Peoples Drug Stores (quar.)
Peoples Gas & Fuel
peoples Gas Light & Coke
Peoples Telep. Corp. (Butler, Pa.)—
6% preferred (quar.)
Perron Gold Mines, Ltd. (quar.).,.
—
Extra
8
2 Sent.15
25c
412-3c
50c
581-3c
1)4%
v%\i
10c
5Cc
25c
$1)4
50c
$1
75c
40c
25c
25c
$1)4
12)4c
$1*i
87)4c
75c
50c
$154
$154
$1)4
25c
20c
50c
$1)4
4c
lc
1
Sept.15 Aug. 21
Sept. 19 Aug. 31
Oct.
2 Sept. 11
Oct.
2 Sept.11
Oct.
2 Sept.11
Sept.
Sept.
Sept.
9 Aug. 28
1 Aug* 10
1 Aug. 19
Aug. 19
Sept
Aug. 19
Sept.
Aug. (19
Sept.
Aug. 19
Sept.
Sept. 29 Sept. 15
liAug. 15
Sept.
Sent.
l|Aug. 19
Sept,
1 Aug. 20
Seat. 20 Aug. 22
Sept.
Spet.
Sept.
Sept.
1 Aug.
7
1 Aug. 15
1 Aug. 15
1 Aug. 15
Sept. 15 Aug. 31
Aug. 31
Sept.
Sept.
Aug.
1 Aug.
Sept.
Sept. 1 Aug.
Sept. 20 Aug.
Sept. 20 Aug.
Sept. 27 Sept.
Oct.
16 Oct.
17
18
18
25
25
11
2
Sept. 20 Sept. 1
Sept. 30 Sept.16
Sept. 1 Aug. 15
1 Aug. 10
Sept.
Sept. 1 Aug. 21
1 Aug. 16
Sept.
Sept. 15 Aug. 31
Feb.
1 Jan.
17
1 Aug. 19
Sept.
Sept. 15 Sept. 1
Oct.
1 Sept.15
Nov. 15 Nov.
4
1 Aug. 21
Sept,
Sept. 15 Aug. 31
Oct.
2 Sept.
8
1 Aug. 21
Sept,
Oct. 16 Sept.21
Sept.
1 Aug. 31
Sept. 21 Sept. 1
Sept. 21 Sept. 1
The Commercial & Financial
1278
Per
Share
Name of Company
Pet Milk Co
25c
———
Philadelphia Co.. 5% preferred
(semi-annual)--
& Norristown RR. (qu.)—Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. (mo.)
Phila. Germantown
Phillips Petroleum Co
--—
Phoenix Hosiery Co. 7% preferred (quar.)—
Photo-Engravers & Electrotypers (s.-a.)
Pillsbury Flour Mills (quar.)
Pilot Full Fashion Mills, Inc.—
.;
40c
65c
- -
pref
Plymouth Oil Co. (quar.)
Pollock Paper & Box, 7% pref. (quar.) —
7% preferred (quar.)
Portland & Ogdensburg Ry. (quar.)Powdrell & Alexander, Inc
Prentice-Hall, Inc. (quar.)
$3 preferred (quar.)
Procter & Gamble 5% pref. (quar.)
Public Electric Light Co. 6% pref. (quar.)---—
Public Finance Service, Inc., $6 pref. (quar.)--Public National Bank & Trust Co. (N. V.) (qu.)
---
(increased)
-
7% preferred (quar.)
Pullman. Inc
Pure Oil Co. 5% pref. (quar.).
-
-
-
65c
25c
IK %
1M%
25c
$1H
87Hc
UK
10c
25c
50c
50c
20c
SIM
20c
UK
6.
2i
37 He
UK
$1K
62 He
t\
25c
{2
UK
UK
$1li
75c
(qu.)-
6% preferred (quar.)
Seeman Bros., Inc. (quar.)
Servel, Inc
20c
37Hc
62 He
-
25c
Preferred (quar.)
Preferred (quar.)
-
Shenango Valley Water preferred (quar.)_.
Sherwin-Williams Co., preferred
Simonds Saw & Steel
UK
40c
-
Socony-Vacuum Oil
40c
87 He
25c
-
15c
Corp.,preferred (quar.)
Mfg. (quar.)
12Hc
-
South Bend Lathe Works
35c
-
South Carolina Power Co. 1st $6
pref. (qu.)
$1H
Southeastern Greyhound Lines
Conv. preferred (quar.)
-
Non-conv. preferred (quar.)
Southern Calif. Edison Co.,ser. B 6% pref. (qu.)
Southern Calif. Water Co., 6% Pref. (quar.)
Southern Carolina Power Co., $6 pref. (quar.)__
__
Southern Colorado Power 7
10c
$1
650 South Grand Building (reduced)
Smith-Alsop Paint & Varnish Co., 7% pref
% pref
Pipe Line Co
Phosphate Corp
Sept.30,Sept.
Sept. 30 Sept.
Sept. 10 Sept.
Cement, 8% pf.
15
15
8
8
7
Sept. 15 Aug. 31
Sept. 14 Aug. 24
Oct. 12 Sept. 21
Sept. 15 Aug. 31
Sept.15 Aug. 31
Oct.
Sept. 11
Sept.11
Oct.
Oct.
50o
30c
30c
37 He
37 He
SIM
tSl
16
2 Sept. 20
Sept.15 Sept.
Oct.
1
Sept. 15
Sept. 30
Sept. 15
Sept.
Sept.
Sept.
Sept. 15
Aug. 31
Aug. 19
Aug. 11
Aug. 11
Sept. 15 Aug. 15
Sept.
Aug. 19
Sept.
Aug. 15
Oct.
Sept. 20
Sept.
Aug.15
Sept. 20 Sept. 8
Sept.
Aug. 21
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept.15
Sept.
Aug. 21
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept.15
Sept. 15 Sept" I*
Oct.
Nov.
20*
Sept. 15 Sept. 1
Sept. 11 Aug. 15
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 15
Oct.
Sept. 9
Oct.
Sept. 9
Sept.15 Aug. 31
Sept.
Aug. 17
Oct.
Sept. 15
Dec.
Sept. 21 Sept.
Oct.
2 Sept.
Sept.
1 Aug.
Sept.
Aug.
Sept.15 Aug.
Sept.
Aug.
Sept.
1 Aug.
Sept.15 Aug.
Oct.
2 Sept.
Sept.
1 Aug.
Sept.
1 Aug.
Oct.
2 Sept.
15
1
12
21
15
26
15
21
21*
12
15
15
15
Sept.25 Sept. 15
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Sept.15 Aug. 20
Sept.
1 Aug. 15
Oct.
2 Sept. 15
Sept.15 Aug. 31
1 Aug. 15*
15c
(quar.)
8% preferred (quarterly)
Sept.
15c
Sept.29 Sept. 15
Sept.15 Sept. 14
Dec. 15 Dec. 14
Sept. 15 Sept. 8
Sept.
1 Aug. 18
$2
$2
$1H
Sparks-Withington pref. (quar.)
Spear & Co. 1st & 2d pref. (quar.)
$1 K
-
Spiegel, Inc., preferred (quar.)
Staley (A. E.) Mfg. Co. cum. pref. (quar.)
Standard Brands. Inc., $4.50 preferred (quar.)_
Standard Cap & Seal (quar.)
1
Preferred (quar.)
Standard Dredging Corp. pref. (quar.)
„
(Calif.) (quar.)
40c
40c
40c
25c
25c
25c
Preferred (quar.)
Standard Wholesale Phosphate & Acid Wlorks—
Quarterly
Sterling Products, Inc. (quar.)
I
Storkline Furniture Corp. (quar.)
Strawbridge & Clothier—
$6 prior preferred series A (quar.)
Stromberg-Carlson Telep. Mfg. pref. (quar.)
UK
SIM
SI K
25c
(Indiana) (quar.)
Standard Oil of Kentucky (quar.)
Standard Oil Co. (Ohio) (quar.)
1 Oct.
1-3-40
Shattuok (Frank G.) Co. (quar.)-_
Shell Union Oil Corp., 5M% conv. pref. (quar.)
Southwestern Portland
20c
75c
tic
-
15 Dec.
Nov.
25c
-
Dec.
Oct.
UK
Securities Acceptance Corp
Standard Oil Co.
Standard Oil Co.
412-3c
40c
-
(Del.)
Second Investors Corp. (R.I.) $3 pr. pref.
Second Standard Royalties, Ltd., pref
Southern
J IK
37 He
SIM
UK
Sears, Roebuck & Co
Secord (Laura) Candy Shops (quar.)
Southern
Nov.
75c
25c
5M % preferred (quar.)
7% preferred
Scott Paper Co. (quar.)
$4M cum. pref. (quar.)
Soss
20c
70c
UK
UK
43 Kc
7% pref. (quar.)
SchiffCo. (quar.)
Sonotone
20c
Aug. 31 Aug. 21
Sept. 15 Sept. 1
Sept.
1 Aug. 18
Sept.
1 Aug. 18
Sept. 15 Aug. 25
Sept.
Aug. 17
Sept.
Aug. 31
Oct.
Sept. 20
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 15
Sept. 30 Sept. 1
8ept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Oct.
14 Sept.15
Sept. 30 Sept.
1
Sept. 30 Sept.
1
Sept. 15 Aug. 25
Oct.
1 Sept. 8
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Sept.
1 Aug. 15
Aug. 31 Aug.
1
Sept.15 Aug. 31
10c
1 K%
5M % preferred (quar.)
6% preferred (quar.)
Purity Bakeries Corp
Quaker Oats Co. pref. (quar.)
Quaker State Oil Refining
Quarterly Income Shares Inc. (reduced) (quar.)
Radio Corp. of America, $3M conv. 1st pref—
B preferred.
Rainier Brewing Co., partic. pref. A & B
Raybestos-Manhattan
Reading Co., 1st preferred (quar.)
2d preferred (quar.)
Reeves (Daniel) Inc. (quar.)
Preferred (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
Republic Investors Fund. pref. A and B (quar.)
Reynolds Metals, preferred (quar.)
RheemMfg. (quar.)
Rice-Stix Dry Goods Co., 1st & 2nd pref. (qu.) - Rich's, Inc., 6H % pref.
Robertson (H. H.) Co_.
Rochester Button $1.50 conv. pref. (quar.)
Rochester Gas & Electric, 6% pref. C & D (qu.)
5% preferred E (quar.).
llai
Rolland Paper,
pref. (quar.)
Roxborough Knitting Mills (quar.)
Rustless Iron & Steel, pref. (quar.)
Sabin Robbins Paper pref. (quar.)
8afety Car Heating & Lighting Co
St. Joseph Lead (quar.)
St. Joseph Water Co., 6% pref. (quar.)
Savannah Elec. & Pow., 8% deb. A (quar.)
7M % debenture B (quar.)
7% debenture C (quar.)
6M % debenture D (quar.)
6% preferred (s.-a.)
Sept. 10
50c
UK
UK
.
4
Sept.15 Sept.15
50c
50c
Public Service Electric & Gas Co. $5 pref—
Sept.
1 Sept. 15
1 Aug. 19*
IK
IK
UK
$1K
7% preferred (quar
*.).
5% preferred (quar.R
6% preferred (monthly)
6% preferred (monthly)
Oct.
liU 1-4-40 12-10-39
Sept.
Aug. 21
rd Sept. 30 Sept.11
$2
8% preferred (quar.).
Sept.
Oct.
$IK
50c
6% preferred (monthly)
5% preferred (monthly)
Seaboard Oil Co.
75c
31
1 Aug. 18
SIM
20c
I
95c
12Mc
SIM
SIM
Sept.15 Sept.
1
Sept.20 Sept.10
Sept.15 Sept. 1
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Sept.
1 Aug. 21
Sept.15 Aug. 15
Sept.15 Aug. 15
Sept.15 Aug. 31
Sept.15 Aug. 31
Oct.
14
Sept. 30
Sept.15 Sept. 5
Sept. 1 Aug. 15*
Aug. 31 Aug. 19
Sept.
Sept.
1 Aug. 15
1 Aug. 14
25c
25c
Class A
30c
5c
50c
25c
50c
(quar.)
Extra
25c
-——- — -
Preferred (quar.)
Talcott (James), Inc.,
SIM
68Mc
5M% Pref. (quar.)
10c
Common (quar.)
—
Taylor (Wm.) Corp. (quar.)
Terre Haute Water Works Corp., 7% pref
Texas Gulf 8ulphur Co
Texas Pacific Coal & Oil Co. (quar.)—
Thermoid Co.. $3 cum. pref. (quar.)
$1
50c
10c
75c
SI K
Thew Shovel Co. pref.
Tide Water
May 20 May
Oct.
1 Sept.
Sept. 30 Aug.
Sept. 30 Sept.
8ept. 30 Sept.
Sept. 30 Sept.
Sept. 30 Sept.
1 Sept.
Nov.
37Mc
...
Extra
■
Feb.
25c
(quar.)
Co
Superior Oil Co. (Calif.) (quar.)
Quarterly
Quarterly
Swift & Co. (quar.)
Sylvanlte Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
1 Sept.15
isov. 20 Nov. 10
25c
,
SIM
Class A (quar.)
Sunshine Mining
(quar.)
Associated Oil Co
15c
2.5c
35c
(quar.)
$1.40 convertible preferred (quar.)
Timken Roller Bearing Co
Title Insurance Co. St. Louis (quar.)
Toledo Edison Co., 7% pref. (monthly)
6% preferred (monthly)
5% preferred (month y)
Trane Co., pref. (quar.)
Tubize Chatillon 7% pref—
Tilo Roofing Co., Inc.
50c
12Mc
58 l-3c
50c
412-3 c
SIM
tSIM
Underwood Elliott Fisher Co
50c
Union Gas Co. of Canada
20c
(quar.)
30c
Union Tank Car Co. (quar.)
United Biscuit Co. of America
Preferred
(quar.)
25c
a,
—
(quar.)
United-Carr Fastener Corp. (quar.)
United Chemicals preferred
Incl. in the above div.: 50c. due on Dec. 1, '34
75c. Mar. 1, '35. and 75c. June 1, *35.
United Gas Corp., $7 preferred
—
20c
$2
S2M
UK
pref. (mo.)
20 Oct.
Sept. 15 Sept.
Sept. 15 Sept.
1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 5 Aug.
Aug. 31 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
SeDt.
1
10
1
1
10
25
25
16
21
15
15
15
26
21
12*
8ept. 15 Aug. 19
1 Aug. 15
Sept.
Sept.
1
Aug. 15
1
Nov.
Oct.
14
16 Sept. 36
5
Sept. 15 Sept
Sept. 1 Aug. 10
Aug. 10
Sept.
1
Sept.
1
Sept.
1
Aug. 31
Aug. 31
Aug. 15
Oct.
SeDt. 15
Sept.
Oct.
50c
Dec.
Sept
Aug. 31
Dec.
Nov. 29
—.-
Oct.
Oct.
50c
37 He
2%
50c
pref
32c
(quar.)
43 Mc
25c
Preferred (quar.)
Universal Insurance (quar.)
40c
Universal Products Co
Upper Michigan Power & Light—
6% preferred (quar.)
6% preferred (quar.)
Upressit Metal Cap Corp., 8% pref
Utah Power & Light $7 pref.
$6 preferred
Vanadium-Alloys Steel Co..
SIM
SIM
tS2
Sept. 15
Aug. 19
Sept. 22 Sept
Sept. 1 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Oct.
5% preferred
Virginia Coal & Iron Co. (quar.)
Virginia Electric & Power Co. $6 pref
Virginian RR
Vogt Mfg Corp
Vulcan Detinning Co. pref. (quar.)
Walgreen Co—
Quarterly (div. represents new rate &
Preferred (quar.)
1
20c
SIM
40c
dates)
SIM
f50c
tSl
J25c
—
50c
75c
(Northam) Corp. pref. (quar.)
10c
SIM
(quar.)
10c
-
Oct.
Oct.
Sept. 1 Aug. 21
Sept. 20 Aug. 31
Sept. 26 Sept. 16
Sept. 1 Aug. 15
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Aug.
Aug.
Wesson Oil & Snowdrift Co., Inc.—
$1
Sept.
5c
Conv. preferred (quar.)__
West Virginia Pulp & Paper
Oct.
40c
(quar.)
preferred A—-— t37Mc
Western Public Service Co.,
12Hc
Westinghouse Air Brake Co
Westinghouse Electric & Mfg
Preferred (quar.)
75c
87Mc
Aug.
10
Aug. 20
Aug. 24
Aug. 22
Aug. 25
Aug 25
Aug. 15
Aug. 15
Aug. 17
Aug. 15
Aug. 18
Aug. 15
Sept. 15
Aug. 18
Aug. 14
Aug. 15
Aug.
8
Aug.
8
Nov.
Oct.
15
25c
Oct.
20c
Oct.
15
15
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Sept.
—
Ltd. (quar.)
Products (quar.)
Westvaco Chlorine
25c
Extra
$1
Wheeling Electric Co., 6% pref. (quar.)
Whitaker Paper Co., 7% preferred (quar.)
Whitman (Wm.) Co. 7% pref. (quar.)
SI
15c
(quar.)_Williamsport Water Co., $6 pref. (quar.)
(quar.)
Oct,.
.
SIM
Wilson Products. Inc.
SIM
Oct.
Sept.
Sept.
16
Sept. 16
Aug. 31
Aug. 21
Nov.
Oct.
15
50c
Nov.
Oct.
15
SIM
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug
Aug.
Aug.
15
15
15
18
10
25
25
10c
SIM
SIM
Preferred
(quar.)
Woolf Bros., Inc., 7% pref. (quar.)
Woolworth (F. W.) Co. (quar.)
Oct.
Sept.
Sept.
10c
Sept.
Oct.
60c
(quar.)
5c
Oct.
Oct.
SIM
Oct.
SIM
pref. A —
Sept.
15c
Monthly
Yale & Towne Mfg
Yellow Truck & Coach 7 %
Oct.
25c
25c
Extra
Wrigley (Wm.) Jr. (monthly)
Transfer books not closed for this
10
10
7
SIM
—
Extra
;
;
:
Wisconsin Electric Power pref. (quar.).i
Wolverine Tube Co
Oct.
19
Sept. 20
Sect,
8
Sept. 15
Sept. 9
dividend,
dividends.
% Payable in Canadian funds, and in
deduction of a tax of 5%
Sept.
Sept.
Sept.
Aug.
20 Oct.
25c
Westminister Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
f On account of accumulated
1
1
2 Aug. 19
1 Aug. 17
1 Aug. 17
1
—
Weisbaum Bros.-Brower
pref
Youngstown Sheet & Tube Co. 5M %
2 Sept.
1 Aug. 15
1 Aug. 15
1 Sept.
8
1 Sept.
8
$2
& Worts, Ltd
Wright-Hargreaves Mines. Ltd.
2 Sept.
9 Sept.
SIM
(quar.)
Wins ted Hosiery Co.
28
1-29-40
2 Sept. 15
9 Dec.
25c
Warren Foundry & Pipe
(Geo.),
15
19
Dec.
S2H
S2H
Vicksburg Shreveport & Pacific Ry
Western Auto Supply Co.
1 Oct.
Nov.
2-1-40
8*
21
28
28
Sept.
Sept.
10c
Welch Grape Juice pref.
Wentworth Mfg. Co
Oct.
Sept.
1M
Extra
Preferred
5
50c
(quar.)
(quar.)
Walker & Co. class A
Walker (H.)-Gooderham
Sept,
til.16*: Oct.
tSl Oct.
25c
Sept.
50c
Sept.
Sept.
SIM
~1M
Sept.
Van KaalteCo., Inc
7% 1st preferred (quar.)
Vapor Car Heating Co., 7% pref.
7% preferred (quar.)
Sept.
50c
8% non-cum. 1st preferred
United States Rubber Reclaining, pr.
Vick Chemical Co.
Dec.
50c
50c
50c
United States Plywood Corp., preferred (qu.)-United States Rubber Co.—
United States Tobacco Co.
Oct.
Oct.
lc
United States Pipe & Foundry Co. (quar.)
Ouarterly
United States Playing Card Co
Oct.
50c
SIM
Aug. 15
Sept. 15
Aug. 15
Sept. 15
Sept. 20
Aug. 15
Sept. 15
Sept. 15
Sept. 15
S2H
$3M
Preferred (quar.)
U. 8. Petroleum, common
*
10
19
15
15
15
15
18
1 Sept. 15
1 Sept. 15
53c
Extra
Weston
1
io
53c
6.36% prior preferred (monthly).
6.36% prior preferred (monthly).
6% prior preferred (monthly).
6% prior preferred (monthly)
United New Jersey Rli. & Canal (quar.)
United States Envelope Co., pref. (semi-annual)
United States Gypsum Co. (quar.)
Warren
Oct.
4
Sept. 1 Aug. 21
Sept. 15 Sept. 1
Sept. 1 Aug. 11
58 l-3c
25c
(quar.)
United Light & Rys.. 7% pripr
7 % prior preferred (monthl..
nthly)
20 Feb.
Oct.
58 l-3c
1M%
SIM
— -.
United Gas Improvement
Preferred (quar.)
15 Sept.
30 Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
United Gas & Electric Corp
Preferred (quar.)
15 Aug. 25
1 Aug. 10
15 Sept.
4
Oct.
Oct.
United Bond A Share Corp., Ltd.
7% pref. (quar.)
Aug. 15
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
Sun Oil
2 Aug.
pref. (mo.)--— 581-3c
Public Service Corp. of N. J., com.
Savannah Gas Co.
Oct.
Oct.
15c
(Semi-annual)
---------------------Pittsburgh Coke & Iron Co. $5 pref. (quar.)
Pitts. Ft. Wayne & Chicago 7% pref. (quar.)__
Public Service of Colorado, 7%
Aug. 31 Aug. 19
1 Aug.
4
Sept.
1 Aug. 18
Setp. 1 Aug. 15
Sept.
1 Aug. 15
20c
40c
Preferred (quar.)
Sunset McKee Sales book class B
Sept.
of Record
(D. A.) Oil part. pref. (quar.)-Co. (quar.)
Stuart
U0c
cum.
Pittsburgh Youngstown & Ashtabula RR.,
50c
J50c
Pioneer Gold Mines of B. C.
7% preferred (quar.)....----.
Sept.
Sept.
87 He
preferred (s.-a.)
(quar.)--- — —
Piper Aircraft Corp., preferred (quar.)Pittsburgh, Bessemer & Bake Erie—
6M%
25c
$1M
$1M
42c
Holders
8 Sept.17
1 Aug. 10
5 Aug. 25
1 Aug. 12*
8ept.
Sept.
1939
26,
Name of Company
2 Sept. 11
2 Sept. 26
Oct.
Oct.
Aug.
Holders
Payable of Record
HP
25c
—
Peterborough RR. (s.-a.)
Phelps Dodge Corp
When
Chronicle
the case of non-residents of
of the amount of such
Canada
dividend will be made.
Volume
The Commercial & Financial Chronicle
149
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
New York
The
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business Aug. 23, 1939,
in comparison with the previous
date last year:
1279
weekly statement issued by
Clearing House
week and the corresponding
STATMENT
OF
the New York City
Friday afternoon is given in full below:
on
MEMBERS
OF
THE
YORK
NEW
CLEARING
HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY. AUG. 25. 1939
Aug. 23, 1939 Aug. 16, 1939 Aug. 24,1938
♦
$
$
$
Net Demand
Time
Deposits,
Deposits,
Average
Average
Surplus and
Capital
Members
Gold certificates
hand and due from
on
Other casht
...
.........
.......
reserves
6,786,833,000 6,591,773,000 4,551,115,000
1,237,000
1,560,000
1,460,000
113,890,000
89,320,000
89,975,000
Bank of Manhattan Co.
6,878,268,000 6,682,653,000 4,666,242,000
United States Treasury.!
Redemption fund—F. R. notes
Total
•
Undivided
Profits
Clearing House
Assets—
National City Bank
Chem Bank & Trust Co.
$
Bank of New York..
Bills discounted:
Secured
by
direct
or
6,000,000
Govt,
549,000
396,000
906,000
362,000
Total bills discounted.
Bills bought in open market
Industrial advances
1,721,000
242,000
1,302,000
1,805,000
212,000
210,000
2,052,000
...
m
2,060,000
3,687,000
UDited States Government securities:
42,227,000
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
First National Bank
1,443,000
1,172,000
fully guaranteed....
Other bills discounted..
90,000,000
Manufacturers Trust Co
obligations,
21,000,000
15,000,000
10,000,000
Irving Trust Co
50,000,000
Continental Bk & Tr Co.
Chase National Bank
4,000,000
100,270,000
Fifth Avenue Bank
265,094.00C
342,203,000
97,630,000
226,408,000
97,630,000
704,927,000
704,927,000
780,147,000
Bonds
265,094,000
Treasury notes
342,203,000
Treasury bills
Total bills and securities
785,849,000
708,942,000
708,501,000
37,000
4,022,000
163,518,000
67,000
4,565,000
Uncollected Items
8,926,000
8,926.000
121,133,000
9,857,000
15,182,000
14,958,000
15,630,000
Bank premises.......................
Other assets
200,539,000
*
5,884,000
1,463,000
8,418,200
9,461,700
518,997,000
As per official reports: National, June 30,
1939; State, June 30,
1939; trust
companies, June,30, 1939.
Includes deposits In foreign branches as follows: a 3273,705,000; 6
$90,645,000;
c
Total assets....
27,876,000
2,885,000
653,958,000
27,920,400
7,000,000
70,000
4,548,000
9,271,800
7,000,000
Totals.
Due from foreign banks
Federal Reserve notes of other banks
2,497,400
5,000,000
12,500,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
98,989,000
44,656,000
€992,983,000
13,992,000
112,306.000
363,781,000
95,841,000
84,768,000
80,095,400
6,000,000
New York Trust Co
Total U. 8. Government securities..
5,682,000
58,084,000
51,764,000
4,361,000
33,214,000
2,416,000
3,156,000
27,814,000
2,448,000
51,376,000
25,000,000
Title Guar <fc Trust Co..
Marine Midland Tr Co..
189,779,000
49,230,000
170,567,000
916,981,200 12,325,116,000
500,000
Bankers Trust Co
363,960,000
12,093,000
26,296,700
20,000,000
Guaranty Trust Co
U. 8.
13,782,500
179,575,000
628,108,000
60,670,200 al,886,133,000
56,010,900
595,252,000
182,957,600 61,874,453,000
45,129,400
599,451,000
71,802,300
c975,777,000
20,482,900
271,630,000
109,782,800
577,275,000
53,061,500
586,271,000
4,359,800
52,787,000
131,089,400 d2,485,694,000
3,890,300
49,039,000
20,000,000
77,500,000
$8,920,000; d $89,695,000;
$32,277,000.
e
7,778,895,000 7,620,192,000 5,603,346,000
...
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
reserve
1,137,015,000 1,136,149,000
907,629,000
THE
LONDON
STOCK
EXCHANGE
acc't.. 5,911,855,000 5,733,768,000 3,907,583,000
if. 8. Treasurer—General account....
147,594,000
159,137,000
Foreign bank
119,185,000
Other deposits
193,147,000
100,578,000
192,567,000
361,242,000
42,526,000
143,094,000
Quotations of representative stocks
each day
as
received by cable
of the past week:
Sat.,
6,371,781,000 6,186,050,000 4,454,445,000
....
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Aug. 19
Total deposits
Deferred availability Items..
Other liabilities, inel. accrued dividends.
Aug. 21
Aug. 22
Aug. 23
Aug. 24
Aug. 25
119,714,000
1,006,000
858,000
British Amer Tobacco.
Cable & Wire ordinary.
Canadian Marconi
£49
7,659,672,000 7,500,970,000 5,482,646,000
Central Mln & Invest.
Total liabilities
177,765,000
£14%
149,737,000
1,139,000
Boots Pure Drugs
42/3
86/3
4/9
Cons Goldfields of S A.
Capital Accounts—
Capital paid In..
Surplus (Section 7)
Surplus (.Section 13-b)
50,874,000
52,463,000
50,956,000
De
51,943,000
Distillers
7,457,000
8,428,000
50,873,000
52,463,000
7,457,000
7,744,000
10,057,000
Electric & Musical Ind.
Beers
8,430,000
Co
4/-
£5%
90/-
£5%
91/6
Rand Mines
£8%
£10%
£10
Roan Antelope Cop M.
Rolls Royce
15/6
102/6
Royal Dutch Co
Shell Transport
£33
Gaumont Pictures ord.
Total liabilities and capital accounts.. 7,778,895,000 7,620,192,000 5,603,346,000
Ratio
of
total
reserve
to
deposit
and
F, R. note liabilities combined
Contingent liability
on
bills
91.6%
to
91.3%
87.0%
36,000
36,000
217,000
purchased
for foreign correspondents...
Commitments
DAY
A.
Hudsons Bay Co
make Industrial
ad¬
2,059,000
vances
2,049,000
t "Other cash" does not Include Federal Reserve notes
or a
bank's
3,853,000
Federal
own
Unilever
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
"<■•/
Ltd
United Molasses
West
73/£8li6
£9%
£10
14/9
98/9
14/9
98/9
£33%
123/-
£12
£12
18
101/10% 100/£31%
£32%
-
£31%
£4>32
Vlckers
£3"i«
£316 it
£3 27 si
22/4%
32/3
22/16/4%
22/3
31/3
23/16/9
21/6
31/9
23/-
£4
£4
£3%
£4
22/—
31/6
22/—
16/6
16/3
Wltwatersrand
Areas
under the nrovlslons of the Gold Reserve Act of 1934.
15/3
74/6
91/3
8/10 %
14/9
3/9
lt-
22/6
33/23/17/1%
Swedish Match B
These are certificates given by the United States Treasury for the gold taken
over from the Reserve Danks when the doUar was, on Jan. 31, 1934, devalued from
z
£8%
£5'i8
•
9/15/6
3/9
1 h
18/6
125/-
£4%
Reserve bank notes.
h
55/7%
26/9
£42*.
91/6
8/6
14/9
3/9
-/10%
18/3
124/3
£U%
73/—
£8%
14/9
£12 %
73 /-
HOLI-
4
£13%
53/1%
27/3
£8%
£9%
London Midland Ry..
Metal Box
8/10%
14/9
4/1 h
19/124/4%
£12%
74/-
Ltd
4/£13%
55/7%
27/6
9/3
16/6
3h
lh
19/126/3
Ford
40/6
83/9
£47 %
£132*
4/3
Imp Tob of G B & I
Other capital accounts
39/9
83/9
£47
55/7%
27/3
Rio Tlnto..
........
41/6
85/£48
£14
56/3
28/3
£5%
93/-.
Courtaulds S & Co
...
.......
41/10%
84/4>*
£48
£4
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions,
immediately preceding which we also give the figures of New York ana Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes
were made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20,1937, as follows:
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
described in
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
securities.
outside New York City.
cial paper bought in open
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new Items "commercial, industrial and agricultural loans" and "other loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES
Federal
Reserve
Districts—
Total
Loans and Investments—total....
New York
PMla.
$
ASSETS
Boston
$
$
$
Cleveland Richmond
BY DISTRICTS ON AUG. 16,1939 (In Millions of Dollars)
Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
%
$
$
.
Real estate loans
Loans to banks
1,156
1,912
673
579
3,202
683
376
664
507
417
678
245
282
852
308
158
272
250
935
275
3,201
1,579
188
250
105
153
480
178
78
162
163
301
61
125
26
7
11
3
34
5
4
19
2
16
676
24
530
20
24
4
6
42
6
1
4
.3
12
519
22
243
31
26
15
11
79
14
7
10
14
47
81
205
55
171
37
31
104
51
7
25
21
384
60
Loans to brokers and dealers in seours
Other loans lor purchasing or carrying
securities
9,216
588
1,172
Commercial, Indus, and agricul. loans
Open market paper
1,169
313
.....
22,337
8,186
3,912
1
50
1
3
1
1
1,534
Loans—total
•
1
2
124
469
72
77
*61
"52
46
495
1
220
8
211
3
5
29
Treasury notes
2,159
62
884
39
221
177
32
430
49
"34
81
51
99
United States bonds
5,890
333
2,348
319
597
135
102
938
155
114
111
78
660
Other loans
Treasury bills
14
52
175
4
securities
Reserve with Federal Reserve Bank..
112
287
67
27
61
45
177
130
1,222
1,341
98
3,340
Obligations fully guar, by U. 8. Govt.
Other
197
""113
2,200
283
290
65
90
484
101
43
134
54
325
8,917
401
5,291
373
450
170
137
1,164
188
90
181
124
348
2,267
55
51
65
426
139
77
16
38
19
11
66
10
6
14
10
20
Balances with domestic banks
2,842
150
178
187
274
180
199
512
166
127
317
260
292
Other assets—net
1,232
79
451
97
104
38
46
80
23
17
23
30
244
17,641
1,097
8,426
881
1,220
465
385
2,464
460
288
519
456
980
5,245
249
1,021
283
738
200
187
931
190
119
143
135
1,049
544
16
69
53
42
28
40
110
22
3
23
32
106
7,183
287
3,162
363
391
262
257
1,087
298
141
410
218
307
2
1
1
14
Cash In
vault
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks..
...
Foreign banks
Borrowings
Other
Capital
655
25
7
577
13
7
....
liabilities
757
"~20
346
"l3
14
"28
account
3,722
244
1,605
223
371
96
20
......
'""292
93
402
94
58
101
85
350
The Commercial & Financial
1280
Chronicle
Aug. 26, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 24,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
The following was
Reserve Agents
Federal Reserve System wpon the
The comments of the Board of Governors of the
department of "Current Events and Discussions."
and the Federal Reserve banks.
for the latest week appear in our
returns
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT
THE CLOSE OF BUSINESS AUG. 23. 1939
I
:
Thru Ciphers
Aug. 16,
1939
Aug. 23,
(000) Omitted
1939
July 5,
1939
1939
June 28,
1939
$
$
!
S
13,860,887
13,881,389
11.038,416
940
1,575
3,699
3,698
3,795
3,042
4,638
5,370
6,741
13,534,719
9,101
8,242
8,412
370,979
353,161
14,227,828
14,089,302
14,015,016
13,966,122
1,073
3,587
1,061
3,635
998
#1,493
3,599
3,773
5,266
14,521,692
14.318,786
14,271,733
$
317,756
13,604.719
7,722
356,076
9,101
349,505
9,126
1938
10,632,411
13,651,218
344,846
Aug. 24,
13,505,719
8,313
367,357
13,709,222
13,869,222
I
$
%
%
13,914,220
8,594
348,919
*
Total reserves
July 12,
1939
1939
13,968,221
9,056
341,509
14,167,720
Other cash
July 19,
1939
Aug. 2
1939
9
S
ASSETS
1
Aug. 9,
July 26,
9,112
396,893
Bills discounted:
1,012
1,052
1,400
3,806
guaranteed-.
direct or fully
Other bills discounted—
3,500
3,518
•
4,818
4,552
4,918
4,660
4,696
4,597
575
545
545
545
558
556
556
556
556
537
11,677
11,615
11,665
11,746
12,579
12,557
12,496
12,318
12,440
15,852
911,090
911,090
1,176,109
335,540
911,090
1,170,109
355,715
911,090
911,090
1,176,109
911,090
911,090
1,176,109
1,176,109
401,020
911,090
1,170,109
463.438
1,196,188
366,220
1,176,109
447,938
911,090
1,176,109
427,938
463,438
623,722
2,488,219
2,515,137
2,535,137
2,550,637
2,550,637
2,564,015
2,506,052
2,532,847
2,553,455
2.568,149
2,569,003
2,587,145
Total bills dlscounted.
Bills bought In open
market-
Industrial advances
bills
Treasury
—
Total U. S. Government
Other
1,176,109
335,540
2,422,739
2,422,739
2,442,914
2,439,809
securities
securities.—
2,453,419
2,439,451
2,460,042
2,470,370
;
744,105
-
—
Foreign loans on gold
Total bills and securities—.
Gold held abroad
.................
24,955
501,237
48,235
17,340,713
17,129,953
17,142,390
14,248,349
"""178
165
"""167
167
22,715
582,733
42,259
22,130
648,826
23,951
707,470
707,815
42,345
42,356
51,032
49,918
42,259
49,126
22,866
627,608
42,321
49,372
48,639
17,680,903
17,595,573
17,429,578
17,460,717
17,337,686
17,370.435
604,265
42,224
premises
Total assets
—
LIABILITIES
22,563
51,950
4,563,822
4,550,689
4,530,715
4,498,758
4,508,962
4,522,709
4,543,177
4,449,306
4,144,760
10,633,449
775,739
280,665
284,585
10,509,003
10,436,286
10,412.047
10,349,946
10,151,053
764,216
279,038
355,016
790,596
289,485
348,115
820,208
287,057
402,454
297,265
380,299
10,115,744
962.094
351.095
326,133
8,156,037
742,400
289,237
10,412,883
863,462
311,136
351,180
12,150,670
11,974,438
11,949,806
11,938,661
11,868,797
11,810,317
11,778,142
11,648,825
^11.755,066
9,241,649
603,220
708,783
2,948
580,483
642,946
621,794
590,412
585,798
509,855
2,879
2,420
703,441
2,172
692,031
2,800
2,148
2,181
6,666
3,171
16,991,739
17,024,892
16,995,030
16,784,595
16,796,836
13,899,435
135,430
149,152
135,282
149,152
34,071
33,846
149,152
27,264
33,889
135,037
149,152
27,264
34,101
133,991
27,263
135,137
149,152
27,264
34,130
135,053
27,264
17,142,390
14,248,349
723,754
323,760
...
deposits....—
Total deposits
—
Deferred availability items
Other liabilities, incl. accrued
3,118
dividends
844,268
307,298
17,335,138
17,249,991
17,083,784
135,477
27,264
149,152
27,264
135,428
149,152
135,408
149,152
33,863
...
17,115,201
135,486
Total liabilities..
33,689
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
—...
Surplus (Section 13-b)
...
Other capital accounts..
...
27,264
149,152
27,264
33,950
33,692
bills
147,739
27,683
39,501
17,595,573
17,429,578
17.460,717
17,337,686
17.370,435
17,340,713
86.8%
86.6%
86.5%
86.4%
86.1%
85.9%
85.7%
85.6%
85.7%
82.5%
and Federal
combined
liability on
correspondents
195,662
17,680,903
Total liabilities and capital accounts...
Contingent
770,784
119,166
17,129,953
Ratio of total reserves to deposits
foreign
44,462
4,572,130
Foreign banks
Reserve Dote liabilities
...
10,828,970
circulation
Deposits—Member banks' reserve account
United States Treasurer—General account-.
y
-
280,186
Federal Reserve notes in actual
y
"""184
18,886
178
22,635
721,814
42,259
50,450
banks
Other assets
Other
"""167
583,822
42,405
46,718
178
21,732
-
Uncollected Items
Bank
167
20,218
590,799
42,356
47,377
149
foreign banks
Due from
Federal Reserve notes of other
for
purchased
101l
—
11,075'
Commitments to make Industrial advances
604
101
.—...
11,403
11,476
11,292
11,353
tl0,958
11,175
13,684
1,454
11,337
11,261
1,483
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills
1,253
2,244
1,708
1,529
2.126
1,571
2 200
4,980
218
155
194
108
150
238
258
418
447
2,337
2.250
1,949
1,908
195
183
157
824
497
discounted
61-90 days bills discounted.
Over 90 days bills discounted
31-60 days bills
1,431
2,053
566
discounted
16-30 days bills discounted
304
331
367
618
611
2,271
2,185
2,200
373
441
521
461
555
146
5,370
6,741
137
...
.
|
:
434
324
317
258
452
4,818
4,552
4,918
4,660
4,696
4,597
5,260
4,638
305
Total bills discounted.
47
6
28
134
384
342
233
89
33
106
120
47
6
8
121
227
370
83
33
107
95
23
23
31
74
118
31-60 days bills bought in open
209
28
309
386
363
323
70
65
26
282
61-90 days bills bought in open
575
545
545
545
558
1-15 days bills bought in open
market..
16-30 days bills bought in open market
market
marketOver 90 days bills bought in open market—.
Total bills bought in open
market-.
556
556
556
556
537
1 713
1,716
1,241
1,205
1,165
1,387
1.225
166
218
76
59
757
767
913
938
151
132
16-30 days Industrial advances—...
594
553
562
526
259
270
200
152
990
584
31-60 days industrial advances.....
442
364
371
331
583
572
551
547
229
762
61-90 days industrial advances..—......
1-15 days industrial advances...
1,297
1,218
1,381
9,270
9,315
9,438
9,533
9,599
9,561
9,607
8,968
9,354
13,133
Total industrial advances.
11,677
11,615
11,665
11,746
12,579
12,557
12,496
12,318
12,440
15,852
1-15 days TT. S. Government
77,625
83,790
85.355
79,305
77,625
111,163
85,140
83,790
139,875
79,305
161,415
72,137
74,218
127,675
170.495
49,137
68,050
2,087,199
85,550
2,099,699
111,163
2,107,199
127,675
2,106,112
54,413
76,055
163,095
139,875
2,117,199
207,279
2,121,199
74,218
85,355
145,765
105,963
2,103,836
76,055
2,115,199
85,140
60,625
105,963
63,137
2,107,874
1,983,143
2,422,739
2,422,739
2,442,914
2,453,419
2,488,219
2,515,137
2,535,137
2,550,637
2,550,637
2,564,015
4,443,342
Over 90 days industrial advances........
securities...
16-30 days U. 8. Government securities...
62,2.50
securities...
61-90 days U. 8. Government securities...
07er 90 days U. S. Government securities..
85,550
31-60 days U. 8. Government
Total U. 8. Government securities
Total
.
82,115
other securities
In actual circulation.
4,847,304
283,482
4,841,728
291,039
4,814,318
283,603
4,811,723
4,805,166
4,742,375
312,965
4,819,794
310,832
4,835,140
287,363
312.431
261,989
293,069
298,582
4,572,130
4,563,822
4,550,689
4,530,715
4,498,758
4,508,962
4,522,709
4,543,177
4,449,306
4,144,760
4,945,500
4,941,500
1,766
4,929,500
2,251
4,928,500
4,927,000
2,453
4,940,000
3,039
2,430
4,867,500
3,173
4,544,632
1,963
4,942,000
2,449
4,898,500
2,182
4,947,682
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
4,943,266
4,931,751
4,930.463
4.929.453
4,944.449
4.943.039
4.900.930
4.870.673
4,550,359
4,859,493
Collateral Held by Agent as Security for
Notes Issued to Bank—
1
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities
Total
collateral
*
"Other cash" does not include Federal Reserve notes,
*
These are certificates given by the United States Treasury
oents on Jan.
31,
159,113
......
Federal Reserve Notes—
Goid ctfs.
83,330
131,150
5,727
t Revised figures.
for the gold taken over from the Reserve banks when
1934, these certificates being worth less to the extent of the
the dollar was devalued from 100 cents to 59.06
appropriated as profit by the Treasury under
difference, the difference itself having been
provisions of the Gold Reserve Act of 1934.
y
With the statement of Jan. 4, 1939 two new items appeared, "Other liabilities, including accrued dividends."
corresponds exactly to the total of two items formerly in the statement but now excluded, viz.: "AH other
two items
statement for Aug. 24. 1938 has been revised on the new basis and is shown
accordingly
and "Other capital accounts." The total of these
liabilities." and "Reserve for contingencies." The
Volume
The Commercial & Financial Chronicle
149
1281
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 23, 1939
Three Ciphers (000)
Omitted
Federal Reserve Agent at-
Total
Boston
New York
%
%
$
Cleveland Richmond
Phila.
ASSETS
$
Gold
certificates
and
hand
on
Chicago
St. Louis
$
$
$
9,126
375
1,460
814
959
367,189
1,305
344,846
......
23,108
89,975
28,002
22,263
23,143
833,454 6,878,268
734,317
878,456
391,637
Total reserves................... 14,521,692
Bills discounted:
*
Secured by U. S. Govt, obligations,
direct or fully guaranteed
1,012
Other bills discounted
3,806
...
Total bills discounted
705,501
809,971 6,786,833
14,167,720
Redemption fund—Fed. Res. notes..
855,234
302,487 2,296,539
175
972
454
384
651
474
42,580
17,931
8,745
19,866
15,083
1,103
31,986
324,826 2,340,091
391,836
259,651
382,768
243,736
862,652
342
736
412
781
48
13
115
30
37
196
236
292
125
245
1,721
244
249
407
155
282
55
51
23
19
69
/
575
41
242
11,677
1,744
2,052
v:
2,699
119
265
2
16
205
7
'J
45
16
39
551
;
1,043
372
77;.: 3
822
38,790
98,664
127,363
\ 42,284
25,940
45,394
34,859
73,406
54,585
33,486
94,758
15,573
9,553
58,598
16,718
44,997
36,336
12,838
27,034
262,363
112,442
68,979
120,710
92,694
195,198
263,086
112,566
69,891
121,196
93,673
197,061
67,003
265,094
77,160
91,237
86,494
342,203
97,630
99,605
117,777
51,259
66,170
24,676
28,417
33,601
18,878
50,073
14,286
2,422,739
178,173
704,927
205,182
242,615
136,307
103,149
180,053
708,942
208,180
243,283
137,803
104,075
2,439,809
88
2
'
752
335.540
Total U. S. Goyt. securities.....
265
1,066
911,090
Total bills and securities..
Due from foreign banks
78
'
:
70
10
119
368
1,176,109
Bonds
Treasury notes
Treasury bills
*
13
149
13
37
18
17
8
6
22
3
2
5
5
21,732
604,265
666
4,022
974
1,280
.1,626
2,402
4,388
43,005
65,516
50,421
83,756
30,068
21,768
24,698
42,224
2,912
8,926
4,615
5,918
2,576
3,899
2,264
3,157
51,032
3,253
15,182
4,453
'5,589
3,405
2,262
4,918
2,094
1,768
17,773
1,508
1,484
536
163,518
1,276
25,184
1,048
57,773
1,746
20,785
2,048
1,227
1,885
4,210
995,562 1,200,059
587,476
455,748 2,698,174
535,223
352,077
390,866 1,137,015
321,370
428,931
203,884
152,160
1,613,058
179,879
132,836
173,243
77,955
360,933
569,612
254,000
189,685
61,550
39,869
7,316
5,620
49,037
9,225
591,233
49,747
22,945
8,725
29,583
12,383
49,802
9,225
5,264
54,263
30,855
208,200 1,410,711
45,008
89,548
11,133
38,489
5,870
14,312
139,535
41,186
262,365
41,036
13,678
1,640
253,855
280,186
522,162 5,911,855
147,594
55,114
119,185
22,901
193,147
4,982
515,757
8,421
1,499
18,323
12,156,670
605,159 6,371,781
596,523
673,128
318,719
270,211 1,553,060
318,146
192,340
325,909
249,446
682,248
26,598
Fed. Res. notes of other banks
items..
premises
Other
S
829,563
228,179
362,251
250,522
22,164
549
95
373,451
U. S. Government securities—
Bank
$
$
'
1,172
95
4,818
Bills bought in open market
Industrial advances
Uncollected
$
San Fran'
Dallas
Minneap. Kan. City
due
from United States Treasury
Other cash
Atlanta
$
$
assets
Total assets
17,680,903 1,078,124 7,778,895
2,297
3,174
362,830 1,096,196
540,539
LIABILITIES
F. R. notes in actual circulation
4,572,130
Deposits:
Memoer bank reserve account.....
10,828,970
U.S.Treasurer—General account—
723,754
Foreign
323,760
Other
bank
deposits
Total deposits
603,220
Total liabilities
.......
57,873
149,737
45,036
65,135
341
1,139
344
280
963,273 1,167,474
31,138
24,305
28,068
115
204
84
131
524,694
342,975
530,494
4,559
13,805
1,429
545
3,613
1,142
3,892
713
1,732
6,865
1,303
2,917
3,153
1,001
2,031
4,042
22,666
3,996
4,685
4,296
5,630
455,748 2,698,174
572,624
17,684
443,114 2,653,409
52
71
535,223
352,077
540,539
49,969
3,118
Deferred availability items
Other liabilities, Incl. accrued divs...
17,335,138 1,054,239 7,659,672
9,225
20,607
136
:
87,070
221
77;
351,790 1,071,380
CAPITAL ACCOUNTS
Capital paid In
Surplus
135,486
149,152
9,405
10,083
50,873
12,116
2,874
52,463
7,457
13,696
27,264
33,863
......
(Section 7)
1,523
8,430
Surplus (Section 13-b).
Other capital accounts......
Total liabilities and capital accounts 17,680,903 1,078,124 7,778,895
Contingent liability on bills purchased
for foreign correspondents.
o
mmltments to make Indus, advs...
*
r
7
:
11,075
605
:
v77?
3,513 :
1,459
587,476
10
10
4
:1,342
2,059
1,444
V
Three Ciphers (000) Omitted
Federal Reserve Bank of—
V'i.v '-"i
4
12
139
30
429
$
Collateral held
m
3
'■7;',:
7
3,427
f
' -v.?'-
St. Louis
Chicago
$
$
$
$
$
$
$
7
Kan. CUy
Dallas
$
Minneap
$
San Fran.
■
S
$
V
$
164,112 1,037,930
24,872
11,952
191,567
137,820
183,670
85,820
414,424
17,963
214,103
10,219
11,688
4,984
10,427
7,874
53,491
428,931
203,884
152,160 1,013,058
179,879
132,830
173,243
77,95£
360,933
450,000
215,000
169,000 1,055,000
196,000
139,50C
185,00C
89,00(
434,000
10
If
20C
196,01(
139,510
185,20f
89,00(
434,635
411,844 1,232,427
95,412
20,978
338,873
17,503
446,894
4,572,130
390,866 1,137,015
321,370
4,945,500
2,182
420,000 1,248,000
345,000
852
48
4,947,682
In actual circulation
60?
65
' 77y,;>>7'/7
Atlanta
Cleveland Richmond
Phila.
New York
Boston
4,859,493
287,363
Held by Federal Reserve Bank
362,830 1,096,196
777-
:
federal reserve note statement
"
Issued to F. R. Bank by F. R. Agent
77;V
994
2
10,618
9,965
2,121
2,112
1,266
1,840
'•
-
Total
Federal Reserve notes:
777-;
3
V-'.''
>7'-
'•
7:7:7
927
"Other cash" does not Include Federal Reserve notes.
■;
:
3,293
995,562 1,200,059
36
101
5,117
4,983
13,742
14,323
1,007
4,416
2,061
420,095 1,248.852
345,048
by Agent as security
for notes issued to banks:
Gold certificates
on
and
hand
due
from United States Treasury
Eligible paper
.....
Total collateral
United States
Rates quoted are
95
320
169,000 1,055,000
215.320
450.000
States
United
Treasury Bills—Friday, Aug. 25
York Stock
for discount at purchase.
Transactions
Bid
Aug. 30 1939.
Sept. 6 1939.
Asked
Bid
Oct.
18 1939
0.06%
Oct.
25 1939
0.06%
0.06%
0.06%
Sept. 13 1939.
Sept. 20 1939.
Nov.
'
0.06%
0.06%
I
0.06%
7
8 1939
Nov. 15 1939
11 1939.
'
0.00%
'
m
mmm
0.06%
Oct.
New
PARIS
Aug. 19
Francs
a
point..
Banque de l'Unlon
Z2ds of
or more
>7/r7.7'
■,A-"7:7 7,;:;v7
•
.
Int.
Bid
Rate
Maturity
Asked
Cle Dlstr d'Electricite
Cle Generale d'Electricite.,.,.
Generale Transatlantique B
Citroen B
Rate
Maturity
Bid
Asked
102.5
102.7
Courriero
103.14
103.16
Credit Commercial de France...
104.25
104.27
Credit
104.4
104.6
Eaux des
S A
15 1941.
101.8
101.10
Sept. 15 1942.
101.9
101.11
Dec.
101.23
101.25
June 15 1943.
102
102.2
Energle Electrique du
101.30
102
Dec.
15 1943.
1 H%
102.1
102.3
Euergie Electrique du
102
102.3
June 15 1944.
IH%
100.1
100.3
101.4
Mar. 15 1942.
15 1942.
...
Lyonnalse-..—........
Lyonnaise cap........
Nord._._HOLILittoral..DAY
Kuhlmann...................
Liquide
L'Alr
Lyon (P L# M)................
NordRy.--.-II
THE
BERLIN
STOCK
Orleans Ry
EXCHANGE
Closing prices of representative stocks
as
received by cable
—
6%
Capital
Bathe
Pechiney
each
.
-
........
Perpetual 3%
1917
1918
Rentes 4^%, 1932, A
Rentes 4}^%, 1932, B
Rentes
Rentes 4%,
day of the past week:
Rentes 4%,
Aug.
19
Aug.
21
Aug.
22
Aug.
Aug.
Aug.
24
23
25
-Per Cent of Par-
5%.
Rentes
115
116
116
117
163
163
163
163
Saint Gobain
Commerz-und Prlvat-Bank A. G. 6%
106
106
106
106
106
Farbenindustrie
111
111
Soclete
123
123
123
123
123
Soclete
»_
(6%)
I. G.
111
._
106
106
106
106
106
Soclete
....
Deutsche Reichsban (German Rys. pf.
Dresdner Bank
(7%)
;»
—
—
—
'
111
111
154
154
153
153
Soclete
180
180
180
180
180
Tublze
189
192
192
192
192
Union
97
-r.
100
99
100
Wagon-Lits
150
;
Relchsbank (8%)-.
Siemens & Halske
(8%)
Verelnlgte Stahlwerke (6%)
7%).
7,300
961
372
138
13,000
13,400
396
146
13,000
705
1,460
60
499
394
146
13,100
495
684
1,470
45
495
799
793
796
770
230
203
481
1,630
1,400
319
535
613
230
205
480
220
198
460
220
1,556
1,400
310
530
613
1,040
8->6
812
427
B6
1,625
73.50
77.80
76.75
82.75
83.90
108.30
1,510
1,350
295
517
1,520
1920.1
210
502
1,560
1,440
322
545
623
1,070
8o7
835
432
37
1,625
74.30
79.40
78.60
83.90
84.90
110.10
Schneider &
Deutsche Bank (6%)
6,400
980
980
Royal Dutch
162
._
7,100
995
7,000
1,026
417
152
13,300
735
1,480
53
607
5.760
1,918
Cie._—1,345
Franchise Ford
59
Generale Fonclere
59
Lyonnalse
......
1,440
Marseilles
633
Artificial Silk preferred..
71
112
Berliner Kraft u. Llcbt (8%)
AUgemelne Elektrlzltaets-Gesellschaft (6%)
1297.
Aug. 21 Aug. 22 Aug. 23 Aug. 24 Aug. 25
Francs
Francs
Francs
Francs
Francs
-
IH%
1H%
2%
IH%
1H%
1 H%
..
Mar. 15 1941...
June
Dec. 15 1941.
101.2
page
BOURSE
Comptoir Nationale d'Escompte
1H%
Mar. 15 1940...
June 15 1940...
Dec. 15 1940.
100.2
Exchange.
240
Canal de Suez cap
Coty
IH%
IH%
16/S%
IH%
IH%
Sept. 15 1939...
Dec. 15 1939...
Pays Bas
ParLslenne..
Pacific
Canadian
Cle
Int.
New
7,200
Bank of France
Banque de Paris et Des
■
Figures after decimal point represent; one
the
Quotations of representative stocks as received by cable
each day of the past week:
Quotations for United States Treasury Notes—Friday,
-'•vAug. 25
Stock
York
Averages—See
THE
''
m
the
on
page.
•
0.06%
Nov. 22 1939
■mmmmm
0.00%
mmmmm
at
Stock and Bond
0.06%
0.06%
.mm— mm
mm ******
Sept. 27 1939.
Oct.
4 1939.
1 1939
Nov.
mmmmm
Securities
Daily, Weekly and Yearly—See page 1297.
Asked
■•••■?777v:7'7^7\
Government
Exchange—See following
635
;
C & C
d'Electricite
^
...
30
58
1,040
853
824
427
38
1,581
73.30
78.50
77.25
82.90
84.10
108.60
5,660
1,887
1,305
57
57
1,400
633
65
518
52
7071,480
5,760
1,920
1,348
65
57
1,402
633
63
511
52
159
1,565
45
1,370
603
1,010
854
820
422
37
1,550
72.25
76.10
75.50
81.80
82.90
107.00
5,690
1,880
1,260
1,040
426
72.80
76.00
75.20
83.20
84.00
107.80
6,050
46
53
1,347
633
55
482
51
52
1282
Aug. 26, 1939
,7
Stock and Bond Sales—New York Stock
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
of such sales in computing the range for the year.
•
■
«
account Is taken
No
■
United States Government Securities
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Below
r\
furnish
we
a
rl /> /"i <rnnl
J
m/MVii
rcnrpvumi
Q9//o
nrto
Dally Record of U. S. Bond Prices Aug. 19 Aug. 21 Aug.22 Aug. 23 Aug. 24 Aug. 25
4 ^8.
120.5
Low.
1947-52
mmmm
120.5
mmmm
WW*-
OlOSC
mmmm
Total sales in $1,000 units...
120.9
120.5
High
Treasury
119.4
119.4
118.25
120
119.4
119
2
....
rr\i\Av\i
Daily Record of U. S. Bond Prices Aug. 19 Aug. 21 Aug. 22 Aug. 23 Aug. 24 Aug. 25
119
120
r,
107
*6
115.6
115.0
115.2
Low.
115.6
115.2
115.2
Close
115.6
115.2
18
27
15
115.2
5
3
114.24
114.3
114.3
114.20
113.18
113.4
113.18
114.3
115.6
Low.
115.6
mmmm
114.19
m
115.6
mmmm
37
4
3
24
5
106.19
106.18
106.10
105.10
105.22
mmmm
106.18
106.18
106.10
105.7
104.16
106.19
106.18
114.19
mmmm
114
Low.
2Ms, 1958-63™
m
mmmm
Low.
102.24
Close
103
mmmm
Total sales in $1,000 units—
3MS, 1941-43
19
18
105.30
105.25
Low.
107.2
106.16
106.8
106.4
104.28
104.21
107.2
106.16
106.4
1
113.20
Close
Total sales in $1,000 units...
113.20
20
'
■
'
-
.
106.16
6
High
.1*1
2MB. 1948
107.24
mmmm
104.20
Close
106
105.15
mmmm
7
Total sales in $1,000 units...
10
109.30
109.16
110.7
109.30
109.27
2Mb, 1949-53
109.8
110.10
110.7
109.30
109.27
109.8
6
5
101
2MB, 1950-52
'
mm
m
105.28
105.21
105.16
....
mmmm
105.26
105.17
105.28
mmmm
105.17
....
113
3
Total sales in $1,000 units—
mmmm
109.31
109.25
109.23
109.18
109.2
Federal Farm Mortgage
108.17
Low.
109.31
109.23
109.18
109.13
108.19
108.17
Close
109.31
109.23
109.21
109.13
108.19
1
26
153
128
111
24
-m
Low.
+
rn.mm
Close
110.19
-
110
110.2
109.20
110.19
m
110.2
110.19
m
110.2
Total sales in $1,000 units...
108.26
105.3
105.18
104.12
105.28
105.20
105.18
104.12
mm m m
110.25
mmmm
mmmm
mmmm
2
mmmm
mrnmm
'
112
mmmm
Low.
■
112
Close
110.19
Total sales in $1,000 units...
5
.rn'mm*
mm mm
111
mmmm
111
mmrnm
mmmm
108.10
mrnmfm
108
1
Close
Total sales in $1,000 units...
109.5
108.26
■mmmm
mmmm
Close
108.26
mm mm
mmmm
mmmm
mmmm
mmrnm
mmmm
'
-1
mmmm
rnmmm
mmmm
mmmm
mmmm
Close
Total sales in $1,000 units...
107.18
107.24
106.13
106.18
107.3
106.18
101
.
135
52
105.16
105
104.16
105.16
104.24
104.16
105.16
104.24
104.16
57
____
70
10
1
■
mmmm
m
105
mmmm
2
mmmm
-m m
108.4
108.16
108.12
108
107.4
106.28
107
13
mm
mmmm
•>..
mmmm
1041"
•
Odd lot- sales,
103.18
103.28
103.13
104.7
103.28
....
....
5
101.10
100.29
100.5
101.12
101.10
100.4
100.5
101.12
101.10
100.6
100.5
4
Zmmm
t Deferred delivery sale,
10
52
108.11
mmmm
107.10
106.10
108.11
mmmm
107
106.10
9
Treasury 4s, 1944-1954
1 Treas. 3Ms, 1943-45
107.10
106.10
1
H'
108.11
250
13
107.17
107.16
107.13
107.13
....
107.28
107.17
107.13
mmmm
11
5
6
mmmm
3
40
1
t Cash sale.
above table includes only sales
Transactions in registered bonds were:
bonds.
76
103.13
80
101112
Note—The
.107.20
107.24
103.28
104.7
.
Total sales in $1,000 units...
37
3
2
....
mmmm
Low.
Low.
107.24
107.4
High
107
106.24
106.24
'
mm
106.24
108.2
108.2
Close
107.5
99
108.12
mmmm.
1MB. 1945-47
106.1
100.16
3
107.28
mmmm
...
105.20
High
23
107.28
mmrnm
lOfi',27
107.3
105
m
--J
^
i Close
Total sales in $1,000 units...
109
110
5
108.3
J
2Mb. 1942-44
no"*
109.5
108.3
13
-
47
1
107.29
High
*9
High
3s, series A, 1944-52
~~
109.5
108
Low.
107.19
108.3
mmrnm
Total sales in $1,000 units...
108.3
Low.
2MB, 1951-54
7
108.6
108.3
mmmm
Low.
108.24
111
mmmm
(Close
...
105.20
mmmm
20
108.26
(High
.
105.20
mmmm
108.3
..(Low.
...
105
Low.
111
111
71
Total sales in $1,000 units
....
trmmm
Close
108.3
mmmm
108.29
108.29
mmmm
109
mmmm
1
.
.
mm mm
108.22
111
mmrnm
Total sales in $1,000 units
..
....
108.22
mmmm
■
110.3
mmmm
'
High
2Mb. 1948-51
2Kb, 1942-47
Home Owners' Loan
mmmm
mmmm
Close
2Mb, 1945-47
18
'
mmmm
Low.
.
m
108.22
mmmm
110.3
mmmm
'mmmm
Total sales in $1,000 units
mm
108.22
mmmm
1
."II
m
mmmm
rHigh
'
mmrnm
....
m m.m m
mmmm
Close
Total sales in $1,000 units...
'mmmm
5
mmmm
mmmm
.-■
Close
2Mb. 1955-60....
104.3
mmmm
'
ii~o~3~
110.19
High
mmmm
—
mmmm
mm m
mmmm
Low.
108.30
mmmm
11049
Total sales in $1,000 units..
104.3
■
■
108.30
mmmm
■
133
104.3
mmmm
'
"
rHigh
3s, 1942-47
*1
High
m
mmmm
110.25
mmmm
Total sales in $1,000 units
Low.
mmmm
'mmmm
Low.
110.25
112
....
High
1
9
—
108.29
Total sales in $1,000 units...
109
'mmmm
-'mmmm.
Low.
-
108
104.22
....
m
104.22
mmmm
Close
30
111.10
Total sales in $1,000 units...
3s. 1951-55...
mmmm
High
■
108.29
131
111.10
Close
rmm
12
104.22
''
'
Low.
3s, 1944-49
108.21
108.27
111.10
High
17
105.18
105.18
mmmm
Close
Total sales in $1,000 units...
109.1
300
Close
3s, 1946-48
109.10
109.26
High
3Ms. 1949-52
10
103". 16
'
29
1
Low.
3Ms. 1946-49
1
105.20
'
■
rHlgh
108.17
Total sales in $1,000 units...
3Ms, 1944-46.
103.14
105.28
mmmm
Low.
3Ms, 1944-64
High
High
103.14
103.30
105.16
20
103.30
m
■mmmm
Close
Total sales in $1,000 units...
105.16
mmmm
105"""
105.16
106
immm
High
....
m
105.16
6
'
Close
Total sales in $1,000 units...
100
m
105".16
1
Low.
2s, 1947
3Ms. 1943-45
mmrnm
mmmm
mmmm
1
110.10
m
105.15
mmmm
Close
'/mmm
106
104.27
$1,000 units...
Close
'mmmm
■
Low.
105.1
High
mmmm
■
mmmm
^mm'mm
mmmm
110.4
Low.
*3
mmmm
■'mmmm
mm-mm
110.7
•
106.15
2
*17
'
9
104.20
110.10
3Ms. 1941
106.16
105.18
104.27
25
107.23
35
■mmmm
106"""
105.1
Low.
n
107.24
107.24
mmmm
High
Total sales
106.15
5
Close
104.22
High
3Ms. 1943-47
106.16
High
104.27
mmmm
Total sales in $1,000 units—
107.23
108
Low.
8
105.1
mm.*mm
107.24
"
....
Close
17
106.15
'
*1
mmmm
201
106.16
107.27
mmmm
High
89
107.23
Total sales in $1,000 units...
102.16
mmmm
105.25
292
107.24
107.27
mmmm
102.16
104.28
31
107.27
mmmm
Low.
2MB. 1945
102.16
....
Low.
104.22
14
106.15
Total sales in $1,000 units...
(High
105.7
*7
106.18
113.16
mmmm
102.24
5
106.10
26
113.28
102.24
103
mmmm
105.16
106.31
_
Close
103
High
3 Ms, 1940-43
105.16
10712"
113.28
mm
1
....
105.16
High
8
18
m
106
'
114.19
10
mm
«.
Total sales in $1,000 units...
Close
Total sales in $1,000 units—
105.8
mmmm
Close
114.20
4
(High
•
105.8
106.23
■
Total sales in $1,000 units...
2Ms, 1960-65
ZHb. 1946-56..
106.23
mmmm
Close
'
13
[High
Total sales in $1,000 units..»
106.23
106.20
106.30
mmmm
Low-
2Ms. 1956-59—
1
(High
4s, 1944-54
106.30
106.30
106.30
(High
Treasury
of
coupon
113.4
to 113.4
109.16 to 109.16
Trcas. 2Mb, 1945-47
108.14 to 108.14
25
105.20
United States
105.20
105.20
United States
2
Treasury Bills—See previous page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Aug
SALE PRICES—PER
64
*63i4
*131i4 140
44r'«
*39i4
35
7
7
2134
2038
2134
Aug. 22
Aug.2Z
Thursday
Aug. 24
$ per share
$ per share
$ per share
a63
*7S
*7
*5i4
*9i2
16i8
63
$ per share
62
63%
138
13412 134i2 *134
*39%
44%
*39%
4434
33
*32% 33%
33%
7
634
6%
7%
*20
23
2034 2034
STOCKS
NEW
61%
134
6H4
134i4
?7
3914
33
33
634
*615s
134
39
*30%
7
23
$
per
the
share
Par
700
Abbott Laboratories...No par
4 M% conv pref
100
Abraham & Straus
No
62
130
39
*33
39
40
33
33
900
2034
62
130%
63
7
90
20
300
19%
20
19l2
1912
20
20
20
20
51
700
51
51%
Address-Multlgr
50s8
513S
4978
51
49%
52
4,200
h
34
84
7i8
634
1
*8
%
*34
%
7%
*7%
7%
7
34
*5s
34
6%
*&8
34
5%
512
*5%
6I4
5l2
*5i2
634
55g
84
%
7
6
£-84
11
I6I4
9
7
*%
638
5i2
*5%
*8%
14%
*7%
7
6%
9%,
15%
9
6%
9
14%
*7%
161
10%
10%
*10%
11%
11
11%
11%
lli4
8
8t4
7%
70i2
70t2
70
313g
32
31%
*15i4
16
15%
1%
*13g
1%
*12
16
*5812
161
15%
8I9
160% 162
12
12%
534
9
143s
9
5U
1534
*75g
Si4
161% 162%
10l2
1012
115s
1134
75s
159
*10%
1138
734
14U
14%
2934
14i8
li4
1%
*58%
17
17
*17
2934
30
*58%
1%
15
60
18
17
17
29
29%
30%
11%
11%
65
11%
*54
55
Bid and asked prices, no sales
on
1*4
*10l2
58%
*1634
2834
Ills
*54
800
678
5%
5,000
*5
514
71
7
*68
15
*10
58%
57
75g
12
*10
1138
7%
11%
714
Alghny Lud Stl Corp..No
par
100
Allen Industries Inc
Allied Chemical & Dye. No
par
13,700
Allied Kid Co.
5
No par
Allied Stores
No par
Corp
70
*66%
6912
1,200
30
31*4
8,200
5% preferred
AUis-Chalmere Mfg
16
1,000
Alpha Portland Cetn
*1418
1%
1U
15
*10
58
*5612
ll4
15
58
800
100
No par
No par
Amalgam Leather Co Inc
100
700
1
Allied Mills Co Inc
32
14%
19% Apr 1
45% Apr 4
a4 Jan 30
6% Apr 11
117
6%
conv
preferred
Amerada Corp
1
50
No par
Apr 12
45
Jan
11
25
Mar
10
121
19
June 29
14
Apr 8
634 Apr 11
151% Apr 10
10
Apr 10
9% Apr 10
6
Apr 11
54% Apr 11
•
28
Apr
8
8
1234 Apr
l%June 29
12
Aug 21
50
Mar
113g Jan
3
Aug 22
5
1978 Jan
3
3
4i2 Mar
38
Mar
12«4 July
1% July
133s Feb
125
1%
7b
17i4
173s
Dec
Jan
Jan
Jan
Jan
21i2 Nov
2934 Nov
14U Aug
197
Oct
1284 Oct
147s July
13i2 Nov
70% Oct
34U Mar
11% Apr
H4 Mar
20
24
Jan
78
July
19
Jan 20
10
Mar
May 25
65*4
3U
Oct
Oct
Oct
55
May
3
22
Dec
105s Aug 24
36i4 July 25
17*4 Jan 3
10
Mar
23% July
50
60
4014
Apr
6-1
Apr 11
70
16
Apr 26
2414
26
June 29
1058
11
107s
11
2,100
American Bank Note
10
55
54
54
55
100
x
Jan
483g Jan
10
50
Mar
8% Mar
No par
Cash sale,
June
June
8ept
4
Am Airlines Inc.
r
Mar
Jan
3,700
preferred
78 Mar
614 June
133s
16lS
6%
Apr
Mar
29
Now stock,
95
7
16i8
n
Oct
124
28
1 Oet. delivery,
Oct
Jan
Aug
Jan 21
1634
*54
Oct
52
24
6%
784
14%
4%
Mar
23$ Jan
Nov
45
677g Nov
5
111* Jan
71
pet share
61
123«4
30
May
13'g
28
$ In receivership.
4
28% Jan
193
16i8
this day.
June
% Mar
834 Mar
Jan
8
36% Feb
1195a July
30% Mar
18
Highest
share $
40
May 25
1% Jan
per
6% Mar
I4I2 Mar
16% Mar
1478 Jan
13*8 Mar
12«4 Jan
27
(Del)
6
27*2 Jan
65% Jan
1% Jan
17
Am Agrlc Che 111
\
Jan
2912
ll's
800
Lowest
65
July 24
134% Aug 21
43% July 28
8s July
1
534 Aug 24
412 Aug 24
434 Aug 25
6M % Pf A with $40 war. 100
5H% pf A without war. 100
$2.50 prior conv pref. iYo par
9,100
8
33% Apr 8
31% Mar 31
6*2 Aug 24
19% Apr 28
10
2,600
200
Apr 10
No par
8
2,900
Apr 11
No par
Corp
Albany <fc Susq RR Co
100
Allegheny Corp..
No par
5M % Pf A with $30 war. 100
300
10%
11%
53
120
Air Way El Appliance. .No
par
Alaska Juneau Gold Mln
10
400
16i8
158
$ per share
par
161
*758
161
5
No
Air Reduction Ino
1,500
11
434
15
3134
1%
34
6I4
6>4
5
15
70i2
30i2
*11
3,700
14
71
1%
67s
11
69%
31%
15%
15%
500
6%
7
78
12
70%
31%
15%
32%
*34
*10
738
60
*54
9
8
6034
55
6%
34
*58
534
4%
7&8
12
11%
5%
734
12
2734
11%
*20
6,400
$ per share
.25
5034
*20
Year 1938
Highest
par
Acme Steel Co
20
67b
21%
Range for Previous
Lots
Lowest
Shares.
62
6l2
2034
On Basis of 100-Share
Week
134
32%
Range Since Jan. 1
YORK STOCK
EXCHANGE
20%
158i4 162
lli2
*1078
*
Sales
Friday
Aug. 25
Adams Express
Adama-M 1111s
7i2
58
634
578
*54
CENT
for
Wednesday
51%
*51
1H8
SHARE, NOT PER
Tuesday
Aug. 21
19
$ per share
*331^
HIGH
Monday
May 24
Ex-dlv.
y
Ex-rlghta
Jan
Jan
6
28i2
^ Called lor redemption.
Oct
Nov
Volume
New York Stock Record-Continued—Page 2
149
HIGH
AND
SALE
EXCHANGE
Saturday
Aug. 19
Monday
Tuesday
Wednesday
Thursday
Friday
Aug. 21
Aug. 22
Aug. 23
Aug. 24
Aug. 25
$ per share
$ per share
$ per share
$ per share
$ per share
S per share
Shares
On Basis of 100-Shars
Week
4
4%
40
40
*136% 140
98
4
3%
39% 3934
*136% 140
95
98%
*170% 177
36%
9534
17%
15
*104
106
*103
106
*130
135
*130
*6
10
*6
*6
10
5%
5%
634
6
6%
6
5%
6%
778
*7%
7%
7%
734
*75
79
234
5%
*75
79
2%
17%
2%
2%
1834
1734
17%
7
*6%
634
6%
14%
14%
1284
12%
12%
334
13
1234
378
*30%
*51%
2%
22%
*4%
3334
30
30
52
51%
51%
2%
2%
22%
22%
4%
2%
22%
434
15
15%
14%
15
45
43
12%
11%
6%
4
*44%
12%
'mm
6
3%
132
*6
10
*6
500
__
5%
5
5%
6
7%
7%
7%
*72%
75
*5
6
Amer & For'n
2%
2%
2%
2%
2%
3,000
1734
1634
1734
17%
18%
6%
5%
63s
6%
684
3,000
2,900
2,700
6
v
1284
11
12%
12%
13%
13
1234
*12%
3%
13%
13%
3%
2
1234
13%
13%
3%
13%
4
384
3%
28
28
28
28
5134
49%
51%
50%
50%
22
22
31
13%
12%
13%
64
*60%
63
*60%
*12%
13%
*12
13
13
12%
29
29
42%
4234
41%
44
218 Apr 11
4% Jan
40% Jan
200
2,000
270
13%
12%
12%
60%
58
58
*58
13
12%
12%
27
43
m
—
22%
*12%
12%
12
*13%
14%
*13%
*16
*787s
81
16
78
78%
18%
*16%
78%
78%
77
78
*80%
81%
78
79%
5
5%
934
434
4%
4%
15%
*15%
*77
16
15%
77%
16%
162%
79%
*151%
17%
10%
95%
-
mm
5
10%
*91
96
4
30%
4%
33
*28%
334
4
24%
23
24
40
237g
35
35
24%
22%
24
38
23%
*35%
23%
36%
36%
600
mm
12,000
1,600
25
24
24
114
*111
114
*111
114
*111
*8
11
*8
11
*8
*8%
1178
21%
24%
22%
24%
25
*111
114
*784
200
1,400
5,100
30,300
*45
39%
39%
9%
9%
734
734
3834
39%
9
9
7%
7%
7%
"~7%
76%
76%
59
*50
"7%
*36%
6%
*73%
38
98%
23%
98%
25
*54
55
53
54
16%
1634
678
*6
12%
19%
19%
*106% 109%
834
834
*46%
48%
*50
53%
24%
7
6%
*90
:
mm
mm
7
6%
6%
......
200
334
10%
4%
4%
*9734
9934
98
23%
22%
53
52
52
17
15
1534
54
51%
17
15%
534
6
6
*584
120
270
5
5
400
134
200
27g
500
20t2
3%
9%
20%
334
3%
10%
29
127
*124
8%
*7284
8%
76
18%
334
10%
3%
9%
4
4
4%
5
5
5%
5%
23
213s
21%
68
6734
6734
11%
11
113s
*7
29
11%
7
7%
29
:
*27%
'
6%
7%
30
*
"11%
mm mm
123
8%
123
8%
*7234
76
20%
125
*122
884
*7234
21%
*123
8%
8%
74%
233g
21
20%
*39
39
20
55%
56%
53%
54%
54%
5634
*53i4
38%
53%
17%
17%
17%
17%
17%
17%
17%
*
21
9%
16%
*38
17%
1634
55%
112% 112%
21
21
*16%
17
21
122
126
122
*70%
20%
*53%
19
300
40
30
~ii%
20
15%
......
......
300
127
*110
83s
*70%
83s
1,600
74%
200
24,000
4,000
20%
22
21
22%
19%
20
20%
55%
38
38%
1934
53%
37%
20%
*53
3834
55%
251%
54%
54
56%
16%
16%
17%
112% 112%
*18
1,500
~
8%
*3 834
*1534
mm
72%
22%
53%
11234 114
-
*8%
39
1834
11%
72%
834
53%
984
"11%
12
76
38%
18
3,800
54
110% 11134
20
19
19
15%
15«4
1534
537s
37%
I684
16%
109% 110%
20%
1934
10
9%
16%
*14
18
*14%
18
*12
*38
40
*38
40
14%
35%
14%
40
38
*35%
18%
1634
17%
17%
18%
9%
934
18%
173s
Bid and asked prices: no
I884
17%
934
sales 011 this day.
9%
9%
$ In receivership,
a Def.
1,200
600
400
16
16
934
1778
3934
9
200
1,000
56,800
3,400
5,900
14,400
30
20
delivery,
Jan 23
8*4 Apr 11
li2 Apr 11
21
Apr 21
116
July 28
97
113%
Mar
20%
2
Mar
4% July
20
Apr
116
July
31% Aug
122% Oct
10378 Oct
Jan 15
Jan 9
Jan 6
Jan 4
June 20
82
Mar
15%
2%
29%
121%
105
May
Apr
10
97
11484June
Oot
Oct
7
72
7%
94%
Jan
33% Apr 11
9
Aug 21
58
Jan
4
24% Mar
5% Mar
2% Mar
69%
Deo
July 20
72
Nov
3
4
Mar
May
77% Dec
12% NOV
75
Aug
5
......No par
7% preferred
.——100
Associated Dry Goods
1
53g Apr 11
73
Jan 23
55s Apr 11
6%
13
Mar 15
10% Jan
95
10% Jan
5
July
Jan
13
Nov
9
Dec
6% 1st preferred....... 100
70
Jan
5
78
Marl5
*52
100
41
Apr
8
60
June 12
48
Dec
Assoc Investments Co..No par
30
Apr 11
Jan
9
38
June
6
27
Mar
100
June
1
72
Mar
2 Hz Aug 24
4278 Jan
4
22% Mar
447s Nov
51% Aug 23
71
6
40
May
72
Jan
15
30% Jan
3
10% Mar 14
14
Mar
30
Dec
7% 2d preferred..
5% preferred
Atlantic Coast Line RR
100
Atl G A W I SS
Lines.-No par
5% preferred
...100
Atlantic
25
Refining
4% conv pref series A... 100
Atlas Corp
5
50
6% preferred
—No par
5% conv preferred
100
Atlas Tack Corp
No par
tAuburn Automobile..No par
No par
Austin Nichols
Aroostook
Conv 5% preferred
Barber Asphalt Corp
Bangor A
Barker Brothers
100
100
.50
100
..10
—No par
5H% preferred......—.50
5
Bayuk Cigars Inc...-.No par
1st preferred
—100
20%
40
90
103s
mm
40
934
*
111
Oot
Oct
2178 Aug
Mar
6,600
12%
55%
*38
30
64*4
378 Mar
8,200
2034
*16%
*6
7%
Mar
IO84 Mar
50
1178
11%
1134
20%
17%
♦
30
10%
69%
7%
*67%
103s
69%
500
22
22
*53
22
*6
113
22
114
10%
29
27% Aug
Oct
28% Mar
22
21
2034
21
19%
21
22%
22%
*11038 mrn'mrn
112% 112% *1103s "mm
*112% 113
22%
2234
22%
22%
23
23%
23%
23%
22% 22%
*105% 120
*105% 120
*105% 120
*105% 120
*105% 120
*22
*22
28
*25%
*26%
11%
21
21%
*16
*67
6%
*21
42%
4
Barnsdall Oil Co.—
23%
*21%
22
May
5
July
5
J Baltimore A Ohio
4% preferred.......
3%
5%
21
36% Jan
5478 Jan
Nov
9%
4
12,300
3,600
4%
5%
*21%
43
Jan
7% July
Jan
19,600
4
45
4% Mar
25
Mar
Jan
35,400
5%
23% Mar
91
Jan
334
4%
3% Mar
Aug
65
1034
53g
16% Nov
Aug
684 Jan 10
96
52
984
3%
Apr
14% Jan 20
8
28*8 Apr 10
358 Apr
358 Aug 24
3%
10
4%
22%
114
18%
21%
Mar
Deo
9% Nov
33*4 April
50
Mar 31
$5 prior A
No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works v t c.,13
50
18
4%
113
*23
*2
18
4
*66
*105% 120
*1%
■
11%
23"
1%
2
3%
9%
3%
9%
1%
*2
3
*18%
20%
*18%
10
*2
2
2
6
68
Oct
91%
152
5
Atlas Powder
*119
66%
*22%
$6 conv pref
I
5
Apr
37s Mar
Oct
Deo
88% Aug
No par
100
No par
Armour A Co of Illinois
100
120
11%
12
7% preferred
100
Armour ACo(Del)pf7%gtd 100
320
5
66
22%
12,000
120
69%
22%
mmmm
*5
*21
vll34
mm
120
22%
*114
Copper Mining
20
..No par
Archer Daniels Mldl'd.No par
900
3,100
5%
31
$6.50 conv preferred-No par
■
10
10
10
9%
10%
10%
183s
183s
18%
18%
19%
18%
*106
106%
1093s *106
*104
1093s *104% 109
*106% 109%
8%
8%
8%
838
8%
8%
8%
8%
8%
8%
47
47
47%
46% 46%
*46%
*47
47%
47% 47%
*47
50
50
50%
50% ♦49%
50%
*49% 50% *50
*20%
*29
500
6%
19%
58*4 Mar
25
A P W Paper Co
120%
150%
Mar
130
5
Oct
Jan
117% Mar
Mar
58
Jan
31
8is Apr 11
Apr 10
—..100
11%
2
8% Jan
Dec
Dec
19
Dec
111
33
800
4,100
1534
19
?•
_
Apr 11
Andes
Deo
11%
June
12% Mar
18% Jan
170% Mar 11
87% Jan 19
89*4 Jan 16
l53%May 26
24
Mining..50
40%
82
43% Jan 10
7*4 Jan
JS^prior conv pref
Deo
19%
3
Aug 24
Anaconda Copper
Deo
61%
150
12
4
100
Preferred
Jan
68% Nov
Jan
Mar
130
14% July 26
I484 Aug 3
4
35%
140
6% Mar
Jan
22% Jan
9178 Jan
Jan
23% Nov
15% Mar
Aug
41
78
5% pref with warrants.. 100
11
5%
734
6%
Jan
2078
28% Mar
103
July
4l2 Mar 31
Atch Topeka A Santa Fe._ 100
19%
22%
11%
15%
*5%
147
190
54
*51
8OS4 July
4584 Apr
69
153
2018 Aug 24
8I4 Apr 8
9
Apr 1
15U Apr 11
75% Mar 7
14l2 Apr 8
148
Apr 10
73
April
75i2 Apr 11
19,300
24
98%
24
34% Mar 10
53% Jan 6
140% June 21
July 19
90
•
98
21%
200
11
5%
11%
5,200
6%
11
22%
*7
mm'
19
5%
*67
mm
36
98%
Dec
Jan
Amer Zinc Lead A Smelt... 1
400
2
24%
Am Water Wks A Elec. No par
m mm m mm-
23
100
10
preferred..
Artloom Corp
mm
mm
58
134
3%
684
38
3
10
6%
1,000
9%
*65
25
Common class B
Am Type Foundries Inc
2,600
5,800
39
.'mm
100
26
Teleg Co
Tobacco...
preferred
Armstrong Cork Co
Arnold Constable Corp
mmmmmm
74
*2
*21
American
200
*50
9934
6
200
9,400
*35
*1%
5%
*5
300
58
120
*119
120
120% *119
*5
5%
5%
5%
*5%
134
*1%
134
*1%
134
134
*120% 124
600
38
24%
16%
Amer Telp A
20
10%
6%
165% Jan
24% Nov
Mar
13i2 Apr
*50
74
68
Anaconda W A Cable.-No par
*35
*68
72% Jan
AnchorHockGlass Corp No par
59
73%
Apr 11
200
36
73%
13% Mar
6,200
42,600
65
*90
6%
148*4 July
20*4 April
35
Apr 11
114
6%
6%
Am Sumatra Tobacco..No par
......
37
9
9%
mm mm
100
Preferred
900
23%
38%
39%
100
$6 1st preferred..... No par
10,700
2434
*40
65
No par
American Woolen.....No par
*50
74
58%
36%
36%
*98%
2334
53%
6
6
"7"
*50
*98%
24%
*11%
*90
38%
9%
9%
9%
684
7%
76
38
16% ,16%
7
57%
6%
76
*51
*36%
9934
*9%
*40
40%
39%
40%
9%
*90
*90
*90
39
65
*45
65
...No par
100
34
*1%
*45
American Stores
1,200
116
65
Amer Steel Foundries.-No par
100
5,100
2
*45
100
6% preferred.......
500
14,100
*27%
65
25
American Snuff
American Sugar Refining..
2
1%
*1%
2
1%
2
*1%
*1%
27
28% 28%
27%
28
28%
*27%
28%
*27%
*116% 117
*116% 117
116% 11634 *116% 117
116%
*101% 103
102
102
*101% 103
10334 *10134 10334
102% 102% *102
*
334
334
384
3%
3%
384
3%
334
3%
378
334
378
36
37
37
35% *35
35%
*35% 37%
37% *35% 37%
*35%
2
27
*184
27
*115% 116%
Mar
9
Jan
35i2 Apr 10
American Stove Co
43s
*784
10%
41% Nov
19% Oct
1838 Jan
12912 Feb 17
5912 Apr 14
146%May 3
500
31%
*111
111
111
10%
16% Mar
Aug
162
..100
600
4
22%
22%
47% Nov
2234 Jan
26
Oct
Mar
45
Smelting A Refg. No par
Preferred
100
10%
*34
37%
Amer
Jan
7%
3% Mar
19
Amer Ship Building Co .No par
95%
23%
23%
22%
*34
Feb
50% Aug
150
'
*36
7
29%
Mar
10,300
434
*24
34
*24
36
*26
20
1,300
8I84
4
4%
Jan
7% Mar
2284 Apr
153
384
31%
3%
31
30%
4%
4%
438
36
4%
30%
a:26
12
79
*91
95%
Oct
Nov
20
100
Jan
5%
45
lTfyjune 29
25
Nov
17% July
122
15% Mar
18
4%
9%
10
8%
*91
4
American Rolling Mill
79
Mar
IOI4 Aug 24
77%
78%
4%
No par
15%
*147
151
4%
15 preferred
Am Rad A Stand San'y-No par
Preferred
...100
13%
79
79
78%
151
No par
23
11*8 Apr 10
156% 161%
78%
7734
$6 preferred..
30% Dec
99% Mar
.
American Seating Co...No par
2284
1134
77%
*1584
77%
American News Co ....No par
Amer Power & Light ...No par
20% July
884 July
2% Mar
900
mm
21
155% 158%
5
9%
77%
*1534
81
434
81
V
*4
36
15%
79
*3034
4%
*29
36
*?8%
13%
434
31
4%
13%
*15%
79
9%
4%
30%
14
79%
*91
95%
4%
32%
*43g
*31
13%
11%
13%
160
8034
10
9%
95%
11%
18
*151%
4%
484
10%
97
*95%
11%
163%
162
783s
*151% 156
*15238 156
11%
21%
11%
77%
*77%
*16
160% 16134
20%
16
18%
16234 163
*16%
22
1434
*1334
16
16
16%
21
12
14
100
Nov
45% Dec
2% June
124% Mar 20
2514 Aug 24
11712 Apr 20
21*4 July 3
358 Apr 10
32
Apr 8
28
Apr 8
9
Aug 24
152 May 15
No par
6% conv preferred
7*4 Jan
26%
*149
*152
^
Amer Metal Co Ltd
3% Aug
Aug
50
6434
m'mm
±
Preferred
July 25
43%
*63
64%
100
65
% conv pref
100
American Safety Rasor.. 18.50
300
135
22%
«•
12
12%
64%
*149
10,400
10%
10%
26%
2784
'
152% 152% *152
22
21%
21%
m'm
22%
27
10
12%
12
11
65
'
*152
24,200
60
41
42%
39% 40%
*132
137% *13584 137
65
66
9%
*152
28
40
66
66
66
67
*6612
18,400
4,900
8,100
1
No par
6% non-cum pref
mmmmrnm
10%
9%
152% 152%
13%
12%
1383s 1383s *135
67s Nov
Mar
Products
American Ice...
Nov
15
36
June
10
2%
41
42%
Mar
1584 Jan
23s
27
2734
*13578 139% *138% 139
12
79% Jan
2%
10%
25% Apr 8
41s4 Apr 11
8
*2%
11%
Mar
Apr
234
25%
11%
*27%
May
2
Aug 24
2,400
60
11%
11%
1134
11%
27%
*1134
Mar
9
2
35%May 31
11
11%
13
10
7
41
11%
13
*61
2
Jan
5% Feb
...100
113s
*2%
63
50
2078 July
19% Aug
15
8
278 Mar 31
Amer Mach & Fdy Co..No par
Amer Mach <fc Metals..No par
42
11%
12%
Apr
700
45
41
1134
13%
12%
Apr 11
12
303j Jan
*41%
13%
10
10
Feb
12% July
Aug 24
45
9
No par
Leather... 1
5% July
25%
5% Mar
13
4%
11%
10%
2% Mar
13% Mar
No par
11%
234
•i. m'mm
3% Jan 20
2
984 Jan
2484 Aug
American Locomotive
1138
9%
7% Nov
Mar
9,500
2%
14
*152
4
1434
14
103s
4«4May 26
2
Apr 8
6
25
13
934
Jan
6% July
1% Jan 24
I4i2 Jan 23
414 Apr 8
14%
*152
Jan
2% Mar
16 preferred
American Home
Nov
I684
83
4
Mar 22
No par
13%
'w
97s Nov
5% Jan
Amer Internat Corp
15%
43%
„
July
2l2 Aug 21
900
13%
43%
10
15
Oct
20
8% Mar
1,400
12
*152
m
Mar
Dec
125
67% Dec
4%
44
934
10%
9
5
4
117
223s
4%
22
2384 Nov
Feb
Mar
Sept
Mar
July 19
78
Aug
9% Mar
Apr 5
884 Feb 24
11% Jan
10% Jan
Mar
Nov
135
105% Oct
176% Nov
347g Dec
57S4 Nov
89%
88%
13%
4%
14
6i4 April
Feb 11
No par
6% preferred
27
4
9
Aug 14
132
I2i4 Apr 10
5
Apr 10
American Hide<5:
,
m
5
115% Mar
4%
2%
21%
4%
2%
*2%
234
27
27
26
26
25% 2534
27
25%
2634 2634
121%
121% *110
121% *110
121% *111
121% *111
121% *111
23
22% 22%
24
23 ;
24
24
*22% 24%
*23
24
*23
4%
4%
4
438
4%
4%
438
434
434
4%
4%
4%
41% 43
43
39% 41
42
43%
42%
4234 43%
4334
4334
35% 37%
3384 36
35%
37%
36% 38%
38%
3634 38
38%
10
4
Jan
24% Jan
61
Power...No par
Amer Hawaiian SS Co
1,400
3,400
513S
*111
*152
Jan
55
Jan
2%
*21%
2%
2%
223g
4%
27
35
70*4
share
14% July
52
3084 Mar
1% Oct
13% Nov
4% Mar
12% Mar
2%
22%
*42
160% Mar
12% Mar
558 Aug 24
10
100
No par
300
5034
4%
2%
900
July 19
179
Aug 24
17 2d preferred A
4,000
23% Mar
114
Apr
per
684 Mar
4
140
Aug 14
103% Aug 2
July 20
5
Jan
Highest
share $
per
4
8
$7 preferred
4
*27
30
4%
*2%
mmmm
17%
:'
634
2%
mm
May
10
American Encaustic Tiling.. 1
Amer European Sees ...No par
2,200
8
$
share
54% Jan
1091a Apr 20
..No par
American Crystal Sugar
6% 1st preferred
60
■
2%
*4
6
*4
6
1,000
1,300
74
100
.100
Lowest
per
$
per
Am Coal Co of Allegh Co NJ 25
American Colortype Co
10
Am Comm'l Alcohol Corp..20
900
,8
2%
2%
2%
2%
8
preferred..
American Chicle
mmmrnmm
584
534
'
*72%
74
5%
300
6
*5%
5%
634
*27%
*51%
2%
4%
2,800
10
10
ioo
American Car & Fdy—IVo par
Preferred
ioo
Am Chain & Cable Inc. No par
7,900
;
25
Preferred
200
132
2%
2%
13
130
74
19
*12%
3%
12%
130
conv
Corp
i
Fdy.iVo par
pref..
100
American Can
mm mm
110
7%
6
*5
2%
1834
*101
5%
2%
*5
6
*2%
103
*6
76%
2%
2%
2%
103
*6
10
778
6
5M%
30
2,900
97%
134%
134% *130
*6%
*5%
2,400
Am Brake Shoe &
Year 1938
Lots
Highest
share
312 Aug 11
3184 Apr 1
125
April
83U Apr 11
167i2Mar 3
16% Aug 24
3OI4 Aug 21
1312 Apr 8
$
American Bosch
140
95%
104
104
106
134% *130
234
*137
94%
Par
.
*103
*75
41
93
177
*170
177
*170
*170% 177
*170% 177
19
17%
18%
19%
19
16%
19%
17%
1734
31
32
31%
32
32
30%
31% 31% *31
153s
1434
14%
14%
15%
15%
15%
14%
14%
30%
15%
6
95
94
40
140
39
3834 40%
137% 137% *137
4034
95
39
Lowest
3,000
4%
4%
4%
4
4%
4%
*170% 177
1878
15%
40
136%
96
33%
18-%
*32
4%
4%
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
SHARE,
PRICES—PER
Sales
for
LOW
1283
$5 preferred w w
Beech Creek
9l2 Aug 24
18% Aug 25
104% Apr 12
7
Apr 11
43% Apr 8
50
Aug 23
116
June 15
18
6% Jan 5
4% Mar 10
1% July 10
2
Apr 13
Aug 25
3% Aug 24
9% Aug 24
37g Aug 24
5
Apr 10
19
April
3
10% Aug 24
6
Apr 8
24% Apr 11
1H8 Aug 24
65
July
Jan 11
127
4% Apr 10
18
Maris
23% Jan 10
110%June 6
9% July 21
483s Aug 7
6684 Jan 3
378 Jan
8*4
21
Jan
5
13
Jan
5
Feb 28
RR
Co
50
20
113i2 Apr 28
128% Aug
714 Apr 10
Mar 22
9% July
73% Jan
2934 Jan
21% Mar
55% Aug
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation...
5
Beneficial Indus Loan..No par
priorpf$2.SOdiv ser'38No par
28
Mar
3
70
16% Apr 11
1778 Apr 11
48% Apr
6
4
25% July 24
11434 Jan 16
28
July 24
105
29
Aug
4
Mar 23
1
31
25
3
11
37% Aug 25
67iz Mar 11
50%June 30
80
Jan
20
100
15% Apr 10
9914 Apr 11
1578 Apr 10
14
Apr 8
18
Jan 11
5% preferred
7% preferred
Bigelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomlngdale Brothers.No par
Blumenthal A Co pref....100
Boeing Airplane Co.....
5
n New stock,
8% Apr 10
14% Aug 24
35
Apr 18
1684 Aug 24
r Cash sale. * Ex-dlv.
115
Jan
684 Mar
3884 Mar
36
Mar
105
Jan
Apr
2% June
4%
2
Mar
48% Aug
68
Nov
126%
Deo
8
Nov
6%
Jan
6%
3684
Dec
Deo
Dec
8%
Mar
17%
Mar
11
Dec
July
Jan
13*4
36
July
82
98
July
Dec
12% Mar
Oct
23*4
Mar
14
Oct
21% Mar
34
Nov
10% Mar
218s July
5
9
Mar
21
109
Apr
115
11% Mar
Apr
25
Apr
94% Apr
90%
Nov
Jan
19%
Dec
102
Oot
30% Mar
117
Dec
9
July
584 Mar
Sept
8% Mar
83
30%
Dec
15% Mar
21
Dec
2678 Mar
3984 May
1284 June
66
Nov
67
Jan
7
No par
Bethlehem Steel (Del)-No par
Best A Co
14% Jan
27% July
109% Aug
97g Jan
Apr
5% Mar
2484 Dec
33
19% Jan
6% Mar
17% Mar
10178
5
Jan 11
„
Nov
8% July
4
10% Jan
30% Jan
87
95
4% Mar
12% Mar
2% Mar
Jan
15% Apr 10
IIOI4 April
17
Apr 10
98
Apr 10
25
6
30% Jan
8?8 JaD
173s Jan
.No par
Beatrice Creamery.
Beech-Nut Packing
Apr 8
584 Aug 23
Mar
73% Sept
39% Nov
4
7
75
Mar
7878
Dec
18% Nov
1147a Nov
Feb 28
17% June
2984
22% Jan 3
17% Jan 4
23% Mar 11
984 Mar
10% Mar
24% Nov
13% Apr
21%
27
44
Feb 24
3484
Jan
v Ex-rights.
3
May
19
Sept
Oct
19*4 Nov
Oct
55
July
357a Dec
T Called for redemption.
New York Stock Record—Continued—Page 3
1284
Aug. 26, 1939
PS
LOW
HIGH
AND
PRICES—PER
SALE
SHARE,
NOT PER
CENT
Monday
Tuesday
Aug. 19
Aug. 21
Aug. 22
$
$
$ per share
share
per
18%
19%
18%
116
115% 115% *113
share
per
*19
Wednesday
Aug. 23
18%
$
18%
115
115
58
58
59
59
58%
19
19
18
19
19%
20%
20%
20
20%
19%
22
22%
20%
22%
19%
6%
8%
9
18%
19
18%
8%
*36%
38
*49
51%
1%
11
11%
11%
11
11%
41%
23%
*34%
16%
42%
1%
37
17%
8
8
106
106
38%
37g
24
26%
17%
12%
*1%
*9%
15%
11%
1%
9%
1%
10
3%
19%
36%
6%
11%
10%
40%
2234
*34%
1634
25%
36
17%
18
37%
48
4%
26%
3%
15%
17
12
12%
9%
6
6%
*20*4
21%
20%
20%
20%
*2%
2%
2%
2%
2%
6%
3%
16
12
11%
34
3%
3%
16
16
900
15%
10
17
12
12
12%
8,500
4,200
1%
800
Bush Terminal
9%
250
JBush TermBldgdep7%pf 100
9
6%
20%
57g
6%
20%
2%
2%
9%
00
63%
60%
63
60
60%
60%
12%
16%
51%
12
12
11%
15%
11%
15%
62%
12
17
16
*50
1
7g
10
78
5%
5%
5%
10%
17%
10%
177b
97g
*40
16
48
*40
3%
3%
31*4
31%
*31%
*6%
07g
15%
51%
%
*50
%
17%
0%
*40
45
*40
84
*80
*15
16%
84%
14%
*2*4
69
3%
69%
*116
117
41
41
*10l%jl01%
23%
24%
108% 108*4
10%
*60
*18%
27g
10%
65%
19%
3
*3%
4%
%
7g
"MOO
5%
5
07g
16
5%
10%
167g
2,800
12,400
Canada Bod Ry Co
Canadian Pacific Ry
15
17%
48
3%
30%
30%
6
6
40
40
5%
*40
45
*81
16%
*40
3%
48
3%
30
*40
3%
30
2978
30
6
*534
6
700
*534
84%
15%
*14%
*39
42
*39
*112
*3
5
*3
'~5*~
4%
*4
5
*4
434
4
4
*4%
%
5
5
4
4
90%
*4%
*91%
34
35%
*234
4
*2%
4%
4%
9134
4%
91%
*9134
33
34%
32 7g
33%
6
6%
5%
6%
6%
6
6%
534
25
*25% 28
25
25
25%
24% 25%
*100
104
*100
104
*100% 104
*100
104
18
18
18
18
*17%
18%
17%
17%
5%
5%
*7%
*19%
327g
*93%
*1%
8%<
21%
33
95%
2%
1
*7%
*18%
31%
*93%
*1%
33
8
20
8
*7%
95
*93%
*1%
2
*%
38
%
2%
1%
10%
*%
%
%
*%
*%
*1%
*18%
21
*93%
%
%
*1%
11%
1%
U%
*32
35
*44
48%
*%
*%
%
1
10%
*30%
44
%
1%
%
*%
*1%
2
10%
10%
*%
%
*%
%
%
%
1%
11%
*1%
%
1%
*1%
11%
35
*30
35
48%
*40%
48 %
30%
*40%
*%
%
*%
%
*%
*%
%
%
%
*%
%
*%
%
*%
%
»%
*%
*7%
8%
*7%
8%
*734
834
734
10%
*10%
534
*25%
*73%
*11%
•11%
*10%
78%
12
*91%
*46%
2*4
*21
6%
79%
12%
927g
50
2%
22
*10%
11%
5%
*25%
75%
6
5%
6
32
*25%
32
10%
77%
12
12
91%
*4012
77%
50
*2%
20
79%
11%
12
92
92
92
*46%
2%
2%
21
*20%
6%
2%
22%
*111% 112
*2514
74
74
*.
78
*42
*38%
*30%
39
31%
*132
36%
29%
38%
*124% 125
*60
61%
15%
*104
27*4
4%
3%
27%
14
4%
4%
3%
23
23
23
23
*88
89%
8%
*22
132
123
123
*60
*122
61%
15%
15%
14%
104% *104
104%
*107i2 109
*12%
*3%
36%
8%
25
67g
7%
867g
*78
8678
80%
*44%
45
*109% 110
26%
»>
<*
m ~
37
31
29%
132
132
30%
132
~
26%
*60
14%
126
61%
15%
28
8%
*22
6%
8fif 2
*78
8%
25
6%
8
22
6%
8%
22
7
*85
87
*85
*78
80%
*78
44%
*109% 110
69
1%
69%
66
29%
29%
28 78
1%
6%
86%
80%
43%
43%
45
1%
734
43
67g
86%
80%
534
85
*78
41
68
1%
67%
68
29%
28%
29%
1%
49
46
107
106
984
1%
8%
1%
67%
29%
64%
28%
Bid and asked prices; no sales on this day.
634
109
9%
1%
65%
28%
Preferred
par
100
Apr 14
77gAug24
64
1
6% prior preferred
100
Cham Pap A Fib Co 6% pf. 100
Common
Checker Cab
No par
6
JChesapeake Corp
No
Chesapeake A Ohio Ry
par
Mar
Jan
19*4 Aug
6*4 Mar
18*4
Jan
14% Mar
2%
Jan
1% Mar
13
June
9%
3
6
4% Mar
9
13%
7%
5478
6*4
Apr 17
18% Apr 8
2% Apr 10
109
Mar 22
Jan
4
6
I
July
Jan 17
Jan
Dec
16% Aug
22% July
3% Jan
Mar
20% Jan 18
5% Mar
8% May
12% Mar
47
37%
Jan
June 12
6%
5
Mar
21
May
7%
42%
Jan
Apr
3
34% Mar 11
Jan 9
Feb 17
86% July 17
20% Jan 4
378 Jan
94% Mar
122% Mar
55
3
9
3
Mar 11
107%
4% Mar
34% Mar
63%
12%
2%
82%
98%
29%
Apr
June
Mar
Mar
Jan
Mar
Jan
9
29% Aug
10978 Aug
3
9
Mar
9
82
July
4
12%
19%
Jan
100%
Jan
Dec
72% Mar 14
46
22%
18%
Dec
2
Mar
5%
Jan 11
3
Jar
113% Aug 16
Mar
99*4
9%
Jan
5
6%
Apr
Dec
5%
JaD
3
4
Mar
334june 30
3% Apr 8
3*2 Apr 11
85%June 3
96
Feb 24
88
62%
Jan
6
26% Mar
13
Jan
4
47% Jan
4
4% Mar
17% Mar
June 29
98
5% Mar 11
Mar 21
3% Mar
Aug
Apr 20
102
Aug 24
6*8 Apr 11
17% Apr 10
27
April
80
Jan
3
18
May
II
Feb 25
6
June
17
94
June
z25% Mar
8
20
Dec
40% Mar
9
22
June
95%June 27
70
Apr
% Nov
800
^Chicago A North West'n.100
%June 30
I
Jan
4
1%
%
%
*1%
1%
3% Jan
4
11
11
Preferred
3*.500
11
30%
*30%
30%
100
48%
%
%
%
*41
47
100
%
*%
7g
*%
*%
*8
8
10%
11%
V
„
*.
*
M-
•
""*100
247g
par
30*8 Aug 24
44
Aug 21
%June
1
$3
7% preferred
100
9
300
Chlckasha Cotton Oil
Child* Co
6
No par
18% Jan
3
26
33
4,400
Chile
19%
19%
v-
1,000
1,400
10
Copper Co...
.25
Chrysler Corp.
City Ice A Fuel
6
..No par
Clark
50
Equipment
1,600
90
__
59
100
50
68
64
Mar
2
Mar
6
No par
3*900
Climax
9,000
Cluett Peabody A Co ..No
par
Preferred
100
Coca-i. ola Co (The)...No
13%
14%
105
100
25%
27
3,200
270
90
10
4,700
800
7
3,100
200
6
6%
6%
*81
85
*78
80%
42%
*107
43%
110
61,600
400
"6,466
300
48%
7,300
*1057g
107%
300
9%
87g
9%
12,500
1%
1%
1%
37,900
5,800
24,100
106
67
66
66%
29
2878
29%
$ In receivership,
a
Def. delivery.
par
...No par
Colgate-Palmoll ve-Peet No
6% preferred
Collins A Alkman
par
100
No par
6% conv preferred
100
Colo Fuel A Iron Corp .No
par
Colorado A Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'dSysInccl a.2.50
„
Class B
2.6o
Colum bian Carbon v t c No par
Columbia Plct v t c...No par
$2.76 conv preferred.No par
Columbia Gas A F.lec..No par
6% preferred series A... 100
5% preferred
_
463«
47%
Molybdenum ..No
par
1,900
22
80%
42%
2,200
634
85
109
10
*20%
7%
22
10",000
*103%
35% Mar
147gMay 23
97% June 10
(The).1
Clev A Pitts RR Co 7% gtd.60
Special gtd 4% stock
60
Class A
May
6
30%
30
9
Mar
3% Mar
25
8
36~~
1,000
85% Mar
12
Dec
Mar
Jan
Clev El Ilium 14.60 pf.No par
Clev Graph Bronse Co
607g
Jan 11
Dec
%
8
Apr
35%
119% 121
53*8 Apr 11
1
3
9
28%
*60
8
Mar
79
"
*132
Apr
67s Mar
100
preferred....
City Investing Co
City Stores...
29%
36
22
5
—
Dec
Dec
Mar
37% June
% Dec
17g Jan
1% Jan
% Aug 23
2
48% Mar 11
*4 Feb 6
9% Mar
14% Jan
,
8% Mar
20% Jan 4
38% Mar 14
i2 Aug 10
400
74
37g Jan 5
13% Mar 11
7f2 Apr 11
10
Apr
6
5% Aug 22
1,400
*45
% Aug
2% Sept
100
11%
74
76
1% Mar
4
No par
90%
26%
4
Jan
conv preferred
No par
Pr pf ($2.60) cum dlv No par
JChlc Rock Isl A Pacific...100
Chicago Pneumat Tool .No
6% preferred
90%
*46%
2%
2534
Jan
%
Chicago Yellow Cab
767g 126,900
2%
3*4
%M«y 8
lf2Aug24
200
10%
50
loO
1% Apr 10
l%June 28
10
Apr 10
%
8%
10%
5%
•
Jan 24
86
—100
Commercial Credit
10
conv
preferred
100
Comm'l Invest Trust..No par
July 20
2% Apr
8
8
4%
Mar 11
Jan
3
7*4 Sept
Jan
15
Apr
68
Feb 10
69
Feb
4
70
Nov
109%June 20
115
Feb
9
106
Apr
20fg Apr 11
74
Aug 21
42
Jan
3
34%June 30
21% Apr 11
127% Jan
5
11*
Apr 11
26
Mar 11
30% July 28
78
Mar 13
10% Mar
15% Mar
67% July
45%May
2
44
60%
5
32% Mar
10% Mar
Jan
35% July 29
135
Mar 16
111
Dec
Jan
133
JaD
6
7
62
Mar
2
1017g Feb
20% Apr
1112 A pr 10
1
8
107
100
108*4 July 12
23% Jan 6
87*4 June
3% Mar
4% Mar
58
Jan
8
11% Apr 8
234 Aug 24
4
Apr
Aug 25
3f2 Aug 19
Apr 10
April
73
A pr 11
14
14
6*4 Aug 24
22
Aug 22
5% Apr 10
74i2
62i2
38*4
105t2
42
17% July 22
July 18
36%
7
Jan
4
Jan
3
7%
Jan
78
May
13% Mar
9% Mar
4
4
13
94
63*4
Apr
9
Mar
July 19
4
15% Jan
30% Mar
6
Feb
9
9
91
83
57
6
105% Mar
57% July
7% Mar
24% Aug 15
24*4 Aug 15
3
Apr
5
9%
Jan 13
Apr 10
Jan
Jan
Mar
25% Dec
5% Mar
57
Feb
8
50
May
May
Jan
3
23
Mar
7
84
Mar
3
31% Mar
109% Aug
60
Apr
13% Mar
Mar 14
Jan
$4.25 conv pf aer '35.No par
Commercial Sol vents..No par
Commonw'ith A Sou..No par
8
106
Apr 14
8% Aug 24
1% Mar 31
110% June 21
1334 Feb 25
6
1
Mar
$6 preferred series...No par
Commonwealth Edison Co..25
45*4 Jan 3
z25% Apr 10
72% Aug 15
31% July 29
25
Mar
»
New stock,
r
Cash sale,
z
Ex-<iiv.
Apr
y
2%
Ex-rlghts.
Feb
90
Oct
29
Mar
13
Jan
July
Mar
20
Jan
Dee
39
5% May
16% Mar
2% Mar
Aug
Oct
100% Nov
9
Jan
23*4 Mar
%
*103% 105
26
25%
44
107
Century Ribbon Mllls.No
84
Mar
3
15% Mar
13% Mar
*3g
*132
109% 109% *109% 110
46%
100
No par
CCCA8tLoulsRyCo5%prefl00
*20%
30
62
%
607g
14%
22
65% Jan
5% Jan
34% Mar
4
1*2*1"
7
Jan
3
*60
22-
Oelotex Corp.
Apr
3% Mar
% Jan
1% Jan
111% 111% *111% 112
13%
8
75
i2June 26
120
1434
Oct
13%
300
122% 122%
27%
14%
578 Mar
%
*60
607g
5% Mar
%
2%
35%
277g
Jan
19% Aug 15
13% Jan 6
106% Aug 33
%
I97g
«
46% Nov
23% Oct
41
5
2%
«
10% Mar
27*4 May
8
18%
m
7% prior preferred--
*16*4 Mar
3
Mar
2% July 7
63% Aug 24
110
April
381$ Apr
1
arlOOfy Aug 14
13% Apr 10
Jan
3
1
July 10
77
Apr 20
137g Apr
1
Dec
Nov
Apr 29
36
% Apr
50
37
6% preferred
100
Celanese Corp of A no rr. Nopar
2*4
14*4 Nov
9% Apr
91
3034
-
No par
43
5% Mar
6
*45
36%
100
-
37% Aug
40% Aug
Mar
35
Dec
2
45
43
July 14
3% Aug 24
29*4 Apr 8
4%May 19
Oct
8% Aug
16
12
tChlc Mil St P A Pac. .No par
5% preferred
100
66
29%
100
Preferred
Caterpillar Tractor
28
3% Mar
Chicago Mall Order Co
*46 %
*73
30% Aug
1% Mar
Dec
52% Dec
14% July
19% Jan
36% Oct
4*4 Jan
2
800
*90%
24
Jan 20
400
1%
107% 107% *107% 109
*107f2 109
*107% 109
*107i2 ljf)9
14
13
*12%
13
12
12%
12%
11%
12%
12%
*3%
3%
*3
*3%
3%
3
4%
3
234
2%
5
*4%
4%
*4%
4
434
*4%
4%
4%
4%
5
*3%
5
*3%
5
5
5
*3%
*3%
*3%
21%
22%
21% 22%
*21
21% 22
*2084 21
21%
21%
22%
21% 22
21% 21% *20% 207g
20%
2034
87% 88
90
*86
88%
90
87
87
*86
91
50
50
48%
49%
49% 50%
*107% 108% *106
108% *106
108%
9%
97g
9%
10
9%
9%
1%
100
727g
11%
76
14
12,300
75
*42*
26%
700
6
1037g 103% ♦103% 105
26%
19%
33%
2
13% Aug
14% Aug
48% Aug
%
234
*
*132
100
35
111% 111% *111% 112
25% 26%
25% 25%
26%
40
Feb
12*4 Mar
*%
20%
*62%
*111% 112
26% 27
*74% 77
810
Mar
28
53
1
5ig Aug 24
2214 Apr 8
800
18
2
107
15% Mar
Certain-Teed Products
18%
5
2
Aug
20% June 20
7,600
534
*2%
Case (J 1) Co
20
24%
Jan
Aug
53
10
0
II84
20
$3 preferred A.
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
6
Carriers A General Corp
1
5% Mar
17%
32
50
*46%
1
4
74
Cerro de Pasco Copper.No par
93
93
50
Capital Admin class A
Mar
24
£500
*25%
77
200
4%
95
35
5%
No par
Mar
4
29
11
11
33%
*25%
71%
11%
35
Cannon Mills
Jan
Dec
14
97g
%
*40%
26
Central RR of New Jersey .100
Central Vloleta Sugar Co
19
"
6*2 Mar
57s Apr
187g Apr
May
1%
300
%
%
%
*1%
10%
6
300
4
Apr
15
16% Mar
41
2%
150
4%
1
8
10
24
10
30
10
31
10
11
317S
8%
17*4
6% Preferred
100
Central Agulrre Assoc .No par
Centra i Foundry Co
1
Central III Lt4^% pref—100
5,500
3
Apr
21% Apr
1512 Aug
11% Apr
11 June
3
3
"*200
10%
10
%
35
20
2,700
94*4 April
4
Apr 8
29i2Aprll
June
%
*1%
%
1%
8%
11%
6%
380
11,300
8
Apr
Jan
9
29% July 25
7*4 Feb 27
157g
Apr
40
1%
10%
%
*%
*10%
24,100
7
82
25
Preferred series A
100
JChlc A East IU Ry Co6%pfl00
J Chicago Great Western.. 100
4% preferred...
100
*90
1%
*7*4
*25*4
100
Apr 10
Apr 10
Aug 24
16*4 Apr 10
31
Apr 12
41*4 Apr 14
1% Apr 1
5% Apr 1
% Feb 16
40
93%
19%
31%
*%
*31
%
%
20
1%
34%
*%
2,300
2,700
8%
*7
32
44
*%
400
104
*17%
7%
93%
1%
%
11%
23%
*98
17%
30
1%
34
11
32%
5%
25
93%
10%
*%
*1%
1%
11%
*91%
33%
%
2
95
95
*1%
*%
*1%
*10%
*%
*4
100
17
19
2%
%
11
31
227g
100
7%
%
10%
38
8
95
32
32%
*734
22%
34%
*20
*1*4
*l07g
*%
*%
50
""166
112% 112% *1107g 112%
5
95
35
43
8
4?g Aug 24
9% Apr 11
12
Apr 11
100
I per share $ per thare
15*g Mar
30% Oct
June 21
1
1,100
34%
95
35
3%
Jan
2*4 Mar
22
Calumet A Hecla Cons Cop._6
Campbell W A C Fdy..No par
6,000
48
3%
Aug
32
48*2 Mar
Canada Dry Ginger Ale
11*666
16
*40
7g
28i2 Jan 3
Aug 4
697g July 25
Jan 12
Apr 11
Apr 8
10%
18^
112
19%
5%
7h
—60
6% preferred
Callahan Zinc Lead
97g
%
8
22
No par
California Packing
934
*4
5
*91
2,600
Lowest
$ per share
117
2%June
7
Apr
25% Apr
11% Aug
13% Apr
No par
Participating preferred..100
Byron Jackson Co
No par
680
47g
1
*3%
4%
6
5%
112% 112% *112
5
30
Butte Copper A Zinc
Byers Co (A M)
700
*82
*81
*81
84%
84%
84%
*14%
15%
*14%
15%
*14%
15%
3
3
*2%
234
234
2%
2%
2%
2%
69
66
66
63 %
67%
64% 66%
67
67
63%
*116% 117
*110% 117
*110% 117
116% 116% *116% 119%
40
*40
40%
40%
40
41
40
39% 40%
40
*10l%jl01% *101%jl0Hi« 10D«101%* *I002%2I01%« *1002%2i01>l«
22
24
21% 23
20
22
20%
23%
21%
23%
107
108
107
108
105% 107% 103% 106
106% 106%
10
9%
9%
9
9%
8%
9%
77g
87g
9%
*61
64
64
*60
05%
64% *
64% *..._
64%
19
18 34
*18%
18%
19
1»%
"19% 20% "19% 21
2%
27g
3
2%
3
234
27g
2%
234
2%
14%
*2%
*112%
*4
16
*50
10
-
10%
31
5%
45
*81
*50
9%
1
par
preferred
conv
1
3%
31
6%
5234
Butler Bros
5°7
16% Apr
1
9%
48
3%
32
Burlington Mills Corp
Burroughs Add Macb—No
1,300
3,400
01%
12%
16%
52%
No par
5%
17%
*40
3%
Bullard Co
1
11
10%
10%
48
3%
16
1534
*50
8%
...No par
5%
5%
5%
10%
934
No par
Bulova Watch
400
*1%
*12%
52
Budd Wheel
4,600
*l97g
57g
*1978
2%
100
preferred
3,700
3,500
12
*16%
77,
No par
26
9
0%
9%
Budd (E G) Mfg
710
3%
100
Range for Previous
Year 1938
Highest
share
104
Jan 23
51
Jan 24
12*2 Jan 30
6
7% preferred--.---.
13,200
par
25
25%
15%
64
9%
250
38
12
*50
•
Bucyrua-Erle Co--.—
9
2%
par
No par
Bruna-Balke-Collender.No
9%
62%
9%
Brooklyn Union Gas—.No
Brown Shoe Co
5,800
12%
.
10,000
36
per
7% Apr 8
27
Apr 8
13% Apr 10
31% Jan 3
9% Apr 8
Transit—No par
$0 preferred series A .No pa
6,500
65
9%
Bklyn-Manh
No par
17%
2%
8%
9*4
64
*12
SO preferred
3,500
9
20%
'
..
11,000
1%
2%
No par
Bristol-Myers Co.
6
Brooklyn A Queens Tr.No par
900
1
20%
2%
10
Brlggs A Stratton
1,800
1%
6
6%
20%
414
34%
25
17
Brewing Corp of America
3
Bridgeport Brass Co...No par
Brlggs Manufacturlng.No par
7%
77g
102
102%
4%
4%
7%.
4
15%
14%
9
9%
23
Bower Roller Bearing Co
400
10%
40%
24%
16
6
100
Boston A Maine RR
1,310
1%
9%
16%
7%
3%
15%
11%
*1%
1%
*34%
17
34
26%
16%
16%
17
24
36
15%
4%
3%
40%
105% 105%
38
25
40
22%
778'
4%
*1%
9%
9%
*34 %
17%
35
17
1%
9%
24%
36
7%
1%
9%
10
Borden oo (The)
Borg-Warner Corp
1,100
2,200
11,000
14,600
20
37%
.No par
Bond Stores Inc...........1
200
$
5
No par
Class B
10,000
9%
48
87g
37%
105% 106
38%
1%
11%
210
6%
38
43%
42
*6%
8%
49
*37
50
9
12%
6
6%
8%
19
834
1%
4%
18
17%
12%
6%
734
17%
6%
934
36%
3%
20
17
26
20%
22%
1%
20%
7,400
27
20%
21%
1%
20%
Bon Ami class A
1,400
9%
25%
16%
3%
257g
20
19%
I97g
1%
*17%
19%
21%
*1%
25%
*49
7%
7%
106% 106%
38%
27
18
*1%
17
7%'
18%
*18
18
11%
24%
*34%
17%
37
19%
20%
22%
134
11%
105% 106
4%
4%
4%
40%
3%
58%
42
36
7%
*57%
48%
1%
1%
10%
1%
Bohn Aluminum A Brass
70
58%
18%
36%
37
50
600
58%
6%
8%
19%
37
19
115
Pot
58%
9
49%
1%
37%
50%
Lowest
Shares
27
1%
6%
19
*105
18%
115
Week
share
per
On Basis of 100-5Aar« Lott
EXCHANGE
19%
20%
*1%
27%
6%
42%
25%
50*4
*1%
*11%
11%
42%
27
11%
*35
4%
21%
*1%
27%
9%
19%
9
17%
22
67«
1%
28
67g
24%
*34%
21%
*1%
1%
27%
6%
*1%
*27%
*17
*102
58%
*18%
i
per share
113
18%
20
$
19
Range Since Jan. 1
NEW YORK STOCK
the
Friday
Aug. 25
Aug. 24
share
per
113
59
Thursday
STOCK8
for
Saturday
Sales
Jan
5% Mar
22% Mar
^ Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
149
HIGH
NOT PER CENT
1285
Saturday
Auy.\§
Monday
Aug. 21
Aug. 22
$ per share
$ per share
$ per share
*6
18
23
9
18%
per
On Basis of 100-Share Lots
Friday
ttie
EXCHANGE
Aug. 24
Aug. 25
Week
$
$ per share
share
6*4
22%
*5%
*5%
16*4
5%
$
Range Since Jan. 1
NEW YORK STOCK
Thursday
SNARE,
Wednesday
Aug.2d
*5%
6
5%
5%
*5
22*4
23
22%
22%
6*2
22
2234
6%
*5%
*5%
9
9
*4%
*5*4
18
16%
6%
6
*5%
22*2
400
*4
6
*4
6
*5%
9
9
*5*4
9
1634
17%
100
17
1734
16*2
16*2
17%
7
7
89
*82
89
*82
89
*82
89
*82
89
*82
89
90
89
89
89
89
*88%
90%
*88*2
90
1%
9*2
1%
1%
934
29%
30%
6,800
7
*82
7*4
*1*4
934
934
30*2
7%
3034
1%
7*4
1*4
9%
1*4
9
29%
107
107% 107*2
5%
*5%
7%
*1%
*9%
2934
30*2
*107
107
1%
10
30%
108
5*4
*5%
534
634
6%
134
634
*1%
6%
*1*4
2%
*9
5
1%
*2%
*2
2%
10%
100% 100%
9%
9%
'
*100*2 10034
9%
9%
14*4
14%
13%
1%
1%
1*4
5
4
;
175
178
;•
*1%
19
*31%
*8
8%
23%
*32%
34*4
9%
23%
36*2
9%
634
134
*2
2U
2
2
2
*134
2%
300
*9
10%
9
9
9
*8
9
*98
100%
*98
100%
300
934
3,500
3,900
13*4
1*4
378
1%
1%
123g
13*4
1*4
1*4
13g
1%
91*2
92%
*93
9%
4*2
4434
■
•
334
16
36*2
32%
32*2
*32
3334
9%
934
5,500
934
*11034 W-'w-. ♦111
17%
*25%
17
17%
26
*25%
5
*11034
1634
17%
26
*25%
14*2
14*2
14
14%
14*4
14%
13
14
4*4
4*4
4
*%
%
122
31
31
43
*5%
2334
44*2
6*2
Davison Chemical Co (The).l
112
112
10
Dayton Pow & Lt 4M % pf 100
Deere & Co
No par
1634
17%
26
14%
13%
%
30
42%
5%
16%
40*2
*5*4
6%
16
934
934
32%
32%
13*2
14
12%
13
31*2
5834
3234
30*8
31%
13%
13%
3234
14%
14%
32%
31%
61
62
61
32%
63*8
120
8%
*11%
*100
;
123
126
16%
4*4
4
*16*2
16%
*16*2
1634
16%
16%
16
16
15%
16
1%
1
9%
1%
7%
7%
1%
33%
9%
1%
31*2
9%
1%
2
9*4
2
1%
7%
7*4
8
30*4
33
31%
934
934
26%
17«
1%
7*4
9
1% \ 1%
7*2
25%
23
24*8
21%
23%
29
28
28
2734
2734
27
27
27
27
*%
33%
*30%
34
1
1
33*2
34*2
33%
*32
10*4
11%
93
*34
%
*1%
1*4
1
*2*4
234
2*4
34
*%
34
*30
89
93
*85
*93
1
1%
1
2*4
2*4
1*4
1*4
*1%
*4*8
4%
4*8
6*8
4%
4
18%
1*4
5*4
29%
17%
*1
4*8
28
22
22
16*4
16%
*21%
15%
97%
*94
*107
115
3
3
1*4
*105
2%
*1%
18
1*4
17%
*1
334
4*8
28*2
22
16%
97*2
115
28
21*4
15%
*94
*105
3
1*4
1
1
*20*4
22
*85
8934
*85
34*2
33
34
21
17*4
1734
20
6%
6%
*%
*%
3034
2%
*1%
*%
20
*20
8934
*85
*84
90
%
6% cum preferred
2*4
700
1,800
34
40
1034
10%
*72
75
*74
7734
100
83
*80
84
100
92
93
93
300
%
34
2
1
1
2%
600
34
34
1
2%
1,700
2%
1,300
300
1%
1%
*1%
1%
4
334
334
700
6*4
6%
*334
6%
3%
6
634
2,800
173s
4
4
6%
18
1%
4%
*1
1%
5*4
*334
27
21%
15%
21
15
28*2
21*2
1512
97*2
96
96
30
*105
115
6*2
3%
17
17%
*1
1%
26
3*2
27%
20*2
22
14
14%
97*2
*91
*3*2
28*4
23*2
14%
*
5*4
28%
24
14%
3,400
'
^
im
m
*
~
160
2,000
1,200
2,900
10
96
*Io5~
115
*105
115
17%
1*2
16%
*1
115
3
Corp....50
El Paso Natural Gas.
JVo par
Equitable Office Bldg.-JVo par
JErle Railroad..
—100
4% 1st preferred
100
.
$6 preferred
4% 2d preferred
Eureka Vacuum Cleaner
Evans Products
Co
Ex-Cell-O Corp
100
6
5
—3
Corp.JVo par
Fairbanks Co 8% pref..... 100
Fairbanks Morse A Co. JVo par
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction.-.15
$6 preferred
...100
Federal Min A 8meltlng Co 100
Exchange Buffet
1%
1
Oct
27% July
34%
Aug
55
78% Jan
3
31
8034
Dec
87%
Aug 24
Jan
5
11*4
Jan
Jan 13
10
108
173
July 12
28
Jan 25
1% Apr 10
334 July 11
6
Apr 11
14% April
1
Apr 11
234 Apr 10
24
11
April
Apr 10
Apr 11
81
Jan 24
85
Apr
20
5
19%
19%
19%
19%
600
Federated Dept Stores.JVo par
*14%
thlg day.
21
*14%
21
InrecelversLlp.
*14%
a
21
50
Def. delivery,
n New
stock,
r Cash sale.
4
5
183% Feb 8
27% Mar 10
19% July 12
33g Jan
4
Jan
Mar
<
1834 Apr 11
Apr 1
27«4 Apr 11
1634 April
83
xEx-dlv.
Jan
1% May
141
Dec
8% Mar
Apr
90*2 Mar
13034 Mar
109*2 Apr
11134 Jan
1334 Nov
3*4 Mar
102
"19%
Dec
12
Oct
115
Jan
154'4
Dec
138*2 Nov
120*2
Dec
118*2
Dec
17%
Dec
8*4 Nov
121% Mar
187
Nov
157
173
Dec
Jan
10*2 Mar
2
Mar
Dec
25%
5% July
Dec
Dec
38% Mar 10
15-% Jan 4
3% Mar 8
123s Jan 19
13*4 Mar
36*4
Mar
15*4
41% Jan 20
22% Mar
46%
41'4 July
6
2*8 Sept
6% Mar
Jan
14
Oct
Oct
6
18
30% Mar
134 Jan
37
Aug
3
5
3
7
2l«4 Mar
% Mar
35
17
Feb
29% Nov
33
Apr
45% Nov
4384 Jan
111
Jan 30
13% Aug 3
80i8June 21
Mar
4
Feb
38
Nov
234 Nov
94% Apr
2% Mar
111%
10*2
38% Mar
71
Oct
Dec
Oct
89
Aug 16
40
Mar
72*2
Dec
95
Aug
7
46
Mar
79*2
Oct
1*4 Dec
1*2 Dec
234 Mar
2%
Jan
6*4
Jan
884
Jan
6%
Jan
5*2 Jan
20
21
Jan
Apr 10
«4May 25
*14%
8
2
2% Aug 24
78June 30
32%
3
2% Jan
Works. JVo par
4M% pf-100
Y..2.50
Filene's (Wm) Sons Co.No par
Aug
34 Aug 24
Aug 21
Federal Water Serv A .No par
Fed Dept Stores
20
1
X Federal Screw
Fidel Phen Fire Ian N
3
Mar 10
Apr 11
600
3,600
164*4 Aug
69
300
90
31%
5
19%
2,600
32%
135
Mar 31
6
%
31%
9% Jan
734 Aug 24
101% Apr 11
1%
*85
Jan
2S78 Aug 25
2%
32
2*2
115% Dec
40% Oct
3038 Oct
Jan
34
90
884 Nov
Mar
Dec
%
31%,
Dec
17
78
*85
25%
25*2
1
88*2
Nov
35
1%
32*34
Jan
17
Mar
2%
3234
Feb
25
«4 Nov
Jan
Dec
25*4
Mar
4
4
Dec
111*4
12
1%
*85
884 July
11*4 July
8*2 Sept
2834 June
2*2
88*2
17*4
6*4 June
12i4 Jan 9
3514 Jan 16
22% Jan 3
34
July 26
934May 18
1%
20
4*2 Mar
13% Mar
Oct
2%
20*2
Nov
29*4 Nov
7% Mar
34i2 July 26
4478 July 13
Oct
50
91% Nov
1*4
Truck..No par
83
Mar
13*4 Mar
65% June
2*4
Federal Motor
7% Dec
28*4 Nov
1
*1%
*%
18
Aug
56
June
3*4 Mar
12% Mar
48*8 Jan
July 31
2%
3
35
4
4
90
3478 Aug 17
5% preferred
—IX *103% Mar 22
7
Apr 8
Engineers Public Service
1
62*2 Apr 8
$5 conv preferred
No par
65% Apr 8
$5M preferred w w..JVo par
Endlcott-Johnson
1%
*1%
33
1*8
34%
*30
17%
1%
Bid and asked prices; no sales on
1%
*33%
45,900
1
2*4
2*4
Elk Horn Coal Corp.. .JVo par
78
$7 preferred
8*4 Aug
9
Jan
20% Mar
Jan 23
1638 Aug 21
1
Aug 24
22*4 April
8*2 Apr 10
178 Aug 21
6*4 Apr 10
20*2 April
1834 Apr 8
23*2 Apr 11
% Apr 4
..3
21% July
6
1*2 Jan
7934
2
400
34
8*4
Jan
87
May
Dec
15U Apr 11
Eitingon Schlld
No par
Electric Auto-Lite (The)
6
6*4 July
1934 Mar
16%June
25*4 Jan
Feb
43g Mar
9
Mar
Jan
13*2
11
4
4,800
11%
78
1
100
29
107*2 107% *107% 109*2
9%
Co
Edison Bros Stores Inc
Eaton Manufacturing
94%
12
27% July 11
24
Jan
4438
Mar
102% Jan
1334 May
186% Jan
24
33%
.:■<
112
138% Apr 26
—No par
$0 preferred
—No par
Elec Storage Battery..JVo par
*90
93
*34
1
1
32*2
*30%
Jan 3
July 13
(N J).JVo par
Electric Power A Light. No par
83
88
93
95
*34
1%
.
34
%
1*8
♦107% 108
110*2 *107% 108
10
11
11*4
10%
1134
78
77% 777g
79*2 *76
*1*4
7*8
1%
34
June 20
878
—5
Eastern Rolling Mills
1,800
22%
*27*2
26
2734
23%
7
17*2 Mar 10
118% Feb 27
28,100
14,800
29*4
28*4
24%
3
May
55*2 June 17
Jan 4
24*2
11412 Aug 24
12*4 April
384 July 5
Elec A Mus Ind Am shares...
7%
29%
84
Duquesne Light 5% 1st pf_100
Eastern Airlines, Inc...
1
Electric Boat
6%
3
3
124% Aug 18
7,600
27
7*2 Jan
28*4 Jan
142
934
27*2
49
117*2 Jan 26
2
6%
9
July 17
129% July 25
3334
24*2
4
Jan
6% non-voting deb...—100
$4.50 preferred
.No par
9%
*134
77g
Jan
6*4
Aug 17
31%
32*2
9%
26%
23%
30%
96
*1734
1%
34
600
1%
16
June 19
Eastman Kodak
92*2 Nov
.
58*2 May
65i2May
14
3,400
24,000
1
1%
30
%
34*2
4,000
16%
*84
*1%
178
17
*75
*94
158% 161*2
180
Mar
3
May
116
20
87*2
*4*8
161
900.
4,500
79%
*1
156
♦175
11,600
23
*76
29
210
Jan 21
Apr 12
126% Apr 11
Du
58
Apr
6% Mar
Jan
Apr 14
...No par
preferred.......... 100
P de Nem (E I) A Co...20
Duplan Silk
100
178
1%
31%
No par
1
8%
21%
*84
18%
200
22%
34
7
Dunhlll International..
22
110% ♦108
*93
Dresser Mfg
1,100
180
Co
1,100
2,500
8,800
2156
158
No par
Douglas Aircraft......JVo par
Dow Chemical Co
No par
120
15% Nov
23% Nov
Apr 10
M
91
Nov
40
37% Nov
7% Mar
42
Mar 31
1234
4
Jan 10
Apr
25*2 Apr
Mar
10
*11
4
Jan
10% July
43»4 Nov
29
11
30
*104
Mar
29% Nov
Mar
Class A ............No par
800
3
Feb 28
42% Oct
117*4 Nov
5
Doehler Die Casting Co No par
Dome Mines Ltd
Deo
4
900
734
Jan
5% Aug 22
15i2 Apr 10
900
237«
1%
11%
5% pref with warrants—100
Dixie-Vortex Co
No par
23
2%
*32
Distil Corp-Seagr's Ltd.No par
100
*175
10*4
*108
5,000
24
3334
*1
Apr 12
180
1%
*3334
Apr
39
300
734
Apr 29
2O84
28
8,800
13,800
13
41*2
40*4
37*2
1438
Mar
..No par
Oct
177
2*8 July 25
25
6% partic preferred......25
Raynolds A—No par
Jan
70'4
478 July 27
Mar
Diamond T Motor Car Co—2
31
162
76
Diamond Match
5934
57*2
12284 12534
8
*7*2
Aug 11
177
29*2 Nov
66
Apr
Apr
Apr
131 124*4 July 28
32% Jan 11
18% Apr 10
500
16%
z63
Apr
200
161%
162% 163%
% July 18
103
600
23
180
.100
6
*175
9*2
30
25%
*27*8
163% 16434
1
334 Aug 24
JDenv & R G West 6% pf.100
Detroit Edison
42%
24*4
33*4
7%
4*4
...
31
24
*175
1*4
*2
*4
Jan 24
Devoe A
24%
180
24%
17%
4%
16312 163%
162*2 164
*175
17*4
Aug 21
Aug 23
3% Aug 22
38
Apr 14
4% Aug 24
19U Apr 11
73U Apr 8
450
•
17
Apr
8
10
8*2
120
151
62
1,300
131
131%
131% 130% 131%
124
124
*12234 130
126
*113
116
151*2 114*2 115
17
16%
1538
16%
16%
167fi
4
4
*3%
4*8
334
3%
15734
Apr 14
24i2 Apr
14*2
28%
1234
*11
*104
75
8
32%
8
734
834
13
120
*11%
♦102
Apr
*934
32%
5834
*7*2
8*4
April
9
19%
85
40
Mar 10
Jan
*13%
*122% 127
125
8%
8%
12
120
,55
62%
8*4
8*4
155
156
158*2 154
156%
153% 155
130% 130*2 130%
*131% 132% *130% 132%
*123
*12234
*12234 125
125% *12234 125
*115
116
115*2
115%
115*2 115*2 *115
1734
1534
*81
11
1334
*115
16*4
33
64*2
;
*5%
84
33
33*4
*8
*38
*10
1334
126
15%
*75
84
40*2
*80%
64
125% 125*2
*125% 127
*8
8
,*
8% •■'■V; 8
9
8*4
8%
8*4
12
13
12
*11%
30
July 18
Mar
117%
19%
*29%
84
33
17%
*115
31
5*2
10
*4%
*2
%
*41
33%
Delaware Lack A Western..50
100
14
4
4
*30
10
10,700
*2
*%
42
32%
4%
334
58
31
10
Delaware & Hudson...... 100
4*4
"
42
33*2
10,000
13%
31
10
15*2
600
Preferred—........—...20
Dlesel-Wem mer-Gllbert
10
14%
31
16%
400
13%
42%
16
8,400
14*2
19
5*8
17%
2434
12*4
**2
..25
preferred
1634
14*8
119
32%
120
17%
25%
24%
*13%
*24%
19
10*4
*115
■'
14%
4
4*4
16*4
17%
26
*24%
14%
15*2
*11034
«**»"'
21 % Mar
10
Mar
19
378 Aug 23
15U Aug 23
4% Apr 8
107
Apr 11
1534 Apr 10
23
Apr 18
11% Apr 10
12*4 Aug 24
500
*11034
4
21% Apr
5*4 Mar
22% Mar
Davega Stores Corp.......-5
100
200
5
[L-'
3
Jan
85
13% Apr 10
Cutler-Hammer Inc
Conv 5%
% May
Jan
4
45
5
5
*434
Jan 16
3
No par
434
5
4
31%
29*4
593g
6678
3
No par
$8 preferred..
17%
116
*80*4
Cushman's Sons 7% pref.. 100
1634
20
16*2
1
1
16%
*334
119
85
*..
*14%
20
16
......
434
118
85
.
Class A
16%
434
36*2 Nov
3% Dec
3584 July
9
*334
5
21*4 Mar
48
"l6~
2,100
11% July
5
*1434
16*2
June
8
No par
Preferred
Nov
6
3
Packing
Curtiss-Wrlght
June
103s Jan 5
37% July 25
50
Preferred
49
116
Jan
10
Sugar
Curtis Pub Co (The)—JVo par
30
103% July
107
6
15*4
20
16%
10
65
Jan
Ocfr
May 31
2
1634
3%
16*4
121
5%
86
*65
65% Mar
36% Mar
Mar
44
284 July
278 Aug
100
3%
*%
5*2
35,000
7,500
100
26% July
1*4 Mar
...100
Cuban-American
1,800
4%
22%
.
*..
20
*30%
*41%
5%
44%
43g
22%
2134
8% Mar
Jan
1734
19*4 Mar
Cuba RR 6% preferred
Cildahy
2
Jan
984 May
3
70
15%
33
•
4*2
3%
16*2 Jan
22*g Mar
96
4%
16*4
10
i
4*4
21%
3%
44*2
95% Nov
4734 Jan
100
16%
33
V
443g
4%
23
*119
89%
16%
*86
4
%
3,200
Apr
June 30
Preferred......
30
120% 121
20
1934
20*2
*40
4*4
**2
122
20%
13*2
*14%
334
1,500
3,100
55
5
130
10
86
*4%
4
51
*65
5%
$5 conv preferred.—No par
Crucible Steel of America.. 100
600
10
*.__.
*5*8
340
78
Jan
28
6,400
July 25
Jan
May
Jan
22
32l2 Aug
6% Aug 25
Jan
5%
Mar
38
4
5
7%
10
110
35
68
3%
7
3
Oct
IO84 July
Mar
Apr 12
26% Jan 3
8
Crown Zellerbach Corp
7
Oct
Nov
7%
2% Sept
2*4 Mar
Aug 24
20% Apr
80
*46
4%
par
28
*234
138 July
17
93
Pref ex-warrants....JVo par
-
-
334
53
16
-
10
86
*4
m
51
53
*15*4
m
Jan 26
34%
104
Jan 10
101
116
1
$2.25 conv pref w w_.No par
■
334
*75
5
No
No par
9
86
17%
Crosley Corp (The)
Crown Cork & Seal
*46
54
15*2
1,300
4,600
4%
4434
54
15%
7
10*2
22
(The).2
2634
3%
3%
51
4438
>■
Cream of Wheat Corp.
78*2
*62
4
*234
,
9%
27*4
6634
25%
*60
*79
*4%
Apr
*
100
23%
6%
23
80
*79
-.100
5% conv preferred...
300
9*4
34
55
*15%
900
*32%
79
5
8
54% Apr 19
171
Apr 21
3% July 6
25
Preferred
200
36*2
79
17*2
.
*32%
*54
16%
*4%
y
36%
86
*15%
12,900
•
21%
7
Refining
Coty Internat Corp
....1
Crane Co................25
1%
18%
334
434
Corn Products
3,400
1*2
*9934101
30% 30*2
10*4
4434
23%
Apr
5
Coty Inc New............. 1
31*4
7*4
2238
55
55
Apr
32% Apr 11
.1
5,200
17%
18*4
30*8
8*4
*45
4434
1%
1%
17
Continental Motors
4
2334
8
22%
*32%
*32%
9%
50
4%
>
88
111
Continental Insurance...$2.50
100
334
*99% 102*2
313s
31%
...
334
3*2
4*8
1%
1*2
19
17*4
102% 102%
10*2
10*2
334 V 3%
4%
.23
...
20
180
*172
180
*172
180
3%
2234
100
49
3*4
4434
preferred
Continental Can Inc
1% Apr 10
Corn Exch Bank Trust Co.20
3*4
4%
lli2 Apr 10
No par
58%
3
4634
Class B—
93% Apr 27
9%June 30
52"
3
23%
Consumers P Co$4.50 pfNo par
Container Corp of America.20
Continental Bak Co cl ANo par
Jan
Apr
2% Mar
Jan
3»4
15
April
5734
4
4%
23%
*80*8
9
100
5134
66
46*2
v t c
59
64
*47
134 Apr 11
5% preferred
53
70
4%
Consol Coal Co (Del) v t C..25
9%
Mar
88%
3*4 Jan
59%
68
10*2
6I2 Aug 24
1
July 14
>
54
67
48
No par
6% pf.100
Consol RR of Cuba
69
74
4
Consol Oil Corp
434 Apr 11
5
17'
Dec
12% Dec
4*2 Mar
Mar 10
108*2 Aug 4
7?g Mar 10
53
*65
10*2
Corp
4
16»8 April
28
48
Consol Laundries
35
April
Continental Steel Corp .No par
80*g
4%
27
10134 Jan
Continental Ollof Del—..._5
26*2
10%
8% Apr 11
par
_No par
6,000
80
49%
$5 preferred
2,200
2834
4*8
86% Aug
2% Oct
22
80*4
*10%
Mar
21%
26%
*48
76
Jan
1
22
80%
3%
Apr
71
21
28
*2%
55
Aug
2% Jan
12% Mar 10
21%
81
3*4
Feb 27
91
21
26
3
No
85
Apr
1978
81
*2%
$2 partic pref
4
3,500
590
Oct
1*8 July 10
2,500
3,900
10% Sept
4*4 Mar
73
20
58*4
Dec
8 >4
14% July
2688 Nov
10% Nov
791* Apr 18
21
*52
Dec
2984
1
$4.50 preferred
.No par
Continental Diamond Fibre.5
20,900
Mar
4
9% Aug
Mar
6
Jan
share
per
3% Apr
100
Consol Edison of NY ..No par
8%
;
100
% prior pref w w
Consol Film Industries
23%
81
3%
200
preferred
Highest
15
June 16
7
8
22
29
*2%
3%
8% Feb
30% Jan
8
29% April
1% Apr 10
1978 Aug 24
29
4
,
No par
6
Apr 11
Apr
20%
10
*64
93
93
5
19
25*2 Jan
8% Feb 28
4,200
35%
34
9%
94
14
114
19*4
*32%
138
$ per share
I5lz Aug 24
5% Apr 10
700
5,300
1*4
1*2
18%
—
9%
1234
4
19%
'Jim
9%
*172
180
-
9%
1%
*172
4*.*,
37
3734
347g 36*2
38*4
114% *110% 115% *10934 114
5
5%
5*8
5*2
5%
5*2
32
327S
32%
31*4
3234 33
2
2
2*8
1%
1%
2%
14%
1%
*98
100%
*98
100%
9%
9%
14
13%
$ per share
Consol Aircraft Corp
_.l
Consolidated Cigar....No par
100
2
*7*4
81
4
21,300
6*2
*1%
1334
9%
1,800
134
10
34
5
634
3%
34
34*4
4%
5
$ per share
fiizJune 1
4»4 Apr 17
700
6%
102% *102% 103
32
*31*2
31% 31%
*8*4 > 834
8*4
8*4
22
23
23% 24*4
*33%
36% *32% 36%
32
107
*1%
*101
101
1,600
36,500
30%
29%
107
1®4
1*2
18%
l%
19%
101
47g
5*4
800
9%
*8%
9*4
2934
106% 106*2
Congress Cigar
7%
40
1%
6%
334
4
S78
2878
2,100
634
10
175
1%
Lowest
Conde Nast Pub Inc.—No par
Congoleum-Nalrn Inc..No par
w'-,, * W
88%
88*2
1%
*1*4
<
95
95
94
94%
94*4
94%
38
39
39% 39%
38% 39*4
*114% 118
*114% 115% *114*4 115%
5%
5*4
5%
534
5%
5%
*34
33
34%
3334
33%
33%
2
2
2
2
2%
2%
20
21
20*4 2034
20*4
20%
23
24i8 24*2
22%
22*2 23%
54
54
5334 5334
53*2
54*8
60
5934
59%
5934
59*4 60
*175
6%
1%
*9
10
7
106% 1067«
6%
684
*1*4
7
7%
Year 1938
Highest
Conn Ry & Ltg 4H % pref.100
•
*89
•7%
Par
2,000
23%
Range for Previous
Lowest
Shares
share
per
6
22%
6
6*2
•22%
5%
•5*4
Tuesday
STOCKS
for
SALE
PRICES—PER
Sales
I84 Jan
3
Jan
5% Mar
13
Jan
24*2 Jan
2% Jan 20
6*2 Feb 27
43% Jan 5
29% Jan 4
18*2 Aug 15
96 • Aug 23
115
Aug
1
6
Jan
6
3%
Jan
7
1%
2%
5%
10%
1%
3%
19%
22%
6%
67
Dec
Mar
Mar
Apr
Mar
Mar
May
May
Mar
Apr
52% Apr
2% Mar
6
Oct
16
Oct
25
Dec
2% Nov
11*4
Jfln
43
Dec
3584
16*2
Oct
Oct
84*2 Nov
133
Nov
5% Aug
4% July
1% Jan 19
26% Mar 11
8934 Feb 6
1% Mar
1
Sept
12% Mar
29
Oct
67%
90%
Oct
37% July 19
22% Mar
36% Nov
15
25
19
yEx-rlghts.
Mar 17
Jan
June
2*8 July
J Called for redemption.
Oct
New York Stock Record—Continued—Page 5
1286
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Wednesday
Thursday
Aug. 19
Aug. 21
A ug. 22
Aug. 23
Aug. 24
$ per share
$ per share
$ per share
$ per share
$ per share
18%
19
18%
18%
18%
19%
*19%
19l2
♦103% 105
*10378 105
*103% 105
*103% 105
471.1
47%
44% 47%
47% 48%
48*2
48%
17
18
18%
18%
18%
18%
18%
18%
*35%
*19%
*2%
35%
*19
36%
21
234
35%
21
2%
33
35
35
*34
35
*19
21
♦19%
21%
2%
$
17%
18%
10378 10378
43%
44%
15%
16%
18%
102
*100
*4%
*100
33
33
*32
34
21
*19
*9%
47
*6%
*99
8%
9%
115
100
100
4%
4%
4
4
9%
47
9%
*40%
9%
9%
*40%
9%
9%
*40%
534
6
6
105
46
8%
8%
148
*2%
100
4%
46
47%
*147
102
4%
*99
6%
105
47
102
434
9%
*40%
10
*40%
102
*147
*2%
9%
*1811
3%
10
8%
148
3
9%
20%
*6%
*99
47
6%
105
46%
8%
*147
46%
8%
148
*6
6%
*99
105
46
3%
9%
10%
*99
46%
8%
*147
*2%
47
*2%
9%
8%
148
45%
8
147
3
2%
10
9%
47
28
105
*66%
*2%
75
20
234
♦111
115
115
%
%
*%
*111
115
%
%
111
%
111
*107
%
*40%
1,200
900
800
*6
6%
46%
8%
*140% 148
7,800
115
*110
%
July
Apr
115
%
Gen Am Transportation
General
*31
36
*31
*30
35
35
*4%
5
4%
4%
4-%
*7%
8%
7%
7%
8
1
1
15%
15%
*14
*85%
87%
*85%
1
*7.
8
1
14%
14
87%
8512
*%
%
%
%
*14%
*24%
*13-%
17%
15%
24%
14%
147«
*%
*14%
24%
14%
23%
13%
24%
13%
17%
17
17%
17%
*17%
18%
17%
17%
10%
10%
9%
*17%
9%
*10%
12
*11
*
97%
19%
20
52
52
6%
7%
7%
*49
50
*15%
16%
♦40
42%
*10%
*
19%
6%
10
12
97%
*13
19
7
49%
15%
*38
19%
6%
52%
6%
6%
5178
51
7%
7%
7
44,600
10,800
2,100
*37%
238
234
2
2
2
2
2
2
*82
84
*80
,84
*80
84
2
2
9
83
83
*80
18%
19%
*69
72
18%
19%
17%
67
2434
66%
2378
67%
25%
66
23%
22%
101
101
3%
*69
*lo
1%
*1
14%
14
13%
32
5%
1%
14
11%
33
25
*24
2134
24%
25
*135
139
*42
66
378
72
"
2434
*24%
13%
13%
21
24%
24%
31%
31%
29%
17
17%
16%
22%
65%
24%
98
98
99% 101
"3%
3%
72
%
%
5%
*%
%
"2",500
5%
5%
6%
3,800
1
1
1
1
13%
13%
13%
12
12
25
30%
24%
13%
23%
13%
20%
30%
24%
13%
*42
66
66
*42
27%
28%
28%
30
3,000
15
15%
15%
16
26,900
*11%
11%
1034
11
*3
4
*3
4
16
16
14
14
17
*19%
21%
*125
133
61,i
6%
*90
94
2%
2%
*109
110
11%
11%
66
16%
11%
4
101
*42
31%
11
%l
*%
*11
*35%
31%
36
*30%
*35%
12
13%
11%
14%
*%
10
3
13%
33
36
11
.11
2,800
7«
%
%
600
10%
*10%
14%
30
3
*3
4
100
14
15
500
,
13%
33
*30%
33
35
35%
*35
36
11
12%
*30%
12%
11%
12%
200
*16
17
*16
'103
110
*103
103% *103
103% *103
103% *103
*100
101
101
101
*97
102%
80
18%
1,000
*19
20
*19
125
125
*125
*5
6%
90
90
2%
109
2%
109
11%
11%
19%
128
*5%'
*90
6%
94
16
18%
*125
*5
90%
109
11%
2%
2
109%
2%
109
11%
11
16
15
100
19%
128
18%
15
18%
*120% 125
6%
*5%
90%
*90
2%
2
109
*121
125
5%
*90
2%
1034
15
18%
6
94
10%
5%
94
2%
*105
10734 108
11%
15
2%
400
200
60
10,800
9C0
12,300
*107
113
*107
113
*108
113
109
109
*105
112
*105
112
169
*162
169
*162
169
*162
169
*145
169
*125
12%
74%
133%
*72
*130
10%
11%
70
70
*58
65
133% 133%
*56%
65
*110
113
112-% 112%
*16
17
*35%
38
*106
106%
*7%
8
9%
9%
*95%
16
16
35%
106
35%
106
*7%
8
9
9
10%
*110
113
*15%
34%
106%
7%
7%
8%
8%
63 ?8
64%
64
63%
36%
*34%
36
*34%
11%
11%
10%
11
10%
3384
5%
32%
5
%
10%
10%
33
5%
%
10%
35%
*106
*34%
5
17
*95%
*70
71%
69%
70
*110% 111
*110% 111%
*478
5%
478
5
*45
*46%
47
46%
*7,
1
*78
1
*3
*3
4%
4%
1034
10%
63%
36
11
*110
*15%
3534
*72
113
*3
32%
5
4%
33
5%
'8
10%
11%
74
*110
17
3534
112%
15%
50
35 conv preferred
100
No par
100
Graham-Paige Motors
1
Granby-Conso 1M 8 A P
5
Grand Union (The) Co
1
33 conv pref series.--No par
Granite City Steel
No var
Grant (W T)
10
5% preferred
20
Gt Nor Iron Ore Prop. No par
Great Northern pref—
100
Great Western Sugar..No par
100
Green Bay A West RR
Green (H L) Co Inc
100
Greyhound Corp (The).No
5h% preferred
par
Guantanamo Sugar
1
100
Gulf Mobile A Northern. .100
6%
preferred
Hackensack Water
Aug 10
Mar 28
Apr 11
44
Jan
4
69%June 2
% Aug 18
4% Apr 8
% Apr 10
11
Apr 10
10
Apr 8
2434 Jan 27
2278 Jan 23
12% Apr 8
16% Apr 8
23% Aug 23
133
Apr 14
42
6% Mar
Apr
2% Mar
4
5*4 Mar
44% Jan
5
3
3
1% Jan 5
65% July 11
99
July 28
4778 Aug
118% July
127
Jan 27
51% Mar
9
126%June
8
Feb 28
38
678 Jan
107g Jan
110
Mar
6
3
6
1% Jan 20
28
Jan
5
Jan
Mar 14
137g Jan 3
66% Mar 11
24% Jan 5
47
Mar
278 Jan
84
July 19
3
8
Apr 10
May
2
Jan
5
8
79
Dec
Jan
125
25% Mar
111% Apr
21% Mar
45
118
4
Mar
6*4 Mar
101% Apr
1% Dec
12*4 Mar
z85
Sept
1
Mar
13% Mar
15% Mar
Aug
53% Nov
12412 Nov
110
95
"34"
Nov
8% Mar
14% May
"16*4
Nov
98
June
100
9
Mar
"i§"
Mar
6% June
46% Dec
5
Mar
20 i2 Nov
June
2712 Nov
11% Feb
61
67
13
Mar
2812 Nov
37
Apr
6U2 Jan
3% July
1*4 Mar
2% Sept
60% Apr
10
Mar
32
June
15% Mar
69*4 June
3%
85
26%
68%
Jan
Nov
Oct
Dec
38i2 Dec
108
Dec
30
Jan
24% Dec
9% Mar
15% NOV
Aug
4
16% Jan
5
31%
4
Jan
Mar 11
28
141% July 27
Apr
4
July 21
21% Mar
1%
Jan
18% Feb
5% Jan
22
Jan
9
144
2% Mar
52% Mar
*4 Mar
1
Mar
8
Mar
12% Mar
23X2 Apr
Apr
122
35
July
13% Mar
6i2 Nov
72*4 Dec
2
30%
Dec
32
Jan
Dec
50
Oct
28% Nov
22
712
13
Feb
July
142
7*4 Mar
Mar
Jan
8% Oct
2% July
14% Nov
22% Nov
1*4
Dec
Oct
Jaa
9
6
4
12
3
Mar
4
8
Mar
24
Apr
Apr
30
Nov
30
35
June
5
Mar
32%May 9
36% Aug 3
15% Aug 4
17% Mar 10
103*4 Mar 28
Aug 21
24
12
Mar
Mar
_m
28
Jan
6I2 July
Nov
13% Nov
2U4 Jan
88*4 June
101
Nov
83
June
100
Nov
4
15
Mar
May 29
120
Apr
Mar 17
Jan
34*4 July
140
z7*4
3
7% July 18
4% June
100
71
Jan 19
2
Apr 10
50% Mar
IX4 June
25
93
April
90% Aug 23
4% Jan 5
110% Aug 9
13%May 29
75
2
Helme (G W)
July
20
25
125
76*4 Jxine
111
8% Apr 10
109
Aug 23
Feb
15*4 July
37% June
10% May
19
Apr
32
1
July
2% July
Oct
41% Nov
26x2
5
Jan
Aug 14
Apr 10
Hazel-Atlas Glass Co
Hecker Prod Corp
Nov
2% July
27% Nov
167g AUg
35
17
478 Feb
July
9% July
12% July
20
103
1
Nov
Jan
50%
2% Mar
May 19
w
Oct
50
3
7
1
15
w
Nov
Mar
3
96
6H% preferred
Hayes Body Corp
Nov
Jan
1%
12%June 13
1
Nov
778 Jan
1% Jan
10
8
Feb
Nov
3
36
Apr
25
Nov
3
24% Jan 26
14% Apr 11
% Apr
9
Apr
28
20% Mar
108% Apr 138
48
27% Mar
22% Mar
40%
108% June 117%
% Mar
1%
Jan
99
Hat Corp of Amer class A
Oct
Mar
50
8
100
136
5
100
preferred
115
9%
102%
6914
11%
80
No par
6%
4
24% Jan 4
74% Mar 16
38% Jan 3
109% Jan 5
Hanna (M A) Co 35 pf. No par
Harbison-Walk Refrac.No par
Hamilton Watch Co
7
3% Mar 14
May 24
29
5x2 Mar
6%
Dec
Jan
Nov
Oct
Dec
11% Nov
15%
Mar 24
81
May
111
Dec
100
159
Jan 21
167
Juno
5
140
Jan
161
Dec
10%
10%
"l".500
Hercules Motors
No par
10
Apr 10
17
Jan
5
10
Mar
20%
Oct
Hercules Powder
No par
63
Apr
86
42*4 Mar
126*4 Jan
87
Dec
13514
Dec
Oct
25
Preferred...
74%
1,300
133% 133%
65
*56%
90
109% 109%
200
*15
16
200
6% cum preferred
Hershey Chocolate
100
19
Jan
7
15
Sept
51
Jan
4
17
Jan
110
Jan
6
98
Jan
118
11% Mar
9
5*4 Mar
Jan 4
104% Jan 12
66%May 11
11% June
600
Holly Sugar Corp
7% preferred
Homestake Mining
62%
61%
*33
62%
34
11
10
1038
934
*66
68
68%
69%
110% 110% *109% 112
4%
434
4%
4%
46
46%
46%
"5",000
100
%
*2%
%
%
%
500
334
334
32%
2934
30%
*2%
2834
30%
5
4%
4%
4%
1
%
4%
%
9%
%
9%
1
6,600
4,600
7,400
4
10%
12,700
No par
100
12,50
Class B
Household Fin
800
3,900
1,400
5
Houdallle-Hershey cl A.No
9,400
1,000
par
No par
com
stk. No par
5% preferred
100
Houston Oil of Texas
Howe Sound Co
v
t c._25
5
Hudson A Manhattan
100
5% preferred
..100
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
Illinois
1
Central
100
20
18
18
19
19
18
18lo
17
18
19
19
1,000
43
40%
41%
40
40
*40
42
40
40
40
40
240
6
6% preferred series A...100
Leased lines 4%
100
6
*5
6
*5
6
5
5
*5
100
RR Sec ctfs series A
j In receivership,
5%
a Pef. delivery,
Mar
14*4 Apr 17
31%May 1
105% Mar 18
834
34
Mar
80
105i2 Dec
21X2 Nov
52% Oct
834
34
40
115
9
62%
3
July 17
Jan 28
Apr 27
*834
*95
65% Aug
54
Hollander A Sons (A)
*95
3
6
104
200
834
Jan
135% Mar
No par
8
34%
8
128% Apr 10
117
34 conv preferred
No par
Hlnde A Dauch Paper Co. .10
Holland Furnace (Del)
10
35 conv preferred
98
*5
9
Mar
4
25% Jan 6
130% Mar 31
April
Apr 19
Apr 12
*7
Bid and asked prices; no sales on this day.
10%
98%
15%
5%
32
*40
*
Apr 28
Apr
*19
*5
15
8
10
7
9
Apr
25
Printing
7
10%
16
25
7% preferred class A
Hall
1,100
270
934
Apr 15
11
100
-
35
4%
%
10
No par
8% preferred
106
*3
par
No par
Gotham Silk Hose
35
30%
4
Mar 31
No par
106
44%
Apr
4% Aug 24
5% preferred
Goodyear Tire A Rubb.No
106
1034
28
13% April
53
Apr 10
21% April
90
Apr 8
2%June 30
106
10%
9
70
8
63%
36
May
36% April
121% Apr 8
No par
106
...
117
Goodrich Co (B F)
*7
*95%
62%
*34%
72% Jan 26
Gold A Stock Telegraph Co 100
106
34%
Mar
July 21
4% Jan
Mar
73%
1C%
132% 132%
58
*56%
70
70
70% 70%
110% 110% *110% 111%
5
5
4%
5
47
46
47%
46%.
1
1
*%
1
1
10%
10%
70
73
70%
132% 132% *130
132%
♦56%
65
*56%
6334
*95%
63%
3334
10%
73
3
178 Apr 10
169
*11%
Jan
1
30
1034
*162
39
Goebel Brewing Co
No par
preferred
6% preferred
109%
1034
Aug 23
% Apr 10
1
103%
101
*100
111
Gobel (Adolf)
70
3,600
*100
16%
April
36% Jan 27
6% Aug 24
Preferred
29%
18
101
66
2,400
15%
*15
*16
200
27%
18
*103% 110
*23%
13%
2034
25
13%
16%
%
33
35%
12%
24
13%
200
30%
14%
12
24
700
1,200
16
*%
*30%
35%
30
29%
*10%
12%
29%
*11
30,500
5g
36
13%
12%
30
20%
22%
19%
21%
22%
24
24
24% 24%
24
23% 24%
24%
♦137% 139
*137% 139
*137% 139
*137% 139
14%
32%
13%
12
29
2,500
11%
1234
13%
700
*11
11
149
4% Mar
82
29
87
44% Aug 25
14% Aug 24
34 May 17
2% Jan 23
Preferred
%
*10%
*3%
36
1,000
1
13
3
5
Oct
Sept
Nov
Dec
Dec
July
Mar
June 20
No par
conv
Dec
Mar
No par
72
5%
11%
*30%
334
Jan
60% Jan
8%
11
36 preferred
600
98
*33s
*68
%
%
14%
4
*3%
10
33,900
1,100
27,100
1
*%
*16
98
3%
72
2,100
6634
9
103% Mar 28
4% Mar
35
Glmbel Brothers
Glidden Co (The)
97
52
54
2,400
Mar
Oct
6% July
July
18
July
June
Jan 26
"2",700
9% Mar
85
3%
18
48
Apr 10
5
No par
Mar
Jan 17
52
9% Apr 11
preferred
1% Mar
2% Mar
10
Jan
19X2 Nov
Gen Theatre Eq Corp .No par
Gen Time Instru Corp. No par
conv
Sept
Nov
Bept
4
35
Nov
32
5%
13
41
Gillette Safety Razor_.No par
58
3
13% Aug 24
85% Aug 22
General Tire A Rubber Co
91
3
15% July 15
32% Jan 4
18% Aug 15
15% Jan 4
16% Jan 9
99% Feb 8
27% Mar 10
8% Jan 3
8,400
6,000
Mar
2% Mar
Apr
19% Mar
25
4
105
100
50
37% Nov
109% Nov
29% Oct
Jan
1
6% preferred
Mar
18*4 Jan
19% April
230
Mar
Mar
11
5
12% Aug 24
1,700
18
85
Jan
General Shoe Corp
1
Gen Steel Cast 36 pref. No par
General Telephone Corp
20
1,800
1,000
1,000
Oct
Jan
No par
100
Jan
4%
75
Gen Railway Signal-—-No par
4H%
25%
3
Aug 22
7%
Oct
21
35
*4 June 30
44
19%
Jan
14
102
6
5%
%
*11%
*10%
3%
*68
17%
65%
23%
3
3
5
13%
*42
31%
17
11%
65%
24%
32
*11%
13%
66
66
*69
14
20
*42
19
3
Jan
1% Jan
1%
31
*137% 139
16%
18%
15%
Jan
92% Apr
6
*2
5%
*1
14
11%
*31
13%
22
101%
*69
%
678
32
13%
*101
334
72
%
6%
*24
84
18%
6
*12
*80
17%
65%
*1
*14%
9
15
July 21
4
13
39x2
17% Apr 8
Apr 10
l9%May 12
No par
400
2%
3
3
20% Jan
12,500
15
Jan
%June 30
7%
42%
30
14% Aug 24
44%
14%
9
Jan 13
1
6%
*3738
2%
6
334 Jan
55
36 preferred_.No par
General Refractories
No par
44%
2%
90*4 Jan
Oct
Nov
4314 Nov
3U4 Dec
5% July
19i2 Oct
38% Nov
7
6% preferred
108% Jan 11
29*4 Jan 5
Gen Realty A Utilities
45
15%
No par
Gen Public Service
40
7
42%
9
Common..General Printing Ink
800
2%
100
10
6% preferred-—
July 27
2,300
6
15%
No par
4
38
22% July 17
3% July 26
35% Jan 5
26%
100
Jan
.No par
General Mills
31% Jan
24% Mar
10% Mar
19*4 June
15
Apr
1% Mar
2,100
*50
*37%
49
-.No par
36 preferred
45
7%
—No par
34.50 preferred
Gen Gas & Elec A
76
3
18
31
General Foods
2,300
1
16% Mar
Apr
8
Aug
51
Highest
% per share $ per share
Mar 31
9
No par
""160
6%
6%
Jan 18
2% Apr
114
35 preferred
No par
Gen Outdoor Adv A .—No par
50%
51
134
100
General Motors Corp
1,400
8
8
Aug 24
Apr
43
General Electric
460
""766
Jan 26
40
-100
No par
94,300
600
96
No par
36 conv pref series A-No par
""600
or
8
14
6
24
24
10
11
26
10
10
10
13
22
10
9% Aug 23
45% Aug 17
5%May 17
7% cum preferred
General Cigar Inc
7% preferred
50%
6%
15%
42%
278
9
68
6
51
15%
*37%
2-%
25%
25%
*101% 103
3%
35
*44
2%
*65%
*30
48
2%
84
32%
48
49%
1534
42%
2%
2%
*28
6
51%
7%
52%
30
4%
*7%
4%
4%
4%
*4%
5
7%
7%
7%
*7%
8
109
*108% 109
*108% 109
*108% 109
i
%
78
1%
1%
*%
1%
14%
13%
14%
13%
14%
13%
14%
*82
85%
85% *82
*82
85%
85%
%
%
%
%
%
1478
*14%
1478
14%
14%
14%
14%
23
24%
21
23
24%
23%
23%
13
13%
13
13
13%
12%
12%
17
17
*17
17%
18%
17%
17%
17
17
17%
17%
18%
1734
1734
10
10
10
10%
9%
934
*9%
11
12
*10%
11
11
*1034
*1034
*
*
*
97%
97%
97%
97%
20
"ie"
18
17%
20
"l8~
1934
8
*108%
*108% 109
*108% 109
30
4%
No par
3% A
Class A
500
60
*87%
5
Bronze
General Cable
100
%
No par
5
5
No par
Baking
38 1st preferred..
General
200
300
July
9
20
934
2
Aug
94
$6 preferred
9
1% Apr
30
Ne par
200
934
Apr
Gannet Co conv $6 pref No par
5H % conv preferred
Gen Amer Investors—No par
700
21
103% Apr
14
Aug
7% Aug
5
50
2,800
1% Apr
10
13 preferred
Game well Co (The)
Gaylord Container Corp
2%
Apr 6
May 12
18% Apr
1% Apr
500
2%
105%June
8
Aug 24
Co
10
Gabriel Co (The) cl A—No par
Galr Co Inc (Robert)
.1
Free port Sulphur
1,500
"2", 000
Jan 16
Apr
66% Aug
3
2%
«
10
% per share
25% Mar 9
No par
No par
pf-100
105
46%
8%
100
4K% conv pref
Foster-Wheeler
Gar Wood Industries Inc
47
*45
60
*45
*45
60
60
60
*45
60
*45%
87
86
86
87% *86%
90
85
85
88%
*86
90
*121
122
121
122
*120% 122
*120% 122
119% 120% *119% 122
43
44
42% 43 7«
44%
44%
4434
42%
44%
41%
4234
44%
*124
125
*124
*123% 125
123% 125
125
*123% 125
*124
125
*45
"2", §5o
40
10
J Foilansbee Brothers.-No par
Food Machinery Corp
100
17 conv preferred
350
*9%
17
F'k'n Slmon&Co inc 7%
1C
4%
25
Francisco Sugar Co
10
*4
No par
80
I *99% 100
'
No par
400
*2%
734
*2
19
20
*18
20
♦18% 20
19%
19%
18%
18%
60
*50
60
*50
60
54% 64% *51
*54%
60
50
50
21% 21%
*20% 21% *20% 21%
20% 20%
20%
20% *19%
21
*124
130
*123% 130
*123% 130
*123% 130
*122% 130
*122% 130
33
34
33% 35
34%
33% 34
34%
32%
34
33%
34%
46
46%
4434 457s
44% 45%
43%
45%
42%
43%
43%
42%
*108
4,300
20%
2%
2%
734
*99
9%
10
30
5
147
1,100
*25
105
46%
8%
300
""800
16
Fllntkote Co (The)
Florence Stove Co
Rubber—10
6% preferred series A—100
First National Stores—No par
Lowest
Apr 10
17%
99%
38%
15%
Firestone Tire A
200
2%
105
1434
1939
Range for Previous
Year 1938
Highest
3 per share
Florsheim Shoe class A. No par
3,900
2,100
7,400
28%
2%
Lowest
Par
Shares
21
4%
4%
45%
17%
*19
*2
2
2
*2%
2%
2%
*32
33
28
30% 31%
29%
*31%
*32% 33
*105
*10434 106
105% *105
*104% 106
105%
*104% 106
14
14%
1434
16
15%
14%
14%
15%
15%
15%
*67
74
*67
74
*67
75
*67
75
66%
68
2%
2%
*2%
2%
2*4
2*4
2%
2%
*2%
2%
*25
36
30
*25
36
*25% 32
*25% 3178 *25
20
19% 20%
20%
19%
20
20% 2078
21% 21%
1%
2
2
*2
*1%
2%
1%
1%
2%
1%
2
2%
2%
2%
2%
2%
2%
2%
*2%
2%
8
8
8%
778
734
8%
8%
734
*8%
9
10
10
10
*10
10%
10%
10%
10%
9%
10%,
,
19
103% 103%
26,
EXCHANGE
Week
per share
45%
16%
Range Since Jan. 1
On Basis of IQO-Share Lots
STOCKS
NEW YORK STOCK
the
Friday
Aug. 25
Sales
for
Tuesday
Monday
Saturday
Aug.
n
New stock,
r
1000
Cash sale,
z
7
June 29
8% Aug 22
95 May 10
60% Mar 31
27
Apr 8
8*4 Apr 10
61
Apr 8
103
Apr 21
4% Aug 24
Apr 10
7g Aug 24
40
3
Apr
6
April
4% July 1
34 Aug 11
25%
9
Aug 24
16% Apr 8
3834 Apr 10
5
April
Ex-div.
y
15%
36% Mar
17% Jan
9
3
73% July 31
110% Aug 12
8% Jan 6
55% Mar 9
1% Jan 20
5% Jan 9
35% Jan 10
8% Jan 5
2% Jan 3
20% Jan 4
35
49
11%
Ex-rights.
102
6
Mar
4612
Jan
8312
Jan
5
Mar
23X2 Mar
1
May
3
Mar
20% Mar
Mar
5
% June
6% Mar
3
12
Mar 13
23
Jan
Jan
4
Mar
Apr
1712 Mar
48i8
Apr
Mar
%
Apr
60
Aug
13*4 July
25% Jan
108
May
66
35%
Aug
Oct
18% Oct
72% Nov
105% Nov
9% July
63% Jan
3% July
9% July
35% Nov
10
Jan
2*4 Oct
20% Dec
35x2 Dec
44
11%
f Called for redemption
Nov
Dec
Volume
LOW
AND
New York Stock Record—Continued—Page 6
149
HIGH
SALE
PRICES—PER
Sales
CENT
NOT PER
for
Monday
Tuesday
Aug. 19
Aug. 21
Aug. 22
$ per share
$ per share
$ per share
$ per share
*5
5
5
21
*22% 24
103% 103% *103
22
22
105
*102
5*8
*155
10%
71*2
10*8
*5U
5*2
4i8
4*4
30%
3038
*107*2 108
71
71
10
11
*5*4
5*2
4
29
108
4
29*2
108
2*2
2*2
8*8
8*8
75s
8
134
1*8
22
*19
183
182
51*4
51*4
*157
165
50*2
*157
15s
22
*5*4
180
51
478
2*2
2*4
634
034
6*2
23s
6*2
47
48
135
7%
29*8
7«4
46*4
*131
7*8
30
28
4
4
4
55
*50*4
*31*2
*33*2
23*2
*95*4
70
95s
74
10%
11
1,100
8,100
10*4
3%
3%
t Interboro Rap Transit.,.100
Interchemlcal Corp.___IVfl par
0% preferred
100
Intercont'l Rubber.,...No par
18%
174
48*2
18%
178
49%
54
5038
31*2
31*2
33*2
*2H2
*94*4
95*4
27*4
700
21
*18*4
170% 170*2
49
100
1,100
7,500
50
2%
*6*4
51
50
334
31*2
*315s
33*2
*32*4
23
98*2
6
21l2
*94*4
200
Preferred
63s Aug 24
50*4
48 34
*94%
434
98*2
98*2
5*8
5%
534
6
6
5*2
9
834
834
8*2
5%
834
94%
9
*738
21
*20*2
*78
8*4
*8334
847g
8334
*73s
20*2
21
*123
*123
*78
84
84
*738
*20*2
*123
*123
8 334
8212
*80
8*2
20*2
International
International Silver
46,100
4,800
2,500
5%
82*2
80*2
5
5*8
5%
8%
8%
9
*80
84
*80
84
*»-•»
9
*7%
9
21
20*2
20*2
*123
*123
*76
82*2
80*8
-
«
W
~
Shoe
—
w
-
Aug 24
784June
Apr
..No par
18
*16
16 78
16
16
100
Kalamazoo Stove A Furn___10
7
*6*2
*16
17*2
6*2
*16
6*8
6*2
18
*9
934
*9
*93
96*2
*93
*1534
103s
15*4
97
95
*9
1534
*95*4
16
95*4
9*4
9*4
*534
6
*85
88
9
534
*85
934
96
*93
163s
*95
9
9*8
534
534
343s
32*2
11*4
10*2
28
28
27»4
40
*2*8
*31
9
534
16*8
*95
9
5*4
9
8%
234
40
97
70
9
1,700
1,400
Kelsey Hayes Wh'l conv el A.l
1
5
Aug 24
10
Kendall Co $0 pt pf A..No par
79
June 21
Kennecott Copper
28
*834
9*8
5
5i2
10%
2834
*10*2
40
2*2
40
*31
*82
28,900
10%
10*2
10%
10*8
1,400
27
27
2%
2%
18*2
*23%
18%
600
23%
5,000
Kresge (8 S) Co
4*2
4*2
1,300
Kresge Dept Stores....No par
18
18%
22%
24
*4*2
5
4*2
2758
2578
*4*2
4%
4%
8*2
13*2
14
15
1434
15
9*2
8*2
*14
500
2*4
4*2
m
«-
•
*26
2734
27
27
27
27
700
25
255«
8%
24%
25%
25
27
8,400
7%
8*2
*13%
14%
1334
14%
9%
*85g
16 34
*13%
1478
14*2
20
8*4
1334
*14%
*3%
260
8*2
15
50
14%
4,300
4%
300
29
28%
29%
29
28%
2934
293s
28*2 29%
20
21
20
20*2
20%
1934
20*4
20*8
20*8 21*4
*114% 116
*114% 116
*114*2 116
*114*2 116
*114*2 116
*11412 116
3
3
2%
2%
234
3*4
338
3*4
3*8
3*8
3*8
*314
%
%
%
*2
%
38
38
38
%
*38
%
%
1%
2
1%
1%
1%
1%
1*2
1*2
134
*li2
*1*2
*1*2
*22
20*2 21%
2134
2034 2114
20*8 2034
23*2
2U4
21*8 2134
11
11
11
11
11
11%
1178
11&8 *11*4
11*8
11*2
*1158
26
26
29
27*2
*27
*26%
29
29
26*2 26*2
28*8
28*8
2,300
1,600
434
*4%
30
30*2
21
4%
1412
*378
4i2
4*2
14*2
334
*3%
334
434
29
21
47*8
47*4
5
5
42
42
44
46
5
5
5
*40*2
4434
42*2
*4058
47
5
42*8
44
42*2
47*4
434
434
42*8
42i8
*104*2 107
106*2 107
*178
180
17*4
*23*2
17*4
24l2
32*2
*12
32i2
12*2
15*8
4134
•
*1558
41l2
105
180
*178
180
*178
45
4%
41
103*2 103*2
105*2 *104*2 106
*10434 106*2
107
107*2 al07*2 107*2 10634 10634
*178
4*2
*40
45%
4%
40
*17
18
105
1,900
800
300
2034
21
3234
31%
31%
32
1134
12
11*2
H-34
10*8
11
10
11
10*2
1034
1,600
Lion Oil Refining
15
15*2
15*2
15
15%
1434
15
1434
15
2,100
40
41
15*2
40%
Liquid Carbonic Corp..No par
Loew's Inc
No par
*1
1*4
434
5
4*2
13*4
1338
12*2
29*2
*1034
21%
21%
33
900
41
38
42
38
39*4
3934
7,100
3978
100
107% *106
107%
107% *106
108*8 108*8 *106
16
15
15*4
14%
13%
182,100
16%
1578
17*8
43*2
.
44*2
44l2
44%
2%
43
43*2
42%
43
2934
28*8
29
*1
434
4*4
1*4
5
4*4
12 34
13
28*2
29*2
26*2
28
27%
29*8
13,100
Martin (Glenn
217g
2U2
21*2
22
22
21
2978
100
51*2
49*4
*37s
4*8
334
2
2
900
Martin-Parry Corp....No par
36
36%
36*2
400
Masonlte Corp
2134
2034
21
21
21%
2,100
12
108*2 *105
47
27%
*24
*3%
48
3%
*
80
47
2,000
3%
27
*25
27
99
99'
*98
100
13
13
12*4
11
11%
27%
108*2
103% 103%
12%
11*2
800
300
10
13*8
1234
*99% 108*2
*
'
168
45%
3%
14
28
100
1234
49*2
3%
100
28
*99
1258
168
*168
171
2
*99
28
100
133s
L) Co
2
36
13
14
13*2 *13*2
12
13
12*2
12%
108*2 *105
108*2 *105
28
14*8
*105
495s
4
*99
14
*160
50
Modified 5% guar
38
2%
2% Aug 25
%May 3
li4 Apr 10
20% Aug 24
9% Apr 10
23
Apr 10
3012 Apr 10
418 Apr 11
34*4 Apr 6
97i2 Apr 11
99i2 Apr 11
171%May 10
15
Apr 10
2034 Aug 24
31i2 April
2,500
5,700
100
...No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co
—No par
53 preferred w w
No par
pref...—No par
No par
McCrory Stores Corp....—1
0% conv preferred
100
50 1st cum
McCall Corp
Mar
5i( Mar
12
Mar
17
Apr 10
Jan
6
Apr
Jan
8
3
4
28
Jan
Apr 8
Apr 25
124
Dec
12
Dec
100
Dec
16
Nov
63
91
Nov
Apr
Jan
100
Oct
26% May
61* Mar
51
Oct
443g Jan
5
13
3
Mar
30% July 21
3
3
514 Jan 15
9
19
Feb
1% Mar
125s Jan
9
Mar
15i8 Mar
2i2 Mar
22
Mar
123g Mar
18
Jan
17
Nov
10% Mar
13i2 Mar
305s Dec
x265g Oct
95
Jan
120
4
3
3
Mar
5s Jan
Jan
4
2734 Jan
5
55s Jan
3
12% Mar 10
8234Mar 13
50«4 Mar 13
6% Jan
3
43% Aug 14
■108% Aug 3
10934 Aug 3
180
May 20
18
Aug 15
40% Jan
5
47
Mar 13
38 Dec
17g Mar
193$ Mar
07g Mar
1934 Mar
23% Mar
5i8
Dec
25
Mar
81
Mar
81i2 Mar
157
Apr
145g Mar
583g Nov
Jan
9
37% Nov
102
Dec
IO384 July
170i2 Deo
I8I4 Nov
40»4 Nov
60
Mar
Nov
May 29
62
Jan
5
22i4Mar
June
33
Mar
99
Dec
84 Mar
Mar
26
Jan
9
2t2 Mar
1414 Mar
1
92
4% Jan
110
12i8 Mar
248s Feb 25
159%June 23
June
13*4 Mar
125
Apr
58
Jan
3
12% Mar
297g Apr
35
Aug
2
22
20% Mar 13
84 Mar
7% Mar 3
26U Aug 3
1484 July 19
1334 July 24
46g Mar
684 Mar
25g Mar
4% Apr 10
338 Aug 24
1«4 Jan 7
5% Aug 15
8isMar 9
1% Mar
4% Sept
63g Dec
934 Apr 10
15% July 24
6i2 Mar
395s Feb 24
658 Jan 3
57% Jan 3
4
5234 Aug
2
08$ Mar 10
36% Mat 10
105
June 24
17U Jan 20
1478June 9
106
Aug 17
23i2 Nov
107%
Dec
21*4 Dec
164
Nov
195g Oct
67% Dec
Jan
I8I4 Mar
Jan
Oct
Dec
9
July 11
Oct
9
63% Oct
5«4 July
32
3
4
36
02i2 Nov
lllU
120
19% Jan
38% Jan
1% Jan
176
21% July
Mar
1214 Aug 25
25% April
1
Apr 4
Jan 13
514 Jan
July
143g Nov
3558 Oct
29
29
247g Mar
88
Oct
7% July
1% Jan
20% Mar
6
3
712 July
Mar 16
43% Feb
Jan
Jan
Mar
35i2Mar 10
118
Aug 24
1078 April
934 Jan 26
Jan
Oct
July
316s July
2158 Nov
8
30
27
93
Dec
Mar
1105s Mar
8
334 Aug 23
27% Aug 2
35
19%
223g
Mar
8
4
40*4 Apr
145g Nov
30
July
3% July
8% Mar
3hi May
3084 Jan
6
Oct
15
132% Aug
Jan
143s
10%
8
2
164
Oct
Mar
Aug 24
2
May 12
34i2 Apr 10
2034 Aug 11
Deo
3
484 Mar
18
Feb
Oct
13% July
24i2 July
10% May
2134 July 22
I9i2
147i2
1534
30i2
24% July
123
80
54% Jan 4
109*4 July 17
105
Jan
8
Mar 31
Aug 11
July
78
8
19
2
Oct
130
Jan 11
16
41l2 April
llll2
10% Mar
92
Aug 24
6
Deo
1484 Mar
13i2June 29
35
Apr 10
105
Apr 10
10
745s
Apr
12i2 Mar
118
11
95*4 Aug 21
83% Nov
12'4 July
Jan
100
July 28
25
Jan 24
Mar
4984
20l2 Aug 24
29
*2
*37
Apr
Apr
27*2
2
40
Jan 26
17
1
320
2
44% Mar
Mar 13
18
5% July 18
25
10
11,000
*38
Feb
113%
99% Jan 17
18% Mar
Apr
Apr
Apr
5
2
12
4
14
Apr
6,200
Jan
2934 July 24
29*4 Aug 1
13i2 Jan 20
23% Jan 20
5
13
4%
23
4
20U Apr 11
7
Apr 8
13% April
5
500
12184 jan 20
,11% Jan
1
9
400
Jan
Nov
203a Aug
X Manhattan Ry 7% guar. 100
300
24
12% Apr 10
113
Oct
Oct
Nov
124
9
July 18
20
3is Apr
18
Apr
Mar
9
Jan 27
115g
117g
Mar
4
414 Apr
24
Apr 27
3584 Jan
353g Nov
90% Dec
June
Aug
Apr
Jan
8
40*2 Mar
24
Aug
1% Apr 11
June 12
25
30
600
1,100
434
*3*2
11%
1
8
884 Apr 11
20
Apr 8
100
5,300
MacAndrews A Forbes
4*2
1
Apr
7,100
10
2,500
Louisville A
12%
4*2
1%
4%
12i8 Apr 11
85
Apr 25
7% Apr 10
Nashville....100
10
0% preferred
No par
Mack Trucks Inc
No par
Macy (R H) Co Inc...No par
Madison Sq Garden...No par
Magma Copper
10
Manatl Sugar Co
1
Mandel Bros
No par
100
'
preferred
......100
(P) Co
10
7% preferred
.100
Louisville Gas A El A..No par
5%
Lorlllard
3%
39*2
*99
1,300
1,100
Long Bell Lumber A...No par
Biscuit
26
Loose-Wiles
11%
2
171
60
Lone Star Cement Corp No par
5%
38*2
171
6,400
pref erred.... .No par
..No par
12%
458
41
171
50
Inc
12*2
*1
1
5
*40
4958
*378
700
50.60
Loft
Co..-No par
*4*4
1
2
171
1,900
1,500
..No par
Link Belt Co
100
Manhattan Shirt
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
6
Market St Ry 0% pr pref. 100
Marshall Field A Co—No par
2
*28
Lily Tulip Cup Corp—No par
Lima Locomotive Wks.No par
17
22%
32%
458
13
4*8
100
Preferred
1,400
18
2
2
*2
2
2
2
2
2
2
*2%
2%
18
18
18
19
18%
18*2 *1838
*1834
*18*2
19*8
18*2
19*4
108% 108% *107*2 HO
*10858 10912 *1085g 109*2 1085s 1085s 1085s 108%
x22
2134 22%
2234
22% 22%
2278
23*8
23*4
2234
2238
23*4
158*2
*155l2 158l2 *15512 158*2 *155*2 158*2 155% 155*2 *154% 158% *154
18
18
18
18
18
18
18
18*2
18*2 *18
187S
18*8
42
43
46
46
4234 43
46
43*2 44
4034
4634
45*2
33
*32
33
*32
33
*32
*32
*32
33
33
33*4
33*4
*132*2
132% 132*2 *132%
*132*2
*132*2
*132*2
19
18
1834
18 34
18*4
1958
1958
1958
19*4 "lo"* 2
1958
19&8
27
27
27%
27%
27% 285g
2734
27*2 28*2
27*4
28*8
28*8
13
13*2
1334
1334
13%
12*4
1334
1334
*1338
1434
*1338
*1338
28
28
30
30
30%
*30
31
30%
31
30*2
*29*4
*2834
1
1
*1
1
*1
1%
1*4
1%
1%
1%
1%
1*8
6
6
6
5*2
*5*2
5%
*5*2
634
*5*2
634
*5*2
*5*2
21
20
*18
20
20*2
*20
20
*20
23
*18*4 25
2134
9
10*4
11
9%
10*4
10*4
11%
11*2
1034
11*8
11*4
1134
12*4
*11*4
11*4
12%
1234
1158 *11*4
12*4
*11*2
12*4
12*4
*1138
51
Liggett A Myers Tobacco..26
Series B
26
17
•
176
700
32
17*4
4*8
6
Life Savers Corp
21*2
44*4
*50
Llbby McNeill A Llbby No par
17*2
15*2
*171
No par
Lerner Stores Corp
Libbey Owens Ford Gl.No par
23
43*2
217g
6
17*2
1758
5
No par
Bryant
Lee Rubber A lire...
Lehigh Portland Cement...26
4% conv preferred...
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
0% conv preferred
....60
Lehman Corp (The)
.-1
Lehn A Fink Prod Corp
6
22*4
3234
4434
47g
Lane
300
104% 104%
105
100
preferred
1,100
4%
175*2 176%
178
6%
Lambert Co (The).....No par
6,000
40
178
.No par
17*8
17*2
*4*2
400
Kress (S H) A Co
Kroger Grocery A Bak.No par
Laclede Gas Lt Co 8t Louis 100
23*2
32*8
4412
1*4
47g
400
2,900
1,000
10
22*4
32*8
*17
*107*2 109*2 *10738 109*2
*1
3,700
1,000
47
105% 100%
180
No par
Keystone Steel A W Co .No par
Kimberly-Clark
No par)
Kinney (G R) Co
1
18 preferred
...No par
$5 prior preferred...No par
40
19%
18
600
27%
*2*8
Class B
*31
24*8
9*2
*27
Kayser (J) A Co
6
Kelth-Albee-Orpheum pf__100
40
18*2
15
85
35*2
23
*14%
-
32%
24
25*8
^
33
20
9
*82
NT -
1,400
31*4
19*2
26
W
5*4
5*4
5%
2234
27*4
9
9
85
20
25
4
*95
19*2
26*8
Feb
95
2284
27*2
8% Apr 24
97
95
23*2
26
preferred
97
20*8
*27
8outbern.No par
100
Kaufmann Dept Stores.....1
6% conv preferred
100
4%
5is April
11
April
16 34
3358
10%
27*4
4*2
*26*2
300
9
*7%
Kansas City
96
19*2
4*2
200
Kan City P A L pf ser B No par
*10
23*2
23*4
4i2
2734
634
16*2
*534
*14
900
*93
32 38
*2*4
......
16%
34*2
27*4
8%
16%
96
85
*31
5%
15
*15*4
*120*2
15
*93
85
2 34
<a*
16*8
96
*31
28
2%
*2*4
97
834
*93
5%
15
1058
*27*2
*2*8
11
*31
163s
6
16
33*2
33%
IU4
9*2
97
6
*15
88
*85
88
34
63s
16
M>
6
48% Jan
30% Nov
16
63
7
17
July
15ig Nov
527g Nov
5
19*2 Jan
*16*4
Apr
575g Nov
140
9
58
35
64l2 Aug 21
Jan
June 20
122*
122
Jones & Laughlln St'l pref. 100
*120%
Jan
June
4
100
400
*120*2
37g
1084 Jan
21
9
100
40
1678
Feb
3
132
40
*16
87
Feb
6% Mar
Jan
*122
40
*102*2
Mar
Mar
6
Jan
122
40
1678
Mar
5i2
June
122
43
*16
9*8 Jan 19
9% Feb 28
1434 Jan 3
64
125
*41
No par
2
105
*122
42
*120*2
Mar
1912 Mar
133
65
125
42
*120*2
414
185s
214
28i2
8
13
Apr 10
117% Jan 27
65
125
43
Preferred
Jan
Aug 24
65
125
Jobns-Manvllle
6
Aug
85
43
3,700
3
Feb 10
125
125
6 534
34
Apr 14
45
66*4
0Oi2June
08
65
65
3678 Mar
132
1434 Jan
5134 Jan
6*4May 29
120
128
6534
5534 Jan
May
138
4
Jan 27
65
65
Jan
141
Mar
*43
64*2
10634 Aug 10
June
*125
64i2
70
12
7% Aug 24
77i2 Jan 9
No par
....1
1
preferred
May
46i2 Mar
5
16
Dec
28
434 Aug 24
Jewel Tea Inc
Jan
185
99
4
Inter Telep <fe Teleg__.No par
900
-
29
Mar
353s Jan 21
3178 Mar 9
Jan
Foreign share ctfs
No par
Interstate Dept Sto'res.No par
Preferred
100
Island Creek Coal..
Mar
48
005s Mar
Mar
15
*130
31i4May 19
19
Apr 10
100
Intertype Corp
2
Jan
Jan
Mar 13
84
60
preferred
200
80
80
7%
Jan 12
29
....
*7%
20%
8%
21
•»-
5*4
7%
82
No par
300
5
5-%
No par
200
200
314 Jan 23
39i2 Jan 9
100
3234
22*2
94%
32%
*20
Apr
65g July
16*8 Nov
Jan
4234 April
Jan 11
134
2514 Aug 24
34
98
Oct
15
23
67g Mar
117s
*3%
*21
Jan
684 Mar
334
34
1434
3%
27%
195«4
34it Nov
87* Jan
Inter Paper & Power Co
21*2
Mar
Oct
5% conv pref
100
Internat Rys of Cent Am..100
200
June
2
Mar
2,000
32
Mar
80
2
13,900
*31*2
15
Aug
4is Jan
36*4 Aug 15
108
484 Jan 12
20,900
33
Nov
5% Aug
9ig Mar
193g Oct
5% Nov
97g Noy
9%
478
3%
50
*31%
*32*2
Sept
95
1647g
29%
33
146
7i$ Mar
35s Apr
278 Mar
Mar
3%
55s
84
1
preferred
International Salt
Feb
56% June
218 Aug 23
6% Apr 11
100
5%
135
3% Mar
27%
330
Aug
10% July
303g Aug
119i2 Dec
8*4 Jan
8
334
49
50
Mar
384 Apr 10
Int Nickel of Canada..No par
Internat'l Mining Corp
8
April
April
157ig Apr
100
Int Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
32,200
2%
634
Mar
60
17U Jan
27*2
834
*73s
*20*2
Preferred
Apr
48
No par
11,300
1,800
1,100
'
*78
Internat'l Harvester
16
155
4
1438 Mar
Jan
94% Jan
318 July 26
17% Apr 8
Apr 8
2U Apr 1
7i2 Aug 24
li2 Apr 8
Prior preferred
100
Int Business Machlnee.No par
*
Highest
share $ per share
per
157
90
Interlake Iron..
mNo par
Internat AgriculturaL.No par
6
Jan
8
1
29t2 Jan 16
25%
29*4
9*2
53s
13,200
46
45
46%
45*8
4634
45*2
*130% 135
*131
135
*13038 135
734
7%
7
7*4
6%
7%
6
5i2
700
162
15934 15934 *157
5
5
4%
4*2
6%
8
,1
150
51
30%
334
Insuransbares Ctfs Inc
4,100
2,800
3*2
30
*28*2
28*2
107*2
106*4 *105
2*4
2*4
2*4
2*4
7%
8%
8%
7*2
1*2
1%
1%
1%
6*4
47*4
4
20
Lowest
119
147%May 11
07
Apr 8
9% Apr 8
4% Apr 8
No par
Inspiration Cons Copper
27
63g
135
400
5%
preferred
Inland Steel
5 per share
80
No par
100
._
Year 1938
Highest
4% Apr 10
1084 Apr 10
Apr 3
10
No par
Ingersoll Rand
0%
-
*5
5
Indian Refining
Industrial Rayon
106
180
5%
5*4
*71%
*150
71
6%
455g
34
558
400
5
5*2
9
5*2
1,900
6*2
*131
22
97*2
22
102
6*2
33s
*21*8
95*4
22
102
2%
7%
*33*2
~
11
300
5*4
*4%
Range for Previous
100-Share Lots
5 per share
Par
21
*150
_
72
Shares
share
per
On Basis of
Lowest
102
2%
28*2
23*2
20%
102
23s
4
34
Week
2*8
7*2
32*4
180
180
Aug. 25
2*4
2978
*50%
31*2
*5
5*2
EXCHANGE
2*4
467S
135
4%
22
105
49*4
50*2
162
160*2 160*2 *157
434
5*4
5*38
478
5*8
2*2
978
51*8
162
53s
72
the
$ per share %
5*4
*4%
4
3*2
37s
35g
30
30*2
28*4
28*4
107*2
107*2 107*2 *106
234
*2*4
*2*4
234
75s
77g
75g
8*4
1*2
1*2
1%
1*2
22
*19*4
*19*4 22
18234
5*4
*130
~
72
10*2
2*2
*15S
*18*2
2H2
*102
*150
71
934
2*2
*178
478
578
22i2
105
*150
*154
71%
♦45s
Friday
Aug. 24
Wednesday
Aug. 23
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Thursday
SHARE,
Saturday
1287
10
Mar
10
Mar
9
Mar
32l2 Nov
4918 Aug
1958
7%
10
this day.
J In receivership.
14ig Mar
214 May
37% Dec
7% Oct
25
61
Mar
1984 Mar
delivery.
» New
I
Stock,
r Cash sale,
x Ex-d.lv.
Ex-rights.
Oct
307g Nov
Aug
166
Feb
28% Mar
3i2 Mar
53
Oct
150
168g June
778 Aug
28i2 Deo
75
Apr
97
Dec
884 Mar
10
Jan
6
Mar
61
Mar
13»8 Nov
92ig Nov
■
9 Def.
Jan
Aug
147g Nov
/
Bid and asked prices; no sales on
Oct
40i2 Nov
23s Oct
103s Nov
20i2 Jan
103g Nov
16
July
284 Jan
1 Called fdr redemption.
New York Stock Record—Continued—Page 7
1288
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
Aug. 26, 1939
Tuesday
Wednesday
Thursday
Friday
Aug
Aug. 22
Aug. 23
Aug. 24
Aug. 25
Week
$ per share
$ per share
$ per share
$ per share
$ per share
*21%
20%
21*4
*7
10%
10%
8
*7%
*93
7
♦
*35"
50
6034
60-%
3%
45
*39%
45
60
61
59%
*3%
14%
*11%
3%
15%
12%
*2734
29
5934
3%
*14%
*11%
*2734
3%
15
15%
12
*12
2934
7%
*2734
1234
29%
7
7%
7
7%
T2
3%
14%
12%
28%
7%
12%
12%
12
12%
12
12%
25
25
26
24
26%
52
54
55
♦
111
111
114
114
54
113% 113%
113% 113%
*52
54
3
3%
113
*-.,
3
3%
3
*38
3%
40%
*38
*9%
934
1%
*1
1%
1%
9%
1%
*8
*1
4%
4
4%
3%
4%
*38
*38
40
4%
*%
*%
*13%
98%
40
%
*3s
%
14%
*12%
1
♦
99
98%
117% *115
*117
*117% 120
34
20
%
26
101
51
*30"
3%
3%
14%
*14%
*11%
26%
6%
11%
22%
113%
52%
14%
14%
20%
*14%
20%
4%
4%
4
*32
*32
34
32
33%
*11
12
11*
11
*63%
67
*63%
08
6%
5%
15%
834
8%
0%
19
*15%
9%
9%
*8%
26
*4034
49
9%
4%
2%
3%
3%
8,800
%
*%
3%
%
%
%
12%
97%
%
49
6%
*16%
9
*93
20
20
16%
*113
*93
5%
*4%
23%
*10-%
*96
1034
934
10
90
*10%
10%
117
10
$4.50
120
10
Preferred series B
*10
11%
2,600
12%
17%
13%
2,000
18
*19
20
1,600
Mueller
3%
4
4
4
3,400
Mulllns Mfg Co class B
31
31
30
31
160
*9%
11
*9%
12
200
62
64
62
62
500
*109% 111
20
4
31%
32%
*10
12
*63%
66
*109% 111
13%
13%
*109% 111
4%
6%
434
4%
4%
4%
*4012
534
48%
*45%
48%
*45%
48%
0%
5%
*14%
16
14
4
16
9%
834
8%
8
9%
8%
97
*93
11%
10%
10
12
12%
16
12%
97
*93
97
*19
21%
*19
21%
16%
*8%
16%
9%
16%
9
15
15%
15%
16%
114% 114%
109
5
22%
*10%
11
11%
*10%
10%
9%
10
12
10
7%
Nat Bond A Share Corp newNo
Nat Cash Register
No par
National Cylinder Gas Co
1
19,300
Nat Dairy Products...No par
20
500
8,100
100
12,300
7% pref class A.....
9
10%
38
*10
38
44
10%
*35
13
1234
24
*31
*2%
*5
*11234
*38
10%
76
44
234
41
*116
53%
h
2%
2%
*75%
80
90
*85%
*38
40%
*39
22%
22%
*57%
58%
21%
*57%
56
56%
55
55
1434
15
14%
14%
1
90
*87
8%
h
*38
7%
14%
90
*87
8
32
*30
32
4
4
42%
42%
3%
42
6
6%
10
13%
109
15
4%
*37%
63s
6
16
15%
Nelsner Bros Inc
1
90
100
42
400
4Ji% conv serial pref...100
Newberry Co (J J)
No par
113%
35%
12%
1,000
12%
13
21%
20%
22
33%
2%
3,000
2%
*2%
5
%
2%
5
75
5
110
130
50
~
%
*%
51%
%
2%
2%
*%
9%
10
%
*74
75%
2%
*
80%
180
*175
180
400
110
*107
110
90
21%
22
56%
20%
*57%
55%
1434
14
14%
13
90
87
43
87
*40
6
6%
16%
15%
13%
Bid and asked prices: no sales
S5 SEES
11
*
87
7
111
21%
21%
22%
58%
58
58
56%
56
56
14%
13%
14%
*84
87
7%
32
3%
*37%
87
7%
8%
110% 110%
111
*30
43%
3%
43%
6%
15%
on
19
this day.
E
*
146
*17"
18
100
6%
preferred
No par
N Y & Harlem
1,000
33,600
50
21,400
800
30
70
4
3,100
44
*
200
30
1,800
80
1,500
80
148
*17"
18
a
Del. delivery,
9% Apr
3434 Mar
95
Apr
62%
110%
Pacific
Jan
14% Dec
28
Nov
168%
Oct
16% Mar
10% May
19
95%May 31
23% Mar
26% Jan
65
Mar
94% Nov
Sept
12% Mar
30% July
20
Nov
25%
Oct
1284 Mar
18% Aug
117% Jan
11% Sept
106% Mar
114
105% Mar
Mar 27
8
Jan
4
6% Feb 17
16% Jan
106
4
4
3% Mar
3% Mar
17% Mar
11% Apr
4
Mar
16% July
116% Nov
113% Oct
10% Oct
684 July
30
Nov
20% July
16*4 Oct
MarlO
27% Jan
173% Aug
3
4
154
June
178%
145
6
127
June
145% Sept
2884 Nov
C% Oct
8184 Nov
Feb
17% Mar
5
5
Mar
31
July
Oct
12% Sept
23
Jan
18
Dec
30
July
69% Jan
50% Apr
4% Jan
11% Feb
55
Dec
82
July
70
Feb
75
Feb
29%June
87% Aug 21
14% June
58
Apr
42
28
2% May
7% Mar
July 27
112%June 22
17% Jan 4
Mar
99% Apr
9% Mar
Feb
4%
Jan
12% Aug
26
July
71
Nov
40
Jan
10834 Nov
5
20
Mar
22% Jan
4
10
Mar
19% July
48% Nov
2184 Nov
23% Jan
4
7
Mar
23
38
4
Apr 28
11% Aug 24
10% Apr 10
18% Apr 8
47% Jan
12% Mar
38%
30
43% Feb 25
18
Mar
37*4 July
384 Feb 28
2
Mar
Apr
184May 20
Jan
9
4% July
47
Jan
6
5% Mar
Dec
484
Jan
Jan
1134 Mar
101
Mar
120
Apr
120
Mar
110
Aug
111
Apr
62
July
118% Mar
Mar
64
June
% Mar 27
1% Jan
2% Apr 10
%May 23
4% Jan
8%June 30
1
%
Dec
2% Mar
Jan
%
16% Jan
Jan
434 Mar
63% Nov
234
Jan
7% July
1% Jan
16% Dec
90
Jan
Dec
10
50
par
No par
6
100
No par
100
10
No par
No par
Teleg
r
Mar
110
100
6% preferred
100
Pac Tin Corp (sp stk).No
par
—
6
15% Mar
150
Jan
Nov
14% Nov
198
par
New stock,
12%
29
Mar
Pacific Finance Corp
(Cal).IO
Pacific Gas A Electric
25
Pacific Ltg Corp
No par
Pacific Mills
No
n
6*4 Mar
Mar
Coast..
Pacific Telep 4
Jan 17
July
7% Mar
8% Mar
4
15% Mar 15
14% Jan 3
28% Mar 11
Dec
10% July
54
June
No par
1st preferred
2d preferred
9% Jan 20
25% Jan
175
Mar
37% Mar
100
100
Co
Jan
15% July
Oct
June 14
No par
.....
4
9% Jan
Jan
113
Preferred..
670
700
14% Mar
8% July
Apr 12
Owens-Illinois Class C..$2.50
Pacific Amer Fisheries Inc...5
430
5,800
1,800
64%
106
$5.50 conv lBt pref..No
par
Outboard Marine <fc Mfg
5
Outlet
3,700
Mar
100
6% preferred
Otis Steel
Oct
26
38
No
Otis Elevator
17% Nov
32
133
50
Equip
Mar
44% Mar 13
51
Oct
195% Mar 10
Oppenhelm Coll A Co..No par
10
8,600
27
54%
Jan 25
Omnibus Corp (The)
6% preferred A
600
8% Apr
Dec
117% Sept
70
Telegraph-..50
7,400
3,300
Apr
May 23
20% Nov
110
168
Preferred
Ohio OH Co
......
32
107
May 16
Norwalk Tire 4 Rubber No
par
Oliver Farm
18% Apr 11
73% Mar 14
72% Oct
1734 Jan
3% Jan
11% July
2% Jan
3% Jan
Mar
20
Aug 12
2% Apr 11
9%May
July
4
4434 Mar
119
5H% pref series_
...50
North Amer Aviation
1
Northern Central Ry Co
50
Northern Pacific
-.100
North'n States Pow Co
$5 pf.l
7,800
2,000
8
7% Jan
15% Jan
43
Oct
Nov
8
100
6% preferred series
Northwestern
10% Mar
81% Jan
Apr
92
38% Aug
11% Mar
6
Jan
July
40% Nov
2284 July
Mar
July
10
22%
30% Nov
111
-.100
Adjust 4% preferred
North American Co
80
Mar
5% Aug 24
July 19
Corp partstk..l
25
16% Aug 15
Jan
Dec
25
52
33% July
7% Nov
22% May
13% Mar
50
7% preferred
Norfolk A Western
Jan
27% Jan 4
10
Aug 15
109
tN Y Ontario A Western.. 100
N Y Shlpbldg
Jan
May
111
14% Apr 11
684 Apr
50
N Y Lack A West
Ry Co.. 100
tN Y N H & Hartford
100
Conv preferred
.100
300
3%
29%
J In receivership,
EE
27,300
*37%
6
6
6%
15
15
14%
13
14%
12%
13%
14%
109
*103% 109
*103% 109
6%
16%
155
*17"
19
100
180
58%
56%
155
*17"
19
1,600
"3',400
*107
6
5
484
5
5
5
*434
5%
4%
4%
*3%
18%
18
18
17
17%
17
18%
16%
18%
£16%
16%
146% *140
146% *140
146% *140
146% *138% 146%
138% 138%
8
8%
834
8
8%
8%
8%
8%
7%
8%
8%
8%
36
*31
*34%
35
34
34
*30
*33
35
*33
35%
35%
*23% 25
*23% 24% *23% 25
*23% 24% *23%
24% *23%
24%
*43
45
45% *43
*43
45
*43
45
*43
45
*43
45
116
*116%
*116
116% *116
*116
*116
63%
*62
64%
65
64
65 "
63"
60
61%
62%
61%
62%
3%
3%
3%
3%
3%
3
3
3
3
3%
3%
3%
4%
4%
4%
5
*4
5%
*4
*4%
*3%
4%
4%
4%
19%
1938
17
1738
18%
16
17
18%
16
*15%
15%
18%
8
8
7%
7%
6%
6%
6%
5%
6%
5%
5%
5%
*10%
1034
*10% 11%
*10%
10
11%
*10%
11%
11%
*10%
10%
33
32
33%
33
33%
32%
32%
32%
30%
31%
31%
31%
48%
48
48
48%
48
47
47%
47
46
45%
45% 46%
12%
12
12%
11%
11%
11
11%
11%
11%
11%
*11%
12%
*125
*D55% 130
130
*125% 128
126% 127
125
125
123
123
155
1,500
%
18%
*17~
100
110
*57%
5534
6% preferred series A
10% preferred
*49
10
No par
NYC Omnibus Corp..No
par
New York Dock
No par
50
110
1
York Central
No par
N. Y. Chic A St Louis Co.. 100
*116
*%
9
200
100
New
8,300
33%
*5
*
3,200
180
13
12%
13%
13%
*103% 109
*104
*103% 109
19
61,200
33
*140
155
30
N. Y. Air Brake
13
60
.
4234
100
8,100
12%
5
8%
7%
7%
8%
112
11134 11134 *110
*30
32
3134 *30
4
3%
4%
3%
112
24%
110
58
*56
No par
No par
180
22%
58
National Tea Co
Natomas Co...
10
8%
35
110% 111
9%
80%
21%
400
19
%
9%
*75%
110
Mar 25
6prior preferred... 100
6% prior preferred
100
9
Mar
37% Mar 13
19
Dec
Dec
Mar
67
18% Jan 10
135
Steel Corp
..25
National Supply (The) Pa.-10
$2 preferred
40
Jan
May
122%May 24
65% July 22
10% Aug 16
9% Apr 10
86
Apr 21
l7%June 30
preferred B
100
Nat Mall A St'l Cast Co No par
National Pow A Lt
No par
National
%
28% Jan
Jan 14
Mar
1%
121
39
Jan
10
22
165
10
32%
2%
50*
10%
"l'ioo
10
11%
9%
35
11%
11%
h
58%
112
8%
2%
4,100
pref erred.No par
Lead
preferred A
2
4% Apr 11
4% Jan 13
Aug 24
10
5% pref series A
Newport Industries.
35
2%
22%
112
107% 107% *107
*116
%
110
*2%
9%
90
2%
76
75%
182% 182%
2%
24
%
*%
6,900
*22%
*85%
2%
10
30,000
6%
*9%
*22%
%
10%
8%
59%
6%
2%
24%
50
53%
8
59%
6%
9%
*2%
lo
*38
10
*51
185
13%
10
10
*116
115
*104
10%
8%
59
41
*23
41
*110
16
Jan 20
Co
conv.
Aug 21
.100
44
*38
*85%
41%
*180
6
*34
*85%
87%
%
2%
76
*30%
44
25
90
*51
%
2%
h
10%
115
8
*34
234
*984
*23
*110
112
44
$4.50
National
200
*34
234
*182% 188
*87
38
10
41
54"
2%
500
*30%
10
25
*116
"*%
10%
39%
8
*107% 112
*107% 112
*107% 112
10
10%
9%
934
10%
10
9%
*35
38
35
*34
36%
35
36%
13
13%
12%
12%
13%
1238
12%
13
12
13%
12%
13%
12%
12%
24%
2I84 23%
21%
2334
20'%
22%
30
31%
30%
30%
32%
31% 34
2%
*2%
2%
*2%
2%
2%
2%
6
5
5
6
*5
*5%
6
115
11234 11234 *111
111
112%
111
*116
*
*34
87%
42
*41%
*10534 112
*10
*30%
37
9%
93
10
37
11
3
*23
5%
38
44
24%
57%
*37
*934
1,400
7
*10%
*234
15
9
10S4
*33%
15
60
38
3%
15
8%
58%
6%
10%
10%
14%
17% Apr 25
16
*8% July 7
12% Jan 13
Feb
0%
15
10% Apr 26
90%May 4
109
Nat Enam & Stamplng.No par
200
Apr 24
111
No par
90
15
7% Apr 11
23% Jan 24
160
No par
Nat Gpysum
Aug 23
100
Nat Distillers Prod
143% 143%
142% 142% *142
111
Nov
Apr *117
35
Jan
2% Jan
17% Jan
5% Apr 10
7% Aug 24
100
7% pref class B
Nat Dept Store
6% preferred
144
*37
*87
100
w w
800
3,600
•
1
Oct
73
Mar
10% May
1% Mar
484 Mar
2% Jan
984 Jan
July 17
5
10
pref—
..100
Nat Bond A Invest Co.No par
7%
714
24%
Corp
Biscuit
cum
MarlO
14% Jan
May 29
14
5% pref series A
"""300
64
70
1
49%
100
4
111
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis... 100
National
July 25
6% Jan
8
Apr
584 Mar
12% Mar
15% June
76
Apr
Nov
67% July
.
85% Jan
Aug 24
200
143% 143% *14034 144
16
10
15%
15%
8%
83s
8%
9%
58
59%
58% 60
7
7%
634
6%
9% Apr 12
50
Jan
32% Apr
95
15*4 July
80
3% Mar
Mar 13
106% Apr 14
Mar 31
6,400
21
8
Apr
50
Feb
July 29
114
30
Apr
55
-
30
4
....
10%
96%
*91
96%
Apr 10
6*4 Mar
6% Jan
118
Apr
70
MarlO
62% Aug 10
16% Apr 11
3% Aug 24
45
20%
60%
*
1,200
2,900
*4%
22%
10
10
Nat Aviation
200
5%
*4%
4%
22%
4%
conv
2,500
7,800
70
22
1
National Acme
*107% 110%
5%
4%
113
113
109
.1
Murray Corp of America
171%
*10
m
190
16%
9
Co..
4,400
12%
*93
Brass
50
preferred...No par
Munslngwear Inc
..No par
Murphy Co (G C)
—No par
6% preferred
100
19
7%
-
17", 600
6
5%
*13
Essex
Mar 22
Myers (F A E) Bros...No par
7%
8%
8%
9%
8
8
7%
8%
24%
24%
24%
25%
172
168% 168% *160
97
*10%
5%
5,600
$7
170
60%
*33%
*234
*9%
117l2 Aug 18
40% Apr 11
3112 Aug 25
24% July 10
9% Apr 10
Motor Products Corp..No par
Motor Wheel
5
14
8584 Apr 10
No par
11
20
2% Aug 24
% July 8
%June 28
10% Apr 11
115
10%
174%
17
884
10
Montg Ward & Co. Inc.No par
(J) A Co
No par
A
8% Aug 21
1
Aug 24
No par
preferred
10%
31,200
143%
*141
20
Morris
48
*94% 9734
94%
*91
94%
20%
19
19%
19%
20
19%
20%
19
174% *170
174% *171
174% *171
174% *171
20
*170
*17"
Mills
Monsanto Chemical Co
MorreU
96
1034
Carpet
100
20
20
20
*20% 21%
16
16%
17%
16%
16%
934
9%
9%
934
9%
9%
16%
15%
15%
16%
16
16%
15%
*114%
♦114%
*114%
111
109
*109% 110
109% 109%
109
5
6%
4%
5%
4%
5%
5%
5%
4%
4%
♦434
5%
*434
4%
23
24
23
23%
23% 2334
23%
10%
Mohawk
100
340
10
9734
9%
100
100
5% conv preferred
31%
10
12
7% preferred series A
f Missouri Pacific
25
mimmm
*109%
Aug 24
48%
20
17
17
*9%
97
38
.10
No par
25
253s 26
25% 2534
24% 25%
*168% 175% *168% 176
*168% 175
1234
1234
1234
12%
12%
12%
12%
97
3,100
No par
preferred
40%
31%
20
*93
$6.60
Mission Corp
Mo-Kan-Texas RR
58
Aug 21
25
*168% 176
12%
99%
Jan 16
3
33%
4
17
8%
8%
900
110
1
45%
434
9
13
par
100
pref series B
Minn Mollne Power Jmpt
100
Apr
lli8 Apr 10
18% Apr 8
101
April
52
Aug 22
Minn-Honeywell Regu.JVo
conv
6
8
012 Apr 10
5
*30%
*2412
19%
4ft
5%
15%
Copper..
48%
13%
70
*4684
47% July
1484 Oct
33%
25%
11%
10%
111
4%
26»4 Mar
Miami
"l'ioo
25
10%
*65
434
39% Jan
12% Jan
16% Jan
30*4 July 28
47
15%
20%
4%
111
4^8
25
*31%
49%
33%
26%
12%
35
10%
*111
*4034
400
98
16*4 Dec
4%
40%
*115"
12
800
2,800
1,200
95%
30
June
100
1
98%
May
11
8% cum 1st pref
9
*118
14
17
240
1
12
28% Jan
1112 Aug 18
1
—60
No par
9
*3s
%
4612 July 21
40
April
3
July
7
14
Aug 24
..No par
Mld-Contlnent Petroleum.. 10
1
12
7084 Jan
Midland Steel Prod
9
%
July
5,400
38
1
56
5% conv 1st pref
4,900
1
13
Mar
12
4.200
*8
♦3s
*%
5
9984June
Aug 23
Merch A M'n Trans Co No par
Mesta Machine Co.
6
400
38
118
25%
10
1%
12%
97%
MarlO
Jan 27
6
No
Mengel Co (The)
420
9%
%
12% July
53% Oct
26% Jan
11% Nov
.
88
preferred
Melville Shoe
1,400
3
118
47%
3%
12
*37%
20% Nov
Mar
7
100
conv
Corp
16
3
120
*31%
4^4 *
3%
Jan
10
35% Mar
13%1 May
15.50 pref ser B w w.No par
27%
7
7%
7%
12
12%
12%
24
24
25%
113% *113% 116%
52%
53%
63%
»
112%
112%
3
24
Aug ;
1084 Jan J
69%June 15
18% Jan 3
10
Highest
I per share $ per share
par
6%
Mead
"""9OO
27%
*
20
*111
27%
115
48%
4%
12
66g Aug 25
Lowest
$6 preferred series A. No par
61
14
1
Stores
40
49%
*58%
115
33%
253.J
McLellan
1,900
1,900
6%
62%
117%
47»8
7
100
6%
99%
117% *115
14%
*4%
*88
0%
120
*117
2034
14%
*20%
6%
93
120
12
12%
2,800
9%
3%
13
98
10
1%
1%
*%
13
11%
*12%
*4%
*%
%
13
*31%
2534
48%
*31%
*8%
156s Apr 28
6% Aug 23
49% Apr 11
864 Apr 11
117% *115
*115
48%
9
834
1
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..5
McKeesport Tin Plate
10
59%
*11%
Co
300
1,900
Eiec
$ per share
4,400
59%
3%
*_...
3%
40%
McGraw
$ per share
7
62% *--.*
'
3%
Par
Shares
19%
Year 1938
Highest
53%
19%
7%
*30~
24
#
112
62%
*36"
10
*110
62%
7
6%
•
Lowest
*6
,
9%
92%
60
12
7%
12%
12%
*26%
27%
113% 113%
*52% 56%
8
7
share
per
Range jot Previous
EXCHANGE
62
6%
55
9%
96
0
♦
$
20
*6
63
10%
96
7%
6%
*
19%
6%
56
9%
7%
100
*93
15%
*28
10%
7%
7%
7%
6%
62%
20%
6%
55%
50
59%
3%
3%
7%
55
10%
100
6%
62%
*37"
5434
7%
*93
100
7
*
*6%
55
10%
20
21%
7
54%
9%
56%
21
20%
7
734
55*4
Range Since Jan. I
On Basis 0/100-Share Lots
the
19
.
STOCKS
NEW YORK STOCK
Monday
Aug. 21
Saturday
Cash sale.
*
89% Mar
Apr
Dec
18% Apr 11
54*4 Apr 17
53%May 8
12% Apr 11
26% Feb 27
1334 Mar
26%
Oct
45*4 Apr
57%
Dec
20
Dec
82
88% Mar 27
7
Jan
3
June 30
102% Jan 4
29% Aug 25
59
59% Aug
Aug
3
1
1934 Jan
3
1434 Jan
112% Aug 14
92% Sept
34% Aug
6
3
4484 Aug
Aug 14
14% Aug 24
12% Apr 10
104
Jan 23
434 Aug 21
*16% Aug 24
135
May 26
7% Apr 10
July 11
16% Apr 10
40% Jan 24
114% Jan 26
33
50
Apr
8
3
Aug 24
2% Apr 10
11% June 30
384June 29
9% Apr
114
April
146
17
Jan 30
Apr
Ex-dlv.
y
10
Dec
35
Sept
5
Nov
41
Sept
10% Jan
5
8% Sept
14%
Jan
30
Jan
6
19% May
32%
Feb
20% Mar
3
7% Mar
1984 Nov
113%May 25
8312 Apr
111% Sept
8% Jan
27% Jan
4
3
14812 July 26
15
4
Mar
1384 Mar
122
Jan
10
Nov
29% Nov
147
Nov
Jan
5
6% Mar
54% Jan
4
30% Apr
60
10
22% Aug
9
45% July 18
116% Mar 25
24%June
70
Jan
3
7% Mar 2
5*4 Aug 15
19% Aug 18
8% Aug 17
50% Aug
8
8
103
1% Mar
41
Apr
May
Jan
14% July
12*4 Mar
12»4 Mar 14
34*4 Mar 10
8
25
9384
5% July 27
2
27% Apr 10
9% Apr
June
6% Mar
234 Apr 10
1
32% Apr
5% Mar
75
4
3
14% Aug 15|
132
June
9
156% July 29
25% Jan 7
Ex-rights.
Mar
39% Apr
115
Apr
40
5%
Mar
Dec
2% Mar
10% Mar
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
Mar
Mar
30
Mar
43% Deo
19% July
Mar
87
Apr
*132% Mar
17%
Nov
52
21% Nov
9% July
15% July
384 Mar
9%
t22*4
32%
9%
15% Nov
Dec
121
Nov
Dec
149
Nov
30
June
^Called for redemption.
New York Stock Record—Continued—Page 8
Volume 149
AND
SALE PRICES—PER
HIGH
Tuesday
Aug. 19
Aug. 22
Aug. 23
Thursday
Aug. 24
$ per share
$ per share
$ per share
$ per share
$ per share
8%
318
3%
3
11%
11
11
*4%
8'4
*—
9H2
934
12%
734
*15
20
1%
4012
*1634
1%
1%
40l2
1%
40%
16%
1%
10
7%
5734
90
17
*15
1038
*75g
10%
*56%
5714
*40%
16%
13a
9%
7%
*56%
"
88
*88%
*1%
;
.•
17l2
2
8
88
1%
1%
*3
1934
13
3
314
1934
13
39%
39
1%
39%
2,700
2,100
1534
1534
15%
16
1,000
1%
1%
1%
9%
734
*1%
2
400
10
19,600
734
55
1,600
Patlno Mines & EntcrprATo par
88
2,700
934
S<%
7%
8%
10%
7%
55
56%
54
54
89
87%
8834
*1%
1%
86%
1%
87%
1%
1%
3
3
19
19
*12
7%
3%
1
*12
>12
13%
2%
2%;
1,900
19%
500
15
16%
34
*30
35
36%
35
36
34
35
35%
3
*1%
3
9%
*8%
10
"""266
*21%
36%
*1%
3
*1%
3
12
*9%
12
*9%
12
*23U
25
22
22
22
22%
*17
18
16
16%
20%
16
16%
15%
15%
*20
20%
20
20
.;i,; 7
7
20%
7
7%
7%
7
7
6%
37%
46
85%
2%
6<%
7
634
35-%
*45%
*83%
33g
*3%
7
634
7
658
36
3734
*45%
85%
4634
89
*2
2i4
*3®8
.
33g
334
%
*%
81%
%
84
84
*124
434
*25
*25
35
32i2
*2
32%
2l2
*39%
*6
*283s
*45
*2i2
13%
*3%
29
234
*2%
*13%
5
*2%
*8i2
234
15
5
88
2%
preferred.....—No par
76
*134
230
*3%
3%
350
JPhlla Rapid Trans Co..
50
7% pieferred
.....60
3
%
300
Phila & Read C & I....No par
4,300
Phlilp Morris A Co Ltd.. ..10
\
2%
61
23%
23%
1234
*18%
23%
1234
23
23%
12%
12%
24
7%
*18
23%
*12%
*20
25
*22
25
9
912
8i2
Sa
7
7%
1
1
*%
6%
634
*634
*21
7
734
23i2
6%
24%
6%
*65
245«
22%
6%
410
1
1
600
Plitston Co
17.%
17%
18
18%
*9
10
*9
10
200
8
3,000
3,
,,
*%
6%
8%
%
*%
34
*%
*%
%
24%
6%
6%
*70
6%
*6%
19%
60%
2334
6%
14138 *137
144
300
1633«
162
162
230
*64%
*10%
11%
5%
53s
5%
5%
5%
64
5%
1%
134
20%
20%
*734
8 !
14%
*13%
61
1%
7%
*13
19 J
19
*22%
*16%
*3%
*46%
*9%
24%
19%
4
50
12%
23%
*16%
*3%
23%
17%
4
46%
23%
*6%
7%
10%
23%
16%
11%
11%
11%
*0234
1
11
11%
*63
65
1%
70
6434
1
1
"i'soo
4,500
*18%
*18%
1%
19
7%
7%
7%
1,300
*12%
133»
*135,
7%
15
10%
10%
10%
10%
600
22%
*21%
*16
18
*3
*3
4
46
12%
7%
*9%
12%
9
*6%
*6%
7%
*6
10
10
*9
11
10%
11%
69
11%
11%
63
,
*6434
70
63
1
14%
15%
*62%
%
14%
*21%
24%
300
*15
17
300
*3
49%
;
9
7%
3%
*44%
*8
*6%
*9
10%
11
*64%
62%
70
10%
*64%
62%
49%
12%
""""30
30
*62%
%
1
%
13%
15
14%
"""166
10%
69
64
1
15%
""""20
4,500
5,000
58,100
1538
14%
*53
60
5054
*52%
*1034
54
52%
11
10%
*20
24
*20
22
*20
24
*20
24
*20
23
*21
25
*64
70
63
64
*62
70
*62
70
*62
70
*62
70
30
*39%
50
39%
39%
8-34
86%
*40
50
*3734
50
50
*37%
50
10
8
2,200
88%
15%
8%
87S
*84%
86
86
534
38%
*53
8%
5%
38%
5534
5%
38%
*53
52%
10%
5.%
3834
5534
53
50
50
*49
53
*49
53
*49
51
*48
51
*45%
49
*45%
50
100
11
10
10%
11
4,100
10%
8%
*84%
*14%
*18%
*%
5%
38%
53
7
634
*18%
19%
*19
20
18%
18%
1
•>&
33
33%
3434
%
*%
%
%
%
%
*2
3%
*2
*3%
6
*3%
39
*12
17%
33
3%
6
41
2
2
*5%
6
40
42
6%
173
...
♦108
109
112
200
6%
38%
53
7%
2,800
4,900
70
8,900
*5
7
800
14
100
*17%
18%
*%
33%
%
200
%
%
33%
"4",900
34
*%
%
500
£>a
3A
1,200
*1 %
2
*1%
6
«1%
*5%
6
39%
41%
40%
443g
39% 42
107% 107% *106% 108
*106% 108
10
*134
!
2
*134
107% 108
*112
*112
112% *112
112
112
112
112%
112% *112% 112% *112% 112%
12%
12%
*12%
15
*13
14%
12%
13
14%
107
8812
*12
14
*%
*%
%
*%
%
1
34%
33%
33
%
14
7
634
1334
*%
*5%
37%
*52%
6%
133s
*84%
5%
53
7
14
8
37%
7
*13%
1
8%
6%
1478
*%
5%
3634
*5234
10%
7
8
*1334
34%
*112
5%
53
*7
42
*84%
38
7
*%
41%
86%
6%
7
*1,1
107
*84%
5534
7%
7
34%
*112%
8%
38%
7
1
8%
*3734
734
534
7%
15%
20
8%
86%
9%
10%
38%
*53
7%
7%
*7
400
*50
...
....
*112
*112
*13
....
112%
15%
13", 900
July
20%
Jan
26% Nov
May
60% Aug
1
39
Oct
52
Jan
4
3% Mar
18% Dec
378 Mar
35
Jan 12
41
Mar
75
Nov
Aug
5
145
June
174
Mar
9% Jan
5
4% May
5
8
20% Jan 6
7% Jan 11
67
Apr 27
Jan 5
175
7%
Jan
Jan
9% Nov
9% July
4% Aug 23
7% Apr 10
22
Apr 4
14
Jan
5
7% Mar
42
Jan 14
20% Apr
52
Jan
Aug
12% Aug 24
2434 Jan
5
11% Apr
30
July
June 28
36% Jan
1534 J an
5
3
23
45
Jan
18
6% Aug 25
May
Dec
17% Nov
s4 Jan
15
Mar
£J3g July
8
Mar
II
Mar
6
June 10
2
16»4
%
Oct
1% Jan
14% Dec
14% Dec
42% Dec
V.
4s4 Mar
50% Apr 14
Maris
II984 Feb 27
112
Apr 10
$5
103
6%
115
Jan
Rayonler
$2
129
4
148
Apr 25
Apr 8
114
July 31
z22% Aug 24
6% Aug 12
80
July 31
preferred..—.
1st preferred
4% 2d preferred—
Real Silk Hosiery
Preferred
132
112
134
152%
Mar
Jan 19
Jan
117%
393s Jan
11% Jan
117
Dec
13% July
Jan
8% May
Apr
3
Nov
Sept
39% Nov
21% May
4
Jan
105% Oct
11834 Nov
101% Apr
1 ] 2
Apr
June 29
166
35%
98%
63% Aug 18
81% Jan
10% Jan 26
Aug 16
13
11
5
3
18% July 17
7
June
4
85%June 1
53% Apr 10
1% Apr 8
16% Apr 4
85%June
67% Jan
1
60%
6% June 29
12%June28
10% Apr 8
17
3
Apr 11
43
July 18
66% Dec
1®4 Sept
22% Jan
9
1484 June
538 Jan
24
July
Jan
3
3
3
25% Jan 3
21% Mar 13
6% Feb 11
54
1
42
Apr 11
9% Apr 11
21% July 11
63
Aug 21
17% Jan
27%
34% Mar
5
Apr
Jan
Jan
Jan
Jan
6% July
r
58
July
11
Jan
5% Mar
118s July
13% July
June
9% Mar
49% May
Apr
5
40
1
6
Dec
70
Jan
11% May
39% Mar
71
Jan
38
25% Jan
May
7% Mar
17% Mar
65
Apr
20% Jan
40%
Jan
9
75% Mar 15
72
Maris
is4 Jan
30%
13% June
234 Mar
13% July 26
9»4 Jan 5
April
% July 8
12% Apr 10
43
Apr 8
.22
Mar
18
11% Jan 12
10%June 30
July U
Mar
10% June
Mar 20
4
24%
29%
8% May
18
23% Jan
1838 Jan
8
60
Oct
37% Mar
5
Apr
65
Jan
Oct
5
6% Apr
Apr
9%
80
Jan
Jan
2%
9
7
16%
484 Mar
8% Jan
6
15% Nov
Mar
9
Mar 11
Aug 24
July
7% preferred—.-*..,..100
5M% preferred
100
1
Aug
Mar
86% Mar
7
2
Oct
122% May
Nov
25
88% July
16
10
Rem Ington-Rand.—....——1
Preferred with warrants.. 25
Rensselaer A Sara RR Co—100
JReo Motor Cat
—5
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
Class A
-.10
143
59
39% Mar
114
3
74% June
July 10
Reliance Mfg Co
4134 Aug
1143s Aug
128% Aug
81
21
Co 1st pre/. 100
Corp—-No par
Rels (Robt) A
14% Jan
Jan
90% Mar 29
1
25
60
...60
60
6
——
Reading.
4%
31% Apr
...100
Inc
%
Jan
338
4% Mar
1384 Mar
Aug 24
8
Apr 10
JRadio-Keith-OrpheumNo par
liaybestos Manhattan.No par
6
Jan 17
84
6
6
18
Gamble—..No par
2% Jan
1
638 Aug 21
6% conv 2d pref
10
14% Jan 5
43% Jan 5
64
Aug 15
1
-.50
5% conv 1st pref—
Procter A
%May
No par
Pressed Steer Car Co Ine
Jan
77% Mar 15
17% Ju'y
78
Dec
69
Nov
3%
Oct
25% Nov
78% Nov
77% Nov
19% Oct
38% Dec
85
37% July U
54
Jan 18
45
Dec
7% June 30
78% Jan 4
1434
Jan
10
Sept
5% Apr 10
Jan
17«4
1
B.lO
Jan
64%
Reynolds Metals Co ..No par
IH % conv preferred —100
Reynolds Spring...
Reynolds (R J) Tob class
4% Mar
Jan
4
3334 Mar
61% Jan
45
No par
Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co <The)
No par
6%May 2
13% Mar 31
17% Aug 24
34 Apr 8
27% Apr 11
%June 27
3s Aug 12
l%May 3
33sMay 6
27% Apr 11
82% Jan 4
109
96
3
112% July
104% Jan 11
10% Apr 11
116%June
Rlebfie d Oil Corp
J Rutland RR 7%
St Joseph Lead
pref..—100
—10
ISt Louis-San Francisco...
6% preferred
100
100
tSt Louis Southwestern... 100
5% pieferred
100
Safeway
Stores.
No par
100
—..100
7% preferred..........100
5%
6%
preferred
preferred
Savage Arms
Corp
No par
Jan
Dec
5
6% Apr 11
Rltter
77%
11% Jan
35% Apr 11
52
July 25
...
4
Aug 19
86
10
Common
50
500
July
9
16% Dec
120
130
Nov
43
5% Mar
1% Mar
Reliable Stores
738
10
10
*9
%
15%
200
24%
3%
*44%
64
300
16
16
44
1
1478
53
58%
1%
3%
*6434
*64%
70
*64
7%
11%
100
4
Jan
Mar
7
Puilty Bakeries.....—No par
47,600
Mar
4
Quaker Stnto Oil Ref Corp.. 10
Radio Corp of Amer...No par
$5 preferred B
No par
$3.50 conv 1st pref..No par
58%
*22%
4
2
3
100
1%
203s
4934
*3%
*46
*934
934
*6%
*10
16%
l",656
:
5%
*75
8% Mar 14
31
Aug 2
Aug
8,000
15
58%
10%
*12%
10%
58
734
14%
10%
14
1134
60
7,400
13,900
"
11
5
100
19 34
*18
7%
*10%
*75
1%
8
1134
100
66
14%
*10'%
11%
5%
1%
7%
*10%
*10
1%
1334
14
46%
59%
134
1%
'
7%'
5
80
66
15
*1038
100
61%
60%
1%
19
19
16
*75
*7834 100
61%
6434
6434
1334
11%
15
*66
30%
Aug 22
G
16% Jan
preferred
...No par
preferred..........100
7% preferred.—....... 190
8% preferred.,
...100
Pub Ser 101A Gas pf 15.No par
Pullman Fnc—...—..No par
Pure Oil (The)
No par
6% preferred
100
5% conv i referred
100
162
80
27% Mar
45% Mar 15
22% Jan
5% pf (ser of Feb 1 '29). 100
140
*66
4334 Jan 3
3% Mar 29
Oct
50% Mar
4438 July
Sept
7% Aug 24
% Aug 5
500
*113% 114% *113% 114%
23%
24%
24
*22% 23%
6% r 6%
6%
6%
6%
32
Oct
8% July
4% Mar
July 27
Mar
14384
144%
17% Apr 11
6% Apr 14
Pub Serv Corp of N J.-No par
600
June
Plymouth Oil Co...^——..
Pond Creek Pocahontas No par
Poor A Co class B_.—No par
70
164%
80
35
75% Mar
114
I
% Apr 28
10,800
125
*10%
*7834 100
4,400
60
116
125% *122
16
11%
*7834 100
*61%
61%
59%
*114
122
64
5%
900
1,100
12634
144%
15%
16
60
11,500
19
37%
37%
38%
37%
*107
109%
1083s 110
64
64%
19
116
*114
*10%
15%
7%
7%
*7
Nov
5% Nov
....No par
(The)
Class B
39
110%
11
64
7
19
*
5834
61
116
%
6%
7
18%
.....
t Porto Rlc-Am Tob cl A No par
%
114
114
*66
80
*%
:v. *%
6
6%
7%
19%
16
53s
7%
*%
11434
23
6%
80
2A
:77s
7%
22
61%
6%
21%
60%
24
778
%
7%
*%
634
6%
7%
8%
8%
16
64%
2,400
18
11
*63
20
25
*21
10%
11434 *114
*66
6%
1
25
18
8%
6034
6%
6
80
6%
1
*9
114%
11434 *114
6%
7% pref class B
5% prei class A.
Nov
3
3
166
..100
100
6 Yi 1st ser conv prior pref 100
Pittsburgh A West Va.....l00
1834
39% 3934
*llli4 112%
*126% 128
*114
190
74
Apr 20
2% Apr
Apr
Plttar.urgh Steel Co.. ..No par
130
Apr
Apr
1%
2% Mar
% Mar
4
Apr 18
35% Mar 27
pai
12%
60
Jan
No par
100
24
3
Mar 27
7
23
Pitts Ft W A Ch 7% gtd pf
12%
Nov
6
50
23
43
1
6
800
Mar
3
Mar 31
Holt—..No
30
Mar
4
$5 conv preferred
1
154
12
Pitts Screw A
47% Nov
%June 12
-10«.
preferred
9
10
61%
116
114% *114% 116
38%
38% 39%
385g
39%
111
111
110%
111% 111%
126% 126% *126% 127% *126%
142% 142% *141% 144% *141% 144% *1413s
164
165
*174
165
162% 163% *162
6134
*114i2 116
10
3,600
18
21
19
"""16
5%
*9
18^4
/
...100
Plllsbory Flour Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa..... 1O0
Pierce Oil 8% conv pref
6%
17% Mar
103% Mar
Jan
Oct
5
4
May 19
36
.......100
Jan
8%
Jan
31% Apr 10
2
Aug 11
Petroleum.... No par
Hosiery,.. _5
Jan
1784 Nov
13%
23S July 31
76% Aug 24
1
|
7
1
*5g
*l4
21
21
%
*8%
*%
14
7%
r 9
912
*8%
*7%
8%
13%
7% ■';< : 7%
78
7S
1834
18%
8
8%
23%
70
5
8%
300
167
167
Phoenix
8
Pitta Coke A Iron Corp No par
15
5
*52%
5
*7%
"260
2%
*2%
*3%
70
4%
734
800
50%
173
*163
""600
28%
*12%
5
Phillips
Preferred
7
2834
12%
5
*13
100
*49
4%
14%
7,700
2%
43
50%
2%
2%
173
3334
38%
784 Mar
484 Jan
48% Aug
91
Aug
7
25
Mar
8% Mar
8% Mar 14
Jan
2% July
Mar
6% July
MarlO
% July 29
..No par
Oct
1784 July
43
July
9
4434
Feb 27
126
Jan
Feb
42
15
10
1% Apr
preferred .........100
7%
35
*3914
*5%
28%
12%
*3%
*5134
61
s
5%
27
7g
*18%
28%
13%
5
*163
23%
6
*49
50%
2%
13%
*3%
43
6
28%
70
*13
7%
*39%
Phillips Jones Corp.
4%
*134
2%
$6
5% conv prof series A.-.100
3234
33
*1%
44
*4
*25
35
31%
2%
6%
*49
81
4%
32%
•
100
127
*25
35
*2
80
*117
*4
4%
*%
79
127
*117
126
*4
%
%
76%
%
80%
173
5
*23%
Phelps-Dodge Corp........25
Philadelphia Co 6% pref...60
*83%
400
Dec
31
Mar 10
7
20%June
534 Apr 10
28% Apr 11
36
Apr 8
3%
*61
8%
Pfelffer Brewing Co...No par
2
*171
8%
2,600
88
65
5%
6%
5
3%
28%
50%
*3%
5
Petroleum Corp of Amer
2
173
5%
9
Aug 15
1,000
*83%
*61
70
5%
7
7%
15% Nov
121
Mar
Mar
Mar
Mar
MarlO
Jan
July
24%
41
Jan 18
3%
174i2 *163
*62
*163
Apr
2
6%
29
*13%
5
*3%
Apr
15
17
89%
6
*49
13i2
21
100
.....No par
44
6
50%
234
16
100
pieferred
38%
*39%
29%
prior preferred
5%
Pet Milk
Dec
Jau
5% July
Mar
19%
22%
ia4
5%
17-%
17
8
8
8
2%
30
14% Mar
34
May 10
7% Apr
5%
300
10
4
40% Feb 6
3% Jan 24
2
85% July
Dec
120%
9
Mar 15
Jan
Mar
2% Mar
10% Mar
30% Apr 11
100
280
V
16% Mar
Mar
1%
Mar
24%
July
14% Nov
13% July
58% Aug
884 Mar
6
Jan
30
Mar
55
3938 July 18
...100
Marquette....
200
1
5%
Dec
13% July
41
1
8
44
44%
*49
Feb
35%
32%
*28%
124
44
*25
35
30
50'2
12
Apr. 8
120%June 20
24
16
57% July 28
9434 Aug 2
2% July 13
33
36
*39%
6%
11% Mar
44
32%
2%
*2
44%
*6
7
4%
32%
2
3% Mar
33%
*116
128
*25
32%
Oct
Oct
13% July 27
45%
78
82
*4
35
2
*39l4
45
2%
*118
32%
234
37
*%
434
1% Mar
Peoples Drug Stores. ..No par
Peonies G L & C (Chic)...100
18%
13,900
Oct
2% Feb 25
Aug 24
15%
6%
Oct
21%
2% Aug 24
Apr 11
par
28
*7
338
4238
Mar
19
par
18%
4
1% Mar
15
Pere
Dec
13
Mar
6% Mar
3
Jan
19
;.._50
Peoria A Eastern
Dec
13%
31% Mar
2
89%
80%
130
No
,.JLo
v to
RR
103
3
3%
46
%
*4
Corp
65
23g Jan
45%
*83%
35
3734
*2
83
*120
132
*4
*20
2,100
35%
10
15
22
22
634
7%
*2
9
*16%
20%
20%
37i2
*45%
*855s
*1%
200
33
*30
37
3
7%
16%
1534
*9%
*20%
Pennsylvania
34
3558
*1%
18
Penn G1 Sand
61% Nov
102
43%June 13
4
Apr 11
74
No par
pre! ser A
100
16%
3
conv
$7 conv pref
16
16%
17
2
Mar
8884 June
684 Mar
5
11% Apr 10
1% Aug 24
Cement...No par
Penn-Dlxle
Feb
Aug
Jan
48
Corp
9%
26
par
Penn Coal & Coke
Dec
5
No par
Penney (J
Oct
18%
13% Jan
36
No pa*
Penlck & Ford
33" 500
13
*12
*122
...
37
16%
*34
23
400
19%
12
22
400
1%
*1%
12%
*122
*122
87
3
*17
20
7%
*52%
20
2%
3%
20
13%
734
*914
!
9
6
7% June 12
Apr 10
Apr 10
% Apr 3
Parmelee Transporta'n. JVo par
Pathe Film Corp...
No par
1%
Parke Davl« & Co
Jan
15%
1534 Deo
6% Nov
1
Sept
29
share
per
Mar
4
4
Apr 10
1% Apr
Parker Rust Proof Co....2.50
1%
1%
1%
1
3% Mar
Feb 14
104
7% Apr 11
15
Aug 24
Park & Tilford Inc.......... 1
Park Utah CM
.1
39
1%
10
6
3
4
20
5
4
Highest
share
per
14% Jan
107% Jan
80
1st preferred....... 100
6% 2d preferied..
..10
16%
$
534 Apr 10
1
6%
40%
1%
*2l4
3734
100
18
1% Jan
60% Jan
100
100
Paramount Pictures Inc
6% Jan
163s Jan
% Apr 1
39% Aug 24
May 10
6% Apr 10
No par
16
57%
*1%
37
1,400
9%
*1434
15
15
700
June 26
5
Ret new__i
Paraffine Co Inc..
22,200
8%
*9
89
Te%
16
17
Corp
5
Pan-Amer Petrol & Transp__5
Panhandle Prod
11% Jan
434 Jan
3
Pan Amer Airways
40
1%
*122
37
9
7%
13%
16%
*15
88
Highest
$ per share
7% Aug 24
Apr 8
10% Apr 1
10
.JNo Par
4% conv preferred
85
85
834
400
Corp
Packard Motor Car
16%
2
9%
19
38%
38
16%
9
8,600
%
Pac Western Oil
104
7%
734
*83
90
9
6
*,_._
57%
*122
*3 7
89%
200
41
*38
104
7%
8%
1,900
%
%
40%
*—
104
<
*5%
6
•%
39%
1
400
21,900
11%
11%
Lowest
Lowest
40%
>-
*1%
3%
19
*12
*122
1%
40%
*16
1%
*1%
17
*5%
6
734
8%
96
9%
10%
41
*
*89%
9%
9%
*15
.
7%
90
9
*5%
%
*39
43%
104
8%
90
*11
3
Range for Previous
Year 1938
Lots
$ per share
Par
Shares
8
3%
*738
3%
11 «
3
Range Since Jan. 1
On Basis of 100-Share
Week
Aug. 25
$ per share
734
7%
8%
3%
11%
3
%
*41
104
-
*734
5%
5%
«5
42
812
92%
934
3%
12%
5%
%
104
7%
3%
11
*4%
5*2
43I2
7%
3%
*%
*41%
*
8
*7%
EXCHANGE
Friday
Monday
Aug. 21
*7%
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
Sales
for
LOW
Saturday
1289
58
Jan 31
10%
Jan
5
7
Apr
14% Mar
16% Jan
13
Jan
34
a4
Jan
4
18%
Jan
12% July
46% Jan
58% Jan
9% Nov
13% July
Jan
2084
33% Dec
2% Jan
49% Oct
Dec
13$ July
3% July
%
1'4
Dec
3% Dec
Apr 28
Aug
Jan
Sept
1% Mar
Jan
3% Jan
48% Aug
Dec
25% May
Jan
2
Mar
84
1% Jan
4684
Mar
7%
9% Jan
94
5% Jan
7% July
2984 Nov
83% Dec
12
Mar
58
Mar
68
Mar
99
Nov
79
Mar
108
Nov
884 Mar
3
3
17
7
3
19
Jan
11
•Bid and asked prices; no sales on this
*«===
day.
t In receivership.
a Def. delivery,
n New stock,
r Cash sale.
*Ex-dlv.
jr Ex-rlghts.
«| Called for redemption.
New York Stock Record—Continued—Page 9
1290
Aug. 26, 1939
AND
SALE PRICES—PER
HIGH
Tuesday
Monday
Aug. 21
Aug. 22
$ per share
$ per share
11
11%
1138
11^8
72
1034
*70
11%
73
*71%
<
%
38
*5
5
514
5
5
$
per
10%
*70
73
5
$ per share
534
X4*
3
*212
*21
22
*16%
1678
*20*4
1512
*95
96
*95
*83
86
22
2034
*2%
HO'2
*14
145a
*1012
123«
*1812
1914
134
16%
*94%
82%
11
134
2712
1212
1478
23
*36
43
*5
7
*17
11
18
18
19
*46
15$
612
*15
183s
17%
40
38%
39%
23
21U
22i2
2134
2234
47
47
47
4734
*45
9i2
26l4
6i8
105
25«
6
*2412
2534
6
57g
14
18 34
1634
25
247g
2334
3978
397s
27%
3912
*25%
76%
7iS
„
*48
*121
4
10
21%
178
39%
*26
27%
76%
7%
74%
24%
24
23%
8%
1712
4
4
6
2%
6%
15%
16%
24%
2334
534
41
45g
*5
3758
4%
3358
358
5%
34%
358
5%
33%
28
28
275g
3%
10
19.%
17g
13
25
7%
4
10%
8%
10%
9%
10%
7
684
7%
4,100
1,800
33,600
29,300
4834
48 34
300
634
7%
934
10
1%
12%
13%
9%
20%
1%
12%
25
25
2434
*7
.
20
1%
8
*7
10
20%
1%
12%
25
8
1334
89
5%
17%
17%
"2" 300
25%
4%
25%
4%
334
3%
334
1,900
4,400
1,700
37
37
434
5
4%
4
4
334
29
5%
40
4%
3%
7%
6%
4%
5
*35%
40
4%
*5
33%
3%
27%
4%
5%
3434
33g
28%
*3%
2%
*3%
21%
334l
31
3%
25%
2%
3%
22%
7
63$
1134
*83
2%
83
*3%
37g
8
18
18lg
17%
*27%
*2l2
33U
2734
*2%
*2734
*9ig
*2lg
*40%
678
76%
2834
25
27%
95g
2%
43
8%
2%
41%
6%
75%
884
2%
4134
77
115
16
16
94
94
*86
2112
34%
10i4
*17%
*H4ig
*60
61
18
9%
534
2%
*82%
3%
*7
5%
934
6
2%
85
18
2%
*42
6 34
12%
40%
5%
23
5%
2.100
34%
3%
13,000
2,900
*2734
6%
*6%
*1634
60%
3%
31
400
334
30%
3
3
2,600
25
22
22
2
2.800
2%
17%
3
21
89
8878
18
8%
1%
*41%
7
6
76
92
60
25g
234
16%
2%
36ig
365g
35%
Bid and asked
prices; no sales on this day.
'
No par
Tlmken Detroit Axle
10
600
Transue & Williams St'lNo par
4,800
Tri-Continental Corp..No par
$6 preferred
No par
Timken Roller Bearing.No par
Transamerica Corp
2
Transcont'l & West Air Inc. .5
8%
1%
40%
6%
400
500
24%
23
6,800
23g
2%
17%
28%
16%
210
834
3,700
1%
41
6%
79
115
3,000
X lu receivership,
a
Def.
600
1,000
20th Cen Fox Film
delivery,
'
37g Mar
32% Mar
100
Union Tank Car
No par
United Aircraft Corp
Un Air Lines Transport
United Biscuit
5
5
No par
No par
United Carr Fast Corp. No par
Corp
No
$3 preferred
par
No par
New stock,
r Cash
'
■
.
sale,
,
.
x
Ex-dlv
y
128
Oct
Dec
Oct
14% Mar
43% Oct
4% Aug
23% Nov
32
July
15% Aug
21
29*4
Nov
Oct
10% Nov
8%
Jan
9% Oct
49% Nov
5% June
8
Jan
49% Aug
57$ Dec
Oct
Oc
Apr
Apr
1
Mar
Mar
3% Mar
Mar
Mar
8%
1%
5*4
10%
77%
9
3
Mar
8
4
18% Jan
54% Jan
Oct
6O84
15
15% Jan 3
14% Mar 10
Feb
25%
27g
378 Jan 10
3
3*4 Jan
Feb
26
2% Mar
2
Mar
11%
Mar
35
Mar
Mar
Apr
3
31% Mar
7% Jan 10
5% Dec
4
12% July 24
107$ Jan 4
Mar
478 Apr
2% Mar
Jan
112% Mar 13
52
Apr 8
13% April
2
Apr 10
30% Apr 10
100
United Carbon..
65%
15
28% Jan
77
June
5% Mar
July
57$ July
56
5%
J&f>
July
18*4 Nov
2% JaD
6% July
287$ NOV
4
July
19
July
15*4 July
98
Juiy
193$ Nov
55% Nov
1234 Jan
10% Oct
12% Nov
47$ July
91
Nov
6% Jan
15% Nov
28% Nov
38
July
6
Jan
44
Jan
35% Aug
16
Mar
12% Jan
4*4 Jan
17% Apr 11
7% Apr 11
100
4% preferred
Jan
12% Aug
2% Mar
Union Pacific
9%
38
16% Mar
25% Mar
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Dec
53% June
Jan
1% Aug 24
40% Aug 25
6
Aug 24
65% Apr 8
113%May 17
15% Aug 24
81% April
78
Apr 13
20% Mar 28
31
Aug 24
77g Apr 11
1578 Feb 24
11
17% Nov
Mar
334 Aug
No par
12%
Mar
26% Jan
1
July
347$ July
35% Jan
0«4 Mar
13
Mar
7
4
Jan
July
28
7
Marl6
Mar 31
23
Jan
26
Jan
34% Jan
..100
I
Apr
16% Apr 11
27% Aug 22
1% Apr 8
par
No par
No par
Preferred
n
Mar
4% Mar
3% Mar
CorpNo
$1.50 preferred
Twin City Rap Trans
United
5
34
478 Jan
13*4 Jan
Preferred
38,500
4,900
37g May
88
Union Carbide & Carb.No par
"MOO
Mar
484 Mar
Apr 10
Union El Co of Mo $5 r# No par
Union Oil of California.....25
1,100
16,000
16,700
6% June
15
9
96
Mar
Mar
Mar
Apr 3
Apr 10
80
300
Feb
Dec
Mar
6
10,500
2,800
3,200
119%
3
Ulen & Co
600
Mar
74
Twin Coach Co
3,100
3% Mar
45
..10
Truscon Steel
*27
5% Mar
No par
Truax Traer Coal
100
17%
2
June
2% Mar
Jan
3
Jan
Feb
71% Nov
May
6
4
4% Feb
Apr 10
9%
107%
5%
11%
58% July
34% Nov
Mar
6
5
<1
5
434 Jan 10
1% Jan 17
49% Dec
17% Nov
45% Dec
157$ Dec
70% July
31
July
17% Mar
July 28
Jan
4% July
49
22% Mar
21
Mar 22
9%
75
75%
78
78%
7534
73%
*11334 115
*11334 115
11334 11334 *108 84
1534
16
1534
15%
15%
15%
15%
15%
9134
93%
92%
91% 92%
93%
94
89%
92 34
85
87%
85%
85%
85%
*83%
84%
*83%
8434
*21
217«
21
21%
21
*21
2134
*21% 2134
33%
32%
33%
32
31
33%
32%
32%
33%
10
9%
10%
9%
10%
9%
10%
9%
10%
17%
16%
17%
*16%
17
16%
16%
*16%
16%
118
*114% 115% *114% 115% *114% 115% *114% 115%
60
60
60
5934 60%
*60
6134
59%
60
*16
17
17
*15%
16% *1534
*1534
1634
16 34
2%
2%
234
2%
234
2%
2%
2%
2%
36
35
3538
36%
36
34
36%
34%
36
1
3
17
6%
234
300
Jau
Mar
8%
17%
1*4
834
1778
9
8
25
900
29
Apr
100
pref
13
27% Aug 15
9%
80
Jan
14
10
*5%
2%
80
.
1% July 7
7% Apr 10
4,800
Jan
40
2,600
10,200
12,300
5%
3
Jan 19
Mar 14
3% April
30% Aug 24
2% Apr 10
par
conv
4% Mar
10% Sept
Jan 20
Aug
43% July 21
6% Mar 11
6% Jan 3
48% Jan
9% Aug 21
87
April
10% Apr 10
34% Apr 11
5% Aug 23
6% Apr 10
5% Apr 10
13%
Mar
60% July 27
Tide Water Associated Oil. .10
41%
5%
Mar
2
22% Jan
Thompson-Starrett Co.No par
$3.50 cum preferred-No par
12%
94
10% Jan 4
8% Jan 4
7% Mar 11
Jan 28
400
41
June 17
56
Third Avenue Ry
$4.50
6% Mar
48% May
12% Mar
6% Mar
32% Jan
10% Jan
Thompson (J R)
Thompson Prods Inc__No
500
Mar
9
8
11% Apr 10
16% Apr 3
preferred
conv
29
June 22
584 Jan
5,800
89
Mar
7*4 Mar
10% Jan 13
197S Jan 19
28% Mar 27
7
100
40% Nov
July
26% Apr 10
..1
334
25
8%
134
41%
6%
76
43%
6%
3,400
8
Dec
11
No par
Preferred
8%
*24%
1%
41%
1%
8
10%
Apr
Dec
3334
24
3% Aug 22
10
Thermoid Co
*3%
2%
2
9%
4
Jan
22%
23%
19% Dec
15% Mar
No par
*6
2%
7%
1%
*7%
3,300
Jan
July 17
3% Jan 6
22% Jan 4
30% Mar 14
32% Aug 11
Texas & Pacific Ry Co
100
Tatcher Mfg
No par
$3 div
Jan
128%June 17
11% July 6
38% J«*n 3
Aug 24
6% Aug 24
3%
*27
8%
400
3%
22
9
1
8
25
24
2%
43%
17
85
28%
2%
2%
2
3%
2%
*27
5
220
21%
1%
7%
9%
Jan 27
Apr 11
Tennessee Corp
The Fair
July
Mar
66
3% Aug 24
$3.60 conv pref
Nov
25
Mar
12%
6%
17%
9%
Apr
5
60
3
5%
3%
3%
*30
300
200
Jan
33% Jan 3
79% July 13
8
8
50
1
Jan
141
3984 Mar
Telautograph Corp
Symington-Gould Corp w w.l
28
Jan
5% Jan 20
7
July 3
17
Apr 10
24%June 30
4% Aug 24
3% Aug 24
47$ Aug 23
35% Apr 26
50
Texas Pacific Coal & Oil
15% Dec
2
108
Aug 25
25
Jan
Jan
19% Mar
9% Mar
5% Mar
8% Mar
17% June
128
Feb
3
10
5H % preferred
Nov
53% Jan
24
Talcott Inc (James).....
15
163g
3%
25% Mar
24*4 Mar
100
Without warrants...
8% Mar
10% Mar
1% Mar
5
..10
(The)
Aug
30% Mar 10
7% Jan 3
4
Aug 21
Aug 25
Apr 10
Swift International Ltd
100
*10
10
Swift & Co..
19%
Jan
120%
7%
19%
1%
100
Superheater Co (The).-No par
Superior Oil...............1
Superior Steel
Mar
10%
2034
24%
30%
29%
46
No par
Sutherland Paper Co
10
Oct
4
50
5% Apr 10
1
6% preferred
Aug
Aug
16% Mar
75% Mar
4
3% Apr
8% Apr
No par
Texas Pacific Land Trust
*58%
8%
*6
1
2,800
19
1134
2%
*78
5
Sunshine Mining Co
Apr 17
Aug 25
20% Apr 8
65
April
6% Aug 24
10
1,700
2,100
603$
7%
__25
Sun Oil
24
38
par
Studebaker Corp (The)
Apr
Jan 10
Nov
3% Jan
10
April
13% Apr 10
24% Aug 24
par
Starrett Co (The) L S-.No par
Stone & Webster..
Oct
13
22% Aug 24
par
Stewart-Warner
122
105
8% Feb
2% Aug 24
4% Apr 11
par
Stokely Bros A Co Inc
40
5% Aug 24
Texas Corp (The)..
..25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
28%
7%
6%
1234
19%
2%
8%
7
5
3%
9%
5%
85
700
33%
9%
5%
Standard Oil of NJ
Sterling Products Inc
29%
21%
23%
33%
18% April
Standard Oil of Calif..No par
Standard Oil of Indiana
25
.50
4
5
12%
41
5%
9%
5%
2%
*82%
300
5%
38
*334
3%
2734
7%
5%
3%
27%
634
13%
6%
2%
7%
9%
*88%
42
3%
17%
*2
*3%
20%
1%
*5
*36%
34%
5%
6%
27%
*2
13
*41
9
3%
8%
89
3%
18%
2734
23
*88
*22
5
334
*11334 115
1578
16
87% *857g
2H2
2178
343«
3134
10%
9%
1712 *17%
118
*114%
*17
3%
21%
1%
9%
*7
115
23%
2%
8
8
67g
22%
2%
*3%
21%
1%
9%
35g
3%
*3%
30%
234
3%
8
13%
87i2
35g
*0%
334
31%
3
9
43
2%
83
3%
93
5%
19
*583$
*30%
1%
13%
*5%
13%
9%
42
234
*1134
9
89
27
7%
6%
1%
89
3%
6%
934
1%
5
33
*7%
8%
13%
938
•
31
*24
12
42
638
V.M
12
3%
JStand Gas & El Co..-No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
98
Mar
May
26% July 25
Jan
Oct
9% Jan
35% Nov
3% Jan
24% Nov
3434 jsn
91
April
98
No par
Mar
Mar
Apr
106%
45
20%May
141
8% Aug 24
1
$4.50 preferred
Mar
Apr
18% July 18
8
Apr
Nov
70% Nov
29
11
11
3
4
Apr
42
23
x84
21% Jan
4778 Feb 18
60
July
7
26
11
No par
Standard Brands
Sweets Co of Amer
8
*7
173g
13
914
8
500
26%
4%
41%
5%
*5%
*2%
1%
1134
24
134
17%
29
5%
9%
6%
1134
24
25%
4%
33g
*4%
1334
5%
12%
24%
8,200
1,100
4,900
1,800
17%
43
*42
9%
2134
26%
4%
3%
5%
35
89
934
*20
Square D Co class B
3
6
36
No par
12%
2%
147$
18%
22% Aug 23
Mar 22
14% Apr
2
Spiegel Inc
Conv $4.50 pref
40
122
*115
17%
334
89
*7
9%
21
1%
26
4
89
113$
*24
121
17%
19
1%
8%
9%
9%
20%
1%
26%
60%
178
121
48%
17%
*16
9
6%
*4784
26%
*58%
934
400
3,500
4
19%
934
37,300
6%
60%
*158
*8ig
24%
23%
2234
7
*4%
5%
34%
3%
2%
24%
4
*5
4
18%
-?-~l
4*4 Mar
32*4 Jan 4
3%June 24
1% Aug 24
4*4 Apr
1
No par
Splcer Mfg Co
No par
$3 conv preferred A.No par
500
3%
*35%
22%
14%
73
5
2%
6%
13%
17
39%
24
4%
5'g
34
*3%
21%
4,800
10,500
1,000
6,400
10,100
13,100
14
2%
72%
*58%
,
610
1,500
30,000
38
*1734
4
160
17,000
24
6
101%
24
18
2%
534
75%
60
2214
23%
101
3984
18
*33s
9%
15,100
4,600
65
25%
60
*22
9%
64
73%
37%
25%
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c.l—1
6%
20
8
3%
200
38%
734
3178
17%
25
14i2
1912
3%
*16%
39%
6038
25
Spear & Co
25%
75%
9%
Mar
Mar
34
Mobile & Ohio etk tr ctfs 100
200
17%
25%
23%
243g
23%
100
5% preferred...
"4,300
75
*18%
*31
Sparks Wlthington
100
No par
Southern Ry
1%
15%
5%
25
5%
1%
*5
13
2%
6%
10
93
3
1% Apr 6
15% Aug 22
14
Apr 11
127
Apr 17
23% Jan 24
10% Apr 8
11% Apr 11
15% Apr 11
100
Southern Pacific Co
43
*36
2%
6%
2%
8 % preferred ...
Southern Calif Edison
7
7%
3%
So Porto Rico Sugar...No par
100
3,400
34,300
29,900
17,800
4
6%
3178
4,100
7
7
27
S'eastern Greyhound Lines..5
4
6%
*3U
*25l2
214
24%
6
102
5
a
11% Apr 11
10
Aug 24
12% Apr 8
10% Aug 24
Jan
Oct
18
49% Nov
12% Nov
283$ Oct
183g July
Jar
29% Jan
96% Aug
10ia4June
110% July
17% Mar
17% Mar
223$ Aug
1384 Jan
80%
Jan
Feb
Aug
Feb
8
27%
5%
Dec
July
9% Nov
7
15% Aug 10
$6 preferred
300
7%
7
*31
28
10
25
-.100
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum.
4
6%
*3%
26%
No par
2,800
30,300
8,000
7%
758
4
1%
*15%
18%
*138%
300
25%
*60
*312
10%
11
17%
1034
134
16%
19
141
39%
6%
12%
17
800
4
634
12%
*9%
13%
Mar
6*4 Mar
June 22
15% Jan
4% Apr 11
17% Apr 10
2% Apr 10
16% Apr 11
78
3
Mar
107
Jan 18
100
Jan
10% Nov
507$ Oct
113*4
3
5
36
Apr 11
13 V
Jan 11
20% Apr
70
90
20
Mar
9% Mar
38
101
96
110
284 Dec
50% Feb 16
11% Feb 24
No par
Smith (A O) Corp
10
Smith & Cor Typewr..No par
Snider Packing Corp .-..No par
*70
110
47
5
Apr
75%
10%
3%
28
24%
534
6
92
12
102
June
6% preferred
Sloes Sheffield Steel A Iron. 100
47
24%
3% Jan
80% Aug
97$ Aug 24
98% Aug 24
No par
5H % conv preferred
15% Mar
7% J*n
1*4 Nov
Jan
22% Jan
7% Aug 25
28
Co.No par
Shell Union Oil
%
1% Mar
10
200
15%
22
9
% Jan
45% Mar
94%
13
64
43
Mar
69
94%
5,400
Sheaffer (W A) Pen
3
34*4 Mar
112% Dec
2%, Jan
8
Skelly Oil Co..
30
Jan
Feb
% Sept
22
Simms Petroleum
40
9%
4
400
1,800
Sbarpe A Dohnae
No par
$3.50 conv pref ser A.No par
Shattuck (Frank G) —No par
Slmonds Saw A Steel.-No par
11%
8%
No par
No par
Sbaron Steel Corp
$5 conv pref
""800
share
27%
85
June
18% Jan 10
21*4 Jan 5
700
1934
63
Inc...........—1
600
11%
13%
,45
No par
Seagrave Corp
Sears Roebuck & Co—No par
Servel
per
13*4 Sept
24
27
10
11
11
200
45
124
4
400
15,700
6,900
1,000
15% Aug
l%June
60% Apr
11% Apr
10% Apr
54%May
3%May
Seaboard Oil Co of Del-No par
16
45%
10
48
5
600
% Aug 14
Apr 8
16
27%
10%
17%
27
47g
1
6,800
21%
48
*7
No par
100
3
20%
*121
478
2634
J Seaboard Air Line
4-2% preferred
23
20%
103%
5%
*13%
16%
117%May 29
*2%
40
50
17%
26%
434
*12
2434
2334
1534
1834
25%
52% July 31
4
*21%
38%
121
25
*7i8
*6%
17
8
Jan
Simmons Co
39
65
2%
Apr
113
21
20
37%
19%
121
13
*5
15%
2%
6%
No par
No par
45
14.50 preferred
Highest
share $
62
10% Jan 25
Scott Paper Co.,
5,200
1,400
per
Jan 20
120
Silver King Coalition Mines..5
16%
46
1
%
9
3
1,000
400
16%
39%
177$ Mar
76% Aug
% Apr 10
3% Apr 10
-—1
100
Lowest
$ per share
Apr 14
1,900
1%
a:
-
67
5%
5%
17%
JSchulte Retail Stores 8% preferred
_
100%
5%
21
43
5
».._100
5H % preferred
10
12
*36
800
Schenley Distillers Corp.. —
*98
*37%
18%
10%
4,300
1,000
4,400
Range for Previous
Year 1938
Highest
$ per thare
10
Aug 24
7%
38
10%
1%
*47
26
*414
6%
2634
-
45
5%
48
13
*5
9%
19
141
4%
1%
22
*4514
18
141
Lowest
Par
Shares
67%
6
124
*25
*3758
82
48
934
19%
178
12%
*7
21
24%
5%
5%
6i2
14U
1714
2478
24ig
397g
3
80
*121
10
1712
2634
*1634
38%
25
2%
20%
22%
16%
95
43
1%
*5%
64
7%
9%
714
497g
122
2H2
1%
10%
*36
103% 103% *101
4
105S
6
65
6
5%
95
26%
11
6%
83
25
6%
234
11
7%
110%
110% *110
13%
13% *13
13%
10
1034
1034
10%
17
17
17%
18
10%
10%
10%
10%
134
134
1%
134
*15
16
16% *15%
63%
103i2 103%
2i2
2%
17
78
9%
65l2
24l4
1018
10
64
25
4
1%
*1634
24is
*2512
*7638
43
177S
3912
103s
212
1%
*5%
134
*17%
3814
66
6
*36
43
6
10l8
26l4
III4
1334
2014
4%
48%
4%
*43%
96%
1034
11
1%
134
16
15%
16
I55s
15%
1612
16%
17%
*138% 141
141
*138% 141
2634
27%
273g
26% 27
11%
12%
12
11%
12
14%
15%
143g
13%
1434
2034
2234
22ig
19% 22
11
1%
v
*50
4%
45%
110% *110
*5
66
*103
27
*36
1
39%
2234
83
*10%
*1512
*13734
1218
82%
11
16
14i2
22l2
*95
*1012
*1538
*13734 141
5%
96%
14
%
*4%
48%
10%
67%
37%
10%
98% 100%
*15%
14
4
49%
37%
9%
16
14
16
7%
16
14
17
45
16%
*110
1812
*4%
x22
81
107$
1%
10%
*54
2%
22%
110
17
49
22%
*2%
3g
114% 114% *10934 115%
%
%
%
%
*1
1
1
1%
15%
1534
*15%
16%
*1%
2%
*1%
2%
7334
7434
74%
7534
14
15
13%
14%
19
110
*16
2738
22
20
5%
10%
74
5%
21
81
*110
11
20%
22
9612
21%
*2%
5%
2I84
2%
5%
5t2
2112
27g
22
16
512
10%
73
4
4%
x
*5*2
10%
70
%
50
50
50%
50%
5078
5012
50%
5078
*11478 11578 *1147g 115>2 *114% 115% *114% 1157s
%
38
%
1
1
Us
Us
*1634
17
*17
16%
1634
1712 *1634 17
2%
2%
*214
25g
2%
2%
214
2%
74
75
75
7434
76%
7538
74i2
747«
14
1334
14%
15%
14%
1412
13%
14lg
11
11
11
10i2
HI4
11%
*1U4
1134
*56
*57
58% *56
6714
58%
6112 *56
4 ■
*4
4
4
4%
*4%
414
4%
49
46
46
*45%
48
*45% 47%
*4614
7%
*734
778
7%
7%
734
734
7%
38
38
*37%
38
*37% 38%
3734 3734
10
11
10%
103s
1012
10%
101$ 10%
102
102
102
102
*100% 103
*99% 103
1'4
10
■
Range Since Jan. 1
On Bart) of lift-Share Lott
EXCHANGE
Week
per share
70
11%
73
4%
$
STOCKS
NEW YORK STOCK
the
CENT
Friday
Aug. 25
Aug. 24
share
%
%
NOT PER
Thursday
Aug. 23
Aug. 19
$ per share
72
SHARE,
Wednesday
Sales
for
LOW
Saturday
6
Mar
13% Nov
66
1% Mar
41
Jan
118
57
Mar
17% Mar
55% Mar
5984 Apr
5
4
90
July 27
20
23% Jan 5
42% Feb 25
13% Mar
6
3
Ex-rights.
,
5
907$ Nov
Mar
14
Sept
22%
99%
83%
23%
43%
13*4
July
20
Nov
Nov
Nov
Jan
Dec
Nov
110%
Jan
39
Jan
118% Aug
73% Nov
Apr
20*4 Nov
12*4
Mar 13
3*4 Feb
397$ Aug
Mar
19% Mar
4
18*4 July 18
119% June 16
65% Mar 10
20
Mar
Oct
70% Nov
15% Aug
July 14
1934 Jan
104
Mar
7% Mar
12% Jan
90% Jan
6
I
2
Mar
22
Mar
4%
38
Oct
Oct
1 Called for redemption.
===■>.
Volume
LOW
AND
New York Stock
149
HIGH
SALE PRICES—PER
Record—Concluded—Page
SHARE, NOT PER
Tuesday
Aug. 19
Monday
Aug. 21
Aug. 22
Wednesday
Aug. 23
$ per share
$ per share
$ per share
$ per share
5
4%
*60%
3*2
2714
763g
1334
♦1155s
10l2
*4
6%
*80
5%
478
4i2
5
478
5
4%
Aug. 24
$
47g
Aug. 25
$ per share
Shares
per
4%
share
43g
4%
63%
3i2
*60%
3%
3%
3%
334
2714
*26%
27%
26%
26%
26
26
75
77%
7434
13%
76
72
74
3i2
33g
27i2
*26l2
7534
14
1314
18
*116
76
135g
119
13%
*116
9%
10
9%
4'%
378
4
378
*6
6i2
634
80
80
*%
34
*U
J1*
*6
8%
7%
534
6i2
6%
*78
34
13 34
119
1034
86
4%
4%
4'2
*116
434
4
77S
*%
75g
6
•
6
85
United Dyewood
13
United Gas Improv*t__No par
$5 preferred
No par
United Mer & Manu Ino vtc. 1
9%
10%
5,600
3%
6%
*334
37g
6%
600
United Paperboard
300
U S & Foreign Secur.—lVo par
*6%
34
7%
6%
*6%
86
*78
86
7
5%
5%
*6%
5%
U 8 Dlstrib
34
*%
34
*%
7
7
36
33%
*29
*28
16i2
15i8
15i8
15%
15%
15
15%
14%
3%
*3I2
35g
*3%
3%
*3%
3%
3%
6%
6%
6
6%
*48
3934
*35
1%
7
6
6
54
*48
54
39l2
40
40%
35
35
35%
35%
38%
35%
35%
1%
1%
1%
1%
40
3678
38%
3834
10312 10634 *10434 107
*50
5U2
51%
5134
*48%
112
1%
*6734
36
45
*9
1%
69
6734
43 %
4434
107i2 108
34l2 34i2
*42l8 45
178
1%
7
*683
45%
36
*50
2
7
15s
1%
54
1%
4378
108
*178
2
*63s
7
.
*6%
1%
*41%
54%
1%
*41%
50
9
9
*9
10
76%
76%
*74
81
54%
9%
80
162%
162
162
162
162
*160
55
60
*56
59
*56
%
%
60
%
%
18
16
16
21
21
1S12
19l2
18%
33
3358
33%
*335s
3412
*11414 11714
4OI4
40'4
*56i4
80
*23
24%
2i2
1978
116
54
*16
%
34%
34
34%
31
32
31%
3134
19%
19%
19
18%
13434
76
*129
195s
1978
*158
*129
%
34
2
*1%
""84
634
6%
6%
19%
1834
19%
96%
*96
96%
*42
4234
414
40i2
42
*20
20i2
2014
20%
134
458
53l2
238
10
9
*158
29
4U
4%
9i2
1%
29
412
1%
40
40%
*20
20%
*20
4%
4%
*8%
9%
1%
1%
31%
4%
*28%
4%
50
51
2i8
*7i8
10
*9
2%
1%
52
2%
52
6%
19%
1%
"5%
18%
~*6~
6%
19
18%
1
51
4%
28
47%
2%
2%
834
4
134
*8
4%
7%
1%
1%
28
27
2
2%
10
19
*23i2
25
*23
24
23%
23%
22%
22%
21%
22
*2i2
3
2%
16%
2%
23g
2%
2%
*7%
16%
*103
109
10812 109
100l2 10034
100% 101
29%
30%
*2l2
3
*2%
*4
5
*4
57
100
102
108
108
108%
5
2%
2%
5
*4
*'4
%
*'4
38
%
%
%
34
%
34
84
*34
%
*34
21i2
2214
?0%
20%
20%
20%
20%
98i4
21%
20%
99%
22%
20%
99l2 100%
19i2
133
133
22
100% 103
98
140
*130
*130
17
*54
10034 101
29
297g
3
5
16%
57
108
31
258
17
16%
2%
21%
21%
102%
135
1,500
17%
1,500
107
280
107
100
29
*2%
3
*4
34
500
*130
140
1,400
24
*33l2
34%
58
*40
58
*40
58
*40
58
*40
58
8834
90
*86
110
*86
110
*86
110
*86
110
*86
110
20%
2034
20
18
19
21
95
*80
95
*80
95
49
*47%
52
10
10
19i2
2084
3434
19%
22%
21
23%
33%
3378
19%
20%
21%
3334
34%
*81
95
*80
95
*80
95
*50
53
*49i2
53
*49%
53
4934
4934
49
*10i4
11
*10i4
11
*10%
11
10%
10%
*10
*80
77„
7i2
778
8%
7%
734
378
378
*378
4%
4%
4
4
2
2
134
1%
1%
1%
1%
1%
*2184
22i2
*2034
22%
21%
*197g
22%
*19
165s
1658
16
16%
16%
15%
234
2%
2%
1%
33g
15%
2%
15
*2l2
21%
*1534
2%
7%
*4
134
*2i2
134
134
1%
3i2
35s
314
33«
3%
3%
3%
31«
3
3%
3
3
3478
*34
35
*3312
*11234
1714
4734
36
*33i2
234
*11234
~17%
48
1%
,
163g
15%
1534
46i4
47
46%
12%
47%
15%
453g
34
19%
10%
7%
20%
7%
3%
*1%
20%
15
15
4
1%
2%
1,100
{Warren Bros
$3 convertible pref.-No par
$1 1st preferred
No par
Warren Fdy A Pipe
No
par
Waukesha Motor Co
5
Wayne Pump Co
Webster Elsenlohr
1
—No par
Wesson Oil A Snowdrift No par
No par
$4 codv preferred
West Penn El class A...No par
100
7% preferred
6% picferred
-.100
Western Auto Supply Co—10
100
Maryland
4% 2d preferred
100
Pacific.......-..100
100
6% preferred
Union Telegraph. 100
45%
45%
8
Dec
Nov
25
17
Mar
34% Nov
104
Jan
4
112
Aug 22
July 19
105
June 15
34
Aug 15
4%
Jan
8
Jan
4
4
84 Jan
3
4
May 20
145
Jan
5
26
Aug
8
10
3484 Aug
20% July
31% Dec
00
Mar
90
6
15% Apr 10
Mar
July 28
65
Apr
90
Jan
3184 Jan
4
Jan
.—5
Willys-Overland Motors.... 1
6% conv preferred
10
No par
32% Aug 25
105% Apr 20
.1
White Motor Co.
W hite Bock Mln 8pr
White Sewing
Co No par
Mach Corp—1
No
par
.20
Wilcox Oil A Gas
Wilson A Co Inc
16 preferred...
—100
Woodward Iron Co
10
Woolworth (F W) Co
10
0% Mar
5
Sept
1% Mar
11
Jan
9
3
Jan
July 27
884 Mar
2434
Oct
26
3% Aug
8
1% Mar
1% June
3t»
Oct
8
33g June
6%
Jan
6
3
Mar
6% July
5
32
Mar
60% Jan
106'4 Dec
27% Nov
6384 Nov
27% Nov
72% July
75% Nov
48% Nov
65% Nov
121% Dec
9
June 24
3% Feb
2%June 24
3
Aug 21
6% Feb
5
Jan
49% Jan
July
8
103
15
Apr 10
4134 Apr 11
10% April
47% July 15
114
25% Jan
5038 Jan
23% Jan
4
5
30
66
MarlO
43
65
Jan 18
7034
5
38
Jan
4
27
31% Apr 19
85
Apr 10
53
Jan
5
28% Mar
120
Jan
3
55% Mar
*22
27
*22
27
*22
27
*22
27
*24
27
*34
40
*33
37
*34
38
*31%
38
*32%
36
*32%
38
96
*90
*87
100
60
80
81
900
Mar 31
85% July 18
*19
20
200
Yale A Towne Mfg Co
20% Aug 16
11% Apr 11
98
Apr 11
9% Aug 24
30
April
74 May 5
33% Mar 13
2184 Jan 5
116
Aug 16
21% Jan 5
*87
*19
14
14'4
14%
13i8
13%
113
♦111
113
11784 ♦111
IOI4
III4
1034
10%
10%
13
rill
*10'4
3534
14
8234
95
90
90
8234
80
8134
20%
*19
14%
12
100
113
110
70
26
Yellow Truck A Coach cl B..1
Preferred
—100
10
10%
9%
10
10
10%
2,300
Young Spring A Wire.-No par
33
3534
32%
36
33%
3634
28,700
113
113
*110
20
13%
12-34
13%
36,600
110
80
*76
19
19
*1812
19
19%
19%
19
19%
18
18%
18%
18%
1,100
No par
5H% preferred
..100
Youngst'wn Steel Door.No par
iei2
1634
15&8
16
15
16%
15%
16%
14%
15%
15
15%
6,900
Zenith
214
2i4
214
2%
*2%
23g
2%
2
2
1,000
Zonite Products Cor0
*76
36i2
34i8
"• Bid and asked
35
80
2%
3478
*76
*2%
3678
80
*76
prices; no sales on this day,
■f**E
*76
80
2
80
*76
{ In receivership,
80
*
m
a Def. delivery,
Youngstown 8 A T
n
Radio Corp....No par
New stock,
r
Cash sale,
1
x
May 25
23% July
75
17
12
2
Ex-dlv.
8
April
Aug 24
Apr
y
15% July
1734 Aug 15
27
Preferred A/%
6% preferred B
15% July
4
*23
Worthington PAM(De!)No par
90
Dec
Jan
384 Mar
1
10»4
2% Aug
7
100
Prior pref
% series
10
Prior pf 4 Vi % conv series 10
Wright Aeronautical.-.No par
Wrlgley (Wm) Jr (Del).No par
95
3234 Nov
Nov
85
83%
14% Mar
61
4
12% Mar 10
1384 Jan 4
12%
*41%
*35%
2078
Mar
Mar
80
207g
Oct
Dec
60
85
83%
21
39
20
11%
84
144
7
*35%
22
Oct
Mar
9% Mar
31% Mar
Jan 12
*41%
95
103
34% July
33% Nov
60
6
13
*83%
124% Nov
8
July 28
85
*19
16% Mar
I634 Mar
6D4 Mar
15% Apr
90
83l4
1% Jan
3% July
7
*43
98
Jan
Mar
% Mar
84 Deo
8
*44
2114
9
3
Mar
85
83'4
Jan
July 31
90
21U
Jan
Deo
4%
40
*43
*96
82% July
102% Jan
103% Dec
26%
20% Jan
*44
3,800
39
Oct
Oct
July
97s4
3
85
13
4%
Mar
8
90
12%
I6S4 July
12»4 May
2% Mar
Mar
*43
12%
74
10% Apr
*46
13%
82% May
37
85
13
25% Mar
71
Apr
70
Apr
3
28% Aug
3I84 Jan
1% Mar
4
1% Jan
90
1234
4% July
31
*46
1334
Mar
Mar
*45
1314
I84 Mar
5
May
Wisconsin Elec Pr (B % pref. 100
18,300
Aug
3
Mar
42
400
45%
July
July
46
20
Jan
Prior oref
33%
8
60
600
*15% "2,700
July
61
July 10
9% Apr 25
7
Apr 10
3% Apr 8
134 Aug 21
14
Apr 10
15
Aug 24
2% Aug 11
$4 conv preferred
34
4
Mar
95
200
34
Mar
384 Mar
Mar
20%
5,300
2
23
4
July 24
75
300
2,600
4
8
Jan 27
2,300
3,500
Nov
Mar
80
2%
1%
54
20% Deo
19% July
8
Jan 27
3%
3%
Mar
1734 May
6% Deo
16% Mar
120
Apr
Mar
4% Mar
11
1678 Apr 8
18% Apr 8
82% Apr 11
Apr
Feb
8% July
20% Jan
87% Dec
10% July
6
79
55% Aug 25
April
95
Apr 8
88
Apr 10
20% April
2% Apr 10
3% Apr 10
% Apr 21
84 Apr 8
126
3%
1384 June
3284 Jan 4
3% July 17
28% Jan 3
45
500
3
Dec
534 Mar
243g Jan
8
85
$5 conv prior pref-.. No par
5% conv preferred
Mar
37g Jan
1434 Apr 11
20% Apr 11
178 Apr 10
16
July 20
White Dent'l Mfg (The S 8)20
3
15%
44%
Jan
1334May 24
6% Apr 27
3184 Mar 14
Mar 13
5
19% Apr
300
1%
32%
*11234
58
8
"200
2%
15%
Westvaoo Chlor Prod—No par
I84 Apr
80
7,100
6
078 Jan
6% Apr 11
74
3
15%
..No par
Class A
278 Jan
44
3
5*4% conv preferred.... 100
3%
*11234
50
1st preferred
Weston Elec Instrum't.No par
Feb
Wheeling Steel Corp...No par
Preferred
——100
3
-
36
42
_
Jan
20% July 18
1478 Mar 1
Apr 10
z29
3
1%
3
Aug 25
4
90
2%
Jan
27
.5
No par
No par
pref
15
2%
116% July
23% July
l%June 30
100
30
3
-
No par
100
134
15%
47%
conv
85
6,800
7%
Mar 15
7«4 Feb 16
5% Apr 11
15% Apr 10
7% Aug 25
Wheel A L E Ry Co
2%
1%
35%
13.85
800
3
*11234
*11234
15i4
134
21%
3%
3
*34
7
*37g
20%
33%
June 29
19% Apr 28
7% preferred
80
*40
7
No par
Warner Bros Pictures
30
17
39
*2314
1678
*38
Mar
cl A .No par
Westlnghouse El A Mfg....50
58
24
Preferred
Ward Baking Co
Class B
Westlngh'se Air Brake.No par
17
125
30
Western
39
Mar
74
12,000
130
37
131
64% Apr 12
98% July 22
9% Jan 5
-
16,700
3458
3434
par
17,900
2434
2334
No
21%
16%
80
43g July
No par
22%
*38
120%
Mar
97% 101%
*30
18%
39
Mar
1%
21
*31%
*17
*38
Jan
Feb
100
1% Mar
20%
130
17%
39
Jan
4%
1534
1
21%'
*2334
17%
*38
32%
116% Nov
3
22%l
1734
Jan
2
99%
39
5%
1
95
17
5% Mar
Oct
Deo
100
20%
39
Apr
Jan
26%
5
Aug 14
125% Aug
2
6O84 Jan
900
1734
Mar
1%
Nov
4
Western
%
40
1534 Mar
105
J*n
3
Western
%
*39
13% Sept
234 Mar
Det>
I84 Jan
900
%
*84
*16i4
9
Jan
42
57
June
Apr 10
5
%
34
8
113
40
Apr 10
430
4,300
'
8
June
1%
2884 Oct
287g Nov
36% Nov
30% Mar
4
250
100
28
July 31
278Mar
7
4% July 27
% Aug
97
37
100
55%
29%
2%
*%
19%
700
2%
5
27%
500
1,000
,
118
Apr 21
5
..No par
19
1578
21%
June
11% Mar
14% Mar
83
3% Jan
4M % Pref with warrants 100
100
9978 100
100% 101
*4
%
%
5,600
23
2134
*2%
17%
55%
2%
1027g 104
*55
57
2
*6
56% Aug 23
25% Feb 18
478 Jan 4
3178 Jan 4
Mar
16
Walk(H)Good & W Ltd No pat
400
10
23
*15%
116% July 26
43
% June
3
159% Dec
»4 July 22
1% July 8
Walworth Co
580
1534
103% 104
27
50%
26
*55
'
Deo
27% Mar
100
100
Walgreen Co
10,100
2,000
4%
Nov
86
5% preferred B
100
95
15
100
1,800
19
Dec
7% June
May
54% Aug 24
18% Apr 10
2% Apr 8
17
Apr 10
3% July
62
134
25
Apr 10
110% Apr 26
3478 Apr 11
10% July
Feb
Feb 25
30% Jan 5
37
Aug 15
May
1% Mar
June 19
Apr 10
116
Dec
7% Nov
Hallway
Preferred
{Wabash
Waldorf System
47
15
29
100
Detinnlng........100
1,100
47%
*6
163S
.
3
47% Sept
684 July
77% Dec
119% Oct
2% Jan
Vulcan
'
•
25,900
*23
57
W
4%
16
*55
«,
4%
19
10234 103
.
4
24
234
100
preferred
Oct
78
16
70% Mar
71% Nov
June
163
Mar 24
56% Nov
109% Nov
7234 Oct
30
Mar
84 Jan
Oct
July
29% Mar
40
Apr
48
20
7
Nov
121
July 31
Aug 21
49%
9184 May
37
16
113
Jan
7% Oct
13% Nov
71
5% preferred A
400
*1%
31%
4%
157g
23g
1618
5%
«...
**
1%
6%
»
1%
1%
*1%
*28
*7
*7
-
500
24
134
100
Virginia Ry Co 6 % pref-
200
16
-
.--5
Works
6% preferred
600
1%
8
24%
7%
6
Va-Carolina Chem.....No par
10
,
"%
1934
16
135
Victor Cbem
40
1934
24%
*133
5
100
ViokBburg Shrevport PacRylOO
10
8
16
2014
par
7% 1st preferred
100
20%
24%
*4%
Corp of Am.No
8
Mar
45%
85
6
% Jan 16
par
..100
Vlck Chemical Co.........
1,400
8
16
2%
No
Van Raalte Co Inc....
1,300
*197g
9%
*6
9912 101
31
*2934
Vandlum
800
20%
24i2
*108]8 110
Sales
Preferred
4
21
5778June 10
1284 Jan 21
45% Apr 10
38
*91
4%
17i2
I6I4
157
3734
95
13
57
100
8% preferred
Jan
2% Mar
Apr 10
Jan 3
38
4
27
102
69
*91
*6
I6I4
No par
a;3738
*24t2
302
Universal Leaf Tob
95%
834
2%
*%
*1%
*
1
May 11
Apr
June 27
70
120% Mar 11
37%June 13
4684 July 14
3% Jan 20
8% Mar 3
2
9
4%
40%
*7%
51
10
84
1%
*
*16
*55
4338 Feb 16
Universal-Cyclops Steel Corp 1
70
*129
34
*1%
2
*
6%
19%
2:95%
4%
3934
*96
129
"%
*1%
65s
19
*%
2
7
29
25
'
*129
130
1%
10
No par
Virginia Iron Coal & Coke. 100
*34
434
Mar
Va El A Pow $6 pref. ..No par
1%
97
Mar
98%May 19
33
Apr 10
10
84
Mar
38
Jan 23
41% Aug 24
46
13,600
1,900
19
50
£55
60
90
130
2
18
30% Nov
i70
50
100
1
1
*78
1'
7«
7%
6%
6%
5i8
5%
*5%
7%
*5%
*5%
*5%
12412 124J2 *122% 13434 *122% 134% *122% 13484 *122% 13434
80
75%
*72%
72%
7212 72%
72%
72% *72
72%
%
*158
*34
*634
18%i
18
June
13% Mar
24
Apr 25
6
Nov
Nov
10% July
35% Jan
584 Aug 24
No par
1
1
1%
173
£44s4 Mar
*115% 1.1634 *115% 11634
*7g
115
5234 Jan 3
112% July 18
65% Jan 5
60
1
Mar
6% Mar
No par
Jan
4% Mar
55
4
2
July
1%
9% July
12% Nov
162% Mar
10% Jan
6I84 Feb
31% April
8684 April
Oct
Nov
Dec
9
3% Mar
48
13
8784
4
3
10
8%
Jan
578 Jan
60
Nov
10% Aug
Mar
35% July 24
25«4 Mar 9
1% Aug 24
100
67% Aug
1278 Nov
114
7% July 24
6
3% July
738 Jan
107g July
80% Jan
87g July
39% Oct
180
Apr 10
13% Apr 11
No par
16 conv pref
700
19
684 Mar
278 Mar
30
114% *112% 117% *112% 117% *112% 117% *112% 117%
*40
40
40%
40%
39%
39%
3934
41%
4H2
80
*53
80
55
57
*56%
*5614
54%
56%
56%
22
22
*21
2234
22%
22%
*2212 24%
22%
*21%
2%
234
234
2%
212
2%
2%
2%
2%
2I2
3% Mar
3
21% Mar
Vadsoo
20%
4% Apr
Mar 13
800
19%
Mar
37% July 7
6% Mar 10
Universal Pictures 1st pref. 100
19%
Sept
49
190
18%
6
3
Apr 10
150
20
Mar
Aug 21
69
19
Mar
884 Mar
100
62
Highest
113
23
300
20%
Mar
50
May 20
10% Jan
1% Apr 10
%
3
2178 Mar
May
% Deo
1
Mar 31
5% Aug 24
77
Apr 10
167
Apr 29
4
Apr 8
17g July
6%May
18
Apr
8% Aug 18
%May 15
5
United Stockyards Corp
1
Conv pref (70e> .....No par
*40
*78
8
United Stores class A..——..5
114
19
4
11
5
4% Mar
35
162%
*16
Jan
87% Mar
200
%
%
18
*16
5% Mar 31
June 29
75
100
400
1%
18
*115l2 li6l2 *115% 11634 *115% 117
1*8
758
*%
%
%
7% Jan
2,800
1%
*16
18
3% Aug 21
4% June
60
35
200
*4034
*78
*16
2%
1%
634
80
55
*7i2
*134
*6%
1%
1%
*9
*162
52
7
1%
8
Apr
4
xvoa
share I per share
10
7% preferred.
634
1%
9
55
4%
3434
8
6
6% Apr
6% Jan
per
20
45
*42%
*134
11
111% Jan
5
Feb 11
33% Jan 12
83% Aug 3
1484 Aug 15
117%June 23
1338 Aug 3
8
U 8 Tobacco
1,100
2:3434
45
884 Jan
74
3% Apr 11
25% Apr 11
62% Apr
S
7% Mar 10
4% Aug 24
4% Mar 31
July 11
U 8 Steel Corp
Preferred
97,900
2,900
35%
35
*42%
$ per share
66
cur
46
8% 1st preferred
0 8 Smelting Ref & Min
Preferred
200
68%
46
9
162
*15s
68%
106% 106%
4378
j
Lowest
Highest
100
{US Realty & Imp
U 8 Rubber
700
4284
69
10734
9
55
29
6,700
49
49
9
*40%
160
*9
93,400
3634
104
50
69
4*2
41%
107
45
161
*96
*67%
3534
*55
*84
69
45%
108%
*42%
1%
634
*160
76
39%
10634
3734
108
1%
5,200
48
ol A ...No par
conv
Range for Previous
LJUmo
U 8 Pipe & Foundry...
400
1%
AUU~O/«U/0
U 8 Playing Card Co
3,166
39
5
No par
Prior preferred
1%
10534
*35%
*78
*5lg
35
48
Partic
1,800
34%
1%
100
U 8 Leather
300
6%
20
preferred.
5
% conv pref
50
U 8 Industrial Alcohol.No par
1,200
*32%
101
*6778
42%
6734
45%
37%
38%
35
1%
51%
45
80
*125
*32
7%
54
*48
39
36%
35%
80
1
6%
6%
54
37%
*42%
83
116
4
103% 105
108%
1%
14%
*3%
UJ
$ per share
par
100
No par
U 8 Hoffman Mach Corp..
32%
14%
Corp......No
preferred..
U 8 Gypsum
50
200
6
3%
15
50
9i2
*12
40
*3514
*80
2l2
19%
*48
39
*4314
2
534
54
*48
37
10714 107l2
*6%
*112
54
33
*28
3934
39
40is
107% 107i2
53
*51%
69
*6712
45
*48
31
*5%
100
U 8 Freight
1,600
2,000
82
82
Conv
660
534
10
—
16 first preferred
100
*15
*31
No par
100
*32
32
5
United Fruit
23,500
13%
175% 175%
*30
5
United Eng & Fdy
500
5,500
*83
84
83
81
80
79
83%
83%
82% 83
17612 17612 *176
176l2 *175% 176% *175% 176% *175% 176%
6
*514
6
6
6
*53a
5%
514
*5%
*5%
*3i2
*6i8
10
.100
United Electric Coal Cos
4,400
74
119
*115
__5
Corp
Preferred
9%
*78
*%
34
71%
13%
United Drug Inc
400
27
*22
116
8,400
434
434
65
3%
3%
Par
8%
7%
*5%
6
*60%
DUflM
Lowest
378
4%
6
8
6
12%
116
10
*78
6%
*4%
4%
65
3% 3%
13%
*334
86
*60%
11834
9%
10%
4%
63
Range Since Jan. 1
VI*
Week
62i2
76t2
EXCHANGE
Friday
4i2
*4%
*60%
STOCKS
NEW YORK STOCK
the
CENT
Thursday
*60i4
65
Sales
for
Salurfi/iii
1291
10
Jan
11% Mar
42
Mar
Oct
Mar
61% Mar
78
Dec
2O84
Jan
39
July
88g
Jan
2184
71
Mar
9% Mar
109
Oct
Oct
25% Aug
4
24
Mar
67% Nov
Jan
5
62% Mar
31% Jan
22% Jan
3% Jan
4
11% Mar
4
9
3
284
86% Nov
31% Dec
2584 July
584 Mar
557g
Jan
85
•
4
Oct
10% Mar
Ei-rlghts.
Mar
Jan
1 Called tor redemption.
1292
Aug. 26, 1939
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote
In the week in which they occur.
No account is taken of such sales in computing the range for the year.
The Italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
NOTICE—Price®
are
Friday
Week's
BONDS
Lai t
Range or
N. Y. STOCK EXCHANGE
Sale
Friday's
Week Ended Aug. 25
*i
►sfi.
Price
Bid
?».
Low
Asked
Is
High
dk
No.
Jan. 1
Low
Treasury 4%a—
Treasury 4s..
J
D
115.6
52
113.4
Treasury
M 8
113.20 113.16
115.6
49
113.16116.5
D
J02.16 102.16
103
14
102.16105.8
M 8
104.20 104.20
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
-.1947-1952
....1944-1954
3%8-„..»——1946-1966
3%s
1940-1943
3 His
1941-1943
3Ha
1943-1947
3%s
1941
3%s
.....1943-1945
3%S1944-1946
3 Ha
1946-1949
3%s
1949-1952
3b---.--.——.1946-1948
3s
1951-1955
2%s
1955-1960
2%s
....1946-1947
2Ha
..1948-1961
2Ha
1961-1954
2Hs..
..1966-1959
2Hfl--1968-1963
2Hs...
1960-1966
Treasury 2%s_
Treasury 2Ha
J
J
A
118.25
114.3
113.4
D
F
119
120.9
48
105.1
109.8
18
118.25122.13
116.19
104.20106.27
110.10
237
109.8
105J6 105.16
105.28
136
102.16107 12
108.17 108.17
109.31
452
108.17111.9
108.29 108.21
110.19
491
103.21111.27
It 8.30 108.30
111.10
21
108.30112.21
nll2
1
n\ 12
108.22
M
S
110.19
53
110
109
111
49
106.1
109.2
111.10
114.5
108.19111.31
107.4 112.26
Treasury 2Ha..
Treasury 2s
Colombia (Republic of)—
♦6s Of 1928
Oct 1961 A
O
23%
J
♦6s extl sf gold of 19271 Jan 1961 J
♦Colombia Mtge Bank 6%s—1947 A O
♦Sinking fund 7s of 1926
1940 UN
23%
223
104.12110.9
138
107
108.11
288
105,19109.31
D
105.20 105.20
107.28
24
104
109.21
§♦ Cordoba (City) 7s unstamped 1957 F
105.16 105.8
107
73
103.4
109
102.20108.23
635
J
D
105.22 105.16
106.19
J
D
105.25 104.21
107.2
110.6
§♦78 stamped
106.6
109.10
♦Costa Rica (Rep of) 7s
9
105.1
109.8
35
102.13107.21
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
104.12
106
262
102.16107.22
104.3
104.22
J
J
D
102
106.3
108.29
108.29
106.18 106.18
104.16 104.16
108.22
297
106.18109.21
105.20
138
104.16106.27
107.9
110.6
105
105
2
105
108.4
18
103.13 103.13
104.9
88
100.5
101.12
54
107
106.24
100.4
♦Gtd sink fund 6s
1948 A
O
Akershus (King of Norway) 4s.1968 M 8
J
•Antloqula (Dept) coll 7s A...1945 J
♦External s f 7s series B.....1946
M
F
*
13%
106.24109.17
103.13105.18
100.4 102.12
Sinking fund 8s
*14H
15h
14
10%
13h
14%
9%
9H
12h
9%
90
85%
92
50
77%
228
8 f extl conv loan 4s Apr
Australia 30-year 5s..
1972 A O
75
74 H
76 U
126
1955 J
J
88
88
96%
1957 M
S
80%
85 H
95H
154
External g 4Hs of 1928.—..1956 M N
♦Austrian (Govt's) s f 7s
J
..1957 J
81H
80%
89%
192
9%
9H
1945 F A
Belgium 25-yr extl 6Hs
1949 M S
External s f 6s
1955 7
J
External 30-year s f 7s..——1965 J D
♦Berlin (Germany) s f 0%s
1950 A O
♦External slnklDg fund ds
1958 J D
♦Brazil (U S of) external 8s
1941 J D
♦External
s
f 6 Hs of 1926—-1957 A
♦External
3
(J
10
183
89
8
19H
98
1950 J D
89%
83%
74%
74%
88
1962 J D
Buenos Aires (Prov of)
♦6s stamped
External b f 4%-4%s
59
110
65
20 H
2
-18
1
16
79
13%
69
11
9%
16
22%
100
30%
108
102% 106
99
50%
102%
60
104
100
64%
73%
18
75
26
76
84% 105
A
78%
87
51
74
72
81
65
78% 101
72
97%
71
71%
13
65
74
119
94%
A
O
70%
70%
6
65
73%
A
O
70
8
65
73
M
8
71%
70%
71%
3
66
73
A
O
72
72
1
66%
A
O
♦Dresden (City) external 7s__.
70%
------
*70%
J
♦Frankfort (City of) s f 6%S—.
J
J
J
M
dep
8
75
65
72%
16
+******
1941
D
*15%
20%
**
J
14%
21%
89% 100
19
97
101%
105%
105
105
*
**
19%
D
7s unstamped-
«.
**
***
-
7
104% 107
16%
19%
105
110%
104
106
6
113% 125
....
119
119
36
+
*105%
*****
External 7s stamped
22%
*91
104%
AfN
French Republic 7 %s stamped-1941 J
7%s unstamped
*_
MN
103% 105
119
*104
J
95
103%
D
AO
15%
14%
16%
"19%
""20"
♦7s unstamped
l{
German Prov A Communal Bks
17%
MN
99% 108
95% 108
9%
29
5
88
89
1
89
92
8M
69
12%
89
92
14
88
98
23
92
12
8%
9%
9%
8%
O
23
22%
21%
98%
98%
J
J
I94u J
J
*6
9
♦Hungarian Land M Inst 7%s_1961 AfN
♦Sinking fund 7%s ser B
1961 AfN
*8
8%
cav
u
Hungarian Cons Municipal Loan♦7 %s secured s f g
194
♦7s secured
s
f g
102
F
F
A
f
52
55
53
47
60
AfN
44
46
3
32%
47%
105%
106H
109%
154
109%
290
Aug 15 1946 F A
.—19617
J
...1944 7
99
98
102%
140
98
97H
103%
61
101H
101%
J
7
J
7
J
98%
96
102
3
74
13
19
*
98
104%
96
102%
19%
1
15%
27H
28%
3
26
1
1942 UN
21
18
23%
21
18
24%
27%
23%
13
13
2
10%
13
1942 UN
2
14%
9
12
8%
12
A
O
13H
9%
F
A
13
F
A
10
10
5
8%
7
J
13
14%
15
12%
Jan 1961 7
J
9%
10%
30
8%
14H
14%
10%
1
12%
3
♦Extl sinking fund 6s..Sept 1961 M 8
♦6s Assented
Sept 1961 M 8
♦External Bin king fund 6s
1962 A O
♦6s assented
..1962 A O
♦External sinking fund 6s...1963 MN
1963 AfN
9 %
10H
10%
8
14%
4
*13
"9 %
9H
14
14
D
9H
*11H
14
1957 7 D
*8%
14
1957 7
19617
D
1961 7
D
12H
*11H
8%
12
8%
12%
"Io%
10%
7%
11
7%
8%
11
—
8%
6
8%
10
9
18%
30
*
■
10
52
76%
58%
58
39%
36
42%
83
36
55
67
64%
67
62
64%
51
50
51
55
50
85%
65%
26
26
3
25
D
D
101% 113
112%
56
159
6
54%
75
38%
16%
23
21%
-----
"~3
8%
1
11%
13
8%
11%
8
18%
13%
65%
65%
M N
MN
25
>Q
%
10%
15%
64
72%
%
****
1%
D
*
*
*
%
%
*
%
%
D
%
*%
J
J
O
6
%
%
*****
1%
%
J
A
%
1
*%
J
%
1%
1%
1%
1%
1%
*%
1
%
*%
J
...
7
%
%
..
*%
J
J
{♦Small--.
10
*%
J
♦Assenting 6s large..
♦Assenting 6s small.
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
{♦Treas 6s of *13 assent (large)
14
66%
*%
.0
27
30
1960
♦External sinking fund 6s...1960 A O
-I!
♦4%s stmp assented
32
23%
"23 %
O
18
105
9
7%
D
;
97% 108%
100% 104
31
15 1960 A
99
52%
55
.
A
J
105% 111%
106% 111%
16%
►
6
32%
23%
7
1960
10%
21%
8%
O
>J
29
16%
M 8
J
13%
A
J
107%
19
3
101%
7%
D
F
107 %
15
■
„
11%1
44%
O
99
99
A
11
1980 A
81
A
\ksivjj
54%
1952 AfN
25%
71
17
49 %
8
16%
19
49
17%
"~*3
17
1976 A O
1975 MA'
15H
30
27%
*14
J
1988 MAf
20%
22%
J
J
♦Stabilization loan 7%s
37%
3
O
57%
68%
20
25%
26%
J
44%
*14%
22
24%
A
22
44
16
18%
18%
53%
J
1
2
84%
51H
J
17%
16%
51%
1967 J
27
*82%
1976 F A
1984 J
18%
24
*25%
20%
"~16%
a f
♦Secured s f 7s
18
17%
"20% "~53
O
8
%
14%
17%
A
J
*60
1
F~~A
"vwuiftimu
21%
51
14%
24
D
20%
116%
14
21%
13
19%
11%
28%
15
18%
17%
J
M
2
85%
MN
1297.
2
23
51%
103
80%
O
58
see page
50%
101
61
65%
A
70
For footnotes
c99% al00%
50%
M 8
44%
♦6Hs assented
****
40
84%
78%
64
♦Sink fund 6 Ha of 1926
2
100%
J
72
♦6s assented
*102%
65
54
♦Chile Mtge Bank 6%s
♦6Hs assented.
4
25%
100%
M ***
*26
49
♦6s assented
23
«* #* P*
J*
O
50
...1960
♦Extl sinking fund 6s..Feb 1961
♦6s assented
Feb 1961
♦Ry ref extl s f 6s
Jan 1961
17
__
1977 M 8
♦6s assented
76%
10
102
10H
1961 Af S
♦6s Oct coupon on
******
*****
32
88%
80%
79%
85% 103%
80%
99
88
10 H
A
♦Budapest (City of) 6s
30
101
11
11%
20-year
104h
14
Hs of 1927.—1957 A ()
♦7s (Central Ry)___
D
1952
Brisbane (City) s f 5s...
1957 M S
1958 F
11
18
11%
Sinking fund gold 5s
19%
99%
95 H
105%
18H
99 %
106
O
♦Chile (Rep)—Extl s f 7s
♦7s assented...
58%
W
20%
♦Bavaria (Free State) 0%s
f 6s..Oct
94%
65
*31
*
75
Gorman Govt International—"
86%
s
96%
71%
47%
23
*
27
75
76%
mt
mi
10
65
Estonia (Republic of) 7s.—.
Finland (Republic) ext 6s
74 %
coupon on
28
26 %
27%
F
♦El Salvador 8s ctfs of
91%
July
~
**
65
Apr 15
15%
15%
15%
15%
14%
14%
14%
96%
85
♦6s
19%
23%
24%
19
*26
External gold 6%s
External g 4%s
94 H
91%
♦Farm Loan
*
***
O
Dominican Rep Cust Ad 5%s_.
10H
*11%
12H
*10M
12H
*81H
1967
♦Carlsbad (City) 8s
....1954
♦Cent Agrlc Bank (Ger) 7s
1950
♦Farm Lean st
6s..July 15 1960
28
78%
J
89
75 H
25-year 3Hs
7-year 2Hs
80-year 3s
20%
19%
75
D
20-year extl 6s
14
14%
85 H
10-year 2%s
*
A
91h
1948 UN
Canada (Dom of) 30-yr 4s.
**
J
B
ser
....
1945
8% external s f f bonds
Bulgaria (Kingdom of)—
20
27
1945
4Hs-4Hs
8%
25
44
27
1951 A
Czechoslovak (Rep of) 8a
25
1971 UN
1972 F A
—
«•
J
26%
S f external 4 %s
S f extl conv Iobb 4s Feb
6s
.'
D
27
9%
10%
♦External sec s f 7s 3d series. 1957
s
7
12
71%
*33%
A
J
23 H
13%
Antwerp (City) external 6s
1958
Argentine (National Government)—
External
8
F
28
"13
13
1957
4Hs-4Hs
External re-adj 4%s-4%s
56
25%
75
i.**
'
A
J
Jan 15
♦Public wks 6%s.._June 30
26%
♦External sec s f 7s 2d series. 1957
Refunding
~
5%b 2d series
*26 H
f 6s
16%
14%
16%
14%
14%
7%
1st ser 5 %s of 1926
2d series sink fund 5 %s
Customs Admins 5 %s 2d ser_1901
5%s 1st series
1947 F A
e
-
71%
1951 MN
Externa! loan 4%s ser C
4 %s external debt
Denmark
♦Gtd sink fund 6s
External 5s of 1927
11
11
106.15
Municipal-
Ha
High
16
*26
'
J
Sinking fund 5%s
6
Agricultural Mtge Bank (Colombia)
4
«.
20
23%
—
i
'
1953 AfN
26 year gold 4%s
-
8 f external
1
2
mi **
25%
*26
♦Sinking fund 7s of 1927—1947 F A
Copenhagen (City) 5s
1952 J D
62
f 7s series D
Low
102.20108.16
108.3
108
f 7s series C
—
*26
A
84
1957 F
Cordoba (Prov) Argentina 7s—1942 J
M S
J
a
—
9
23%
A
J
......1942-1944 J
s
9
-
10
106
♦External s f 7s 1st series
6
2
14
13
108.26
'
♦External
No.
13%
*8%
*jt
106.10 106.10
15 1942-1947 J
♦External
Since
Jan. 1
9
9
12%
107.27
1945-1947
13%
S
107.5
Mar
1 1942-1947 M B
Home.Owners* Loan Corp—
Salaries A
May
1 1944-1952 AfN
&
1960 M
107.24 107.4
2HB
Govt
Range
83
Asked
High
*11%
—-—1962 AfN
♦6s assented.-!
S
Jan
Foreign
&
♦Chinese (Hukuang Ry) 5s.—1951 J D
♦Cologne (City) Germany 6 %s-1950 Af S
♦Chilean Cons Munic 7s
8
3s
series M
O
M 8
Mar 15 1944-1964 M S
May 15 1944-1949 AfN
2ms series G
O
A
1962 AfN
M
3s
3HB
1981 A
-—-1961
♦6s assented
♦Guar sink fund 6s
M
Federal Farm Mortgage Corp—
lf%s
Chile Mtge Bank (Concluded)
♦Guar sink fund 6a
1950-1952 M 8
1947 J D
—
.....
Bid
Low
1945 J D 106.15 106.15
-1948 M 8
107.24
1949-1963 J D 103*14 103.14
Treasury 2 His
Price
Foreign Govt. & Mun. (Con.)
O
Treasury
Friday's
High
A
Treasury
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended Aug. 25
U. S. Government
Treasury
Week's
Last
BONDS
Since
Friday
fe.2
Range
S-CJ
1%
1%
1%
1%
1%
16
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
18%
16%
16
14%
13%
11%
16%
13%
7%
14%
Mlnaa Geraes
36
39%
7
M 8
♦Sec extl
8
43%
100
36
43
7
56%
(State)—
f 6 %s.
7%
M
J
F
External sink fund
4%s"
A
M 8
16
15%
55
54
45%
64
91
11
89% 101%
88% 101%
88%
92%
34
104%
20
99% 105%
100
99%
99%
104%
59
99% 106%
99
98%
104
92
98 % 105
99%
A
4s s f ext loan.
7%
48
89%
O
A
1
43%
#
A
A
F
7%
♦
D
M N
IF
8
O
94%
94
101%
F
A
90%
90%
100
J
D
*100%
101
138
72
94
103%
90% 101%
99% 104
Volume
New York Bond
149
BONDS
Price
Range
Since
N. Y. STOCK EXCHANGE
Jan.
Bid
(City) a f 4Hs
♦Panama (Rep) extl 5 He
9996
9996
55
9796 103
10496
11
9996 10696
{{♦Auburn Auto
50
88 H
"6596
7096
87
43H
8396
Austin A N W 1st gu g 5s
Baldwin Loco Works 6a
67
596
13H
tBalt A Ohio 1st mtge
♦Nat Loan extl
a
16a 1st aer..1960 J
13H
12H
12H
796
7H
8
1
8
7
8
47
7
7
♦Extl loan 7 Ha.
♦Rhlne-Maln-Danube 7a A
19h
24
17H
8H
896
2496
996
17H
O
102
55
10396
45
"""796
6H
14H
46
696
13 H
756
1656
696
7H
15H
1496
756
9
9
2
896
5
♦7a municipal loan
896
1967 J
Rome (City) extl 6 Ha
1952 A
♦Roumanla (Kingdom of) 7a... 1959 F
"796
"4596
11
23
*17
j"j
*
-
22
*_
*__...
.
1957
796
,
796
2056
19H
San Paulo (State of)
...1936
|*8a extl loan of 1921
*
J
♦7b extl water loan;
;
""796
796
1968 J
1945 J
♦Sinking fund g 6 Ha
1946 J
Serbs Croats A Slovenes (Kingdom)
4 Ha assented
♦Sllealan Landowners Aaan 6a. .1947 F
Sydney (City) a f 5 Ha
1952 M S
35
1961 A
O
47
1946 F
Tokyo City 6a loan of 1912
External a f 6hb guar
♦Uruguay (Republic) extl 8a
A
♦External a f 6s...
1979 AfN
3 Ha extl readjustment
25
28
25H
15H
2596
25H
33
18
28
24
29
94
103
47
1958 F
102
J
86
86
88
4
78
10896
98 96
20
80
101H
J
O
132
132
;
54H
24 h
♦Berlin Elec El A Undergr 6
Ho 1956 A
Beth Steel cona M 4Ha oer D..1960 j
O
Af
10-year deb 4Hs stamped
1946
F
Adriatic Elec Co extl 7a
1952 A
1943 J
D
let cons 4a series B
1943 J D
Albany Perfor Wrap Pap 6a... 1948'A O
,1948'A O
6s with warr assented
Alleghany Corp coll trust 5a... 1944 F
Coll A conv 6s
A
.....1949 J D
1950 A
♦Coll A conv 5e
debentures
Allls-Chalmera Mfg cony 4a
30 h
44
31
15
25
O
26
26
2
23
X♦Boston A N Y Air Line lat 4a 1955 F A
J
Brooklyn City RR lat 6a......1941 J
Bklyn Edison cona mtge 3H8—1966 MN
62
"_5
47
O
D
8
1967 M
..1955 MN
...1961 A
Bklyn Manhat Transit 4Ho...1966 M.N
Bklyn Qu Co A Sub con gtd 5s_1941 MN
1st 6a stamped..........
Bklyn Union EI lat g 6a
Bklyn Un Gas lat cona g 5a
37
5s
1955
37 H
47
Canada Sou
35
35
51
17h
14 H
18 H
22
34
;
cons gu
5a A......1962 A
16
31
60
Guar gold 4Hs
June lfi 1955 J
Guaranteed gold 4 Hs
1956 F
Guaranteed gold 4Hs_.8ept 1951 M
1970
Amer Telep A Teleg—
,,
Cart A Adlr lat gu gold 4s
44
{♦Central of Ga lat g 6a..Nov 1945
*24
35
28
24
22
10556
103
96H
41
48
h
102
"30
30
1105ifl
108 96
69
10696
10896
122
105
106
112
Anaconda Cop Mln a f deb 4 Ha 1950 A
105h
65 96
103 h
10096 103h
98 h 104h
10856
107
86
5
7
52
110532 h2h
.........1995 A
O
27
27h
28
3096
36 96
2
*94
99
98
9996
"64
99
"9896
J
99h
20
107h
10996
52
106 H
11096
102 h 111 h
99 h 108 h
104 h 107 h
19
28 h
42 i}
92 h
98
96h 101
30h
96
1
105 h 11196
86 h
95h
1995 Nov
92 h
92 96
Stamped 4a
1995 MN
*74 h
98 h
88 H
87h
91
96
1955 J
Conv 4a of 1905
1955 J D
97
97
97
5
99 h
91h 100 H
1960 J D
1948 J D
90
90
94
2
89
96
Conv gold 4a of 1910
100
98 96
"*6
Rocky Mtn Dlv let 4s
1965 J
J
102H
102 96
102h
Trans-Con Short L 1st 4s..
1958 J
J
111
111
6
108
Cal-Arla 1st A -el 4 Ha A
1962 Af
1946 J
1944 J
1944 J
S
108 96
110
4
.
Atl Knox A Nor lat g 6s
Atl A Cbarl A L 1st 4 Ha A
1st 30-year 5s series B
100H
10896
"93~" "_2
92
J
J
97
8
7996
97
78
"
56
07 h
3
27
General unified 4 Ha A
62
10-year coll tr 6a
76
77 h
62 H
63
1964 J D
May 1 1945 AfN
Oct 1952 M N
2
*iioh
D
11996
115
111h
11896
13
1H96 11996
109
116
39
109
117
110
115
1
110
11696
118
117
12196
16
117
12496
65 x
64 h
70 96
i
90 x
90 H
111
9596
23
90
27
111
22
89
8
80
40
45
"16
105
109
111
*30 h
106 H
60
106h
107
99
103h
14
9
15
596
696
396
3H
94 x
89h
97
%
76 h
89 H
54
71 H
64 h
81H
55
72
80
10996 11196
110
11296
24
1296
28
12 96
24
S
104m
M
8
121"
98 h
A
98 H
72 H
4096
63 H
"44
48
48
2
48
1
115
25
70
70
104 h
11536
73
10496
102 96
12036
97 %
123
55
115H
89
8
100 96 10496
1
100H 104 H
11SH 12596
17
58
93
08
7796
64
47
101H
M S
MN
6496
45 h
115h
M
F
20
75
48
39 H
10696 110
107 36
67
45 h
95 H 10096
95H 10096
10496 10596
103 H 105
109
114
..1989
1941 M S
A
O
114
114
108
4a..—.1989
85
107
42
78
8
91
"94"
1396
O
..1948 M S
3a.....1949
696
5H
7
1496
107h
"76"
Q—111 Dlv 3H8—.1949
1949
General 4s
1958
lat A ref 4 Ha series B
1977
lat A ref 5s aeries A
1971
696
6H
10
30
*12
Central RR A Bkg of Ga 6a ...1942 MN
Central 8teel 1st g a f 8s
...1941 MAT
Illinois Division 4a
1296
lio
13h
A
98 h 103
19H
32
110
1962
1950
1950
1992
Ref A imp mtge 3 Ha aer D..1996
Ref A lmpt M 3 Ha aer E
1996
Ref Almpt M 3Ha aer F__..1963
Craig Valley 1st 6s
May 1940
Potta Creek Branch lat 4a—1946
696
*10936
1961
1987
8 f deb 4Ha (1938 issue)
v
95
30
Through Short L 1st gu 4a...1954 A
Guaranteed g 5a....*...
1960 F
Chic Burl A
5
3
A
112h
996
31H
296
5H
2H
F
114h
97
3
1987
107
82
3
Cent Hud G A E 1st A ref 3 Ha. 1965 MS
Cent Illinois Light 3 Ha—....1966 A Ol
Warm Spring V lat g 5a
52
89
*70
♦Chic A Alton RR ref g
43
34
.-
*90
111 h
85
1296
51
;
94 h
89
"
115
100 H
94 H
45
94 h
3h
*4h
2d consol gold 4a
9196
81H
80
*436
R A A Dlv lat con g
115
6496
3
Champion Paper A Fibre—
S f deb 4Ha (1935 laaue)
82 H
100 H
J
100
3
gold 4s.. 1949
120 96
110
j
Certaln-teed Prod 6 Ha A
107 H 117
121
112
J
Cent Pacific lBt ref gu
96 H
9
♦Mac A Nor Dlv lat g 5a
1946 J
♦Mid Ga A At Dlv pur m 5a_1947 J
Central N y Power 3 Ha
86
108 H 117
34
89 h
M
H
5696
103
45
5H
4a..
5
33
92
1959 A O
..1959 A o!
1941
896
11536
-
d
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♦Central of N J gen g 5s
41
8
J
F
35
10
11896
107 h
112
J
110
8256
62 96
Atl Coast Line 1st cons 4a July 1952 M
27
115h
75
47
"28
89
86
108H
40
5
Chea A Ohio gen g 4 Ha
101
Conv gold 4a of 1909
D
53 96
10296
105h 11056
105 h
Atcblaon Top A Santa Fe—
Adjustment gold 4a
♦Ref A gen 5Hs series B
Gen mortgage 5a.
♦Anglo-Cbllean Nitrate—
A
86
j
♦Mobile Dlv lat g 6s........1940 J
Central Foundry mtge 6s......194] M S
40
30
1037«
10396
100 h
*
106 H
10696
B.1955 F
1957 J
29
25H
MN\
1945
♦Chatt Dlv pur money g 4a. .1951
,
93
♦Conaol gold 5a
♦Ref A gen 5a series C
88 h
135
59
h
60
h
103 h 108
49
62
110'as
let m a f 4u aer C (Del)
37
100H
*:::
Celotex Corp deb 4Hs w w
♦Cent Branch U P 1st g 4s
75h
48 h
41h
106 H
Armour A Co (Del) 4s series
80
.
93
10596
10996 11396
109 H 110
26 H
40 H
596
496
0496
23
696
5H
*48
100H
A
83 h
85 h
57
27
33
*40
72
{Ann Arbor 1st g 4s
1995 Q J
Ark A Mem Bridge A Term 5s_1964 Af S
3296
1981 F A
1947 J D
1948 J D
67
10796
105h
21
....
J
A1952
72
10696
1967 Jan
ser
62
110732
O
4s
82
O
1961 A
guar
67
3Hs debentures.
...1966 J D
Am Type Founders conv deb.. 1950 J
J
Amer Wat Wks A Elec 6a aer A. 1975 M N
1943 M N
«
30
*5H
*496
1960
1949
60
53 h
^
3296
30
Carriers A Gen Corp deb 5a w w 1950 MA
32
*10296
102H
102
103h 103h
~L
115
107 h
42 h
32 h
......
11096
'
110H
104
42 h
41 h
..
3Ha debentures....
Sf Income deb
{♦Car Cent 1st
♦General
20-year sinking fund 6Hs
48
11096
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107
40 h
05 96
109
J
103 H 115!
72 H
9996
10596
112
Caro Clinch A Ohio lat 6s
99h
1949 J
10696 11396
59
Dec 1 1954
Collateral trust 4 Hs
67
54
4c
11496
9796
109
109 h
9496
10896
1949 AfN
Hs
....1944
Coll trust gold 6s
100h 108 H
66 H
47
99h
Amer IG Cbem conv 6 Hs
5a equip trust ctfs
99 h 104h
O
Am Internat Corp conv 6
105
100
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104
A
D
1946 M
67
108
A
J
11356
*110
F
50
92
104
108H
Oct 1969 A
Guaranteed gold 6a
20
39
~
Canadian Nat gold 4Hs
1957 J
Guaranteed gold 5a....July 1969 J
45
42
96
35
1960 A O
1966 A O
60 H
108H
'*22
111
.
107
2296
8696
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35
40
8096
1
95
11396
111
A
D
.
50 h
82
36
"82 "
"9(T
'
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40
"23h
36
84
3796
10 96
6596
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68
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8
134
75
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40 H
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37 H
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a
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1945 MN
1947 MN
...1952
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6496
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74
.
...1950 / D
1957 M N
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10096 10896
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1941 J
.1950 F
1st lien A ref 6s aeriee A
47
48
108H
24
28
...1952 A
Bush Term Bldgs 6a gu
Calif-Oregon Power 4a
F
1953
109 96 10596
90 H 10296
28
42 H
M 8
2030 Af S
Am A Foreign Pow deb 5s
77
131
43 h
♦Alplne-Montan Steel 7a......1955 Af S
5 American Ice a f deb 5a
105
100H
43
10 5 h
1952 M S
103h
*1089-6
28 h
26H
36
1951
4 Hs
103h
99 h
1944 J
35
1942
1950
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Ha
105
107
40 h
O
♦5a stamped
...1950 A O
Allegh A West 1st gu 4a......1998 A O
10
109h
1946U O
Alb A Suaq 1st guar 3 Ha
106 h
44
47
O
Ala Gt Sou 1st cons A 6a..
28
105 h
♦Certificates of deposit
Bush Terminal lat 4a
103 56
*103h
*10596
f-
A
26 H
106H
♦Certificates of deposit
tf*Burl C R A Nor lat A coll 6a 1934 A O
42 96
103 h
28
0
1966 A
Canadian Northern deb 8HS---1940 J
Canadian Pac Ry 4% deb atk perpet J
1947 / D
19
J
% ♦Buff Roch A Pitts conaol 4 Hsl957 M N
INDUSTRIAL
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21H
21
45H
39
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28
O
49
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40
D
129H 13096
"27 h
A
51
56
COMPANIES
J
116H 119
11796
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40
50
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86
J
40
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45
1955 A
.
38 56
A
8796
D
40
D
{(♦Abltlbl Pow A Paper let 6s. 1953
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1948
87
*35
k
43
35
52
16
40 96
40
45
106
Buffalo Gen Elec 4Hs series B.1981 F
102
34 H
106
Buff Nlag Elec 3Hs series C...1967 J
4196
h
106
58
17h
1961 J
38
49
4096
14H
J
47
O
4Hs assented
Yokohama (City) extl 6s
45h
9
3356
1952 MN
1958 F A
7a.
12
35
*37 h
Venetian Prov Mtge Bank 7a__1952 A
♦Vienna (City of) 6a
7
40 h
44
4096
45H
40h
39
44
A
Consol
1978 J D
..1978 FA
1984 J J
33
39 h
47 96
1979 AfN
external conversion
55
Belvldere Delaware cona 3 Ho. .1943 J
♦Berlin City Elec Co deb 6
Ha..1951 J
♦Deb sinking fund 6 Ha
1959 F
1st g 4Ho aeries JJ
3H-4-4H% (S bonds of *37)
3H-4h-4»j«8 extl conv
4-4H-4H% extl readj
43
39 h
44
46
41
27
56
H
40 x
96
1964 AfN
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external readjustment..
52
9H
J
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32
47
44
iith
Boston A Maine 1st 6s A C
1st M 5s series II
14H
98
47
73
24
117h
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J
11
52
J
15
6H
1696
2096
35
94
14H
J9H
li
J
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16
A
1955, F A
Taiwan Elec Pow a f 5 Ha.....1971 J
•
10
O
1556
40 h
22
'V 16
1958 J D
1958 J D
♦Slleala (Prov of) extl 7a
■
^
Ll7H
.....1962 MN
♦7a series B sec extl
—
—-r
1962 MN
♦8a secured extl..
42
,
i.,
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2396
23 96
112
11
18
1756
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....
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A
D
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16
A
7
8
7
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.... -
1940 A
a f 7s
"~8
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7
1956 M
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,
11
13
......
..1950 J
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16H
21
j
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3Ho conv debs
14 H
23 H
26
1951
♦Debenture 6s
14H
6H
6H
16H
19h
19h
Y~j
4s stamped
1951
Battle Creek A Stur 1st gu 3a.. 1989
Beech Creek ext lat g 3
Hs
1951
Bell Telep of Pa 5a aeries B
1948
1st A ref 5s aeries C
...I960
22 H
16
2
1943
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14 H
15
45
1896
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69 H
19
52
17
..1952
♦6 Ha extl secured a f
7H
43 96,
15
8
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4396
17
A
♦February 1937 coupon paid
♦8a extl secured a f
10
*7
¥
10 M
♦S'western Dlv 1st mtge 5s. .1950
♦Certificates of deposit.......
Toledo Cln Dlv ref 4s A....1959
1/
5
20
17
1960
...
9996 107
01
18
P L E A W Va Sya ref 4s...1941 MAT
Certificates of deposit
10196 10696
696
1953
1996
"796 "*3
"796
1966 M
♦Saarbruecken (City) 6s
Sao Paulo (City of, Brazil)—
19 H
Ort
1996 MS
19h
2396
2496
24H
23 H
18
M*S
♦Certificates of deposit..
70
14
10296
10196
9996
9996
2000
♦Certificates of deposit
14H
21
18
♦Certificates of deposit.
23
'
19
996
1988 J
gold 4§
18H
♦Certificates of deposit..
♦Convertible 4 Hs
♦7a extl loan of 1926
L A N coll
19
15
1946 A
f g
Conv deb 4 Hs
18
♦Ref A gen 5s series F.
1953 F
Rio Grande do Sul (State of)♦88 extl loan of 1921
General 48....
36
44
1950
♦Extl sec 6 Ha
AND
16H
20 H
26 H
♦Rio de Janeiro (City of) 88—1946 A
RAILROAD
51
19
36
Queensland (State) extl a f 7a__1941 A O
25-year external 6a
1947 F A
♦Warsaw (City) external
17h
20 H
38
1952 A
♦External a f 6a
♦Secured
24
17h
19
T'd
♦Ref A gen 5s series D
-
65
C.....1995
2696
W
65
47 H
16H
2696
-
49
14
54
20
57H
60
0
65
66
42
*IB""
102
48 H
32
32
*_
72
100
19h
3096
——
60
20
80
60
60
2596
1952 M N
Prague (Greater City) 7 Ha
59 %
101H
*52
101h
59
60
19
♦Prussia (Free State) extl 6HB.1951 M
102 96 106 H
25
1096
25
18
♦Ref A
;
45
104h
*19
57 h
44
1996
104
59
1963
1961
4Hs assented....
♦Porto Alegre (City of) 8a
6496
104"
18h
42
7
52
1995
26
37
7
58
22
2996
62
j"d
♦Ref A gen 5s series A
♦Certificates of deposit..
3296
32
*
37 H
62
1953 M
32 96
"32
46
26H
1959 J
36 H
50
1968
33 H
5
4sJuly 1948 A O
♦ 1st
mtge g 5s
...July 1948 A O
♦Certificates of deposit
gen 6s series
High
11
30 h
J
1941 J
stmpd.1940 AfN
16
32
Low
No.
41
30
g
7
3996
"28"r
High
30
36
deb 4Hal939 J
62
8
*
1947
....
♦External sink fund g 8s..
a
7H
7
conv
Jan. 1
Asked
&
1948
1948
1950
4Hs assented...
4Ha assented
52 H
8
D
—1940
..1958
♦Stabilization loans f7s
♦6a extl
90
f 6s 2d aer_.1901
♦Poland (Rep of) gold 6s
8
.
19H
57
43 H
26
4496
*
1947 M S
1959 M S
16
48
....
50
4496
4, *.
~~65H
1963 MN
♦Stamped assented
a
M
—1963 MN
♦Extl a f 6a aer A
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
♦Nat Loan extl
'
'*»
19
"49""
Since
Friday's
Bid
Low
10496
1953 J D
Oslo
*
""50
Range
Range or
Sale
Price
High
Low
"9996
1953 M S
1958 M N
1955 A O
Atl A Dan lat g 4a
Second mortgage 4a
Atl Gull A W 188 coll tr 5s..
Atlant'c Refin'ng deb 3s
1952 F A
Oriental Devel ?uar 6a
Jo
Last
Week Ended Aug. 25
10496
♦Nuremburg (City) extl 6a
Extl deb 5 Ha
No.
High
Low
1
Week's
Friday
T3
e
BONDS
Friday's
Asked
A
Sale
Week Ended Aug. 25
1293
<0
•9
Range or
Last
N. Y. STOCK EXCHANGE
Record—Continued—Page 2
Week's
Friday
108
104H HI
7h
7
97
J
J
J
J
101H
100 h
M S
95h
95h
80
80
V
F
A
118
109 96
88
796
16
99
61
102
26
7
97
1496
10196
100H 104*6
9796
10
94
86
11
80
9196
14
88
100
9496
9996
New York Bond Record—Continued—Page 3
1294
BONDS
N. Y. STOCK
Last
EXCHANGE
Bid
Low
J
8s—.1034
1951
{{♦ Chicago A East 111 let
{♦CAE 111 Ry gen 6a
♦Certificates of deposit
13%
13
No.
High
Low
13
15
80
80
17%
12%
19%
117
12%
1
*9%
♦Refunding 4g series C
*8%
♦1st A
2%
*2%
;
1982
Chicago A Erie 1st gold 5s
5
{♦Chicago Great West 1st 48—1959
{♦Chic Ind A Loulsv ref 68—1947
♦Refunding g 6s series B
1947
♦1st A
Chic Ind
18
f
f
—1947
gen 6s series A
-.1966
gen 6s series B-.May 1966
A Sou 60-year 4s
1966
r
'
♦Gen g3%s series B. .May
♦Gen 4%s series C—May
12H
5
80
86 %
15H
9H
9H
24 H
13 H
10%
11 H
11H
6H
7
67
»
m
^
19%
1 1989
1 1989 J
63 %
—
20
19%
*19
6
99
2
97
28 H
12
6
1H
1
12
10H
11%
2
ZH
9%
11%
10
10
33
{{♦Dul Sou Shore A Atl g 5s..l937
12H
11
7%
10
6H
11
61
3%
2 %
5H
.1940
*9%
15
18 H
{♦Erie RR 1st oons g 4s prior.. .199e
♦1st consol gen lien g 4s.—. 1996
16H
1953
5
5%
43
5
4%
5
15
4H
5%
5%
6%
17
5%
5%
4
2%
2%
2%
32
1951
J
■
,
9
6s of 1927
8
2H
♦Rei A Imp;
♦Ref A lmpt
5s of 1930—.
4H
♦Erie A Jersey 1st s f 6s
70
83 H
67
54 H
69 H
63 H
-
~
~
j
.
Dec 1 1960
*57
.
49
65%
49
49
-
m
49'
M
1
43
69 H
64
conv
4s series D
1st mtge 4s *"»ries
....
,
106%
1
104
106%
6
108
9
106
105%
106
28
106 H 109 H
105H 110
100 H 106 H
89
88%
90
22
92%
92%
62%
68
.1963
E
.1951
Chic A West Indiana con 4s—..1952
.1962
1st & ref M 4 Ha scries D
.1943
64
3%s
guaranteed
Chllds Co deb 6s
{♦Choc Okla A Gulf cons 6s—..1962
Cincinnati Gas A Elec 3%s_—. .1968
1955 J
1957 J
108
109
108
*
1954 F A
1956 J Di
M S|
Ernesto Breda 7s
Cln Un Term 1st gu 3 H aer
D
.
.1971
.1969
.1943
Cleve Cln Chlo A St L gen 4s—
.1993
Genera 16s series B
110
46%
*
.1990
61%
*95
107%
.1948
Series D 3%s guar
100 H
95
111H
106% 106%
.1960
*
*
M,
—
-
106
87
f series B guar
.1973 A
71%
.1946 J
MM,.
.1980 MN
Apr
15 1952 A
Jan
15 1961 J
27
102
1
29
103%
103
101%
102%
Columbus A H V 1st ext g 4s— 1948 A
1965 F
55
103%
45
47
92 H 104
94
104H
14
92% 103 H
125
109 H 114H
109H 114
*111
108%
108%
~~7
103 ui« lOS11!*
KCommercial Credit deb 3%s_.1951
65 H
27
20
107
A
Columbus Ry Pow A Lt 4s——1965
79 H
106 % 106 %
102 H 104
4
102%
J
Columbus A Tol 1st ext 4s
103
91 %
85
68
27
'W
101
O
Debenture 6s
55
«•«*.»'
27%
Columbia G A E deb 6s.—May 1952 M"N
Debenture 6s
102%
75
27
73%
89H
85
17
79%
71
102 %
79H
89%
77%
*105%
Colo Fudl A Iron Co gen s f 5s- .1943 F
.1970 A
♦5s Income mtge
106" 106"
1
83%
86
78%
.1977 A
Colo A South 4 Ha series A
106
*
.1972 A
1st s f 4 Ha series C
s
107H
*103"
Coal River Ry 1st gu 4s
1st
108H
105
m
.1977 F
Gen 4 Ha series A
Gen A ref mtge 4 Ha series B .1981 J
Cleve Short Line 1st gu 4 %s_. .1961 A
Cleve Union Term gu 5 Ha
108
108%
*105
w
68
107
13
.1942
.1942
70
90
97%
108
103%
13
107% 110H
103
105H
Commonwealth Edison Co—
1st mtge 3 Ha series I
1968
108%
Conv debs 3 Ha
1958
118
108%
110%
118%
506
*
Conn Ry A L 1st A ref 4 Ha
*114
107%
110H 113%
108
108%
109 H
25
107
110H
106
38
103 H 107
106
107
83
105 H 108
104%
104%
105%
44
104 H 108
106
1956
107
19
105H 109 H
1958
105%
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s—1956
conv deb 3 Ha
1961
{♦Consol Ry non-conv deb 4s__1954
21
♦Debenture 4s
102%
1965
s
f 5s
1960
Continental Oil
Crane Co
conv
6
106
8
5
108%
IO8H3
110
16
1966 MA
106%
106%
107%
58
1946 J
102%
102%
103%
15
99%
192
105% 109 H
107 H 110H
107 H 111H
103% 109 H
100
105 H
96
100 H
103 H 109 H
D
D
103%
103%
100%
105%
A
103
103
104
105%
105%
4
100
100
102%
61
1950 M A
1948 F
A
1942
D
Cuba RR 1st 5s g
1962
J
7Hs aeries A extended to 1946—
6s series B extended to 1946;
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner MA
♦Certificates of deposit
107%
95%
50%
65
103%
102
40 H
42
18
17%
34
16
15
15%
9
14 H
15%
15
15
8H
9%
9
8H
40
9%
104
22%
11%
22
11%
21%
18%
13
7%
7%
14
14
7
38
37
45%
87
90
46%
"
70
70
105H
105%
103
103
*100%
103%
48
.
2
,
94
*60
103
5
52
40%
k
18
9%
40
39
~40~~
102%
40
15
40H
4
67
86
12
104
107
5
....
104%
♦20
57
57
100% 103%
98
101
100% 103%
17
3
132
101
"5
6%
6%
7%
47
6H
6%
17
103%
87% 101
102% 105%
35
44
1952
{{♦Proof of claim Hied by owner. MA
55
6%
5%
44
65%
10
9%
17%
2H
2H
2
3%
1%
3%
100% 102%
35% 46%
2%
*2H
3%
*100 H
.J
1941 J
Francisco Sugar coll trust 68—1956 MA
103%
35H
D
Gas A El of Berg Co cons g 5s.. 1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 5 Ha A
1947
♦Gen Elec (Germany) 7s
35%
J
123% 125%
102
102
102
98
99
95
53 H
98
J
1940 J
♦Sinking fund deb 6%
♦20-year b f deb 6s
125%
53 %
49%
*122
A
1945
D
*
J
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6e__1934
J
13
J
*13
0
39
104%
...
♦Good Hope Steel A Ir sec 7s..1946
Goodrich (BF) 1st mtge 4Hs.. 1956 J
D
55
56 H
103H
103%
Gotham 811k Hosiery deb 6s w w '46 M S
Gouv A Oswegatchle 1st 5a
1942 J D
J
Grand R AI ext 1st gu g 4 Ha—1941 J
86 H
45
13
1
104
48%
12%
71%
16
13
17%
18
39
"2
37
45
105
117
98
105
86%
1
83
90%
80
14
75
61%
3
105%
66
103H
91
91H
96
9
1
80
73%
80%
81
78
100% 107%
88
101%
81
94
89
89
79
80%
33
74%
79
78 %
81%
51
74
94 H
85
92
96
50
88
82 H
86
47
78%
94
71%
74
47
66
81%
*53 H
60
*6%
8
79
1946 J
1946 J
H
1967 J
Feb
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s
1940 MA
Gulf Mob A Nor 1st 5Hs B—1950 A O
_
I960 A
59%
74
103H
1976 J
1977 J
1st mtge 6s series C
Gulf A Ship Island RR—
21
61
74
Great Northern 4Ha series A..1961 J
General 5Hs series B__
1952 J
General 6s series C
—1973 J
Gen mtge 3Hs series 1
Green Bay A West deb ctfs A
62%
69%
107%
105%
103% 106%
1950 J
General 4Hs series D
General 4 Ha series E
General mtge 4s series G
Gen mtge 4 sserles H
48
45
*60
1944 F
l0AH
59
57
*85
Grays Point Term 1st gu 6s—.1947 J
Gt Cons El Pow (Japan) 7s
1st A gen s f 6Hs
105
55
*52
1948 M N
F A
Gen Motors Accept deb 3
%a
1951
Gen Steel Cast 5Hs with warr.1949
53
5%
103
"88"
89
O
25%
D
25%
27%
26
32
32
34%
9
36
D
A
O
1943 M N
7
11
36
*26
107%
.
53%
52
38
9
30
107%
55
102 H 106 H
104 H 106 H
98
102 H
57
J
♦Harpen Mining 6s
—1949 J
J
Hocking Val 1st cons g 4Ha_—1999 J
Hoe (R) A Co 1st mtge
1944 A O
{{♦Housatonlo Ry cons g 5s—1937 MA
81
89%
89%
103%
55
7%
103%
"89%
17
73
89%
82%
15
69
85
94%
12
17
13
40
117% 122%
67
77%
32
32
4
25%
39%
30
32
45
28%
36%
*122
129
30 %
124
43
46%
"42
13H
14%
61
110%
111%
31
43
11%
110
128%
61%
15%
112%
*87
87
92%
*85%
83%
88
46%
63
1951
0
1951
M 8
1952 A O
..1955 MA
_
70
J
J
*85
♦
75
51
~49%
51%
47
45
42%
62
47%
44
60%
54 %
50
57
52
71
41
44%
*
J
MA
"44"
MA
"42 %
"44"
62
F
A
39
66%
Cairo Bridge gold 4a
1950 J
Litchfield Dlv 1st gold 3s_—1951 J
Loulsv Dlv A Term g 3
Ha. .1953 J
D
*72
80
75
83%
J
*65
90
63
66
64%
63
65
Omaha Dlv 1st gold 8s
A
52
46%
46%
J
73
J
63
1951
F
45 H
Springfield Dlv 1st
38
Western Lines 1st g 4s
70 H
38
110%
Purchased Hues 3 Hs
...1952
Collateral trust gold 4s_. ..1953
Refunding 6s
1955
40-year 4Hs
Aug'l 1966
96%
J
St Louis Dlv A Term g 3s...1951 J
Gold 3 Ha
1951 J
52
120%
70
0
37
H
119%
14H
40 H
36
126"
91
92
106% 107
107
~44%
32
106 H 110H
92
106%
O
♦Adjustment Income 6e_Feb 1957
Illinois Bell Telp 3 Ha ser B—1970
Illinois Central 1st gold 4s
1951
1st gold 3Hs
1951
85
*85
107
Hudson Coal 1st s f 6s ser A—1962 J D
Hudson Co Gas 1st g 5s
1949 MA
Hudson A Manhat 1st 5s ser A 1957 F A
25H
26
5
J
1st ref A Term M 5s stampedl962 J
Gulf States Steel s f 4 Ha
1961 A 0
Gulf States(5Utll 3Hs serD
1969 JkfN
Collateral trust gold 4s
Refunding 4s
4
1297.
105% 109%
106
6H
♦Certificates ->f deposit
Fonda Johns A Glov 4 Ha
106%
92%
151
102
D
Extended 1st gold 3Hs
1st gold 3s sterling
109%
Dayton Pow A Lt 1st A ref3 Ha 1960
85%
60
101
J
19
108%
100%
103H
1974 M S
♦1st A ref 6s series A
108%
108 H 112%
106%
*50
J
{Florida East Coast 1st 4 Ha.—1959
105
108
*50
D
0
25
103
103~"
J
48
20
106 %
103%
1943 J
40
98 H 103%
104
108%
139
103H
1954
Tire A Rubber 3 Ha.1948 A
55 H
111
107%
D
Bee page
12
107%
1943 J
Del A Hudson 1st A ret Is
44 H
13 H
10 H
109%
Crucible Steel 4%s debs
Cuba Nor Ry 1st 5 Ha
For footnotes
53
9H
2Ha_»-.-1948 J
1951 F
deb 3 Hs
Crown Cork A Seal s f 4s
a f
9
10H
15
106%
1970
-
22 H
18
100 H 106 H
8
10 H
107%
106%
1967
Container Corp 1st 6s
15-year deb 5s__
61
15
*9%
50%
Consumers Power 3%s.May 1 1965 M"N
1st mtge 3 Ha
May 11965 M N
1st mtge 3 Ha
1st mtge 3 Ha
1st mtge 3Ha
1
103
*9%
*9%
1956
1956
Consolidation Coal
21
101%
*9%
Consol Oil
♦Debenture 4s
89 H
107
105%
-
♦Debenture 4s
93%
32
'
Consol Edison (N Y) deb 3%s.l946
8 Ha debentures
1948
8 Hs debentures—
3 Hs debentures.—
89 H
*109%
1961
111%
104 H 124%
98
1951
1951
Stamped guar 4 Ha
Conn Rlv Pow s f 34*8 A
107 H
37
112%
Conn A Passump River 1st 4s_.1943
105%
108"
Z*
110% 113
108% 112%
110% 113
12
"35
High
109
85
96
*100%
107%
77
63 H
56 H
60
6
B .1942
Series A 4Ha guar--—
111H
63
63 %
53%
60
.1940
Spr A Col Dlv 1st g 4s
.1940
W WVal Dlv 1st g 4s
Cleve Elec Ilium 1st M 3%s_. .1965
Series C 3%s guar
1UH
77
57
105%
♦83 H
*149%
103
30-year deb 6s series B
15
43
95
43
9
12
109%
1942 M S
{♦Fla Cent A Pennln 5s
63
66
*83
107
1942 M 8
Firestone
109
10
75
28
108%
105%
1942 M S
series
stamped
96 H
79
110H 111H
100 H 103 H
106
110H
^
*
44
Cln Wabash A M Dlv 1st 4s .1991
Cleve A Pgh gen gu 4 Ha ser
Series B 3 Ha guar
^
106%
♦11
Fort 8t U D Co 1st g 4 Ha
D
.1977
St L Dlv 1st coll tr g 4s
^
*41%
.1993
Ref A lmpt 4 Ha series E
M
no
f 5s
97
108
6
■
^
1st mtge gu 3Ha ser E
s
1st lien 6s stamped
11%
Cln Leb A Nor 1st con gu 4s—..1942
Clearfield A Mah 1st gu 5s
6s Internationa
1st lien
62 H
111
21
107
108%
1938
{♦3d mtge 4 Ha
86 H
20
8
102%
106H
J
J
♦Geneeeee River 1st s f 6s..
♦N Y A Erie RR ext 1st 4s.. 1947 M N
M S
88
5
17
*13
.1967
1st mtge 3 Ha
107
106%
106%
106%
.1963
D
1st mtge 3%o series
"e
22%
102
O
Federal light A Traction 1st 5s 1942
.1944
Guaranteed 4s.
45
20
o
1967 M N
1975 A O
Fairbanks Morse deb 4s
Chicago Union Station-
J
1953
.1953 A
♦Series B
♦Gen
9H
74%
84%
*64
♦Conv 4s series A
8H
60
*78
*
110%
"45"
o
5%
mn
*
J
5
1960
9
J
67
10
32
109%
J
10H
11
108%
20
*"
104% 106%
106 H 108%
105% 107%
105% 107%
7%
15%
7%
14%
2%
6%
2%
5%
5
10%
5%
32
108%
stamped
Erie A Pitts g gu 3Hs ser B... 1940
1
4
37
"3
J
45
58
10
30
111%
.1956 MA'
Series C 3 Ha
u's
O
20
5H
5H
*44%
AO
A
J
Ed El 111 (N Y) let cons g 6s.. .1995
F A
.1952
Electric Auto Lite conv 4s
J/N
Elgin Jollet A East 1st g 5s.—. 1941
.1965 A O
El Paso A 8 W 1st 5s
O
6s
.1965
3
2%
-----
J
E iSt T Va A Oa Div 1st 5s.
4
5%
4
J
J
Ea.it Ry Minn Nor Dlv 1st 4s.. .1948
8
13
♦31H
0
J
11
6%
4
2%
111
D
11%
7
12%
3
8H
111
8
19
...
52
8H
2H
5H
D
16H
6%
10%
J
10 H
7%
J
0
Dul MlseabeAIr Range Ry 3 Hsl962 A
Durjuesne Light 1st M 3 Ha—1965
6%
F
A
1951 J
16 H
16
106 %
J
A
J
16
105 %
7%
M 8
F
11
11%
3%
—1995
Dow Chemical deb 3s
105%
♦105H
5%
Low
108
2H
Gen A ref mtge 3 Ha ser O—1966 M
10
10
11 %
1965
10
*10%
Gold 3 Ha
June 15 1951 J
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern 1st 5s.-I960 J
...
27
Gen A ref M 4s ser F
No,
104%
2H
6s ser B—.Apr 1978
J
{♦Des M Art Dodge 4s ctfs.—1935
{♦Des Plains Val Jst gu 4 Ha—1947
High
Jan. 1
•7H
A
♦Ref A Imp*
Since
Atked
♦108 H
J
D
♦Second gold 4s
-.1995
MK
Detroit Term A Tunnel 4Ha—1961
10%
♦Certificates of deposit
6s
J
{{♦Den A RG 1st cons 14s
1936
J
{♦Consol gold 4 He—
1936
F
{♦Den A R G Wes* „'en 5s.Aug 1956
F
♦Assented (sub) to plan)
♦Detroit A Mac 1st lleD g 6s
10%
10%
J
29
6%
1%
J
MN
AfN
1961
to Penna tax
29
11
♦4 Ha
gu
as
18H
27
6
10
♦Gen 6s stpd
Inc
Stamped
19H
19H
28H
A
♦109 H
104 %
J
\
18
21%
10%
♦Conv g 4 Ha
Ch St L A New Orleans 6s
1st mortgage 4 Ha
Den Gas A El 1st A ref s f 5s—1951
J
1
22%
21%
*22%
10%
1934
112H
1971
1969
1969
1st A ref 4 Ha
Range
or
Friday'!
Bid
Low
4 Ha
Del Power A Light 1st
7
23
*19%
2
♦Certificates of deposit—---{♦Secured 4 Ha Series A
1952
75
111
.
11
{♦Refunding gold 4s
6
Range
Sale
Price
Detroit FOlson Co 4 Ha ser D..1961
E—May 1 1989 J
♦Gen 4Ma series F—May 1 1989 J
{♦Chic Mllw St P A Pac 5s A..1975 F
♦Certificates of deposit
15
3
113
♦Gen 4 %s series
Fed Inc tax
1987
stamped.—-—-——1987
{♦Secured 6Ha
....----1936
♦1st ref g 5s
-----May 1 2037
♦1st A ret 4 Ha stpd-May 1 2037
♦1st A ref 4 Ha eer C.May 1 2037
♦Conv 4X8 series A
194$
{ {♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid
—•
{♦Chic R I A Pac Ry gen 4s- 1988
21
2%
4
*60
{Chic Milwaukee A St Paul-♦Gen 4s series A
May 1 1989
22 H
11%
1969
Chlo L S A East 1st 4 %s
112H
6
3
Latt
N. Y. STOCK EXCHANGE
Week Ended Aug. 25
High
97
12H
35
15%
13%
1
Jan.
112
*110%
1
Since
Atked
A
BONDS
Range
§2
Friday" 9
Price
Week't
Friday
Range or
Sale
25
Week Ended Aug.
Aug. 26, 1939
Week't
Fridat
g
3 Ha.—1951 J
1951 F
J
"eo" *63"
J
A
"60""
~6d" "el"
Volume
Week's
Last
Range or
Sale
Friday's
Bid
Price
High
No.
49 M
Low
N. Y
Since
68
21
Low
Joint 1st ref fie series A
1963
1st A ref 4Mb series C
1963
1940
1948
D
Ind Bloom A West 1st ext 4s__1940
O
1950
J
Illinois Steel deb 4MB
♦Ilseder Steel Corp 6s
Ind 111 A Iowa 1st g 4s
46M
S
J
J
1932
{♦10-year conv 7% notes—1932
♦Certificates of deposit--.
A
M
110
50 K
6
50 M
30
33 H
61
27
Int
56 M
39
50
3
61
80
1
79
1
J
8M
106
J
*8K
Internal
A
IK
8X
20
20
A
—1941
B—1947
J
Internet Paper 5s aer A A
1955
B—1972
1947
4 Ms—1952
Ref a f 6b aeries A
1st lien A ref 6 Ms
Int Telep A Teleg
Debenture 5s
deb g
F
James Frankl A Clear 1st
4s—1959
4Mb A—1961
Kanawha A Mich let gu g 4s—1990
{{♦K C Ft S A M Ry ref g
4s—1936
312
90 M
95
52 M
51X
57
55
60
136
D
*40
O
A
94
O
A
*20
{♦Mid of N J 1st ext 5s
1940
{{♦Mil A No 1st ext 4MS
♦{Con ext 4 Ms
1939
1939
J D
J D
M S
J J
MN
M 8
Q F
{♦Mil Spar AN Wist gu4s_.-1947
{♦Mllw A State Line 1st 3Ms—1941
75 X
{♦Minn A St Louis 6s ctfa
5
J
J
J
«, rn
V
{♦1st cons 6s gu as to Int—.1938
♦1st A ref 6s series A.—1946
56
71M
♦25-year 5 Ms
106X
104
107
103
31
31M
27 M
36
Mo Kan A Tex 1st gold 4s
20
16 M
17
17M
prior lien 5s ser A
27
40-year 4s series B
MN
$925)..1943
Keith (B F) Corp 1st 6s
1946 m"8
Kentucky Centra* gold 4a
1987 J J
J
Kentucky A Ind Term 4 Ms—-1961 J
Stamped
1961 J J
J
Plain
1961 J
4Mb unguaranteed
—.1961 J J
Kings County El L A P 6b
1997 A O
Kings County Elev 1st g 4a—1949 F A
Kings Co Lighting 1st 5s
1954 J /
J
let A ref 6 Ms
1954 J
Kinney (G R) 6Ms ext to
1941 J D
Koppers Co 4s series A
1951 MN
J
Kresge Foundation coll tr 4s. .1945 J
3 Ms collateral trust notes—1947 F A
{♦Kreuger A Toll secured 6s
Uniform ctfa of deposit
1959 M S
♦Ctfa with warr (par
99
100
«
*
—
*50
83 M
163
110 M
2
108M HIM
98
1965
♦1st A ref 6s series G
79
105X
7
98
106M
107
107
8
103
108M
100 M
5
95
100M
♦Conv gold 6 Ma
103K
54
99
104X
♦1st A ref g 6s series H
104 X
20
102 M 105M
104
104 X
30
100
4
83
102 K
10 M
105 X
♦Certificates of deposit
F
{♦Mo Pac 3d 7s ext at 4 % .July 1938
87 X
79M
91M
84 M
90
♦Montgomery Dlv let g 6s—1947
52 M
45
68 M
♦Ref A lmpt 4Mb
3% to—1947
73
73 X
67
75
1941
*62
63
67
Lake Erie A Western RR—
9
O
87
*28
92
25X
24
13M
12
Liquid Carbonic 4a conv debs—1947
Little Miami gen 4a series A
1962
Loews Inc a f deb 3 Ms
—.1946
Lombard Elec 7s series A
1952
11M
13X
12
MN
15
55
♦114M
o
J
D
48 K
A
D
108
J
A
F
Louisiana A Ark 1st 5s ser
A..1969
J
Louisiana Gas A Elec 3 Ms
1966
4s..1945
52 X
62
15X
4
13X
22
13 X
15
13X
1st A ref 6s series B
1st A ref 4 Ms series
C—
1st A ref 4s series D
1st A ref 3Ms series E
Paducah A Mem Dlv 4s
8t Louis Dlv 2d gold
3s
Mob A Montg 1st g 4 Ms
15 M
4
55
1
15
22 M
68
55
54
X
112
118K
22
126K 129K
127X 131
5
3
94
99 X
107X
13
107
110 M
107
107 M
102
51
107 M
103 K
67
56 X
33
49
108X
13
104
*
103 X
58
111K
62
68
>m
81K
88
5
80 M
88
80
75
88
86 X
98 X
88 K
88
127
127X
4
127
126
126
3
122 H 128 X
83
28
82 X
83
S
109X
109 K
*108K
109 X
Bouth Ry Joint Monon
4s
A
80
1946
1980
1945
F
8
75 M
108
90 H
110 M
105 M 109X
M
S
1952
J
J
91
100 K
*100 M
96
A
'~88M
A
For footnotes see page 1297.
88
*83
A
83 M
M 8
1955 MN
Austria Hydro El 6 Ms. 1944 F A
100
J
100 ys
21M
15
20 X
*12
MM ••
M
3
3
14
37 M
23
11M
6
12 M
32 M
34
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--
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5
M----
,
-
m
m
-
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21
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73 M
*
98
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79
99
91
101
99X
80
89 M
20
85
80
3
93K
89 X
74
85 X
84 M
84 M
114
11
82 M
110
73 M
6
__
1956
2000
1965
1955
Mountain 8tates TAT 3Ms—1968
"l08X
♦4Mb
♦4Mb
♦4Mb
107
57
100 X 110X
129
93 X
70
99X
M'MMM
73
—
67M
67M
38
56 M
II
"46"
65
104
22
88
111 X
77
107 X
24
M
-
-
114
H7X
5
67
97
100X
67
24
41
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HOX
MMMM
100 K
M
49
104X
10
■
39X
54
35
33
13
108K
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»■
MM
MM
72 M
46
29M
102
102
MM
102 X 108 %
"104"
103 X
106 K
82
102 M
101K
104 X
103
119
101 % 105
3
102M 106
103
M
r
*X
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......
M
M
MMMM
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....
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X
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r
...
———
——
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M
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*
....
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....
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99
K
M'.
102 K
60
*
128
60
J
I"
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■
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J
J
65
122X 125 X
II
r
•
99 H 103 %
—
.
J
IX
....
4X
"160 M
X
IX
H
9
K
K
I"
—
M
M
MMMM
......
19K
....
14
27 H
27 M
20
124M 129
123 X 129 X
20
126M
128
128 M
128K
106"
"126M
M
F
A
J
107
8
106
109 M
74
3
65
75 M
74
*
74
N O A N E 1st
50 M
1
50
59 X
3
102
106M
5
102
106 X
8
68
74 M
23
34 M
24 M
37
MM —
30
36
24 M
36 M
24
35 H
24 M
39 M
23
34 M
68M
68 M
34 M
*
MM MM
1
*
30 M
34
*.
34 M
-MM-
33
M
30 M
—
linn
73
105X
105X
104 X
r
II—II
73
50 M
_
104X
I.—-.
5
....
104 M
—-
)
1st A ref 5s series
—1954
12
*102
3s.—.1965 A-
♦1st 6 Mb series A
11
35
102 M
*117
'26 J
{{♦N O Tex A Mex n-c lnc 5S..1935
♦1st 5s series B
—.1954
♦Certificates of depoelt
♦1st 5s seriee C—
1956
♦1st 4Mb series D
—1956
"i§
36
33
1914 coupon on
1951 A
♦4s April 1914 coupoc off—1951 A
♦Assent warr A rck* No 4 on *51 A
ref A Imp 4M "A 1952
1st 5s ser A—1952
B
1955
New Orleans Term 1st gu 4s...1953
39
35
"38"
•'
72 M
....
"I"!'
*
.
♦4s April
New Orl Pub Serv
M
.....
No 4 on '57 J
{♦Naugatuck RR 1st g 4s.—-.1954
6s—1948
{♦New England RR guar 68—1945
♦Consol guar 4s
-.1945
New England Tel A Tel 6s A—1952
1st g 4 Mb series B
—1961
N J Junction RR guar 1st 4s..1986
N J Pow A Light 1st 4 Ms——1960
New Orl Great Nor 6a A
1983
101X
M* —
75
*-..—
1914 coupon on
1977 A
1914 coupon off—1977 A
♦Assent warr A rets No 5 on '77 A
Nat RR of Mex prior lien 4 Mb—
Newark Consol Gas cons
96 X
99 M
*94
♦4s April
National Steel 1st mtge
110M
13
110X
99
*
M
Mexico^—
Jan 1914 coupon on—1957 J
July 1914 coupon on.,1957 J
July 1914 coupon off.-1957 J
National Rys of
19X
34
42 X
55
102M 106X
108 M
108X
99 K
29X
23
100 x
107 K
A
1978
4s stpd
1951
Nat Acme 4Ms extended to....1946
Nat Dairy Prod deb 3M
w w_. 1951
Nat Distillers Prod 3Ms
1949
Nat Gypsum 4Mb s f detys
1950
♦Certificates of deposit
97 M 101
107
*43 M
*106X
23
17M
"30
25 M
48
23
25
69
15
22 X
4
21X
20X
12M
—
20
*14X
"21X
21X
20 X
65
58
....
-
68
*58
4X
12 M
13
MMMM
13X
12 M
*12
19 M
21X
2
19
13X
*12
13J4
—
2X
13X
-
—
20M
12 X
8
13M
-----
2
21H
12X
12M
MM
—
6M
12M
34
13
2M
3
34
3X
14
13K
129 X
—
■■
86 X
1956
{♦Assent warr A rets No 4 on
61
118 K
95 X
1940
2003
2003
2003
2003
Atl Knox A Cln Dlv 4s
f 5s series D
♦Assent warr A rets
21
22 M
Louisville A Nashville RR—
Unified gold 4s
17 M
12M
13M
♦4s April
12
16
20
M 8
M
66
11X
*85 K
A
J
40
27
13M
*65 M
O
1951
39
128K
—
—1944
49 M
128X
94
51
3Ms debs.——1953 F A
A O
♦Long Dock Co 3Ms ext to—.1950
Long Island unified 4s—
1949 M 8
Guar ref gold 4s
1949 M 8
4s stamped..—
1949 M S
6K
2
F
J
J :
M
107
T02M
13
Nassau Elec gu g
21X
21X
14
14 M
MN
F
7X
13 M
6X
13
Nash Chatt A 8t L 4s ser A
128 X
94
107 M
12 M
26
126 M
128M
13K
31X
45
50
*54 M
O
o
Lone Star Gas
Louis A Jeff Bridge Co gu
'
*15
0
6s
'
14
MN
A
51M
67
28X
37 X
■
13
45 M
43 K
12
78—1944
Lorlllard (P) Co deb 7a
.
*47
1951
4Mb.—1952
5s
Lion Oil Ref conv deb
25 K
121
100
s
f 5s series B
Constr M 4Mb series B
36
44 M
*39
O
28
17
M\
s
Morris A Essex 1st gu 3M
39
30
43
*39 X
*47
A
2
22
22
*
MN
A
27
14
16 M
10
25
J
{Leh Val Term Ry 1st gu g 5s..1941
6s assented
1941
gu—.1966
75
Mutual Fuel Gas 1st gu g 6s._.1947
91"
Gen A ref
36
30
24
24
♦
J
Lex A East 1st 60-yr 6a
45
Mut Un Tel gtd 6s ext at 5%._1941
Gen A ref s f 4 Ms soles C—1955
20
2
*21
*
2M
5
25X
Gen A ref
64 X
84 H
30
1
——
36
36
A
4
IX
MM-M
67X
30
64
1941
Gen A ref s f 6s series A.—1955
Constr M 5s series A
MN
IX
65
22
87
S
MN
9
IK
69
30
27X
50
51
*45
MN
6M
6
-MM-
64
24 X
90
21M
49 X
2
50 M
49 M
49 M
J
A
-
3M
6
2
2
16X
1966
80 X
5
15
26 X
26X
M
1940
MMMM
3
64
A
J J
A
A
A
A
J
M
M,
J
M
Lehigh Val Coal Co—
Llgget A Myers Tobacco
—1960
1st mtge 4 Ms—
6s debentures
Montana Power 1st A ref 3M8-1966
Montreal Tram 1st A ref 6s
Dec
1940
8H
64
23
m*.
82
80 M
82
7
88
Lautaro Nitrate Co Ltd—
4 Ms
5M
6M
>1M
MJ
4Mb assented.
3M
31
6X
4K
*3X
6K
♦IX
M
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
{♦Lehigh Val (Pa) cons g 4s.—2003
♦4a assented
2003
♦General cons 4Mb
—2003
♦4Ms assented
—.2003
♦General cons 5s
2003
♦5s assented
2000
IX
12 M
1938 M
{♦Secured 6% notes
Mohawk A Malone 1st gu g 48.1991
60 X
5s————1954
♦5s stamped.——..—.
1954
♦1st A ref a f 6s
1964 F A
♦5s stamped.-—-——1964
♦1st A ref 8 f 5s
1974 FA
♦5s stamped
1974
♦Sec 6% notes extend to
1943 7"j
♦6a stamped.
1943
Leb Val Harbor Term gu 5a—1954 FA
9
3
6X
F
61
♦1st A ref s f
31M
MM
11X
1977 M
68 M
F
17M
28M
-
4M
MM
{Mobile A Ohio RR—
85 M
51
41
1944
8M
3K
16M
-
45 M
5s stamped
MM*-
2K
6K
M]
42
A—1965
1946
50
32
6M
2
—-
13M
,
14M
20
1
*1K
I*** MM*
9M
40
73
*...__
2
---
1981
♦1st A ref 58 series I
52
Lehigh A N Y 1st gu g 4s
M'
«
10 M
*6
MN
A 1
46 M
Lehigh A New Eng RR 4a
*
M.MMM
14 M
MN
1940
—.1980
85
J
100
2
*12K
""
76 M
102 X
70
51
M
97
90M
M-MM
*12
...1978
*85
J
MM*.
40
40
99M
M
—
M
68 M
*9M
M
M
94
102 K
12
♦Certificates of deposit-
4H
52
Lehigh C A Nav a f 4 Ms A
Cons alnk fund 4 Ms aer C—1954 J
88
100
MM*
48 M
1975
1964
89M
99X
*65
100
H
"30" "30"
....
„
♦Certificates of depoelt
5X
5
8M
H
~30"
*92"
—
102
X
*99
"MM
,
1977
51
♦1st mtge Income reg
7
*_
M 8
M S
4s
♦Certificates of deposit
1997
95
8
F A
46 M
Lake Sh A Mich So g 3 Ms
2
8
{ J
47 M
2d gold 5s...
98
8
A O
♦Certificates of deposit
103 M
{♦Laclede Gas Light ref A ext5sl939
Ref A ext mtge 5s
—.1942
Coll A ref 6 Ms aeries C
1953
Coll A ref 6 Ms series D
1960
Coll tr 6s series A—
1942
Coll tr 6s aeries B
1942
Lower
1978
♦1st A ref 5s series F
♦General
170
88 M
100 M
l04~
110M
*11111
J
J
J
J
Jan 1967
{♦Mo Pac 1st A ref 6s ser A
105 M
l6§"
2
101M 104M
J
M 8
64
J J
J J
J D "26
1975
72
171
80
M
22
J
1990
Prior Hen 4 Ms series D
108 M
89 K
95
*50
107
J
...1962
1962
♦Cum adjust 5s ser A
106
—
95
*167 M
M-M
....
52 M
104X
52 M
92
*76""
.
..
93 M 100 K
28
100 K
%
*108
64 M
--
-
Missouri-Kansas-Texas RR—
20
27
♦Ctfa w w Btmp (par
♦
cons 68
1949
♦1st A ref 6 Ms series B
1978
{♦ Mo-Ill RR 1st 5s series A.—1959
106 X 109 M
2
J
J
J
1938 J
{♦1st
35
72 M
6
103
103
{{♦MStPASSMcong4slntgu'38 J
36 M
67
MN
$645)—1943
(par $925)..1943
96 M
85 %
23
66
106X
D
J
•» *
♦Ref A ext 60-yr 6s ser A...1962
65
65 M
O
J
{Leh Val N Y 1st gu
1934
-.1949
68 M
24
65
A
87
39
M
K
103X
A 0
83 X
41
"9
83 H
54
J
79
25X
82 M
79
99
*
M 5
MN
J J
M s
90 M
K
25M
24 K
24 X
Ref A lmpt 6s
5s 1937 extended at
Michigan Consol Gas 4s
1952
1979
1963
94 X
IK
90
*85 K
.
Kan City Sou 1st
♦Ctf8 w w Btmp
J
1951
46
47
92
M S
♦Certificates of deposit-—
gold 3s
1950
-—Apr 1950
Kansas City Term 1st 4a
1960
Kansas Gas A Electrlo 4 Ms—1980
♦Karstadt (Rudolph) 1st 6s—1943
1977
♦1st A ref gold 4s
J
1947
1940
60 M
100
55
5
IK
IK
IK
.
let gold 3Ms
Ref A lmpt 4 Mb series C
88M 1C0
71X
51X
90
57
A
f 6s
76 M
4
81
35
*89
82 K
19
95 K
37
*25
city Air Line 4s
Jack Lans A Sag 3 Ms
87 M
93
29
80 X
"95"
M S
Jones A Laughlln Steel
12
98 X
80 X
J
J
{♦Iowa Central Ry 1st A ref 4a_1951
55 X
•88
88 X
A
1955 F
.
48 X
75
97X
MN
4
72 X
53
—
"97 M
M S
Int Rya Cent Amer let 5s
"34
83
75
A
Int Merc Marine a f 6s
24
66 M
63 M
17M
J D
♦48 (Sept 1914 coupon)
--.1977 M S
♦Mlag Mill Mach 1st a f 7s
1956 J ^
Michigan Central Detroit A Bay
20M
8M
IX
IK
24 H
59
s
Market St Ry 7s ser A.__Aprll 1940
Mead Corp 1st 6s with warr.. 1945
9
17
C
109X
14
11
1956
Hydro El deb 6s—_—1944
♦1st g 5a aeries
26 M
20
54
98
44
13
10
12 H
383
55 X
Marlon Steam Shovel
99K 103 M
103 M
103K
J
J
57 M
52 M
14
68
53 M
{♦Int-Grt Nor 1st 6s aer A
1952
♦Adjustment 6a ser A ..July 1952
♦1st 5a aeries B
1956
52
79
43
4s——1947 A O
Agric Corp 6s stamped
1942 MN
33 M
55
53
*9X
68
Interlake Iron conv deb
61M
23
-MM-
*50 X
70
56 M
S
39 M
17
M s
60
"§2"
o
77
13
27 M
♦Mex Internat 1st 4s asstd
55 M
55 X
Certificates of deposit—
67
45 X
26M
89 M
25
High
L05M 107
"45 M
Metrop Ed 1st 4 Ms series D_.. 1968
1950
Metrop Wat 8ew A D 5 Ms
{{♦Met West Side El (Chic) 4s. 1938
"97 X
107
94 M
L ow
27X
MN
J
A O
Q J
MN "l03K
M S
A O
F A
106 K
94 M
107
90
No.
77
{♦Man G B A N W 1st 3 Ms... 1941 J
80
A
B f 5s... 1963
Manila RR (South Lines) 4s... 1959
104 M
53
J
F
*
LS ~~45M
2013
Since
Jan. 1
107X
*107X
O
68
104
17
53
J
♦Second 4s
Manila Elec RR A Lt
12
8
9X
9
55
—1948
D
1961
Jlnterboro Rap Tran 1st 5s—1966
Industr'al Rayon 4Mb
Inland Steel 3Ms series
!♦ 10-year 68
70 X
*104 X
Feb 1 1957
{♦Manhat Ry (N Y) cons 4a.. 1990
♦Certificates of deposit
99
64M
MN
A O
41M
95
70
*55"
J
M
32
98
J
ManatI Sugar 4s s f
38
37 M
AfN
Maine Central RR 4s ser A— 1945
Gen mtge 4Mb series A
1900
60 X
56 X
40 M
1025i« 105
102 M
I
J
Ry 3 Ms series B__1986
44 M
43
1026i«
1021131
A
{♦Ind A Louisville 1st gu 4s—1956
Union
47
O
43
High
Low
McCrory Stores Corp s f deb 5s. 1951
D
Bid
Price
High
111 Cent and Chic St L A N
Range
Bonds Sold
Friday's
&
Asked
Sale
STOCK EXCHANGE
Week Ended Aug. 25
Jan. 1
Range or
Last
BONDS
Range
S3
Asked
<k
Week's
Friday
Friday
*1
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 25
Ind
1295
New York Bond Record—Continued—Page 4
149
M MM
"30"
30
3
30 M
33
19
New York Bond Record—Continued—Page 5
1296
Week'*
Friday
BONDS
Last
N. Y. STOCK EXCHANGE
Friday'!
Price
Bid
&
10-year 3V*s sec b £
Rel & lmpt 4 He
—
series A
C_.
Ref A lmpt 5s series
Conv secured
51
44?*
Lake Shore coll gold 3V*8—
52
Low
211
67?*
43?*
82 M
02K
4?*s series B
111
49
09%
77%
Pennsylvania RR
48
54%
37
51
80%
24
76
79?*
00?*
81 M
47
72
60 M
3
58
70
58?*
58%
9
58
68H
51
84 V*
85%
_
-1974 A O
—1978iM <S
4s collateral trust
194fllE A
1st mtge 3?*s extended to.—1947 A
3-year 6% notes
—-1941 A
N Y Connect let gu 4?*s A
1953 P A
Ref 5?*s series A
54
Ref 4 Ha series C_—
F
1953
1951
1st guar 5« aeries B
67 M
52?*
44
73
141
48%
73
65
73
m.
m
89?*
-
61
105?*
3
104
*106?*
48?*
106
107?*
9
48
59?*
48?*
1
48 M
58
A
A
O
1965
1966
0
107
107
107
A
O
108?*
108?*
109?*
29
N Y Gas El Lt H A Pow g
J
D
123?*
123?*
Purchase money gold
F
A
125?*
118%
13
-
N Y Edison 3?*s ser D—
let lien A ref 3 ?*s ser E
N Y A Erie—flee
»-
48?*
5
118?*
1946 M N
N Y A Harlem gold 3?*s
2000 AfN
102
N Y Lack A West 4s ser A
1973 M N
54
1973 M N
*58
♦N Y L E A W Coal A RR 514a *42 IN
2
*50
4^8 series B
♦NYLE AW Dock A Imp 6s
N Y A Long Branch gen 4a
A
*48
#
O
deb 4s
♦Non-conv debenture 3?*s._1954 A
105?*
105?*
Debenture g 4?*s
General 4?*s series D
Gen mtge 4J*a series E
Conv deb 3>*s
1970
cons
— —
1948 J
J
-
%
15?*
15
10
16
10?*
mm'm*
12
7
13
19
19
5
4
-
♦1st A ref 4 Hs ser of 1927
—1967 J D
t*Harlem R A Pt Che« lBt 4s 1954 MN
4
10
13
19
135*
*42
1943 MA'
♦General
4s
1955 J
1942 A
J*N Y Providence A Boston 4s
5?*
16
10
15 V*
1937
O
5?*
I
Pitts C C C A Bt L 4?*s A
27?*
8?*
17?*
67?*
97
7%
11
1951 AfN
104
104
N Y Steam Corp 314s—
1963 j
J
104 %
104%
J|*N Y Susq A West 1st ref 5s 1937 J
|»2d gold 414s
1937 F
J
7
7
♦General gold 5s
♦Terminal 1st gold 6s
A
1943
NYTelep 1st A gen s f 414s...1939
Ref mtge 314s ser B
1967
N Y Trap Rock 1st 6e
1946
is stamped
MA
J
J
J
1002Iaa
D
109
*72 H
1946
*83
Niagara Share (Mo) deb 514s. 1950 Af N
TNord Ry ext sink fund 614s__1950 A O
t ^Norfolk South 1st A ref 6s. 1961 F A
2M
2M
110%
108?*
110 M
loo"
5
30
Norf A W Ry 1st cons g 4s
North Amer Co deb 314s
1996 O
A
1949 F A
.1954 F A
...1959 F A
debenture 314s
debenture 4s
North Cent gen A ref 5s
62
86
90
70?*
2?*
110?*
108?*
39
109
2
13
15
8 Ys
25
12
45
6
123
11
104 %
103
103
104
104
M
106%
106?*
106?*
90
108
94
4
111?*
109?*
102?*
1OO?*105i*m
7M 17 H
8
44
60
39
30
18
50
65?*
2047 J
Pitt8 Y A Ash 1st 4s ser A
1st gen 5s series B
1st gen 5s series
Port Gen Elec 1st 4?*s
1st 5s 1935 extended to
D
143
J
10?*
12?*
109?*
109?*
J
J
*67?*
!♦ Providence Sec guar deb 4s—1957 Af N
^♦Providence Term 1st 4s
1956 Af S
*2?*
Public Service El & Gas
3)*s--1968 J
1st A ref mtge 5s
2037 J
24
11?*
25
10
7
3
42?*
107
64
110?*
63*
10
105
109?*
"29
""
-
105
*44
J
111?*
27
53
35
106?*
108?*!
J
103?*
102
103?*;
*151
153
D
J D
A O
4?*s series A
Il997 J J
4 ?*s series B_.—.1997 /
J
67
108?*
106
108?*
106
109 %
101 H 109?*
107
110
Otis Steel 1st mtge A 414s
.1962
J
73
51
67
68 M
69 M
68 %
09 M
1045*
72
74?*
24
23
53
63?*
65
110?*
110?*
112
53
110?* 113?*
108?*
107?*
109?*
62
107?* 112?*
105?* 110
100%
106?*
A
76
J
108?*
20
*70
O
108%
D
109%
J
O
5s... 1949 M S
1942 Af S
76?*
108?*
109?*
.12
109?*
110?*
10
103?*
103?*
103?*
50
50
89 M
89?*
99?*
91?*
45%
45?*
45?*
127?*
*120?*
*52
1941 F
A
"li
67
83
72
65?*
107?* 112
108?* 112?*
101?* 104?*
103?* 105?*
62
3
48?*
57?*
26
82?*
91?*
10
*103
98?* 102?*
1
45
1952
♦Cons mtge 6s of
1928.—"
♦Cons mtge 6s of 1930
1955
,1942 J
D
*102?*
1944 J
D
1952 Af N
28 year 4s
104?*
104?*
104?*
104?*
1963 F
102
104
1953
Richfield Oil Corp—
4s s f conv
debentures..
J
M N
AfN
F A
A O
1952 Af S
100
105
92?*
"89"
105
92
63
51
61?*
68
80
72?*
17
71?*
j 13
103?*
101M
36
99
20
100
69?*
93
106
123?* 127
45
A coll trust 4s A.
Roch G A E 4 ?*s series
con
85?*
100
95
37
6s—-
f*Rut-CanadIan 4s stmp
^♦Rutland
RR
Safeway Stores
let
s f
con
27?*
21
28
23?*
23?*
28
22?*
27?*
105
107
100?* 108?*
105
103
61
101?* 104
99 H 104?*
98?* 105
98?* 105
~13M
7
105?*
1966
1948 J
Il950
Zl978
13?*
30
4
8?*
7
5?*
8
106?*
48
106
«
104 V* 107
47
105?* 107?*
106?* 108
84?*
*38
61?*
16
7?*
7
J
.....
Af S
deposit stamped
16
60?*
ctfs...Nov" 1989
unifying 5s 1952 J
J
1990 J
I
05M
51?*
64
5
12?*
17?*
62?*
1
52?*
7?*
8
78
7?*
24
7
13V*
7?*
14?*
7
14
7
8
8
8?*
7
7?*
10
6?*
8
73
.
6?*
14
14
7
11
6?*
60
61
17
54?*
65
J
28
28
1
26
35 V*
J
15?*
15?*
5
15?*
23?*
8?*
25
1989 M N
IMst terminal
7?*
6?*
52
21
63
60?*
J
J
J
--
J
♦2d 4s Inc bond
A
8
8?*
105?*
58
♦Certificates of deposit
♦Gen A ref g 5s series A
20
7
-
ctfs
13?*
13?*
85
1955 J
t»St L-8an Fran pr Hen 4s A—1950 J
♦Certificates of deposit
♦Ctfs of
13?*
104?*
1947
I.
JSt L SW 1st 4s bond
44
26
*6"
2d gold 6s...
"1966
St Louis Iron Mtn A
Southern—
♦5Rlv A G Div 1st g 4a
1933 AfN
♦Certificates of deposit
♦Con M 4?*s series A
46
31
*8
1948 A O
J
1949 J
J
1941 J
St Jos A Grand Island
1st 4s... 1947
St Lawr A Adir 1st
g 5s
1996
♦Prior Hen 5s series B
10?*
43
*107
Af S
—
f*St L Peor A N W 1st gu 5s.St L Rocky Mt A P 5s
sptd—
107
10?*
43
31
*9%
*38
.1967 M S
.1934
deb 4s...
51
22
21?*
"23?*
*122
—
Saguenay Pow Ltd 1st M
4?*s
101?*
105
105?*
1949 A O
.1977 M S
.1967 M S
—
4?*b
95
24?*
23?*
"23?*
—
D.II
Gen mtge 3?*8 series
H_.
Gen mtge 3?*s series I
f#*R I Ark A Louis 1st
4?*s
♦Ruhr Chemical a 1
94?*
102V* 107?*
94?*
29?*
23?*
J
♦1st
103
18?*
A
Ji*Rlo Grande West 1st gold 4sl939
80
105
85?*
40
99
D
gu
79
63
A.
90?*
J
-1952
.1956
5s -.1939
J»Rlo Grande June 1st
68
101?* 103?*
Guar 3 Mb trust ctfs D
Guar 4s Ber E trust ctfs
A
5
*102?*
A
Pictures 3s deb... 1947 Af 8
^Paris-Orleans RR ext 5>4s... ,1968 Af S
♦Direct mtge 6s
Richm Term Ry 1st
gen 5s_
D
Paramount
"i960
100
55
4
6s" 1953 J
♦Rhine-Westphalia El Pr 7s
100
|
112
D
8
♦Rhine-Ruhr Water Service
♦Rima Steel 1st a f 7s
D
D
..1956 Af S
1941 Af N
A
B1961 F
Purcb money 1st M conv
5?*s '54 M N
Gen mtge 4?*b series
C—.1956 Af N
Revere Cop A Br 1st
mtge 4?*s 1956 /
J
♦Rheinelbe Union s f 7s
1946 J
J
107?* 111?*
113?* 117?*
116?* 118?*
103 H 107?*
64?* 81?*
103?* 105?*
113 H
224?*
106?* 110?*
95?* 104?*
"51"""" "3
*60
l 951
w.1956 Af S
w
153
221
J D
1941 J
112?* 116?*
"~5
49?*
110?* 112
*222
IIl941
1
118?*
4
40
Il2"
106 H
colils
5
106
88
1?*
3?*
O
|*Debenture gold 6s__
I Deb 6s stamped
Reading Co Jersey Cent
111
118"
70
70
1948 J
112?*
117
42
10?*
16?*
108?* 110?*
1
J
D
pt pd ctfs
tor deb 6s A com stk
(05% pd)—-
115
111
*
7
83
107?*
44?*
24
15
2037 J
104
10
58?*
23
159
.1968 A
1st A ref mtge 8s
gu
25
106?*
106
J
115
D
J
211
J
1035*
J
For footnotes see page 1297
78?*
"25?*
J
112?*
.1961 J
1944 A
23
J
ser
*108?*
.1946
1955 F
75
*106?*
J
J
Republic Steel Corp 4?*s
*108
Ore-Wash RR A Nav 4s
Pacific Tel A Tel 314s ser B.. .1966 A
Ref mtge 3?*b series C
.1966
Paducah A 111 1st a f g 4 ?*s
.1955
Panhandle Eastern Pipe L 4s.. .1952 Af
76
J
♦6s stamped
1942
t |*Postal Teleg A Cable coll 6sl 1953
Potomac Elec Pow 1st M
3?*s_1966
Pressed Steel Car deb 5s
1951
4>*s without warrants
Rensselaer A Saratoga 6s
100
J
.....
1960 M S
1950 J
74?*
7
.1946 J D
Ontario Power N F 1st g 6b
.1943 F A
Ontario Transmission 1st 5s.., .1945 Af N
|*Pac RR of Mo 1st ext g 4s.. .1938
|*2d ext gold 6s
.1938
D
104
*99
6sl942 J
conv
60?*
4s debentures
.1966
*110?*
1977 J
23?*
*108
A
D
1948 V
1st 4 ?*s series D
t* Porto Rico Am Tob
D
1962 F
1974 J
C
65
13
bi[
52
50?*
43
Pauliata Ry 1st s f 7s
Penn Co gu 3 Ha coll tr ser
Guar 3 Ma trust ctfs C
23
42?*
108
♦
27?*
7
108?*
cons
25
11
105?*
Parmelee Trans deb 6s
O
118
108
Pat A Passaic G A E
51?*
51?*
1960 A
43 M
106
Paramount Broadway Corp—
1st M s f g 38 loan ctfs
23
1st mtge 4 Ha series C
56M
108
1st A ref mtge 3 ?*s ser I
106?* 107?*
30
47
48?*
101?* 107
93?*
99?*
97?*
36
62
.1967 M S
.1972 J
J
J
1*117?*
♦28
45
108
110
♦25
55 %
107?*
Pacific Coast Co 1st g 5s
.1946
Pacific Gas A El 4s series G... .1961
1st A ref mtge 314s ser H... .1961
108?*
117?*
112?* 118?*
102?* 108
105
112
117
O
42?*
106?*
Guar stpd cons 5s
105
110.
1959 A
J
106%
5s... .1946
108?*
*95?*
1st mtge 4 ?*s series B
41
45?*
109
106?* 106?*
107
J
107
109?*
108?* 108?*
108?*
A
Pitts Va A Char 1st 4s guar
1943IM N
Pitts A W Va 1st 4?*sser A—.1958'J D
Remington Rand deb 4?*s
.1965 MN
4s... .1946 J
106
107"
53?*
.1943 M S
con g
107
85
Ohio Edison 1st mtge 4s
1st mtge 4s.
cons g
109
ill"
*95"
105
41
J
Ore Short Line lBt
*107
104?* 105?*
105?*
65?*
t*Og A L Cham 1st
Oregon RR A Nav
*105
106
J
94
Ohio Connecting Ry 1st 4s
.1966 J
94?*
*103
1977 J
60
45 M
3148
09
00
105
44M
107 M
1st mtge 314 s
Oklahoma Gas A Elec
89?*
105?*
69?*
J
112?*
4
O
06 M
J
4?*
106
2
D
41
42?*
"66
14
99
1975 A
66 %
J
14
7
107?*
1964:AfN
41
A
4s... .1948
8
1970 J
J
Northwestern Teleg 414s ext.. 1944 J
gu g
3
Series J cons guar 4?*a
Gen A ref
35
Ref A lmpt 6s series B
112?*
9%
32
94?*
D
-.1957 Af N
1960 F A
1963 F
F
Ref A lmpt 5s series C
2047 J
Ref A lmpt 6s series D
2047 J
Northern States Power 3148...1957 F
108
3?*
Gen mtge 6s series A
Gen mtge 5s series B
Gen 4?*s series C
Gen A ref
Ref A lmpt 414a aeries A
37
22
{♦Radlo-Kelth-Orph
107
50
45
1997 Q
2047 Q
2047 J
110
107?*
98?* 105?*
93
A
Pub Serv.of Nor 111
3?*s
Purity Bakeries s t deb 5s
♦
North Pacific prior lien 4a
Gen lien ry A Id g 3s Jan
104
104
187
98?*
1953 J
Series H cons guar 4s
Series I cons 4?*s
118?* 124
104
107?*
103
106?*
104
108?*
112?* 114?*
Ctfs of deposit stamped
Apr '33 to Oct '34 coups.1945
♦Apr *33 to Apr'38 coups.. 1945
106?*
111?*
108?* 115
15?*
39
1945
108
"5
10?*
*0
1949 F
Series E 3?*s guar gold
Series F 4s guar gold
106
122?*
^♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons..1945
♦Oct 1938 A sub coupons
86
2
42
102
1974 Af 8
1974 Af 8
Gen A ref 414s series A
45
100**32103 M
102 M
44
105
1083* HI?*
7%
Af N
93
6
8
g 68—1941
108?*
34?*
100?*
109?*
100
~~7%
77
64
110?*
104
102 %
deposit
J|*Norfolk A South 1st
44?*
109
7
H
*27
100J1aj
9V*
101?* 107?*
6% 12M
6?*
9
4?*
8?*
6
Af N
tl*N Y Westch A Bost 1st 4148 '46 J
J
Niagara Falls Power 314s
1966 M S
Nlag Lock A O Pow 1st 6s A—1955 A O
♦Certificates of
*2
1940 F A
5%
62"
"48
110?*
108M
104%
100 Vs
*107
110
3
*108?*
Series D 4s guar..
5
*45
N Y A Richm Gas 1st 6s A
108
O
1942 A O
1942 MA7
1945 Af N
Series C 4?*s guar
3?*
10?*
35
109 X
109 Mi
109
107"
71
2
105?*
9?*
67?*
106?* 115
106
104?*
1940 A
Series B 4?*s guar
17H
16
2?*
*45
N Y A Putnam lBt
con gu 4s__1993 A
0
N Y Queens El Lt A Pow 314s 1965 M A
N Y Rys prior lien 6s stamp...1968 J
6
S
52
86
20
108?*
105
0%
76
54
56?*
105"
3
6?*
106?*
57?*
60
109?*
Ill
J
—1948 M
*16'
120
1952 Af N
Pitts Coke A Iron conv 4 ?*s A.1052 Af S
10?*
42
48
2%
D
63?*
110?*
1949 Af S
Series G 4s guar..
f*N Y Ont A West ref g 48—1992 M S
D
1967
^Philippine Ry 1st 8 f 4s
Phillips Petrol conv 3s
Pirelli Co (Italy) conv 7s
103 V*
*113?*
108?*
D
58?*
3
110%
110?*
A
J
1981
60
107?*
47
3
108?*
1974 F
1977 J
6s series A
43
*50
109?*
90?*
115?* 117?*
112?* 117?*
13
110%
3
*106?*
3
116
15V*
12?*
12?*
4
sec
79?*
62
Phlla Electric 1st A ref 3?*s_„1967 Af fl
I♦Phlla A Reading C A I ref 58.1973 / J
13 V*
77
80?*
A
51
9
85?*
*41?*
75 %
10
97
O
Phlla Co
3
97
89?*
74?*
1956 J
♦Conv deb 6s
►
90?*
11
Apr
1990
58?*
13
90?*
44
96
115?*
115?*
61
11
79
96
1980 M fi
General g 4?*s series C
General 4?*s series D
95?* 101?*
103?* 108
94?*
O
3?*s deb. .1952 J D
Phi la Bait A Wash 1st g 4s
General 5s series B
21
94
O
Refunding gold 5s
Peoria A Eastern 1st cons 4s___1940 A
conv
4
147
60
1943 A
1st g 4 ?*s series C
118?*
100?*
107?*
114
88
1952 A
April
110
109?* 113?*
84?*
90?*
115?* 120
84
1947 M
♦Income 4s
7
15
21
89
94
1984
6s
"99?*
113?*
113?*
High
93
100?*
105?* 107?*
93?*
99?*
93
95?*
107 M 109?*
95?*
—.1981
50
12?*
12?*
O
63
94
15
12
-
84
70
105
*7?*
*
-1940 A
113
"98?*
33
12
—1957 MA
—
113?*
87?*
1960
54
15
12?*
17%
99?* 102?*
48%
68
*11
1956 IN
♦Collateral trust 6s
♦Debenture 4s
113?*
1965
Peop Gas L A C 1st
Low
109?*
1968
Phelps Dodge
3
13
O
—1956 J
*109
Consol sinking fund 4 Ms
General 4?*s series A—
123?* 126?*
116?* 119?*
2
54%
*11?*
♦Non-conv debenture 4s—1955 J
♦Non-conv debenture 4s
♦Conv debenture 314s
♦Conv debenture 6s
102
74?*
*50?*
«»•»
1947 Af
♦Non-conv debenture 3?*s..1947 M S
n-c
7
86?*
118?*
98?*
Peoria A Pekln Un 1st 6?*S—1974 F
Pere Marquette 1st ser A 68.-1956 J
12
15
*12?*
J
1943 J
1941 M S
JPNYANB (Host Term) 48.1939
NO.
99?*
Consol gold 4s
4s sterl stpd dollar-May I 1948 M N
Gen mtge 3?*s series C
1970 A O
1st 4s series B
50-1948
4s—-1949
Hioh
100?*
Jan. 1
*107
1981 J
1943 Af N
1948 Af N,
4s
cons g
110%
107?* 112?*
107
Erie RR
♦N Y A Greenwood Lake 5s.-
pNYNHAH
107
48?*
107
F
6% notes
80%
72%
50
12
A
Conv
83 M
77?*
«
106
55
m-
A
71%
69%
39
9
46
*78
47?*
48
1947
NY Dock 1st gold 4s
A tied
General 5s series B
1998
N Y Chic A St Louis—
,
lBt M
Since
A
99 ?*
100 M
43*8—1960 J
Pa Ohio A Det 1st A ref 4 ?*s A.1977 A
Penn Glass Band
Ratio*
Friday'*
Bid
Low
1941 M 8
Penn-Dixle Cement 1st 6s A
73%
M
Range or
Sale
High
110
50
43
80
79?*
1998
Mich Cent coll gold 3?*s
40
49
51
-1942
Debenture 4s
67?*
43?*
73
67?*
Price
Week'e
Last
N. Y. STOCK EXCHANGE
Week Ended Aug. 25
109 Vi
49?*
A
1952
—1997 J
N Y Cent A Hud River 3>*8
No.
53
A
Af N
3 lis—
High
50
A
1946
2013
2013
BONDS
Since
Jan. 1
*110
1998 F
Range
Atked
Low
Newport A C Bdge gen gu 4?<s.l945 J
N Y Cent RR 4s series A
I
3
c2
Range or
Sale
Week Ended Aug. 25
Aug. 26, 1939
Friday
1
J
60
6?*
8
8
13?*
15V*
New York Bond
Volume 149
BONDS
N.
Y.
Last
STOCK EXCHANGE
Range
Asked
dk
N. Y. STOCK EXCHANGE
Week Ended Aug. 25
St Paul A Duluth 1st con g 4s„1968
No.
♦3k
Low
*85 h
{♦St Paul E Gr Trk 1st 4 Ha
1947
{♦St Paul A K C Sh L gu 4Hs—1941
Jan. 1
SQ<
High
Low
87
6H
3H
""io
5%
5
87K
3K
5
8 A A Ar Pass 1st gu g
*
U6%
4s..... 1943 J
9
5
~21~~
*17h
17k
lis""
18
15
30
25
31
*28
"im
♦Guar
30
25
0118
0118
*9%
7h
1H
21
9
3%
3H
27
5h
6
76
5
20
3%
5h
♦Certificates of deposit—
{|*AtI A Blrm 1st gu 4s
1933 us
{♦Seaboard All Fla 6s A ctfa
1935 F A
5
4%
~2K
2%
5
3
ShlnyetBU El Pow 1st 6 Ha
1952 3D
*50 h
*70 h
17
6
QQ
"65*"
17
100
~56~"
56
99
45
F
{♦Wabash Ry ref A
56
91
South A North Ala RR gu 6S..1963
South Bell Tel A Tel 3Ks.__-.1962
106%
106 %
"43
105h
105 h
107%
106 h
108 h
104 h
14
100
92 %
16
1961 M &
1965 F A
1947 J
Southern Kraft Corp 4HS—1946 J
107h
J
104
D
.92 %
92 h
105%
105 k
Southern Natural Gas—
1st 4 Ha (Oregon lines)
A—1977
—1968
1969
Gold 4 Ha—.
....—1981
10-year secured 8 Ha
1948
-
-
...
41
M S "44
M S
41h
if N
40 h
MJV
40 %
J
J
53
1st 4s stamped—.—.
42
42
220
37 H
39 h
42
191
37h
55 h
37
83 h
84 h
10
80
58H
60
88.
1956
1956
Devel A gen 6 Ha
...1956
Mem Dlv 1st g 5s
.1996
St Louis Dlv 1st g 4a
1951
So'western Bell Tel 3 Ha ser B
1964
1st A ref 3s series C———1968
51
49
64
68
67
H
179
28
34
m,
Ml
105H
51
104 k 105 h
103 h 106 H
76
102 H 106 h
A
«.
—1953
J
J
102 %
84
102 H
84
2
1
104
Studebaker Corp cony deb 6S..1945
16
Tenn Coal Iron A RR gen 5s.—1951 J
48
68
t)
*130
1
A
O
........1944 F
.1953 /
A
100H
100%
107
87
Texas Corp deb 3 Ha——1951 J D
3s debentures.:
105
——..—1959 A O
gold 5s
1943
J
102 H
Gen A ref 5e series C
1979 A O
...1980 J
Gen A ref 6s series D
*80 H
D
*
.
m
Third Ave Ry 1st ref 4s—.—.I960 J
J
♦Adj income 6s....—Jan 1980
A
O,
/
J
Tide Water Asso Oil 3 Ha—1952 J
J
105%
—.1953 J D
49 H
§*Third Ave RR 1st g 5s
1937
-
J02H
43
"9%
8H
98H
105%
100K 102 h
113h 116h
103
110h
79
71
104
206
104H
•
M,
116
*80 H
130
1
70
115
Tex Pac Mo Pac Ter 5Ha A.—1964 M S
7
105 H
102 H
Gen A ref 5a series B—....1977 A O
—-
87
*.
115
cn
*
108H
105
J
Texas A Pacific 1st gold 5s..—2000 / D
95
107 h
94 h 101
1
1
100H
*116H
J
Texarkana A Ft S gu 5Hs A—1950 F A
68
105
125
107 H
107
107
J
Tenn Elec Pow 1st 6s ser A—.1947 J
87 K
109 %
104 j
22 H
12 H
-
•
-
M-
M.--
83 H
102 H
45 %
2
552
98 H
13
105 H
27
1st 6s dollar series....
Tol A Ohio CeDt ref A Imp 3H« 1960 J D
1950 A O
Tol W V A Ohio 4s series C
-
7h
87 h
46 k
13 h
deb A..1953
♦Tyrol Hydro-Eleo Pow 7HS—1955
Tri-Cont Corp 5s conv
49
*.
Ujlgawa Elec Power s 17a...—1945
Union Electric (Mo) 3 Ha
1962
{|*Union Elev Ry (Chic) 5s—1945
Union OH of Calif 6s series A—1942
3 Ha debentures
——1952
Union Pac RR 1st A Id gr 4s— .1947
J
106
*Z——
A
if S
J
75
J
108 H
1
114*32 116H
106h 109 h
114*32
114H
J
106"w
1068ie
8
J
J
111
113H
108 %
112%
107
34-year 3 Hs deb—
.—.1970 A O
35-year 3 Ha debenture.—1971 UN
United Biscuit of Am deb 5s—.1950 A O
1952 A .0
p,
0
1944 A
13
115
37
111
58
3
109H
W
110
94
32f
9£K
19
93
4
107
106 %
108
35%
6
34 *
50
35 *
50*
11
37
93
87
34H
*
'"86H
98H
5
70
77
69
2
7
44
86 H
98 H
88%
101%
101H
A
100
1947
J D
77
77
79
7
1959
F
A
77
77
79
23
Vanadium Corp of Am conv 5s.l941 A O
101H
1955 F A
1957 UN
*.
67
108*"
M.
M»
-
—
0
•
M 8
6
119
122
16
109H 112H
105
107H
82
46
89
8
106
3
76H 89%
82%
95
104% 107%
14%
23%
13%
23%
55%
70%
57%
75
57
74%
106H
86
104H
16K
M S
17
17H
17%
MN
63
19
65
M,
123 H 130
105H 110
24
110H
77%
86
104K
92
106 H 109
107
109 H
-----
M.
109K
*105H
77H
J
O
7
109
*109K
*128H
f»
-
«.
M.
A
.
28
8
D
67
67
70
38
IMS
67
65
68 H
34
20 H
21 %
8
17%
22%
46
49%
6
45
59
43K
45
3
J
1/
.......
fWheeUng A L E Ry 4a
ser D.
J
J
J
J
buai
Registered...
J
--M.
«.
.
.
.
.
IMS
M S
F
—
"113H
A
J
D
M.
J
r
"
w
uaoi
Conv "deb
J
*730-
2
109H H4H
90 H
97 H
100H 101 %
6
10K
100H 105
88 H
97 H
42
——
4
7
96
36
-
-
-
.u_..
-
-
114
110
-
15
10
4%
3
108%
17
110
110
110
17
107 H 110H
J
10
2
5K
*9%
-
-
....
9H
5
«
A Tube—
4s
1st mtge s f 4s
e
lot
-
106
—
"106H
D
f
-
7
11H
6H
9H
4H
7
4H
5H
106
110K
MN
J
m
42H
52 H
104H 105
----
103 %
9K
*6H
5H
4K
M
M.
♦Certificates of deposit..
-
8H
96
M
^M.
97 H
«,
*111
Mi
M
113H
103
95
■
AO
-
M.
113H
J
>J
M
*101H
8H
M>
103
)3
YouDgstown Sheet
i.
*
95
«• ««
^
O
A
♦Certificates of deposit.
►Sup A Dul dlv A term 1st 4s '3<
'*»■
95
>J
.....
ser
MS
102
101%
C—.....
MN
105H
105
Cash sales transacted during the current week
v
134
104K
105H
110
100
103 K 107 H
50
and not included in the yearly
range:
No sales.
r Cash sale; only transaction during current week,
a Deferred delivery saie; only
transaction during current week,
n Odd lot sale, not included In year's range
Ex-Interest,
f Negotiability Impaired by maturity,
t The price represented Is
x
the doUar quotation per 200-pound unit of bonds.
Accrued interest payable at
exohange rate of $4.8484.
T The following is
a
list of the New York Stock Exchange bond issues whleh have
been called in their entirety:
American Ice 5s 1953, Sept. 30 at 102K.
Commercial Credit 3 hs 1951, Sept. 30 at 103 h.
Nord Rys 6Hs 1950. Oct l at 102.
Parts Orleans 5Hs 1.968. Sept. 1 at 100.
'
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
*
Friday's bid and asked price. No sales transacted during current week.
♦
Bonds selling flat.
Deferred delivery sales transacted during the current week
and not Included In
the yearly range:
No sales.
Transactions
the
at
York Stock
New
Exchange,
Daily, Weekly and Yearly
State,
Municipal A
United
Total
Mis cell.
States
Bond
Bonds
For'n Bonds
Bonds
Railroad
Stocks,
Number of
Shares
Week Ended
Aug. 25 1939
&
Sales
289,650
848,230
861',640
793,080
1,293,770
693,374
$1,403,000
3,405,000
3,115,000
3,520,000
4,643,000
3,606,000
794,000
—
1,416,000
1,042,000
$37,000
298,000
955,000
1,044,000
1,331,000
455,000
.....
Saturday..
$303,000
1,087,000
868,000
4,779,744
$19,692,000
$5,510,000
$4,120,000
.
—
Monday*
...
Tuesday
...
Wednesday
Thursday......
Friday
Total
Jan. 1 to
Week Ended Aug. 25
Sales at
93 h 102
77%
108 %
,
39
$1,743,000
$29,322,000
4,790,000
4,938,000
6,358,000
7,390,000
5,103,000
Aug. 25
50
35%
83 h
72
108H
*30
—
M,
3
116H
100 h
100 h
104%
— ■*
A
104h 110H
•17
99
97%
107H
*»
105
O
Utah Power A Light 1st 5s—.1944 F
9k
-
108H
72 H
80%
108%
30%
97
^
3
Utah Lt A Tree 1st A ref 5s
*
m
77%
lt»United Rya 8t L 1st g 4s...1934 J J
U S Steel Corp 3Ka debs—
1948 J D
♦Un Steel Works Corp 6Hs A—1951 J D
♦Sec sf 6Hs series C
1951 J D
United Stockyards 4Ha w w.,1951 A
'J
+
67
D
....
30%
^
97%
United Drug Co (Del) 5s
1953 M S
U N J RR A Canal gen 4s..—-1944 M S
♦Sink fund deb 6 Hs ser A—1947 J
85
110
13
O
112
71h
26
17
A
ill
125h
104 h 109
20
24
106
J
107
Vandalla cons g 4s series A
Cons a f 4s series B
75
~
123 h
24
F
112
{{♦Utii Pow A Light 6Hs—
|*Debenture 5s...—
~
1
A
June 2008 M S
United Clgar-Wbelan Sta 6s
+
108H
*9%
...June 2008 M S
1st Hen A ref 5s—
M>
-
"SO""
+
40
67
J
65h
106
108H
47
40
3
"97h 165""
M.
35
——
1
108H
90 h
64h
-
100H
*122"
106
28
120
60h
85
~
if N
—1952 F
♦Guar sec s f 7s—
1st lien A ref 4s
J
«
•
40%
107H
""§8
107h
*106 %
D
Trenton G A El 1st g 5s—...1949 M S
86
37H
—
98
106
16
85 %
65%
19
119
t
35
49 HI
*58
»
1942 M S
Toronto Ham A Buff 1st g 4s—1946 J
49
85
85
87
108H
Tokyo Elec light Co Ltd—
Tol St Louis A West 1st 4s
G
86
■
Wheeling A Lake Erie 4s 1966, Sept. 1 at 105.
113h 119*
78 h
89
78 h
89
79 h
89
96 h 104
37 h
167
11%
108 H
102 h 105 h
~
18
83 H
83 H
95
22
73
119
80
41
18H
13
5%
13
104H 107 H
66
66 H
73
80
61
D
60H 74
108 k 112h
104 h 109
108K
105H
18%
105%
104
12H
1
73
M S
80h
105%
m»
Swift A Co 1st M 3Hs—...1950 if N
Texas A N O con
58
105H
105%
f g 4s
*>
"17
104
s
76 %
109
104H
1st cons gold 5e
61%
57
108H
D
Gen refund
44
43
14
58 H
3D
91h
108 H
J
105H
-
J
72 H
J
J
«■
-
58 %
Gen mtge 3Hs_
West Ppnn Power 1st 5s ser E.
1st mtge 3 Ha series I
West Va Pulp A Paper 4 Hs
m
M.
76
*61
77
D
So'western Gas A El 4s ser D..1960 UN
Term Assn of St L 1st g 4 Ha...1939
55 H
72
75
*60
J
~85H ""55
52%
68%
73%
M.
M,
6H
4H
4H
22
5%
106
A
1
Devel A gen 4s series A
Devel A gen 6s
2KB-
39
53
~83H
«.
5H
A
93
40k
29
51
"85""
4H
~
1
28
6%
5%
5%
F
68
81
h
40 H
F
61h
57 H
67 H
67h
h
11
2
5
w
41
3
6K
4H
MI
H
28
52%
17H
17H
11
11
42
4H
58H
39 h
42
13
11
42
p. M. «.
Westchester Ltg 5s atpd gtd—
106 K
40
42 h
46
59
4s——1955
1955
Southern Ry 1st cons g 58—1994
♦{Spokane Xnternat 1st g 6a_—1955
Staley (A E) Mfg 1st M 4s
1946
Standard Oil N J deb 3a
—.1961
101
9
*
M,
Q M
106 K
95
28
48
Washington Cen.t 1st gold 4s—
Wash Term 1st gu 3Hs—.....
1st 40-year guar 4a
11SH
35
106
83 h
San Fran Term 1st 4s..—1950 A
So Pao RR 1st ref guar
90 h
m
M 8
A
49 H
15
2
50%
M S
__
33
24%
O
F
High
105% 109 H
25
Warner Bros Plot6s debs
{♦Warren Bros Co deb 6s
Warren RR 1st ref gu g 3Ha..
106 h 110
*20
M,
O
A
Low
78
*11—I
*—I—
.
M,
D
A
RR 1st consol 4s
1st mtge pipe line 4Ks...—1951 A 0
So Pac coll 4s (Cent Pac coll)..1949 / D
Gold 4 Ha
Gold 4 Ha
•
M.
O
3
6s debentures
104h 108
107 % h0h
11
115
15
O
A
82
9
30
Jan. 1
*....
A
A
Walker (Hiram) GAW deb 4kb
Walworth Co 1st M 4a.
100 H
103h
Southern Colo Power 8s A..
F
Since
No.
108%
36%
15%
33
M fl
Ha A.
102 % 105
103 h
Southern Calif Gas 4Hs
1st mtge A ret 4a
gen 5
♦Ref A gen 5s series B—...
♦Ref A gen 4 Ha aeries C
♦Ref A gen 6a series D......
62
103 K
High
107%
3
|*Des Moines Dlv 1st g 4s._ 1939 J 3
♦Omaha Dlv 1st g 3 Ha— 1941 A O
♦Toledo A Chlo Dlv g 4s..— 1941 if S
—
....1951
Asked
33
J
Bonds Sold
<k
A
75H
23H
20
1941
5
50
74
-.1946 F A
Simmons Co deb 4s.......... 1952
10M
58
52
1951 M S
Skelly Oil deb 4s
A"
2H
"35
2H
*2K
♦Siemens A Halske deb 6 Ha
♦Silesia Elec Corp 6 Ha
Slleslan-Am Corp coll tr 7s
4
8
4h
11K
2h
17
*12
♦Series B certificates....—1935 F A
1h
3h
2
2
3h
...
21
116H 119H
10H 19K
7H
17H
15
Bid
107%
1939 M N
♦1st lien g term 4a.
J
.....
♦Det A Chlo Ext lat 6s..... 1941 J
32H
"Vh
Oct 1949 F A
1959 A 0
♦Certificates of deposit
♦1st cods 6a series A
.1945 US
♦Adjustment 5a
^Refunding 4s-
48
109
*28
J
I {♦ Seaboard Air Line 1st g 4a—1950 A O
J*Goid 4s stamped
1950 A O
106 h
*110
J
a f 6 Ha series B
1946 A 0
A 0
♦Stamped...........
Scioto V A N E 1st gu 4S—1989 UN
105 h
47k 68 h
105k 107 h
108k 112K
109
110H
15h 20
1966 M 8
,
98h
114h 118
5
109
105 h
Santa Fe Pres A Phen 1st 5s... 1942 M S
1946 J
{♦Schuico Co guar 6Ha
J
♦Stamped
.......
56 h
51
Range or
Friday's
Sale
Price
Low
Virginian Ry 3 Ha Series A
{§♦'Wabash RR 1st gold 5s..
|*2d gold 5s
96
U6%f~~7
u6h
J
San Antonio Pub Serv 48—— 1963 AO
San Diego Consol G A E 4s
1965 MN
l
97
Week's
Last
Inter st, Period
High
St Paul Minn A Man—
t Pacific ext gu 4s (large)
1940
St Paul Un Dep 5s guar..*..—1972
1297
BONDS
Since
Friday's
Bid
Price
6
Friday
Range or
Sale
Week Ended Aug. 25
Record—Concluded—Page
Week's
Friday
99%
101
101H
*108 H
*108H
15
—--
110""
109 k
83 k
84 H
New York Stock
24*
104
31%
106 H
4,779,744
4,600,550
140,936,196
173,975,658
$4,120,000
6,510,000
19,692,000
$1,213,000
3,214,000
22,221,000
$57,691,000
156,258,000
835,938,000
$90,193,000
155,079,000
907,027,000
$29,322,000
$26,648,000
$1,049,887,000
$1,152,299,000
Stocks—No. of shares.
108 H 111
1938
1939
1938
1939
Exchange
Bonds
Government
——-
State and foreign.
Railroad and industrial
Total
—
90
102 %
66
Stock and Bond Averages
82 H
65k
83
96
103h
Below
the daily closing averages of representative
stocks and bonds listed on the
106 % 109 h
106 h 109h
are
as
New York Stock Exchange
compiled by Dow, Jones & Co.:
„
Vera Crus A Pacific RR—
i*4%e July coupon off..—1934 3
J
3
J
{♦4Hs assented-.——1934
Va Elec A Pow 3 Hs ser B.
1968 M 8
Va Iron Coal A Coke 1st g 5—1949 M 8
Va A Southwest 1st gu 5s
1st cons 5s.—
2003 J 3
.....1958 A O
------
"*%
'l08H
»
-
m-M of -
m
-r
•
*
""%
108%
109 H
30
30
*59
83
*55%
58
"l6
*
1-
h
h
H ; 1%
107h hi
27 h
35
72
m*
54
Bond*
Stock*
10
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
63
10
30
/ndua-
Dale
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
133.73
26.26
24.50
44.80
106.85
91.87
45.40
107.96
88.02
Aug. 24.
131.33
25.80
24.12
44.01
106.95
92.33
44.89
108.45
88.15
23.
131.82
25.71
24.00
44.07
107.33
92.63
45.84
108.65
88.61
Aug. 22.
135.07
26.74
24.84
45.34
107.43
92.76
46.85
108.86
88.97
132.81
26.36
24.45
44.60
107.31
92.71
46.47
108.64
88.78
135.11
26.96
25.20
45.60
107.46
92.97
47.16
109.10
89.17
Aug. 25.
Aug.
New York Curb
1298
Exchange—Weekly and Yearly Record
Aug. 26,
1939
NOTICE—Cash and deterred 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. 19, 1939) and ending the present Friday (Aug. 25, 1939). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
Sales
Friday
Last
Par
Weel't Range
for
Salt
STOCKS
of Prices
Low
High
Price
Acme Wire Co common. 10
|
Weel
15H
15
16**
Range Since Jan. 1, 1939
Low
Shares
14**
July
18
Aug
Feb
21
June
1,700
*185*
2**
Aug
Aug
6
Jan
85*
Jan
Apr
11
A—
Class
B._
1
554
2**
2**
5*4
7
1**
Mfg common.5
Air Associates Ino com.-.l
5
7
Alnsworth
| Air Investors common.
Conv preferred
-*
Warrants
400
5
7
3C0
65*
1H
300
1
09
71
100
60
Aug
Apr
Apr
97**
97j*
340
71
88
88
985*
89 %
570
"300
*x.
"lX "lX
Co common..*
Aluminum
111
Ltd common.*
0% preferred
100
American Book Co
*
18
1
915*
July
2X
July
Blu men thai
July
1**
Jan
Jan
**
Jan
May
9
Mar
June
10
Aug
Bourjois Ino
*
90
Apr
131
Jan
Jan
116
July
110**
114
110
J* 118
1,550
110**
110 J* 110**
500
108
Jan
111**
Aug
Mar
3**
Jan
June
60**
Jan
Aug
95*
Jan
200
"m "e"
Apr
Mar
"600
IX
100
44
5**
5**
17**
Aug
65*
Aug
141
Jan
American Capital—
10c
IX
Aug
**
Jan
Common class B—10c
preferred
....*
$5.50 prior pref
*
Amer Centrifugal Corp__l
S3
16**
16**
60
60
H
X
100
16**
July
64?* June
100
54
1,300
X
Aug
25*
X
Mar
Jan
23
Feb
75
Mar
2**
Jan
Cities Power A Lt—
1
Class B
32
IX
33
*26
.10
n-v
Amer Foreign Pow warr...
Amer Fork A Hoe com..*
x
IX
IX
*18
954
36**
Amer Gas A Elec com...*
$6 preferred
*
American General Corp 10c
$2 preferred
9X
5u
X
954
34** 38
111
112**
15
H
preferred
25
Amer Mfg Co common 100
100
7X
50
6**
Mar
30
16**
75
26**
Jan
15**
13
3**
16?*
15**
17
600
1,900
28J*
10**
283*
200
10**
25
**
*
.....
26 54
28**
Amer Potash A Chemical.*
...—
66 54
68
50
6
American Republics
10
2
6
Am Superpower Corp com*
1st $0 preferred
*
**
$0 series preferred.....*
American Thread pref...6
Anchor Post Fence
...*
16**
Angostura Wupperman—1
Apex Elec Mfg Co com
•
Appalachian El Pow pref *
fArouturus Radio Tube..l
33
.....
95*
55*
5%
**
13**
3*4
IX
2*4
9?*
Arkansas P A L $7 pref..*
Art Metal Works com
5
6**
92
454
25*
2**
0**
92
Common
1
*
._*
tAustin Silver Mines
Brown Rubber Co
Vot trust ctfs
1X
Jan
1**
Jan
2*4
100
23*
Feb
600
95*
Aug
Aug
3**
1054
Jan
Carman A Co class A
30
2*4
40C
25*
4,300
1,500
Aug
27
Feb
10854
Jan
*i« June
5
Mar
Carnation Co
Carnegie Metals
Carrier Corp common.
1
Carter (J W) Co common. 1
Feb
Casco
8
Jan
X
Jan
X
Jan
Jan
35*
7X
10
63
lSi«
16** June
Castle (A M) common
CataUn Corp of Amer
Celaribse Corp of America
7% lBt partlo pref...100
Mar
»»•
1*4
11
Jan
Jan
Mar
Jan
34
Jan
2**
May
1
1st partlc pref
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
T",806
68
Apr
Feb
2**
Apr
Apr
434
May
3134
Jan
6%
"200
Feb
434
Jan
7%
1,900
Apr
2** June
115* Aug
25*4
Jan
Centrifugal
*i« June
5*
Jan
Apr
Chamberiln Metal Weather
Strip Co
5
Jan
Charls Corp
3**
X
1?*
6
Jan
IX
3
July
June
3
Aug
Apr
854
215*
2**
8
18
Aug
Aug
Aug
Aug
300
IX
2,000
l?*
Aug
60
35**
Mar
48**
May
100
2 3*
Aug
254
July
13**
Aug
29**
Jan
X
June
2*4
13**
15*4
1,100
4X
5,500
250
20
4
155*
Apr
2**
4
Jan
Mar
Apr
7X
IX
Feb
15*
10**
Jan
Mar
100
»u
Mar
Barium Stainless Steel... 1
Barlow A Seellg Mfg A...6
**
•is
2,200
**
7**
July
"ok
5*4
""260
5X
ex
1,600
Baumann
(L) Co com...*
7% 1st preferred
100
1
BeU Aircraft
1
l
100
Jan
22 X
X
5
9
Apr
X
Beech Aircraft Corp
Jan
Jan
4
May
654
Mar
45*
Mar
8**
Jan
Jan
2
Jan.
May
50
Jan
2
35
30
4**
4?*
165
3%
15
4**
165
4?*
5X
17
100
2,800
2,000
6X
3,700
173?*
140
Apr
40
Feb
25*
July
5
Jan
10**
16
July
13
Jan
3?4
Aug
Aug
11**
Feb
36**
Jan
Aug
10**
Jan
15
4**
164
Jan
118**
BeU Tel of Pa 6 ** % pt.100
Cent A South West Utll 50o
Cent States Eleo com
1
1303.
4**
Apr
7**
Aug
17
Jan
19**
Apr
1*050
150
102
Apr
12?*
700
11
Apr
May
May
6
100
Jan
Aug
42
2**
Jan
Jan
3454
23*4
107
Mar
Mar
Jan
1534
234
Jan
Jan
1**
100
May
13*
Aug
Aug
254
1
May
Jan
IX
Mar
35*
5%
Apr
5X
176*4
123**
Aug
Aug
Feb
19**
June
Jan
100
454
15*
May
Apr
1*4
2,700
**
Api
4*4
8
5*
Aug
Feb
203*
May
22
65*
»i«
1,900
1,500
3X
35*
34
"95"
Mar
May
33*
Apr
4%
Jan
24 **
Aug
**
Jan
Apr
34**
1,000
8i«
Jan
July
102
95
98
40
85
Feb
90
91
30
78
Jan
94**
12
4,500
10
Apr
21**
Aug
11**
10**
100
55*
Feb
7
May
"l254
12**
1254
200
9
Apr
Aug
17
May
1554
2354
~~2**
2**
25*
1,900
Aug
45*
1025* 106
3**
3**
575
7
7
106
2**
76
Apr
3
June
17
18
50
17
Aug
52
52
10
48
Feb
400
110
Jan
Jan
Jan
Aug
534
27*4
Mar
Mar
Mar
65*
1067
1**
300
14
"94"
400
7
1055* 107
1**
15*
**
3*
"""130
Jan
61**
1454
90
14
"92"
94
Apr
105*4
Aug
85
Apr
97
June
13**
6?*
July
Aug
9**
Feb
July
325
85
Jan
1093*
1,700
4,COO
1
May
IX
*H
25*
35*
35*
35*
1,400
35*
May
3**
3**
3**
100
3**
5H
Aug
"l3X "l3X
"""25
Jan
25
Jan
io
**
Apr
2*4
July
5
Mar
7
June
14
Mar
3
125
100
Conv pref opt ser '29.100
June
554
Feb
Apr
45*
434
Jan
73*
7**
Jan
Jan
July
"67
"68"
65*
"260
65*
100
zl2
July
Apr
15
110
Cherry-Burred common__5
Chesebrough Mfg.
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach—.4
Apr
130
Jan
62
Jan
79
Feb
Apr
8
Jan
55*
Mining..
**
J*
45*
Jan
500
Aug
58
5
5,200
4**
Aug
48**
51
1,500
43**
3X
Mar
Feb
934
593* June
5** July
30
37
Mar
55
July
130
55
Jan
84
Feb
53**
Jan
81
July
7
45*
45*
50
75
77**
69?*
City Auto Stamping
I*
City A Suburban Homes 10
Clark Controller Co
1
5*
Apr
31
50
Cities Serv P A L $7 pref I*
$0 preferred
*
Jan
43*
26
4
49
Preferred B
Jan
1*4
600
X
73*
Preferred
Jan
25*
15* June
200
4
34
X
sn
33*
7**
100
Cities Service common..10
83* June
IX
1
3
Pipe
4** May
Jan
175*
333* Mar
IX
'lX
100
preferred
Conv preferred
Chief Consol
Feb
16 3*
100
preferred
70
4**
300
60
5**
300
26
4
Feb
Jan
Feb
Jan
43*
16
'""166
16
Jan
53*
Mar
July
2034
13*
33*
Mar
Claude Neon Lights Ino._l
Clayton A Lambert Mfg.
5*
X
400
15**
**
15*
Apr
Cleveland Eleo Ilium
*
Cleveland Tractor com I"
Cllnchfleld Coal Corp. 100
41**
200
34**
Jan
3**
415*
354
800
Aug
65*
Mar
July
2
Mar
Club Alum Utensil Co.
*
Cockahutt Plow Co comll*
2**
25*
300
3*4
13*
25*
Apr
334
734
Mar
5
Cohn A
8**
154
45*
434
July
Rosenberger Inc.*
Colon Development ord_I0% conv preferred
Colorado Fuel A Iron
£1
warr.
Colt's Patent Fire Arms_25
Columbia Gas A Elec—
Conv 5% preferred..100
see page
Apr
July
Jan
75*
25
X
Cent Hud G A E com
*
Cent Maine Pow 7% p2100
98
2*4
39
4?*
Apr
July
June
»i«
*
Jan
200
7% 1st pref vto
100
Beaunlt Mills Ino com..10
$1.50 conv pref
20
Apr
106**
1**
Celluloid Corp common. 15
$7 dlv preferred
*
Aug
55*
5?*
4**
1,400
10
10
96**
200
12
Carolina P A L $7 pref.—*
$0 preferred
•
_♦
Jan
5X
Basic Dolomite Inc com—1
Bath Iron Works Corp
1
20
15*
1
00m
Products
Apr
14** May
18
"21** "§2k
106
12**
*
Mar
4**
55*
*84
63
oommon
5**
1,400
Apr
100
*6 4
*
Feb
75*
Jan
200
Class B
X
35*
95 X
55*
78**
45*
90
112
Apr
16** June
Apr
2
Baldwin Rubber Co com.l
Bardstown Distill Ino
1
21**
106**
Preferred BB
30
45*
7**
*
Apr
Aug
\X
400
7
14
Cndn Colonial Airways
1
Canadian Indus Alcohol A*
Canadian Marconi
1
Apr
Apr
Apr
Aug
1,700
1,000
4
28
27 H
Capital City Products.—•
Carlb Syndicate
25c
234
4?*
Jan
June
1J*
Feb
Mar
50c
700
Feb
23**
7*4
30
35*
7**
Corp Am dep rets..
IX
80**
15
14**
300
50
Apr
Jan
Apr
13
Baldwin Locomotive—
Purcb warrants for com.
900
15*
Chllds Co preferred
Atrshire Patoka Collieries 1
Babcock A Wilcox Co....*
4**
85*
4X
20
5
35*
25
For footnotes
4**
1
com
Bruce (E L) Co com
July
100
BeUanca Aircraft com
BeU Tel of Canada
8
Brown For man Distillery. 1
$0 preferred
*
33*
200
com
"is
*
2,300
1,700
7**
Corp
pref
3**
6**
7% preferred..
29**
Burry Biscuit Cor p.. 12 **c
Cable Elec Prod com...50c
4,300
15*
Class A
Jan
54
38
4X
22*4 June
17**
7 J*
IX
Aug
Aug
Apr
6
1
1**
Am dep 6**% pref shs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
25
10
Mar
1,100
Am dep rets ord reg_._£l
British Celanese Ltd—
Feb
Awy (B F)__
Class A common
1?4
Jan
1
Automatic Voting Mach..*
Aviation A Trans Corp
axton-Flsher Tobacco—
Jan
Aug
Feb
66
7i«
2X
X
X
24
**
200
2X
June
100
Aug
3,300
2X
Warrants
IX
**
25*
19**
20**
3*
IX
xw
Mar
**
**
1**
Cables A Wireless Ltd—
~~3X ~~3X
6
77
Jan
300
Jan
800
w w
May
7*4
19**
Apr
'i«
0% preferred
<i% preferred
68
Aug
19**
June
*18
5
25*
dep rets ord bearer£l
Am
7
55
17
"iX
Jan
'2"500
Mar
June
754
1
Automatic Products
""2** "Ik
June
Burma
5*
ex
11?*
"2**
Jan
22J*
9
"~2X ~~2X
"is"
Jan
32
32
22*4
70
9
»ie
6
com
Feb
12**
British Amer Tobacco—
Jan
Atlantic Coast Lino Co..60
Forge
Mar
11*4
Aug
32 54
Jan
&
Atlas Plywood Corp
125*
May
Apr
15
1w Aug
2** May
1
Aug
3?4
4**
Apr
Feb
*64
Atlantic Rayon Corp
Atlas Corp warrants
65*
5,600
Aug
Apr
9434
63
1,500
2,300
19**
45*
Assoo laundries of Amer.*
Assoc Tel A Tel class A._*
100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries-.*
Jan
20**
6J*
4X
Option warrants
Jan
5X
200
Apr
ht
65*
24**
Aug
20
200
454
454
I
Class A
Aug
13*
Bunker H1U & Sullivan 2.50
Assoc Gas A Elec—
$5 preferred
6
200
19**
Buff Nlag A East Pr pref 25
$5 1st preferred
*
Industrie*
£1
Jan
f00
15*
75*
4**
6X
*
....
Jan
Aug
3
8*4
1*4
*
Class A
June
Mar
Jan
Aug
6
British Amer Oil coupon.. •
18
1**
1454 May
5*4 July
3**
5*
100
1334 June
18
32**
Jan
10
400
32
29
Apr
*
Amer deposit rets
50
4**
54
Feb
June
Jan
2,200
854
1
54
4
20
Apr
Apr
Apr
Aug
Jan
Jan
Apr
95*
Apr
**
Jan
215*
Buckeye Pipe Line
Mar
9
50
34** June
20**
*
10
1054
Jan
Apr
Apr
100
55*
110** 11054
234
July
Aug
600
.....
"
Jan
800
67
334
... ..
Arkansas Nat Gas com...*
Common class A
Assoc Breweries of Can
29
Jan
54
1
Amer Seal-Rap com
Jan
25**
93*
100
Amer Meter Co
Ashland Oil A Ref Co
4J*
July
•
12
Brown Fence A Wire com.l
3%
13*
42**
26
Mar
Jan
Apr
12
40**
116
Aug
1**
fBrown Co 6% pref...100
31
Jan
20 X
26
preferred
Jan
111
17*4
Apr
100
7%
Feb
375
Apr
Brlllo Mfg Co common...*
ii*
5,700
Amer Maracalbo Co
Preferred
*
Jan
Aug
8
X
Am dep rets ord re«..10s
British Col Power cl A
*
27
0%
Preferred
Class A
8
4?*
135*
7
*
July
Aug
Apr
Apr
Aug
May
June
75
100
30
24
Amer Laundry Maoy_..20
Amer Lt A Trao com...25
Atlas Drop
Preferred
28**
•u June
40
Bright Star Eleo class B_.*
Aug
7X
29?*
*
com
Atlanta Birmingham
Coast RR Co pref
*
34*4
8**
1
Eleo
Bridgeport Machine
Apr
35*
Amer Hard Rubber Co..50
200
2,200
Bridgeport Gas Light Co.*
Aug
Jan
Jan
Mar
1,100
12
4**
65*
35*
35**
800
1
$2.60 preferred
•i«
12
X
4**
Jan
25*
Jan
Mar
23*
5*4
IX June
Apr
Apr
lb'200
*4
17
175*
65*
354
185*
1,800
"~?AX ~27X
Aug
Aug
Jan
4**
1
25**
800
454
934
19**
1
Aeronautical...]
Corp
22
32
Amer Cyanamld class A.10
Associated
Breeze
27
Class A with warrants.25
Amer Invest of 111
100
preferred
♦
Brazilian Tr Lt A Pow.— *
Registered
25
Class A
Class B
7% 1st preferred
2d
Brewster
834
(S) A Co..
Brill Corp class B
Class A common
54
13
34
*
Bowman-Btltmore com
2,100
1,150
154
454
8%
*
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
111
Amer Box Board Co com.l
Am
1
Jan
18** June
48 3*
Apr
Aug
Blrdsboro Steel Foundry
Mar
Mar
200
5
115
1**
14**
Blue Ridge Corp com..—1
$3 opt conv pref
*
3
1454
Jan
5*
45
z34
Aug
14
14**
High
Jan
27
900
pref
985*
104
X
A Machine Co com
May
25
44
X
Bliss (E W) common
Bliss A Laughlln com
103
American Beverage com__l
44
Jan
115
Aluminum Goods Mfg—*
Aluminum Industries com*
Aluminum
conv
Jan
7X
Low
16
Jan
18
17
100
6% preference
$2.50
Range Since Jan. 1, 1939
Shares
hs
•
Aug
8**
25
Price
warrants...
IX
X
Allied Products com....10
com
Jan
Purchase
Bickfords Inc com
62**
*
pref
25*
Weel
Berkey A Gay Furniture. 1
72**
Allied Internat Invest com*
conv
Jan
for
of Prices
Low
High
com.—*
*
X
—*
$6 preferred........—*
AUes A Fisher Inc com. .*
Alliance Invest com
*
Ala Power $7 pref
Class A conv
June
13**
-
...
Alabama Gt Southern..60
$3
Benson A Hedges
Conv pref
Aero Supply Mfg—
Class
Par
Weel's Range
Sale
(Continued)
High
250
Sales
Friday
Last
STOCKS
4**
8**
"166
IX
700
45*
45*
Aug
Jan
X42
Jan
Jan
June
Mar
73*
Jan
9
Aug
4
100
154
4*4
Feb
434
800
4
9
70
Apr
Apr
94**
55 X
Jan
7454 May
Jan
Aug
Jan
Jan
Volume
New York Curb
149
Week's Range
Last
STOCKS
Sals
(Continued)
Par
Columbia Oil A Gas
of Prices
High
Low
Price
l
Exchange—Continued—Page 2
23*
23*
2%
1,1939
Range Since Jan.
for
23*
2,100
Apr
Jan
11
Commonw Dlstrlbut
32
33
Jan
Aug
Am dep rets ord reg
£1
Ford Motor of Can cl A—•
Class B
•
Aug
14
hi
Apr
2,300
Community Pub Service 25
13*
550
253*
July
40J*
Aug
175
24
Apr
293*
June
3*
Jan
32
333*
26
"32 H
Community P A L $6 pref *
May
400
26
27
Community Water 8erv_.l
1
Apr
163*
Jan
133*
700
16
15
37
Aug
37
*
1
Consol Biscuit Co
Consol Copper Mines
53*
53*
Consol GELP Bait com *
793*
763*
"1H
1
*
Jan
General Alloys Co
Jan
Mar
98
Aug
3M
23*
400
IX
800
13*
Jan
43*
2,800
3
Apr
100
84
Jan
92
13*
13*
Feb
Feb
Mar
he
Mar
Jan
9
Jan
20
Mar
2
17 X
X
33*
103*
June
Apr
2,000
%
Aug
400
X
13*
June
13*
63*
1SX
43*
X
Mar
Mar
90
Aug
Aug
73*
23?*
July
93*
3*
Jan
43*
Apr
163*
June
43*
Aug
900
3*
Apr
200
33*
23*
100
"'loo
Jan
July
13* June
123*
800
X
53*
143*
Apr
4
2,500
10x
553*
Mar
X
1,700
500
9
Aug
70
20
74
13*
83*
""260
200
14
Jan
Mar
3*
Feb
Jan
Jan
May
Jan
1103*
Aug
73*
Feb
July
73*
Jan
Jan
183*
173*
33*
143*
600
153*
100
143*
300
28 3*
293*
200
1
63*
TX
43*
IX
83*
Grocery Sts Prod com.-25c
Grumman Aircraft Engr.l
Aug
Jau
1
Aug
23*
23*
Jan
Hall Lamp Co
Jan
Haloid Co
313*
29J*
Jan
27
10
Mar
Hartford Rayon v t c
Jan
28
July
Hartman Tobacco
Co
Harvard Brewing
Co
Apr
Apr
13*
Mar
203*
33*
Apr
Apr
53*
Aug
213*
63*
93*
Feb
Aug
Mar
26J*
Aug
Hat Corp oi
1
5X
1,600
Dobeckmun Co common. 1
Dominion Bridge Co
93*
500
8
Aug
123*
10
143*
100
1053* 105}*
10
IX
643*
X
2X
53*
8%
200
53*
"7%
73*
Hecla Mining Co
64
May
5
July
22 X
203*
Apr
10
Apr
733*
203*
1053*
Mar
Jan
Aug
...*
100
preferred
13*
1053*
Aug
13*
Apr
1X
Mar
Jan
723*
Aug
103*
""uu
*
IX
233*
115*
S6 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Elsler Electric Corp
1
Elec Bond A Share com..6
preferred
preferred
Elec P A L 2d pref A
._.*
»
*
July
2
Jan
Aug
53*
Jan
Hoe (R)
400
3,800
5
Mar
73*
Apr
600
1
Apr
1,350
16
June
2,310
7
Jan
143*
59
69
Jan
%
Elgin Nat Watch Co
15
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
preferred.......100
63*% preferred
100
7% preferred
.100
8% preferred
100
Empire Power part stock. *
10
he June
Jan
43*
173*
July
Mar
Hummel-Ross Fibre Corp
Mar
1
Jan
84,800
63*
Apr
12J*
3,400
503*
Apr
Apr
143* June
65
4,400
59
723*
Mar
293*
Jan
33*
103*
X
500
3
200
10
800
X
203*
75
183*
67
100
58
59
70
2
Jan
Feb
Jan
213*
Mar
5% conv
Jan
71
June
513*
Feb
71
Mar
"563*
57
57
10
56
Feb
71
Mar
593*
563*
60
100
52
Feb
73
Mar
50
54 3*
Feb
74
Mar
26
50
213*
Feb
273*
593*
Aug
Apr
103*
Apr
X
Jan
253*
200
233*
Apr
283*
Mar
53*
2,200
83*
Jan
25
243*,
43*
1
Eureka Pipe Line com..60
50
33* Aug
153* June
X
700
h# May
103*
2,200
17
17
6
20
Jan
Jan
he
warrants
1
93*
93*
7
7
200
63*
193*
63*
*
400
63*
200
43*
300
5
63*
183*
""200
]
(PhUa.).l
Flsk Rubber Corp
10
preferred
143*
7
9X
"73 X
For footnotes see page 1303.
83*
62
93*
83
100
*
2,000
Vs
62
Fire Association
83
723*
753*
20
7,100
25
650
hi
Jan
83*
243*
June
Jan
Jan
83*
Mar
Aug
Aug
16
Feb
Aug
Apr
May
35
18
1
Flat Amer dep rights
36
7
233*
Fed Compress A W'house25
Florida P A L 37 pref
93*
193*
Fanny Farmer Candy coml
Fldello Brewery
13*
73*
7
Jan
35
May
Apr
22
Mar
July
Jan
103*
X
May
Apr
68
Mar
May
he
56
63*
July
98
Aug
Jan
83
July
3.000
""200
33*
Apr
7
Jan
28
Feb
37
Feb
53*
33*
213*
Apr
6
Apr
123*
Mar
71
Apr
90
Mar
503*
Apr
783*
Aug
Apr
Apr
Aug
53*
Jan
53*
May
Feb
33
Jan
11
June
983*
Feb
Mar
hi
Feb
July
Jan
2X
83*
93*
400
18
Jan
July
24
July
5
Apr
Aug
700
83*
Apr
475
69 3*
Jan
119
June
Mar
132
May
373*
43*
373*
53*
100
Apr
39
Feb
700
43*
Aug
13*
13*
1,000
13*
Apr
13
14
303*
313*
1083* 1083*
1113* 1113*
'"23* ""2k
14
1
1,000
4,100
10
90
""600
100
33
Aug
13
123*
Feb
73*
23*
Jan
223*
3*
293*
953*
Apr
40
1033*
43*
13*
Jan
Jan
Jan
Feb
Jan
July
Apr
1093*
Jan
1123*
Aug
July
5
July
83*
Apr
Jan
Apr
4
Mar
Jan
65
Mar
3*
100
Tx "lx
"500
273*
2 3*
100
X*
Mar
33*
143*
Aug
July
Jan
Jan
13*
5*
Apr
13* May
July
4
"23*
23*
113*
Jan
Mar
23
Mar
21
Apr
36
Mar
Jan
53*
Jan
223*
Jan
93*
43* July
83* June
600
23*
Aug
150
Aug
63*
Mar
400
8
8
150
63*
Apr
8
8
100
63*
Apr
93*
Jan
233*
Apr
Jan
7
Mar
283*
263*
103*
413*
Aug
24
"ek
U3*
63*
33*
63*
33*
123*
63*
33*
1,900
Aug
Feb
93*
100
Z383* 2383*
100
30
Apr
50
45
Mar
93*
46
46
143*
43*
600
33*
Apr
133*
143*
900
12
43*
12
100
133*
93*
43*
Jan
July
Feb
Feb
50
Jan
Aug
83*
153*
July
Apr
133*
June
Mar
8
73*
1123*
35
1123* 1123*
725
40
Jan
123*
Apr
26
Aug
23*
333*
July
113*
233*
"523* "53k
May
3
Mar
333*
1083*
93*
Aug
393*
Jan
Apr
1123*
Aug
Apr
12
Teoo
52 3*
Aug
3
500
693*
Jan
53*
Mar
Aug
Apr
Apr
53*
83*
Mar
Jan
3
23*
23*
93*
he
150
13*
243*
13*
27
800
Aug
13*
Apr
203*
143*
3*
Jan
93* June
Jan
9
43*
23*
Apr
31
23*
143*
Apr
Apr
25
1,900
33*
Mar
63*
513* May
53*
Apr
133* Aug
573*
100
143*
300
63*
200
143*
143*
163*
1,000
53*
100
Mar
Jan
July
20
600
63*
133*
143*
163*
193*
Jan
12
250
4
203*
5
33*
July
Feb
2,100
43*
Chem Indus..£1
Imperial Oil (Can) coup..*
Registered
*
Imperial Tobacco 01 Can.5
Imperial Tobacco 01 Great
Britain A Ireland
£1
43*
Jan
Feb
Feb
Aug
73* June
Feb
17
113*
"1083*
12
1083*
40
25
Ulum Oil—
class A.l
163*
Mar
15
Aug
Apr
163*
July
28
53*
Line——10
pf-100
7% preferred
-100
Indpls P A L fl 3* % Pf-100
Indiana Pipe
Indiana Service 6%
Apr
32
53* May
53* May
53*
Apr
1003*
Apr
"11
Apr
1
X
Mar
common.———1
7% preferred
100
insurance Co of No Am. 10
International Cigar Mach *
Internat Hydro Eleo—
Pref 53.50 series
60
hi
Apr
83*
Apr
New non-voting
B
83*
23
Imperial
New class
Jan
63*
953* 103
273*
6
*
preferred..—60
Indian Ter
European Electric Corp—
Ferro Enamel Corp
33*
7
1
Dlv arrear ctfs
53
26
57
39
Jan
63
Hydrade Food Prod
6
Hygrade Sylvanla Corp.."
Illinois Iowa Power Co...
Jan
Aug
3*
5
33*
stamped—100
13*
2,600
Metallurgical
7% pre I
53*
7i«
Fedders Mfg Co
10
7% pref unstamped..100
Hydro Electric Securities.*
143*
71»
1
33
Illuminating Shares A—. *
58
Jan
79>*
Common
Jan
Equity Corp common..10c
S3 conv pref
...1
Fansteel
Hussmann-Llgonler Co
Aug
Apr
300
Falstaff Brewing
100
14
Humble Oil A Ref......
Mar
73*
Fair child Aviation
33*
Apr
31
jHuylers of Del Inc—
23* June
143*
Apr
73*
Option
750
1
*
5% preferred
..100
Hub bell (Harvey) Inc
5
193*
10
150
33*
103*
X
C) Co com
Jan
Equip..5
Esquire Inc
23*
Horn A Hardart
Feb
900
1,400
Horn (A
13*
200
8%
59
69
Jan
193*
33*
7%
523*
623*
Aug
A Co class A—10
Holllnger Consol G M—6
Holophane Co common..*
Holt (Henry) A Co cl A..*
Horder's Ino
*
Hormel (Geo A) A Co com*
Apr
Aug
17
13*
65
103*
6%
133*
Apr
103*
Jan
Aug
Apr
20
1
..1
Electrol Inc v t o
1J*
27
6
"""166
75
131
25c
*
*
He'ler Co common
2
Preferred w w
25
Preferred ex-war
25
Hewitt Rubber common..5
3*
33*
1
85*
33*
warrants
Electrographlc Corp
33*
303*
Class A
23*
163*
■; 10
11
.....
"16
13
11
$7 preferred series A...*
14
Helena Rubensteln
300
Eastern Malleable Iron..25
Eastern States Corp
"25
973*
943*
1243*
4'3*
13*
Haverty Furniture cv
Hazeltlne Corp
300
64
53*
113*
73*
83*
Hey den Chemical
10
Hires (Chas E) Co cl A—*
25
East Gas A Fuel Assoc—
prior preferred. 100
"363* "363*
Am cl B com.l
Jan
Jan
July
62
Corp
25
1
*
1
Jan
x39
5
2X
Aug
Aug
13*
pfd.*
*
Hearn Dept Store com...6
6% conv preferred—50
60
.
Dominion Tar & Chemical*
Emsco Derrick A
Hartford Elec Light
Jan
Mar
Distillers Co Ltd—
1
*
1033*
Feb
23*
20
5
14
50
13*
Durham Hosiery cl B com *
Jan
Hamilton Bridge Co com
—*
10
13*
Jan
g53*
Gypsum Lime & Alabast."
24
643*
X
26
pref
13*
Distilled Liquors Corp...5
Option
Oil
June
10
64 X
523*
91
preferred
1
10
36
56
"""900
Apr
100
82
Apr
3*
13*
July
S5
Corp
Gulf States Utll 55.50
X
—100
Apr
Guardian Investors
Gulf
183*
Dublller Condenser Corp.!
3X
97
Aug
7%
Apr
200
143*
•
Non-vot com stock
Aug
200
10
Apr
13*
Gray Manufacturing Co. 10
Great Atl <fc Pac Tea—
93*
173*
X
8
13*
623*
*
Grand Rapids Varnish..
36
13*
Dominion Steel A Coal B 25
700
May
133* June
Jan
213*
4X
July
10
Apr
3*
53*
Mar
1
$3 preferred
Gorham Mfg com
:
203*
Am dep rets ord reg..£l
Dlvco-Twln Truck oom__l
52
Apr
65
25
May
1
27
Apr
X
100
23*
Detroit Steel Products...*
7% preferred
333*
Jan
hi
*11
1st preferred
Feb
300
Diamond Shoe Corp com
75
50
13*
"53* ""53*
Greenfield Tap A Die—
63*
Jan
Jan
July
*
Gt Northern Paper
Aug
7
200
523*
Mines.
133*
83*
July
Jan
*11 June
623*
A.*
preferred
July
13*
Apr
353* June
100
1
De Vllblss Co com
Mar
Apr
Apr
Mar
66
40
10
33*
Mar
303*
83*
43*
100
13*
Apr
5
2,100
43*
63*
9
233*
57
Gorham Inc class A
10
Aug
4
143*
Jan
Jan
20
35
76
33
*
July
Apr
Feb
2 3*
3X
153*
133*
Jan
11
423*
300
683*
Gilchrist Co.
Goldfield Consol
7
50
*
15 preferred—
July
100
363*
943*
Gilbert (A C) common—
Preferred..
July
100
463*
Mar
85
4
*
preferred
11
2X
48X
1,400
$3
Apr
Apr
47 X
19
1033* 103 3*
Georgia Power S8 pre!..
Godchaux Sugars class
Class B
he
Aug
700
13*
6% preferred A
100
Gen Water G A E com—1
Glen Alden Coal
18
Jan
143*
51
76
Jan
Jan
2
12 3*
34 3*
1
Feb
IX
July
300
68
$6 conv pref w w
3
Aug
95
X
17
3*
Common
3
9X
23*
463*
Det Mich Stove Co com_.l
6%
Aug
July
200
Gen Telephone $3 pref...
General Tire A Rubber—
May
13*
9
3*
General Shareholders Corp-
Mar
900
1
Common
Mar
143*
Gen Rayon Co A stock..
Jan
Aug
Eagle Plcher Lead
16
463*
Jan
Apr
6
Duval Texas Sulphur
Jan
Apr
»«e
43*
153*
July
108
Duro-Test Corp com
Mar
;.
400
"l"
4 X %
56 preferred
Warrants
5X
6% pref w w
20
Detroit Gray Iron Fdy.-.l
...
83
X
Gen Outdoor Adv 6% DllOO
Gen Pub Serv S6 pref...
93*
11
hi
Stores
1
Derby Oil & Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg
1
7% preferred.
Apr
Mar
50
Gen Gasfc B16% prefB..*
Apr
Jan
35
Duke Power Co
43
General Investment com.l
5
Driver Harris Co
Jan
12
143*
Aug
9
Dejay
Draper
34
523*
Jan
100
.
3*
83*
523*
14
——*
Dominion Textile Co.
29
140
95
92
Amer dep rets ord reg.£l
Gen Fire proofing com
•
Aug
63*
95
43*
563*
Detroit Paper Prod
100
•
43*
X
t c.*
Decca Records com
preferred
500
103*
_♦
_._10
...
5%
""800
26
A
Jan
123*
93*
"lx "lx
Darby/Petroleum com...5
Daveajport Hosiery Mills. •
Class
Mar
173*
75
Gen Electric Co Ltd—
3 3*
25c
Dayton Rubber Mfg
26
18
Gatlneau Power Co oom.»
6
2
Crown Cork Internat A..*
preferred
July
Aug
15
pref.*
60
4X
1
Crowley, MUner A Co—*
Crown Cent Petrol (Met).6
63*%
May
v
Apr
'"x
Croft Brewing Co
Curtis Mfg Co (Mo)
July
203*
50
June
Apr
63*
'ir
6
Cuneo Press Inc
193*
Feb
38
3*
70
1X
£1
com v
Jan
15
38
c
Mar
17
4% conv pref erred ...100
Ga mew ell Co S6
93*
10
Jan
1163*
Mar
550
83*
Aug
843*
1213* June
43*
2,500
Apr
x37X
IX
*
preferred
18
183*
125
200
"3H ~~3H
Creole Petroleum
6%
173*
21
Jan
33* June
83
173*
183*
5
Crocker Wheeler Elec
Cuban Tobacco
Mar
93*
60
Crystal Oil Ref com
Mar
63*
Tax "lx
Cosden Petroleum com—1
Preferred
May
1
stook
conv
3,700
%
Crown Drug Co com
2
15
1
1
13X
Courtaulds Ltd
Mar
Jan
15
41
5
preferred A
13*
103*
21
3*
*
*
*
6% conv preferred
partic pref
118
118
Cornucopia Gold Mines.5c
Corroon <fc Reynolds—
Common
1
J6
Jan
*
71
1 500
•
Copper Range Co
Copper weld Steel
Cont
Fuller (Geo A) Co com
40
91X
*
preferred
Jan
23
S3
of Mex.-l
$3 prior preference
23
Aug
Feb
IX
Cont Roll & Steel Fdy—*
$4
Apr
173*
63*
4
Cont G & E 7% prior pf 100
Cooper Bessemer com
163*
125
Aug
86
Consol Royalty Oil
10
Consol Steel Corp com—*
Cook Paint <fc Varnish
800
3,000
18
43*
7,800
100
Continental Oil
33*
183*
18
1
»u
.....
Consol Mln A Smelt Ltd.6
preferred
Jan
33*
b
40 H
43*% series B pref—100
1
Consol Gas Utilities
8%
53*
82
High
173*
17>*
33*
18
33*
6
Consol Retail Stores..
Low
Amer dep rets... 100 Ires
Fox (Peter) Brew Co
Fruehauf Trailer Co
Conn Gas & Coke Secur..*
13 preferred
Range Since Jan. 1, 1939
for
Week
Shares
Froedtert Grain A Malt—
Common
Com do Shoe Mach—
V t c ext to 1946
of Prices
High
Low
Ford Motor of France—
"l#
IX
1X
Price
Ford Motor Co Ltd—
he June
1
Sale
Par
Jan
43*
Week's Range
Last
High
Low
Commonwealth A Southern
X
STOCKS
(Continued)
Week
Shares
Columbia Pictures Corp..*
Warrants
1299
Sales
Friday
Sales
Friday
Feb
Jan
7
153*
June
17
June
1093*
July
13*
Apr
13* May
Industrial Finance—
59
Apr
203*
Apr
X Aug
123* Aug
713* June
243* Mar
Apr
213*
V t c
A stock
purch warrants.
Inc.
1
Iutl Industries
75
10
113*
633*
623*
68
163*
16
173*
2,200
12
"2
"2X
900
2
850
hi
.....
Mar
Mar
3*
Jan
Mar
43*
Jan
New York Curb Exchange—Continued—Page 3
1300
Salet
I
Last
Week's Range
of Prion
Lotc
High
Week
price
Low
Internat Metal Indus A
Internal Paper A Pow warr
IK
17%
1%
19
Registered
17 H
3K
17%
International Products—
6%
Mar
4K
IK
Aug
4,400
17 K
Aug
27 K
Jan
Jan
300
17%
Aug
27
Jan
300
2 K
Apr
Internat riaiety Razor B_
K
Mar
OK
4K
Apr
July
K
Feb
International Utility—
Class A
6K
Interstate Hosiery Mills—*
10
Mar
11H
4K
6
Apr
7N
Aug
Mountain Producers
5
5 K
1,000
Apr
14 N
Mar
Apr
7K
Aug
1,700
150
15
16%
17
500
2K
2%
2,000
IK
IK
IOC
1K June
125
Jan
Kennedy's Inc
89 K
97
90
98
120
1C2% 102 K
21
19 K
21%
30
1,400
4 K
7
14%
Mar
21N
Jan
Apr
*!•
Mar
2K
Apr
4N
2N
07K
78
Jan
86 K
Jan
17
Apr
Feb
4
6
30
85
K
56
38
2
2K
K
June
22
IN
1,500
2 K
July
6N
Apr
9
Feb
MOO
1%
2%
30
118N May
Apr
K
85
Jan
111
Apr
Jan
Mar
Aug
K
Jao
15%
9
Apr
10
Kobacker Stores Inc
Koppers Co 6% pref-.-100
"61% "(52%
"90
54
Feb
45
61%
Mar
Mar
Jan
73
Jan
Kresge Dept Stores
4% conv 1st pref.—100
Kress (8 H) special pref-10
Kreuger Brewing Co
1
Lackawanna RR (N J)-100
Lake Shores Mines Ltd—1
5K
5K
300
38
~35K ~39K
37
Lakey Foundry A Macb.l
2,700)
2H
OK
9K
9K
2
200
9K
32 N
1,900
8K
25
Lane Bryant 7% pref—100
Lane Wells Co com
11N
4N
57
1
9%
8K
Jan
47%
July
13
Aug
7
Apr
Jan
July
51%
Mar
Mar
60%
Jan
3%
July
Apr
Jan
Aug
65
Feb
11%
Apr
Langeudorf Utd Bakeries—
...
Lefoourt Realty common.1
Conv preferred
IK
2N
2,700
7N June
IN June
Jl«
300
•u June
29
1%
29%
20C
22
Apr
*34
May
10 K
8
Apr
15
Jan
Mar
17
Feb
July
23
Feb
Develop.—26
15"
10 %
450
12
10 %
Llpton (Thos J) class A—1
B
Apr
17% May
May
K July
11
*16
Lehigh Coal A Nav
6% preferred
—26
Lit Brothers common..—*
Loblaw Groceterias cl A—*
Aug
200
K
—
Le Tourneau (R G) Ino—1
Line Material Co
6
Apr
9N
N
12
400
19
19
IK
'
IK
100
20C
*
UK
17N
IN
Apr
23 N May
22
Locke Steel Chain....
6
11
ION
12N
450
Lockheed Aircraft
1
20
18%
22N
Lone Star Gas Corp
*
8K
8N
8K
16,400
2,500
•
IK
IN
IN
37 K
32 K
IN
Jan
22
Apr
13%
36%
Mar
7N
Apr
9%
Jan
Apr
1%
Jan
Feb
Island Lighting—
3l"
»
IK
Louisiana Land A Explor.l
Louisiana P A L $6 prel—*
4
4N
31
1
IN
24N
2N
3%
3K
*
N Y Auction Co com
7N
N Y City Omnibus
18
%
100
Jan
Jan
2%
%
Mar
19
2%
31%
Apr
Mar
Mar
June
Aug
Feb
26%
Aug
Feb
6%
May
14%
2%
Aug
1,100
July
17
Mar
5
Jan
"266
400
Feb
3%
Aug
7%
Jan
14%
Apr
19%
Aug
2%
June
8N
1,600
300
500
400
3N
300
May
55 K
July
1
Apr
2N
Jan
7%
Aug
125
3K
"3*
"3N
"l,2 00
N
14
100
N
N
IK
IN
100
36
10
36
June
5
July
Apr
Apr
Aug
3
1,000
IN
l
Jan
150 K
Jan
Apr
3%
100
66 N
62
17
Jan
3%
%
K
5N
28
58
1
Apr
Feb
Jan
Mar
6N
Jan
N
Jan
May
Apr
Aug
20 N
77
Jan
K
"166
*
3
3N
400
N
2,200
N
9
Class B
common—
Class A preferred
Nlles-Beme nt- Pond—
io
Midwest Piping A Sup...*
Mining Corp of Canada..*
Minnesota Min A Mfg...*
6N
7
54
Nlplsslng Mines
% Aug
K June
5% June
51
IK
68 K
78%
2%
N
Jan
1
22%
7% preferred
Northern Pipe Line
Northern Sts Pow cl A
100
25
18
70
104
3%
25
Northwest Engineering—*
Novadel-Agene Corp....*
Ohio Brass Co cl B com..
Ohio Edison $8 pref
2%
Apr
3N
Feb
Jan
17
Aug
350
90%
Aug
109
Jan
K
Apr
Aug
100
500
OK
Mar
1,050
37
Jan
Apr
Jan
3%
Feb
IN
8N
12
Jan
8%
conv
Jan
Aug
14
Mar
900
46%
Apr
62%
Jan
IK
1.000
1%
57%
1%
Jan
Apr
80
Jan
July
27
Jan
Apr
2
Jan
Apr
26
Feb
20
July
29
June
Jan
9
Mar
69
200
23
250
Jan
113% June
99
Apr
106
Apr
4%
19
June
100
4
Jan
13%
4%
20
16
Apr
24
Aug
9%
91%
Mar
Mar
Jan
Mar
6%
9,800
5%
Apr
88
76%
150
*77%
Apr
Apr
Mar
1%
200
1%
July
2
4%
500
3%
Apr
Mar!
6%
92
Aug
"bl"
"760
41%
Apr
64%
Mar
8%
200
6%
Apr
9%
1%
5%
Aug
6
30
66
87
50 K
"49"
8K
1%
IK
1%
1,100
3%
4%
1,300
1
1%
400
1%
82
Jan
hi
Feb
Jan
K
IN
Jan
July
Aug
Jan
14%
42%
June
May
48
%
Apr
1%
Jan
100
2%
Aug
4
Feb
53
200
13%
Apr
17%
400
46
Mar
July
Jan
Feb
Aug
K
2%
*16
400
hi
Apr
100
Aug
Io 3% 104"
""56
87%
Apr
107
4%
Feb
6
Aug
May
2%
Jlfl
81
104
%
Jan
Feb
12%
4,500
6%
Apr
13%
Aug
14%
11
"32k
15%
200
14%
Aug
20%
Mar
32%
35
600
24
Apr
35% June
10%
17
105% 106%
"90 "
90
96
225
16
Apr
26
Jan
125
97%
June
90
Apr
Aug
108
200
112%
Jan
112% 112%
112% 113%
60
111%
Feb
115
June
40
104%
Jan
115
Aug
Apr
105%
9%
July
Apr
13%
16%
1,200
Apr
17%
July
44
45%
200
35
Apr
49
July
111% 111%
1%
1%
96%
Apr
112
June
97
50
8%
8%
1,300
1
Apr
8%
8%
200
5
Jan
31%
34%
700
31%
30
30
100
28%
87%
87%
10
68%
5%
20
Jan
99
IK
Jan
2%
8
20
20
200
4%
4%
14,100
12 K
12%
12%
100
9%
200
9
9
4%
3%
11
8%
15
Peninsular Telephone com*
35
Class B
7% A pref
Feb
30
400
17%
4K
Parkereburg Rig A Reel—1
Mar
100
60
K
*
Jan
Apr
Mar
1%
65%
22%
21%
Page-Herehey Tubes com. ♦
Pantepec Oil of VenezuelaAmerican shares
Aug
16%
1st pf.25
5K% 1st preferred...25
Paramount Motors Corp.l
Parker Pen Co
10
Aug
3%
.
45
Pacific PA L 7% pre!.. 100
Pacific Public Serv
*
59 N
94
6N
Jan
4%
prior pref..100
Mar
May
Aug
Aug
8
10%
Patchogue-PlymouthMills*
Pender (D) Grocery A
116
120
700
*
Aug
Mar
Aug
*
ION
Mar
15
78%
Aug
24% June
107
16
Paclilc Can Co common
Apr
40
60
4%
*
Overseas Securities
Mar
Mar
"*30
19
Pacific G A E 6%
Mar
Apr
Apr
400
Aug
June
6
1
1
Feb
Apr
Feb
Aug
Aug
10 K
54%
4
10
Omar, Inc
Aug
Aug
1
3%
July
112"
112"
Nor European Oil com
1
Nor Ind Pub 8er 0% pf-100
Oldetyme Distillers...... l
«n
50%
84%
5%
6%
Jan
May
116
Jan
103% 104%
8% prior preferred
60
No Am Utility Securities-*
Nor Central Texas Oil.—6
Jan
5M
Apr
Apr
x7K
57%
16%
Jan
Jan
Jan
Mar
1%
"4
2N
July
Jan
June
24
5
8
*ii
115
1393
54 K
$6 preferred
♦
North Amer Rayon cl A—♦
Class B common
*
8
8
500
32%
111% 111%
100
64%
150
29%
100
10
7%
29
111%
Apr
Jan
Jan
1%
9% June
4%
Mar
Apr
9%
Mar
Apr
July
Jan
35%
31%
Jan
91%
July
Apr
7%
Mar
22%
101%
July
7%
4%
Jan
July
Apr
Mar
Apr
16
July
Mar
Jan
Apr
14
Mar
Mar
20
Mar
Apr
43
Aug
Apr
12
Jan
34% June
Feb
113
July
Apr
38
July
Jan
65
July
Aug
Penn Edison Co—
$2.80 preferred
see page
*
Nor Amer Lt A Power—
Common
$5 preferred
Penn Gas A Elec class A
For footnotes
10 K
HundredCorp B 1
Jan
80
Missouri Pub Serv com..*
35
24
Oklahoma Nat Gas com.15
$3 preferred
50
1% June
49 N
800
6% 1st preferred
100
Oiietocks Ltd common.—6
12
Minnesota P A L 7% pf 100
Mis* River Power pref.100
m~~io
41 %
100
Nineteen
Feb
12
Midwest Oil Co
102*
ii3k
116% 117 K
.6
July
5K
*
3
Jan
hi
37
100
93
%
Niagara Share-
$1.301st preferred
N
Mar
1%
95
Apr
3
90 N
Feb
11%
Ohio P S 7 % 1st pref —100
Aug
5,000
*
Aug
55
76
May
K
5%
9
50c
10%
11
825
87%
May.
3
7N
3
12 conv pref
—*
Midland Steel Products—
Jan
500
1%
15%
300
OK
N
2%
io
Middle States Petrol-
...*'
2%
14%
76
Apr
300
%
8%
Apr
Apr
74
87 K
Apr
600
K
Feb
7%
1%
%
Jan
300
14%
100
2N
May
Mar
500
71
100
Ohio Oil 6% pref
.100
Ohio Power 6% pref... 100
13ie
Jan
Mar
5%
3
14K
3K
13
IK
72
—10
Common
6% 1st pref
6% 2d preferred
32%
*
Michigan Steel Tube—2.60
Michigan Sugar Co
*
"loo
Aug
Jan
Niagara Hudson Power—
%
*
Michigan Bumper Corp..1
Michigan Gas A Oh
l
June
4
5
93%
Metropolitan Edison—
Jan
3%
36%
Class B opt warrants
34
1%
60%
May
Class A opt warrants
100
4K
39
Jan
10%
4%
400
200
113%
39
N Y Water Serv 0% pf-100
Feb
IN
N
t c
10%
Jan
hi
44
25
"7k "7 K
N Y Pr A Lt 7% pref„100
$6 preferred...__..._.*
Aug
20G
2N
10 K
N Y Shipbuilding Corp—
Founders shares
...1
103%
•11
Jan
24N
43
10 K
10
Apr
Mar
25
Warrants
Class Bvtc
43
5%
Jan
Apr
%
"460
"~~H ""
5%
Apr
hi
.*
N Y Merchandise
Jan
Apr
May
2%
—
7%
13is
18
3N
6%% A preferred...100
Middle West Corp com..6
Midland Oil Corp—
2,200
Warrants
Aug
23 N
141
4N
*
Merchants A MIg cl A...1
Corp
26c
preferred..16
3K
N Y A Honduras Roearlo 10
4
3,300
300
19 H
139
Mercantile Stores com.
MesabI Iron Co
ZK
*
Jan
3,800
"Ik "T"
IN
6
dlv shs
New Process Co
1%
53
»
Participating preferred.*
Merrltt Chapman A Scott *
"3 %
Corp. 10
35%
*
Co
26
Noma Electric
18
*
Aug
•
Zinc
39
5%
1
Dredging
96
15
New Idea Ino common
Jan
May Hosiery Mills Ino—
Memphis Nat Gas
Apr
24
Jan
2
Mead Johnson A Co
69
New England Tel A Tel 100
New Haven Clock Co
•
July
1
preferred
1,275
%
100
IN
IN
Communlca'ns ord reg £1
Margay Oil Corp
Marlon Steam Shovel-.—*
McCord Rad A Mfg B
Aug
92 K
...100
preferred
preferred
19 K
25
Ma pes Consol Mfg Co...*
Marconi Intl Marine
non-cum
7%
26
IN
he
Master Electrlo Co
Jan
41
88 H
100
New Engl Pow Assoc....*
50C
.*
Massey Harris common..*
6
Apr
Nestle Le Mur Co cl A..
350
__l
v t o
May
*
JNebel (Oscar) Co com
Nebraska Pow 7% pre!-100
Nehl Corp common...
*
1st preferred
Nelson (Herman) Corp
6
Neptune Meter class A—_♦
200
32 N
IN
Manatl Sugar opt warr
preferred
Apr
2%
K
6%
17
Aug
44% Aug
7% May
13% Mar
11%
IK
com.
Jan
May
28%
K
Nevada Calif Elec
Jan
5
500
IK
Aug
Aug
Aug
89 N
Lucky Tiger Comb G M.10
Lynch Corp common....6
Majestic Radio A Tel
30
10
33%
Jan
4,000
1
he
34
—100
.100
300
400
Feb
12 K
*
New York Transit Co
Common
Feb
150
15
44
Nat Tunnel A Mines
Newmont Mining
Aug
Jan
9%
ha June
37 K
New Mex A Ariz Land—.1
18 H
K
Nat Union Radio Corp
Navarro OH Co
Jan
10
9%
%
33
10 K
Jan
July
Apr
UK
12
Conv part preferred—•
National Steel Car Ltd—*
%
25%
Aug
5
1,400
3
•
3%
Feb
May
8%
1
common
New Jersey
1%
June
70%
Apr
_
_
Nat Rubber Macb
Nat Service
Jan
8%
9%
Mar
800
$2 preferred
15N
.
May
5K
National Tea 5N % pref. 10
National Transit
12.60
Aug
500
National P A L $6 pref—
National Sugar Refining.
8K
8K
OK
5
4
Jan
Aug
8K
*
National OH Products..
Feb
Mar
July
Mar
Nat Mfg A Stores com.—*
July
July
14%
88 K
National Fuel Gas...
2H
3N
IN
9
Knott Corp common-—1
14
70 N
14
10%
Apr
1,400
40
Jan
Jan
Apr
9%
OK
OK
$3 conv pref—
60
National Container (Del)
Apr
Aug
Apr
6%
7
National City Lines com.l
July
Apr
July
100
300
9%
90
IK
June
July
9K
1
Jan
7 K
12
National Candy Co
National Refining com
1%
69
Nat Auto Fibre com..—1
39
6%
135
7
6% pref.
Nacbman-8 prlngf llled
98N June
102N June
107% June
JaD
13 K
9K
12 K
100
Jan
UK
$2
Apr
Murray Ohio Mfg. Co—*
105
1
1
Mld-We3t Abrasive
Mar
122%
10
Muskegon Piston Rlng.2N
Muskogee Co com..
*
Klein (D Emll) Co com—*
Klelnert (I B) Rubber ColO
Mid vale
4%
%
Mountain Sts Tel A Tel 100
Mar
Klrkl'd Lake G M Co Ltd 1
v
JMountaln States Pw com*
Mar
100
100
Klrby Petroleum
Class A
6%
N
30C
OK
6%
4%
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltd 7% pf B 100
Preferred
Aug
19N
21K June
Ken-Itad Tube A Lamp A *
Mexico-Ohio Oil
5%
Nat Bellas Hess com
6
com
Apr
Jan
Mar
6% preferred D
Kingston Products
5%
3%
Apr
K
Mar
preferred
Jan
July
Jan
3 K
22 K
>6
July
%
4 K
10%
112 K
Partlclpat
June
31%
500
E)7%. 1st prflOO
Metal Textile
33%
3,200
Kansas G A E 7% pref-100
$4
Jan
4
1,300
July
Apr
600
7%
UK
Mar
7
June
3%
Feb
2%
172% May
29%
4N
28
Jan
24%
%
July
27
3%
Jan
Apr
Jan
Mar
50
I Moore (Tom) Distillery.
Mtge Bank of Col Am shs—
Mountaln City Cop com 6c
*n May
Mar
152
Feb
5%
100
Moody Investors part pf
Julian A Kokenge com—.*
McWilliams
32
Jan
July
K
*
Mangel Stores
1%
300
"~~l6
July
2%
Jones A Laughlin Steel.100
Mass Utll Assoc
2
162 K
32 K
14%
23
Aug
5%
162k
Ward A—•
Montreal Lt Ht 7k Pow..*
Montgomery
K
16 K
Jersey Central Pow A Lt—
5K% preferred-—--100
6% preferred
100
7% preferred
100
conv
IK
1
1,700
20
K
15%
—--1
Jeannette Glass Co
$5
IK
June
Apr
High
Apr
3%
600
2,400
39 N
Italian Superpower A..
7% preferred
4
1
Pictures com.l
Monroe Loan 80c A
1
Monogram
he
1
Irving Air Chute
0% pref class B
Loudon Packing
12 K
3K
Jan
10%
1
Investors Royalty
Long
10 K
3%
9%
14%
11
1
Molybdenum Corp
Apr
Feb
5%
K
15%
Iron Fireman Mfg v t c_
Class B
Low
Monarch Machine Tool
2K
Interstate Power $7 pref—*
Class
Range Since Jan. 1, 1939
Share»
bt
Interstate Home Equip--1
Leonard Oil
High
Apr
Vitamin--1
Class A
Low
H
Warrants series of 19*0-
Keith (Geo
Mock, Jud, VoehrlngerCommon
$2.50
Price
11
100
-
Jacobs (FL) Co
Week
34
K
H
preferred—
$3.60 prior pref
Internatlonal
for
of Prices
Montana Dakota Utll—10
...——
Class B
SI.75
Week's Range
Sale
Par
2,100
2
20%
19H
3K
Last
High
July
4%
International Petroleum—"
STOCKS
(Continued)
Range Since Jan. 1. 1939
Shares
1939
Bales
Friday
for
Sale
Par
Friday
I
STOCKS
{Continued)
Aug. 26,
31
*
*
*
63
63
53
3
June
5%
Jan
Volume
New York Curb Exchange—Continued—Page 4
149
Sales
Friday
Range Since
STOCKS
I
Ml
Week's Ranoe
for
(Continued)
Sale
of Prices
Low
High
Perm Mex Fuel Co
Price
Shares
%
Pa Pr A Lt $7 pre!
1%
6%
June
Penn Salt Mfg Co
Pennsylvania Sugar
143
76%
100
Perfect Circle Co
common
Aug
107
Aug
135
Apr
167
Jan
Feb
16
Jan
92%
75
74
Jan
84%
125
58
Apr
78
Aug
25 X
150
23%
7%
600
6%
200
"~76% ~79~" """400
74
7%
6%
120
120
30
30
*
3X
25
25
3%
200
Common
6
—
5
H
26%
9
9
Pioneer Gold Mine* Ltd-.l
2%
2%
Pltney-Bowes
7%
28
16,500
Meter
2%
Amor dep rets ord reg.£l
Sioux City G & E 7 % pf 100
Jan
Skinner Organ
5
Apr
9%
Aug
Jan
1%
2
1,200
Aug
Sonotone Corp
1%
1%
Jan
Boss Mfg com.
4
600
3%
Mar
Apr
5%
June
South Coast Corp com..,
2
1%
4%
2%
1,200
30%
200
1%
Apr
120
43%
43%
45
29
29
29%
1,300
5% % pref series O
28%
28%
28%
500
8%
43%
Aug
Southern Pipe Line
Apr
12%
Jan
Aug
Jan
.25
160
45
Apr
8
Jan
90
Apr
117
Mar
South Penn Oil
Jan
1
Mar
%
7%
"600
X
Feb
1,400
1%
hi
500
4X
Apr
3
May
100
900
64%
8
Feb
2%
Jan
»ie
4%
Jan
Feb
Apr
Apr
16% May
102
Apr
23
Mar
Aug
Mar
Mar
2%
Jan
June
42
Apr
7%
200
7
3
10%
Mar
Jan
%
Feb
Jan
Am dep rets ord
Conv
11.60
conv
8%
Aug
7%
Mar
Standard
Mar
Jan
100%
104
Apr
105%
107
Feb
112
Public Service of Colorado-
Apr
July
44%
Jan
26
Apr
82
44%
Aug
Aug
102 X
150
102% 103%
Jan
hi
103%
Jan
93
101
7% prior lien pref—100
110
Aug
June
%
Jan
preferred
64
62
20%
19%
'
67
1,350
34%
Jan
72
Aug
1,425
14
Jan
26%
Aug
May
*
119
123
100
149
10
Raytheon Mfg com
Red Bank Oil Co
108
600
14%
35%
1
23
100
23
Aug
6%
100
5
Jan
"9% "16"
'766
6%
Radiator
Rio Grande Valley Gas
Mar
2%
1,100
%
%
—100
•
103%
""56
""l"66
Jan
Sunray Drug Co
Jan
Sunray
33%
Jan
8%
July
"103%
1
H
Jan
Mar
$3.30 A part
%
Jan
1%
5
Jan
Apr
Jan
Taggart Corp com
Feb
96
hi
May
102
Feb
Apr
105%
Aug
Apr
112
Apr
12
Aug
15
Jan
Royal Typewriter
*
*
Russeks Fifth Ave
2%
1%
900
1%
5%
"~i~x
6%
300
4%
hi
100
1
Rustless Iron A Steel
hi
*46~
'52%
""450
3%
3%
3%
100
9
8%
9%
2,000
42%
150
'""700
42
*
52.60 conv pref
*
Ryerson A Hay nee oom—1
Safety Car Heat A Lt
*
Ryan Consol Petrol
"""% ""he
53
7%
'
"i% "T%
5
Corp
oom
Savoy Oil Co
Schfff Co common
1
25
Scranton Elec $6 pref
18%
Scranton Spring Brook
Service
pref
"21%
"~30
47
Aug
3
Jan
Apr
Aug
15%
Aug
Ulen & Co ser
27%
Mar
114%
Apr
16% June
114%
Apr
22%
Jan
X9X
x9%
49%
50
Unexcelled Mfg Co
Union Gas of
Union
Foods Sts.l
Co
60
United Chemicals com..
$3 cum & part pref—Un Cigar-Whelan Sts.. 10c
May
1%
1%
Feb
Mar
37%
July
300
lu
July
'*ii
Jan
1.4C0
4%
Jan
50
9%
Aug
15
Apr
United Gas Corp com
%
Apr
1
Jan
May
9%
Jan
49%
Aug
69%
Mar
70
Mar
May
Apr
1%
July
*
6%
6%
Severaky Aircraft Corp
Shattuck Denn Mining
1
2%
2%
3
6,600
2%
Mar
5
5%
5%
5%
1,000
5%
June
For footnotes see page 1303
1%
Mar
6
Apr
Aug
hi May
Jan
Seton Leather common
June
9%
5%
9
Jan
JaD
JaD
18%
"81"
"92%
110
""160
10
3%
200
25
37
Apr
22%
Mar
81
Aug
113%
115%
Mar
107% June
10%
Apr
14
Mar
Jan
June
May
July
1%
28
Jan
9%
50
7%
Jan
'""166
Apr
Apr
Mar
2%
2%
4%
25
4%
%
2,200
%
July
Jan
8%
550
7%
300
"1% "2%
"5*800
74
14
4%
35
9%
6%
3
4
Aug
May
7%
8
Apr
9%
6%
Apr
Apr
9%
10
1
12
*36"
"
36
"too
Aug
2%
31
"1%
Apr
38%
36
Apr
45%
1%
Mar
42
42
14%
13
2%
33
900
32%
2%
32%
%
%
%
15%
1,000
4,500
2%
12%
13
14
5%
Aug
28% May
% May
36%
2%
%
July
12%
Aug
Jan
94
200
3
500
15
750
2%
8%
May
Apr
1,600
9%
Aug
2%
13%
9%
2%
June
106
106
106
600
Apr
4
12
5%
%
lh»
22%
108%
4
18
15%
2
"57"
3%
3%
"62"
""256
4%
1,600
Jan
2
57
Aug
63
3%
13
103
103
98%
105%
108% 108%
%
1%
1%
200
3%
3%
7
600
Feb
5%
Jan
15
1%
81
Feb
Apr
108
July
Apr *114%
%
Feb
July
Apr
hi
May
8%
Apr
Apr
13%
38%
5%
7%
8%
2*300
29%
700
2%
300
2
Apr
3%
7%
2
200
6
Apr
8%
500
1%
Aug
5%
2%
June
1%
Jan
100
15
200
12
Corp warrantsUnited Elastic Corp
*
1
11
Apr
Apr
3%
2
14%
3
"1*600
12%
Jan
2%
2%
100
6
300
2%
3%
Jan
Apr
2%
6%
Feb
56%
17
16
38
"lhe
n'm
hi
3,100
United
pref non-voting
7
19%
1%
"5%
%
%
7
"l%
77%
76
1%
"4*300
80%
1%
1,200
7u
86
hi
86
20
preferred
*
United Milk Products..
$3 preferred
United Molasses Co—
Am dep rets ord reg.
United N J RR & Canal 100
United Profit Sharing--25c
United Shipyards cl A. —1
Class B
1
26%
4,200
8,400
24
1%
1
27%
21%
70
1%
70
1%
»u
1
1%
7
1%
hi
Apr
7
Apr
3%
92%
% June
80
Jan
1%
July
%
June
89%
3
19
Apr
2%
36%
25
20%
25
69%
Feb
Jan
73%
4,400
5
%
18%
Apr
74
Apr
237
%
10%
July
Mar
1%
600
21%
United Lt & Pow oom A_*
Common class B__—
Apr
June
100
25%"
16%
July
2%
1%
2%
7%
8%
Mar
June
45
50
Aug
Aug
1%
49
Option warrants
United G & E 7% pref. 100
%
%
110
3%
12
Aug
£1
25
4%
Investment com—*
$6 1st
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
15%
6%
Canada—
X
%
54
•
Apr
Aug
8
Union Traction
100
41%
2%
1,200
—*
-10
Union Premier
""l50
tn
Apr
July
4%
%
A pref
Series B pref
1st $7
25
Apr
15%
7%
1%
Jan
Jan
5
1
2%
Aug
8%
10%
4%
—1
Jan
1
1
com
—-;
4%
6%
Apr
""2% "2%
Tung-Sol Lamp Works
80c dlv. preferred- --
Sentry Safety Control
Serrlck Corp..
Sherwln-Wllllama
A
Class
Jan
Selfridge Prov Stores—
Shawlnlgan Wat A Pow
Inc.
*
Corp.. 1
300
5%
*
*
1%
37%
1
hi
13%
Allotment certificates.
Amer dep rets reg
Tubize Chatlllon
Jan
Aug
300
Apr
Apr
May
14
Trunz Pork Stores
1
9%
18%
%
%
50
9%
—1
Co.—10
1%
31
11
1
55.50 prior Btock
Jan
17
107
1,400
Trl-Contlnental warrants
36
*
Segal Lock A Hardware-.1
stock
Feb
Common
Transwestern Oil
Jan
Securities Corp general—*
Convertible
3%
59%
Jan
Jan
% July
% June
800
Common
Aug
May
Aug
Mar
4%
Apr
X
1%
Warrants
Selby Shoe Co
Selected Industries Ino—
151#
65
Jan
1%
15
37
Todd Shipyards
5%
200
Selberling Rubber com
Apr
Jan
July
102
3~9j66
Trans Lux Plot Screen—
2%
1%
24%
6%
Def registered 56——
Apr
49
16
Apr
700
8
£1
Ordinary reg
Aug
21
6%
Seeman Bros Inc
Jan
Itsc
*
»
Souliln Steel Co com
Jan
43
1%
%
7
"21"
%
Apr
35%
100
*
Scran ton Lace common..*
Aug
Mar
Jan
100
400
Mar
7%
6%
12%
1
18%
Apr
Apr
71
7%
100
Jan
July
Apr
37
13%
20%
3%
37
Roofing Inc
Apr
100
13%
*
Feb
2%
2%
1
Tlshman Realty & Constr*
Tobacco Allied Stocks—.*
Tobacco Prod Exports.—*
Tobacco Secur Tr—
Tllo
Aug
5
Scovlll Mfg
Water
6*500
13%
Co com..—5
7
1
Salt Dome Oil Co
—1
Tampa Electric Co com..*
Tasty east Inc class A—1
Taylor Distilling Co.—1
Technicolor Inc common.*
Texas P & L 7% pref—100
Texon Oil & Land Co.—-2
3%
45
41%
39
100
24%
July
Mar
Feb
10
Corp
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Mining of Nev
7%
preferred
Samson United
75
53%
St Lawrence Corp Ltd.—*
St Regis Paper oom
%
37
July
Apr
1%
1%
18%
6
17
100
15
Swan Finch Oil Corp
4
% May
Apr
17%
2,400
*
Mar
1%
1%
*
Royallte OH Co Ltd
100
%
%
25
Class B oom
9
20
Rossia International
—
12%
23%
Am dep rets ord reg.__ £1
51.20 conv pref
Oil
Thew Shovel
Rome Cable Corp com.—6
Roosevelt Held Inc——5
2,100
1,400
1,100
1
1
6%% conv pref
60
Superior Oil Co (Calif)—25
Superior Port Cement
112
103%
*
*
1
5
Roils Royce Ltd—
Root Petroleum Co
Sullivan Machinery
Feb
100
""12% ""12% "12%
18%
16
21%
23
106% 106%
15
8
Jan
1,400
Rochester Tel 6% % prf 100
Corp
2%
Co-
Roeser A Pendleton Ino
(Hugo)
June
1
1%
14
"28% "33"
"3l"
*
5
Stroock (S) Co
%
Voting trust ctfs
.1
RochesterGAE16 % pfClOO
6% pref D
Jan
Ino
%
1
*
1
12%
June
7%
8
1
1
Stetson (J B) Co com
9%
60c
6
Richmond
June
23
I Reynolds Investing
Rice Stlx Dry Goods
Sterling
Mar
%
41
May
7
73%
Sterling Brewers Ino
18%
Apr
2%
9%
150
21
6% 2d preferred
Sterling Aluminum Prod.l
Jan
Mar
12%
.*
Reliance Eleo A Eng'g
Aug
158%
Feb
July
Aug
150
Ordinary shares—
126
Apr
1%
400
Stein (A) A Co common—*
*
100
1%
11%
1L%
1
50
20
2
July
Wholesale Phos
6% 1st preferred
21
July
26
%
Sterchi Bros Stores
Apr
12
18
1
Jan
2
Reeves (Daniel) common.*
Relter-Foster Oil
Standard Silver Lead
June
*
Reed Roller Bit Co
1
Stlnnes
12%
Apr
Apr
1%
Standard Products Co
Standard Tube cl B
Jau
14
%
%
7
Mar
»u
Mar
20
*
12
July
9
%
150
1
Apr
Feb
148% May
Jan
Mar
600
.*
Apr
4%
16
*
60c
preferred
conv
100
149
119
preferred
—100
Quebec Power Co
*
tty A Light Secur com.—*
Railway A Utll Invest A„1
Raymond Concrete Pile—
Common
*
6%
53
5
5
Jan
5
Mar
3%
Steel Co of Canada—
21%
6%
Pyrene Manufacturing..10
Quaker Oats common
100
Common class B
phate & Acid Wks Ino 20
Starrett (The) Corp v t 0-1
4
-*
*
preferred.
56
Puget Sound Pulp A Tim_*
Pyle-National Co oom—6
hi
3
Mar
17%
Jan
Puget Sound P A L—
55
6% preferred
Standard Pow & Lt
Standard
Jan
July
17
15%
16
21%
106%
Standard Steel Spring.—.6
Public Service of Okla—
I Pub Utll Secur 57 pt pf—*
18%
25
1
(Neb)——25
Oil
Preferred
Public Service of Indiana—
650
4%
July
9%
10%
Standard Oil (Ohio) com 25
1,175
Aug
3%
14
15
preferred—20
6%
74%
16%
170
24%
10
preferred
Standard Dredging Corp—
Common
1
Jan
38%
900
hi
Standard Cap <fc Seal com. 1
Apr
32%
3%
Standard Brewing Co
Aug
69
19%
3%
%
7
35
6%
34%
Aug
1%
4%
71X
Aug
July
.
2
100
*
5%
26%
-
100
100
100
1,600
1,000
reg.—£1
Stahl-Meyer Inc
""300
94%
4
2%
15%
5%
Speneer Shoe Co'
4%
100
Apr
Mar
27%
16
16
8%
98
Jan
1%
Spanish & Gen Corp—
12
1%
3%
10
18
3%
3%
6% prior lien pref..-100
150
5%
27
.
8%
.*
*
200
Jan
26%
6
25
Spalding (A G) & Bros
5% 1st preferred
10%
Apr
Apr
Southland Royalty Co
4%
preferred
200
2%
Southwest Pa Pipe Line. 10
July
4
14%
4
2%
—
Preferred A
2%
14%
10
Southern Union Gas.
3%
56
29%
29%
Apr
6%
*
57 prior preferred
46
Jan
5%
""500
1%
Jan
July
2%
50
18
Jan
65%
157%
*
1st preferred
Apr
Jan
Prudential Investors
7%
40
28%
27%
Jan
Providence Gas
6% 1st preferred
2%
1% May
preferred
102% 105
98
Mar
5%
42
hi
*
3%
1%
148
25
Standard Invest 15% pref*
Standard Oil (Ky)
-10
preferred
200
6% original preferred.25
6% preferred B
25
7%
Producers
56
June
100
800
7%
Aug
%
South New Engl Tel—.100
3,400
1%
Apr
98%
Southern Colo Pow cl A. 25
m
X
3%
84%
% June
1%
Aug
Jan
2%
36
3%
10
98%
Aug
*
Corp
—26c
Prosperity Co class B
*
98%
Southern Calif Edison—
101%
Pressed Metals of Am.—1
98%
..5
4%
2%
7%
18
"i%
Jan
Jan
Jan
3%
Solar Mfg. Co
9
1
219
164
Apr
7%
"i% "in
*
Jan
June
30
Apr
-100
1st preferred
167
2%
1,800
Power Corp of Canada.—*
6%
100
Singer Mfg Co Ltd—
Aug
8
Premier Gold Mining
Prentlce-Hali Inc com
Feb
3
Feb
10
Pratt A Lambert Co
2%
Apr
July
July
200
3%
Apr
1%
9%
9%
6
1%
200
1%
'1%
166% 167
18%
9X
25c
July
700
1%
36%
7.50
Powdrell A Alexander
16
1%
Apr
100
Potrero Sugar common...5
July
16
*
1
com...
Apr
%
Polaris Mining Co
July
in
600
10
45
15
Aug
X
Pneumatic Scale com
pref
6
45
Apr
9
Pleasant Valley Wine Co.l
Plough Ino com
conv
Simplicity Pattern
Singer Mfg Co
10%
41
"103 %
Feb
16
7
7%
1
A Lake Erie.60
Metallurgical 10
Plate Glass.-25
is
Simmons H'ware 4 Paint.*
27%
116% June
29% July
Feb
hi
..26
750
60
Forglngs
High
Simmons-Boardman Pub¬
Apr
Postage
Pitts Bees ALE RR
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
23%
Low
9%
Line 8tamped
Sllex Co common
Apr
Phoenix Securities—
Conv $3 pref series A. .10
Pierce Governor common.*
Range Since Jan. 1. 1939
for
Weet
Shares
Shreveport El Dorado Pipe
7
2%
Range
of Prices
High
Low
Price
'
Mar
*
Phillips Packing Co
July
110%
Jan
98
100
pref 25
PhUa Eleo Pow 8%
Feb
Jan
900
450
25 X
"Th
1
Phlla Elec Co 15 pref
Apr
Apr
8%
108% 110%
105% 107
139% 143
70
...
Pharia Tire A Rubber
2
Mar
2%
10%
IX
8
"l05%
Pa Water A Power Co—
Pepperell Mfg Co
5,200
IX
20
oom
Apr
"1#
15
1%
*
*
60
preferred
Philadelphia Co
Apr
2
2.60
Pennroad Corp com
1
Penn Cent Airlines oom—1
Sale
Par
High
Low
Week's
Last
(Continued)
1
Penn Traffic Co
$6
STOCKS
Jan. 1, 1939
Weet
Par
1301
Sales
Friday
Jan
23
6%
242
Mar
Feb
•11
Jan
9%
July
Mar
10%
May
1%
Jan
1%
July
200
hi
10%
100
1%
300
New York Curb Exchange—Continued—Page 5
1302
Sales
Friday
Week's Range
Last
STOCKS
Sale
(Concluded)
Par
United Shoe Mach com.25
Range Since Jan. 1,1939
for
300
We
Apr
41%
2%
2%
1,400
*"3%
910
let pref with warr
1*
%
"57 %
"57% 15%
U 8 Lines pref
We
U 8 Plywood
"ii
4%
Jan
0%
%
Jan
July
08
Apr
May
11
11%
23%
We
1%
We
We
U 8 Rubber Reclaiming.
We
ix
T%
2
~3% "~3%
Conn Lt A Pr 7s A—.1951
(Btlt) 3%sser N...1971
2%
Jan
1st ref mtge 3s ser P 1969
Consol Gas (Bait City)—
Mar
Aug
A
June
2,300
1%
14%
T,700
Feb
Apr
Apr
Jan
3
Utility A Ind Corp oom..6
Conv preferred
...7
%
47%
1%
Jan
1
June
150
Apr
64%
Aug
100
500
1
150
42
""266
20
2,850
1%
1%
10%
25
20
400
20
9i«
300
•i«
Apr
57 A
330
38%
Jan
3%
"4 A
""260
5%
5%
900
55
Apr
30
Jan
28
Feb
July
A
Ve
2X
100
98 A
K>
1V*
3
50
86
Eastern Gas A Fuel 4s. 1950
Edison El 111 (Boat) 3 %s 65
Elec Power A Light 6s.2030
"7 OA
3%
100
Apr
60%
Jan
Apr
15
Feb
May
10
Jan
Gobel (Adolf) 4%s._.1941
Grand Trunk West 4s.l950
5%
5%
7%
7%
Mar
13 a
Jan
4%
Apr
8%
July
IX
7Ye
200
1%
3
Jan
700
7
Aug
Apr
10
Jan
2%
700
Mar
9
Apr
101
2%
Apr
2%
Jan
Aug
July
Guardian Investors 58.1948
Hall Print 0« stpd
1947
A St Ry 6%s
6
1,200
4%
Apr
8%
Jan
100
4%
Aug
6%
Jan
13A
UX
500
12
15%
Mar
0%s ex-warrants...1943
Houston Lt A Pr 3 %S.1966
4,500
1,100
7
Apr
Aug
8%
Mar
% May
1%
Jan
8
Ve
Sold
.1956
1st A ref 5s
1968
103
1st A ref 4%s
1987
100%
108%
95%
101A
Amer G A El debt 5s..2028
Am Pow A Lt deb 0s..2016
Amer Radiator 4%s_.1947
Amer
107% 107%
103
104%
$2,000
102
Jan
25,000
98
Jan
107% Aug
105% May
96
Jan
105
87
Jan
105
Aug
81 %
Jan
July
101%
Apr
Aug
101%
109%
100%
106%
99%
Apr
104
102
Beating 6s Btp..l946
102
1,000
103
104
32,000
99% 100% 171,000
108%
69,000
98% 99%
85,000
101A 102% 30,000
108
102
102
3,000
Appalachian Elec Power—
1st mtge 4s
..1963
Debentures 4%s
1948
Appalao Power Deb 6s 2024
Ark-Loulslana Gas 4s_1951
Arkansas Pr A Lt 5s.. 1950
Associated Elec 4%s_.1953
Associated Gas A El Co—
Conv deb 4%s O... 1948
Conv deb 4%s
1950
Debenture 5s......1968
Conv deb 6%s
104 A
60
42
38
41%
44%
42%
41
39
43%
48
50
1977
Atlantic City Elec 3%s '04
Avery A Sons (B F)—
6s with warrants
1947
lorn
78
71%
105
105%
104% 104%
100
100
90
6s without warrantsl947
16,000
10,000
90
106% May
83 %
111
Jan
July
Jan
June
Mar
85%
91%
45%
Aug
Aug
Aug
67,000
27%
Jan
47
78,000
59,000
30
Jan
49%
29%
Jan
47%
Aug
3,000
13,000
40
Jan
59
Mar
83
May
71%
102%
Aug
1,000
104
Apr
106% May
109% June
3,000
1,000
89
Apr
102
Aug
85
Feb
95
July
10,000
Jan
75,000
82%
Apr
116%
Jan
13,000
107%6
Aug
110%
120
Apr
126
July
12,000
123
Mar
130%
6,000
147%
92% 156,000
140
Cent Power 5«
«er
HCent Pow A Lt
D..1967
1948
6%s ex-warrants
1964
Cent States PAL 5 His '53
1927
0%8 8erles B
1953
58 series C
1951
Indiana Hydro Elec 6« 1968
Indiana Service 6s.—.1950
1st lien A ref 5s
Jan
102
Apr
105
July
Jan
104
Aug
50%
108%
July
99%
July
107%
81
Jan
Apr
91
Jan
July
99
Apr
Mar
25
Jan
99
92
Apr
103%
July
95
Jan
99%
Aug
104%
Feb
July
Aug
10,000
80
82
19,000
88
94%
77
77
54 "606
2,000
94
91%
26,000
104% 105% 128,000
70
70
2,000
*10
65%
*55
£Q
"68"
367666
80
Aug
90
Jan
90
99%
Apr
99
Aug
76
Apr
96%
Aug
73
Feb
87
Jan
95%
Jan
58
Jan
25%
Apr
65%
May
75
95%
106
Jan
Aug
Aug
74% June
29
72%
Mar
Jan
60
65
"3^600
90
Jan
72
Jan
87
Jan
91
Mar
106
Aug
47
Mar
45
36
Apr
Apr
98
Apr
*10
25
July
30
July
*10
18%
Jan
30
July
40%
100
108%
100
46
42
101
*5
100
93%
Jan
102% June
Apr
103%
Jan
Jan
103
Apr
Aug
8
66
108%
io~66o
105%
99% 103
44,000
35,000
45,000
42,000
2,000
97% 102%
95
93%
64%
67
72
72
106
July
68
June
68
June
107%
101%
Jan
110%
105%
Aug
95%
Apr
104%
July
94%
Apr
103%
Aug
85%
Jan
97
Aug
96%
Apr
105
July
July
Apr
Feb
99%
107%
*39
8
Jan
Apr
<
Apr
105%
85
Apr
102
July
9,000
33,000
7,000
12,000
15,000
76%
106
July
59
47^606
67%
64%
111% June
60
~3~d66
102
65
Jan
Feb
July
94%
3,000
101% 101%
*101% 105
99%
96% 100
"66
103%
101%
101%
108%
4,000
64
108
100%
July
50
7,000
20
63
Mar
56%
53
5,000
101% 101%
103% 103%
102
102%
108% 108%
*63
102
12,000
13,000
109%
86
Jan
99
July
50%
Apr
75
Aug
49
Apr
74
68
Apr
88% June
106
Aug
110
Aug
May
3,000
30%
36%
Apr
Apr
Apr
Apr
54
Mar
55%
Mar
73
Aug
55%
Aug
43%
41%
52%
Jan
85~666
29,000
38%
Jan
1956
97%
96% 100
78,000
82
Jan
102
Aug
4 %s series F
1958
Iowa-Neb LAP 5s—.1957
6s series B
1951
Aug
103%
6s series D
Iowa Pow A Lt 4%g._l»58
Isaroo Hydro Elec 7s. 1952
97
5s stamped
...1942
95
103
104
*106
40
Isotta Frasohlnl 7s...1942
Italian Superpower 6s.l963
Jacksonville Gas—
46%
100% 181,000
104
28,000
104
5,000
107
77
Jan
102%
98%
Jan
105
98
Jan
104%
Aug
Jan
108
Mar
105%
"
Aug
87)00
38
59%
Feb
80
Jan
38%
41%
447666
31
Apr
44
Mar
46
47
11,000
38
Jan
49%
Aug
103% 104
8,000
26,000
5,000
102
May
107
104
Aug
Jan
108%
Mar
108
Mar
119
Apr
126%
Aug
Apr
Aug
Apr
103%
106%
40
*60
"39"
47
40%
77%
June
52%
Jan
Jersey Central Pow A Lt—
1947
4%s series C
1901
Kansas Elee Pow 3 %s_1966
Kansas Gas A Elec 6s_2022
103%
104%
104
105
105
105
105
123
123
1,000
96
101
16,000
103%
Feb
Kentucky Utilities Co—
1st mtge 6s
150
100
July
0%s series D
5%s series P
98
Aug
5s series I
96
97
11.0C0
81
Jan
102
"S7%
Apr
68%
Jan
ser
H—1901
98
105
1948
1956
"l02*"
104
104
*10
40
103% 103%
"2,000
104%
101%
104% 104%
101% 102%
106
105% 106
13,000
26,000
37,000
July
May
Lake Sup Dlst Pow 3 %s '66
♦Leonard Tletz 7%s..1940
40,000
94
Aug
105
Mar
36,000
96%
Jan
107
May
40,000
45,000
81
Apr
98
Aug
Lexington Utilities 6s.l952
Llbby McN A Llbby 5s '42
Long Island Ltg 6a.-.1945
98%
Apr
July
Louisiana Pow A Lt 5s 1957
37%
40%
39,000
35
Jan
46
Mar
38
38
76,000
32
Jan
46%
Mar
66
70
30,000
65 %
Jan
74%
Aug
♦7s without warr'ts.1941
Marion Res Pow 4%s_1954
MoCord Rad A Mfg
15,000
10,000
4,000
89%
101
93%
88%
100
22%
95
102%
91
July
Jan
103
Apr
102%
Aug
Jan
108%
July
Jan
Mar
30
103%
Jan
105
Jan
102%
105%
Aug
28%
103%
Jan
Aug
Mar
Aug
Feb
Aug
107% June
Mansfield Mln A Smelt—
40%
66
7,000
103
101%
106%
98
100%
105%
101
...1909
105% 106%
93% 97
104%
112%
81% Mar
112% June
60%
52%
Jan
104*32 1046i«
Jan
Aug
May
63
June
97
75
48
69%
105%
Feb
66
86
Aug
Feb
1%
1%
49
Interstate Power 5s._.1967
Debenture 6s
1952
Interstate Publl (Service—
72,000
102%
9%
41 %
55
94
41,000
Jan
Feb
89%
99%
*43
International Power Sec—
6 %s series C
1955
91
94
1963
♦Indianapolis Gas 5s A1952
Indpls Pow A Lt 3 %s. 1968
90
101% 103%
102
47
Cincinnati St Ry 6%s A '62
..1955
For footnotes see page 1303
1947
90
Ry 4%s A
..1968
Chlo Jet Ry A Union Stock
Yards 6s
1940
6s series B
6s series A
"92 A
Chicago A Illinois Midland
l*Chlo Ry« 6s otfS
8 f deb 5%s-—May 1957
Indiana Electric Corp—
July
Aug
1st 5s_ I960
Cent States Elec 5s
Jan
Aug
Jan
15
98%
98
41%
Feb
108
Jan
July
13,000
50
100% 102% 186,000
*38%
6,000
Apr
10
July
Aug
Mar
52:660
99% 100%
1957
49,000
102% 103%
6,000
1952
125
Q4
5,000
89%
7s series F
107sij10713J2
105%
108%
7s series E
31
53%
97
106%
108%
Aug
Apr
39
45
108
Feb
126% 127
102 A
13~6O6
34,000
95
Apr
Apr
77
93%
108%
68%
107%
104%
105
Aug
%
JaD
%
102% 103%
May
122
Broad River Pow 5s..1964
Canada Northern Pr 6s '53
Canadian Pao Ry 0S..1942
Carolina Pr A L* 6s... 1966
28,000
72,000
102
107 A
Birmingham Elec 4%sl968
Birmingham Gas 5a...1959
108
110%
73%
77%
*117
120
1,000
122
147
168~000
Mar
126
1998
72%
July
1st M 5s series A—.1965
1st M 5s series B
1967
Bethlehem Steel 0s
69%
107%
6s series O
i960
4%
*106% 108
62
*52%
1949
6s series B
89 A
13,000
14,000
128
68%
10,000
%
Jan
106% June
Jan
%
Apr
Jan
Aug
104%
106%
4%
Apr
Jan
May
90%
4,000
%
107%
41%
56%
17,000
4%
118%
101%
"e'ooo
2,000
106
Works—
♦Convertible 6s
1960
Bell Telep of Canada—
June
Jar.
4%
1,000
104% 105%
68,000
57
63% 110,000
41
"71*4
Locom
104
40%
Assoc T A T deb 5%b.A'65
Atlanta Gas Lt 4%s_.1965
Baldwin
107% -107%
106% 106%
124% 124%
104
1949
Conv deb 5s
107X
*89"
♦Hungarian Ita! Bk 7%s'03
Hygrade Food 6s A...1949
Idaho Power 3%s
1967
111 Pr A Lt 1st 6s ser A.1953
1st A ref 5%s ser B.1954
1st A ref 5s ser C
1956
Bonds
1st A ref 6s
66
Houston Gulf Gas 08—1943
BONDS
103
77
09
Heller (W E) 4s w w ..1940
4Ve
7
Apr
65
106
*99
1938
6s series B
107%
80
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
6A
Ve
1951
99
Grocery Store Prod 08.1945
Guantanamo A West 6s '58
7%
1st A ref 5s
100%
Gt Nor Pow 5s stpd..1960
Aug
300
4Ve
Wright Hargreaves Ltd—*
Yukon-Paolfto Mining Co.5
Alabama Power Co—
1st A ref 6s.......1948
1905
1,200
Jan
Apr
79%
94%
62%
*10
104%
Jan
Jan
6A
5A
8,000
186,000
58%
96%
70%
108
88
108
Georgia Power ref 5s._1907
Georgia Pow A Lt 5s._1978
♦Gesfurel 0s
—1953
June
1%
7%
82%
2
July
*35
"91%
2%
Petroleum.*...!
Aug
131
104
102%
Gen Pub Utll 0%s A.1956
♦General Rayon 0s A.1948
Gen Wat Wks A EI 58.1943
7
2%
108
Jan
125
Gary Electric A Gas—
5%
5Ve
5V»
1X
Corp.. 10
Wolverine Tube
74%
Mar
8%
Wlllson Products Inc
1
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
108
Elmlra Wat Lt A RR 6s '60
El Paso Elec 6s A
1950
Glen Alden Coal 4s
Williams (R C) A Co
*
Williams Oll-O-Mat HI-*
Wilson-Jones Co
...•
Aug
*%
General Pub Serv 58—1953
4%
1
106%
1,000
A
Feb
Apr
10
57,000
4%
Aug 1 1952
♦Certificates of deposit
Jan
5
Mar
32
June
♦Certificates of deposit
♦Deb 7s
6s ex-warr stamped.1944
General Bronze 0s
1940
%
Westmoreland Coal Co—*
oom
Mar
2%
*
Woolwortb (F W) Ltd—
Amer dep rets
6o
1
500
100
Feb
113
4%
99%
Mar
900
Western Tablet & Statlon'y
131
Apr
107% 107%
"96%
Apr
Jan
Aug
109%
90%
Florida Power 4s ser 01960
Florida Power A Lt 5s.1954
6%
2% May
2A
126%
Detroit Internal Bridge—
♦6%s
Aug 1 1952
Empire Dlst El 5s
1952
Eroole Marelil Elec Mfg—
6 %s series A
1953
Erie Lighting 5s
1907
Aug
2,000
105
Banks 6s- 5s stpd—1901
♦First Bohemian Glass7s'67
Jan
Apr
62 A
161
Feb
Aug
100
*96 %
Aug
3,000
69
stamped...1943
9
1%
200
6s ser A
74% Mav
1% Aug
13%
6%
3
"1%
Aug
89%
89%
130% 130%
Gen mtge 4%s
1954
Consol Gas Utll Co—
Federal Wat Serv 5%s 1954
Finland Residential Mtge
Jan
414
Western Air Express
..1
Western Maryland Ry—
Apr
Aug
89%
126% 126%
Feb
Apr
3
3
West Texas Utll $0 pref—*
West Va Coal A Coka
*
Woodley
Mar
Feb
%
8%
3%
2%
2%
96 A
Wichita River Oil
9
Tn
"300
4%
Wetabaum Bros-Brower_.l
74%
77%
111% 111%
106% 107%
7%
Apr
200
"iWe
"l2
Wellington Oil Co...
1
Wentworth Mfg
..1.25
Weyenberg Shoe Mfg
Aug
4%
Walker Mining Co
—1
Wayne Knitting Mills.—6
.....
Jan
58
July
5% Aug
74% May
1
♦
Common
I'll
Apr
3%
Waltt A Bond olass A.—*
Jan
Mar
6
100
7% 1st preferred
Feb
Aug
22%
Wahl Co common
Class B...
1%
20%
2%
20
8i«
55 X
Feb
Apr
July
21%
Petroleum...1
Jan
Mar
Apr
1
100
2% June
2%
54
July
20
Van Norman Maoh Tool. 5
pref—100
Vogt Manufacturing
»
Waco Aircraft Co...
*
Wagner Baking v t o
♦
Jan
July
Apr
*it
t
1%
6
7 % preferred...
1%
1
54
20
1
65,000
Feb
61
""l""%
Util Pow & Lt 7% pf—100
Jan
19
Jan
May
9% June
59
1
72%
Delaware El Pow 5 %s.l959
Denver Gas A Elec 5S.1949
4%
Apr
■
72%
15
13%
1
80
Apr
Jan
88
50
1%
67%
*105
15
49
49
19,000
Confl Gas A El 6a—1968
15
Utility Equities Corp——*
73%
IfCuban Telephone 7%s.'41
Cuban Tobacco 5s
1944
Oudahy Packing 3%«.19fi5
Jan
"59%
Jan
1% June
Jan
2%
17% July
Apr
Apr
Utah Radio Products-
Mar
70
Consol Gas El Lt A Power
%
6%
Mar
60
87%
Jan
78%
77
66
41,000
83%
Apr
Mar
Apr
Apr
245,000
76%
84
1%
%
3%
84
74
Community Pr A Lt 5s *67
500
High
Jar.
69%
69%
81
Jan
Low
71%
78
84
Jan
6
15
*71
*83%
1939
Range Since Jan. 1, 1039
$
1949
6%s
Mar
12
Universal Products Co—*
Utah-Idaho Sugar
5
for
85% 150,000
85
69,000
4%
1
Va Pub Berv 7%
Cities Berv P A L 6%s.l962
27%
8
Venezuelan
1969
Apr
Universal Pictures com—1
14 oonv pref..—
Debenture 6s
Feb
21
Universal Corp v t c
oom
69%
Aug
10%
150
Universal
Vaispar Corp
1958
1%
600
20
com
50c
United Verde Exten—60c
United Wall Paper..
2
Universal Consol Oil
10
$5.50 priority stock..
71
Debenture 6s
500
United Stores
Utah Pow A Lt S7 pref.
Jan
Conv deb 6s
26,
Week
of Prices
High
Low
Price
1906
I960
Cities Service 6s—
1%
18%
U 8 Stores Corp com
•
17 oonv 1st pref-.——-*
Insurance
Feb
Apr
1%
500
We
22%
—1
com
50
July
Aug
July
%
"is
1
20
SI % conv pref
U 8 Radiator
"*425
Aug
87%
49%
Apr
3
U 8 and Int'l Securities.-*
Par
High
72
1,000
3%
42
79%
43
2%
United Specialties com.
U 8 Foil Co class B
..1
Sale
(Continued)
Low
Week's Range
Last
BONDS
Week
Shares
76%
41X
78%
25
Preferred
of Prices
High
Low
Price
Aug.
Sales
Friday
102
3,000
98
Apr
105
13,000
16,COO
102
Aug
104%
55%
June
6s stamped
*10
104
104
10,000
*60
65
45
*97
1943
99
95%
84
Jan
May
31%
Aug
105% May
66
Feb
Memphis Comml Appeal—
Jan
47
51%
44%
Apr
82
83
8,000
70%
Jan
83
Aug
88
88
3,000
72%
Jan
88
Aug
Jan
Deb 4%a
1952
Mengel Co oonv 4%s.l947
Metropolitan Ed 4s E.1971
4s series G
1905
84
Apr
86
4,000
82
Apr
105% 106
"8%
2,000
105
July
108% 108%
1,000
107%
Jan
98% July
91% Mar
109% May
110% May
Volume
New York Curb
149
Friday
BONDS
Last
{.Continued)
Middle States Pet 6Ks '45
Midland Valley RR 5s 1943
95
Milw Gaa Light 4*4s._l&67
Minn PAL 4*<B
1978
"166*4
1st A ref 58
for
Weet
Low
Price
95
60
102
1955
High
95
1,000
4.000
61*4
100*4 101
102
95,000
102*4
26,000
Aug
Aug
Jan
Aug
9,000
108*4
73*4
Apr
103*4
110*4
Nassau A Suffolk Ltg 5s *45
Nat Pow A Lt 6s A
2026
"109*4
110
110*4
88
92*4
96*4 97
108*4 110
41,000
6,000
77
Jan
13.000
98
Jan
107*4
Jan
10,000
115*4
Jan
123*4 June
96
Jan
75
Aug
108
""65*4
64
93*4
96
78,000
55
Jan
20.000
54
Jan
73*4
28.000
54*6
Jan
73*4
July
7,000
107*6
87*6
Aug
109*4
May
Apr
98*4
100
41,000
1)8*6
69
107*6 108*4
93*4 97*4
96
99*6
82,000
84.000
99*4
Feb
103
July
Apr
101*4
Aug
77*4
Aug
86*4
Mar
104*4 105*4
871666
104*4
Aug
109
Mar
55,000
Jan
105
Aug
mm
—
2,000
113
113
1.C00
50
50
1,000
No Amer Lt 4 Power—
6*<s series A
1956
No Boston Ltg Prop3 *4s'47
Nor Cont'l Utll 6 He
1948
Ne Indiana G A E 6s..1952
101*4
"54"
......
Northern Indiana P S—
...1966
—
103
Apr
May
101*4 Aug
107*4 May
Aug
52
35
26*4
Mar
35
23
28*4
28*6
80
83*4
85,000
81
82*4
87
28,000
107*4 107*4
89
86
117
117
FOREIGN
1947
90
Aug
Jan
Jan
Jan
106*4
105*4 May
105*6 106
15.000
104
Feb
108
16,000
95
Apr
6.000
108
Jan
104*6
110*4
38,000
105
Aug
21,000
♦7s ctfaof dep.Apr
♦20-year 7s
1954
May
Aug
Aug
4s series B
1981
4s series D
196)
99*4
113*6
100
Pledm't Hydro El 6*4s '60
Pittsburgh Coal 6s..1949
Pittsburgh Steel 6s
1948
m
m
mm
mm
♦Pomeranian Elec 6S..1953
Portland Gas A Coke 5s '40
74
Potomao Edison 6s E.1956
4*48 series F
1961
Potrero Bug 7s stmpd.1947
Apr
Apr
98
98
1,000
91
Apr
99*4
98
100
Apr
101
98
100*4
26,000
14,000
89*4
99
87
Jan
100*4
82
Jan
92
93
11*4
101
Aug
99*4
Aug
100*4
July
Aug
98
Aug
June
60,000
10*4
Aug
3,000
•107*4
Jan
111
Jan
114
114*4
56*4
58*4
1104
105*4
104*4 104*4 105
26,000
106*4 June
116
July
105*4 105*4
105*4
1,000
104
110*4
50
10,000
Jan
Apr
31*6
Feb
July
,
63
Mar
June
106*6
Jan
17,000
105*6
100*4
Jan
106*4
May
5.000
102*4
Jan
106
June
94
94
4,000
Aug
96
16,000
86*6
Apr
Apr
95
94
96*6
Aug
26*4
"94"
'46
26*4
2.000
25*4
Feb
28*4
Jan
26
Jan
27
Apr
24*4
Jan
24*6
13*4 June
*20
87
♦7s ctfs of dep. Jan
30
*20
30
*20
30
*20
'47
♦6s ctfs of
dep...Aug *47
♦6sctfsofdep
Apr '48
Antloqula
(Dept of) Co¬
30
*26*4
30
Aug
Mar
106*4
Jan
♦7s
ser
18
110*4
July
♦7s
ser
A ctfs of dep. 1945
B ctfs of dep. 1945
*8
Apr
102*4 June
♦7s
ser
C ctfs of dep. 1945
101*4
Jan
104
12*4
Mar
♦7s
D ctfs of dep. 1945
12*4
ser
*8
ctfs of dep.'57
Aug
114
*8
111*6
May
♦7s 2d
ser
ctfs of dep.'67
18
89
*7
Apr
Aug
♦7s 3d
ser
ctfs of dep.'57
18
111
Aug
*7
Jan
♦Baden 7s
Aug
Mar
18
91*4
Jan
*8
14,000
101*4
1:100*4 102*4
111*4 111H
11,000
93*4
m
89
lumbia—
mmm. m
*•
98,000
m
m
m
-
m
m
75,000
m
mkrn
m
-
-
12.000
76
JaD
94*4
113*4
95*4
32
Jan
38*4
91
Jan
102*4
104*6
105*4
107*4
98
97
15,000
105*6
15,000
100*4
Jan
Jan
Aug
Aug
Aug
Mar
July
July
ser
1951
15
*8
*11
19
16*4
108
June
108
Mar
105
Jan
108*4
Jan
100
99,000
99*4 100*4
113*6 113*4
80*4
80*4
34.000
26,000
1.000
1.10
July
76
38
m
m
m
mmmrnmm
25,000
Apr
Apr
Danish
Aug
5*4s
mm
m
m
6
106*4
30
30
Apr
51
Jan
June
108
Mar
95*6
Jan
99
Feb
17*4
Jan
22
June
Jan
80
May
Mar
June
Aug
July
Jan
21*4
Apr
25*4
25*4
Mar
19*4
88
16*4
15*4
Feb
22
Mar
100
Jan
Feb
20
88
Jan
Mar
22
32
*8
*
85*4
Apr
85
Apr
96*4
Jan
2,000
15*4
16*4
35*<
Feb
20
Mar
31666
20
Mar
4,000
86
16*6
Aug
Apr
Apr
110
21
17
Jan
22
Apr
110
22
14
Apr
20
Mar
16
15*4
(City) 7S...1939
♦Hanover (Prov) 6*4s.l949
64
16*4
32
*20
1963
Danzig Port A Waterways
♦External 6*6s
1962
15*4
15*4
Lima (City) Peru—
♦German Con Munlo 7s "47
♦Secured 6s
105*4
July
108*4
Jan
110
June
♦Maranhao
Jan
48
July
♦Medellln 7s stamped. 1951
100*4
Jan
Feb
109*4
105*6
23
Feb
Mar
Feb
29,000
146
Apr
157*4
Aug
7,000
106
June
108*4
May
HO
...1947
16*6
♦Hanover
20*4
m
30
1965
6s
Aug
39*4
11,000
«
157*6
106
July
100*6
113*4
81*4
101
mm
103*4
155
100
Apr
1,000
m
30
75
6% perpetual certificates
Apr
?2*4
2,000
40
40*4
103*4 103*4
197
98
101
91*4
111*4
11*4
June
19
*20
♦6s ctfs of dep..July '61
♦6s ctfs of dep..Oct *61
Cundlnamarca (Dept of)
♦6*4s ctfs of dep.__1959
10
18
*10
*10
♦Prov Banks 6s B..1951
15
*10
♦6s series A
1962
Columbia (Republic of)—
Jan
1.000
*10
♦7a ctfs of dep
1948
♦7*4s ctfs of dep... 1946
Cent Bk of German State A
106*4 June
Aug
July
20
Jan
Aug
Mar
Mar
Jan
105*6
June
11
May
July
101*6
June
13*6
15
91*4
105
14"
17*4
105*4
mm
Mar
18*4
2,000
mm
Jnne
11
20
6,000
m
13*4
17
18*4
105*4
»
17
*8
107
Mar
Jan
Aug
♦Caldas 7*48 ctfs of dep.'46
♦Cauca Valley 7s
1948
106*4 106*4
1106
108
109*6
8*4
12*4
1,000
♦Bogota (City) 8s ctfs. 1945
Bogota (see Mtge Bank or;
105
♦Prussian Electric 6s..1954
Pabllc Servloe of N J—
Pub Serv of Oklahoma—
4s series A
1966
5,000
85
10*4
12*4
108*4 108*4
106*4 106*4
96*4
107*4 107*4
1108*4 109
144*4
49
*69
Aug
68*4
81*4
104*4
110
72*4
■
Aug
12,000
107
99
103*4
92*4
119*4
27,000
8,000
1104*4 105*4
Phila Elec Pow 5*4s..l972
PbUa Rapid Transit 6s 1962
Apr
Jan
112
96*4
45,000
1101*6 102
4*4s series B
1968
Peoples Gas L A Coke—
Aug
Aug
July
84*4
Jan 1947
105
—
78*4
86
90
108*4
79
109*4 Aug
109*4 May
m
105
Apr
Mar
94*4
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
107
m
m
Apr
72
Jan
July
June
AND MUNICIPALITIES—
Apr
111*4
92*4
42
99*4
98*4 101*4
1103*6 104
104*4 104*4
105*6
105*6 106*4
mmmmmm
68
104*6
86,000
23,000
Apr
Jan
GOVERNMENT
58*4
Apr
138
..
3,000
118*4
1937
Stamped 6s
108*4
Aug
1109
90*4
I960
6*4s stamped
.1958
7s
♦7s ctfs of
16*6
16
..1958
dep
20
195)
♦6*4s ctfs of dep
1954
Mtge Bk of Bogota 78.1947
♦Issue of May 1927
15
Mar
16
June
10
14
18
Feb
15
June
9
18
18
Jan
13*4
Aug
Jan
26*6
Au
Mar
2,000
14*4
126
♦7s ctfs of dep. May '47
13
Jan
Jan
11
14
Mar
May
6*4
11*4
9*4
16
14
25*4
28
32
120
126
30
25*4
Jan
26*4
92*4
91
93
89,000
75*4
Jan
97
Aug
♦78 ctfs of dep.Oct '47
26
Apr
26
Apr
89*4
92
89,000
Jan
26*6
f0*6
87*4
72
120
95*4
Aug
17
11
June
16
Jan
89
64,000
70*4
Jan
110
86
93*6
Aug
♦Mtge Bk of Chile 6s. 1931
Mtge Bank of Columbia—
1946
63*4
120
31
Jan
98*4
120
120
32
183
89
10
10
106
Puget Sound P A L 5*4s '49
1st A ref 58 ser C...1950
1st A ref 4*4s ser D.196C
Queens Boro Gas A Elec—
5*4s series A
1952
♦Issue of Oct 1927
♦7s ctfs of dep
94*4
95*4
95*4
110
—
a* m
m
m m
m>
mmm^im
♦Schulte Real Est 6s..1961
■
35
108
Safe Harbor Water 4*4s *79
|*St L Gas A Coke 6s. 1947
50
110
mmmmmm
♦Ruhr Housing 6*4s..l958
1C8
117*4 26*4
1131
137*4
110
50
127*4
10,000
rnmmm
2,000
iiiiii
"9I660
54*4 54*4
1G3
104*4
103*4 104
24,000
80*6
95
Southeast PAL 6s...2026
109*4
AUg
♦7s ctfs of dep
1947
♦6*4b ctfs of dep...1947
Mtge Bk of Denmark 5s *72
Aug
110
Feb
♦Parana
Feb
21
July
Feb
138
Aug
Apr
27
Mar
134
22
102
103*4
Jan
25
20*4
103
1st 4 *4s series D
1970
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
35
June
28
—
28*4
102*4
1951
Shawlnlgan W A P 4*4s "67
4,000
34,000
80*6
81
9,000
95
98
8 000
108*4 110*6 227 000
June
31*4
Jan
100
May
103*6
Mar
48
May
65
May
106
76*4
Mar
Jan
99*4
July
Aug
106*6
Aug
Aug
111*6
112*6
Feb
105*4
52*4
107
15,000
107
1,000
104*4 104*4
45*4
46*4
20,000
104*4 104*6
4,000
39*6
102*4
103
94
103*4
8.000
102
94
97*4
107*4 107*4
20.000
53*4
54*6
6,000
49
55
Apr
54*6
Apr
55
Apr
38.000
54
5,000
54
8,000
108*4
103*4
81
104*4
(Btpd)
1948
62 *6
62
Conv 6s (stpd)
1948
.63*6
63
Debenture 6s
1951
65
63*6
66*4 129,000
67*4 22,000
67*4 69.000
Debenture 6s .Dec 11966
64
63*4
68
66*4
61
66*4
67*4
55,000
53*4
20*6
21*4
27,000
18
4,000
50
4,000
Standard Pow A Lt 68.1957
62
♦Starrett Corp Inc 6s. 1960
1946
50
52*4
35
Ternl Hydro-El 6*4s..l953
Texas Elec Service 5s. 1960
35
38*4
103*4
40*6
102*4 104
*4
*6
•is
June
*6
Jan
Apr
61*4
Aug
8*4
May
14*4
Jan
W
May
14*4
Jan
1*4
56
Mar
61
61*4
16,000
♦Santiago 7s
11 *4
11*4
2,000
1949
♦7s
1961
110
47
Feb
14 *4
Mar
May
Feb
*
No par value,
interest.
n
a Deferred delivery sales not Included In
Under the rule sales not included In year's range,
Feb
105
Apr
Apr
104*4
Jan
108
July
May
July
59
July
74*6
74*4
74*4
Aug
Aug
Apr
74
Aug
Apr
73*4
Aug
73*4
Aug
e
year's range,
d Exr Cash sales not In¬
Southern Calif Edison 4s
Apr
99
July
Aug
June
cluded In year's range.
35
Aug
Jan
7
Ex dividend
t Friday's bid and asked price.
No sales
,
were
transacted during current week.
♦
Bonds being traded flat.
5 Reported In receivership.
f The following la
Corp—
1940
5*4
*4
14*4
111*4 May
Standard Gas A Electric—
1957
Mar
Mar
15
7*4
♦Santa Fe 7s stamped. 1945
Mar
103
10,000
108*6
107*4
_96*<"
Jan
Jan
July
Jan
May
18,000
108*4
......
1921
July
8*4
Aug
108*4 108*4
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s
2022
♦6*<s
15*4
1*16
85*6
6,000
Aug
110*6
107
104*6
♦Rio de Janeiro 6 *<8.1959
♦Russian Govt 6 *<s... 1919
32
Mar
Jan
Jan
104*4 104*4
16,000
Jan
83
107
104*4
Sou Indiana Ry 4s
1951
S'western Assoc Tel 5s 1961
83
.
94*4
107
list A ret mtge 4s.. 1960
Sou Counties Gas 4*4s 1968
7s...1958
Feb
107
..
(State)
Feb
105*6
102*4
103*4
Sou Calif Edison Ltd—
Debenture 3*4s
1945
Ref M 3*4s.May 1 1960
Ref M 3*4s B.July 1 '60
July
Apr
21*4
107*4
16*4
-
'mm
102
Scrlpp (E W) Co 5*48.1943
2d stamped 4s
West Newspaper Un 6s *44
Wheeling Eleo Co 5s..l94l
Jan
104*6
191
1971
2d stamped 4s
Wash Ry A Elec 4s...1951
West Penn Eleo 5s...2030
West Penn Traction 5s '60
July
Jan
38*4
Waldorf-Astoria Hotel—
1954
Aug
52*6
119*6
116*4
me
♦7s 1st
Penn Water A Pow 6s. 1940
(Hugo)
6s
66*4
3,000
1944
Va Pub Serv 5*4s A..1946
1st ref 5s series B...1950
Jan
20,000
100
111*6
Deb 5*4s series B..1969
Penn Pub Serv 6s C..1947
Stinnes
4*48
July
40
81*4
107*4
Aug
Aug
99*4
119
Utah Pow A Lt 6s A..2022
Aug
102
108*6
......
1962
6s gold debs
1959
Un Lt A Rys
(Del) 5*4s '62
United Lt A Rys (Me)—
Mar
104
107
100
Penn Cent LAP 4HS.1977
1st 5s
1979
68
6*48
115
Jan
410
1945
United Lt A Pow 6s.-.1975
6*4s
1974
Jan
38*4
110
1107i«11015n
1964
So'west Pub Serv 6s..1945
♦Spalding (A G) 5s...1989
f 6s
s
i^York Rys Co 6s
58
9,000
108
_
Pacific Ltg A Pow 5s..1942
Paclflo Pow A Ltg 5S..1965
Scull in Steel 3s..
""38*4
113*4 May
83,000
105
A.1948
♦Saxon Pub Wks 6S...1937
119
United El Serv 7s
1956
♦United Industrial 6*4s '41
105»32 105»32
1946
San Joaquin L A P 5s B '52
47
105*6
Jan
37,000
107*4
1962
Corp 6*4s.l953
30
♦1st
107*6
Aug
50*4
30.000
106*4 June
105
106*4
Okla Power A Water 6s '48
Pacific Coast Power 5s '40
Pacific Gas A Elec Co—
1st 6s series B
1941
♦Ruhr Gas
95*4
104
Jan
102*4 104
109
—
UOkla Nat Gas 4Hs... 1961
PowerCorp(Can) 4 *4sB
6,000
10,000
50
Jan
102*6 103*4
109*4
mrnm
1968
5s series D
54
105*6 106
104
102*4
1945
Penn Ohio Edison—
6s series A
52
19,000
23,000
104*4
112*6
99*6
86*4
41,000
Wise Pow A Lt 4s
1966
Yadkin River Power 5s '41
104*4 105
104
1999
4^8 series E
1970
N'we8tern Elec 6s stmpd'45
N*western Pub Serv 5s 1957
5s series H
101
101*4
105*4 105*4
99
23,000
37
July
89*6
98*4
63*4
1973
1,000
104*4
105*4 105*4
97
~97*4
High
Jan
30
1952
Aug
103
58*4
6s series A
July
Low
24,000
30*4
6s series A
25,000
80
106*4 106*4
4:113
$
60*4
July
103
103
Nippon El Pow 6 Mb—1953
Penn Electric 4s F
Apr
July
106*4
Range Since Jan. 1, 1939
for
Weet
High
5*4s '62
Mar
100*4 101*4
*78*4
"l04*4
N Y A Westoh'r Ltg 4s 2004
Debenture 5s
1954
Park Lexington 3s
90
Jan
Range
of Prices
Low
Conv 6s 4th stamp. 1950
United Elec N J 4s...1949
Uien Co—
Aug
7,000
81
Wect's
Price
2022
3^1n City Rap Tr
May
102*4 102*4
100*4
N Y P A L Corp 1st
4Hs'67
N Y State E A G
4MB 1980
ser
Apr
series A
♦6s Income deb
6s stamped
...1942
♦Income 6s series A.1949
New York Penn A Ohio—
♦Ext 4*4s etamped.1950
Pacific Invest 6s
38
111*4
109*4
89*4
123*4
73*4
109
75
1121*4 123*4
63*6 69
63
69*4
64
65
Debenture 5*<b
1964
New Orleans Pub Serv—
119*4 119*4
108
78*4
New Eng Pow Aasn 6s_1948
debs
Aug
3,000
1948
oonv
Apr
1.000
46,000
6s
Tide Water Power 5s..l979
Tlets (L) see Leonard
Aug
35
Conv deb 5sIIIIIIIl950
New Eng Power 3J4s.l961
6s
Jan
33
Auu
98
111*4
106*4
104*4 105
mmmmmm
New Amsterdam Gas 6s "48
N E Gas A El Aasn 5s 1947
Ohio Power 3*4s
Ohio Public Serv 4s
92*4
93
109*4 110
35
Neianer Bros Realty 6s *48
Nevada-Calif Elec 68.1956
Ogden Gas 5s
Jan
Aug
Aug
105
2022
5s series D
102
109*4
l#Nat Pub Serv 5s ctfs 1978
Nebraska Power 4Kb. 1981
5s series C
July
88*4
90*4
5s
101*4
102*4
Aug
Apr
38,000
Missouri Pub Serv 5a.1960
6s series A
Apr
93*4
97*4
Texas Power A Lt 5S..1956
Mar
100*4
101*4 103
2030
July
107
101*4
Deb 5s series B
99*4
66*4
Jan
106*4 106*4
18,000
97*4
98*4 152,000
■
Jan
93*4
58*4 May
1303
Sales
Sale
Par
Apr
"97*6
Miss Power A Lt 5s._.1957
Mtes River Pow 1st 5s. 1961
mmm
Last
High
82*4
Mississippi Power 5s—1956
mm
BONDS
{Concluded)
Low
%
6
Friday
Range Since Jan. 1, 1939
of Pr\ces
Sale
Par
Exchange—Concluded—Page
Sales
W eel's Ran at
a
list of the New York Curb bond Issues wblcb have been called
In their entirety:
Central Pow. & Lt. 5s 1956, Sept. 21 at 104.
Cuban Telep 7*48 1941. sept
1 at lOo.
Okla. Nat. Gas 4*4s 1951, Sept. 22 at 105.
1960, Sept. 1 at 108*4.
Cash sales transacted during the current week and not
included In weekly
or
yearly range:
No Sales.
64
34
Apr
Apr
50
Jan
21,000
38*4
Aug
53*4
Jan
94,000
97
Apr
Mar
104*4 May
y
Under-tbe-rule sales transacted during the current week and not Included in
weekly or yearly range:
No sales.
t
Deferred delivery sales transacted during the current week
and not included
In weekly or yearly range:
No sales.
1
Abbreviations Used Above—"cod", certificates of deposit; "cons," consolidated:
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stock;
"v t c," voting trust certificates; "w
l," when Issued* "w w." with warrant*: "x-w"
without warrants
The Commercial & Financial Chronicle
1304
Aug. 26, 1939
Other Stock Exchanges
Baltimore Stock
Exchange
CHICAGO
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
Sales
Friday
Last
Stocks—
Par
-.*
for
Sale
Arundel Corp
Week's Range
of Prices
Low
Price
100
20
18%
«
•
«r
—
~
~
13%
North Amer Oil Co com._l
Mar
16%
19
Aug
65
4
Apr
15% May
130% July
35%
Jan
14
60
177
89
30%
18%
160
42c
12%
112
Apr
29%
Apr
10%
Apr
200
22
Par
40c
Aug
1.40
Jan
Allls-Chalraers Mfg Co....*
29%
8%
32%
Amer Pub Service pref. 100
Amer Tel «fe Tel Co cap. 100
80
85
12
Aug
Jan
28% July
28% July
13%
905
10%
Apr
14%
July
Armour <fc Co common...5
1.35
250
78%
35
5
13
13
18%
20%
33
25
3,617
37
25%
29
30
3%
...1947
—
102% 102%
Boston Stock
Amer Pneumatic Ser com. *
1st pref
8%
May
6%
100
7%
June
10%
200
%
Aug
1
July
Associates Inv Co com...*
13%
23%
Apr
38
Jan
Atbey Truss Wheel cap.. .4
100
Mar
2%
Apr
3%
Automatic Washer com..3
Jan
%
%
100
May
Mar
%
Feb
33%
%
Aviation Corp (Del)
3
Barlow & Seelig cl A com.5
3%
3%
1,130
3%
Aug
8
8
50
7%
Jan
JO %
Mar
Bastlan-Blessing Co com.*
Belden Mfg Co com,
10
14%
Apr
18%
July
16%
31
27%
31%
Aug
Aug
06
Jan
103
July
Belmont Radio Corp.....*
Bendlx Aviation com
5
"36"
.
36
36
100
Blgelow-Sanford Carpet..*
Preferred.,
100
Bird & Son Inc..
5%
100
100
Elevated
—
10
Jan
15
Mar
3,044
147%
Apr
170
Mar
31
18%
Aug
26%
Mar
10
67
Apr
91
Aug
72
150
175
32c
Jan
12
115
10%
471
70%
5
common.
Bracb & Sons cap
20
22%
2,200
20
21
150
17
Mar
Jan
Preferred
6%
1,000
1%
1,650
—1
Preferred
*
Cent States P & Lt pref... *
Chain Belt Co
*
com
com.
1%
June
3%
Mar
10%
15
July
Jan
Chrysler Corp common._5
Aug
8%
Jan
Cities Service Co com... 10
Apr
5%
Jan
*
*
5%
6%
Aug
14
Aug
1%
16%
3%
3%
21%
5%
350
1
Jan
60%
55
3 %
27
240
55
Aug
77
Mar
20
15
Feb
26
Mar
3%
650
3
Apr
23%
684
60
190
6%
6
5%
155
3%
18%
Aug
Apr
5%
Apr
5%
1%
Mar
Apr
8
20
Jan
30
Aug
13%
Jan
16
July
Maine Cent—
Common
100
5%
5%
100
15%
5%
16
165
10
Apr
2%
2%
206
2
Jan
60
17
Mar
Jan
18
2%
22%
t o.l
2%
Mergenthaler Linotype... *
Narragansett Racing Assn
Inc
17
New Eng Gas & El Assn—
Preferred
*
4%
30
116
30
5%
1,135
30
115
Jan
6%
Mar
Jan
July
Jan
15
117
3%
Jan
5% June
Jan
15
35
Aug
120
31c
New
capital
*
*
Suburban Elec Sec Co—
2nd pref
Torrlngton Co (The)
»*
26
6% cum pref
25
Utah Metal & Tunnel Co.l
Waldorf System
*
"78 %
42
..25
%
8*
7%
74%
40
%
200
79
73%
5
Aug
9%
Jan
Apr
84%
July
4%
4%
5
250
400
4%
2%
Aug
2%
30
2%
16"
32
110
18%
Jan
32
19,800
25%
200
Jan
29%
28%
11%
6%
1%
1%
Apr
31%
Apr
15%
Jan
Aug
6%
Mar
1,175
6%
Aug
9%
Common pt sh A v t c.50
Crane Co com
...25
1%
Jan
1% May
Jan
%
4% May
9% Aug
2%
1%
7%
16%
July
Apr
29%
July
Diamond T Mot Car com.2
Dixie-Vortex Co
Class A
*
com
...*
...
com
....
831
17
Aug
37%
49
50
48
Aug
73
Mar
19
350
12%
Apr
Aug
235
16%
150
Apr
19%
17%
205
15%
Jan
23%
Mar
50
5%
Aug
9%
Jan
9%
9
210
May
12%
100
31
July
35%
Feb
250
6
Apr
9%
Aug
3
800
19%
27%
21
500
29%
180
2%
2%
17%
24%
10%
Apr
43%
Apr
14%
15
30c
33c
2,645
30c
July
1.00
Jan
2%
700
2
Jan
15%
700
47%
2%
400
12%
16%
508
9%
Mar
664
15%
Aug
14%
24%
17
14
Feb
17
8%
36
26
9%
291
10%
1,083
40
30
General Foods
*
43%
General Motors Corp.—10
General Outdoor Ad v com *
42%
June
Mar
Gillette Safety Razor com*
Goldblatt Bros Inc com..*
Aug
Jan
com
Apr
11
Apr
17%
Jan
Aug
45%
Jan
Great Lakes DAD com..*
Hall Printing Co com...10
8%
8%
22
Apr
27%
Feb
15%
Aug
9%
Aug
Hptleman Brew Co G cap. 1
Hibb-Spencer-Bart com.25
42
44
Houdallle-Herahey cl B—*
9%
%
3%
270
5%
Apr
July
Illinois Brick
Co
1%
25
1%
Mar
7%
3%
23
10
23
Mar
Jan
25
Aug
Illinois Central RR
12%
1
10
com
1948
91
Series C 6s
1948
100
91%
2,000
80
93
135,000
80
101
1,500
92
94
June
Apr
96
June
Feb
103
July
Apr
100
New
Week's Range
for
Sale
of Prices
Week
Low
High
Range Since Jan. 1, 1939
Low
High
Abbott Laboratories—
61%
"15"
For footnotes see page 1307.
57
53%
Apr
65
31%
50
31%
Apr
43
9%
9%
10
5%
8%
*
63%
31%
""9%
5%
100
8%
17%
15
8
July
Jan
Jan
9%
July
5%
Aug
9%
Jan
100
6
Apr
9%
July
800
11
Apr
18
1
com
Kellogg Switchboard com.*
6%
32
Apr
Jan
Aug
37
Apr
17%
Aug
2%
Jan
3% Aug
Aug
9%
2% June
6%
Jan
20%
Jan
8%
%
Jan
3%
200
10%
2%
72%
459
134
66%
Apr
94%
51%
618
48%
Aug
66
50
2%
Jan
6
100
4
4%
70
2%
Jan
Jan
5
100
15%
Jan
19
13%
2,600
10%
July
Jan
Jan
Mar
6%
16%
4
15%
Jan
Aug
Feb
*
Mar
12%
12%
45
45
"4%
4%
50
5
800
7%
.
36
3%
Apr
Apr
14%
Aug
Mar
46
5%
July
8%
July
7%
97
750
5
Feb
98
160
74
Mar
98
Aug
38%
41%
120
29
Jan
44
Aug
93%
95
20
69%
Jan
96%
...5
2%
3
100
Apr
%
2%
%
Preferred
100
Kentucky Utll Jr cum pf.50
6% preferred
100
Leath & Co
25
...1
com
Drug Co
Keryln Oil cl A
Shares
25
18%
8%
Jan
July
Kingsbury Brewing cap__l
Lawbeck 6% cum pref. 100
Sales
Last
670
9
Jarvl8 (W B) Co-
Katz
Aug. 25, both inclusive, compiled from official sales lists
470
1
6
15%
850
11%
50
"4"
520
9
70%
Joslyn Mfg & Supply com.5
Chicago Stock Exchange
Friday
*
Iron Fireman Mfg vtc..
12%
1,600
34
32
9%
2%
Indiana Steel Prod com__ 1
Inland Steel Co cap......*
$6 pref
11%
8%
"32"
Interstate Power $7 pref..*
91%
*
22%
21%
Apr
6%
Jan
12
July
com
Jan
Apr
Apr
87%
Hupp Motors
Mar
6%
5%
550
24%
May
51%
July
55
11
28%
Apr
37%
4%
Apr
50
37%
Apr
Aug
Jan
July
Apr
Feb
85c
Aug
21%
Feb
48%
July
Jan
3%
47%
605
17
Apr
60
Apr
25%
22%
50c
16
Apr
1%
36%
22
71%
41%
Apr
40%
Apr
125
500
11%
•
10
434
390
Jan
July
200
27
6lc
850
3%
11
20%
79%
Mar
494
Jan
Mar
10%
77%
85
300
Aug
8%
13%
26
23
Price
46%
44%
4%
6%
4%
6%
Goodyear T <fc Rub com..*
Gossard Co (H W) com...*
36
2%
Jan
May
22%
Apr
Jan
46
4
Apr
10
11%
15%
Jan
8%
33
*
14%
Jan
14
32
General Amer Transp com 5
General Finance Corp coml
Jan
Jan
17%
5%
10%
7%
Elec Household Util cap 5
Elgin Natl Watch Co... 15
Fairbanks Morse
17
9%
32
*
com
Jan
18%
13%
16%
5%
17
..*
com
60
49
20%
Cudahy Packing pref..100
CunnlnghamDrugStores2 %
Dayton Rubber Mfg com.*
Deere & Co
150
205
750
Jan
July
4%
10%
24%
19%
9%
13%
Jan
Aug
3%
12%
2%
14%
80c
Mar
9
50
1.50
Feb
3%
100
12%
35c June
9%
400
12%
20c June
Jan
Jan
Fltz Simons & C D & D cm*
85
1
Jan
53%
1,247
Fox (Peter) Brewing com.5
Fuller Mfg Co com
1
1948
Mar
Jan
Series A 4%s
Series B 5s
Aetna Ball Bearing com__ 1
Allied Laboratories com..*
78%
Consolidated Oil Corp...*
Co—
International Harvest com*
*
JaD
Aug
Eastern Mass St Ry—
Adams (J D) Mfg com
Adams Oil A Gas com
62
1%
Bonds—
Common (new)
Acme Steel Co com
400
July
Consumers
1%
Par
70
29%
11%
3%
7
6
*
Stocks—
65%
3%
com
61c
...
Warren Bros
Warren (S D) Co..
Mar
20
5
Corp.25
38%
Apr
9
9%
36
Union Twist Drill..
United Shoe Mach
Jan
June
1%
June
17
16 %
Reece Button Hole MachlO
Shawmut Assn TC
Stone A Webster
2%
33
15%
%
58
*
50
Apr
1,150
1
Consol Biscuit
Gardner Denver Co com..*
RR
1,800
19
Apr
103%
30c
Aug
35
Jan
12%
20
30c
7%
15
50
242
100
(Ctfs of dep)
Pacific Mills Co.
Apr
33
350
%
Old Colony RR—
Common
2%
13%
1%
%
100
2.50
17
4%
250
17
Commonwealth Edison-
Dodge Mfg Corp
1
New England Tel <fe Tel 100
35
6
■/
16%
%
35
Jan
Aug
July
%
25
1%
71
112
4%
15%
Apr
Jan
Common pt shs B v t c. *
28%
1
Jan
Preferred pt shs v t C..50
Container Corp of A com 20
Continental Steel com
*
15%
Aug
45
Jan
27%
(Boston)25
6%
100
Mar
Loews Theatres
Jan
Apr
70
7%
Jan
Aug
%
4
50
May
7
79
% May
63
4%
24
Apr
Jan
108
1%
"34"'
Club Aluminum Utensil..*
July
1%
5
Chic Yellow Cab Co.....*
23
June
Apr
63
Chic & N'west Ry com. 100
May
May
6%
Jan
Mar
13%
16%
5
287
16
Jan
23%
16%
105
Compressed Ind Gases cap5
1
21%
1%
63
...*
1%
14 %
Hathaway Bakeries pref._ *
to
5%
25
133
Gillette Safety Razor
Aug. 19
5%
G'blo Flexible Shaft com..5
270
Gilchrist Co
Pennsylvania
*
Convertible pref
Central S W —
Chicago Corp common...*
Preferred..
*
11
*
Butte.
900
Mar
23
Employers Group
North
%
Mar
4%
3%
64%
%
Mar
9
300
%
2%
10%
Easterns Steamship L com*
76
Apr
82
18%
9%
1
3%
20%
100
N Y N II & H RR
76
Common
11%
10%
...100
v
74
Cent 111 Pub Ser $6 pref..*
250
9
Central Illinois Secur—
Jan
23
100
Mass Utilities Assoc
10%
Jan
100
cum pref
10%
Colernan L'p & Stove com *
B........ 100
Adjustment
20%
July
100
1st pref
Apr
1%
East Gas & Fuel Assn—
%% prior pref
July
Aug
1%
150
25%
17%
Aug
7
6
396
Jan
6
95
5%
June
7%
20
385
4
Jan
22
250
1%
4%
100
32
Jan
Aug
2,600
6%
50
20
Apr
4%
7%
10
3%
25
20
100
6%
21
Common
19
17
4%
7
Prior lien pref
56
1%
Mar
6
Feb
Aug
Apr
13%
16%
May
7%
July
Apr
Boston Personal Prop Tr. *
Boston & Providence. ..100
Calumet & Hecla
5
10%
20%
6%
11%
16
6%
1%
Jan
Jan
Apr
10
89 %
38%
1%
Aug
7%
4%
.....*
159%
100
OH
Jan
6%
29%
com.....5
_
Jan
386
1%
11%
Apr
Bruce Co (E T)
Aug
May
1,125 zl27
17%
100
4
Feb
45%
1%
Apr
Apr
20
*
Cherry Burrell Corp
.100
6% preferred
Eastern Mass St Ry—
Common
60c
17
..100
Copper Range
11
75
156%
6%
13%
22%
Jan
4%
16%
600
9%
June
200
1,850
18%
June
850
10%
19%
18%
5% conv preferred ...30
Campbell W&CanFdy cap*
50e
Common stamped...100
Prior preferred
High
44 %
100
Boston Herald Traveler..*
Boston <fe Maine—
Class A 1st pref etd
CI B 1st pref Btd
Low
12%
10%
73%
152
10
2,150
1
Class A..
Shares
87
1,300
23
20%
Berghoff Brewing Co
30
Butler Brothers
Range Since Jan. 1,1939
155 % 163 %
18 %
87
*
Boston & Albany
Boston Edison Co
Boston
19%
9%
5
22%
9%
(New)
33c
160 %
16%
9%
5
100
3
3
Jan
Jan
Jan
Borg Warner Corp—
12%
50
Amer Tel & Tel
High
Jau
Mar
2,250
Sales
Low
170%
%
Week
Price
Apr
8%
Brown Fence & Wire com. 1
Par
147%
%
Apr
for
2,078
July
8%
Apr
of Prices
94
Asbestos Mfg Co com.... 1
19%
Week's Range
47%
Jan
Aro Equipment Co cora__l
22%
Sale
Apr
Mar
2,000
Last
July
28%
59
July
Exchange
Friday
276
10
1.50
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
Stocks-
High
Apr
84%
Jan
$7,000
1,000
5
20
155% 163%
3%
3%
Bliss <fc Laughlln Inc com.5
...
Low
50
65
Feb
Aug
Apr
Finance Co of America—
4%—_
Range Since Jan. 1, 1939
Shares
Apr
1.00
73
64%
12%
Bonds—
25%
Price
8%
25
64%
Week
Allied Products com....10
40
1.35
for
of Prices
Low
High
June
185
32%
25%
Stocks (Continued)
12
76
Sales
Week's Range
Sale
28%
64%
......
St., CHICAGO
Last
12
13
1975
Salle
Friday
27%
13%
32%
A 5s flat....
La
S.
10
6% May
Apr
Principal Exchanges
Teletype
Municipal Dept. CGO. 521
Bell System
Trading Dept. CGO. 405-406
Jan
84
4%
20
Bait Transit 4s flat.-1975
Members
Jan
Jan
121% June
TT 8 Fidelity A Guar.
2
2.10
22%
Jan
Seaboard Comml com... 10
Western National BJc...20
Apr
Apr
16
May
29%
-
*
Real Estate Trust Co. .100
July
71
17%
*.«■<*<4.
70c
116
42c
•
1.20
Mar
June
22
13%
18
Paal H.Davis & Go.
24%
100
80
123% 128%
'
High
Apr
118%
4%
4%
1
com
340
17
77
1
Penna Water & Power
25c
18%
20
Fldelity&Guar Fire Corp 10
Houston Oil preferred-—25
Merch & Miners Transp.. *
667
1.55
118
Fidelity & Deposit
MononW PennPS 7% pf 25
New Amsterd'm Casualty 6
45c
1.40
77
Eastern Sugar Assoc com. 1
Eastern Sugar Assoc—
Mar Tex Oil
20%
31c
100
Preferred
Low
709
17
Brager Elsenberg Inc com 1
Consol Gas E L & Pow... *
4%% pref B
Shares
21%
31c
1.40
*
com
High
20%
'
*
—
Black & Decker
Unlisted
Week
Bait Transit Co com vtc.*
1st pref vtc
SECURITIES
Listed and
Range Since Jan. 1.1939
Aug
com
31
100
31'
10
50
*
3
3
Cumulative pref
*
Libby McNeill & Libby..*
26
com
27
2%
4
Aug
Apr
Apr
%
Jan
May
32%
July
Apr
3%
June
26
30
22
Jan
4%
5
400
4
Apr
6%
2%
2%
250
2
Mar
5%
Jan
120
22
Aug
32%
Mar
Apr
2%
Apr
26
Aug
Jan
Lincoln Printing Co—
Common
$3% preferred
Lindsay Lt & Chem
*
com.
10
22
2%
25
2%
100
1%
Volume
The
149
Sales
Friday
Lion Oil Ref Co
Par
for
of Prices
Week
Price
9%
20
Aug
OK
Jan
(Concluded)
Randall B
15%
45
Jan
1%
800
I
Apr
1%
Jan
31%
100
25
May
33%
Jan
US Playing Card
U S Printing
Preferred
15%
Manhatt-Dearborn
com
.
6
—II—
*
25
11%
13%
5,000
33
Jan
26
16%
July
1
Mickelberry's Food
3%
3%
*
com
27%
27%
1
4
700
Apr
Jan
28%
Feb
2%
Apr
4%
5%
1,450
17,300
30
1
f
t
1
i
1
160
27%
1%
231
7%
8%
90
7%
35
1
1
I
50
V#
High
Aug
Mar
7%
35%
1%
7%
1
1%
3% June
12
Apr
Jan
38
July
1
Feb
2
July
4%
Apr
9%
Aug
Apr
10%
Aug
June
5%
Mar
Jan
1%
Apr
Feb
7%
July
Jan
12%
July
Apr
22
Members Cleveland Stock Exchange
Jan
1
3
2%
3%
5
8%
7%
9
Convertible preferred..*
2%
2%
2%
200
%
%
50
%
150
%
7%
com.
Middle West Corp cap
5%
Mar
3%
26
20
27%
*
Low
50
IK
Ohio Listed and Unlisted Securities
—
Prior preferred
*
10
Shares
Aug
Apr
9%
IK
Range Since Jan. 1, 1939
for
Week
Jan
Apr
19
Price
Range
Aug
%
Apr
%
270
R
Apr
25
100
24
"12%
*
com
Apr
5
150
%
%
Mapes ConsolMfg cap...*
Merch & Mfrs Sec
170
6%
33
33
com.. *
18%
June
13%
of Prices
Low
High
*
Rapid
1%
31%
*
*
McQuay-N orris M f g
Par
..t
*
McCord Rad clA
Class A
265
Stocks
Hlhg
Low
Week's
Sale
Shares
12
sales
Last
..5
com
Marshall Field
High
Low
com
Liquid Carbonic com
Loudon Packing com
Lynch Corp
Week's Range
Sale
1305
Friday
Range Since Jan. 1, 1939
Last
Stocks (Concluded)
Commercial & Financial Chronicle
Midland United—
2
GILUS t°",0J RUSSELLco.
Midland Util—
7% preferred A
7% prior lien...
.100
Minn Brewing Co com... 1
Modine Mfg com
5%
5%
5%
10%
150
18
*
11
18
50
16
Union Cemmern
Jan
Montgomery Ward—
Common
*
Class A
*
46%
163
Mountain States Pw prf 100
Muskegon Mot Spec cl A. *
com.
Northern 111 Finance
com.
41%
171
June
Mar
68
July
Aug
50
14
Jan
21
21
10%
Apr
15%
%
Apr
1
Apr
22
31%
300
2
Aug
100
11
Jan
11
11
*
Northwest Bancorp com..*
Northwest Eng Co com
*
3
Jan
12%
650
6%
Apr
10
July
14%
100
14%
Jan
20%
Mar
20%
21
40
11
Apr
26%
Aug
13
13%
140
13
Aug
20
Feb
15%
16%
491
33%
37%
321
8%
N'West Util—
7% preferred
Omnibus Corp v t
100
c com.
Penn RR capital
_
*
"16%
.—50
Peoples G Lt&Coke
caD 100
Perfect Circle (The) Co.
*
Pines Winterfront com___l
_
Poor & Co class B
Preferred
225
7%
Aug
%
16%
390
6%
108%
Aug
Apr
125
Aug
148
Aug
157
Jan
Apr
2
Jan
8%
6%
6%
152%
125
120
148
com v t c 50
Reliance Mfg Co com...10
Rollins Hosiery Mills com 1
Sangamo Elec Co com
_*
Schwltzer Cummins cap„_l
Sears Roebuck & Co com.*
1%
9%
1%
III—.
7%
"26"
25
100
80
153%
1%
10%
1%
100
7%
Jan
Jan
Jan
14%
8% May
1% May
22%
Apr
11%
2%
32%
July
150
350
7%
Aug
10
Mar
100
26
7%
Jan
76
1,377
60%
Apr
80%
July
28
120
22%
Mar
29%
July
9%
17%
10
70
10%
Mar
18%
May
Apr
16%
20
Mar
94
"17%
94
8%
8%
250
A
8%
95%
Aug
Aug
88
10
675
10%
16%
Mar
Standard Dredge-
1%
__i
Convertible preferred.20
Standard Gae & Elec com. *
5
Sunstrand Mach Tool com5
Swift International
15
Swift & Co
Trane Co (The) com
.2
Union Carb & Carbon cap *
United Air Lines Tr cap.5
U S Gypsum Co com...20
*
9
A
Feb
25
2%
Apr
4%
Aug
792
23%
Aug
29%
Jan
^
m
+.1
-
7
„
—
25%
17%
17%
7
480
7%
7%
-
"25%
13
13
———
73
3%
Jan
10%
Mar
Feb
17
2R%
19%
3
Mai
3%
Jan
Apr
7
660
24%
1
3%
12%
Apr
July
Apr
250
7%
27
17%
3%
13%
1,835
"
200
Jan
-
11%
Apr
16
627
66
Apr
90%
—100
Akron Brass Mfg
.
Price
228
Apr
13%
300
Apr
112%
1%
Apr
2%
*
6
6
75
6
June
Apex Electric Mlg pref. 100
80
80
80
77
Mar
255
9
Apr
150
15
June
Am Home Prod
1
City Ice & Fuel
.*
Clark Controller
—.1
a5 0%
16
1
Dow Chemical pref
Eaton Mfg
100
114
100
%
Jan
%
23%
Jan
16%
July
110
10
July
15
114
Aug
114
35
5
102%
90
fll7% aim
Goodyear Tire & Rubber.*
a22%
a25
151
19%
16%
1%
20
22%
20%
94% 103%
91
91
30
15%
Jan
200
%
15%
Feb
Apr
18%
1%
23%
July
710
16%
Apr
28
Aug
500
83%
91
70
80%
Jan
1%
100
4
200
1%
3%
Aug
Apr
3%
-
«
«.
4
150
3
83%
210
74%
20% May
95
100
1%
100
1%
40
Apr
42%
51
11
Aug
15
Jan
33%
37
160
33
Jan
41
Mar
15
Apr
22%
Mar
Interlake Steamship
..*
17 H
17%
127
*
3%
3%
250
Leland Electric.....
*
9
9
30
9
Medusa Portland Cement*
14
14
50
14
*
Jaeger Machine
17 %
Miller Wholesale Drug—*
National Refining
(new).*
3Vi
—.*
a7%
.*
ok
Otis Steel
Richman Bros.
Stouffer Corp A
35%
a35
.
Upson-Walton
""3 H
Weinberger Drug Stores— *
White Motor..
....50
3%
May
5%
163
8
Apr
12%
50
7
Apr
10
July
403
30
Feb
38%
Aug
4
34
Jan
18
Apr
2% May
110
100
3
2
150
2
IK
322
10 K
10%
120
a7%
a7%
225
a35%
4,200
12
Youngstown 8 & T pref-100
a 35%
114% 117% §59,000
Cincinnati Stock Exchange
Buhl Building
22%
Apr
OK
105
Apr
124%
Last
Aug
Sale
Par
Price
Exchange
official sales lists
Week's Range
of Prices
Low
16%
Cincinnati Union Stk Yd.*
Crosley Corp
Dayton Mich Gt D
8
Bower
Brlggs Mfg com
...-*
Burroughs Add Mach....*
Burry Biscuit com—12 %c
Brown McLaren
High
for
95
•
*
8
5%
10
Low
3
16%
287
86%
33
73%
100%
20
98
8
15
pref
..
Hobart A
*
Kahn
*
Kroger
Manischewitz
3%
35
Procter & Gamble
For footnotes
see page
1307
7%
7%
75
10%
15
28
28
162
25
50
41
43
90
59%
11
10
58%
61%
100
18%
Aug
490
21
Apr
29
19%
3,061
17
Apr
31%
12%
626
18%
1%
750
11%
1%
Aug
1%
Aug
2%
Jan
75c
100
75c
Aug
1%
Mar
3%
3%
100
3%
Aug
7
79%
2,618
56%
Apr
86c
378
75%
73%
116%
116%
1%
Pet-Mich Stove com
1
Det Paper Prod com__.__l
Det Steel Corp com
.5
85c
80c
118
1%
86
700
70c May
101
Apr
Jan
July
Jan
Jan
Jan
Mar
00
1.25
124
1%
Apr
1%
Mar
July
Feb
Jan
1%
1,085
1%
Aug
2
91c
1,850
85c
Aug
2%
Jan
10%
11%
370
9%
Apr
13%
Mar
1%
......
1%
85c
1%
100
1
Feb
1%
Feb
Frankenmuth Brew com
45
700
6
684
2%
2%
810
15
Apr
23%
~~4%
18
2%
450
2%
1,370
2%
1%
17%
215
10%
4%
2%
44%
1,864
.1
2
50c
50c
525
.1
35c
32c
35c
600
2%
2%
11%
2%
10%
OK
Jan
Aug
Aug
July
7%
Apr
9% May
25
Apr
23
Apr
34%
Jan
8
*
.1
_
17%
2%
2%
17%
Aug
Goebel Brewing com...
May
1% June
2
7
General Motors com...
7%
32%
26%
18%
27%
5
Durham
Jan
17%
Jan
Jan
10
Jan
IK
7%
23%
109% June
13
24%
Apr
10
233
25
26
5
1
13%
2%
*
*
914
3
Jan
11
6
General Finance com...
88
30
41
1%
5%
Gar Wood Ind com
124
228
*
2%
May
Fruehauf Trailer
96%
8%
—5
40c
3%
Aug
Mar
95
33%
28
Apr
Aug
Mar
8
10%
*
_
25c
100
17%
103%
7%
7%
100
86%
101%
10
33%
2%
Formica Insulation
32c
10
100
5
11%
3
99%
15
Jan
July
Grand Valley Brew com
Mar
Hall Lamp com.......
12%
Apr
38%
Feb
3%
Apr
*
July
July
26
Mar
13
July
29%
Aug
Feb
10% June
McClanahan Oil com
50%
Apr
63%
Mich Sugar com
Aug
43c
10
23%
_
1
Mich Silica
Jan
Apr
10
Feb
4
Apr
1%
Apr
2%
51%
July
Jan
July
Mar
38
Apr
2
Mar
2%
50c
Aug
1.25
Jan
30c
Jan
45c
Mar
476
2
Apr
3%
Aug
3,247
1,525
Jan
1
62c
.1
16c
Masco Screw Prod com ...
—
*
492
10
Apr
13%
Aug
11%
2,670
9
Apr
17
Feb
5%
900
4%
Apr
49c
49c
500
1%
640
1%
43c
43c
100
42c June
23%
23%
732
1%
600
3
......
1
Lakey Fdy & Mach com.
20%
2
July
3%
1%
Kresge (S S) com
La Salle...
Jan
2
100
Jan
2%
20%
7%
1%
.1
Klnsel Drug com
30
2%
42%
5%
Apr
5
...
Kingston Prod com.—
Jan
13%
4
Jan
Aug
1%
Hoover Ball & Bear com 10
Houdaille-Hershey B... _*
*
Hudson Motor Car com
14%
34%
"42%
Graham-Paige com....
Hurd Lock & Mfg com.
Eagle-Pieher
Jan
1%
Apr
68
2%
Feb
425
Mar
June
371
7%
*
High
Low
1%
75c
Ex-Cell-0 Aircraft com...3
High
Mar
1%
1%
Week
Shares
Week
Shares
105%
105
High
11%
"i%
.......—
Det Gray Iron com
Range Since Jan. 1,1939
of Prices
Low
Range Since Jan. 1,1939
for
18%
19%
Chamb Metal Weath com 5
Exchange
Range
26%
6%
.5
Roller...—......5
Detroit Edison com
13
1%
*
Dow Drug
86%
100
—
Gibson Art
Sales
Week's
32c
1
Bohn Alum & Brass com.
Sales
5%
105%
Jan
May
1%
Baldwin Rubber com_.._l
Fed Motor Truck com.
Cburngold
9%
2%
Auto City Brew com.....
Teletype: OIN 68
Friday
Cincinnati G & E pref. .100
Cincinnati Street Ry__ __50
Cincinnati Telephone.
50
Jan
May
DETROIT
Detroit Stock
Jan
both inclusive, compiled from official sales lists
*
1%
14%
Telephone: Randolph 6530
Feb
BUILDING, CINCINNATI, O.
Cincinnati Stock
86%
July
June
New York Curb Associate
Det & Cleve Nav com...
Champion Paper pref. .100
Jan
Aug
10
Chicago Stock Exchange
Chrysler Corp com.
Amer Laundry Mach. -.20
Baldwin pref
July
%
Jan
2
New York Stock Exchange
Telephone: Main 4884
♦
4%
60
3%
85% "July
Members
Aluminum Industries.
Feb
Feb
Jan
Jan
Members
Jan
W. D. GRADISON & CO.
Sale
35
27%
4%
4%
Detroit Stock Exchange
Atlas Forge..
Price
Jan
Watling, Lerchen & Co.
Jan
Cincinnati Listed and Unlisted Securities
Par
Feb
New York Stock Exchange"
Allen Electric com...... *1
Stocks—
Jan
June
210
IK
10%
5
Mar
17%
Mar
2
*
.2
Warren Refining
14
3%
a35
3
1
Van Dorn Iron Works
Apr
Apr
100
a21% a21%
Thompson Products Inc..*
Troxel Mfg.————1
Jan
4%
July
2%
60
4%
3%
am
9%
36%
4%
Friday
Last
Jan
20
11K
Stocks—
to Aug. 25,
Feb
42
5
Commonwealth Edison—
DIXIE TERMINAL
Aug
July
30%
19%
34
11
Aug
5%
July
17
Jan
Bonds—
1958'
Jan
Aug
19%
Aug. 19 to Aug. 25, both inclusive, compiled from
deb 3%s
Jan
42
Feb
2%
5%
Apr
1%
14%
15%
91
Apr
81%
«.
Jan
118%
20% May
Great Lakes Tow pref. .100
Aug
119%
Apr
1%
•* «• «. mi 4, *•
July
2,050
4
W «.
Jan
12
Halle Bros...
Feb
16%
1%
18%
'
Zenith Radio Corp com..*
Hilton-Davis
Apr
June
10K
102%
Jan
16
365
a22% a22%
102"
Mar
20
13
213
114
*
Gen Tire«fc Rubber prd. 100
Goodrich (B F)
*
Aug
May
2%
1%
17 H
14
10%
"16 %
14%
June
100
2
13
—.*
8%
80
50
16
2
16 %
.....100
Colonial Finance
12
16
Clev Builders Realty.— .*
Cleve Railway
Cliffs Corp v t. c
a50%
12
July
Feb
13%
June
%
Apr
6%
Jan
250
%
High
Low
20
Mar
82%
1%
7%
77%
1%
Wisconsin Bankshrs com.*
Woodall Indust com
2
Aug. 19
Shares
10%
9%
Range Since Jan. 1,1939
for
Week
Jan
10%
78%
--
1%
%
150
78%
9%
W'house El & Mfg com. .50
Wieboldt Stores Inc—
Cumul prior pref
_*
Williams Oil-O-Matic com*
i
2%
13%
Auf
2%
*.
Walgreen Co common
*
Western Un Teleg com. 100
Wrigley (Win Jr) cap
*
Yates-AmerMach cap...5
350
Jan
24%
Viking Pump Co com....*
Wahl Co com..
10%
1%
2%
5
com
400
23%
Utah Radio Products com *
Util & Ind
9%
1%
...
25
com
Airway Elec pref
Packer Corp...
23%
25
Thompson 'J R)
1%
......
25
Stewart-Warner.
Par
of Prices
Low
High
Lamson & Sessions
Sou Bend Lathe Wks cap. 5
Southwest Lt & Pow pref. *
Spiegel Inc com
2
Standard Oil of Ind
Stocks—
Week's Range
Sale
Mar
28
28
com. *
Common
Last
—
%
170
Mar
74
Signode Steel Strap—
Preferred
.......30
Singer Steel Castings
Apr
600
120
....100
Raytheon Mfg
%
%
7%
'"ok
Feb
24
20
%
*
Pressed Steel Car com.... 1
Quaker Oats Co common.*
Jan
40%
29
25%
"""%
24%
Apr
Apr
25%
.
May
15%
30%
Sales
Friday
Jan
15
8%
Aug. 25, both inclusive, compiled from official sales lists
Aug
2%
2
to
July
Apr
10
3,700
300
Cleveland Stock Exchange
Aug. 19
Jan
16
%
20%
31%
18
30
Jan
16%
%
27%
j*.
—
"~18%
10
20
com
65
20%
12%
12%
Noblltt-Sparks Ind com..5
Nor Amer Car
120
64
A. T. & T. CLEV. 665 & 660
July
55%
May
153
30
163
Apr
40%
823
49%
20
"26"
Natl Bond & Invest com..*
Natl Rep Inv pref
.__*
National Standard
BiUdtaf, Cleveland
telephone: OHerry 6060
2
62c
12
8%
Jan
41c June
76c
Jan
Aug
2%
Jan
55c
Jan
Jan
26%
Aug
1
Jan
1%
Jan
700
2%
Apr
3%
Aug
500
1%
Jan
2%
Feb
Mar
20%
69c
200
55c June
96c
15c
16c
900
12c
Apr
30c
Jan
50c
50c
200
30c June
67c
Aug
The Commercial & Financial Chronicle
1306
Sales
Friday
Last
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Low
High
4%
Mich Sugar pref
10
Mid-West Abrasive com50c
Motor Products
4%
11%
im
90c
*
95c
220
Low
2)4
Jan
90c
July
Apr
270
10
490
Stocks
High
10%
a32
*
a40%
49%
al2%
Jan
Nor American Aviation.. 1
General
Foods Corp
Goodrich (B F) Co
*
*
Apr
July
Intl Nickel Co of Canada.*
4%
4
4
X
2,190
4
Aug
8%
Jan
International Tel & Tel...*
Pack ard M otor Car com __*
3
3
3%
1,735
3
Apr
4%
Jan
Kennecott Copper
-*
39
39
40
1,187
36
Apr
Loew's Inc
15%
12%
5%
Apr
43%
18%
8%
2%
Mar
15%
Aug
#17%
Parke Davis
com
Parker Rust-Proof com 2.50
7
7
Parker Wolverine com—*
100
500
Penln Metal Prod com—1
1
1%
1,100
*
7
7
200
6
5
1
1
300
1
Rickel (H W) com
2
3
—.10
Standard Tube B com
1
24
Apr
1
Pfelffer Brewing com
Reo Motor com
com
3%
905
IX
2X
120
24%
2%
River Raisin Paper com_
Scotten-Dillon
350
IX
600
Aug
Apr
2%
Apr
Apr
1%
June
22% June
1%
Apr
4%
4
4%
675
3%
July
Timken-Det Axle com—10
12%
12
13 X
1,700
Apr
Tivoli Brewing com
1
2%
2%
2%
1,250
10%
2%
Tom Moore Dlst com
1
29c
29c
200
15c
Sheller Mfg
...
Jan
Jan
al5%
Apr
5
Sears Roebuck <fe Co
Southern Ry Co
July
55c
Jan
Standard Brands Inc
Jan
Standard Oil Co (N
330
2%
May
2%
2%
Aug
2
Apr
3%
4
Mar
4%
600
*
1%
1%
200
Jan
Universal Prod com..
*
\m
15%
100
1%
15%
4%
5%
2%
Aug
16%
Walker & Co B
*
2%
2%
105
1%
May
3%
Jan
Warner Aircraft com..,
1
67c
80c
1,450
67c
Aug
1.50
Mar
1
IX
420
90c
July
2%
Feb
14c
14c
500
12c June
25c
Mar
*
4%
70c
Wayne Screw Prod com..4
Jan
Jan
al3%
*
#39%
J)...25
1
Young Spring <fc Wire
*
16"
10
10
683
10
June
45
June
23
Mar
190
55%
Jan
Aug
9%
Feb
50
30
May
39%
Jan
Mar
45%
Mar
65
July
a32
140
45%
275
45
Apr
al3%
193
13% June
22%
Jan
14%
a22%
3%
3%
380
12%
Apr
286
19%
Apr
19%
26%
Mar
3
July
4%
Jan
9
June
,13%
Jan
8%
Mar
a7%
200
35
a8
386
5%
75
5%
13%
16%
Mar
69%
Jan
20%
79%
10% Aug
,15% May
13%
21%
Mar
Apr
7%
Mar
Aug
50%
1,045
157
210
0
200
153
a39% a39%
Aug
25
July
6
40%
7%
520
5%
10
Apr
25
a34%
9%
a77%
#33% #34%
9%
9%
#75% #77%
a31% o32%
2%
2%
37
39%
43
45%
151
Assoc oil Co.lO
17%
33%
11%
71%
I
Apr
al7% al7%
Texas Corp (The)
Tide Wate
Union Carbide A Carbon.*
United Aircraft Corp
a31%
United Corp (The)
5
2%
(Del).*
United States Rubber Co 10
37
US Steel Corp
*
43
Warner Bros Pictures
5
4
a99
6%
4
Jan
139
5%
15%
#15% al6%
a74% a75%
10%
10%
al3% al5%
6%
Jan
Mar
5
al7 %
Feb
Jan
Mar
16% May
Apr
45%
1
Swift A Co
Aug
19
40%
25
Studebaker Corp
WestinghouseEipe A Mf .50
Wolverine Brew com
42%
635
14%
0
6
.*
Aug
75
14
14
Jan
250
.
5%
*
Aug
3
B
Inc..l
Republic Steel Corp
*
Seaboard Oil Co of Del...*
Socony-Vacuum Oil Co.. 15
3%
Universal Cooler A
Paramount Pictures
Radio Corp of Amer
10%
2%
300
3% May
July
3
25%
2%
3%
a7%
a74%
2%
1
Feb
al2
High
33%
235
a21
*
3%
2%
.
1%
14%
a21
*
Packard Motor Car Co...*
North American Co
Jan
*
United Specialties
Mar
18%
3%
Union Investment com,— *
United Shirt Diet com.._
8
Corp..*
Low
229
a40% a4l%
49%
49%
Feb
Montgomery Ward A Co.*
New York Central RR.—*
Jan
Jan
Range Since Jan. 1, 1939
Shares
33%
a32
1.75
13%
13%
High
a46%
5%
Aug
5
com
Low
33%
#42%
Electric Co..—*
Murray Corp corn......10
Motor Wheel
Week
33%
C42% a42%
al7% #19%
a45% a47%
5
5%
General
5%
18%
16%
com
for
of Prices
Price
Par
(Concluded?)
Week's Range
Sale
Shares
910
12
Last
Range Since Jan. 1, 1939
4%
Sales
Friday
Week
Price
Aug. 26, 1939
195
30
20
9
Jan
Mar
July
Jan
Jan
July
Apr
17%
46%
14%
Mar
Apr
84%
Feb
Apr
Aug
35
Aug
Jan
35
May
41%
3%
51%
Feb
955
626
44
June
69
Jan
225
4
Apr
103%
Mar
200
4
85
a96%al02%
Apr
//2%
Feb
Jan
6%
Jan
110
Jan
Philadelphia Stock Exchange
Wm. Cavalier & Co.
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
New York Stock Exchange
JLos
Last
Par
Stocks—
Chicago Board of Trade
Los Angeles
Teletype L.A, 290
Bankers Sec
Angeles Stock Exchange
Par
of Prices
Week
Price
Low
High
*
.10
*
10%
Mfg Co... ._*
"""4%
Chrysler Corp
:.
—
Range Since Jan. 1, 1939
6%
5%
Boisa-Chica Oil A com.. 10
2
2
Broadway Dept Store
*
Calif Packing Corp com..*
alO
alO
Central Invest Corp... 100
12
12
Chrysler
5
Corp
Consolidated Oil
4%
#74%
mi
«,
.
Shares
Preferred
«.
'
'
Jan
Apr
20
June
12
May
17%
Jan
Phila Elec of Pa $5 pref.
071% a79%
648
61
Apr
July
Phila Elec Power pref..
Phila Rapid Transit
6%
Aug
3%
Mar
6%
9%
9%
275
7%
Mar
11%
Aug
5%
5%
340
3%
Feb
5%
July
Salt Dome Oil Corp
a55% a57%
75
July
Mar
al X
45c
1
10
822
a7%
10%
a7%
45c
49c
2,250
50
O380
a380
5
11
11
11
100
44%
6%
1,345
Fltzimmons Stores
60%
Apr
Apr
6%
Apr
40c
Apr
67 %c
Jan
399
360
42%
6%
6%
24
24
Hancock Oil Co A
38
38
Mar
125%
Mar
280
44%
1,913
36%
9%
May
12%
June
Apr
Apr
51%
Mar
9%
Jan
417
24
Aug
38
110
33
Apr
42% May
Holly Development Co
1
75c
70c
"850
5,070
70c
Aug
Hudson Motor Car Co
*
a5%
9%
fl5%
fl5%
9%
50
5%
July
100
20
18%
1,574
9% June
18%
Aug
._
#
7
34
Aug
2
381
880
6%
38
1% June
9
1%
4,903
15%
16%
4,139
72
Apr
1
Jan
Jan
3%
10
Aug
Feb
2%
Feb
Apr
15%
24%
119%
Feb
July
Mar
115
Jan
150
1%
Mar
84
2%
June
4%
Mar
8%
323
9%
Mar
7
300
48%
%
29%
7%
116
......
30
1,108
29%
Jan
3%
13%
*
._*
Apr
Feb
6%
Aug
16%
Jan
50%
282
43%
Apr
52%
July
%
550
%
Aug
Mar
2%
2%
2%
1%
3%
2,450
35%
35%
85
31%
Jan
40
Aug
16,908
10%
Apr
14%
Aug
103
111%
Jan
30
7%
Apr
2%
537
14
12%
115% 116%
9
8%
7
2%
Jan
2
Apr
Mar
Feb
3%
117
9%
June
July
Jan
Bonds—
Jan
Elec & Peoples tr ctfs 4s '45
Feb
1.40
10
2
Jan
2%
2%
35%
*
.
Preferred..
Apr
8%
7
*
Westmoreland Inc..
112
3%
M.
.50
United Gas Imp com
42
Jan
3%
*
Preferred
Apr
2
-.1
United Corp com.
6
21
2
Apr
28%
3%
...
.50
_
Union Traction
37%
*
Philadelphia Traction.
Jan
100
com
9%
Mar
6%
30%
51%
30%
3%
.50
7% preferred
Jan
Mar
38
43%
Lockheed Aircraft Corp_.l
Los Ang Industries Inc
2
71%
11%
10%
9
Jan
24
10
Gladdlng-McBean & Co..*
Goodyear Tire <fc Rubber.*
Lane Wells Co
29%
Transit Invest Corp pref
5%
Jan
84%
%
Scott Paper
9%
a57%
5%
Apr
1%
*
200
*
Apr
Aug
58%
3%
23%
118% 119%
.50
Aug
1%
_~25
Farmers & Merchs NatllOO a380
com
16%
8
15
475
Emsco Derrick & Equip..6
General Motors
Pennroad Corp vtc... ..1
.50
Pennsylvania RR
Aug
10
6%
c_.l
3%
27
W. .
8%
4%
Jan
155
34
.
2
6%
Jan
335
34
'•
National Power & Light ..*
132
4%
Aug
8%
274
118
4
10
com
400
4
Mar
124%
3%
118
12%
alO
1,485
Mar
15%
20%
Apr
Aug
10%
117%
170%
4%
42
-
May
3% May
6%
105
July
Apr
Aug
Apr
11
393
11%
74%
100
83%
9%
Electrical Products Corp.4
Exeter Oil Co A
400
Jan
Mar
Apr
3%
.10
Horn & Hard (N Y) com
High
Loy>
3%
1%
148%
300
4%
General Motors
6%
*
v t
Douglas Aircraft Co.
4%
1,715
775
High
8%
71%
-
3%
4
Corp
Consolidated Steel Corp..*
Creameries of Amer
6
2%
5
Low
590
3%
".".5
Curtis Pub Co com
Lehigh Coal & Nav
Bandlni Petroleum Co—1
4
Range Since Jan. 1, 1939
Shares
11%
12%
156% 165%
11
12%
10%
11%
120% 123%
Horn & Hard (Phila) com.*
for
Sale
Stocks—
Week's Range
160%
_
High
Electric Storage Battery
Sales
Last
11%
Budd Wheel Co.—~
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
Friday
Low
pref.. 100
Bell Tel Co of Pa
Los
Week
Price
100
Corp pref.. .50
Barber Co.
Budd (E G)
for
of Prices
*
American Stores
American Tel & Tel
623 W. 6th St,
Week's Range
Sale
San Prancisco Stock Exchange
Angeles Stock Exchange
Sales
Friday
MEMBERS
Lehigh Valley ann 6s...
8%
72
9
$18,000
72
1,000
Jan
6%
71
July
9% June
74%
June
11% May
Feb
36%
Pittsburgh Stock Exchange
1%
1%
570
1%
Apr
2%
Jan
Los Ang Investment Co.lO
4%
4%
4%
203
3%
Jan
4%
Mar
1
45c
40c
45c
300
39c June
60c
Apr
Menasco Mfg Co
Occidental Petroleum
1
1
1%
1%
2%
5%
Jan
Friday
15c
15c
2,419
1,746
2
15c
13c
Apr
20c
Jan
Last
Week's Range
for
Oceanic Oil Co
1
43c
43c
50c
300
45c
July
85c
Jan
Sale
Week
Pacific Clay Products
*
Pacific Gas & Elec com..25
4%
4%
4%
320
4
Aug
Jan
of Prices
Low
High
Mascot Oil Co
Pacific Indemnity Co
Pacific Lighting com
%
31%
31%
32%
431
28
Apr
7%
34%
10
32
32
32
130
27 %
Jan
35
July
*
46
46
50
July
Stocks—
Price
Allegheny Ludlum Steel..*
Armstrong Cork Co.
*
46%
419
43
Jan
2%
2%
July
3%
Jan
Blaw-Knox Co
16c
16c
1,100
1,000
2
16c
*
Par
15c June
30c
Jan
15%
14%
39%
110
10
295
9%
Byers (A M) common
*
9%
8%
10
315
7%
Carnegie Metals Co
1
7
1,700
6%
Apr
10%
Jan
6%
100
3%
Jan
7%
Aug
Clark (D L) Candy Co—*
Ryan Aeronautical Co
1
4%
4%
2,050
4%
Aug
7%
Jan
Columbia Gas & Electric. *
.*
a40%
30%
Mar
48%
Aug
Duquesne Brewing Co..,5
29%
al0%
a40% a42
29%
30*
al0% 610%
188
Security Co units ben int..
146
26
31
Mar
Signal Oil & Gas Co A. ...*
Sontag Chain Stores
27
7
7
*
So Calif Edison Co Ltd. .25
6% preferred B
5%% preferred C
27
27
26%
26%
29
29
25
28%
33%
28%
100
11%
33%
10%
Standard Oil Co of Calif..*
24%
24%
Southern Pacific
Co
Sunray Oil Corp
1
Superior Oil Co (The)...25
Taylor Milling Corp
*
Transamerica Corp
2
2
o35%
8%
2
5%
Union Oil of Calif
25
Universal Consol Oil
10
24%
7%
25
So Calif Gas 6% pref A..25
260
Jan
389
7
27%
29%
28%
33%
12
25
2,136
2
15%
15
10
May
Aug
Jan
29
29% June
682
27 %
Jan
29%
June
34% June
1,990,
10%
Apr
21%
Jan
1,368
24%
Aug
30%
Mar
1 %
Apr
2%
July
50
35%
Apr
45%
Mar
100
7%
Apr
10% June
3,034
5%
Aug
7%
2,138
16
15
15
5%
!._1
Lone Star Gas Co
Apr
Mar
Brewing
Jan
28%
32
Pitt
30c
15%
12%
Aug
Jan
30c
"6%
61
8%
*
103
*
"
8%
758
4%
1.661
1%
451
San Toy Mining
lc
lc
12,027
.1
1
1%
1%
200
*
32%
26%
32%
20
27%
231
United
.
...
...
July
Pitts
7,200
6c
1,000
1
8,000
o8%
July
Jan
lc
11%
Apr
10
*
Amer Smelting & Refg
Amer Tel «fc Tel Co
100
Anaconda
Copper
60
Aviation Corp (The (Del)3
Bendix Aviation Corp
5
Borg-Warner
Corp
5
Caterpillar Tractor Co
*
Columbia Gas & Elec
*
Commercial
*
Solvents
Continental Oil Co (The).5
Curtiss-Wright Corp
Class
A
Electric Pow & Light
#8%
a8%
10
a41%
a39% a42%
215
161
161
485
22%
3%
22%
21%
O40%
6%
a8%
a20%
I
1
a2l%
*
7%
4%
For footnotessee page 1307
161
42% June
152
July
3
Feb
40% June
Apr
33%
Mar
Aug
26%
Jan
July
22%
135
20c
400
20c
40c
Jan
20
21%
287
18
Apr
31%
Jan
98% 102%
187
83%
Apr
118%
Jan
Brewing 6s
110
1949
110
$5,000
110
July
110
July
Jan
St. Louis Stock
Aug
6
2c
Mar
Exchange
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
Sales
Friday
*
2c
Jan
v
Unlisted—
Amer Rad & Std Sani
June
Jan
30c
Jan
1%
Jan
Mining—
l%c
Jan
lc
24
25%
22%
Bonds—
6c
Jan
9%
22%
98%
l%c
Apr
20c
Eng & Fdy___—5
West'house El & Mfg...50
6c'
Mar
Co
Mar
l%c
July
116%
Shamrock Oil & Gas
4
10c
Jan
30%
Apr
Standard Steel Spring
60
Imperial Development.25c
3
Apr
Jan
08%
Calumet Gold Mines
July
90%
182
104%
Feb
08%
l4c
1%
22
29
29
8
a8%
7% June
Jan
3
..eberShwcse & Fix 1st pf*
45
5%
May
"21%
al
23c
Apr
May
1
Westingliouse Air Brake.*
a6%
22%c
Feb
4
5
Vanadium Alloy Steel
23c
9%
2
Victor Brewing Co
al
Jan
Apr
4%
Aug
10
Feb
7%
25
Mar
Black Mammoth Consol 10c
Mar
1.50
72%
Aug
55
125
July
Alaska-Juneau Gold
14%
Jan
July
11
90c
515
9%
5
70
5
17%
6%
1,700
5
19%
Apr
103
287
1%
2%
Jan
2%
8%
11%
64
Feb
4%
Apr
200
1%
Jan
8%
5
8
3
Apr
2
4%
100
3
5%
Jan
*
9%
3
988
6%
5
9%
Wellington Oil Co of Del.l
7
■
Ruud Mfg Co
9%
100
6
Jan
12%
Reymer & Brothers
deKamp'sH DBakers*
Van
60c
Apr
29
.25
Pitts Screw & Bolt
June
5
4%
1%
*
Pitts Plate Glass
25c
Jan
275
61
Mountain Fuel Supply.. 10
Nat Flreprooflng Corp
1,620
Jan
17%
5%
11
"T%
*
Pitts Brewing pref
35c
56%
June
Apr
5%
Koppers Gas & C pref.. 100
23
100
Fort
Feb
366
510
035% a35%
8%
8%
5%
15%
Apr
Aug
13%
32%
34% June
Jan
27%
9%
6%
4%
10% June
Aug
38%
7
20
14%
9%
7
*
High
Low
485
16%
38%
6%
Shell Union Oil Corp
Range Since Jan. 1,1939
Shares
_.__*
Roberts Public Markets..2
Safeway Stores Inc
Sales
Aug
2%
Republic Petroleum com.l
Rice Ranch Oil Co
1
Richfield Oil Corp com
June
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
18%
44
Apr
168%
Range Since Jan. 1, 1939
Jan
Last
Week's Range
for
July
Sale
of Prices
Low
High
Week
Aug
22%
3%
22%
309
21%
June
38%
341
3%
Aug
8%
Jan
22 %
22%
220
19%
Mar
21%
21%
245
22%
Apr
a40% a40%
6%
6%
a8%
a8%
30
Par
Price
Shares
Low
High
Jan
3%
Stocks—
a20% a20%
4%
4%
021% o22%
7%
7%
320
42
5%
Feb
29%
24% May
*
29%
31
Brown
*
34%
36%
23
1
18
18
20
10
10
25
30%
30%
25
Shoe common
Burkart Mfg com
July
52%
Mar
Apr
8%
12%
Feb
Chic & Sou Air Line pref. 10
Coca-Cola Bottling com.. 1
20
11
Feb
21%
Jan
Columbia Brew com
5
Aug
26%
7%
Feb
4%
Jan
Dr Pepper com
*
Jan
26%
Mar
Elder Mfg com
Apr
12%
Jan
.
Collins-Morris Shoe com.l
40
343
35
100
24
7%
May
334
American Inv common
A
*
100
3%
120
12%
12%
445
29%
30%
60
3%
12%
10
9%
57
27
Feb
35
30%
Jan
36%
14%
May
20
Jan
May
10
Aug
34%
Mai-
8
30%
Aug
June
Aug
2
Aug
6%
Apr
15
July
Apr
32%
Mar
27
9%
Jan
10
30
9
July
10
Aug
57
25
56
Aug
57
Aug
Volume
The
149
Commercial & Financial Chronicle
1307
Sales
Friday
Range Since Jan. 1, 1939
Last
Tulsa. Okla.
Alton, 111.
Stocks (Concluded)
FRANCIS, BRO. & CO.
ESTABLISHED
Pac Pub Serv com
1st pref
1877
20
Preferred
125
147
355
40
4*
Feb
4*
4*
375
4*
Aug
10*
Mar
31
July
60
Mar
7
St. Louis
8
7
_*
1
4*
Stocks (Concluded)
Week's Range
for
of Prices
Week
Price
Par
Low
High
"12"
100
FaLstaff Brewing com
Griesedieck-Wt Brew
1
7
7
*
com
50
50
Hussmann-LIgonier
33
33
33
10*
10*
*
com
M cQuay-Norris com
*
Midwest Pip & Sply com.*
10*
May
Mar
July
Thomas Allec Corp A
*
210
250
9*
5*
Aug
Mar
Aug
10*
Apr
34
Aug
8*
Apr
11*
Mar
Mar
Feb
9
Apr
11*
6
Apr
10
35
June
2* May
8* July
St L Bk Bldg Eq com
*
2*
2*
Scruggs-V-B Inc
5
6
6
100
5
Apr
1
5*
5*
100
4*
Apr
6*
Jan
23*
24*
140
21*
Apr
32*
Mar
Sterling Alum
com
com
Wagner Electric
15
com.
2*
24*
Bonds—
5*
5*
17c
15c
"l4*
15*
13*
10
2.10
1
5*
40c
10
1
25
Walalua Agrlcult Co
2
40c
10
2
Victor Equip Co com
8*
27*
70
10
15c June
10
245
Apr
200
100
7*
10*
5,995
5*
4*
6,176
Mar
14*
Jan
7*
Jan
1,075
15c
Aug
55c
15*
Aug
19*
Jan
15
775
12
17*
July
1.90
Apr
Aug
6*
2.10
100
Jan
31
June
680
11*
Apr
19
20
22*
Aug
36*
70
Western Pipe A Steel Co. 10
13*
12
13*
Yel Checker Cab Co
23
22*
23
$4,000
24*
31*
Jan
Aug
Aug
17
Mar
Apr
170
Mar
Rad A St Sntry
a9* alO*
*
09*
American Tel A Tel Co. 100 al60
al56*al63*
50c
54c
Amer Toll Bridge (Del)-.l
170
10*
839
147*
2,750
45c
June
a22* a24*
340
21*
Aug
Unlisted—
Am
Anaconda Copper Mln..50
a23*
8
8
9
330
8
23
23
24
441
23
open
solicited
on
until 5:30 P. M.
Pacific
Coast
Stock
which
Exchanges,
21*
3*
a4*
22
210
22
1,282
Bendix
(2 P. M. Saturdays)
Eastern Standard Time
3*
3
a4*
Aviation Corp...5
111
3*
Jan
Aug
9
Feb
Aug
1*
Jan
230
30*
Aug
33*
Aug
370
6*
4*
Aug
Aug
9%
Jan
June
7*
12*
Jan
6*
31*
Apr
42*
Jan
20*
Aug
8*
185
34*
737
16*
19*
235
21
21
General Electric Co
Cortlandt 7-4160
"34*
*
Hawaiian Sugar Co
.....
85
16*
20*
Aug
Aug
6
5*
970
5*
July
959
5
Aug
9*
16c
3,110
13c
July
37c
Jan
1.80
2.00
2,250
July
70
5*
International Tel & Tel cm*
5
Italo Pet Corp of Am com. 1
Francisco Stock
San
"
1.80
1
Kenn Copper Corp com..*
Exchange
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
5
2.75
2.75
11c
11c
Last
Par
Jor
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
"15c
1
Shares
High
7
Alaska-Juneau Gold Mln 10
Anglo Amer Mln Corp
1,1939
Range Since Jan.
115
7
15c
600
Low
7
Aug
10
10c
July
30c
Jan
Anglo Calif Nat Bank—20
8
8%
1,323
8
Aug
10*
Associated Ins Fund Inc 10
4*
4
Apr
5*
Feb
5%
4%
5%
450
Atlas Imp Diesel
320
4*
Apr
7*
Feb
Engine. .5
Bank of California N A__80
133
2
2
pref
20
pref. 100
25
134
_2
124
Apr
165
2
May
190
Jan
Jan
~
Bishop Oil Corp.
.
.
3*
Jan
20
20 H
80
20
Mar
21* June
40*
9%
40%
10
40
Aug
46
Apr
*
9*
20
Apr
12*
Jan
Callf-Engels Mining Co.25
22c
22c
500
22c June
35c
Jan
Calamba Sugar
Calaveras Cem Co
Calif Art Tile A.
16
...50
Preferred.:
16
50
Calif Packing Corp com..*
50
555
13*
Mar
15
48*
Mar
30
98
102* 102%
1
31c
31c
500
Cent Eureka Mln Co com 1
3%
73 ya
3%
78%
45
45
Calif Wat Service pref. 100
Carson Hill Gold cap
Chrysler Corp
5
com
Clorox Chemical Co
76 *
10
105% 107
19%
19%
Coast Cos G & E 1st pf. 100
*
Cons Chem Ind A
Creameries of Amer v t c.l
Crown Zellerbach
5
com
Preferred.
*
D1 Giorgio Frt pref
5
*
Emporium Capweli Corp.*
"4%
Preferred
10
43 %
Gladdlng-McBean A Co..*
6%
Golden State Co Ltd.....*
8
*
16
*
Hale Bros Stores Inc
Hawaiian Pine Co Ltd
*
Holly Development
"17%
1
1,586
55*
Apr
35
145
39
176
750
10
1,915
495
10*
10
4%
200
16
16%
1,300
41
100
85
Mar
Jan
46
Aug
103* June
108
Feb
16*
4
9
76*
8
3*
Apr
21*
July
Jan
5*
14*
Apr
91
21
Feb
4*
Langendorf Utd Bk A.
Jan
18
6*
Apr
42
105
37
Jan
42
279
79*
Apr
95
Lockheed Aircraft
Magna vox Co Ltd
32
376
21*
Apr
34*
July
1.60
Jan
Jan
15*
Aug
Aug
5* May
38*
Apr
30*
9*
6*
Apr
9*
Jan
6
Apr
9*
June
Aug
Apr
19*
July
505
11
14
20
20
20
6
320
42
0%
7%
44*
2,737
0%
8%
2,148
15%
12*
16
17
18
13*
85c
14
200
655
15*
250
11*
539
17
1,750
10
75c
12
51*
Mar
Aug
15* Mar
22* June
Jan
1.40
Aug
17
Aug
May
55c
1.80
8
Feb
8*
Apr
3*
Aug
6*
Mar
Apr
8
*
Menasco Mfg Co com
1
5*% pref...
17
100
Mar
Apr
♦No par value.
—Announcement
Feb
7*
Feb
89
20
25*
Mar
110
Apr
15*
27*
1,321
324
23*
28*
147
27*
6
26*
Jan
Jan
29*
Aug
29*
July
Jan
29* June
May
5*
Apr
75
44*
Jan
33*
Aug
65c
470
54c
43*
798
43 *
25
4*
2*
7*
Mar
9*
July
47
250
300
Jan
July
64c
May
Apr
Aug
Apr
Jan
42*
3*
Feb
Feb
80c
Aug
69*
6*
Mar
Jan
6 Ex-stock dividend,
d Deferred delivery.
x Ex-dlvidend.
y Ex-rlghts..
in range for year,
the Former Exchange firm
John
Partners in the firm are
of Coulter & Elliott and a
—To
36*
67c
Jan
Apr
16*
18*
Mar
Jan
11
Aug
15*
357
10*
100
1.90
2.00
2,975
6*
300
9*
677
9%
19
35c
9*
11*
9
1.90
5
Aug
Feb
Aug
City, is distributing a 32-page
—Laird, Bissell & Meeds,
Stock
Jan
solved.
Jan
nelius Kelley,
Jan
Mar
23 %
23*
15
23*
Jan
28
Mar
550
1
10c
15c
Oliver Utd Filters A
*
18%
18*
162
18*
Jan
3%
3*
100
3*
May
5*
Jan
465
8
Jan
12*
July
Apr
Apr
2.40
Mar
1.55
2,450
1.40
3,132
2,554
27*
19c
21
Jan
Jan
Pacific Coast Aggregates 10
1.45
1.40
Pacific Gas A Elec com..25
31*
30%
31?*
31%
34
35*
July
30
535
31*
28*
Aug
30
Jan
31*
July
45*
48
1.401
41*
Feb
50*
Aug
175
105*
Aug
109*
July
33
105% 107*
Philadelphia office of Ernest W. French,
been dis¬
of the association with them of Cor¬
of E. W. French & Co.
The business of E. W. French & Co., formerly Issac Starr & Co., was
established 48 years ago.
The firm conducted a general investment and
brokerage business in listed and unlisted securities.
Laird, Bissell & Meeds, in addition to their Philadelphia office, main¬
Jan
34*
11
10c June
Philadelphia
E. W. French & Co., which firm has
Announcement is made also
6*
July
members of the New York and
leading commodity exchanges, announce the
with them in their
9%
12
and the
heretofore senior partner of
Apr
.100
11
Exchanges
association
booklet describing
and explaining its operation.
Aug
9* May
of
provide the investing public with more ready information about the
market, the National Quotation Bureau, Inc.,
Aug
100
250
grandson of the late
W. Riggs, of the banking house
over-the-counter securities
July
3,016
brokerage busi¬
William Elliott, of
National Bank of Washington, D. C.) Robert
of the stock department of Kissel, Kinnicutt & Co., Kidder, Peabody & Co. and White, Weld & Co.; and J. Victor
Onativia, a member of the New York Stock Exchange since May, 1909,
and for the past nine years, an associate broker for DeCoppet & Doremus.
23
40c
Tne firm has opened offices
Riggs & Co., (now the Riggs
19
10
of Elliott, Crawford & Go.,
L. Crawford, formerly manager
the market
9%
NOTICES
Stock Exchange.
Elliott, co-founder with George
48 Front St., New York
34
105%
6
Jan
43*
a4*
Aug
31
*
Feb
4
tt34*
33*
2*
2*
bonds.
Mar
Aug
stocks and
in
Mar
July
Pacific Light Corp $5 dlv
Aug
4*
300
is made of the formation
12*
24
"_45*
5*
125
4*
New York City to conduct a general
120 Broadway,
42*
23
*
Jan
5*
4*
33*
members of the New York
at
20*
18
25
Jan
Mar
4*
5*
CURRENT
Jan
73
25
4*
23*
t In default.
Apr
27
6H% 1st pref
Apr
Mar
8*
a33
a Oddlotsales.
LlBted.
8*
15
23
6% 1st pref
27
Cash sale—Not included
t
38*
24
Pacific Light Corp com
3
20
85
242
23
com
175
350
225
Occidental Petroleum
Pacific Can Co
1.75
124
7*
235
6%
Class B.
Aug
375
a6*
10*
10*
Occidental Insurance Co 10
3
al6* al6*
6*
18
100
.
Feb
a5*
42*
15
"l~90
Feb
Aug
2.45
28*
9%
40C
"~9%
....
N Amer Invest 6 % pf_
3%
18
1
com
19*
25*
Jan
29*
28*
42 %
6
National Auto Fibres
8
3%
10
Apr
June
15*
r
ness
Feb
Meier A Frank Co Inc
13*
21*
22
5
Warner Bros Pictures
Jan
1.35
15*
Mar
Magnin & Co (I) com
March Calcul Machine
Jan
Mar
92
15*
26*
29*
United States steel com..*
Feb
1.25
40c
16
28
189
21*
*
1
U S Petroleum Co
25
July
200
15*
25
Jan
1.40
19*
Mar
1
United Corp of Del
Aug
1.00
338
150
Corp__l
2*
8%
2.00
1.95
22
United Aircraft Corp cap.5
July
7%
150
9*
Apr
50
Feb
June
93
47c
*
Aug
4
July
1.65
._*
Apr
3*
5*
4*
55*
6*
July
44*
70
Mar
Jan
47c
Class B
Texas Corp com
Jan
645
*
Standard Brands Inc
Studebaker Corp com
Feb
14
35*
1.65
Leslie Salt Co.._.__....10
"T*
25
...25
6% preferred
5*% pref
Feb
16c
105
*
25
So Calif Edison com
Feb
80%
14
Hutchinson Sugar Plant. 1
IXL Mining Co
12
aO
*
Preferred
Shasta Water Co com
Jan
Apr
10
Preferred
Schumach Wall Bd com..*
3*
4*
5*
*
Riverside Cement Co A..*
Mar
July
10
Hunt Brothers com
al6*
50
..
Jan
Aug
2*
July
43*
10*
75c
Honolulu Plantation Co.20
N atom as Co
July
81
5%
cap__2*
Greyhound Corp com
4*
20
Galland Merch Laundry _*
General Motors com
Apr
10%
1.35
25
Gen Metals Corp
3*
29
90%
Food Machine Corp com 10
Foster & Klieser com. .2*
5,935
9*
7%
10
26
July
40
Emsco Der «fc Equip Co..5
Fireman's Fund Indem
July
Mar
78%
4%
53*
48*
3
Packard Motor Co com..*
Radio Corp of America.
2.80
40*
al4*
c21* a22*
1.95
10
Pennsylvania RR Co
Apr
al4
North American Co com. 10
Pacific Port Cem com
Jan
Feb
a22* a23*
North American Aviation 1
20* June
104
45c
41
16
Emp Cap Co pref (ww)__50
Fireman's Fund Ins Co
5%
Jan
26c June
10%
9*
80
100
Doernbecber Mfg Co
5
9%
4*
47*
a6
National Distillers Prod.. *
Mar
.
300
4*
"48"
Montgomery Ward A Co.*
Mountain City Copper...5
Nash-Kelvinator Corp...5
High
7
10c June
1,200
Monolith Port Cem com..*
Soles
Friday
Mar
27
Apr
1.50
29
20
1
McBryde Sugar Co
M JAM A MCons
Jan
a32* a32*
20
Idaho-Maryland Mines-.1
Italo Pet of Amer pref
205
15c
Goodrich (B F) Co com..*
Private Wire to own offices In San Francisco and Los Angeles
33
Feb
July
8*
4*
.1
Feb
29*
*
30*
6*
4*
...
Jan
6*
Apr
1*
1*
c5
*
30*
6*
4*
Electric Bond A Share Co 5
8*
Apr
6*
*
Curtis*-W right Corp
Broadway, New York
Aug
4*
18
200
1*
a4*
Cons Edison Co of N Y._*
Members New York Stock Exchange
Jan
1,000
1
Claude Neon Lights com.l
Consolidated OH Corp...*
Jan
Mar
U*
36*
3*
25
460
Cities Service Co com..10
Blair A Co Inc cap
Schwabacher & Co.
36
Aug
Bait & Ohio RR com.__ 100
are
Mar
670
Apr
Aug
Aviation Corp of Del
Orders
Jan
Jan
149
3
Mar
4
3*
3*
Jan
9
Jan
119
Atch Top A Santa Fe__100
31
31
1934
4.00
May
7
25
Yosemlte Port Cem pref .10
Jan
25
7
25
150
90c
Aug
1,397
17c
5
ser
Jan
40c June
16
20
Preferred
July
36c
Anglo Natl Corp A com..*
♦United Ry 4s
34* June
Jan
21*
20c
Universal Consol Oil
10*
Jan
May
20c
Jan
10*
10*
*
Jan
12*
32
1
150
8*
Jan
Apr
79*
Texas Consolidated Oil
May
3.00
IP*
96
11
10
40
5*
35
7%
Mo-Portland Cem com..25
Natl Candy com
8*
31
135
32
1,380
89
36
Union Oil Co of Calif
1.30 May
235
1.60
34
32
13
29*
Transamerlca Corp
Tread well Yukon Ltd
June
Jan
Jan
Mar
9*
Mar
5*
"25"
Tide Wat Ass'd Oil com. 10
58
7
32
Apr
Aug
Apr
Jan
May
Aug
June
May
Jan
13*
Aug
5
26
21
12*
5*
10
100
25
59*
46 *
230
148
Jan
50
Jan
2,807
Apr
100
7*
31*
10
7*
1.60
International Shoe com..*
Knapp Monarch
12*
4*
Jan
25
46
54*
Jan
25*
45
7*
Hydraulic Prd Brk pref 100
8* June
10*
850
Apr
Aug
31*
160
Aug
6*
410
10*
*
Super Mold Corp cap
7
54*
_.
Jan
270
7*
51
12*
com.*
Huttlg S & D com
5
Hyde Park Brew com.
10
18
14% June
50
Jan
2,425
10
Spring Valley Co Ltd
High
Low
Shares
16*
16*
3*
5
33*
Standard Oil Co of Calif..*
Ely & Walker D Gds com25
10
Aug
11*
12
100
So Calif Gas pref ser A..25
Southern Pacific Co
4*
16*
2.00
89
Soundvlew Pulp Co com..5
Sale
7
June
600
28
5
*
Preferred
40
311
2.25
Jan
27*
Sherwood Swan & Co A. 10
Range Since Jan. 1, 1939
Last
10
10
*
6*
4*
33
8
N. Y. Coflee <fc Sugar Exchange
Sales
July
2.80
New York Cotton Exchange
Friday
157
59*
Richfield Oil Corp com
Ryan Aeronautical Co
com
Feb
Aug
Aug
Chicago Board of Trade
St. Louis Stock Exchange
Signal Oil Gas Co A
June
1.05
2.00
Shell Union Oil
Jan
July
133
28
33*
Merchants Exchange
22*
Apr
1.10
100
Teletype: St. L 193
7*
1.05
Rayonier Inc com
1
Republic Petrol Co com__l
Telephone: CHestnut 6370
Apr
40
40
*
......
18*
153
145
*
Chicago Stock Exchange
MEMBERS
New York Stock Exchange
N. Y. Curb Exchange (Associate)
Mar
114
*
com
841
High
5*
375
124
127
120
Low
Shares
5*
20*
5*
120
Pig'n Whistle pref..
RE&RCo Ltd com
LOUIS
ST.
Price
100
Paraffine Co's
OLIVE STREETS
Week
*
100
com
Preferred
INVESTMENT SECURITIES
for
of Prices
Low
High
»
,
Pac Tel A Tel
FOURTH AND
Par
Week's Range
Sale
tain offices in
formerly in the trading department
New York, and Wilmington, Delaware.
—Josephthal & Co., 120 Broadway,
ses
of Radio-Keith-Orpheum
—Ernest
New York City, has prepared analy¬
and Pathe Laboratories.
J. Coulon has become associated with Elder
New York Stock Exchange.
& Co., members
1308
■
The Commercial & Financial Chronicle
"
'
*■
V
•'
1
I
'
■
'
**■
.
■.
'
mm
.
'
',
■
'
■
■1
,•
—
-
■
■
■
Aug. 26, 1939
■
:
.
1
mm
'
■
-
1
■
■
,
"
1
||
Canadian Markets
LISTED AND
UNLISTED
.
.
Montreal Stock
Service
all Canadian
on
Exchange
Soles
Friday
Last
Sale
Securities.
Stocks (Concluded)
Montreal Stock Exchange
507 Place d'Armes, Montreal
Montreal Curb Market
of Prices
Price
HolJinger Gold Mines
6
Howard Smith Paper....*
Preferred
...100
Low
15
Hudson Bay Mining....
Greenshields & Co
Members
Par
Week's Range
31
Hhh
2,350
95
95)4
80
30
33
14)4
14
15
Imperial Tobacco of Can.6
16
Bid
11948
4Hb
Oct
11956
Prov ot British Colombia—
68
—Jnly 12 1949
4)4s— Oct
11953
Ask
64"
11941
94
91
Sept 16 1952
68
...Mar
50
46)4
45
48
19
18)4
21)4
Jan
1 1902
15 1905
-July
—Feb
lii'x
4
12
109)4 inn
McColl-Frontenac Oil——»
11901
Mont L H & P Consoi
Prov of Saskatchewan—
National Breweries..
6He—
Nov 15 1940
4Kb......Oct
11951
11960
70
8l"
Bid
/
4b perpetual debentures.
88........Sept 15 1942
4kb—Deo 16 1944|
6s
...July
11944
Ask
Canadian Pacific Ry—
67
00)4
09)4
99)4
5s
88
*
4)4s
Canadian National Ry—
11951
414s... ....Sept
4KB— ....June 15 1955
11950
4148... —Feb
11957
4148... ...July
1 1909
68..... —July
68
6a
114
114
92
—
mumm*
July
Sale
Price
of Prices
High
2
Agnew-Surpass Shoe..— *
Preferred....
....100
Algoma Steel Corp.—.... *
Anglo Can Tel pref ....60
Asbestos Corp
—,
*
Associated Breweries..... *
Preferred. .......... 100
Bathurst Pow & Paper A. *
Bawlf (N) Grain
*
Preferred
9
—100
Brazilian Tr Lt & Power.*
8)4
for
Week
11962
9*4
48
18X
15X
21
10)4
....
112
5
1.00
1.00
7
20)4
Building Products A (new)*
15 X
2
112
10
370
6
4,036
750
10
5)4
1,185
1.00
100
2
-
97)4
110)4
98 X
1,004
5,681
166
7)4
388
7X
330
1,486
90
89
92
261
Can North Power Corp...*
Canada Steamship (new).*
15)4
16
16)4
142
1.50
1.50
1.50
195
5% preferred. ....—.50
0)4
6X
6)4
,7)4
8
18)4
686
2,900
645
178
Mar
Mar
2
H
5)4
89
Aug
Apr
Apr
Aug
42
10
10
May
14)4
Jan
June
Aug
95)4
Simon (H) & Sons
...
17
9
8
Apr
54
162
July
167)4
Feb
Jan
185
185
191
134
178
Apr
193
252
252
5
247
May
252
May
Aug
.100
....100
164
Jan
24)4
Feb
Mar
Jan
Aug
Montreal Curb Market
Aug. 19
to
Aug. 25, both inclusive, compiled from official sales lists
Jan
July
Last
Week's Range
Jan
Sale
of Prices
80
Jan
Aug
10)4
Aug
84
Stocks—
Par
Price
65)4
Mar
Jan
Jan
13
Mar
Mar
2h
Feb
Jan
cm
4
140
Brit Amer Oil Co Ltd
.
•
Can Nor Pow 7% cm pf 100
Canada Starch Co Ltd. 100
Aug
37
Jan
805
15
Jan
19
June
46
108
Jan
115
Mar
20
150
Jan
162
Mar
Cndn Light & Power ColOO
Cndn Marconi Co
...1
Jan
"27)4
31)4
3)4
Canada Vinegars Ltd....*
Can Wire & C 6% cm prf 100
Preferred
5% cum pref
Aug
7
Jan
JaD
80
June
Cndn Vickers Ltd
Jan
70
July
410
3
Aug
65
5
19
Mar
6
Aug
Jan
Mar
23X
Apr
6)4
6)4
754
645
13)4
13)4
14)4
94)4
607
11H
Jan
UX
16)4
Mar
199
88
Jan
95
June
Jan
6
Mar
2%
4)4
63
63
5
60
50
55
55
65
55
Jan
Aug
8
Jan
July
Aug
82
Jan
58
June
395
5
Feb
946
3)4
Aug
0)4
75c July
6.00
Jan
5%
cum
pref
6)4 May
Jan
Jan
4
145
4)4
Jan
4,489
19)4
Aug
260
11
Jan
20
27 H
1,010
34)4
400
31
110
111
42
6
30
11X
107
15
95
310
115)4
15)4
8)4
25
8)4
207
207
40
40
14
100
*
*
..100
Cndn Westinghouse Co.—*
Canadian
Wineries
14
50
20
25)4 June
31)4 Aug
Jan
Feb
Apr
5)4
23)4
28)4
28H
Mar
38
June
Feb
Aug
Feb
Jan
6
Aug
Aug
May
14
Feb
6
1.00 June
18
4)4
141
Aug
Jan
101
Jan
112
107
11)4
Jan
21)4
140
Apr
15 H
Aug
7)4
Apr
198)4 June
107)4 June
1.80
23
Jan
Jan
21)4
Jan
9)4
July
224
Feb
*1)4
2)4
1.80
"3)4
*
Donnacona Paper A——*
B
*
40
Aug
14)4
Feb
Jan
1.25 June
50c
56
50c
Mar
75c Mar
3)4
2)4
2
June
10
85
10
41
Jan
30
48
Aug
Aug
50
Aug
78
3
Jan
ZH
Aug
1.50
Jan
2.50
Fen
4)4
2)4
Jan
Aug
5)4 July
Jan
7)4
3.50 Jan
50
9)4
1.50
2.00
2,925
6)4
5)4
3)4
14,408
280
4)4
Jan
50c
315
12)4
12)4
12)4
75
11)4 May
17
22
22
22
25
25
May
38
Feb
30
30
5
30
Aug
30
Aug
5X
50c
"2)4
50c
75c June
Mar
2
3)4
1,875
2
2
2)4
240
2
Aug
Aug
5
Jan
2)4
2)4
35
2)4
Apr
4)4
Jan
1,655
1,840
3
Aug
6
Jan
3)4
Aug
3
3)4
Fleet Aircraft Ltd
4)4
3)4
5)4
*
Feb
60
150
10
2)4
3)4 June
3)4
2)4
10
3)4
No par value.
Jan
85c
EasternDairie87 % cm pflOO
Fairchild Aircraft Ltd—6
•
Aug
14
860
9
Commercial Alcohols Ltd. *
Preferred
5
David A Frere Ltee A
40
25
1.00
48
10
*
Dominion Engineering
*
Dom Oilcloth A Lino
—*
20
95c
50c
95c
Consolidated Paper Corp.*
Cub Aircraft
Jan
200
3
135
1,015
7% cum pref
Mar
Aug
16)4
11)4
*
3)4 June
114
2)4
Cndn Inter Inv Trust—
77
1.25
High
35
1.00
Cndn Industries Ltd B
33
Low
60c May
3,586
19 X
Mar
15
4)4
140
95
,19)4
20)4
65
July
4)4
115
3,761
1,995
*
July
0)4 Mar
7)4 May
80c
1.00
29
40
27
Range Since Jan. 1.1939
21
102
Canadian Breweries Ltd._*
205
Apr
9
Aug
50c May
Shares
6
110
Cndn Dredge A Dock....*
Cndn General Investm'ts. *
12)4
High
19)4
14)4
4
20
Cndn Power A Paper Inv. *
Apr
Jan
4)4
114
*:
_
15)4
24)4
Mar
50c
pf 10Q
995
7)4
Low
for
Week
Mar
Feb
Apr
Sales
Friday
16)4
25)4
18)4
4
..100
22
3)0
Jan
5)4
4)4
1.00
350
Jan
Apr
80
5
24
Jan
9
300
69
3)4
Feb
Mar
2.00
45
66
1.00
7
11)4
2)4
303
80
6
25
June
303
Canada A Dom Sug (new) *
Canada Malting Co Ltd—*
162
ZX
8
105
303
Feb
155
*
Aug
Jan
July
178
British Columbia Packers- *
155
Gypsum Lime A Alabas.
1.10
Jan
3
18
222
Brewers & Dlst of Vane.. .5
114
Hamilton Bridge
Feb
Apr
104)4 June
10
May
1.00 Aug
Apr
Jan
17
*
15
2)4
12
Mar
July
113
Goodyear prior pref
61
7
160
June
17
Gurd (.Charles)
50
Feb
Aug
18)4
203
21X
2,370
Aug
69
230
5)4
Aug
3
432
20
25
4)4
Jan
17
165
111
113
4)4
105
160
215
Beauharnols Pow Corp.
Dominion Coal pref—25
Dominion Glass
100
*
3
16 X
11
115
1,320
165
Belding-Corti 7%
15)4
24)4
Prelerred
354
164
27
110
170
167
' 17
208
Jan
4
>77)4 June
74)4 June
164
61)4
100
Apr
208"
May
23
Apr
66)4
—100
Montreal.......—.—.100
Nova Scotia..........100
37 X
23
Jan
07
150
2,421
40
Aug
165
105
Jan
225
Jan
9
12
1,068
805
0)4
8)4
205
Jan
Mar
Jan
73
1.25
Aug
Apr
9X
25
69
1.40
July
1.00
Jan
Jan
Aug
10
11)4
3)4
5)4
30
7H
90)4
1.10
155
30
20
1.00
22)4
10
20
10)4
8
6
4)4
170
1.00
2%
8
5
75
10)4
__.*
...
Jan
27
3)4
105
Jan
16
94)4
3
10)4
2,900
Western Grocers pref.. 100
Westons Ltd
18
Distillers Seagrams
*
Dominion Bridge.—..—*
9
3
—_*
Aug
38)4
"3)4
—
Aug
42 X
27
General Steel Wares
—
7
Consoi Mining A Smelting 5
Crown Cork & Seal Co.—*
1.00
167
United Steel Corp.——
Viau Biscuit..
—....*
0)4
5X
ZH
5)4
42)4
——_
68)4
4)4
5%
3)4
Rights
68
0% cum pref........100
Aluminium Ltd
*
"Z%
Gatlneau Power.........*
Preferred
100
73
Jan
Canadian Pacific Ry—25
Cockshutt Plow
*
l
11)4
2)4
10)4
1,25
.......
95
11
25
_
7)4
91
11
18
855
Heating Prod..*
English Electric A
...»
Famous Players C Corp..*
Foundation Co of Can....*
7)4
*
»
.
1.50
1,320
5
6
*
Simpsons pref.........100
14)4 May
1.90
3)4
Apr
22)4
Mar
1.80
3
15)4
Apr
65 c
1.75
2,135
Aug
Jan
4)4
107
18)4
Paper Co..*
1.80
454
30
2)4 June
103)4
Apr
1,90 Aug
19)4
Abltlbl Pow A
1.75
9,380
50
18)4
7)4
Mar
1.86
Enamel &
2.25
102
6)4
1)4
954
Jan
4)4
65
731
May
16
19 X
28
15
50
40
545
2)4
105)4 100
1.90
2%
19 X
June
12)4
28
65X
.*
Mar
700
17
2)4
Jan
Toronto
6
3
19
43
16
Apr
Jan
8X
65X
.»
57)4
42
"16"
18
Royal
Cndn Foreign Investm't..*
Canadian Indus Alcohol..*
.........
19 U
21
Feb
21
Dryden Paper
12X
Aug
525
Aug
Aug
Dominion Stores Ltd
Electrolux Corp..
Aug
7)4
210
17
19
3)4
8)4
8
115
365
4
14)4
957
3,025
25
_
100
20
"66"
June
9)4
10
Commerce..
19
...
400
7)4
24
60
Canadienne
17X June
10)4 Jan
98
Apr
Preferred
100
Dominion Textile.......*
12)4
8X
24
Jan
240
Preferred
.1
.100
Dominion Steel & Coal B 25
Dom Tar & Chem
*
12)4
9
8)4
42)4
22)4
Jan
1,130
3,612
Jan
10
23
Jan
17
15
May
25
14
110
.......
Apr
Mar
*
50
15
5
Juiy
29X
St Lawrence Paper pref .100
28 H
102
5
83%
Feb
Jan
Jan
Jan
J«n
.25
Preferred 7%
100
Cndn Celanese rights...
Canadian Cottons
..100
6
Jan
61
Apr
3,155
1,510
Zellers Ltd pref......
Banks—-
Jan
70
*
23
12
Jan
Jan
60
Canadian Locomotive
Aug
015
Developments....!
Feb
Aug
70
Class B
39)4
70
26)4
Jan
10
6)4
70
..
1,011
8,754
25)4
48)4
78 X
Feb
June
107
22H
Calgary Power....
100
Canada Cement Co,.....*
17X
45)4
Jan
14
18
Jan
20
July
23
16
41*4
39)4
74)4
42)4
45
80)4
Zellers Ltd.
1.50
190
*
Mar
42)4
38
Jan
15)4
172
27)4
2X
5
Jan
1,525
Canadian Celanese—
43
Winnipeg Electric A.....*
Apr
17)4
7
Aug
Sherwin Williams of Can—*
107
Apr
24
Canadian Car A Foundry .*
Preferred
25
37
80
A preferred—
-
50c
168
5%
4,341
40
St Lawrence Flour Mills.
m.
5
15
15
0)4
40
40
Apr
6 H
Apr
47)4 May
18)4 Aug
14)4 Apr
112
May
20
.100
Jan
37
38 %
.*
Feb
9)4
Buioio Gold Dredg ng——
Preferred
70
Sbawlnlgan W & Power.
Ask
High
Aug
107
30
2
Mar
Mar
Mar
...
15
6)4
26)4
28
06
Unsil Ltd
Low
15
108
June
June
42
7,980
15
Power pref—.100
St Lawrence Corp...
*
Range Since Jan. 1,1939
Shares
80
48
16
33
18
29 )4
25
Apr
25
32
102
Wabasso Cotton
m
105
May
66
Tuckett Tobacco pref. .100
25
48
British Col Power Corp a.*
Bruck Silk Mills
...
9)4
105
35
25
8 ague nay
Exchange
2
21
100
....
Bell Telephone
m
105
Fen
May
May
B.'
Acme Glove Works,.....*
Jan
Mar
Aug
5)4
65
..
Sales
how
7)4
7)4
3)4
35
99
Quebec Power..........*
Regent Knitting.... —
*
Aug.. 19 to Aug. 25, both inclusive, compiled from official sales lists
Par
Jan
10
Preferred..
Stocks-
Jan
100
Steel Co of Canada
Week's Range
13)4
100
& P.
Southern Canada Power.
Last
Apr
11
pref. 100
Ottawa L.H
Power Corp of Canada...*
Price Bros & Co Ltd
1 1940
...Jan
Friday
Mar
June
Placer
Grand Trunk Pacific Byis
..—Jan
1 1902
Montreal Stock
12)4
5)4
14
92
11970
Feb
Aug
Jan
9)4 June
28
96
Bid
3a
124
50
82
11909
Oct
Aug
July
Jan
112
29)4
5% preferred....... 100
6)4s
117)4
115)4
115)4
21
7
89)4
Canadian Northern Ry—
116
June
Feb
13)4
310
25
June
133
Jan
4
2,195
1,495
4
81
Jan
3
74)4 June
129
570
Jan
14
so
Ask
112 X 114
Jan
7
1 1960
July
Dominion Government Guaranteed Bonds
Bid
Jan
27)4
14
1 1954
—Deo
-
-
Apr
~65~
—.*
Penmans—
1 1946
Sept
4)4 •
•
4)4
6
35
25
Mar
Ottawa L H & Power... 100
Bid
86
12)4
4X
12
85
Jan
33
Ontario Steel Products...*
Ask
Canadian Paclflo Ry—
*
National Steel Car Corp.
Noranda Mines Ltd...—*
Ogilvie Flour Mills
Railway Bonds
11)4
3)4
5X
35
—.25
Preferred......
4
124
800
Mar
July
7)4
"Zl
Montreal Tramways...100
6b........ June 15 1943
114
3)4
5X
Montreal Cottons.....100
Montreal Loan & Mtge_.2C
111
5
12)4
Lang A Sons (John A).... *
Lindsay (CW)
——*
Laura Secord...........3
108)4
1 1958
4kb..—..May
108)4
5
124
...100
Massey-Harrts
2 1950
4Kb—.... Mar
106""
25
17)4
16X
.20)4 June
42 X
2
July
26)4
50 H
1,300
69
18)4
7)4 June
28
Apr
6,760
133
15)4
Mar
Apr
69
10
Preferred....
151953
—June
4s
2
Apr
June
14
23
133
Intl Power pref
100
Jamaica P S Co Ltd prf 100
Lake of the Woods
Province oi Quebec—
Prov of New Brunswick—
4mb.
Apr 16 1900
4H»
Apr 15 1901
Province of Nova Scotia¬
4148
3X8
6a........June 15 1954
6s-.....—Dec
2 J969
's
Sept 15 1943
.May
11959
08
4s
103"" 105""
Ask
1 1942
Oct
6s
Province ot Manitoba¬
's—Aug
23
International Power....
Bid
Province of Ontario—
6b
Jsn
61"
30)4
21
Intl Nickel of Canada...
(No later quotations available)
5s...
150
30
21
*
.
13)4 Mar
90)4 June
35)4
Jan
May
15 H
751
15)4
Aug
9)4
25 H
7)4
High
Apr
88
1,870
3,635
Internal Pet Co Ltd.—..*
Municipal Issues
Closing bid and asked quotations, Wednesday, Aug. 23
province ot Alberta—
370
Intl Bronze Powders pref26
Industrial Acceptance...
Provincial and
Low
13)4
7,551
7)4
-£J
Range Since Jan. 1,1939
res
15
10)4
18)4
Preferred
Sh
13)4
9)4
Imperial Oil Ltd
68 R
for
Week
10)4
Jan
Jan
Volume
The Commercial & financial Chronicle
149
1309
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Par
Ford Motor of Can A
Week's Range
of Prices
Week
f
Price
Low
18%
Fraser Companies Ltd...*
Frasera Cos voting trust..*
18%
17%
5
Range Since Jan. 1, 1939
Shares
17
1,791
5
25
23%
Jan
14%
Apr
Mar
7%
5
8
3,420
5
Aug
17%
32
31
25
Apr
35
2
2
40c
40c
2
....1
Lake St John P & P
*
Lob law Groceterias A
*
2
Apr
40c
Aug
Aug
20
Apr
26%
6%
175
5
25%
27%
440
23
50c
65c
85
9%
5
"27%
Mackenzie Air Service...*
MacLaren Power & Paper*
......
8%
Jan
June
100
15
Stocks (Continued)
High
Low
30
IntlPaints (Can) Ltd A..*
3
Jan
70c
Jan
Jan
50c
Jan
1,225
8%
Aug
15
525
29%
Apr
Aug
00%
94
1.05
Jan
Anglo-Can
83
Feb
5
July
0%
Jan
6
Aug
10%
Jan
38
38
50
38
Aug
98
100
475
97
Apr
40%
104
July
166"
103
104
103
101
Jan
105
5
110%
*
B.
14%
18
14%
14
14
Mar
Barkers
""70c
37
*
Jan
8c
*
Jan
Beatty 1st pref
Beauharnois
Mar
Jan
5%
110
Expl
Bell
Bidgood
*
14%
Aug
Big Missouri
Aug
Biltmore
*
50c
75c
Jan
Jan
1.40
Jan
Bobjo
Apr
50%
Jan
Bralorne
Aug
19%
20%
355
19%
Apr
20%
Jan
26c
25c
26c
34,000
25o
June
60o
Jan
5%c
5%c
5%c
2,000
5%c
Aug
5%c
Aug
2c
2c
500
lc
Jan
Preferred
Amm Gold
1
Arno Mines Ltd
*
Arntfleld Gold......
1
Base Metals Mining.....*
Beaufor Gold
10c
Cndn Malartic Gold
7%c June
......
11 He llHc
200
1
1
Duparquet Mining
1
"31%
*
Falconbridge Nickel
30c
8
10
25
32
«■
*
mm
—
-
2.74
9c
26,700
8c
July
22c
Feb
10 %
5,050
7,115
9%
Apr
12%
June
Brazilian Traction
7
6%
Joliet-Quebec..
6%
Aug
12%
Mar
4H
90
4
July
5%
Mar
21H
8,968
19
Aug
23%
Jan
15H
15H
5
12
June
27 H
16%
40
21
A pi
Aug
Aug
Klrkland Lake Gold__.__l
Lake Shore Mines Ltd
1
Building Products (new)."
Bunker Hill
'Jan
30c
33%;
Aug
8c
2.50
12,100
12,325
2.10
Apr
2.80
Jan
75c
Burlington Steel..
*
Canada Bread
95c
Aug
2.35
Jan
300
4.50
Apr
6.00
Mar
8,000
16c
Apr
77c
Aug
600
22c
Canada Permanent-
9,100
3c
4,200
3c
4c
1.18
36
4.30
3.90
53%
1.08
*
1 20
700
39
4.35
Jau
6%c
Feb
July
Jan
Canadian
Jan
1.74
Mar
Apr
50%
Jan
Canadian Canners
Aug
5.80
Jan
Jan
68%
Mar
1.07
Apr
Breweries..
20c
65c
Jan
3H
May
5%
Jan
1.00
50
1.00
Aug
1.00
Aug
36c
15.000
20c
July
60c
Mar
5,095
1.40
Aug
3.35
Jan
*
1.78
1.75
1.95
3,550
1.80
Aug
4.80
Jan
Pandora-Cadillac Gold___l
Pato Cons Gold Dredging. 1
4c
2%c
4c
500
3%c
Aug
16c
Jan
2.00
2.10
1,700
2.00
Aug
2.55
Mar
1.20
1.25
900
1.20
Aug
1.85
Jan
Gold
1.75
1
1
Pioneer Gold ofBC
1
1.60
1.80
7,400
1.45
Jan
4.00
4.30
1,415
4.00
2.33
2.40
200
105
20
97 %
May
7
105%
237
Aug
93
50
5%
89H
Aug
Apr
10%
101%
Mar
102
20
105
June
M
•»
—
Can Car & Foundry
Preferred
265
31H
38
June
15
5
14%
May
17%
Mar
245
06
May
90
145
150
55
140%
Feb
7H
584
6%
Aug
1.00
1,400
90c
June
0%
1.00
18H
163
3
3
17
17
7
6H
6%
17H
Aug
34%
Jan
14
July
100
200
Feb
23%
255%
Jan
255 H
1.75
1.90
250
1.80
3,430
1.50
50
1.40
Apr
5%
20
4%
July
62c
11,400
14H
175
Canadian
Mar
Canadian Oil
Jan
2.17
Feb
61c
Malartlc..... *
58c
14
*
Preferred
115
100
1.45
400
1.44
1,700
1.18
Apr
1.72
Jan
Canadian Wine.
*
3c
3c
1,100
3c
Aug
9c
Jan
*
1
lc
lc
l%c
28,100
lc
Canadian Wirebound
Cariboo
1.30
Castle-Trethewey
J
Jan
Chemical Research
1
Chesterville-Larder Lake. 1
115
1
Central Patricia.....
Central Porcupine...,..
1.70
300
83c
83c
90c
1.05
1
60c
60c
77c
3,850
13,360
2,000
84,778
14,240
.1
2.95
2.95
3.15
1,675
1
34C
30c
34c
Stadacona
*
39%c
35c
42c
(new)
Sullivan Consolidated
Sylvanite Gold
Teck-Hughes Gold Lt'L.J
Towagmac Exploration.. 1
Ventures Ltd
4.00
July
1.44
Jan
1.65
Jan
30c
Aug
74c
35o
Aug
1.03
Feb
60o
Aug
1.01
Mar
2.80
Apr
3.55
Jan
<*•.*,
m
-
Aug
*
1,125
4.60
Mar
Cockshutt Plow
600
20c
Aug
40c
July
Conlagas
60
4.60
July
5.75
Mar
Conlarum
6.00
550
1
10c
9%c
11c
10,000
8 He
7.65
7.15
7.95
2,235
7.15
5.40 May
Apr
Aug
8.10
Jan
8.85
Mar
Consol
68c
75c
Calgary & Edmonton
Calmont Oil Ltd
*
1.42
1.75
1
27c
27c
500
27c
Dalhousie Oil Co
*
30c
30c
2,100
35 %c
July
...»
25c
25c
400
32c
Apr
44c
44c
300
54c May
6%c
6%c
1,000
Foothills Oil & Gas Co...*
Foundation Petroleums...
Home Oil Co
*
Homestead Oil & Gas
*
Ml *r
-
M-
4*
-
*
Pacalta Oils Ltd
800
*. Mi
•
3c
1,000
3c
Aug
Aug
3c
29%
32
385
29%
Jan
..100
Cosmos.
*
170%
17%
.100
llHc
Jan
Dominion Scottish Inv.-.l
44%
Jan
Dominion Steel B
on
listed
and
unlisted
202
*
Street
Friday
Last
Sale
Par
flX
*
preferred
7% preferred
Alton
Price
Mines Ltd
100
60c
4
Week's
of Prices
Low
High
60c
4
4
100
1
Range
l%c
80c
4%
4
for
Week
Shares
1,910
915
10
Low
50e
15H
16%
33 H
207
30
202
Jan
3% June
21%
tan
4
l%c
4.000
l%c
5,500
15c
Alberta Pacific Consol_._1
15c I5%c
11c
11c
Aluerta Pac Grain pref-100
2%
2%
15
Alax O&G
Aldermac
Amm
Gold
1
Copper
Mines.
800
11c
Aug
Aug
Mar
30c
Jan
30c
24
Jan
Jan
52c
Gatlneau Power
Preferred.....
t7c
.Tan
""26c
25c
27c
12,905
25o
1
5c
5c
6c
9,500
5e
Aug
Jan
3,775
15%
Apr
20%
Mar
6,166
30
Aug
34
Mar
134
200
2Hc
2Hc
500
22
225
A
2c
19
or
July
Apr
Jan
210%
Mar
3%c
July
25
Feb
Jan
25c
25c
10
25c
Aug
2.00
9%
5,155
7%
Apr
12%
Jan
5
5%
550
4%
May
135
4
Jan
Aug
7%
4H
5c
4%o June
2.50
121,500
2.15
93
93
1.50
23
85
1.50
23
50
75C
95c
5
"
5
5.00
20
100
40,170
230
5.60
11,340
7
Mar
2 02
65
9%o
Mar
Aug
27c
Mar
June
10c
5
13c
Mar
Apr
Jan
1.50
22
A
ue
June
75c
Aug
5
Aug
4.50
2.85
96
2.87
30
Aug
July
May
Jan
2 30
8
Jan
Feb
Aur
6.00
Mar
Apr
24
Mar
23 H
6,060
3 He
16,200
1,500
3c
Aug
8%c
Jan
3Hc
3c
July
17c
Feb
7c
7c
500
7c
Aug
13c
Jan
4%
325
10%
Jan
33
Jan
100
30
30
30
18%
17 %
7c
18 %
2,331
16 H
Apr
23%
7c
1,000
59,800
7c
Aug
14 %c
Jan
15c
Apr
72c
Aug
Jan
16%
Mar
Apr
"31c
*
...100
3%
27c 36 He
14 H
27
91
88
94 H
219
God*8 Lake
•
87
•No par value.
Mar
7%
Jan
11%C
Feb
l%c June
4c
Mar
49c
Aug
28c
Jan
140
5c
6%c
28,000
2c
2c
2,000
39%c
30c
42c
16c
18e
Mar
8 He
12c
80,070
7,100
42,400
15c
9c
4%c
1 He
1 He
13%c
~70"
5,000
1%C
July
Aug
70
73 H
72
54
54
55
1
50
July
6
4c
145
5H
i
Goodyear Tire <& Rubber. *
95
Jan
Aug
4
"eke
110
Jan
4%
4
4%
1
Goodfish
Aug
May
11
..1
Goldale Mines
3%
25
13H
4
Gold Eagle.
f
13%
*
Glenora
Preferred
19
4
..1
Jan
*
July
4c
Aug
Aug
May
Aug
14
7
10c
*
Gillies Lake
2%
00c
8c
Aug
Aug
6,000
Foundation Petroleum.._*
General Steel Wares
Mar
Mar
500
Petroleum...25c
Rights..
High
May
35
24 H
19c
8c
Aug
3c
Francoeur
Range Since Jan. 1, 1939
105
Aug
103
17,475
30c
3 He
Ford A
Sales
July
5
40
24c
5,600
12,800
-
Fleury-Blssell pref
Exchange
Jan
12c
21
Fanny Farmer
Aug. 19 to Aug. 25, both inclusive, compiled from official sales lists
22
5Hc
5.20
Fleet Aircraft
Toronto Stock
16% June
75
5c
81c
Firestone
June
175
26 H
Federal-Klrkland
Fernland
183
332
10c
2.45
Falconbridge
TORONTO
Jan
Apr
5c
Eldorado
(Canadian Commodity Exchange, Inc.
Jordan
61
179
11c
Economic Investment...25
Members! Winnipeg Grain Exchange
July
May
5 He
1
25
Apr
11c
4
5
..*
East Malartlc
Equitable Life
14
37%
8
.....
Easy Washing Machine..*
("The Toronto Stock Exchange
Jan
4,050
20
.....
Eastern Theatres pref..100
F. J. CRAWFORD & CO.
Feb
55c
2,979
8c
25
Duquesne Mines
East Crest Oil..
Canadian Mining and Industrial Securities
575
5
19c
Dorval Slscoe
invited
Jan
85C
15c
17%
17%
103% 103 %
Mines...1
Dominion Exploration... 1
Dominion Foundry
17
210
24H
21c
Dominion Tar
Inquiries
1.39
42 H
175
......100
Dom Stores
Aug
Apr
June
5%
11c
38
Petroleum.
Dominion Bank
27c
17%
15
42%
Jan
Aug
45o
1
31%
8
71c
2,730
2,100
Jan
Dome Mines (new)
1.72
28,450
30c
July
Aug
3.70
91c
48c
July
"16M
Apr
71c
8%
Seagrams
Aug
Feb
2.34
Distillers
Aug
70c
2.00
Mar
6%
Aug
Aug
Aug
Apr
1.07
1.00
20c
Jan
Aug
Jan
300
June
1.05
1.26
55c
2,000
Jan
14 He
1.25
Denlson
24,995
2 75
Jan
100
Davies
80c
Apr
Aug
6c
22,185
Crows Nest Coal.....,100
1.90
70c
2.00
20c
4,150
16,550
17,000
1.026
1.25
Jan
6%c
76c
1.55
Jan
80c
—
2.40 June
5%
75c
6%c
Aug
1.25
65c
Aug
Apr
Mar
1.78
1.33
2.75
6%c
1.30
May
5%
Bakeries...*
Nickel
6%
1.42
Chibougamau
Preferred
Jan
2,450
20c
Aug
Jan
Jan
3%
2.40
Aug
1.42
20
122
20%
9%c
1.51
Jan
Jan
May
May
Aug
Jan
9c
5
Smelters
Gas
1.03
Ian
Feb
Mar
Aug
2.00
Apr
1.30
-
*
Roy all te Oil Co
80c
6 %C
1
Okalta Oils Ltd
«,
500
3
45c
...*
-
Consolidated
Cons
3%
325
8
Aug
14%
15
75c
Mines..
Consumers
____*
Petroleums
Jan
18 Ho
4,031
Aug
2.75
2.15
Jan
425
9c
....
58c
13H
106
May
18
2.15
~2~25
~~85c
45
27c
20c
*
3%
3%
1.78
*
4.15
Wright Hargreaves
oil—
3 H
14 %
1.78
Commoil
4.^0
3.40
117
3%
3%
15
1
Chromium
4.40
•.
3%
2A
5.40
—
Wood Cad
Anglo-Cndn Oil Co
1.95
Aug
Aug
P R
20c
*
Walte-Amulet
4.00
Apr
83c
90c
C
Aug
416
1.80
July
Jan
Mar
8
235
1.45
1.70
June
4%
19
1,085
1.35
95c
May
May
8
3c
1
July
0
15H
1.45
1
2%
16 H
18
1.44
Sherrltt-Gordon Mines... 1
90
75
590
6H
1
8iscoe Gold Mines Ltd
Sladen Mai
Mar
5%
5.60
Jan
Mar
179
1.80
2.05
5%c
23
A or
*
2.65
Aug
Apr
159
15
*
Reward Mining
San Antonio Gold
18
103
17H
B
Aug
Jan
240
7%
1
Abltlbl
7%
Aug
80
1
Mar
17%
Preston-East Dome
Stocks—
20
166%
Aug
10%
*
Premier Gold
11
'
If 3
25
Red Crest Gold
Davies
33%
Canadian Locomotive.. 100
2.35 May
1.72 July
Mar
86
'
2.33
101
78
31H
18%
163
Cndn Industrial Alcohol A *
Pickle Crow Gold
Jan
Apr
Aug
6%
Canadian Dredge.
*
Cndn General Electric..50
1.25
2 HO
5%
1.00
•
2.00
.1
Mar
440
20
30c
Pend-Oreille M&M
12%
1.40
4,750
145
B
1.40
Pamour-Porcuplne
1.025
26,680
9H
1.80
*
Canadian Can A
35c
"
Jan
10%
29c
32
*
1.65
.
Mar
July
11 Ho
4%
"~78~"
*
1
New True Fissure...
5
19
Aug
102
100
Preferred
1.33 June
Apr
5o
92 M
Cndn Bk of Commerce. 100
3,90
52%
14
2,000
100
Canada Steamships pref_50
10c
400
1.09
1.00
44c
645
54
1.08
*
Apr
Apr
1.20
34
3,555
2,550
Jan
15
Canada Packers
25c
15.25
20c
Can Northern Power
36c
Aug
Aug
5c
"~5%
Can Cycle & Motor preflOO
Canada
Malting
5.20
Jan
3H
100
28c
2
450
Jan
33c
28c
*
Preferred
1,500
17
Jan
75o
Aug
Aug
Aug
..100
Canada Cement
7.75
21%c
Aug
Aug
4
*
...
A
2H
7c June
28
9H
1.40
1.50
75c
3 He
54
2
15%
10%
Jan
3c
.
5c
Calgary & Edmonton
Calmont
.......1
July
Apr
Apr
11c June
2
._..*
5.00
1.18
Mclntyre-Porcuplne
5
McKenzie-Red Lake Goldl
Mining Corp of Can
Buffaio-Ankerlte
Buffalo-Canadian
2c
3c
36
1
26
*
Jan
31
3c
1
Macassa Mines
British Columbia Packers *
British Columbia Pow A..*
Jan
2,300
3c
J-M Consol Gold
7H
4
19
"20 %
British American oil.
Feb
25c May
Jan
8c
9.60
15%
Aug
32%
9c
1.00
2.15
—
Jan
Jan
Jan
June
10.00
3%c
15c May
30c
*
Apr
1,330
73,100
32c
32
Aug
Mar
8.75
15c
Inspiration Mln & Dev.__l
Perron
10c June
6
7.55
2.10
Feb
June
100
7H
8.00
Jan
5
178
800
7 H
1
July
July
11 He 11 He
15o
10c
105
July
Jan
14c
25c
Jan
Jan
1.28
Jan
165
5,550
5,015
28c
32
17,400
"~7~H
50
25c
*
2%
Jan
8%
15c
9,000
32%
2 He
80c
*
Francoeur Gold
693
Aug
48,790
6c
,
1,095
...
Aug
90
17c
25%o
15c
1.03
10c
Aug
30
~~2~43
East Malartic Mines.....1
Eldorado Gold M Ltd
1
O'Brien Gold
14c
Aug
36c
Aug
500
16
4%
174%
3%
Jan
6
9,590
168
July
30c
.1
l%c July
6,400
1.15
7% June
39%
4%
15,000
101
Jan
Jan
7c
2c
21c
8c
38c
Aug
Aug
11c
15c
14c
2.30
—
Mar
20
25c
2%C
w.
«•
4
50
4,450
8c
8,500
20,000
15c
Cons Chibougamau
Dome Mines Ltd..;
200
5%
34
15c
300
2.10
1
Century Mining
June
31c
1.000
18c
255
Brown Oil
lc
2 He
Jan
Broulan-Porcupine
4c
2c
239
British Dominion Oil
62c
14c
16c
72
Feb
lc
1
Feb
Feb
4c
70c
310
Aug
14c
60c
3,000
Feb
16c
9%c June
4c Aug
7
300
16%c
Aug
17,200
*
Cartier-Malartlc Gold
Jan
16c
250
12c
Capitol-Rouyn Gold._.__l
Cent Cadillac (new)..
Central Patricia Gold
10c
1,000
16c
9c
12c
Big Missouri
1
Bouscadlllac Gold Mines. 1
10c
16c
_
_
1
2%c June
59
70
14c
Brewers & Distillers.....5
Alder mac Copper Corp...*
Jan
304
5%
4
1
14
1.00
220
252
101
168%
]
Aug
38%
Apr
Aug
1.03
101
100
Aug
100
July
18c
6c
1.10
1
Klrkland
145
7%c
202
4%
6c
..100
Telephone Co,
July
2,100
31,110
,69
11c 15%C
*
Bear
Feb
22c
5
12c
lOHc
8%c
213
28
Bathurst Power A
500
40
23c
2.13 112,078
18c
21c
5
14
5
July
28
14%
80
Feb
2 78
*
50c
70c
37
Jan
6%c
*
Jan
7%
Jan
107
July
50
Preferred
Base Metals
70c
50C
Walkervllle Brewery
*
Walker-Good & Worts (H)*
cum pref
Mine*—
40
111
14%
*
6%
4%
290
5%
110
United Distillers of Can..*
SI
7
6%
Sou Can Pow6% cm prflOC
3c
1.75 June
5c
100
Beattle Gold
Sarnia Bridge Co A_„.___*
United Amusement A
5Ho
500
1.75
252
265
Feb
4,000
3c
1.98
300
667
Power Corp of Canada—
6% cum 1st pref
100
Provincial Transport Co..*
6c
July
Aug
Aug
252
9
I'eb
8c
302
5%
Mar
2.25
41,600
]
.
Jan
3.25
17 %o
476
12c
3c
Cons.
1.52
2.30
]
Bankfleld
High
Aug
8c
1
Bank of Montreal
Low
68c
,
2.30
l
Bagamac
17,250
ioiic
.....1
Astoria Quebec
Aunor Gold Mines
Range Since Jan. 1, 1939
Shares
85c
Bank of Nova Scotia... 100
5
*
...»
Gold
Ashley
High
68c
Bank of Toronto
6
Page-Hershey Tubes
80c
Jan
7%
115
Low
Jan
5
90
Price
*
Anglo-Hurontan
Arutfleid
Week
202
Melchers Distilleries pref 10
Mitchell (Robt) Co Ltd..*
Moore Corp
87%
Dev
for
of Prices
203
35
36
Hold
Par
Week's Range
100
Ma88ey-Harrts5%cmpf 100
MoColl-Fron8% cm pi. 100
30%
Sales
Last
Sale
July
.....
Inter-City Baking Co. .100
IntI Utilities B
High
Exchange
Friday
for
Sale
Stocks (Concluded)
Toronto Stock
Sales
Last
2%
20c
Feb
3 He
Jan
Jan
.Tan
60
Apr
78
Mar
*4%
A
58%
June
u<r
Chronicle
The Commercial & Financial
1310
Aug. 26, 1939
Canadian Markets—Listed and Unlisted
Toronto Stock
Last
Sale
Stock § (Continued)
Par
Price
4%c
4
Gypsum Lime 6c Alabas..*
1
Halcrow-Swazey
HaUl well.......—*
1
T%C
3%
l%c
4%
2%c
65
110
96c
8c
43,705
4,500
2,000
13%
*
1
1.59
1.31
Honey Dew............*
Howey Gold.—.......i
15
1.90
7c
6c
'"io
30%c
31
11
10
90
7,640
64,452
6,300
70
29 %c 32 %c
31,450
6,238
29%
33%
4
8m..*
*
Hudson Bay Mln «fc
Hunts A......
12c
9%
Holllnger Consolidated... 6
Home Oil Co....
20
3%
0
13% c
Jan
7c
Jan
SUverwoods...
Jan
Silverwoods
Jan
Simpsons B
July
Preferred
3
10%
60c Aug
4
10
Aug
Aug
Aug
6%
Jan
Southwest Petroleum.
lc May
Preferred—.
Jan
Standard Steel
Jan
13%
15
Apr
15%
1.31. Aug
Jan
370
25%
Apr
Apr
35%
1
Imperial Bank
100
Imperial Oil
...»
Imperial Tobacco.......6
Inspiration
1
215
215
July
Feb
25c
4,250
20C
Aug
5
305
3%
Aug
Aug
55
110
19%
40c
40c
100
1.00
1.00
400
20c
2lc
3,100
3,000
1,806
3,200
..1
T%c
JeUlcoe..—.........1
1
Klrkland Lake
Lake Shore
*
...
..A
..........
Walkers
2,916
32%
Mar
60%
Jan
100
50C
Apr
3.25
Mar
W Canada Flour
Apr
July
7.30
Aug
15c
17c
540
Jan
11%
12%
12%o July
Apr
10%
13%
Jan
75c
23%
3.90
4.50
34c
61c
lc
lc
Manitoba 6c Eastern.....*
7
Maple Leaf Gardens pref 10
8
1.70
1.60
4%
4%
4,500
15
1.80
5
700
280
*
100
35
3%
30%
38
798
MoCoU Frontenao....... *
6
5%
6
360
88
90
155
53
56%
1.22
4
....100
"54%
3%c
1.00
1.18
25c
25c
4,365
23,890
7,700
16,500
1,000
4,031
1,350
81c
97c
16,600
1.08
12c
12c
13c
44c
35c
50c
*
Mining Corp......*....*
L08
1
Moneta.—.......—1
"16c
37%
100
1
JT%c
...»
37%
........
*
Preferred...........$20
.......
"24"
*
National Steel Car....... *
"43"
lie
1.25
23,080
9,800
1.99
67c
85c
l%c
1%C
1,500
24c
20c
26c
10,640
6%
6%
6%
18c 18 %c
10
...*
....—_*
100
1
Paulore Gold...........1
Paymaster
3c
4%c
98% 102
1.75
1.98
3%c
3%c
1.85
Pandora-Cadillac .......1
3%c
3%c
2%c
38c
2c
35c
1.78
1.60
1.82
Photo Engraving....
Pickle Crow
2%c
40c
17
17
1
'420
4.00
4.55
Gold—.........1
*
Aug
Aug
2.05
25c
48c
Jan
Aug
1.45
Jan
40%
Aug
July
Aug
40
12c
Aug
9c
July
1.25
70
179
Jan
Jan
Jan
25
June
13% *Jan
Jan
61%
Jao
51%c
9c
25c
Jan
Jan
6c
Feb
70c
Jan
Apr
60c
Mar
Apr
9.60
3%
Aug
July
Aug
3.35
Jan
Aug
lc July
20c Aug
1.73
Jan
1.40
67c
4%
Jan
2%C,
Aug
Aug
12c
104%
1.75
Aug
4.75
Aug
160
Jan
3c June
7%c
Feb
7%c
Mar
July
Apr
61c
Jan
2.03
16%
Apr
Aug
5.60
2.25
2.70
Jan
2.45
Jan
12%
Mar
2.40
Jan
379
8%
1.50
1.71
8,400
1.40
Aug
7%
3c
68,715
1,000
2%
100
1.18
20
Jan
July
Jan
Jan
Apr
30
10%
Apr
Aug
1.75
Feb
90
Jan
Aug
6
1.17
Mar
2%
Apr
1
8,425
200
*
25%
26%
80
22%
Apr
.......I
5o
6c
4,600
5o
Aug
11%C
Apr
192
Apr
Aug
44%
15%0
Feb
Aug
4%
Jan
35c
32c 44 %c
..100
185
185
191
*
30
29
32
1
7%c
7%C
2
....1
San Antonio
Senator-Rouyn
Shawkey
2
*
....
...
Sheep Creek..
60c
2
90
178
1,166
32
9c
8,900
7%c
2%
175
2
Mar
460
28
Mar
May
Jan
Mar
Jan
1.61
1.50
1.75
10c 10 %c
33,853
1.18
Jan
2.03
Aug
4,100
10c
Mar
23c
38c
23c
510
Aug
2%c
2%c
12,100
1,600
Apr
Aug
170
""30c
2c
July
4%C
m
25
4c
60
11
9%
94
lc
m
mm mm mm.
2%c
2%c
5,000
4,000
1.25
1.25
250
1.25
mm mm m m m
1.25
"
L07
1.00
1.18
9,075
85
327
Jan
Feb
150
July
Jan
8%c
Jan
12%
90
Aug
l%c
%c June
Feb
Jan
8%c
Aug
Aug
1.25
00
11
Mar
Aug
1.25
5
60
60
Jan
Jan
37
Apr
May
2%c
Jan
51%
20%
Apr
9%
Jan
1.00
8.25
4c May
65
lc
lc
15
10,000
1,736
94
m
2.00
Mar
Mar
67
Aug
Apr
Aug
92c
Jan
9c
0,600
24,937
2,000
7.20
18%o
Jan
8.90
Mar
4c
9e
Mar
4U
May
97%
July
4
40
4
Aug
Aug
90
95
$3,700
90
Aug
mmmmm
90
Last
v
,
Sales
Range Since Jan. 1, 1939
Week's Range
for
f
O
VJ rTzces
TIT note
r\
£>U16
Par
Stocks—
Brett-Trethewey
...
Low
rr
ccS
lc
*
Canada Bud Brew.... 111*
lc
2%
3%
Canada Vinegars
Canadian Marconi.... I 111
Coast Copper.......
Consolidated Paper
mrnmrnmmm
mm mm*
mm
mm
*
■
"~90c
*
5
Apr
14
Mar
35
1,350
1.25
July
150
1.50
Apr
2.50
Mar
3,960
2%
Aug
Aug
7%
Jan
75
Jan
20
60
22
10
20% May
27%
3%c
3c
50
30c
39c
10,200
7
7
25
28%
180
41c
50c
4,600
75c
mmrnmmm
•
:
1.00
125
mmmm
Feb
Aug
Aug
14
Apr
37%
Jan
Jan
23%
'41c
...
Mar
Aug
1.45
75c
24
Aug
6.00
Apr
35
Jan
Aug
33
June
Jan
25
32
677
29
l%c May
3%e
Jan
%c July
Aug
2c
Feb
1.95
2c
500
lc
.
lc
1.17
1.30
3,000
10,625
2,030
%c
%c
138
138%
45
25
2
18%
19%
405
34%
19
34%
65
1.17
7c
7c
7c
1%C
Jan
Feb
138%
Aug
1% May
18% Aug
75c
75c
34
July
6c Aug
75c Aug
500
75c
500
Jan
Aug
%c
115
'
■
Apr
Jan
75c
28
2
Rogers Majestic A..._ —*
ghawlnlgan
111*
2c
30c
6
J
29
m
"1.25
-
Aug
28
"30"
Robt Simpson pref.—. -100
Brewing.. —*
75c June
60
24
—1
%
Supertest ordinary.—.
Temlskaming Mining. IIIi
Jan
3%
3c
—1
Robb-Montbrey
Aug
1.75
2c
—1
—
10%
1.00
Oils Selections;
Walkerville
4
22
111*
111*
—
Aug
3% June
90c
34c
Montreal Power
2%
40
3%c
2%
......
....
90
4
11%
Crown-Dominion.—. —*
#
Hamilton Bridge.
Hamilton Bridge pref. 1100
July
60
Dalhousle.—
Dominion Bridge
Foothills
Feb
lc
1.75
"""3%
Consolidated Sand pref. 100
Corrugated Box pref.. -100
Dell avlll and
High
2,000
2%
11
—5
.
Low
Shares
High
...1
Brack Silk
Price
3
Jan
22%
38%
Mar
14%c
Feb
1.35
Jan
Jan
Industrial and Public Utility Bonds
Closing bid and asked quotations, Wednesday, Aug. 23
(No
later
Bid
38
86
90
Beauharnols Pr Corp 5s '73
Brown Co lst5%s
1946
104
21
24"
Canada Bread 6a
104" 106"
Maple Leaf Milling—
2%s to '38-5% 8 to '49
Montreal Island Pr 5%s *67
Montreal L H 61P—
3%s
1941
Canada North Pow 5s. 1953
102" 104"
1.25 June
.—1956
1973
;
3%s
97
103
55"
5§"
30%
32
92%
95
Price Brothers 1st 58—1957
Consol Pap Corp—
2nd
conv
deb
4s
1957
60
64
5l"
55"
Fraser Co 6s
89
91%
99%
United Grain Grow 58.1948
78
United Seeurs Ltd 5%s '62
Gatlneau Power 3%s.l969
97%
75
101
5%s
1961
70
73
5s
1951
32
36
*
No par value.
/Flat prloe.
103%
•
87"
90
78
82
105%
East Kootenay Pow 7s 1942
Eastern Dairies 6a
1949
Int Pr 6c Pap of Nfld 5s '68
Lake St John Pr 6c Pap Co
99%
105
101% 104
Saguenay Power 4%s A *66
4 %s series B
1966
Shawlnlgan WAP 4%s '67
Smith H Pa Mills 4%s '51
Gt Lakes Pap Co 1st 5s '65
102
Provlnela IPap Ltd 6%s '47
Donnaoona Paper Co—
4s
1956
Jan 11950
100
Power Corp. of Can 4 %s'59
5s
Dec 1 1957
Canadian Vlckers Co 6s '47
62
106
102% 105
Montreal Tramway 6s 1941
85
5%s ex-stock
1961
Dom Gas 6c Elee 6%s.l945
58%
104
88
Canadian Inter Pap 6s 1949
Canadian Lt 6c Pow 5s 1949
Ask
Manitoba Power 5%s.l951
6%s series B—...1952
1958
Calgary Power Co 56—1960
Bid
Ask
36
Burns 6c Co 5s
available)
quotations
Abltlbi PAPapctfs 5s 1953
Alberta Pae Grain 6s. >1946
Winnipeg Elec4%s
4-5e series A..
Jan
..1
.1
1
2
mm
'mm
mm
—
Jan
3%c
2o
1.45
m
Friday
Jan
9%
Sand River Gold..
mm
Jan
Jan
5.80
Toronto Stock Exchange—Curb Section
Jan
Apr
8%
1.40
_*
m
mmmmmmm
3,765
1,240
7,000
Feb
7
Jan
3C
8%
St Anthony
20%
8%c
25%
4%c
5
15%c
Jan
53c
18o
94
Apr
Apr
Aug
St Lawrence Corp.
42
19%
8%c
Feb
Aug. 19 to Aug. 25 , both inclusive, compiled from official sales lists
7% June
Jan
52%c
Riverside Silk..
Royal Bank.....
Royallte OU......
37
19%
4
Pend Oreille..
35c
3c
4.55
38%
*
Pawnee-Kirkland
1.45
1.30
3,020
6,715
3%
4.00
I*
♦
Mar
Reinhardt Brewing
Reno Gold
Roche LL
3%
June
Bonds—
July
1.80
84
May
3
17,999
2,878
21,250
"V.40
20 %o Juno
2%c July
1.70
1
1.38 May
38,219
14,900
269
2%
Apr
7%c May
3
Aug
4.00 Aug
45c Aug
5.35 Aug
37
Aug
19%
Jan
8%c May
3
Jan
15
38
Apr
May
Mar
81c
1.00
2.45
.....*
...
59
7o
1.61
Preston E Dome
Mar
3c May
2.25
7
500
4.25
Mar
94
750
1.65
Premier
230
.
Jan
7%
Aug
2.35
Pressed Metals
7%
60
Mar
.—A
Corp
Red Crest
24,608
1,500
2,000
4,000
2%
7%c
—
500
Jan
6c
1
.....
Aug
35C
13,000
605
2%
7%c
m
18,480
Uchl Bonds 6%
July
5%
Apr
Api
*
Powell Rou
2.50
1.03
4.40
......
Pioneer
1,700
28
45c
Wright Hargreaves
Aug
25
1
........1
Cons
Perron Gold
8
49%
44c
325
1.40
......
Apr
2%
29% Apr
6% June
82% Feb
8.00
600
70c
...—..*
Partanen-Malroblc
Apr
Apr
55o
1.65
...
2%
3c
3%
11
365
Jan
1.65
July
38c
9.30
....*
.....
2%c
2,500
49c
1
Pacalta Oils
%c May
6% May
1.00 Apr
Aug
Apr
Aug
3%
2,723
York Knitting
1,500
8.90
1
.........5
14
32
Feb
Mar
3
Aug
12%
31
4%c
J.n
75c
Feb
40c
July
12%
4c
Jan
2
22,775
8.05
May
Jan
3,604
17,800
75c
7.20
550
Jan
47c
90
Mar
July
20c July
222
7.70
75c
Mar
45c
79
10
2,400
10c
3.20
200
1,200
12,597
12
20c
2%
1.00
10c
Jan
6%
12c
80
20c
2%
~"I6c
Aug
42%
1.32
80
•¥
Aug
Apr
23
May
9% Apr
80%
3%c
46
.100
43c
Jan
July
41% June
31
m
Jan
June
17%
25
—1
29o
1.30
2.30
260
2%
84 %c
2%
Jan
109
15
Wood-Cadillac
1.35
4.70
Apr
60c Aug
104% June
1.50 Aug
44
mmmmm mm.
mmm
Jan
12% June
3.80
44
6.15
Ymir Yankee Girl....
Aug
25
7
510
1.75
Wood (Alex) pref
Jan
Aug
920
rn
rn.mmmm.rn.
mm
m
5.90
37%
4%
10%
+
*
Apr
5%c
250
1.50
10
Jan
3.55
12%
mm'mmm
*
3.85
405
24
60c 69%c
105
105
45c
HA
24%
703
3c
""47c
*
1.50
16,702
8,600
5.35
B
Apr
21
34,800
6,000
74
Jan
6
46
40
3.00
27
40
60,200
78
a—......———*
05c
m +mmmrn
530
4.25
Jan
4
Apr
Aug
12
4.00
*
Aug
Aug
May
15c
Northern Canada ....... *
Page-Hersey...
.*
Pamour Porcupine......*
Apr
155
2%c
Northern Empire
Orange Cru pref
Aug
6
...1
O'Brien
2.40
22%
172
7c
Jan
1.01
Jan
2.78
45c
Win Elect A—
000 June
10
4.15
.
Wiltsey-Coghlln
Jan
Mar
12c
"L25
——*
......_*
Jan
35
2%c
New Gold Rose„.l
Nlpl88ing——. 6
850
8%c
731
14c
Newbeo
10
2%
10,130
3.15
1100
White Eagle........
July
Apr
15
2.90
5.95
pref. .100
_..*
Preferred......
Mar
3
3
3.15
10%
63o
40
5%c
37%
6%
23%
10%
21
59c
37
2%c
Naybob Gold...........1
8,325
1
—
—
2%C
172
*
National Grocers...
2,795
3%c
1.13
1
Model Oils.....
Power
4%
..*
...
75c
Westons
1.75
1
68c
...*
—
Westflank
Feb
45c
McKenzle Red Lake
61c
*
...
5.50
29c
Mclntyre Mines........5
Jan
Feb
1
Preferred—— """♦
—A
Wendlgo
13%
4.20
..........
3.00
14% c
*
Amulet...
30
22%
Jan
24%c
mm
Feb
2.90
Jan
June
lie
12c May
*
Mar
27
75
July
1.72 Aug
5%c July
68c Aug
United Steel......... 111*
7,496
23,700
1,030
5,400
3,500
39,330
16,770
2,462
1,164
17,490
24,700
27,000
35,450
2.40
3%c
600
-25
pref
73c
1.35
Oro-Plata
B
65c
25
Jan
65
July
4,675
1,000
—50
United Oils
1.75
58c
.
Jan
Jan
31c
Olga Gas.—.
Jan
Gas.....
Aug
1.65
Omega
34c
11%C
Union
United Fuel A pref
20c
1
OkaltaOlls......
Jan
Apr
1.15
1
Preferred
70c
1.26
3,600
59,078
Madsen Red Lake
..........
—
■
35c
1.00
6.75
2.50
Maple Leaf Milling.
..*
Preferred.............*
——
Walte
Malartlo Gold
Normetal
Ucbi Gold...
Vulcan Oils
26%
23%
B...
*
Macassa Mines....—...!
MacLeod Cockshutt
1
Norgold
Jan
18%
74c
-1
Aug
Mar
21%
77%
6c
*
Feb
71c
Leltch Gold
—
Twin City..—,
16c
Little Long Lac.—....*
Loblaw A...—.....*
Noranda Mines
Toronto General Trust. 100
1
Towagmac
Aug
3c
National Sewer A_
Jan
Jan
2.14
78c
...
56%
27%
12
72c
Morrls-Klrkland
90
Apr
Apr
2%c
National Brewing.
Apr
1.47
i
Moore Corp...
A........
Apr
70
1.90 161,879
1
.............
4%
38
Jan
2.00
*
1.50
Ventures
Lebel Oro.
McVlttle-Graham
70
6.25
12
Mar
1.72
—.1
Preferred
Jan
40
June
5%C
1
.100
-
Toronto Elevator.
July
Lava-Cap..
MoWatters Gold..
Merland Oil
Jan
Mar
65c
3
(new).
Preferred...
45e
16%
..A
—
.......
lie
25c
Lamaque Gold Mines.
Preferred.
Toburn
6.60
Lake Sulphite..
Massey-Harrls
Tip Top Tailors pref
18c
1.35
8
1.98
Texas-Canadian...... ...1
Aug
May
20c
36%
Mar
Aug
42%
18%
9
Feb
1.03
Apr
66%
28,500
Jan
3.50
Aug
Aug
16%
782
71
75c
mmm+mm.rnm
*
Tamblyn C—........
Hughes——
Aug
30
3%
120
3%c 4%c
13%c 13%c
~~~~~~
3c
1.15
*
17%
16%
7%
91%
Aug
Aug
Aug
16%c May
3e May
68
Jan
Jan
115
67%
70
Jan
13C
Aug
25
35
Jau
80c
Aug
3
1.05
20
3%
35
21%
73%
4c
34c
120
Aug
1.65
Aug
37c June
5
6%
120
35
*
10%e
T.27
Lake of the Woods....
Laura Secord
3%c 4%c
10%C I0%c
3%c 3%c
9
11%
1.61
..A
Lapa-CadlUae
21%
L80
i
.A
Kirkland-Hudson «...
June
Apr
"l"66
*
221
June
13,551
9,187
93,563
„
20
—1
Teek
14
48
43c
34c
0%
105
»
Supersllk A.
Mar
15
International Petroleum..*
1
Intl Utilities B
...........
5
70%
530
89%
88%
Mar
73%
Sylvanite Gold..
9,223
Island Mountain......60c
.............
Jan
15
87
29c
mm m m
1
Aug
Aug
16%
44%
18%
Kerr-Addison
5
14
88
100
....100
35c
June
95%
Aug
35
Sullivan
20c
.......
3%c
30c
0,200
2,300
1,150
20
Aug
Jan
3%
Interna tlonal Nlckel .....*
Kelvlnator
11
16%
*
J M Consolidated
202%
90c
4c
*
I"l
Sturgeon River
*
Sudbury Basin.——..
Sudbury Contact..... .111
Jan
41,045
36c
.
Preferred—— —25
Apr
Feb
5
Mar
78
1.09
*
Straw Lake Beach....
5
Apr
3
96
■
240
July
July
~
3%
75
4%
90c
"
—
pref—
Aug
3.76
26%c
10
Jan
Jan
Aug
July
6c
2
Jacola Mines......—...!
35c
Aug
Apr
m
—
Aug
Aug
5.50
328
5
3%
Stedman—....——
Steel of Canada......
100
m*
■
7.70
3,00
Aug
31c
m
38c
Ill*
Standard Paving..... 111*
June
8
4m +
Jan
Jan
80c
3%c
33c
mm mm
—
Standard Chemical—
100
62
Jack Walte
4
Stadaoona
1.95
7
110
pref.
preferred
Jan
Aug
95
~m.~~m.rn.
Apr
10
A
6c
10
*
6c May
72c
4
Intl Metal
3%c May
65
3.00
High
1.45
1.50, July
40,375
1,846
95c
—1
-
3%
2%c May
49% Apr
2% Apr
mrn.rn.mm
86%
Sladen Malartlo...... —1
Slave Lake.......... —1
65
14%
SlscoeGold—
Jan
4
Intl Metals A
Aug
12% May
64c
65
217%
12
M-
Low
Shares
4%
4%
86%
«.'««•
mmm,
———
Mar
65
*
.........
1-25
—-
40e
100
B
Huron & Erie
6%
17
6.25
111*
pref—— III*
"I*
—
1100
—
High
3.00
Big man Mines. Quebec
Apr
Aug
July
12
72c
14 %
Homestead OU
l%c
2%c
10c
—*
Hinde & Dauch.——*;
Aug
4%c
Range Since Jan. 1, 1939
for
Week
80c 93 %c
6.25
6.75
88e
2%c
Mar
Low
Price
Sherrltt-Gordon.
4c
10
12,950
1,510
2,000
7,560
Par
(.Concluded)
Stocks
High
Aug
16
44c
7e
90c
1
Low
2%c
25
12
10
Harker........—.... A
Hlghwood——
16
40c
3
Harding Carpets........*
Hard Rock..
25
62
HamUton Theatres preflOO
4,100
1,000
1,000
50
10
43c
Week
Shares
60c
12
Preferred. ........... 60
Greening Wire....-.—..*
Gunnar Gold....—..--l
Sale
*
Sales
Week's Range
of Prices
Last
Range Since Jan. 1,1939
for
11%
11
60c
-*
2%c
2%c
4%c
3
3
11
Great Lakes vot trust.—.*
Great West
of Prices
High
Low
2%e
voting..;..—*;
Great Lakes
Week's Range
Exchange
Friday
Sales
2% c
Grahain-BousQUet....... 1
Granada Mines.........!
Grandoro—...
...*
Toronto Stock
Exchange
Friday
4-5a series B...
Nominal.
1960
103% 105%
103% 106
96%
98
63
66
102% 104%
1965
66
1965
/50
68
52%
Volume 149
The Commercial & Financial Chronicle
Quotations
New York
Bid
a2#s July15 1969
a3s
Jan
Over-the-Counter
on
New York Bank Stocks
Bid
95
a4 Ks Mar
Ask
1 1964
115 #
1 1966
99# 101#
i
Apr
11979
99# 101#
)
Apr 16 1972
101# 103#
3
June
118
3
Feb 16 1976
1 1975
105
107
107
d3 #s Nov
1 1964
105
a3#sMar
1 1960
104# 106#
104# 106#
no# 112#
HI# 113#
15 1976
a 4a
May 1 1967
o4a
Nov
a 4a
04a
May 1 1959
May 1 1977
a 4a
Oct
1 1958
H 0 Sept
o4Ks Mar
1 1960
1 1962
1 1974
«4*s Jan
o4 Ha Dec
120
Chase
400
io
County
Brooklyn
Bid
1
62.35
less
1
4#s April 1940 to 1949..
Highway Improvement—
62.60
Highway Imp 4Kb Sept '63
138
Canal Imp 4ks Jan 1964...
Can A High Imp 4kb 1965
7
138
129
129
Continental Bank A Tr.10
Gen A ref 3d
ser
3#s '76
Gen A ref 4th ser 3s 1970
Gen 4 ref 3#s
1977
George Washington Bridge
4Kb
ser b 1940-53.man
1942-1960
mas
98
1959
1952
5s
Feb
1952
112# 114
101# 103
115# 118
5 KB Aug
1941
108
115
1955
12#
52#
10#
11#
Bid
119#
28#
Bid
10
3s 1950 opt 1946
j&J
man
Ask
10
118# 120#
111# 112#
Ask
MAN
105# 106#
J&J
HI# 111#
104# 105#
100
Fire
Bid
Ask
/22
/22
/23
/3#
/3#
4 Ka__
Central Illinois 5s.
Chicago 4Kb.....
5 Kb..
26
Ask
89
93
26
6B
90#
25
94#
6#s
91#
5#
Montgomery 3#s.
'5#
New Orleans 5b...
New York 6b
100
101#
100
102
101# 102#
Dallas 3b..
Denver 3s_.
North Carolina 3a.
99
100
99
101
100# 102
4KB
4 #8
100
101#
100
100# 102#
100
....
Fletcher 3 #8
101
100
Phoenix
4Kb..
101
104# 106#
58
106
/23
25
83
St Louis
San Antonio 3a
100
Southern Minnesota 5s.
/12#
85
...
Southwest
Illinois Midwest 5s
Iowa of Sioux City 4Ka..
Lafayette 6s
99
94
100
4Kb
99
Merch Fire Assur com
5
Meroh A Mfrs Fire New'k 6
42
46
Merchants
625
Continental Casualty....6
2#
4# and 5s..
5s
86
97
Union of Detroit 4kb.
101#
101
100
5b.
101#
Bid
102
102
101
Ask
100
Northeastern
Northern
North River
50
Northwestern
44
127
64
86#
42#
23
25
24
26
38#
10#
40#
18#
21
Globe A Republic
6
Globe A Rutgers Fire...15
10
10
32#
44
46
15
16#
3#
4#
99# 103#
26#
129
116# 120#
74#
76#
16
18#
31#
33#
7#
23#
8#
25#
25
23#
6
3
225
4#
231
6#
8#
31
33
30
32
3
4
Sun Life Assurance
100
370
420
100
431
441
20#
26#
75#
57#
10
Hartford Steamboller
Home
30#
Marine.62#
22#
Travelers
27#
78#
59#
U S
30
Hartford Fire
14#
12
9#
10
13#
Security New Haven....10
Springfield Fire A Mar..25
Stuyvesant
6
66
25
Hanover
133
26#
x63
Great Amer Indemnity...1
Halifax
10
8
127
124
Seaboard Fire A Marine..6
Seaboard Surety
10
11#
58#
7
X25
26
Rhode Island
St Paul Fire A
29
56#
National.25
Reinsurance Corp (N Y)_2
Republic (Texas)
10
Revere (Paul) Fire
10
9#
30#
40
27
2.50
92
8
28#
.....15
12.50
Preferred Accident
5
Pro vldenoe-W ashing ton .10
10
2d preferred
Great American
5
...
Pacific Fire
Phoenix
9#
61
6
7#
4#
3
32
Westchester Fire—...2.50
Fidelity 4 Guar Co—2
U S Fire
4
U S Guarantee
10
115# 118#
21
19#
50#
52#
57
60
30#
32#
Surety Guaranteed Mortgage Bonds and Debentures
Bid
Arundel Bond Corp 2-5b '53
Arundel Deb Corp 3-0s '63
Associated Mtge Cos Ino—
Debenture
3-6s
Bid
100
10
55
North
100
130
56
7
«.
Carolina
1953
Cont'I Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s *63
Empire Properties Corp—
2-3s
~
Potomac Bond Corp (all
Issues) 2~5s
...1953
Potomac Cons Deb Corp—
85
67
73
Ask
Central Funding
series B A C........
15
82
100
22
27
100
series A A D
Nat Cons Bd Corp 2-5s *53
110
...100
74
Nat Deben Corp 3-68.1963
77
Virginia
2#
Virginia-Carolina
82
3-6s
95#
1953
52#
Potomac Deb Corp 3-0s *63i
Potomac Franklin Deb Co
mmmm
3-fls
1963
55#
50
53
56
98
Nat Bondholders part ctfs
100
mmm
....
49
1953
Ask
82
59#
58
Potomac
San Antonio
2
100
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
Series B 2-5s
1954
57#
1945
Pennsylvania
—
60
1
Fremont
Ask
m
/53
Potomac Maryland Deben¬
Par
New York
First Carollnas
Lincoln
33#
2#
Corp 5
Ino 2-58
75
40
Moines
7#
33#
122
10
Fireman's Fd of San Fr.25
Firemen's of Newark
5
14
100
120
Dallas
Des
New Hampshire
Fire...10
New York Fire
5
26#
8#
42#
88
100
Virginian 3s
45
Denver
21#
23#
48
10
National Union Fire
20
New Amsterdam Cas.._.2
New Brunswick
....10
635
101
65
Atlantic
7
IK
5
6#
5
—
National Casualty—.10
National Fire
10
National Liberty
...2
96
19#
6
(Providence)
33#
6
10
Franklin Fire
2#
50
24#
6#
31#
31#
Joint Stock Land Bank Stocks
Atlanta
2#
2#
42#
24#
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Par
1
3#
57#
10
108
84
5Ks
10#
Maryland Casualty
99# 102
45
/40
100# 102
Fremont 4#s
68
r.
9#
5
101
Chicago—
.
Ohio-Pennsylvania 5a
Oregon-Washington 6s_.—
Pacific Coast of Portland 5s
First Carollnas 6s
First Texas of Houston 5b.
First Trust of
39#
5
Lincoln Fire
Gibraltar Fire A Marine. 10
Glens Falls Fire
5
Bid
Lincoln 4Kb
Knickerbocker
65#
42#
56
City of New York
City Title
Connecticut Gen Life
Georgia Home
2#
18#
64
Bonding A Ins..12K
22
Fire Assn of Phila
Ask
1#
17#
Mass
10
Fidelity A Dep of Md.._20
Bid
Security.....10
Homestead Fire
10
Ins Co of North
Amer...10
Jersey Insurance of N Y
8#
92#
5
General Reinsurance
Burlington 6s
4#
90
1655
14
Carolina
'
Joint Stock Land Bank Bonds
Par
Home Fire
79
32#
Baltimore American...2#
Bankers A Shippers.....25
123# 125
Federal
4s 1946 opt 1944
3#
80
100 1605
48
...25
Automobile
Bid
3Ksl965opt 1945
100
.
22#
American Reserve.—.10
Excess
Ask
.
23
21#
19#
7#
12#
40#
6
Employers Re-Insurance 10
104# 105#
104# 105#
30
21
76
10
Equitable
American Home
Federal Land Bank Bonds
J&j
_
United States
107# HI#
...26
Eagle Fire
3s 1956 opt 1945
3s 1950 opt 1946
11#
1600
35#
37#
51#
53#
105
108
Title Guarantee A Tr__.20
29#
American Surety
111# 112#
112# 113#
Conversion 3s 1947
20
Aik
10
Life
American
....
109
118
10#
27
13#
51#
44#
Camden
July 1948 opt 1243.
20
25
42#
American Alllanoe
1.25%
Govt of Puerto Rico—
5s
Manufacturers
Preferred
New York
11#
10
Boston
U S conversion 3s 1946
Hawaii 4 Kb Oct 1956
.25
50
10
Agricultural
117#
4#s July 1952
10
100 1580
46#
9#
Par
Aetna
Bid
U s Panama 3s June 11961
4Kb Oct
Irving
Kings County
Lawyers
45
Aetna Caa A Surety
United States Insular Bonds
4Kb July
6s
Apr
254
44#
American of Newark...2 K
American Re-Insurance. 10
Philippine Government—
210
101
Aetna
0.90%
110
Inland Terminal 4Kb ser D
1940-1941
mas 6
1942-1960
mas
109
Ask
Ask
195
249
Insurance Companies
Ask
Holland Tunnel 4Kb ser E
1940-1941
mas 6
105#
Bid
5#
75
Bid
100
......100
Guaranty
Underwriters-
Authority Bonds
Bid
107# 108#
105# 106
104# 105#
100# 101#
103# 104#
Companies
Par
53
10
*
Empire..
Gen A ref 4s Mar 1 1975.
Gen A ref 2d ser 3#s '65
17#
12#
Fulton
20
Corn Exch Bk A Tr
Port of New York—
24
14#
Tr 25
Bank
Ask
410
i
115
61.50
Ask
22
Trade
70
Central Hanover
20
Chemical Bank A Trust. 10
Clinton Trust
50
Colonial Trust
25
Barge OT 4kb Jan 1 1945.
Bid
28#
Sterling Nat Bank &
4#
100
Canal Imp 4s J&J '60 to '67
Port of New York
52
26#
1825
51
4s Mar A Sept 1958 to '67
135
45
25
105
Ask
World War Bonus—
Canal & Highway—
6s Jan A Mar 1964 to *71
13
50
720
Bid
100
Bronx
less
11
New York Trust
Bankers
3B 1981
14
10
Exchange
123
New York State Bonds
Ask
170
44
24
12
Peoples National
31
29#
164
Par
Bid
Ask
40
22#
Penn
100
Avenue
100
690
First National of N Y..100
1785
Merchants Bank
100
100
122# 124#
124# 126#
52.25
Bid
National Bronx Bank...50
N atlonal City
12#
National Safety Bank_12K
Public National
75
..13.55
Bank of New York
3B 1974
Par
16#
Fifth
117# 119#
117# 119#
119# 121#
120# 122#
1 1979
Ask
15
40
Commercial National..100
122
121
Bid
<
Bensonhurst National...50
120
118# 120#
118# 120#
119# 121#
1 1977
o4#sNov 15 '78
a4#s Mar 1 1981
o4 #s May 1 1957
a4#s Nov 1 1957
o4#sMar 1 1963
a4#a June 1 1965
04 #s July 1 1967
a4#s Dec 16 1971
HI# 113#
113# 115#
114# 116#
114# 116#
115# 117#
1 1980
04
Bank of Manhattan Co. 10
Bank of
Yorktown—66 2-3
116# 118#
117# 119#
a3#sMay 1 1954
a3 Hs Jan
Par
117 #
1 1977
a3s
Feb
a3 kb July
Securities—Friday Aug. 25
City Bonds
Ask
93
1311
ture Corp 3-fls
1953
Potomac Realty Atlantic
/23
/23
90
Deb Corp 3-6s_.—.1963
51#
Realty Bond A Mortgage
82
deb
3-fls
1953
62
Unified Deben Corp 5s 1955
51#
48
50
4
5
100
1#
2
85
Chain Store Stocks
Federal Intermediate Credit Bank
Debentures
Bid
Ask
Bid
Ask
Par
Borland Shoe Stores
Bid
•
B
1%
1%
1%
1%
1%
1%
due.....Sept
151939 6.20%
due
due
Nov
16 1939 6.20%
11939 6.20%
due
Deo
due
Jan
due
Feb
Oct.
1 1939
1% due—
1% due
Mar
1% due
June
July
Aug
1 1940 6 .30%
Bid
210
215
Continental Illinois Natl
Bank A Trust
First National
33 1-3
...100
70#
203
72#
209
*
No par value,
/ Flat
Ask
Par
Harris Trust A Savings. 100
Northern Trust Co
100
SAN
Bid
Ask
273
100
7% preferred
528
538
72
Miller (I) Sons common..5
price,
dlvldend.
t
2
4
20
24
7
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
15 preferred
*
9#
12#
a
13
99
Interchangeable,
n Nominal
quotation,
b Basis price,
w <
When
Issued,
d Coupon,
w-s
With
Ex-Uquldatlng dividend.
t Now
listed
t Now selling
34#
36#
Ask
50
285
FRANCISCO—
Bk of Amer N T A S A
12#
2#
3#
23#
8#% preferred
Chicago &, San Francisco Banks
Bid
Kobacker Stores—
109
Kress (S H) 6% pref
Par
American National Bank
A Trust
100
IK
20
Par
8
2#
100
Diamond Shoe pref
100
Flshman (M H) Co Ino..*
1 1940 6 .30%
#% due.
7% preferred
1 1940 6.25%
1 1940
6.30%
1% due
6.20%
21940 6 .20%
1 1940
6.20%
/G Foods Inc common *
Bohack (H C) common...♦
1 1940 6 .25%
Apr
Ask
6
a
on
on
New
York
Stock
Exchange.
New York Curb Exchange.
Quotation not furnished by sponsor
or
Issuer.
/
18#
e
20#
Ex-interest
stock,
x
Ex-
The Commercial & Financial
1312
Chronicle
Aug. 26, 1939
Securities—Friday Aug. 25-Continued
Quotations on Over-the-Counter
Railroad Bonds
Guaranteed Railroad Stocks
Bid
6s
3o$epb(0alker$$on$
Memken New York Stork
4 3£g
2-6600
STOCKS
...
Cambria
A
ciearfleld
4s
Chicago Indiana A Southern 4s
vSinccl855y
5s
—
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
1956
1951
—1961
...
Chicago St. Louis A New Orleans
^^sssssammasaar
—
—1995
1951
1960
.....
Connecting Railway of Philadelphia 4s
Cuba RR. improvement A equipment 5s
29
30
10034
49~""
47 34
71
73
41
38
30
34
10034
9934
1955
...
Asked
/27
/27
1943
1940
1944
434a
Boston A Maine 5s
Tel. RE ctor
GUARANTEED
NEW YORK
...
Baltimore A Ohio 434a———————...
Exchange
in]
1945
1939
.1939
-
-
Atlantic Coast Line 4s
Boston A Albany
Dealer*
120 Broadway
1945
and Youngstown 534a—
Akron Canton
62
67
77
81
102
104
51
5334
111
11234
3034
32
70
75
(Guarantor In Parentheses)
Florida Southern 4s
1945
1946
1953
—1950
..1978
...
Hoboken Ferry 5s
Dividend
Ailed
Bid
Par in Dollars
Illinois Central—Louisville DIv. A
Terminal 334s
Indiana Illinois A Iowa 4s
—
Kansas Oklahoma A Gulf 5s—__—.—
6.00
76
10.60
(Illinois Central)
100
(Delaware A Hudson)
100
Allegheny A Western (Buff Roch A Pitta)..........100
Beech Creek (New York Central)
60
Boston A Albany (New York Central)
100
Boston A Providence (New Haven)
-100
Canada Southern (New York Central)
100
Carolina Cllnchfleld A Ohio com (L A N-A O L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)—100
Cleveland A Pittsburgh (Pennsylvania)
60
72
115
120
Alabama & Vlckaburg
Albany A Susquehanna
Fort Wayne A Jackson
6.00
56
26
72
28 H
75
8.60
14
18
3.00
43
46
6.00
80
83
3.60
7334
76
2.00
47
2.00
Georgia RR A Banking (L A N-A C L)
...—100
Lackawanna RR of N J (Del Lack A Wevtern)
100
4.00
37
750
Portland Terminal 4s——
Providence A Worcester 4s
950
24
26
3.875
3934
60
New York Lackawanna A Western (D L A W)—..100
Northern Central (Pennsylvania)
60
Oswego A Syracuse (Del Lack A Western)
60
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
60
Preferred
60
Pittsburgh Fort Wayne A Chicago (Penn.) pref
100
49
88
89
35
39
100
100
Pgh Ygtn 4 Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
Tunnel RR St Louis (Terminal RR)--
5.00
1.60
3.00
7.00
142
6.64
61 >4
138
6.00
...
238
6.00
47
55
60
6.00
54
3.50
23
53
1X34
123*
3334
Ohio Match Co
313*
American Hard Rubber—
3.00
New Vork Central 434s_.
68
64.00
3.00
New York
334a Dec 1 1936-1944...
63.75
3.00
Canadian National 434a..
62.25
1.75
Hartford
62.25
1.75
6s
Chicago
2.50
62.25
1
2.50
63.75
103
75
Pollak
33
62.25
Cent RR New Jersey 434a.
64.00
1.50
Northern Pacific 4348
1.75
62.50
62.00
1.00
Pennsylvania RR 434a
Canadian Pacific 434 a
$1
cum
61.50
1.00
62.10
1.60
2434
34
62.10
4.25
65.00
6s
3.00
65.00
4.25
Jan A July
1937-49
234s series G non-call
Dec 1 1937-60
1.80
62.25
64.00
64.00
1.50
61.50
St Louis-San Francisco—
3.00
Great Northern 434s
1.00
61.00
63.50
64.00
62.25
Southern Ry 434 s
62.25
63.60
1.50
62.10
1.50
6s
61.60
1.00
61.25
0.75
1.60
Virginia Ry 434s.
64.00
Missouri Paclflo 4348—
6s
3.00
63.25
2.26
Western Maryland 434a
62.25
1.25
63.25
Maine Central 5s
4
33*
43*
1
234
Solar Aircraft
1134
2134
2634
34
16
61
20
standard Screw
Stanley Works fnc
25
Strom berg-Carlson Tel Mfg
Sylvanla Indus Corp
*
Steel common..........
1834
22
Trlco Products
28
31
Triumph Explosives
Corp.....*
2
Tublze Chatlilon cum pf.10
Draper Corp..
134
6834
30
234
634
1
*
234
7234
234
•
Falrchlld Eng A Alrpl
Federal Bake Shops
734
22
15
2.25
Western Pacific 6s
63.75
2.75
Miscellaneous Bonds
Veeder-Root Inc
*
com
834
134
3X
Welch Grape Juice
3634
10)4
133*
100.4
way Authority 3 34a
99.29
100
334s revenue
3834
1134
Apr
Federal
Natl.
101.26 102
J4%
Mtge Assn
34%
2s May 16 1943—
2.60
100.4
15
4234
100
Preferred
134
243*
100
3134
36
4a
53*
Great Lakes SS Co 00m..»
25
263*
Wilcox A Glbbs 00m
3634
40
334
5
Preferred
Paper..25
6
Harrisburg Steel Corp
Interstate Bakeries com...
234
2
$5 preferred
3334
Klldun Mining Corp
1
1
36
100
•
York Ice Machinery
7%
100
preferred
9
26
Amer Writ Paper
15
17
Bethlehem Steel
68—1961
33*8.1959
*
1
2
Brown Co 5 34s ser
*
8
9
Carrier Corp 434s
1948
Crown Cork A Seal 434s '48
36
100.3
100.3
33
Nat
100
100.10
100 8
7% preferred
100
Muskegon Piston Ring.2 34
11034
10934
113*
113
1334
46
9934
22
843*
9834 10034
4934
96
763*
A6
Old Bell Coal Inc 6s—1948
106
53*
3134
/47
/22H
...1946
24J4
97
773*
2034
1834
30
31
303*
3234
1945
Shell Union Oil 2 34s 1954..
108
1033* 1043*
Scovill
Mfg 5 Vjs
24
Socony-Vacuum Oil 3s 1964
98
94
9434
Woodward Iron—
*
100
2
1734
3~~
20
1982
106
2d conv Income 5s—1962
103
1st 5e
10534
Telephone and Telegraph Stocks
Par
Par
Savannah Bug Ref com
1
Bid
Corp—i
4
1
Bid
97
Mtn 8tates Tel A Tel—100
132
114
117
New York Mutual Tel. 100
Bell Telep of Canada
100
167
170
Pac A Atl Telegraph
100
120
122
Peninsular Telep com
48
54
5
Ask
135
15
Bell Telep of Pa pref
Ask
32 34
3034
434
West Indies Sugar
|
par
Ask
91
100
Preferred
| Atk I
Bid
(N J) com.*
Am Dlst Teleg
Cuban Teleph 6% prf
Emp A Bay State Tel-.100
Franklin Telegraph
100
$6
preferred
Int Ocean Telegraph
Preferred A
Rochester
xio
w
♦
100
71
...
16
2934
2934
Telephone—
100
113
25
15
20
Sou New Eng Telep...100
153
153
Wisconsin Telep 7% pf.100
118
So A Atl Telegraph
10134 105
14
283*
2834
25
•
1
$6.50 1st pref
25
Gen Telep Allied Corp—
5s.
99
A9
•
preferred
100.28 101
Sugar Stocks
For footnotes see page 1311.
Radiator
/4334
/20
803*
1945
•
Casket
Nat Paper A Type com
5%
McKesson A Rob 534s 1950
N Y World's Fair 48—1941
116
Mock Judsoo A Voehrlnger
100.4
134% notes Feb 1 1944
1
1954
31
U S Housing Authority—
100
73*
Haytlan Corp 8s
Houston Oil 43*s
Minn A Ont Pap 6s
100.8
434
29
1
100
15
1937
1938
Deep Rock Oil 7s
1534
1
1940
334
33*
26
143*
less
1941
63*!
3834
23
less 1^2
less
15
133*1
234
•
A..1946
234
1.25
May 15
1
37
■
834
2634
Bonds—
24
100
634
243*
40
34
3*
73*
50
WJR The Goodwill StA—5
Worcester Salt
234
3.60
May
1
103*
96
93
2134
$3 cum preferred
3434
4s serial revenue..1968 6
34a
Preferred
1734
*
Wickwlre Spencer Steel-.*
Preferred
348.
Eastern Sugar Assoc
934
5
1
4s serial revenue..1942 6
Cuoan Atlantic Sugar..734
1534
334
Graton A Knight com
Marlin Rockwell Corp
100.6
Nov 1 1941
Jan 15 1942
4s s I revenue '77.AAO
101.28 101.2
Bid
34
53*
5034
3*
National
Home Owners Loan Corp
Par
48
134
10734
preferred
McKesson A Robblns—5
Triborough Bridge—
134a Jan 3 1944—
Call Jan 3 "40 at 102.
3*
*
com..5
conv
7%
less 1 f 2
101.12 101.18
Call Novie'39 at 101
234
84
West Dairies Inc com v t e 1
6% preferred
Corp—
H % notes July 20 1941
103.8
103.2
1 1943
234
78
preferred
100
West Va Pulp A Pap 00m.*
$3
13 conv preferred
*
Merek Co Ino common.. 1
1949 6
2.00
Reconstruction Finance
1940
Deo
2s
34
32
53*
Preferred
—
Fed'l Home Loan Banks
2s
534
13*
1
13434 13834
33*
Macfadden Pub common.*
108
107
'68
1944 6
334a revenue
100
1 1939
2134
43*
1
*
Good Humor Corp
15 preferred
Atk
Bid
New York City Park¬
100.1
Federal Farm Mtge Corp
Sept
1934
Warren (Northam)—
3*
Ley (Fred T) A Co
Ask
Commodity Credit Corp
134a
334
383*
43-4
V*
Long Bell Lumber
Aug 1 1941
361*
43*
Lawrence Portl Cement 100
34%
3 a
32 34
United Piece Dye Works.*
Preferred
100
Landers Frary A Clark..25
Bid
634
29
United Artists Theat com.•
734
234
King Seeley Corp com
H % notes Nov 2 1939
434
Taylor Wharton Iron A
Douglas (W L) Shoe—
—
334
21
170
166
Skenandoa Rayon Corp..*
Domestic Finance cum pf
Conv prior pref
23*
234
Great Northern
62.10
Texas Pacific 4s
2.50
62.50
—
—
Singer Mfg Ltd
*
1.75
434a
5s
Singer Manufacturing..100
234
*
1.85
St Louis Southwestern 6s.
3.00
Long Island 434a
1834
Tennessee Products
2.50
,
1.75
Internat Great Nor 434s
Scovill Manufacturing..25
Time Inc
3.00
...
434a—
0.50
62.25
*-
35
3.00
63.75
Southern Pacific 4 34 a
Illinois Central 434 a
«•
23
Fohs Oil Co
63,75
4h
Hocking Valley 5s
12
3034
Preferred—'.—
3.00
Erie RR 4348
6s
2.00
62.00
3.00
64.00
Denver A R Q West 434a..
62.50
Reading Co 434a
99
98
5
1034
Dictaphone Corp.
4s series E due
Pere Marquette 434s
Chicago R I A Paclflo—
Trustees' ctfs 334s
334
19
1.60
63.75
1
Exploration
63*
58
3.00
Chesapeake A Ohio—
434s—.
Chicago A Nor West 434s.
Chic Mllw A St Paul 434a.
*.
10
6% preferred.
134
Manufacturing...*
Remington Arms com
*
46
934
1934
preferred
Petroleum Heat A Power.*
15
33*
Crowell-Collier Pub
434a
183*
83*
14}*
734
35
64
44
3.00
New York New Haven A
5s
5434
173*
100
Pilgrim
15*
1.75
63.25
2434
4434
Pathe Film 7% pref
*
Petroleum Conversion—.1
17
43*
Cessna Aircraft.
A
St. Louis 434a
2234
13
30
Corp...*
Burdlnes Inc common
63.50
Ask
BUI
Pan Amer Match Corp—25
9234
213*
J*
New Orleans Tex & Mex—
64 00
77
74
234
*
Preferred 634%
Norwich Pharmacal
Alt
Bid
A Maine 434s—.
105
100
123*
13
Boston
110
100
Par
103*
Andian National
434a
10034
New Haven Clock-
5834
1.00
99
109
New Britain Machine.—*
2
American Cynamid—
Equipment Bonds
3.00
55
37
15
61.75
105
71
Amer Beraberg A com
57
63.75
94
42
32
26
3.00
13*
60
Baltimore A Ohio 434s.—.
91
73
53
American Arch
58
56
Atlantic Coast Line 434s_.
70
10334
40
Ask
Bid
51
5.00
All
67
10234
11834
Industrial Stocks and Bonds
145
243
193*
Bid
80
69
Virginia A Pittsburgh 4s
89
Railroad
1634
30
102
Washington County Ry. 334a
72
141
6.00
(Penn-Readlng)
Canal 334s
Vlcksburgh Bridge 1st 4-6s—
143
69
6.00
60
Western)
9734
/15
65~~
3.00
10.00
102
97
1942
1967
1957
1946
1951
1940
1968
...
Vermont Valley 434s..
West
9934
100
1954
1990
........
—
.......
United New Jersey Railroad A
170~~
——100
60
Preferred
West Jersey A Seashore
167
97
1974 102.60
Toronto Hamilton A Buffalo 4s
4434
68
111
1961
1947
....
.....
334 ser. B_
Terre Haute A Peoria 5s
Toledo Terminal 434a
84
7.00
100
100
...100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (DLAW)
100
Valley (Delaware Lackawanna A Western)
100
Vtcksburg Shreveport A Pacific (Illinois Central).—100
Warren RR of N J (Del Lack A
42
....
—
RR. Assn of St. Louis
Toledo Peoria A Western 4s
52
4.00
4.50
1949
1941
1947
Pennsylvania A New York Canal 5s extended to
Philadelphia A Reading Terminal 5s
Terminal
62
1946
1947
New York A Hoboken Ferry 5s
Pittsburgh Bessemer A Lake Erie 5s
154
60.00
100
34
55
5134
1948
.2032
Norfolk 4s
Norwich A Worcester 4 34a
45
4234
150
9.00
1940
...2000
New York A Harlem 3 34a
New York Philadelphia A
New Orleans Great Northern Income 5s
34
49
6.50
1959
....
New London Northern 4s
65
60
6.00
pref (N Y Central)
Michigan Central (New York Central)....
Morris A Essex (Del Lack A Western)
52
2.00
8.75
60
————26
....100
stock
Betterment
Delaware (Pennsylvania)—
Memphis Union Station 6s
44
Volume
The Commercial & Financial Chronicle
149
Quotations
WE
MAINTAIN
ACTIVE
on
Over-the-Counter
TRADING
MARKETS
Securities—Friday Aug. 25—Continued
Public
UNLISTED
IN
Investment Trust Issues
Ohio Edison 36 pref
»
37 preferred
•
Ohio Power 6% pref... 100
Ohio Public Service—
GOODBODY & CO.
115
6% preferred
7% preferred
Jersey City Office
Broadway
New York
Tel
....100
160
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Okla G A F 7% Dref._100
Oklahoma Nat Gas—
Teletype JCY 1518
City
5.60 prior pref....
*
Pacific Ltg 36 pref
♦
Pacific Pr A Lt 7% Pf- -100
Penn Pow A Lt 17 pref...*
Queens Borough G A E—
R Ector 2-5485
Private Wire System
Utility Stocks—Continued
Par
Members N. Y. Stock Exchange and other
Principal Stock and CommodUv Exchangee
Main Office
1313
Connecting Branch Offices In leading Cities
Investing Companies
6% preferred
100
Republic Natural Gas
Bid
Par
Bid
♦Amerex Holding Corp..*
Amer Business Shares
11.51
2.89
3.22
19)4
20%
2.81
3.11
.41
>
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Assoc. Stand Oil Shares..2
Bankers Nat
Invest
.36
4)4
5%
4%
5)4
Corp
102
103%
106
107
86
89
5%
Basic Industry Shares-.10
Fund Inc
Par
0%
3.45
14.02
British Type Invest A...1
Broad St Invest Co Ino..5
Bullock Fund Ltd
1
.13
.28
22.65
24.22
H
26.37
3.60
3.95
Century Shares Trust...*
Chemical Fund
1
22.58
24.28
9.69
10.48
Commonwealth Invest... 1
3.10
3.37
♦Continental Shares pflOO
Corporate Trust Shares.
5)4
6)4
11
Series B-2...
20.60
13.23
14.55
Series E-l
13.67
15.00
Series K-2
8.53
9.45
Series 8 2....
12.88
.....
14.18
9.14
10.12
Maryland Fund Inc.-.lOc
..
30
4%
mmmm
mmm+r
mm mm
10
25)4
118
♦8% preferred
100
♦Crum A Forster Insurance
♦Common B share...10
30
14.94
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser Bi
1.49
....
32)4
Mass Investors Trust
1
Mutual Invest Fund....10
Common
Kansas Power Co 4s..1964
30
31
1978
33
33%
Income deb 4)is...l978
1973
37
39
19.38
20.84
9.88
10.80
Conv deb 4s
3.46
Voting shares
National Investors Corp.l
1
5.36
12.26
New England Fund
N Y Stocks Ino—
1.15
1.28
Aviation
........
8.01
.....
8.67
1938
16.14
•
65
70
68
78
82
1973
88 without warrants.1940
74
N Y State Elec A Gas Corp
4s
1965
99"
97
1st 3%a
..1964
35
38
Sink fund Inc 4)48..1983
Sink fund Inc 6s
1983
31
34
S f Inc 4)49-5)48-..1986
38
Old Dominion par os-.lWDi
"
41
108
98
Metals...
7.75
8.39
Central Gas A Elec—
6.44
6.98
85%
5.85
90
87%
92%
Pub Utll Cons 5X8...1948
5.39
6.39
6.93
97%
98%
Republic
2.51
A Elec trio 3)4a
1
2.66
1
...1
2.24
Quarterly
«.
-
-
—
lst Hen
.34
lst mtge 3 Jis
196:
Central Pow A Lt 3 Ms '69
8.35
27.45
Representative TrustShslO
9.33
Republic Invest Fund.25c
.19
.22
Fidelity Fund Inc
16.96
6.48
7.17
Selected Amer Shares..2%
Selected Income Shares...
2.31
2.57
Sovereign
Insurance stk series. l(k
3.11
3.45
Spencer Trask Fund
♦State St Invest
Q Qfi
0..00
10
7"08
3.80
4.35
15.73
17.10
4.74
5.43
*
4.29
General Capital Corp
*
General Investors Trust-*
27.96
30.06
•
4.63
5.05
Corp... *
Super Corp of Am Tr ShsA
AA
8.45
4.92
5.36
Automobile shares.....
4.26
4.65
.51
9.27
Series C
1
Trustee Stand Oil Shs A.l
Series b
1
.88
U S El Lt A Pr Shares A..
15H
6.79
B....
Voting shares
Wellington Fund
5.92
6.44
Petroleum shares......
RR equipment shares...
3.99
3.30
3.60
Steel shares
4.85
5.28
In vestm
Tobacco shares
5.02
5.47
.98
Blair & Co
.13
.33
14.74
15.85
2.04
12.84
14.13
t
1.01
1.11
Insurance Group Shares.
1.24
We
♦Central Nat
Corp cl A..'
♦Class B
1
Corp.....10
19
1
15
2Ve
22
2
im
9.43
53"
5s
1957
132
105
100)4 101)4
106
Western Public Service—
5%a
1960
95
Wlsoonalu G A E 3J4s. 1966
Wis Mich Pow 394s..1961
108
96)4
108
108%,
Mortgage Certificates
Ask
/....
mm m
Beacon Hotel Ino 4s..1958
B'way Barclay Inc 2s .1966
Bid
/19
21%
6s
1948
4-6s
63
67
/....
Chanln Bldg 1st mtge 4s '45
Pomeroy Inc oom...l0c
39
67
70
1955
18%
20%
Y Athletic Club—
2s
mm
102
1945
8 f deb 6s..
N
1957
99
1948
Metropol Playhouses Ino—
N
Motors Bldg-
Ask
Metropolitan Chain Prop—
mrnm
Brooklyn Fox Corp—
Y
Majestic Corp—
5
4s wltb stock stmp.,1956
mm
41%
6%
Y Title A Mtge Co—
50
5%a series BK.
52
'
Chesebrough Bldg let 6s '48
'm
...
5%a series Q._.
...
35
50
52
39
5 %h series F-l
1948
ist 4s (w-e)
33
5%* series C-2
mm
Colonade Construction¬
41%
Court A Remaen St Off Bid
1st
1.37
1
96
106)4 107
Utlca Gas A Electrio Co—
V
Banking Corp
♦Schoelkopf, Hutton A
Bank Group shares
1st mtge 3s.l957
3s
♦First Boston
Institutional Securities Ltd
1
Alden Apt
Broadway
4.35
1
75
94
Texas Public 8erv 6s.. 1961
B'way A 41at Street—
1st leasehold 3)4-5s 1944
2.18
Mining shares
Investors..*
72)4
7
.60
♦Independence Trust Shs
81
74%
83%
f43%
Bid
4.51
.54
5.46
63 94
Tel Bond A Share 6s.. 1968
West Texas Utlls 3 %b. 1969
150%
4.87
.80
5.01
51%
2.31
Trusteed Amer Bank Shs B
Merchandise shares....
103)4
Utll"5a "a" 1968
Real Estate Bonds and Title Co.
2.37
1
Trusteed Industry Shares.
3.21
103
.
10.08
Trustee Stand Invest Shs—
6.15
4.65
59%
103)4 104)4
103)4 104
3.55
3
6.99
6.24
3s 1979.
Toledo Edison 3 Ha...1968
71 %
mmmrn
5.65
2.94
55%
55%
109
.55
6.42
4.26
93
107% 108%
73
Building shares
......
11%
53%
15.12
7.38
78
105)4 106)4
Wash Wat Pow 3%a.. 1964
Aviation shares
Investing shares
Sioux City G A E 4a"" 1966
Southern Bell Tel A Tel—
Crescent Public Service—
9.21
14.26
Series D
Agricultural shares
41947
2%
54
.66
69%
89
2.35
B
Supervised Shares
Group Securities-
99%
4.00
.59
Standard Utilities Inc.60c
6.42
Fundamental Tr Shares A2
Investors
24)4
87
1951
97%
Sou Cities
103
94)4
St Joseph Ry Lt Heat a Pow
fl%
56%
10c
Foundation Trust Shs A.l
102
92
[22%
Service-
90%
18.26
100
1950
69%
6s.
9.83
25%
5% deb series A
1961
Rochester Gas A El 3 % a '69
101
14.34
7.45
Income 634a with stk '52
.39
13.41
Ino Shares..10c
3-6a
Portland Electric Power—
6s
Central Public Utility—
mm
24)4
Foreign Bd Associates Ino.
105)4 106)4
Collateral 5a
2.61
Series 1958
Plymouth Fund Inc...10c
First Mutual Trust Fund..
Fiscal Fund Inc—
103)12
Peoples Lignt a Power-
99%
Central Illinois Pub Serv-
Series 1956
74)4
71)4
Parr Shoals Power fie..1952
Penn Pow A Lt 3 )4s..l969
Gas
49%
Series 1956
3.45
Black8tone Valley
109
108
103 % 103%
36
81nk fund Inc 5-6a__1986
.1964
1968
2.24
102)4 103)4
33
33
3 Ha.
Cent Ark Pub Serv 6s. 1948
No Amer Bond Trust ctts.
103% 104)4
Assoc Gas A Elec Co-
6.56
M. —
102)4
64"
9.94
No Amer Tr Shares 1953.*
•»
101
62
66
6.94
i
108
1973
4%a
6.40
25.53
Investors Fund C
1st 6a
6.05
Eqult Inv Corp (Mass)..5
Equity Corp 33 oonv pref l
Incorporated
60
9.19
♦Putnam (Geo) Fund
•Huron Holding Corp
87)4
Missouri Pr A Lt 3348.1966
[ountaln States Power—
Electrical equipment
Insurance stock
17.79
Chemical shares
Food shares
63)4
85
8.46
e'.io
B
61
6.37
1.20
Fundamental Invest Inc.2
108 %
31
7.82
Railroad equipment
Steel.
31)4
99)4 100 %
31%
5.87
5.45
..
3)4s._1969
Building supplies
16.74
Fixed Trust Shares A.
Lt
A
Bank stock
1.10
Bank stock series
Pow
98)4
29 %
108
Cons ref deb 4«s..l968
1
•
Kan
Ask
98 %
5.71
11.37
Rid
Pud Serv 4a,1967
1973
deb
Conv deb 6a..
Conv deb 5)4s
26c
25c
D
Eaton A Howard Manage
ment Fund series A-l...
66
Conv
Oils
2.80
Diversified Trustee Shares
C
3.50
Dividend Shares
_*
West Penn Pr4%% pf 100.
Machinery..
28 X
♦7% preferred
100 112
Cumulative Trust Shares. *
4.47
Delaware Fund
Washington Gas Lt
64
4.67
7.17
2.59
31%
5%
Kan City
4.17
4.98
2.59
(Conn)—
Ask
Income deb 4s
6.62
2.20
United Gas A El
47%
84%
7.28
4.58
...1
Texas Pow A Lt 7% pf.HH
Toledo Edison 7% pf A.100
82
3.65
Agriculture......
...1
Series ACC mod.
♦Crum A Forster com
98 H
2
..
45
6.59
Automobile
Series AA mod
6% pref series B
Bid
3.24
Series S-4
2.20
Accumulative series...1
19 H
Southern Calif Edison—
Amer Gas A Power 3-5s '53
Amer Utility Serv 6a. 1964
Associated Electric 68.1961
Assoc Gas A Elec Corp—
Income deb 3^s.__1978
Income deb 3Hs...l978
2.29
1
104 %
22.55
Series B-3
Nation Wide Securities—
Series AA
100
Sierra Pacific Power com.*
Sloilx City G A E <7 pf. 10*
Public Utility Bonds
28.84
13)4
Canadian Inv Fund Ltd-.l
6% preferred D
Ask
Series B-l
Manhattan Bond Fund Inc
15.08
Bid
Rochester Gas A Elec—
7% preferred
100
Utah Pow A Lt <7 pref...*
virvinlan Rv
100
107% 109
1
Keystone Custodian Funds
Series 8-3
♦Class A...
Boston
Ask
10.82
Par
101% 103%
111% 112%
111
113%
1
Admlnls'd Fund 2nd Inc.*
Affiliated Fund Ino
1%
Ask
104% 106
110% 112%
111% 113%
1950
3)4s
m
mm
rn
m
Dorset lat A fixed 2a.. 1957
mm
mem
Olicrom
1
Corp
v t o_...
2d
Eastern Ambassador
m
1951
mtge 6s
103 E 57th St 1st 6s.
10.06
■
mm
Park Avenue—
*
---
mmm
1941
'
Hotel units
Public
Utility Stocks
Par
Ask
500Fifth AvenueBid
Par
Bid
Ask
97
98%
Interstate Power 37 pref.*
91
93
Jer Cent P A L 7% pf.,100
101
Kan Gas A El 7% pref. 100
115% 118%
Gas
A
Electric
Original preferred
*
16.50 preferred
*
17 preferred
♦
2
Kings Co Ltg 7%
pref. 100
84
87
4
5
4
5%
Long Island Lighting—
6% preferred..
100
30
31%
35%
119%
Birmingham Elec 17 pref.*
60%
7% preferred
63
Buffalo Niagara A Elec tern
preferred
21
25
21%
$7 preferred
7% preferred
conv
partic pref..50
Mississippi Power 36 pref *
37 preferred
.*
•
95%
98
Mississippi P A L 36 pref.*
»
88
90
Miss Rlv Pow 6% pref. 100
100
16 preferred
...100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas *6 pref •
Consol Traction (N J). 100
Consumers Power 15 pref*
Continental Gas A El—
7% preferred
100
105
95%
106%
97
105% 107%
8%
9%
52%
56%
102% 103%
100
89%
92
34
Mass Utilities Associates—
6%
Carolina Power A Light—
6% preferred
Central Maine Power—
5%
103
3
Atlantic City El 6% pref.*
< 1.60
4%
Missouri Kan Pipe Line..6
Monongahela
West
25
80
82%
85%
88
80%
115
82%
U7%
7% preferred
100
New Eng G A
E 5% % Pf- *
Co—
Derby Gas A El $7 pref..*
U7% 120
38
42%
Federal Water Serv Corp—
$6 cum preferred
19%
<6.50 cum preferred...*
<7 cum preferred
♦
20%
21%
21%
21%
24
Idaho PowergG preferred
7% preferred
Interstate Natural
37 prior lien pref.
36 cum preferred
27%
29%
61%
63%
29
31
100
Gas..*
uo%
111% 113%
23
25
*
7% cum preferred
100
Northern
States
111
30
113%
32
41
42%
111% 113%
1941
1st 6)48
100
♦
4%a (w-s) '58
-
-
m
mm
mmm
f20%
/54%
22%
5%a stamped......1961
Realty Assoc Sec Corp—
5s
Income
1943
Rlttenhouse Plata (PhUa)
2 %e
1968
mm
mM
40%
m
mm
42%
■
mm
mm
47%
51%
mm
mmrn
1957
63%
65%
1966
fl2%
16
no
12
mm
loxy Theatre—
«■
1st mtge 4a
rnrnm
/....
'mmm
4avoy Plaza Corp—
3s with stock
1944
1949
24
27
Sherneth Corp—
35 %
39
1st 5%a (w-s).
Graybar Bldglst lsbld 5s'46
79
81
(w-s)
1st 2)4-4s
.1956
60 Park Place (Newark)—
1st 3%a
Harrlman Bldg 1st
6s. 1951
Hearst Brisbane Prop 6s '42
1950
15%
mm,
mm
30
18
*
1947
m
1950
23%
mm
m
m
_
„
41 Broadway Bldg—
-
-
33%
3%a with stock
36
616 Madison Ave—
3s with stock
1948
1st 4-5a
.1957
m
-*
Syracuse Hotel (Syracuse)
56
....
1st 3s
1955
...
105
111% 113
98
66%
Textile Bldg¬
1948
1st lease 4-6)48
lst 6a
Lewis Morris Apt Bldg—
1951
1st 4a
5)4a w-s.-.1963
London Terrace Apta—
Income
3-4s..—1952
m
lll%hl2%
m
34
36%
193.»
2 Park Ave Bldg 1st 4-5^46
[30
43%
1st
5Mis
68%
70%
Walbrldge Bldg (Buffalo)
36
39
Wall A Beaver St
3s
lat4%a
—1947
1951
For footnotes see page
49
-
1950
Corp
w-s—
...
-
1951
17
20
Weetlnghouse Bldg¬
....
99
68%
m
Ludwlg Baumann—
1st 5s (Bklyn)..
195H
Trinity Bldgs Corp—
Lexington Hotel unite....
Lincoln Building—
1st A gen
103
Power—
(Del) 7% pref
(Minn) 6% pref
---
Fox Thea A Office Bldg—
1st 5s (L I)
100
Sec 8 f ctfs
Lefcourt State Bldg—
N Y State Elec A Gas—
5%% pref
•
•
New Orl Pub Serv 37 pf__*
New York Power A Light—
'52
4s '49
1958
42 Bway 1st 6a
1939
1400 Broadway Bldg—
1st 4a stamped
1948
Film Center Bldg 1st
40 Wall St Corp 6s
-
Lefcourt Manhattan Bldg
New Eng Pub Serv
Dallas Pr A Lt 7% pref. 100
30%
6%
Mountain States Power—.
Nassau A Suf Ltg 7% pflOO
Nebraska Pow 7% pref. 100
28%
165 Bway Bldg 1st 5%a '51
Prudence Secur Co—
Hotel St George 4s...
5H
Penn
Pub Serv 7% pref
34%
29%
-
6Ha (stamped 4s).. 1949
Fuller Bldg deb 6s
33 %
27%
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1
Alabama Power $7 pref..*
Arkansas Pr A Lt 7% pref ♦
Associated
mmm
Eqult Off Bldg deb 5a. 1952
Deb 5s 1952 legended...
1311.
...
lst mtge 4s
1948
---
Chronicle
The Commercial & Financial
1314
Aug. 26, 1939
Securities—Friday Aug. 25-Concluded
Quotations on Over-the-Gounter
Water Bonds
Quoted Here
If You Don t Find the Securities
have interest, you
which you
101* 102*
New York Wat Serv 5s '51
Newport Water Co 5s 1953
102
5s series B
100* 102*
107* 109
Peoria Water Works Co—
104* 106
1st 0011 trust 4*s
and
Domestic (New York
1961
'58
City of New Castle Water
Canadian
Out-of-Town)
Public Utility
Real Estate
Insurance Stocks
Trust
101
St Joseph Wat 4s ser A.'66
104*
106
1952
6s series B
1952
102
Scranton Gas A Water Co
1964
1964
1962
101*
4*S
1958
Scranton-8prlng Brook
6s series B
6s
Dept. B, Wm.
102
6s series A
6s
sells for $12.50
105*
Water A Gas—
Greenwich
Huntington Water—
U. S. Territorial Bonds
Mining Stocks
107
Roch A L Ont Wat 5S.1938
U. S. Government Securities
and
per year.
Your subscription should be sent to
B. Dana Co., 25 Spruce St., New York City.
The Bank and
Platnfieid Union Wat 6e '61
79*
100
Conndisvllle Water 5s 1938
Stocks
ties
104
102*
Richmond W W Co 5s. 1957
74*
...1946
6s series A
and Land
Title Guarantee and Safe Deposit
Mill Stocks
110
102
59
Pittsburgh Sub Wat 5s '68
76
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
104
108
Pinellas Water Co 6 *s.
71
1946
6*p series B
Real Estate Bonds
Industrial Stocks
6s..1948
PhOa Suburb Wat 4s..1965
105*
Water Service
Community
Railroad Stocks
100
101*
58 series B
Railroad Bonds
Bonds
Foreign Government
Industrial Bonds
Quotation Record is published monthly
Indianapolis Water
1st mtge 3*8
103* 105
90*
102*
1987
1st A ret 6a A
105
Sbenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
..1966
105
107
sprlngf City Wat 4s A '56
103
100
103
Terrs Haute Water 6s B '56
101
1949
103
6s series A
105*
1967
Texarkana Wat 1st 5s. 1958
105
Middlesex Wat Co 5*s '67
105* 107*
102
105*
Long Island Wat 6*8.1955
104
Union Water Serv 5*s '51
Kokomo W W Co 5s..1968
107'
w va Water Serv
101
105*
New Jersey Water 5s. 1950
102
6*s
1st mtge
105*
101*
97
1960
Westmoreland Water 5« '62
102
Munole Water Works 6s '66
98
1951
1st mtge 5s
1960
Morgantown Water 5s 1965
104
105* 107*
...1950
5s series B
Monong&bela Valley Water
5*8
4s..1961
Western N Y Water Co—
103
100
Monmouth Consol W 6s *66
Inactive Exchanges
95*
82"
77
Indianapolis W W Secure—
5s
1968
and Coupons
95
90
Water Service 5s. 1961
103
—
Joplin W W Co 6s
Foreign Stocks* Bonds
104
101*
1st oonsol 5s.......1948
Prior lien
(Chattanooga)
1954
1st 6s series C
1957
102
1948
1st eonsol 4s
City Water
Stocks
102* 103*
1966
...1950
1st A ref 5s
102
1941
6a
Public Utility Bonds
Canadian
Federal Land Bank Bonds
97
Penna State Water—
Chester Wat Serv 4*s
Domestic
92
Ore Wash Wat Serv 5s 1957
100
101* 102*
1964
5s—1957
CaJil Water Service 4s
Municipal Bonds-
Companies—
100
108
Ohio Water Service 5s. 1958
105*
Butler Water Co
Banks and Trust
95
Ohio Valley Water 6S.1964
105
104
...—1957
1964
6*8 series A
100
101
Birmingham Water Wks—
6s series C
Atk
96
104*
1957
5s 58
Atlantlo County Wat 5s '58
Ashtabula Wat Wks
Ohio Cities Water 5 *9 '63
will probably find them in
our monthly Bank and Quotation Record.
In this publlcation quotations are carried for all active over-the-counter
stocks and bonds
The classes of securities covered are:
in
Alabama Wat Serv 6s.
Bid
Atk
Bid
100*
103
..J
103
Wichita Water—
62 William St.,
94
96
100
footnotes see
For
105*
105
...1949
6s series A
99
1951
5*s
Tel. HAnover 2-6422
N. Y.
B.........1951
58 series
102
1960
6s series C...
New Rochdie Water—
BRAUNL & CO., INC.
1956
5s series B
104
W 'm8port Water 5s...
103*
1962
1311.
page
Foreign Unlisted Dollar Bonds
/IS
8
8
7s.
8
6
Bavarian
mm m
m
/25
f2 5
/21
/18
7
Bid
Ask
Bid
6
mmm
mmm
Hungarian Cent Mut 7s '37
Hungarian Itai Bk 7*s'32
—-
1936
40
Jugoslavia 2d series 5s. 1968
7
/15
/19*
8s.
6
/17*
ollv
7
7s.
8
7a.
9
Kobolyt 6*8
1943
Land M Bk Warsaw 8s '41
/-' o
18*
Leipzig O'land Pr 6*s '46
Leipzig Trade Fair 7s. 1953
2*
2*
Luneberg Power Light A
Water 7s
1948
...
f20
/O 1/
/35
...
—
3
/20
Mannheim A Palat 7s. 1941
/12
14* ,Meridlonale Eleo 7s...1957
44
Montevideo scrip..
/23
Munich 7s to..
0
/16
Munlc Bk Hessen 7s to '45
.
19C
7*8
O
...
...
...
I
f22
mm
4S...1946-1947
/57
mm*
(C A D) 4S_..1948-1949
/57
mm*
jo
3
/23
Nassau Landbank
0
*e '38
(A A B)
/no
5
/25
4
"
6
/17
18
7
Bee
/2
4
Oberpfals Eleo 7s
Central German Power
103
Madgeburg 6s
n
n
1948
North German Lloyd 6s '47 /100
36*
4a
1947
1
/54
mmm
n
/70*
/51
72*
/17
7
19~*
■)
/25
4
m
«
Panama City 6 *s
1952
m
mm
/17
19
/15*
16*
i
/22
m
S
A9*
m »
i
/19*
mm*.
Poland 3s
1966
/15
Porto Alegre 7s
1968
17
/65
1941
f20
/20
/20
/15
Rio de Janeiro 6%
1933
Rom Cath Church 6 *s '46
/20
1946
many) 7s
Prov Bk Westphalia 6s '33
1936
6S
m
6s
m
Saarbruecken M
/21
24
/21
6*s
24
Bk 6s. '47
/16
1957
68
8s
German
1948
8s ctfs of deposit. 1948
1947
8%
"•
137*
...
German Central
/9*
10*
/4*
8s
mmm
Britain
&
See
United
6
SEC
34
n*
duties.
the
functional
differences
similarities and
in
.
58
64
21
/6
/21
/21
7
6s..1943
1961
State
Mtge Bk
J
70
<
/23
mm m
8
/21
rnmm
25 by the
Securities
the market value of sales
$895,769,073,
to
1938.
Stock
decrease of
rights
$774,349,130,
of
in
July,
increase of 31.1%
an
including
sales,
value
market
exchanges
securities
registered
Bond
June.
40
45
45
The
volume
1966
Stettin Pub UtU 7s.-1946
/22
1955
63
65
principal
1947
/18
19
from
was
Kingdom of Great
sales
were
an
and
1939,
the
over
50.4% from July,
warrants, had a
increase of 39.4%
of trading
31,454,046
shares,
amount
in stocks,
an
bonds
of
valued at $121,419,943,
a
over
decrease
The Commission further said:
4.9% from June.
of
1966
increase
sold
including rights and warrants in July,
of
was
43.5% over
$162,424,740,
June's total.
decrease of
a
Total
4.3%
June.
two
«82
92
of all sales,
«70
80
/20
/20
/19
leading New York Exchanges accounted for 94.3% of the value
93.5% of stock sales, and 99.6% of bond sales on all registered
exchanges.
Unterelbe Electric 6s.. 1953
/16
Aug.
on
value of sales in June and a
40
United
made
was
...
Jugoslavia
2d series 5s
50.4% Below July, 1938
9
/20
Saxon Pub Works 7s..1945
all
on
amounted
3 * % War Loan
Uruguay conversion scrip..
s
of
survey
Exchange Commission that
The
7
Federal
Reports Sales on National Securities Exchanges
During July Increased 31.1% Above
June but
Britain A Ireland 43.1990
6s.
regulatory
other
and
general
A
and
Kingdom
Ireland-
/29
of
position of Exchanges and over-the-counter markets.
Toho Electrio 7s
27*
/15
19E
Great
the
Tollma 7b
/26*
transactions
markets of
simplification
and
—
/15
/14
Santander (Colom) 78.1948
5s
Graz (Austria)
(d)
Were
/22
Stem A Halske deb 68.2930 /600
Bank
German scrip
Exchange
on
equalization
for
Methods for reducing expenses of members attributable to reporting,
(c)
Announcement
Santa Fe 7b stamped. 1942
6*s
/23
effect
the
...
Saxon State Mtge 6s.. 1947
/21
..1
and
the over-the-counter markets.
possibilities
-Exchanges and in the over-the-counter markets.
...
Santa Catharlna (Brazil)—
Building A Land-
bank 6*s
study
registration statutes as they affect companies having securities dealt in on
...
...
extent
The
recording
Sao Paulo (Brazil)
/4l
(b)
...
8
7
/20
/22
/5
4s scrip
J6
/16
/5
n
/19
132
...
The
(a)
ft 0
1957
7s
7s ctfs of deposit.
r
the
its find¬
following:
by members in
...
Salvador
In
7s.
is
Rea, to hear and
m
/20
European Mortgage A
...
the
are
(Ger¬
R C Church Welfare 7s '48
)
Mr.
placed on the work of the Committee.
Among other subjects* which the Committee will
38*
/37
Protestant Church
4
6B...,
1946
mm
/19
/21*
Panama 5% scrip
/
8
said,
announcement
advise with
have been
mm*
/26*
City Savings Bank
i
mm
Mtge 7s
Oldenburg-Free State—
7s to
1945
Bank—
German Central Bk
Jbflean Nitrate 5s....196 i
and
ings and recommendations to the Board of Governors.
In
view of the broad field to be covered, no time restrictions
National Hungarian A Ind
/5*
8
Central Agrlc
1962
Hungary 7 *s
18
/17
7
7s..
to counsel
directed
Securities and Exchange Commission and to report
Nat Central Savings Bk of
Call (Colombia)
Supervision, Morton F. Stern.
The Committee, the Exchange's
rn ■
Nat Bank Panama—
/52
.
Securities, Robert
on
of the Committee on Outside
confer with members and non-members, to confer with
fq
Brown Coal Ind Corp—
19E
/19
/19
m
Recklinghausen 71 ..1947
Hungarian Bank-
6*8
1946
Committee
B. Stearns, and the Chairman
...
Municipal Gae A Elec Corp
a
British
49
/35
/25
5
of the General
Chairman
/20
1
6s.
appointment
special committee of Governors to study and report on
various phases of the business related to dealing in securi¬
ties on the Exchange and in the over-the-counter markets.
The Committee is composed of the Chairman of the Board
of Governors of the Exchange, Clarence A. Bettman, the
a
q 1/
6s.
Brazil funding scrip....
Aug. 23 approved President George P. Rea's
on
of
...
/20
/2
New York Curb Exchange
The Board of Governors of the
44
/20
2*
/2
'
2l"
/2
i\
Over-the-Counter Markets
40
7s
Exchange and in
Study Securities Dealing on
to
/9
Jugoslavia 5s funding. 1956
Paiatlnite Cons
6
'■
,
Hungarian Discount A Ex
change Bank
24*"
Exchange Appoints Special Committee
New York Curb
Atk
n
f7
Veaten Elec Ry 7s
1947
Wurtemberg 7s to
1946
/35
Total
an
...
market value
increase
of
0.1%
of
over
sales
June.
on
exempt exchanges in July was $653,360,
Volume
The
149
General
Commercial & Financial Chronicle
1315
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
always possible to
it is not
reasons
However, they are always as near
FILING
ACT
SECURITIES
following additional registration statements (Nos. 4163
to 4170, inclusive, and 4110, a re-filing) have been filed with
the Securities and Exchange Commission under the Securities
Act of 1933.
The amount involved is approximately $19,The
997,200.
Corp. (2-4163, Form A-l) of New York, N. Y. has
filed a registration statement covering 500,000 shares of $1 par common
stock.
250,000 shares will be offered at $2.50 per share; 50,000 at $3 per
share; 50,000 at $3.50 per share; 50,000 at $4 per share; 50,000^at $4.50
per share and 50,000 at $5 per share.
Proceeds of the issue will be used
for debt development, leases and drilling.
John C. Meyer is President of
the company.
The Meyer Corp. has been named underwriter,
lulled
North Central Oil
Aug. 17, 1939.
A-l) of New York, N. Y. has filed
a registration statement covering 332,000 shares of $1
per capital stock.
Of the total, 60,000 shares ar,i to be offered to the public at $1.50 a share;
12,000 will be issued to underwriters as compensation of which 6,000
shares will later be offered to the public at $1.50 a share; 10,000 shares are
to be optioned to the underwriter at $3 a share; 25,000 are to be optioned
to the syndicate members at $3 a share; and 225,000 shares are to be issued
to J. J. Dobson for patent rights.
Issuers part of proceeds will be used for
laboratory equipment, development and working capital.
John J. Dobson
is President of the company.
Herbert E. Greene & Co., Inc. has been
named underwriter.
Filed Aug. 18, 1939.
Inc. (2-4165, Form A-l) of New York, N. Y. has filed a
registration statement 200.000 of $1 par priority common stock.
4,000
shares are to be offered at $5 a share and 196,000 shares at book value plus a
maximum sales charge of 12%.
Proceeds will be used for working capital.
George B. Johnson is President of the company.
No underwriter named.
Filed Aug. 18, 1939.
.
Free Traders,
of Kansas City, Mo. has
C certificates as follows:
$200,000 insured plan certificates; $200,000 non-insured plan certificates;
and $100,000 full paid certificates.
Proceeds will be used for investment.
Simpson Yeomans is President of the company.
Sponsored by depositor.
x
Reserve
Co.
Power
(2-4167,
Form A-2) of Marion, Ohio has
registration statement covering $7,750,000 first mortgage
due Sept. 1,1959.
Filed Aug. 18, 1939.
(See subsequent page for
filed
a
bonds,
further
details).
(Canada)—-Earnings
1939;
pr.fit of $2,123 ($404 in
1938)
a
Reynolds is President of the company.
Filed Aug. 21, 1939.
underwriter.
National
Thomas R. Catton has been named
Aldred Investment Trust6 Months Ended J une 30—
Net oper. income after debens. L.t
Loss on securities sold
Jm
_
,
a
Marks & Co. have
Reynolds & Co., Schwabacher & Co. and Laurence M.
been named underwriters.
Filed Aug. 22, 1939.
Chicago, 111. has filed a registration statement
TTilftHI
twrJf at
Alia*
09
149,
-Earnings—
1939
„
1938
$6,134
28,286
$27,379
187,424
1937
>
$36,090
222,833
cost on Dec.
31, 1938, which had a market value of $4,018,495.
as of June 30, 1939, was $650.33 for
This compares with a liquidating value of $660
April 3, last, and $683.87 on June 30, 1938—V 147,
.3149.
Liquidating value of the debentures
each $1 000 of debentures.
Allegheny Ludlum Steel Corp.—Earnings—
——3 Months Ended
•
_
„
Period Ended June 30—
x
y
Earnings
x
After
250,449
per
depreciation,
Allen
depletion, Federal income taxes,
common stock.—V. 148, p. 2414.
shares of
&c.
On
y
1
,-
1939
1937
1938
1936
profit after charges
and Federal taxes
$169,345
254,400
$0.66
Shares com. stk. (no par)
Earnings per share.--.x
$354,322
$0.19
Industries, Inc. (& Subs.)—Earnings—
6 Mos. End. June 30—
Net
1939
$147,740 loss$561,932
$0.07
Nil
share.
no par
6 Months
1938
1939
Net profit.______
x$331,492
254,400
$1.30
$42,637
254,400
Nil
$393,699
246,000
$1.60
Before provision for surtax on undistributed profits.—V. 149, p. 567.
Allerton New York Corp.—Interest Payment—
The board of directors of this corporation has determined to pay interest
its 6% income mortgage bonds for the semi-annual period ended June 30.
1939 at the rate of 1%.
This amount will be paid by the Chase National
on
as
trustee, on Sept. 1,1939 to holders of record on Aug. 31,1939.—V.
147, p. 1915.
-
Allied Products Corp.—Earnings—
Net profit
1939
Allied
on common
1938
$47,970
aftprdepreciat'n, taxes, &c.
Earnings per share
—V. 148, p. 3524.
$41,853
1937
.
prof$87,003
Nil
$0.75
...
$0.41
Mills, Inc. (& Subs)—Earnings—
Consolidated Income Account for Years Ended June 30
1938
1939
Net sales..Cost of sales
—
1937
1936
$26,011,902 $26,068,113 $35,923,1701
20,978,390
22,204,203
30,101,267/
Not
available
Gross profit from oper. $5,033,512
Selling expenses
2,467,474
547,928
$3,863,910
2,167,919
543,987
$5,821,903 x$6,030,691
2,114,7.51
1,909,555
621,714
665,756
$2,018,110
25,474
$1,152,004
59,226
$3,085,437
176,866
$3,455,379
178,430
$2,043,584
407,147
15,500
$1,211,230
402,624
15,480
$3,262,304
377,231
20,046
$3,633,810
361,051
27,389
309,915
al75,201
a.508,606
5,000
667,829
25,000
Administrative expenses
,
(2-4170, Form A-l) of
covering 65,000 shares of $1
par common stock.
Of the total, 60,000 shares will be offered to the public
at $10 a share.
The remaining 5,000 shares will be ontioned to the under¬
writer for five years at prices ranging from $11 to $15 a share.
If these
shares are publicly offered, terms will be supplied by amendment.
Issuers
part of the proceeds will be used for working capital.
Bruno F. Roman is
President of the company.
Smith, Burris & Co., has been named underCo.
Manufacturing
&
securities sold,- -V.
,
cumulative convertible preferred stock and 200,000 shares of $1 par
common stock reserved for conversion of preferred stock.
The preferred
stock will be offered at $11 per share.
The proceeds of the issue will be
used to redeem the $100 par 6% cumulative second preferred stock and aiso
for debt and working capital.
J. R. Miller is President of the company.
Chemical
$1,134
balance sheet as of June 30, 1939, shows securities of $8,753,728
had a market value of $3,884,643.
This compares with securities of
Fibres, Inc. (2-4169. Form A-2) of Oakland,
registration statement covering 200,000 shares of $10 par
6%
National
x$U7
The
$8 793,770
Automotive
Calif, has filed
on
1937
1938
x$l,587
6 Months Ended June 30—
Aviation, Inc. (2-4168, Form A-l) of Los Angeles, Calif, has
registration statement covering 325,000 shares of $1 par common
stock, which will be offered at $1 per share.
Proceeds of the issue will be
used for construction, machinery, equipment and working capital.
H. V.
Pacific
filed
Includes
Bank
Aug. 18, 1939.
'
403.
p.
Insured Investors, Inc. (2-4166, Form C-l)
filed a registration statement covering series
Marion
possible.
interest and taxes
on
•
as
6 Months Ended June 30—
Net profit afte
all charges, including
Fuel Oil Motor., Inc. (2-4164, Form
Filed
companies in exact alphabetical order.
Aldred Investment Corp.
STATEMENTS UNDER
REGISTRATION
OF
arrange
alphabetical position
1Q3Q
(2^4171,
National Gypsum Co.
Form A-2) of Buffalo, N. Y. has filed a
registration statement covering $5,000,000 of 3
% sinking fund debentures
due Sept. 1, 1954.
Filed Aug. 23, 1939.
(See subsequent page for further
details).
North Carolina, Inc. (2-4110, Form A-2) of
covering $998,000 of 5%
The bonds will be issued to C. B. Zeigler,
used in the acquisition by the company of
substantially all of the assets of the Ashville, Durham and Raleigh gas
companies.
The bonds will be offered to the public at $90.
Paul & Co., Inc., Biorden & Co. and C. B. Zeigler may be underwriters
Refiled Aug. 21. 1939.
Public Service Co. of
Gastonia, N. C. ha<* refiled a registration statement
first mortgage bonds, due 1952.
President of the company, to be
Net
profit from oper-.
Miscell. incom e
-
Total profit
Depreciation
Interest and exchange.
_
Write-down of invest, to
quoted value
-
Provision for taxes
__
Prov. for contingenciesLoss on bldgs. & mach'y
9,444
11,155
1,466
7,837
$1,301,578
946,000
$1.37
$606,771
946,000
$2,354,955
942,879
z$2.50
$2,539,702
886.888
$2.86
abandoned
Netprofit—-----Sch .cap .sti .out. (no par)
Earnings per share.
.
x
$0.64
incl. reductions of inven¬
On average number of shares (j886,888
After deducting all manufacturing expense,
tories to lower of cost or market,
z
shares) earnings per share was $2.66.
a Includes $34,538 in
1938 and $14,878 in 1937 provision for surtax on
undistributed earnings.
Consolidated Balance Sheet June 30
previous list of registration statements was given
issue of Aug. 19, page 1167.
The last
in
our
Cash
Net profit...-.
------Shares capital stock outstanding
Earnings per share
x
1939
-
—
"1,012,007
672,095
$1.43
After
interest,
Aero Supply
$1.24
$184,400
orders
on
on
p.
for
June
30,
1938
$48,233
$59,162
$0.12
$0.09
last, totaled $193,300 as
compared with
148,
•
Ry.—Earnings—
1938
$133,483
30,662
1937
$171,090
50,447
1936
$179,094
63,942
17,686
railway
railway
Net after rents...
8,242
23,449
33,219
1,101,317
306,801
875,037
144,820
1,306,607
466,929
1,281,253
474,844
97,183
Gross from railway
Net from railway
def38,425
216,260
259,492
Net after rents.
—V. 149, p. 717.
360,907
215,139
205,073
28,661
bPlant &
4,383,486
13,601,659
Alaska Juneau Gold Mining
.—,
exp.
Accrued liabilities.
After reserve for bad debts of
Co.—Earnings—
1939—Month—1938
$368,500
$456,000
97,100
190,300
1 939—7 A/os.—1938
$2,552,000 $3,020,000
658,500
1,192,800
& devel. charges, but before deprec., depletion and
Federal taxes.—V. 149, p. 403.
200,281
Prov. for taxes--,
376,619
Capital stock--,
5,748,131
6,656,739
c
d Surplus--...--.
12,953,036
Total
a
32,391
,
equipm't 4,420.723
253,704
5,748,131
6,301,162
—13,601,659 12,953,036
Total...
$242,409 in 1939 and $226,048 in 1938.
b After depreciation of $2,947,309 in 1939 and $2,688,403 in 1938.
c Rep¬
resented by 946,000 no par shares,
d Initial surplus, $662,250 In 1939
and 1938; discount on stock purchased for treasury, $167,323 In 1939 and
1938; earned surplus,
148, P. 2883*
Aluminum Co. of
Directors
1939 and $5,471,589 in 1938.—V.
$5,827,167 in
America—Accumulated Dividend—
have d clared a dividend
of $1.50 per share on account of
accumulations on the 6% cumulative preferred stock, par $100, payable
Oct. 2 to holders of record Sept. 15.
Similar payments were made In pre¬
American Airlines,
1015.
Inc.—Earnings—
1939
—
Balance
Interest—
—
Net profit
-
Earnings per share on
293,746 shs. of capita stock.
American Bosch
x
751,662
108,886
$403,097 loss$l51,234
$1.37
Nil
Corp.—Earnings1939
and other charges,
provision for Federal income taxes
after depreciation
before
$709,314
81,428
93,000
1015.
6 Mos. End. June 30—
Profit
1938
$4,962,883
4,253,569
580,080
—
-
$6,399,020
5,241,415
$1,157,605
30—
Depreciation and obsolescence
—V. 149, p.
Period End. July 31—
Gross profit.
After oper.
392,021
—
Estimated Federal income tax..
From, Jan. 1—■
x
Reserves
Operating revenues
Expenses
1939
$157,002
47,847
July—
Gross from
Net profit---
1,512,864
5,366,965
147,212
6 Months Ended June
Akron Canton & Youngstown
x
73,993
1,178,386
ceding quarters.—V. 149, p.
Securities Inc.—New Director—
Colgate has been elected a director of this company.—V.
3831.
Net from
reserves
June 30, 1938.—V. 148. p. 3523.
Aeronautical
Gilbert
After
1939
income taxes, &c.
share on 412,461 shs. of class B stock—
Unfilled
y
Mfg. Co.—Earnings—
6 Months Ended June 30—
Net profit after deprec., Federa
Earns, per
$865,335
640,000
$1.35
640,000
depreciation and Federal taxes,
undistributed profit tax.—V. 149, p. 1167.
x
227,968
Investments, &c..
1937
%
Accounts payable.
Prepaid tnsur., Ac.
1938
y$841,485
1938
$
1,510,118
6,181,549
Inventories
6 Months Ended June 30—
Liabilities—
$
%
1,587,267
a
aAccts.& notes rec.
Abbott Laboratories—Earnings—
1939
1938
1939
Assets—
1938
but
$49,058xloss$327.338
Exclusive of extraordinary operating charges of $984,689 and provision
for Federal income
taxes.—V. 148,
p.
3524.
The Commercial & Financial Chronicle
1316
Chemical
Agricultural
American
Fiscal Years Ended June
30—
8alee (less
returns)
Freight out, discount &c
Net sales
—
-
621,135
75,173
32,410
31,119
1730,014
99,681
before prov. for Fed inc. taxes -----income taxes. —
$829,694
65,000
$1,596,076
195,000
credited to earned surplus account
Net profit
$764,694
$1.22
$1,401,076
Provision for Federal
Earnings per share
(Incl.
Consolidated Balance Sheet June 30
1938
1939
Assets—
Land, bldgs.,
1937
$3,955,921
1,577,190
$4,072,160
1,607,799
1,129,213
1,150,386
406,765
4,675,177
3,087,652
6,665,800
1,114,978
6,100,183
1,158,681
645,126
5,881.750
2,520.904
5,130,269
1
1
182,910
116,913
381,925
receivable
g'dwill.
1
Unexp'd ins., taxes, &c.
207,804
int. & other deduct's $1,834,693
Int. & other deductions.
1,550,020
$2,194,517
1,552,122
$7,649,019
6,251,063
$8,919,265
6.299,569
$642,395
$1,397,956
$2,619,696
applicable to
Balance
Bal.
(before exchange
adjustments) carried
to earned surplus—
499,057
2,677,337
6,313,655
Summary of Earned Surplus for the 12 Months Ended June 30, 1939
$8,373,160
10,035,542
1,121,334
$8,437,280
10,230,787
1,304,945
$8,549,360
9,443,500
825,607
1,687,226
666,845
22,715
1,687,951
641,767
10,665
1,685,937
615,773
80,512
1,676,346
595,650
84,004
contingencies-
Reserve for insurance---
Deferred credits.
Less exchange adjustments (net)
Miscellaneous adjustments
$21,504,345 $21,870,419 $22,355,235 $21,174,467
x After deducting reserves,
y Represented by 627,987 shares in 1939,
209 329 shares in 1938, 210,932 shares in 1937, and 213,734 shares in 1936,
after deducting two shares in 1939, 1,605 shares in 1938, two shares in 1937
and 10,505 shares in 1936 held in treasury for retirement.—V. 148, p. 2414.
Total liabilities
American Chain & Cable Co,, Inc.—25-Cent Dividend—
declared a dividend of 25 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5. Previously quarterly
dividends of 15 cents per share were distributed.—V. 148, p. 2414.
Directors have
& Body Co.—Earnings—
American Coach
1939
$15,501
$0.22
End. June 30—
Net profit after all charges
Earnings per share on common
6 Mos.
—V. 143, P. 1064.
6 Mos.
Earned surplus June 30, 1939
1938
$565
$0.01
.
1939
1938
1937
$37,597 prof$78,685prof$422,059
End. June 30—
Earnings per share—
Nil
$0.10
$1.52
it After adjustment of reserve for unrealized profit on sales subject to
deferred delivery, interest, depreciation, Federal income taxes, &c., but
before subsidiary preferred dividends,
y On 260,935 shares common stock.
—V. 148, p. 3680.
American Encaustic
Tiling Co.—Earnings—
1939—3 Mos.—1938
Net prof, after all chgs.
$20,414 loss$10,297
x Before Federal income taxes.—V. 148, p. 3052.
Period End. June 30—
revenues.
Other current assets
Sundry debits
—
Total
$532,580,160
Liabilities—
.
Capital stock
$393,940,452
Gold debentures, 5% series due 2030
Notes payable—Banks, due Oct. 26, 1939Electric Bond & 8hare Co., payable Oct. 26, 1939
Electric Bond & Share Co., payable Oct. 26, 1939—
—
$786,448
29,836
$683,532
202,061
16,655
$850,842
357,151
386,997
$756,612
380,299
394,168
—
Net loss.
$17,856
$273,640
Total.
.$532,580,160
American-Hawaiian
Steamship Co. (& Subs.)—Earns.
Feriod End. July 31—
1939—Month—1938
1939—7 Mos.—1938
Operating earnings.$1,475,161
$1,531,888 $10,088,026
$9,086,358
Operating expenses.!
1,432,307
1.404,850
9,366,104
8,745,311
Net profit from opers.
Other income--.--
$42,854
$127,038
462
368
$721,922
18,222
$341,047
18,261
Total profit-------
$43,316
71,537
$127,407
77,681
$740,144
500,085
$359,308
531,483
z$28,220
$49,726
$240,059
z$157,118
x
Prov. for depreciation..
Profit on sale of securs..
15,058
y
Net profit.
x
Before depreciation and Federal income tax,
z Indicates loss.
-------
a
Common stocks. 13 ,255,910
a
Preferred
a
1939
S
Liabilities—
Long-term
13,370,000
1939
Assets—
1938
$
Fixed plant
6,141,072
94,144
74,644
171,400
145,318
2,136,001
Marketable
2,070,490
993,021
740,299
on
debt.. 10,432,000
Notes rec. & accr.
3,283,153
1,017,198
840,96b
Note payable
736,323
300,000
339,940
2,096,758
Other investment1,186
2,096,758
346
56,560
Com.stk. ($1 par)
111,144
7 50
141,646
Capital surplus...
int. thereon
c
Special deposit..
Current assets
Sundry prepd .exps.
Total
a
15,806,036
_
10,432,000
2,069,832
Cum. cond'l int.
e
b Affiliated cos...
$
Current & accrued
liabilities
2,436
750
Earned
16.427.1591
Total
__
surplus...
.
—
160,775
254,610
189,637
1,002,592
1,002,592
424,200
--..15,806,036 16,427,159
in subsidiary companies,
b Investment in affiliated
With trustee under debenture issues,
d And accrued ine On secured debentures.—V. 148, p. 3211.
c
erest thereon,
American & Foreign
Period End. June 30—
Power Co., Inc. (& Subs.)—Earns.
1939—3 Mos.—1938
1939—12 Mos.—1938
Subsidiaries—
Operating revenues
$15,043,599
Oper. exps., incl. taxes..
9,245,560
Prop, retire, res. approp.
1,257,229
$14,827,465 $59,934,724 $60,820,191
8,926,192
36,692,604 37,229,925
1,188,858
5,462,005
5,336,859
revenues.$4,540,810
(net)....
interest 2,136,001
2,070,490
786,730
2,488,673
1,166,959
709,526
Res.for
1,150,000
-
coll.mixed
claim award and
accrued
12,384,061
11,779,2901
Total-
659,809
3,246,314
—
^12,384,061 11,779,290
•
American Home Products Corp. (&
Subs.)—Earnings—
6 Mos. End. June 30—
1939
Net earnings
$2,009,181
Shs. cap. stock outst'g..
804,509
1938
1937
$1,355,097
741,060
.
$1,552,661
1936
'
741,060
$2.09
$1,339,749
741,060
Earnings per share
$2.49
$1.83
$1.80
x After all
charges, incl. depreciation and Federal taxes, but before pro¬
vision for surtax on undistributed profits.—V.
.
148, p. 3524.
American Ice Co. (&
Subs.)—Earnings—
Period End. June 30—
Profit...
After depreciation,
—V. 149, p. 1016.
y
1939—3 Mos—1938
$51,016
interest,
1939—6 Mos.—1938
loss$2,7601oss$155,586 loss$236,399
&c„
but before Federal and State taxes
'
American
Laundry Machinery Co. (& Subs.)—Earnings,
.Tuna "3(\
^ Mnt
F.nrl
6 Mos. End. June 30—
Net profits after deprec.,
royalties,
Fed.
1
5,805
18,163
to
_
$4,706,610 $17,761,952 $18,207,200
95.573
801,709
888,677
$4,643,383
$4,802,183 $18,563,661
other deductions
Pref. divs. to public
772,865
Cr7,746
590,360
911,170
3,271.513
Crl 8,881
Crl 20,409
633,436
2,381,889
3.860,588
Cr86,521
2,617,857
Portion
applicable to
minority interests
&epo?Upyc£.tl£r-'
74,521
8,593
423,591
210,986
$3,267,865 $12,607,077 $12,492,967
y
b Balance.
$3,221,462
135,169
$3,288,796 $12,648,889 $12,547,049
155,827
510,266
593,715
1,552,122
6.251,063
6,299,569
$1,580,847
$5,887,560
$5,653,765
adjustments,
3210.
1938
$0.72
1939
$
:
Liabilities—
,195,213
x
398,568
377,696
135,744
470,850
96,347
97,818
259,483
1
1
Taxes pay., accr'd
437,282
employees
-----
cos
all of which is available in U. S. currency)
b Before exchange adjustments.—V. 148,
163,669
—-
163,669
468,021
427,043
795,124
843,674
1,963,240
affiliates
549
Other loans pay. to
bank
tnon-cur-
5,902
47,440
payable
101,584
16,589
59,286
Accounts, notes &
rec.
Accounts
to
11,474,193 11 452,743
?
7,000.000
393,893
Inv. in affii.
1938
,000,000
226,759
Stock, officers and
S
Common stock—
lessees, at cost—
G'dwlll, pats., Ac.
rent)
132,884
Special
reserves
321,525
*273,644
Earned
surplus
,660.533
9.698,479
Accts. receiv. from
not
co
rec.
considered
collectible within
Accts. receiv. from
officers A
Prepaid
1,550,020
In income of subsidiaries (not
before exchange
585,433
$0.36
Accounts payable.
Loans pay. to bks.
Notes & accts.
$3,267,865 $12,607,077 $12,492,967
20,931
41,812
54,082
$3,213,383
$1,536,273
other deductions
$210,363
584,001
$
2,013,839
one year-.
—
$421,001
578.840
$0.26
Machinery with
affiliated
8,079
Exps., incl. taxes
Interest to public and
$152,806
565,540
$0.22
1939
Fixed assets
Inventories
$3,213,383
Other income
Total
1936
American Machine & Foundry Co.—Consolidated BaU
Sheet June 30—
Cash
Cn-, Inc.—
Net equity of A. & F.
Power Co., Inc
1937
$122,507
ing (par $20)
Earnings per share
—V. 148, p. 3833.
acceptances
Amer. & For. Pow.
.
Marketable securs.
$19,095,877
public and
Int. charged to constr'n.
mnn
1938
Shs. com. stk. outstand¬
46,207
$4,537,174
106,209
Gross income
Interest
inon
1939
taxes,
Ac
Assets—
p.
81,589
Reserve for repairs
ance
3,636
-
Operating income
Other income (net)
a
1,149,526
64,162
Reserve for insur.
124,423
—V. 149, p. 718.
$4^712,415 $17,780,115 $18,253,407
Net oper.
Rent for lease of plants
a
51,693
1,244,343
606,560
103,556
Investment
companies,
*
83,274
Earned surplus
——
485,402
Accounts payableRes've for Federal
670,467
x—.
hand
295,186
incompleted
voyages
Capital surplus
189,637
634,000
154,903
435,254
revenue
1,747.580
Supplies
4,370,000
Income tax
Cash in banks and
$
4,370,000
disbureem't
over
on
secur.
of
Excess
1938
$
Cap.stk, ($10par)
Mixed claim award
A accrued int...
1939
I
Liabilities—
$
5,317,892
Invest, at cost
1938
d Ctfs. of indebt..
22,685
stock.
_
$
Before Federal income
Consolidated Balance Sheet June 30
Total..,.
1938
$
y
taxes,
Balance Sheet June 30
1939
2,429,005
27,175,039
,
-V. 149, p. 3210.
$481,471
384,660
370,451
$44,947 prof$106.694
Conditional interest
19,007
-
Accrued accounts.
Earned surplus
Insurance fund-
$644,685
349,721
339,911
_
35,000,000
,
claims recov'able
1936
50,000,000
19,200,000
4,800,000
—
Accounts payable—Subsidiaries
Accts. receiv., incl.
1937
$898,617
47,774
70,919
Operating expenses
20,174
21,853
5,516
745,244
2,284
6,777,419
4,553
------
Interest receivable, subsidiaries
Unexpired ins., Ac.
1939—6 Mos.—1938
$24,283 loss$31,645
1938
1939
$715,604
JuneSO—
Assets—
$517,369,874
7,633,242
Others
Power Co. —Earnings—
American Gas &
Gross income
Unconditional interest-
(Company Only)
Accounts receivable—Subsidiaries
disaster St other
Gross
$27,175,039
.
States currency
Foreign currencies at current rates of exchange
Commercial Alcohol Corp.(& Subs.)—Earns-
Net loss
12 Mos. End.
Dr242
1,148
Investment securities and advances—Subsidiaries, &c
y
x
1,397,955
—
——
Assets—
Others
x
-—$25,776,177
—
Unamortized debt discount and expense
157,776
$8,373,133
Cap & earned surplus._
9.931,601
AcSs par. & accr llab822,824
American
1
$284,673
Earned surplus July 1, 1938
Add balance 12 months ended June 30, 1939---
$21,504,345 $21,870,419 $22,355,235 $21,174,467
cSkXtOck..-.
Kes've for
$9,512,980
593,715
Expenses, incl. taxes—
'
Cash in banks, on demand—United
Inventories
y
135,169
$8,159,285
510,266
1936
$4,146,793
1,554,933
4,903,621
3,460,022
5.962,579
Total assets
.
$2,350,344
155,827
$1,969,862
Total
Subsidiaries)
$3,915,219
1,543,960
Cash.
Brands, pats. &
1939—12 Mos.—1938
$8,117,473
$9,458,898
41,812
54.082
1939—3 Mos.—1938
Income—From subs—. $1,961,783
$2,329,413
Other.
8,079
20,931
Balance Sheet June 30, 1939
mach. Sec
equipment
x Phosphate rock depos.
Property not required for
operating purposes, __
x Pur, money oblig., &c.
Accts. Sc notes
$2.23
(Company Only)
Income Account
Period End. June 30—
$1,415,836
180,240
Net profit
—
Miscellaneousincome (net)--
x
3,207.902
67,616
642,702
3,119,583
mines--
administrative expenses
doubtful receivables
Depreciation of plants and depletion of
Addition to reserve for insurance
Prov. for loss on
Net profit
1938
-$17,581,507 $18,440,476
13,075,301
13,003,193
-
Selling, general &
1939
-$22,034,737 $23,158,278
4,453,229
4,717,802
-----
Costof sales
(& Subs.)—
Co.
•
.
Aug. 26, 1939
em pi.
13,204
47,570
92,832
insurance
and royalties—.
Total
2,380
--.,
—
17,612,717
18,051,9191
Total
17,612,717 18,051,919
x Represented
by 1,000,000 shares, no par value,
y And in inventory.
The income statement for 6 months ended June 30 was
published in
Y. 149, p. 1168.
Volume
^
The Commercial & Financial Chronicle
149
American Machine & Metals Inc.—Earnings—
Period End. June 30—
1939—3 Mos —1938
1939—12 Mos.—1938
Net sales
538,733
$2,397,501
1,794,786
$2,756,895
2,049,040
$205,873
22,513
$125,000
21,044
$602,715
91,575
$707,855
144,240
$228,386
226,295
16,624
8,432
$146,044
191,960
20,652
7,862
$694,290
$852,095
837,642
71.999
31,694
97,454
$22,965
$74,430
2,207
4,630
$230,223
9,775
$116,435
9,265
Cost of sales
Grand profit on sales
Other income
Total income
Expenses
Depr. and depl._
Interest
Loss
Profit
American
bonds—net.
on
820,820
1
$20,758
$69,800
p. 868.
American Rolling Mill
Co.—Earnings—
z
Period End. June 30—
Consol. net profit
6 Mos. End. June 30—
Net profit after deprec.
Chemical
„
1939
taxes
1938
,746
$2.53
$1.78
528,390
shs. com. stk. (no par)
—V. 147, p. 568.
$828,832
$1,213,788
on
$1.57
$2.29
x
Loss,
z
Oper.
revenues
exps.,
incl. taxes__
Cost and
expenses
Depreciation
Net oper. revenues
public
$8,366,773 $35,577,290
116,828
Pref. divs. to public
Portion appl. to min. int.
$8,391,194 $35,694,118
$36,329,236
$36,107,147
3,984,899
Cr142,320
Cr3,216
16,052,611
0157,608
15,982,883
CY425.303
$4,630,820
1,792,931
14,380
$4,548,615 $19,799,115 $20,771,656
1,792,925
7,171,718
7,171,666
12,768
66,168
64,185
equity of A.P.& L.
x
Co. in income'of subs.
Other income
$2,742,922 $12,561,229
Total
1938
1937
1936
$3,508,141
3,144.762
83,143
$2,106,108
1,950,682
75,549
$34,547prof$280,236 prof$79,877
51,183
55,348
38,762
$15,849
$16,636
$335,584
$118,639
50,040
50,040
27,240
50,040
45,658
62,364
32,836
19,627
<■
»
$53,818
American
•
on
38,000
$60,645 pfx$201,886
Nil
Before provision for surtax
Nil
$2,823,509
$2,843,011
18,956
94,556
$13,535,805
72,661
Smelting & Refining Co. (& Subs.)—Earns.
1939
115,018
728.455
426,270
2,905,803
407,203
2,909,200
Balance carried to con¬
solidated earned sur
$2,004,017
$1,918,405
$9,323,712
Gross income
..$10,840,932 $10,466,686
Gen'1 & adm. expenses._
971,609
926,061
&
Statement of Income (Company Only)•
Period End. June 30—
1939—3 Mos—1938
1939—12 Mos.—1938
Income—From subs
$2,471,787
$1,350,780 $10,350,138
$8,752,137
Other
19,502
18,956
94,556
72,661
241,984
income taxes)
Bond interest & prern..
1,474,772
1,275,237
4,617,565
448,450
479,590
Deprec., obsolescence, &c
2,666,825
2,910,735
2,678,175
2,890,095
$5,429,674
1,750,000
$5,112,668
1,750,000
3,287,504
3,835",421
$9,624,998
1,750,000
460,000
3,287,504
$7,807,529
1,750,000
552,000
1,646,946
$4127,494
24,006,535
$3858,583
20,182,324
2,191,669
$3.38
1,829,940
$3.01
Corporate
exam.
exps.
taxes
(incl.
S. and foreign
x,
Net income
1st pref.
dividends.....
2d pref. dividends..
Common dividends.
Bal.,
sur. for 6 months
Total profit & loss surp.
Shares
common
stock
outstanding (no par).
Earnings per share
$392,170 def$472,753
25,287,297
23,669,821
2.191,669
2,191.669
$1.54
$1.68
Net
income
$1,369,736 $10,444,694
115,018
426,270
728,455
2,905,803
$1,652,295
$526,263
$8,824,798
407,203
2,909,200
$7,112,621
$5,508,395
*
Assets—
Cash...
U. S. Government securities.
Accounts and notes receivable (net)...
13,705,466
6,881,309
9,218,083
.....
Due from
assoc. cos.
Earned
Surplus July 1, 1938
Net inc. for 12
Other credits
mos.
end. June 30, '39-
Capital
$36,026
not settled for
Notes
$8,658,171
7,112,621
4,131
...
receivable, not current
Mine examination and development expenses
Prepaid taxes, insurance and royalties...
Miscellaneous deferred charges.
Interplant accounts in transit
4,131
$15,774,923
$6 pref. stock divs. ($3 a share)
2,380,658
$5 pref. stock divs. ($2.50 a share)2,446,158
Other debits..
1939
$
163,136,764
10 ,176,829
688,388
544,643
9,396,921
984,406
510,608
202,648
875,000
1 ,095,835
433,661
29,692
37,941
875,000
1,095,835
7, 174,010
7,828,173
1 720,319
d3 421,981
—el9 804,924
50 000,000
43 620,430
25. 287,297
1,499,445
5,923,301
17,231,530
50,000,000
43,620,430
23,669,821
.164,650,971
163,136,764
Liabilities-—
Accounts and drafts payable—Trade.
Other
.
.
.
5,192,673
500,000
Am. 6% series
2,038",802
2,498,331
9,485,969
7,310,059
Light Co. 6%
rec.—subs
324,438
Acc'ts receivable
750,000
334,967
3,156
Special deposits.
48,190
curr.
3,319
53,812
139
132
206,902
assets
gold deb. bds.
178,271
3,409,521
Acc'ts payable._
Accrued
Acer,
Other
taxes
interest
curr.
liab.
surplus.
,,v-. n
4,142,000
1,206,704
.102,949
194,613
997,820
43,360,500
Total
275,568,799 274,163,056'
4,142,000
1,810,071
Total
36,026
36,026
10,948,090
8,658,171
...275,568,799 274,*63,056
1938.
Accumulated Dividends—
cum.
pref. stock and
a
dividend of 75 cents per share
on
the
no
dividend of 62 H cents per share
on
the
no
a
par $5 cum. pref. stock, both payable Oct. 2 to holders of record Sept. 8.
Like amounts were paid on July 1, April 1 and Jan. 2, last, and on Oct. 1.
1938.
paid
—V.
Dividends of S1.12H and 93M cents per share, respectively, were
the $6 and $5*stocks on July 1 and April 1, 1938, and on Dec. 20,
V. 146, p. 1389 for record of previous dividend payments.
149, p. 97.
on
1937.
See
7% preferred stock.
stock
on common
not due
2
(U.S. and foreign income
estimated).....
treatment charges
(metals
treated
Reserves
—
...
Common stock.
—
on
—
...
......
Profit and loss surplus
Total.
-----
...
—
b Valued at the lower of cost or market, except that
refined metals sold
prices #
c Segregated and valued as of Dec. 31,1934, in accordance with authority
and direction of the stockholders at a special meeting held on May 21,
1935: Plants, mines and other tangible properties at Dec. 31, 1934, $52,087,099; Less amounts included therein for properties which have been
retired and (or) sold since Dec.31,1934, $2,658,448; balance, $49,428,651;
additions since Dec. 31, 1934 at cost, $22,119,614; Less retirements and
(or) sales of additions since Dec. 31, 1934, $697,044; balance, $21,422,570:
total, $70,851,221; depreciation and depletion since Dec. 31, 1934, $21,836,414; Less depreciation and depletion since Dec. 31, 19.34, on property
retired and (or) sold after that date, $844,299; balance, $20,992,115; net
tangible property, $49,859,106.
Segregated and valued as of Dec. 31, 1934,
in accordance with authority and direction of the stockholders at a specinl
meeting held on May 21,1935: Goodwill, patents, licenses, &c., at Dec. 31,
1934, $4,478,391; Less amounts included therein for patents, licenses, &c,
which have beecome fully amortized, $3,737; balance, $4,474,654; addi¬
tional since Dec. 31, 1934, at cost, $1,071; total, $4,475,725; amortization
since Dec. 31,
1934, on unexpired patents, licenses, &c., $182,018; net
intangible property, $4,293,707; total net property as shown on balance
sheet, $54,152,813.
d Note payable for property purchased, due after 1939, $100,000; notes
payable six months after demand to American Smelting & Refining Co.,
trustee under employees' pension plan $2,472,184; minority interest in
subsidiary companies included in consolidation, $161,450 and other miscel¬
laneous liabilities, $688,347.
e Metal stock,
$12,942,768; extraordinary
obsolescence, contingencies,
&c., $5,214,880; mine and new business
investigations, $344,396 and other reserves of $1,302,880.
f Ores and
conentrates on hand at mines and in transit to smelters, at cost of produc¬
tion or conservative values based on existing contracts for their sale.
—V. 148. p. 3368.
420
upon liquidation to $100
1,000,000 shares issued
outstanding, 793,581 2-10 shares, inclusive of 28 2-10 shares of scrip
in 1939 (30 2-10 in 1938); $5 pref., cumulative (entitled upon
liquidation
to $100 a share); pari passu with $6 pref.; authorized, 2,200,000
shares;
outstanding, 978,444 shares; common, authorized, 4,000,000 shares; issued
3,013,812 27-50 shares (less 5,301 shares reacquired by company); out¬
standing, 3,008,511 27-50 shares, including 2,200 27-50 shares of scrip;
issued, 3,008.511 27-50 shares, including 2,330 27-50 shares of scrip in
$6
on
taxes
184,328
1,003,442
420
and
The directors have declared
Payable
Payable
under firm contracts for delivery after June 30, are valued at sales contract
Represented by $6 pref., cumulative (entitled
share); pari passu with $5 pref.; authorized,
par
38*668
388,421
x
a
'
■
disc't
and expense..
whether or not controlled.
on bank loans
7% cumulative preferred stock
43 ,360,500
3,454,180
Capital surplus.
Earned
,
Dividends—Uncliamed
Miscellaneous liabilities...—
Gold deb. bonds
Divs. declared..
tion
Interest accrued
toll basis)..
Southw. Pow. <fc
Notes and loans
Due to associated companies not incl. in consolida¬
.
214 ,579,677 214,579,677
value)
Wages payable
taxes
$
68",017
r
164 ,650,971
l*
Unearned
1938
$
3,001,066
54,152,813
22,401,009
....
Property.
Accrued
Cap. stock (no
par
Other short-term
Oth.
x
6,556,167
Acer. int. rec
$10,984,116
1939
253,495,514 253,887,313
Time dep., bks.
U. S. Govt. sees.
Unamort.
$36,026
(Company Only)
Liabilities—
Cash in bank (on
demand)
16
1938
$
Assets—
Divs.rec.fr .subs,
2.380,658
2,446,158
-
$10,948,090
Balance Sheet June 30
securities
$15,810,948
16
Surplus June 30,1939
Investments
$36,026
46,843,560
3,405,516
214,337
352,039
198,696
38,113
56,135,500
21,931,324
....
Total
101,496
62,882
441,273
137,852
30,174
...
Total.
$8,694,197
7,112,621
6,663,389
7,551,462
294,392
5,969,68a
2,449,593
108,253
—
Investments
Total
1938
10,469,669
not incl. in
consolidation.
354,212
Materials and supplies, at cost or less...
5,296,807
b Metal stocks (not incl. metals treated on toll
basis) less unearned treatment charges
46,709,948
f Ore and concentrates on hand
2,599,801
Advnace to customers on ores, &c., received but
c
Summary of Surplus for the 12 Months Ended June 30, 1939
2,090,939
Consolidated Balance Sheet June 30
1939
$
United States Government securities....
$2,491,289
111,692
727,302
$19,021,991 $14,379,172
1,088,137
940,745
564,667
170,275
298,052
$10,292,063
Note—Litigation in which one of the subsidiaries had been engaged
regarding a rate reduction, for which a reserve had been provided
by
appropriation from surplus, was decided against the company in
November,
1938.
An adjustment was charged against
operating revenues in De¬
cember, 1938, to remove from revenues for the year 1938 the amount
of the rate reduction applicable to the first 11 months
of the year.
For
the 12 months ended June 30, 1939, this
adjustment has the effect of
removing from operating revenues $336,944 more than the amount
applic¬
able to that period.
Operating revenues for the 12 months ended June 30,
1938, in the above statement include $630,690 of revenues of such
subsidiary
in litigation during the period, for which a reserve was
provided.
1936
1937
1938
earnings.....$10,587,781 $10,191,875 $18,440,840 $13,935,761
dividends,
commissions, &c._.._
253,150
274,811
581,152
44 3,411
$2,761,878 $12,655,785 $13,608,466
111,692
727,302
Int. & other deductions.
Nil
undistributed profits.—V. 148, p. 2884.
rents,
est. U.
19,502
taxes
$13,535,805
Int. & other deductions.
Total...
Expenses, incl. taxes__„
prof$23,439
$0.91
Total net
Research
$2,742,922 $12,561,229
Expenses, incl.
148,
Consolidated Income Account Six Months Ended June 30
4,016.860
Co. in income of subs
$2,823,509
American Pr. & Lt. Co.—
Net equity of A. P. & L.
„
Nil
i
taxes.—V.
$2,695,827
2,646,338
84,036
Earns, per sh. on 221,062
shs. com. stk. (no par)
Int.,
Balance
2,868,513
$0.23
Federal
and
1939
on gold notes
Other expenses
Federal income tax
222,089
24,421
Nil
interest
$2,839,813
2,774,200
100,451
Interest
and
other deductions
Int. charged to construe.
Net
9,484,212
$8,644,464
Gross income
to
9,916,642
$8,641,533
2,931
Other income (net)
Interest
2,293,789
x$723,164
$34,838
50,687
_.
Net loss
2,433,890
2,869,560
depreciation,
Profit from direct oper
1939—12 Mos.—1938
$24,197,287 $23,540,899 $98,056,719 $98,342,217
13,121,864
12,880,337
52,562,787
52,750,858
Property retirement and
depletion res. approp.
2,868,513
3525.
Operating loss
Subsidiaries—
Operating
$1,669,150
$0.13
After
Other income
1939—3 Mos.—1938
x$525,854
2,869,560
.
6 Mos. End. June 30—
Sales
American Power & Light Co. (& Subs.)—Earnings—
Period End. June 30—
1939—6 Mos.—1938
$875,671
American Seating Co. (& Subs.)—Earnings—
1936
1937
$1,338,667
sh.
per
1939—3 Mos.—1938
out¬
standing (par $25)
p.
Corp.- -Earnings-
& normal Fed. income
Earns,
stock
com.
Earned per share
&
Corp.-
on Aug. 24 called for
redemption on Nov. 1, 1939, all of the
Radiator Co. 20-year 4H% gold debentures, outstanding in the
$10,000,000.
These debentures were originally issued by Ameri¬
can
Radiator Co. in 1927, and were assumed
by American Radiator &
Standard Sanitary Corp. on Jan.
31, 1939.
Funds required to effect the
redemption will be supplied from corporate funds and bank loans maturing
over a period of
10 years, which loans have been arranged for.—V. 149,
v
Potash
Sanitary
Directors
$107,170
-V. 148, p. 3525.
American
Standard
amount of
33,434
$229,448
&
American
Shares
Net loss
Radiator
Debentures Called—
$550,637
425,637
$744,606
1317
Chronicle
The Commercial & Financial
1318
1939
Gross sales--
$6,316,255
6,758,365
436,669
$8,149,574
7,531,028
449,965
--
—
Costs and expenses
Depreciation
-w~„-
NetS?' EndCiJTJ3Z
Cost of sal es III-
Selling and
$168,581 loss$878,779
51,978
87,716
$3195177
66,754
$220,559 loss$791,063
90,000
60,500
Operating profit
(net)
Other income
$3,261,931
563,700
275,800
Net
Other
Total Income
-
Federal income taxes
Surtax on undistributed profits
9,945
6,272
4,222
Net profit
„
_
Shares com. stock (no par)
Earnings per share.......
$2,728,995
$815,816
134,777
160,481
$2,863,772
807,867
operations
$976,297
—
income
——«—
depreciation and obsolescence
sundry investments
Federal and State capital stock and loans taxes
Provision for State income tax
IjOhh on sales of marketable securities
$2412.153
—V. 148, p. 3052.
4,311,157
Provision for
10,278
$114,342 loss$866,195
1,187,496
1,187,496
$0.09
Nil
Minority interest
Provision for loss on
1,187,496
Miscellaneous charges
$1.87
Prov. for Fed. income
payable)-—
.
American Stores Co.
domestic operations—
Foreign subs, (except Spanish sub.) combined net
$0.83
$0.42
$0.14
exchange rates
American Stove Co.—Earnings—
$0.29
$1.11
depreciation, Federal income taxes, &c.
shares of capital stock.—V. 149, p. 404,
After
$700,641 loss$32,970
$1.30
Nil
y On 539,900 no par
Consolidated Balance Sheet June 30
Founders, Inc. (& Subs.)—Earnings—
Earnings for the 3 Months
Net sales
Notes & accts. rec.
—
Other income.....
1,785,164
—
.....
Loss..........
...........—...........
......
n on- current...-
11,731
cap
407,801
539,255
i.
Income tax
224,606
598,032
376,196
Res. for wage earns.
400,000
300,000
4% cum. pf. stock 5,299,400
3,450,000
y Common stock
8,123,465 8,123,465
Paid-in surplus
26,377,539 27,042,901
Earned surplus
10,431,720 9,911,602
unempl. benefits
in & adv. to
3,961,481 3,566,467
670,843
960,143
eq.21,683,082 20,698,844
Paid-up licenses..
238,197
74,373
Goodwill, Ac
1
1
foreign subs
x
242,319
156,810
.stk. & other
taxes
Other Investments
$10,476
Net loss
245,565
723,638
Inv.
30,578
........
Interest
1,179,299
Prov .for State inc.,
Prov'n for Federal
Prepaid expenses--
$31,833
— ———
Total income
Other deductions
1,259,792
533,127
Due to for'n subs.
Notes Aaccts. rec.,
$15,056
46,889
.....
1938
$
payable and
accrued expenses
4,257,752
3,819,895 4,672,273
Due from for. subs.
19,165
348,192
Inventories
13,035,465 12,171,008
securities
$1,770,108
Costs and expenses
Accts.
3,376,383
U. 8. Govt. & oth.
Ended June 30, 1939
.....
TAaMlilies—
%
$
3,806.481
5,002,802
-
1939
$
1938
1939
v
Assets—
Cash
American Type
that depre¬
fixed assets.
available and its operating
the foregoing statement.
As regards the Spanish subsidiary, no figures are
results for the six month period are not included in
1939—6 Mos.—1938
Mos.—1938
$598,311
$158,857
Earnings per share
x
------
prevailing during the six month period, except
been based on the U.S. dollar cost of their
ciation charges have
End. June 30— 1939—3
Period
Net profit
y
$285,094
paid
705,433
352,661
Earnings per share on common stock
$1.05
$0.20
Note—The operating results of the foreign subsidiaries, except the Span¬
ish subsidiary, have been converted into U. S. dollars at the average
or
1168.
149, p.
x
131,083
$1,586,338
10o,988
Preferred dividends——
_
$0.33
Revised.—V.
66,185
Common dividends
(no
stk.
com.
$1,083,506
$154,010
$1,520,153
—-
Net income
$551,067
x$190,823
$431,255
par)
x
1936
1937
1938
profit..--
deprec.,
after
taxes, &c
.......
Earns, per sh. on 1,301,-
320 shs.
(& Subs.)—Earnings—
1939
6 Mos. End. June 30—
inc.
60,000
7,526
58,290
317,000
—-
—
taxes (no surtax
574,237
51,825
90,054
2,517
5,362
64,904
33,388
83]244
Net profit,
Net
$16,507/757
12,521.730
3,170,211
16,047,455
-
administrative expenses
profit from
of foreign subs.]
S23,0879607
-
Total income.—
10,410
Miscellaneous deductions
domestic subsidiaries and operating profits
[Including
1937
1938
-
Cork Co. (& Subs.)—Earnings—
Armstrong
Foundries—Earnings—
American Steel
6 Months Ended June 30—
1939
26,
Aug.
Prop., pl't &
—
—V. 149, p. 868.
American Water Works
Total
& Electric Co., Inc.—Weekly
output of the electric subsidiaries of the American Water
of July totaled 194,513,778 kilowatt
compared with 168,050,550 kilowatt hours for the corresponding
month of 1938, an increase of 16%.
For the seven months ended July 31, 1939, power output totaled 1,334,078,236 kilowatt hours, as compared with 1,179,323,096 kilowatt hours
for the same period last year, an increase of 13 %.
The power
Works & Electric Co, for the month
as
July
provision for Federal income taxes
profits,
y Before Federal taxes.
No mention was made of any
of June 30, last, amounted to $3,164,786 and
$585,112, compared with $3,228,930 and $539,847.
liabilities were
tively, on June 30,1938.
received since Jan. 1,1939 totaled $6,435,334
hand is in excess of $10,000,000.—V. 148, p. 3833.
New contracts
electric energy for the last five
work on
1935
1936
Total net sales.-
Estimated oper. loss (after prov.
Federal income taxes)
for
shares
Average gross sale——
—V. 149, p. 1169.
Maintenance.
payable Q.-F. Redeemable on any dividend date
before May 1, 1942, and at $55 per share thereafter.
the Montreal Stock Exchange.
Cumulative dividends
at
$56
per
Listed on
share on
or
—
—
Operating income
—
— —
Gross income
1934 under
-
Subsidiary companies charges—
Interest on long-term debt
consists of
$4,497,900 par value out of a total of $4,500,000 par value outstanding of
ordinary shares of British Columbia Telephone Co.
It also owns all of the
common
shares of four other telephone companies operating in British
Columbia and of Dominion Directory Co., Ltd., operated in connection
with the business of British Columbia Telephone Co., Canadian (B. C.)
Other interest
$6,978,418
$7,308,749
1,737,732
—
1,852,675
1,966,682
$7,369,911
567,717
— -
1,527,242
2,229,837
788,276
' 2,003,638
$7,937,628
3
Otherincome (net)—l
4,871,000
2,000,000
a telephone investment company incorporated in
the Province of Quebec.
Its principal investment
——
_—$25,758,395 $25,231,614
12,089,124
—
11,839,490
—
Other taxes
$4,130,000
Company is
the laws
— —
Federal income taxes.
Capitalization Outstanding upon Completion of this Financing
5H% cumulative preferred stock ($50 par)
Class A stock ($10 par)
Deferred stock ($10 par)
— —
$2.90
1938
1939
——
—-— —
—
Provision for retirements.
or
10,000
7,730,000
10,690,000
Subs.)—Earnings—
Associated Electric Co. (&
5 J4%.
$2.68
-—_
—
12 Months Ended June 30—
Operating revenues
Operating expenses——
($50 par) at market and accrued div., to yield about
510,000
6,590,000
10.670,000
$2.65
y
Number of transactions.
$60,000
6,590,000
11,340,000
Merchandise inventories
Anglo-Canadian Telephone Co.—Preferred Stock Offered
—Offering was made Aug. 17 by W. C. Pitfield & Co., Ltd.,
Hanson Bros., Inc., and Midland Securities Corp., Ltd., of
an additional issue of $500,000 5cumulative preferred
respec¬
and contract
1937
1939
1938
$25,291,659 $24,106,343 $26,054,666
6 Months Ended July 29—
50.291,000 46,795,000 36,622,000
50,707,000 46,707,000 37,243,000
50.626,000 47,032,000 38,696,000
or
current
Corp.—Earnings-
Associated Dry Goods
47,019,000 40,463,000 50,318,000 47,181.000 38,145,000
29
1936
x$243,83Q
Current assets as
of 41,555,000 kwh.for the corre¬
1937
Aug.
5
46,210,000'41,210,000
Aug. 12
45,413,000 41,250,000
Aug. 19
46,143,000 41,555,000
—V. 149, p. 1168.
y$646,927
y$677,814
Federal surtax on undistributed
1938
1937
y$636,514
1938
1939
^Fedwa? taxS^&c-—
x
1939
Corp.—Earnings—
Arundel
Weekly Power Output—
years follows:
Week Ended—
—.—53,208.616 50.9^8.076
After reserve for
6 Mos. End. June 30—
Output of electric energy of the electric properties of American Water
Works <fe Electric Co. for the week ended Aug. 19, 1939, totaled 46,143,000
kwh., an increase of 11.2% over the output
sponding week of 1938.
Comparative table of weekly output of
Total
depreciation of $19,329,404 in 1939 ($17,662,480 in
1938), and less reserve for revaluations effected as of Jan. 1,1933, of $4,106,525 in 1939 and $4,362,569 in 1938.
y Represented by 1,410,866 no par
shares in 1939 and 1,410,644 no par shares in 1938.—V. 148, p. 2572
x
Output—
hours,
.53,206,616 50.948,076
—
1,739,209
178,075
163,240
167,526
Cr52,766
,
_ ———
178,259
Amortization of debt discount and expense—_
Interest charged to construction.—
Provision for dividends not being paid on
Cr22,872
cumula¬
419,323
1,925,392
330,331
30
90
$5,866,403
$5,291,449
3,437,545
3,549,195
15,034
236,003
8,813
247,626
$2,177,820
$1,485,815
tive preferred stock
Telephone & Supplies, Ltd., a Bales company, is wholly owned subsidiary.
Compania Dominicana de Telefonos,
C. por A., operates a telephone system in the Dominican Republic. Through
Telephone Securities, Ltd. (a subsidiary), the company owns 31.9% of the
capital stock of Philippine Long Distance Telephone Co.
Company, through its subsidiaries, controls over 131,000 telephone sta¬
tions and Philippine Long Distance Telephone Co., an affiliated company,
operates over 29,000 telephone stations.
The present offering of stock is to provide funds with which to acquire
$500,000 of 5H% notes of Telephone Securities, Ltd., and upon comple¬
tion of the financing the company will own a total of $550,000 of such
notes, leaving a balance outstanding in the hands of the public of $329,000.
Another wholly-owned subsidiary,
6 Mos. End.
June 30 '39
1938
$685,349
$330,708
Calendar Years
1937
$698,202
on
1936
35,580
net
income
years
of the
.
83,435
99,342
$601,914
$598,860
$565,879
as
shown above, amounted to $589,080,
which is
equal to 2.59 times the annual dividend requirement amounting to $227,150
on the $4,130,000 par value of 6H%
cumulative preferred shares to be
outstanding.—V. 147, p. 1183.
Apponaug Co.—Dividends Resumed—
Archer-Daniels-Midland Co .—Pref.
All of the outstanding
Nov.
2886.
Net income
-V. 148, p. 3369.
Associated Gas & Electric Co.—Weekly Output—
18, Associated Gas & Electric System reports
of 98,490,648 units (kwh.) This is an increase of 8,704,546
units or 9.7% above production of 89,786,102 units for a year ago.
Gross output, including sales to other utilities, amounted to 108,896,283
For the week ended Aug.
units for the current week.—V.
149,
p.
1169.
Earning Statement for 6 Months Ended June
(net)
30, 1939
*—• -
Royalty income
Profit from sale of properties
Rentals from non-producing royalty
—
Offset royalty income
Gross operating income
—
Expense
$6,526
12,253
3,594
226
88
$22,688
10,039
5,976
1,200
$5,474
Net income
Balance Sheet June 30, 1939
Assets—Cash
in
$8,344; notes and accounts receivable, $4,615:
bank,
advances to joint lessees, $8,196; oil and gas leases (at cost) less reserves
for depletion and depreciation, $517,842; deferred charges, $29,583; total,
Stock Called—
7% cumulative preferred stock has been called
1 at $115 and accrued dividends.
Payment will
be made at the Chase National Bank of the City of New York —V
p.
Amortization of debt discount and expense
Reserve for depletion and depreciation
Reserve for income and capital stock taxes
Directors have declared a dividend of 15 cents per share on the common
stock, payable Aug. 15 to holders of record July 31.
This was the first
dividend paid since Oct. 1, 1937 when 25 cents per share was distributed.
—V. 147, p. 1478.
for redemption on
charges—
long-term debt
Oil sales from producing leases
$295,128
and six months ended June 30, 1939, average annual
co.,
on
Other interest
103,299
for
pref. shares
For the three
Interest
Atlantic Oil Investment Corp.—Earnings—
tion exps., taxes, &c._
divs.
Associated Electric Co.
$669,178
General and administra¬
Net income avail,
,
—
net electric output
Earnings for Stated Prriods
Divs., int., &c., income.
Balance
148
'
$568,579,
h
Liabilities—Accounts payable, $340; reserves for Income,
capital stock
$2,909; capital stock (par $10), $545,040; surplus,
$20,291; total, $568,579.—V. 147, p. 3904.
and ad valorem
taxes,
Volume
The Commercial & Financial Chronicle
149
Atlas Pipeline Corp.—Court Rules Property
Must Be Sold
A petition filed in Federal Court at Shreveport, La. by
the second mort¬
in receivership, was
Dawkins. who ruled that assets must be sold to
satisfy first mortgage holders.
The bulk of the first mortgages are held
by First Trust Co. of Philadelphia.
Second mortgage holders are Alco
Products (American Locomotive Co.) George Z. Sutton, Clayton E. Paltt
and Howard H. Yokum.—V.
149, p. 1016.
gage holders for reorganization of the company,
now
denied by Judge Ben C.
*
1939
Net profit
x
1938
1936
1937
$1,002,791
loss3,027
$1,026,183
33,036
$0.25
per share
$0.49
Nil
After depreciation and Federal income taxes.—V.
$794,458
40,863
$0.43
Net revenue from
oper
Operating income....
Period End. May 31—
x
After
depreciation,
interest,
taxes,
minority interest and other de¬
ended May 31, 1939, was $89,445 comparing with net loss of $148,028 for
quarter ended Feb. 28, 1939.
The loss for the second quarter is after
Co.—Earnings—
6 Months Ended—
After
on
May 31/39 May 31,''38
$1,000,207prof$388,993
share...
y
Earnings
Nil
June 30,'36
$143,156
$174,270
Nil
).14
Nil
;;
Earnings per share
—V. 146, p. 1230.
x
per
1939
1938
$96,195
$2.35
on common stock
$87,963
$2.15
Locomotive Works—Billings—
value
of orders
taken
$492,622
$0.22
Corp.—Earnings—
6 Months Ended June 30—
income after charges,
x
After
losses
and
a
Cost of goods sold
a
Depreciation
1939
seven
Baldwin Rubber
Co.—Earnings—
Period Ended June 30—
1939—3 Mos.—1938
Net profit
$28,488
316,757
Shares capital stock
Earnings per share
$0.09
After
interest,
1939—9 Mos.—1938
x$17,542
317,757
Nil
depreciation.
$305,890
316,757
$0.96
income
Federal
$24,740
316,757
'$0.07
,
taxes,
&c.—
V. 148, p. 3681.
Baltimore & Ohio
Period End. July 31-
RR.—Earnings—
1939—Month—1938
Freight revenues
Passenger revenues
.$11,430,136
1,118,148
Mail revenues
252,992
Express revenues
64,928
All other oper. revenues.
384,645
—
—
,
1939—7 Mos.—1938
$9,722,324 $71,648,995 $61,879,579
970,144
6,124,833
6,182,120
244,630
1,791,790
1,800,374
56,844
862,254
609,335
331,371
2,624,144
2,466,046
$13,250,849 $11,325,313 $83,052,016 $72,937,454
Maint. of way & struc..
1,310,150
933,512
7,850,757
6,656,821
Maint. of equipment—
2,653,894
2,166,033
18,148,500
16,368,027
Traffic expense
373,284
406,522
2,714,552
2,608,282
Transport'n—rail line..
4,629,030
4,206,738
31,479,579
30,351,170
Miscell. operations
151,799
119,696
838,641
864.378
General expense
447,339
410,907
3,350,052
2,927,134
Crl43
Cr77
Cr4,805
Transptn. for investm't.
Cr5,173
oper. revenues...
Net rev. from ry. oper.
Railway tax accruals
Equipment rents—net..
—
Joint facil. rents—net..
Net ry. oper. income.
-V. 149, p. 1170.
$3,652,192
868,925
361,625
153,804
$2,267,838
$3,115,286 $18,674,740 $13,166,815
838,560
6,108,893
6,237,088
271,482
1,607,759
1,400,062
155,102
982,029
1,165,203
$1,850,142
Profit from red. & resale
of Elbeco Realty Corp.
bonds and notes.
Bad accounts written off
and provided for
Crl4,050
$9,976,059
$4,364,462
Co.—Earnings—
1939—Month—1938
$911,547
806,036
Operating revenues
Operating expenses
$873,103
794,409
ceding
Gross income
a
Net income
Interest declared on seriesi A
$6,796,828
5,833,258
$6,712,884
5,827,949
x$l 1,277
1,609
$335,324
15,289
Balance Sheet June 30, 1939
Assets—Demand deposits in banks and cash on hand, $800,679; accounts
(net), $8,249,762; inventories, $960,446; cash surrender value of
on life of officer, $38,707; prepaid insurance, interest, rent
(in¬
cluding $61,387 intercompany), taxes and supplies, $209,925; lease deposit,
$2,500; net assets of Elbeco Realty Corp., $1,756,452; fixed assets, at cost
less depreciation, $375,311; good will, $1; total, $12,393,784.
Liabilities—Notes payable, $3,600,000; accounts payable—trade and sun¬
dry creditors, $213,297; customers' credits, $37,276; accrued expenses,
$52,269; provision for Federal capital stock. Federal social security and
New York and New Jersey State unemployment taxes, $36,955; con¬
tingent and deferred tax liability, $800,000; convertible 7% cumulative
1st preferred stock ($100 par), $1,947,500; 0)4% noncumulative second
preferred stock ($100 par), $1,189,800; common stock (150,000 shares no
par), $178,000; surplus: resulting from revaluations of fixed assets of
Elbeco Realty Corp. ($1,416,179) plus undistributed net earnings of such
corporation, $1,751,452; surplus appropriated for preferred stock sinking
fund, $300,000; earned surplus, $2,361,050; total preferred stock held in
treasury, at cost, Dr$73,815; total, $12,393,784.—V. 148, p. 872.
insurance
Beech-Nut
$16,509
6,414
x$9,668
5,441
$350,613
45,161
$283,755
38,925
x$15,109
$305,452
352,840
Indicates loss
or
$9,586
deficit.
Note—The interest deduction of $352,840 is at % rates—1H% on the 4s
VA% on the 5s—declared payable July 1, 1939.
Interest for July,
1939, at the full stipulated rates, for which no deduction is made above,
and
is
approximately $78,415.—Y.
149,
p.
$1,342,862
$1,440,092
Net profit after est. Fed. taxes and
divs. on class A preferred stock—
1,094,055
1,111,809
1,210,130
Earnings per share on 437,524 shares
common stock (par $20)
$2.50
$2.54
$2.77
Extra Dividend—
Gross oper. revenues—
Operating expenses
stock,
both payable Oct. 2 to holders of record
Gross income
Interest deductions
Prov.for retire. Areplace.
$1
was
Net
income
148,
p.
Belden
special of
Earnings per share
After
other
1939—6 Mos—1938
1939—3 Mos.—1938
$166,640-loss$121,911 /
$0.69
Nil
operating expenses, normal Federal income taxes, depreciation
charges, but before Federal surtax,
y On 241,547 shares of
Net profit
y
$47,668
loss$68.401
$0.20
Nil
1937
1936
$145,145
103,788
$142,173
111,791
$134,878
96,688
$134,503
100,424
$41,358
1,144
$30,382
1,767
$38,189
684
100
$42,502
24,316
6,723
$32,149
23,634
8,484
$38,873
22,776
6,157
$34,179
22,037
5,667
$34,079
$9,939
1,474
*
(& Subs.)—Earnings—
Bendix Aviation Corp.
Period End. June 30—
1939—6 Mos.—1938
1939—3 Mos.—1938
$1,144,214
$65,641
$2,168,210
x$495,999
$0.54
$0.03
$1.03
Nil
y After deprec., int.. Fed. inc. and undistributed profits taxes,
2,097,663 shs. capital stock (par $5).
y
Net profit
Earns, per share
x
Loss,
z
On
To Redeem Debentures—
The directors have authorized
the redemption of $3,000,000 10-year 114%
debentures now outstanding which will
financing.
be accomplished without additional
callable at 102%.
The debentures are privately held and are
—V. 149, p. 720.
Berghoff Brewing Corp.—Earnings—
1939
1938
1937
1936
$235,411
$0.78
$155,010
$0.52
$149,369
$0.49
$342,410
$0.89
1937
$2,328,090
1,561,097
1936
$1,747,822
1,084,434
Net profit after all
charges and taxes
Earns, per sh. com. stk.
—V. 148, P. 2416.
I
Bessemer & Lake Erie
July—
1938
$31
Similar extra
Mfg. Co. (& Subs.)—Earnings-
railway
Net from railway
Gross from
1939
$11,463
3213.
11.
paid on Dec. 15, 1937.—V. 148, p. 3214.
Period End. June 10—
RR.—Earnings—
1939
$1,578,718
927,788
1938
$855,257
324,555
747,070
Net after rents
251,908
1,252,907
799,424
5,649,552
1,607,612
1,269,585
3,440,238
258,140
de!18,798
10,706,202
5,622,181
7,315,300
2,972,768
2,486,701
From Jan. 1—
railway——
Net from railway——
Net after rents
—V. 149, p. 720.
Bird & Son—To Reduce
Boston
Stock
4,840,078
Preferred Stock—
Exchange has been advised by this company that
preferred stockholders that the company is prepared to
receive up to the close of business Aug. 22, offers for sale to it of its preferred
stock to an aggregate amount of not exceeding 4,000 shares.—V. 146, p. 170Q
The
it
-V.
Sept.
dividends have been paid in each of the 11 preceding quarters.
A special dividend of 50 cents was paid on Dec. 15, 1938, and a
Gross from
Net oper. income
Non-operating income..
,
Directors have declared an extra dividend of 25 cents per share in ad¬
dition to the regular quarterly dividend of $1 per share on the common
719.
Bangor Gas Light Co.—Earnings—
Years End. June 30—
1937
1938
$1,322,449
6 Mos. End. June 30—
x
1939
•
Federal
taxes
$244,829
235,243
x$47,388
Remainder
Co.—Earnings—
Packing
6 Months Ended June 30—
Profit after charges but before
$268,581
15,173
$10,095
Nil
Nil
.
Including selling, operating, administrative and other expenses, less
* b Decrease of contingent and deferred tax liability.
z
$14,644
1,865
4% & 5% debentures
$0.17
029,000
loss$660,692 loss$171,637
receivable
$884,934
616,353
Fixed charges
$239,989
$2.68
.
miscellaneous income.
1939—7 Mos.—1938
$963,563
628,240
_
$616,723
020,000
year
Net profit
and
$78,693
89,970
....
477,698
319,007
48,941
Earns, per sh. on 150,000
&c.
Operating income
Non-operating income.
Crl6,855
524,957
264,390
149,433
12,441
stock.—V. 149, p. 570.
$105,511
90,867
Net oper. revenues
Taxes
Cr8,540
490,234
271,999
5,500
Interest
x
[Including Baltimore Coach Co.]
Period End. July 31—
Crl8,421
494,937
253,054
Prov. for Fed. inc. tax
Surtax on undist. profits
x
Baltimore Transit
1936
1937
1938
$10,751,581 $12,291,070 $13,260,510 $10,834,506
10,513,975
11,556,064
11,515,850
9,595,266
184,357
186,330
185,255
170,460
Over-accrual exp. in pre¬
bookings brought the total for the consolidated group for
months of 1939 to $32,486,522, as compared with $15,042,021 in the same period last year.
Consolidated shipments, including Midvale, in July aggregated $3,291,313
as compared with $1,186,963 in July of last year.
Consolidated shipments
for the first seven months of 1939 were $15,675,945, as compared with
$25,097,151 for the first seven months of 1938.
On July 31,
1939, consolidated unfilled orders,
including Midvale,
amounted to $30,388,781, as compared with $13,401,321 on Jan. 1, 1939,
and with $13,861,426 on July 31, 1938.
All figures are without intercompany eliminations.—Y. 149, p. 719.
Ry.
x$69,737
$139,921
amounting to $194,527 on construction of five fishing
ferryboat.
Profits on construction of destroyers for the
Years Ended June 30—
Net sales
The month's
y
1937
1938
$206,146
shares (no par) com..
Loss,
1939
Federal
United States Navy amounted to
$284,151 for the six months ended June
1938.
x
$766,242
$0.34
After interest, Federal income taxes, depreciation, intangible develop¬
y On capital stock.—V. 148, p. 3054.
Bath Iron Works
in
July by the Baldwin Locomotive
Works and subsidiary companies, including the Midvale Co., was an¬
nounced on Aug. 22 as $4,017,421 as compared with $1,700,068 for July,
y
1939—6 Mos.—1938
$1,058,039
$1,690,039
$0.47
$0.75
1939—3 Mos.—1938
share...
b Current adjustment-_
the first
share were distributed.—V. 149,
(Ludwig) Baumann & Co. (& Subs.)—Earnings—
May 31,*37
Badger Paint & Hardware Stores, Inc.—Earnings—
dollar
per
ment costs, &c.
trawlers
6 Months Ended June 30—
Net profit after all charges
Baldwin
13,964
on Aug. 23 declared a dividend of 50 cents
per share on the com¬
stock, payable Oct. 1 to holders of record Sept. 6.
Previously alternate
Period End. June 30—
Net profit
1938
1939
$192,190 loss$357,103
depreciation and estimated Federal income taxes, but before
undistributed profits,
y On
2,771,750 shares capital stock.
—V. 149, p. 405.
The
428,609
Barnsdall Oil Co. (& Subs .)—Earnings—
x
(& Subs.)—Earnings—
Net loss.
x
$437,256
26,196
30, 1937.—V. 147, p. 1331.
Aviation Corp.
surtax
$346,586
income taxes, &c
—V. 149, p. 570.
per
x$132,871
Net
6 Months Ended June 30—
Net profit after int. and ordinary taxes, but before
Federal and State income taxes
Earnings
x$131,270
719.
p.
accruing $9,455 interest on indebtedness which is not being paid due to
pending 77-B proceedings.—V. 149, p. 869.
y
$879,829
quarterly dividends of 62 and 63 cents
After deducting $43,545 representing adjustment of company's equity
x
$809,916
440.272
23,058
Smaller Common Div.—
in net worth of subsidiary companies.
This loss was after accruing $36,425
interest on debentures which is not being paid as company is operating
under Section 77-B of National
Bankruptcy Act.
The net loss of Lycoming Manufacturing Co. for the second quarter
Autocar
$783,720
Indicates loss.
mon
ductions.
y
$900,007
Dr20,178
x$87,737
21,113
x$66,624
63,053
3,194
Directors
1939—6 Mos.—1938
$219,282
$376,985
1938—3 Mos.—1938
y$92,881
$161,604
Net loss
$1,302,350
402,343
x$81,721
22,015
Net income..
Auburn Automobile Co. (& Subs.)—Earningsx
$1,110,847
327,127
x$59,706
62,782
8,782
Interest on funded debt.
Other dlductions
148, p. 2887.
x$70,240
17,497
x$69.021
12,700
Tax accruals
x
1939—7 Mos.—1938
$3,446,528
$3,922,838
2,335,681
2,620,488
1939—Month—1938
$210,758
$264,226
279,779
334,466
expenses.....
Gross income
SI,212,361
46,384
sales
Earnings
Operating
Corp.—Earnings—
0 Mos. End. June 10—
Net
Bangor & Aroostook RR.—Earnings•—
Period End. July 31—
Gross oper. revenues...
Other income...■
Atlas Tack
^
1319
has
notified
{Excluding Brooklyn & Queens
Birmingham Electric Co.—Earnings
50,000
$7,592,833
5.820,435
3,726
600,000
$99,997
$80,189
$1,168,672
$1,171,207
318
272
4.613
5,122
$100,315
45,750
4,328
$80,461
45,750
4,367
$1,173,285
549,000
52,866
$1,176,329
res. approp-
revenues.—""
Net oper.
Other Income (net)
Gross income
Int.
311
310
—
mortgage bonds_
Other int. & deductions.
on
$575,203
429,174
Balance
$142,245
$146,029
——
1939, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
$6 preferred stock, were paid on July 1, 1939.
these stocks are cumulative.—V. 149, p. 720.
$250,352.
stock and $1.50 a share on
Dividends
on
Birmingham Gas Co.—Earnings—
$687,600
3-54,580
27,765
194,542
6,184
$582,171
375,686
18,726
213,602
Cr32,602
Gross income
-
on
$571,123
11,047
174,881
4,022
Non-operating income..
065,204
065,216
other debt
Prov. for retirements & replacements.
Amortization of debt disct. & exp
a
Int.
on
'
330,415
13,334
long-term debt
on
$668,444
19,155
$720,024
Net operating income.
Interest
1937
$2,074,299
1,503,176
$704,911
15,112
Operating expenses
Interest
1938
$2,116,985
1,448,538
1939
$2,186,782
1,481,871
12 Months Ended June 30—
Gross operating revenues
7,747
indebtedness of Amer. Gas &
Power Co., accrued
;
$169,731
$3.50 pref. stock,
on
$729,532
$451,121
65,282
$388,911
114,417
$516,403
$503,328
_
Operating income----- —
—
_
Gross income....
Total income
-
-
-
deductions
Rec'd
acct. of
on
_____________
20,100
for 12 Months Ended June 30, 1939
$2,186,782
1,481,871
22,489
Pro Forma Income Statement
Gross operating revenue
Operating expenses
Stockholders' Meeting to Vote on Unification Plan Postponed
special meeting of the stockholders of the Brooklyn-Manhattan Transit
the proposed unification plan for the sale of the
B.-M T. properties to the City of New York for $175,000,000 was held at
noon Aug;
22 at the B.-M. T. offices, 385 Flatbush Avenue Extension,
Brooklyn
represented at the meeting either by proxies or stockholders in
total of 414,398 shares of stock.
The total number of shares of
the hands of the public is 985,132 and it was necessary
to have two-thirds of this total or 656,756 shares present or represented at
the meeting to constitute a quorum to transact business.
As the required
two-thirds of the outstanding stock was not present at the meeting, an
adjournment was taken until Sept. 19 to permit further deposits of shares
There was
person a
stock outstanding in
in the meantime.
,
,
possibl6»
for
------
-
*.
holders may
1
of security holders, we have opened an office at
N. Y. City, telephone Whitehall 4-7733, where security
obtain information about the plan."—V. 149, p. 870.
System—Earnings—
Brooklyn & Queens Transit
1939
1938
$1,667,550
$1,617,645
1,357,641
1,355,852
$309,909
201,125
$261,793
$108,784
14,737
$62,924
14,731
$123,521
134,136
$77,655
$10,615
Total
opiating
Total
$56,097
operating expenses-----.----——~
Amortization of debt
and
discount
Net income before provision for
13,334
3,641
expense
Boston Elevated
Total operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
;
329,374
7,877
—
Miscellaneous items
Excess of cost of service
over
132,663
103,259
235,574
329,374
103,259
235,873
Subway, tunnel and rapid transit line rentals.
Interest on bonds
$1,784,992
1,565,058
Directors have declared
a
Pay $1 Dividend
dividend of $1 per share on the common stock,
payable Au£. 25 to holders of record Aug. 24.
This will be the first divi¬
dend paid since Aug. 20, 1937, when $2 per share was distributed.
Presi¬
dent Smith, in a letter to the common stockholders, says:
"The volume of business transacted by your company during its current
fiscal year, which will end on Aug. 31, will substantially exceed sales for last
year, and a profit is indicated.
However, as the company's year has not
yet closed, it will be several weeks before the actual results are known.
"Inasmuch as the Federal Revenue Act applicable to your company's
current fiscal year allows a tax credit for dividends paid during the year,
and your directors consider it important to realize any tax savings that may
properly be obtained, they have today declared a dividend of $1 per com¬
mon share payable on Aug. 25, 1939, to stockholders of record at the close
of business Aug. 24, 1939.
"As soon as the results for the year have been accurately determined,
consideration will be given to further disbursements on the common stock
if earnings justify such action."—V. 147, p. 2712.
Brazilian
Operating
expenses
1939—Month—1938
1939—7 Mos.—1938
$3,024,381
$3,269,882 $22,364,161 $21,743,007
1,424,296
1,508.664
10,731,810
10,216,362
Net earnings
x
Before depreciation and
$1,600,085
$1,761,218 $11,632,351 $11,526,645
amortization.—V.
British American Tobacco
1,316,741
22,623
85,412
8,700
138,665
1,731,925
1,811,320
$3,133,398 $3,121,614
Total
Represented by 276,000 no par shares,
y Less reserves for depreciation
and $2,089,530 in 1938.
z Less reserve for bad debts,
&c., of $11,289 in 1939 and $9,355 in 1938.
The income statement for the 6 months ended June 30 was published in
V. 149, p. 1171.
("A. M.) Byers &
Co.—Preferred Dividend—
Directors have5 declared
dividend of $2.18 per share on the
a
preferred
stock, payable Sept. 30 to holders of record Sept. 11.
This payment re¬
presents the regular dividend of $1.75 per share due Nov. 1, 1934 and
accumulated interest at 5% to date.
Dividend of $2.19H Per share pre¬
viously declared will he paid on Sept. 1. See also V. 149, p. 721.
National
Canadian
Railway—•Official Promoted—
Maxwell, formerly industrial commissioner for the company
M.
in
New York, has been appointed Commissioner of Development and Natural
Resources with office in Montreal, the company announced on Aug. 17.
H. M. Johnston, special representative of the industrial department
Montreal, has been appointed development representative in New
F. V. Seibert has been appointed superintendent of development
and natural resources at Winnipeg, where for some years he has been
superintendent of natural resources.—V. 149, p. 1171.
in
York.
Canadian Pacific
149,
p.
Ry.—Earnings—
Earnings for the Week Ended Aug. 14
1939
1938
Traffic earnings
—V. 149, p.
$2,624,000
-
1171.
on Aug. 22 declared an interim dividend of 15 cents per
common stock, par $5. payable Sept. 20 to holders of record
This compares with 40 cents paid on June 20, last; 15 cents paid
on March 20, last; dividends of 10 cents paid on Dec. 20, Sept. 20, June 20
and on March 21, 1938; dividends of 25 cents paid on Dec. 20 and on Sept.
30, 1937; a final dividend of $1 paid on June 20, 1937, and an interim divi¬
dend of 25 cents paid on March 20, 1937.—V. 148, p. 3370.
on
the
Sept. 9.
Caterpillar Tractor Co.—Earnings—
12 Months Ended
Gross
1939
1938
1937
$53,973,665 $47,082,707 $65,667,248
July 31—
Net sales.
Cost of sales, operating expenses,
less miscellaneous income
720.
&c.,
Interest
Month of July—
1938
1939
Total operating revenues
Total operating expenses
$3,812,248
2,830,002
$3,961,693
2,894,711
1939
f
A OP/*/?
539,490
1939
5,846,892
& accts. receiv..
Inventories
8,943,680 10,079,806
(est.>.14,883,256 16,337,366
$559,447
$79,638
Current loss carried to surplus
Accruing to minority interest of B. & Q. T. Corp.
116.691
$618,544
698,182
Total income deductions
$124,464
b
I
1
1
$124,464
expenses
Total
52,728,066
Less reserves,
52,751,387
b After
1938.
1938
$
1,548,784
456,651
1,472,381
1,085,060
5% preferred stock
par)..„.ll,515,200 11,515,200
d Common stock.
Capital surplus
Earned surplus
and $12,210,966 in
V. 149, p. 1018.
236,654
1,246,675
payable
($100
*
chinery & equip.19,847,399 20,443,405
Prepd. ins.,tax.,&c
59,732
43,916
a
$79,638
goodwill
Land, bldgs.,ma-
683,911
/
Balance deficit to B.-M. T. System
and
$442,756
$550,976
67,568
Net non-operating income
1,656,940
payroll &
Res. for Fed. taxes
Divs.
Pats., trade marks
'
$
Accounts payable.
Accrued
warrants
2,063,156
July 31
Liabilities—
®
8,993,998
Notes,
2,314,776
1938
•
Q
Cash.
$982,246
$1,066,982
516,006
$4,052,694 $11,907,525
Balance Sheet
a
.
$4,792,173 $14,017,963
458,251
513,889
9,851
8,929
1,187,880
2,615,398
$4,654,465
paid.,
$7,106,949 $16,081,119
$5,666,801
303,599
15,614
1,300,321
Net profit
39,975,758
$8,152,560
2,485,759
Provision for Federal taxes
Brooklyn-Manhattan Transit System—Earnings—
49,586,130
45,821,105
profit
D epr eciation
{Including Brooklyn & Queens Transit System]
$166,000
Carpenter Steel Co.—To Pay 15-Cent Dividend—
Depository Receipts for ordinary registered shares payable Oct. 7.—V.
an
Increase
$2,458,000
'
The directors
share
149, p. 255.
89,994
&c
income tax
x
earned
„
taxes,
payrolls,
Provision for Fed'l
15,422
Profit
,
Accrued
$3,133,398 $3,121,614
Total
Interest
.
35,092
200,000
Notes payable
of $2,157,365 in 1939
Co., Ltd.—Interim Dividend
_
$1,051,125
51,654
.
Earned surplus._-
interim dividend of 10 pence on the Ameri¬
Directors have declared
_
1,567,583
...
Prepaid expenses..
Traction, Light & Power Co., Ltd.—Earns.
x
can
Inventories
Common stock..$1,051,125
Accounts payable
W.
Boston Woven Hose & Rubber Co.—To
Period End. July 31—
Gross earns, from oper_-
\
chinery & equip-$l,330,319 $1,420,302
Patents
1
311,523
Cash
136,584
57,624
z Receivables
76,286
1938
1939
Liabilities—
1938
1939
Land, bldgs., ma¬
W.
870.
p.
y
6,379
$587,315
$478,253
receipts.
the unification plan has been ad¬
quorum.—V. 149, p. 721.
Bullard Co.- -Balance Sheet June 30—
Assets—
1938
1939
$1,849,976
1,516,859
134,989
-
133,752
Meeting Postponed—
The stockholders' meeting to vote on
Ry.—Earnings—
—
198,869
_
journed until Sept. 20, due to lack of a
Balance Sheet June 30, 1939
Month of July—
Total receipts.-.
income-
Current loss carried to surplus—
$250,106
Federal income taxes..
— —
operating properties...---
on
Total income deductions
plant and equipment,
$10,219,498: investments,
$6,920; cash, $47,784; special deposit, $4,255: notes receivable, $1,924:
accounts receivable (net), $281,417; merdhandise, materials and supplies,
$90,600; insurance deposits, $4,247; deferred charges, $140,375; total,
$10,797,021.
Liabilities—Long-term debt, $6,076,500; consumers' meter deposits,
$190,850; notes due Oct. 1, 1939, $53,411; accounts payable, $86,140;
accrued interest on long-term debt, $51,152; accrued interest on other
debt* $13,923; accrued taxes, $116,898; accrued dividend on $3.50 pref.
stock, $8,464; other current or accrued liabilities, $44,062: deferred credits,
$137,25$; reserves, $1,682,863; $3.50 cum. prior pref. stock (par $50),
$1,435,627; $6 series first pref. cum. stock (par $10), $7,936; common stock
(par $2), $453,655; capital surplus arising from reduction in value of first
pref. stock, $6 series, $71,428; capital surplus paid in, $213,465; earned
surplus, $153,387; total, $10,797,021.-—V. 149, p. 99.
149,
-
Operating income
Net non-operating income
Assets—Property,
-V.
revenues
Net revenue from operation.—
Taxes
150,000
295,000
7,942
retirements-.
Int. requirements on 5% 1st mtge. bonds outstanding:
Int. requirements on 43^% sink, fund notes outstanding
Int. on consumers' deposits and miscellaneous—actual
property
.
"For the convenience
Gross
Gross income..
Provision
.
20 Exchange Place,
$720,024
Non-operating income
..
_
,
of the shares represented by proxies deposited in
recorded in favor of the plan.
Gerhard M. Dahl, Chairman of the board of directors, presided at the
meeting.
Mr. Dahl made the following statement:
"The plan has only just been distributed to the security holders whose
names are known to us.
Considering the short time that the plan has been
in their hands and the fact that this is a vacation month, when so many
people are away, the early responses indicate a very favorable attitude.
There is much to be said for getting the plan consummated as speedily as
Approximately 99%
advance of the meeting were
$704,911
15,112
Net operating income
$68,368
$69,024
surplus
A
$31,626
prior yr.'s accr'ls
571,696
585,427
——
Month of ouly—
a
340,621
Corp. to take action on
33,498
$196,476
$31,626
$169,731
$229,974
Net income.
Balance of net income-.-
Divs.
$766,002
314,881
52,126
429.174
accumulated and unpaid to July 31,
$2,205,855
1,476,323
_
549,000
$571,419
Dividends
$2,305,735
5.717,164
3,715
670,000
Net income-...
$50,237
$30,344
x Dividends applicable to preferred stocks for the
period, whether paid or unpaid.—---
x
1398
1939
Current loss carried to
-
Transit System]
of July—
$7,562,086
50.000
Operating revenues
Oper. exp.. incl. taxes-Amort, of ltd .-term inves
Prop, retir.
Month
Total operating revenues
1939—12 Mos.—1938
1939—Month—1938
8641,389
.
$593,957
463,457
491,082
Period End. July 31—
26, 1939
Aug.
Chronicle
The Commercial & Financial
1320
Total
_
9,411,200
9,411,200
13,733,577 13,733,577
14,927,820 13,528,535
52,728,066 52,751,387
reserve for depreciation of $13,034,047 in 1939
d Represented by 1,882,240 no par shares.—
Volume
The Commercial & Financial Chronicle
149
Carnation Co.—To Call Preferred Stock—
Commonwealth
In accordance with action taken
by board of directors, 5-000 first preferred
shares will be called for redemption on
Oct. 1 from shares of stockholders
of record
Aug. 5.
Upon redemption of the 5,000 shares, total number of
first preferred shares outstanding will be
29,984.—V. 147, p. 3605.
Celanese
Corp.
of
America—Majority
American Owned—
Responding
of
1321
& Southern
Corp.—Monthly Output—
Gas output of the
system for the month of July was 877,955,400 cubic
as compared
with 812,308,900 cubic feet for July, 1938, an increase of
£•08%.
For the
seven months ended July 31,
cubic feet as compared with
28o,9l4,900
corresponding period in 1938,
Securities
.
charges of the C. I. O.'s Textile Workers Union that
Celanese Corp. of America is a *'British-owned"
concern, the company
on Aug. 22 made
public a tabulation based on its stock records showing
that by far the largest
part of its securities are owned by persons with
American addresses.
The tabulation shows that
68% of the common stock, 65% of the prior
preferred stock, and 63% of the
participating preferred stock is owned by
persons with addresses in this
country.
Likewise, 88% of the common
stockholders by number, 86% of the
prior preferred stockholders, and
of the participating preferred stockholders have United States ad¬
dresses.
Furthermore, it is said that the company has use of $10,000,000
borrowed from four insurance companies in this
country and $6,200,000
borrowed from three domestic banks.—V.
149, p. 1018.
76%
Connecticut River Power Co.-
Central Arizona Light & Power
Co.—Earnings1939—Month—1938
$377,075
$350,133
235,529
252,174
Amortization of limited►
term
investments
Total gross earnings
Operating costs other
1939—12 Mos.-^-1938
$4,205,725
2,719,381
Maintenance
Depreciation
$4,079,174
2,818,503
approp.
2,913
40,000
2,913
20,000
34,960
447,300
1939
Net oper. revenues...
$98,633
$75,046
10,010
$1,004,084
42,317
$895,445
135,113
res.
Other income (net)
15
Gross income.
Int.
on
Other
$98,648
mortgage bonds.
interest
—
$85,056
18,958
1,058
18,958
1,014
-
$1,046,401
227,500
8,836
$810,065
Net income
$78,676
$65,040
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
—
_
—
108,054
—
'
for
interim
period
on
Oper.
exps.
& taxes
Net operating income-
—
13,231
695,097
36,000
dividends and surplus
common
12 Months Ended June 30—
Gross operating revenue.Other income
$659,097
Netincome-.—V. 149, p. 722.
—
$562,169
375,553
$1,010,453
634,036
$186,615
$376,417
$314,260
—
Other charges against income
Central Power & Light Co.—Bonds Called—
Balance before dividends
Preferred dividends
All
of the outstanding first mortgage 5%
gold bonds, 1956 series due
Aug. 1, 1956, have been called for redemption on Sept. 21 at 104 and
accrued interest.
Payment will be made at the First National Bank of
Chicago.
Balance for
Bondholders may if they desire, present their bonds for imme¬
-V.
diate payment.—V. 149, p. 1172.
directors
on
declared dividends as payments against arrears of
the prior lien preferred stock, $7 dividend series, and
the prior lien preferred stock, $6 dividend series, to be
J aid Sept. 20 March 20, of record Aug.Dec. 20, Oct. amounts
31. Similar 20, July
20, and to holders last, and on
une
20. 1938,
See also V. 146, p. 3663.—V. 149, p. 1172.
Central Vermont Ry.,
.
Period End. July SI—
Railway oper. revenuesRailway oper. expenses.
•
Net
rev.
1939—Month—1938
$479,818
$426,472
401,880
402,824
from ry. oper.
were paid on
Consolidated Edison
$23,648
31,013
$450,770
Railway tax accruals
$77,939
24,138
186,239
$53,381
189,657
Railway oper. income.
Hire of equip., rents, &c.
$53,801
35,188
x$7,365
20,632
$264,531
243,972
x$136,276
246,168
Net ry. oper. income.
Other income--
$18,613
2,523
x$27,997
2,758
$20,559
15,496
x$382,444
16,541
$21,136
99,894
x$25,239
107,065
$36,055
731,752
x$365,903
748,343
$78,758
$132,304
$695,698
avail,
fixed
for
Y
charges...
charges——
Fixed
Balance, deficit
x
Indicates loss.—V.
149,
p.
573.
Stockholders
at
special meeting held Aug. IS approved and ratified
to the company's by-laws**
Stockholders, however,
employment agreement dated May 13, 1939, which
the corporation entered into with Bror G.
Dehlberg, Chairman.
The
meeting was adjourned to Sept. 21.—V. 149, p. 722.
certain
took
a
amendments
no
action
on
week of 1938,
1939
Gross from
railway
railway
after rents
From Jan. 1—
——
railwayNet from railway.-Net
Central
p.
1937
1936
55,488,800
19,125,868
12,466,014
74,086,882
31,923,518
23,669,123
722.
an
,
increase of 14.2%.—V.
Hanover
due April 1, 1958.
Bank
74,470,758
33,834,224
26,688,153
P.
Barnes
149,
p.
on
p.
2579.
Program—
The expenditure of approximately $9,000,000 for
expansion in Michigan
by this company was recently announced by D. C. Karn, Vice-President
and General Manager.
It will include installation of a
35,000-kilowatt
turbo-generator unit in a steam electric station now under construction at
the mouth of the Saginaw River.—V. 149, p. 1174.
Continental Can Co.,
12 Mos. End. June 30-
Deprec. and est. Federal
Inc.—Earnings—
1939
1938
1937
1936
$12,437,433 $12,095,807 $13,761,779 $15,491,106
„
income taxes-.
Divs. on pref. stock
5,207,290
900,000
x4,403,447
642,500
x4,486,847
$6,330,142
Netprofit—
$7,049,860
$9,274,932 $10,633,042
Shs
common
stock out¬
standing (par $20)
Earnings per share..—
Four nominees of the Harris Trust & Savings Bank, which
x4,858,064
"
utility company
under
-
provision
2,853,971
for
a trust agreement by the Cities Service Co. to obtain
exemption from
provisions of the Public Utility Holding Company Act. *
The directors are General Robert E. Wood of
Sears, Roebuck & Co.;
Guy A. Richardson, President of the Chicago Surface Lines, and Charles
Thomson, trustee for the Chicago & North Western Ry. Co., all of
Chicago, and Sutherland Dows of the Iowa Electric Light & Power Co.—
2,853,971
$2.47
$3.25
$3.99
undistributed
profits.—Y.
surtax
on
Continental-Diamond Fibre Co.-
—
Other income, net
Profit
Prov. for depreciation—
Net profit—
kilowatt hours compared with 131,857.000 kilowatt hours in the
correspond¬
ing period last year, an increase of 8.5%.
The following are the output and percentage comparisons
for the last
four weeks and the corresponding periods last year.
Kilowatt hour Output
1939
1938
Week Ended—
-
Aug. 12
—
-
143.032,000
140,453,000
140,684,000
139,168,000
131.857,000
131,903,000
128,848,000
124,979,000
%
Increase
8.5
6.5
9.2
11.4
468,358
458,609
$67,463 loss$131.839
51,770
62,136
6,113
4,396
$140,647 loss$306,700
103,502
124,130
10,256
6,296
$9,580 loss$l 98,371
$26,889 loss$437,126
Operating statements of foreign subsidiaries have been converted at the
approximate current rates of exchange in effect during the period.
Net current assets on June 30, 1939 amounted to
approximately $2,449,000, of which $484,000 represented cash.—V. 148, ». 3060.
Continental Telephone
Co.—Earnings—
6 Months Ended June 30—
x
y
Earnings of subsidiaries
Portion undistributed
1939
—
1938
—
$162,853
$156,539
-------
—
*
14,950
16,011
Other income-
Output—
$1,949,833
1,807,066
$132,558 loss$315,842
8,088
9,142
-
Operating expenses and taxes
Net earnings
on funded debt
Debt discount and expense
—
*
Interest
Net income
7% preferred dividends
6
preferred dividends
$147,903
$140,528
154
The
electricity output of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended Aug. 19.1939 was
$143,032,000
1939—6 Mos.—1938
$2,711,755
2.110,839
$63,152 loss$136,385
4,311
4,546
-
Commonwealth Edison Co.—Weekly
2,665,191
-Earnings—
Period End. June 30—
1939—3 Mos.—1938
Sales, less returns, allow¬
ances, &c
$1,371,281
$965,305
Cost of sales--—
1,070,929
875,127
Selling, administrative &
general expenses
237,200
226,563
M.
149, p. 1020.
2,853,971
$2.21
Federal
148, p. 3684.
recently took
operation of this company, were on Aug. 17 elected to the board of
the utility company.
The Harris Trust on July 15 took over operations of the
over
Includes
Prov. for income taxes—
Cities Service Power & Light Co.—New Directors—
Aug. 5
July 29
—V. 149.P. 11?4.
1174.
Outstanding $8,851,500.—V. 148,
Profit--
Aug.
1 appointed Benjamin Wham,
Chicago, trustee of the company to succeed Charles M. Thomson,
recently
named trustee of the Chicago & North Western.—V.
149, p. 872.
Aug. 19-
.
and
Consumers Power Co
.—Expansion
Chicago & Eastern Illinois Ry.—Trustee—
Federal Judge John
V.
York, Inc.—Weekly
Trust Co. has been appointed Successor
Trustee of the Southern Cities Utilities Co.
(now Consolidated Electric &
Gas Co.) 30-year
5% 1st lien and collateral trust gold bonds series "A"
x
$8,715,416 $10,60S,465 $11,186,874
3,6.54,435
4,616,725
5,262,786
2,519,105
3,738,302
3,899,748
59,068,208
21,135,764
14,218,432
after rents-
149,
1938
$10,915,374
5,138,900
3,808,125
Gross from
—V.
New
Consolidated Electric & Gas Co.—Successor
Trustee—
—
July—
Net from
10,195
the
Chesapeake & Ohio Ry.—Earnings—
Net
$1,370,876
...
Profit.---..
Certain-teed Products Corp.—By-Laws Amended—
$1,290,116
144,429
Consolidated Edison Co. of New York announced
production of the
electric plants of its system for the week
ending Aug. 20, amounting to
140,700,000 kwh., compared with 123,200,000 kwh. for the
corresponding
$1,114,246
Inc.
Co. of
Output—
1939—7 Mos.—1938
$3,180,276
$2,769,709
2,729,506
2,716,328
$1,442,876
72,000
106,156
bonds, due July 1, 1960
$122,234 at prices not exceeding redemption price.
to exhaust the sum of
—V. 147, P. 887.
20 and April
Inc.—Earnings-—
-
$2,453,380
749,722
The Baltimore National Bank will until 2
p.m., Sept. 11 receive bids for
the sale to it of sufficient 25-year
5% sinking fund
have
on
dividends and surplus...
148, p. 3841.
$2,376,671
741,375
106,640
153,308
13,231
101,130
Consolidation Coal Co.—Tenders—
Central & South West Utilities Co.—Accum. Divs.—
The
$1.75 per share
$1.50 per share
common
-
367,500
765,852
$1,362,116
72,000
—
431,511
345,000
769,203
Balance before capital charges..
$4,119,375
465,676
al32,598
Interest on funded debt
;
Amortization of debt discount and expense
(net)
Other interest charges
1938
$4,102,620
16,754
4,089,150
Depreciation (tentative for interim period and
subject to year end determination)
Taxes, Federal, State and municipal
$965,807
651,547
$203,859
'
Gross income-Int. & other deducts
Z>r6,174
$573,438
369,579
Othermiscell.inc. (net)-
$1,014,431
£>r3,978
$681,293
1939
„
Total gross earnings——————
ODerating costs other than those listed below
$985,020
Drl9,213
$568,343
717,293
36,000
$4,092,313
Dr3,162
-
Maintenance
$5,106,222
4,121,201
$576,281
Dr2.843
53,159
73,862
funded debt
Balance for
$689,033
$5,519,047
4,504,616
$1,217,645
373,331
53,294
78,239
and
Balance before dividends.
Preferred dividends,
Subs.)—Earnings—
1 939—12 Mos.—193$
1939—7 Mos.—1938
$3,236,920
$2,912,591
2,660,639
2,344,24 8
revenues
172,500
381,510
.207,907
368,043
_
_
■
Central Indiana Power Co. (&
Period End. July SI—
$2,012,535
204,756
36,122
172,500
386,928
.
-
Operating
!,021,962
213,518
41,107
—
Other interest charges
Other charges against income
108,054
$702,011
--
722.
$2,001,696
10,839
Balance before capital charges
Interest
$797,087
______
Balance—V. 149, p.
-
Amortization of debt discount and expense
(net)
$1,030,558
227,500
11,108
075,137
Int. charged to constr'n.
456
than those listed below
(tentative
1938
$2,021,506
---—
subject to year end determination),Taxes, Federal, State and municipal.-
35,026
330,200
Prop, retire,
9,-
-Earnings—
6 Months Ended June 30—
Gross operating revenue
Other income
-
Operating revenues
Oper.exps.,incl. taxes-.
was
Total output for the
July 31, 1939, was 15,413,123,700 cubic feet as compared with
'341,700 cubic feet for the year ended July 31, 1938, an increase of
4.49%.
Electric output of the Commonwealth & Southern
Corp. system for the
month of July was
703,746,376 kwh. as compared with 621,288,532 kwh. for
July, 1938, an increase of 13.27%.
For the seven months ended July 31,
1939, the output was 4,916,064,302 kwh. as compared with
4,284,615,723
kwh. for the
corresponding period in 1938, an increase of 14.74%.
Total
output for the year ended July
31, 1939, was 8,420,571,079 kwh. as com¬
pared with
7,795,949,620 kwh. for the year ended July 31, 1938, an in¬
crease of
8.01%.—Y. 149, p. 1174.
to
Period End. July 31—
1939, the output
8,365,413,300 cubic feet for the
increase of 11%.
an
year ended
—
3,573
$148,057
19.533
U44 102
$128,524
62,500
4.883
$112,065
62,500
4,883
$61,141
17,500
26,812
$44,682
17,500
26,812
32,036
Balance for surplus
$16,828
$370
x
Applicable to securities owned by Continental
Telephone Co.
y In
eluding miscellaneous interest,
z Of interest
and dividends received
by
Continental Telephone Co. from
subsidiary companies.
Balance Sheet June
Liabilities—7% cumulative participating preferred
$500,000; 6lA% cumulative preferred stock ($100 par),
stock ($100 par),
$825,000; common
$2,500,000; due to subsidiary com¬
panies, $29,522; accounts payable, $789; accrued interest, $52,083; accrued
taxes, $8,187: accrued dividends, $22,449; employees' benefit fund reserve,
$5,100; capital surplus, $36,783; surplus reserved, $40,000; earned surplus,
$179,681; total, $5,246,945.—V, 148, p. 3219.
stock ($5 par)
$1,047,350; funded debt
(& Subs.)—Earnings—
1939
1938
1937
Crown Zellerbach Corp;
Ended July 31—
Sales, net of returns, discounts,
ances. outward freight, &c
Total
$12,778,623 $11,732,900 $14,172,051
266,695
137,654
357,389
$13,045,318 $11,870,554 $14,529,440
8,277,928
8,145,781
9,007,906
1,482,466
1,417,072
1,479,625
839,528
810,882
835,363
181,220
144,503
203,693
-
Cost of goods sold
—
Operating expenses
—
-----
Depreciation
Depletion
of the Suction Feeder, the company developed what is
Load Feeder," designed to be used in connection
envelope, and card handling machines and other printing
jobs where it is advantageous to load the Feeder with an additional supplj
of stock while in continuous operation.
.
The company also devised a Feeder for use with Addressographs, manu¬
"Continuous
called the
with
paper,
factured by the Addressograph-Multigraph Corp.
manufactured by the Addressograph-Multigraph
Total.
— —
and on notes
payable issued in connection with
$2,264,176
147,232
$1,352,316
117,232
$3,002,853
x308,880
$2,381,408
Products, Inc.
$1,469,548
$3,311,733
145,403
88,946
220,023
230,942
106.873
Interest paid on bonds
redemption of bonds and
debs
-
of other income
stockholders'
proportion,
Pacific Mills, Ltd
Provision
for
United
States
and
Other expenses net
Minority
Canadian income taxes
Net profit for the period.
Earnings per share on 2,261,199 com.
shares..
This
x
12,837
10,474
17,039
404,348
232,870
449,168
$1,729,874
$970,055
$2,507,711
„
_
$0.47
$0.13
$0.81
the net equity in consolidated earnings of
—
—
amount
36,126
represents
Fibreboard Products, Inc.,
and its
subsidiaries.—V. 149, p. 575.
Inc.—Dividends Resumed—
Cutler-Hammer,
dividend of 25 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5.
This will be the first
dividend paid since Dec. 15, 1937, when 25 cents per share was also dis¬
Directors have declared a
tributed.—V, 149, p. 725.
Light Co.—Earnings—
1939—Month—1938
1939—12 Mo5.—1938
Dallas Power &
Period End. July 31—
$617,243
$6,736,213
$224,152
$219,236
$2,663,219
60
69
563
$224,152
$219,296
$2,663,288
$2,607,322
46,667
44,423
46,667
39,909
560,000
499,191
560,000
431,136
$133,062
$132,720
$1,604,097
$1,616,186
preferred stocks for the
unpaid--—
507.386
507,386
$1,096,711
$1,108,800
"
320,717
79,680
Prop, retire, res. approp.
324,532
73,475
3,681,916
391,078
——
Accident res. approp.-Net oper. revenues
Other income
Gross income..
Int. on mortgage
--
bonds.
Other int. & deduc'ns-
x
income
Net
^
$6,620,912
$624,549
Operating revenues
V
Oper. exps., incl. taxes.-
Dividends applicable to
period, whether paid or
Balance.-
-—•---
-
3,473,509
535,193
5,451
$2,606,759
required to amortize debt discount and expense over
outstanding debt plus an additional amortization of $39,000
and $34,500 for the respective one mopth periods and $433,500 and
for the respective 12 month periods covered by this statement.—V. 149,
x
Includes amount
the life of the
$364,500
p.
725.
,
-
.
,-:,v
& Terminal Co —Earnings—
1939—Month—1938
1939—12 Mos.—1938
Operatingrevenues
$247,043
$239,123 $3,097,910 $2,994,967
Dallas Ry.
July 31—
Period End
_
Oper
exps
?incl. taxes..
183 004
15,310
2,356,788
246,214
2,304,442
197,622
$41,609
15,505
$40,809
$494,908
15,505
186,063
$492,903
186,063
$26,104
1,291
$25,304
.1,666
$308,845
19,181
$306,840
21,480
201 ',970
Prop, retire, res. approp.
3,464
Net oper. revenues—
Rent for lease
of plant.
_
Operating income..
Other income
license arrangement
incorporates new principles in the automatic folding of paper.
Although only a few Folders have been manufactured and sold, they are
now ready to be produced.
A Collating Machine has been developed by the company and is now
practically ready for production.
The Collating Machine is a combination
of a number of Continuous Load Feeders held in position above a special
This
conveyor.
are
Gross income.
Net
x
bonds.
deductions.----income
_
—
$27,395
23,515
2,210
$1,670
applicable to preferred
period, whether paid or unpaid
Dividends
$26,970
23,515
2,239
$328,026
282,180
24,982
$328,320
284,602
25,812
$1,216
$20,864
operator
has perfected a Rotary Pump which is a true rotary in
which include the rotor and cylinder as well as
bearing members, revolve, and each about its own true center.
Thus the Pump is perfectly balanced mechanically and, therefore, free
from mechanical vibration.
This makes it possible to run the Pump at
high speed so that a given volume of pumping can be accomplished in a
given time by a smaller mechanism than would otherwise be required.
The fact that the Pump rotates on true centers also makes it practical
to use it in larger sizes for air conditioning and commercial refrigeration units.
In addition to the products described above, additional products of a
related or similar nature to those described are being developed, including
what will probably be called the Davidson Duplicator which, it is antici¬
The company
moving parts,
all
that
the moving
pated, will be
103,901
103,901
deficit
'—
$83,037
$85,995
accumulated and unpaid to July 31, 1939, amounted to
$597 431.
Latest dividend amounting to $1.75 a share on 7% preferred
stock was paid mi Nov. 1, 1933.
Dividends on this stock are cumulative.
—V. 149, p. 725.
Dividends
David & Frere, Ltd.—Extra Dividend—•
declared an extra dividend of 10 cents per share in addi¬
tion to the regular quarterly dividend of 15 cents per share on the class A
stock, both payable Sept. 30 to holders of record Sept. 15.
Similar amounts
were paid June 30 and March 31, last, and on Dec. 31 and Sept. 30, 1938.
3219.
Manufacturing
Corp.—Stock Offered—An
issue of 50,000 shares of class A common stock ($2 par) was
recently offered at $7 per share by Fuller, Cruttenden &
Co., Med way, Wadden & Williams, Inc., and Thompson,
Davis & Phipps, Inc., Chicago.
History and Business—Company is successor to business of the Davidson
Manufacturing Co., which was incorporated m Wisconsin in 1916.
The
old company was originally organized to manufacture and sell a device
which would automatically feed envelopes, cards and paper into a type¬
writer, the device being known as the "Davidson Fasterfeed.
The
principles of the automatic typewriter feeder were later adapted to auto¬
matic feeders for use on small printing presses, and by 1919 such automatic
feeder for small printing presses had been developed for use on the 'Multi¬
color Press."
This feeder was known as the "Auto-Feed" and was manu¬
factured and sold until 1923, when the company developed an improved
type of Pile Friction Feeder having a greater holding capacity and making
possible a more accurate sheet separation.
A number of these improved
Pile Friction Feeders were sold to users of Multigraphs.
As a result of
this latter development, an arrangement was made in 1924 with the American
Multigraph Co. of Cleveland for the sale of Feeders with the Multigraphs
manufactured and sold by the American Multigraph Co.
Through this
arrangement, Davidson Feeders have been sold by the American Multigraph
Co. and by its successor, the Addressograph-Multigraph Corp.
While
the company has not manufactured or sold any Pile Friction Feeders in
recent years, it has the necessary tools with which to manufacture such
Davidson
coders
In 1928 a demand arose among
•
Multigraph users for a Suction Feeder
to supplement the Davidson Friction Feeder.
To supply this demand
the company developed an improved Suction Feeder designed for feeding
material into Multigraphs, the outstanding improvement being an invention
by Mr. Davidson whereby the delivery of more than one sheet at a time
to the press could be prevented without stopping the press or the Feeder.
This device is known as "The Davidson Multiple Sheet Throwout Device."
the Davidson Manufacturing
Co., and that of the company has been continuous and unbroken despite
the change of the corporate organization at the time the company was
incorporated and acquired substantially all the assets of the predecessor
company.
The present plans of the company are to continue the manu¬
facture and sale of the Suction Feeders and the Continouus Load Feeders,
and to commence the production at an early date of the Folding Machines,
Collating Machines,
Rotary Pumps, and Duplicators, and parts and
supplies to be used in connection with the operation of such products.
Purpose—It is estimated that the total proceeds to be received by the
company will amount to $285,000.
Company intends to use the net
proceeds as follows:
Approximately $28,087.50 to retire the preferred
stock; approximately $28,000 to purchase, if company desires to do so,
the 4,000 shares of class A common stock held by W. W. Davidson.
The
balance of said proceeds, approximately $220,902, will be allocated^to
working capital.
Net Tangible Asset Value—As of April 30, 1939, the amount at which
the assets were carried on the books of the company, after deducting the
book value of intangible and deferred charges, was equivalent to approxi¬
mately $0.62 per share for each of the 105,750 shares of class A common
stock then outstanding.
This amount allows for the deduction of patents
in the sum of $84,487 and deferred charges amounting to $8,730.
w
''flH
Lnderwriting—Company and Medway, Wadden & Williams, Inc., have
entered into an underwriting contract in which the underwriter agreed
to purchase 50,000 shares of class A common stock at $5.70 per share.
Medway, Wadden & Williams, Inc., has agreed with Thompson, Davis
& Phipps, Inc., to permit the latter to take down up to 5,000 shares of
the total number of shares taken down by the former.
As to the balance
of the shares taken down by Medway, Wadden & Williams, Inc., said
Medway, Wadden & Williams, Inc., has agreed with Fuller, Cruttenden
& Co. to participate equally with the latter at the option of Fuller, Crut¬
tenden & Co,
Thus, Thompson, Davis & Phipps, Inc., and Fuller,
Cruttenden & Co. may be considered principal underwriters.
Capital Structure—Upon completion of the present financing, the com¬
pany's capital structure will be as follows:
Description—
.
Authorized
Outstanding
Class A common stock (par $2)
500,000 shs.
102,875 shs.
Class B common stock (par $0.20)
300,000 shs,
150,000 shs.
of incorporation were amended on June 3,
Company's articles
1939,
changing the capital structure from an authorized issue of 1,000,000 class A
common shares ($1 par) to 500,000 class A common shares ($2 par), of
which 52,875 shares were outstanding; and the class B common shares
were changed from an authorized issue of 300,000 shares of class B common
stock (10c. par) to 300,000 class B shares of common stock (par 20c.),
150,000 shares were outstanding.
of which
Company intends to
par
retire all of the outstanding preferred stock (5,350
$5) the holders of which are to be offered the privilege of ex¬
changing their preferred stock on the basis of one share of preferred stock
for 4-5 of one share of class A common stock.
Any preferred stock not
converted will be redeemed in cash at the rate of $5.25 per share.
Income Account for
Stated Periods
—Years Ended Dec. 31—
9 Mos. End.
7 Mos. End.
1936
less
sales
Gross
1937
$255,876
$224,876
$106,912
152,522
137,924
70,189
78,717
$103,354
134
1,781
$86,952
96
3,226
$36,723
59
2,208
$44,365
44
2,623
-
sold
profit on sales._
Deprec. and amortiz—
Taxes (other than inc.).
Gross
90
Sell., gen. & admin, exps
.
Net
,
•
19,634
$51,292
1,598
$11,589
505
$22,063
$77,240
12,266
8,607
$52,891
25,383
3,126
$12,095
8,778
414
$23,001
11,380
1,834
$56,366
$24,380
$2,902
$9,785
$76,284
prof, taxes.
955
Gross income
deductions
Inc. & excess
22,864
.
—
Net profit
Other income
Income
32,316
■
.
$123,082
'
20
25,063
and royalties.---
Rents
Sept. 30 '38 April 30 '39
returns
and allowances
Cost of goods
Directors have
—V. 148, P.
received favorably by concerns whose business requires a
substantial amount of printing.
The business of the predecessor company,
.
Balance,
x
piles revolve.
$17,906
stock for the
unless a large number of Feeders
do the
around
which the various piles of paper are placed and from
withdraws the various sheets to be assembled as the
Collating Machine,
in the one unit, requires but one operator and will
usually done by a number of operators seated
combined
collating that is now
a revolving table on
shares,
Int. on mortgage
Other
This Feeder has been
Corp. since 1931 under
with the Davidson Manufacturing Co. and subse¬
quently with the company.
This particular Feeder for use with Addresso¬
graphs is relatively simple in its design and operation, but in certain cases
the Continuous Load Feeder has been sold for use on Addressographs
where the stock to be fed is difficult to handle.
More recently the company has developed a Paper Folding Machine
a
which each
Profit from operations
Divs. from Fibreboard
1939
26,
which
allow-
Otheroperatingincome.net
Aug.
After the advent
30, 1939
$4,835,171; unamortized debt discount and expense,,
$132,647; due from subsidiary companies, $58,637; cash in banks, $207,960;
special deposit, $12,530; total, $5,246,945.
Assetst—Investments,
3 Months
Chronicle
The Commercial &'Financial
1322
income.
937
—V. 148. p. 3529.
Detroit Toledo & Ironton
July—
'
Net from
railway
Net after rents.------From Jan.
—V.
1938
$346,568'
103,110
71,284
3,665,229
1,573,319
rents.1,047,815
2,792,611
905,234
540,008
Dixie Vortex
4,813,375
2,450,918
1,578,773
4,727,347
2,476,460
1,733,212
Co.—Dividend—
Directors have declared a
regular quarterly dividends
p.
dividend of 25 cents ner share on the common
An interim dividend of
1, 1938 and previously
of 37M cents per share were distributed.—V.
258.
Dominion Stores,
Period End. Aug. 12—
Sales.
operation
149, p. 725.
-
Dominion Textile
G. Blair Gordon,
Ltd.—Sales—
1939—1 Weeks—1938
1939—32 Weeks—1938
$1,423,805 $1,344,635 $12,433,426 $11,596,954
Stores in
—V.
1936
$644,125
321,813
234,386
149, p. 725.
stock, payable Oct. 20 to holders of record Sept. 30.
25 cents was paid on Jan. 17, last and on July
149,
1937
$500,454
186,946
118,697
L
1—
Gross from railway
Net from railway
Net after
RR.—Earnings—
1939
$462,203
182,146
118,921
Gross from railway
431
473
Co., Ltd.—New President, &c.—
managing director, has been elected President, succeed¬
ing his father, Sir Charles B. Gordon, deceased.
Sir
been elected Chairman of the board.—V. 149, p. 411.
Herbert Holt has
The Commercial & Financial Chronicle
Volume
149
Dresser
Power
Eastern
Corp.—Public Service Co. of Indiana
Completes Arrangements for New Generating Unit—Dresser to
Service
(& Subs.)—Earnings—
1939—12 Mos,—1938
1939—Month—1938
$650,131
$684,589
345,779
353,874
28,570
Maintenance35,578
Retire, res. accruals....
63,741
63,708
Taxes (incl. income)
86,519
95,511
Indiana, through its wholly-owned, subsidiary,'
Dresser Power Corp., has completed financial arrangements for the con¬
struction of a new 50,000-kilowatt electric generating unit at Dresser, Ind.,
a 132,000-volt transmission line
extending from a point near Indianapolis
to New Castle, Ind., and a
132,000-volt substation near New Castle,
Robert A. Gallagher, President of the Public Service Co., announced
Aug. 21.
The new generating and distribution facilities, involving a total ex¬
penditure of approximately $6,400,000, are required by the growing de¬
mands for electricity in territory served by the Public Service Co., Mr.
Gallagher said.
In petitions to be filed at an early date with the Indiana Public Service
Commission and Securities and Exchange Commission, Dresser Power
Corp. will ask authority to issue $4,800,000 of first mortgage bonds and
$1,600,000 of common stock for the purpose of financing the two projects.
The first mortgage bonds, due serially over a period of 18 H years and
bearing interest at 3 % per annum for the first maturity and 4% per annum
thereafter, would be sold to a group of insurance companies, if the transac¬
tions are approved by the various regulatory bodies.
Principal payments on the bonds will be made at the rate of $150,000
each six months beginning at the end of the third year.
The entire bond
issue will be subject to redemption.
'
The action also contemplates the purchase of all the common stock
of Dresser Power Corp. by Public Service Co. of Indiana, the payment to
be made in cash from the working capital of the parent company.
Mr. Gallagher stated that it is proposed to locate the new generating unit
immediately adjacent to the Public Service Co.'s present 75,000 kilowatt
Co.
Utilities Associates
Period End. July 31—
Operating revenues....
Operation..
Issue $4,800,000 Bonds—
Public
1323
of
Net oper. revenues
$8,759,509
4,222,984
363,888
764,658
1,184,984
$120,895
45,052
1,662
$2,201,585
10,299
$1,830,684
529,242
10,420
$94,921
Balance
Preferred div. deductions:
$2,222,996
$133,087
36,830
1,335
:
$125,522
Dr4,627
$74,180
$1,707,955
77,652
$1,291,021
77,652
$1,630,303
Balance
Int. & amortization
Miscellaneous deducts..
$1,213,369
lV21,411
483,331
B. V. G. & E. Co
Balance
25,481
$1,914,646
130,710
...
Total income......
—
Expenses, taxes and interest
From Jan.
Ebasco Services
8,360
def6,828
644,273
def.36,830
defl90,074
838,182
171,810
7,173
National Power & Light Co.
—V. 149, p. 1176.
Edmonton Street
:
V
'<
■.,v
share a
Operating profit
Balance June 30,
$59,102
11,994
$10,822
1,487
$10,031
1.487
$47,108
5,950
$174,428.
$9,335
$8,544
$41,158
Inventory—at
or
Investments & other assets...
Investment In rental equlpt.
(at
cost)
152
x
Debt discount and expense
Eastern Massachusetts
Directors have declared a
like amounts were paid in
$46.50 per share.
Period End. July 31—
Railway oper. revenues.
Railway oper. expenses.
Net ry. oper. revenues
Street Ry. Co.—Pref. Div.—
holders of record Sept. 1.
Dividends of
three preceding quarters. Arrearages now amount
....
Other income
Gross corp. income
$175,191
54,195
$159,258
41,980
1939—7 Mos.—I 938
$3,727,129
2,392,472
$4,134,938
2,550,053
$1,584,885
391,227
$1,334,657
302,348
$120,996
5,588
$117,278
5,655
$1,193,658
35,929
$1,032,309
35.966
$126,584
$122,933
$1,229,587
$1,068,275
45,701
96,184
48,470
100,561
322,045
669,634
355,682
718,174
funded debt,
rents, &c._
Depreciation
Interest on
876.
$15,301
33,000
;
224,358
...
68,024
—
1,523,626
1,048,008
—
—
155,960
.
Earned surplus
.$4,093.0421
——
After reserve for
385,173
608,590
$26,098prof$237,908
Total..
$4,093,042
depreciation of $278,069.—V. 147, p. 3609.
Subs.)—Earnings—
1939
30—
Operating expenses, maintenance
Depletion and depreciation
and taxes
$3,733,694
$5,581
1,316,283
$5,664,451
2,878,113
$5,049,977
3,543,321
$8,542,564
3,962,317
$1,506,655
1,860,646
$4,580,247
2,595,040
.def$353,990
$1,985,206
from affil. pipeline cos...
----
Subidiary int. charges &
amortization of discount..
Empire Gas & Fuel Co.—interest charges.
Net income
-V. 147, p.
v
Erie
1938
—$40,444,134 $42,600,591
30,211,968 30,488,854
—
6,498,471
6,447,285
Net operatingreyenue
3530.
RR.—Proposed Reorganization Plan Submitted to ICC—
examiner of the Interstate Commerce Commission
reorganization plan for the road, drastically
company's present capitalization and funded debt.
The proposed plan would reduce the present capitalization from $508,533,630 to $251,358,602, but an additional 2,554,736 shares of no par value
common stock would be issued.
Holders of $214,868,100 of existing preferred and common stock would
receive 429,736 shares of the new no par stock, while 2,000,000 shares would
be Issued to holders of outstanding refunding and improvement 5s. The
remaining 125,000 shares would be allocated for unsecured claims and lease
Milo H. Brinkley an
on
Aug. 21 submitted a proposed
reducing the
liabilities.
In addition,
security holders would receive $88,425,147 worth of preferred
stock.
The Plan would provide for obtaining $18,000,000 in new money either
from the Reconstruction Finance Corporation or private channels.
The
proposed plan, oral arguments 011 which will be heard Nov. 15
T4U000rSCet th$7£()00U000fiXe(i cliarges of the roa(1 from approximately
A' tbt'al of $77,551,476 in first consolidated
obligations, while
undisturbed.
Issued to replace existing
obligations would be
provi¬
sion for reHre. losses
41.973
income....
424,503
to
Taxes
Deferred
x
2,960,772
652,055
1,627
dividend of $1.50 per share on the first preferred
1939—Month—1938
$537,698
$490,547
3^2,507
331,289
65,459»
....
(estimated)...
Reserves
Gross operating revenue
4,056,309
2,917,637
633,098
requirements
$425,010
$1,528,950
Earned per share of 4H% Prior pref. stock ________
$1.73
$6.21
Note—No provision has been made for surtax on undistributed profits.
—V. 149, p. 726.
Net loss before
-
6 Months Ended June
1938
$9,624,216
Net income avail. for div.
stock, series A payable Sept. 15 to
Dividends payable..
x433,707 Neon sign contracts
2,953 Capital stock (par $4)
contracts.----—1,523,626 Capital surplus.
Gross income
1939
$8,480,818
412,315
949
Minority interest
$94,832
Prov. for Fed'l taxes on income
Empire Gas & Fuel Co. (&
764
4,091,809
j—
Accounts payable.
Accrued taxes...
252,354
153,194
747,727
plant & equipment
Total....
$201,096
146.084
$55,011
Associates—Earnings—
-
$591,959
231,562
cost
■—
Other income, incl.'divs.
Interest
—V. 149, p.
—.—.
of
lower
market
Property,
»
Liabilities—
Assets—
$35,697
Depreciation and depletion.
for the
amortization of rental equipment amounted
/C\,.
.'.V-■/,
1 '
;;V;
Cash--.-—...
$41,647
5,950
Federal income taxes (estimated)
$0.60
Consolidated Balance Sheet June 30, 1939
$55,776
14,128
Eastern Gas & Fuel
stock (par $4)
depreciation of the plant and equipment
Deferred charges
$13,049
3,018
12 Months Ended July 31—
Total consolidated income
131,001
$608,590
-
---
period amounted to $16,658,
to
3220.
Net after taxes
1939
for
Note—Provision
$739,591
—-
stock
1939—12 Mos.—1938
$212,896
153,946
$58,950
Balance.
$157,402
582,188
Earnings per share on 262,002 shares capital
Co.—Earnings—
$48,151
35,129
$13,021
28
Preferred stock dividends
4,660
9,362
33,000
1938
—-
Patents....
$13,836
3,013
Net income.
14,438
.
Dividends paid on common
1937 and 75 cents per share paid on
$13,806
29
—
discount and other income.-
$204,424
Total
the preferred will have shares
25, 1940, as permitted under
it is proposed to retire all of
1939—3 Mos.—1938
Int. & other deduc'ns...
—V. 148, p.
4,601
Net profit.
Neon sign
Net operating income.
$464,779
279,393
—
$185,385
Earned surplus, balance Dec. 31,
March
Other income (net)
(& Subs.)—Earnings—
—
Customers' obligations.
$51,790
37,984
x$24,842
Total income
Aug. 21 declared an interim dividend of $1.25 per share
on the common stock, payable Sept. 14 to holders of record Aug. 28.
Like
amount was paid on June 14 and March 14, last, and compares with $1.50
paid on Dec. 14, 1938; 75 cents paid on Sept. 14, 1938, 50 cents paid on
June 14 and on March 14, 1938; $2 paid on Dec. 14, 1937, $1.50 paid on
Operating revenues
Oper. expenses & taxes..
x$30,113
726.
Development expense
Interest, discounts and sundry other deductions
Provision for Federal income tax (estimated).-.-
Interim Dividend—
East Missouri Power
$813
60,000
Dividends received
in total dividends payable
be effected if the proposal is ratified by
The debenture stock is entitled to cumulative dividends
year and the preferred to $4.50 a share annually.
Gross income
941
Indicates deficit .- -V. 149, p.
Bad debt recoveries, commissions,
that a substantial reduction
Period End. June 30—
31,687
rentals and sales..
Selling, administrative and general expenses
pointed out that under a ruling it has received from the
15, 1937; $2 paid on June 15,
15, 1937.—V. 149, p. 725.
4,359
"
Earnings for Six Months Ended June 30, 1939
The directors on
Sept.
4,423
Pont senior securities will
of $6 a
306,887
$100,655
40,435
54,000
31,062
Gross profit from
of Internal Revenue, the proposed exchange of preferred
for debenture stock will not incur a tax liability upon the shareholders.
stockholders.
$102,009
40,435
Electrical Products Corp.
debenture stock.
du
$10,948
5,776
Renewals
debenture shares.
Officials stated
$11,140
5,776
•Taxes
Commissioner
on
$427,942
325,934
$407,543
45,699
'■■■.
Debenture holders not desiring to accept
company
$56,647
47,038
Total surplus
redeemed outright at $125 a share as of Jan.
the certificate of incorporation.
Thereafter
The
1939—7 Mos.—1938
1939—Month—1938
$58,179
Operating surplus
Fixed charges
x
The exchange offer, it was stated, will be binding upon the company if
accepted by holders of two-thirds or more of the debenture stock, and
optional with the company if accepted by holders of less than two-thirds
the
15.5
0.5
v
stock.
of the
llo
16,154,000
9,073,000
419,000
Ry.—Earnings—
revenue
Total oper. expenditures
Directors, preparatory to retirement of the company's debenture stock,
voted on Aug. 21 to call a special meeting of stockholders for Sept. 29,
including both common and preferred holders, to vote on the proposals.
These contemplate an amendment to the company's certificate of in¬
corporation to increase the authorized $4.50 preferred cumulative stock
from 500,000 to 3,000,000 shares, and to increase the redemption price of
such $4.50 cumulative preferred, including shares presently outstanding
from $115 to $120, plus accumulated dividends to the redemption date.
The reasons for the plan to amend the certificate of incorporation di¬
rectors explained, are: To enable the board to offer to holders of the deben¬
ture stock shares of the $4.50 cumulative preferred in exchange for debenture
stock now outstanding, and to make available shares of the $4.50 cumulative
preferred, which the board shall have the authority to issue, in the event
such shares are required for corporate purposes in the future.
The basis of exchange of debenture stock for the $4.50 cumulative pre¬
ferred will be determined by directors at the time such offer is made, it was
stated.
The basis, however, will not be less than one share and not more
than IH shares of $4.50 cumulative preferred for each share of debenture
"
107,421,000
58,595,000
76,245,000
76,664,000
Period End. July 31—
Total
(E. I.) du Pont de Nemours & Co.—May Retire Deben¬
V
■'
:-i' > ' '•
ture Stock
IncreaseAmount
def51,461
149, p. 726.
1938
1939
Operating Subsidiaries of—
American Power & Light Co.123,575,000
Electric Power & Light Corp. 67,668,000
782,552
113,979
def81,065
_...
kilowatt-hour system input of the
compared with the corresponding week during 1938, was as follows:
def26,536
720,833
70.213
-
-
137,488
Inc.—Weekly Input—
For the week ended Aug. 17, 1939 the
1—
Gross from railway
Net from railway
Net after rents
—V.
$88,721
defl3,642
def30,817
$1,365,238
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
1936
$96,576
def7,182
642
Gross from railway
Net from railway
Net after rents
$1,502,726
-V. 149, p. 876.
Winnipeg & Pacific Ry.—Earnings—
1937
$105,109
...
Bal. avail, for divs. and surplus.
with the present highvoltage lines of the Public Service Co. near Lenore substation, four miles
south of Indianapolis, and, together with the new substation at New
Castle, will provide additional capacity for serving the latter community
and surrounding territory in eastern Indiana.—V. 144, p. 3330.
1938
$1,192,902
1,192,902
309,824
$1,783,936
Applicable to E. U. A__
Earnings of sub. cos. applic. toE.U.A
Non-subsidiary income
The proposed transmission line will interconnect
1939
$106,176
17.840
20,468
$1,604,822
1,604,822
309,824
Applicable to minority interest
Slantunit the Wabash River as few miles the existing of Terre Haute, Ind.
'he
on would be operated a a part of south-west station.
July—
$1,860,614
Dr29,931
$135,918
Dr2,83l
Nonoper.income (net)-.
'
Duluth
$8,192,940
4,202,505
300,581
764,778
1,064,460
Mr. Brinkley
a
mortgage bonds would be
total of $52,706,262 in present
recommended that all classes of stock share equally in the
apportionment of new securities to stockholders.
"Within the limits of the capitalization herein recommended there should
be available sufficient no par common stock to allot one share for each
five shares of stock now held by stockholders and that allotment should be
made," the report states.
The examiner proposes that five reorganization managers be named to
appointed by the
KFO, one by the Metropolitan Life Insurance Co.—listed as the largest
holder of prior lien and general lien bonds—one by the committee for general
mortgage convertible bonds and one by the institutional group.
He suggests a 15-member board of directors for the reorganized company
with three each represenging preferred stock and the debtors.
A plan of reorganization of the Erie and the Nypano was filed with the
ICC on Oct. 18, 1938, by a group of institutional holders of Erie refunding
and improvement mortgage bonds.
An amended plan by this group was
filed on Jan. 30, 1939.
Tne debtor filed with the Commission on Dec. 20,
1938, a plan of reorganization of itself and the Nypano which was approved
and adopted by the Nypano.
No other plans have been filed. No provisions
were made in the plans for the New Jersey & New York, and the reorganiza¬
tion of that railroad will not be provided for in the present proposed
effect the consolidation,
one
representing debtors,
one
reorganization plan.
The plan
disaffirmance of the leases of the Avon Geneseo &
assumes
Mount Morris KR. including the latter's subsidiary, the Nyack & Southern
The plan recommends that
RK. and of the Northern RR. of New Jersey.
the terms of the lease of the Rochester & Genesee Valley RR. be amended
annual rental equal to 3% on the capital stock and if the
lessor refuses such an amendment that the lease be disaffirmed.
The
terminal tracks of the Jamestown Westfield & Northwestern RR. are
leased at an annual rental of $18,250.
This lease would be amended to
to
provide for
an
lower rental or be disaffirmed.
The plan recommends the acquisition by, or mergers and consolidation
Into the new company of the following companies, all of whose bonds, if
any, and stocks are owned directly or indirectly by the Erie:
The Bergen
County RR.; the Buffalo Bradford & Pittsburgh; Jefferson RR.; the
Newark & Hudson; the Paterson Newark & New York, and Youngstown &
Austintown, all leased to the Erie; the Arlington RR.; the Bergen &
Dundee; the Columbus & Erie; the Docks Connecting Ry.; the Erie &
Wyoming Valley; the Moosic Mountain & Carbondale; the Penhorn Creek
RR.; the West Clarion; the Tioga RR.; the Elmira State Line; and the
Brockport & Shawmut RR., all operated by the Erie through stock control
alone; and the Erie Land & Improvement Co.; the Erie Land & Improve¬
ment Co. of Pa., and the Industrial Center Land Co.
The plan recommends the acquisition by or merger or consolidation Into
the new company of the following companies all of whose stock is owned by
the Erie, directly or indirectly, but which have bonds outstanding with the
public; the Long Dock Co.; the Nypano; and the Chicago & Eire, on the
basis of the bonds being undisturbed; the Docks and Improvement Co. and
the Coal & Railroad Co., on the basis of $1,000 of first and refunding
mortgage 50-year series A, 4% bonds of the new company, for each $1,000
of debt of those companies, accrued and unpaid interest to be paid in cash.
The plan recommends the acquisition, merger or consolidation of the
following companies of which the Erie owns or controls directly or indirectly
a majority but not all of the outstanding stock on the following bases:
The
New York & Greenwood Lake on the basis of $1,000 of general mortgage,
series A bonds of the new company for each $1,000 of bonds with accrued
interest of that company nothing for the capital stock; the Paterson &
Ramapo RR. and the Union RR., the capital stock of the latter being
owned by the former, the basis for merger being the purchase of the stock
of the Paterson and Ramapo at $10 for each $50 par value share: and the
provide for
a
$50 principal amount of first
each share of capital stock of
$50 par value of that company.
The plan recommends the acquisition, merger or consolidation of the
following companies of which the Erie owns none or less than a majority of
the outstanding stock, on the following bases:
The Cleveland & Mahoning
Valley, leaving undisturbed the $2,906,000 of bonds and allotting for each
share of stock, of $50 par value, $90 of first and refunding mortgage, series
A bonds of the new company, the Paterson & Hudson River, allotting for
each share of capital stock of $50 par value, $62,50 of first and refunding
mortgage series A bonds of the new company.
)m The plan recommends that the Erie Terminals RR. should sell to the new
company at cost the bridge and 0.21 of a mile of Erie main line, first and
second main tracks, over the Hackensack River near Secaucus, N. J.,
and that the Pavonia Ferry Co. which owns no property, should be dissolved.
EXCHANGE
OF NEW FOR
OLD SECURITIES
a
Out-
standing
lslConsol.
A special meeting of stockholders will be held at Room 320, Land Title
Building, 8. W. Corner Broad and Chestnut Sts., Philadelphia, Pa., on
Oct. 20, 1939, at 2 p.m. for the following purposes:
To take action upon the following resolutions:
"Resolved. That the agreement of consolidation and merger in substantially
the form attached to the order of the United States District Court for the
Eastern District of Pennsylvania entered June 22, 1939.
In the matter
of Philadelphia Rapid Transit Co., debtor.
In proceedings for the reorgani¬
zation of a Corporation. No. 18204, as entered into by the directors of the
f
pursuant to the action of said directors at their meeting held
July 18, 1939, and the increase in the aggregate authorized indebtedness
corporations parties to said agreement or consolidation and merger
to $85,000,000, which is the authorized indebtedness provided therein for
Philadelphia Transportation Co., the new company to be formed thereby
(the initial indebtedness of said co. and wholly owned subs, outstanding
in the hands of the public to be not in excess of $62,715,000, as provided
company,
on
of the
in the plan of reorganization referred
and merger), and the division of the
Common
Shares
N. Y. & Erie 2d 5s
_
N. Y. & Erie 3d 4Ms
.....
of
Each 81.000..
39,067,920
General lien 4s.
Each $1,000_........
G(tn. mtge. conv. 4s....
23,250,060
Each $1.000
7,350,350
Erie & Jersey 1st 68
Each $1,000
5,956,390
.....
Retdg. & impt. 5s-_..._lll,118,629
Each $1.000
firmation, to consummate the said plan
—V. 137, p. 1049.
Fall River Gas Works
Period End. July 31—
Co.—Earnings-
Taxes....
Net oper. revenues—
$901,862
488,106
62,366
161,824
$887,965
505,440
$11,948
Maintenance.
$66,104
39,014
4,027
12,707
$10,356
$189,566
$174,221
54,210
154,094
63
Non-oper. income (net).
101
$11,948
5,000
$189,630
60,000
$5,356
885
$129,630
10,917
$114,322
686
$6,261
Gross income
$10,356
5,000
$6,948
Balance.......
Retirement reserve accr.
$174,322
60,000
$4,471
$118,713
95,962
$101,509
;
Interest charges
Net income.
Dividends declared.
12,813
105,890
-V. 149, p. 726.
Fashion
Co.—Earnings$19,005
Federal income tax_
Balance Sheet July
Accts. rec. (net)..
Notes receivable..
Mdse. inventories.
Mdse. in transit.
_
$124,348
190,715
6,984
113,963
15,068
$117,502
189,333
6,984
103,713
100
100
Securities owned..
Cash
a
8,746
31,967
28,974
5,088
$62,173
1,314
23,723
2,213
19,827
Due leased depts..
Accrued taxes
Long-term
—
„
8,500
indebt.
2,500
Notes payable
330,459
110,278
1
Common stock..
334,575
101,338
100,000
398,150
315,133
100,000
398,150
334,948
1
c
Surplus.
Leasehkl. at cost
1938
$70,778
2,634
hand..
b Impr.
1939
for pur¬
chases exps., &c.
Preferred stock—
life insurance.
on
Accts. pay.
•
value
surr.
31
LiaMlilies—
1938
1939
Assets—
Cash...
1938
$8,902
1939
6 Mfmths Ended June 30—
Net profit, before
to
lease¬
furnit. &
Goodwill
Unexp. ins. prem.,
prepd. rent and
supply invent-.
8,386
6,153
Total.........
$928,416
$908,993
33,178,475
a
85%
19,746.672
c
85%
34,015 no par shares.—V.
Florida East Coast
5,500,000
35,500,000
32%
2,000.000
63%
3,396,000
3,396,000
Each $1,000.100%
N. Y. L. E. & W. C. &
RR. 5J^s
684,000 Will remain undisturbed.
Long Dock Co. 3%s.
7,500,000 Will remain undisturbed.
N.Y.P.& O. pr. lien 434s
8,000,000 Will remain undisturbed.
RFC notes
22,175,717
7,500.000 14,675,717
Each $1,000-33%
66%
RRC notes
736,195 Will be paid in cash.
Bank loans
...:
1,673,714 Will be paid in cash.
State of N. Y. Gr. Cr—
3,538,018 Will remain undisturbed.
railway.
railway..
.
Net after rents
From Jan.
Net after
—V.
149,
1337.
in 1938.
'
1936
1937
1938
$378,511
def112,593
191,190
$322,678
defl.53,006
def251,825
$383,309
defll9,185
def213,407
$378,922
def84,472
def178,990
6.177,767
.
6,652,174
2,327,603
1,268,008
6,256,586
1,903,805
975,458
5,621,359
1,691,613
818,121
1—
Gross from railwayNet from railway..
......
147, p.
in 1938.
Ry.—Earnings—
1939
July—
Gross from
5%
$908,993
$928,416
Total
After reserve for depreciation of $42,617 in 1939 and $38,501
reserve for depreciation of $137,581 in/1939 and $119,566
b After
Net from
N.Y.L.E.& W.D. imp.5s
1939—12 Mos.—1938
$67,507
38,064
4,886
12,609
......
12,000,000 Will remain undisturbed.
98,000 Will remain undisturbed
Chic. & Erie inc. 5s
and put the same into effect."
1939—Month- -1938
Operating revenues..—
Operation
5,955,850
100%.
.....
Chic & Erie 1st 5s.
,
reorganization aforesaid and upon the adoption of the aforesaid agree¬
and merger by a majority in amount of the entire
fixtures
100%
Genessec River 1st 6s
„
ment of consolidation
holds,
/.
.
5,855.025
15%
3,497,251
15%
7,347,350
Each $1.000-...
.
capital stock of each of the corporations parties thereto, the directors and
officers of this company be and they are hereby authorized and directed to
take all action and to do all acts or things necessary or appropriate to further
the final confirmation of said plan by said Court, and upon such final con¬
2,387,195 Will be paid In cash.
5,101,945 Will be paid in cash.
38,507,550 38,500.000
100%
consolidation
.
$
A
s
to in said agreement of
16 company directors of Philadelphia
Transportation Co. into four classes of four each, the first class to serve
for the term of one year and the second, third and fourth classes to serve
for two, three and four years, respectively, and, at all ensuing elections,
the election only of the number of directors necessary to take the place of
those whose terms of office shall then expire, such directors to be elected
for the term of four years, be approved."
'
"Resolved, That upon the acceptance by the necessary majorities of the
several classes of affected stockholders and creditors of the proposed plan
-
2.697,942 Prin. ($2,482,000) will remain undisturbed and
Int. ($215,942) will be paid in cash.
i
1
Preferred
Slock
''$■■■
§>
18,233,000 Will remain undisturbed.
Equipment trusts..
N. Y. & Erie 1st 4s
Prior lien 4s.
Gen. Inc.
Ser. A Ms. Ser. A Bds.
$
1939
26,
Reorganization—
Ohio sales tax stps.
;
-Will Receive
Existing Securities—
on
Aug.
Park & Haddington Passenger Ry. Co.—
Fairmount
To Vote
Sharon Railway, the basis for merger being
and refunding mortgage bonds, series A, for
i
Chronicle
The Commercial & Financial
1324
1,871,892
896.814
rents
726.
p.
-
Florida
Telephone Corp.—Bonds Called—
Company has called for redemption on Oct. 1 all of its
......
.....
—
outstanding first
will be made
mortgage gold bonds s. f. 6% series of 1925 at 105. Payment
at the First National Bank, Orlando, Fla.—V. 137, p. 1412.
-
Unsecured
Ford
5,000,000
......
......
Pref. and com. stock....214,868,000
......
...
liability.
_
Each 5 shares.
125,000
429,736
1
New money
a
As of Jan.
1,
1940 and includes principal and unpaid interest.
Earnings for Month of July and Year to Date
[Including Chicago & Erie RR.]
1939
1938
1937
July—
$6,278,700
1,411,997
Gross from railway
Net from railway
Net
$5,685,065
1,015,698
$7,196,897
1,985,133
1936
$7,286,527
2,307,270
568,700
209,245
1,315,971
1,458,984
43,385,104
10,410,550
4,768,392
after rents
1—
37,600,475
5,624,376
50,612,952
15,232,698
9,640,222
47,215,865
13,578,470
8,694,646
From Jan.
Gross from railway
Net from railway
Net after rents..
def69,960
—V. 149, p. 877.
Elgin Joliet & Eastern Ry.—Earnings—
July—
Net after rents
From Jan. 1—
....
Gross from rail way
Net from railway
Net after rents.
—V.
1938
$832,045
125,539
19,480
1937
$1,979,507
709,181
424,452
1936
$1,556,059
181,556
48,445
9.027,923
2,145,769
1,007,158
5,943,481
605,902
def94,883
13,755.781
4,574,493
2,962,753
10,513,483
3,157,416
2,111,705
1939
$1,155,056
Gross from railway
Net from railway
434,093
258,046
Quar. End. July 31—
Loss before deprecia'n..
Depreciation
V.
loss.
149, p.
Co.
(Detroit)- -Not
......
576.
1939
$19,352
30,086
$49,439
This company notified the National Labor Relations Board on Aug. 18
not
comply with an order the Board issued against it
previously and charged that the right of free speech was being denied to
Henry Ford.
In reply to the Labor Board, which last week reaffirmed its earlier ruling
that the company was guilty of violating the Wagner Act, P. R. Martin,
Ford Vice-President, denied that the company had discharged members of
the United Automobile Workers Union or otherwise intimidated them.
"It appears to be the purpose of the Board to prevent Mr. Ford and the
Ford Motor Co. from expressing any opinion which may 'disparage' or
'critize' any labor organization," Mr. Martin said.
"The right of free speech which is accorded to advocates of communism
or any other 'isms' is denied to Mr. Ford and the Ford Motor Co."
Mr. Martin said the NLRB order was unjustified by facts and was an
invasion of the constitutional right of free speech.
Under the new order the company also was ordered to reinstate two
employees with back pay.
The Board dismissed a previous charge that the
firm had dominated or interfered with the Ford Brotherhood of America,
Inc.—V. 149, p. 727.
Free
Traders, Inc.—Registers with SEC—
See list given on first page of this department.
Fuel Oil
See list
Motors, Inc.—Registers with SEC—
given
oi
first page of this department.
Gamewell Co.—New Directors—
and Edmund E.
29,069
1936
prof$15,151
26,825
$30,082
$23,543
$11,674
$1,013
Comply with NLRB
shareholders held Aug. 15 William C. Hotchkin
succeeding John W. McAnarney
149, p. 1177.
and George L. White were elected directors
1937
prof$4,834
28.377
1938
to
that it would
At the annual meeting of
149, p. 726.
Exchange Buffet Corp.—Earnings—
Net
Motor
Order—
171,244 Will remain undisturbed.
Cleveland
claims, lease
Nat. City Bk.,
Hammond.—V.
Gaylord Container Corp.—To Pay 10-Cent Dividend—
Directors have declared
a
dividend of 10 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5.
per share were distributed in previous quarters.—V.
Dividends of 25 cents
149, p. 1025.
The
Volume 149
Garlock Packing Co.
6 Mos. End. June 30—
Net profit from oper
$333,743
9,596
8,388
13,464
income
$364,133
209,250
$210,549
$659,814
261,563
$451,102
183,095
Period End. July 31
Gross oper. revenues—.
$398,251
$2687007
Operating expense
Maintenance..——
Prov. for retirements.—
per
104,625
$105,924
209,250
$1.00
$154,883
209,250
......
$1.74
share-—
209,250
$3.15
209,250
$2.15
for U. S. surtax on undistributed profits of $18,259.
y After deducting cash discounts on sales which,
in prior semi-annual
reports and in annual reports prior to 1938 were included in income charges.
37,050 used
pSSlU y^r^vnCmVTo25
General Public
3,925 8°ld dUrlDg the corresponding
Utilities, Inc. (& Subs.)—Earnings—1939-—Month—1938
$559,893
$498,192
1939—12 Mos.-—1938
$5,867,626
2,479,055
210,639
593,799
579,862
113,135
$5,567,279
2,336,397
214,907
539,018
541,411
99,428
$189,645
6,092
$174,321
3,356
$1,891,136
26,070
$1,832,037
18,222
$195,737
—
205,594
14,716
45,740
46,095
11,725
$177,677
30.715
30,460
$1,917,206
360,367
$1,850,259
372,229
71,353 T ,856,238
856,238
232,366
16 811
64,527
49,034
7,510
—
General taxes
Fed. normal inc. tax
Fed. surtax on undistrib.
profits-...————
4,080
—
Consolidated Balance Sheet June 30
Cash
Receivables..—Inventories
...
$1,077,000
526,122
1,398.238
Cash value of ins.
x
land, buildings,
equipment, Ac.
2,103,671
1
_
$94,556
Nonoperating income.
115,348
155,540
Gross income—
250,000
400,000
1st mtge. 4Jis.-_-
17,508
Trademarks, <fcc—
$121,219
Accruals—199,857
Tax reserve..---127,368
Accounts payable,
$898,805
392,648
1,489,056
215",631
Deferred charges193,574
10-yr. 4H% conv.
Votes.?-.—-
2,141,471
y
1
$5,316,115 $5,137,614
-
840,810
868,864
213,965
3,567,610
Treasury stock—
Z>r4,715
Int.
1938.
no
par
reserve
for depreciation of
General Bronze
1st
on
&
mtge.
coll.
trust
6H%
bonds.
71,353
Other interest —576
1
758
9,417
1,513
3,242
$75,106
3,242
$691,183
38,910
$620,279
38,910
$89,850
$71,864
$652,273
$581,369
Total ——$5,316,115 $5,137,614
$2,371,029 in 1939 and $2,159,264 in
y Represented by 213,965 no par shares,
z Represented by 4,715
shares.—V, 148, p. 3846.
Less
.
.
Net income-
_
x
.
.
Charges of subsidiaries.
Charges of General Pub.
Utilities, Inc.:
213,965
3,294,055
Dr4,715
Common stock—
Surplus——. ——.
z
Total
Net oper. income
1938
1939
Liabilities-
1938
1939
Assets—
cars,
ia the first 10 days of August in
n W6re 8
112,699
!»???
Includes provision
x
127m°re
gafo of
1938, for a
Chevrolet's truck department reported sale of
4,963 units, which re-
66,144
17,797
1,490
x89,805
Shs.com.stk.out. (no par)
Earnings
a *ain of 14.2% over the same period
represents a unit increase of 2,220 new cars and trucks
the san?e P^d, Chevrolet dealers retailed
o
$883,336
85,129
24,470
....
,
$626,338
f?0i^lo^^he report shows' ^¥ch 18
in 1938. This
$342,131
52,810
31,167
956
46,649
Dividends paid........
Surplus
$617,054
9,284
§487,383
19,927
27,425
689
75,208
bonds
Amort, of dt. disc. &exp.
Prov. for Fed. inc. taxes
Net
1936
1937_
$869,872
Gross income..
Income charges
on
1938
y$477,787
1325
A total of 17,814 new passenger cars and trucks
were sold at retail during
(& Subs.)—Earnings—<•'
1939
Other income credits
Interest
Commercial & Financial Chronicle
Divs.
on
Bal.
$93,092
.—.--.
$5 pref. stock..
avail,
for
com.
stock & surplus
—V. 149, p. 729.
Corp.—Exchange Offer—
President, in a letter dated Aug. 16, sent to the holders of
the 10-year 6% convertible gold debentures, states:
The 10-year 6% convertible gold debentures which are outstanding in
the amount of $1,390,500, will mature on May 1,1940. ►► The officers and directors have given a great deal of thought and study to
the manner in which this maturity may be met.
Apart from the impending
maturity of the debentures, the company is in good financial condition, its
current assets amounting on July 1, 1939, to approximately 7.9 times its
current liabilities (exclusive of the outstanding debentures), and its cash
balances on the same date aggregating more than $850,000.
Nevertheless,
the continued depressed condition of the industry in which the company is
engaged, with the effect this condition has had on the company's earnings,
has made it impracticable for the company to arrange for the refunding of
the debentures at par at their maturity.
Furthermore, there is no prospect
that earnings prior to maturity will put the company in sufficient additional
cash funds to enable it to pay the debentures off in full at that time.
More¬
over, the company must maintain an adequate working capital position.
Accordingly, the company has concluded that, unless the debenture
holders voluntarily agree to an extension of a portion of their claims, the
company may, at the maturity of the debentures, be forced into one or
another of the proceedings provided by the Bankruptcy Act.
Any such
proceeding would result in expense and delay to all concerned, would impair
the company's standing and credit, and would in the end probably result
in some reorganization plan providing for extension of the maturity of a
substantial part of the company's obligations to the debenture holders.
For these reasons, the company has formulated and is proposing to de¬
benture holders a voluntary plan to meet the situation.
Briefly, it offers
debenture holders, in respect of each $1,000 debenture, the privilege of
receiving, at their option, the securities and cash as outlined under either
Exchange Offer A or Exchange Offer B, as follows:
—
Exchange Offer A—(1) Cash—$250 plus interest accrued on each ex¬
changed debenture; (2) new 10-year 5% debentures, $500 principal amount;
(3) common stock, 50 shares.
'
Exchange Offer B—(1) Cash—$300 plus interest accrued on each ex¬
changed debenture; (2) new 10-year 5% debentures, $700prin. amount.
The holder of a $500 debenture will receive in exchange for his debenture
half the amount of consideration set forth above.
The company presents these two exchange offers feeling that, while some
debenture holders will prefer the maximum amount of immediate cash,
others will prefer to receive as part consideration a substantial common
stock interest in the company.
It Would not be fair for the company to ask any debenture holder to
accept one of the foregoing exchange offers unless it could assure him that
a substantial majority of all the debenture holders had similarly assented
to the plan.
To be in a position to give debenture holders this assurance,
the company has arranged for transferable certificates of deposit to be
issued by Manufacturers Trust Co., 55 Broad St., N. Y. City, as exchange
agent for the company to debenture holders who deposit their debentures
under the plan.
These certificates of deposit will entitle their holders to
withdraw their debentures from deposit, without charge, at any time be¬
fore the plan has been declared effective, which will not occur until a sub¬
stantial majority of the debentures have been deposited.
Thereafter, the
certificates of deposit will entitle their holders to receive the cash and new
securities provided for by the exchange offer chosen bv the depositing de¬
benture holder at the time of his original deposit.
W. P. Jacob,
General Reinsurance Corp.—Extra Dividend—
declared
^
Tool pai<ion
June
an extra dividend of 25 cents per share in
*?£ of like amount (or a total of 50 cents per share) on
stock, both payable Sept. 15 to holders of record Sept. 8.
Like
the capital
^ne
,15 and March 15, last; Dec. 14, Sept. 15 and
15, 1938, and previously regular
quarterly dividends of 50 cents per
share
were
distributed.—V. 148,
y
3221.
p.
General Water Gas & Electric Co.
12 Months Ended June 30—
(& Subs.)—Earnings
1939
1938
1937
$2,181,604
1,144,694
219,230
$2,801,145
1,414,391
289,872
$2,816,754
1,327,827
$817,680
132,879
$1,096,881
178,870
$1,205,020
207,528
i—..
$950 560
subsidiaries' funded debt.
219'794
$1,275,751
466,712
1,412,548
Operating revenues.
Operating expenses.
Provision for depreciation.....
——
——
—
.
—
Net operating revenues
Other income
283,907
,
,
Exchange Agent—
Manufacturers Trust Co. is exchange agent under a voluntary exchange
and extension plan involving two offers to the debenture holders of the
corporation 10-year
149, p. 577.
6% convertible debentures due May 1,
1940—V.
Total income..
Interest
on
Other interest
;
Amortization of rate
Other deductions.
Int.
on
Subs.)—Earnings—
1939
Operating revenues- _ - ——
Operating expenses----.--—----
-——- - -
'
;. subsidiaries' pref. stocks.
.....
2,839,009
$8,015,161
(estd.)...
Net Income
Consolidated Balance Sheet
as
Assets—
a
Property, plant and equipment——
Federal income taxes.
— -
Other taxes
—
—
- - - -- -- -
——--—
Subsidiary companies charges—
Interest on long-term debt
1.416,612
3,389,018
552,675
4,729,352
— —
Other interest
———
--------------Amortization of debt discount and expense-
Interest charged to construction
Dividends paid or accrued on preferred
...
stock.
Provision for dividends not being paid on cumula¬
tive preferred stocks, and minority interest—
223,146
410,714
Crl 1,967
591,417
—
General Gas & Electric Corp. charges—
Interest on 5% notes and interest-bearing
$5 prior preferred stock.
-———
-—-
4,711,375
387,638
459,539
CV25.866
1,143,383
.wi——
—
"""■
~
~~
—
.■
.
.
,
—
Inventories
.
.1.1.1 Z'""Z
-III "I
—■
—
Instalment accounts receivable
Total
88,685
25,428
754,192
—
....
Prepaid expenses and deferred charges—.—
——
-----
--------
$18,420,844
.
Liabilities—
Funded debt of subsidiaries
....
.
—
15-year 5% 1st lien & coll. trust bonds, ser. A, "due" June1," 1943
payable to banks..
.....
Accounts payable and accrued expenses.—.1.111111111.
Notes
-----
Provision for Federal income tax
Other accrued taxes
—————
Accrued interest payable
——
——III*'—I.
Funded debt called for redemption—...
——II Z '
Accrued dividend on preferred stock of subsidiary.
"I "
—
89,467
60,671
74,206
61,540
4,733
5,075
94,720
29,586
52,320
...
I
—
$5,153,600
4,775,000
22,750
—
—.
—
....
— .
Consumers, &c., refundable deposits..—.......
Deferred credit in respect of obsolete property.—
Contributions for extensions
Miscellaneous reserves
I.
—
....
843
......
Minority interest in subsidiaries.
$3 cumulative preferred stock (76,228 shares)—)
Common stock (217,622shares)
Paid-in and capital surplus
....
—
.........
Earned surplus—.——,—.........
....... ...
301,680
3,814,400
_
217,623
3,204,988
457,741
....
....
...... —
Total
—
$18,420,844
—
Including organization expenses, franchises and other intangibles, per
books of subsidiaries.
Less excess of adjusted net assets of subsidiaries at
their respective dates of acquisition, over net amount at which investments
therein are carried on the books of General Water Gas & Electric Co.,
also less depreciation.—V. 149, p. 261.
a
Georgia & Florida RR.—Earnings—
—Week End. Aug. 14—
1939
1938
$51,650
Operating revenues (est.)
—V. 149, P. 1177.
$50,600
'
-Jon. 1 to Aug.
14—
1938
1939
$704,608
$679,393
(B. F.) Goodrich Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
1939
1938
1937
b-Net sales.—$66,119,599 $51,913,986 $78,566,619
1936
$65,994,520
Mfg., sell. & gen. admin.
665,477
115,244
$1,407,022
$1,215,420
scrip,
40,368
299,919
$1 .J66.735
37,365
299,919
$878,136
148, p. 3846.
General Electric Co.—Lamp Prices Reduced—Substantial reductions in list prices of silver bowl inside frosted lamps
and similar reductions in list prices of the 150-watt reflector lamps, effective
Sept 1, were announced by the lamp department of General Electric Co.
at Cleveland.
Reductions range from 10 to 15 cents for popular sizes.
In addition, list prices of five sizes of flourescenfc lamps are being reduced
effective Sept. 1.
Popular types, including both daylight and white colors
will be reduced 10 to 15 cents.—V, 149, p. 577.
59,810,420
1,846,886
49,497,570
1,878,857
71.645,662
1,831,178
59,705,092
$4,462,293
Net profit on for. exch— loss52,688
Profit on securities sold.
Miscellaneous income—
6*5,157
$537,559
212,500
$5,089,779
519,616
$4,395,179
18,132
136,667
321,402
368,589
218,602
Total profit—
$5,094,762
Diff. bet. cost & face val.
of co.'s bonds acquired
—
$1,071,461
$5,977,985
$4,768,581
expenses--
General Motors Cor p.-—Chevrolet Sales—
1938 were recorded by Chevrolet during the first
10 days of August as production of 1939 models drew to a close, according
to figures released by central office at Detroit on Aug. 18.
Profit-
—
-
—
_
1,894,249
Cr84,693
Crl,604
28,006
1,172,995
1,259,331
1,268,893
1,463,394
800,000
107.000
700,000
500,000
550,000
$3,121,767 loss$210,176
$3,510,696
$2,727,181
2
424
Int. on bonds, debs., bills-
payable. &c—
Prov. for Fed. inc. tax-.
Prov. for contingencies..
Profit.
—- —
Net loss applic. to subs.
cap.
961
stk. now owned—
Profit for the 6 mos—
Preferred
dividends
Common dividends
a
or
625
$3,122,728 loss$209,551 a$3,510,698 a$2,727,606
1,545,116
515,039
^
Earns, per sh.on com.stk.- *"*
Further sales gains over
$468,460
at June 30, 1939
Special deposits....
Provision for deprec'n—
Balance
6"f,983
267,365
58,888
.$14,012,080
1,843,845
80,726
Cash in banks and on hand
III."IZ~""
1,224,446
Marketable securities.
_;
r ^"
126,644
Accounts and notes receivable
—II.IIIIIIIIII**II"
246,963
Dividends and accrued interest receivable! I" " r~ I * " "
17,834
Investments—....
$8,006,733
- - - - -----—-
Net income
533
—
_
...
1st lien & coll. trust bonds
Prov. for Fed'l income tax
$7,902,604
104,129
——
Provision for retirements-.---------
-V.
$380,116
.
1938
Operating income.—..
$7,830,665
Other income (net)-——----■—
184,496
Maintenance-
on
..
on
——$26,046,951 $24,675,556
9,887,200
1,337,161
2,415,498
445,567
2,687,526
Dividends
20.300
253,441
55,126
exp
expense.
.....
General Gas & Electric Corp. (&
Gross income.
debt, disc .&
case
452,639
29,997
39,633
33,582
20,865
36,304
36,000
2,508
21,172
263,305
48,767
$371,067
Amortization of subs.
Divs.
7 384
22 914
__
$1.61
Nil
1,030,078
651,626
$1.90
$1.47
No provision has been made for the undistributed profits tax for 1937
1936.
b Discounts, transportation and excise tax deducted.
The Commercial & Financial Chronicle
1326
Consolidated Balance Sheet June 30
1939
$
b Common stock
50,144,881
3,997,892
38,139,857
5,130,046
39,355,638
5,781,958
18,319,200
6,657,939
19,054,200
4,786,690
25,883,000
gold debs
Accts. payable..
subsidiaries..
120,438
9,242
20,355
Net after rents
Net from railway
Net after rents
—V. 149, p. 878.
Def'd
Cash;
11,008,300
.......
2,803,358
Prepd. accts ,&c
p.
6,118,057
3533.
3,217",128
'
1936
$6,947,603
718,512
1937
$7,694,390
6,600,801
170,260
505,682
452,899
395,180
352,821
262,733
43,049
110,520
54,083
62,741
99,810
29,828
22,280
$1,682,877
dividends..
690,636
$1,051,228
435,118
'$503,894
326,342
$412,256
217,559
$992,241
$616,110
$177,552
Deprec.,
$194,697
$7.51
$4.83
$2.32
$1.90
abandonments
Fed.
Class A & B
$866,975
freight and discount
per share on
class A and B shares._
$814,046
general
Provision for depreciation.
and
73,567
12,451
...
$54,149
Operating profit—....—-- —
3,032
-
$57,181
3,626
11,146
Total income
deductions
—-
Federal taxes on incomeNet
$42,408
272,354
profit
Earned surplus balance at
Federal gasoline taxes.
Balance Sheet June 30
134,873
expenses.
Other income.—..-.
Other
Including State and
539,007
—---
advertising expenses
and
Jan. 1, 1939
— ..
$314,763
Total
19,950
Cash dividends paid.
92,866
Earnings
52,929
a
Selling
-
Balance, surplus
Sales
Administrative
-
-
6,049,198
and
taxes
income
miscell. deductions—
Miscell. income
Earnings for 6 Months Ended June 30, 1939
Net sales...
Cost of goods sold
$8,508,612
6,275,262
and
depletion
Net income.
Returns, allowances,
1938
1939
$10,168,431
a Costs, oper. & gen. exp.
7,610,327
Intangible devel. exps._
149,863
Varnish Corp. (& Subs.}—Earnings—
■Earnings—
(The) Hancock Oil Co. of California
Years End. June 30—
Total
1.32,627,362 132,022,894
a
Real estate, buildings, machinery and equipment after deducting
depreciation and special reserves of $46,653,848 in 1939 and $45,763,965
in 1938.
b 1,303,255 no par shares,
c Including provision for Federal
taxes,
d Represented by 412,031 shares of no par value.—V. 149, p. 1178.
Grand Rapids
a
Gross oper. income
...132,027,302 132,022.894)
Total
Ltd.—Accumulated Div.—
2,045,131
declared
100,033
1,052,269
9,176,114
3,254,358
745,781
4,024,502
1,443,880
689,578
Hamilton United Theatres,
The directors have
Other notes and
accts. receiv..
4,456,392
1,583,781
825,921
2,310,315
credits...
Surplus........
23,901,235
accts.recelv.. 20,876,215
3,741,016
1,055,058
372,206
1,852,237
Reserves
600,000
1936
$590,645
'220,434
110,793
3,008,9 1 0
liabilities....
6%
debs.
Trade notes and
eonv. g.
...
GmssTrom1railway
1937
$630,821
216,753
112,714
dividend of $1.50 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Sept. 30
to holders of record Aug. 31, leaving arrearages of $9 per share.—V. 148,
Sundry accr'd
c
agt. for retire,
—-
1938
$515,623
154,047
71,127
3,807,470
1,161,792
576,779
Net from railway.-
170,419
Min. int. in subs
8,353
13,697
4M% seriesCash in hands ot
1939
$548,662
153,229
72,799
Julu—
Gross from railway
Bond, indebt. of
1st rntge. bds.
15-yr.
and
payable.
15-yr. 6% conv.
by
indenture sec'g
of
24,721,860
2,392,609
loans
bills
under
trustee
24,721,860
Bank
.....
held
44,025,837
4^% 1stM.bds 25,295,000
48,442,263
plants
to other cos..
Inventory
%
44,025,838
d Pref. stock...
Inv. in and adv.
Funds
1938
$
Liabilities—
Real estate &
a
Gulf Mobile & Northern RR.—Earnings—
1939
1938
$
Assets—-
Aug. 26, 1939
1939
Liabilities—
1938
1939
Assets—
a
1938
b Class A com .stk.S 1,200,000
$1,161,354
144,000
Plant, prop., &c. $1,974,935
$2,178,707
1,103,505
369,268
c
436,486
Accounts payable-
390,914
523,003
Taxes payable
441,898
348,631
1,069,917
48,823
Capital surplus—
719,887
724,058
2,194,396
1,202,155
Cash
Acc'ts <fc notes rec.
483,025
Invest. & adv....
583,343
Inventories......
878,758
Deferred charges..
67,529
Earned
surplus...
Total
Total——$5,091,096 $4,103,201
144,000
Class B com.stk.
—$5,091,096 $4,103,201
a After depreciation and depletion of $2,806,347 in 1939 and $2,494,844
1938.
b Represented by 200,000 (139,559 in 1938) shares (no par),
Represented bu 24,000 shares (no par).—V. 149, p. 1026.
in
c
Hartford Electric Light Co.—Extra Dividend—
have declared an extra dividend of 5% cents per share in
quarterly dividend of 68 % cents per share on the
common stock, both payalbe Nov. 1 to holders of record Oct. 20.—V. 148,
Directors
addition to the regular
Balance earned surplus at
June 30, 1939
$294,813
Consolidated Balance Sheet June 30,
882.
P.
1939
Assets—Cash on hand and on deposit, $73,068; trade notes and accounts
receivable, less reserve of $13,500, $207,459; inventories, $228,637; invest¬
ments and other assets, $19,853; property, plant and equipment, at cost
(net), $299,628; unexpired insurance, prepaid interest and other expenses,
$10,570; total, $839,215.
Liabilities—Notes payable to banks and brokers, $70,000; caccounts
payable, payrolls and payroll taxes, $67,242; accrued taxes, $7,961; Federal
on income (est.), $12,700; reserve for contingencies, $5,000; capital
shares), $454,999; less in treasury (deducted at cost)—
10,500 shares—$73,500; outstanding, 133,000 shares, $381,499; earned
surplus (restricted in the amount of $73,500 representing the cost of capital
stock held in treasury), $294,813; total, $839,215.—V. 148, p. 3688.
taxes
stock (143,500 no par
Corp.—Obituary—Registrar—
Hayes Body
Aug. 20. He had been a director of the corporation
elected President last May after serving as Executive
several years.
The Marine Midland Trust Co.
for 500,000 shares
RR.—Earnings—
1939
1938
1937
1936
$1,585,245
161,670
def32,981
$1,416,669
146,348
$1,982,816
397,816
211,428
$1,902,632
391,750
9,435
14,990,444
3,899,128
2.033,433
14,106,400
July—
Gross from railway.
Net from railway
Net after rents
From Jan.
def37,200
1—
11,981,979
9,642,121
Net from railway-1,817,307
132,762
Net after rents
450,477 defl207,122
—V. 149, P. 730; V. 148, p. 3222.
Gross Jrom railway
—.
3,627,569
2,224,956
since 1929 and was
Vice-President for
of New York has been appointed Registrar
of common $2 par value stock of this corporation.—V.
149, p. 730.
Hearst Magazines,
The company
Inc.—Replies to FTC Complaint—
Aug. 21 issued a statement in regard to
against it by the Federal Trade
Grand Trunk Western
of this corporation, died of a heart attack
Edwrard J. Connolly, President
on
the complaint filed
Commission. The complaint alleged that
"misleading and deceptive acts" in con¬
labels of Good Housekeeping, one of its
the company had been guilty of
nection with the guarantees and
publications.
R. E. Berlin, Executive Vice-President of Hearst Magazines, said Good
Housekeeping had refused to sign a cease and desist order which would
have disposed of the matter.
"In its complaint," Mr, Berlin said, "the Commission has taken ex¬
ception to certain advertisements which have appeared in identical form in
numerous other magazines and newspapers.
In no single case either in the
complaint or during the negotiations, was the Commission able to show that
Good Housekeeping had failed to carry out its guaranty which has been in
existence for over 30 years."
■
Declaring his belief that the underlying motive "of these attacks on
advertising is to destroy the freedom of the American press by first de¬
stroying its principal source of revenue—advertising," Mr. Berlin said the
magazine would defend itself in public hearings before the Commission and
that it might "be necessary to continue action in the courts."'—V. 145,
P. 3657.
.
Great Northern
Ry.—Change in Collateral—
New York Stock Exchange that, as
trustee under the Great Northern Ry. Co. first and refunding gold bond
mortgage dated May 1, 1911, it has delivered to itself as trustee under the
Spokane Falls & Northern Ry. Co. first mortgage dated July 1, 1889,
$2,583,000 principal amount of Spokane Falls & Northern Ry. Co. first
mortgage 50-year 6% gold bonds due July 1, 1939 held by it among the
collateral security under the first and refunding gold bond mortgage dated
May 1, 1911.—V. 149, p. 730.
Bankers Trust Co. has notified the
Green & Coates Streets Passenger
—To Vote
on
Reorganization—
Ry. (Philadelphia)
•
Corp.—Trustee—
Trust Co, has been appointed trustee for
$650,000 first mortgage participation certificates on premises of the Holland
Avenue Realty Corp. in connection with a reorganization of a Prudence
Co. issue known as Lerber Construction Corp. first mortgage participating
Bank &
certificates.
•
Stockholders of this company are in receipt of a notice similar to the one
to stockholders of the Fairmount Park & Haddington Passenger Ry.
sent
See that company
Holland Ave. Realty
Sterling National
above.—V. 108, p. 784.
Lighting & Power Co.—Earnings—
Houston
Period End.
July 31—
The directors have declared
accumulations
on
a
Corp.—Accumulated Dividend—
1939—Month—1938
1939—12 Mos.—1938
$1,032,828 $11,956,449 $11,246,417
529,014
6,315,344
5,664,096
dividend of $1.50 per share on account of
the $6 cumulative preferred stock, no par value, payable
Sept. 1 to holders of record Aug, 24.
the
13
preceding quarters.—V.
Greyhound Corp.-
A like payment was made in each of
149,
-Denied
p.
261.
Authority to Acquire Michigan
164,449
1,674,601
1,582,124
$359,771
4,381
$339,365
4,310
$3,966,504
17,648
$4,000,197
20,850
$364,152
80,208
$4,021,047
962,500
15,669
$343,675
80,208
12,987
$3,984,152
mtge. bonds
$268,275
$250,480
Dividends applicable to preferred stocks for the
period, whether paid or unpaid—
$2,859,340
_
Net oper. revenues...
Other income
Gross income
Interest
Bus Line—
The corporation has been refused
on
Michigan Transportation Corp. by purchase of all of the capital stock
of the former for 145,000 shares of Greyhound common stock.
At the same time, the Commission authorized the merger into
Eastern
Michigan Motor-buses of the operating rights and property of the Great
Lakes Motor Bus Corp. and the acquisition by Eastern Michigan Trans¬
portation Corp. of control of the former by purchase of its capital stock.
In denying Greyhound's application, the Interstate Commerce Com¬
mission said that there was a close relationship existing between certain of
Greyhound's subsidiaries and certain railroads, (New York Central and
Pennsylvania) operating between Detroit and Toledo and Kalamazoo. The
relationship exists, the ICC stated, by reason of the substantial railroad
stock holdings by Pennsylvania and New York Central in Greyhound subs,
and the fact that, upon consummation of the acquisition of control, Eastern
Michigan Motor-buses would be operated as a subsdiary of Greyhound
performing functions "analogous to and in close union with" those of its
existing subsidiaries in the territory.—V. 149, p. 1178.
Net income
Balance
Power
Oper.
Co.- —Earnings—
and taxes
Prov. for depreciation..
exps.
...
Hudson & Manhattan RR.-
1939—12 Mos.—1938
$1,817,029
$1,715,276
1,182,565
1,121,396
198,042
138,754
Int. & other fixed charges
Net
Divs.
income.
on
pref. stock
Balance
-V.
149. P. 878.
$44,205
19,858
$42,447
20,271
$436,423
239,587
$455,126
237,575
$24,347
5,584
$22,176
5,584
$196,836
67,014
$217,551
67,014
$18,763
$16,591
$129,822
$150,537
315,078
$2,586,679
-Earnings—
Operating exps. & taxes.
1939—Month—1938
$575,924
$541,550
431,759
429,208
Operating income
Non-operating income.
$146,716
10,618
$157,334
273,870
Period Ended July 31—•
Gross oper. revenue
_
Gross income.
$116,537
Deficit....
1939—Month—1938
$159,397
$146,002
100,609
92,263
14,583
11,292
315,078
-V. 149, p. 731.
x
Including interest
on
adjusted i
Humble Oil & Refining
1939—7 Mos.—1938
$4,354,162
3,055,255
$4,203,540
3,098,451
$109,791
11,970
$1,298,907
$1,105,088
75,743
3,304
$121,761
287,529
$1,374,650
1,966,760
$1,188,392
2,015,371
$165,767
$592,110
$826,979
come
bonds at 5%.—V. 149, p. 731.
Co.—Larger Dividend—
dividend of 62
cents per share on the
2 to holders of record Sept. 2.
and April 1 last and compares
1938; 37J4 cents paid on July 1
and on April 1, 1938; 62)^ cents paid on Dec. 27 and on Oct. 1, 1937;
37 Yi cents paid on July 1 and on April 1, 1937, and previously regular
quarterly dividends of 25 cents per share were distributed.
In addition, an
extra dividend of 25 cents was paid on Dec. 26 and on Oct. 1,1936.—V. 148,
p. 3066.
The directors have declared a
Gross income
156,790
$2,901,757
$2,544,262
*
x'Income charges
Gulf
Period End. July 31—
Gross revenue
962,500
162,312
authority by the Interstate Commerce
Commission to acquire control of Eastern Michigan Moror-buses from East¬
ern
Operating revenues
$1,104,686
Oper. exps., incl. taxes.
596,044
Property retirement re¬
serve appropriations.
148,871
Other int. and deduct'ns
Green Mountain Power
stock, no par value, payable Oct.
Dividend of 37 H cents was paid on July 2
with 62M cents paid on Dec. 27 and Oct. 1,
common
Volume
The Commercial & Financial Chronicle
149
Idaho Power Co.—Earnings—
Period End. July 31—
Operating
revenues.
Prop. retire,
res.
1939—12 Mos —1938
$5,964,589
$5,669,158
2,'846)487
3,049,418
'
431,000
454.200
1939—Month—1938
$526,027
$498,579
281,692
233,027
41,700
37,500
_
Oper. exps., incl. taxes..
approp.
Net oper. revenues
Other income (net)
1327
Consolidated Balance Sheet-
$202,635
675,000
124,224
$2,393,911
693,494
117,498
Cr20,357
$1,675,833
$228,987
56,250
8,240
$2,391,671
$2,475,057
935
$202,939
56,250
21,007
$2,460,971
14,086
$228,052
304
Assets—
Fixed capital—
1939
Contracts Nos. 1 and 2 and cost of leases
60,739,682
60.652,808
No. 3
128,238,802 127,927,988
Manhattan Division—Elevated certificates
43,675,336
44,630,500
Construction and equipment funds held for account
contract No. 3 and elevated certificates
Gross income
Interest
on
mtge. bonds.
other int. & deductions.
int.
chgd. to construct'n
CY597
...
rnS$ 1T>me-i7-v;
'
$125,682
Securities of associated cos.—stock and bonds.. 12,301,278
U. S. Govt, bonds deposited with
12,000
City of N. Y__
Real estate mortgage
200,000
Real estate
235,070
Voluntary relief fund—Held
414,342
414,342
unpaid
or
73i:
S1-261491
---
Operating
~
$127,356
$932,179
$878,615
124
906
855
$133,973
73,449
$127,232
$931,273
479,118
$877,660
64,750
$60,524
Operating revenues._
Operating expenses
$62,482
$452,155
$407,811
Net oper. re^
Rent for lease
property
20,201
18.536
140,633
126,664
$43,896
31,372
$311,135
225,971
$280,797
193,406
■—V. 149. p. 732.
Indianapolis Water Co.—Earnings1939
1938
1937
$2,661,158
$2,593,897
819,655
$2,624,648
806,847
JulyZl—
revenue.
Oper., maint. & retirem't
or
deprec'n.
815,041
598,000
All Federal and local taxes
Net income
*
8,730
570,738
67,171
115,134
77,101
"
.
Co.,
trustee under collateral indenture
hattan lease
30 093
33,873
Sinkirg fund deposits with trustee under mtge.
seeming the 1st & ref. 5% bonds (see Note 2)
63,469,944
63,121,284
Receiver's 1st lien
property declared by agree¬
on
of Aug. 30, 1929, to be assets of the ele¬
vated extensions enterprise, consisting of material
and supplies and securities deposited with State
Industrial Commission
cash
&
deposits
517,711
Cash and securities.
Investment in equipment for Queens impt_.
Elevated extensions certificate—
$578,436
$548,069
126,417
.........
..........
.
.$13,805,957 $14,718,060
4,583,514
4,657,908
'
$9,222,442 $10,060,152
4,980,366
5,017,531
......
....
Balance
Used for purchase of assets of the enterprise.
217,509
$5,042,621
105,489
$4,024,567
$4,937,132
$4,024,567
14,449,343
$4,937,132
13,831,954
.$10,424,775
68,760
$8,894,822
76,801
$10,356,015
23,682,370
$8,818,020
15,423,998
$4,242,076
.......
Balance—City and company
Payable to city under Contract No. 3
....
...
......
Company's gross income from operation.....
Company's fixed charges
Company's net operating loss
Non-operating income
..
..
...
Balance, loss
....
Deficit at beginning of year
a Condemnation award
Cr598,469
Payment of pre-receivership
special master
.
Miscellaneous adjustments
Deficit at end of year
claim
allowed
CY98
39,070
Cr250
$34,038,287 $23,682,370
....
Involving property heretofore utilized in connection with the opera¬
tion of the 59th Street power station.
1938
1939
Years Ended June 30—Manhat.Ry.
Division
Subway
Accruals
—
in
incident
suspense
Gross oper. revenue._
Manhat.Ry.
Subway
Division
Division
$9,220,386 $41,678,416 $10,693,392 $42,018,576
1,865,378
4,338,244
1,894,276
4.336,798
2,005,966
4.773,870
1,964,116
4 395 681
4,545
9,448
2,558
6,947
5,981,580
15,313,950
5,310,632
15,517,958
1,252,356
2.421,120
1,219,429
2,471,902
Maint. of way & struc..
Maint. of equipment...
Traffic expense
Transportation exps
General expenses
_
to
default
a$445,330 $15,163,390
2,349,935
2,307,972
$12,557,988 a$2,795,266 $12,855,418
1,808,240
1,808,240
2,624.491
304,570,
304,570
50,000
193,065
50,000
230,230
Balance—City and co.a$5,691,421
Payable to city under
$9,715,988 a$5,188,305 $10,125,437
Used for purch. of assets
217,509
of the enterprise
......
105,489
contract No. 3
inc.
from
a$5,691.421
operation
on
Int on
5% bonds
ref. 5%
collateral to
1,563,077
6.850,773
1,563,077
6,850,773
1st &
1st & ref. mtge. 5%
Notes 2 and 7)
- —
&c
-
517,347
1,271,800
391,482
112,653
1,477,650
1,149,989
517,347
4o,671
453,708
43,475
a$839,138 a$8,981,026
55
66,498
$86,204
1,271,800
566,975
1,477,650
1,665,685
112,653
68,705
Non-oper. income
10.303
Balance before deduc.
5% Man. div. rental.a$9,516.933
b Div. rental @ 5% on
Man. mod. guar. stk.
2,782.450
_.-..a$12,299,383
,083 a$8,914,528
Indicates loss
or
deficit,
b
$96,507
1938
$
35,000,000
of Sept. 1, 1922,
(seeNote7)
....
28,725,581
1, 1922, providing
6% notes (see Note 7)
15,195,075
securing 10-year 7% notes
29,403,578
Default under indenture of Oct.
Rapid Transit Subway Construction
Manhattan Ry. Co.
Accounts payable
ment funds
8,731,360
377,323
from construction and
377,323
62,796
66,367
equip¬
-
-
14,546,175
8,731,360
Co...
lease account..
-
Current liabilities—
ref. mtge. 5% bonds due
JulyT, 1938 and subsequently (see Note 6).
Interest on 1st & ref. mtge. 5%_bonds due July 1,
*1938and" subsequently (see" Note 6)..
"...
Sinking fund on 1st &
1,116,330
9,173,675
9o7,266
5,581,650
984,441
4,229,666
393,949
8,730
430,923
—917,480
796,063
—_—
rentals accrued under Manhattan
lease (see Note
Due for wages
Accounts
3.000,330
6,387,896
Other interest and rentals..
4)
7
issued prior to receivership.
payable—Audited, vouchers and. sun-
8,730
under collateral indenture
100,088
(see Note 8).......—
..
overdue taxes —.
Manhattan Ry. tax liens
on
bondholders committee:
Taxes on Manhattan Ry. property with interest
thereon paid out of proceeds of award m connection with disposal of Sixth Avenue Line—
Trustee for voluntary relief fund
Items awaiting distribution
__
Accruals in suspense incident to default on 10-year
96,642
2,9-13,839
114,208
2,011,327
12,295
8,061,317
certificates..
$96,507
200,045,482 764,180,529
548,070
2,093,645
52,275,413 162,521,742
Payable if earned.
500,000
~ ~ ~
For account Manhattan
94,954
633,200
-
Contract No. 3
23,740
87,477
316,132
provided by city
92,223
36,440
92,223
36,440
487,833
216,834
481,132
216,834
26,074
...
—
25,449
Ry. Lo.-~
Replacem ent of property retired.
Capital account, additions and betterments..
Amortization of debt discount and expense,
vt—
Manhattan Ry.
83,522
78,922
2,250,690
1st & ref. mtge. 5% bonds accrued 59,063,944
492,040
58,715,284
depreciation fund, Contract No. 3,
improvement.......
Sinking fund on
Total
1,667,338
6,784,266
450,000
24,397
Signals, "subway
for Queens
4,406,000
excess of
+
-
For replacement of property
retired from service—
Receipts from
4,406,000
6'S&'JSK
Manhattan
2nd mortgage bonds
a$839,083a$ll ,696,978
2,936,159
1.667.338
-
Elevated extensions certificates ...
of replacements "in kind" in
cost of capital retired—
-
160,270
1,003,742
and loss—
Special trust bonds to be withdrawn from sinking
fund under court order of July 9, 1935 (see
Note 2)_._
—
Reserves—For depreciation:
Prior to operation under Contract No. 3 and
Subway
9,010,656
178,645
1,133,916
3,621,880
7% notes
Contingent liability to replace
Co. property (see Note 3)
2,782,450
Passengers carried
169,414,401 756,851,753
Daily aver. pass, car'd._
464,149
2,073,566
Car mileage
47.423,712 164,207,873
a
Jj
35,000,000
..172,683,000 172,683,000
Contracts Nos. 1 and 2
Co.'s net oper. income a$9,585,637
Balance
29,979
10,489,541
23,682,370
bonds, due Jan. 1, 1966 (pee
Default under collateral indenture
Cost
*
379,711
7% notes
Skg. fd. on 5 % bonds.
Int. on 10-yr.6% notes
Int. on unfunded debt,
186,653
■„
Contract No. 3.
bonds
186,653
1939
Capital stock—
350,000 shares at $100 each.
$9,715,988 a$5,188,305 $10,125,437
Co.'s fixed charges:
Int
396,013
14,363
375,162,166 362,110,635
Deferred credits to profit
gross
396,013
14,363
Manhattan
$9,933,497 a$5,188,305 $10,230,926
Co.'s
108,675
336,540
10,489,571
34,038,287
----
Total
of Sept. 1, 1922
Taxes due and accrued
a$5,691,421
Balance
127,575
„
Interest
2,624,491
264,818
147,919
49,334
awaiting distribution
Deferred charges—
Unamortized debt discount and expense
Profit and loss, deficit
Distribution in process
(rental)
Int. & skg. fd. on city
bds., contracts Nos.
1 & 2 (rental)—...
Div. rental @ 7% on
Manh. guar, stock.
Manh. Ry. cash rental
Other oper. rent ded'ns
'
368,540
•>
dry open accounts
Manhat'n Ry.
on
bonds
1,235,014
177,980
on
Outstanding checks
Income from opera'n.a$3,335,546
Current rent deductions:
399,846
Items
Interest and
a$l ,141,727 $14,947,684
2,193,819
2,389,695
Net oper. revenue
Taxes
78,922
10-year 6% notes.
.... —
...
Payments under court orders for receivership
expenses of Manhattan Ry. Co. (see Note 5)..
Special deposit with N. Y. Trust Co. under
Article 7 of agreement with Transit Commis¬
sion dated Aug. 30,1929
Federal taxes paid under protest
—
Guaranty Trust Co., trustee under 1st & ref.
mtge., proceeds of mortgaged property
for issue of 10-year
Subway
Division
$8,470,720 $37,842,588 $10,002,274 $38,209,026
749,666
3,835,828
691,118
3,809,549
Rev. from transporta'n.
Other st. ry. oper. rev..
U?296
83,522
2,218,404
_
Capital retirements to be replaced from depre¬
ciation reserve—Manhattan
a
Comparative Statement of Results from Operations for Years Ended June 30
.fikd.
15,296
Liabilities-
by
'
Accounts in suspense:
-
Income from operation
Current rent deductions...
79,224
20,937
216,834
of dis¬
Expenditures for Queens improvement
Net operating revenue.
Taxes
425,000
88,236
1
31,574 ji,*
216,834
count on 2d mtge. bonds
Deposited with trustee under consolidated
mtge. of Manhattan Ry. (see Note 3)
1938
1939
...$50,898,802 $52,711,967
37,092,845
37,993.907
i
425,000
existing railroads, contracts No3.1 and 2_.
Of Manhattan property.
Manhattan Ry. construction cash...
Manhattan Ry. bonds for amortization
Comparative Statement of Income Account for the System
.i
4,610,335 i 6,292,226
2,250,690
492,040
Cash and securities.
R epl acem ents—
Of
expenses
1,461,221
Depreciation funds—Contracts Nos. 1,2 and 3:
$1,300,090
625,604
$639,609
...
1,567,718
on
account reserves:
Interborough Rapid Transit Co.—Annual Report—
Years Ended June 30—
Gross operating revenue..:
replacements
124,563
v
Balance available for dividends.
149, p. 578.
Investments,
587,427
—V.
Int.
103,964
3,266 351
50.160
Deposits for int. on I. R. T Co. securities
Deposits for int. & div. rentals under Man¬
$1,186,814
483,945
124,433
$1,248,117
483,945
.
Interest charges
Other deductions
Operating
"
ment
12 Months Ended
Gross
'
Prepayments (ins., rents, taxes, &c.)
Deposits for specific purposes:
Unexpended bal. with Bankers Trust
350
387
50
50
469,849
$40,273
27,916
Net oper. income
Net income
'
Queens improvement fund
securs. for deposit with State Ind. Comm.
Bank balances equivalent to outstanding checks.
Accts. receivable, incl. interest accrued
1938
131
oper. rev..
33,511
126,759
2,564,747
204,943
170,000
8,730
709,498
218,363
Inv. in
$134,104
revenues
Uncollectible
31,336
147,309
6,381,544
Securities...
Current assets—Cash (see Note 1)
1939—7 Mos.
1939—Month—1938
450,551
12,301,278
12,u00
200,000
235,070
in trust:
Cash
$1,188,934
Indiana Associated Telephone Corp.—Earnings
Period End. July 31—
219,799
.
Investments:
__
$165,094
Uividends applicable to preferred, stocks for the
period, whether paid
1938
v
Subway Division—
$1,603,276
2,240
-Estate and Receiver—June 30
-
375,162,166 362,110,635
I(t
The Commercial & Financial Chronicle
1328
The
is Exclusive of the Following
Deferred Lems at June 30, 1939
Foregoing
Deferred
Balance Sheet
rental
the
under
with
contract
Y.
N.
the
Contingent
Dec.
Rapid
1939
1934, to date pending
10;
determination by the courts
as
to what
transactions are taxable thereunder.
Transit Corp. for the joint oper. of the Queens Subway Line.. $5,656,447
Deferred rental under revised contract with Collier Advertising
'
-
(9) The amount shown in these accounts represents the total of the prereceivership tort claims, the settlement of which was approved by orders
Service, Inc
700,000
Pre-receivership tort claims which will be a charge against in¬
come if and when paid (see note 9).
945,569
Deficit accruals under the elevated extensions certificate (see
note 10),
-—-—«,**—--254,275,382
Deficit accruals under contract No. 3
11,927,749
Transit Commission's objections to accounting under contract
No. 3 (see note 10),
5,295,370
1st lien of the City of N. Y. on assets of the contract No. 3
enterprise which were paid for out of subway earnings
3,212,398
Dividend rental on Manhattan Ry. assenting stock, payable if
and when earned under the provisions of the 1922 plan of
readjustment
■
30,161.758
Advances for construction and equipment under contract No. 3
not reimbursed from proceeds of securities (see note 11):
From corporate cash
13,322,290
From Manhattan division construction funds.
807,439
—
of the Court, viz.:
Application No. 104, order No. 248, March 30, 1936
Application No. 165, order No. 348, June 23, 1938--:
Application No. 183, order No. 414, June 20, 1939
-----—
$847,203
94,411
3,955
$945,569
specifically provide that they are claims against the estate
the receiver, and the payments are not
be made by the receiver, but are to be subject to the further order of
These orders
—
.
Aug. 26,
No accruals have been made for any additional sales or personal property
tax which has been or may be assessed under these laws for the period from
or
R. T. Co. but not against
of the I.
to
the Court.
The earnings during the receivership period have been charged only
(9a)
with the amounts actually paid in settlement of accidents and damage cases.
The accounting procedure under the contracts with the city does not permit
the accrual against current earnings of the estimated amounts of the un¬
settled cases, hence the foregoing balance sheet is exclusive of such liability.
-
(10)
adjudication
final
Pending
of
Transit
Commission's
objections
$326,304,402
Nos. 41 to 72, inclusive, with interest claimed thereon to Dec. 31, 1933,and
blanket objections to items in advance, similar to those contained in the
Issue of I. R. T. Co. 5% 1st & ref. mortgage bonds:
Bonds pledged with the Bankers Trust Co., trustee under
collateral indenture securing the 10-year 7% notes
54,989,000
Reacquired bonds heretofore pledged as collateral to 10-year
specific objections, all accounting will be maintained on the current basis
modified only to the extent of reflecting in the balance sheet and the con¬
tractual accounting, the transfers to suspense on account of contract No. 3
$5,295,370.
The total deficit
accruals under the elevated extensions
certificate is subject to similar objections aggregating $973,413.
This balance sheet is also exclusive of the
following:
7% notes
————— —
1,334,000
Bonds with the Guaranty Trust Co., trustee in special trust
under agreement dated Sept. 1,1922
6,241,000
(11)
of Foregoing Consolidated Balance Sheet
after
The separation of the cash in the hands of the receiver into separate
accordance with the agreement of Aug, 30, 1929, resulted as of
(1)
Current
Balances
x
Corporate.
Adjustment
Preferential
Subway division.
$4,377,248
89,013
1,915,283
z$15,657
365,186
*331 655
$17,874
zl7,874
Total
After
Adjustment
$55,996 y$4,417,587
y454,199
*55,996
1,527.632
1
Queens improvement---
$6,431,704
trust bonds then in the hands of the trustee under the special trust are to be
returned to the Interborough receiver under the Court order of July 9,1935.
When this transaction is completed the deferred credit to profit and loss
of $4,406,000 will become an actual credit.
As of June 30,1939, there were $75,488,000 par value of first and refund¬
ing mortgage 5% bonds in the sinking fund (which included the $4,406,000
of bonds hereinabove referred to) plus $349,093 in cash available for the
purchase of additional bonds.
K (3) This amount was collected by Interborough receiver account de¬
struction of Manhattan Ry. property and paid to the trustee of the Man¬
hattan consolidated mortgage under orders of the Court.
Other deposits
now with this trustee, proceeds of the condemnation or sale of
mortgaged
property, were paid direct to the trustee and consequently not included in
any Interborough accounting.
(4) All payments which the Court ordered be mad i by Interborough re¬
ceiver covering interest on Manhattan Ry. Co. consolidated and second
mortgage bonds and taxes assessed against the Manhattan Ry. Co. have
been charged against the accruals of such items on the books of the I. R. T.
Co. and the receiver.
These charges against the accruals are not the final
disposition of th^j items because the Court reserved the right to determine
in the future the question as to what fund or property such payments with
orlwithout interest are finally to be charged pending the disposition of the
question whether the Manhattan lease shall be affirmed and adopted or
disaffirmed and rejected by the receiver of the I. R. T. Co.
Such pay¬
ments to June 30, 1939, are as follows:
Principal
Interest
on
Manhattan Ry. Co.
Interest
on
Manhattan
Ry.
'
-
271,380
77,703
2,988
5,400
94
Compensation to City of N. Y. under
third tracking certificate.--
65,903
3,185
69,08$
assessed
taxes
Manhattan
against
mittee representing the
p.
Advances to receiver for current expenses
40,000
Illinois Terminal
RR. Co.-
July—
The
of these last mentioned payments is reflected in the
on the assets' side and designated as
"payments under Court
receivership expenses of the Manhattan Ry. Co.," the Court
having also reserved the right to determine in the future as to what fund or
property these payments are finally to be charged.
(6) Interest and sinking fund due July 1, 1938, and Jan. 1, 1939, on
first and refunding mortgage 5% bonds:
The total interest payable July 1, 1938, and Jan. 1, 1939, on the out¬
standing 5% bonds amounts to $11,163,300.
Of this amount, the Court
has ordered the payment of the interest due July 1,
1938, and Jan. 1, 1939,
on bonds outstanding in the hands
of the public and bonds pledged as
collateral to 7% notes, aggregating $7,609,200.
The interest on the bonds
held in the sinking fund, aggregating $3,554,100 has not been ordered
paid.
The sinking fund due July 1, 1938, and Jan.
1, 1939, amounts to $2,232,660.
Of this amount the Court has ordered to be paid that portion
payable in cash amounting to $348,660: the balance of the sinking fund,
which may be paid either in bonds or cash, has not been ordered
paid.
(7) The first and refunding mortgage 5% bonds, the defaulted 7% notes
and the defaulted 6% notes, were issued for the
following purposes:
aggregate
balance sheet
Net after
To Provide Funds for—
and equipment
contract No.
'
5% Bonds
7% Notes
6% Notes
under
3
1938
1937
$455,995
$458,250
143,129
142.344
Case
com¬
1936
83,029
82,368
$493,970
161,430
98,016
3,152,793
936,679
521,284
2,951,513
788,856
358,882
3,616,314
1,309,879
818,104
rents
From Jan. 1—
Gross from railway,
Net from railway
_
—.
Net after rents
—V. 149, P. 731.
Insured Investors,
$458,259
149,990
88,290
3,377,544
1,210,108
832,259
Inc.—Registers with SEC—
See list given on first page of this department.—V. 147, p. 742; V. 144.
p.
1603.
Intercontinental Rubber Co. (& Subs.)6 Mos. End. June 3C—
Profit from operations.
Gen.
&
sales
1939
can
plants
Net
$41,906
$298,100
1936
$83,715
27,919
28,180
29,327
26,591
16,497
22.911
35,483
30,343
$189,183
loss$9,184
$233,289
$26,780
(Mexi¬
and
Cali¬
properties)_
inc.
-jEarnings-
1937
1938
$233,599
and
exps.
before taxes
and depreciation
Sundry credits to income
(net)
Cr3,608
Prov,
for U. S. normal
income tax also foreign
inc. and other taxes._
34,960
3,855
33,000
Net inc. before deprec.
$157,831
60,865
loss$13,039
64,737
$200,289
45,851
33,988
Net inc. to surplus
Earned deifict, Jan. 1__
$96,967
45,932
loss$77,776
surl08,742
$154,437
76,172
loss$7,207
Earned surp., June 30
$142,899
$30,966
$78,265
Depreciation
Note■—Above does not include
any
provision for U.
S.
$26,780
92,542
def$99,750
tax on undis¬
tributed profits.
for
Construction
the Palmer
-Earnings-
1939
Gross from railway
Net from railway...
$368,539
orders
groups are
7% noteholders has approved the plan.—-V. 149,
...
—
.
security holders'
1179.
fornia
$11,601,949
$281,352 $11,883,301
(5) The payments referred to in note 4 are exclusive of allowances made
by the Court for compensation and expenses of the following:
Receiver of the Manhattan Ry. Co
$81,000
Counsel for receiver of the Manhattan Ry. Co
168,758
Engineers for receiver of the Manhattan Ry. Co
49,781
Accountants for receiver of the Manhattan Ry. Co
20,500
Special master
8,500
$3,487,438
notes, representing a minority group of holders of these notes.
the
Ry. Co
10,642,292
bonds have been aurhorized
no
holders' groups.
Chief dissenters among the junior
83,103
3,084
Federal
re¬
committee for Manhattan Ry. unmodified guaranteed stock: the Faulkner
committee for I. R. T. unsecured 6% notes and the I. R. T. stock com¬
mittee.
Also opposed is the Johnson committee for I. R. T. secured 7%
2,506,386
9th Ave. special franchise tax
be
168,000
miscellaneous taxes
$272,672
are to
Early adoption of the proposed I. R. T.-Manhattan Ry. unification
plan was forecast Aug. 22 following the conclusion of hearings before the
Transit Commission on the agreement whereby New York City will pur¬
chase the combined system properties for $151,248,187.
Chester W. Cuthell, special counsel to the Transit Commission, said he
expected to have his report on the plan ready within the next few days.
It is expected that the Commission will take final action shortly thereafter.
Following adoption by the Commission, the plan goes to the Board of
Estimate for approval.
It will then be formally presented to the U. S.
District Court, where both I. R. T. and Manhattan Railway are in re¬
ceivership.
■
The plan, which contemplates foreclosure of the mortgage in the case
of each of the companies, has been agreed to by representatives of the
principal committees for all of the I. R. T.-Manhattan Ry. senior security
Shut-down exps.
2,233,714
-------
eliminating $4,406,000 which
_
271,380
ap¬
Ended—
Total
$8,950,260
Co. 2d
mortgage bonds
Real estate & special franchise taxes
assessed against the Manhattan Ry.
Co
Interest
-$8,950,260
trust
subject to pending and future applications
con¬
solidated mortgage bonds
$14,129,729
special
Early Adoption Seen for I. R. T.-Manhattan Plan—Hearings
32,286
$6,431,704
Possibly subject to reduction upon settlement of Transit Commission's
objections to accounting under contract No. 3.
y These balances are after
the transfer from corporate cash to Manhattan operating cash of $10,210,000, divided as follows: Prior to Aug. 26, 1932, $600,000—subsequent
to Aug. 26, 1932, $9,610,000.
z Indicates red figure.
(2) The amount of sinking fund deposit in excess of accruals to Jan, lt
1938. consists of $4,406,000 of bonds paid into the sinking fund from the
special trust which under the order of the Court of July 9, 1935, are to be
withdrawn from the sinking fund.
When and if the $4,406,000 of special trust bonds ari withdrawn from the
sinking fund the outstanding bonds will be reduced by that amount, the
special trust bonds will be correspondingly increased and all the special
x
into
Balance of advances for which
$6,399,418
...
issued
Par value of bonds aurhorized upon which no cash realization
has been had
Bal.
$6,381,544
50,160
Manhattan division.—
been
turned under court order
funds in
June 30, 1939, in the following
Actual
have
plicable to contract No. 3, following authoriza¬
tion by the Transit Commission in cases Nos.
2786 and 2989 amounting to
$10,810,292
Of which there has been paid into the sinking fund
$62,564,000
Notes and Comments
Against these advances of
Bonds
Consolidated
Assets—
Cash
Balance
June 30 '39 Dec. 31 '38
hand and
on
demand deposits
Accts.¬es
rec.
Mat'l8
x
&
$5*9,560
82,884
89,026
103,643
232,672
names,
50,090
3,129,570
1
1
740
&c
740
Advs., claims <fe de¬
posits.
accruals
for
—
U.
S.
sub.
int.
21,326
95,008
63,561
2,520
3,102
In
7,200
company..
2,980,020
1,003,313
y Capital stock
Capital surplus
Earned
$11,774
24,199
&
foreign taxes...
Minority
$11,665
incl.
7,200
2,980,020
1,003,313
surplus
142,899
45,932
$4,267,406
$4,135,645
since Jan. 1 '35.
after de-
duc'n of reserves
Prepaid
pay
Sundry reserves
49,813
3,070,443
Patents, trade
Securities owned._
payable...
Accts.
-
Res.
supplies
at cost less res've
Fixed assets
June 30 '39 Dec. 31 '38
Liabilities—
Drafts
$870,735
Shrub & rubber on
hand <fc In transit
Sheet
14,431
15,189
73,856
67.936
and def'd
charges
Treasury
stock
•860
860
-$86,546,463
13,195,666
14,463,237
$17,021,563
9,904,547
2,305,583
$8,622,448
1,269,325
295,474
provements.
3,602,634
Refunding of prior obligations
52,615,000
Refunding of obligations to the Rapid
Transit Subway Construction Co__
2,260,000
2,440,407
312,753
$1,989,692 in 1939
issued to June 30,
1939, 595,591 shares; remaining to be issued to complete exchanges under
1926 reorganization plan, 413 shares; total, 596,004 shares stated at $5
per share.—v. 148, p. 3067.
$172,683,000 $31,672,100 $10,500,000
The sales tax under the City of N. Y. local laws has been paid on
material purchased from stock located in the
city and charged to the ap¬
propriate accounts.
Louis Ware on Aug. 18 became President of this
corporation, producer of
fertilizers, and is to resign soon from the Presidency of the United Electric
Coal Co., which he has headed for four years.
He succeeds J. J. Watson,
Manhattan third trackingElevated extensions.
Manhattan division power plant im¬
-.
__
------
(8)
Total
$4,267,406
$4,135,6451
Total
x After reserves for
depreciation and amortization of
and $1,931,385 in 1938.
y "Authorized 604,000 shares;
.International Agricultural Corp.—New President—
who died
on
March 30 after
a
quarter century of service.—V. 149, p. 1179.
Volume
The
149
Commercial & Financial Chronicle
International Cigar Machinery Co.- —Earnings—
1938
1937
1936
$1,315,682
2,098
$1,576,245
$1,432,688
Interest earned
735
2.778
i_
$1,384,592
488,170
100,266
135,112
22,437
$1,576,245
616,385
82,618
126,709
24,784
561,014
78.770
$621,701
600,000
$725,749
600,000
$629,756
540,000
$38,607
1,791,263
$21,701
1,619,431
$125,749
1,545,728
$89,756
1.535,746
$1,829,871
$1,641,132
$1,671,478
,625.502
600,000
600,000
$1.06
...
$1,317,780
455,381
90,297
125,087
25,315
$1,435,466
$638,607
600,000
Total income
Cost of sales & expense..
Deprec. & amortization.
Federal taxes
Other corporate taxes
$1.04
600,000
$1.21
116,309
14,313
x35,302
Maintenance and repairs
Net profit
Dividends paid
Balance,
——
—
surpius
Prev. surplus (adjust.)..
Profit & loss surplus..
com. stk. outstand.
Shs.
Earnings
per
share.
Experimental expense.
x
The stockholders will vote Sept.
1939
$1,383,857
6 Mos. End. June 30—
Royalties and sales
600.000
$1.05
1939
Capital stock...10,000,000
114,744
300,189
279,258
16,589
5,902
64,346
1,829,871
139,121
y
563,152
Accounts payableTaxes pay., accr..
345,782
195,384
522,001
87,913
51,085
&c
(affil.
company)
contingencies
Surplus...
101,821
After
x
1938.
y
...
17,097
39,333
....
123,778
Net income.-
$107,496
...
Pro Forma Balance Sheet (Westates
Petrloeum Corp.)
[After Giving Effect to Proposed Acquisition of Properties June 30,
12,164,978
12,323,740 12.1C4.978
Tot; 1
reserve for amortization Of $3,904,224 in 1939 and $3,754,062 in
Represented by 600,000 no par shares.—V. 148, p. 2746.
International Mining Corp.—Earningsincome
Deductions
Provision for Federal normal inc. tax.
x Net income
Common dividends
1938
$179,421
168,393
....
$264,014
"$123,426
$116,426
104,415
...
$2,795,827
Royalties
353,240
Undeveloped properties...
146,035
Bldgs., machinery & equlpm't.
264,624
Current assets........
237,321
Producing properties.
1937
$203,999
72,973
7,600
1939
$191,315
64,889
10,000
6 Months Ended June 30—
Total
1939
Liabilities—
Assess—
"Total
$163,925
.....
Depletion and depreciation
50,390
12,325,740
6,142
_____
Total
10,432,018
Deferred charges..
$157,784
Reserve for special
162,080
10,463.211
Inventory
x Patents, licenses,
$37,502.
Other income
Other expense
payable
Accounts
534,919
39,397
Corp.)
$296,702
138,919
—-
_
1,641,132
130,217
672,227
rec., deferred
30, 1939 (.Italo Petroleum
114,908
Fixed assets
Accts. receivable..
corporation (Westates
with an authorized capital
new
a
royalties of $101,724. J
Net operating income
10,000,000
Cash......
Notes receivable..
$
$
TAabilittes—
Accounts and notes
provides that
$10,000,000 (par $2.50).
The plan provides, among other things, that
subject to the assent thereto being obtained in the manner required by law
from the stockholders, the Division of Corporations, Department of In¬
vestment of the State of California, and other requisite authorities having
jurisdiction over the same, (a) Italo exchange, transfer and convey all of
Its assets, properties and rights, at their re-appraised values, subject to all
its liabilities and obligations, for 1,290,775 fully paid, non-assessable $2.50
par shares of Westates, which number of shares computed on the basis of
$2.50 each, is equal to the appraised net worth of Italo; (b) Italo thereafter
exchange and distribute to such of its stockholders as may assent to the
plan two shares of Westates for each share of preferred stock of Italo, and
one share of Westates for every 10 shares of common stock of Italo owned
by assenting stockholder; (c) upon the completion of such exchange Italo to
be dissolved according to the laws of Delaware.
The present board of directors and management of Italo will constitute the
board of directors and management of Westates.
1938
1939
$
Plan—
on
of
Production expense, $101,417; administrative expense,
1938
$
America—To Vote
11 on approving the plan of reorganization
Petroleum Corp.) will be organized in Nevada,
Gross operating income—less
Balance Sheet June 30
Assets—
dated July 29. 1939.
The plan of reorganization
Statement of Income for 6 Months Ended June
'
\
1329
Italo Petroleum Corp. of
Total......
Notes payable
$464,640
-
105,470
Current liabilities
Capital stock ($2.50 par)
3,226,938
Total..............
.$3,797,048
$3,797,048
...
—
-V. 149, p. 1180.
73,593
11,000
Jacksonville Gas Co.—Earnings—
Nil
$11,028
524,373
561,373
Earnings per share._______
$0.24 .
$0.32
x
After proportion of Federal normal income tax, but exclusive of net
$12,011
518,973
$0.22
Surplus......
common stock (par $l).-__
Shares
profit on investment transactions.
6,007
4,729,630
...
Invest. & advances
Ad vs.
for
mine
trav.
exam.
135,539
Liab. for pay.
60,310
523,273
Com. stk. ($1 par)
247
Capital surplus...
Prepaid N. Y. St.
franchise
Income surplus
2,590
tax
$234,353
8,605
$232;268
12,259
$235,090
$242,958
119,106
117,448
$244,527
124,022
125,197
$239,732
126,962
129,776
aCr3,176
aCr3,176
aCV3,2l2
$9,580
b$l,515
b$13,794
1,314
1,187
'
Gross
Interest
Inv. transac. surp.
a Rec'd on acct .of prior year accruals
b Indicates loss,*
—V, 148, p. 3224.
Jewel Tea Co.,
p.
$5,460,306 $5,186,493
Total
$5,460,306 $5,186,493
.....
148,
Capital assets—
_
trust fund assets
Cash
registeredli *t
Corporation's subsidiaries operating in nine countries
The nine countries are Argentine,
Brazil
1
2,175,793
232,272
2,656,154
surr.
val.
509,607
Cash....
July, 1936.
Com.
Chile, Cuba, Mexico, Peru,
stock
acceptances—.
127,461
356,989
213,151
Accounts payable.
297,959
245,2.48
Accrued wages and
bonuses
for
68,018
1,446,718
of
15,338
586,455
552,731
40,246
111,164
112,323
50,704
accruals..'
Liabils. for real est,
purchases....—
45,140
70,179
30,573
Res. for contlng..
285,000
12,228
Res. for auto acci¬
&
deposits46,356
6,319
Deferred charges..
995,112
214,261
296,590
pts. & devel'ts..
& savs.
10.744,048 10,548.164
Total
The Securities and Exchange Commission
deposits
2,349,808
•
'
'
■
_■
Island Gas & Electric Co.
|-.
.
-
(& Subs.)—Earnings—
1939—6 Mos—1938
Period End. June 30—
1939—12 Mos.—1938
Operating revenues—$955,551
Oper. expenses & taxes..
501,875
$883,905
473,093
$1,927,294
1,021,835
$1,786,320
931,489
$453,676
9,832
$410,811
17,028
$905,459
22,440
$854,831
34,236
$463,508
109,783
$427,840
102,292
$927,899
220,640
$889,067
198,777
$353,725
$325,549
$707,259
$690,289
a
Net oper. revenues.
Nonoperating income
a
Gross income
...
Int. & other inc. chgs.
.
.
published in
Jobns-Manville
Corp.—To
Pay 75-Cent Common Div.—
share on the
payable Sept. 25 to holders of record Sept.'11.
This will be the first dividend paid on the common shares since Dec. 23,
1938 when 50 cents per share was distributed.
Prior to then an extra
dividend of $1 and a regular quarterly dividend of 75 cents per share were
paid on Dec. 24, 1937.
common
21 declared a dividend of 75 cents per
stock, no par value,
Directors Resign—
It
was
announced on Aug. 21 that the board
of directors had accepted the
resignations of H. E. Manville Sr. and George Whitney as
had elected Henry C. Alexander as a new director.
H. E. Manville has not been in good health for some time
directors and
ond, upon his
$19,647
$11,505
$50,000
Kansas City Public Service Co.—Deposits—
of $9,837,000 4% first mortgage bonds had deposited their
depositaries in conformance with the traction's plan for
capital readjustment as of the close of business Aug. 19.
Thi was equiva¬
4,624,880
59,860
114,263
Cash
474,114
Accounts receivable
govts.
x
Indicates loss.
143,284
21,253
Other receivables
349.792
23,594
52,905
9,708
5,828
Mdse., materials & supplies..
Prepaid insur., taxes, &c
Engineering survey
Retirement work in progress.
Other deferred debits
Holders
$7cum. pref. stock ($1 par).
Common stock ($1 par)
$16,243,1181
capital
100,000
stock
271.
lent
to
4,105,500
90% of the
Prop, purch. obligation
Notes payable
2,500,000
6,863,997
p.
730,055
39.973
Consumers' deposits
Deferred credit items
100.212
....
a
Equity of min.stkhldrs.__
Capital surplus
Total
and surplus
1,620
177.615
Reserves
1,158
2,453.161
149,
Southern Ry„—Seeks Loan—
has asked the Interstate Commerce Commission for per¬
$2,565,000 of 10-year 3% secured notes in connection with
its acquisition of control of the Louisiana &
rkansas Ry.
A
The notes will be used to acquire 60,000 shares of L. & A. prior preferred
stock at $45.25 a share, or a total of $2,715,000, of which $150,000 will
be paid in cash and the balance, $2,565,000, in notes.—V. 149, p. 1180.
The company
mission to issue
994,012
Kellogg Co.—New Vice-President—
$16,243,118
of subsidiary company.—V.
least
1180.
Kansas City
113,838
Interest accrued
Taxes accrued
of the issue outstanding.
To become effective, at
bonds must be deposited in acceptance of the plan.—V.
81.67%
Bonds
Deficit
Total
pany
certificates with
Accounts payable
&
municipalities
p.
.
„
x$20,487
..$10,363,630
Investments
147,
„
21,530
Sinking funds & spec, depos..
common
,
657,254
Liabilities—
Fixed capital
In
,
50,152
provision for retirements,
foreign
.
,
for the 28 weeks ended July 15 was
637,460
*
from
,
The income statement
V. 149, p. 1180.
10,394
Consolidated Balance Sheet June 30, 1939
a
for doubtful accounts.
335,642
$8,372
Net income
Due
10,744,048 10,548,164
physician's advice, had requested that he be relieved of his duties with the
company.
Mr. Manville had completed 49 years of service with the com¬
which bears his name and in which over the years he had served in
many capacities, including Secretary, Vice-President, and as President from
March, 1924, to June, 1927.
It was announced that the post of Chairman would not be filled, and In
accordance with the by-laws of the company the President of the corpora¬
tion, Lewis H. Brown, will preside at directors' meetings and will continue
as the chief executive officer.—V. 149, p. 579.
of
subsidiaries
Int. & other inc. chgs. of
Islands Gas & El. Co.
A. sscts
...
32,337
Gross income
Before
...
After
313,017
Prov. for retirements
a
y
Total
depreciation of $1,607,686 in 1939 and $1,512,094 in 1938.
Represented by 280,000 shares no par value,
z After deducting reserve
x
Directors on Aug.
1472.
509,607
2,510,158
Jewel em pi. surety
the San Francisco Mining Exchange to strike from
p.
225,160
507,434
dents & fire loss.
1,094,379
285,000
"4
198,021
Res. for alter., lm-
Cap Copper Corp.—Delisting—
has granted the application of
listing and registration
the common stock ($10 par), the 6% non-cumulative preferred stock ($10
par) and the 7% non-cumulative prior preferred stock ($10 par) of the
corporation.
The application for delisting stated that the company had
failed to pay its annual listing fees to the Exchange and that it had requested
the Exchange to apply to the Commission for delisting.
The order for
delisting becomes effective at the close of business on Sept. 1.—V. 142,
280,000
employees dep..
Surplus.
Iron
328,904
560,000
Federal taxes, &c.
60,801
1,102,676
Loans to empl's....
& T. showed a net increase
40,456 telephones in service in these nine countries, contrasted with
gains of 40,595 in the January-July period of last year, 35,693 in 1937 and
24,565 in 1936.
Subsidiaries operating in countries south of the United States contributed
a gain for the seven months' period of 25,265 telephones, to bring total
system telephones in service in these nations to 633,367.—V. 149, p. 879.
Invest.
482,893
...
payable
Sundry
employees..
Miscell.
Dtvs.
Retirement Estates,
held
Puerto Rico, Rumania and China (Shanghai).
In the first seven months of this year I. T.
4,935,462
2,440,905
of
life ins. policies.
with an increase
$
$
4,935,462
Common stock..
Letters of credit &
2,372,361
507,434
y
employees'
Jewel
Phones—
gain in July of 6,160 telephones in service.
This compares
of 5.681 a year ago, 5,623 in July, 1937, and 3,253 during
2,599,160
1
i_
Accts. receivable
Investments
& Telegraph Corp.—Gain in
2,598,708
Goodwill
z
International Telephone
July 15 '39 July 16 '38
Liabilities—
$
S
AssctS""*"
Inventories
3068.
Inc.—Balance Sheet
July 15 '39 July 16 '38
L>r7,623
x
Total
-
83*539
Z)r27,864
4,642
indebtedness of Am. Gas &
on
Net income.
524,373
4,422,477
4,432,563
12,011
317,786
Treasury stock
-V.
income.
Power Co., accrued
un¬
der contracts...
24,665
Net operating income..
Non-operating income
65,000
Res. for conting's.
4,451,910
&
exp.
$577,996
342,906
$8,649
90,077
$6,687
Provision for taxes
$713,453
20,883
$697,414
Receivables
1938
1939
Accounts payable.
hand.
on
1937
$588,016
355,748
Other deductions.
June 30
Liabilities—-
1938
1939
Assets—
1938
$588,063
353,710
12 Months Ended June 30—
Gross operating revenues
Interest deductions
Balance Sheet
Cash in banks and
1939
Operating expenses
123,426
Earle
J.
a
has been elected Vice-President of this company in
He has been with the company for 25 years and is already
Freeman
charge of sales.
director.—V. 149, p. 733.
The Commercial & Financial Chronicle
1330
1039
Assets—
1939
1938
Net sales
$14,116,963
Cost of sales, selling and
administrativeexpense 13,319,463
$14,729,516 $15,070,700 $14,448,319
14,621,433
13,702,475
$1,081,474
Foreign exchange loss...
15,080
Interest
N. Y. State Branch tax.
2,375
12,856
223,770
Depreciation
Prov. for silk commitm'ts
Miscell. deductions....
$1,058,117
$394,983
C'r5,315
9,516
20,019
251,293
277,918
stock
•
Balance, surplus
10,740
10,549
8,240
305,330
8,000
"5" 835
7,553
274,387
392,000
$119,470
43,015
499,850
$71,075
400,000
def$54,521
401,900
$2.18
subsidiary
on a
1938
Employees'
Investments
1,551,028
Accounts
Cash
1,539,819
1,720,159
1,728,051
Notes & accts. rec.
K(less reserve)... 1,329,787
1,344,180
72,176
67,716
cos
500,000
pref..
$476,750
$514,350
1,960,000
1,960,000
and
r
—
27,548
2,870,751
Deferred charges..
of affiliated cos.
1,400
payable.
174,945
prior
imports
2,978,455
68,117
49,828
$10,309,507 $9,678,790
8,234
40,435
551,905
25,000
Taxes prior years.
Res. for poss. duty
on
345,600
81,870
contracts payable
4,800
353,846
83.818
Accrued liabilities.
1,387,401
Acer. Fed. inc. tax
14,754
1 ,162,940
476,419
Long-term llabils.
Cap. stk. (par $1)
1,219,954
charges.
Patents, tr. names,
1
Ac
223,856
Includes
accrued interest
only.—V. 149,
1,575,092
428,163
y
1,228,060
$13,630,979 $5,465,573
Accounts
receivable,
trade
1029.
p.
Louisville
of surplus.
Total..
receivable,
36,132
600,879
24,774
Paid in surplus
S5,405,573|
Total........$13,630,979
44,276
775,000
4,580,116
Capital surplus
&
Gas
Electric
Co.
(Del.)—Larger Class B
Dividend—
a dividend of 25 cents per share on the class
25 to holders of record Aug. 31.
This com¬
12^ cents paid on June 24, last, and dividends of 37K cents
per share paid on March 25, last and Sept. 25, 1938 and each three months
previously.—V. 149, p. 1182.
shares payable Sept.
common
pares
with
McKesson
&
Robbins,
Inc.
(&
Subs.)—Earnings—
1939—3 Mos.—1938
Net profit after Federal
income taxes....
$981,288
1939—6 Mos.—1938
234,865
for'n purch..
20,000
85,000
4,520,924
4,090,495
2,538,049
2,532,549
Other reserve
$1,709,856
$186,973
$348,089
339,822
........$10,309,507 $9,678,790
1939 and $6,399,356 in 1938.-
1939—3 Mos.—I938
Operating revenues$2,323,631
Oper. expenses and taxes
1,445,603
Net operating income.
Other income (net)
&C-—
1939—'-l 2 Mos —1938
$9,587,638
$9,045,796
5,870,335
5,786,265
$2,188,781
1,405,008
$878,028
1,531
$783,773
23,098
$3,717,304
18,047
$3,259,530
159,866
Gross income
Int. & other deductions.
$879,559
522,612
$806,872
546,938
$3,735,351
2,154,851
$356,947
114,016
94,681
$259,933
114,016
94,681
$1,580,500
$1,224,594
456,066
378,686
378,684
$148,250
$51,236
$745,748
$389,843
^
$186,973
$1,370,034
$186,973
$1,502,326
117,338
-----
Balance
$348,089
132,292
$863,761
$348,089
Notes—No provision has been made in 1939 for interest on the 20-year
5H% convertible debentures.
Also the operations for the first six months of 1939 include a non-recurring
credit of $75,338 arising out of the liquidation of certain notes receivable.
The figures for the three 1938 periods shown above are after recon¬
struction so as to eliminate fictitious sales and profits in the crude drug
department.
Coincident with the release of the earnings, William J. Wardall, trustee,
announced that July, 1939 sales of McKesson & Robbins, Inc. and consoli¬
dated subsidiary companies, according to preliminary figures, showed an
increase of 4.68% over July, 1938.
Total sales for the month, including
the liquor division, were
$10,332,829 compared to $9,871,051 in July
of last year.
For the first seven months of this year, total sales were
$82,000,458 according to preliminary figures, as compared with $81,169,014
for the same period of 1938.—V. 149, P. 680.
$3,419,396
2,194,802
Net income
Divs. on 6% pref. stock.
Divs. on 7% jr pf. stock
_
$746,423
bond,
7,537
surplus...
Total
Balance
Recoveries by the trustee
under Fidelity
Kentucky Utilities Co. (& Subs.)—Earnings—
Period End. June 30—
158,458
111,544
purchase
2 702,697
Inv. <fe advances..
Reorganization expenses
paid by the trustee
1,500
taxes curr. year.
a
After depreciation of $6,544,070 in
V. 149, p.1180.
r
1,000
Period End. June 30—
year's
Capital surplus
....
51,754
Res.for add'l duties
Earned
Total
1,000
114,117
.
mtges.
liabilities accr'd.
314,445
69,001
Sundry debtors...
Property
192,236
82.207
340,638
Sundry credits and
Adv. to Australian
...
1938
Res. for Fed'l inc.
with mutual
Inventories
1939
Com.stk.(par $5).
Bonds
on
.....
payable...
Deferred
B
Liabilities—
a Land, bldgs., ma¬
chinery & equip_$2,0l7,130 $1,750,103
Pats., trademarks
and goodwill
1
1
subsidiary
Wages
Taxes payable
Commls'as pay...
Directors have declared
Consolidated Balance Sheet June 30
1939
742,564
439,270
Fixed assets
$1.51
company.
248 071
157,198
con¬
1,457
(cost)..
$645,842
37,225
663,138
$326,985 def$423,395
392,000
392,000
$1.83
$0.18
i,
on
7,196
18,738
Aircraft Assoc'n
35", 060
$917,985
43,960
802,950
rec.
tracts
employees
$1,023,762
T, 072
a95,000
Including $1,250 undistributed profits tax
Ctf. of deposit
Ad vs.
Earns,
$759,028
40,043
Shs.com.outst. (par $5).
Earns, per sh. on com..
insurance
2,657,690
Acer. Int. recelv..
x
Dep.
485,050
6 ,739,991
-
1.256,666
Cust's' deposits—
yl ,481,853
Inventories
M'berehip in Mfrs.
$1,303,834
27,929
40,435
Net income
Em pi. pref. stock
Assets—
Notes payable
Accts. & notes rec.
$745,844
245,716
_
Prov. for Fed. inc. taxes
a
Liabilities—
1939
1938
Accounts payable.$3,091,450 $1,346,275
1938
1365,541
$1 ,109,913
Cash....
(net)
14,012,583
$108,083
286,900
$797,500
283,974
Total income
on com.
1936
Ad vs. to officers &
Income from operation
Other income
Divs.
1937
1939
Balance Sheet June 30
(Julius) Kayser & Co. (& Subs.)—Annual Report—
Years End. June 30—
Aug. 26,
MacKinnon Steel Corp.,
Ltd.—Accumulated Dividend—
The directors have declared
Balance.
456.066
Earnings of Company Only
Period End. June 30—
1939—3 Mos.—1938
Operating revenues..... $1,854,938
Oper. exps,& taxes
1,159,369
1939—12 Mos.—1938
$1,741,800
$7,608,724
,1,119,405
4,697,475
$7,112,804
4,547,109
Net oper. income
Other income (net)--
$695,569
432
$622,395
14,472
$2,911,249
11,628
$2,565,694
133,317
Gross income
Int. & other deductions.
$696,001
374,619
$636,867
397,380
$2,922,877
1,551,318
"$2,699,012
$321,382
114,016
$239,486
114,016
$1,371,558
456,066
$1,107,800
456,066
1,591,211
I*
Net income
Divs. on 6% pref. stock.
Divs.
on
7% junior pref.
stock
94,681
94,681
378,686
378,686
$112,685
$30,789
$536,807
$273,048
a dividend of $1.75 per share on account of
cumul. pref. stock, par $100, payable Sept. 15,
1.
Like amount was paid on June 15 and March
15, last, Dec. 12, Sept. 15, June 15 and March 15, 1938 and on Dec. 15,
1937, this last being the first dividend paid by the company since February,
1933, when 87M cents per share was distributed on this issue.
Prior to this
latter date regular quarterly dividends of $1.75 per share were paid.—V. 148,
p. 3379.
accumulations
the 7%
to holders of record Sept.
Madison Rys.
Sales...—.....
1939—32
$
17,227,011
16,226,889
Remainder..
x
p.
145,367,563
3,912
141,220,352
4,019
1939—3 Mos.—1938
$25,907
$1,258
After depreciation,
3691,1481.
$170,480
&c., but before Federal income
Earnings
per
1939—Month—1938
$196,887
$180,946
share...
$0.44
After depreciation and Federal
common stock.—V.
149, p. 580.
x
Loblaw Groceterias Co.,
Period End. July 23—
Sales.
income
$11,366
taxes.—V.
148.
55,485
1939
1938
—x$12,565,118 x$5,lll,699
See
_
.
Gross profit
116.564
108,367
Watson
has
announced
the formation
x
See
x
1937
$664,281
3,307
$2,331,917
500,907
$1,049,365
511,401
$753,943
339,413
$161,344
91,653
$1,831,010
$537,965
$69,691
12,123
54,931
.
.
Depreciation
Provision for est. U. S.
normal Fed. inc. tax.
Net profit
32,619
$414,530
21,513
$1,885,941
1,118,141
yl39,577
$570,583
303,744
84,985
$436,043
64,669
40,169
$81,814
19,031
16,063
119,362
30,780
49,642
6,507
$151,075
$281,563
$40,213
$0.66
$0.23
).43
$0.08
on
After deducting returns and allowances,
preparing a letter to go to the stockholders under
firm of Duer, Taylor, Wright & Woods, Mr,
Watson said.
"The committee believes that in view of the fact that the
Deprec. and amortization
city's
of both companies,
the value of the unmodified stock will be limited to the claims which can
be proven in Court against the Interborough estate, as the foreclosure action
will
of course
legally wipe out the equity of the junior securities in this
respect.
"The committee also feels that
as
the modified agreement of the Inter-
borough with 93 % of Manhattan stockholders has undoubtedly been broken,
legally both stocks are on the same basis except for the difference of the
accrued dividends, and therefore any unmotified stockholders who do not
accept the city's price of $35 a share, may have to be content with not over
the price of $19 a share allocated by the city to Manhattan modified stock¬
holders.
"The committee points out that in an attempt to get a price of more than
a share the dissenting unmodified stockholders will be under great
$19
1939
5,063,758
5,429,708
462,093
690,000
—
expenses
Maintenance
Provision for retirements
Balance before provision for taxes.
Provision for taxes
;
income
on
———
Other interest
Amortization of debt discount and expense..
Less interest charged to construction
Net income
-V. 149, p. 1030.
$2,158,180
166,294
$2 ,307,684
12,427
8,159
_—
.....
long-term debt..
$5,510,946
2,233,353
479,412
640,000
174,272
Operating income
Other income (net)
Gross
$4,280,748
1,217,771
5,481,956'
Total operating revenues.
Interest
1938
[,671,949
.,377,982
13,826
Transportation
Operating
148, p. 2432.
Co.—Earnings—
Operating revenues—Electric
__
y
committee to
the supervision of the law
Balance
$508,861
share
stock
a
The committee is composed of Robert G. Winmill, Alphonse A. Shelare
Theodore S. Watson, Chairman.
The committee reserves the right
to add members and is now
12 Months Ended June 30—
1936
$2,653,725
8,733
$660,974
499,630
.
of
and
Manila Electric
$2,644,992
1,891,049
Other income
x
1939—8 Weeks—1938
$3,648,776
$3,333,857
$5,111,699
4,062,334
.
profits...
per
On 450,000 shares
$12,565,118
10,233,200
>
common
y
$1.90
Corp.—Earnings-
6 Mos. End. June 30—
Returns and allowances
Earnings
$2.44
Ltd.—Earnings—
50,070
S.
personal expense for long drawn out litigation."—V.
Lockheed Aircraft
Operating
1939—7 Mos.—1938
$1,095,858
$853,439
taxes,
—V. 149, p. 417.
Sales
Theodore
represent Manhattan Ry. unmodified stock with a view to acceptance for
that issue of the terms of the proposed I. R. T.-Manhattan Ry. unification
pian provides for the foreclosure of the senior mortgages
$0.40
1939—4 Weeks—1938
$1,783,337
$1,642,062
Net profit after deprec.,
income taxes, &c
n
early date.
The Federal District Court has authorized the purchase of 10 new 24-
He said:
Period End. July 31—
Net profit...
y
$8,777
plan.
1939—9 Mos.—1938
(R. G.) Le Tourneau, Inc.—Earnings—
x
$16,372
—
W. A. Deyine, in a notice to the bondholders, states that application to
the Federal Court for approval of the reorganization plan will now be made
Manhattan Ry.—Stock Committee Is Formed—
$
Lakey Foundry & Machine Co.—Earnings—
x
$12,142
3,365
Net operating income
Bus interest, finance expense, &c.
161,408
26,748
Weeks—1938
$
Stores In operation.
-V. 149, p. 734.
Period End. July 31—
Net profit
.
garage.—V. 148. p. 2432.
1939—4 Weeks—1938
$
-
$200,298
$19,372
2,999
Total operating expenses and taxes
Depreciation estimated
1938
1939
$212,177
166,142
26,663
revenue
passenger buses at a cost of approximately $50,000, to comply with the
order of the Wisconsin Public Service Commission, dated April 21, 1939.
To house these new buses, the company is building an addition to the
Kroger Grocery & Baking Co.—Sales—
Period End. Aug. 12—
Co.—Earnings—
6 Months Ended June 30—
Total
at an
Balance
—V. 148, p. 3225.
on
.
$1,991,885
22,457
$2,315,843
87,353
$2,014,342
98,256
$2,228,490
1,012,295
104,100
Cr2,952
$1,916,086
1,023,741
104,100
CY3.197
$1,115,047
$791,442
Volume
The
149
Marion Reserve Power Co.-
Commercial & Financial Chronicle
1331
Milnor, Inc.—Earnings-
-Registers with SEC—
The company Aug. 18 filed with the Securities and Exchange Commission
registration statement (No. 2-4167, Form A-2) under the Securities Act
of 1933, covering $7,750,000 first mortgage bonds, due Sept. 1, 1959.
The
net proceeds from the sale of the bonds, together with the net proceeds to
be received from the sale of $1,250,000 principal amount of 2%% 8-year
promissory notes, will be used as follows;
(1) To redeem at 104% $4,500,000 4
% first mortgage bonds, due 1952.
(2) To redeem on Dec. 1, 1939 $2,800,000 5% first mortgage bonds, due
1957, of Ohio Electric Power Co.
(3) To purchase for cancellation $750,000 4first mortgage bonds,
due 1948, of Ohio Electric Power Co.
(4) To pay the principal of the outstanding $600,000 10-year serial notes.
(5) To reimburse the treasury of the company, in part, for expenditures
heretofore made for extensions and improvements to its facilities.
a
Years End. May 31—
Net sales
$558,395
477,108
$410,091
$293,223
336 192
262 991
$71,477
1,244
$81,287
1,873
$73,898
1,182
$30,231
2,384
$72,721
3,880
13,056
$83,160
19,106
$75,081
$32,615
8,860
10,046
year
$55,785
9,276
50,000
$64,054
15,222
70,000
$66,221
9,001
60,000
defl3,568
yr_.
$15,061
$9,276
$15,222
$9,001
Profit from opera'n
Miscell. income credits.
.
,
,
The coupon rate, the redemption provisions, the offering
names
Net profit
Surplus begin, fiscal
Dividends paid
Surp. end of fiscal
or
of the underwriters and the principal
Balance Sheet May 31,
Minneapolis Gas Light Co.—
12 Months Ended June 30—
To facilitate the offering, the prospectus states that it is intended to
stabilize the price of the bonds.
This is not an assurance, it states, that
the price of the bonds will be stabilized or that the stabilizing, if com¬
The
company
has also filed
an
application (file 32-169) under the
Holding
Marquette University, Milwaukee, Wis.—Bonds Offered
—Dempsey-Tegeler & Co., St. Louis, Mo., are offering
$2,250,000 1st & ref. mtge. real estate 3-4% bonds.
Dated Sept. 1, 1939; due Oct. 15, 1951.
Operating revenues
Operating expenses
Interest payable A-0 at
Mer¬
cantile-Commerce Bank & Trust Co.
St. Louis, Mo., and First Wisconsin
Trust Co., Milwaukee, Wis., co-paying agents.
Bonds in coupon form
$500 and $1,000 denom.
Bonds may be prepaid on any semi-annual
interest payment date on 30 days' previous writien notice to the corporate
,
<
and accrued interest.
First Wisconsin Trust Co., Milwaukee,
corporate trustee, and J. F. Tegeler, St. Louis, Mo., individual
trustee at par
$1,704,896
86,221
7,875
Cr93,949
$911,200
133,682
85,034
$951,548
Net income
127,162
79,830
preferred stocks
Income payments cm participation
units
on account
of prior years
$692,484
649,000
32,391
$744,556
484,000
Net income after pref. dividends & inc. payments
Common dividends
accruals
Balance Sheet June 30, 1939
Purpose—To provide portion of funds necessary to care for 1st mtge.
bonds maturing Sept. 1, 1939, in the principal amount of $2,803,000 and
1st mtge. bonds maiming Dec. 15, 1939, in the amount "of $160,000.
Security—These bonds are the direct obligation of Marquette University,
a corporation duly incorporated urder the laws of the State of Wisconsin,
and are further secured by a 1st & ref. mtge. deed of trust on the properties
located in Milwaukee, Wis., having a valuation of $5,087,975.
History—Marquette University is owned and conducted by members
of the Order of The Society of Jesus.
Its history begins as far back as
1855, when the first attempt was made to establish a Catholic institution
of higher education in Milwaukee with the coming of the Jesuits to the
city.
In 1857 they opened a school known as St. Aloysius Academy.
In 1864 a charter for Marquette College was granted by the State Legis¬
lature.
It was not until the fall of 1881, however, that Marquette College
was formally opened.
In 1887 the first class was graduated, five candidates
receiving the A. B. degree.
In 1907 the charter was amended and the legal title of the institution
became Marquette University.
In the fall of 1938 Marquette began its
58th year, and its 32d under a university charter.
The university enroll¬
ment for the school year of 1938-39 was 4,726 and the high school enroll¬
ment for the same year was
Liabilities—
Assets-
Long-term debt....
Consumers' meters &
Accounts receivable (net)
425,359
Accounts payable
460,611
7,970
449
Accrued int. on funded debt.
...
Mdse., materials & supplies..
Insurance deposits
Mlscell. current assets......
79,590
255,695
420
1,237,748
(contra)
Deferred charges
Corp.—Initial Preferred Div.—
an initial semi-annual dividend of $2 per share
preferred stock, payable Aug. 31 to holders of record Aug. 25.
149, p. 736.
Mayflower Hotel Corp., Washington, D. C.—Earnings
1939
$1,253,831
975,787
Expenses and taxes
Operating profit
Savings on 1st mtge. bonds purchased for sinking
fund and retired
1938
$1,279,409
976,513
278,044
$302,896
2,078
6 Months Ended July 31—
Gross income from operations
7,791
7,764
Other accrued liabilities
Pref.
$6
stock
called
series,
deposited
420
(contra)
Unadjusted credits
Reserves
.
$280,122
99,798
$310,687
104,510
341
2,722,798
Cum. 1st pf. stock ($100
$45,247
Net profit (before income taxes).
1,906
133,167
$70,800
2,256,700
1,585,077
2,200,000
par)
$5 income partic. units...
a
Common stock
349,586
Earned surplus
b Excess of
55,243
liquidation
Z>rl,943,780
10,308,667
$30,299,798
Total
a
...$30,299,798
Total
Represented by 44,000 no par shares,
b Over cost value of participa¬
cOf participation units outstanding.—V,1 48, p. 3229.
tion umts reacquired.
Missouri-Kansas-Texas Lines—Earnings—
Period End.
Operating
Operating
Income
$2,758,857
1,859,451
expenses
avail,
1939—7 Mos.—1938
$2,779,507 $16,080,305 $15,796,942
1,870,330
12,885.118
13,088,840
1939—Month—1938
July 31
revenues
for fixed
481,172
370,609
charges
charges
Fixed
Inc. after fixed charges
x Indicates
deficit.—V.
477,144
363,555
272,689
2,501,328
801,801
2,558,917
$110,563
$113,489 x$l,757.116 x$2,228,639
p. 737.
149,
Mobile Gas Service
Corp.—Earnings—
1938
1939
$768,449
608,180
$557,543
$160,268
32,023
$135,860
21,245
$192,291
53,362
$157,105
—
—
$138,929
45,825
1,139
$109,903
45,825
1,094
963
135
Operating revenues.
Operating expenses and taxes
421,683
305
1,726
133,010
Corporate expenses
Depreciation
14,686
...
«...
12 Months Ended June 30—
Interest on bonded indebtedness.
Bond and mortgage expenses
569,144
10,604
Accrued taxes
for redemp., not
Pay 4Q-Cent Dividend—
the $4
16,364
Accrued int. on other debt—
Liquidation value
Capital surplus
Directors have declared
39,240
Accrued divs. on pref. stocks.
Special deposit for $6 1st pref.
stk. called for red.
exten¬
sion deposits
c
Master Electric Co.—To
Master Tire & Rubber
$11,772,000
Property, plant <fc equipment. $26,070,078
Investments
2,011,150
Cash
86,012
525.
Directors have declared a dividend of 40 cents per share on the common
stock, payable Sept. 20 to holders of record Sept. 5.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 149, p. 736.
—V.
251,463
261,285
86,536
7,914
Ur78,290
Amortization of preferred stock expense.
a Interest on indebtedness of Amer. G. & Pow. Co.
Received
38.440
475,903
Interest deductions
trustee.
on
$1,636,308
473,497
Provision for retirements and replacements.Amortization of debt disct. & exp. (less premiums).
a
3,334,334
$1,597,868
Gross income
on
$4,932,202
$1,677,541
27,355
Non-operating income.-,
Dividends
1938
'
1939
$5,250,240
3,572,699
..
Net operating income.
which is a wholly
Company Act in connection with this proposed issue.—V. 149, p. 736.
Wis.,
1939
Assets—Cash, $71,405; accounts receivable, $6,874; merchandise inven¬
tory, $142,097; equipment, &c., (depreciation value), $3,555; deferred
charges, deposits, &c., $1,538; total, $225,469.
Liabilities—Reserve for unemployment and old age benefit taxes, $324:
reserve for unpaid dividend checks, $84: capital stock (100,000 shares no
par), $210,000; surplus, $15,061; total, $225,469.—V. 148, p. 3230.
Common & Co., $100,000 each.
menced, may not be discontinued at any time.
The company is a subsidiary of Utility Service Co.,
owned subsidiary of Manufacturers Trust Co.
$22,569
price, and the
commissions will be furnished by amendment.
amount of bonds to be
underwritten by each are as follows: White, Weld & Co., $1,700,000:
A. C. Allyn & Co., Inc., $1,450,000; Kidder, Peabody & Co., $900,000;
Coffin & Burr., Inc.; Halsey, Stuart & Co., Inc., $500,000 each: W. E.
Hutton & Co., $400,000; Whiting, Weeks & Stubbs, Inc.; The Wisconsin
Co., $225,000 each; BancOhio Securities Co.; Bodell & Co.; Bos worth,
Chanute, Loughridge & Co.*; Yarnall & Co., $200,000 each; Blair, Bonner
& Co.; Fuller, Cruttenden & Co.; Washburn & Co., Inc., $150,000 each;
Granberry, Marache & Lord; Minsch, Monell & Co., Inc.; Reinholdt &
Gardner; William R. Staats Co.; Van Alstyne, Noel & Co.; and Vietor,
The
Gross income
Miscell. income charges.
Fed. inc., &c., taxes
_
_
underwriting discounts
1936
1937
1938
1939
$439,061
367,584
_
Mdse. cost and expenses
a Net operating revenues
Non-operating income
a
".
Gross income
..............—
Provision for retirements
47,202
Balance Sheet July 31, 1939
Assets—Cash in bank and
hand, $338,240; accounts receivable (net
after provision for bad debts), $48,031; inventories of saleable supplies,
$30,844; other assets, $142,093; fixed assets (net after depreciation),
$5,088,074; prepaid expenses and deferred charges, $64,567; total, $5,711,849.
Liabilities—Accounts payable (trade creditors, prepayments by guests,
Sec.), $61,739; accrued liabilities (other than interest) $40,921; interest
on unissued bonds, $5,711; 15-year 5% first mtge. sinking fund bonds due
Feb. 1, 1950 (incl. unissued bonds issuable in exchange for Mayflower
Hotel Co. 6% 1st mtge. bonds), $4,080,840; capital stock (par $1), $408,084;
paid-in surplus, $905,734; earned surplus, $200,854; reserves, $7,966:
total, $5,711,849.—V. 140, p. 979.
Mississippi Power
Period End. July 31—
Gross
exps.
$314,833
Net income
$3,596,737
2,260,966
338,333
$3,554,120
2,284,060
222,000
$85,529
50,532
$997,438
584,937
$1,048,060
618,252
$53,401
21,088
$34,997
21,088
$412,500
253,062
$429,808
253,062
$32,313
pref. stock
Balance
—V.
$292,160
191,63 1
15,000
$101,434
48,032
Gross income
Int. & other fixed charges
on
1939—12 Mos.—1938
190,065
23,333
and taxes
Prov. for depreciation.,
Divs.
Co.—Earnings—
1939—Month—1938
revenue.
Oper.
on
$13,909
$159,438
$176,746
149, p. 881.
Edison
Co.—Earnings—
Period End. June 30—
Missouri
1939—3 Mo3--1938
1939—12 Mos.—1938
Operating revenues
Oper. exps. and taxes
$67,417
45,252
$58,049
37,954
$274,156
185,744
$254,298
163,325
Net oper. income
Other income (net)
$22,165
$20,094
$88,412
$90,972
Gross income
Int. and other deduct'ns
Gross income
Interest
on
first mortgage 5% bonds.
Other interest
Sundry income charges
Partial return of premiums paid in prior years to
a
Net
a
05,305
self-insurance fund
earns,
Before
Balance Sheet June 30, 1939
Assets—Property, plant and equipment, $2,783,266; cash. $74,426; notes
receivable, $913; accounts receivable, $154,670; other receivables, $1,484;
appliances on rental, $9,923; merchandise, $30,028; materials and supplies,
$19,822; prepaid insurance and taxes, $11,374; retirement work in progress,
$4,287; other deferred debits, $469; total, $3,090,663.
Liabilities—Common stock (5,000 no par shares), $430,701; first mort„
$54,263; retirements reserves, $502,632;
for extensions, $13,bonds reserve, $105,525; total, $3,090,663.—V.
$21,332; service extension deposits,
uncollectible accounts reserve, $31,575; contributions
080; interest on income
148, p. 3075.
Montana Power Co.
Period End. July 31—
Operating revenues
Oper. exps.,incl. taxes.
Prop, retirement & de¬
pletion res. approp...
268
1,591
$88,680
41,763
$92,563
42,669
$11,947
$9,666
3,216
$46,917
12,866
49,895
12,866
Dividends
Balance
—V.
148, p. 3230.
122,191
1,566,254
1,677,793
$5,752,351
$4,990,300
Dr4,265
Dr27,238
J>34,810
$431,258
158,801
$269,160
160,980
44,125
33,978
Cr39,509
$5,725,113
1,914,860
529,495
$4,955,490
417,614
Cr84,832
1,933,116
529,495
423,874
Cr386,176
$195,098
$69,586
applicable to preferred stock for the
$2,947,976
$2,455,181
$37,028
Balance
$8,730
$6,449
$34,051
1939—12 Mos.—-1938
$885,249 $14,035,324 $13,653,408
489,633
6.716,719
6,985,315
$273,425
Interest on debentures..
Int. int.
560.978
5,600
Interest on mtge. bonds.
35
$20,129
10,463
$1,118,363
131.727
Gross income
39
(& Subs.)—Earnings—
1939—-Month—1938
$425,658
Net oper. revenues—
Other income (net)
$22,204
10,257
3.216
_
fage taxes accrued, $19,103; other accruals, $1,115; consumers' deposits,
08; bonds, $1,833,000; accounts payable, $66,027; interest accrued, $12,-
& deductions
Int. chgd. to
construct'n
44,125
35,775
Cr2,541
Net income
Net income
Pref. stock dividends
$62,849
$96,307
reserved for int. on income bonds—
provision for retirements.
period, whether paid or unpaid.
-V. 149, p. 737.
957,525
957,469
$1,990,451
$1,497,712
The CommerciaJ & Financial Chronicle
1332
Montour RR.— Earnings—
1938
1939
July—
Gross from railway
$218,748
110.386
131,236
_
.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
_
_
1937
$258,999
$144,018
54,042
60,841
945,133
325,041
381,878
.
Net from railway
Net after rents
818,191
215,194
274,154
__
„
it is stated.
working capital.
1936
1,460,656
658,710
638,630
1,244,966
497,980
489,478
Morris Finance Co.—Consolidated Bal. Sheet June 30—
Assets—
1939
Liabilities—
1938
1571,923
3,241,267
1,685
19,705
accrued taxes
1,006
37,183
7,936
9,217
73,309
from dealers
131,174
recelv'les purch.
24,641
6,709
115,539
135,100
500,000
fpar $100)
Com. cap. stock.
350,000
->
6
118,735
Total
m
months
Netoper. revenues.._
Rent from lease of plants
^$3,442,959 $3,854,490
par
ended
$50, and 10,000 shares
30
June
published
was
6 Months
9 Months
Int. to pub.
$449,701
13,899
$400,115
799
$463,601
income..
/
of period
$372,601
$321,914
11,691,136
Pref. divs. to
1,501,004
1,515,416
6,036,356
11,960,477
Crl8,067
6,061.782
100
156
724
1,592
$1,300,075
$2,154,731
$8,871,832 $10,056,361
$1,300,075
$2,154,731
38,829
$8,871,832 $10,056,361
99,227
134,111
$2,193,560
112,739
337,979
$8,971,059 $10,190,472
366,940
248,435
1,190,823
1,358,278
public
applic. to min.
Portion
2,978,755
2,906.1.54
$3,300,669
150,000
450,000
balance at beginning
Total
Dividends paid...
inc. of subs
$3,150,669
July 31 '39 Oct. 31 '38
Accounts payable.
and
marketable sees.
Notes & accts.
rec.
Mdse. Inventory.,
equipment.
Mtscell. assets..
409,281
1,036,558
893,032
614,281
Res. for Fed.
478,703
State
946,980
taxes &
x
936,774
11,961
Deferred assets
Total
x
'39 Oct. 31
$186,319
967,930
and
'38
$78,956
Customers' cred's.
Real est., mach'y
and
Julv 31
Liabilities—
dep.$l,264,086 $1,134,704
Govt,
8.
21,389
Inc.,
$1,353,479
113,595
253,831
"DqI
no par
PSTTIPfl
257,665
190,196
Common stock..
1,000,000
3,150,669
shares,
...
y
1,000,000
..$4,594,653 $4,196,695
to
consolidated..
1938
1939
$5,998,703
Net oper.
&
$6,507,630
2,764,090
596,205
858,433
$6,070,671
2,749,227
271,306
497,5 1 8
726,127
$1,918,578
589,382
$1,826,492
595,000
56,100
20,570
27,763
56,100
12,307
11,358
Consolidated balance for dividends and surplus. $1,224,761
$1,151,725
...
__
_
370,322
__
Taxes, Federal, State, and municipal..
Consolidated balance before capital charges....
Interest on funded debt
Amortization of debt discount and expenses, and
redemption premiums on refunded bonds......
Miscellaneous interest
.
Other charges against income
II..
12 Months Ended June 30—
Gross operating revenue..
1939
1 938
122,432
Total gross earnings
....
.
Depreciation
Taxes, Federal, State, and municipal
Consolidated balance before capital charges....
funded debt
Amortization of debt discount
on
on
and
expenses
$3,506,203
1,184,382
$3,733,154
1,190,000
and
refunded bonds.
Other charges against income.
112,201
36,198
39,122
I.
.
112,339
20,144
34,075
Consolidated balance for dividends and surplus.
149, p, 420.
$2,134,299
$2,376,595
—V.
National Automotive Fibres,
Inc.—May Reduce Capital
Company has called a special meeting of stockholders for Aug. 31 to
proposed reduction of the company's capital.
Stockholders
of record Aug. 18 will be
entitled to vote at the meeting.
Capital is to be reduced by $498,000 by transfer from the common stock
capital account to the reduction surplus account of the
502,874 common
shares now carried at
$1,723,700, provided stockholders approve the plan.
On May 10, 1939 the stockholders
approved an amendment providing
for authorization of 200,000 shares of
6% cumulative convertible preferred
a
The company proposes to file
Securities Act.
a
registration statement under the
See list given on first page of this
department.—V. 149, p. 263.
National Chemical & Mfg.
Co.—Registers with"SEC—
See list given on first page of this
department.
National Gypsum
on
•
?
if
iqza
JLy04.
y.
$1,448,503
112,739
$6,044,910
366,940
$7,561,845
248,435
$1,335,764
$5,677,970
$7,313,410
253,831
337,979
1,190,823
1.358,278
$1,059,112
$0.11
$997,785
$4,487,147
$0.10
$0.51
$5,955,132
$0.78
Earns.per sh.on com.stk.
Earned Surplus for the
12 Months Ended June 30,
Loss
1939
$6,848,940
investment i. subs, liquidated after sale of their props,
to Tennessee Valley Authority and others
4,312,910
Loss on sales and write-down of investment in securities of
on
Memphis Street Ry. Co
Adjustment of unamortized debt discount and expense on debs.
reacquired (less net profit applicable thereto, $314,421).
Intangible personal property tax, Jersey City, N. J., pror years..
Miscellaneous deductions
Balance..
243,541
488,853
95,607
150
Net income for 12 months ended June 30, 1939
$1,707.880
4,487,147
Total
$6 preferred stock dividends
Common stock dividends
$6,195,027
1,678,296
3,273,670
_
Earned surplus, June 30, 1939
.$1,243,061
Balance Sheet June 30 (Company Only)
1939
1939
1938
Liabilities—
Investments ...130,473,318
Cash
142,020,058
x
13,541,869
11,239,062
250,000
2,196,975
6%
286,840
5,630
5%
3,604
11,876
279,406
279,406
1,698
1,589
Temp, cash inv.
par
Accts. rec. assoc.
rec.
Divs. receiv
Other curr.assets
1,732,320
Sundry debits..
Prepayments
Total
gold
7,598
2,559,574
13,223
23,836
...146,600,491
9,001,000
9,485,000
8 971,000
14,968,000
419,574
debs.,
series B
419,574
Divs. declared..
payable.
17,044
455,966
Llquld'n acct.
372,373
Accts.
y
Reserve
_
31,156
454,252
281,378
281,378
1 ,243,061
6,848,940
.146,600,491
158,327,395
..
Surplus..
158,327,395
$
debs.,
gold
Accrued acc'ts..
Unamortized dt.
1938
.V
125 839,095 125,839,095
value)
series A.
cos
Accrued Int.
$
Cap. stock (no
Total....
x
Represented by 279,716 shares $6 pref. stock (value in liquidation $100
share) and 5,456,117 shares of common stock, y Tennessee Public Service
Co.—V. 148, p. 3854.
a
National Public
Utilities
Corp.—Reorganization—
The Securities and Exchange Commission has approved the reorganization
company which went into receivership in November, 1933.
A brief outline of the plan is as follows;
(1) National will be dissolved.
plan of the
covenn®> $5,000,000 of a 3^% sinking fund debentures due
(3)
Six-sevenths of the secured gold notes
are
held by
a
subsidiary
com¬
pany.
Co.—Registers with SEC—
According to the registration
payment of reorganization expenses) pledged under the first lien & refunding
bonds will be transferred.
All of the capital stock of this new company
will be distributed to the bondholders of National on a pro rata basis.
These notes will be canceled and the pro rata portion of the pledged
collateral behind them will become free assets for the benefit of the un¬
...
Aug. 23 filed with the Securities and Exchange Commission
2-4171, Form A-2) under the Securities Act
Sept.
secured creditors of National.
a
$1,000 note)
are
The other one-seventh of such notes (except
held by Taylor & Co., Inc., and a pro rata portion of
the pledged collateral will be turned over to it.
(4) The claims of the bondholders and secured noteholders will not be
satisfied by the securities which will be turned over to them as provided in
statement
$3,403,080 of the net proceeds
9^
6 debentures will be used to redeem, in October, 1939,
at 102X /0 the company s entire issue of
4M% sinking fund debentures
b 1950, and $1,000,000 will be used to increase the
manufacturing
facilities to be constructed at the
company's New York plant.
Accrued
interest on the debentures to be redeemed will be
paid from other funds of
$1,426,538
113,595
(2) A new company will be formed to which all the securities and assets
(except a certain amount of cash which will be retained by the trustee for
Registers with SEC—
Company
$7,427,734
134,111
deductions
disc. &exp
VfSil1011 s
99,227
$1,312,943
income
other
Net income
174,600
....$12,643,388 $12,615,554
5.541,097 ' 5,828,884
1,051,952
629,296
1,035,657
1,028,082
1,508,476
,1,396,136
...
Maintenance
stock.
38,829
$12,520,955 $12,440,954
income..
upon
$5,945,683
Earned surplus, July 1,1938
—-
Maintenance
Depreciation....
vote
1939—12 Mos.—1938
$1,409,674
53,404
Expenses, incl. taxes...
71,967
Total gross earnings
Operating costs
$8,583,759
$1.26
$7,413,296
$1.05
a
1939—3 Mos.—1938
from income
62,086
redemption premiums
Miscellaneous interest
of
$1,373,134
Other
Int.
$6,445,543
Interest
$1,742,842
$0.24
revenues
dates of sale.
Period End. June H0~
Income—From
subs.—
Less allowance for deprecia¬
.
$986,053
$0.10
subsidiary without pro¬
vision for possible revenue losses, not exceeding $120,000 for each 12-month
period, from natural gas rate reduction now pending.
Certain properties of subsidiaries were sold during 1938 and 1939, and
consequently this statement includes the operation of these properties only
Narragansett Electric Co. (& Subs.)—Earnings—
Operating costs.
I
Total income
Total
6 Months Ended June 30—
Gross operating revenue
*
Other
PflTlfinl
Note—The statement includes full
2,906,154
tion of $986,585 in 1939 and $856,325 in 1938.—V. 148. D. 3232.
Other income.
t,Ct
earned surplus
Earns.persh.on com.stk.
Statement of Income (Company Only)
local
contlng.
Profit & loss surp.
...$4,594,653 $4,196,6951
Represented by 200,000
53,404
Total
7,931
46,167
42,961
______
Expenses, incl. taxes—
$3,150,669
$3.47
$1.61
Balance Sheet
Assets—
Cash & ctfs.of
y
inc. of subs
Other income
After deducting cost of goods sold, including materials, labor and manu¬
facturing expenses, but before deducting provisions for depreciation.—V.
148, p. 3232.
_
^
-
U,
of National
Power & Light Co. in
equity
Int. & other deductions.
Balance at end of period.....
$2,978,755
Earns, per sh. on 200,000shs. com.stk
$1.86
x
—
...
Nat. Power-& Lt. Co.—
$3,600,669
300,000
....
__
Cr6,827
Net equity of National
Pow. & Lt. Co. in
$694,515
2,906,154
....
$28,062,145
2,968,248
Cr 4,052
$804,515
170,000
79,000
91,000
....
$6,634,499 $26,593,221
2,996,906
GY2.953
14,698
$3,278,755
Earned surplus
$5,795,132
$849,817
$400,914
320,937
275,170
& other de¬
..—
Net
Net profit...
280,596
299,388
ductions
Int. chgd. to construct'n
interests
Operating profit
Interest earned & other income—net.
70,752
95,801
96,650
68,481
...
Gross income
3 Months
Apr. 30, '39 July 31, '39 July 31, '39
x Gross profit
$925,568
$616,252
$1,541,820
Selling, adminis. & general expenses.
433,188
194,798
627,986
Depreciation on plant & equipment._
42,679
21,339
64,018
34,258
$28,016,378
Drl.538
$5,766,963
Other income...
(F, E.) Myers & Bro. Co.—Earnings—
171
$6,659,548 $26,612,013
1,991
Operating income
in
Period—
on
1939—12 Mos.—1938
$6,661,086 $26,611,842 $27,982,120
$5,764,972
(net)
Other income deductions
Prov. for est. Fed, taxes
Subs.)—Earnings—
684,897
.........$3,442,959 $3,854,4901
for
or
Operating revenues ____.$19,63l,239 $20,491,735 $82,968,097 $84,607,320
Oper.exps., incl. taxes._ 11,912.247
12,001,888
48,910,460
48,912,857
Prop, retire, res. approp.
1,954,020
1,828,761
7,445,795
7,712,343
350,000
68,735
753,893
Represented by 5,000 shares class A stock,
class B stock, no par.
The income statement
V. 149, p. 1183.
underwriting discounts
1184.
Subsidiaries—
Earned surplus
x
offered, the amount to be
to be furnished by amend¬
19.39—3 Mos.—1938
Period End. June 30—
7% curn. pref. stk.
Capital surplus
Total
.
.
National Power & Light Co. (&
98,804
93,509
*
.
288,816
Reserve for losses.
on
time.
which the debentures are to be
by each of the underwriters, the
commissions and the redemption provisions are
ment to the registration statement.—V. 149, p.
The price at
underwritten
86,638
Unearned Income.
trust notes.....
Prepd. comm'n
not be d scontinued at any
1938
Funds withheld
_
coll.
on
1939
Coll. tr. notes pay.fl 856,800 $1,591,500
Accts. payable and
$522,477
2,853,701
Accts. receivable..
Prepd. int.
1939
...
Cash
Repos'd chattels.
26,
The underwriters of the issue are as follows: W. E. Hutton & Co., New
York; Blyth & Co., Inc., New York; Kidder, Peabody & Co., New York;
W. O. Langley & Co., New York; Hemphill, Noyes & Co., New York;
Schoellkopf, Hutton & Pomeroy, Inc., New York; Johnson, Lane, Space &
Co., Inc., Savannah, Ga.; Hallgarten & Co., New York; E. H. Rollins &
Sons, Inc., New York; Riter & Co., New York; Scott & Stringfellow, Rich¬
mond, Va.; William R. Staats Co., Los Angeles, Calif.; J. M. Dain & Co.,
Minneapolis, Minn.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the debentures.
This is not an assurance, it states,
that the price will be stabilized or that the stabilizing, if commenced, may
$235,429
118,974
108,371
133,062
131,991
—V. 149, p. 582.
Notes receivable..
Aug.
The balance of the proceeds will be added to
the company,
(2) and (3) above. To the extent of the deficiency (the difference between
the value of the pledged collateral and the face amount of the obligations
secured thereby) that was ascertained to exist, these security holders will
rank equally with the unsecured creditors of National.
(5) The voting trust certificates of Great Lakes Utilities Corp. which
have become free assets will be distributed in kind on a pro rata basis to all
Volume
149
The Commercial & Financial
Chronicle
the unsecured creditors
(and to the secured creditors to the extent of their
respective deficiency clain.s) of
National, except 7,106 which will be trans¬
ferred to Pennsylvania &
Southern Gas Co. in order to avoid fractional
interests.
(6) All other unpledged securities will be transferred
which
to
Period End.
July 31—
Operating
Amortization
term investments
(7) Since National is clearly
insolvent, the stockholders will receive no
consideration.
In effect,
therefore, the plan provides that the pledged securities will
serve
of National.
The plan of reorganization provides for the
following distribution
securities to the present security holders
(others than stockholders):
Int.
Existing
Securities
Description—
1st lien & ref. bonds
Outstanding
$ 449,000
540,250
107,000
alOl.OOO
c7,430
____
Debentures
Sinking fund
notes,
.-
Sec, notes
Unsec.
a
gen. creditors
V. T. C.
Com. Stk.
Int.
of
35,022 shs.
64,830 shs.
10,700 shs.
12,840 shs.
b7,930 shs. b29,016 shs.
740 shs.
share
plan
as
Ltd.—Special Div.
special dividend of 25 cents per share on the common
holders of record July 27.
Dividends of 25 cents per
Dec. 20 and on Aug. 15, 1938.—V.
147, p. 1934.
on
Delay—-
"impracticable."
Operating
in
ent accruals
New York
28,061
14,095
$1,178,480
339,784
187,548
27,902
14,957
300,425
142,159
Shipbuilding Corp.—Registrar—
The Continental
of New York
Bank
&
Co. of New York has been appointed
participating stock and founders stock
Shipbuilding Corp.—V. 149, p. 3382.
New York
Tust
Susquehanna & Western RR.—Earnings—
July—
1939
Gross from railway
Net from railway
Net after rents
1938
1937
1936
$206,512
41,656
defl7,394
Net after rents
$215,834
54,017
defl4,668
$233,275
59,272
10,349
$273,774
92,201
39,301
1,773,462
620,191
136,649
_.
From Jan. 1—
Gross from railway
Net from railway.
1,764,285
563,490
54,912
1,986,834
1,956,423
608,676
276,564
718,187
278,910
—V. 149, p. 139.
Noblitt-Sparks Industries Co.—Stock Dividend—
Directors have declared a stock dividend of 25% in addition to a cash
dividend of 70 cents per share on the common stock, both
payable Sept. 30
to holders of record Sept. 15.
Cash dividends of 40 cents were
committee has actively solicited deposits and states
deposit at least two-thirds of the claims of each class of
June 30 and on March 31, last, and dividends of 25 cents
paid in preceding three months' periods.—V. 148, p. 3694.
The committee has advanced various plans of reorganization of
which the present one is the outgrowth. No one appeared at the
hearing in
opposition to the plan, but a *etter was received, and offered in evidence,
from Peirce opposing the plan and stating that the assets
of National
Norfolk & Western
Period End. July 31—
Freight
separately
Passe
reorganized under the provisions of Section 77-B of the Bankruptcy Act.
Its plan for reorganization was approved by the U. S. District
Court for the
District of Delaware and was consummated on April 30,
1937, when its
ger,
mail and
of Feb. 1,1939,
Railway
Ry.—Earnings—
290,235
oper. revs
Maint. of way & strucs..
Maintenance of equiptTraffic ex Tense
$449,000
paid on
share were
1939—7 Mos.—1938
$5,667,260 $43,263,790 $35,993,357
ex¬
press revenues
1st lien & ref.
per
1939—Month—1938
$7,734,32 )
revenues
Other transportation revs
Incidental & Jt. fac. revs.
name was
...
1939—12 Mos.-—1938
$1,200,925
registrar for the preferred stock,
creditors.
6% gold bonds, due May 1, 1947 (Atlantic Gas
bonds) (int. in default since Nov. 1, 1934)
6% gold debentures, due May 1. 1940 (int. in default since
May 1, 1933).
10-year 6% sinking fund notes due Jan. 1, 1939 (int. in default
since July 1, 1933)
6% secured gold notes due April 1, 1937 (int. in default since
April 1, 1933)..
*
Unsecured general creditors..
Co.—Earnings—
1939—Month—1938
$95,903
$95,805
revenues.
Net income
—V. 149, p. 583.
This
should be distributed to the stockholders as well as creditors.
In 1937 National's subsidiary. Great Lakes Utilities Corn, was
estimated the carrier's earnings at $260,177 a
year, but
figure "does not represent the full earning
Hearings have been scheduled for Sept. 19.—V. 149, p. 739.
Gross income after retire-
principally
employee of the trustees appointed by the Court.
A committee was formed on July 16, 1934, for the
purpose of reorganizing
National and consisted of W. W. Battles of Battles & Co.,
Inc., repre¬
senting the unsecured creditors, Francis H. Brooke of Brooke, Stokes &
Co., reoresenting the bondholders, and Francis Braun reoresenting the
.
Transportation rail line.
27,269
42,196
$8,094,020
774,321
1,567,574
143,498
1,722,793
18,417
178,017
290,904
25,472
31,524
$6,015,160
614,437
1,199,845
132,479
1,526,381
16,769
172,491
1,986,228
187,434
308,805
1,942,093
170,815
247,842
$45,746,257 $38,354,107
4,908,295
4,671,188
10,073.333
8,805,496
968,981
968,962
11,188,468
10,766,316
117,147
112,360
1,230,466
1,224,687
Cr22,897
Cr3,473
540,250
Miscell. operations
General expenses..
107,000
Transp'n for investment
C'r5,327
a707,000
7,430
—
Net ry. oper. revenues
$3,694,728
1,044,612
$2,353,469 $17,282,463 $11,808,571
783,000
6,277,759
5,765,187
Railway oper. income $2,650,216
Equipment rents (net)._
Cr234,416
Dr2l ,479
$1,570,469 $11,004,705
$6,043,384
Crl 19,494 Crl,198,782 01,118,829
•DrJ.2,970
Dr108,205
Dr91,149
Railway tax accruals—
$1,810,680
_
paid
$1,383,812
to
New York & Richmond Gas
as an
Total
a
Aug. 11
499,100
$1,403,211
.
Period Ended July 31—
On June 22, 1934, the
as
on
were
capacity."
U. S. District, Court for the District of Delaware appointed Caleb S.
Layton
and W. Findlay Downs trustees for National under the Provisions of
Section
77-B of the Bankruptcy Act.
Since then National has been
follows:
$1,882,912
499,100
the petition of Aug. 23 said that
1930 Atlantic Gas Co.
acquired control of Great Lakes which had been formed by Battles & Co,,
Inc., and Atlantic Gas Co.'s na^e was changed to the Present one. Gellert
continued to operate both holding companies until Nov.
2, 1933, when
National went into receivership.
The receivership was precipitated by
National's default in the payment of interest on its notes and
debentures,
and by certain differences which had arisen between Gellert and
Peirce as
was as
$1,902,311
the period,
The plan had
'
changed to Great Lakes Utilities Co.
National's outstanding debt and capital stock account,
$144,632
New York Ontario & Western
Ry.—Asks
Brooke," Stokes & Co.,
on
Cr70
742,500
210,000
109,181
Cr32,068
The company has asked the Interstate
Commerce Commission to post¬
hearings on its plan of reorganization for six months or to dismiss the
and Gellert. Gellert, who since 1926 had operated the
properties of Atlantic
Gas
Co., continued in charge of its operations. In
has
$143/785
8,796
_
210,000
109,589
Cr2,0l4
pone
However, one Albert E. Peirce advanced sufficient funds to
pay off the short-term, loans, and, as part of the deal for doing so,
acquired
all of the common stock of Atlantic Gas Co. from
now
$2,912,525
742,500
Directors
impossible.
that it
$2,962,386
have declared an extra dividend of
$1.25 per share in addition
to a
quarterly dividend of 75 cents per share on the common
stock, both
payable Sept. 26 to holders of record
Sept. 14.
Dividend of $2 was last
paid on Dec. 15. 1938 and on Oct.
28,1938; $2.50 was paid on Dec. 15.1937
and an initial dividend of
$2.40 was paid on Oct. 15, 1937.—V. 149, p. 882.
National is the successor of Atlantic Gas Co. which was
organized in
1926 by Brooke, Stokes & Co., which
acquired about 80% of its common
stock in payment for "services" rendered. The other
20% of such common
stock was issued to one N. Henry Gellert. also in
payment for "services."
Atlantic Gas Co. encountered financial difficulties shortly before 1930 when,
due to the stock market crash, the refunding of short-term loans became
stockholders.
$227,962
61,875
17,500
9,585
CV4.783
17 500
New York City Omnibus
Corp.—Extra Dividend—
Utilities Co.
opera+ed bv Gellert.
$2,899,245
13,280
Neon Products of Western
Canada,
or
$10,000.
"
construe
Company paid
and
to the Payment of a claim of the latter for
$2,959,663
2,723
63
•
$232,733
61,875
...
m.tge. bonds
charged to
stock
The operating subsidiary companies of Great Lakes are as follows:
Ohio Gas Light & Coke Co.; Gas Corp. of
Michigan and subs.; Paxton Gas
Co.; Independence Gas Co.; Peoples Gas & Power Co.; LeMars Gas Co.;
Watertown Gas Co.; Rochelle Gas Co.; Martinsville Gas Co.; Virginia Gas
&
$227,899
156
debenture bonds,
Balance....
$1,204,680
4,490 shs. 102,580 shs. 142,596 shs.
Includes $1,000 held by Albert E. Peirce, on which only $426 is due.
Subsidiary companies of Pennsylvania.
584,166
-V. 149, p. 582.
888 shs.
Delaware
*
609,167
applicable to pref. stocks for
whether paid or unpaid
through its subsidiary holding companies. Great Lakes Utilities
Pennsylvania & Southern Gas Co., both of which are likewise
corporations, controls operating gas public-utility companies
and also companies which are
engaged in the natural gas production and
transmission business.
The operating gas utility companies controlled directly
by National or
indirectly through Pennsylvania are as follows: Elizabeth & Suburban Gas
Co.; Henderson & Oxford Gets Co.; Rock Hill Gas Co.; Crisfield
Light &
Power Co.; Chestertown Gas Co.; Elkton Gas
Co.; *Berwick Gas Co.;
♦Williarr stown Gas Co.; North Carolina Gas Co.
Co.
48,333
$232,577
Divs.
Will also receive small cash
payment ($126.07).
b In addition to pledged
securities of North Carolina Gas Co. which are considered to have no value,
c Will also
receive small cash payments.
National is a holding company incorp. in Delaware.
National either
directly
39,628
52,500
_
Net income
Utils. Co.
54.025 shs.
._
23,388
Gt. Lakes
of New
of (New)
Company Pennsylvania
4,490 shs.
29,185 shs.
.
on
1,955
Other int. and deductions
WillReceiveCom. Stk.
on
Int.
of
4,373,097
1,945
appropriations,
Gross income.
1939—12 Mos.—1938
.373,241
$7,896,136
4,781,023
re¬
Net oper.
revenues...
Other incom e.
be turned over to the holders of
the securities behind which they are pledged.
The unsecured creditors and the secured
creditors, to the extent of their
assets
of limited-
Property retirement
pro rata basis,
■Earnings—•
1939—Month—1938
$695,485
$675,465
408,463
397,278
revenues
Oper. exps., incl. taxes.
Pennsylvania
will be recapitalized and which will
issue common stock to the un¬
secured creditors
(and to the secured creditors to the extent of their re¬
spective deficiency claims) of National on a
deficiency claim, will then share alike In the free
1333
Nebraska Power Co.
$606,000 held by Pennsylvania; $1,000 held by Peirce or his
assignee;
$426 is only due on this note.
Cumulative 4% preferred (no par) 236 shs. outstanding,
including shares
a
Joint facility rents (net).
in the treasury.
Net ry. oper. income.
CV712
Non-cum. 6% preferred (par $100), 28.8 shs. outstanding.
77,172 shs. outstanding, including
Other inc.items (balance)
$2,863,153
5,256
$1,676,993 $12,095,282
77,600
206,772
$7,071,063
271,544
Common
Gross income.$2,*68,409
Int. on fundei debt
178,075
$1,754,593 $12,302,055
178,453
1,248,099
$7,342,607
$2,690,334
$1,576,139 $11,053,955
$6,092,618
Class A $1 non-cumulative (no par),
shares in the treasury.
(no par), 20,000 shs.-outstanding.
The 6% gold bonds were sold
by Brooke, Stokes & Co. to the public, at
raising funds for acquisition and construction.
The 6% gold debentures were issued in connection with the
exchange of
the debentures of Great Lakes on the basis ef $500 6% gold
debentures, and
shares of stock of National, for $1,000 of Great Lakes
debentures.
This
exchange was effected through Battles & Co., Inc.
The 10-year 6% sinking fund notes were sold to the public
by Brooke,
par, for the purpose of
Net income
-V.
See list given on
aj»o
have outstanding securities In the hands of the public.
National also
about 98% of the voting trust certificates
representing ownership
common stock of Great Lakes.
Some of the securities owned
owns
National
by
Pledged behind its first lien & refunding bonds, others
pledged behind its 6% secured gold notes and the rest are unpledged.
Total
are
book
are
of National as of Dec. 31, 1938, were
$4,785,554.
subsidiary companies, including notes and accounts re¬
ceivable, together with interest accrued but unpaid thereon, were carried
at $4,751,771.
The investment in Great Lakes voting trust certificates
appears to be carried at $2,649,915, and the investments in the other
subsidiary companies at about $2,100,000.—-V. 137, p. 4306.
Investments
Operating incom e
Admin. & gen.
Inc .-—Earnings—
expense.
Legal and purch. expense
Depreciation
-Taxes—sundry.—
—
-—
1939
1938
1937
1936
$53,706
3 Mos. End. June 30—
$71,949
13,388
1,768
$53,814
12,641
641
$63,810
13,303
1,231
390
4,125
142
131
122
3,000
3,000
3,000
12,742
738
Depletion and properties
17,389
20.955
23,152
19,174
$18,418
$25,177
$30,509
$18,139
50
charged off
175
300
$25,227
91,182
$30,684
56,665
$18,439
22,809
$116,409
24,600
$87,349
37,500
$41,247
$116,690
$91,809
$49,849
$41,247
243.600
*
$0.07
246,000
$0.10
250,000
250,000
$0.12
$0.07
assets
in
National Tea
Co., Inc.—Sales—
Period End. Aug. 12—
Sales
Stores in
Corp.—Registers With SEC—
first page of this department
(The) North Central Texas Oil Co.,
The assets of National
of the
v
North Central Oil
Stokes & Co. at about 96 to furnish cash for construction.
consist primarily of bonds, notes and other evi¬
dences of indebtedness, and common stock of its
subsidiary companies other
than Great Lakes. Most of the debt securities held by National are in
default
and none of the common stocks held by its pay dividends. Some of the
subs.
149, p. 739.
1,249,989
operation..
—V. 149. p. 738.
1939—4 Wks.—1938
1939—32 Wks.—1938^
$4,072,989
$3,874,808 $33,353,114 $34,099,690
1,082
1,108
Net operating income.
Interest
and
divs.
on
securities
Net income before
Fed
eral taxes
Bal., beginning of period
Adjust, from reserve for
investment
revalued
Total—
Dividend
Natomas Co.
Period End. June 30—*
1939—3 Afos.—1938
$318,523
$395,268
Net profit-
y
Earnings per share
$0.32
$0.40
x After depreciation,
depletion and income taxes,
.hares of capital stock.—V. 148, p. 2905.
2,400
$141,298
24,380
Addit. assessment, Fed.
(& Subs.)—^Earnings—
x
$18,418
120,480
income tax
228
......
1939—6 Mos.—1938 ^
$562,006
SO.57
y On
$701,932
Balance end of period
$0.71
Shares of com. stock out-
980,250
no
par
(par $5)
Earns. per sh. com. stock:
-
standing
1939
$83,048
33
101
receivable.
Marketable
4,650
1,355,689
1.373,807
215
8,064
10,913
credits..
17,766
15,921
(contr.)
$5)
i,2i«:6o6
1,230,000
122,006
116,690
117,935
taxes
Deferred
Accts, pay.
Mineral rights and
leases..
279
445
54,223
34,191
Furn. and fixtures.
Deferred assets
Com, stk. (par
4,848
Capital surplus
Earned surplus...
North Texas Co.
Period End. July 31—
revenues
300,000
283,333
Net oper. revenues...
$96,437
17,718
$73,423
17,468
$1,313,300
211,089
$1,246,189
206,578
$78,719
$55,955
$1,102,211
$1,039,611
Rent for lease of plant..
186
DrdS
578
Drl64
$55,887
$1,102,789
326,432
236,081
$1,039,447
343,956
204,544
Cr 13
Cr260
Cr 175
$34,903
$9,917
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$540,536
$491,122
$1,377,298
751,329
199,715
148,656
a769,560
Other int. & deductions.
206,893
al33,640
Int.
charged to construe.
Cr26
Gross income...
$260,96.5
$17,082
$267,205
21
16
$267,221
137,142
$19,213
12,750
$6,219
$116,909
963
Gross income
$17,082
10,862
$260,986
144,077
$6,463
....
Retirement accruals
401
7,988
$130,079
6,150
$5,819
$108,921
x
$5,500
(3%
3,702
41,630
52,833
$2,073
$2,117
$67,291
41,221
$71,096
$26,070
$20,542
bonds 3 %
on
Net income after income interest
a
Includes North Texas Co. only from date
1938.—V.
revenues
expenses
Maintenance
Prov. for retirements
taxes
Prov. for Fed. inc. tax..
of incorporation on March 2,
&
Electric
Corp.
(& Subs.)—
1939—12 Mos.—1938
$2,372,322
$2,089,789
1,020,376
932,679
124,577
152,704
205,334
123,157
217,373
218,275
98,994
53,561
1939—3 Mos. -1938
$483,408
$595,883
223,536
270,357
26,687
35,786
37,657
50,355
53,391
63,795
20,124
19,393
$705,667
$589,414
$166,197
46,152
$122,014
83,297
218,029
$982,275
interest
Other interest
2,310
$923,697
211,480
5,907
1,736
9,392
25,438
36,917
1.629
Gross income
Bond
and
&c
interest
expense,
Minority
Gross from railway
Net from railway
on
1,894
$163,339
$678,978
91,579
366,317
$51,428
$312,660
Service
Public
The company, in an amendment to its
Maintenance..
as
Co.,
Inc., $6,000,000; Glore, Forgan
&
Co.,
Financing Plans Delayed by European Situation—
Other interest
Amortization of debt discount and expense
Interest charged to
Northern States Power Co.
(Wis.) (& Subs.)—Earns.—
1939
revenues,
Operation.
Maintenance
Appropriation for deprec. & retirement
reserve
Taxes.
Provision for Federal and State income taxes
Net operating income.
1938
$6,387,083
Years Ended June 30—
$5,755,203
1,924,119
227,390
521,821
839,079
1,990,826
300,553
648,993
955,998
192,163
72,613
$2,298,549
51,144
$2,202,728
894,907
debt..I
$2,170,181
32,547
,349,693
(net)
994,595
64,391
509,635
837
Amortization of debt discount and expense
Interest on indebtedness to affiliated company
70,154
Other interest (net)
Amortization of sundry fixed assets
"6~812
i
IZ Z Z111
3
41,843
11,598
net income of sub. company..
29,070
41,843
12,853
29,070
$1,295,310
...
stock.
paid on
cumulative pref. stocks & minority interest. _
Provision
Balance
NY PA NJ
863
does
Note—This statement
that
p.
„
....
.....
800,427
807,827
2,050,000
659,195
93,263
18,415
2,028,100
718,823
98,628
18,415
$4,576,890
...
and expense..
preferred stock
$3,980,929
include earnings from investments in
90% of the outstanding common
not
securities representing an interest in about
stock of Jersey Central Power & Light
to
2,973,225
$7,652,722
„
debt—bonds & debentures
obligations
Amortization of debt discount
June 30,
Cr164,332
.198,191
Utilities"Co7charges?
Interest on long-term
on
8,601,077
536,633
485,736
9,998
m
Interest on convertible
Co.
For the 12 months ended
1939, the proportion of earnings of the latter company applicable
of common stock amounted to $683,000.—V. 148,
3383.
percentage
Ohio Finance Co.—Debentures Called—
15-year 5% convertible sinking fund debentures
All of the outstanding
dated Aug. 1, 1936 have been called for redemption on Nov. 1 at 101 and
accrued interest.
All of the outstanding 15-year 6M% sinking fund gold debentures dated
May 1, 1929 have been called for
redemption on Nov. 1 at 105 and accrued
interest.
Payment on both of the above issues
Trust Co., Cleveland, Ohio.—V. 149, p.
will be made at the Cleveland
740.
Oklahoma Natural Gas Co.—Bonds Called—
bonds, series A 4^%, due May 1, 1951, were
on Aug. 23 that all of such outstanding bonds have been called for
redemption on Sept. 22, 1939, at 105% of their principal amount, together
with accrued interest to the redemption date.
The bonds, with Nov. 1,
1939, and all subsequent coupons attached, should be presented for pay¬
ment on or after Sept. 22, 1939, at the principal trust office of the Chase
National Bank of the City of New York, corporate trust department, 11
Broad Street, New York City.
Interest on the bonds will cease to accrue
on and after the redemption date.
Bondholders may present their bonds
immediately and receive the full redemption price, including interest ac¬
Holders of first mortgage
notified
crued to Sept. 22, 1939.
Holders of 5% convertible debentures, due May 1, 1946, were notified
on Aug. 23 that ail of such outstanding debentures have been called for
redemption on Oct. 7, 1939, at 110% of their principal amount, together
with interest accrued to the redemption date, on which date interest will
cease to accrue.
The debentures, with Nov. 1, 1939, and all subsequent
attached, should be presented at the principal office of Central
Bank & Trust Co., corporate trust department, 70 Broadway,
for redemption.
Holders may present their debentures
immediately and receive the full redemption price and interest accrued
to Oct. 7, 1939.
Each debenture is convertible into 60 shares of common
stock of Oklahoma Natural Gas Co. under the terms of the trust indenture,
and conversion may be made at any time on or before Sept. 27, 1939\—V.
149, p. 1186.
coupons
Hanover
Minority interest in
,
Omnibus
_____
Corp.—Special Dividend—
dividend of 30 cents per share in addi¬
of like amount on the common stock, both
payable Sept. 30 to holders of record Sept. 14.
A dividend of $1.30 was
was last paid on Dec. 29, 1938 and an initial dividend of $1.80 was paid on
Dec. 23, 1937.—V. 149, p. 1187.
Directors have declared a special
tion to a quarterly dividend
Orpheum Theatres
Otis
Elevator
Co.—New
Firms with Monopolistic
Dividend—
Directors have declared
a dividend of $1.25 per share on account of ac¬
on the
5% cumul. pref. stock, payable Sept. 1 to holders of
Aug. 19.—Y. 148, p. 3382.
Corp.—Creditors' Claims—
17 formally approved the final report of
OIney with respect to the corporation, under
claims totaling $1,125,335 will be paid on the
basis of .01977 cents.
Among the general creditors is Irving Trust Co., as
trustee for Radio-Keith-Orpheum Corp., with a claim for $770,706 based on
a guarantee of the bankrupt second mortgage bonds.
The bankrupt oper¬
ated theatres in St. Louis, Mo., and filed its bankruptcy petition in 1933.
Federal Judge Bondy on Aug.
Federal Bankruptcy Referee
which general creditors with
$549,503
Miscellaneous deductions
Accumulated
construction
Dividends paid or accrued on preferred
for
dividends not
being
8,673,195
427,249
485,005
Cr60,847
3,042,480
New York City,
1186.
Net income
6,108,716
1,919,689
7,940,860
$20,775,272 $20,085,924
Gross income
Net income
Underwriters announced Aug. 22 that they had decided to postpone the
public offering originally scheduled for Aug. 24.
As a result of a canvass of the undeiwriters, Halsey, Stuart & Co. and
the other underwriters decided to postpone the offering of the bonds pend¬
ing clarification of the European situation.
Certain members of the underwriters' group asked that the financing be
postponed because of the present unsettlement and their requests are being
followed, although there are quite a few underwriters who would be willing
to proceed with the financing.
The present plan is to await more favorable conditions and then
file
appropriate amendments to the registration statement to enable the offering.
Gross income
Interest on funded
4.830,549
....$19,495,926 $19,067,444
1,279,346
1,018,480
.....
Co., and Harris, Hall &
Blodget, Inc., $900,000 each.
Blair, Bonner & Co., Coffin & Burr, Inc., Estabrook & Co., Arthur
Perry & Co., Inc., and the Wisconsin Co., $650,000 each.
Alex Brown & Sons, and F. 8. Moseley & Co., $600,000.
Goldman Sachs & Co., Kidder, Peabody & Co., Sills, Troxell & Minton,
Inc., and White, Weld & Co., $500,000 each.
Bacon, Whipple & Co., R. L. Day & Co., Graham, Parsons & Co.,
Hornblower & Weeks, The Illinois Co. of Chicago, W. C. Langley & Co.,
Shields & Co., and Stern, Wampler & Co., Inc., $450,000 each.
H. W. Byllesby & Co., Inc., Hemphill, Noyes & Co., Newton, Abbe &
Co., Swiss American Corp., Tucker, Anthony & Co., Whiting, Weeks &
Stubbs, Inc., and Dean Witter <Sr Co., $400,000 each.
Ames, Emerich & Co., Inc., Bartlett, Knight & Co., Paul H. Davis &
Co., Edgar. Ricker & Co., Equitable Securities Corp., Farwell, Chapman &
Co., First of Michigan Corp., Indianapolis Bond & Share Corp., Mitchum,
Tuily & Co., Schwabacher & Co., Stifel, Nicolaus & Co., Inc., Thrall,
West Co. and G. H. Walker & Co., $200,000 each.
The bonds are redeemable on 30 days' notice at 107
which premium
s
reduced successively by ^ of 1% on the first day of August in each of
the years 1940 through 1968 and thereafter at par.
income
$72,905,272
33,038,015
4,568,901
6,896,750
2,072,334
8,354,381
Subsidiary companies charges:
Interest on long-term debt—
Dividends
Stone & Webster and
Other
1938
1939
„
$74,263,424
32,875,132
—
Operating income.,
(net)
and
Co., Inc., Eastman, Dillon & Co., Hallgarten &
Co., Hazard Freres & Co., and Lee Higginson Corp., $1,250,000 each.
A. C. Allyn & Co., Inc., Lehman Bros., Otis & Co., Paine, Webber &
Co., E. H. Rollins & Sons, Inc., Schroder Rockefeller & Co., Inc., and
Operating
.
—
Other income
Co., Inc., $1,750,000 each.
Blair & Co.. Inc., Blyth &
149, p.
*
Other interest
Stuart &
69,034
Co. (& Subs.)— Earnings-
—
Other taxes
Co.—Underwriters
registration statement filed with
Harriman Itioley & Co., Inc., $2,250,000 each.
A, G. Becker & Co., Inc., Central Republic
—V.
2,029,049
191,772
Federal income taxes...
follows:
Halsey,
2,202,282
173,141
def2,041
Provision for retirements
the Securities and Exchange Commission, lists underwriters and the amount
of their participation in its proposed offering of $45,000,000 first A 3i^s of
1969
1,581,184
def544,635
def760,883
NY PA NJ Utilities
—V. 148, p. 3236.
Indiana
$375,970
102,534
83,683
12 Months Ended June 30—
Operating revenues
Operating expenses
$349,717
pref. stock
$394,836
95,870
64,453
740.
—Y. 149, p.
$716,034
366,317
$71,760
..."
462
$143,007
91,579
Balance
Northern
.
$311,891
9,860
def31,954
1,810,129
def83,901
def273,661
Net after rents
3,210
581
Net income
Divs.
1936
1937
1938
1939
$320,767
40,608
10,272
Gross from railway
Net from railway
224,486
of debt discount
Amort,
334,182
Pacific RR.—Earnings—
July—
392,861
$212,350
44,383
$205,311
52,095
355
Operating income....
Other income
o
584.
Net after rents.
Water
Period End. June 30—
Operating
Operating
General
50,5.54
149, pr 740.
Northeastern
*,
— ---
.
Northwestern
3,427
fixed)....
Income int.
.
334,185
$206,351
$156,940
x Dividends
accumulated and unpaid to July 31, 1939, amounted to
$1 085 230
Latest dividend on 7% preferred stock was $1.75 a share
paid on July 1, 1939. Latest dividend on 6% preferred stock was $1.50
a share paid on Oct. 1, 1932.
Dividends on these stocks are cumulative.-—
'
Balance
28,237
17,746
-
Balance
V. 149, p.
bonds
bonds.
Int. on mortgage
$123,929
Equipment note interest
Bal. before bond int.
—
Net income
$19,213
Net oper. revenues
119
25,000
1939—12 Mos.—1938
16,006
12,963
15,451
11,542
2,825,751
23
J*"*.
25,000
$78,905
26,860
17,168
Non-oper. inc. (net)
on
re¬
$4,355,392
2,961,778
appropriations. _
serve
$1,360,665
1930—Month -1938
$106,738
$109,278
60,335
63,073
Taxes..
Interest
w
(& Subs.)—Earnings-
Maintenance
Balance
investments._
Property retirem ent
$4/575,101
$378,953
257,516
Operating income____
Other income (net)
—V. 148, p. 3077.
Operating
Operation
term
1939
26
1939—12 Mos.—1938
1939—Month—1938
$320,593
222,170
Period Ended July 21—
Operating revenues
Oper, exps., incl. taxes—
Amortization of lin ited-
91,809
..$1,507,011 $1,496,242
Total..
$1,507,011 $1,496,242
*
104
payable
Accounts payable.
Federal
2,238
Total
1938
$24,600
Dlvldend
'
eecur.
(cost)
1939
$24,380
Liabilities-
1938
894,544
Aug.
Electric Co.—Earnings-
Northwestern
Comparative Balance Sheet June 30
Assets
Cash
Accts.
Chronicle
The Commercial & Financial
1334
New York
York
State
Charges
Elevator
Practices—
cited 18 elevator manufac¬
association to which they belong,
Attorney General Bennett Aug. 23
cumulations
turing companies and the membership
record
charging monopolistic practices and illegal use of patents.
He also cited
22 officers of the defendant companies and asked for an injunction to re¬
strain all the defendants from continuing the alleged illegal acts complained
Northern States Power
Co.
(Del.)—Weekly Output—
Electric 'output of the Northern States Power Co. system for the week
Aug. 19, 1939, totaled 27,580,044 kilowatt-hours, an increase of
ended
8.5% compared with the corresponding week last year.—V. 149,
p.
1186.
of.
Among the companies that Mr.
tices and
illegal
us3 of
Bennett charged with monopolistic prac¬
patents are; Otis
Elevator Co.. incorporated in New
Volume
The Commercial & Financial Chronicle
149
Jersey; Jesse H.
Van
Alstyne, President, and Glover Beadsley, Vice-Presi¬
12 Months Ended
July 31—
Gross revenue
Park Ave.
N. Y. City, is the membership association cited by
Bennett in his action.
''The filing of the
complaint against the elevator manufacturers is the
culmination of an investigation in which the
elevator companies doing
business in New York have
given full cooperation with the Attorney Gen¬
eral, ' Edward W. Sims, counsel for the National Elevator
Manufacturing
Industry Inc., says.
"National Elevator Manufacturing Industry, Inc., is
the national association of
the
industry and has furnished much of the infor¬
Despite the allegations of the complaint, we believe that it will
mation.
be found that the
elevator Industry is free from illegal practices and that
the work of the Association
has not only been entirely illegal but has served
the best interests of the
well
as
public, including the buyers and users of elevators,
employees and owners of elevator companies."—V. 149,
the
as
741.
P.
Pacific Aviation,
Inc.—Registers with SEC—
See list given
on
149,
Pacific Indemnity Co.—Extra Dividend—
$10, both payable Oct. 1
par
amounts were paid in each of the
10
Pacific Power & Light
Period End. July 31
Operating
Oper. exps., incl. taxes..
Amort, of lim.-term inv.
Prop, retire't
res.
Operating income.
Other income (net)
1939—12 Mos.~ 1938
$6,011,045
3,285,590
$5,828,789
3,296,309
694,900
693,500
$130,086
$2,030,424
17,468
211,088
$1,838,849
206,579
$154,860
$147,554
$2,241,512
Drl08
__
Dr238
Z>r677
$2,045,428
1,524
$154,752
-
-
$147,316
85,417
20,247
$2,240,835
1,025,000
255,292
$2,046,952
1,025,000
233.300
85,417
18,135
charged to construe
CrlOl
CrlOl
income
$51,301
$41,652
Dividends applicable to
preferred stocks for the
period, whether paid or unpaid
.
-vffesss:
company estimates its earnings after interest and all
charges for the
at $830,000.
This amount includes
f
i
k
J rePresentinK Paramount's direct and indirect net interest as a
stockholder in the combined
undistributed earnings for the quarter of
IIP™ nn3uarter ended Ju*y 1- 1939
partially owned non-consolidated
ended July 2, 1938
-
$788,652
458,478
458,478
*502-166
$330,174
'
unh^tributed earnings for the
*
1939
sold,
share
profits of cos.
50% owned (not
See y
$3,273,068
®neotr
d earnings for the six months ended July 1, 1939 represent
per share on such common stock
outstanding, which compares with
$0.26 per share for the six months ended
July 2, 1938.—V. 149, p. 266.
Park &
Other income (net)
Other nonrecurring inc.
958,448
$3,284,279
1,583.000
$3,786,431
$5,381,344
ad¬
1,273,342
$654,526
58,468
2,577,798
2,543,243
2,431,432
18",868
assets
40,201
61,651
60,128
212,763
14,689
154,524
undistributed
profits..-
Divs. from Fibreboard.
Total income
Res. for inv. in
subsidiary
$1,106,781
148,221
Loss
_
$1,440,611
-
$2,500,766
107,628
$1,255,002
$2,608,394
$1,255,002
935,391
zl,523,246
$2,608,394
52,649
z1,880,254
$2,173,674
253,021
$380,662df$l,203,635
7,466,166
8,585,514
$675,491
7,910,021
$968,635
6,766,899
174,487
$8,585,514
$7,910,021
952,018
84,288
Earned surplus, balance at end of year.
The above earned
$7,846,828
$7,466,167
$7,359,980
$7,542,689
$7,333,281
acquisition of:
Wholly owned domes¬
tic cos. (consol.)...
Foreign cos. (over 50%
owned—controlled)Fibreboard
Products,
inc. (50% vot. int.,
not controlled)
89,517
85,715
86,047
195,002
18,966
20,472
21,386
300
935,391
381,438
y Provision for depreciation charged to profit and loss
during the year
1939 amounted to $348,467; $335,030 in 1938; $311,839 in
1937, and $306,245 in 1936.
z $95,216 paid on
preferred stock and
$1,428,030 ($1,785,038
1937) paid
on common stock.
Consolidated Balance Sheet June 30
1938
$
$
1939
Liabilities—
Cash in banks and
hand
rec.
adv. to
2,981,297
3,762,367
2,956,046
3,906,415
_
equipment.
51,633
43,379
.
76,110
83,730
3,851,471
1,010,201
833,310
2,000,000
2,000,000
54,985
68,513
Other assets
buildings
&
Deferred charges.
x
10,288,999
in
1938.
y
79,603
82,326
8b"406
98,929
182,642
.
347,001
249,968
347,001
249,968
Capital surplus
4,256,249
Earned
1,854,387
4,256,849
1,394,809
9,764,860
Common stock..
surplus...
Treasury stock.. Dr58,400
Total.'
par.
y
1937 and 5,500 shares at
147, p.
86,343
pref. stk. (par
$50)
x
Represented by shares of $1
at cost
payable
..10,288,999
Dr58,400
9,764,860
Represented by 6,285 shares $1
cost
in
1936.
z
Includes trade
3618.
Parkersburg Rig & Reel Co.-—Acquisition—
C. A. Ruf, Vice-President & General Manager of this company, on
Aug. 23
announced that the stockholders of this company had been asked to
approve
the acquisition of the common stock of the Oil
Country Specialties Manu¬
facturing Co. at a meeting to be held on Sept. 8.
If the acquisition is approved by Parkersburg Rig & Reel
stockholders,
it is contemplated that the two organizations will be conducted inde¬
pendently, continuing present operating policies of each company in effect
as
heretofore.
The proposed acquisition will, it is believed, improve the companies'
ability to better serve the oil and gas industry.—V. 149, p. 1033.
Peninsula
Telephone Co.—Preferred Stock Issue—Bodell
that the new issue of 100,000 shares of $1.40
preferred stock, class A (par $25), offered by
the company to holders of 7% cumulative preferred stock
(par $100) under an offer of exchange and prior subscription
has all been taken in exchange or subscribed for by the pres¬
ent 7% pref. stockholders.
Under an underwriting: agree¬
ment, Bodell & Co. and Coggeshall & Hicks were to have
offered any shares of new preferred stock unexchanged or
unsubscribed for as above to the public at $27.50 a share
plus accrued dividends from Aug. 15.
announce
The pref. stock is entitled to cumulative dividends from Aug. 15, 1939.
Quarterly dividend payment dates, Feb., frc.
Red. at option of company
30 days' notice on any quarterly dividend date on or pripr to Nov. 15,
1942, at $30 per share, on or prior to Nov. 15, 1944, at $29 per share, and
thereafter at $27.50 per share; plus dividends.
Irving Trust Co., transfer
agent.
Application will be made to list the stock on the New York Curb
23,804
23,804
84,461
Prov.
for
188,000
69,385
56,329
6XCompany
on
instalment notes
9,986
202,647
.
stock
2,380,400
Common stock..10,666,170
Surplus
Total
{par $100)
Funded Debt and
...
10,666,170
7,846,828
7,466,167
.22,025,354 21,785,498
no par
shares.—V. 148,
p.
2703.
Capitalization, Adjusted
To Be
I
2.380,400
for depreciation of $4,662,756 in 1939, and
$4,358,837 in
Represented by 476,062
Purpose—To retire all $7 dividend pref. stock outstanding.
195,324
4%cum.conv.prrf.
y
126,124
also extended to holders of $7 div. pref. stock the privilege
shares of $1.40 div. pref. stock at the offering
of subscribing for additional
price of $27.50 per share.
receivable
1
would
15,
62,775
66,180
Reserves.
55,970
which
Nov.
Federal
taxes
8,905
523,521
($25 par) together with an amount, equal to the excess of the dividend
accrue on each share of $7 div. pref. stock from. Aug. 15 to
1939, over the dividend which would accrue on four shares of
the $1.40 div. Dref. stock during the sam e period.
The period of exchange
class A
income tax
172,536
reserve
Trade accepts, pay
Bal. pay. re. acquis.
Accrued charges..
1
_
Total....
$
2,107,720
141,956
6%
trade¬
.....
1937
982,306
Reserve for taxes.
4,005
Mach. & equlpm't
marks
_
Drafts
17,957
$
582,241
2,789,355
pref. stock..
...22.025,354 21,785,498
After
1938
Liabilities—
Accounts payable.
Notes pay able...
Exchange Offer and Subscription—Holders of the outstanding 24,500 shares
Unearned disct.
and
deferred charges
Total
$
1,190,567
1,591,025 zl,715,308
of the 7% cum. pref. stock $(100 par) were offered the right to exchange
each share of such stock for four shares of the $1.40 cum. pref. stock,
5,246,602
1
Goodwill
x
5,012,426
523,521
exps.
1937
$
511,487
dividend
Provision for other
112,988
Lard.,
Pat'ts, at cost, less
amortization
Prepaid
Tilford, Inc., stock,
c Paid in cash,
d In¬
building not used for business disposed of during 1936.
$
trade
& miscellaneous-
8,480,202
work
in progress.
$1.07
&
566,864
pay.,
Accrued
on
8,444,788
employees.
Construct'n
on
$3.59
400,000
Accts.
and
Bldgs., machin'y
and
210,189
1,308
c383,520
243,683
...
249,968
$1.84
Acer. wg8.com.,&c.
391,562
of officers
Investments
x
1938
$
Notes pay. to bks.
954,239
Inventories
and
106,505
213,222
$2.26
5,825
on
.
1939
A suets—
accts.
$225,251
$877,835
cumulative
undistributed profits
F.xp.
$482,986
$481,361
20,751
5,044,316
17,982
81,723
& Co.
sur¬
plus is comprised of:
The Paraffine Cos., Inc. $7,738,345
Proportionate
share
of
Notes & accts.
27,546
100,589
89,344
23", 571
10,158
8,548
Inventories......
$2,173,674
12,714
for year.
on
25,819
163,936
412,656
Accounts recetv.-
$2,071,649
102,025
Net addition to surplus
in
60,151
159,461
13,147
Consolidated Balance Sheet Dec. 31
foreign
*
Previous surplus..
Miscell. adjust. (Cr)
since
10,511
761
sale of Park
on
cludes $52,621 loss
par
_
x
10,511
y
712,719
Consol. profit for year $1,427,898
Charges to earned surp_
Dividends paid
1,047,236
x
$487,407
61,003
4,389
share
acceptances.—V,
,
$942,808
98,168
Preferred dividends
Common dividends
Shs. com. stk. outst'g
per
$450,447
36,960
dl70,826
64.444
Net income
$613,247
Other income...114,646
73,559
11,379
& equip.
expenditures
Federal income taxes._I
Goodwill
;
188,000
22,968
$1,175,184
52,276
Real estate, land&
75,169
$846,282
26,052
1935
$8,547,183
8,096,736
26,100
Depreciation
Fixs., mach.,
a
$956,360
192,772
Adv. for mdse....
$4,691,162
expenses
on
$512,232
142,293/
leasehold oper.-
Investments
2,407,861
sold and scrapped
Prov.for Fed.income tax
Surtax
on
Cash
exp., &c—
capital
\
f
1938
------
orr
_
Total income
Loss
A sseis—
ministrative expenses.
Subscrs.- to
exposition,
Loss
1938
1937
1936
$8,946,618 $11,679,488 $10,720,757
8,434,386
1 0,723,128
9,874,475
Costs and expenses
$3,417,820
con¬
Selling, general and
Sundry
See y
$3,798,344
Tilford, Inc. (& Subs .)—Earnings—
Calendar Years—
Sales..
7,318,882
See y
$2,827,983
subsidiaries.
deducting $300,268 of dividends accrued for the quarter on these
preferred
shares, the remaining $529,732 of estimated combined
consolidated and
or
undistributed earnings for the quarter represent $0.21 per share
on the
2,465,927 shares of common stock outstanding on July
1, 1939, which
compares with $0.04 per share for the
quarter ended July 2, 1938.
Com¬
puted on the same
basis, the estimated combined consolidated and share of
of
11,209
T.otal-
1936
9,075,125
See y
combined
snare
over
solidated)
„
8,234,375
stockholder in the
six months ended July 1, 1939 are estimated at
$2,130,000
$978,000 share of undistributed earnings of
partially owned
non-consolidated subsidiaries.
For the six months ended July 2, 1938
earnings were $1,225,811
including $1,165,000 share of earnings of partially
owned
Earnings
8,588,004
__
Profit from operations
net
1937
ex¬
cluding depreciation
Provision for deprec
Proportionate
1938
.$11,861,072 $11,062,358 $12,873,469 $10,736,702
_
goods
a
partially (fwned non-consolidated
Earnings: for the
,
Net profit
[Including Domestic Subsidiary Companies]
of
as
including
Consolidated Income Account
for Years Ended June 30
Net sales
quarter of
subsidiaries.
Prov. for Fed. surtax--.
Excess profits tax
Other deductions
Paraffine Cos., Inc. (&
Subs.)—Earnings—*
Cost
direct and indirect net interest
Interest
$960,644
-----
subsidiaries.
Earnings for the quarter
$394,945, including $359,000 representing Para¬
were
mount s
131
57,908
$137,142
17,718
Other int. & deductions
Net
Co.—Earnings—
131
-
Gross income.
Int. on mtge. bonds
Int.
15.
Similar
preceding quarters.—V. 148, p. 3236.
57,908
approp
Net oper. revenues
Rent from lease of plant
to holders of record Sept.
1939—Month—1938
$478,219
$468,868
283,169
280,874
revenues
741.
were
outstanding as of July 1, 1939, 144,672 shares of cumulative
convertible $100 par value
6% first preferred stock, and 555,071 shares of
cumulative convertible $10
par value 6% second preferred stock.
After
first page of this department.
Directors have declared an extra dividend of
10 cents per share in addi¬
tion to the
regular quarterly dividend of 40 cents per share on the common
stock,
p.
Paramount Pictures,
Inc.—Earnings—
The
,
non-consolidated
There
■
1938
$9,490,737
for the 12 months ended July 31, 1939, totaled 46,770,000 M.
inoQ
' ^rS ^«inst 39,980,000 M. cu. ft. for the 12 months ended July 31,
1938.—v.,
101
Mr.
1939
.....$11,278,534
8ales
complaint charged the defendants with
restraining trade, fixing prices and
allegedly illegally using patents, all violations of Article 22 of the General
Law.
The National Elevator
Manufacturing Industry, Inc.,
of
1335
Panhandle Eastern Pipe Line Co. (&
Subs.)—Earnings
dent of the company;
Westinghouse Electric Elevator Co., incorporated in
Illinois, and Frank C. Reed, President, and Alva B.
See, Vice-President.
Mr
Bennett obtained from Supreme Court Justice Thomas F. Noonan
an order
permitting him to bring an action in the Supreme Court.
His
due Dec. 1, 1955
$1.40 div. pref. stock (par $25)
Common stock (no par)_*
Com. stock (non-div. scrip certifs.,
1st mtge. 3Hs,
Note—All
outstanding
Authorized
Not li"» ited
—140,000 shs.
250,000 shs.
par $100)..
;,
___
Outstanding
$3,844,000
100,000 shs.
133,988 shs.
$140
1st mtge. bonds are owned by the Prudential
Insurance Co. of American and Metropolitan Life Insurance Co.
•
The Commercial & Financial Chronicle
1336
Aug.
1939
26,
Consolidated Balance Sheet June 30, 1939
Philadelphia Suburban Water 1st it, 1965
Indianapolis Water Works Securities 5i, 1958
Long Island Lighting Debenture 5>£s, 1952
Strawbridge & Clothier 1st 5s, 1948
United Gas Improvement $5 Preferred Stock
[Texas Public Service Farm Co. not Consolidated]
LlabUUi/s—
Property, plant &
Other investments
410
Cash
47,503
Accounts
5 Mos. End.
Materials and
1937
$2,340,812
485,575
$2,251,202
470,696
394,406
$2,060,698
439,503
366,969
367.612
Deprec. & amortisation.
General & Federal taxes.
164,779
156,372
398,223
388,872
326,974
Net operating income.
Other income (net)
$379,396
1,471
$741,168
3,665
$720,069
3,351
$685,955
4,321
$744,833
18,724
$723,420
21,362
$380,867
13,053
Miscell. deductions
Balance
before
-
.
$726,109
$702,058
$687,242
After deducting provision for uncollectible accounts.
The annual interest requirements on the 1st mtge. 3^s due 1955 out¬
standing June 1, 1939, will amount to $134,540 and will decrease at the rate
a
of at
least $1,750 annually as a result of operation of the sinking fund.
Amortization of debt discount premium and expense will require approxi¬
mately $18,904 annually, making total annual fixed charge of $153,444
decreasing annually as above indicated.
The annual dividend requirements on the $1.40 div. pref. stock to be
outstanding will amount to $140/100.
History—Company was incorporated in Florida in 1901.
Company is
engaged in the business of providing telephone service, without competition,
to approximately 60 communities and their environs
in the following
counties of the State Of Florida:
Hillsborough, Polk, Pasco, Pinellas,
Manatee, Sarasota, DeSoto, Highlands, Charlotte, and Hernando.
It is
estimated by the company that the total population of the area served
is in excess of 375,000. *.
Company owns toll lines and provides toll service between all of its
own exchanges, and in some
cases, between its exchanges and the exchanges
of other telephone companies in the State of Florida.
Toll service to
other points in and out of Florida is provided by toll connections with
Southern Bell Telephone & Telegraph Co.
Underwriters—The underwriters and the amount underwritten by each
are
as
follows:
Bodell
&
C».,
Providence,
R.
I.,
50%;
Coggeshall
&
Hicks, New York, 50%.
To Redeem
accrued
13.740
21,124
-
-
-
Deferred credits...
_<
_
4,017.734
.....
aid
in
struction
35.146
167.061
...
of
con¬
72,217
_
Capital surplus.
532.854
Earned
411,416
surplus
14,014
,,—-—
Total.
......-.....$16,726,611
742.
1939
$2,500,000
6 Months Ended June 30—'
Estimated consolidated net profit
After estimated
x
Pere
1938
$1,425,000
depreciation and taxes.—V. 149, p. 885.
Marquette Ry.—Earnings
Period End. July 31—
$367,814
181.777
174.862
Pepsi-Cola Co.—Earnings—
x
bond
int., &c., deduct'ns.
Interest
$16,726,611
—V. 149, p.
183,048
deposits.
Taxes accrued
Reserves
co.
-
Total..
200,659
payable.
Customers'
— --
Deferred debits
$690,276
3,034
Total income
382.189
283,842
8,711,009
supplies......
Prepayments
1936
83,201
Long-term debt.
Contributions
assoc.
Accrued int. receivable.
Calendar Years-
1938
$62,520
2,080,025
45,726
3,330
241,352
from
-
(not consolidated)
Mty. 31 '39
a Operating revenues..,
$1,088,827
Operations.,
217,623
Maintenance and repairs
170,667
stock..
Other current A accrd. liablls.
receivable..
Receivables
stock._
common
57.*99
588,904
Notes & warrants receivable.
Condensed Statement of Earnings
«
751,925
—
Speelal deposits
Philadelphia
common
Cum. conv. preferred stock..
Accounts
*
Sinking funds
A. T. & T. Teletype—Phla 22
Walnut St.,
267,594
3,100
-
Investments In other cos
Members New York Stock Exchange
1528
co.
(not consolidated).
YARNALL Si CO.
N. Y. Telephone—Whitehall 4-4923
associated
Investments in
Class A
Class B
eqiiipment.f 14,705.540
Operating
Operating
1939—Month—1938
$2,215,591
revenues
expenses....
$1,889,391
1,701,760
1,883,519
1939—7 Mos.—1938
$15,939,081 $13,266,491
13.226,296
12,265,144
$2,712,785
1,095,190
$1,001,347
1,039,937
$1,617,595
486,720
280,300
$187,631
*$38,590
433,579
325,899
Railway tax accruals...
$332,072
163,553
Operating income....
Equip, rents (net)
Joint facil. rents (net)
$168,519
83,881
54,830
Net ry. oper. income-
$29,807
18,230
x$74,613
21,042
$850,574
238.181
x$798,068
245.065
$48,038
8,221
x$53,571
$1,088,755
4,924
46,411
x$553,002
41,364
5,737
270.611
5,810
274,463
42,217
1,892,835
43,087
1,913,748
$236,532
$338,769
$892,707
$2,551,201
575
575
$236,532
$338,769
$893,282
$2,551,776
Net oper. revenue
—
Other income—
Total income..
Miscell. income deduc'ns
122,249
$65,383
76,381
-
63,615
Rent for lease of roads &
equipment.
Int.
on
—
debt
—
Net deficit
Inc. applied to sinking &
other reserve funds—
Deficit transferable to
profit and loss
Indicates loss
x
or
deficit.—V. 149, p.
742.
Philadelphia & Gray's Ferry Passenger Ry .—To Vote
on Reorganization—
Stockholders of this company are in receipt of a notice similar to the one
to stockholders of the Fairmount Park & Haddington Passenger Ry.
Preferred Stock—
sent
Company intends to redeem on Nov. 15, 1939, all of its outstanding
shares of 7% cum. pref. stock, par value $100.—V. 149,
p. 741.
See that company above.—V. 76, p. 654.
Philadelphia Rapid Transit Co.—New Chairman—-
Pennsylvania Power & Light Co.- -Earnings—
Period End. June 30—
Operating
revenues
Oper. exps., incl. taxes..
Amort, of lim.-term inv.
Prop, retire't
Net oper.
res.
Gross income....
Int, on mtge. bonds
on
$3,109,565
1,871,901
debentures
Other int. & deductions.
Int. charged to construe.
Albert
1939—12 Mos.—1938
$3,069,657 $39,232,744 $38,358,717
1,777,966
22,536,713
21,902,398
1,000
12,262
'
4,460
218,333
2,815,000
2,670,000
1.038
229,167
approp
revenues
Other income (net).....
Int.
1939—Month—1938
$1,007,459
8,183
$1,072,358
15,626
$1,015,642
453,750
50,000
142,484
$1,087,984
453,750
$13,868,769 $13,781,859
116,573
174,663
$13,985,342 $13,956,522
5,445,000
5,445.000
600,000
600,000
14,380
285,378
204,696
Crl,092
05,181
017,192
60,000
Cr571
Net income
$369,979
$570,946
Dividends applicable to preferred stocks for the
period, whether paid or unpaid..
$7,660,145
$7,724,018
...
3,846,539
3,846,546
$3,813,606
.
Balance
-V. 149, p. 1188.
Penobscot Valley Gas
1939
1938
$21,749
15,650
$20,110
14,213
1937
$17,852
13,033
$17,027
11,499
Net operating income.
$6,099
$5,896
$4,819
$5,527
161
248
96
exps.
Non-operating income.
4
_
$6,260
Interest deductions
Provision for retirements
p.
revenues
1,034
933
$2,388
$1,675
Operation
Maintenance...
...
General taxes
Federal income taxes.._
1939—6 Mos.—1938
$1,925,972
$1,768,784
1,084,578
1,003,917
66,094
68,146
137,317
122,107
b Net oper. revenues.
a
Income
b Gross income
Retirement
26,920
23,691
$611,064
3,204
$550,923
Dr2,237
$614,268
$1,086,795
2,895
11,396
$1,106,960
309,637
$1,098,191
$401,075
$797,323
$801,775
106,624
83,697
212,642
213,572
161,447
106,205
85,481
10,945
Other income deductions
Net income
8,755.!
$257,147
£r^.m merchandise, jobbing
b Before
$1,104,064
$459,778
Gross income
?
1939—12 Mos.—1938
,611,492
$3,528,355
2,094,980
2,010.910
127,277
137,020
265,746
237,808
19.425
55,823
$548,686
147,611
Interest to public—longterm debt.......
Int. to parent company.
c
—Earnings
154,490
accruals
retirement accruals,
$201,999
296,415
164,721
20,211
16,115
$399,748
$410,641
and
c
contract work and other income,
Applicable to Peoples Light & Power
t„£iote~Th,1,8 s^tement excludes Texas Public Service Farm Co. and net
income applicable to
Smithville, Texas properties sold Jan. 9, 1939.
Income Account for the 12 Months
Ended June 30, 1939
Net income of
subsidiary companies.
Barns, from sub. cos. included in
subsidiaries income deductions
Total
General and administrative
expenses
General taxes
$399 748
164|721
"
~
Federal income taxes
Interest
on scrip certificates
Other interest deductions.
Net income
'qnn
5 *041
ck
1 709
Balance of income of parent & sub. cos.
before parent
Interest on collateral lien bonds, series A
co. ded'ns
VLZZZ1ZZZZZ
22 elected
Net earnings
1939
$2,417,837
672,130
128,941
1938
$2,514,182
678,711
133,115
1937
$2,479,053
661,662
144,547
$1,702,356
676,312
$1,672,843
Interest charges
676,000
10,882
92,182
Amortization and other deductions—
(or deprecia'n)..
240,758
23,040
116,749
235,988
Balance available for dividends....
$596,943
$650,266
Federal income tax...
Retirement expenses
—V.
149, p.
—
586.
.
676,450
22,467
105,352
231,686
$636,887
v
Philip Carey Mfg. Co.— New Official—
S. King has been elected Vice-President and a director of this
V. 146, p. 2199.
according to George D. Crabbs, President.
Pine Hill Collieries
Co.—Reorganization—
William P. Millington was appointed on May 16, 1939, as trustee of
Pine Hill Collieries Co. and Pine Hill Coal Co. by the U. S. District Court
for the Eastern District of Pennsylvania.
A plan of reorganization has
been filed with the Court by the trustee.
which
or
The Court has issued
an
order
provides that acceptances of the plan must be filed with the trustee
before Sept. 26.
hauled to the the Hill breaker with grades in favor of the loads.
Kumping, reduce Oak cost of pumping the lower levels and permit coal to
The
e
estimated cost of this tunnel,
$502,420
009
ona
21491
548
$247,773
repinning, drainage and other preparations
before mining can be resumed at Pine Knot, together with work¬
ing capital requirements, is about $750,000.
necessary
In order to obtain the
financing necessary for such a program, negotia¬
on over a long
period of time with the Reconstruc¬
Corporation, which has finally conditionally agreed to lend
sufficient money to make the plan feasible, provided that a satisfactory
lease of the Pine Knot Colliery can be obtained from the Philadelphia &
Reading Coal & Iron Co. and provided further that the new money can be
secured by a first lien on all the companies' assets.
Similar negotiations
have been carried on with the Philadelphia & Reading Coal & Iron Co.
Indebtedness to Be Dealt with Under the Plan—As of the close of business.
May 15, 1939 (time the U. S. District Court appointed a trustee under
Chapter X of the Bankruptcy Laws), the capitalization and indebtedness
of the companies, all of which are to be affected by this plan, consisted of
the following:
tions have been carried
tion Finance
1st mtge. & coll. trust 6% sinking
the Collieries Co., dated Oct. 2,
fund gold bonds issued by
1922
—
$1,105,000
262,962
Interest unpaid and accrued to May 15, 1939
Gen. & ref. mtge. sinking fund 6H % gold bonds
Collieries Co., dated March 1, 1926
Interest unpaid and accrued to May
470
...
~
Aug.
in the mining, preparing for market and sale of anthracite coal in what is
commonly known as the Southern Anthracite Coal Field, with mines
located near Minersville in Cass Township, Schuylkill County, Pa.
The operations of the two companies in recent years have been growing
progressively more unprofitable as the conditions under which Coal com¬
pany's mining is carried on have become more unfavorable.
The companies' properties immediately adjoin the Pine Knot Colliery
of the Philadelphia & Reading Coal & Iron Co., which has been abandoned
for some time and which, although presently flooded, contains several
million tons of good recoverable coal.
The companies' engineers have
worked out a plan for the driving of a tunnel from the present Oak Hill
workings into the Pine Knot workings, which will make possible the free
drainage of all water from the first level and above at Pine Knot without
1,311
3238.
Period End. June 30—
Operating
on
Pine Hill Collieries Co. is a holding company whose sole business activity
is the operation of its subsidiary, Pine Hill Coal Co., the capital stock of
which is entirely owned by Collieries company.
Coal company is engaged
$1,437
Peoples Light & Power Co. (& Subs.
was
$5,527
6,270
1,488
Net loss.
148,
$4,915
6,270
operator,
$1,616,766
revenues—
Taxes.
1936
$1,498
^ and replacements
—V.
$6,144
6,270
6,270
estate
Operation (includingmaintenance)...
on
Gross income
real
Philadelphia Suburban Water Co.—Earnings—*
company,
& taxes.....
Oper.
a
12 Months Ended July 31—
Gross
$3,877,472
Corp.—Earnings
Greenfield,
to fill the vacancy caused by the death on last
Saturday of S. Davis Wilson, former Mayor.
Mr. Greenfield has directed
the financial reorganization of the company, ordered five years ago by
Federal Court.—V. 149, p. 1188.
Robert
Years Ended June 30—
Gross oper. revenues
M.
Chairman of this company
issued by the
15, 1939-
Royalties earned and minimum royalties accrued to companies'
coal land lessors from Feb. 1, 1939, to May 15, 1939
Claims of general creditors of the companies for materials fur¬
nished or services rendered prior to May 15, 1939
Current taxes, lecal, State and Federal, accrued as of May 15, '39
Current wages and salaries accrued as of May 15, 1939
Workmen's compensation claims as of May 15, 1939, payable
'
in
instalments
Collieries company 8% cumulative preferred stock
Collieries company common stock
1,300,000
227,9/3
40,685
19,220
17,598
39,177
46,378
23,000 shs
30,521 shs
Volume
The Commercial & Financial Chronicle
149
New Company—All the property and assets of Collieries company and
Coal company will be transferred to a new
company (to be known as "Pine
Hill Co." and to be organized in
1337
Pitney-Bowes Postage Meter Co. (& Subs.)- -Earning
6 Months Ended June 30—
1939
Gross inc., less disc'ts, returns & allow
$1,526,750
Cost of sales,
oper., sell. & adm. exp_
955,908
Provision for depreciation
210,149
Pennsylvania), free and clear of all liens,
if the trustee shall deem it desirable and advisable, the plan may be
accomplished by the merger and consolidation of Coal company and Col¬
lieries company by a change of name of the merged
company to Pine Hill Co.
or,
1938
1937
and research expense--
87,037
$1,457,001
922,397
185,607
60,986
Pennsylvania Co. for Insurances on Lives and Granting Annuities, as trustee
of the
mortgage securing the first lien bonds, shall be distributed by the
trustee pro rata among all the holders of the said bonds now outstanding
Profit from operations
Profit from British affil. & misc. inc__
$273,656
18,914
$288,012
24,013
$289,782
23,571
and all other property or securities of either of the
companies held by the
Pennsylvania Co. as trustee either of the mortgage securing the first
tien of bonds or of the mortgage securing the second lien bonds shall be
Profit before provision for taxes
Provision for income taxes (excluding
$292,570
$312,025
$313,353
All
paid
money heretofore deposited by either
over and
of the
Development
companies with the
delivered to and be the property
of new company free and
clear of any and all claims and the existing mortgages securing the first
undistributed profits tax)
.
Capitalization—The
capitalization and funded
plan will be as follows:
debt
of
new
company
Earnings
New general first mortgage bonds
Preferred shares
$1,000,000
13,300 shs.
Common shares
9,560 shs.
share
per
59,500
47,325
$237,570
896,454
$0.27
Shares stock
outstanding
upon consummation of the
Authorized
55,000
Net profits——-
lien bonds and the second lien bonds shall be satisfied of record.
$1,386,291
885,260
145,123
66,126
$252,525
895,277
$0.28
x$266,028
893,089
$0.30
—V. 148, p. 3239.
To Be Issued
Pittsburgh & Shawmut RR.—Earnings—
$778,000
11,300 shs.
9,560 shs.
July—
„
1939
Gross from railway
N et from railway
The RFC Loan—The RFC has given Its tentative commitment under
date of June 12, 1939 for a loan of $653,000 on certain terms and conditions,
provided that a 75-653 interest in the loan be purchased by a bank or banks
From Jan. 1—
Gross from railway
Net from railway
Net after rents
satisfactory to it.
The most important of these conditions are:
—V.
(1) That after reorganization new company create a new mortgage in
the total authorized principal amountof $1,000,000, secured by a first lien
1937
1938
$36,148
def7,076
Net after
rents.def7,581
$29,556
def7,455
def7,044
1936
$50,738
1,913
2,498
$35,460
def4,434
def2,804
367,244
300,851
def24,417
defl6,604
-
291,171
defl2,770
272,146
def45,147
def48,094
def29,746
def9,542
16,387
149,p. 743.
Portland Gas & Coke Co.—Earnings-
upon all of its property,
including its leasehold interest in the Pine Knot
property to be acquired from the Philadelphia & Reading Coal & Iron Co.
a 15-year lease
containing an option to buy.
Period End. July 31—
Operating
under
1939—Month—1938
$278,309
185,476
(2) That new company shall issue, under the mortgage, bonds with serial
maturities, each in the principal amount of $1,000, bearing interest at a
$3,459,622
2,408,961
22,917
275,000
275", 600
$69,758
$64,340
$769,566
1,006
$734,939
Dr4,300
$770,572
487,250
54,713
$730,639
487,250
50,831
Amort, of limited-term
investments
rate
not in excess of 5% per annum, and that bonds numbered 1 to
653,
inclusive, shall be delivered to the RFC to represent the money advanced
by it and its cooperating banks.
Prop, retire,
158
res. approp.
Net oper. revenues
Other income (net)_
(3) That new company shall issue and Weston Dodson & Co., Inc., shall
purchase or obtain the purchase of bonds numbered 876 to 1000, inclusive.
Interest
on mtge. bondsOther int. & deductions.
Int. chgd. to construct'n
x
Net income
Dividends
7>745
$63,595
40,604
4,496
,
Cr49
Cr89
Cr580
$18,544
$25,305
$228,698
$193,138
applicable to pref. stocks for the
period, whether paid
(5) That the lease of the Pine Knot property provide for royalties of
10 cents per net ton for the first two years and 18 cents
per net ton for the
567
,
unpaid
430,167
such royalties to be considered as a cost of production dn a
parity with interest on the new bonds and to be paid only if earned after
Dividends accumulated
x
and unpaid
to
430,167
$201,469
or
Balance, deficit
next three years:
$3,396,289
2,386,350
6,095
$70,325
40,604
4,416
Gross income
(4) That the remaining $222,000 of bonds shall be reserved and issued
only with the RFC's consent, except that bonds 726 to 875, inclusive,
may be issued to Dodson or others at par, in reverse order, without the
RFC's consent, provided the proceeds are used
only for working capital
or
operating expenses.
1939—12 Mos.—1938
$271,571
184,314
22,917
revenues
Oper. exps., incl. taxes._
$237,029
July 31,
1939,
amounted to
all other costs have been
fully paid but
$2,297,092.
depreciation
stock and $1.07 a share on 6% preferred stock, were paid on Oct.
Dividends on these stocks are cumulative.—V. 149, p. 586.
before sinking fund requirements,
in royalties not to draw interest, and
the Philadelphia &
Reading Coal & Iron Co. to waive any right of ejectment,
cancellation or other remedy it may have against any of new
company's
property for the five-year period.
(6)
or
depletion;
arrearages
During the five-year period all of
new
(7) After the five-year period, if new company has not exercised its
option to purchase the Pine Knot property, the lease shall provide for 36
cents per net ton
oyalties which Philadelphia & Reading Coal & Iron Co.
may collect as earned from not in Lxcess of 50 % of net profits before deple¬
tion, depreciation and interest, the remainder of the net income to be applied
first to payment of interest and second to
redemption of bonds.
Philadelphia & Reading Coal & Iron Co. Lease—In order to obtain the
RFC's commitment, a tentative lease has been worked out with Philadel¬
phia & Reading Coal & Iron Co. (subject to approval of its board of direc¬
and of the U.
S.
District Court for the Eastern District of Pennsyl¬
vania in the reorganization
proceedings in which that company is presently
involved) for the Pine Knot property providing for a 15-year term, an option
to
as
purchase at any time within the first five years, royalties and remedies
outlined above and certain other terms and conditions.
Distribution of Securities of New Company
The rights of the holders of the first and second lien bonds of the
Col¬
lieries company will be altered by the discharge of the Collieries
company
and the Coal company from all
liability to such bondholders and by issu¬
ance of securities of new
company to such bondholders in lieu of and in
exchange for their present bonds and interest coupons.
Holders of securities, who shall not surrender the same within five
years
from the date of the final decree of the Court
closing the estate and the pend¬
ing proceedings, shall not be entitled to participate in the distribution of new
securities under the plan.
The present shareholders of the Collieries company will forfeit all of
their
rights and interest as shareholders in the Collieries company and any interest
they may ha ve in the Coal company by reason of the ownership of its capital
stock by Colleiries company and they will receive none of the
securities,
nor any interest in, new
company.
The lessors of all
properties under lease to Colieries company or to Coal
be paid royalties on coal mined on and after Feb. I, 1939,
and up to the date of the termination of these
proceedings, on the basis of
company will
10 cents per gross ton, with minimum royalties adjusted to conform to this
rate.
All such existing leases will be amended so as to provide for a
royalty
of 10 cents per gross ton for coal mined during the first two
years from the
date of termination of these proceedings and 18 cents per
gross ton there¬
after to the respective termination dates presently contained in the
said
leases.
The minimum royalties provided therein will be
adjusted downward
proportionately
so as to
conform to the
In all other respects
the present leases will continue in effect and will be assumed
by new com¬
new rates.
pany.
Each holder of $1,000 first mortgage & collateral trust bonds of
Col¬
lieries company, upon surrender thereof, accompanied
by all appurtenant
unpaid coupons due on and after April 1, 1936, will waive all interest and
interest on unpaid interest, and will receive 10 shares of
preferred and three
shares of common stock of new company for the said
principal.
Locust Mountain Coal Co., the holder of all of the general and
refunding
mortgage bonds will waive all interest and interest on unpaid interest and
will receive, upon surrender of all of the said bonds,
accompanied by all
appurtenant unpaid coupons, 3940 common shares of new company for
the principal of the bonds.
For its engineering and other services in obtaining the RFC
commit¬
ment and in negotiating the
proposed lease of Pine Knot Colliery with the
Philadelphia & Reading Coal & Iron Co., as a bonus for the purchase of
or obtaining the purchase of $125,000 of the new
general mortgage bonds,
and as additional compensation for its other services, there shall be
issued
to Weston Dodson & Co., Inc., 250 preferred shares and
2,305 common
shares of
new
registration statement filed by the con pany with the Securities
Comn ission not yet having become effective, the time
of the first instalment, con prising underwriting on 40,000
shares at $10 a share, under agreement with A. W. Porter, Inc., of New
York, dated Dec. 1, 1938, has been extended from Aug. 15 to Sept. 15.
for
Public Service Co. of
Securities and Exchange Commission announced Aug. 18 that a
hearing had been set for Aug. 24, in its Washington office, on an amended
declaration (File 43-195) filed by company under the Holding Company
Act.
The matter concerned with is the proposed issue and sale by the com¬
pany of the following securities: $40,000,000 3H% first mortgage bonds,
due 1964; $12,500,000 4% debentures, due 1949; and $2,190,000 common
stock ($100 par).
By recent amendment to its declaration, the company proposes to issue
and sell $2,190,000 of common stock ($100 par), instead of 21,900 shares of
5% cumulative first preferred stock ($100 par), which it earlier proposed to
issue and sell.
County,
Cass Township School District against the Collieries
company or Coal company for taxes shall be assumed by new
company,
to be paid by it in cash when and as the amount theerof shall be
agreed upon.
► Management of New Company—The management of new
company will
belunder the supervision of Dodson and will be carried on in the name of
new company under the provisions of a
management contract to be entered
into between new company and Dodson at the termination of these
pro¬
ceedings.—V. 124, p. 383.
or
The
common
stock will be issued and sold to Cities Service
Power & Light Co., parent, and the proceeds will be used to retire and dis¬
charge the company's indebtedness or $2,190,000 to the patent company.—
V. 149, p. 121.
Public Service Co. of Indiana—Securities
Approved—
Application of the company to issue $38,000,000 of first mort. bonds and
$10,000,000 of serial debentures for the purpose of redeeming its entire
present funded debt was approved Aug. 17 by the Public Service Com¬
mission of Indiana.
According to Robert A. Gallagher, President, whol filed the request with
on July 12, the first mortgage bonds will mature in 30
and bear interest at the rate of 35^%.
The serial debentures, or
notes, will mature serially over a 10-year period in semi-annual instalments
commencing Sept. 1, 1940.
the Commission
years
Seeks Exemption—
Securities and Exchange Commission announced Aug. 21 that the
The
filed an application (File 32-170) under the Holding Company
exemption from the requirement of filing a declaration in con¬
the proposed issue and sale of $38,000,000 of 3 %% first
mortgage bonds, series A, due Sept. 1, 1969, and $10,000,000 of serial
debentures, due serially from Sept. 1, 1940 to Sept. 1, 1949.
Coupon rate
for the debentures will be furnished by amendment.
The net proceeds from the sale of the bonds and debentures, together
company
Act for
an
nection
with
with other
corporate funds, are to be used for paying, discharging and re¬
all of the company's first mortgage & refunding gold bonds,
F and G, now outstanding, (2) all of the first mortgage gold
by Indiana Electric Corp., series A, B, O and D, now out¬
standing, and (3) all of the first lien & general mortgage gold bonds, series
A, of Indiana Power Co.
The aggregate gross outstanding amount of all of
the foregoing bonds is $49,336,400 principal amount.
funding (1)
series B, D,
bonds issued
To Discontinue Branch—
Company has been authorized by the Interstate Commerce Commission
and Public Service Commission of Indiana to discontinue electric interurban
railway service between Seymour, Ind., and Louisville, Ky., and between
Brazil Junction and Terre Haute, Ind.
Service over the two lines, which are operated as part of a unified system
under a lease and sub-lease, repsectively, by Bowman Elder, receiver of the
Indiana Railroad, will be discontinued sometime in September, according
to Robert A. Gallagher, President of this company.
After the abandonment of these lines, the only railway or bus operation
will be an interurban passenger service over the 62-mile
Indianapolis to Seymour/ Ind., said Mr. Gallagher.
This line
Indianapolis Columbus & Southern Traction Co. at an
rental of approximately $165,000, and subleased to the receiver of
of the company
route from
is leased from the
the India Railroad.
year,
It is estimated that the operating loss for the current
in addition to the lease rental, will be about $55,000.
Expansion Through Subsidiary—See Dresser
Corp. above.—V. 149,. p. 885.
Finance
To
Power
Public Service
Co. of North Carolina,
Inc.—Registers
with SEC—
See list given on
first page of this department.— -V. 149,
Pullman Inc.
All
outstanding executory contracts of Collieries company or Coal com¬
other than those terminated or disaffirmed with the approval of the
Court in this proceeding will be assumed by new company.
All claims, if any, of the United States, Pennsylvania, Schuylkill
Colo.—Hearing Set—
The
x
p.
267.
(& Subs.)—Earnings-
Period End. June 30—
pany
Township
Exchange
payment
—V. 149, p. 586.
lessors.
Cass
preferred
1, 1938.
Pressed Metals of America, Inc.—Time Extended—
and
annual
company.
Claims Not Affected by Plan—The following claims will be assumed
and
paid in full in cash when due by new company after the consummation of
the plan and will therefore not be affected by the plan:
(1) All claims of creditors of Collieries company or Coal company arising
on and after May 16, 1939. in
respect of the operation or administration by
the trustee of the property of either of the companies in the
pending pro¬
ceedings.
(2) All claims of creditors of the Collieries company or the Coal
company
arising prior to May 16, 1939, if any, which shall remain unpaid at the termi¬
nation of these proceedings, excluding, however, any claims of
bondholders
or
to $1.25 a share on 7%
The
company's earnings after the
payment in full of all costs, including royalties, interest, rehabilitation,
dewatering and improvement expenditures, but before depreciation or de¬
pletion, shall oe paid into a sinking fund to redeem new company's bonds.
tors
Latest dividends, amounting
Earns, from all sources
1939—3 Mos.—1938
$3,445,975
$3,325,288
$7,332,311
$6,805,926
1939—6 Mos.—1938
Charges & allowances for
depreciation
3,110,129
3,108,939
6.228,184
6,161,025
income
$33 5,846
955,047
$216,349
1,432,632
$1,104,127
1,910.095
$644,901
2,865,263
$619,201
$1,216,283
$805,968
$2,220,362
Net
Dividends paid
^
Inc. deficit for
x
period.
After deducting
Federal income tax.
all
expenses
incident to operations and provision for
The Commercial & Financial Chronicle
1338
$
49,816,390
Accounts and notes receivable
6,978.350
Equipment trust and other def. payment car accts.
4.589,772
x Marketable securities
1.619,550
Inventories at cost15,209,040
Investment in and advances to affil. cos. at cost-3,484,300
Other securities, investments and claims at cost-2,744,438
Special deposits with various States under com-
$
43,323,178
7,730,757
293,247
275,586
Assets—
securities—
-
pensation Acts
Reserve
fund
Total
■
_
Reserves
.
Deferred credits
-
-
Total
U.
5,982,550
12,392,889
223,736,522 257,565.618
-
Note—The company's name was
marketable securities carried at cost
is less than the market value.—V. 148, p. 3385.
changed from Roanoke Gas Light Co.
April 28, 1939—V. 148, p. 2913.
Rochester Gas & Electric Corp.—Listing—
3H%
mtge.
gen.
Stock Exchange has authorized the listing of $8,323,000
bonds due 1969, series J, which bonds are issued and
outstanding in the hands of
4,648,616
—152,807,560 191,009,450
6,728
6,728
-------—39,548,174 37,808,376
Capital stock, Pullman Inc
Pullman Co. (a subsidiary)-Surplus
------
the public.
Earnings for 6 Months Ended June 30,
Operating revenues. Revenue deductions.
1939
$8,291,940
—
$2,357,722
Operating income
Other income
-
5,057
—
.
from
1939
depreciation and depletion.-
1938
$167,821
287,717
operations
.—
Provision for Federal income taxes
$643,659
3 Mos. Ended July 31—
Provision for
$2-362,779
795,763
202,000
Gross income—
Net income deductions..,
Rayonier Inc. (& Sub.)—Earnings—
287,(<27
Net
operations
—-
—
—
$355,942 loss$119,206
95,367
64,058
43,059
Coir
dividends.
------
—
Earned per share
Liabilities
'
Investments
1939—Month—1938
1939—7 Mos.—1938
$3,459,593 $30,485,670 $26,991,815
2,689,225
22,188,793
20,730,037
$4,296,321
3,109,125
revenues.
exps——
30,649
2,712,811
1,236
1,492,583
830,484
—_
Cash
Notes receivable—customersAccounts
receivable.-------
Materials and supplies.—..-
$1,187,196
Railway tax accruals.346,788
$770,368
172,512
$8,296,877
2,287,259
$6,261,778
1,902,666
Railway oper. income
Equip, rents (net)
Joint facility rents (net)
$840,408
Dr39,053
06,864
$597,856
Cr53,601
05,503
$6,009,618
£bl79,912
Dr7,632
$4,359,112
Cr 191,805
Net ry. oper. income.
—V. 149, p. 886.
$808,219
$656,960
$5,822,074
$4,596,088
from ry. oper.
rev.
Cr45,171
Loan—The
has borrowed $5,600,000 privately
from the Metropolitan Life Insurance Co. and National City
Bank, according to announcement made by W. H. Wildes,
company
President of the company.
and be secured by
a
first mortgage
& Co. at a
of the loan
will be used to retire the company's 6% first mortgage bonds, which are to
be called at 100 on Sept. 18, and also to retire outstanding bank loans.
A
minimum sinking fund of $400,000 per year will retire all but $1,000,000 of
contract to
$99,177,039
..
Revere
Copper & Brass, Inc. (& Subs.)—Earnings
1936
$3,756,434
113,264
$1,834,122
$1,169,168 loss$790,678
209,813
148,116
670,391
693,258
175,388
180,472
$3,869,698
323,598
652,091
189,195
$1,904,956
144,650
30,052
33,976
548,000
30,889
157,200
$14,610loss$1819,709 $2,122,838
Operating revenues
70,833
Interest
on
bonds
-
641,339
other expenses
for Fed. inc
29,099
47,000
taxes
Net profit for period.„
Earns,
mon
x
per
sh.
on
$424,885
•987
After
V. 148, p.
deducting net
3541.
loss
on
metal contents
$2.56
Nil
of sales of $132,259.—
Federal Judge Guy L. Fake at Newark, Aug, 20, extended to Oct. 15 the
time when trustees of the company must file reorganization plans under the
National Bankruptcy Law.
The plan originally was to have been filed on Sept. 15, but trustees John
Mr.
Gerdes and
D.
Carpenter informed the Court they required more
$110,950
55,280
$956,992
411,085
$847,519
391,482
$55,670
29,438
$545,907
366,901
$456,037
282,674
58,599
—
$84,755
58,828
—
—V. 149, p. 887.
Augustine Gas Co.—Earnings—
12 Months Ended June 30—
Gross income.
Interest deductions
Net income
Dividends
on
a
preferred stock
Net income after pref. dividends
on common stock
Dividends
Savannah Gas
March 12. 1936 —V. 148, p. 1338.
Co.—Earnings-—
1939
.
$459,865
revenues
-----
278.183
$181,682
Dr2] ,014
$160,668
(parent company) interest
Other interest
Federal and State tax
Other deductions
on
bond interest.
:
Net income
a
Before provision for retirements.
$29,148
6,150
4,179
$27,246
6,056
3,843
$20,799
4,344
$18,819
4,344
$17,347
4,740
$16,455
$14,475
20,000
$12,607
16,250
445
10,000
Co.—Earnings—
1938
1937
$517,276
302,487
$475,309
294,398
$238,350
8,844
$214,789
12,466
$180,910
5,012
$227,255
$185,922
43,155
1,531
Amort, of debt discount and expense-
$247,194
41,985
1,198
40,318
3,433
Preferred dividends.
$160,260
28,215
$141,499
28,283
$104,683
28,230
$132,045
105,000
$113,215
147,000
$76,453
56,000
Interest
on
long-term debt
Interest
on
other debt
Prov. for retirements and
replacem'ts.
Net income after pref. dividends—
on common stock
42,570
1,743
37,909
3,533
32.920
3,632
Schulte Real Estate Co., Inc.—Interest—
The New York Curb Exchange has
ing to $30
46,811
$191,096
Dr22,366
$168,730
4*. ,806
$125,923
22,410
1,788
2,130
79.585
412
24
$7,855
$19,986
received notice that interest amount¬
$1,000 debenture will be paid on Sept. 1, 1939, to registered
debentures due June 1, 1951, of record at the close of
The Committee on Security Rulings of the Curb
Exchange has ruled that the debentures be quoted ex-interest 3 % on Aug. 30,
1939, and that the debentures shall continue to be dealt in flat.—Y. 144,
p. 1800.
Scott Paper
22.410
1,383
2,212
per
holders of the 15-year
business on Aug. 31.
1938
$455,332
264,237
$113,857
79,585
Bond interest
Notes
$30,769
5,866
4,104
1939
A
new group
Co.—Insurance Plan—
insurance plan putting over $1,625,000 of new insurance
in
Wilkinson. Personnel Director of this com¬
Aug. 23.
The plan which is another tangible expression of the
company's appreciation of the cooperation and service of its employees has
been accepted by over 80% of the eligible member.of the organization and
is in addition to the $1,926,000 of group insurance which has been in force
through the Employees' Beneficial Association for the last 12 years.
Employees may purchase under the new program an amount of insurance
based on weekly earnings.
The company pays the entire premium on the
first $500 of insurance and a substantia] portion of the premium on the
balance of the insurance to which the employee subscribes.
The insurance
force
was
pany,
Provision for retirements.
$28,038
1,110
$26,801
728
$521,948
283,598
dividend of 40 cents per share on the no par
expenses and taxes
$30,041
—V. 148, p. 3242.
stock, payable Sept. 11 to holders of record Sept. 2.
This com¬
with 30 cents paid on March 14. last; $1 paid on Dec. 13, 1938; 50
cents paid on Sept. 12, 1938; $1 paid on Dec. 14, 1937; 40 cents paid on
Sept, 14 and June 12, 1937; 20 cents paid on March 1^, 1937; $1 paid on
Dec. 14,1936; 40 cents paid on Sept. 14 and June 15, 1936, and 20 cents on
Roanoke Gas
1937
$78,708
51,906
Operating expenses
pares
12 Months Ended June 30—
1938
$84,205
56,167
—V. 148, p. 3242.
common
Operating
Operating
1939
$81,562
51,520
Gross operating revenues
Dividends
Co.—-Dividend—
The directors have declared
5,212
$2,980,286
2,132,767
Net oper. income.
Net income
$2,985,498
.
$3,073,892
2,116,900
Mr.
Carpenter reported last week on the results of a
lengthy investigation of the concern's finances and recommended suits
against former officers and directors to recover approximately $3,000,000.
The Court has not ruled on the recommendation.—V. 149, p. 1189.
Richardson
&
$143,354
Net oper. revenues
Operating taxes.,
1939—7 Mos.—1938
$3,080,717
6,825
$423,898
312,948
Gross operating revenues
Reynolds Investing Co., Inc.—Plan Delayed—
Gerdes and James
time.
$99,177,039
$441,716
298,362
Operating revenues
Operating expenses
12 Months Ended June 30—
Nil
Nil
80.000
3.975,626
Non-operating income-
com¬
stock...
7,358,581
1,028,564
197,446
Amort, of bond prem. &
Prov.
....
Total..—
985
Provision for retirements & replace'ts.
Non-operating charges..
Depreciation
surplus
$442,701
-
Uncollectible oper. rev__
$733,430
Oper. profit before de¬
preciation.
—_-x$l,103,575 loss$838,559
Non-operating income.65,594
47,881
Total income
5% pref. stock..
Corp.—Earnings-
Net operating income
Non-operating income—t
1937
1938
1939
Earned
on
1939—Month—1938
Operating expenses
6 Mos. End. June 30—
Reserves.....
7,344
Period End. July Zl—
St.
largest sellers of natural gas in the Hugotou
supply a substantial proportion of the Northern
Gas requirements,—V. 148, p. 2441.
Natural
liabilities.
Current
14,383,208
37,046,000
8,805,110
2,612,850
-V. 149, P. 1190.
by maturity.
a
called.
Premium
11,354,301
Special deposits
The company is one of the
field with
1
debt
Contributions for extensions.
Loans to employees
—
par)
815,799
Deferred charges
Total
no
Funded
Bonds and pref. stock
569,715
.....
.
Cumulative preferred stocks .$23,887,100
Common stock (775,914 shs
-
,
The loan, which will run for 12 years
of the company's gas contract, was negotiated by Dillon, Read
rate to net the company approximately 3H%The proceeds
the bonds
Prepayments.
Rochester Telephone
Republic Natural Gas Co.—Arranges $5,600,000 Private
—--
Balance Sheet June 30, 1939
Assets—
July 31—
—
<"—*
—
Property, plant & equipment
(including intangibles)--..$81,362,114
Reading Co.—EarningsPeriod End.
Railway oper.
Railway oper.
$668,403
465,548
775,914
-
dividends
mon
Number of shares of common stock outstanding
$217,516 loss$183,264
Net profit.
-V. 148, p. 3698.
$1,365,016
696,613
income..
Preferred
Balance available for common dividends
Profit from
Interest and other expenses net of other income.Provision for Federal Income taxes.
Net
5,934,217
—--------—-------
S. Government securities and
which in the aggregate
Profit
i
i«3
The New York
4,781,887
13,810,480
5,811,069
'
shares), $100,000; 5Y%% first
bonds, $1,447,000; notes payable, $385,555; accounts payable,
$52,341; interest accrued, $54,2?3; taxes accrued, $15,366; sundry accruals,
$764; consumers' deposits, $14,172; service extension deposits, $7,277;
retirements reserves, $419,430 uncollectible accounts, reserve, $19,803;
contributions for
extensions, $50,156; cancellation of rental contracts
assigned, $8,419; other reserves, $13,763; earned surplus, $553,873: total,
5,717,009
.
-
(contracts assigned), $4,331; other deferred debits,
$3,315; total, $3,142,143.
■
Liabilities—Common stock (10,000 no par
$
6,970,624
and payrolls
including provision for
Accrued taxes, not yet due,
Federal income tax— -
appliances on rental
on
1938
$
Liabilities—
Accounts payable
„
223,736,522 257,565,618
-
—
$700; special deposits, $112; cash, $59,889; accounts receivable,
$128,107; other receivables,
$20,264; appliances on rental (owned),
$3,907; merchandise, $25,020; materials and supplies, $13,648; fuel, $8,592;
residuals. $8,208; prepaid insurance, taxes and interest, $4,262; improve¬
ments to leased property, $7,968; retirement work in progress. $17,039;
ments,
mortgage
6,037,482
5,525,895
917,727
421,427
132,046,222 173,413,578
1939
x
8,711,735
2,067,943
12,156,827
3,484,300
454,393
pension and fire insurance
assets,
(U. S. Government securities)
Deferred charges
Equipment and property, less depreciation
$2,836,782; miscellaneous invest¬
Assets—Property, plant and equipment,
1938
1939
Cash and U. S. Government
26, 1939
Balance Sheet June 30, 1939
Consolidated Balance Sheet June 30
*
Aug.
announced by D. B.
on
from a minimum of $500 to a maximum of $7,500.
In addition the
will pay the entire cost of the administration of the plan.
new plan, which is on a payroll deduction basis, offers a convenient
iow cost means of providing increased protection for the families of employees
and in event of death it specifies a common sense method of spreading the
payment of the principal amount of insurance over a 24 month period.—
ranges
company
The
Y.
149.
P.
1190.
Volume
The Commercial & Financial Chronicle
149
Scranton
Lace
Co.—Dividend Increased—
Directors have declared a dividend of 75 cents per share on the common
tock, payable Sept. 30 to holders of record Sept. 15.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 146. p. 3971.
Petiod End. July 31—
By.
By.
Servel, Inc. (& Subs.)—Earnings—
Period End. July 31—
Net
int. and Fed'l taxes.. $1,241,417
Shs.com.stk.out.(par $1)
1,781,426
Earnings
per
share
1,781,426
$0.33
$0.69
To
1,010,883
818,554
6,185,609
(net)—Dr.
38,671
60,611
443,799
470,081
$2,353,864
$1,623,394 $11,449,457
$1,649,936
Jt.facil.
Pay Special Dividend—
Directors
—Second Week of Auq.—
1939
1938
Gross earnings (est.)..
—V. 149, p. 1191.
Seven-Up Bottling Co.—Initial Dividend—
Inc.—Injunction Issued—
Although the Commission in its complaint charged that the defendants
had not only violated the reigstration provisions but also the fraud pro¬
visions of the Securities Act of 1933, the Court only heard evidence and
Months Ended June 30,
Uncollectible
1939
Net oper.
..$627,707
489,955
,
Profit
Other income
I.
....
...
Net income, before depletion and income taxes
144,105
7,829,770
1,924,627
65,045.45
$779,476
21,763
554,576
.....
Silver (ounces)
•
Copper sales—Net amount realized from sales
xAdjust^ent in value of copper inventory.
Net cost after crediting precious metals
_
(1)
Realized operating profit.
$203,138
........
y
Earnings
per
Platinum
share—
Co.
1938
1939
$125,085
...
$163,847
(& Subs).—
1 937
z$226.126
$0.13
$0.07
South Carolina Power Co.-
z$895,369
$0.22
$0.13
$3,328,968
1,986,388
$70,630
57,806
$1,091,266
675,151
$948,831
14.286
$12,824
14,286
$416,115
171,438
$264,636
171,438
$9,672
x$ 1,463
$244,677
$93,198
55.493
Net income
$23,959
pref. stock
on
Balance
x
A declaration by Southwestern Development Co. regarding the issue
Guaranty Trust Co. of New York City of two notes as follows:
An
application
by
West
Texas
Gas
Co., a subsidiary of South¬
above-mentioned 1st mtge.
fund payments.
393.750
An application by Amarillo Gas Co. for approval of the acquisition
(6)
Gross income
Int. & other fixed charges
Divs.
$3,526,573
2,051,555
383.752
$79,451
Prov. for depreciation..
$260,740
158,860
31,250
1—
(5) A declaration by Amarillo Gas Co., a subsidiary of Southwestern,
regarding the issue and sale to Guaranty of its 3% collateral note in the
principal amount of $270,000, maturing in annual instalments commencing
July 1, 1940, ending July 1, 1944, in substitution and exchange for its
presently outstanding 4% collateral note in the same principal amount
and now held by Guaranty.
1939—12 Mos.—1938
$287,688
176,987
31,250
64,992
(4) A declaration by West Texas Gas Co., a subsidiary of Southwestern,
regarding (a) the issue and sale, to Guaranty, of its 3% collateral note
in the principal amount of $3,150,000 maturing in semi-annual instalments
on Jan. 2 and July 1 in the years
1940 through 1944, and upon Jan. 1,
1945, to obtained funds to purchase the above-mentioned 1st mtge. & coll.
trust bonds, and (b) the exercise of a right or privilege to alter the rights,
priorities or preferences of security holders by the execution of a second
supplemental indenture for the purpose of reducing the interest on the
1st mtge. & coll. trust bonds to 3% per annum and of reducing sinking
1 936
z$242,620
-Earnings—
1939—Month—1938
—
revenue
exps. and taxes
$213,613
trust
(3)
$1).
as Before provision for surtax on undistributed profits.
During the six months ended June 30, 1939, the subsidiaries of the
26.689 ounces of crude gold and 15,358 ounces of crude
platinum; both of these products require refuing.—V. 149, p. 123.
Period End. July 31
$212,654
western, for approval of the acquisition of the
& coll. trust bonds.
company produced
Gross
$28,598
An application by Southwestern for approval of the sale to West
of $3,150,000 of South Plains Pipe Line Co. 1st mtge. &
6% bonds (assumed by West Texas Gas Co.), now held by
Guaranty as security for South western's outstanding 4% collateral note
in the principal amount of $2,751,340.
depreciation, depletion, United States and Colombian income
minority interest, &c.
y On 1,760,000 shares capital stock
(par
Oper.
$278,605
(2)
After
x
$282,382
69,728
Texas Gas Co.
3083.
6 Mos. End. June 30—
Net profit
$39,946
11,348
$30,278
revenues
(b) A 3% collateral note of $4,962,484 to be dated on or before Jan. 2,
1940, to mature in annual instalments beginning July 1, 1940, through
July 1, 1945, to retire and discharge the above-mentioned note and to
obtain funds to pay off and redeem $2,040,300 of Southwestern's presently
outstanding unsecured 4% dividend notes, issued to its stockholders on
Dec. 24, 1937, in payment of a dividend theretofore declared.
156,410
6,698,223
1,429,844
48,467.92
$661,327
919
496,561
x
Copper inventories are carried at working costs of current quarter.
Note—No allowance has been made for taxes, depreciation or deferred
x
$40,760
10,482
1,450
(a) A 3% collateral notes of $2,921,784 to be dated Aug. 1, 1939, to
mature in annual instalments on
July 1, 1940, through July 1, 1944, in
substitution and exchange for its presently outstanding 3 M % collateral
note in the same principal amount, now held by Guaranty.
coll.
&
$715,155
436,550
and sale to
1938
1939
Gold
$741,670
459,288
43-242) filed under the Holding Company Act by Southwestern Develop¬
ment Co., West Texas Gas Co., and Amarillo Gas
Co., as follows:
Ltd.—Earnings—
Ore milled (tons)...
Metals produced—Copper (pounds)
Gold (ounces)
p.
$102,593
62,647
Southwestern Development Co.—■Hearing Sept.
$98,519
3 Months Ended June 30—
American
$107,003
66,243
300
A hearing has been set for
Sept. 1, 1939, in the Securities and Exchange
Commission's Washington office, on declarations and applications (File
Current
assets(as of June 30, 1939, including $414,189 in cash and U. S.
Governm eat securities, and with unsold copper on hand at cost, amounted to
$1,019,351.
Current liabilities, before provision for income taxes, were
$65,779. Net working capital was therefore $953,571.—V. 148, p. 3699.
South
$716,605
250
$102,843
oper. rev..
Net oper. income
—V. 149, p. 745.
$144,921
28,829
17,573
Administrative & general expense & miscellaneous taxes.
Depreciation of construction and equipment
developments—V. 148,
-Earnings-
$743,470
1,800
$107,303
Operating taxes.
$137,752
7,169
.
Sherritt Gordon Mines,
14—
1938
1939—7 Mos. —1938
1939—Month —1938
revenues.....
Operating revenues
Operating expenses
...
Total income
Aug.
to
1939
case.
Shattuck Denn Mining Corp.—Earnings—
the 6
1
—Jan.
$2,294,293 $77,936,203 $69,272,340
Southwestern Associated Telephone Co.Period End. July 31—
Operating
this time upon the question of violations of the registration
provisions of the Act and postponed consideration of the violations of the
argument at
Income Account for
Sales of metals
Cost of sales.
$2,522,094
.
The directors have declared a dividend of 5 cents
per share on the common
stock, par $5, payable Sept. 15 to holders of record Aug. 31.
This com¬
pares with 10 cents paid on June 15 and on March 15, last; 20 cents paid on
Dec. 15, 1938; 10 cents
paid on Sent. 15, June 15 and March 15, 1938;
20 cents paid on Dec.
15, 1937: 10 cents on Sept. 15, June 21 and March
20, 1937; 5 cents on Dec. 31, 1936; 10 cents on Oct. 15 and July 15, 1936;
prior thereto regular quarterly dividends of 5 cents per share were paid.
In addition,- an extra dividend of 5 cents
per share was paid on Jan. 5,
1936, and on Jan. 10, 1935.—V. 148, p. 3858.
The Securities and Exchange Commission has reported that Judge F. E.
Kennamer of the U. S. District Court at Tulsa, Okla., had issued a pre¬
liminary injunction restraining Shallow Oil, Inc., and K. L. Shoemaker
from further violating the registration
provisions of the Securities Act of
1933.
fraud provisions until the trial of the
5,800,811
Southland Royalty Co.—Five-Cent Dividend—
Directors have declared an initial dividend of 25 cents per share on the
stock, payable Sept. 15 to holders of record Sept. 1. -V. 148, p.
Shallow Oil,
$4,040,115 $28,559,114 $18,610,263
1,537,555
10,480,249
10,689,435
Ry.- -Earnings—
on
co rmon
common
taxes,
rents
Southern
Aug. 22 declared a special dividend of 25 cents per share
stock, par $1. payable Oct. 15 to holders of record Sept. 30.
Begular quarterly dividend of 25 cents per share previously declared will be
paid on Sept. 1, next.—V. 149, p. 267.
the
on
rev. from ry.
oper.
$4,972,146
1,568,728
After estimated undistributed profits taxes.
x
1939—7 Mos.—1938
$18,394,418 $17,048,098 $118,445090 $109,943574
13,422,272
13,007,983
89,885,976
91,333,311
Net ry. oper. income.
-V. 149, p. 1191.
$2,356,127 x$l,231,619
1,781,426 * 1,781,426
$1.30
$0.67
x$595,252
1939—Month—1938
revenues
expenses
Railway tax accruals...
Net profit after
deprec.,
„
oper.
oper.
f^P-rents (net)—Dr.
1939—9 Mos.—1938
1939—3 Mos.—1938
1339
Earnings of System
from Panhandle Pipe Line Co., an associate company of Amarillo Gas Co.
and subsidiary of Southwestern, of a 3% note in the principal amount of
684,194
$135,000 to be dated Aug. 1, 1939, to mature in four instalments of $25,000
each, payable on July 1 of each of the years 1940, 1941, 1942, 1943, and
$35,000 payable July 1, 1944, in substitution and exchange for Panhandle
presently outstanding 4% collateral note pledged by Amarillo Gas Co. with
Guaranty to secure its outstanding $270,000 note.—V 149, p. 1191.
Indicates deficit.—V. 149, p. 888.
South
Porto
Rico Sugar
Directors have declared
an
Sperry Corp. (& Subs.)—EarningsCo.—Extra Dividend—
6 Mos. End. June 30—
extra dividend of 25 cents per share in addi¬
tion to the regular
quarterly dividend of like amount on the common stock,
both payable Sept. 21 to holders of record Sept. 5.—V. 147,
p. 3471.
Southern Bell
Telephone & Telegraph Co.—-Earnings
Period End. July 31—
Operating
P939-Month—1938
1939—7 Mos.—l 938
$5,632,466
$5,243,327 $39,876,333 $37,106,597
22,457
22,480
147,977
157,282
revenues
Uncollectible oper.
rev..
Operating revenues.. $5,610,009
Operating expenses
3,742,194
,.
Net
oper. revenues
$1,867,815
794,317
Net oper. income
income
Net
149, p.
$1,727,397 $13,881,644 $12,672,152
723,125 _5,652,010
5.090,468
$1,073,498
875,160
Operating taxes
—V.
$5,220,847 $39,728,3.56 $36,949,315
3,493,450
25,846,712
24,277,163
$1,004 ,.,7*
762,907
$8,229,634
6,845,981
Southern Indiana Gas & Electric Co.
Period End. July 31—
Gross
Oper.
1939—Month —1938
revenue._
$342,470
196,143
21,954
expenses and taxes
Prov. for depreciation__
Gross income
Divs.
of
2,263,198
415,863
pref.
i
34.358
412.296
10,848
130,181
130,181
Contracts
1939
From Jan. 1—
Gross from railway
Net from railway
Net after rents
in
&
in¬
0,151,945
5,733,820
1936
Notes
90,235,056
22,742,704
9,405,825
4,049,233
3,869,718
1,351,400
1,883,172
2,301,906
82,480,833 100,146,401
14,119,120
24,031,630
809,441
11,176,466
81,672,037
20,990,637
10,678,233
1,071,570
1,975,236
367,146
1,341,804
682,608
582,217
38,365
58,799
71,770
71,484
17,232
Income
Depos. on contr'ts
826.455
service
......
446,637
842,398
products
guar¬
189,671
Deferred Income.
427,597
Res've for contlng.
officers
_
Res. for unrealized
14,567
14,615
apprec.
receivable,
non-current....
&
anteed
189,404
of for'gn
exchange.,
30,000
Capital stock
Capital surplus.
2,015,565
52,129
2,015,565
4,334,246
4,334,246
Earned surplus
8,446,996
6,348,705
c
3,948,255
Deferred charges__
122,903
3,502,157
Patents
3,287,794
$
716,710
Prov. for instalm't
in prog¬
contract
from
for
franchise & cap.
stock taxes
and employees..
$14,610,926 $13,103,958 $15,298,447 $13,531,982
4,358,836
2,253,480
Prov.
Dep. on purchased
$377,629
1938
1,021,799
985,054
ries & wages
2,089,416
work
progress,
%
Accounts payable-
Accrued exps. sala¬
3,284,147
interest, &c
Due
1937
Liabilities—
%
4,426,100
accts. rec., accr.
ventories,
1938
1939
1938
$
Notes, accept'ce,
Contracts
Co.—Earnings-
__
Gross from railway
Net from railway
Net after rents
$1,657,305
5,768,158
Cash...
Investments
Southern Pacific
42,128
212,721
Consolidated Balance Sheet June 30
a
110,000
$1,912,156
23,818
438,143
1939
$920,105
412,296
$428,698
$1,832,428
34,401
783,926
$2,469,576 y$2,107,780 y$1.370,467
Assets—
$1,269,894
349,788
$26,400
52,101
$2,926,107
23,690
948,361
Net income
$1,470,821
389,646
27,500
145,286
$767,568
1,144,588
x Includes income from patent royalties:
$230,628 in 1939; $111,748 in
1938; $189,934 in 1937 and $90,138 in 1936. y No provision has been made
for Federal surtax on undistributed net income.
$1,081,175
$19,109
188,973
$1,596,679
235,749
fees, legal and
miscell. expenses
Provision for taxes..—
ress......
Balance
254,529
$2,874,006
Transfer
$97,768
26,162
—V. 149, P. 888.
109,009
482,583
$3,441,627
$71,606
stock
expense
Amort, of railway prop¬
erty losses
July—
$3,947,103
2.246,981
430,228
$1,504,447
354,923
Other income.
10,848
pref. stock....
Amortiz.
Earnings—
$2,696,425
159,242
751,531
$3,391,852
49,775
expenses
1939—12 Mos.—1938
$4,119,882
1936
1937
1938
$4,408,459
170,560
1,109,364
$4,945,101
182,904
1,015,422
Depreciation
Selling and gen. expenses
Besearch & development
$91,815
34,358
income.
on
$306,676
171,588
37,320
1939
Gross Inc. from opers.
$124,372
32,557
Int. & other fixed charges
Net
$7,581,684
5,914,686
1191.
x
1
1
Total
...19,956,018
b Plant &
a
equip't.
After reserves,
225,796
17,435,629'
Total
b After depreciation,
c
19,956,018 17,435,629
Par value $1.—V. 149, p. 1037.
The Commercial & Financial Chronicle
1340
Standard Gag & Electric Co.
-
14,922,867
29,891,081
29,8o0,180
repairs...3[036,935
3,126,294
6,101,630
6,339,547
5,498,353
.24,993
6,355,281
11,311,899
50,131
5,807,864
23,416
6,434,392
revenues...$1^535^378
51,426
12,371,339
..
12,6.33,464
$14,511,636 $30,798,256 $29,560,418
AHO
^
—
418,310
209,loo
209,155
properties..
«*''*•
$605,189
7,269
2,349
$981,160
9,362
2,193
$427,706
$614,806
$992,715
37,020
60,442
39,394
bll0,129
$330,243
$465,283
17,512
922
$771,091
23,319
$347,756
33,125
163,895
$466,206
30,719
274,461
$794,410
7,671
550,408
$161,026
$236,331
720,160
jf"**
charges (cash discounts,
debts, Sec.)
Reserves for Federal taxes.....
—
Net income
__
—
Operating surplus credits
——
_
Operating surplus charges — ...
Dividends declared.-——.
funded debt.
on
$16,278,078 $14,302,970 $30,253,305 $29,296,367
5,487,242
5,453,175
10,965,211
10,917,198
Amort, of debt discount
and expense
Sundry amort.&miscell.
691,728
26,356
$150,736
surl61,026
See
Balance
1,386,677
103,657
1,392,768
' 16,415
$9,517,285
942,592
$15,808,658
capital stocks
held by public
Minority int. in undis-
4,556,149
4,526,869
9,059,553
9,112,473
tributed net income..
285,599
77,343
315,718
98,110
Int.
„r>
„.
Accts.
372,906
244,312
$7,479,897 ' $6,598,075
.....
1,805,158
1,900,149
270,682
215,089
13,329
12,126
Market, securities.
201,025
201,025
402,051
402,051
4,398
25,822
30,362
237,525
accts. rec
Misc. securities...
affiliates
Sinking
fund
47,750
$4,880,960
$3,320,795
$7,912,310
$7,237,651
Treas.
193,298
115,356
401,941
240,935
Treas.
Consol. net income. $4,687,662
Interest on funded debt.
2,139,825
$3,205,439
2,209,485
37,770
$7,510,369
4,344,258
58,797
$6,996,716
4,418,970
81,012
36,118
62,833
Tptal..
of Stand. Gas & EI Co.
x
Other interest
23,468
Federal and State tax
on
Amort, of debt discount
Consol. net income..
106,836
47,165
92,303
208,689
213,672
Before deduction of income charges of Standard
Statement of Income
Period End. June 30—
Divs. from public utility
Divs. from others
Int.
funded
on
debt
Int.
indebtedness
on
$4,486,225
402,051
$5,821,475
402,051
65,313
65,313
130,625
130,625
4"8,759
930,088
938,261
17,159
Total
4,398
25,822
30,362
$5,049,263
$6,591,676
127,387
38,501
99,770
259,580
79,078
210,895
expenses.
J
Taxes pother than income
15,586
15,410
12,000
....
Pro v. for Fed. inc. taxes
Sutherland Paper
on
29,283
34,000
30,040
Southwestern Gas & Electric
Net oper.
Federal and State tax
int.
on
$2,457,908
2,139,825
23,468
$2,859,288
2,209,485
37,770
$4,647,322
4,344,258
58.797
$6,350,741
4,418,970
81,012
36,118
62,833
75,416
on
funded debt...
Amort, of debt discount
and expense.........
106,836
95,339
—.—.
—
$469,079
$86,095
917,206
Total..............
$588,273
$469,079
"$1,003,301
$1,561,671
47,165
Arising from the reacquisition of notes and debentures.
Note—To June 30, 1939 dividends accumulated on the prior preference
stock $7 and $6 cumulative not declared or paid amount to $38.15 and
$32.70 per share, respectively, and aggregate $17,322,476.
To May 31;
1939 dividends accumulated on the $4 cumulative preferred stock not
declared or paid amount to $25 Per share and aggregate $18,936,050.
Weekly Output—
the public utility operating companies in the Standard
6 Months Ended June 30—
Dividends received
1939
Total income.
$9,100
1938
$28,118
11,064
66,495
expenses
$658,600
239,661
$674,053
249,598
$2,863,687
$2,953,889
947,748
1,001,373
$418,939
154,605
$424,455
1.54,605
$1,915,939
618,422
$1,952,516
618,422
$264,334
$269,850
$1,297,517
$1,334,094
'
...
...
Superior Water, Light & Power Co. —Earnings—
Period End.
1939— Month—1938
July 31—•
Operating revenues..
Oper. exps., incl. taxes..
Prop, retire, res. approp.
....
4.000
48,000
48,000
$13,354
$210,565
$200,558
107
24
325
234
$15,307
$13,378
$210,890
454
454
7,090
8,505
5,450
89,084
$200,792
5.450
100,201
...
mortgage bonds.
Other interest
on
Int. charged to constr'n
Cr67
Net
income
Dividends applicable to
$116,423
$95,141
35,000
35,000
$81,423
$4,419
$7,493
preferred stock for the
period, whether paid or unpaid
Balance..
—V.
149, p.
.141
....
746.
Symington-Gould Corp.—Earnings—
x
Period End. July 31—
Operating loss
y
Net loss
x
41,878
1
for
32,449
$173,160
prof$6,141
•_
After provision
1939—6 Mos.—1938
$478,440
$108,503
59,209
93,920
1939—3 Mos.—1938
$35,737
$205,610
Other income—net
depreciation of plant,
419,230
$14,583
all selling and
general ex¬
penses, provision for reserves, for State taxes and for Federal normal income
and excess profits taxes,
y Before provision for surtax on undistributed
profits.—V. 148,
p.
3245.
6 Months Ended June 30—
Gross earnings
Operations and
Net earnings.
$58,010
$42,291
30,916
1939
$
Investment
.18,424,031
Deferred
obtained by
any
among
$49,744
54,103
94
164
working funds..
_
832,831
196,900
369,141
547
7% 1st
$100)
a
pref.
—
c
5,520,700
.
$3 1st preferred
b Partie.
Class A
5,014
6,603
14,999
92,276
88,033
328,654
Funded
.
14.8"8
187.156
187,156
common
548.517
548,517
450,000
450,000
9,757,000
9.913,000
debt
67,805
64,790
1,743". 863
2,237,613
294.328
Due to sub. cos
Reserves.
surplus
130.000
115,000
1,101,923
Surplus reserved
Earned
$
5,520,700
14,858
preferred
Current liabilities.
e
1938
(par
CI. B. com.(parfl)
loan.
direct obligations of the company and are not secured.
All or any part of the loan may be repaid at
any time upon 30 days' notice.
The loan will mature one tenth at the end of each of the
$
Liabilities—
$
Special deposits &
Acc'ts receivable.
1939
1938
18,727,578
792,846
charges..
Due from sub. cos.
distributed
several banks
interest charge is 2.15%, the lowest
corporation in recent history for comparable
was
$40,894
30,916
94
.
Balance Sheet June 30
took
remainder
The annual
$310,527
248,451
21,182
$3 first preferred dividend
Cash In banks....
The
$321,190
249,933
21,513
21,172
Net income.__
7 % first preferred dividend
count & expense
Standard Oil Co. of California—$25,000,000 Loan—
$379,102
68,575
$309,646
246,184
_
$39,182
97,192
$57,394
1937
$390,047
68,857
1938
1939
$373,753
64,106
taxes
The company announced Aug. 24 that it has
arranged a 10-year bank
loan for $25,000,000, which will be used in the
development and expansion
of its business.
The loan was obtained from a group of banks.
The
Chase National Bank and the National
City Bank, both of New York,
The notes
1939—12 Mos. —1938
$1,074,813
$1 ,030,910
782,352
816,248
4,000
Unamort. debt dis¬
coast.
$81,090
63,736
$84,237
65,307
$14,930
Net oper. revenues
Other income._,
Assets—
Loss for period
—V. 148, p. 3244.
cost for money
$2,923,851
30,038
_
$1,776
7,325
Inteiest received and accrued
Pacific
9,972
Interest on debentures
Amort, of debt discount and expense.
Standard Investing Corp.—Earnings—
the
$666,830
7,222
$2,853,715
3,304
Telephone Bond & Share Co.—Earnings-
system for the week ended Aug. 19, 1939, totaled
114,499,419 kilowatt-hours, an increase of 9.3% compared with the cor¬
responding week last year.—V. 149, p. 1191.
on
$655,296
Pref. stock dividends
......
a
$20,000,000.
$7,649,706
4,725,855
—V. 148, p. 3243.
$1,561,671
Surplus credits
$215,204
373,069
Net income....
Operating
$7,562,739
4,709,023
income..
Net income
213,672
.
Electric
output of
Gas & Electric Co.
$1,821,605
1,154,774
...
\
«
1939—12 Mos.—1938
$1,805,604
1,150,308
Other income (net)
—
Co.—Earnings—
1939—3 Mos.—1938
Period End. June 30—
Operating revenues
Oper. expenses & taxes..
Gross income
32,246
funded debt-
Co.—New Official—
Directors have elected William Race, Secretary and director to replace
the iate F. W. Sutherland,—V. 149, p. 3859.
Int.
Gross Income
$4,663,377 $4,578,051
Total...
—Y. 148, p. 3700.
237,525
"$2,974,644
Corporate, fiscal & adm.
Interest
$4,578,051'
....$4,663,377
Balance
$2,651,206
Other interest
16.455
Deferred charges..
...
affiliates.....
taxes)..
stock..
Operating surplus.
86,087
447,096
Mach'y Aequipm't
1
Gross income
of
Legal service
92,303
208,689
Land & buildings.
of
Total...
— .
Int. and other deduc'ns.
1939—12 Mos.—1938
$2,682,484
201,025
affiliate.............
1,960,001
161,026
pref.
Capital surplus."..
86,088
0Company Only)
1939—6 Mos.—1938
$2,380,470
201,025
affiliates
fund—for
stk.—com.
(3,301 shs.)
$815,230 y$2,949,142 y$2,207,646
$2,444,958
.
95,339
Gas & Electric Co.
y Includes approxin ately $690,000 for the 12 months ended June 30, 1939
and approximately $387,000 for the 12 months ended June 30, 1938 of
undistributed earnings of a subsidiary company, which amounts are not
available for distribution to Standard Gas & Electric Co. due to an order
of a State regulatory body requiring such subsidiary to maintain surplus
equal to annual dividends on its preferred stock.
Notes—For comparative purposes the figures for the~1938 periods have
been revised to reflect equalization of adjustments recorded subsequently,
but vhich are applicable to those periods.
x
1,500,000
92,303
1,960,001
311,762
shs. no par)...
stk.—pref.
(2,169 shs.).
75,416
'
and expense.........
209,399
607,500
1,500,000
:
,
_
^
32,246
Interest on funded debt
149,741
607,500
(par
Com.stk. (150,000
47,750
92,303
for
preferred stock.
Less, Expenses and taxes
State
stock
Reserve for sinking
and
notes
Fed.,
value $100)
20,952
Inventories.
1938
$47,822
& ac-
& town taxes
Pref.
Accts. rec.—for se¬
Misc.
pay.
crued expenses..
Acer.
rec.—cus¬
tomers—
„
1939
$42,070
Liabilities—
Accts.
$357,366
curities sold....
$3,093,948
1938
1939
$351,882
posits & currency
of
indebtedness
on
Comparative Condensed Balance Sheet June 30
Assets—
Cash—demand de¬
^
^
"$4~6757537
Balance of income
c$483,829
$161,026
depreciation of plant in amount of $54,779 in 1938
undistributed profits tax. c The
$483,828) at June 30, 1937, was
charged to capital surplus, as per vote of directors on June 2,1937, approved
by vote of stockholders on Sept. 15, 1937.
Includes charge for
a
and $48,769 in 1937.
b Includes $27,96/
balance of operating surplus (deficit of
1,161,328
$7,698460 $16,855,168
433,551
on
Other Income of Standard
Gas & Electric Co.—
Dividends..
c
.
_
461,015
deductions
Divs.
„
„
695,989
116,547
Other interest, net
46,833
174,790
-
418,100
$14,302,481 $30,379,946 $29,142,318
489
i>rl26,641'
154,049
Operating deficit—at end of year.. sur$311,762
Gross income
Interest
1,487,146
bad
Net increase in oper. Burp, for year
operating income$16,326,223
Other income, net
Lr48,145
Net
$1,530,085
548,925
$418,859
7,128
1,719
Total
Total
Net oper.
Rents for lease of electric
$1,186,184
580,995
Other income
10,879,838
depl, res.*
amortization
Sundry
Taxes..
$983,662
564,804
Other
„
™
_
Al^eprec ^and
1937
$3,017,231
Income from securities.
$46,881,845 $44,439,424 $90,786,461 $89,052,748
Operation (incl, electric
power and gas purch.) 15,043,860
Maint. and
1938
$2,288,822
1,102,638
selling and general expenses.
Other miscell. services..
Total
1939
$2,228,146
1,244,484
re¬
^
...$35,994,235 $34,255,884 $71,753,858 $70,025,321
9,913,581
9,212,920
17,200,753
17,221.083
974,029
940,020
1,771,850
1,800,744
Electric-.—
(L. S.) Starrett Co,—EarningsYears Ended June 30—
Sales
12 Mos. End. June30—1939
1938
„
,
used to increase the company's
Arabian properties.—V. 149, p. 1038.
fleet of tankers and develop its
Subsidiary Public Utility Companies—>
Operating revenues:
26
Assumptions are that the money will be
(& Subs.)—Earnings—
(Exclusive of Deep Rock Oil Corp., Pittsburgh Rys. (and companies
operated by it), and Pittsburgh Motor Coach Co., ail of which are in process
of reorganization under Section 77B of the Bankruptcy Act, and Beaver
Valley Traction Co., in receivership, and subsidiaries of such companies).
Subsidiary Public Utility Companies-—6 Mos. End. June30
Period—
1939
1938
Aug.
1.011,669
are
sixth, seventh,
eighth and ninth years and the remaining $15,000,000 at the end of the
10th year.
Total
19.521.822 20,357.632
Total...
__19.521.822 20,357,632
Represented by 391 no-par shares,
b Represented by 3,299 no-par
c Represented
by 95,024
no-par
shares,
e For
general con¬
tingencies
a
shares,
.
Volume
The Commercial <Sc
149
Financial Chronicle
Accumulated Dividends—
The directors at their recent meeting declared dividends of
28 cents per
1st pref. stock and 12 cents per share on the $3 1st pref.
paid Sept. 15 to holders of record Sept. 1.
Like amounts were
paid in each If the 6 preceding quarters.—V. 148, p. 3245.
share
the 7%
on
Carl E. Pratt has been appointed
comptroller of this
ing the late C. Donald Rarey.—V. 147, p. 3925.
stock to be
Tennessee Corp.
(& Subs.)—Earnings—
1937
$733,718
,$0.86
a After bond interest, depreciation and Federal income taxes proportion
of earnings applicable to minority interest, but before provision for surtax
6 Months Ended June 30—
a Estimated net income
Earns, per sh. on 853,696 shs. cap .stk.
on
undistributed
profits.—V.
149,
p.
1939
1938
$367,296
$189,391
$0.22
$0.43
124.
Union Oil Co. of
Texas Electric Service
California—Registrar—
debentures due Aug.
1, 1959.—V. 149,
Union Pacific
p.
1192.
RR.—Earnings—
Period End. July 31—
1939—Month—1938
1939—7 Mos.—1938
Freight revenues-$10,717,203 $10,010,611 $68,198,047 $58,660,627
Passenger revenues
2,644,365
i «nn nno.
inn98 85*7
a aoo. nan
1,806,002
10,028,837
9,402,686
—
—
Co.—Earnings-
1939—Month—1938
$764,361
$738,542
385,158
390,299
83,333
83,333
Operating revenues..—
Oper.exps.,incl. taxes—
Prop, retire, res. approp.
succeed¬
company
Manufacturers Trust Co. is New York Registrar and New York Exchange
Agent for the exchange of temporary debentures for definitive debentures,
when issued, of the
$30,000,000 issue of Union Oil Co. of California 3%
Mail
Period End. July 31—
1341
Travelers Insurance Co.—New Comptroller—
revenues.
Express
1939—12 Mos.—1938
$8,325,695
$8,576,977
4,495,787
4,533,863
1,000,000
1,118,333
418,611
—
revenues.-.-—
Incidental
revenues
Railway
377,664
132,681
135,306
516,297
194,354
All other transp. revs---
368,157
186.020
2,991,681
1,174,614
2,579,414
1,061,185
2,756,349
1,140,638
2,173,642
1,047,312
revs-—$14,026,076 $12,881,135 $86,033,778 $75,181,254
2,123,675
1,732,272
9,909,676
7,845,646
2,466,221
2,045,819
17,377,121
14,106,026
447,011
352,600
2,448,340
3,050.375
Transportation
4,684,829
30,555,442
4,231,512
27,280,517
Miscellaneous operations
404,254
2,083,720
293,036
1,845,892
General expense
435,153
423,059
3,207,039
2,980,544
Transp. for investment.
Cr667
Cr82
#
Cr3,800
oper.
Maint. of way & strucs
Maint. of equipment--.
Traffic expense-....
—
$295,870
$264,910
$2,829,908
1.014
522
13,032
$2,924,781
7,296
$296,884
140,542
2,638
$265,432
140,542
2,570
$2,842,940
1,686,500
31,389
$2,932,077
1,686,500
31,095
$153,704
$122,320
applicable to preferred stock for the
period, whether paid or unpaid—.
$1,125,051
$1,214,482
375,678
375,678
$749,373
$838,804
Net oper. revenues...
Other income (net)
.
.
Gross income
Int.
.
mtge. bonds
Other Interest
on
Net income.
—
fr. ry. opers.
rev.
Ry.
—.
oper.
income
$3,464,933
1,345,528
$3,802,919 $19,851,072 $18,678,089
1,148,965
9,119,806
8,659,902
$2,119,405
Railway tax accruals—
Dividends
Balance..
Net
.
$2,653,954 $10,731,266 $10,018,187
702,141
4,676,211
3,941,845
67,588
346,812
339,000
Tex-O-Kan Flour Mills—Accumulated Dividend—
Directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cumulative preferred stock, payable Sept. 1 to
holders of record Aug. 15.
Like amounts were paid in preceding quarters.
—V. 148, p. 3246.
Equip, rents (net)
Joint facility rents (net).
849,114
Net ry. oper. income.
-V. 149, p. 746.
$1,217,336
52,955
Union Premier Food
28 Weeks Ended—
Net income
Shares common stock
Ry.—Earnings—
Period End. July 31
1939—Month—1938
1939—7 Mos.—1938
$2,246,549 $14,655,911 $14,813,173
Operating revenues.
$2,106,824
1,580,217
10,762,619
10,544,943
Operating expenses
1,526,259
151,095
1,066,761
1,033,238
Railway tax accruals—156,258
141,815
732,433
860,677
Equip, rentals (net).—«
111,940
Joint fac. rents (net)
7,161
34,917
30,450
*
5,834
$306,533
33,890
Miscell.
Fixed
deductions
charges.
$2,343,865
258,064
$401,372
11,490
327,514
$2,297,588
$2,601,929
53,333
72,807
2,273,062
x$28,807
$228,486
x
^
July 15, '39 July 16, '38 July 17, '37
Union Tank Car Co.
res. approp.
1939—12 Mos.—1938
$924,258 $11,358,889 $11,453,931
497,498
5,803,647
5,611,468
145
90,978
_
90 ,£45
$409,149
$336,170
335
62
1,021
1,139,692
1,750
1,088,492
1939
1937
$4,033,167
1,942,554
1,443,404
$4,635,216
153,317
1,838,951
1,585,816
145,977
$667,171
47,111
$493,892
25,611
$1,064,473
26,161
$714,281
$519,504
$1,090,634
10,000
115,428
$700,274
5,533,612
$509,504
5,705,848
$975,206
5,583,332
$6,233,886
704,988
$6,215,352
828,302
$6,558,539
946,283
$5,528,898
1,172,581
$0.59
expenses
1938
$3,956,832
1,702,288
1,456,195
131,179
14,007
Maintenance, repairs & gen'l
Depreciation
Taxes—.
—
—
Net income from operations
Other income
income
$5,387,050
1,182,582
$0.43
55,612,255
1,200,000
$0.81
:
—
Provision for Federal income and
ex¬
profits taxes
Total.
.
£
Dividends paid
....
—
Earned surplus at end of six months
Shares common stock (no par)
Earnings per share
$4,465,000
7,194
$4,701,750
6,445
$336,232
177,708
10,000
18,863
$4,472,194
2,132,500
120,000
; 157,778
$4,708,195
2,132,500
$129,661
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$2,061,916
$2,244,791
865,050
865,050
$1,196,866
Consolidated Balance Sheet June 30
Interest
on
Interest
on
$409,484
177,708
10,000
11,900
mtge. bondsdeb. bonds-
Other int. & deductions.
$209,876
Net income...
3,566,947
U. S. Govt, notes.
3,028,813
1,230,865
3,028,813
8,453
1,141,497
644,342
543,481
1,237,791
846,244
140,842
investments—.
Material & supplies
Other assets
Goodwill,
Third Avenue Ry.—Reaches Accord with
'
City
on
x
After reserve for depreciation of
in 1938.
y
United
plan must be approved by the Board of Estimate, the Transit Com¬
149,
United
x
Holding Company Act the sale by the
company
$72,000 2.73% first mortgage note to the Rural Electrification Admin¬
Proceeds will be used to build rural transmission and distribu¬
tion lines which will be leased to the company's parent, Virginia East Coast
1939—3 Mos.—1938
$28,932
—
a
,
Timken
Roller Bearing
Net profit after deprec.,
Federal taxes, &c__
•
—
1939—6 Mos.—1938
$1,514,977
$109,064
$3,422,370
$164,202
$0.63
$6.05
$1.42
$6.06
Earns.per sh.on cap .stk.
—V. 149, p. 890.
$9,684
United Engineering
The Securities and Exchange Commission has issued an order approving
(subsidiary of Midland United Co.) of all of its
utility assets to Central Indiana Power Co. and to Public Service Co. of
Indiana, both of which companies are also subsidiaries of Midland United
Co., for an aggregate consideration of $602,000, of which $475,000 is to be
paid by Central Indiana Power Co. for those portions of Traction Light &
Power Co.'s utility assets to be acquired by Central Indiana Power Co.
and $127,000 is to be paid by Public Service Co. of Indiana for those por¬
tions of Traction Light & Power Co.'s utility assets to be acquired by
Public Service Co. of Indiana.
.
Central Indiana Power Co. is to issue not to exceed $475,000 5-year 6%
promissory notes to Traction Light & Power Co. in payment of those por¬
tions of properties to lie acquired.
the sale by the company
Transcontinental
&
Western
Air,
$203,363
y$391,651
y Revised
1938
1937
1936
$2,492,143
$3,208,019
$2,176,272
65,652
200,154
68,276
$3,408,173
385,563
$2,244,548
370,404
170,783
685,654
154,454
426,459
Depreciation-.... — —
424,861
179,050
Fed. & State inc. tax,&c.
318,157
$2,557,795
389,712
182,259
582,826
$951,813
28,882
$1,402,998
28,906
$2,166,173
28,966
$1,293,231
28,966
Surplus for common..
of com. stock out¬
$922,931
$1,374,092
$2,137,207
$1,264,265
standing (par $5)
Earnings per share—...
—V. 148, p. *3394.
820,746
$1.12
819,876
$1.68
818,216
$2.61
818,216
Total income.—..-..
Expenses....
profit..
dividends
—
....
Preferred
of Assets—
y$98,661
& Foundry Co.—Earnings—•
1939
profit from manuf. $1,831,174
Otherincome—
42,707
Net
Traction Light & Power Co.—Sale
1939—6 Mos.—1938
1939—3 Mos.—1938
Loss from operations..
6 Mos. End. June 30—
Co.—Earnings—
1939—3 Mos.—1938
v..
Cigar-Whelan Stores Corp. (& Subs.)—Earns.
—
Period End. June 30—
$3,141
$60,333
■
,
Gross
The SEC also approved the lease of the lines.
1939—6 Mos.—1938
$1,658
x After taxes, depreciation, amortization and bond interest,
figures.—V. 149, p. 270.
istration.
Utilities, Inc.
148* p. 1822.
deprecia¬
Period End. June 30—
.
no par shares.—V.
Chemicals, Inc. (& Subs.)—Earnings—
Period End. June 30—
mission and the holders of outstanding securities of the system.—V.
from the provisions of the
36,017,734 36,208,662
$60,697,142 in 1939 and $57,744,843
Represented by 1,200,000
tion; &c—
—V. 149, p. 748.
The Securities and Exchange Commission has issued an order exempting
Z)r596,333
Total
36,017,734 36,208,6621
Net profit after
Tidewater Electric Service Co.—
Z>r392,855
stock
1
1
——
of the agreement the railway will surrender its perpetual fran¬
chises for franchises of limited duration.
747.
.
Reacquired capital
with bus lines.
As part
—
patents,
Total
,■
Mayor LaGuardia announced Aug. 21 the conclusion of an agreement with
representatives of the Third Avenue Ry. System which contemplates im¬
mediate removal of the trolley tracks on 42nd Street and on Broadway
and the substitution therefor of bus routes together with the progressive
replacement of all remaining trolley lines in Mannattan and the Bronx
8,752
flxtures.27,047,185 29,695,569
37,017
19,785
&c
Removal of
•'
250,873
39,288
237,305
Res. for Fed'l taxes
99,092
174,712
Reserves.--.
482,723
512,290
y Capital stock...30,000,000 30.000,000
Earned surplus... 5,528,898
5|387,050
Tank cars, plant,
eqpt. &
$
1
233,869
Accrued wages.38,333
Res. for gen'l taxes
231,151
Deferred charges..
747.
Trolleys—
—
$
Accounts payable-
Accrued interest on
Accts. receivable..
1938
1939
Liabilities—
$
■;
Cash.——.—
x
Balance....
—Y. 149, p.
120,000
210,904
1938
1939
Assets—
$1,379,741
*
Gross income-
of
$0.82
(& Sub.)—Earnings—
Net income
Earned surplus at beginning of year.
Earnings—
145
Net oper. revenues—
■
\.
1939—Month—1938
$1,006,378
506,106
Other income (net)
P.
$232,116
282,000
of limited-term.
Prop, retire,
The
$1.01
After charges, Federal and State income taxes.-—V. 149, p. 1193.
cess
Light Co.
investments-
'
$310,508
310,540
$1.26
-
—
-
Period End. July 31
Operating revenues
Oper. exps., inci. taxes—
Amort,
share
per
$421,848
310,585
—
,
6 Months Ended June 30—
Gross income from operations
Indicates loss.—Y. 149, p. 747.
Texas Power &
$5,737,342
2,300,636
$62,368
Earnings
Total
Net income....
x
$2,059,181
238,407
$11,939
Total income
$366,261
35,111
$340,423
4,802
323,682
Net ry. oper. incomeOther income
$5,708,243
Stores, Inc. (& Subs.)- -Earnings
x
Texas & Pacific
$1,884,225
—V. 149, p. 591.
$1,873,881
Shs.
United Gas Improvement
Week Ended—
of system (kwh.)
1193.
Electric output
—V.
149,
P.
United Milk Products
$1.55
Co.—Weekly OutputAug. 19 '39 Aug. 12 '39 Aug. 20 *38
98,357.435
96,272,589
89,164,883
Co.—Earnings—
Earnings for the 6 Months Ended June 30, 1939
Inc.—Official
to
Remain—
Net
x
profit after depreciation. Federal income taxes, &c
Earnings per share on
$96,456
$2.29
$3 preferred stock...-
April when the Lehman Brothers holdings in the airline were acquired by
0.79
Earnings per share on common stock——
—.—
x On
30,042 no par shares,
y On 34,889 no par shares.
Note—Preferred stock is entitled to $3 per share per annum, then par¬
ticipates with common stock, share for share, in any further distribution.
—V. 149, p. 270.
Executive Vice-President, and their associates,
said that Mr. Wilson had been persuaded to
permanently with the airline.
"We are very pleased to announce that Mr. Wilson will remain with
T. W. A.," Mr. Frye's statement said.
"He has been in Europe for the
past few weeks developing our agency contacts in major European cities
and is returning to the United States this week-end."'—V. 149, p. 1040.
been elected Vice-President, Raw Materials, United
Corp. of Delaware, it was announced on Aug. 23.
He succeeds
Thomas Moses, who retired on Aug. 18 upon reaching the corporation's
retirement age of 70, and who will continue in a consulting capacity.—
V. 149, p. 1041.
Announcement that T.
B. Wilson, former railroad and
shipping
execu¬
tive, will remain with this company, as chairman of the ooard of directors
was made on Aug. 19 by Jack Frye, President of the airline.
Mr. Wilson announced his intention of resigning from T. W. A. last
y
Mr. Frye, Paul E. Richter,
but Mr. Frye's statement
remain
United States Steel Corp.—New
-
John G. Munson has
States Steel
Officials—
United States Playing
$426,941
$405,304
$377,678
$301,516
385,753
$1.10
388,219
394,552
$0.96
standing ($10 par)__.
Earnings per share
—V. 149, p. 271.
$1.04
1193.
given in V. 149, p.
394,552
stock out¬
Shares capital
Light & Traction
Utah
$0.76
Period Ended July
Alcohol Co. (& Subs.)—Earnings—
1939
1938
1937
Gross profit
;
$1,040,877
$860,031 $1,056,641
ES
—1,138,066
789,934
779,682
Deprwiation...:: 111 -1
63,658
246,363
243,554
U. S. Industrial
30—
OpS
?incl. taxes--
exps
1939 12 Afos. 1938
$1,106,511 $1,121,845
1,079,537
1,131.554
56,280
x$3,686
55,499
$26,974
594,700
*$9,709
634,518
$51,443
51,097
$51,813
51,629
670
511
$621,674
617,571
8,016
$624,809
620,209
8,528
x$4,837
Net oper. revenues..-
Bent from lease of
Co.—Earnings—
IMonth 1938
$85,345
$84,226
90,182
87,912
1939
31—
Operating revenues-...-
6 Months Ended June
Odium is President was one of the
$44,400,000 a fair valuation of the assets
for purposes of reorganization. A digest of the plan was
corporation
of the
Net profit after deprecia¬
tion and taxes
26, 1939
ChThe^m^ter said^he'considered
1936
1937
1938
of which Floyd B.
The Atlas Corp.,
Card Co. (& Subs.)- -Earnings-
1939
6 Mos. End. June 30—
Aug.
Chronicle
The Commercial & Financial
1342
plant
-_ ..
_
'
*$33,405
219,037
$176,266
244,885
$58,190
55,876
Operating loss
$68,619
64,364
$2,314
$4,255
$302,048
$0.01
$0.77
346,107
I ncome charges
Nil
$219,305
$219,305
x$495,360
57,197
3,033
55,435
1,734
65,616
$146,506
54,448
15,425
$159,075
$162,136
$429,744
$76,633
$132,522 profit on sale of securities.—V. 148, p. 3702.
taxes.-1-
30—
after all charges and taxes..
Earnings per share on common stock.
—V. 144, p. 1621.
$84,505
$0.29
$0.37
Vanadium Corp.
--
Costs and expenses--—
of America (& Subs.)—Earnings—
1939
1938
1937
1936
$3,280,944
$1,383,150 $3,570,257 $2,574,622
2,405,218
1,072,404
2,758,934
2,248,028
$310,746
24,387
$811,323
$326,594
28,541
$904,267
$335,133
$1,120,687
$367,772
Deprec.., depletion, &c__
315,940
248,999
261,618
207,188
1,679
72,144
6,409
128,000
$612,400
$41,838
$1.62
$0.11
Total income
1939—9 Mos.—1938
:
after all chgs.,
before Fed. inc.
*$64,770 loss$189,542
$59,937 loss$30,475
Adjusted figures.—V. 146, p. 4133.
taxes
profit after charges
Earns.per sh.on 500,000
shares ($1 par).
$247,736
b$7,890
$76,213
on
property retired-
shs. cap.
Nil
3859.
Upper Michigan Power & Light Co.—Bonds Offered—
offering of $1,050,000 1st mtge. 4% sinking fund
.
15.539
91,207
12,000
,
.Nil
$1.01
41,178
13,990
78,662
8,117
145,900
loss$5,794
376,637
stk. (no par).
x309,364
5,555
79,410
1,963
5,000'
$380,095
Earns, per sh. on
-1938
b$15,810
$0.50
Nil
$0.15
Loss
-
--
Net profit—
write-down of $13,402 in the quarter and $25,939
market basis.—V. 148, p.
Interest-.—
Federal income tax
Universal-Cyclops Steel Corp.—EarningsPeriod End. June 30—
1939—3 Mos.—1938
1939—6 Mos.
& taxes
$875,726
Operating profit——
Other income
1939—3 Mos.—1938
Period End. June 30—
b Loss after inventory
30—
half
first
Miscell. deductions-
...—_ -
Net inc.
in the six months, to
y$45,854
Kealty Corp. y Indicates loss.
Realty Corp., a wholly-owned subsidiary in first
of 1939
was $30,387 after depreciation, against loss of $32,526 in
half of 1938.—V. 148, p. 3859.
Corp.—Earnings—
Universal Cooler
Net
y$20,814
y$153,419
$30,945
-----
Net sales
1938
1939
$105,577
...
1936
'
Exclusive of Vadsco
x
6 Mos. End. June
6 Months Ended June
.
the above statement for unpaid
payable if, as, and when earned,
1,1934 to Dec. 31,1938.
The loss of Vadsco
United Stove Co.—Earnings—
Net profit
„
for the period from Jan.
30—
after deprec.,
but before Fed.
&c.
1936
1937
1938
1939
A
Corp. (& Subs.)—Earnings—
xl939
xl938
1937
Vadsco Sales
Expense & franch. tax_Interest paid
x
provision has been made in
income demand note,
Note—No
$3,928
$3,913
x
,
,
Net profit
6 Mos. End. June 30—
Income from divs., <fcc__
but
■
amounting to $1,663,930
—V. 149. p. 749.
6 Mos. End. June
Corp.—Earnings
United Stores
Including
'
interest on the 6%
profit-Earns, per sh. on 391,238 shs. of
capital stock (no par)-_-_-_|---- —
x Indicates
profit,—V. 148, p. 2136.
Net
Profit.-
Indicates loss.
x
$327
$324
Balance, deficit--
Total income
x
bonds.
& deductions-
mortgage
on
Other int.
$379,512
77,464
$160,847
- _ _ —
—
Other income
Gross incomeInt.
discount on settlement of notes payable.
Current assets as of June 30, 1939, including $1,571,648 cash, amounted
to $4,699,009 and current liabilities were $627,413.
This compares with
cash of $507,878, current assets of $3,808,085 and current liabilities of
$604,705 on June30,1938.
Inventories were $2,636,275 against $2,985,181.
Total assets as of June 30, 1939, were $14,738,100 comparing with $14.310,225 on June 30,1938, capital surplus was $6,137,263 against $6,134,122
and earned surplus was $1,071,431 against $454,226.—V. 148, p. 3396.
Includes $249,187
x
Public
bonds, series A, dated Aug. 1, 1939 and due Aug.
was made Aug. 23 by a banking group headed by
1, 1959,
First of
The bonds, offered by means of a pros¬
pectus, were priced at 100 lA% and accrued interest. Asso¬
ciated with First of Michigan Corp. in the offering are Edgar,
Ricker & Co., Campbell, McCarty & Co. and, Francoeur,
Michigan Corp.
Moran & Co.
All of the proceeds of this new issue of bonds,
without allowing for expenses estimated
but
exclusive of accrued interest
at $24,058, together with
cash from the company's general funds, will be used for the re¬
demption of all outstanding general and refunding mortgage gold bonds
of Escanaba Power & Traction Co. (the name of the company prior to 1933)
necessary
as
follows:
$182,200 of series A 5%, due
776,500 (exclusive of bonds
April 1, 1950, at 105.
held in the company's treasury) of series B
6%, due April 1, 1942, at 105%.
5,000 of series C 6%, due July 1, 1948, at 105%.
Giving effect to the present financing and the retirement
debt
presently outstanding, the
will consist of $1,050,000
of all funded
authorized capitalization of the company
first mortgage 4% sinking fund
bonds, series A,
1,1959 (this issue); 5,000 shares of 6% cumulative
(par $100) represented by voting trust certificates and 2,000
due Aug.
par) common stock.
A sinking fund for
the company
preferred stock
shares of ($100
the new series A bonds provides for the payment
starting July 1,1940 of cash
by
Vega Airplane
As
Co.—Completes New Factory Unit—•
preparation for quantity production of the Starliner
has occupied a new $30,000 assembly hangar, at
announced Aug. 24 by Mac Short, President of the
The building adds 11,500 square feet of new floor area to the
major step in its
Burbank, Calif., it was
company.
manufacturing division of the company.
President Short said work was progressing
.
satisfactorily on 10 planes
the prototype now undergoing preliminary flight
tests.
Upon approval of the prototype by the Civil Aeronautics Authority,
quantity production will be started immediately, he said.
The first 10
airplanes have been contracted for sale to various airlines and individuals
in the United States and several foreign countries.
The first Starliner will be submitted to the Civil Aeronautics Authority
for additional tests to prove its suitability for airline use. These tests will be
conducted on the routes of Mid-Continent Airlines between Kansas City,
Minneapolis and Tulsa, Okla.
The Starliner is a development of the Vega Airplane Co., a subsidiary of
the Lockheed Aircraft Corp., and the Menasco Manufacturing Co., which
which will be identical with
It is a six-place,
to power the plane.
produced the "Unitwin" engine used
low-wing monoplane equipped with a
tricycle landing gear;
Vulcan Detinning Co.—Correction—
for the three and six months ended June 30, 1939
and $6.28, respectively, as reported in "Chronicle" Aug. 19, are
before allowing for preferred dividends.
The per share earnings on the
common stock for the periods after allowing for preferred dividends amount
The earnings per share
of $3.21
to
sufficient to redeem $25,000 prin¬
cipal amount of the bonds each year, together with an amount equal to
10% of the company's net income, provided, however, that the total prin¬
cipal amount to be retired by operation of the sinking fund shall not exceed
$40,000 per year.
The series A bonds are redeemable in whole or in part, by lot, at any time
a
transport, the company
$2.49 and $4.83,
respectively.—V. 149, p. 1195.
Co.—Earnings—
Waco Aircraft
1939
$620,742
8,355
depreciation, taxes, &c
3859.
—V. 148, p.
of the company on 30 days' published notice at 105% to and
including Aug. 1, 1943; 104% thereafter through the next four years; 103%
thereafter through the next four years; 102% thereafter through the next
—
2,022,958
1937
$2,492,833
2,408,080
$52,739
Sales
Net loss after
1938
$594,573
28,305
1938
$1,970,219
9 Months Ended June 30—
y$84,752
at the option
three years; 101%
at par to
thereafter through the next three years, and thereafter
maturity.
The company was incorporated in 1909 under
Traction Co. as an outgrowth of earlier companies
the name of Escanaba
and is engaged solely in
generating electric energy, for the most part by water power,
and distributing or selling it in an area confined to Delta County and Ewing
Township of Marquette County in the south central portion of the Upper
Peninsula of the State of Michigan, including the cities of Escanaba and
the business of
Gladstone.
.
ended June 30, 1939, net income of the company
amounted to $40,811 and for the year ended Dec. 31,1938, totaled $63,679.
f, The company is a subsidiary of Escanaba Paper Co., its principal com¬
mercial consumer.—V. 149, p. 891.
For the six months
Utah Power & Light
July 31
_
_
25,000
16,069
300,000
194,614
$122,474
$64,599
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.....
2,346.590
300,000
196,334
____
$1,601,873
$1,401,028
Dividends
accumulated and
$77,975
—
depreciation,
y
2,329
—
—
Netloss—
Includes
y$124,056
73,781
y$47,945
Profit.
31, 1938
Assets—Cash, $330,572; trade accounts and notes receivable (less res.),
$383,760; accounts receivable from foreign subs., $104,421; accounts re¬
ceivable, sundry, $21,866; inventories, $901,089; contract for sale of land
& building & int., $28,117; investments, $75,750; fixed assets (less reserve
for depreciation); $821,188; patents, patent rights & goodwill, $105,613;
deferred charges, prepaid insurance, &c., $19,285; total, $2,791,661;
payable, $74,455; accrued wages, salesmen's
accrued taxes, $32,914; accounts payable,
pref. stock (par $100), $1,159,300; common stock
Liabilities—Trade accounts,
&c.,
$14,263;
sundry, $12,502; 7 % cum.
par), $2,449,356; deficit,
Waite Amulet Mines,
$951,129; total, $2,791,661.
Ltd.—Earnings—
Net profit, after deprec.
1939
and other charges (est)__
1938
$101,121
$100,450
—V. 147, p. 1356.
1,704,761
1,704,761
$102,888
$303,733
amounted to
$7,387,298.
Latest dividends, amounting to $1.16 2-3 a share of $7 pre¬
ferred stock and $1 a share on $6 preferred stock, were paid on July 1,
1939.
Dividends on these stocks are cumulative.—V. 149, p. 1193.
x
Other deductions
Provision for Federal income and surtax
x
39,303
$32,500
44,975
...
6 Months Ended June 30—
Net income
Balance, deficit.--._____________
'
'
(147,784 shares, no
—V. 148, p. 2611.
15,375
,
20,239
..
—
$4,243,952
25,000
x
Loss-
$353,731
Other int. and deduct'ns
on
operations
commissions,
$4,408,286
2,311,799
Int.
Net loss from
administrative expense
Miscellaneous income-
$4,240,697
3,255
$300,402
194,734
__
— —
Manufacturing, selling &
$4,403,315
4,971
190,882
on
x
$299,400
1,002
mortgage bonds.
debenture bonds.
Gross income..
Net sales.—______
$352,659
1,072
Net oper. revenues
Other income (net)___t_
Int.
Co.—Earnings—
Consolidated Balance Sheet, Dec.
Co. (& Subs.)—Earnings—
1939—Month—1938
1939—12 Mos.—1938
$982,980 $13,086,703 $12,989,546
Operating revenues$1,113,302
592,455
7,591,138
7,792,065
669,643
Oper. exps., incl. taxes._
Property retirement re¬
956,784
1,092,250
91,125
91,000
serve appropriations.
Period Ended
Wahi
Calendar Years—
unpaid to July 31,
Ward Baking Co.
(& Subs.)—Earnings—
15 Weeks
July 8 '39
1939,
July 9 '38
27 Wks.End. 28 Wks.End»
July 8 '39
depreciation, Federal in-
July 9 '38
Net profit after int.,
come
taxes,
&c___.__
_
$195,309
$340,536
$104,516
_
$373,676
—V. 148, p. 3859.
Utilities Power &
Light Corp.-—Plan Urged by Master—
Special Master Harry N. Gottlieb approved Aug. 24 the Atlas Corp's
plan for reorganization of Utilities.
Mr. Gottlieb, in his report to Federal Judge William H. Holly, said
he believed the Atlas proposal was "in good faith" and recommended that
the court confirm all essential provisions.
(S. D.) Warren Co. (&
Subs.)-—Earnings—
6 Months Enaed June 30—*
and taxes._
capital stock
Net income after all charges
Earnings per share on
—V.
147,
p.
1509
1939
$139,885
1938
$88,11,5
$1.38
$0.87"
Volume
The Commercial
149
& Financial Chronicle
Washington Water Power Co. (& Subs.)—EarningsPeriod End. July 31—
Operating revenues
Oper. exps.,incl. taxes..
Prop, retire, res. approp.
.
1939—Month—1938
1939—12 Mos —1938
$878,715
$827,778 $10,531,845 $10,662,481
443.375
453,733
5,496,719
6,230,597
92,477
92,411
1,114,117
1,071,581
$342,863
1,024
$281,634
1,886
$3,921,009
26,078
$343,887
83,042
17,313
$283,520
82,963
13,086
$3,947,087
98,092
Cr705
$3,394,120
995,550
57,678
Cr5,793
$187,471
Dividends applicable to preferred stock for the
period, whether paid or unpaid
—
$2,853,873
$2,346,685
622,518
H% series A bonds due Feb. 1, 1966, have been delivered to the Wheeling
Steel Corp. for cancellation.—V. 149, p. 893.
$1,724,167
Gross income.
Int.
on mortgage bonds.
Other int. & deductions.
995,827
Int. charged to constr'n.
Net
income.
$243,532
.
White Motor Co.—Gets
—V.
—
White Rock Mineral Springs
Period End. June 30—
Net profit after charges
and
x
Webster
loss
1939—6 Mos.—1938
1939—3 Mos.—1938
Period End. June 30—
$195,390
227,584
$208,979
244,391
$297,799
388,860
$347,205
445,388
$32,194
Gross profit
$35,412
$91,061
3859.
Directors have declared a dividend of 20 cents per share on
the common
share were distributed.
In addition an extra dividend of 10 cents was
paid on Dec. 30 and on Sept. 30, 1937; an extra of 40 cents was paid on
June 30, 1937
and extra dividends of 10 cents were paid on March 31,
1937, and on Dec. 30 and Sept. 30, 1936.—V. 149, p. 592.
West Texas Utilities
Co.—Arrearages Eliminated—
meeting of the board of directors, held on Aug. 17,1939, the directors
a
quarterly dividend of $1.50 per share on the $6 cumulative
declared
preferred stock of the company, payable Oct. 2, 1939, to holders of record
Sept. 15, 1939.
declared a dividend of $1 per share on the $6
cumulative preferred stock as a payment on the dividend accumulations
in arrears on the stock; this dividend will also be payable Oct. 2, 1939 to
stockholders of record at the close of business Sept. 15, 1939.
This payment will eliminate all dividend accumulations in arrears on the
$6 cumulative preferred stock of West Texas Utilities Co.—V. 149, p. 1041.
at the close of business
►* The board of directors aiso
Coal & Coke Corp. (& Subs.)—Earnings
West Virginia
1939
$228,949
6 Months Ended June 30—
depreciation
Net losses after charges and
148,
p.
3859.
■
'
\
1938
$271,738
,■
Maryland Ry.—Earnings—
Western
Jan. 1 to Aug. 14
1939
1938
—Week End. Aug. 14
1939
1938
$8,834,792
$252,043
$279,438
Gross earnings (est.)
—V. 149, p. 1195.
Western Union
$7,952,874
Repairs
Deprec'n & amortiza'n.
501,588
684,655
507,360
686,676
3,060,945
4,108,425
3,098,702
4,118,227
483,283
2,649,513
2,795,213
Conducting operations..
Relief depts. & pensions.
4,891,276
182,796
479,991
4,758,101
186,526
28,364,799
1,130,099
28,146,529
1,052,302
^miscellaneous1 mtpenses
177,585
181,485
1,095,627
1,137,946
„
32,677
495,158
$1,026,955
31,309
494,444
$845,273
193,114
$501,202
191,473
$1,038,387
594,672
$692,675
$443,715
$98,903
$1,373,108
Net tel. & cable op .rev.
Uncollectible oper. revs.
Taxes assign, to oper
Operating income....
Non-oper. income..
Gross income....
Deduc's from gross inc
.....
593,772
$5,693,099
184,410
179,090
2,955,792
$2,579,995
$1,288,667
763,972
758,954
$3,343,967
3,567,355
$2,047,621
3,566,322
_
x$223,388 x$l,518,701
Willys-Overland Motors, Inc. (& Subs.)—Earnings—
Period End. June 30—
1939—3 Mos.—1938
Net profit after deprec.
& Fed. & State inc .tax
Indicates
of
on
p.
x$365,420
$460,926
$859,941
x$230,391
capi¬
Nil
$0.15
loss.-—V. 149, p. 751.
$0.27
Nil
Wisconsin Public Service
At
1939—6 Mos—1938
1939—12 Mos.—1938
••
special meeting of the board of directors held on Aug. 16, the regular
quarterly dividends of $1.75, $1.62^ and $1.50 per share respectively were
declared on the series A, 7% cumulative preferred stock, the series B,
6M% cumulative preferred stock and the series C, 6% cumulative preferred
stock, payable on Sept. 20, to stockholders of record Aug. 31.
Like pay¬
ments were made in preceding quarters.
In addition, a payment of one-third of the delinquent preferred stock
dividends was authorized at the above meeting.
This payment will be
equal in amount to the regular quarterly dividends and will be paid on
Sept. 30, 1939 to stockholders of record Aug. 31, 1939.
In explanation Mr. J. P. Pullian, President of the corporation stated:
"Due to poor business conditions the corporation was able to pay only onehalf the regular dividends beginning with March 20, 1935 and continuing
through June 20, 1936.
As a result the corporation, during that period
of time, became delinquent to the extent of $647,239 to its preferred stock¬
holders, numbering approximately 10,600.
"The present action of the directors will result in the payment of onethird of this delinquency, amounting to $215,746, on Sept. 30, 1939.
The
remaining delinquent amount of $431,493 will be paid as and when the
finances of the corporation permit.
"The holders of the $9,000,000 of common stock of the corporation have
received no dividends whatever since 1933 and cannot receive a dividend
until the entire preferred stock delinquency is
x
Net profit
$6,338,787
—
(S. S.) White Dental Mfg. Co. (&
,1939
6 Months Ended June 30—
—
Selling, admin., devel. exps.,
Balance-.
„
.
1938
1937
$3,841,286
2,455,850
—$1,395,825
&c
1,234,368
$1,385,436
1,349,400
$1,641,235
1,249,879
$161,457
34,375
$36,036
38,972
$391,356
50,482
Cost of merchandise sold
profit
Subs.)—Earnings—
$4,147,497
2,751,672
Net sales
— -
-
Other income—
x
$195,832
2,453
$75,008
611
$441,838
70
95,467
11,705
5,015
106,583
65,712
y$51,447
x$32,775
$264,458
----—
—
—
Indicates
loss,
y
Equal
to
17
capital stock ($20 par).—V. 148, p.
cents
3548.
share on 296,442 shares of
a
v
interest and Federal income taxes.—
After depreciation, amortization,
V. 148, P. 3860.
Worthington Pump & Machinery Corp.—Earnings—
[Including Domestic Subsidiaries]
3 Months Ended—
June 30, 1939
incl. Fed. inc. taxes.$119,326
.
Net inc. after all charges,
148, p. 3860.
Mar. 31, 1939
loss$214,490
•!
'
Yellow & Checker Cab Co.
(Consolidated) (& Subs.)—
1939
$55,819
$1.47
stock—
Earnings per share on class A
—V. 149, p. 1042.
■
Yellow Truck & Coach Mfg.
declared
1938
$49,317
$1.66
8 Months Ended June 30—
'*
Estimated net income after all charges and taxes..
■
Co.—Accumulated Dividend
dividend of $1.75 per share on the 7% cum.
a
pref. stock, par $100, payable Oct. 2 to holders
ages now amount to $14 per share.—V. 149, p.
of record Aug. 15.
894.
Arrear¬
(L. A.) Young Spring & Wire Corp. (& Subs.)—Earns.
1939
1938
1 937
1936
6 Mos. End. June 30—
$765,087
22,545
Depreciation
$463,854
586,508
192,392
Expenses
$442,534
21,320
$787,632
Other income
639,710
181,704
$8,731
30,849
15,5r0
121,348
x$357,560
31,242
16,000
$1,546,205
94,640
250,000
$1,450,934
72,582
212,000
x$404,802
$1,201,565
$1,166,352
$2.94
$2.85
Interest---
Federal income tax.-—
Non-recurring
income.
_
Netprofit
—$83,730
Earns. per sh. on 408,658
shares common stock.
$0.20
x Indicates loss.
——-
—
ended June 30, 1939, net loss was $25,625, compared with
of $158,532 in June quarter of 1938.—V. 149, p. 128.
For quarter
net loss
Youngstown Steel Door
Co. (& Subs.)—Earnings—
deprec., amortiz. of patents, and
Federal income taxes
Earns, per
1938
1939
6 Months Ended June 30—
Net profit after
...
sh. on 665,920 shares of com. stock.„
3249.
Zonite Products Corp.
Period End. June 30—
$193,363
$0.29
,
$7,057
$0.01
Operating loss...
Deoreciation..
Federal taxes..
Advertising reserve
Net
x
loss
(& Subs.)—Earnings—
1939—3 Mos—1938
-
1939—6 Mos.—1938
$64,238
$120,384
prof$3,727
$19,428
11,975
1,030
xCr33,000
5,422
6,425
xCr46,000
23,023
7,610
Dr5,000
11,892
Dr4,000
$86,231
$31,906
$58,132
$44,243
Recovery of reserve for future ad
22,812
vertisingj
New President—
President of this corporation to devote
Manning, Maxwell & Moore, Inc., of which he is President.
remain a director and member of the Executive Committee of
Zonite Products.—V. 149, p. 128.
Robert R. Wason has resigned as
Net profit
1937
$770,119
$2.59
—V. 147, P-
—.17,229
104,966
and foreign inc. taxes19,737
Total income
Interest
Foreign exchange loss
x
paid in full."—V. 149, p. 1042.
1939
1938
$264,255 loss$108,340
$0.06
Nil
-
.com.stk.
Earns, per sh. on 200,000 sh
Profit before charges..
$4,500,602 $10,890,958 $13,295,238
Earnings per share.:
y$2.37
x$1.68
y$4.07
y$4.97
x
On 2,592,155 shares of common (par $50), after preferred dividend
requirements,
y On combined 79,974 shares of 7% preferred stock and
2,592.155 shares of common stock.
Orders put on the company's books in the first six months amounted to
$104,538,863, an increase of 36% over the similar period of 1938.
In the
three months ended June 30, new bookings amounted to $54,418,031, a
gain of 8% over the $50,120,832 for the first quarter of this year.
Sales billed in the first six months totaled $87,716,903 againRt $82,808,754
a year ago.
Company had $52,442,563 in unfilled orders on June 30, 1939,
an increase of $2,000,000 over a year ago and a gain of $12,000,000 over
Jan. 1, 1939.—V. 149, p. 751.
Depreciation
Federal, State,
Corp.—Accumulated Dividend
a
Total income
after deprec.,
Federal taxes, &c_
Gross
$693,841
$1,147,675
Payment—
Gross profit
Period End. June 30—
.
$505,619
$391,829
$1,125,062, current assets of $3,314,534 and current liabilities of $420,189
June 30,1938.
Inventories were $1,732,169 against $2,054,041.—V. 149
1195.
1939—6 Mos.—1938
Westinghouse Electric & Mfg. Co. (& Subs.)—Earns.—
Net profit
1939—9 Mos.—1938
1939—3 Mos.—1938
After depreciation, taxes, interest, &c.
Current assets as of June 30, 1939, including $301,103 cash, amounted*to
$2,171,865 and current liabilities were $647,759.
This compares with cash
Directors have
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Period End. June 30—
x
$220,423
Inc.—Sales—
Net loss
$4,423,549
2,928,694
149, p. 1195.
Indicates loss.—V.
tal stock
$348,472
sales for quarter ended July 29, 1939, amounted to $5,630,292,
against $5,185,908 for the same period last year, an increase of $444,384,
or
8.6%.
Sales for the first six months of 1939 were 4.8% ahead of last
year.—V. 147, p. 3926.
—V.
Earns, per share on
$13,083
$40,258
6 Months Ended June 30—
1939—Month—1938
1939—6 Mos.—1938
$8,294,291
$7,827,094 $46,102,507 $44,772,468
All other maintenance..
income
1939—12 Mos.—1938
1939—3 Mos.—1938
Wieboldt Stores,
Telegraph Co., Inc.—Earnings—
Tel. & cable oper. revs..
x
con¬
(Alan) Wood Steel Co. (& Subs.)—Earnings—
Period End. June 30—
Net
$0.45
stock has been
Net
per
—V.
$155,653
$0.32
x
stock, par $1, payable Sept. 20 to holders of record Sept. 15.
This com¬
pares with 25 cents paid on June 28, last; 20 cents paid on March 31, last;
15 cents paid on Dec. 30 and Sept. 15, 1938^20 cents paid on June 28 and
on March 31, 1938, and previously regular quarterly dividends of 15 cents
a
$121,804
$0.25
•
Which will be outstanding when all the 2d pref.
common stock.—V. 148, p. 3548.
charges and taxes—.
—V. 149, p. 893.
x
Wellington Fund, Inc.—To Pay 20-Cent Dividend—
At
$0.25
Period End. June 30—
Net profit after all
$98,183
...
p.
Inc.—Earnings—
Eisenlohr,
Exps., int., deprec.. &c_
148,
1939—6 Mos.—1938
$84,232
$82,877
White Sewing Machine Corp .—Earnings—
Commission has announced that a hearing
44-38) filed under the Hold¬
ing Company Act by Washington & Suburban Cos. for approval of the pay¬
ment of a partial liquidating dividend on its preferred shares of beneficial
interest.
The dividend is to be paid out of capital and in part from the
proceeds derived from the sale of 362,588 shares of common stock of Wash¬
ington Gas Light Co.—V. 149, p. 1195.
The .Securities and Exchange
Net
taxes
verted into
Dividend—
had been set for Sept. 1 on an application (File
—V.
Co.—Earnings—
1939—3 Mos.—1938
Earns, per sh. on 250000 shs. com. stock.__
149, p. 750.
Washington & Suburban Cos.—Hearing on Liquidating
U. S. Contract—
This company has been awarded a $1,600,000 government contract to
build 274 scout cars for
army.
Cars are to be equipped with two-way
radios and machine guns.—V. 149,
p. 893.
x
Balance
Irving Trust Co. reports that 244 shares of the Tyler Tube & Pipe
capital stock, $100 par value, held as collateral under the indenture
d^ted Feb. 1, 1936, securing Wheeling Steel Corp. 1st mtge. sinking fund
4
622,518
$2,231,355
Wheeling Steel Corp.—Change in Collateral—
The
Co.
$3,360,303
33,817
Net oper. revenues—
Other income (net)
1343
his entire time to
He will
The Commercial & Financial Chronicle
1344
Aug. 26,
The Commercial Markets and the
1929
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRV
3d.
with sales totaling 550 tons.
London actuals
l%d. higher to unchanged.
Local closing:
Sept., 4.05; Dec., 4.17; Jan., 4.20; March, 4.28; May, 4.37.
On the 23d inst. futures closed 23 to 22 points net higher.
Transactions totaled 838 lots.
During the early trading
futures were 8 to 10 points higher in a heavy volume of
COMMERCIAL EPITOME
lower,
quoted
were
Friday Nigfit, Aug. 25, 1939
Coffee—On the 21st inst. futures closed 6 to 8 points net
lower
Santos
the
for
with sales totaling 36,250
contract,
Today's was reported as the heaviest trading in some
months, the market's heaviness being attributed largely to
bags.
On the 24th inst. futures closed 4 to 7
2,000 bags.
Havre showed losses of ZV2
In Brazil both hard and soft 4s were off
100 reis at the close Monday, while Tuesday morning Rio 7s
dropped 200 reis to 13 rnilreis per 10 kilos.
Fine weather
again reported for Sao Paulo, with temperatures above
50 degrees.
Actuals were dull and unchanged generally.
was
the 23d
On
the
futures closed
inst.
8 points net higher for
September delivery, while the rest of the list closed
the Santos contracts.
Sales of
9 to 6 points net lower for
Santos
futures
3 to 5
totaled
119
lots.
points off, with sales of
Old
seven
Rio
contracts
lots, while
were
Rios
new
2 points off, with sales of only 4 lots. * Santos coffee
futures were 3 points higher at the close of the third hour
were
sales of some 13,000 bags.
on
Old "A" contracts
were
un¬
changed to 1 point lower, while new "A" was 1 point up
during mid-afternoon.
Havre futures were unchanged to
higher in contrast to yesterday's weak market.
steady tone in futures was not reflected in actuals.
Cost and freight offers to Brazil were off 5 to 10 points.
V+
franc
The
Santos official spot prices last night were all down 100 reis
per
while the rnilreis this morning
10 kilos,
lower
19.82
at
Africa
to
the
dollar.
Coffees from
was
10 reis
British
East
figured in the offers again.
On the 24th inst. futures closed 15 to 16
points net higher
the Santos contract, with sales totaling 40,750 bags.
for
Old "A" contracts
were unchanged on a turnover of 1,750
Gains of 2H to 4 A points were registered in Havre.
Brazilian weather was cloudy and colder, with minimum
temperatures ranging from 42 to 53 degrees. Today futures
closed 1 fro 5 points net lower for the Santos contract, with
sales totaling 155 lots.
Santos futures were off 3 to 4 points
in the afternoon after opening unchanged to 5 points im¬
proved. Liquidation of September was a feature of trading.
bags.
One transferable notice
was
Old "A" contracts
time.
issued and circulated for
were
bags, 100 lots, were traded to
were 2 A to 4lA francs higher.
weaker at 19.85 to the dollar.
Actuals
there.
were
off 7 points.
About 25,000
o'clock,
Havre prices
The Brazilian rnilreis was
Spot prices were unchanged
one
The market
violently over a range of 9 to 12 points,
reflecting the character of the news from abroad concerning
the
September
——.—4.18
crisis.
The London Terminal Cocoa Market closed
Sugar—On the 21st inst. futures closed unchanged to 1
point higher for the domestic contract. Transactions totaled
9,500 tons.
The bulk of these transactions
of switches from
was
September to later deliveries.
composed
The trad¬
ing contained no outstanding feature.
The market for raws
exceedingly dull.
Cubas are said to "be available at
1.95c., with 1,000 tons of Philippines offered for AugustSeptember shipment at 2.85c.
There were no indications
of what refiners would pay for raws.
The world sugar
contract market was strong and active, and had a spectacu¬
lar rise compared with the domestic market, prices advanc¬
was
ing 3 to 5V2 points largely on heavy short covering.
The
developments in the European
political situation was largely responsible for the vigorous
demand that developed.
Transactions totaled 9,300 tons.
extreme
gravity
of
new
On the 22d inst. futures closed unchanged to 1 point net
higher for the domestic contract, with sales totaling 10,000
The market ruled
tons.
The market
for raws
firm
during most of the session.
inactive, with Cubas still
remained
offered
at 1.95c. and duty free sugars at 2.90c.
A
of Cubas is still available at 1.97 for September, and
cargo
it was
thought possible that it might find acceptance at 1.95c.
Trading in the world sugar contract continues to hold the
spotlight, influenced, of course, by the new European politi¬
cal developments.
Additional new buying and short cover¬
ing
influenced
were
by the action
of the London market,
which reflected the acute stage of the latest crisis.
prices here
were
% to 2l/L> points net higher.
Closing
Transactions
totaled 15,100 tons, as compared with 9,300 tons transacted
at the start of the week.
London futures rose 2% to 4%d.
per cwt.,
On
the
with sales of 8,000 tons.
23d inst. futures closed
Raws
were
3 points
up
3d.
higher
on
all
ing 422 lots.
The world sugar contract closed 6 to 7Y2
points net higher, with sales totaling 298 lots. The advance
in
the world sugar contracts
continued today, with prices
in the early afternoon 7 to 8 points on renewed
tension in Europe.
London futures were %d. to Id. higher,
except for spot August, which was %d. lower.
Raws were
jumping
prices closed
as follows:
-5.82 May.------
—
-6.13
-5.97 July...,
———.—6,08
December-
6.18
— -
March-------
/
war
barely steady, with net losses of IA to 3d.
Local closing:
Sept., 4.22; Oct., 4.25; Dec., 4.35; Jan., 4.39; Mar., 4.46.
Today futures closed 7 to 10 points net lower. Transactions
totaled 556 lots. The cocoa futures market today was quite
active, with operations largely against values, influenced
very likely by rumors of an extension of .negotiations with
the idea of averting war.
The market at ihe close showed a
drop of 10 to 15 points from the highs of the day. Local
closing: Sept., 4.14; Mar., 4.36; May, 4145; July, 4.54.
; v
active deliveries in the domestic contract, with sales total¬
hard to quote.
Rio coffee prices closed as follows:
September--*-----------,.----4.10 (March-------.--..
December-----------4.18|
Santos coffee
some
points net lower.
fluctuated rather
the Santos contract, with sales totaling 22,000
The old Rio contract was 2 points off to 1 point up,
3% francs.
to
totaled 525
Transactions totaled 1,202 lots, or 16,107 tons.
for
with sales totaling
the last hour
September was 8 points higher at 4.12.
Warehouse
stocks were off 8,200 bags today to 1,373,928, compared
with 754,419 a year ago.
Local closing: Sept., 4.27; Oct.,
4.31; Dec., 4.40; March, 4.50; May, 4.59; July, 4.68.
On the 22d inst. futures closed unchanged to 3 points net
bags.
Sales to the start of
business.
lots.
liquidation from European sources, influenced apparently
by the new serious crisis in European affairs.
The Santos
September delivery touched its former seasonal low of
5.80c., but other months were still 11 points above their
previous lows. Old Rio contracts were 4 to 7 points lower,
with transactions totaling 1,750 bags.
Havre showed losses
of 1 to 2*4 francs.
Brazil spot Rio No. 7s were 200 reis
lower.
Cost and freight offers held at about the same
range, with no business of importance,
Milds again were
easier and Manizales were ruling at ll%c.
lower
GOODS—WOOL—ETC.
Cocoa—On the 21st inst. futures closed 1 point higher to
up
again 3d. better, being offered at 6s. 9d.
Domestic contracts
moved up 1 to 2 points on a light demand.
There were
1
some
Switching
4
point lower.
Transactions totaled 331 lots or 4,435 tons.
operations totaled 252 contracts.
There was
some rather substantial covering in the September position,
which advanced the
price of that delivery from 4.05c. at
the
opening call to 4.11c, later in the morning.
This im¬
provement was short-lived, however, liquidation developing
later in the session which dropped the price back to 4.05c.
The
London
lower to
Terminal
cocoa
market
closed
steady
lM»d.
lV&d. higher.
Actuals in London were unchanged.
Sept., 4.08; Oct., 4.12; Dec., 4.19; Jan., 4.32;
March, 4.31; May, 4.41; July, 4.49.
Local closing :
On the 22d inst.
futures closed 2
to 4
points net lower.
Of this volume
All of the switching, excepting two
Transactions totaled 725 lots, or 9,715 tons.
570 lots
lots,
were
was
feature
of
switches.
from
the
September to the distant deliveries.
market
the
The
heavy
manufacturer pur¬
chases of September contracts against sales of distant deliv¬
eries at steadily narrowing differences.
A large manufac¬
turer at one time offered to buy 100 September contracts
was
against 100 March at 23 points, 100 more against May sales
at 33
The
points, and 100 September against July at 41 points.
Terminal Cocoa Market closed unchanged to
London
switches of September to March at 5 points, against
points yesterday.
Refined prices were unchanged.
On the 24th inst. futures closed 1 to 2
points net higher.
Transactions totaled 13,400 tons.
Tomorrow will be first
notice
day for Sept. contracts and few traders were willing
a guess as to whether
any tenders would be made.
to hazard
In the
raw
market it
was
learned that the American early
Wednesday paid 1.90c. for a cargo of Cubas due today.
Later, Refined Syrups was said to have paid 2c. for a cargo
of Cubas, shipping
position rot divulged, and today an onerator bought 5,000 tons of
Philippines for Aug.-Sept. ship¬
ment at 2.88c.
The world sugar contracts in active nervous
trading touched new seasonal highs in early trading, showing
gains of 2 to 2A points and then dipped about 4 points.
The closing prices were lA point higher to Yi point lower.
I ondon futures
opened firm and closed easy, with the net
result ljfd. higher to Vd. lower.
Raws there were offered
at 7s. per cwt
Today futures closed 1 to 4 points net higher
for the domestic contract, with sales
totaling 437 lots. The
v-orld sugar contract closed IA to 3 points net lower, with
sales totaling ^95 lots'. Both sugar contracts moved forward
today on the foreign situation, with the world contract 1 to
.
Volume
The Commercial & Financial Chronicle
149
1345
2
Norwegian, light filtered—33c. offer.
the early
31 %c.
points better and the domestic 2 to 4 points improved in
afternoon.
Trading in the world contract was
brisk, with 300 lots sold in the first three hours. Near months
in London were 2% to 3% pence higher, while other positions
where unchanged to % pence lower.
Raws were offered at
6 shillings 10% pence per ewt., off 2% pence.
Part of the
strength in Sept. in the domestic contract, which was 4 points
better, was caused by the prompt acceptance of 55 transfer¬
able notices issued this morning. In the raw market an oper¬
ator paid 2.88 cents for 500 tons of Sept. shipment Philip¬
pines; Pennsylvania 2.90 cents for 1,000 tons Aug .-Sept.
shipment, and McCahan the same price for 2,000 tons of the
same shipment.
It was reported that Cuban producers were
as
—.1.96 May.
1.96 July
-.—..-1.98
......
.......-...--2.01
2.03
——
Lard—On the 21st inst. futures closed 10 to 35 points net
the
The market
session today.
higher.
There was
strong and active during most of
was
The opening range was 2 to 5 points
a decided scarcity of offerings, and the
market
proved very sensitive when commission house buy¬
ing developed on a rather substantial scale.
The nearby
months gained 10 to 15 points, while distant May gained 35
points.
Export clearances of lard from the Port of New
York today totaled only 15,450 pounds, destined for Glas¬
gow.
Last week exports of lard from New York were very
heavy and totaled about 2,000,000 pounds/ Hog prices at
Chicago were up 10c.
Sales ranged from $5.60 to $6.60.
Western hog marketings totaled 55,100 head, against 54,300
head for
the same day last year.
On the 22d inst. futures closed 12 to 15 points net
lower.
few
days lard has advanced 50 points on covering influenced
by the report issued last week that the Government intends
to relieve the surplus oils and fats situation in this country.
The bulge induced considerable profit-taking.
At the start
values were 2 points lower.
The market showed no real
tendency to rally and closed at about the lows/of the ses¬
sion.
Liverpool futures were 9d. higher on the active deliv¬
eries, apparently in sympathy with Monday's local market,
which was quite strong.
Chicago hog prices closed 10c.
higher, with; sales ranging from $5.70 to $6.60.
Western
hog receipts today totaled 57,200 head, against 54,500 head
for the same day last year.
On the 23d inst. futures closed 10 to 12 points net higher.
Attention
The
is
market
called
to
fact
the
naturally
that
during
influenced
was
by
the
past
the hews
from
abroad, and especially by the heavy export shipments from
the Port of New York.
Clearances totaled 353,940 pounds,
destined for London and Liverpool.
England continues to
be
the largest
futures
were
importer of American lard.
Liverpool lard
unchanged to 3d. higher.
Chicago hog prices
closed unchanged to 5c. lower per cwt., with sales ranging
from $5.70 to $6.50.
Receipts at the Midwest packing center
were
larger than
a year ago
42,300 head for the
same
and totaled 49,300 head against
day last year.
On the 24th inst. futures elosed 2
points lower to 2 points
During the early trading prices showed net advances
of 20 to 22 points.
The opening range was 10 to 12 points
higher.
Export clearances of lard from the Port of New
York today were 34,500 Pounds, destined for Liverpool and
Malmo.
Liverpool lard futures were Is. to Is. 6d. higher.
Hog prices at Chicago closed 10c. higher, with sales ranging
from $5.85 to $6.60. Western hog marketings were moderate
and totaled 47,400 head against 47,300 head for the same day
a
year ago.
Today futures closed 5 points off to unchanged.
Trading was light and without any significant feature. Hogs
continued their recent price upturn today, topping at $6.80,
higher.
best in weeks.
-
FUTURES
IN CHICAGO
Sat.
Man.
Tues.
Wed.
September..
5.45
5.60
5.47
October
5.52
5.60
5.65
5.70
5.52
5.60
5.60
5.67
5.65
6.00
5.77
6.35
5.62
6.17
December
....
—
5.70
5.75
6.20
Thurs.
<-
Fri.
5.60
5.65
5.70
5.77
6.20
5.55
5.62
5.70
5.75
6.22
Pork—(Export), mess, $17.75 per barrel (per 200 pounds);
family (40-50 pieces to barrel), $17 per barrel.
Beef: (ex¬
port) , steady. Family (export), $20 per barrel (200 pounds),
nominal.
Cut Meats:
Quiet.
Pickled Hams:
Hcnic,
Loose,c.a.f.—4to61bs., 12%e.;6to81bs., 12c. 8tol01bs.,
10%c. Skinned, Loose, c.a.f.—14 to 16 lbs., 17%c.; 18 to
20 lbs., 14%c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
13c.; 8 to 10 lbs/, 12%c.; 10 to 12 lbs., 11c. Bellies: Clear,
Dry Salted, Boxed, N. Y.—16 to 18 lbs., 7%c.; 18 to 20 lbs.,
7He.; 20 to 25 lbs., 7Ho.; 25 to 30 lbs., 7%b.
Butter:
Creamery, Firsts to Higher than Extra and Premium Marks:
22% to 25%. Cheese: State, Held '38—17 to 19c.
Eggs:
Mixed Colors: Checks to Special Packs: 13% to 19c.
Oils—Linseed oil in tank
pound.
yesterday, including switches, 118
Prices closed as follows:
Crude S, E., val. 4%.
September.......—... 5.69® 6.60 January—..—........ 5.91 @ 5.92
October..
5.91®
n
5.71® 6.74 February
November............ 5.71®
December-...
5.85@
March...
n
....
—
—
April
...
6.92®
6.0z@
....
n
Rubber—On the 21st inst. futures closed unchanged to 5
points lower.
Transactions totaled only 930 tons.
The
market ruled heavy during most of the session, largely in¬
fluenced by the depression in the London market.
Little
or no
foreign buying was indicated in any of the cables from
However, it is reported that London is worried
the continued decline
land.
cars
is quoted 7.9 to 8.2c. per
Linseed oil market is reported firm.
Quotations:
Carloads, drums—
no
quotation.
Coconut: Crude, Tanks—.02% to .02%;
Pacific Coast, spot— .02% bid.
Corn: Crude, West, tanks,
nearby—.05% bid.
Olive:
Denatured: Drums, carlots,
shipments—78 bid; spot—78% to 80.
Soy Bean: Crude:
Tanks/West—.04% bid; new crop—.04% bid, nominal;
L.C.L. N.Y.—.06 bid.
Edible: Coconut, 76 degrees—8%
bid.
Lard:
Ex. winter prime 7% offer.
Cod:
Crude,
Chinawood: Tanks—21
bid, nominal.
in crude
rubber stocks in Eng¬
The current level, which is less than six months' nor¬
mal
peace-time requirements, is considered dangerously
light in view of the recent developments in the European
political situation.
London trade circles further point out
that stocks may
fall
continue to draw
lower if Continental consumers
even
Activity in
heavily upon these supplies.
the local outside market was relatively quiet.
Spot stand¬
ard No. 1 ribbed smoked sheets in the actual market closed
at
1694c.
Local closing: Aug., 16.67; Sept.,
16.68; Dec., 16.62; March, 16.62; May, 16.61.
Nov.,
16.67;
On the 22d inst. futures
closed 2 to 7 points net lower.
1,2'50 tons, including 200 tons which
were exchange
for physicals.
Trading was quiet during
most of the session.
London ruled unchanged to l/16d.
lower.
Singapore was l/16d. to 3/32d. lower.
The local
outside market was reported quiet.
There was some fac¬
tory and shipment business reported.
Spot standard No. 1
Transactions totaled
ribbed
smoked sheets in the trade remained
unchanged at
Local closing: Aug., 16.60; Sept., 16.60; Dec., 16,59;
Jan., 16.59; March, 16.59.
1694c.
the 23d inst. futures closed
On
lower.
Transactions
unchanged to 10 points
totaled 1,970 tons,
including 20 tons
exchanged for physicals.
Dealers were reported as active
buyers in the September position.
Factories were buyers in
the
December futures, while commission houses were pur¬
chasers of the forward deliveries and sellers of the nearby
months.
Spot standard No. 1 ribbed smoked sheets in the
trade remained
ber
was
quoted
Sept.,
16.60;
May, 16.49.
unchanged at 1694c., while October-Decem¬
at 16 U/16c.
Local closing; Aug., 16.60;
Dec.,
16.50;
Jan.,
16.49;
March,
16.49;
On the 24th inst. futures closed 19 to 6 points net higher.
Trading was mixed the same as in other commodity markets,
reflecting the news concerning developments in the European
crisis.
Members of the London Rubber Exchange were in¬
formed today that a committee of three has been appointed
possessing full power of a whole committee should a state of
emergency be declared.
Sales on the local exchange today
totaled 1,830 tons, including 120 tons which were exchanged
for physicals.
Spot standard No. 1 ribbed smoked sheets in
the trade advanced %c. to 16 %c., reaching the high for the
year.
Local closing: Aug., 16.78; Sept'., 16.78; Oct., 16.76;
Dec., 16,63; Mar., 16.55; May, 16.55. Today futures closed
3 to 18 points net lower, with sales totaling .187 lots.
The
crude rubber market was 15 to 17 points lower in the early
afternoon after dropping 20 to 29 points at the opening.
Sales to 12-30 amounted to 1,280 tons.
The London and
Singapore markets were steady with closing prices unchanged
to 3-16 pence improved.
Local closing: Sept., 16.75; Dec.,
16.48; Jan., 16.46; Mar., 16.41; May, 16.37.
/
Hides—On the 21st inst. futures closed 19 to 24 points
net lower.
The opening range was 10 to 19 points off from
the previous
finals. The market ruled heavy during most
apparently in sympathy with the lowet stock
of the session,
market.
DAILY CLOSING PRICES OP LARD
January..—
May.-—.—.
Cottonseed Oil sales
contracts.
over
follows;
September
January.
March..
higher.
Turpentine; 29% to
$5.30 to $7.40.
London.
out of the market.
Prices closed
Rosins:
At
one
time during the session hide futures regis¬
tered maximum net losses
of 42 to 33 points.
Short cover¬
ing was believed largely responsible for the rally.
Trans¬
600,000 pounds, of which 320,000 pounds
were exchanged for physical.
Certificated stocks of hides
in warehouses licensed by the exchange decreased by 4.013
hides to a total of 1,411,011 hides.
It was reported that
about 25,000 branded cow hides, 1934 take-off, \vere taken
out of exchange warehouses by tanners at prices reported
l%c. a pound below current levels.
Local closing : Sept.,
9.66; Dec., 10.00; March, 10.32; June, 10.60.
On the 22d inst. futures closed 17 to 25 points net higher.
The opening range was 2 to 13 points up.
A more optimistic
view of the political situation abroad, which appeared to be
reflected in the securities market, did much to influence
actions
totaled
buying of hide futures, especially on the part of the short
element.
Buying power was fairly strong during most of
the
and the market closed with substantial net
Transactions totaled 16,800,000 pounds. Certificated
session,
gains.
stocks of hides in warehouses licensed by the exchange de¬
creased by 9,088 hides to a total of 1,401,923 hides.
Reports
current had it that there
have been about 75,000 exchange
warehouse hides, 1934 take-off, sold in the resale market to
leather
manufacturers.
Local
closing:
Sept.,
9.85;
Dec.,
10.20; March, 10.55; June, 10.81.
On the 23d inst. futures closed
unchanged to 7 points net
The opening range was 5 to 19 points off,
There
was a further drop from these levels.
However, the market
subsequently developed considerable strength, with most
lower.
of
the
early losses
being wiped
out,
December
was
the
The Commercial & Financial Chronicle
1346
most active
month, with 152 contracts traded.
Transactions
totaled 14,760,000 pounds, of which 280,000 pounds were
changed for physicals.
Certificated stocks of hides in
ex¬
ware¬
houses licensed by the exchange increased by 3,556 hides to
a
total of 1,405,479 hides.
Further trading was reported
in the domestic spot hide market on a basis of
10%c. a
pound
9.84;
for
light
Dec.,
native
hides.
cow
March, 10.52;
10.18;
Local
June,
closing:
Sept.,
Aug. 26, 1939
Yokohama futures were 5 to 22 yen net higher,
contract.
while Kobe futures ruled 3 to 13 yen net higher.
1,225
these centers
Spot sales at
yen.
totaled 775 bales,
transactions totaled 3,325 bales.
while futures
Aug. 2.60; Sept.
Dec., 2.31; Jan., 2.29%; March, 2.25.
ing:
10.81.
No.
Contract
On
On the 24th inst. futures closed 36 to 43 points net
The opening range was 17 to 39 points up from
for the No. 1 contracts,
nals.
Local clos¬
2.49;
1:
inst. futures closed lc.
the 23d
Grade D
in both Japanese markets to the price of
advanced 5 yen
Nov.
2.33;
to 2%c. net lower
up
which closed 1
of
The
the
market
session.
was
higher.
previous fi¬
strong and active throughout most
Transactions totaled 8,180,000 pounds, of
which 680,000 pounds were exchanged for physicals.
Certi¬
ficated stocks of hides in warehouses decreased by 8,484 hides
to
a
total of 1,396,995 hides.
hides
It
on
pound for light native cow hides.
10.20; Dec., 10.55; Mar., 10.90;
futures closed 1 to 5 points net higher.
342 lots.
Raw hide futures
reported that 60,000
a basis of
10 %c. a
Local closing:
Sept.,
June, 11.24.
Today
was
sold in the Middle West
were
Transactions totaled
somewhat steadier in the
were
afternoon after
opening 10 points lower to 1 point higher.
early part of the session totaled 6,320,000 pounds.
Sales in the
Certificated stocks of hides
total of 1,303,917 hides.
down
were
113,078 hides to
Local closing:
a
Sept., 10.25; Dec.,
10.58; Mar., 10.92; June, 11.25.
Ocean
shadow
Freights—The
over
British,
in Europe has cast its
war news
the market for charters.
Ship
owners,
especially
reluctant to offer their vessels with European
a critical stage, and
prefer to await further
develojHnents.
Charters included:
Grain:
Four vessels
reported fixed, St. Lawrence to United Kingdom-Continent,
Nov., 2s. 9d. St. Lawrence to United Kingdom-Continent,
Sept. 15-30, basis 2s. 9d.
Five other vessels the same.
Scrap: Atlantic range to Japan, Sept., 23s. 6d.
Atlantic
range to Japan, Sept., 24s. 6d.
Atlantic range to Japan,
Sept., 24s.
Trip: Reported fixed trip across, Sept., about
$1.60.
Sugar: Cuba to United Kingdom-Continent, Sept.,
were
affairs in such
Cuba to United
18s.
Kingdom-Continent, Sept., 17s. 3d.
Brazilian trade, delivery Europe, Sept.,
4s. 6d.
Trip across, delivery north of Hatteras, Sept.,
81-65.
Reported gone two months, Sept., about 81.50 to
Time:
Round trip,
sales
showed
contract
steady de¬
mand for coal by dealers, who are
stocking up all they can
hold and afford.
Retail prices have been unchanged so far.
As yet the demand from household
consumers has been light,
expected to increase until cold weather sets in.
Egg, stove and nut coal are still being quoted at 84.75 per
ton, with pea at 84.
According to figures furnished by the
Association of American Railroads—the shipments of an¬
thracite into eastern New York and New
England for the
week ended Aug. 5 have amounted to 1,360
cars, as compared
with 1,678 cars during the same week in
1938, showing a
decrease of 318 cars or approximately 15,900 tons.
Ship¬
ments of anthracite for the current calendar
year up to and
including the week ended Aug. 5 have amounted to 53,525
cars, as compared'with 48,781 cars during the same period
in 1938, showing an increase of close to
237,200 tons.
and it is not
Wool—The
wool
markets have
been
more
less quiet
However,
or
during the past week with the undertone firm.
the lack of interest
on
the part of manufacturers has served
to check the
upward trend of prices. Usually at this period
buying and selling of the raw material is at a low
ebb, and August, 1939, is no exception.
East and West raw
wool is inactive.
In the background lies the wool textile
industry having a huge backlog of orders on worsted and
woolen fabrics, with wool on hand to
keep machinery
running some time longer without necessity for generous
replenishment.
Dealers are expecting resumption of mill
buying shortly after Labor Day, but there is no certainty as
to this, nor is it to be expected that manufacturers and
topmakers will rush into the market and
put up prices against
themselves.
It is reported that domestic supplies are not
of the year
abundant
nor
the mills overstocked, but it is said that
are
there will be
plenty of wool available in Australia if the price
is right.
A lower opening in Sydney next Monday with
indications of a decided downward trend would
very likely
result in imports of cheaper fiife wool and wrould do much
to retard any additional improvement in domestic wool.
Silk—On the 21st inst. futures closed unchanged to 3%c.
the
on
No.
1
contract,
and
unchanged to 8%c.
easier
2 contract.
Transactions totaled 750 bales, in¬
cluding 730 bales of the No. 1 contract and 20 bales of the
contract.
switches.
was
Grade
These
sales
The No. 2
August
con¬
to 12:30 p. m.
Crack double extra in the spot
market was 3c. higher at $2.66%.
The Yokohama Bourse
5
was
14
to
No. 1
Grade D in the outside
improved, with
yen
higher at 1,240 yen
market 15 yen
Contract: Aug., 2.61;
bale.
a
Local closing:
Oct., 2.39%; Dec., 2.28%; Jan.,
2.28; March, 2.25.
On the 24th inst.
prices closed 2 to 5c. net higher for the
3 to 6c. up for the No. 2 contract.
Transactions totaled 1,020 bales, including 1,000 bales in the
No.
1
and
contract
No. 1 contract and 20 bales in the No. 2 contract
Futures
at Yokohama ruled 1 to 4 yen lower.
Kobe was 5 to 6 yen
off.
Grade "D" closed at 1,240 yen in both markets,
remaining unchanged at Yokohama and losing 5 yen at
Kobe.
Spot sales in these Japanese markets totaled 375
bales, while futures transactions totaled 2,550 bales.
closing: No. 1 contract: Aug., 2,66; Sept., 2.53%;
2.32; Mar., 2.27.
No. 2 contract: Aug., 2.60; Oct.,
Nov., 2.34; Jan., 2.20.
Today futures closed 2% to
net lower.
were
Transactions totaled 139 lots.
Local
Dec.,
2.36;
5%c.
Raw silk futures
lower in the afternoon but prices were somewhat better
than the
forenoon
opening declines of 5 to 20 points.
-Sales in the
950 bales in the No. 1 contract, while 20 bales
were
exchanged for physical in the No. 2 contract.
Crack
spot market was off 2%c. at 82.64.
Grade "D" in the outside market moved 2% yen
higher to
1.242% yen a bale.
Local closing: Aug., 2.63%; Oct.,
2.39%; Dec., 2.28; Jan., 2.26%; Mar., 2.21%.
were
double extra in the
Friday Night, Aug. 25, 1939.
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 140,844
bales, against 101,982 bales last week and 72,192 bales the
previous week, making the total receipts since Aug. 1, 1939,
350,310 bahs, against 230,568 bales for the same period
of 1938, showing an increase since Aug. 1, 1939, of
119,742
The
Movement
bales.
D
The
Both
declined
in
futures
both
of
the
trading
was
Japanese markets ruled
8 to 17 yen
quotations
bulk
lower, while Kobe
25
are
yen
1,220
yen
compared with
Japanese
transactions
to
markets
totaled
was
heavy.
Yoko¬
6 to 18 yen off.
both
markets.
Friday's close.
totaled
5,975
in
in the form
800
bales.
bales
Local
4
Sat.
Receipts at—
Galveston
1,991
3", 593
Christi..
8,772
New Orleans
151
Pensacola, &c
Jacksonville
Lake Charles.
in
the
35", 329
31
2,675
2,046
125
6
25,039
4,409
50,593
4,061
26 ,'224
1,153
24,664
274
1,257
144
*.
144
"133
133
322
1,468
5,928
**
5,928
-
~i45
139
""90
"180
119
"36
...
Wilmington
3
.
3
65
"70
...
Totals this week.
15,011
19,910
19,424
16.144
17,297
549
433
198
Baltimore
433
53,058 140,844
following table shows the week's total receipts, the
total since
Aug. 1, 1939, and the stocks tonight, compared
with last year:
1939
1938
This
Aug. 25
Since
Week
Galveston
1 1939
25,039
4,409
50,593
108.296
Beaumont
«!,
New Orleans
_
—
—
This
Since Aug
1 1938
Week
45,238
26,610
99,060
26,224
Brownsville
Houston
Corpus Christi
Mobile
Aug
10,487
17,714
X
—
-
:
582,774
140,973
6^3,008
■
50,667
131,226
_
-V
30,386
51,855
2,617
6,905
1,403
18,802
2,712
144
193
160
366
1
1.484
1,204
3,591
93
153
143,504
28,081
553
650
12.047
1
8,081
25,609
Jacksonville
133
187
1,468
Savannah
4,102
Charleston
Lake Charles
5,928
Wilrr ington
Norfolk.
3
549
New York
6,711
1,012
2,158
1938
589,262
24,664
1,257
-
PensacoIaV Gulfpt
158
952
357,882
48,402
54,112
167,585
16,318
590,671
61,681
z5,263
1,689
147,255
30,410
11,325
14,943
27,707
'
w
~
^
**■
Baltimore..
433
2,271
541
140,844
Totals
350,310
78,102
Receipts included in Corpus Christi.
In order that
Receipts at—
comparison
1939
may
z
3,733
100
3,324
775
825
230,568 1.928,511 2,301,316
Gulfport
not included.
be made with other
1937
1938
100
1,033
—
Boston
x
1939
493.218
X
27,579
29,019
-
Stock
;
Receipts to
Jan.,
Oct.,
Galveston
Houston
New
55,039
.....
Orleans.
Mobile
Savannah
No.
2
50,593
24,66i
1,257
1,468
Charleston
Wiln ington
10,487
27,579
6,905
1,403
1,204
93
All others
"
1936
41,882
56,722
24,511
4,433
9,663
5,400
14,928
17,051
33,039
4,473
9,066
1935
4,847
43,603
16,757
27,684
3,007
19,608
3,348
8
__
Since Aus:. 1__
reported
1,205
670
"653
Total this wk.
business
3,420
4,217
4,728
Total
5,355
•
....
Norfolk
^
Fri.
4,631
4,409
2,832
2,587
10,501
Mobile
The
Thurs.
3,732
3",428
3,912
5,031
Houston
Corpus
Wedl
2,760
Brownsville
contract.
no
Tues.
5,486
•
Norfolk
was
Mon.
3,075
On the 22d inst. futures closed l%c. to 3c.
net higher for
the No. 1 contract, and %e. lower to 4c.
higher for the
No. 2 contract
Transactions totaled 360 bales in the No. 1
There
the
years,
1934
Spot
while
closing:
Contract No. 1: Aug., 2,57;
Oct., 2,37%; Dec., 2.28;
2.26%; March, 2.23y2.
Contract No. 2: Aug., 2.52;
2.30; Dec., 2.18; Jan., 2.14; March, 2.12.
of
,
the No.
hama
the
up
.
of
in
traded in the No. 1 contract and 60 bales in the No. 2
tract
Savannah
No. 2
lots
COTTON
Coal—There has been little change in the anthracite coal
situation the past week.
There has been a quiet
on
9
of
delivery,
point off. The raw silk market held steady
during most of the early session.
There were 810 bales
81.55.
off
sales totaling 142 lots.
20,994
38,266
12,656
4,905
7,347
1,968
828
549
""158
226
10
""§72
314
37,271
30,273
78,725
57,951
44,159
35,255
140,844
18,102
221,570
141,365
159,138
122,533
350.310
230.568
506,602
304.770
384,248
317,364
Volume
Commercial & Financial Chronicle
The
149
week ending this evening reach a total
54,245 bales, of which 14,890 were to Great Britain,
8,144 to France, 164 to Germany, 7,132 to Italy, 12,235 to
Japan, 677 to China, and 11,003 to other destinations.
In
the corresponding week last year total exports were 54,732
bales.
For the season to date aggregate exports have been
174,928 bales, against 193,622 bale* in the same period of
The exports for the
of
the previous season.
-
Exported to—
France
681
"788
Corpus ChristL-
2*220
5,924
5,191
*677
2,901i
28,183
185
237
Mobile
Savannah
395
380
""70
310
....
5,659
158
"899
1,470
3,023
12
12
Charleston
2,239
2,239
Wilmington
"574
""94
Norfolk
668
12,235
164
Total 1938...
7,300
8,372
9,468
6.22P
14,221
9,142
54,732
1937-..
12,280
8.692
5.1Q7
4,722
827
6,994
38,712
Total
—
Exports from—
France
Britain
-19.10c.
1920
-33.50c.
1912
--11.70c.
,21.55c.
1919
.32.15c.
1911
--13.15c.
1926
-19.05c.
.35.15c.
1910
-.16.40c.
9.30c.
1925
-23.20c.
1909
--12.85c.
8.45c.
1924
-23.25c.
-26.45c.
1918
1917
1916
-15.85c.
1908
—
.
Speculation
week
Japan
Italy
1,286
1,493
3,853
620
9,493
Brownsville
2,220
2,948
3,689
275
5,309
27.775
14,645
16,863
2,869
10,242
8,037
2,909
677
14,271
67,644
2,006
5,535
4,266
»
.
185
9~, 843
.
8", 169
1,392
1,357
Orleans
New
912
26,361
158
2,427
'
87
995
61'
70
310
Savannah
12
12
Charleston
Wilmington
3,352
185
2,243
1,362
87
Pensacola, &c
.
2,239
2,239
.
Norfolk
Los Angeles
_.
902
27,416
27,373
15,830
20,044
25,25?
44,336
15,766
19.522
8.883
29,190
1937....
40,256
Canada—It has
NOTE—Exports to
4,352
174,928
29,711
193,622
39,549
64,575
45,901
1938...
Total
4,208
35,898
1,772
23,527
Total
2,285
60
179,563
3,942
43,112
Total
200
2,848
200
300
350
Francisco
260
1,271
112
400
San
19,133
3,017
4,309
Beaumont
Mobile
been
never
our
200
practice
to Include in
the
Canada, the reason being that virtually
Is Impossible to give
above table reports of cotton shipments to
all the cotton destined to the Dominion comes overland, and It
returns
districts
concerning the same from week to week, while reports from the customs
on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous Inquiries we are receiving
regarding the matter, we will
that for the month of June the exports to the Dominion the present season
been 23,601 bales.
In the corresponding month of the preceding season
say
have
the
were 16,632 bales.
For the 11 months ended June 30. 1939, there
235,335 bales exported, as against 228.366 bales for the 11 months of 1937-38.
exports
were
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
H
....
On
'
■
Shipboard Not Cleared for—
Leaving
Aug 25 at—
Ger¬
Other
France
Foreign
wise
Galveston
3,400
6,214
500
371
900
Houston
2,171
147
Orleans
New
5,500
Stock
Coast¬
many
Other
Britain
Total
1,500
6,200
7,858
88
469
2,221
"505
Savannah
480,718
566,072
349,545
143,004
28,081
47,69 <5
25,609
249,041
12,500
16,702
8,337
500
Charleston
"710
"7l0
Mobile
Norfolk
Other
ports.
__
Total
1939.-
Total
1938.
Total
1937.-
3,218
1,765
2,718
15,824
7,042
5,786
.
official quotation
The
3,809
5,804
1,597
14,527
1,371
2,841
3,157
18,984
8,182
38,749 1,889,762
36,436 2,264,880
21,440 1,370,560
for middling upland cotton in the
week has been:
New York market each day for the past
Aug. 19 fo Aug. 25—
Sat.
Middling upland (nominal)----9.22
Mon.
9.19
Fri.
9.11
Wed. Thurs.
9.10
9.17
Tues.
9.27
Premiums and Discounts for Grade and
Staple—The
the premiums and discounts for grade and
staple in relation to the grade. Basis Middling 7/$, established
for deliveries on contract on
Premiums and
table below gives
—
—.
discounts for
grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over 3^-inch cotton at the 10 markets on Aug. 24:
%
15-16
Inch
15-16
1 In. &
Inch
Longer
Inch
Longer
.69
on
.81
on
.63
on
.75
on
St.
.42
on
.55 on
.67
on
Mid
.29
on
.08
Good Mid
.50 on
Fair
Mid
—
.20
on
.06 off
.07
on
.73 off
.56 on
St. Good MidGood Mid
Mid.
1 In. A
Inch
Spotted—
White—
.63 off
on
.32
on
.18
on
.52 off
.41
on
.53
on
•St. Low Mid..
1.50 off 1.45 off 1.40 off
Mid
Basis
.13
on
.25
on
•Low Mid
2.21 off 2.20 off 2.18 off
St. Low Mid
.61 off
.51 off
Mid—
8t.
.39 off
1.42 off 1.36 off 1.31 off
Low Mid
•St. Good Ord. 2.15 off 2.13 off 2.11 off
2.74 off 2.73 off 2.72 off
•Good Ord
.42
.55 on
.67
on
on
Low Mid...
.41
on
.53 on
Even
Mid
Mid
St
on
.29
Good Mid
St.
Good Mid
Mid
on
.13
on
.25
.61 off
.51 off
on
.39 off
1.42 off 1.36 off 1.31 off
Low
Mid
•St.
Good Ord- 2.15 off 2.13 off 2.11 off
•Low
Mid
.52 off
.44 off
.36 off
.77 off
.69 off
Mid
•St.
•Mid
2.90 off 2.90 off 2.90 off
1.18 off 1.11 off 1.05 off
1.70 off 1.66 off 1.65 off
2.33 off 2.31 off 2.31 off
Gray—
Ord
2.74
off.2.73 off 2.72 off
Good Mid
.64 off
.55 off
.45 off
St.
•Good
.83 off
.75 off
.67 off
Mid—
•Mid
♦
1.45 off 1.40 off 1.36 off
the
Quotations for 32 Years
quotations for middling upland at New York
Aug. 25 for each of the past 32 years have been as follows:
the
relatively light, with price
the
general
disposition
of
closed 1 to 5 points net lower.
near
months moved
up a
during the
point further.
proved to be the high levels for the day.
These
Liverpool cables
were
steady and that market sent fairly good buying orders
at the
There
start.
Bombay
was
on
credited with buying al¬
was
observing
a
holiday.
trade
buying at the start, but later pricefixing orders seemed to be on a scale down and demand as
was
whole
some
tapered off
What
vousness
Factors
over
the
prices eased 3 to 7 points from the
as
trading
there
centered
was
influencing
in
the selling
European situation and
a
the
nearby
included
ner¬
desire to
even
contracts over the week-end.
The forecast pointing to
showers in dry northern areas of the Western belt during
the first half of next week was also considered favorable.
up
,
Southern spot markets on Saturday declined 1 to 10 points.
Middling quotations ranged from 8.41 cents up to 9.22 cents
and averaged 8.91 cents at the 10 designated spot markets.
On the 21st inst. prices closed 1 to 7 points net lower.
Trading for a time favored the downside of the market.
In the early session there was considerable selling; for foreign
account, though at no time could it be called aggressive.
The alarming news from abroad and easiness of the stock
market did not help cotton prices much.
However, the
decline in cotton futures was not severe; and when offerings
began to get scarce, there was a decided rally.
Liverpool
appeared more disturbed over the European political devel¬
opments than did domestic traders.
The market prior to
the local opening was as much as SI a bale better than
the action of the New York market had called for, but
Liverpool sent opening selling orders here and initial prices
were 4 to 7 points off.
During the morning prices sagged
to net losses of 7 to 9 points.
The market later proved
responsive to commission house buying.
Spot cotton busi¬
ness continued to expand, with sales totaling 31,151 bales,
against 12,156 last year.
Middling quotations were un¬
changed to 10 points lower. On the 22d inst. prices closed 6 to
10 points net higher.
The market turned firmer today as
the surprising news of the Russian-German negotiations
caused traders generally to take a more hopeful view of the
European outlook.
Foreign buying and Wall Street covering
encountered limited offers and the market advanced 6 to 14
points in old contracts.
A belief that a European war may
dominating market influence.
Factors more closely allied with the cotton situation had
little or no effect.
Demand came chiefly from Liverpool
and Wall Street.
Trade price fixing also helped to absorb
contracts, while selling was limited to moderate hedging,
some liquidation and local offerings.
Firm Liverpool cables
and foreign buying accounted for opening advances of 1 to
4 points.
Spot cotton sales totaled 21,508 bales, compared
with 10,706 a year ago.
Southern spot markets advanced
4 to 9 points with middling quotations ranging from 8.42
to 9.27c.
On the 23d inst. prices closed 17 to 8 points net
lower.
A lower trend prevailed for cotton futures today,
with dealings turning active in the afternoon.
The bulk
of tha activity took place in the old contract with no sales
recorded in the new contract until after midday.
Prices
in the early afternoon were at the lows up to that time,
being about 3 to 12 points net lower.
The market failed
to follow the steady trend of Liverpool, where prices ended
unchanged to 2 points above yesterday's closing levels.
Opening prices here were 2 to 3 points down in quiet dealings.
There was some Liverpool and trade support present, but
this was offset by sales from New Orleans and the South
and some hedge placements.
October attracted some Bom¬
bay interest in a small way.
In general, business was slow
with most traders remaining out of new commitments until
the foreign situation becomes more clarified.
have
been
averted
was
the
On the 24th inst. prices
higher.
range
closed unchanged to 7 points net
The market fluctuated nervously over a 10-point
today as European developments proved more puz¬
zling than clarifying.
Traders generally were disinclined
to make commitments in a substantial way, realizing the
drastic disturbance of a great war should it
out.
Sensational
advances
favorable interpretation
at
Liverpool
suddenly break
based on an un¬
of the European outlook had only
Based on the action
due to open about
$1.50 to $2.50 a bale higher, but initial quotations were, 3
to 7 points higher.
Prices soon reacted to around the previ¬
ous closing levels under nervous liquidation and some hedge
of
The
was
reflects
19th inst. prices
early trading
a
Not deliverable on future contract.
New York
This
The opening range was 1 to 2 points higher and
.61 off
Yel. Stained—
Good Mid
during
substantial commitments.
any
On
1.56 off 1.51 off 1.48 off
•Mid
•St. Low Mid— 2.23 off 2.21 off 2.21 off
White—
Extra
Tinged—
8t.
delivery
future
active, notwithstanding the
traders to await further developments abroad before taking
17,225
Corpus Christi
for
especially
Trading generally
irregular.
deliveries.
286
10,465
Houston
cotton
in
not
10.80c.
European crisis and sensational advances at Liver¬
best.
many
was
Total
Other
China
194
Galveston
9.30c
—
1927
.
1932
a
Ger¬
Great
1939
--12.45c,
though the East Indian market
Exported to—
From,
1913
1928
Aug. 1, 1939 to
Aug. 25.
1914
.15.00c.
here
8,144
7,132
-22.25C.
1921
54,245
11,003
677
14,890
Total
1933
3,250
3", 250
San Francisco.
1922
.18.70c.
.11.88c.
—
1934
185
267
Beaumont-,
New Orleans.
,11.45c.
1929
-11.05c.
___
1935
4,309
4,309
Brownsville
1930
9.73c.
-
8,169
5,201
"868
356
8,281
Houston
796
1915
.
.13.25c.
1936
trend
3,937
115
Galveston
Total
Other
China
Japan
Italy
many
-25.35c.
8.36c.
.
pool.
Ger¬
Great
1923
1931
.
1937
grave
'
Week Ended
Britain
1938
1347
7.00c.
9.11c.
past
Aug. 25, 1939
Exports from—
1939
slight reflection in local quotations.
the English market prices here wer6
I
The Commercial & Financial Chronicle
1348
selling.
Southern
markets
spot
advanced
5
7
to
from 8.30 up to 9.17c.
Today prices closed 3 to 10 points net lower.
Aug.
26,
1939
points,
ranging
tone of cotton
Open
New York
futures
contract
1939
still
were
October—Old
like
a
doyvn 5 to 6 points, and the
was
amount.
The
break
in
new
sterling caused
commission
house
liquidation,
met
48,600
538,500
400
1,800
800
800
400
8,200
4,000
*300
2,200
300
400
5,500
9,400
3,400
9*. IOC
10,700
192,500
2,500
4.500
100
300
200
6,500
19.700
11,600
14,700
344,200
200
13,000
1,200
.
9*700
New
61,600
...
New...
—
8,300
400
2,600
1,800
1,800
7,300
14,500
6.000
7,400
4,500
4,300
14,600
116,800
2.400
...
July—Old.L
1,000
7,900
3,600
May—Old.
was
300
200
2,100
....
New.:
rather
only
268,800
42,906
...—-
March—Old...
selling by foreign interests, with the bulk of the
liquidation coming from Liverpool, Bombay and the Con¬
tinent.
The foreign sales, together with
scattered hedge
and
28,000
900
33,000
1940—
New..
brisk
sales
22,500
200
29,900
January—Old_.
business.
off
19,000
16*100
800
_
New
noon
The old contract
12,800
200
—.
December—Old
was
At
13,700
25,000
—-
.
New..
1 higher to 5 lower, with October off 3
points
the old contract was 1 point
higher to 5
points lower, and the new was down 2 to 5 points.
The
market opened lower in a fair-sized volume of
8.77.
at
Contracts
Aug. 24
was improved in the
afternoon, but
slightly below yesterday's closing levels.
The old contract in the late trading was
unchanged to 5
points lower, with October quoted at 8.67, while the new
prices
Aug. 18 Aug. 19 Aug. 21 Aug. 22 Aug. 23 Aug. 24
The under¬
100
1,600
3,400
Inactive months:
September, 1939, old
300
November, 1939, old
100
Total all futures..
small
65,600
44,800
85,200
80,600
93,600 126,900 1.522,800
support.
Open
New Orleans
Futures—The highest, lowest and closing
prices at New
York for the past week have been as follows:
Aug. 16 Aug. 17 Aug. 18 Aug. 19 Aug. 21 Aug. 22
Aug. 22
1939—
October—Old
Saturday
Monday
Tuesday
19
Aug. 21
Aug. 22
> U;.
Wednesday
Friday
Aug. 24
Aug. 25
8.74*
8.82*
Range
Closing.
8.72- 8.79
8.05- 8.71
8.72-
8.72
.
8.69
8.77
-
Range..
8.7 2*
—
8.78
8.86- 8.86
8.91-
8.83*
8.66 *
8.61- 8.71
8.6-1- 8.69
8.67
8.61
—
8.90*
—
8.91
8.77- 8.77
8.68*
8.73*
8.80*
May-—Old
New.
200
8.62*
8.70*
8.54*
8,60*
lloo
3*906
*600
*700
*550
850
8.76*
8.83*
8.68*
8.76 *
'»
.......
150
12,550
—
11,6-50
8.57- 8.63
8.50- 8.57
8.56-
8.49- 8.64
8.67
8.50- 8.59
8.56
8.46- 8.56
8.64- 8.65
8.49
8.54- 8.55
8.46- 8.47
8.65- 8.71
8.67-8.69
8.62- 8.70
8.63*
8.08*
8.62
—
8.65
Dec. {new)
Range..
8.75-
Closing.
8.71*
8.75
8.64- 8.70
8.72-
8.69*
8.77 *
8.40- 8.42
8.44-
8.42*
8.48- 8.49
8.73
Jan.(1940)
{old)
Range..
8.44*
.
8.50
8.40- 8.40
8.39- 8.40
Range..
8.40
8.40*
8.56*
*950
3"3",266
*500
15,600
10-250
11.400
249.400
150
5.500
are
at
New York
the spot each
day during the
indicated in the following statement.
For
the convenience of the reader, we also show in a
table below how the market for spot and futures closed on
days.
same
Contract
Spot
New
Old
Total
New
Old
New
8.51- 8.51
8.62*
8.52 n
8.55 *
8.47*
Range
8.41*
8.38*
8.59 *
8.54*
8.62*
8.38- 8.41
8.30- 8.37
8.35-
8.38
8.34*
Saturday
Monday
3,312
8.34 *
8.37 »
8.26*
Range..
8.49*
8.53*
8.32- 8.40
8.22- 8.35
8.44*
8.29
8.35
1
1
t
I
«
I
t
1 1i i
Wednesday
Thursday
Friday
tI 1I *»i iii
»
« II «
»
I
1
1
t
3,312
I
1
8.43*
8.29- 8.43
I
»
Tuesday
8.46*
Feb.{new)
—
week at New York
on
Old
Feb. {old)
.
*750
8.32*
—
8.52- 8.52
8.59*
The total sales of cotton
8.35- 8.35
Jan.{new)
Closing.
2,500
*3*5:250
_t
8.400
Market and Sales
.
100
*800
"166
*200
50
New..............
8.68*
(old)
..
100
*950
8.53*
8.78 n
Closing
Closing.
Mar. {old)
Range..
Closing.
l.m
550
100
....
.
Range..
Closing
200
*700
July—Old.....
8.74*
8.64*
.
Nov. (new)
Closing
78,400
200
750
March—Old...,
..
Range
82,850
6*. 6 50
400
New
Total all futures..
Closing.
Closing
3,000
5*.450
New
8.60- 8.76
8.60
-
Nov. {old)
Dec.
2,800
New.
8.65*
Oct. {new)
Closing
1,450
2*300
1940—
8.77 n
-
Oct. (old)
Range
1,900
i.lob
300
6,750
January—Old..:
IUuge-w
-
2,900
50
December—Old
Sept. [i ji.i,
Closing
3,150
4,100
New.............
Thursday
Aug. 23
Contracts
I
11
Mar. {new)
Range..
8.59- 8.61
8.51- 8.52
8.57- 8.57
8.49- 8.49
Closing.
8.59
8.52
8.62 *
8.40*
8.30*
8.26*
8.36*
8.22*
8.51*
8.45*
3,312
7,782
Since Aug. 1
1
I
♦
r
1-1
I
lit
1
I
t
I
I
1
1
t
I
I
1
1
t
i
—
.
3,312
7,782
Futures Market Closed
8 46- 8.52
8.51*
Spot Market Closed
8.40*
April {old)
»
l
1
I
1
8.22- 8.23
I
Total week
8.44
1
1
1
Old
New
Range..
Closing.
8.27 *
8.15*
April {new)
Range.
.
Closing.
May (old)
Range..
8.23-
Closing.
8.25
8.23
8.54*
8.39*
8.45*
8.34*
8.1.5- 8.21
8.20- 8.30
8.15- 8.30
8.10- 8.25
8.07- 8.21
8.18
8.29
8.15
8.20
.
8.43- 8.47
8.36- 8.3f
8.43- 8.48
8.44- 8.44
8.36- 8.42
8.43
8.35- 8.35
.
Range.
8.38*
8.47*
8.33 *
8.40*
8.28 *
8.15*
8.10*
8.20*
8.07*
8.12*
8.01*
8.34*
8.30*
8.39*
8.25*
8.32*
7.98- 8.03
8.06- 8.12
8.00-
8.00- 8.10
Nominal
Nominal
Nominal
Wednesday.
Thursday
Friday
Nominal
Nominal
8.12*
7.99 *
8.05*
8.07-
Range..
Closing.
July (new)
Range..
8.32
Closing.
8.26*
8.10
8.07
Movement to Aug. 25, 1939
8.11
Towns
Receipts
8.20- 8.22
8.22 *
Week
8.17- 8.21
8.31*
8.17*
8.24 *
Ship¬
Season
Stocks
ments
8.32
Aug.
Week
25
Ala., Birm'am
176
Eufaula
1,429
970
19,043
657
8,716
49,774
65,574
154,133
46,350
46,438
46,579
33,936
146,065
81
324
1,529
803
Selma..—
Nominal.
77
Montgom'y
.
Closing
14
1,031
847
Ark.,Blythev.
Range for future prices at New York for the week ended
Aug. 25, 1939, and since trading began on each option:
29
153
3
40
316
Helena
51
61
940
Hope
39
Forest
Range for Week
Range Since Beginning of Option
Aug
Sept
7.46 Apr. 11 1939
7.30 Jan. 24 1939
.
Nov.—Old
8.12
Oct.
9.16
7.20
9.18
3 1938
8.79
8.77
Aug. 25
8.91
Aug. 25
8.62 Aug. 25
8.65
Aug. 19
Aug. 22
.
8.77
Aug. 25 1939
8.91
Aug.
1 1939
Aug.
1 1939
Aug. 22 1939
7.49
8.60 Aug. 23
Feb. 23 1939
7.49
Feb.
Jan.
10 1939
Dec.—New.
8.4*6*
Aug. 22
8.75 Aug. 19
1940—
7.26 Jan.
26 1939
8.99
8.62 Aug. 25 1939
July 26 1939
8.80 Aug. 15 1939
Jan.—Old..
8.35 Aug. 25
8.50 Aug. 22
7.29
Jan.
27 1939
8.83
Jan.—New.
8.51
Aug. 24
8.52
Aug. 21
8.51
Aug. 24 1939
8.52
8.22
Aug. 25
8.44
Aug. 22
7.3*6
8.46
Aug. 25
8.61
Aug. 19
8.46
Feb.—Old..
July
26 1939
Aug. 21 1939
.
Mar.—New
Apr.—Old..
Apr.—New.
May—Old
May—New.
.
June—Old
Receipts
Ship¬
Season
Stocks
ments
Week
Aug.
Week
43
37
37
"98
56
5,694
434
Rock
Newport...
,
^
^
305
„
265
"*905
1,787
49
Bluff.
4
Walnut Rge
Ga., Albany..
127
1,205
26
17,461
65
266
85
5,818
1,028
1,090
392
46,675
464
543
21
52,816
9
24
38
18
24,242
"98
108
1,274
26,928
120
17
16
23,493
4
a,.*.*.
212
85,252
22,645
6,408
389
90,999
2,271
4,319
598
61,900
109
178
1,296
18,400
•
29,420
585
396
106
235
11,674
25,355
581
27
7
59
280
23,896
594
2,984
967
71,355
545
2,631
125,604
2,851
116,850
31,900
23.854
32,415
74,108
2,729
1,850
7,351
2,941
122,163
300
1,300
100
34,500
188
1,254
328
27,329
1
1
30
22,058
Athens
Atlanta....
Augusta
36,785
94,201
39,069
67
19
7,677
2,449
Columbus..
300
1,400
200
350
1,101
216
—
Rome..—
100
330
14,124
La., Shrevep't
3~,80i
"4,580
3,085
829
1,018
Miss., Clarksd
607
3,816
1,001
47,244
522
1,627
603
44,686
Columbus..
3
380
818
30,152
120
227
1,260
23.627
Greenwood.
58,627
2.753
3,877
524
53,605
8.07
Aug. 25
8.30
8.35
Aug. 25
8.48
Aug. 22
Aug. 22
7.58
Apr. 2*0 1939
Aug. 25 1939
May 22 1939
8.35 Aug. 25 1939
8.75
Aug.
8.62
Aug. 15 1939
8.62
8.48
July
1 1939
27 1939
Aug. 22 1939
.
June—New.
1,428
2,436
594
341
52,700
Jackson..
Feb.—New.
Mar.—Old
-
Macon
23 1939
Nov.—New
.
-
Little
Pine
1939—
Oct.—New.
—
City
Jonesboro..
;
Option for—
Movement to Aug. 26, 1938
8.13*
Aug. (new)
Dec.—Old
_
At the Interior Towns the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
7.93
Closing.
July (old)
_
.
detail below:
Range..
Oct.—Old
Steady
Steady
Steady
Steady
Steady
Barely steady.
7.93- 8.02
8.02
Range..
Closing.
(new)
June
Range.
Steady
Steady
Steady
Steady
Steady
Barely steady.
8.20*
•
June (old)
n
Nominal
8.07- 8.09
—
May (new)
Closing
Saturday
Monday
Tuesday
29
408
22
16,915
30
262
290
22,409
Natchez...
46
50
46
15,375
15,029
203
203
459
95
105
238
11,661
147
176
178
23,765
2,900
Vlcksburg..
—
-
158
__
320
382
747
Mo., St. Louis
N.C., Gr'boro
3,303
11,165
3,313
37,682
2,052
2,787
11,003
2,792
101
201
273
1,193
235
271
207
1,789
254
777
1,186
249,722
71
369
223
133,199
56,126
548,541
1,849
6.408
3,308
70,081
0,014
34,049
10,387
490,875
12,510
1
1
76
Oklahoma—
15 towns *_
8. C., Gr'ville
July—Old..
7.93
Aug. 25
8.12
Aug. 22
7.93
July—New.
8.17
Aug. 25
8.32
Aug. 19
8.17
Volume of Sales for Future
Aug. 25 1939
Aug. 25 1939
8.49
July
8.32
Aug. 19 1939
26 1939
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.
I
10,296
Yazoo City-
3,936
9,161
3,541
Tenn., Mem's
18,090
90,654
22,945
Texas, Abilene
_
879
"290
3,934
162
185
2
1,581
1,978
2,029
1,167
3,277
235
351
76
2,344
1,794
.
Dallas..-
874
38,964
343
631
282
32,820
22,957
L697
687
2,230
745
Robstown..
1,122
4,197
Marcos
171
200
51
61
2,063
2,531
45,666
161,669
Parts
San
Texarkana
_
Waco
Tot., 56 towns
*
7,430
591
Austin
Brenham
16
38,930
649
955
40
3,358
2,125
34,895
1,157
5,475
1,045
736
1,196
373
801
6
10
13
18,589
18,148
276
316
19
12,503
54.215 2408,973
27.862
94,884
....
_
578
Includes the combined total of 15 towns In Oklahoma.
5,875
33.482 1922.216
Volume
The
above
decreased
The Commercial & Financial Chronicle
149
totals
during
show
that
week
the
the
have
stocks
interior
bales
8,549
and
tonight
are
486,757 bales more than at the same period last year. The
receipts of all the towns have been 17,804 bales more than
the
same
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
add the item of exports from the United States for Friday
only.
are
the total show the
„
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
week last year.
The Visible Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures
1349
Aug. 25—
1939
'
Stock at Liverpool
Stock at Manchester
bales
1 938
538,000 1,014,000
61,000
142,000
Total Great Britain.
Stock at Bremen—___
599,000 1,156,000
128,000
232,000
66,000
262,000
12,000
13,000
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa.
.
1936
1937
666,000
82,000
621,000
106,000
Closing Quotations for Middling Cotton
Week Ended
Aug. 25
Saturday Monday
8.75
8.69
8.77
8.60
8.88
8.88
8.92
8.76
8.67
8.83
Mobile
8.72
8.69
8.77
8.60
8.67
Savannah
Norfolk
9.14
9.11
9.20
9.04
9.09
9.02
9.20
8.95
9.15
9.20
9.05
9.10
9.05
8.85
8.90
8.70
9.19
9.27
8.70
9.10
8.75
9.22
9.17
8.90
8.90
8.95
8.80
8.85
9.11
8.80
8.73
8.90
8.41
8.70
8.90
8.75
8.60
8.65
8.95
8.80
8.85
8.60
8.36
8.42
8.24
8.30
8.16
Montgomery
...
Augusta
Memphis
Houston
Little Rock
Dallas
136,000
11,000
128,000
9,000
58,000
50,000
11,000
6,000
for
the past week have been
45,000
22,000
15,000
17" 600
241,000
589,000
277,000
410,000
840,000 1,745,000 1,004,000
54,000
51,000
67,000
American cotton afloat for Europe
157,000
126,000
141,000
Egypt, Brazil,&c.,afl't for Europe
147,000
241,000
219,000
Stock in Alexandria, Egypt
151,000
243,000
89,000
Stock in Bombay, India
724,000
722,000
934,000
Stock in U. S. ports
1,928,511 2,301,316 1,392,000
Stock in U. S. interior towns
2,408,973 1,922,216
806,649
U. S. exports today
2,407
4,672
19,770
Friday
Galveston
748,000
148.000
15,000
14,000
6,000
on-
Wed'day Thursday
New Orleans
727,000
100,000
.......
Tuesday
8.51
8.76
8.55
Note—Middling Cotton, New, Galveston, 8.81; Houston, 8.85; New
Orleans, 8.96; Mobile, 8.61; Savannah, 9.17; Norfolk, 9.20; Dallas, 8.46;
Little Rock, 8.80; Memphis, 9.00;
Montgomery, 8.85; Augusta, 9.21.
1,158,000
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
7,000
6,000
Total European stocks
India cotton afloat for Europe
54,000
83,000
202,000
93,000
735,000
1.269,238
New Orleans Contract Market—The
closing quotations
leading contracts in the New Orleans cotton market for
Saturday
Aug. 19
as
Monday
Aug. 21
follows:
Tuesday
Aug. 22
Wednesday
Aug. 23
Thursday
..Aug. 24
Friday
Aug. 25
Oct. (1939)
(old).
(new)
8.83
1,140,781
Dec. (old).
8.68
13,306
(new)
•
8.81- 8.82 8.875-8.88a
8.94 Bid
8.93 Bid
8.65
8.81 Bid
00
8.99 Bid
8.75 Bid
1
00
to
8.81 Bid
8.73
8.59
8.83 Bid
8.78
8.71- 8.73
8.88 Bid
8.64
8.70 Bid
8.81 Bid
8.67
8.75 Bid
8.68 Bid
Jan.(1940)
Total visible supply..
6,490,156 7,577,302 4.374,056 4,748,325
Of the above, totals of American and other
American—
Liverpool stock
;
Manchester stock....,
Bremen stock
Havre stock
113,000
18,000
61,000
—
....
_
23,000
Other Continental stock..
14,000
American afloat for Europe
141,000
U. S. port stock
■„
1,928,511
U. S. interior stock
........2,408,973
U. S. exports today..
4,672
...
Total American
563,000
85,000
125,000
184,000
54,000
126,000
2,301,316
1,922,216
19,770
are as
follows:
214,000
206,000
34,000
33,000
59,000
93,000
93,000
82,000
57,000
14,000
83,000
157,000
1,392.000 1,269,238
806,649 1,140,781
2,407
13,306
.4,712,156 5,380,302 2,763,056 2,986,325
East Indian, Brazil, &c.—•
Liverpool stock....
425,000
43,000
67,000
43,000
33,000
51,000
Bremen stock
...
Other Continental stock
Indian afloat for Europe...
Egypt. Brazil, &c., afloat—
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
451,000
241,000
151,000
724,000
Manchester stock
Havre stock
descriptions
219,000
57,000
107,000
78,000
41,000
67,000
243,000
934,000
415,000
73,000
42,000
43,000
26,000
54,000
147,000
89,000
722,000
452,000
48,000
55,000
46,000
77,000
54,000
202,000
93,000
735,000
1,778,000 2,197,000 1,611,000 1,762,000
4,712,156 5,380,302 2,763,056 2,986,325
Total visible supply
6,490,156 7,577,302
Middling uplands, Liverpool
5.52d,
4.74d.
Middling uplands, New York
9.11c.r
8.46c.
Egypt, good Giza, Liverpool
8.38d.
Broach, fine, Liverpool
4.49d.
3.88d.
Peruvian Tanguis, g'd fair. L'pool
5.17d.
5.59d.
C.P.Oomra No.l staple.s'fine,Liv
4.63d.
3.85d.
4,374,056 4,748,325
5.63d.
6.70d.
9.60c.
11.78c.
4.95d.
5.48d.
5.83d.
week
of
19,509 bales, a loss of 1,087,146 from 1938, an
increase of 2,116,100 bales over 1937 and a gain of 1,741,831
bales
over
1936.
Overland Movement for the Week and Since Aug. 1—
We give below a statement showing the overland movement
for the week and since
Aug. 1, as made up from telegraphic
The results for the week and since
Aug. 1 in the last two years are as follows:
reports Friday night.
1939
Aug. 25—
Shipped—
Via St. Louis..
Via Mounds, &c
Via Rock Island
'
Since
Week
2,792
Aug. 1
11,367
1,05Q
7,796
302
Via Louisville..
296
250
Via
Virginia points
Via other routes, &c
533
164
618
3,485
5,639
14,886
16,816
3,541
23,299
16,220
49,318
14,787
54,460
30,846
85,615
433
2,275
541
4,024
215
708
253
883
..10,558
20,436
13,300
37,737
....
-
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South.
11,206
23,419
14,094
42,644
3,581
Total to be deducted
Leaving total net overland
*
1938
Since
Aug. 1
11,448
10,475
Week
3,313
2,100
31,041
16,752
42,971
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 3,581 bales, against 16,752 bales for
that for the season to date the
aggregate net overland exhibits a decrease from a year ago
this
the
8.53
8.69 Bid
8.44
8.62 Bid
May (old).
8.17
8.28
8.48 Bid
8.66 Bid
8.51 Bid
8.27
8.51 Bid
8.36 Bid
In
Sight and Spinners'
Week
Takings
.140,844
Receipts at ports to Aug. 25.
3,581
Net overland to Aug. 25...
Southern consumption to Aug. 25.120,000
Aug. 1
350.310
31,041
440,000
264,425
821,351
*8,549
*21,076
.
Total marketed..
Interior stocks in excess
Came into sight during week
255,876
8.15 Bid
Steady.
Steady.
Barely stdy
Steady.
Barely stdy
Quiet.
Steady.
Old futures
Steady.
Steady.
Steady.
Steady.
Barely stdy
Newfutures
Steady.
Steady.
Steady.
Barely stdy
Nine
Nations
to
Steady.
be
Represented at International
Washington Sept. 5—The
Department of Agriculture announced Aug. 23 that nine
Cotton Meeting opening in
have indicated that they planned to have re¬
presentatives in attendance at the international cotton meet¬
countries
ing which begins in Washington on Sept. 5.
The countries
are: India, Egypt, Brazil, the United Kingdom
(on behalf
of the British cotton exporting colonies), France (on behalf
of the French cotton exporting colonies), the Union of Soviet
Socialist Republics, the Sudan, Peru and Mexico.
The
meeting will be held in a conference room of the Depart¬
mental Auditorium Building on Constituton Avenue.
With
the exception of Secretary Wallace's address of welcome, the
session will be executive.
Among the subjects to be discussed
are
the following:
A presentation of the cotton situation in each country, including govern¬
mental policies relating to cotton; a review of the experience with regard to
international agreements in the marketing of other agricultural products;
general discussion of the possibilities and practicabilities of international
case of cotton and a general discussion of the advisability
formal conference to discuss such collaboration with re¬
presentatives of both the cotton exporting and cotton importing nations.
a
collaboration in the
of calling a more
Activity in the Cotton Spinning Industry for July,
Bureau of the Census announced on Aug. 19
that, according to preliminary figures 25,377,986 cotton
1939—The
spinning spindles were in place in the United States on
July 31, 1939 of which 21,915,362 were operated at some
time during the month, compared with 21,788,286 for June,
21,975,222 for May, 22,109,394 for April, 22,472,330 for
March, 22,524,742 for February, and 21,915,394 for July,
1938.
The aggregate number of active spindle hours reported
for the month was 6,622,285,983.
Based on an activity of
80 hours per week, the cotton spindles in the United States
were operated during July, 1939 at 81.5% capacity.
This
percentage compares, on the same basis, with 82.2 for June,
for May, 84.6 for April, 86.6 for March, 87.8 for
February, and 70.2 for July, 1938. The average number of
active spindle hours per spindle in place for the month was
261.
The total number of cotton spinning spindles in place,
the number active, the number of active spindle hours, and
the average hours per spindle in place by States, are shown
in the following statement:
81.4
Active Spindle Hours
Spinning Spinales
for July
Slate
In Place
Active Dur¬
ing July
Total
Spindle in Place
United States
25,377,986
21,915,362
6.622,285,983
261
Cotton growing States
18,354,212
6,224,988
16,526,872
283
4.760,550
5,190,387,615
1,293,538,200
798,786
627,940
138,360,168
173
1,810,720
1,635,402
489,111,117
270
North, spinn's* takings to Aug. 25
17,538
1938
Since
Week
Aug. I
78,102
16,752
230,568
105,000
370,000
199,854
5,620
42,971
643,539
*31,907
76,872
---.
24,555
New England States.
All other States
Alabama
611,632
71,204
__
Georgia
•
........—
Bales
.. .......
.376,592
277,129
268,073
Bales
1937.
1936
1935
•
1,048,145
752,541
740,521
104,452,694
201
2,841,874
897,536,733
278
601,598
157,068,940
228
3,516,024
2,514,340
152,344
693,351,636
197
48,072,479
291
New Hampshire
428,866
295,690
89,998,570
210
...
—
346,868
263,300
63,879,924
5,891,080
New York
5,221,180
1,627,457,828
276
972,728
817,528
226,437,824
233
5,619,432
184
5,215,028
1,685,636,137
300
559,580
496,830
170.110,019
304
Texas....
239,378
223,686
66,614,597
278
Virginia
639,226
593,354
171,584.064
268
Ali other States.
745.530
592.454
130 973.421
176
South Carolina...;.
years:
Since Aug. 1-
450,754
3,234,256
689,348
165,440
M assach usetts
Rhode Island....—
sight in previous
'v
208
Mississippi..:
North Carolina
Decrease.
Average per
519,520
Connecticut...
Maine
205,474
800,275
Total in sight Aug. 25—
.
8.34 Bid
8.03
8.24 Bid
July 31
1939Since
1937—Aug. 27.
1936—Aug. 28....
1935—Aug. 30
8.21- 8.22
8.45 Bid
8.22 Bid
year
Movement into
8.32
8.39 Bid
8.55 Bid
8.32- 8.35
8.57 Bid
8.085-8.09a 8.145-8.15a
Steady.
week last year, and
Week—
8.44
8.63 Bid
8.44
Tone—
Spot
of 11,930 bales.
*
8.39
8.21
8.24 Bid
8.53
8.59 Bid
8.53
8.39
8.40 Bid
'8.12
8.31 Bid
(new)
8.49
—•
8.69 Bid
8.52-
8.56 Bid
8.34
(new)
July (old).
8.59
8.63 Bid
8.48
(new)
5.49d.
Continental imports for past week have been 75,000 bales.
The above figures for 1939 show an increase over last
8.57
(new)
7.50d.
4.98d.
(old).
Mar. (old).
Tennessee..
__
...
-
The Commercial & Financial Chronicle
1350
Three New Members
Rainfall
Days
of New York Cotton Exchange
meeting of the Board of Managers of the New York
Cotton Exchange held Aug. 22, the following were elected
to membership in the Exchange: William Francis Higgins,
>—At
Aug. 26, 1939
Rain
Inches
High
Low
1.35
II
%
M
Z2
7^
City, who is Second Administrator of Anderson,
Clayton & Co. S. A. de C. V. H. of Mexico; Harry S. Baker,
President of the Producers' Cotton Oil Co., Fresno, Calif.,
and Arthur N. Gorham, Treasurer of Beatty & Gorham,
Inc., Boston, Mass.
Mr. Baker is a member of the New
York Produce Exchange.
^
s
Pensacola—.——-
|*f§
3
Tampa
3
3
93
0-37
94
72
65
77
2
1.35
90
68
5
4
2
3
Raleigh-----—--—----1
Wilmington
3
Tennessee—Memphis
——2
Chattanooga.3
Nashville—2
2.11
0.47
0.84
0.08
89
92
89
86
68
71
66*
55
79
79
82
78
72
3.74
9£
09
82
-----
Georgia—Savannah--------Atlanta
Augusta——
—
Macon.----:
0.75
2
—
—-
Carolina—Charleston.-
South
North Carolina—Charlotte--Asheville
-—
»
Definite Policy on Cotton Releases—-At *a
meeting of the International Federation of Master
Cotton Spinners' & Manufacturers' Associations, held in
Zurich, Switzerland, a resolution was approved urging the
United States "to adopt a definite and long-term policy
relative to cotton releases" and to make known the manner
in which this policy will be carried out.
A copy of the
resulution was cabled to Secretary of State Cordell Hull and
Secretary of Agriculture Henry A. Wallace.
The resolution
Adopt
recent
adopted
on
72
88
0.30
1.74
0.35
0.71
--------
International Cotton Federation Urges United States
Mean
2.17
New York
to
Thermometer
a
89
92
91
91
83
83
73
63
57
54
81
78
74
73
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Aug. 25,1939
Aug. 26,1938
Feet
Feet
2.1
4.7
New Orleans.—-—-Above zero of gauge-
Above zero of gaug
Memphis-.—-—
10.4
_
9.4
9.3
9.0
3.7
4.9
Above zero of gauge.
Shreveport-Above zeor of gaugeVicksburg---——Above zero of gaugeNashville———
3.0
12.2
Aug. 5 follows:
That this meeting of the International Cotton Federation held today in
Zurich at which the users of American cotton in Europe and India are
represented, resolves unanin ously, in view of the chaotic conditions created
in every branch of the cotton trade due to the uncertainty of the future
method of disposal of the U. S. Government loan cotton stocks to press
the American Government to adopt a definite and long-term poUcy relative
to cotton releases, and to announce to the world at the earliest possible
moment the manner in which this policy will be implemented.
In making this proposal, the meeting urges most strongly that the U. S.
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Southern consumption; they are
Government should take into serious consideration the absolute need of
returning to the customary fundan ental principles of trading.
The present
one-sided policy has seriously restricted the safe of American cotton.
Confirmation that the wavering cotton policy of the U. 8. Government
has demoralized the whole market structure is established by the fact that
the exports of cotton from the United States last season were the lowest
recorded during the past half century.
This meeting also places on record
its deep concern at the inadequate replies received from Washington to
Week
1938
1939
Aug. 16,
1938
and
14.112
25.457
2667.674 2194,843 1107,259
Nil
Nil
Nil
17,425
20.059
27,019
23,761
2635.929 2167,585 1064,946
Nil
Nil
Nil
9
23.325
2600.639 2138,409 1030.520
2570.117 2119,356
998.705
24.113
22,893
19,653 2541.961 2100,776
15,752 2512,919 2081,164
17,059 2490,599 2053,520
903,027
4.043
17,371 2462,476 2024,282
28,601 2444,446 1997,556
55,199 2434,289 1978;400
873,772
5,662
44,437
63,370
68.215 2441,606 1951,616
94,093 2434.971 1933.484
73,033 149,210 2417,522 1927,836
78,102 221,570 2408,973 1922,216
811,182
796,150
788.408
85,433
16.
23,331
36,239
30.
26,909
1939, and comparative statistics to the corresponding date in
Running Bales (Counting Round as Half Bales and
Excluding Linters)
State
1939
7-
26,363
14.
1937
33,685
21.
58,075
73,527
17,684
32,676
43,924
53,593
4.
73.404
-
—
„;,
72,192
23,695
Georgia
Louisiana—---—.—
Texas
—
-
All other States
2,228
32,657
447,160
2,912
285,615
7,424
309.677
*314.616
*514,524
-------
—
United States-.--.
*
20,158
15,006
6,095
*
276,645
.
14,457
Includes 137,254 bales of the crop of 1939
ginned prior to Aug. 1 which was
counted in the supply for the season of 1938-39, compared with 157,865 and 142,983
bales of the crops of 1938 and 1937.
The statistics in this report
UNITED
AND
EXPORTS-
STATES
Cotton consumed during the month of July, 1939, amounted to 521,405
bales.
Cotton on hand in consuming establishments on July 31, was
861,656 bales, and In public storages and at compresses 11.620,955 bales.
The number of active consuming cotton spindles for the month was 21,915,363.
The total imports for the month of July, 1939, were 15,840 bales
and the exports of domestic cotton, excluding linters, were 106,531 bales.
WORLD STATISTICS
.
The world's production of commercial cotton, exclusive of linters, grown
in 1938, as compiled from various sources was 27,870,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
elsewhere.
Rain
Days
Texas—Galveston
Amarillo
—
.
Austin
Abilene
Brenham
.
Corpus Christi_
—
.
96
1
0.17
100
68
98
64
81
0.44
93
70
84
71
83
83
1
-
.
0.06
73
55
i
.
Brownsville
91
0.03
-
High
1.18
2
-
Inches
1
.
Rainfall
—
1
-
0.43
0.41
El Paso.
~
-
2
1
-
-
-
.
Shreveport
Mississippi—Meridian,
Vicksburg
Alabama—Mobile
94
0.10
100
62
102
98
72
68
1.90
97
68
0.64
98
64
84
80
81
100
70
87
83
83
81
85
1
0.72
102
68
85
1
96
61
79
1
0.99
0.38
96
66
81
2
3
0.41
0.40
96
68
82
90
71
81
1
0.99
0.74
0.63
95
68
82
91
64
93
89
91
68
78
81
69
80
65
78
2.72
91
66
79
4
2
2
San Antonio.
Louisiana—New, Orlea:
69
68
65
76
84
0.52
_
Arkansas-
-
82
0.24
_
_
Taylor
95
100
Thermometer
Low
Mean
0.36
0.35
dry
-
-
Luling.
,
96
dry
...
-
-
._
.-
1
1
•
2.63
--
3
was
for the last two
Nil-
3,438
17,198
44,437
34,411
80,721
22,595
39.231
64,657
33,753 79,061
67,385 141,468:
83,722 239,811
Nil
Nil
806.649U32 ,295
132,295 bales, stock at interior towns hav¬
seasons
from all
sources
takings
obtainable; also the
sight for the like period:
Cotton Takings,
Week and Season
or
from which statistics
amounts gone out of
1939
Week
Visible supply Aug. 18
Visible supply Aug.
1
American in sight to Aug. 25-
Bombay receipts to Aug. 24—
9.000
Other India ship'ts to Aug. 24
13,000
Alexandria receipts to Aug, 23
Other supply to Aug. 23*6—
1938
Season
Week
6,470,647
-
-
255",876
7,858",941
6.758,723
—
205,474
11,000
4,000
10,000
800,275
38,000
38,000
49,300
32,000
7,591,763
7,841,794
8,621,973
6,490.156
6,490,156
7,577,302
7,577,302
268,567
185,367
83,200
1,101,607
693,307
408,300
264,492
186,092
78,400
1,044,671
200
Total takings to Aug. 25_a_—
Of which AmericanOf which other
Season
7,612,720
6.634",188
-
Total supply-Deduct—
Visible supply Aug. 25
I
611,632
75,000
42,000
2,400
32,000
600
8,000
695,471
349,200
*
a
Telegraph—Telegraphic advices to us this
evening indicate that cotton has made good progress in
north central districts, fair in jnost of the west sections, but
unfavorably wet in the south central, southeast and central
portions. As a whole, Texas conditions continued good in
the extreme south and extreme west and fair locally good
Nil
848,935
828,147
decreased 8,549 bales during the week.
are
consumption of cotton (exclusive of linters in the United States) for the
year ended July 31, 1938, was 26,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 147,000,000.
Returns by
Ni
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
against the individual returns of the ginners being transmitted by mail.
IMPORTS,
Nil
3,282
(1) That the total receipts
from the plantations since Aug. 1, 1939, are 229,234 bales;
in 1938 they were 198,661 bales and in 1937 were 492,931
bales.
(2) That although the receipts at the outports the
past week were 140,844 bales, the actual movement from
include 2,727 round bales for 1939:1,000 for
STOCKS,
Nil
Nil
above statement shows:
The
1938 and 5,064 for 1937.
The statistics for 1939 in this report are subject to revision when checked
CONSUMPTION,
Nil
5,532
930.969
51,885
18. 101,982
no
4,343
Nil
7,966
8,083
Aug.
plantations
1937
1938
330
—■
Nil
Nil
964,392
49,379
11.
28.
ing
Arizona—
15,944
July
GINNING
1937.
1937
17,870
16.177
2.
25. 140,844
ON COTTON
REPORT
1938
16,953
26.
individual returns of the ginners,
Number of bales of cotton ginned from the growth of 1939 prior to
1939
June
*3.
shows 309,677 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1939 prior to Aug. 16, com¬
pared with 314,616 bales from the crop of 1938 and 514,524
bales from the crop of 1937.
BeloW is the report in full:
Receipts from Plantations-
1937
1938
1939
1937
May
previous complaints made by this organization in regard to the supply of
American cotton and urges strenuously the U. S. .Government to take
immediate and effective action in response to this communication.
Cotton Ginned from Crop of 1939 Prior to Aug. 16—
The census report issued on Aug. 23, compiled from the
Slocks at Interior Towns
Receipts at Ports
End.
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c,
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 440,000 bales in 1939 and 370,000 bales in 1938-—takings
not being* available—and the aggregate amount taken by Northern and
foreign spinners, 661,607 bales in 1939 and 674,671 bales in 1938, of which
253,307 bales and 325.471 bales American,
b Estimated.
India Cotton Movement from All Ports—-The receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1, as cabled,
for three years, have
been
as
follows:
1939
1937
1938
Aug. 24
Bombay.
Since
Since
Receipts-—
Week
9,000
-
Aug. 1
38.00C
Week
11,000
Aug. 1
75,000
Since
Week
10,000
Aug. 1
42,000
Since Aug. 1
For the Week
Exports
from,—
Great
Conti¬
Britain
nent
China
Great
Jap'nd
Total
Conti¬
Japan &
Britain
nent
China
115,000
49,000
68,000
Total
Bombay—
1939
1,000
1938
4,000
25,000
26,000
6,000
2,000
6,000
6,000
10,000
7:666
13,000
2,000
19,000
22,000
38,000
27,000
24,000
42,000
2~66o
6,000
123,000
65,000
89,000
Other India-
7,000
1,000
6,000
3,000
13,000
1938
4,000
16,000
15,000
1937
4,000
3,000
7,000
7,000
1939-,._
8,000
5,000
6,000
5,000
25.000
1938
39,000
10,000
1937
4.00?
9,000
7",666
20,000
18,000
21,000
9,000
31,000
Total all—
28,000
115,000
37,000
43,000
49,000
68.000
161,000
107,000
120,000
Commercial & Financial Chronicle
The
Volume 149
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
2,000 bales.
Exports from all India ports record an increase
of 29,000 bales during the week,
increase of 54,000 bales.
and since Aug, 1 show an
Cotton
York,
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
as
follows, quotations being in cents per pound:
High
Stand¬
Density
Liverpool
Trieste
Flume
Manchester
.450
60c
Antwerp
,46c
.610
Havre
.450
60c
Egypt.
The following are the receipts and shipments^ for
the past week and for the corresponding week of the previous
Rotterdam
.460
.01c
d.55o
60c
Oslo
two years:
.56o
.71c
Stockholm
•61o
.760
No quotation
1937
1938
1939
1.000
247,800
—
Since Aug. 1
——
This
Week
45,000
55,000
3,000
11,800
This
Since
Aug. 1
Week
Aug. 1
Week
Aug. 1
500
Total exports
18,000
43,900 16,000
2,900
3,300
13,950
2,000
44,700
7,200 3"O6O
33,700 13,000
.—
-
3,600
6,500
33,600
1,000
2,500
9,000
2,000
5,000
'
Twist
8 k
Cotton
Lbs. Shirt-
ings, Common
Middl'g
32s Cop
ings, Common
to Finest
32s Cop
Upl'ds
Twist
to Finest
d.
d.
-
d.
s.
d.
8.
d.
s.
<dio
8X® 9X
9
@ 9
3
6.48
9
9
3
5.48
8 k®
9
@9
@ 9
3
5.77
d.
9
@
9
3
5.76
MidcU'o
Upl'ds
23..
9
@10
9
@ 9
3
5.66
9
30..
9
@10
9
@ 9
3
5.62
9X@10X
9
9
9
6
each
3
3
IX® 9
XX® 9
4X
@10
3
5.61
3
@10
9
@ 9
3
5.52.
9H@10H
9X@l0k
9
9
9
8
X0X® 9
3
5.23
9I4@10H
9
28..
8X® 9H
8 10X®
9
xx
5.40
9^@10^
9
X@ 9
1H@ 9
XX®9
8H@ 9H
8 X0X®
9
XX
5.28
9X®10X
9
IX® 9
ix
8H® 9H
8 10
xx
5.22
9
9
8
1QX® 9
9
8H® 9*A
9
@10
@ 9
d Direct steamer.
Aug. 18
Aug. 11
Aug, 25
37,000
42,000
43,000
615,000
597,000
575,000
599,000
160,000
147,000
139,000
131,000
23,000
26,000
24,000
65,000
4,000
1,000
6,000
3,000
99,000
122,000
128,000
106,000
31,000
22,000
31,000
43,000
-
.
-
Liverpool market for spots and futures
follows:
as
Quiet.
.
Thursday
Friday
Quiet.
Tuesday
.
Wednesday
Moderate
business
demand
Quiet.
doing
A fair
5.10(1.
Futures.
Market
advance.
j
P.M.
i
Very
to 3
6.42d.
5.25d.
5.27d.
Quiet;
deo. to 1 pt 1
-
opened
Quiet.
5.25d.
Quiet; 1 pt.
Steady;
Firm
14
pts. 2 to 3 pts. 1 to 3 pts
advance.
advance.
deoline,
stdy; 3tdy.; 1 pt
5.52d.
at
20
Quiet;
to
Quiet, st'y,
1
point
decline
pts. adv.
Firm
Irregular,
4 to
17
22
pts. adv.
3teady; un¬ Steady; un¬
3 to 5 pts. adv.tolpt changed to changed to
advance.
3 nts. *Hv. •1 nta. adv
decline.
Pricei of futures at
Sat.
Aug. 19
pts. adv.
at
to 25
Liverpool for each day
Moo.
are
Wed.
Tues,
given below
Thurs.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
4.88
4.99
4.89
4.3P
5.14
9
@ 10
9
@93
4.78
5.52
9
@10
9
@93
4.74
d.
d.
4.4 r
4.47
4.3P
4.04
4.40
d.
d.
4.62
d.
4.74
4.55
4.84
4.80
"4.40
4.36
4.4?
4.3?
4.41
4.40
"4.5?
4.53
4.65
4.77
4.40
4.37
4.4?
4.40
4.4?
4.41
4.54
4.52
4.64
4.77
4.37
4.40
4.37
4.4?
4.40
4.4?
4.41
4.5?
4.51
4.63
4.77
j.-
4.3P
4.39
4.36
4.40
4.38
4.40
4.3C
4.4P
4.49
4.61
4.78
October
—
4.36
4.36
4.36
4.38
4.3P
4.3P
4.3°
4.41
March.........
May...
4.40
4.40
4.40
...
4.41
4.41
Julv.—.
4.47
4.42
.....
December
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 54,245 bales.
The shipments in detail, as made
d.
d.
4.45
4.49
4.36
4.37
July
xx
d.
4.49
4.37
—......
March.
May...
3
_
d.
4.47
4.41
——
4,78
@93
d.
d.
October (1939)December.
January (1940)
5.06
4.48
4.73
4.48
4.73
4-49
4.48
4.73
4.41
4.43
4.48
4.73
4 4.9
4 44
4.48
4.73
4.73
-
January (1941)
up
Only small lots,
5.16
@96
Aug.
ls..
Gothenburg
61c
—
_
Aug. 25
4X
4X
4X
25-
.710
file
.460
Monday
I
\
12:15
4.96
9
@10
.560
.460
Hamburg
Saturday
P.M.
4.83
4X
8X® 9H
H@ 9
.600
Leghorn
4 69
14..
il¬
.600
d.55o
90o
4.54
3
21..
4..
d.55c
Market,
July
@v9
71o
Naples
day of the past week and the daily closing prices of
Spot
4.43
@
@10
,
,750
spot cotton have been
4.46
9
3
9k
*
.56C
Bremen
The tone of the
Market,
d.
@ 9
@ 9
9k
8H® 9h
7—
*
American—
Of which
Cotton
d.
s,
8 k@
16-
8X® 9%
9H@10H
9H@10
9—
Copenhagen
Shanghai
Bombay x
Of which American..
June
2—
»
ard
57,000
Total imports
May
20—
*
—
Mid .Upl'ds
1938
Lbs. Shirt¬
Venice
Amount afloat..—-—--------
20,250
received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
We give prices today below and leave
those for previous weeks of this and last year for comparison:
8k
*
Japan
Total stocks
Manchester Market—Our report
'
*
Forwarded.
100
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs,
This statement shows that the receipts for the week ending Aug. 24 were
1,000 cantars and the foreign shipments 18,000 bales.
1939
1 00O
Salonica
Barcelona
Of which American.
Export (bales)—
To Liverpool2,000
—
To Manchester, &c.
4,000
To Continent & India.-. 12,000
To America--.—
1 00c
Piraeus
.60c
1.000
.850
d 85o
.60c
Aug, 4
Since
This
Since
x
.
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &c.f at that port:
Receipts (cantars)—
This week
Genoa
-
d 45c
d.45c
-
Stand¬
85o
ard
Density
60c
High
Density
Stand¬
High
ard
45c
Alexandria Receipts and Shipments—-We now receive
weekly a cable of the movenents of cotton at Alexandria,
Alexandria, Egypt,
Aug. 24
1351
..
—
j.
from mail and telegraphic reports, are as follows:
Hales
HOUSTON—To Liverpool, Aug. 21, Welheim, 788—
To Genoa, Aug. 21, Ida Zo, 356
To Barcelona, Aug. 21, IdaZo, 1,319-,*——i-v—To Susak, Aug.21, IdaZo, 50-.—
—
To Havana, Aug. 10, Margaret Lykes, 314..—;
To Buena Ventura, Aug. 10, Margaret Lykes, 112
To Antwerp, Aug. 19, City of Joliet, 128-*-.
To Ghent,'Aug. 19,Cityof Joliet, 34; Aug. 23, Belgique, 232—To Havre. Aug. 19, City of Joliet, 1,893; Aug. 23, Belgiqpe, 150
To Dunkirk, Aug. 23, Belgique, 177
—
To Oporto, Aug. 19, City of Joliet, 145---...—.—.
To Copenhagen, Aug. 23, Bakeholm, 401; Aug. 24, Delaware,
788
—
...
—
356
50
314
112
128
266
2,043
177
145
651
To Gdynia, Aug. 23, Bakeholm, 718—
———-—718
To Japan, Aug. 24, Funbrook, 868-_—
—
868
To Gothenburg, Aug. 23, Bakeholm, 234———
234
GALVESTON—To Genoa, Aug. 23, Ida Zo, 115.
115
To Barcelona, Aug. 23, Ida Zo, 531-.-;
531
To Susak, Aug. 23, Ida Zo, 150—
—150
NEW ORLEANS—To Japan, Aug. 18, Rhein, 880; Aug. 15, Kunikawa Maru, 19
—— ————————899
To Liverpool, Aug. 17, Welheim. 807
807
To Manchester, Aug. 17, Welheim, 2,216.—
——— "
2,216
To Rotterdam, Aug. 22, Syros, 100——
100
To Venice, Aug. 22, Laura C, 240—
240
To Genoa, Aug. 22, Oakwood, 1,202 —.—
1,202
To Venice, Aug. 22, Oakwood, 28
—......—,
28
To Buena Ventura, Aug. 22, Cadmus, 167
—;—
167
CORPUS CHRISTI—To Ghent, Aug. 21, Belgique, 1,604; Aug. 23,
City of Joliet, 12
—-—...———
1,616
To Antwerp, Aug. 21, Belaique, 50; Aug. 22, Dugerdijk, 50.—
100
To Havre, Aug. 21, Belgique, 3,407; Aug. 23, City of Joliet.
■
250-
BREADSTUFFS
1,319
—
—.
•
Friday Night, Aug. 25, 1939
;
Flour—The flour business showed
no
spectacular changes
the
past week, notwithstanding the violent fluctuations in
the
grain
the mill
market influenced by the
agents
reported
Light
consuming lines.
small
a
war
exports of
ported from New York.
scare.
demand
;
flour
for
were
Most of
the
usual
again
re¬
,
.—_—-„
Wheat—On the 19th inst.
—
...
———.
—
To
To
To
1,235--*
—
—
4,642
Dunkirk, Aug. 21, Belgique, 1,282--.*-..—
1,282
Japan, Aug. 1, Goyo Maru, 2,909
—...
2,909
China, Aug. 1, Goyo Maru, 677—
677
Rotterdam, Aug. 22, Dugerdijk, 550; Aug. 23, City of
Joliet, 110
—
660
Amsterdam, Aug. 22, City of Joliet
—
50
Oporto, Aug. 22,Dugerdijk, 100-—.——....
—i. '
100
Reval, Aug. 22, Dugerdijk, 125
——;
—
125
Liverpool, Aug. 18, Aquarius, 5,044; Aug. 24,Welheim, 1,337
6,381
Manchester, Aug. 18, Aquarius, 1,050; Aug. 24, Welheim,
850
1,900
Genoa, Aug. 19, Ida Zo, 4,605.-——
4,605
Naples, Aug. 19, Ida Zo
r——.......
586
Barcelona, Aug. 19, Ida Zo, 1,750————————
1,750
Susak, Aug. 19, Ida Zo* 800—a —800
—
—
To
To
To
To
To
prices closed %c. to lc. net
European political tension helped to give domestic
wheat prices a
lift today, gains of about
ing quotations to the best level in
a
"shorts" to
case
...
cover
previous sales in
ments accounted for much of
some
a
lifting of hedges.
maximum of
a
cent a bushel
pusE?
Purchasing by
of week-end develop¬
month.
........
...
To
higher.
the trade, although there
was
After the early upturn that reached
cents when
September wheat touched
67K cents, the market baeame dull.
This was the first day
in which business could be done under the 1939-40 wheat
export subsidy program, but no
ever,
sales were authorized. How¬
reported 40,000 to 50,000
export circles in the East
sold to the Continent.
bushels of old winter wheat had been
Canadian exporters
sold 150,000 bushels.
Prices at other
world futures markets also were higher, Winnipeg closing
-
To
To
To
To
BROWNSVILLE—To Japan, Aug. 22, Kimikawa MarU, 4,309—.
BEAUMONT—^To Ghent, Aug. 22, Ethan Allen, 85.
To Rotterdam, Aug. 22. Ethan Allen, 100
MOBILE—To Liverpool, Aug. 16. Jean Lafitte, 88
To Manchester, Aug. 16 Jean Lafitte, 149—
To Antwerp. Aug. 17, Yaka, 108———
To Rotterdam, Aug. 17, Yaka, 50
—
NORFOLK—To Antwerp, Aug. 23, Gorm, 195--To Copenhagen, Aug. 23. Gorm, 244—————.—
To Rotterdam Aug. 23, Gorm, 135
To Hamburg, Aug. 15, Collingworth, 94
——
CHARLESTON—To Manchester. Aug. 19, Saccarappa, 12
SAVANNAH—To Manchester, Aug. 17, Saccarappa, 310
To Hamburg, Aug. 17, Saccarappa, 70
—
SAN FRANCISCO-—To Japan, <?), 3,250
WILMINGTON—To Manchester, Aug. 19, Saccarappa, 2,239---
Total----———-——-—
————----—...
4,309
85
100
88
.
149
108
50
195
244
135
94
12
310
70
3,250
2,239
54,245
3^ to 1 cent, up, Liverpool M to % cent higher and Rotter¬
higher. * On the 21st inst. prices
dam unchanged to % cent
closed 11/% to 2M cents net
was
many
quarters over the
a
higher.
The market's strength
due largely to the extreme apprehension felt in
today
latest European developments.
As
wheat prices bounded up¬
bushel, the sharpest advance in months.
result of the extreme uneasiness,
ward 1 to 3 cents a
occurred in North American markets, par¬
Chicago quotations
closed at the session's be^t level, lp£ to 2J^c. higher than
Heavy buying
ticularly at
Saturday.
Chicago and Winnipeg.
Gains at Winnipeg amounted to 2 l/s to 3 % cents.
Liverpool closed % to 1 cent higher and Rotterdam 1 to
1 y cents higher.
Some of the strength in North American
The Commercial & Financial
1352
markets
was
has not affected the
holding attitude of growers with corn not under loans.
On the 22d inst. prices closed H to 1 cent net lower.
Corn prices slumped with wheat, closing at the day's lows.
However, despite the lower prices handlers booked 55,000
bushels to arrive.
While this represented a sharp decrease
in forward purchasing in the country, today's large buying
was interpreted by most dealers as indicating that a price
advance would attract corn to this market.
Export business
remained dull.
On the 23d inst. prices closed 2Hp. to Hp.
net higher.
Com on the Chicago Board followed wheat,
December contracts gaining as much as 3Hi cents, and the
reported sale of 500,000 bushels had been au¬
subsidy around 35 cents
a bushel, but this could not be confirmed.
On the 22nd
inst. prices closed
to llAc. net lower. Prices slumped
a cent a bushel or more under the weight of profit taking,
light hedging sales and liquidation based on some traders'
belief that swift moving events in Europe did not necessarily
indicate large scale war is nearer.
There were expressions
on the floor that signing of a non-aggression pact between
Permany and Russia might postpone a war among big
situation, traders said.
Palling off in Foreign demand for
actual wheat after today's large-scale purchasing also tended
to hold buying in check.
Export circles 'reported approxi¬
prices closed Hi to %c. net lower. Corn
l%c, net higher
The European war crisis completely domi¬
nates the action of the grains, and the violent fluctuations,
especially of wheat and corn, reflects the mixed character
of the news.
Today prices closed 1% to l%c. net lower.
Corn values dropped off in sympathy with wheat declines.
Receipts of corn increased and additional country selling
was reported.
This latter also aided in depressing corn
values.
Open interest in corn was 35,374,000 bushels
On the 24th inst.
fluctuated within a range of 2%c., being
at- one stage.
mately 400,000 bushels were sold from the Gulf overnight
and today under the subsidy, which was estimated at 36
cents a bushel for No. 1 hard and dark hard varieties, but
confirmation of this
was
received.
On the 23d inst.
The grain markets
the current European crisis assumed
prices closed 3He. to 3%c. net higher.
skyrocketed today as
proportions.
threatening
Wheat
futures
on
the
Board of Trade soared nearly 4 cents a bushel.
All wheat
contracts at Winnipeg advanced 5 cents, the prescribed
limit.
The market closed at about the highs of the day.
Confirmation of a report that the Canadian wheat Board
had "withdrawn offerings of wheat, at least temporarily, and
advices that the Canadian Cabinet would meet tomorrow
to discuss emergency measures should tension abroad, in¬
crease, swept aside opposition to price advances.
London
cables reported war risk rates were advanced sharply, being
trebled in some instances.
Export business of North Amer¬
ican wheat was estimated at 300,000 bushels, mostly Manitobas, but some observers believed that the demand was
much greater than indicated by the figures.
Kansas City
wheat closed 2He. to 3%c. up and Minneapolis 3% to 3%c.
higher.
On the .24th inst. prices closed unchanged to %c. lower.
A typical war scare market was in evidence today, with
prices swinging in a wide range. An early advance of 2%c.,
continuing yesterday's upturn and lifting prices to the high¬
months, was followed by a quick tumble
4%c.
Subsequently there were additional
est levels in two
much" as
rapid price changes, but the market quieted down and
steadied, closing unchanged to %c. lower. Liverpool wheat
closed 1% to 214c. higher after being up more than 3c. at
shippers' offers were withdrawn.
occurred after the first half hour
Canada again was offering wheat for
sale in limited quantities.
Today prices closed 1% to l%c. lower.
European hesi¬
tancy On the brink of war upset wheat prices in leading
North American markets today, causing a sharp slump that
Argentine
one
stage.
The
sharp slump that
tonight.
DAILY CLOSING PRICES
eliminated much of the gains registered during this week's
scare.
Chicago wheat tumbled
more
than 2c.
a
of the
Sat.
September
purchases abroad, which traders said was done because
freight and insurance rates would be raised substantially
in the event of war.
Reports of political negotiations to
encouraged selling. Withdrawal of support from
the British pound sterling and a subsequent sharp slump
in the sterling exchange rate resulted in much unsettlement
in various world markets.
Sterling was off around 30
avert war
points at times, and this was reflected in an advance of
to 2Hi pence in the Liverpool market.
Early losses in
Chicago carried September wheat down to 69, but the mar¬
ket
was
was
developed rallying power at this point and at times
up about Voc. from early lows.
Open interest in wheat
96,789,000 bushels.
DAILY CLOSING PRICES OF WHEAT
Sat.
No, 2 red-.
— ...—
CLOSING
DAILY
-
PRICES
OF
845*
December
865*
WHEAT
Sat.
September
Mon.
IN NEW YORK
Tues.
Tues.
68 5*
67 5*
67
665*
685*
675*
70
705*
715*
'
May-
---
——
IN
Wed.
665*
66 5*
-
855*
FUTURES
Mon.
67
-
Wed.
855*
Thurs.
885*
Fri.
87
CHICAGO
Thurs.
Fri.
70
685*
70?*
705*
685*
69
Season% JJigh and When Made
Season's Low and When Made
September
795*
May 31. 1939 September
605*
July 24. 1939
December
80
May 26,1939 December
625*
July 24,1939
May
74
Aug. 24, 1939 May
635*
July 24, 1939
...
....
DAILY CLOSING
PRICES
OF WHEAT
Sat.
October.
November
-—
December
—•
May
—
-
—
Corn—On the
19th inst.
525*
53 5*
535*
575*
FUTURES
Mon.
565*
565*
56
595*
Tues.
555*
565*
565*
595*
IN
Wed.
605*
615*
615*
645*
WINNIPEG
Thurs.
615*
625*
625*
655*
Fri.
575*
585*
5°7A
615*
prices closed y±o to He. net
signs of a materially increased move¬
market despite the fact that the harvest
period is approaching.* The twelve principal interior ter¬
minals, however, received about 7% more corn this week
than the previous week but almost 30% less than was
marketed a year ago.
Export demand remained very slow.
On the 21st inst. prices closed He. to l^c. net
higher.
Corn
advanced as much as 1 Ho. at times in sympathy with wheat,
but evidence of increased country selling attracted by the
higher.
ment
of
There
corn
were no
to
Wed.
Tues.
595*
605*
May
—
—
Season's
High and When Made
565*
Jan.
4,1939
September
Mon.
Thurs.
615*
605*-
Season's Low and
September.
Fri.
595*
395*
54
June
May
505*
Aug. 24,1939 May
-
— — .—
435*
435*
465*
July 25, 1939
July 26, 1939
July 26,1939
42
——
Fri.
Whbi Made
385*
December-
December—-
8,1939
Wed. Thurs.
435*
455*
455*
43
465*
455*
465*
485*
485*
Tues.
445*
435*
465*
435*
425*
455*
——
December.-—
Oats—On the 19th inst. prices
closed HQ- to He. net
In sympathy with the firmness of wheat ana com,
advanced slightly, though trading was very light.
On the 21st inst. prices closed H,e. to Ye. net higher. While
traders focused their attention largely on the wheat market,
trading in oats was not so active, though the undertone was
higher.
oats values
firm in
sympathy with strength of wheat and
values.
com
On the 22d inst.
prices closed Hp. to He. net lower. There
was nothing of significance in the trading of oats, the market
dropping lower in sympathy with the other grains. On the
23d inst. prices closed 1 Hp. to Y%e. net higher.
This market
held firm throughout most of the session, the upward trend
influenced largely by the pronounced strength in wheat and
corn
values.
On the 24th inst.
ing
prices closed H2 to %c. net lower.
in oats was light,
largely
the
on
closed Hi
corn
attention
and
of traders
being
Trad¬
focused
wheat
markets.
Today prices
Some selling developed in oat
to %e. net lower.
futures market, influenced largely by the rather substantial
declines in wheat and com values.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Some
selling was credited to foreign interests, offsetting
Mon.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
bushel,
While losses at Winnipeg amounted to more than 4c.
NEW YORK
OF CORN IN
Sat.
No, 2 yellow————595*
followed reports that
war
the excellent new crop prospect
Strength in securities supported this view of the
powers.
as
purchased.
been
far
thorized by the subsidy agency at a
of
Handlers booked
believed to have
Reports from Illinois indicated that so
200,000 bushels to arrive and more was
in the East
more
Aug. 26, 1939
price bulge held the upturn in check.
associated with evidence of greatly expanded
foreign demand for wheat, coupled with reports of the first
sales under the new United States subsidy program.
Sales
of Canadian wheat to the United Kingdom were estimated
at 3,000,000 bushels, largest in some time.
Export circles
no
Chronicle
Sat.
September
May
—
—
-—
—
—
Season's High and When Made
September
—
December
May
Mon.
.295*
December
335*
345*
Tues.
Thurs.
Fri.
295*
305*
30
1:95*
285*
285*
295*
295*
285*
285*
295*
29
305*
305*
295*
i
Season's Low and When Made
May 25, 1939] September
May 25, 1939 f December-Aug. 24,19391 May
__—315*
Wed.
305*
285*
245*
July 25,1939
26
July 25, 1939
July 24,1939
275*
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
October
December-
May
—
-
-
—-
■
-
-i-—.
.———
Mon.
28
275*
285*
Tues.
285*
275*
Wed.
285*
275*
285*
295*
Thurs.
295*
285*
295*
295*
285*
295*
Fri.
285*
275*
29
Rye—On the 19th inst. prices closed He. to He. net higher.
was considerable short
covering in rye futures, influ¬
enced by acute political crisis abroad and the firmness of wheat
and com.
On the 21st inst. prices closed Ho. to %o. net
higher. Trading was fairly active and largely favored the
upside of the market.
Shorts did not like the foreign news
and their covering added strength to rye values.
On the
22d inst. prices closed Ho. to l^§c. net lower.
Influenced
by the downward trend of wheat and corn values, pressure
developed in the rye market, especially in the distant de¬
liveries.
Shorts were quite active as prices eased.
On
the 23d inst. prices closed 3^c. to l%c. net higher.
The
vigorous upward swing of wheat and corn values naturally
affected rye and the latter grain was not far behind, showing
at one time a maximum gain of 21^c.
There
On the 24th inst. prices closed %c. up to V2C. lower.
Rye
violently today in sympathy with wheat
corn, prices moving" over a range of 2c.
Today prices
closed 1% to 1*4 c. net lower.
There was quite a volume
of liquidation from sources that took on substantial com¬
values fluctuated
and
mitments during the acute stage of the war crisis, and this,
with some short selling, depressed
prices substantially below
the
previous closing finals.
DAILY
CLOSING PRICES
OF
RYE
Sat.
.
September
December
MaV
—
Season's High and When Made
September
—
565*
December
58
May
485*
FUTURES
Mon.
405*
-
415*
435*
455*
Tues.
43 5*
46
405*
425*
445*
-
Thurs.
415*
445*
.465*
Season's Low and
May 31, 1939 September
May 31,1939 December
Aug. 24, 1939 May
CHICAGO
IN
Wed.
395*
415*
435*
415*
445*
465*
Fri.
405*
5*
455*
4
When Made
July 24, 1939
July 24, 1939
Aug. 12, 1939
Volume
The Commercial & Financial Chronicle
149
DAILY CLOSING PRICES OF RYE
Sat.
October.
FUTURES
December
41^
DAILY CLOSING
42
43
45%
The
visible
Fri.
Thurs.
Wed.
38%
39
41%
39%
40
42%
37%
38%
May
WINNIPEG
IN
Tues.
Mon.
38%
39 %
41%
41%
42%
44%
at
granary
1353
supply
of grain,
seaboard ports
Saturday, Aug. 19,
GRAIN
PRICES OF BARLEY FUTURES
Tues.
Mon.
Sat.
October.
December
34^
33^
35
34^
Z5%
IN WINNIPEG
Fri.
Thurs.
Wed.
36 %
35%
35%
35%
35%
35^
33%
36
comprising
the stocks
principal points of accumulation
were as
in
lake and
at
follows:
STOCKS
Wheat
34K
Corn
Oats
Rye
Barley
Bushels
United States—
New York
Bushels
Bushels
Bushels
Bushels
Closing quotations
34%
follows:
were as
,
1.55
4.95@5.15 Cornflour.
5.10@5.30 Barley goods—
_
_
45,000
71,000
6,000
6,000
1,000
879,000
9,000
17,000
29,000
1,000
971,000
100,000
afloat
Galveston
_
m.
M
5.000
„
U*
M,*
Wichita
.
~
52,000
25,000
6,000
18,000
2,000
-
22,000
8,755,000
.
162,000
12,000
1,000
38,847,000
601,000
167,000
347,000
44,000
9,814,000
3,372,000
523,000
87,000
138,000
1,031,000
503,000
548,000
38,000
84,000
8,867,000
23,000
90,000
17,000
159,000
184,000
5,903,000
.
Kansas City
*,
391,000
3,000
47,000
4,765,000
.
St. Joseph
Fancy pearl (new) Nos.
1.2-0.3-0.2.
_4.50@5.00
4,208,000
12,573,000
.
Fort Worth
Hutchinson
3.25
Coarse
Nom.
_
31,000
44,000
"
New Orleans
FLOUR
Spring pat. high protein__5-25@5.40 Rye flour patents
3.95@4.25
Spring patents
•_
4.95(a 5.25 Seminola, bbl., Nos. 1.3--6.00@6.30
Clears, first spring
4.50@4.75 Oats good.,
2.35
Hard winter straights
Hard winter patents
Hard winter clears
10,000
546,000
Baltimore
33%
33,000
Philadelphia.
May_^_
258,000
„
.
—
GRAIN
Wheat, New York—
59%
.
43%
59%
Rye, United States c.i.f
Barley, New York—
40 lbs. feeding
Chicago, cash
68
Corn, New York—
No. 2 yellow, all rail
.
St. Louis
No. 2 white
87
.
Sioux City
Oats, New York—
No. 2 red, c.i.f., domestic
Manitoba No. 1. f.o.b. N. Y.
Omaha..
Indianapolis
47-56
554,000
2,076,000
_
334,000
30,000
71,000
Chicago.,
.
3,529,000
•*
1,692,000
-
«.
*
-
171,000
12,492,000
Peoria
55
"
f59,000
afloat..,
264,000
326,000
504,000
«
'
All the statements below
regarding the movement of grain
—-receipts, exports, visible supply, &c.—are prepared by us
from
figures collected by the New York Produce Exchange.
First
give the receipts at Western lake and river ports
we
485,000
178.000
2,542,000
482,000
108,000
46,000
904,000
12,365,000
749,000
2,312,000
3,346,000
5,254,000
15,166,000
811,000
2,161,000
2,292,000
1,648,000
160,000
2,000
6,000
3,000
250,000
3,083,000
1,084,000
1,147,000
680,000
On Lakes
Milwaukee
.
Minneapolis
.
Duluth.
.
Detroit
1
for the week ended last
Saturday and since Aug. 1 for each
Flour
Wheat
Corn
Oats
bbls 196 lbs
"
bush 60 lbs
bush 56 lbs
bush 32 lbs
Barley
Rye
afloat...
186,000
117,000
Total Aug.
Total Aug.
bush 56 lbs bush 48 lbs
191,000
w
■■■•
■
•»
P.
«.
58,000
*
93,000
14,892,000 10,197,000
8.162,000
9,606,000
8,376,000
7,893,000
6,951,000
10,482,000 15,346,000
.107,400,000
4,344,000
7,067,000
222,000
18,000
864,000
561,000
8,000
1,768,000
480,000
2,491,000
14,000
112,000
1,070,000
272,000
746,000
Oats—New Yokr, 13,000
Buffalo, 35,000; total, 48,000 bushels, against 151,000 bushels in 1938.
i5~666
3,626,000
2,286,000
188,000
5,000
3,000
672,000
Buffalo,
371,000
Duluth
16,000
;
Milwaukee.
Indianapolis
109",000
Louis,.
27,000
230,000
161,000
281,000
152,000
9,000
12,000
382,000
Toledo
221,000
72,000
2,000
606
11,000
35,000
34,000
504,000
64,000
Kansas City
20,000
543,000
473,000
65,000
71,000
50,000
60,000
Omaha
•„
43,000
Joseph.
18,000
Same wk '37
'22,000
11,000
24",000
423,000
285*000
2,651,000
3,890,000
1,341,000
5,951,000
3^,323,000
8.145,000
12,901,000
44,797,000
19,749,000
5,994,000
19,753,000
4,203,000 11,539,000
4,105,000 7,572,000
MOO
2,000
236,000
4,324,000
815,000
4,486,000
6,619,000
1,680,000
1,772,000
4,038,000
3,181,000
1,249,000
1,214,000
1.173,000
....
1937
Total receipts of flour
and grain at the seaboard ports for
Saturday, Aug. 19, 1939, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Barley
Bushels
2,550,000
1,050,000
708,000
3,138,000
608,000
19, 1939..
140,000
85,297,000
6,738,000
1,456,000
1,491,000
5,860,000
6,627,000
20,591,000
2,342,000
992,000
3,875,000
146,520,000 14,892,000 10,197,000
85,297,000
6,738,000
8,162,000
9,606,000
1,456,000
5,860,000
Rye
2,000
49,000
73,000
Barley
York.
149,000
256,000
Philadelphia
30,000
12.000
27,000
55,000
3,000
Total Aug.
.....
14,892,000 16,935,000
226,996,000 16,852,000 15,003,000
1938....127,991,000 10,482,000 17,688,000
19, 1939.-231,817,000
46,000
16,000
The world's
shipment of wheat and
125,000
170,000
2,000
1,135,000
163,000
furnished by
July 1, 1939 and July 1, 1938,
are
following:
shown in the
25,000
21,000
'27,000
ended Aug. 18 and since
corn, as
Exchange, for the week
1.000
24,000
9,618,000 15,466,000
9,384,000 12,059,000
5,336,000 10,942,000
Total Aug. 12. 1939
1,000
28,000
5,108,000
Summary-
Broomhall to the New York Produce
bush 56 lbs bush 48 lbs
1,544,000
1,230,000
3,086,000
12, 1939.... 81,053,000
Total Aug.
Total Aug. 20,1938....
Total Aug. 20,
the week ended
Rye
Bushels
12,209,000
29,678,000
Canadian—
1939
1938
Oats
Bushels
43,410,000
Total Aug.
,
.
Corn
Other Can. & other elev.
American....—.
Since Aug. 1
bushels!
Barley—
Bushels
Wheal
Bushels
2,372,000 13,429,000
13,566,000
54,380.000
378.000
against 2,741,000 bushels in 1938.
Ft. William & Pt. Arthur
10,798,000
14,302,000
13,859,000
407.000
401,000
above:
72,000 bushels; total, 72,000 bushels, against 663,000 bushels in 1938.
Wheat—New York, 529,000 busehsi; New York afloat, 89,000; Buffalo, 1,209,000;
Erie, 1,029,000; Albany, 3,667,000; on Canal, 59,000; total, 6,582,000 bushels,
"
20,000
Same wk '38
included
not
Lake, bay, river & seab'd
15,000
1,844,000
City.
Buffalo.
Tot. wk. '39
grain
Canadian—
196,000
Wichita
Note—Bonded
74,000
Peoria.
Sioux
«
16,852,000
19, 1939. .146,520,000
—
n
229,000
12. 1939... .145,943,000
Total Aug. 20, 1938
*
631,000
Minneapolis
St.
..
228,000
Chicago
St.
3,540,000
.
On Canal......
of the last three years:
Receipts at—
Buffalo.,...
New
Baltimore.
.
NewOrl'ns*
Galveston..
Montreal
207,006
1557)00
805"666
Sorel
Churchill
28", 660
185.000
•.
50,000
282,000
3,223,000
509,000
326,000
33,000
230,000
9,492,000
64,872,000
13,497.000
3,250.000
506,000
4,020,000
253,000
3,275,000
2,670,000
153,000
10,000
321.000
8.834,000
69,799,000
72.008.000
3.959.000
Since Jan, 1
....
Week 1938.
Since Jan. 1
1938
on
July 1,
July 1,
1939
1938
Aug. 18,
1939
Bushels
Bushels
Since
Bushels
18,
July
1,
Since
July 1,
1939
1938
Bushels
Bushels
....
through bills of lading.
The exports
32,099,000
15,384,000
186,000
17,000
509,000
0.656,000
574,000
779,000
21,785,000
9,329,000
10,946,000
17,885,000
2,022,000
25,634,000
21,242,000
1,064.000
4,816,000
2,520,000
2,554,000
10,276,000
6,421,000
Total... 10,710.000
72,127,000
85,122,000
4,779,000
36,993,000
59,762,000
Argentina.
Australia
.
31,320,000
0,288,000
India.
Other
countries
Weather
Report for the Week Ended Aug.
23—The
general summary of the weather bulletin
from the several seaboard ports for the week
Saturday, Aug. 19, 1939, are shown in the annexed
ended
29,541,000
2,670,000
1,150,000
Black Sea.
2,447,000 11,405,000
passing through New Orleans for foreign ports
Receipts do not include grain
5,658,000
108,000
No. Amer.
589,000
..
Riv's
Tot. wk. '39
*
Week
1939
Aug.
"2,000
20,000
1939
Since
46,000
Victoria
Boston
Three
Since
Bushels
27", 000
"2",000
47*.000
..
Exports
Corn
Wheat
,
Week
statement:
Department
issued by the
of Agriculture, indicating the influence of the
weather for the week
ended Aug. 23, follows:
and mostly substantial precipitation again occurred over
half ot the country.
From the Rocky Mountains westward,
however, there was still very little rainfall, most sections reporting an en¬
tirely rainless week.
Temperatures ranged above normal, except in com¬
paratively limited areas. tThe outstanding weather feature of the week
was the heavy rainfall over a considerable area from the east
Gulf coast
northeastward to the coast of New England, attending the movement of
a
tropical disturbance northeastward over the area.
Heavy rains were
general, amounting to more than 10 inches in some sections.
In New
Jersey some new 24-hour rainfall records were set up; Tuckerton, N. J.,
reported 14.81 inches.
..
..
,
The weekly mean temperatures were decidedly above normal in the
Atlantic area, especially from Virginia northward where the means were
4 degrees to 8 degrees above normal.
They were high also in the far
Northwest and in the Great Basin with averages from 4 to 9 degrees in
excess of normal.
In fact, above normal warmth prevailed everywhere,
except in the central trans-Mississippi area and locally in east Gulf States.
Maximum temperatures were not unusually high, although afternoon
readings of 90 degrees or above persisted in the Middle Atlantic States.
Maxima of 100 degrees or over occurred in northwestern Louisiana, parts
of eastern Texas, the far Southwest, and the great valley of California.
The highest reported from a first-order station was 110 degrees at Phoenix,
Ariz
on
Aug. 21.
From the upper Lake region eastward, the maxima
for the week were below 90 degrees.
Heavy rains occurred from Alabama and Georgia northeastward over the
Atlantic States to southern New England.
In most of this area the weekly
totals were more than 2 inches.
From the Appalachian Mountains west¬
ward to the central Great Plains most sections had considerable rainfall
during the week, with some heavy amounts in the Ohio, middle Mississiopi
and lower Missouri Valleys, and in the Lake region.
More than 4 inches
of rain occurred in parts of Lower Michigan and some localities of the upper
Mississippi Valley.
The chart shows that the western half of the United
States had very little precipitation.
For the first three weeks of August, rainfall has been generally above
normal in the Ohio, lower Missouri, and the centra! and uoper Mississippi
Valleys, and the northern Great Plains.
The totals have been above
normal in Missouri, Iowa, Minnesota, North Dakota, eastern Montana,
central and eastern Kansas, much of Texas, and eastern New Mexico.
In other sections between the Mississippi River and Rocky Mountains the
three weeks were only slightly drier than normal, as a general rule.
Widespread
the eastern
Wheat
New York
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from-—
Bushels
Barrels
Bushels
Bushels
Bushels
37,785
6.000
104.000
....
90,000
"1*660
Baltimore
387,000
Houston.
......
......
"4",000
4
Montreal.,
k 000
^
163,000
47",066
207,900
169.000
89,785
3.195.000 3.359.000
..—
73,878
1,135,000
27,000
155",000
235.000
27.000
205,000
69,000
24.000
348.000
589,000
Churchill
'
805,000
Total week
Same week
28",000
185,000
Three Rivers
1939..
1938.—.
3,341,000
The destination of these exports
56.060
for the week and since
July 1, 1939, is as below:
Wheat
Hour
Corn
Exports for Week
Week
and Since
Week
Since
July 1 to—
4 ug. 19
Jul/ 1,
1939
1939
1939
Barrels
Bushels
Barrels
Aug.
19,
Since
Week
Since
July 1,
Aug. 19,
1939
July 1,
1939
Bushels
Bushels
Bushels
1- 39
329,4%
2,023,000
10.149,000
146,000
307,000
7.65f
67.52f
1.299,000
6,674.000
17,000
155,000
So. <fc Ce%. Amer.
14.250
114.250
19,000
182,000
6.000
56,000
West Indies
17.250
138,750
United
Kingdom.
Continent
44,000
12,000
1,000
Brit. No. Am. Col.
Other countries
Total 1939
Total 1938
-..
86.666
0.630
50,082
89,785
700,098
3,341,000
73.878
619.407
3,195.000
169,000
519.000
23.540.000 3.359.000 29,446.000
16.103.000
t-lIt
,
^
The Commercial & Financial
1354
Lake region, the Central Valley States, and eastern
Great Plains the moisture situation continues generally favorable, with
In
the
western
the wjek.
The rains were
decidedly helpful In Michigan, southern Wisconsin, and In a number of
In general growing crops in the interior of the
country made satisfactory advance, although development was somewhat
less rapid than recently because of cooler weather.
Heavy rains in the East and Southeast had varying results.
There was
more or less damage to crops from New Jersey and southeastern Pennsyl¬
vania southward and in the east Gulf States, but, in general, the moisture
rather widespread additional showers during
other Interior localities.
was
decidedly beneficial from the Potomac Valley northward, especially
in northern Virginia and Maryland where severe drought had developed.
In New England the heretofore dry southern sections had very beneficial
materially.
heavy on Long Island and in the lower
rains which reliebed the situation
very
In New York rainfall
Chronicle
was
Hudson Valley; elsewhere it
mostly light, averaging less than half an Inch,
New Jersey had heavy
rains everywhere, with considerable crop damage in some areas.
In
southeastern Pennsylvania the drought was effectively broken and con¬
ditions are mostly fair.
Heavy rains relieved the drought in Maryland
and nothern Virginia.
Much of the Great Plains, especially the central portion, has sufficient
THE DRY GOODS TRADE
was
.
moisture for present
_
„
...
.
.
needs, but more rain Is still needed in the north and
northwest, while from the Rocky Mountains westward the drought situarremains unrelieved rather generally.
Rain is especially needed in
the Pacific Northwest, Wyoming, much of Colorado and Utah.
Because
tlon
mountain areas, the forest-fire hazard is
while considerable pasture and range land has been destroyed by
of continued dryness in western
great,
fire in California.
'
Small Grains—The soil-moisture situation In much of the principal
winter wheat belt permitted considerable preparation for seeding, and
plowing is progressing rather generally.
In Kansas seed-bed preparation
good advance but north of Kansas conditions vary from favorable
Some winter-wheat seeding has started in western Montana
and some has been seeded for pasture in Kansas.
Threshing small grains
made good progress in late northwestern districts.
The weather was fav¬
orable for rice in Arkansas and Texas, with the early crop being harvest3d
in the latter State; harvest was somewhat delayed by rain in Louisiana.
made
to too dry.
Corn—In the northwestern belt, because of lower temperatures, the
development of the corn crop was somewhat less rapid than previously.
However, in ail but the more western portions of the principal producing
area progress continued satisfactory.
In the more eastern States consid¬
erable corn was blown down by the heavy storm of the week, while in
the Ohio Valley a few local areas need rain for the late crop.
In Missouri corn is mostly secure, with good to excellent outlook.
In
Kansas progress of the late crop was good, but a considerable acreage is
being cut for silage and fodder.
In Nebraska, also, most late corn ad¬
vanced well, with condition fairly good to good, but much of the early
crop damaged by the previous drought has been cut for silage.
In some more favored sections of Nebraska progress of early corn also
was fair to good and it is denting.
North of Nebraska conditions continue
unfavorably dry.
In the principal-producing sections of Minnesota corn
is generally excellent.
In Iowa the bulk or the crop is still in the hard
roasting-ear stage, having slowed up in maturity, and the latest in the
milk stage. Some early corn is now safe from frost.
Cotton—In the cotton belt temperatures averaged near normal
fall
was
Rain¬
heavy In most of the east, moderate to heavy in the central areas
mostly light in the west.
In general, cotton made good
of the belt, and
progress in north-central districts and fair in most of the west, but in the
south-central, southeast, and eastern portions the week was unfavorably wet.
In Texas progress and condition continue good in the extreme south
and extreme west, and fair to locally good elsewhere.
There was some
further deterioration In north-central and west-central districts, although
additional slight improvement is noted in parts of the latter; picking is
progressing in the southern two-thirds of this State. In Oklahoma progress
was mostly fair to fairly good, though flea hoppers are still. troublesoe
In the southwest; bolls are opening and there is some picking, though
not yet general.
In Tennessee and Arkansas progress was mostly good, but with some
local deterioration un uplands of the latter State. In east Gulf States per¬
sistent rain, frequently heavy, and cloudy weather, were decidedly un¬
favorable, favoring weevil activity and causing more or less damage to
open cotton.
Also in much of the Atlantic area there was too much rain,
resulting in complaint of shedding and favorable condition for weevil,
though in considerable areas progress was good.
,
The Weather Bureau furnished the following resume of
conditions in the different States:
Warm; heavy rains; some crop damage on 18th
Truck mostly good. Fall plowing and plant¬
Tobacco good condition, except some firing
Peanuts and cotton fair to good.
Corn good to excellent;
Peach harvest about over.
Apples plentiful; coloring weU.
Virginia—Richmond;
mostly to corn on lowlands.
ing late potatoes started.
reported.
some
cut.
North Carolina—Raleigh:
Favorable warmth; adequate rain on coastal
plain, except locally too much on 17-18th in central and west.
Condition
of corn very good; progress good, except locally fair, account rain.
Progress
of cotton poor, due to too much rain and insufficient sunshine; condition
fair; normal shedding; favorable for weevil activity.
Most tobacco
harvested.
Favorable for truck, but some local damage by flooding,.
South Carolina—Columbia:
Too much rain most areas first part; some
damage by washing rains in north; abundant sunshine last part helpful.
Favorable warmth.
Progress and condition of cotton generally good;
opening well in north, freely in south;
weevU activity favored.
picking good progress last few days;
Too much rain; flooding some places.
Unfavorable
for all harvesting operations, but beneficial to pastures.
Very favorable
for weevil activity; cotton picking slow progress; heavy shedding in north¬
east, but premature opening ended.
Florida—Jacksonville:
Very warm days; too much rain; soil too wet
to cultivate in northwest.
Progress and condition of cotton poor to very
poor; picking slow progress.
Preparing for fall planting of truck. Citrus
trees good growth; new fruit holding and sizing well.
Alabama—Montgomery:
Flooding rains in middle and south; too much
locally elsewhere.
Serious damage to open cotton, except in north; com¬
plaints of weevil activity in north where condition only fair.
All other
crops much damaged in wet areas.
Haying prevented and cut hay ruined.
Georgia—Atlanta:
Mostly favorable warmth.
Adequate rain in
frequent and too much to locally flooding in east
Mississippi—Vicksburg:
delta
and
counties/but
south.
too
Weevil activity favored; cotton opening rapidly; some local
rotting and sprouting in east; picking begun and some local ginning;
generally a few days later than last year.
Early planted corn mature
enough to feed; progress of late-planted mostly fair, except poor in east
lowlands.
.
Orleans:
Progress of cotton poor to fair In central
and south, with moderate shedding due to frequent showers and locally
heavy rains; elsewhere progress good; opening slowly in wet areas, rapidly
in others; picking begun most areas, locally favorable for weevil activity
in central and south.
Progress of corn good; condition fair to good; some
being gathered.
Harvesting early rice retarded by rains; late varieties
maturing.
Louisiana—New
Texas—Houston:
Generally favorable warmth, but nights too cold in
rain in extreme west, southwest, and Pan¬
handle; more needed most other sections.
Late corn poor progress and
almost generally in poor condition; most eariy corn harvested.
Good
progress preparing land for winter wheat seeding in northwest.
Progress
and condition of cotton good in extreme south and extreme west, and fair
to locally poor elsewhere; further deterioration; some blooming on top and
shedding continued in north-central and west-c intral, but some slight
Improvement in latter area during week; picking good advance in south
two-thirds and nearing end in extreme south.
Ranges fair to good con¬
dition, but need rain in most of east.
Cattle generally good condtiion.
Citrus needs rain.
Rice good progress; early being harvested.
Truck fair
to good condition.
northwest at close; adequate
Oklahoma—Oklahoma
City:
Favorable warmth, except too hot in
southeast and extreme south; too much rain in much of south and ex¬
treme west.
Lake corn mostly matured; condition, fairly good to poor.
Progress of cotton fair to fairly good, except deteriorating in southwest,
due to insect damage; condition rather poor to fairly good; opening rapidly;
picking slow progress and not general. Gardens and truck only fair prog¬
ress.
Livestock fair to good. Stock water low in many south-central areas.
Arkansas—Little Rock:
Progress of cotton fair to good in most areas
due to ample soil moisture; poor in some hill sections and. few other areas
Aug. 26, 1929
soil; weevil activity favored In some counties; still blooming
in most areas; opening in south and central; picking slow advance.
Late
corn deteriorated in some areas In hills; progress fair to good elsewhere.
Rice favored.
Favorable in most portions for pastuies, potatose, sweet
potatoes, and truck.
Tennessee—Nashville:
Progress and condition of cotton good; many
bolis.
Early corn about mature; condition of early rather poor in west,
good to very good in central and east; progress of late generally good;
condition fairly good to very good.
Tobacco improved considerably, but
more rain needed; condition fair in east and fairly good to good in central
and west; cutting in progress.
Harvesting lespedeza, alfalfa, and other
hays. Weather fairly favorable.
due to dry
New York,
Friday Night, Aug. 25,1939
Although weather conditions were somewhat more favor/able during the past week, retail trade in general continued
rather quiet, partly under the influence* of the European
war
While it is doubted that the outbreak of hos¬
scare.
tilities abroad would have the same devastating effect on
business that was witnessed 25 years ago, the far-reaching
of such
particularly as regards mer¬
brackets, is readily admitted.
Department store sales, for the week ended Aug. 12, accord¬
ing to the Federal Reserve Board, were 6% above the
corresponding week of 1938, the best showing with a gain
of 13% being made by the
Minneapolis District, whereas the
Boston District revealed a loss m sales amount to 3%.
In New York and Brooklyn stores a gain of 3.6% was
registered, but Newark establishments showed a loss of 4.3 %.
Trading in the Wholesale dry goods markets was likewise
affected by the growing nervousness over political possi¬
bilities in Europe.
A substantial number of reorderJ for
fall goods came into the market, but it was obvious that
buyers became increasingly cautious in adding to their
forward commitments.
Colored yarn piece goods were in
good demand, and interest was shown in towels and under¬
wear, as well as in sheets and pillowcases.
Business in silk
goods continued to be hampered by the high price of the
raw material.
Trading in rayon yarns remained active, with
the shrinkage in the supply of acetate yarns, due to labor
troubles, visibly helping the demand for the viscose product.
Another stimulating factor was the disquieting news from
abroad, in view of their possible effect on the flow of foreign
staple fiber to this country.
While yarn shipments for the
current month are not expected to reach the July
volumef
a further moderate decrease in
surplus stocks is anticipated. /
influence
an
event,
chandise in the higher-priced
Domestic Cotton Goods—Trading in the
gray cloths
markets, owing to the disturbing developments in Europe,
to a virtual standstill.
Quotations, however, field
nominally steady as mills continued to refrain from pressing
their goods on the market, or conceding lower price bids.
A fair amount of second-hand offerings was
promptly taken
up at slight concessions from list prices.
A major factor
in retarding activities was the further recession in raw
came
cotton
values.4 While it is safe to assume that users' sup¬
plies in many instances are again running low, and must be
replenished before long, no real revival in activities is
anticipated until after the Labor holiday, or unless a
thorough clarification of the foreign situation should take
place in the meantime.
Business in fine goods continued
quiet, with transactions confined to minor quantities for
quick delivery.
Some interest was shown in voiles, and a
fair call existed for faille taffetas as well as for lining twills.
Closing prices in print cloths were as follows: 39-inch 80s,
6^ to 6^c.; 39-inch 72-76s, 6c.; 39-inch 68-72s,
to
5%c.; 3834-inch 64-60s, 4% to 4%e.; 3834-inch 60-48s, 4%c.
Woolen
Goods—Trading in men's wear fabrics turned
intensification of the foreign troubles caused
extreme caution among buyers, and, moreover, th?
inventory
position of some clothing manufacturers was reported to t>e
less encouraging, in view of the slower movement of
goods
in distributive channels!.
Business in fall suitings as well
as in
overcoatings and topcoatings was negligible, but some
additional orders on the newly introduced lightwear lines
dull
came
of
as
the
into the market.
orders
As
a
result of the present scarcity
men's wear materials and the pronounced
shrinkage in the backlog of contracts, mill operations, in a
number of instances,
were
less active than heretofore.
new
on
Reports from retail clothing centers continued their dis¬
appointing showing, with excessive temperatures and seasonal
influences retarding consumer buying.
Business in women's
wear goods also
qtiieted down considerably but mills special¬
izing in these materials were able to maintain operations
because of the previous spurt in sales.
Barring a turn for
the worse in European affairs, a post-holiday
improvement
is anticipated as it is known that garment manufacturers
remain in need oi considerable quantities of goods.
,
Foreign Dry Goods—Trading in linens continued quiet,
and transactions were limited to occasional spot lots.
Re¬
ports from foreign primary centers stressed the receipt of
substantial government orders as well as the fact that, while
new purchases
by United States importers are not large,
shipments
are
maintained as old contracts are readily
taken up.
Business in burlap gave indications of an early
mild improvement as inquiries for goods increased somewhat.
Prices ruled slightly higher, chiefly as a result of the
Bengal
Government's action in fixing jute price levels, and because
of the sharp advance in war risk insurance rates.
Do¬
mestically
at
5.50c.
lightweights
were
quoted
at
4.25c.;
heavies
Volume 149
The Commercial & Financial Chronicle
•
State and
1355
City Department
Reconstruction Finance Corporation—Drainage Loans
Authorized—The following news release (No. P-1511) was
made public by the above named Federal agency on Aug. 23:
Specialists in
Loans for refinancing one drainage district in Mississippi,
association in Montana and one drainage district in
users'
Illinois & Missouri Bonds
Sttfel, Nicotaus & Cojnc.
CHICAGO
Tallahatchie County, Miss,
Billings Bench Water Association, Yellowstone County, Mont*
Lower Badfish Creek Drainage District, Dane County, Wis
314 N. Broadway
DIRECT
WIRE
Wisconsin,
The districts and association are:
Ascalmore Drainage District No. 1,
Founded 1890
105 W. Adams St.
waters-
one
aggregating $155,200, have been authorized by the RFC.
This makes a
total to date of $107,203,157.35 authorizations outstanding under the
provisions of Section 36, Emergency Farm Mortgage Act of 1933, as
amended, of which $2,973,800 has been authorized for mutual non-profit
companies and incorporated water-users' associations and the balance for
drainage, levee, irrigation and similar districts.
$31,000
112,700
11,500
•
LOUIS
ST.
South
Dakota—-Rural
Credit
Refunding
Plan
Awaiting
Court Decision—In connection with the detailed report on
the proposal which appeared in our issue of Aug. 19—V.
149,
News Items
1208—we give herewith
p.
follow-up notice which
a
was
carried in the "Wall Street Journal" of Aug. 22:
Contingent
Arkansas—Petition to Be Filed for Rehearing on Road
Refunding—Before expiration of the statutory period, Sept. 2,
Governor Carl E. Bailey will file petition in Arkansas Su¬
preme
Court for rehearing on litigation which resulted
Aug. 16 in a decision to invalidate the proposed $140,537,000
highway debt refunding. Court will reconvene Sept. 25 and
decision on petition may be returned Oct. 2.
Governor Bailey said court's recent decision removed any
possibility of
immediate refunding, as outstanding bonds are callable Oct. 1 and next
Jan. 1 on 30 days' notice.
With emergency Act invalidated, refunding Act
will be effective Oct. 30 and will be subject to further review
by Arkansas
Supreme Court on question of constitutionality.
Court's decision to hold Paul Gutensohn, appointed by Governor Bailey
upon a
amount of South
favorable ruling by the State Supreme Court, a large
bonds is due to reach the market early
Dakota refunding
next month.
The proposed refunding program already has been tentatively approved
by the Rural Credit Board at Pierre, but final action in the matter now
awaits the ruling of the Court as to the legality of the issue.
The Board
will meet again on Aug. 30 at which time it is expected that the Court will
have passed on the plan. The State's rural credit now totals $36,869,000 and
if the plan is adopted Lehman Bros, will act as refunding agents.
Under the proposed plan new refunding bonds would be issued in exchange
for an equivalent amount of outstanding bonds up to $21,500,000 of the
$36,869,000 now outstanding. The new bonds will mature serially between
1950 and 1959, both inclusive, and each bondholder will have the right to
select any of the 10 maturities in exchange for
present holdings, until
the amount available in each maturity is exhausted.
In connection with the above report, we quote
in part as
of Commerce" of Aug. 22:
legally a member of State Senate has raised question
of validity of all legislation on which he voted.
follows from the Chicago "Journal
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 1), was issued as of Aug. 15 by the
State Bank Commissioner, showing the latest revisions in
the list of investments considered legal for savings banks in
looked forward to possible announcer) ent of further details of the plan this
to filla vacancy, as not
Action
of the
the State:
.•
Additions
i
Bridgeport Hydraulic Co., series I
3%s
Commonwealth Edison Co., first
3
Rochester Gas & Electric Corp., gen. mtge. series J_3 34s
Wheeling & Lake Erie Ry., refunding, series E .«__2^s.
Refunding, series P
3Ks
Kingston, New York
.
the proposed program for refunding of the rural credit debt
South Dakota on which the municipal bond market had
on
State of
week, has been delayed for another week or so, it was learned yesterday.
No change has occurred in the plan as originally announced, it is under¬
stood, the delay being attributed to certain technical considerations that are
expected to be cleared up in the meantime.
.
'
1974
1968
1969
Serially to 1949
1966
Bond
Proposals and Negotiations
ALABAMA
Deductions
Auburn, New York
New York State—Utility Tax Held as Presently Unaffected
by Recent Court Ruling—That the State Utility tax is not
immediately to be affected by the recent decision of the Court
of Appeals invalidating the application of the city utility
tax to
the sale of submetered electricity, steam and the
like, is evident, said the Real Estate Board of New York,
from a ruling by the State Department of Taxation and
Finance in response to an inquiry from Harold J. Treanor,
counsel to the Board.
^
v
With
a
letter to Mr.
Treanor which declared that the commission had
eached the "conclusion that the basic difference
between the utilitv tax
mposed by local law in the city and that imposed by section 186a of the
tax law requires a different result from that reached by the Court of Appeals
in matter of 320 West Thirty-seventh Street, Inc., v. McGoldrick, 281,"
the commission announced the following ruling:
!
"Inquiries have been made as to the effect of the decision by the Court
of Appeals on July 11,' 1939, in matter of 320 West Thirty-seventh Street,
Inc., v. McGoldrick, 281 N. Y. 132, in construing the provision of section
185a of the tax law, which imposes the additional tax on utilities.
"In the above mentioned case, it was held that a real estate corporation
selling electricity to its tenants was not a utility subject to the tax on
utUities imposed by local laws No. 30 of 1936 and No. 23 of 1937 of the
city of New York.
Said local laws, prior to the above decision, had been
construed to impose two taxes where electricity is sold by a utility to a
real estate corporation which resold the same to its tenants, the first on
receipts from sales of the electricity to the real estate corporation and the
second on receipts from sales by the real estate corporation.
It is important
to note that section 186a of the tax law avoids pyramiding the State tax.
It imposes the tax only on receipts from sales made or services rendered for
ultimate consumption or use by the purchaser.
Hence, receipts from sales
by a utility to such real estate corporation are not taxable, but receipts
from sales by such a real estate corporation to its tenants are taxable
(official interpretation of the additional tax on utilities, questions and
answers, 37-39).
"In view of this basic difference between the local laws considered by
the Court of Appeals in the above mentioned case and section 186a of
the tax law, the provisions of said section will not be construed to prevent
the imposition of the tax on receipts from sales of gas, electricity, steam,
water, refrigeration, telephony or telegraphy by a real estate corporation
to its tenants.
Such a corporation, as well as persons engaged in the
business of 'submetering' will continue to be considered as utilities and
subject to tax under said section."
Tax
Commission
Rules
Realty Concerns Must Pay Tax
on
Deals—A special dispatch from Albany on Aug. 24
to the New York "Times" had the following to say in regard
Power
The State Tax Commission ruled today that real estate corporations pur¬
chasing electricity from a utility to sell to tenants are subject to the State
utilities tax, despite a contrary Court of Appeals decision.
The ruling sets
forth basic differences between the State and city laws and concludes that
the New York City decision handed down by the highest
State Court does
prevent collection of the tax.
In the New York City case it was held by the Court of Appeals that
real estate corporation selling electricity to tenants was not a utility
not
a
subject to the tax on utilities imposed by New York City laws.
Prior to this decision the New York City law was construed to impose
electricity was sold to a corporation for resale to its tenants
—the first on receipts from sales of the electricity and the second on re¬
ceipts of sales by the corporation to its tenants.
"The New York State law," a statement from the State Tax Commission
read, "avoids the double tax.
The State tax is imposed only on receipts
from sales made of services rendered for ultimate consumption or use by
two taxes where
the
Consequently, receipts from sales by a utility to such a
taxable, but receipts from sales by the real
corporation to tenants are taxable in the Commission's interpreta¬
purchaser.
real estate corporation are net
estate
tion of the law."
by the full taxing powers of the city, heretofore or hereafter conferred on
it by law, and are also secured by assessments against the property bene¬
the improvements to pay for which the bonds are issued, and the
funds arising from the assessments are pledged for the payment of the
principal and interest of the bonds. The bonds and the interest thereon are
exempt from State, county and municipal taxation, and after maturity are
receivable in payment of all taxes and dues of the city.
The bonds will be
delivered to the purchaser on Oct. 2, unless a later date should be mutually
fited by
agreed upon.
Enclose a certified check for 1% payable to
the city.
ARIZONA
FLOWING WELLS
IRRIGATION DISTRICT (P. O. Tuc«on),
Ariz —DEBT ADJUSTMENT PENDING—It is reported by William H.
Loveless
Chief Deputy Clerk, that the readjustment of the debt of the
above district under the Municipal Bankruptcy Act is pending at the U. S.
District Court in Phoenix.
PHOENIX, Ariz.—MATURITY—Tn connection with the
semi-annual bonds aggregating $96,000, to Refsnes, Ely,
noted here on July 1—V. 149, p. 142—it is now
the Citv Auditor that the bonds mature as follows:
o%/. or.
of Phoenix, as
$60,000 water
works extension bonds.
sale of the
Beck & Co.
reported by
Due $10,000 in 1957; $45,000,
in 1954; $5,000, 1955
36 000 sewage disposal plant bonds. Due $3,000
and 1956; $10,000, 1957 and 1958, and $3,000
in 1959.
ARKANSAS
BATESVILLE, Ark.—BOND SALE DATE NOT FIXED—It
hv N
A
Longley, City Recorder, that no definite sale date has
for the
$75,000 4% semi-annual school construction bonds.
is stated
been set
Due in
20 years.
SPECIAL SCHOOL DISTRICT (P.
TO BE SOLD—It is reported that $110,000
RATESVILLE
a£—BONDS
by Cherry,
wm
the above matter:
to
BIRMINGHAM, Ala.—BOND OFFEBING—Sealed bids will be received
until noon on Sept. 12. by C. E. Armstrong, City Comptroller, for
the
purchase of an issue of $120,000 public improvement bonds,
Denom.
$1,000. Dated Oct. 2, 1939. Due $12,000 Oct. 2, 1940 to 1949. The bidder
shall specify the rate of interest the bonds are to bear, not exceeding the
legal rate of interest in the State.
The bidder shall use the lowest rate of
interest at which he will pay par or more for the bonds, expressed in mul¬
tiples of
of 1 %. The bonds will not be sold for less than par, plus accrued
interest to date of delivery of the bonds and payment therefor.
Prin, and
int. payable in lawful money at the Chemical Bank & Trust Co., New
York, or at the First National Bank, Birmingham.
The Commission will
furnish to the purchaser the opinion of Thomson, Wood & Hoffman, of
New York, approving the legality and validity of the bonds, and a certified
copy of all proceeding's will be furnished showing the authority to issue the
bonds.
The bonds are secured by the full faith and credit of the city, and
l
ROCK.
ITTI F
O. Batesville),
refunding bonds
Villareal & Co. of Little Rock.
Ark .—TAX
VALUATIONS SHOW INCREASE—
r-mmTv Assessor cfiarles E. Moyer reports tax valuations of Little Rock
?XNorth ffle R<S property at $46,749,066 compared to $42,101,129
iJl* vlnr
increase of $4,647,937.
Personal property assessment for all
rfpffidCo?£yto' $9,762,180 from »8.94f,465 in 1937 Iman
proved business
bringing about
NORTH
Tti*
conditions and new construction are
increases, he
said.
important factors in
LITTLE ROCK, Ark.—BOND COMMITMENT CANCELLED
A. Mulligan, Treasurer of the Reconstruction Finance
stated by H.
f^rooratfon,
storm sewer
that the commitment to nurchasa $148,000 of sanitary
bonds, noted here last October, has been cancelled.
and
PARKIN
Ark.—BONDS SOLD—It is stated by J. K. Wooten, City
that $10,000 street improvement bonds approved by the voters last
October7have been purchased by T. J. Raney & Sons of Little Rock.
Clerk
RUSSELLVILLE,
Ark.—BONDS
held on
the issuance of $65,000 in high
VOTED—At an election
15 it is said that the voters approved
school and city auditorium bonds.
Aug
The Commercial & Financial Chronicle
1356
California
Aug. 26, 1939
RECENT MUNICIPAL EVENTS REVIEWED—Under date of Aug. 15.
B. E. Crummer & Co., Inc., of Chicago, addressed a letter to the holders
of Florida bonds in which they reviewed events relating to the proposed
amendments to the Municipal Bankruptcy Act and to the situation with
Municipals
respect to Florida county and road district refunding bonds occurring since
their letter of July 1.
The current letter reviews the action of
Bankamerica Company
485 California
IN
OTHER
Street, San Francisco
PRINCIPAL
CALIFORNIA
CITIE8
CALIFORNIA
ALAMEDA COUNTY SCHOOL DISTRICTS (P. O.
Oakland), Calif.
<—NOTES SOLD—The following issues of tax anticipation notes
aggregating
$917,000, offered for sale on Aug. 17—V. 149, p. 1209—were purchased by
the Weils-Fargo Union Bank & Trust Co. of San Francisco, on
rate of 0.21%, plus a premium of $1.05: $360,000 Oakland
District:
$300,000
Oakland
School
District;
District, and $82,000 Alameda Unified
School
$175,000
School
interest
an
High School
Berkley Unified
District
Dated
notes.
Aug. 29, 1939, and due on Dec. 29, 1939,
HUNTINGTON
that
an
BEACH,
Congress on the proposed amend¬
Municipal Bankruptcy Act and the effect of the veto by the
Governor of Florida,
Bell System Teletype SF 469
,
OFFICES
ments to the
of the Crary Bill which was introduced and passed
following the decision of the Florida Supreme Court in the Massey case.
Holders of Florida refunding bonds which have been affected by the
Massey decision should secure a copy of this letter, also a copy of the printed
bearings before a subcommittee of the Senate Committee on the
Judiciary
onH.R. 6595, which is the title of the proposed amendments to the Munici¬
pal Bankruptcy Act.
R. E. Crummer & Co., Inc., in their Aug. 15 letter, invite holders of
matured or early maturing coupons on Florida county and road district
refunding issues, wherein that firm acted as fiscal agent, to forward such
coupons to their Chicago office for coUection with the understanding that
if R.
E.
Crummer & Co.
have
OCOEE SCHOOL DISTRICT (P. O. Orlando), Fla.—BOND SALE
DETAILS—It is now reported that the $10,000 school bonds sold to the
First National Bank of Orlando, as noted here last April, were purchased
6s, at a price of 101.90, and mature $500 from
basis of about 5.56%.
ANGELES
COUNTY
1942 to 1961, giving
as
Calif .—BOND
ELECTION—It
election has been scheduled for Sept. 27 in order to
is
stated
SCHOOL
DISTRICT
vote on
from the
same
out of their own funds.
a
the
proposed issuance of $265,000 in water system purchase bonds.
LOS
been unable to collect the
taxing unit within 120 days after deposit, they will remit, therefor, at par,
GEORGIA
(P. O. Los An¬
geles), Calif.—SCHOOL BOND SALE— The following bonds aggregating
$35, 00, offered for saie on Aug. 22—V. 149, p. 1209—were sold to Barcus,
Kindred & Co. of Chicago, as follows:
NOT
$20,000 Newhall School District bonds as 35is, payin^ a price of 102.12,
a basis of about 3.55%,
Due from Aug. 1, 1947 to 1957 incl.
15,000 Newhall School District bonds as 3Ms, paying a price of 100.50,
a basis of about
3.12%.
Due from Aug. 1, 1940 to 1947 incl.
EAST POINT, Ga.—PURCHASER—It is now reported by the
City
Clerk that the various purpose bonds aggregating $50,000, sold as 2Mb at
>
BONDS NOT SOLD—It is also stated that the $25,000 Potrero
Heights
School District bonds offered at the same time—Y. 149,
p. 1209—were not
sold as the only bid received was rejected.
The bid was an offer of
CENTRAL HIGHWAY DISTRICT
par, as
noted here
on
Apri
Witter
& Co., of San Francisco.
29,
were
purchased by the Robinson-Humphrey
Co. of Atlanta.
,
'
100.512
on
4Mb, tendered by Dean
Aug. 1, 1940 to 1954 Incl.
(P. O. Savannah), Ga.—BONDS
AUTHORIZED—It is stated by the Chairman of the Board of
Commissioners that the $4,500,000 highway bonds approved by the voters
on June 5, as noted here, have not as yet been authorized,
Due from
,
HAWAII,
Territory
HAWAII
-
of—BOND
OFFERING CORRECTION—In con¬
Sept. 6, of the $1,500,000 refunding
bonds, noted in our issue of Aug. 12—V. 149, p. 1058—it is stated by W.O.
McGonagle, Territorial Treasurer, that the date of the bonds has been
changed from Oct. 12 to Oct. 11: interest date changed to April and Oct, 11,
and the 1919 issue of $1,500,000 to be redeemed, will be called as of Oct. 11.
nection with the offering scheduled for
COLORADO
COLORADO SPRINGS, Colo.—BOND CALL—It is stated
by A. N.
Wyraan, City Treasurer, that all of the 4^% water revenue bonds of 1933
are being called for payment, said
bonds being authorized by Ordinance
No. 1437 passed Aug. 22, 1933, being dated Sept. 1, 1933, and
payable in
annual instalments commencing Sept. 1, 1940 but callable on Sept. 1, 1939,
and on any interest payment date thereafter: that in accordance with such
determination all of such outstanding bonds are hereby called for
payment
and redemption on Sept. 1, 1939: that on Sept. 1, 1939 the city will redeem
and pay all of said outstanding bonds in the principal amount of
$600,000
and that said bonds will be redeemed at par with a premium of
2% on the
principal thereof, together with all interest accrued on the principal and
unpaid on Sept. 1, 1939; that after said date of Sept. 1, 1939, interest on
said bonds shall cease.
Said bonds shall be presented for
redemption and
payment to the Exchange National Bank of Colorado Springs.
TRINIDAD, Colo.—PRICE PAID—It is now reported that the $1,001,000 3M% semi-annual water works, building, bridge, and sewer
refunding bonds purchased by a syndicate headed by Stern Bros. & Co.
of Kansas City, as noted here on April 22, were sold at a
price of 101.00,
basis of about 3.42%.
a
The following financial information Is also furnished:
The gross assessed value of real and personal property in Hawaii for 1939,
$425,203,298.00.
Net taxable amount was $266,983,998.
appraised at 60% of true value, based on transactions
willing sellers and buyers.
Territorial bonded debt as of June 30, 1939, $39,046,000 less $10,534,542
in the sinking fund, leaves a net debt of $28,511,458.
Hawaii has no floating debt or tax anticipation notes outstanding.
The Territory has never defaulted in payment of interest or principal.
Hawaii has an area nearly as large as Rhode Island and Connecticut
combined and produces more Federal revenue than many States.
was
Real property is
between
ILLINOIS
CHICAGO,
(P. O. Plainfield), Conn.—BOND SALE—Graham,
Parsons & Co. of New York purchased an issue of $150,000
3M% funding
bonds at a price of 100.60, a basis of about 3.18%. Due March 1 as follows:
$7,000 from 1940 to 1949 incl. and $8,000 from 1950 to 1959 incl. Interest
Chicago press advices.
Currently before the Chicago City Council Is a resolution which would
Board of Education authority to issue $7,785,000 of judgment
funding bonds.
An earlier resolution calling for issuance of $6,595,000 of
such bonds was rescinded coincidentally with the filing of one for a larger
amount.
If the
BONDS
-
in the
First
National
Bank
Building
T.
.
City Council's Finance Committee and
an
earlier test of
The present resolution does not cover the full amount of the unpaid 1929
anticipation warrants but only those which holders have reduced to
judgment. An additional $2,600,000 of warrants have not been reduced to
judgment as yet.
Under the terms of the resolution
Pierce, Resident
prevented
tax
TAMPA
S.
the resolution the Board of Education would
bonds' legality.
The present resolution has been approved by the
Finance Committee but is awaiting action by the full Council, next meeting
of which will be held Aug. 30.
FLORIDA
.
approves
the
Building
.
Branch Office:
City Council
be placed in position to test lezality of the bond issuance before the Novem¬
ber session of the Illinois Supreme Court and with aid of a prompt decision
might be able to issue the bonds early next year. Previous resolution of the
Board requesting judgment funding bond issuing authority got bogged down
Clyde C. Pierce Corporation
.
BOND
give the
M-S.
JACKSONVILLE
LARGE
to
PLAINFIELD
Barnett National Bank
MAY MARKET
redeem the unpaid 1929 tax anticipation warrants of that body, according
CONNECTICUT
FLORIDA
III.—SCHOOL BOARD
ISSLE—Board of Education may be in position to sell $7,785,000 judg¬
ment funding bonds shortly after turn of the year, if present plans can be
carried through on schedule.
Funds from the bond sale would be used to
as
proposed by the Board of Education,
the $7,785,000 of judgment funding bonds would bear interest at the rate
of 3H% and mature $500,000 July 1, 1942 and 1943, $785,000 on July 1,
Manager
1944, and July 1, 1942 and 1943, $785,000, on July 1, 1944, and $1,000,000
July 1, 1945 to 1950, inclusive.
As of June 30, 1939, the Chicago Board of Education has outstanding
$36,560,901 funded debt and accrued interest thereon against which it held
sinking funds of $6,482,848.
Tax warrants outstanding aggregated $30,003,325 and floating debt was $1,187,107. A year earlier funded debt and
accrued interest was $37,270,575, sinking fund $5,543,082, tax warrants
outstanding $35,334,150, and floating debt $1,567,939.
on
FLORIDA
DUVAL COUNTY AIRBASE AUTHORITY (P. O.
Fla.—BOND VALIDATION SOUGHT— It is said that
been filed in the Circuit
Jacksonville),
a
petition
has
Court, looking toward the validation of the $1,-
100,000 naval air base bonds that
were
approved at the election held
on
July 18.
FLORIDA, State of—SUMMARY OF MUNICIPAL SITUATION—
The following statement is taken from the
August bond bulletin issued by
A. B. Morrison & Co., Congress Building, Miami:
The
Florida
municipal market remains unsettled.
Some prices par¬
ticularly in the less desirable county and road district bonds are decidedly
softer.
On the other hand, prices on some of the more
actively traded issues
have advanced considerably.
Several sizeable blocks of better grade bonds
have changed hands at prices above previous levels.
We can perhaps best
describe conditions by saying that in our
opinion the market is decidedly
sclGCtiv©
r
"
We emphasize again what we said in our June bulletin that there is
northing alarming in the Florida picture and such defaults as have occurred
are relatively few in number.
The softening of prices, where it has occurred,
is due in our opinion, more to
uncertainty regarding the immediate future
trend of prices than to fear of trouble.
One interesting development recently
affecting a large number of bond¬
was the refusal by the Supreme Court of Florida to validate the
of $14,000,000 refunding bonds of the
City of Miami.
The
Supreme Court sustained the lower Court in its contention that the
proposed
holders,
issuance
Slan would cause, legal limit. at least, an increase alsothe bonded the city
debt of
liami beyond its temporarily The
Supreme Court in
ruled that
had
no right
to pay the refunding fee called for by the contract.
As a
fact, the proposed refunding, in our opinion, imposed too much of
immediate burden on the city.
And the present Commission was ap¬
parently convinced it was not wise to go through with it.
So now the whole
matter of
an
thing will have to be started over.
If the city will, as it can
easily do,
start calling bonds by tender, the
wp,y of the refunder will be easier.
But
any way it is looked at, refunding of $28,000,000 Miami
bonds, (and the
whole thing should be covered in one
contract) is a real job.
In our opinion the most important of recent
developments are the steps being
taken for the final refunding of a
large number of county, road district
and school district bonds.
It is proposed to refund the
present outstanding
optional bonds into non-callable 4% serial
obligations.
The development
Is a perfectly logical one.
The original high rate bonds were first refunded
into callable bonds starting at a lower
interest rate and gradually stepping
up.
With the general low level of interest rates the
country over, the time
appears propitious for a final refunding into a fixed low
interest rate obliga¬
tion.
Whether the investing
public will be willing to accept lower rate
obligations for Its present bonds, and whether the
general market will
absorb all the bonds which aren't
exchanged
are
interesting questions.
DALLAS CITY, III.—BONDS SOLD—An issue of $9,000 refunding
bonds, series of 1939, has been sold to the First Galesburg National Bank &
Trust Co. of
Galesburg.
ILLINOIS (State of)—TOWNSHIPS MAY FUND RELIEF DEBTS—
Burdened by $2,000,000 in relief debts, 386 townships in Illinois may
issue bonds before Oct. I to refund the obligations, the Illinois Emergency
Relief Commission stated recently.
The debts were incurred through
overspending of relief funds by the townships, which constitute more than
a
fourth of the 1,455 relief administering units in the State.
The bond
method of meeting the problem was made law by the State legislature last
June.
The Chicago Relief Administration and 17 counties with commission
are not involved in the refunding urogram.
According to statistics released by E. E. Ferebee, I.E.R.C. statistician,
each township may issue its now
ten-year bonds.
He also compiled a
table for the seven districts Involved in the refunding plan, showing the
number of units and the refundable debt in each, in round numbers.
That
form of government
table follows:
Total
Districts—
1
Refund-
Units
No.
able Debts
48
No. 3___
No. 4_
75
$250,000
795,000
21n,000
55
405.000
No.
5
59
No.
6
No.
7__
130,000
25,000
215,000
No.
.
2
....
44
44
...
61
In one instance the debt which
may be refunded by one unit
the unit's entire 1939 tax levy for relief.
PRINCETON SCHOOL DISTRICT NO.
115,
is 3.6 times
111.—BONDS SOLD—
An issue of $45,000
2M% building bonds was sold to Ballman & Main, of
Chicago, and the White-Phillips Corp., Davenport.
Due from 1943 to 1958,
inclusive.
RIVER FOREST, 111.—BOND SALE—Lewis, Williams <fc Co. of Chicago,
purchased $60,000 water revenue bonds issued to finance extensions to the
village waterworks system.
SOUTH FORK TOWNSHIP (P. O. Bulpitt), 111.—BOND SALE—
Doyle, O'Connor & Co. of Chicago purchased $60,000 4>£% road bonds
Volume
The Commercial & Financial Chronicle
149
authorized by the voters on July 8.
Dated July 15, 1939.
Denom. $1,000.
Due Jan. 1 as follows:
$4,000 in 1941 and 1942; $5,000 in 1943 and 1944;
$6,000 in 1945 and 1946; $7,000 in 1947 and 1948 and $8,000 in 1949 and
1950.
Principal and interest (J-J) payable at the City National Bank &
Trust Co., Chicago.
The Donds are general obligations of the township,
payable from unlimited ad valorem taxes.
Legality approved by Holland
M. Cassidy of Chicago.
WILLIAMSV1LLE, III.—BOND
SALE—Boyle. O'Connor & Co. of
Chicago purchased $50,000 4% water and sewer revenue bonds.
Dated
April 1, 1939.
Denoms. $1,000 and $500.
Due Oct. 1 as follows:
$500
from 1942 to 1945, incl.; $1,000, 1946 to 1949,
incl.; $1,500, 1950 to 1956,
incl.; $2,000, 1957 to 1960, incl.; $2,500, 1961 to 1963, incl.; and $3,000
from 1964 to 1969, incl.
Principal and interest (A-O) payable at the City
National Bank & Trust Co., Chicago.
The bonds are payable solely from
revenues of the
municipal water and sewer system and have been approved
as to
legality by Chapman & Cutler of Chicago.
Iowa—PRICE PAID—In connection
Aug.
16
were
the sale of the
DAVENPORT, Iowa—BOND OFFERING—It* is reported that C. F.
Schmidt, City Treasurer, will offer for sale at public auction on Sept. 6,
a $48,000 issue of general obligation corporate bonds.
Dated
Sept. 1, 1939.
Due March 1, as follows: $40,000 in 1950, and $8,000 in
at 10 a. m.,
1951.
Bidders'for the bonds shall fix, in their bids, the interest rate for
the bonds and the interest rate thus fixed and offered, and premium of¬
sidered
among
the determining factors in who shall be con¬
Prin. and int. (M-S) payable at the City
the successful bidder.
Treasurer's office.
rejected.
with
..500 (not $30,000) 3% semi-annual fire equipment certificates to the
White-Phillips Corp. of Davenport, as noted here—V. 149, p. 1210—it is
stated by the City Clerk that the certificates were sold at
par.
fered, if any, will be
YATES CITY, 111.—BONDS NOT SOLD—All bids for the $30,000 water
revenue bonds offered
1357
CHICKASAW COUNTY (P. O. New Hampton), Iowa—MATURITY
—It is now reported by the
County Treasurer that the $25,000
semi¬
annual funding bonds purchased
by the White-Phillips Corp. of Davenuort,
at a price of 100.20, as noted here—V.
149, p. 1210—are due $5,000 on
Sept. 1 in 1943 and 1945 to 1948, giving a basis of about 2.22%.
Purchaser shall, at his own expense, furnish the printed
bonds and bond register and approving legal opinion and shall pay accrued
interest to date of delivery of the bonds.
A certified check for 5% of the
INDIANA
CANNELTON,
par
Berger, City ClerkTreasurer, will receive sealed bids until 7:30 p. m. on Sept. 5 for the purchase
of $5,000 not to exceed 4% interest street improvement bonds.
Dated
Sept. 1, 1939. Denom. $500. Due $500 on Jan. 1 from 1941 to 1950 incl.
Bidder to name a single rate of interest, expressed in a it ultiple of
of
1 %.
Interest J-J. A certified check for $300, payable to order of the city,
is required.
The bonds are unlimited tax obligations of the city and the
approving legal opinion of Matson, Ross, McCord & Clifford of Indianapolis
_
Ind.—BOND
OFFE ING—Fred
will be furnished the successful bidder.
DeKALB
COUNTY
O.
(P.
Auburn),
Ind.—PRICE PAID—The
$12,000 3% power house repair bonds awarded to the Auburn State Bank
—V. 149, p. 1210—were sold at a price of 102.475, a basis of about 1.91%.
LINTON SCHOOL CITY, Ind.—BOND SALE— Doyle, O'Connor &
Co. of Chicago, purchased $23,500 3H% building bonds.
Dated July 1,
1938.
One bond for $500, others $1,000 each.
Due Jan. 1 as follows:
$3,000 from 1944 to 1950, incl. and $2,500 in 1951.
Principal and interest
(J-J) payable at office of the School Treasurer.
The bonds, issued in con¬
junction with Works Project Administration grant, will be direct general
obligations of the school city, payable from unlimited ad valorem taxes.
Legality approved by Chapman & Cutler of Chicago.
MARION TOWNSHIP (P. O.
value of the bonds is required.
EAST WATERLOO TOWNSHIP SCHOOL TOWNSHIP (P.
O. Waterloo, Route 3), Iowa—BOND SALE—The $6,000 building bonds offered
Aug. 14—V. 149, p. 909—were purchased by National Bank of
Waterloo, as 2s, paying a premium of $27, equal to 100.45, a basis of about
1.91%.
Dated Aug. 15, 1939.
Due $600 from Aug. 15,1940 to 1949, incl.
for sale
MAHASKA COUNTY (P. O. Oskaloosa) Iowa—PRICE PAID—It is
now reported
by the County Treasurer that the $21,000 2H% seui-ann.
funding bonds purchased by Vieth, Duncan & Wood or Davenport, as noted
here—V. 149, p. 1210—were sold for a premium of $65, equal to 100.309,
a basis of about 2.21%.
Due on Nov. 1 in 1946 to 1948.
SPIRIT
LAKE, Iowa—MATURITY—It is
and $4,000 in 1950, giving a basis of about
on
Aug. 22—V. 149, p.
$11,500 School Township building bonds.
Denom. $500. Due $500 July 1,
1940; $500 Jan. 1, and July 1 from 1941 to 1951, inclusive.
3,000 Civil Township community building bonds.
Denom. $300.
Due
$300 on Jan. 1 from 1941 to 1950, incl.
All of the bonds will be dated Sept
1, 1939.
Bidder to name one rate
of interest, expressed in a multiple of H of 1% and payable J-J.
Each
issue will be unlimited tax obligations of the respective issuer and will be
approved as to legality by Matson, Ross, McCord & Clifford of Indianapolis.
COUNTY
(P.
O.
Crawfordsville),
Ind.—BOND
OFFERING—Robert H. Tinsley, County Auditor, will receive sealed bids
until 10 a. m. on Sept. 26 for the purchase of $100,000 not to exceed 3 H %
Union
Hospital bonds of 1939.
Dated Dec. 15, 1939.
Due $5,000 on Jan. 15 and July 15 from 1948 to 1957 incl.
a single rate of interest, expressed in a multiple of
of
1 %. A certified check for 3 % of the bonds bid for, payable to order of the
Board of County Commissioners, is required.
Legal opinion of Matson,
Ross, McCord & Clifford of Indianapolis will be furnished the successful
bidder.
Bonds will be ready for delivery within 12 days after the award.
The bonds are general obligations of the county, payable from unlimited
Denom. $1,000.
Bidder to name
ad valorem taxes.
KANSAS
S4LE—The.$4,500 series C refunding bonds
offered Aug. 19—V. 149, p. 1210—were awarded to the Merchants National
Bank of Muncie, as l^s, at a price of 100.64, a basis of about a .66%.
Dated Aug. 26, 1939 and due Jan. 1, 1947.
PLAIN
TOWNSHIP (P. O.
Leesburg), Ind.—BOND SALE—The
bonds offered Aug. 21—V. 149, p. 1058—were awarded t® the
as 2s, at a price of 100.572, a basis of
$66,000
Fletcher Trust Co., Indianapolis,
about 1.92%. Sale consisted of:
$36,000 school township building bonds.
Denom. $500.
Due as follows:
$1,000, July 1, 1940; $1,500, Jan. 1 and $1,000 July 1 from 1941
to 1954 incl.
Bonds are payable from unlimited ad valorem taxes
on all of the school township's taxable property.
30,000 civil township community building bonds.
Denom. $1,000.
Due
$2,000 on Jan. 1 from 1941 to 1955 incl. Bonds are payable from
unlimited ad valorem taxes on all of the civil township's taxable
property.
Each issue will be dated July 1,1939. The City Securities Corp. of Indian¬
apolis, second high bidder, offered a price of 100.425 for 2s.
Kan.—PURCHASER—In
Topeka, of
noted here
Aug. 19—V. 149, p. 1210—it is stated by County Clerk that Soden & Co. of
Kansas City, were the original purchasers, taking the issue at par.
Dated
Aug. 1, 1939.
Due $6,000, on Aug. 1 from 1940 to 1949, inclusive..
COUNTY
(P.
O.
Winche ter),
Ind.—BOND SALE—
as
IKs, at
a
a basis of about 1.15%.
Dated Aug. 1, 1939
and Dec. 1 from 1940 to 1944. incl.
The City
Securities Corp. of Indianapolis,
second high bidder, offered 100.29 for 134s.
(P.
O. Tipton), Ind.— WARRANT SALE—The
issue of $20,000 tax anticipation warrants offered Aug. 23—V. 149, p. 1210—
was awarded to the Citizens National Bank of Tipton.
Dated Aug. 25.
1939, and due Dec. 1, 1939.
WEST TERRE HAUTE, Ind.—BOND
SALE—Doyle, O'Connor & Co.
$42,000 4M % water revenue bonds.
Dated Aug. 1,
$1,000.
Due Aug. 1 as follows:
$1,000, 1940 to 1949,
incl.; $2,000, 1950 to 1962, incl. and $3,000 in 1963 and 1964.
Principal
and interest (F-A) payable at the First National Bank of Chicago.
These
bonds, issued for the construction of improvements to the existing muni¬
cipally owned and operated water works system, are, in the opinion of
counsel, valid and legally binding obligations of the town, payable solely
from the gross revenues derived from the operation of the water plant.
The town covenants and agrees, by ordinance, as provided by the Statutes
of the State, to create and deposit monthly, as Collected, into a separate and
special account, known as the "Water Works Revenue Bond Account"
sufficient revenues derived from the operation of the water works system to
of Chicago, purchased
1939.
Denom.
principal and interest when due, and which shall constitute a first
charge from the gross income. Legality approved by Chapman & Cutler of
pay
I
Chicago.
County Treasurer, for the purchase of a $75,000 issue of funding bonds.
Denom. $1,000.
Dated Sept. 1, 1939.
The interest rate will be deter¬
bid.
$15,000, 1946; $10,000, 1949 to 1952, and $20,000 in 1953.
Interest payable M-S.
Prin. and int. payable at the County
Treasurer's office.
Bonds will be delivered to the purchaser at Waterloo.
The successful bidder must furnish the printed bonds and the legal opin¬
ion.
A certified check for not less than 3% of the amount of the bonds
offered, payable to the County Treasurer, must accompany the bid.
Black Hawk County Statistics
Due on Sept. 1 as follows:
MANHATTAN,
Kan.—BOND
OFFERING—It
is
stated
by
A.
L.
Hjort, City Clerk, that he will receive sealed bids until 3 p. m. on Sept. 5,
purchase of the following bonds, aggregating $59,226.04:
$21,726.04 1H %
storm sewer bonds.
Due on Aug. 1 as
$1,726.04 in 1940; $3,000, 1941 and 1942, and $2,000
semi-annual
follows:
in
1943 to 1949.
16,500.00 lH%semi-annual swimming pool bonds. DuetoAug. 1 asfollows:
$500 in 1940; $1,000, 1941; $2,000, 1942 to 1944, and $3,000 in
1945 to
1947.
21,000.00 2% semi-annual swimming pool bonds.
1948 to 1954, inclusive.
Due $3,000 from Aug. 1,
DISTRICT
(P. O.
Topeka),
Kan.—BOND
OFFERING—Sealed bids will be received until 7:30 p.m. on Aug. 30, by
E. E. Sallee, Clerk of the Board of Education, for the purchase of an issue
of $178,000 IH% semi-annual school bonds.
Dated Sept. 1, 1939. Denom.
$1,000. Due Sept. 1, as follows: $17,000 in 1940 and 1941, and $18,000 in
This sale is subject to prior sale to the State School Fund
1942 to 1949.
Commission (Sec. HF106, General Statutes of Kansas, 1935).
Enclose a
certified check for 2% of the total amount of bid.
SCHOOL
TOPEKA
KENTUCKY
CAMPBELL
COUNTY
(P.
O.
Newport),
Ky.—BOND SALE—The
$100,000 issue of road and bridge bonds offered for sale on Aug. 21—V. 149,
1058—was awarded to the Weil, Roth & Irving Co. of Cincinnati, as
2y&, paying a price of 101.54, a basis of about 2.355%.
Dated July 1,
1939.
Due from July 1, 1944 to 1958, inclusive.
p.
was
reported subsequently by the Clerk of the County Court that
& Heimerdinger was associated with the above
purchase of the bonds.
the firm of Walter, Woody
named in the
COUNTY
KENTON
It
is
(P. O. Covington), Ky .—BOND OFFERING—
stated by 8am Furste, County
and open bids unti. Sept. 6 at
Court Clerk,
that he will receive
8 p . m. (EST), for the purchase
$206,000 issue of coupon school building revenue refunding bonds.
Interest rate is not to exceed 3%, payable A-O.
Dated Oct. 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows:
$12,000 in 1940 and 1941,
and $13,000 in 1942 to 1955.
Prin. and int. payable at the Guaranty
Trust Co
New York.
No bid of less than par and accrued interest will
be considered.
The county will furnish the approving opinion of Chapman
& Cutler of Chicago.
Enclose a certified check for $5,000, payable to
Oscar Rankin, County Treasurer.
sealed
a
by Oscar Rankin, County Treasurer,
building bonds, numbered from 49 to 250, ag¬
called for payment on Oct. 1 and should be pre¬
sented at the place of payment designated therein.
Dated Oct. 1, 1935.
Denom $1,000.
Due Oct. 1 as follows: $12,000 in 1940 to 1945 and $13,000
BOND
that
CALL—It is also stated
4% semi-ann. school
gregating $202,000, are
in 1946 to 1955.
LOUISIANA
BATON
ROUGE PARISH, SCHOOL DISTRICT NO. 5
(P; O.Baton Rouge), La .—BOND SALE—The $35,000 issue of school
bonds offered for sale on Aug. 16—V. 148, p. 3875-—was purchased jointly
EAST
Taxable value monies and credits
.
—
Population
1939—Miscellaneous funding
Primary road bonds
$1 000 in
1940 to
Same
10,954,966.00
340,143.50
69,146
794,000.00
1,063,000.00
Note—Sept. 1, 1939 proposed issue of $75,000.00 not included.
1,
1949, $2,000 In 1950 to 1954.
3^8, and $5,000 maturing $2,500 Aug. 1, 1958
1944, $1,500 in 1945 to
$2!500
in 1955 to 1957, as
and 1959, as 3 Hb.
LIVINGSTON PARISH (P. O. Springville), La.—BOND OFFERING
sealed bids will be received until 9 a. m. on Sept. 13, by
P. Guitrau,.Secretary of the Police Jury, for the purchase of an issue of
1100 000 court house and jail bonds.
Interest rate is not to exceed 6%,
oavable A-O.
Dated Oct. 1, 1937.
Denom. $1,000. Due serially in 1
to
vears
The bonds will be sold at not less than par and accrued interest
all as provided for in Act 46 of the State Legislature, approved Nov. 16.
1Q01
and will be issued under the authority of a special election held
—It is stated that
E
parish on Jan. 5, 1937. The Police Jury will furnish to the
certified transcript and the approving opinion of the attorney
Jury. Enclose a certified check for $1,500, payable to the
throughout the
purchaser a
$60,069,358.00
Taxable value real estate
stated
Series
of New
of
mined at the time the award is made, in accordance with purchaser's
Bonded debt Aug. 31,
is
about 3 43%
BLACK HAWK COUNTY (P. O. Waterloo), Iowa—BOND OFFERING—Bids will be received until 1:30 p. m. on Sept. 5, by Anna M. Decker,
Acreage
refunding,
by the Equitable Securities Corp. of Nashville, and Scharff & Jones
Orleans, paying a premium of $59.50, equal to 100.17 .a net interest cost
on the bonds divided as follows:
$30,000 maturing Aug.
IOWA
1938 assessed value real estate
Girard),
for the
of
TIPTON COUNTY
O.
Crummer & Co. of Wichita.
price of 100.30,
and due $2,000 on June 1
(P.
by the County Clerk that $142,000 2H%
D bonds were purchased at par by R. E.
Denom. $1,000.
Dated July 1, 1939.
Due
on Aug. 1 as follows: $14,000 in 1940 to 1947, and $15,000 in 1948 and 1949.
Prin. and int. (F-A) payable at the State Treasurer's office in Topeka,
BONDS SOLD—It
semi-ann.
It
RANDOLPH
The $20,000 series A advancement fund (poor relief) bonds offered Aug. IS
—V. 149, p. 1058—were awarded to Kenneth S. Jonhson of Indianapolis,
COUNTY
connection with the public offering by JBeecroft, Cole & Co. of
the $60,000 2H% semi-annual public assistance, series F bonds,
;
MUNCIE, Ind.—BOND
1210—was awarded to the
Polk-Peterson Corp. of Des Moines, as 3s, according to the Town Clerk.
Dated Sept. 1, 1939.
Due from Nov. 1, 1941 to 1953; callable on and
after Nov. 1, 1946. /
CRAWFORD
Culver
2.40%.
Patrickaburg), Ind.—BOND OFFERING
follows;
interest
stated by the Town
STANHOPE, Iowa—BOND SALE—The $7,500 issue of water works
bonds offered for sale
—C. W. Bryant, Trustee, will receive sealed bids until 10 a. m. on Sept. 9,
for the purchase of $14,500 not to exceed 4% interest bonds, divided as
MONTGOMERY
now
Clerk that the $34,000 refunding bonds purchased by the Iowa-Des Moines
National Bank & Trust Co. of Des Moines, as 2Ms, at a price of 100.51, as
noted here—V. 148, p. 3721—-are due as follows:
$3,000 in 1940 to 1949,
for the Police
Police Jury.
ST.
ton)
TAMMANY PARISH SCHOOL DISTRICT NO. 8 (P.
SALE RESCINDED—It is stated that
La .—BOND
the
O. Coving¬
the Parish
held on Aug. 17, decided to rescind the sale of
$60,000 school bonds on July 8 to Barrow, Leary & Co. of Shreveport—
School Board at a meeting
The Commercial & Financial Chronicle
1358
V. 149, p. 445—and voted to readvertise the bonds for sale up to 11 a. m.
on Oct. 3.
It was reported that this action was made necessary because
HILLSDALE,
NEW OFFERING—Sealed bids will be received until the said time by the
MAINE
coupon refunding bonds
offered Aug. 22—V. 149', p. 1210—were awarded to If. M. Payson <fc Co.
of Portland, as IHb, at a price of 100.655, a basis of about 1.495%.
Dated
A certified check for $1,000, payable to order of the city, is
ful bidder.
required.
Sept. 1, 1939 and due Sept. 1, 1949. Halsey, Stuart & Co., Inc., second
high bidder, offered a price of 100.036 for 1%b.
LINCOLN
Other bids:
PARK
Mich.—TENDERS
Halsey, Stuart & Co., Jnc.„_
—
—
National Bank of Commerce of Portland
Rale Bid
1%%
2%
2%
2)4%
City
1, 1939.
Denom. $1,000.
Part of an authorized issue of $130,000.
Due $3,000 on May 1 from 1940 to 1949, incl.
Rate of interest to be ex-,
pressed in a multiple of M of 1%.
Principal and interest (M-N) payable
at the Hillsdale State Savings Bank,
Hillsdale.
Bonds maturing after
May 1, 1941, are redeemable in inverse numerical order on any Interest date
on or after May 1,
1941.
The bonds are general obligations of the city,
payable from unlimited ad valorem taxes.
Printed bonds and legal opinion
of Miller, Canfield, Paddock & Stone of Detroit will be furnished the success¬
PORTLAND, Me.—BOND SALE—The $85,000
E. H. Rollins & Sons, Inc.-.
Kimball. Ware & Co
1939
26.
Hughes,
L.
Aug.
Secretary of the Parish School Board.
Int. Rale
OFFERING—Ralph
Clerk, will receive sealed bids until 7:30 p. m. (EST) on Aug. 28 for the
purchase of $30,000 not to exceed 4% interest electric light bonds.
Dated
of certain technicalities.
Bidder—•
Aug.
Mich.—BOND
will
receive sealed
SCHOOL
DISTRICT
(P. O. Lincoln Park).
Hamilton, District Secretary,
WANTED—George R.
tenders of certificates
of indebtedness,
dated Nov. 1,
1935 and May 1, 1937 (second series), all due Nov. 1, 1945, until 8 p. m.
100.036
101.044
(EST) on Sept, 7.
Tenders must be firm for five days and give a detailed
description of the certificates offered.
Amount on hand in the sinking fund
for retirement of certificates is $2,211.95.
101.000
101.125
MACOMB COUNTY (P. O. Mount Clemens), Mich.—BOND OFFER¬
of County Road Commissioners will receive sealed bids
2 p. m. on Sept. 15 for the purchase of $2,445,500 refunding bonds.
MASSACHUSETTS
ING—The Board
until
ARLINGTON, Mag«.—NOTE SALE—The Issue of $200,000 notes
offered Aug. 21 was awarded to the Boston Safe Deposit & Trust Co.,
Boston, at 0.127% discount. Dated Aug. 24,1939. Due $100,000 Dec. 29,
1939, and $100,000 July 26, 1940.
Payable at the First National Bank of
Boston and certified by the Director of Accounts at the State House,
Boston.
The Second National Bank of Boston, next best bidder, named a
rate of 0.139%.
The bonds to be refunded were issued under the provisions of Act. No. 59
of the Public Acts of the State of Michigan for the year 1915, as amended,
as the "Covert Act," against the assessments on the following road
districts and in the amounts and against the units of government in said
as set forth in the following table:
known
several assessment districts
Dtil. MoturNo.
-Amount-
Dill. Matur¬
No.
-Amount-
$11,500
$7,000
94
1944
$1,000
$7,000
None
1944
6,000
6,000
None
95
1959
48,000
46,000
$16,000
73
1949
6,000
9,000
None
96
1959
2,000
3,000
29,000
74
Aug. 18 was awarded to the Second National Bank of Boston,
at 0.078% discount.
Due Dec. 15, 1939.
The First National Bank of
Boston, next best bidder, named a rate of 0.089%.
Twp.
$16,000
72
ATTLEBORO, Mass .—TEMPORARY LOAN—The issue of $100,000
notes offered
ity
1954
County
70
1944
3,000
19,000
1,000
15,000
97
1959
99
1959
9,000
5,000
9,000
6,000
145,000
41,000
2,500
17,000
None
101
1944
3,000
List.
None
County
ity
Twp.
Disl.
76
1954
Bay), Mass .—BOND
77
1944
SALE—The $200,000 coupon water bonds offered Aug, 24 were awarded to
Tyler & Co. of Boston as 2H», at a price of 100.899, a basis of about 2.68%.
78
1949
3,000
16,000
None
102
1944
None
500
79
1944
6,000
8,000
None
103
1954
13,000
16,000
None
Dated Aug. 1, 1939.
80
1944
2,000
3,000
None
104
1944
None
3,000
None
81
1959
40,000
52,000
76,000
105
1959
15,000
16,000
139,000
6,000
9,000
27,000
107
1959
66,000
108
1954
L
83,000
5,000
None
109
1959
6~66o
26,000
35,000
71,000
111
1944
113
1959
114
1959
BOURNE WATER DISTRICT (P. O. Buzzard's
Denorn. $1.000.
Due Aug. 1 as follows: $8,000 from
1942 to 1945, incl., and $7,000 from 1946 to 1969, incl.
Prin. and int.
(F-A) payable at the Buzzard's Bay National Bank, Buzzards Bay, or at
the Merchants' National Bank of Boston, at holder's option.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
The Mer¬
chants' National Bank of Boston, second high bidder for the issue, bid par
for
2Mb.
In connection with the offering it was officially announced
83
2,000
1959
86
5,000
present number of takers in the district well exceeds the original estimate of
400 for the first year.
An assessed valuation of over $2,000,000 is hereby
added to the district, making a total valuation of approximately
$6,000,000.
The original estimate of a $2.30 per $1,000 district tax rate remains
un¬
changed."
1959
7,500
7,500
1959
6,500
1959
35,000
13,000
55,000
90
1959
17,000
64,000
91
1959
9,000
18,000
93
"The territory being added at this time to the Bourne "Water District
the Village or Bourne and Cataumet.
The year-around popula¬
1959
25,000
50,000
89
*
CAMBRIDGE, Mass.—BOND SALE—The $465,000
coupon
municipal
Aug. 22—V. 149, p. 1211—were awarded to Halsey,
Co., Inc. and H. C. Wainwright & Co. of Boston, jointly, as
IKs, at a price of 100.111, a basis of about 1.48%. Dated Aug. 1, 1939 and
due Aug. 1 as follows;
$47,000 from 1940 to 1944 incl. and $46,000 from
1945 to 1949 incl. Other bids:
Stuart &
Bidder—
Int. Rate
Tyler & Co
Rate Bid
1M%
2%
Par
100.727
-
Harris Trust & Savings Bank and F. L. Dabney& Co._
BONDS
PUBLICLY
OFFERED—The
successful bidders
bonds to yield from 0.25% to 1.60%, according to
rcoffered
the
maturity.
Dodge of
Boston.
sold at
price of
a
an
1939.
Bank of Boston
issue of $20,000 tax notes at 0.124% discount.
Due Dec. 20,
HOLYOKE, Mass.—NOTE SALE—The $250,000
notes offered
Aug. 21—V. 149,
p.
of New York, at 0.237% discount.
1940.
The First National Bank of
revenue
anticipation
1211—were awarded to Leavitt & Co.
Dated Aug. 22, 1939, and due May 21,
Boston, next best bidder, named
a rate
0.239%
anticipation notes
offered Aug. 25 were awarded to Security Trust Co. of
Lynn at 0.54%
discount.
Due $200,000 each on July 10 and July 24, 1940.
Other bids:
Leavitt & Co., New York, 0.567%; First National Bank of Boston,
0.57%.
revenue
NEWTON, Mass .—BOND OFFERING—Francis Newhall, City Treas¬
urer, will receive sealed bids until 1 p.m. (DST) on Aug. 28 for the
purchase
of $30,000 coupon water bonds.
Dated Sept. 1, 1939.
Denom. $1,000.
Due $2,000 on Sept. 1 from 1940 to 1954, incl.
Bidder to name one rate of
interest in multiples of )4 of 1%.
Prin. and int. payable at the First Na¬
tional Bank of Boston.
Any of these coupon bonds can be exchanged for
fully registered bonds, except those within one year of maturity (Massachu¬
setts
statute).
Interest on registered bonds will be paid by check from the
City Treasurer's office.
A certified check for 1% of the issue must accom¬
pany each proposal.
Legal opinion of Ropes, Cray,
of Boston will be furnished the successful bidder.
RANDOLPH, Mass.—NOTE SALE—The
ton purchased on
Aug. 16 an issue of $50,000
1940,
79,000
6,000
14,000
1,500
79,000
500
None
95,000
118
1959
122
1944
2,000
i
124
1949
8,000
11,500
None
125
45,000
15,000
149,000
153,000
14,000
1,000
1959
2,500
2,500
30,000
5,500
24,000
None
are to be callable at various dates as set up in the
refunding
heretofore adopted by the Board of County Road Commissioners
Board of Supervisors of Macomb County.
Complete schedules
of callable dates, maturity dates, and other information relating to said
proposed bond issue and said refunding plan may be had at the office
of the said Board of County Road Commissioners, or will be furnished
interested parties by mail upon reauest to said Board.
Refunding plan
the
Erovides that the interest least M of 1% by competitiverate carried bysale,
rate be fixed less than the bids at such the
ut said
be at
rate must
outstanding bonds.
Bonds are to be dated Oct. 1, 1939, with
payable on the first day of May and November of each year
thereafter, and to mature on May 1 of the years hereinbefore set forth.
They are secured by the assessments heretofore levied on the divers assess¬
present
interest
ment districts in accordance with the statutes
authorizing the issue of said
are further secured by the provisions of law requiring the county
general fund to advance money for their payment.
In addition thereto,
funds received from the State under the provisions of the Horton Act,
so called, will be sufficient in
amount to cover the major portion of the
outstanding assessments and in the opinion of the Board of County Road
Commissioners
and
Boyden &
Perkins
First National Bank of Bos¬
revenue notes at
0.32% dis¬
will
be sufficient in
the interest
thereon
amount
when
due
or
to
payment of these
in accordance with
assure
before,
refunding plan.
Bids must be sealed, marked "Proposal for Purchase
of Bonds," and be accompanied by certified or cashier's check in the
amount of 1% of the bid, said check to guarantee carrying out of said
proposal, if accepted by the Board of County Road Commissioners.
Approving legal opinion of Miller, Canfield, Paddock & Stone of Detroit
and printed bonds will be furnished by the seller.
Said bonds and coupons
will be payable at the office of the County Treasurer.
OAKLAND COUNTY (P. O. Pontiac), Mich.—BONDS PURCHASED
—In connection with the call for tenders of county
(Covert)
LYNN, Mass.—NOTE SALE—The $400,000
*12,000
These bonds
said
par.
GROTON, Mass.—NOTE SALE—The Second National
purchased
36,000
■
8,000
3,500
12,000
Combined.
bonds
were
None
bonds and
CHICOPEE,
Mass.—BOND SALE—The
First
National
Bank
of
Boston purchased an issue of .$190,000 relief bonds as 1
Ks.
Dated Aug. 1,
1939.
Denom. $1,000.
Due $19,000 on Aug. 1 from 1940 to 1949, incl.
Interest F-A. Legality approved by Storey, Thorndike, Palmer &
The bonds
3,000
3,000
None
plan
and
relief bonds offered
refunding
bonds—V.
mission reports the purchase of
-
149, p. 1211—the
$64,000 bonds.
highway improvement
County Road Com¬
ROYAL OAK, Mich.—BONDS PURCHASED—In connection with call
for tenders of series A and B refunding bonds—V. 149, p. 1211, Minnie N.
Reeves, City Treasurer, reports that $23,000 series A were purchased at
cost of $13,239.95 and $58,000 series B for $33,875.50.
a
STURGIS, Mich.—BOND OFFERINGS. F. Weatherwax, City Clerk,
will receive sealed bids until 7:30 p. m.
(EST) on Sept. 6 for the purchase
exceed 3% interest coupon general obligation municipal
building bonds.
Dated June 1, 1939.
Denom. $1,000.
Due $5,000 on
Sept. 1 from 1940 to 1947 incl. Rate of interest to be expressed in a multiple
of M of 1%.
Principal and interest (M-S) payable at the Citizens State
Bank, Sturgis.
A certified check for 2% of the bonds bid for, payable
to order of the City Treasurer, is required.
Bids shall be conditioned
upon
the unqualified opinion of purchasers" attorneys approving the
legality of the bonds.
Cost of legal opinion and of printing the bonds
must be paid for by the successful bidder.
of $40,000 not to
Due Aug. 23,
SOMERVILLE, Mass.—NOTE SALE— The issue of $.500,000 notes
offered Aug. 21 was awarded to the Merchants National Bank and
the
National Shawmut Bank, both of Boston, jointly, at
0.387% discount.
Dated Aug. 22, 1939, and due $250,000 each on June 14 and
July 12, 1940.
Payable at the National Shawmut Bank of Boston and approved as to
legality by Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
Leavitt & Co., New York, 0.417%; First National Bank of
Boston, 0.419%.
SOUTHBRIDGE,
notes offered
Aug. 21
0.188% discount.
Mass.—NOTE SALE—The issue of $100,000 tax
awarded to the Second National Bank of Boston
Due May 1, 1940.
was
TAUNTON, Mass .—BOND
OFFERING—Howard A. Briggs, City Treas¬
will receive sealed bids until 11 a. m. (DST) on Aug. 29 for the pur¬
chase of $50,000 coupon, registerable as to
principal,
urer,
municipal relief bonds.
Dated July 1,
1939.
Denom. $1,000.
Due $5,000
on July 1 from 1940
multiple of M of 1 %.
(J-J) payable in Boston or at the City Treasurer's office.
Coupon bonds exchangeable for fully registered certificates, interest on which
is
payable at the City Treasurer's office.
Bonds are unlimited tax obliga¬
tions of the city and will be
authenticated as to genuineness by the First
to 1949 incl.
Prin. and
Bidder to
name one rate
of interest in
a
int.
National Bank of Boston.
Legal opinion of Ropes, Gray,
Perkins of Boston will be furnished the successful bidder.
Boyden
&
TAWAS CITY AND TAWAS TOWNSHIP FRACTIONAL SCHOOL
DISTRICT
NO. 7 (P. O. Tawas City), Mich.—BOND OFFERING—
Bigelow, Secretary, will receive sealed bids until 8 p. m. (EST) on
Aug. 28 for the purchasf of $18,000 not to exceed 3% interest school bonds.
Dated April 1, 1939.
Denoms. $500 and $200.
Due April 1 as follows:
$3,000, 1940; $3,400, 1941; $3,800 in 1942 and 1943, and $4,000 in 1944.
Rate or rates of interest to be exrpressed in multiples of )4 of 1 %.
Principal
and interest (annually on April 1) payable at the office of the District
Treasurer.
School district is authorized and required by law to levy upon
all its taxable property such ad valorem taxes as may be
necessary to pay
both principal and interest within the limitation prescribed by the State
Constitution.
An additional
10 mills has been voted for the five-year
period, 1939-1943, incl.
A certified check for 2% of the bonds bid for,
payable to order of the District Treasurer, is required.
Proposal to be
conditioned only on the opinion of H. Read Smith, Esq., approving legality
of bonds.
Cost of such opinion and expense of printing the bonds will be
paid for by the district.
A. A.
MINNESOTA
MINNEAPOLIS, Minn.—BOND SALE POSTPONED—It is stated that
the sale of the following
WELLESLEY, Mass.—NOTE
SALE—The Boston Safe Deposit &
°\ Boston was awarded on Aug. 21 an issue of $100,000 notes
0.107% discount.
Dated Aug. 21, 1939, and due July 26, 1940.
The
Wellesley Trust Co., Wellesley, second high bidder, named a rate of 0.109
%.
m
69,000
88
tion of this area is conservatively estimated at 600 and the summer
popula¬
tion 1,000.
From 100 to 200 additional water users are expected.
The
at
None
1959
87
as
includes
count.
1959
85
follows:
of
1959
84
10,000
5,000
at
issues
gregating $2,139,500, originally
has been postponed, because of
$1,000,000 public relief bonds.
of not to exceed 6% semi-ann. bonds ag¬
scheduled for Aug. 24—V. 149, p. 1059—
unsettled market conditions:
Due $100,000 each on Sept. 1 from 1940
to 1949, incl,
500,000 waterworks bonds.
Due $25,000 on Sept. 1 from 1940R) 1959,
inclusive.
MICHIGAN
500,000 storm drain bonds.
BAY CITY, Mich.—BOND SALE—The issue of
$50,000 (not $500,000)
improvement bonds offered Aug. 21—V. 149. p. 1211—was awarded to the
First of Michigan Corp., Detroit, at a
price of 100.06, a net interest cost of
a£?ut 1.1688%,
as
follows: .$42,000 1Kb, due $14,000
1942 and 1943, and $8,000
high bid of 100.056 for 1 Ms
in
in 1941, $10,000 in
1944; $8,000 Is, due Sept. 1, 1945.
Second
made by Braun, Bosworth & Co. of Toledo.
was
Due $50,000 on Sept. 1 from 1940 to 1949,
inclusive.
139,500 school building bonds.
Due Sept. 1 as follows: $6,500 in 1940
and $7,000 from 1941 to 1959, incl.
All of the bonds will be dated Sept. 1, 1939.
The highest bid submitted was an offer of par for 2.60s, tendered jointly
by Halsey, Stuart & Co., Inc., and Otis & Co, of Cleveland, but it was
rejected.
Volume
The
149
MINNESOTA, State of—GOVERNMENT BEING
BROUGHT UP TO
DATE—With nearly all major appointments of new department execu¬
tives completed by the Governor, and civil service for e lployees in
as of Aug. 1, Minnesota this month settles down to follow its new blueprint
effect
for modern State government, a report to the Council
ments said on
of State Govern¬
Aug. 10.
passed by
The joint objective of the reorganization and civil service Acts,
the 1939 Legislature, is to make more effective the executive
fiscal control and personnel management of the State, according
report, by Lloyd M. Short, professor of
1359
Commercial & Financial Chronicle
direction,
to the
the University
political science at
full five years from the date of issue and on any payment due date thereafter.
The bonds will be sold for not less than their par value with accrued interest
delivery, and all bidders must state the lowest rate of Interest
which they will purchase the bonds at par.
The board reserves the right
to date of
reject
must
and all bids and to sell the said bonds at private sale.
be accompanied by a certified check in the sum of $11,736.64,
any
at
to
All bids
payable
to the order of the Clerk.
(These are the bonds that
149, p. 1060.)
were
mentioned in our issue of
Aug. 12—V.
of Minnesota.
The
new
feature of the plan is the creation
of
Deaprtment of
a
teachers,
State
groups are
hampshire
new
Adminis¬
commissioner whose function is essentially that of a
The commissioner, who is appointed by the Governor
with senatorial consent, is ex-officio budget director and State purchasing
agent. He is responsible for the custody and maintenance of State property,
buildings and grounds.
He supervises the conduct of various service
enterprises such as central stores, duplicating and mailing rooms, and the
printing and distribution of State documents and reports.
Financial control, both for the State departments and local governments,
is provided for in detail by the new Act. The State Auditor, elected by the
people, is the central accounting officer.
He is to prepare quarterly and
annual statements showing the exact financial condition of the State and
each of its agencies, and is charged with setting up a uniform accounting
system for all agencies.
A second financial officer, the Public Examiner, is appointed by the
Governor with senatorial consent.
He makes an audit once a year, and
wherever he sees ways of improving the management of the State's business,
it is his duty to recommend proper measures.
He is charged with the
collection and publication of financial data from local government units
and with the preparation and installation of accounting systems for cities
and towns upon their request.
All State taxes are administered under one Department of Taxation,
headed by a single commissioner.
A Department of Social Security replaces the State's board of control
and relief agency.
The unemployment compensation division and the State
employment service also come under the new agency, which is headed by a
Social Security Board of three members appointed by the Governor.
The Civil Service Act covers most or the State employees.
School
tration, headed by
'State manager."
a
KEENE UNION SCHOOL DISTRICT (P. O. K*ene), N. H.—BOND
SALE—The $38,000 coupon Cleveland School bonds offered Aug. 18 were
Kennedy, Spence & Co. of Boston, as 134s, at a price of 100.619,
1.12%.
Dated June 29, 1939.
Denom. $1,000.
Due
follows: $4,000 from 1940 to 1947, incl., and $3,000 in 1948
1949.
Principal and interest payable at the Merchants National
Bank of Boston.
Legality approved by Storey, Thornkike, Palmer &
Dodge of Boston.
Other bids:
awarded to
a
basis
June
of about
29
as
and
Int. Rate
Bidder—
Rate Bid
Frederick M. Swan & Co
134%
100.57
R. L.
134%
134%
134%
100.259
100.985
100.927
134%
100.563
Day & Co__-_
Perry & Co
Goldman, Sachs & Co
Arthur
F. W. Horne & Co
DISTRICT (P. O. Keene), N. H.—
BOND OFFERING—Harold I. Chandler, District Treasurer, will receive
sealed bids until noon (DST) on Aug. 29 for the purchase of $200,000
coupon high school bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due
$10,000 on Aug. 1 from 1940 to 1959, incl.
Bidder to name a rate of
interest in multiples of 34 of 1%.
Principal and interest payable at the
Merchants National Bank of Boston.
Bonds will be prepared under the
supervision of and certified as to their genuineness by the Merchants
National Bank of Boston, and legal opinion of Storey, Thorndike, Palmer
& Dodge of Boston will be furnished the successful bidder.
KEENE
UNION
SCHOOL
department heads, elective officials and certain other
A director of civil service appointed by competitive
excluded.
new
jersey
which includes among other specifica¬
tions, in-service training for State employees.
Leaves of absence for
employees to secure additional training are expressly authorized, and
provisions may be made for internship or appreticeship training within the
SUE
service.
creased from $454,000 to $487,000 and
examination heads up the program,
NASHWAUK,
Minn.—BOND SALE DETAILS—It is now
reported
by the Village Attorney that the $60,000 3% semi-ann. street improvement
noted here—V. 149,
p. 1211—were purchased at par, and mature $6,000 on July 1 in 1945
and sidewalk construction bonds sold to the State, as
to 1954
incl.
ORTONVILLE, Minn.—BOND OFFERING—Bids will be received
Sept. 5, by the City Clerk, for the purchase of a
semi-ann. park bonds.
Dated Aug. 1, 1939.
These bonds were approved by the voters on
until
$30,000 issue of 234%
Due in from one to 10 years.
July 25.
STEELE COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 72
Route 1), Minn.—BOND OFFERING—It is reported
that sealed bids will be received until 8 p. m. on Aug. 28, by Mrs. E. A.
Nelson, District Clerk, for the purchase of $4,000 334 % semi-annual school
(P. O. Ellendale,
bonds.
Hillside), N. J.—REFLNDING IS¬
refunding bond issue has been in¬
the.details pursuant to which the
exchange of bonds will be made have been approved by the State Funding
Commission.
Coupon rate has been fixed at 4%.—V. 149, p. 911.
HILLSIDE TOWNSHIP
INCREASED—The
(P. O.
proposed
OFFERING— Benjamin T. Cranmer,
until 8 p. m. (DST) on Sept. 6 for
exceed 6% interest water supply bonds.
$500.
Due $500 each year from 1940 to
1961, incl.
Bids are asked for the bonds to bear interest at 4% and at
lesser rates,
Borough will furnish legal opinion of the Borough Solicitors.
A certified check for 2% must accompany each proposal.
a
PEMBERTON,
J.—BOND
N.
Borough Clerk, will receive sealed bids
the purchase of $11,000 not to
Dated Sept. 15, 1939.
Denom.
STANHOPE, N. J.—FLNDING BONDS APPROVED—Borough's pro¬
posal to issue $23,000 funding bonds has been approved by the State Fund¬
ing Commission.
Program calls for a full cash basis of operation and pro¬
vision for advance redemption of the bonds in event that certain real es¬
tate is
placed back in the taxpaying class.
TOTOWA. WEST PATERSON
HIGH SCHOOL DISTRICT (P. O.
mississippi
LAUDERDALE, Miss.—BOND COMMITMENT CANCELED— It is
A. Mulligan, Treasurer of the Reconstruction Finance Corpo¬
ration, that the commitment to purchase $140,000 in court house and jail
bonds, noted here last October, has been canceled.
stated by H.
DISTRICT (P. O. Pelahatchie), Miss.—BONDS SOLD BY RFC—It is stated that $15,000 4%
semi-ann. school bonds were purchased from the Reconstruction Finance
Corporation by Edward Jones & Co. of Jackson.
Denom. $500.
Dated
Oct. 1, 1938.
Due on Oct. 1 as follows: $500 in 1939 to 1942, and $1,000
in 1943 to 1955.
Prin. and int. (A-O) payable at the City Clerk's office.
PELAHATCHIE
SEPARATE
AND LITTLE FALLS REGIONAL
Paterson), N. J.—BOND SALE—
school construction bonds authorized by the voters of the
July 18 have been sold to the State Employees' Retirement
3%s, at par.
The $170,000
SCHOOL
district
System,
on
as
WEST
YORK, N. J.—FINAL, ACTION ON REFUNDING
DEFERRED-—The Board of Corrnissioners on Aug. 22
NEW
ORDINANCE
postponed to Sept, 12 final action on an ordinance introduced July 31
providing for a bond issue of $2,235,000 to refinance all of the obligations
presently outstanding.
Joseph Dorfn uller, President of the West New
York Taxpayers and Rentpayers Association, opposed the proposal on the
ground that it was not in the bsst interests of taxpayers, according to report.
New York State
MISSOURI
Markets in all State, County
Tilney & Company
& Town Issues
NEW YORK, N.
76 BEAVER STREET
BUILDING, ST. LOUIS, MO.
new
missouri
LESLIE
TOWNSHIP
Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
scherck, richter company
LANDRETH
Municipals
BONDS
(P.
O.
Bogard), Mo.—BONDS VOTED—It is
election held on Aug. 19 the voters
stated by the Township Clerk that at the
approved the issuance of the $23,000 road improvement
bonds.
ROLLA, Mo.—BONDS VOTED—At an election held on A g. 15 the
said to have approved the issuance of $18,000 in fire equipment
voters are
bonds.
VAN HORN TOWNSHIP (P.
O. Bogard), Mo.—BOND ELECTION—
It is reported that an election will be held on Sept.
issuance of $15,000 in road improvement bonds.
york
N. Y.—BOND OFFERING—Lawrence J. Ehrhardt, City
Comptroller, will sell at public auction at 1 p. m, (EST) on Aug. 30 an issue
of $432,000 not to exceed 6% interest coupon or registered water refunding
bonds.
Dated Sept. 1, 1939.
Denom. $1,000.
Due Sept. 1 as follows:
$27,000 in 1940; $25,000 from 1941 to 1949, incl., and $20,000 from 1950
to 1958, incl.
Bidder to name a single rate of interest, expressed in a
multiple of l-10th of 1%.
Principal and interest (M-S) payable at the
State Bank of Albany.
The bonds are unlimited tax obligations of the
city and the approving legal opinion of Sullivan, Donovan & Heenehan of
New York City will be furnished after the sale and prior to delivery, with a
certified transacript of proceedings and other proofs necessary to evidence
the validity of the bonds.
A certified check for $8,640, payab e to order
of the city, will be required as a good faith deposit.
The first bidder will
name the interest rate and price, with the auction then getting under way.
ALBANY,
2 in order to vote on the
montana
BETHLEHEM, N. Y.—SALE OF DELMAR-ELSMERE SEWER DIS¬
$102,500 coupon or registered sewer district bonds
Aug. 22—V. 149, p. 1060—were awarded to the National Com¬
mercial Bank & Trust Co., Albany, as 2.20s. at a price of 100.40, a basis
of about 2.15%.
Dated Aug. 15, 1939, and due Feb. 15 as follows: $4,000
from 1940 to 1942, incl.; $4,500, 1943; $5,000 from 1944 to 1947, incl., and
$6,000 from 1948 to 1958, incl.
Other bids:
TRICT BONDS—The
Mont .—BOND SALE DETAILS—
It is now reported by the County Clerk and Recorder that the $81.613.93
refunding bonds awarded on Aug. 14 to Kalman & Co. of St. Paul, and
associates, as 234s. at a price of 100.267, as noted here—V. 149, p. 1212—•
are dated July
1, 1939, and mature on July 1, 1949; becoming optional
after July 1, 1944.
Denom. $1,000, one for $613.93.
Coupon bonds,
BLAINE COUNTY (P. O. Chinook)
interest
payable J-J.
.
HAMILTON, Mont.—BOND OFFERING— Sealed bids will be received
by C. H. Raymond, City Clerk, for the purchase
bonds.
Interest rate is not to exceed 4%, payable
1939.
Amortization bonds will be the first choice
and serial bonds will be second choice of the Council.
A certified check for
$200, payable to the City Clerk, must accompany the bid.
until 8 p. m. on Sept. 5,
of $6,750 fire truck
J-J.
Dated July 1,
COUNTY (P. O. Plentywood), Mont.—BOND OFFER¬
ING—It is stated by C, F. Christensen, Clerk of the Board of County
Commissioners, that he will receive sealed bids until 2 p. m. on Sept. 5, for
the purchase of an issue of $117,366.38 not to exceed 5% se
i-annual
refunding bonds.
Dated Sept. 5, 1939.
Amortization bonds will be the
first choice and serial bonds will be the second choice of the board.
If
amortization bonds are sold and issued, the entire issue n ay be put into one
single bond or divided into several bonds, as the board may determine upon
at the time of sale, both principal and interest to be payable in seal annual
instalments during a period of 10 years from the date of issue.
If serial
bonds are issued and sold they will be in the amount of $1,000 each except
the last bond which will be in the amount of $1,366.38, the su n of $12,000
of the said serial bonds will become payable on Sent. 5, 1940, and a like
amount on the same day each year thereafter until all of such bonds are
paid, except that the last instalment will be in the amount of $9,366.38.
The bonds, whether amortization or serial bonds, will be redeemable in
SHERIDAN
offered
Bidder—■
Manufacturers &
Traders Trust Co. of
Inc., and A. C.
E. H. Rollins & Sons,
Inc
-
-
George B. Gibbons &
Int. Rate
Buffalo—2.20%
Allyn & Co.,
*
Co., and Sherwood &
Reichard,
2.30%
2.40%
Roosevelt &Weigol"d. Inc_234%
Marine Trust Co. of Buffalo, and R. D. White & Co. 2.70%
„■
jnc
Rate Bxd
100.339
10U.31
100.33
Inn'o™
100.279
N.Y.—BOND OFFERING—
Albert Sturm, Town Clerk, will receive sealed bids until 3 p. m. (EST)
on Aug
31 for the purchase of $12,000 not to exceed 5% interest coupon or
registered series or 1939 debt equalization bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows: $4,000 from >942 to 1944 incl.
Bidder to name a single rate of interest, expressed in a multiple of 34 or
1 10th of 1%.
Principal and interest (J-J) payable at the Manufacturers &
Traders Trust Co., Buffalo, with New York exchange.
The bonds are
payable from unlimited ad valorem taxes and the approving legal opinion of
Dillon. Vandewater & Moore of New York City will be furnished the
successful bidder. A certified check for $240, payable to order of the town,
CHEEKTOWAGA (P. O. Cheektowaga),
must accompany
each proposal,
CORTLANDT (P. O. Peekskill), N. Y.—CERTIFICATE SALE—
Leavitt & Co. of New York purchased an issue of $100,000 certificates of
indebtedness at 0.059% interest.
1360
The Commercial & Financial Chronicle
ERIE COUNTY (P. O. Buffalo), N. Y.—
SALE—
The Marine Trust Co., Manufacturers & Traders Trust
Co., Liberty Bank,
all of Buffalo, and the State Bank of Kenmore
joined in purchasing an issue
of SI ,000,000 certificates of indebtedness at
0.50% interest.
Dated Aug. 8.
1939, and due Feb. 8, 1940.
Legality approved by Dillon, Vandewater Sc
Moore of New York City.
FORT EDWARD (P. O. Fort Edward). N. Y.—BOND SALE DE¬
TAILS—The $40,000 124% work relief project bonds purchased
by the
Sandy Hill National Bank of Hudson Falls—Y. 149, p. 1212—were sold at
par and consisted of the following:
$20,000 series A bonds.
Due Feb. 1 as follows: $2,000 in 1940 and
1941;
$3,000 from 1942 to 1946. incl., and $1,000 in 1947.
20,000 series B bonds."
Due $2,000 on Aug. 1 from 1940 to 1949. incl.
All of the bonds are dated Feb. 1, 1939.
Denom. $1,000.
MECHANICVILLE, N. Y.—BOND SALE—The $20,000 coupon or regis•
home relief bonds offered Aug. 23—V. 149,
p. 1213—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as
1.90s, at a price of
100.329, a basis of about 1.83%.
Dated Feb. 1, 1939 and due $4,000 on
Feb. 1 from 1940 to 1949 incl.
Other bids:
.
Bidder—
Int. Rate
State Bank of Albany
NEW
State's
Rate Bid
2%
2.20%
2.20%
2.40%
,
Sherwood & Reichard, Inc
Roosevelt & Weigold, Inc....
E. H. Rollins & Sons, Inc
YORK, State of—IIOLSING
100.125
100.20
100.12
100.15
PROGRAM LNDER
WAY— The
new
slum-clearance and low-rent housing program
got under way
Aug. 21, when State Superintendent Edward
Welnfeld, head of the re¬
organized Division of Housing, advised local
housing authorities and
municipali officers of cities, towns and villages that application forms for
on
State loans and
subsidy grants for housing projects will be completed and
within the next few weeks.
Meanwhile, Mr. Weinfeld urged the
authorities to furnish the Division with estimates
of their housing
needs and to undertake
immediately such initial steps as may be feasible
in preparation for the submission of formal
applications.
At the same time, announcement was made of
the appointment of Ira S.
Robbins of New York as counsel for the
Division and George D. Brown Jr.
of New York City as Executive
Secretary.
Both served in these capacities
under the predecessor State Board of
Housing.
issued
local
►
Mr. Weinfeld's letter indicated that
substantial progress has been made
in setting up the administrative
organization of the Division of
implement the Housing Amendment
Constitution,
The Public Housing Law makes
available a
total of $150,000,000 for
housing loans to municipalities and $1,000,000
in annual subsidies but
only $50,000,000 of the loan fund and $250,000
in subsidies
actually may be expended during the presemt fiscal
year.
The
Division of Housing is
responsible for the administration and supervision of
the
to
the
State
entire program.
NIAGARA COMMON SCHOOL DISTRICT NO.
3 (P. O. R. F. D.
No. 1, Niagara
Falls), N. Y.—TO ISSUE BONDS—Frederick M. Griffin,
District Clerk, reports that an issue of
$45,000 not to exceed 6% interest
school
bonds will be offered for sale in the near
future.
These are the bonds
previously ofrered June 8, the sale having been
postponed at that time.
—V. 148, p. 3567.
NIAGARA
FALLS,
Y.—BOND
N.
NORTH
$480,000
coupon
or
Sale consisted of:
$240,000 public works bonds.
to
Due Jan.
1
as follows:
$20,000 from 1940
1946 to 1949, incl.
A945- incl'» and -$30,000 from
240,000 public welfare bonds.
Due Jan. 1
as
-to 1945, incl., and $30,000 from 1946
aii
All of the bonds bear date of
Sept. 1, 1939.
Bidder—
,
■ ,
..
follows:
to
„
nw*n«artr&
OJLEAN, N, Y'—BOND SALE—The
bonds offered
Aug.
23—V.
r1of Buffalo,
Other bids:
int. Rate
_
(P. O. Washington), N. C —BOND OFFER¬
ING—Sealed bids will be received by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, until 11 a. m.
(EST), on Aug. 29, for the purchase of a $53,0^0 issue of general refunding
bonds.
Dated July 1, 1939.
Due on July 1: $10,000, 1952 and 1953;
$15,000, 1954 and 1955, and $3,000, 1956, without opiton of prior payment.
There will be no auction.
Denom. $1,000; principal and interest (J-J)
payable in lawful money in New York City; coupon bonds registerable as to
principal only; general obligations; unlimited tax; delivery .at place of purciiusor's choice#
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum 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 rate3, 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 county, 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 ac¬
crued interest will be entertained.
Bids must be accompanied by a certified
check upon an incorporated bank or trust company, payable unconditionally
State Treasurer for $1,060The right to reject all bids
Is reserved.
The approving opinion of Reed, Hoyt, Washburn &
to the order of the
Clay,
New York City, will be furnished the purchaser.
100.189
Co., and
and
114%
100 127
149,
L60^
100.222
100.22
100.099
Kean,
$35,600
registered public
coupon or
1213—were awarded to the
as 1 Hh, at a price of 100.12, a basis of about
p.
$3,600 in 1940 and
Int. Rate
^
Paine, Webber & Co
Manufacturers & Traders Trust Co. of
Buffalo
Sherwood & Reichard, Inc
George B Gibbons & Co., Inc.
Roosevelt & Weigold, Inc
Rate Bid
IV>%
100.09
1.60%
1
100.19
70%
100 20
1.70%
1%%
100477
100.17
CENTRE, N. Y.-—BOND SALE—The $115,000
coupon or
registered bonds offered Aug. 22—V.
149, p. 1061—were awarded to A. C.
2.47%.
o
Ca°W Inc" Key^ YPrkSale consisted of:
$50,000
sewer
bonds.
35
2^8' at
Due Sept.
1
as
a Price of 100.277,
a
basis of about
follows:
$2,000 from 1940 to 1946,
incl" and $3,000 from 1947 to 1958, incl.
1&'RR2 ^at?r,b9ads- Due *1 '°°0 on Sept. 1 from 1940 to 1954, incl.
50,000 electric light system distribution bonds.
Due
$100,000 issue of coupon
on Aug. 22—V. 149, p. 1061—was awarded to Scott, Horner & Mason
of Lynchburg, at a price of 100.19, a net Interest cost of about
2.30%,
on the bonds divided as follows:
$48,000 as2Ks, due $4,000 from Sept. 1,
1940 to 1951; the remaining $52,000 as 2Ms, due $4,000 from Sept. 1,1952
"sale
1964
to
It
Sept.
a it
*
•!2'09° tr9m 1940 to 1946 •incl
are
• •
and $3,000 from 1947
dated Sept. 1, 1939.
1
as
Bidder—
Int
of Rockville Centre.
Rntp
Tlntp
2M %
214%
SALE—The $255,750 coupon
or
Biri
100.10
100 06
Manufacturers & Traders Trust
Co., and Campbell,
Phelps & Co
2 60%
Haisey, stuart &
Co., inc
:::::::::::::::::: 2.60%
George B. Gibbons & Co., Inc.; Roosevelt &
Weigold,
Inc., and Sherwood & Reichard, Inc
2.60%
Marine Trust Co. of
Buffalo, and R. D. White & Co. 2.90%
„BOME, N. Y.—BOND
follows:
to 1958. incl.
Other bids:
Bank of Rockville Centre Trust
Co
Nassau County National Bank
inn
100 51
100 22
100.339
registered bonds
offered Aug. 22
V. 149, p. 1061—were awarded to a
group composed of
George B. Gibbons & Co., Inc., Adams, McEntee &
Co., Inc., Sherwood &
Reichard, Inc., and Roosevelt &
Weigold, Inc., all of New York, as 1.70s,
at a price of
100.18, a basis of about 1.67%.
Sale consisted of:
$38,750 series B hospital bonds.
Due Sept. 1 as follows:
119
nnn
132,000
9^4,
series
3*°°9.in 1955
$2,000, 1940 to
and 195d and $2,750 in 1957.
of 1939 puolic welfare
bonds.
P°°inrPTmi19^010 1942) incl3
to 1949, incl.
!n
to
and 1941; $17,000 in 1942
1948, incl.
Due Sept.
1
as follows:
$12,000 in 1943 and $15,000
85,000 series of 1939 public works bonds.
'SStoity
-Ji'tox"
Inc., and A. C. Allyn & Co.,
Haisey]"
s¥uart~&"Co","iinclR75%
1941
to
1,
DISTRICT
(P.
O.
BOND SALE—The $12,000 issue of coupon semi-ann.
Lenoir),
water
N.
was
C.—
main bonds
offered for sale
on Aug. 23—V. 149, p. 147—was awarded to the Union Na¬
tional Bank of Lenoir, as 6s, paying a premium of $100, equal to 100.833,
a basis of about
5.91%.
Dated March 1, 1939.
Due $500 on March 1
in 1941 to 1964 incl.
notes were
is reported that $5,000 revenue
purchased by the Branch Banking Co., Fremont branch, at 5%.
GOLDSBORO, N. C.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. (EST), on Aug. 29,
by W. E. Easterling, Secretary of
the Local Government Commission, at his office in
Raleigh, for the purchase
of $27,000 fire station bonds.
Dated Sept. 1, 1939.
Due on Sept. 1 as
follows: $1,000, 1942 and $2,000, 1943 to 1955, incl., without option of
prior payment.
There will be no auction.
Denom. $1,000; principal and
interest (M-S) payable in lawful money in New York
City; coupon bonds
registerable as to both principal and interest; general obligations; unlimited
tax; delivery at place of purchaser's choice.
Bidders
6%
requested to
are
per annum in
name
the interest rate
multiples of 34 of 1%.
Each bid
or
rates, not exceeding
may name one rate
for
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 of the city, 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 ac¬
crued interest will be entertained.
Bids must be accompanied by a certified
check upon an incorporated bank or trust
company, payable unconditionally
to the order of the State Treasurer for $540.
The right to reject all bids is
The
reserved.
approving
opinion
of
Reed,
Hoyt,
Washburn
&
Clay,
New York City, will be furnished the purchaser.
HENDERSON,
N.
C.—MATURITY—It
is now reported that the
$15,U00 revenue notes purchased by R. S. Dickson & Co. of Charlotte, at
134%, Plus a premium of $1.10, as noted here—V. 149, p.
1213—are due
follows;
$5,000 on Nov. 1 and on Dec. 1, 1939, and on Feb. 1, 1940.
as
PEMBROKE, N. C.—BOND OFFERING— It is stated by W. E. Easter¬
ling, Secretary of the Local Government Commission, that he will receive
bias until 11 a. m. (EST) on
Aug. 29, at his office in Raleigh, for the pur¬
chase of the following bonds,
aggregating $14,000, dated Aug. 1, 1939,
maturing as follows:
$10,000 water and
bonds, maturing annually, Feo. 1, $1,000, 1942
sewer
to 1951, inclusive.
4,000 fire fighting apparatus
bonds, maturing annually,
Feb.
1,
$500,
1942 to 19^9. inclusive.
Denomination of the water and sewer bonds, $1,000, and of the first
fighting apparatus bonds, $500; principal and interest (F-A), payable at
the office of the Treasurer of the Town of
Pembroke, in legal tender; general
obligations; unlimited tax; coupon bonds registerable as to principal alone;
delivery on or about Sept. 15, 1939, at place of purchaser's choice.
There
will be
auction.
no
A separate
bid for each issue (not less than par and accrued interest)
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of 34 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
majr name more than two rates for either
issue, and each bidaer must specify in his bid the amount of the bonds of
is required.
each rate.
The bonds will be awaraed to the bidder offering to
purchase the
bonds at the lowest interest Cost to the town, sucn cost to.e 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.
Bids must be
must
on a form to be furnished with additional information and
be accompanied by a certified check upon an
incorporated bank or
trust company,
for $280.
payable unconditionally to the order of the State Treasurer
The approving opinion of Masslich and Mitchell, New York City,
will be furnished the purchaser.
OHIO
MUNICIPALS
1939*
t0 2%> aC~
McDONALD-COOLI DGE & CO.
'lOO. ?39
1001
CANTON
UNION
AKRON
COMMERCE
CINCINNATI
BLDG., CLEVELAND
COLUMBUS
SPRINGFIELD
100412
One bond for
$137.06, others $1,000 each.
follows: $4,137.06 in 1940 and $6,000 from
1944 incl.
SANITARY
$10-
SLOAN, N. Y.—BOND OFFERING—Robert A.
Kersten, Village Clerk,
«T7 la^ocfrfPfl
P3p.m. COST) on Aug. 31 for the purchase of
follows
exceed o% interest coupon or registered bonds, divided as
$28,137.06 improvement bonds.
subsequently that the Trust Co. of Georgia, of Atlanta,
LENOIR
EAST
Due Sept. 1 as follows: $13,000
and 1943 and $5,000 from 1944
OthS8fWds"d<ier8 * ^ fr°m °'25%
& Traders Trust Co
E. H. Rollins &
Sons.,
stated
from 1944
OFFERED—The bonds, all dated Sept.
Manufartwers
inclusive.
was
associated with the above named firm in the purchase of the said bonds.
,.
All of the bonds
(P. O. Concord), N. C,—BOND SALE—The
semi-annual county hospital bonds offered for
part of the bonds (having the earliest maturities) and another rate for the
1.70%
&
CABARRUS COUNTY
Rate Bid
114%
h4l%k'* at^;wpt%^l?39,an^ due July
$4,000 from 1941 to 1948 incl. Other bids: 1 ™ follows;
tj
incf.
1.70%
°A'
Blair & Co., Inc.;
George B. Gib ons
Roosevelt & Weigold, Inc..
Manufacturers & Traders Trust
Co.,
Taylor & Co..,
works
$20,000 from 1940
1949,
Power City Trust
Co.,Niagara Falls,_
Harris Trust & Savings
Bank; Bankers Trust Co.,
and First Boston
Corp
CAROLINA
BEAUFORT COUNTY
FREMONT, N. C.—NOTES SOLD—It
SALE— The
registered bonds offered Aug. 21—V. 149, p. 1213—were
awarded to a group
compoaed of Boatmen's National Bank: of St.
Louis, C. F. Childs & Co. and
Sherwood & Reichard, Inc., both of New
York, as 1.40s, at a price of 100.089
a
basis of about 1.38%.
1939
26
SOUTH GLENS FALLS (P. O. Glens Falls), N. Y.—BOND ISSUE
DETAILS—The $23,000 3% sewer bonds sold last February to the First
National Bank of Glens Falls—V. 148, p. 1521—mature $2,001
annually
from 1940 to 1950, incl., and $1,000 in 1951.
Housing to
carry on the greatly increased activities
provided for under, the DesmondMoffatt-M itch ell Housing Bills enacted at the last
session of the Legislature
and approved by Governor Lehman to
Aug.
$9,047.23 general bonds to fund tax anticipation loan.
One bond for
$1,047.23. others $1,000 each. Due Aug. 1 as follows: $2,047.23
in 1940; $2,000, 1941 and 1942. and $3,000 in 1943.
All of the bonds will be dated Aug. 1,1939. Bidder to name a single rate of
interest, expressed in a multiple of H or l-10th of 1%.
Principal and
interest (F-A) payable at the Marine Trust Co., Buffalo, with New York
exchange. The bonds are unlimited tax obligations of the village and the
approving legal opinion of Dillon, Vandewater & Moore of New York City
will be furnished the successful bidder. A certified check for $760, payable
to order of the village, is required.
OHIO
AKRON
CITY
SCHOOL
DISTRICT,
Ohio—MATURITY—The
$350,000 tax deficiency bonds awarded to the Dime Savings Bank Co. and
the Firestone Park Trust & Savings Bank, both of
Akron, jointly, as 2 34s,
at par—V.
149, p. 1213—matu
$50,000 each on Oct. 1 from 1940 to 1946,
inclusive.
The
Volume 149
Ferguson, Director of
for the purchase of
follows:
$100,000 water works bonds. Dated Sept. 1, 1939 and due $4,000 on Oct. 1
from 1941 to 1965 incl. These bonds were authorized by a vote of
55% of the electors on Nov. 6, 1928.
300,000 street improvement bonds. Dated April 1, 1939 and due $30,000
AKRON,
OFFERING—P.
Ohio—BOND
W.
Finance, will receive sealed bids until noon (EST)
$473,000 3 M % coupon or registered bonds, divided as
on
„
<3,000
1941 to
1 from
1950 incl.
These bonds were
authorized
by a vote of 55% of the electors on Nov. 7, 1933.
^
sewer improvement bonds.
Dated Sept. 1, 1939 and due Oct. 1
as follows:
$2,000 in 1941 and 1942 and $3,000 from 1943 to 1965
incl.
•
.
Oct.
All bonds will be issued in $1,000 denoms. Bidder may name an
interest
than 3 M %, provided that fractional rates are expressed in a
multiple of M of 1%. Principal and interest (A-O) payable at office of the
Director of Finance.
Delivery to be made to purchaser in coupon form at
Akron. Bids to be for all or none. The bonds are payable from taxes levied
outside the 10-mill iimitation of Sec. 2, Article XII of the State Constitution,
and outside the 7.5-mill limitation of Sec. 86a of the City Charter.
Bids
should be made subject to approval of bidder's attorney as to legality of
issue, approving opinion to be paid for by the pin-chaser. Enclose a certified
check for 2% of the amount bid for, payable to the Director of Finance.
rate other
DISTRICT, Ohio—NOTE SALE—
An issue of $6,135.30 refunding notes was sold as 3s to the Andover Bank.
The Ohio National Bank and the Huntington National Bank, both of
Columbus, also bid for 3s.
ANDOVER VILLAGE SCHOOL
ARCANUM
canum
DISTRICT,
SCHOOL
National Bank purchased an issue
ASHLAND
COUNTY
(P.
Ohio—NOTE SALE—The Ar¬
of $6,881.96 refunding notes as 3s.
Ashland), Ohio—NOTE
O.
SALE—The
$30,000 poor relief notes offered Aug. 21—V. 149, p. 1214—were awarded
to Stranahan, Harris & Co.", Inc. of Toledo.
Dated Sept. 1, 1939, and
due $10,000 on March 1 from 1940 to 1942, incl.
The successful bid
Is,
basis of 0.86%.
Bidder—
a
plus a premium of $62, equal to 100.206,
Other bids, also for Is, were as follows:
was par
for
Rate Bid
Paine, Webber & Co
George T. Lennon & Co
...
BancOhio Securities Co...
Provident Savings Bank & Trust Co
.—i,
"...
—
-100.175
,.100.085
100.05
—i—100.02
(P. O. Jefferson), Ohio—NOTE OFFERING—
W. W. Howes, Clerk of Board of County Commissioners, will receive sealed
bids until 1 p. m. (EST) on Sept. 5 for the purchase of $116,765 4% poor
relief notes.
Dated Sept. 1, 1939.
One note for $765, others $1,000 each.
Due as follows: $3,765 March 1 and $4,000, Sept. 1, 1940; $14,000, March 1
and Sept. 1,1941: $27,000 March 1 and Sept. 1, 1942, and $27,000 March 1,
1943. Bidder may name a different rate of interest ..provided that fractional
rates are expressed in a multiple of M of 1 %. Interest payable at maturity.
The notes are payable at County Treasurer's office and proposals must be
accompanied by certified check for $1,000, payable to order of the Board of
County Commissioners.
Legal opinion to be furnished by the successful
ASHLAND COUNTY
bidder.
,
DISTRICT (P. O.
Ashtabula), Ohio—NOTE SALE—The Commercial National Bank of
Ashtabula purchased an issue of $6,855.94 refunding notes.
TOWNSHIP
ASHTABULA
RURAL
SCHOOL
ATHENS COUNTY (P. O. Athens), Ohio—NOTE OFFERING—C. O.
Gibson, Clerk of Board of County Commissioners, will receive sealed bids
noon on Sept. 1 for the purchase of $24,700 not to exceed 4% interest
poor relief notes.
Due March 1 as follows: $5,500 in 1940; $5,500 in 1941
and 1942 and $6,200 in 1943. Interest M-S. A certified check for 1 % must
accompany each proposal.
j
,
until
BEVERLY VILLAGE
1361
Commercial & Financial Chronicle
SCHOOL DISTRICT, Ohio—NOTE SALE—
issue of $6,743.91 refunding
The Citizens Bank Co. of Beverly purchased an
notes as 3s.
lections for the whole year will be
under 100%, perhaps about 95%, it i®
pointed out.
For Cleveland, collection of current taxes amounted to
93.1% of the levy
while collections of both current
Eleven of the 12 cities
than last, but only two
of current and delinquent taxes combined
this year as compared with 93.4 % last year
and delinquent taxes were 102.7% against 116.3%.
showed higher collections of current taxes this year
showed increased collections
DAYTON, Ohio—SEEKS INCREASE IN TAX RATE—'The County
Budget Commission is being asked by the city for an increase in the general
1940 tax collections, bringing the rate to $9.86
as against $9.53 for the 1939 collections,
or an increase of one-third mill or
33 1-3 cents per $1,000 of assessed vauation.
City Finance Director Earl E. Hagerman disclosed the need for the
increased tax rate when he presented the 1940 budget request at a public
hearing beld before the City Commission.
The requested rate does not
include the 1940 poor relief expenditures which are expected to be covered
by funds obtained from the passage of the one and one-half mills levy at the
Aug. 8 primary election.
However, including relief needs, the proposed tax rate would amount to
$11.36 per $1,000 or an increase of $1.83 above the 1939 rate.
property tax rate for the
DISTRICT, Ohio—NOTE SALE—An issue
refundnig notes was sold to the Kirkersville Savings
ETNA RURAL SCHOOL
of $4,585.40 two-year
Bank Co. of Kirkersville, as 3s.
DISTRICT,
SCHOOL
CITY
FREMONT
Ohio— NOTE SALE—The
21 an issue of $39,of 100.012. Due in 1941.
Ohio National Bank of Columbus purchased on Aug.
074.74 two-year refunding notes as 2Mb. at a price
The Fremont Savings Bank bid par for 2.90s.
GNADENHUTTEN-CLAY VILLAGE SCHOOL DISTRICT (P. O.
Gnadenhutten), Ohio—NOTE SALE—An issue of $6,745.18 refunding
Gnadenhutten Bank as 3s. Due in two years.
notes was sold to the
GREEN
RURAL
SCHOOL
DISTRICT
(P. O. Greensburg), Ohio
of Akron bought an issue of
—NOTE SALE—The First Central Trust Co.
$17,869.35 refunding notes as 3s. Due in 1941. The Huntington National
Bank of Columbus bid for 3s and the Ohio National Bank of Columbus
for
3Mb.
V
.
GREENFIELD RURAL SCHOOL
NOTE SALE—The Ohio Valley Bank
of $3,865.26 refunding notes as
DISTRICT (P. O. Gallia), Ohio—
Co. of Gallipolis purchased an issue
4s, at par.
(P. O. Farmdale), Ohio—
GUSTAVUS RURAL SCHOOL DISTRICT
NOTE SALE— The First National Bank of Kinsman
purchased an issue of
$7,993.46 refunding notes as 2Mb.
.
(P. O. Summithill),
Chillicothe purchased
Due Aug. 7, 1941.
HUNTINGTON RURAL SCHOOL DISTRICT
Ohio—NOTE SALE—The First National Bank of
an
refunding notes as 2Mb.
issue of $16,110.33
IRONTON, Ohio—BOND AND NOTE OFFERING—Ralph F. Middendorf, City Auditor, will receive sealed bids until noon on Sept. 7 for the
purchase of $40,727 bonds and notes, divided as follows:
$33,727 6% refunding bonds.
Dated Oct. 1, 1939.
One bond for $727.
others $1,000 each.
Due Oct. 1 as follows: $3,727 in 1945; $3,000
from 1946 to 1951 incl. and $4,000 from 1952 to 1954 incl.
Bidder
may name a different rate of interest, expressed in a multiple of
M of 1 %.
A certified check for $340, payable to order of the city,
is required.
Interest payable A-O.
7,000 not to exceed 4% interest poor relief notes.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $1,000 on Aug. I from 1940 to 1946 incl.
Rate of interest to be expressed in a multiple of M of 1 % •
Interest
in
of
Proceeds will be used for poor relief purposes
A certified check for $70, payable to order
payable F-A.
1939 fiscal year.
the city, is required.
Princ. and int. payable at the
■
First National Bank, Ironton.
will accept and pay for the bonds or notes, in accordance
within 10 days after the transcript of the obligations has
Purchaser
with his proposal,
had the approval
of counsel.
BOWERSTOWN
SCHOOL DISTRICT,
Ohio—NOTE
purchased an issue of $5,510.45
price of 100.09. Due in 1941.
VILLAGE
SALE—The First National Bank of Jewett
refunding notes as 2Mb, at a
BURLINGTON RURAL SCHOOL DISTRICT
Ohio—NOTE SALE—The First National Bank
$4,520.54 refunding notes as 3s.
CAMPBELL,
Ohio—BOND
will receive sealed bids
until
(P. O. North Kenova),
of Ironton purchased
OFFERING—John B. Ross, City Auditor,
(EST) on Sept. 7 for the purchase of
noon
$1,000.
Principal and interest
RURAL SCHOOL
LIBERTY
RURAL SCHOOL DISTRICT (P.
SALE—The First National Bank of Jewett
SCHOOL DISTRICT, Ohio—NOTE SALE—
The Ohio National Bank of Columbus purchased an issue of $1,059.51
refunding notes as 3)4s.
Due in 1941,
\ ..
chased an issue of
VILLAGE SCHOOL DISTRICT
(P. O. Chauncey), Ohio—NOTE SALE—The Perry County Bank
of $15,916.78 refunding notes as 3s.
of New
Lexington purchased an issue
CLEVELAND,
Ohio—PLAN PROVIDES FOR GUARANTEED
P. Antrim),
purchased an
$3,300.72 refunding notes as 3s,
RURAL SCHOOL DISTRICT (P. O. Anna),
Loramie Banking Co. of Fort Loramie pur¬
$2,707.85 refunding notes as 4s.
: : ;
McCARTYVILLE
Ohio—NOTE SALE—The
MARION, Ohio—NOTE OFFERING—Walter S. Guthrie, City Clerk,
bids until noon on Aug. 28 for the purchase of $37,480
will receive sealed
dated Aug. 1, 1939 and due March 1, 1943.
SCHOOL DISTRICT (P. O. Chesterhill), Ohio—
SALE—An issue of $5,983.16 refunding notes was sold to the First
2% poor relief notes,
MARION RURAL
NOTE
AN¬
amendment, introduced by adminis¬
tration of Mayor Harold H. Burton and designed to provide a guaranteed
annual income on which to base the city's budget, will be voted upon by
City Council Sept. 7 in order that the amendment may be placed on the
NUAL INCOME—Proposed charter
issue of
Due Aug. 9, 1941
LONDONDERRY
Ohio—NOTE
CELINA EXEMPTED
DISTRICT (P. O. Jackson), Ohio—
National Bank of Jackson purchased an
$3,696.22 refunding notes as 4s.
issue of
TOWNSHIP
CHAUNCEY-DOVER EXEMPTED
"
NOTE SALE—The First
SCHOOL DISTRICT (P. O. Plain City);
Ohio—NOTE SALE—The First National Bank of Barnesville purchased
$5,055.65 refunding notes as 3s, at a price of 100.098.
CANAAN
•
EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—
NOTE SALE—An issue of $16,339.45 refunding notes was sold to the
Huntington National Bank of Columbus, as 3s.
Due in 1941. The Ohio
National Bank of Columbus bid for 3 Ms.
Due
1945 to 1951
(A-O) payable at office of the sinking fund
trustees.
Bidder may name a different rate of interest, provided that frac¬
tional rates are expressed in 'multiples of 34 of 1 %. A certified check for 2%
of the amount of the bid, payable to order of the City Auditor, is required,
incl.
RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE SALE—The First National Bank of
Aug. 7 an issue of $2,981.22 refunding notes as 3Ms.
TOWNSHIP
Robinson),
Galion purchased on
Due in 1941.
■
LEETONIA
Due Aug. 7, 1941.
$25,000 4% refunding bonds. Dated Sept. 1, 1939. Denom.
Oct. 1 as follows:
$2,000 in 1943 and 1944 and $3,000 from
JEFFERSON
North
National Bank of
Ohesterhill as 3 Mb.
MIAMI RURAL
SCHOOL DISTRICT (P. O. Mulberry), Ohio—NOTE
offered Aug. 21 were taken by the
Bank of Columbus, as 3s. Due In 1941. Only one
SALE—The $4,253.82 refunding notes
Huntington National
bid was received.
-
Nov. 7 ballot.
amendment would (1) guarantee the
city an annual operating income regardless of rate of tax collections; (2)
give council permanent zuthority to levy for operating purposes outside the
10-mill limitation without voter approval: (3) permit a special relief levy to
be voted upon by the people each November with a simple majority needed
to carry.
In this last respect, city charter takes precedence over present
State law which requires a 65% majority vote for approval of special levies.
Amendment in effect, sets up a guaranteed annual operating income for
the city in the following manner;
Council would be permitted to levy
sufficient millage outside the 10-mill limitation, to provide not more than
$10,000,000 in regular operating funds.
In addition, the amendment
presupposes that operating income derived from sources other than real
estate taxes will total $6,000,000 annually, so that city's annual operating
budget would be about $16,000,000.
Jf in any year, tax collections fall below 100%, or if outside income falls
short of the $6,000,000, amendment provides that Council may make up
the deficit by levying more than the $10,000,000 the following year.
► Placing of operating costs of both the city and Cuyahoga County govern¬
ments on a pay-as-you-go basis, was urged in a report prepared by the
Municipal Redearch Bureau of the Cleveland Chamber of Commerce.
Three
provisions of the charter
Ohio—BOND ISSUANCE ENJOINED—An in¬
junction restraining the sale of $1,800,000 of bonds to be used for the
erection of a municipal power plant, was granted by Judge George Mc¬
MIDDLETOWN,
Dowell in Butler
County Common
Journal of recent date.
the Middletown Gas
and
^J^heC(dty
Pleas Court, according to Wall Street
in a taxpayer's suit
The injunction was sought
& Electric Co., subsidiary
of Columbia Gas &
December for sale of $1,800,000 3M% electric
light mortgage plant revenue bonds to Van Lahr, Doll & Isphording, Inc.
of Cincinnati, at a price of 95.—V. 147. p. 3649.)
MILLERSBURG-HARDY EXEMPTED VILLAGE SCHOOL DIS¬
TRICT (P. O. Millersburg), Ohio—BOND OFFERING— Ruth Albury,
Clerk of Board of Education, will receivb sealed bids until noon on Sept. 9
for the purchase of $3,200 2M% school bonds
Dated Sept. 9, 1939.
Denom. $320. Due $320 on March 15 and Sept. 15 from 1941 to 1945 incl.
Callable prior to maturity at not more than par.
Bidder may name a
different rate of interest, expressed in a multiple of M of 1 %. Interest M-S.
A certified check for 5% of the bonds bid for, payable to order of the Board
of Education, must accompany each proposal.
arrammd last
MOGADORE,
Ohio—NOTE SALE—Gillis, Russell & Co. of Cleveland
$5,549.15 refunding notes as 3s, at a price of
COLUMBUS, Ohio—BOND SALE—The $700,000 coupon delinquent tax
149,1062—were awarded to BancOhio Securities
Co., and Fullerton & Co., both of Columbus, jointly, as 2Mb, at a price
of 100.414, a basis of about 2.17%.
Dated Sept. 15. 1939 and due Sept. 1
as follows: $87,000 from 1941 to 1944 incl. and $88,000 from 1945 to 1948
incl.
Second high bid of 100.014 for 2Ms was made by Lowry Sweney, Inc.
National Bank of Columbus bid par
Bank.
MONROEVILLE VILLAGE SCHOOL
DISTRICT, Ohio—NOTE
SALE—An issue of $6,303.64 refunding notes was sold to the Farmers
of Columbus and associates.
& Citizens
bonds offered Aug. 24—V.
Cleveland), Ohio—TAX COLLECTION
REPORT—General taxes collected in the county during the first half of
1939, amounted to $22,892,738 or 101.9% of current levy compared with
114.5% of levy collected in first half a year ago, according to a report of
John A. Zangerle, County Auditor.
Covering taxes for first half of 1938
which were collected during first six months of current year, the report
reveals that while collection of current tax was 91.1% of levy in each of the
two years, the entire difference in percentages of both current and delinquent
collections was in the collection of delinquencies which contributed an
additional 10% this year as compared with 23% a year ago.
Since the last
half collection is usually less than the first, it is probable that total col¬
CUYAHOGA COUNTY (P. O.
were
awarded an issue of
100 09
for
'3s,'
Due in 1941. The Huntington
as did the Mogadore Savings
Bank of
Monroeville as 3s, at par.
MONTGOMERY TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—NOTE SALE—The Citizens Savings Bank of Pemberville purchased $6,704.45 refunding notes as 3s. Due in 1941.
Bradner),
NEWTON
FALLS
EXEMPTED VILLAGE
SCHOOL DISTRICT,
Ohio—RATE OF INTEREST—The $19,899.10 refunding notes sold to the
Union Savings & Trust Co. of Warren—V. 149, p. 1214—bear 2.74%
interest.
NORTHBRIDGE RURAL SCHOOL DISTRICT (P.
Ohio—NOTES NOT SOLD—No bids were submitted for
exceed 4% interest refunding notes offered on Aug.
not to
O. Dayton),
the $17,840.92
15.
The Commercial & Financial
1362
an
issue of $6,929.06
BONDS
Education that
refunding notes as 2^s.
OHIO (State of)—NOTE OFFERINGS BY SCHOOL DISTRICTS—The
following is a record of note offerings announced by school districts during
the past week.
The particulars in each instance are similar in that bidder
is required to name an interest rate of not more than 4% and the obligations
will be subject to call after Nor. 30 in any year.
Proposals must be accom¬
panied by a certified check for 1% of the issue.
Tabulation shows name
of the district making the offering, amount of loan, date of sale and hour
set for opening of bids:
Name
Sun)*»*_.
:■
**i;**.*;.***
Ellsworth Rural*
8:00 p.m.
8:00 p.m.
Septi
1,325.90
Aug. 31,
1:30p.m.
9:00 p.m.
<
*********—2,5/4.52
12,520.79
10,895.62
Liberty (P. O. Baltimore}**-*-— ******* 10,197.41
Mingo Junction-j*****-***w-*-****-—*
5,361.84
Gabon City.*
.**** — .
.•*-Jefferson Rural (P. O, Dresden)********
New Knoxville*-***;.-* —*.**-*--*-■***
York Township (P. O. Delta)****
1,
OKLAHOMA CITY SCHOOL DISTRICT (P.
5,902.09
for Sept. 15 in order to
construction bonds.
9:00p.m.
8:00 p.m.
8:00 p.m.
1:00 p.m.
PUTNAM
* *
Sept.
Sept.
Sept.
*
OXFORD RURAL SCHOOL DISTRICT (P. O.
SKIATOOK, Okla.—BONDS OFFERED—Sealed bids were received
Aug. 23, by Noble G. Goins, Town Clerk, for the purchase
issue of community building bonds. 'Due $1,000 from 1942
of a $15,000
to 1956
9,8:00 p.m.
7, 8:00 p.m.
5, 8:00 p.m.
Falrview), Ohio—
Township
rural school district (p.
Ohio—NOTE SALE—The Huntington National Bank of
o.
inclusive.
THACKERVILLE SCHOOL DISTRICT (P. O. Thackerville), Okla.
—BOND OFFERING—Sealed bids will be received until 1 p. m. on Aug, 29,
by Vernon Bond, Clerk of the Board of Education, for the purchase of a
$15,000 issue of building bonds.
Due $1,000 in 1942 to 1956,
The bonds
shall be sold to the bidder bidding the lowest rate of interest the bonds shall
bear and agreeing to pay par and accrued interest for the bonds, and are
Issued in accordance with Article 5, Chapter 32 of the Oklahoma Session
Laws of 1935.
Enclose a certified check for 2% of the amount of the bid.
NOTE SALE—The Quaker City National Bank of Quaker City purchased
an Issue of 33,096,47 refunding notes as 3s.
ross
(P. O. Putnam). Okla.—BONDS
14 the voters are said to have approved
construction bonds.
DISTRICT
until 8 p. m. on
ADDITIONAL OFFERINGS—'The following Is a list of new offerings:
Name of School District—
Amount
Sale Date
Blancharci-Pieasant (P. O. Dunkirk! ***.**$4,402.52
Aug. 31, 8:00 p.m.
.
SCHOOL
VOTED—At an election held on Aug.
the issuance of $40,000 in
Sale Date
Sept, 1, 8:00 p.m.
Sept. 11, 8:30 p.m.
Elyrla Rural
*„*__**■.*_*_**..*.***«**
2,898.33
Patterson Township (P. O, Osgood)1,016,76
Pleasant Twp. Rural (P. O Mt, Sterling)
1,385,90
O. Oklahoma City),
reported that an election has been called
have the voters pass on the issuance of $750,000 in
Okla .—BOND ELECTION—It is
8:00 p.m.
ADDITIONAL OFFERINGS—Other offerings are as follows:
Name of School District—
Amount
Colerain Township Rural (P. O. Boston). $3,913.15
Washington Township (P. O, Centerville)
$16,000:
.
Aug. 31,
Aug. 28,
Aug. 31,
Aug. 31,
Aug. 31,
Aug. 31*
Aug. 31,
2,509.67
5,698.70
*
OFFERING—Sealed bids will be received
Bracksieck, Town Clerk, for the purchase
$10,000 sewer bonds.
Due $1,000 in 1943 to 1952 ihcl.
6.000 sewer bonds.
Due $1,000 in 1953 to 1958 mcl.
It Is stated that the bonds shall be sold to the bidder bidding the lowest
rate of Interest the bonds shall bear and agreeing to pay par and accrued in¬
terest for the bonds, and are issued in accordance with Sections 5929 and
5930, Oklahoma Statutes 1931.
Enclose a certified check for 2% of the
amount of the bid.
Aug. 31, 8:00 p.m.
Sept. 5, noon
5,089.28
.-****.M
Banbury Township (P. O. Marblehead)
JONES CITY, Okla.—BOND
until 8 P. m. on Aug. 25, by W. E.
of the following bonds aggregating
Sale, Date
Amount
of School District—
Benton Rural (P. O. Rockyridge).****** $3,304.70
Brooklyn Village******—
-*
*
2,292.28
College Corner Village (P. O. Morning
Aug. 26,
EARLSBORO SCHOOL DISTRICT (P. O. Earlsboro), Okla.—SOLD—It is reported by the Superintendent of the Board of
$34,000 4 % semi-ann. building bonds were sold at par on
July 14 to the J. E. Piersol Bond Co. of Oklahoma City.
Due $3,000 from
1942 to 1951, and $4,000 in 1952.
OHIO CITY, LIBERTY SCHOOL DISTRICT (P. O. Ohio Cltjr),
Ohio—NOTE SALE—The Van Wert National Bank of Van Wert pur¬
chased
Chronicle
V/OODS COUNTY (P. O. Alva), Okla.—BONDS SOLD—It is stated
by the County Clerk that $5,000 4 H% Penn Township road improvement
refunding bonds have been purchased at par by C. Edgar Honnold of
Oklahoma City.
Due in five years.
ross),
Columbus,
purchased an issue of $8,475.39 refunding notes as 3j^s.
SHADYSIDE, Ohio—BOND OFFERXJNQ—Joseph Traux, Jr., Village
Clerk, will receive sealed bids until
noon on
Aug. 25 for the purchase of
§47,000 coupon street improvement bonds. Dated May 1,1939. Denom.
1,000.
Due May 1 as follows: $3,000, 1940 $4,000 in 1941, and $5,000
PARKROSE WATER DISTRICT (P. O. Portland), Ore,—BONDS
OFFERED—Sealed bids were received by A. F. Morris, District Secretary,
until 5 p. m. on Aug, 25; for the purchase of a $25,000 issue of general
obligation water bonds.
Dated Sept* 1, 1939. Due on Sept, 1 as follows:
$2,000 in 1941 and $3,000 in 1942 to 1947.
from 1942 to 1949 inch
Bidder to name rate of interest in a multiple of
H of 1 %,
A certified check for 1% of the bonds bid for, payable to order
village, is required.
* <
SHARON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Worthington), Ohio—NOTE SALE—The State Treasurer purchased as 3s the
$4,9112.58 refunding notes offered on July 29.
'■
LAKEVIEW, Ore.—BOND SALE—The $19,216.68 issue of 3% coupon
improvement bonds offered for sale on Aug. 18—V. 149,
914—was awarded to the Bernard Daly Educational Fund, according
to the Town Recorder.
Dated Aug. 1, 1939,
Due from Aug. 1, 1940
semi-annual
p.
STOW RURAL SCHOOL DISTRICT (P. O.
Cuyahoga Falls), Ohio
NOTE SALE— The Kent National Bank of Kant purchased $19,357.92
refunding notes as 2 Ms.
Due in 1941.
The First Central Trust Co. of
Akron and the Ohio National Bank of Columbus, each bid par for 3s,
STUBENVILLE CITY SCHOOL DISTRICT, Ohio—NOTE SALE—
The $70,663.32 refunding notes offered Aug. 15 were sold as 2 Ms, at par,
as follows: $24,732 to the National
Exchange Bang of Steubenville, and
$45,831.32 to the Miners & Mechanics Bank & Trust Co, of Steubenville.
to 1949.
r
MALHEUR COUNTY SCHOOL DISTRICT NO. 26 (P. O. Nyssa),
Ore.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
Sept, 8 by B. B. Lienkamper, District Clerk, for the purchase of a $36,000
Issue of coupon funding bonds.
Interest rate is not to exceed 4%, payable
Dated Oct. 1, 1 939. Denom. $500. Due $4,500 from Oct. 1, 1940 to
A-O.
1947.
Callable after Oct. 1,1940.
All bids must be for not less than par
Prin. and int. payable in lawful money at the County
Treasurer's office.
The bonds may be registerable as to principal only and
were authorized at an election held on
Aug. 14.
The approving legal
and accrued interest.
STRONGS VILLE
SCHOOL DISTRICT, Ohio—NOTE SALE—The
Commercial & Savings Bank of Berea purchased $7,830 refunding notes,
due in two years, as 4s, at par.
SUGARCREEK-SHANESVILLE VILLAGE SCHOOL DISTRICT
(P. O. Sugar creek), Ohio—NOTE SALE—The Huntington National
Bank of Columbus purchased $5,827.98 refunding notes as 3Ms, at par.
TAYLOR TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Broad¬
way), Ohio—NOTE SALE—The First National Bank of Marysville pur¬
chased an Issue of $4,427.33 refunding notes as 3s.
THORN VILLE
SCHOOL
DISTRICT, Ohio—NOTE SALE—The
Peoples Bank of Thornville purchased $6,578.18 refunding notes as 3s,
opinion will be at the cost of the purchaser.
$1,000, payable to the district.
RAINIER,
certified check for
will
bids
to received
for the purchase
is not to exceed
4%, payable M-S.
Dated Sept. 1, 1939. Denom. $1,000.
Due $4,000*
Sept. 1, 1940 to 1944. Callable on any interest paying date on and after
Sept. 1,1942. Prin. and int. payable at the City Treasurer's office. Enclose
a certified check for $1,000, payable to the city.
PENNSYLVANIA
TIRO CONSOLIDATED SCHOOL DISTRICT, Ohio—NOTE SALE
Farmers & Citizens Bank of Tiro purchased $5,272.11 refunding
—The
Due in two years.
.TROY TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Ashland),
Ohio—NOTE SALE—The Farmers Bank of Ashland purchased an issue
of $4,040.76 refunding notes as 3Ms.
yrWlN
OFFERING— Sealed
a
until 8 p. m. on Sept. 5, by Alfred S. May, City Recorder,
of a $20,000 Issue of refunding water bonds. Interest rate
Due in 1941.
notes as 4s.
Ore.—BOND
Enclose
SPECIAL
Due in 1941.
SCHOOL
DISTRICT NO. 2 (P. O: Arcanum).
Ohio—NOTE SALE—The Arcanum National Ba.k of Arcanum purchased
an issue of $1,246.25
refunding notes as 3Ms.
UNIVERSITY HEIGHTS (P. O. South Euclid), Ohio—BOND OF¬
FERING—W. A. Horky, Village Clerk, will receive sealed bids until noon
(EST) on Sept. 12 tor the purchase of $130,000 series of 1939 refunding
bonds.
Dated Oct, 1, 1939.
Denom, $1,000.
Due $13,000 on Oct. 1
from 1944 to 1953 incl.
Callable Oct, 1, 1944 or on any interest payment
date thereafter..
Prin. and int. (A-O) payable at office of the legal deposi¬
tory of the village.
The bonds are issued for the purpose of refunding
certain bonds of the village which are about to mature, and are
payable
primarily from limited taxes, but as to approximately 97% thereof they
are to the extent necessarily payable from unlimited taxes under the Hud¬
son
case.
Proceedings have been taken under supervision of Squire,
Sanders & Dempsey of Cleveland, whose approving opinion may be ob¬
tained by the purchaser at his own expense.
Enclose a certified check for
1 % of the amount of the bonds to be sold.
VAN BUREN TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
R. R. NO. 7, Dayton), Ohio—NOTE OFFERING—George L. Ernst,
Clerk of the Board of Education, will receive sealed bids until 7:30 p. m.
on Sept. 13 for the
purchase of $19,616.96 not to exceed 4% interest re¬
funding notes, subject to call after Nov. 30 In any year by the Board.
DISTRICT, Pa .—BOND OFFERING—R. li.
Thompson, Secretary of Board of Education/will receive sealed bids until
7:30 p. m. on Sept. 5 for the purchase of $225,0< 0 2, 2M, 2H, 2M, 3, 3M,
3 H, 3M or 4% coupon, registerable as to principal only, school bonds.
Dated Oct. 1, 1939.
Denom. $1,000.
Due Oct. 1 as follows: $38,000 in
1940; $37,010, 1941; $38,000, 1942; $37,000, 1943; $38,000 in 1944 and
$37,000 in 1945.
Bidder to name a single rate of interest, payable A-O,
Bonds are issued in anticipation of collection of outstanding delinquent
school taxes pursuant to Act of the Pennsylvania General Assembly, ap¬
proved May 16, 1939, and known as Act No. 69.
Successful bidder to pay
for printing of bonds and for any legal opinion desired; district will pay for
approval of issue by the Pennsylvania Department of Internal Affairs.
A
certified check for $5,000, payable to order of the district, is required.
ALTOONA
SCHOOL
COCHRANTON, Pa.—BOND SALE—The $8,000 3% coupon munici¬
pal bldg. bonds offered Aug. 3—V. 149, P. 616—were awarded to Phillips,
Schmertz & Co, of Pittsburgh at a price of 102.515, a basis of about 2.67%,
Dated July 1, 1939 and due $500 on July 1 from 1940 to 1955 incl.
GOLDSBORO (P. O. Etters, R.
D.), Pa.—BOND OFFERING—A, A.
Zeigler, Borough Secretary, will receive sealed bids until 7 p. m. (EST) on
Aug. 25 for the purchase of $6,000 2M% coupon fire apparatus bonds.
Dated Sept. 1, 1939. Denom. $300. Due $300od Sept. 1 from 1940to 1959,
incl. Callable on any interest date on or after Sept, 1, 1940- Int. M-S.
LOWER YODER TOWNSHIP SCHOOL DISTRICT (P. O. R. D.
No. 5, Johnstown), Pa.—BOND OFFERING—Joseph G. Alberter, District
.
^
WEST .FRANKLIN RURAL SCHOOL DISTRICT (P. O. Clinton),
Oko—NQTE SALE—The Ohio National Bank of Columbus purchased
Due in two years..
$4,825.28 refunding notes as 3s, at par.
WHITE OAK RURAL SCHOOL DISTRICT (P. O. Sharonville),
Ohio—NOTE SALE—The State Treasurer purchased the $1,956.34 re¬
funding notes offered on Aug. 1.
■
Secretary, will receive sealed bids until 7:30 p. m. (EST) on Sept. 4, for the
purchaseof$13,000 4%schoolbondsofl939. Dated July 1,1939. Denom.
$500.* Due July l as follows: $4,000 in 1942 and 1943 and $5,000 in 1944.
Interest J-J.
The proceedings authorizing the issue and sale of these bonds
have been approved by the Pennsylvania Department of Internal Affairs.
A certified check for $300, payable to order of the district, is required.
PHILADELPHIA,
Pa.—CORPORATION
BOND
TAX
UPHELD—
Right of the city to collect four mills personal property tax on bonds issued
by corporations not registered in this State was established in a ruling by
Judge Charles Klein in Orphans' Court, Philadelphia. According to City
Solicitor Joseph Sharsin, the ruling will add about $100,000 a year to city's
income. Ruling upset a previous decision by Court. Judge Klein observed
that to ban tax would be granting preference to foreign corporations, it
.was
said.
;
PHILADELPHIA, Pa.—TO ISSUE FIRST SERIAL LOAN—The city
R. J. EDWARDS, Inc.
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Long Distance 787
OKLAHOMA
_
ANTLERS, Olda.—BOND ELECTION—It
Council has called
an
is reported that the City
election for Sept. 5 in order to vote on the issuance of
$32,000 in bonds, divided
system bonds.
sewer
as
follows: $17,000 water system, and $15,000
within the next several weeks will call for bids on a loan of approximately
$4,500,000 to take the form of 20-year serial bonds, carrying a coupon of
not more than 3 %. It will be the first serial bond issue in the city's history.
Heretofore the city's loans have been made in the form of long-term bonds
liquidated by the sinking fund method. The purpose of the loan is to pay
off approximately $4,600,000 in capital mandamuses which are now bearing
interest at the rate of 6%.
The pending ordinance which fixes the rate of
interest and the terms of years for the issue does not specifically state the
amount of the loan, which will be determined accurately following its adop¬
tion by the so-called loan committee consisting of the mayor, the city
solicitor and the controller.
This committee will also determine other
specifications not fixed by Council. Authorization for the refunding of the
capital mandamuses was given in a decision of the Pennsylvania Supreme
Court last May.
The operation will mark the final step of City Council in cleaning up the
accumulated deficits of the past several years.
The major part of these
deficits were paid off by means of a $41,000,000 loan obtained against an
assignment of the $4,200,000 in annual revenue the city was receiving
from the municipally owned but privately operated gas works.
The loan
,
Volume
The
149
was obtained from the
Reconstruction Finance Corporation and private
banking interests, each of which took half.
Delay in negotiating the loan
over the 1939 budget adoption until this month.
beld
With accumulated deficits cleared up and plans made for financing the
•capital mandamuses, consideration of the 1940 budget is the next major
problem before Council and city officials.
All official
sources
of
sources
revenue
or
agree
that
an
increase in the real estate tax or new
of municipal govern¬
the same scale as this year. Early dis¬
both must be found if the cost
ment is to be maintained in
1940
on
cussions place the gap between next
at from
from a deficit from
$5,000,000.
year's city budget and revenues
$11,000,000 to $13,000,000. Part of this gap will result
this year's operations estimated at from $3,000,000 to
WEST HOMESTEAD (P. O. Homestead), Pa .—BOND OFFERING—
Harry J. Brosey, Borough Secretary, will receive sealed bids until Sept. 5
for the purchase of $40,000 coupon building equipment and street repair
bonds. Dated Sept. 1, 1939. Denom. $1,000.
Due $4,000 on Sept. 1 from
1940 to 1949 incl.
Bidder to name rate of interest,
a certified check for
$1,000 must accompany each proposal.
YARDLEY,
Pa.—BOND OFFERING DETAILS—Bidders
for the
$10,000 street improvement bonds being offered for sale on Sept. 1—V.149,
p. 1064—must name an interest rate of either 2, 2%. 2)4, 2M> 3, 3M or
3H%.
Bonds will be issued in coupon form, registerable as to principal
only.
Interest M-N. A certified check for 2 % of tin bonds bid for, payable
to order of the Borough Treasurer, is required.
ISLAND
RHODE
RHODE ISLAND (State of), BONDED DEBT— The gross
of the State at close of fiscal year on June 30, 1939, was
Despite the fact that $2,500,000 of new debt was
bonded debt
$33,506,000
contracted in the fiscal
year, the gross debt reflected an increase of only $86,000, the difference
being the amount of old debt paid off.
The State, according to report of
Governor Vanderbilt, finished the year with a surplus of $502,000, which
compares with the operating deficit of $319,847 which existed at the start
of the fiscal year.
The Governor emphasized that the surplus was achieved
only as a result of a material reduction in operating expenses, adding that
"if we had simply borrowed the $2,590,000 and had not cut expenses" the
State would have had an accumulated deficit of $600,000 at end of the
year.
Net debt at June 30 last stood at $27,615,353. The Governor stated
that no further borrowing for current expenses, including financing of
relief and other public assistance needs,.would be resorted to during his
term of office.
SOUTH
1363
Commercial & Financial Chronicle
CAROLINA
S. C.—BONDS OFFERED FOR INVESTMENT—A
group headed byR.S. Dickson & Co. Inc. and including Southern Invest¬
ment Co., Charlotte, and Hamilton & Co., Chester, offered on Aug. 23
the new issue of $270,000 4% electric revenue bonds, dated Nov. 1, 1938
and due serially from Nov. 1, 1942 to 1968 (V. 149, p. 1215), at prices to
yield from 1.50% to 3.15%, according to maturity.
ABBEVILLE,
These bonds, in the opinion of counsel, are valid and legally binding
obligations of the city, payable solely from the gross revenue of the entire
electric system operated by it and are secured by statutory first lien upon
such system.
In the opinion of counsel the city has agreed by ordinance
to set aside specified amounts each month out of gross revenues sufficient
for the purpose of paying principal and interest on the bonds. The city has
obligated itself to charge sufficient rates to provide for payment of principal
and interest on these bonds and to maintani and operate the electric system.
following is taken from the official reoffering notices:
These bonds
in the opinion of counsel, are valid and binding obligations of the City of
Abbeville payable solely from the gross revenue of the entire electric system
operated by the city and are secured by statutory first lien upon such elec¬
tric system.
In the opinion of counsel the city has, by ordinance lawfully
adopted, agreed to set aside specified amounts each month out of such
gross revenues received during the preceding month before any other use
is made of such gross revenues for the purpose of paying the principal of
and interest on these bonds, and such amounts will be sufficient to pay
such principal and interest as they become due.
In the opinion of counsel
such agreement is superior to any pledge of such revenues which may have
heretofore been made and cannot be impaired by any pledge or agreement
hereafter made by the city.
The city has obligated itself to charge suffi¬
cient rates to provide for payment of principal and interest on these bonds
and to maintain and operate the electric system.
Bondholders have the
right to compel maintenance and collection of such rates by mandamus
and in the event of default a receiver may be appointed by any court of
competent jurisdiction to operate the property in accordance with Act 299
of the General Assembly of South Carolina,
1933, as amended, and in
accordance with the ordinance covering this issue.
The
MULLINS, S. C.—BOND SALE DETAILS—It is now reported by the
City Clerk and Treasurer that the $60,000 4% refunding bonds sold to
G. H. Crawford & Co. of Columbia, as noted here.—V. 149. p. 1064—were
purchased at a price of 100.75, a basis of about 3.90%.
Coupon bonds,
dated July 15. 1939.
Denom. $1,000.
Due as follows: $4,000, 1942 to
1946, and $5,000 in 1947 to 1954, all incl.
Interest payable J-J.
TENNESSEE
DAVIDSON COUNTY (P. O.
ETOWAH, Tenn .—BONDS A L THORI ZED—It is reported that the
City Council has approved the issuance of the following 4% bonds, aggre¬
gating $110,000: $90,000 sewer refunding and $20,000 sewer improvement
bonds.
MEMPHIS, Tenn.—BONDS SOLD— It is reported that $93,000 fire
department bonds have been purchased by the City Sinking Fund Com¬
mission as 2.20s. Due as follows: $7,000 in 1940 to 1942, and $6,000, 1943
1954.
to
,
TEXAS
PASS, Texas—BOND ELECTION—The proposal to issue
$500,000 of bonds for constructing a seawall to protect the town from possible
inundation from the sea in time of tropical storm will be voted on here
Sept. 1.
Maturities and interest of the bonds will be met by a fund created
by the remission of eight-ninths of the State ad valorem taxes of San Patricio
County for the 20-year period, 1920 to 1940, which was authorized by the
Legislature in 1919.
Protection works of this character have already been
built at Galveston, Port Arthur and Corpus Christi during the last several
ARANSAS
years.
INDEPENDENT SCHOOL DISTRICT
COUNTY LINE
BLYTHE
(P. O. Seagraves), Texas—BONDS OFFERED TO PLBLIC—An $85,000
is being offered by Garrett & Co., Inc.
prices to yield from 2.00% to 3.50%,
according to maturity.
Denon. $1,000.
Dated about June 15, 1939.
Due as follows: $2,000, 1940 and 1941; $2,500, 1942 to 1945; $3,000, 1946
to 1952; $4,000, 1953; $7,000, 1954 and 1955, and $8,000 in 1956 to 1959.
Prin. and semi-annual int. payable at the Central Hanover Bank & Trust
Co. in New York City.
Legality to be approved by W. P. Dumas of
issue of 4% refunding school bonds
of Dallas, for public investment at
Dallas.
■
■
Texas—BONDS OFFERED TO PUBLIC—A $10,000 issue
of 3% street improvement bonds is being offered by R. K. Dunbar & Co.
of Austin, for general investment at prices to yield from 2.40% to 2.85%,
according to maturity. Denom. $1,000.
Dated Aug. 7,1939. Due $1,000
from March 1, 1946 to 1955, incl.
Prin. and int. (M-S) payable at the
First National Bank in Canyon.
Legality approved by Gibson & Gibson
of Austin, and the Attorney General.
CANYON,
CENTER, Texas—NO DATE ON BOND
SALE—Mrs. Rosa Metz, City
decision has been made as to when the $50,000
authorized at the Aug. 1 election will be offered for sale.
Secretary, reports that no
natural gas bonds
FALLS
1
(P. O. Chilton).
COUNTY, JUSTICE PRECINCT NO. 5
OFFERED TO PUBLIC—A $59,000
issue of 2H% re¬
Texas—BONDS
being offered by R. K. Dunbar & Co. of Austin,.
for public subscription at prices to yieid from 1.00% to 2.35%, according
to maturity.
Denom. $1,000.
Dated July 15, 1939.
Due on July 15 as
follows: $4,000 in 1940, $5,000, 1941 to 1945, and $6,000 1946 to 1950.
Prin. and int. (J-J 15) payable at the office of the State Treasurer in Austin.
funding, series A-l bonds is
LOUISE
INDEPENDENT
DISTRICT
SCHOOL
(P.
O. Louise),
now reported that the $6,000 construction
2%s, at a price of 100.779, as noted here—
1065—are due $1,000 from April 1, 1940 to 1945, giving a basis
Texas—MATURITY—It
is
bonds sold to the county as
V.
149, p.
2.52%.
of about
SCHOOL
McALLEN
DISTRICT
O. McAllen)
(P.
Texas—BONDS
informed by M. E. Stone, Clerk to the Board of Education,
$365,000 coupon refunding bonds were sold on Aug. 21 as
follows:
$355,000 refunding bonds to the State Department of Education
as
at par, and $10,000 to a local investor as 4s, at par.
Denom.
$1,000. Dated Aug. 1, 1939. Due serially in 20 years; callable prior to ma¬
turity. Interest payable F-A.
SOLD—We
are
that a total of
(This notice supersedes
p.
1216.)
the report given in our issue
'
of Aug. 19—V. 149,
SALE—The $30,000 issue of water
bonds offered for sale on Aug. 7—V. 149»
RAYMONDVILLE, Texas—BOND
system improvement revenue
Antonio
452—was awarded jointly to Shannon Newman & Co. of San
•
and Moroney & Co. of Houston, as 32^8, at par.
Dated Aug. 1, 1939'
Due $3,000 from Aug. 1,1940 to 1949; callable on any interest payment date-
p.
Winters).
series of 1939
purchased jointly
by Rauscher, Pierce & Co. of Dallas, and Dillingham & McClung, of
Houston, according to the Superintendent of Schools.
Dated June 1,
WINTERS INDEPENDENT
Texas—BOND SALE— The
bonds offered for
Due from June 1,
1939.
SCHOOL DISTRICT (P. O.
$167,000 issue of refunding,
sale on Aug. 11—V.
149, p. 1066—was
1940 to 1979.
(P. O. Orangeburg),
S. C.—BONDS
OFFERED FOR INVESTMENT—A total of $75,000 coupon road and
building bonds is being offered by Hamilton & Co. of Chester, S. C., for
public subscription.
The bonds are divided as follows:
COUNTY
ORANGEBURG
$60,000 2%% bonds.
15,000 23^ % bonds.
$80,000
LYNCHBURG, VA. Improvement
Due $5,000 from Feb. 15, 1941, to 1952 incl.
Due $5,000 on Feb. 15 in 1953 to 1955.
Due
$1,000.
Dated Aug. 15, 1939.
Interest payable F-A.
Prin.
and int. payable at the Chase National Bank, New York.
The bonds,
in the opinion of counsel, are valid and legally binding general obligations
of the county, payable from unlimited ad valorem taxes, which may be
levied against all taxable property within the county.
Legality approved
Denom.
F. W.
August 1, 1957-61 at
Richmond, Va.
A. T. T. Tel. Rich Va. 83
Phone 3-9137
& Irving Co. of Cin¬
associated with the above-named firm in the purchase of the
PURCHASERS—It is stated that the Weil, Roth
said bonds on their successful joint
lVfcs
1.70% basis
CRAIGIE & COMPANY
by Nathans & Sinkler of Charleston.
cinnati, was
Nashville), Tenn.—BOND SALE—The
$185,000 issue of coupon semi-ami. voting machine bonds offered for sale
on Aug. 24—V. 149, p. 915—was awarded jointly to the Harris Trust
&
Savings Bank of Chicago, and Nunn, Shwab & Co. of Nashville, as 2s,
paying a premium of $1,461, equal to 100.789, a basis of about 1.84%.
Dated July 1, 1939.
Due on July 1 in 1940 to 1949 incl.
bid Aug. 15.
PINE GROVE SCHOOL DISTRICT NO. 20 (P.
O. Turbeville) S. C.
Aug. 26,
—BONDS OFFERED—Sealed bids were received until 4 p. m. on
VIRGINIA
by the Board of Trustees, for the purchase of $8,800 school bonds. Denom.
$1,000, one for $800.
Dated Aug. 15, 1939.
Due on Aug. 15 as follows:
$800 in 1940, and $1,000 in 1941 to 1948 incl. Prin. and int. payable at
the Chase National Bank in New York City.
ARLINGTON COUNTY (P. O. Arlington), Va.—BOND ELECTION
—It is stated by the County Clerk that at the general election in November
the voters will be asked to pass on the issuance of $1,475,000 in power
distribution system bonds.
SPARTANBURG, S. C.-—BONDS SOLD—It is stated by I. T. Williams,
City Clerk-Treasurer, that $40,000 refunding bonds were purchased on
Aug. 14 by the Citizens & Southern Bank of South Carolina, Spartanburg,
at!2% plus a premium of $297.
Denom. $1,000.
Dated Aug. 15, 1939.
Due on Aug. 15, 1940.
HENRICO COUNTY, Lakeside Sanitary District No. 5 (P. O.
Highland Springs), Va.—PLANS BOND SALE—W. F.Day J^uty
reports that the district is contemplating the sale of $150,000
water supply system bonds.
After construction bids are received arrange¬
ments will be made for marketing of the loan.
r
SPARTANBURG
COUNTY
(P.
O.
Spartanburg), S. C.—BOND
is said to have been granted
Manager
LAKESIDE SANITARY
RULING EXTENSION APPROVED—An order
Dav
SOUTH
DAKOTA
INDEPENDENT SCHOOL DISTRICT NO. 6 (P. O. Lead),
S. Dak.—BOND OFFERING—It is stated by R. V. Hunkins, Super¬
intendent of Schools, that the $250,000 4% semi-annual high school con¬
struction bonds approved by the voters at an election held on June 13, will
be offered for sale on Nov. 15.
MC LAUGHLIN,
were
SALE—The $8,500 5% coupon
July 3—V. 148, p. 388fr—
local investor, and $6,500 to the
Dated July 1, 1939.
Due on Dec. 1 in 1942 to 1957.
S.
Dak.—BOND
auditorium bonds offered for sale on
sold at par as follows: $2,000 to a
State School Fund.
Va.—BOND OFFERING—Sealed bids
will be received until
purchase
m on Aug. 31, by l. Charles Hutcbins, City Clerk, for the
$80,000 issue of coupon or registered public improvement bonds.
Interest rate is not to exceed 3%, payable F-A.
Denom. $1,000.
Aug
1
1939.
Due on Aug. 1 as follows: $3,000 in 1940 to 1959, and
7-30
LEAD
by W. F
issuance of
approximately $150,000 in bonds for water supoly purposes
After bids
on construction are received, the bonds will be advertised for sale, it is said.
of
semi-ann.
County Manager,
SUFFOLK
at once.
DISTRICT NO. 5 (P. O. Highland Springs),
ISSUANCE CONTEMPLATED—It is reported
that the district is contemplating the
Va .—BOND
Aug. 8, providing for a 30-day extension of time in which to file with the
State Suoreme Court a petition for a rehearing of a recent suit in which the
court ruled that the $82,000 county airport Improvement bond issui was
unconstitutional.
It is stated that the petition for rehearing will be filed
on
p
an
Dated
interest to be in a multiple of M of
1%
the bonds. Principal and interest
payable at the City Treasurer's office.
All bids are to be for par or better.
These bonds are stated to be unlimited tax obligations of the city.
The
bonds will be prepared by the Continental Bank & Trust Co., New York,
who will certify as to genuineness, signatures and seals.
The approving
opinion of Reed, Hoyt, Washburn & Clay of New Yrork, will be furnished.
Enclose a certified check for $1,600, payable to George S. Swain, City
to 1964, all incl.
Rate of
and must be the same for all of
$4 000
'i960
Tr6ftSUT6T,
These are
the bonds mentioned in our
issue of Aug. 12.—V. 149, p.
1066.
The Commercial & Financial Chronicle
1364
VIRGINIA
(State of)—REPORTS UNOBLIGATED SURPLUS OF
SI.943,805.30—The State closed Its fiscal year on June 30, 1939, with an
unobligated surplus of $1,943,805.30 in the general fund in spite of'an
operating deficit of $757,467.53 in the period, according to the State Comp¬
troller's annual report.
^
The 1939 surplus, it was explained, was made possible by an unobligated
surplus of $5,971,319,63 left in the general fund on June 30, 1938, the end
Of the preceding fiscal year.
The report, compiled by Assistant Comptroller Sidney C. Day, showed a
cash surplus of $6,856,308.83 in the general fund on June 30, 1939, but out¬
standing obligations against the fund amounting to $4,912,505.53 were
carried over for expenditure during the present fiscal year.
"Of the obligations outstanding against the general fund cash surplus at
June 30, 1939," it was stated, "$1,603,035.25 represented conditional
appropriations for the first year of the biennlum 1939-40 which had not been
released at June 30, 1939.
"The general fund suffered a deficit of $757,467.73 from current opera¬
tions of the fiscal year 1939.
Revenues of the general fund were $20,375507.10.
Profits for the operations of the Virginia Alcoholic Beverage Con¬
trol Board were $4,993,442.39, of Which $2,781,147.47 was available for
general expenditures and $2,212,294.92 was earmarked for return to the
cities and counties.
"The sum of $192,707.94 was transferred from special funds to the general
fund to meet certain expenditures from the general fund.
The total receipt
of the general fund from current operations were $25,591,657.43.
"Current expenditures from the general
to $18,484,854.06.
An additional
sum
fund during the
of $5,680,217.91
year amounted
was
appropriated
to be transferred from the general fund to finance expenditures from special
funds.
Profits from the operations of the ABO Board totaling $2,163,471.26
were
The total sum disbursed from the general
distributed to localities.
fund during the fiscal year 1939 was $26,328,543.23."
Receipts of the general fund, exclusive of transfers, exceeded those of
the preceding fiscal year by $435,634.14 and exceeded estimates of Sept. 15
by $762,022.57, but fell short of March 28, 1939, estimates by $464,147.43.
HARBOR
26,
1939
WISCONSIN
HUSTISFORD (TOWN AND VILLAGE) JOINT SCHOOL DIS¬
TRICT NO. 7 (P. O. Hustisford), Wi a.—BOND OFFERING—Sealed bids
will be received until 2 p. m. on Sept. 5 by Hugo E. Roll, District Clerk,
for the purchase of a $28,000 issue or 3% seini-annual coupon building addi¬
tion and improvement bonds.
Dated Sept. 1, 1939.
Denoms. $1,000
and $500.
Due March 1 as follows: $1,000 in 1940 and 1941, and $2,000
in 1942 to 1954.
The bonds will be sold to the responsible bidder offering
the highest price.
Security for these bonds will be a direct general obliga¬
tion upon all of the taxable property comprised in the district, the limits of
which are co-terminous with those of the village.
The district will furnish a
transcript of the legal proceedings covering the issue.
The bonds were
approved by the Attorney General on Aug. 21.
Bids will be received and
the bonds sold upon this approval and not subject to the opinion of any
other attorney.
The purchaser will furnish and print the bonds at his own
expense.
Enclose a certified check for 1% of the bid.
ROCK
MAIDEN
SCHOOL
DISTRICT, Wis.—BONDS VOTED—At
election held on Aug. 11 the voters approved an issue of $10,000 gymnasi¬
and auditorium bonds by a vote of 76 to 10.
an
um
SHOREWOOD SCHOOL DISTRICT NO. 4 (P. O. 1701 E. Capitol
Drive, Milwaukee), Wis.—BOND SALE—The $38,000 issue of refunding,
series E bonds offered for sale on
the Channer Securities Co.
to
$146, equal to 100 384, a
Due on Sept. 1, 1954.
Aug. 23—V. 149, p. 1216—was awarded
as 2Mb, paying a premium of
Dated Sept. 1, 1939.
of Chicago,
basis of about 2.22%.
SOMERSET, Wis.—BOND OFFERING— Sealed and oral bids will be
Ang. 28, at, 7:30 p. m., by Alex. Parnell, Village Clerk, for
purchase of $5,400 3% semi-aim, water works refunding bonds. Dated
Sept. 1, 1939. Denom. $500, one for $400. Due Sept. 1, as follows: $400 in
1940, $500 in 1941 to 1948, and $1,000 in 1949. The bonds will be payable
at the Village Treasurer's office.
received until
the
WYOMING
WASHINGTON
GRAYS
Aug.
COUNTY
(P. O. Montesano) Wash.—HIGH
BID—The $38,000 Issue of Aberdeen School District bonds offered for sale
on Aug. 19—-V. 149, p. 1066—received a high bid of.par for 4s, tendered
by
the National Bank of Commerce, of Seattle.
Action on the award was
deferred until a meeting of the Board on Aug. 23.
GREYBULL, Wyo.—BOND ELECTION—It
has been called for
12 in order to vote
CANADA
KING COUNTY
(P. O. Seattle). Wash .—COURT RULES COUNTY
was held by Clinton H. Hartson, Superior
Court Judge, on Aug. 11, that the county is exceeding its legal limit of
Indebtedness in issuing the $2,317,000 in funding bonds approved on May
22,
EXCEEDED DEBT LIMIT—It
is reported that an election
the issuance of $235,000 in
on
bonds.
water system
CANADA (Dominion of)—TREASURY BILL SALE—An issue of $25,000,000 Treasury bills, dated Aug. 15, 1939, and due Nov. 15, 1939, was
sold at an average interest cost of 0.553%.
to retire warrants.
Judge Hartson agreed to hear arguments on a second phase of the case,
will attempt to prove that warrants which were issued
1937 and 1938 were to cover "mandatory" expenditures for
which emergency appropriations were granted during the period.
in which the county
during 1936,
The Court made the ruling in the case after hearing argements
by S.
Harold Shefelman, counsel for L, C. liaynor, a taxpayer, in an action
seeking
to block issuance of the bonds.
The
Court
sustained
Mr.
Shefelman's
contention
that
tax
delinquent
property held by the county and delinquent taxes and interest thereon, the
latter for the year 1932, "are not valid assets" of the county.
BOND ISSUANCE LIMIT REDUCED—It was reported
subsequently
that Judge Hartson ruled that of the $2,317,000 funding bonds, a total
of
only $1,985,584
can
be sold, thereby ruling out only $331,416 issued
since 1936, which the county seeks to retire,
—D. Wiley Carpenter,
on
a
City Clerk, reports that the question of holding an
proposed issue of $100,000 water plant construction bonds is
under consideration.
Que.—$3,000,000
BANK
,
Wash.—BOND SALE—The $100,000 issue of water
on Aug. 21—V. 149, p. 1216—was purchased
jointly by William P. Harper & Son Co., and Ferris & Hardgrove, both of
Seattle, as3Ms, paying a price of 100.133, a basis of about 3.24%. Due on
July 1 In 1940 to 1959; callable on and after 1947.
bonds offered for sale
PORT OF EVERETT (P. O. Everett) Wash/—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Sept.
11, by Hans Mumm Jr.,
Secretary of the Port Commission, for the purchase of an issue of $190,000
feneral bonds. Oct. 1, 1939. The bonds
Interest rate is not to exceed 3%, for period of 10 Denom,
payable annually.
1,000. Dated
The'
are to run
various
annual
maturities
of
the
bonds
will
a
years.
commence
with
year after the date of issue of the bonds and will (as nearly
be in such
amounts as wi
1, together with interest
the
second
practicable)
as
the outstanding bonds,
be met by an equal annual tax
levy for the payment of the bonds and
interest.
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
on
purchase the bonds; or (b) the lowest rate or interest at which the bidder
will purchase the bonds at par.
Principal and interest payable at the office
of the fiscal agency of the State in New York
City, or at the State Treasurer's
office at OJympia. Enclose a certified check for
5% of the amount of the bid.
RITZVILLE, Wash.—BOND SALE—The $5,000 issue of golf course tool
house and garage bonds offered for sale on
Aug. 19—V. 149, p. 772—was
purchased by the Ritzville State Bank of Ritzville, as 3s at par,
according
to the City Clerk.
Dated July 15, 1939.
D
on Jan. 15 in 1942 to 1954.
SEATTLE,
Wash.—TRANSIT
LOAN—A special dispatch
24 reported
bune" of Aug.
Seattle's
DEBT SETTLED
THROLGH RFC
from Seattle to the New York "Herald Tri¬
follows:
as
Municipal Street Railway today operated under
an
independent
commission responsible only to the Federal
Reconstruction Finance Corp.,
after a 24-year-old debt burden was
wiped out with money from a $10.200,000 RFC loan.
Since the streetcar system was
purchased from the
Puget Sound Power & Light Co., in 1915 for $15,000,000, the
city has
paid more than $16,000,000 toward principal and interest, but still owed
$8,336,000 in principal to the private company this year.
For three years
the city defaulted in principal and interest
payments and was sued in
Federal Court.
In clearing
$8,336,000.
the debt,
the
private company,
by
agreement
settled
its
plus interest due, for $3,250,000.
The city and RFC also
disbursed $1,337,000 to warrant holders and
paid $384,000 to holders of
miscellaneous bonds.
Owners of $400,000 more in warrants and extension
bonds will not get
their money, city officials indicated, unless
they accept the 20% discount
securities to which all other creditors, paid
yesterday agreed. - Puget
Sound Power & Light Co., will use its
$3,250,000, along with $2,750,000
cash on hand toward retirement of maturities
falling due Feb. 1 and
on
March
1, 1940.
On Feb. 1, $2,919,500 of
underlying
notes are to be
5^% Puget Sound Power & Light
Pacific Coast
retired, and on March 1, $3,990,000 of 5%
Power Co., bonds are due for retirement.
,
8?cur,ity for its loan to the city- the RFC
4H% bonds to mature in 1954, and which
the transportation system.
are
a
is taking $10,000,000 of
lien only on revenues of
The independent transportation
commission, which will run the system
uritil it is reorganized completly and the
RFC is repaid, was requested by
the RFC to keep the
system out of politics, and was set up
by a State
legislative act.
It was appointed by Mayor Arthur B.
Langlie and con¬
firmed by the City
Council, but on taking office it became no longer re¬
sponsible to the Mayor
or
DUE
Council.
Mayor Langlie initiated the plan of railway
reorganization under RFC
aid, under which a new system, expected to consist of
crackless trolleys and
motor busses, will be organized.
SHORTLY—
1924367580
extension of two months' time in which to meet the obligation,
according
to Montreal
press advices.
The letter, signed by officials of the Bank of
Montreal, Banque Canadienne Nationals, Royal Bank of Canada and the
Banque Provinciale du Canada, pointed out that the loan was made
May 1 for a period of 30 days on condition that within that period the
city show definite evidence "that steps are being actively taken" to re¬
Stating that for various reasons the loan has been
several times renewed, the letter asked that the city advise the banks how
it proposed to meet the loan and to set forth the steps that have been taken
to improve its financial status.
The same news sources also reported that
the overdraft of $40,000,000, referred to by the banks in their letter of
habilitate its finances.
June 5 announcing decision to refuse further credit
3730, had been reduced to about $36,000,000.
to the
In
city—V. 148,
addition,
it
was
itention to
Sointed out that the banks for $2,000,000 for damagesthe city's announced
nothing has been done with regard to allegedly caused its
sue
credit and future borrowing power by statements contained in the bank's
communication.—V. 149, p. 292.
FINANCE DIRECTORS REFLSES
MARYSVILLE,
revenue
LOAN
p.
LONGVIEW, Wash.—BOND ELECTION UNDER CONSIDERATION
election
MONTREAL,
Following receipt or a reminder from the banks that a loan of $3,000,000 is
payable Aug. 29, the municipal administration decided to seek a further
Because
TO SIGN LETTER
TO
BANKS—
proposed letter from the city to the banks requesting an extension
on the maturing $3,000,000 loan was "too
complimentary"
to the municipal administration, Lactance
Roberge, Director of Finance,
refused to affix his signature to the communication, according to the Mon¬
treal "Gazette" of Aug. 24.
Mr. Roberge then announced that he would
draft a letter on his own account which, if approved
by the Executive
Committee, would be transmitted to the institutions.
a
of two months
MONTREAL,
Que.—FINANCIAL
DATA—The
city's
funded
debt,
which stood at $274,028,746 as of April 30, 1938, was $270,488,180 at the
end of last April, a decrease of $3,540,566.
The net debt is $205,277,851,
an increase of $3,937,657, calculated by
taking into account the current
assets
and liabilities.
The increase is said to be due for the most part to
expenditure for unemployment relief, which amounted to $5,205,912 for
the fiscal period.
Montreal's net debt per capita is $228.08.
It is equal
of the assessed value of taxable real estate which amounted to
The figures are based on a population of 900,000 persons.
Temporary bank loans outstanding at April 30,
to 22.2717%
$921,699,954.
1939, against treasury
bills
totaled
$33,153,069, divided as follows:
Anticipation of revenue
collection 1938-39, $14,300,000; direct relief, share of Quebec Government,
$4,020,514; direct relief, Montreal share, $10,354,554; renewal of long-term
matured:
June 1, 1938, $2,588,000; March 1, 1939, $1,590,000;
capital expenditures, $300,000.
loans
new
Among accounts receivable, the report lists an amount of $6,142,670,
to be due the city from the Quebec Government for
unemployment
It notes that a counter-claim of $1,722,265 has been received from
the Quebec Government but does not appear on the books and is being
contested by the city.
On April 30, however, the city was indebted to
the Quebec Government for an amount of $1,726,714 for its share of the
cost of hospitalization of indigent persons, upkeep of
patients in insane
asylums, care and upkeep of inmates in industrial and reform schools.
There remains, therefore, a balance of $4,415,956 in favor of the city—
$4,020,514 has been loaned by local banks.
said
relief.
Total cost of relief during the fiscal period was $5,205,912.
Since 1930
dole costs have amounted to $46.034,45i.
The following tables are included in the annual report of the city for
the year ended April 30, 1939.
The first compares the position of the
cRy with regard to bank loans and the second is a record of tax collections
since 1923:
Fiscal
Purpose—
Year
■
1938
Revenue anticipation
Direct relief—Provincial share.
City share
*
...
Bonds matured—June 1.1938
1939
$11,000,000
2,515,000
6,278,000
$14,300,000
—
,
4.020,514
10,354,554
2,588,000
1,590,000
300,000
—
March 1,1939
New capital expenditureTotals
—
.$19,793,300
$33,153,069
Real Estate Taxes
Collections
Per
Collections
Current
Year—
Levy
Cent
& Arrears
of Levy
%
Year~
Per
Current
Cent
Lev/
& Arrears
$
%
of Levy
%
%
$
17,868.113
17.534,603
98-13
1931—
.24.404,866 23.868,920
18,580,767 18,146,681
18.945,273 18.482,370
97.62
1932
.21,8 24,684 22,300,784
89.80
97.55
1933-34.
.24,788,801 25,966,188
104.75
19,086,340
97.98
1934-35.
97.91
-19,478,326
-20.025.667
97.83'
19,965,088
99.69
1935-36.
.25.039,912 24,515,519
.25,719,461 25.583.373
21,762.368 20,733,802
22,739.994 21,599,295
95.27
1933-37.
.25,469,217 25.230.540
94.98
1937-38.
.24,695,014 24,064,000
97.42
24.751.677
93.83
1938-39.
.24.665.758
94.10
23.226,221
23.216.160
99.47
99.04
RIMOUSKI, Que.—BOND OFFERING—The town will receive sealed
STEVENS COUNTY SCHOOL
DISTRICT NO. 91 (P O Colvillel
WasH.-BOND SALE DETAILS—11 is stated
by the CounTy T«
that the $5,000 5% semi-annual school bonds
sola to Arthur E
Nelson &
Co. of Spokane, as noted here
V. 149, p. 1216—were
purchased at par,
and are due on May 1 as follows: $500 in 1941 to
1944 and $600 in 1945 to
1949.
bids until Aug. 2& for the purchase of $30,000 4%
and $55,000 of 15- to 20-year straight maturity 4s.
ST.
GABRIEL
DE
15-year serial bonds
BRANDON, Que.—BOND OFFERING—D. L.
Secretary-Treasurer, will receive sealed bids until 8 p. m. on
28 for the purchase of $25,000 4% improvement bonds.
Dated
Aug. 1, 1939, and due serially in 25 years.
Brissette,
Aug.
@FedFRASER